# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-222745
**Filing Date:** 2025-9
**Character Count:** 818130
**Document Hash:** 1ac86bb75814d8f96bd6accdd99244b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-222745.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001193125-25-222745

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**EFFECTIVENESS DATE**: 20250929

**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:** 251354646

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

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000019941 | Class C             | WGFCX           |
| C000019942 | Class A             | SGRAX           |
| C000019943 | Administrator Class | SGRKX           |
| C000019944 | Institutional Class | SGRNX           |
| C000163725 | Class R6            | SGRHX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000092779 | Institutional Class | STNFX           |
| C000092780 | Class A             | STAFX           |
| C000092781 | Class C             | STOFX           |
| C000092782 | Administrator Class | STDFX           |
| C000120071 | Class R6            | STFFX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089281 | Class A             | EGOAX           |
| C000089282 | Class C             | EGOCX           |
| C000089284 | Institutional Class | EGOIX           |
| C000089285 | Administrator Class | WFLLX           |
| C000163727 | Class R6            | EGORX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089286 | Class A             | EKJAX           |
| C000089288 | Class C             | EKJCX           |
| C000089290 | Institutional Class | EKJYX           |
| C000089291 | Administrator Class | WFPDX           |
| C000120086 | Class R6            | EKJFX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089434 | Class A             | EIVAX           |
| C000089436 | Class C             | EIVCX           |
| C000089437 | Institutional Class | EIVIX           |
| C000092797 | Administrator Class | EIVDX           |
| C000120088 | Class R6            | EIVFX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089477 | Class A             | EVSAX           |
| C000089478 | Class C             | EVSTX           |
| C000089479 | Administrator Class | EVSYX           |
| C000092805 | Institutional Class | EVSIX           |
| C000163729 | Class R6            | EVSRX           |

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

![LOGO](g929437g0926083246761.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: July 31
**Registrant is making a filing for 6 of its series:** Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Premier Large Company Growth Fund, and Allspring Special Large Cap Value Fund.

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Disciplined U.S. Core Fund

# July 31, 2025

# Institutional Class

# EVSIX
This annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $52 | 0.48% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund's underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g42y71.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9400 | $9397 |
| **9/30/2015** | $9253 | $9164 |
| **10/31/2015** | $9981 | $9937 |
| **11/30/2015** | $9987 | $9967 |
| **12/31/2015** | $9861 | $9810 |
| **1/31/2016** | $9373 | $9323 |
| **2/29/2016** | $9416 | $9310 |
| **3/31/2016** | $10026 | $9942 |
| **4/30/2016** | $10004 | $9980 |
| **5/31/2016** | $10133 | $10160 |
| **6/30/2016** | $10162 | $10186 |
| **7/31/2016** | $10564 | $10561 |
| **8/31/2016** | $10550 | $10576 |
| **9/30/2016** | $10550 | $10578 |
| **10/31/2016** | $10370 | $10385 |
| **11/30/2016** | $10822 | $10770 |
| **12/31/2016** | $11053 | $10983 |
| **1/31/2017** | $11200 | $11191 |
| **2/28/2017** | $11628 | $11635 |
| **3/31/2017** | $11620 | $11649 |
| **4/30/2017** | $11709 | $11769 |
| **5/31/2017** | $11856 | $11934 |
| **6/30/2017** | $11959 | $12009 |
| **7/31/2017** | $12203 | $12256 |
| **8/31/2017** | $12277 | $12293 |
| **9/30/2017** | $12549 | $12547 |
| **10/31/2017** | $12837 | $12840 |
| **11/30/2017** | $13250 | $13233 |
| **12/31/2017** | $13360 | $13380 |
| **1/31/2018** | $14046 | $14147 |
| **2/28/2018** | $13506 | $13625 |
| **3/31/2018** | $13121 | $13279 |
| **4/30/2018** | $13136 | $13330 |
| **5/31/2018** | $13383 | $13651 |
| **6/30/2018** | $13406 | $13735 |
| **7/31/2018** | $13869 | $14246 |
| **8/31/2018** | $14278 | $14710 |
| **9/30/2018** | $14293 | $14794 |
| **10/31/2018** | $13260 | $13783 |
| **11/30/2018** | $13506 | $14064 |
| **12/31/2018** | $12280 | $12794 |
| **1/31/2019** | $13231 | $13819 |
| **2/28/2019** | $13611 | $14263 |
| **3/31/2019** | $13834 | $14540 |
| **4/30/2019** | $14330 | $15129 |
| **5/31/2019** | $13322 | $14167 |
| **6/30/2019** | $14288 | $15166 |
| **7/31/2019** | $14520 | $15384 |
| **8/31/2019** | $14189 | $15140 |
| **9/30/2019** | $14520 | $15423 |
| **10/31/2019** | $14817 | $15757 |
| **11/30/2019** | $15388 | $16329 |
| **12/31/2019** | $15847 | $16822 |
| **1/31/2020** | $15674 | $16816 |
| **2/29/2020** | $14377 | $15431 |
| **3/31/2020** | $12700 | $13525 |
| **4/30/2020** | $14360 | $15259 |
| **5/31/2020** | $15000 | $15986 |
| **6/30/2020** | $15268 | $16304 |
| **7/31/2020** | $16028 | $17223 |
| **8/31/2020** | $17204 | $18461 |
| **9/30/2020** | $16504 | $17760 |
| **10/31/2020** | $16080 | $17287 |
| **11/30/2020** | $17809 | $19180 |
| **12/31/2020** | $18457 | $19917 |
| **1/31/2021** | $18371 | $19716 |
| **2/28/2021** | $18912 | $20260 |
| **3/31/2021** | $19925 | $21147 |
| **4/30/2021** | $20958 | $22276 |
| **5/31/2021** | $21072 | $22431 |
| **6/30/2021** | $21545 | $22955 |
| **7/31/2021** | $22000 | $23500 |
| **8/31/2021** | $22730 | $24215 |
| **9/30/2021** | $21631 | $23089 |
| **10/31/2021** | $23194 | $24706 |
| **11/30/2021** | $23090 | $24535 |
| **12/31/2021** | $24167 | $25635 |
| **1/31/2022** | $23036 | $24308 |
| **2/28/2022** | $22439 | $23580 |
| **3/31/2022** | $23241 | $24456 |
| **4/30/2022** | $21359 | $22323 |
| **5/31/2022** | $21441 | $22364 |
| **6/30/2022** | $19558 | $20518 |
| **7/31/2022** | $21287 | $22410 |
| **8/31/2022** | $20412 | $21496 |
| **9/30/2022** | $18570 | $19516 |
| **10/31/2022** | $20072 | $21096 |
| **11/30/2022** | $21122 | $22275 |
| **12/31/2022** | $19860 | $20992 |
| **1/31/2023** | $21165 | $22311 |
| **2/28/2023** | $20742 | $21767 |
| **3/31/2023** | $21388 | $22566 |
| **4/30/2023** | $21565 | $22918 |
| **5/31/2023** | $21800 | $23018 |
| **6/30/2023** | $23387 | $24538 |
| **7/31/2023** | $24140 | $25327 |
| **8/31/2023** | $23693 | $24923 |
| **9/30/2023** | $22694 | $23735 |
| **10/31/2023** | $22176 | $23236 |
| **11/30/2023** | $24011 | $25358 |
| **12/31/2023** | $25089 | $26510 |
| **1/31/2024** | $25656 | $26956 |
| **2/29/2024** | $27216 | $28395 |
| **3/31/2024** | $28235 | $29309 |
| **4/30/2024** | $27075 | $28111 |
| **5/31/2024** | $28583 | $29505 |
| **6/30/2024** | $29627 | $30564 |
| **7/31/2024** | $29924 | $30936 |
| **8/31/2024** | $30633 | $31687 |
| **9/30/2024** | $31239 | $32363 |
| **10/31/2024** | $31161 | $32070 |
| **11/30/2024** | $33147 | $33952 |
| **12/31/2024** | $32545 | $33143 |
| **1/31/2025** | $33590 | $34066 |
| **2/28/2025** | $32889 | $33621 |
| **3/31/2025** | $30896 | $31727 |
| **4/30/2025** | $31047 | $31512 |
| **5/31/2025** | $33054 | $33495 |
| **6/30/2025** | $34676 | $35199 |
| **7/31/2025** | $35459 | $35989 |

---

# Disciplined U.S. Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 18.5 | 17.21 | 13.49 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1304567477 |
| # of portfolio holdings | 168 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4076256 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.1 |
| Financials | 14.0 |
| Communication services | 10.2 |
| Consumer discretionary | 9.9 |
| Health care | 9.1 |
| Industrials | 8.3 |
| Consumer staples | 4.8 |
| Energy | 2.5 |
| Utilities | 2.5 |
| Real estate | 2.3 |
| Materials | 2.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 4.2 |
| Meta Platforms, Inc. Class A | 3.5 |
| Broadcom, Inc. | 3.1 |
| Alphabet, Inc. Class C | 2.1 |
| Alphabet, Inc. Class A | 1.8 |
| JPMorgan Chase & Co. | 1.6 |
| Tesla, Inc. | 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

#### AR4102 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Disciplined U.S. Core Fund

# July 31, 2025

# Class R6

# EVSRX
This annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $45 | 0.41% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund's underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g55b66.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9400 | $9397 |
| **9/30/2015** | $9253 | $9164 |
| **10/31/2015** | $9987 | $9937 |
| **11/30/2015** | $9987 | $9967 |
| **12/31/2015** | $9866 | $9810 |
| **1/31/2016** | $9375 | $9323 |
| **2/29/2016** | $9425 | $9310 |
| **3/31/2016** | $10030 | $9942 |
| **4/30/2016** | $10008 | $9980 |
| **5/31/2016** | $10144 | $10160 |
| **6/30/2016** | $10165 | $10186 |
| **7/31/2016** | $10570 | $10561 |
| **8/31/2016** | $10563 | $10576 |
| **9/30/2016** | $10556 | $10578 |
| **10/31/2016** | $10378 | $10385 |
| **11/30/2016** | $10834 | $10770 |
| **12/31/2016** | $11060 | $10983 |
| **1/31/2017** | $11206 | $11191 |
| **2/28/2017** | $11645 | $11635 |
| **3/31/2017** | $11630 | $11649 |
| **4/30/2017** | $11718 | $11769 |
| **5/31/2017** | $11871 | $11934 |
| **6/30/2017** | $11973 | $12009 |
| **7/31/2017** | $12215 | $12256 |
| **8/31/2017** | $12295 | $12293 |
| **9/30/2017** | $12566 | $12547 |
| **10/31/2017** | $12858 | $12840 |
| **11/30/2017** | $13275 | $13233 |
| **12/31/2017** | $13378 | $13380 |
| **1/31/2018** | $14074 | $14147 |
| **2/28/2018** | $13531 | $13625 |
| **3/31/2018** | $13141 | $13279 |
| **4/30/2018** | $13164 | $13330 |
| **5/31/2018** | $13408 | $13651 |
| **6/30/2018** | $13431 | $13735 |
| **7/31/2018** | $13898 | $14246 |
| **8/31/2018** | $14303 | $14710 |
| **9/30/2018** | $14319 | $14794 |
| **10/31/2018** | $13294 | $13783 |
| **11/30/2018** | $13539 | $14064 |
| **12/31/2018** | $12306 | $12794 |
| **1/31/2019** | $13266 | $13819 |
| **2/28/2019** | $13651 | $14263 |
| **3/31/2019** | $13872 | $14540 |
| **4/30/2019** | $14373 | $15129 |
| **5/31/2019** | $13356 | $14167 |
| **6/30/2019** | $14332 | $15166 |
| **7/31/2019** | $14561 | $15384 |
| **8/31/2019** | $14233 | $15140 |
| **9/30/2019** | $14561 | $15423 |
| **10/31/2019** | $14856 | $15757 |
| **11/30/2019** | $15430 | $16329 |
| **12/31/2019** | $15894 | $16822 |
| **1/31/2020** | $15722 | $16816 |
| **2/29/2020** | $14417 | $15431 |
| **3/31/2020** | $12734 | $13525 |
| **4/30/2020** | $14400 | $15259 |
| **5/31/2020** | $15044 | $15986 |
| **6/30/2020** | $15318 | $16304 |
| **7/31/2020** | $16074 | $17223 |
| **8/31/2020** | $17259 | $18461 |
| **9/30/2020** | $16563 | $17760 |
| **10/31/2020** | $16143 | $17287 |
| **11/30/2020** | $17877 | $19180 |
| **12/31/2020** | $18521 | $19917 |
| **1/31/2021** | $18436 | $19716 |
| **2/28/2021** | $18982 | $20260 |
| **3/31/2021** | $19989 | $21147 |
| **4/30/2021** | $21034 | $22276 |
| **5/31/2021** | $21147 | $22431 |
| **6/30/2021** | $21626 | $22955 |
| **7/31/2021** | $22078 | $23500 |
| **8/31/2021** | $22812 | $24215 |
| **9/30/2021** | $21711 | $23089 |
| **10/31/2021** | $23283 | $24706 |
| **11/30/2021** | $23179 | $24535 |
| **12/31/2021** | $24264 | $25635 |
| **1/31/2022** | $23130 | $24308 |
| **2/28/2022** | $22537 | $23580 |
| **3/31/2022** | $23345 | $24456 |
| **4/30/2022** | $21455 | $22323 |
| **5/31/2022** | $21536 | $22364 |
| **6/30/2022** | $19646 | $20518 |
| **7/31/2022** | $21383 | $22410 |
| **8/31/2022** | $20504 | $21496 |
| **9/30/2022** | $18655 | $19516 |
| **10/31/2022** | $20167 | $21096 |
| **11/30/2022** | $21230 | $22275 |
| **12/31/2022** | $19952 | $20992 |
| **1/31/2023** | $21271 | $22311 |
| **2/28/2023** | $20851 | $21767 |
| **3/31/2023** | $21492 | $22566 |
| **4/30/2023** | $21679 | $22918 |
| **5/31/2023** | $21912 | $23018 |
| **6/30/2023** | $23511 | $24538 |
| **7/31/2023** | $24258 | $25327 |
| **8/31/2023** | $23814 | $24923 |
| **9/30/2023** | $22811 | $23735 |
| **10/31/2023** | $22297 | $23236 |
| **11/30/2023** | $24141 | $25358 |
| **12/31/2023** | $25226 | $26510 |
| **1/31/2024** | $25802 | $26956 |
| **2/29/2024** | $27362 | $28395 |
| **3/31/2024** | $28384 | $29309 |
| **4/30/2024** | $27234 | $28111 |
| **5/31/2024** | $28742 | $29505 |
| **6/30/2024** | $29791 | $30564 |
| **7/31/2024** | $30098 | $30936 |
| **8/31/2024** | $30801 | $31687 |
| **9/30/2024** | $31427 | $32363 |
| **10/31/2024** | $31351 | $32070 |
| **11/30/2024** | $33358 | $33952 |
| **12/31/2024** | $32740 | $33143 |
| **1/31/2025** | $33803 | $34066 |
| **2/28/2025** | $33094 | $33621 |
| **3/31/2025** | $31091 | $31727 |
| **4/30/2025** | $31240 | $31512 |
| **5/31/2025** | $33258 | $33495 |
| **6/30/2025** | $34893 | $35199 |
| **7/31/2025** | $35684 | $35989 |

---

# Disciplined U.S. Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 18.56 | 17.29 | 13.57 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on September 30, 2015 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 | $1304567477 |
| # of portfolio holdings | 168 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4076256 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.1 |
| Financials | 14.0 |
| Communication services | 10.2 |
| Consumer discretionary | 9.9 |
| Health care | 9.1 |
| Industrials | 8.3 |
| Consumer staples | 4.8 |
| Energy | 2.5 |
| Utilities | 2.5 |
| Real estate | 2.3 |
| Materials | 2.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 4.2 |
| Meta Platforms, Inc. Class A | 3.5 |
| Broadcom, Inc. | 3.1 |
| Alphabet, Inc. Class C | 2.1 |
| Alphabet, Inc. Class A | 1.8 |
| JPMorgan Chase & Co. | 1.6 |
| Tesla, Inc. | 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

#### AR4680 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Disciplined U.S. Core Fund

# July 31, 2025

# Class C

# EVSTX
This annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $172 | 1.58% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund's underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g57y71.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Load** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9393 | $9397 |
| **9/30/2015** | $9234 | $9164 |
| **10/31/2015** | $9959 | $9937 |
| **11/30/2015** | $9952 | $9967 |
| **12/31/2015** | $9821 | $9810 |
| **1/31/2016** | $9325 | $9323 |
| **2/29/2016** | $9363 | $9310 |
| **3/31/2016** | $9953 | $9942 |
| **4/30/2016** | $9922 | $9980 |
| **5/31/2016** | $10047 | $10160 |
| **6/30/2016** | $10062 | $10186 |
| **7/31/2016** | $10443 | $10561 |
| **8/31/2016** | $10427 | $10576 |
| **9/30/2016** | $10412 | $10578 |
| **10/31/2016** | $10225 | $10385 |
| **11/30/2016** | $10668 | $10770 |
| **12/31/2016** | $10877 | $10983 |
| **1/31/2017** | $11012 | $11191 |
| **2/28/2017** | $11433 | $11635 |
| **3/31/2017** | $11409 | $11649 |
| **4/30/2017** | $11480 | $11769 |
| **5/31/2017** | $11623 | $11934 |
| **6/30/2017** | $11711 | $12009 |
| **7/31/2017** | $11933 | $12256 |
| **8/31/2017** | $11996 | $12293 |
| **9/30/2017** | $12250 | $12547 |
| **10/31/2017** | $12528 | $12840 |
| **11/30/2017** | $12917 | $13233 |
| **12/31/2017** | $13002 | $13380 |
| **1/31/2018** | $13669 | $14147 |
| **2/28/2018** | $13133 | $13625 |
| **3/31/2018** | $12738 | $13279 |
| **4/30/2018** | $12746 | $13330 |
| **5/31/2018** | $12969 | $13651 |
| **6/30/2018** | $12985 | $13735 |
| **7/31/2018** | $13414 | $14246 |
| **8/31/2018** | $13801 | $14710 |
| **9/30/2018** | $13801 | $14794 |
| **10/31/2018** | $12796 | $13783 |
| **11/30/2018** | $13018 | $14064 |
| **12/31/2018** | $11827 | $12794 |
| **1/31/2019** | $12730 | $13819 |
| **2/28/2019** | $13089 | $14263 |
| **3/31/2019** | $13291 | $14540 |
| **4/30/2019** | $13755 | $15129 |
| **5/31/2019** | $12765 | $14167 |
| **6/30/2019** | $13685 | $15166 |
| **7/31/2019** | $13896 | $15384 |
| **8/31/2019** | $13571 | $15140 |
| **9/30/2019** | $13869 | $15423 |
| **10/31/2019** | $14132 | $15757 |
| **11/30/2019** | $14667 | $16329 |
| **12/31/2019** | $15095 | $16822 |
| **1/31/2020** | $14913 | $16816 |
| **2/29/2020** | $13670 | $15431 |
| **3/31/2020** | $12063 | $13525 |
| **4/30/2020** | $13624 | $15259 |
| **5/31/2020** | $14214 | $15986 |
| **6/30/2020** | $14460 | $16304 |
| **7/31/2020** | $15158 | $17223 |
| **8/31/2020** | $16266 | $18461 |
| **9/30/2020** | $15594 | $17760 |
| **10/31/2020** | $15177 | $17287 |
| **11/30/2020** | $16792 | $19180 |
| **12/31/2020** | $17391 | $19917 |
| **1/31/2021** | $17292 | $19716 |
| **2/28/2021** | $17787 | $20260 |
| **3/31/2021** | $18716 | $21147 |
| **4/30/2021** | $19665 | $22276 |
| **5/31/2021** | $19754 | $22431 |
| **6/30/2021** | $20179 | $22955 |
| **7/31/2021** | $20585 | $23500 |
| **8/31/2021** | $21247 | $24215 |
| **9/30/2021** | $20199 | $23089 |
| **10/31/2021** | $21642 | $24706 |
| **11/30/2021** | $21524 | $24535 |
| **12/31/2021** | $22509 | $25635 |
| **1/31/2022** | $21437 | $24308 |
| **2/28/2022** | $20868 | $23580 |
| **3/31/2022** | $21598 | $24456 |
| **4/30/2022** | $19828 | $22323 |
| **5/31/2022** | $19882 | $22364 |
| **6/30/2022** | $18123 | $20518 |
| **7/31/2022** | $19699 | $22410 |
| **8/31/2022** | $18874 | $21496 |
| **9/30/2022** | $17158 | $19516 |
| **10/31/2022** | $18531 | $21096 |
| **11/30/2022** | $19485 | $22275 |
| **12/31/2022** | $18300 | $20992 |
| **1/31/2023** | $19480 | $22311 |
| **2/28/2023** | $19075 | $21767 |
| **3/31/2023** | $19640 | $22566 |
| **4/30/2023** | $19800 | $22918 |
| **5/31/2023** | $19985 | $23018 |
| **6/30/2023** | $21424 | $24538 |
| **7/31/2023** | $22088 | $25327 |
| **8/31/2023** | $21680 | $24923 |
| **9/30/2023** | $20755 | $23735 |
| **10/31/2023** | $20281 | $23236 |
| **11/30/2023** | $21955 | $25358 |
| **12/31/2023** | $22932 | $26510 |
| **1/31/2024** | $23451 | $26956 |
| **2/29/2024** | $24862 | $28395 |
| **3/31/2024** | $25779 | $29309 |
| **4/30/2024** | $24717 | $28111 |
| **5/31/2024** | $26080 | $29505 |
| **6/30/2024** | $27033 | $30564 |
| **7/31/2024** | $27287 | $30936 |
| **8/31/2024** | $27926 | $31687 |
| **9/30/2024** | $28481 | $32363 |
| **10/31/2024** | $28396 | $32070 |
| **11/30/2024** | $30206 | $33952 |
| **12/31/2024** | $29636 | $33143 |
| **1/31/2025** | $30587 | $34066 |
| **2/28/2025** | $29945 | $33621 |
| **3/31/2025** | $28108 | $31727 |
| **4/30/2025** | $28237 | $31512 |
| **5/31/2025** | $30060 | $33495 |
| **6/30/2025** | $31524 | $35199 |
| **7/31/2025** | $32230 | $35989 |

---

# Disciplined U.S. Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 17.21 | 15.94 | 12.42 |
| Class C with Load | 16.21 | 15.94 | 12.42 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1304567477 |
| # of portfolio holdings | 168 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4076256 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.1 |
| Financials | 14.0 |
| Communication services | 10.2 |
| Consumer discretionary | 9.9 |
| Health care | 9.1 |
| Industrials | 8.3 |
| Consumer staples | 4.8 |
| Energy | 2.5 |
| Utilities | 2.5 |
| Real estate | 2.3 |
| Materials | 2.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 4.2 |
| Meta Platforms, Inc. Class A | 3.5 |
| Broadcom, Inc. | 3.1 |
| Alphabet, Inc. Class C | 2.1 |
| Alphabet, Inc. Class A | 1.8 |
| JPMorgan Chase & Co. | 1.6 |
| Tesla, Inc. | 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

#### AR4505 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Disciplined U.S. Core Fund

# July 31, 2025

# Class A

# EVSAX
This annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $91 | 0.83% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund's underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g87o28.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **S&P 500 Index** |
| **7/31/2015** | $9426 | $10000 |
| **8/31/2015** | $8859 | $9397 |
| **9/30/2015** | $8719 | $9164 |
| **10/31/2015** | $9402 | $9937 |
| **11/30/2015** | $9402 | $9967 |
| **12/31/2015** | $9283 | $9810 |
| **1/31/2016** | $8817 | $9323 |
| **2/29/2016** | $8858 | $9310 |
| **3/31/2016** | $9426 | $9942 |
| **4/30/2016** | $9406 | $9980 |
| **5/31/2016** | $9529 | $10160 |
| **6/30/2016** | $9549 | $10186 |
| **7/31/2016** | $9919 | $10561 |
| **8/31/2016** | $9912 | $10576 |
| **9/30/2016** | $9898 | $10578 |
| **10/31/2016** | $9727 | $10385 |
| **11/30/2016** | $10151 | $10770 |
| **12/31/2016** | $10361 | $10983 |
| **1/31/2017** | $10501 | $11191 |
| **2/28/2017** | $10900 | $11635 |
| **3/31/2017** | $10886 | $11649 |
| **4/30/2017** | $10963 | $11769 |
| **5/31/2017** | $11103 | $11934 |
| **6/30/2017** | $11202 | $12009 |
| **7/31/2017** | $11419 | $12256 |
| **8/31/2017** | $11489 | $12293 |
| **9/30/2017** | $11734 | $12547 |
| **10/31/2017** | $12007 | $12840 |
| **11/30/2017** | $12385 | $13233 |
| **12/31/2017** | $12482 | $13380 |
| **1/31/2018** | $13125 | $14147 |
| **2/28/2018** | $12620 | $13625 |
| **3/31/2018** | $12248 | $13279 |
| **4/30/2018** | $12262 | $13330 |
| **5/31/2018** | $12489 | $13651 |
| **6/30/2018** | $12503 | $13735 |
| **7/31/2018** | $12935 | $14246 |
| **8/31/2018** | $13307 | $14710 |
| **9/30/2018** | $13322 | $14794 |
| **10/31/2018** | $12357 | $13783 |
| **11/30/2018** | $12584 | $14064 |
| **12/31/2018** | $11432 | $12794 |
| **1/31/2019** | $12322 | $13819 |
| **2/28/2019** | $12673 | $14263 |
| **3/31/2019** | $12876 | $14540 |
| **4/30/2019** | $13329 | $15129 |
| **5/31/2019** | $12384 | $14167 |
| **6/30/2019** | $13282 | $15166 |
| **7/31/2019** | $13492 | $15384 |
| **8/31/2019** | $13188 | $15140 |
| **9/30/2019** | $13485 | $15423 |
| **10/31/2019** | $13758 | $15757 |
| **11/30/2019** | $14281 | $16329 |
| **12/31/2019** | $14707 | $16822 |
| **1/31/2020** | $14536 | $16816 |
| **2/29/2020** | $13331 | $15431 |
| **3/31/2020** | $11775 | $13525 |
| **4/30/2020** | $13306 | $15259 |
| **5/31/2020** | $13892 | $15986 |
| **6/30/2020** | $14145 | $16304 |
| **7/31/2020** | $14837 | $17223 |
| **8/31/2020** | $15920 | $18461 |
| **9/30/2020** | $15277 | $17760 |
| **10/31/2020** | $14878 | $17287 |
| **11/30/2020** | $16474 | $19180 |
| **12/31/2020** | $17061 | $19917 |
| **1/31/2021** | $16972 | $19716 |
| **2/28/2021** | $17471 | $20260 |
| **3/31/2021** | $18398 | $21147 |
| **4/30/2021** | $19342 | $22276 |
| **5/31/2021** | $19449 | $22431 |
| **6/30/2021** | $19877 | $22955 |
| **7/31/2021** | $20287 | $23500 |
| **8/31/2021** | $20955 | $24215 |
| **9/30/2021** | $19939 | $23089 |
| **10/31/2021** | $21374 | $24706 |
| **11/30/2021** | $21267 | $24535 |
| **12/31/2021** | $22252 | $25635 |
| **1/31/2022** | $21209 | $24308 |
| **2/28/2022** | $20658 | $23580 |
| **3/31/2022** | $21392 | $24456 |
| **4/30/2022** | $19654 | $22323 |
| **5/31/2022** | $19721 | $22364 |
| **6/30/2022** | $17983 | $20518 |
| **7/31/2022** | $19557 | $22410 |
| **8/31/2022** | $18756 | $21496 |
| **9/30/2022** | $17056 | $19516 |
| **10/31/2022** | $18437 | $21096 |
| **11/30/2022** | $19393 | $22275 |
| **12/31/2022** | $18220 | $20992 |
| **1/31/2023** | $19421 | $22311 |
| **2/28/2023** | $19024 | $21767 |
| **3/31/2023** | $19609 | $22566 |
| **4/30/2023** | $19763 | $22918 |
| **5/31/2023** | $19972 | $23018 |
| **6/30/2023** | $21427 | $24538 |
| **7/31/2023** | $22100 | $25327 |
| **8/31/2023** | $21692 | $24923 |
| **9/30/2023** | $20766 | $23735 |
| **10/31/2023** | $20292 | $23236 |
| **11/30/2023** | $21967 | $25358 |
| **12/31/2023** | $22944 | $26510 |
| **1/31/2024** | $23463 | $26956 |
| **2/29/2024** | $24875 | $28395 |
| **3/31/2024** | $25793 | $29309 |
| **4/30/2024** | $24731 | $28111 |
| **5/31/2024** | $26094 | $29505 |
| **6/30/2024** | $27048 | $30564 |
| **7/31/2024** | $27301 | $30936 |
| **8/31/2024** | $27941 | $31687 |
| **9/30/2024** | $28496 | $32363 |
| **10/31/2024** | $28412 | $32070 |
| **11/30/2024** | $30222 | $33952 |
| **12/31/2024** | $29653 | $33143 |
| **1/31/2025** | $30603 | $34066 |
| **2/28/2025** | $29961 | $33621 |
| **3/31/2025** | $28124 | $31727 |
| **4/30/2025** | $28252 | $31512 |
| **5/31/2025** | $30077 | $33495 |
| **6/30/2025** | $31541 | $35199 |
| **7/31/2025** | $32248 | $35989 |

---

# Disciplined U.S. Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 18.12 | 16.8 | 13.09 |
| Class A with Load | 11.33 | 15.42 | 12.42 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1304567477 |
| # of portfolio holdings | 168 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4076256 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.1 |
| Financials | 14.0 |
| Communication services | 10.2 |
| Consumer discretionary | 9.9 |
| Health care | 9.1 |
| Industrials | 8.3 |
| Consumer staples | 4.8 |
| Energy | 2.5 |
| Utilities | 2.5 |
| Real estate | 2.3 |
| Materials | 2.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 4.2 |
| Meta Platforms, Inc. Class A | 3.5 |
| Broadcom, Inc. | 3.1 |
| Alphabet, Inc. Class C | 2.1 |
| Alphabet, Inc. Class A | 1.8 |
| JPMorgan Chase & Co. | 1.6 |
| Tesla, Inc. | 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

#### AR0616 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Disciplined U.S. Core Fund

# July 31, 2025

# Administrator Class

# EVSYX
This annual shareholder report contains important information about Disciplined U.S. Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $80 | 0.73% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 7 of 11 sectors. This was primarily due to positive stock selection within the health care, financials, and communication services sectors. The largest individual contributors to relative performance were UnitedHealth Group, Inc.; Interactive Brokers Group, Inc.; and EMCOR Group, Inc. A modest underweight to energy contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within real estate, utilities, and energy detracted from relative performance. The three largest individual detractors from relative performance were the Fund's underweights to Palantir Technologies, Inc., GE Vernova, Inc., and Oracle Corp.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g08u37.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrator Class** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9399 | $9397 |
| **9/30/2015** | $9253 | $9164 |
| **10/31/2015** | $9981 | $9937 |
| **11/30/2015** | $9981 | $9967 |
| **12/31/2015** | $9855 | $9810 |
| **1/31/2016** | $9366 | $9323 |
| **2/29/2016** | $9408 | $9310 |
| **3/31/2016** | $10011 | $9942 |
| **4/30/2016** | $9990 | $9980 |
| **5/31/2016** | $10118 | $10160 |
| **6/30/2016** | $10139 | $10186 |
| **7/31/2016** | $10536 | $10561 |
| **8/31/2016** | $10529 | $10576 |
| **9/30/2016** | $10522 | $10578 |
| **10/31/2016** | $10338 | $10385 |
| **11/30/2016** | $10792 | $10770 |
| **12/31/2016** | $11016 | $10983 |
| **1/31/2017** | $11161 | $11191 |
| **2/28/2017** | $11590 | $11635 |
| **3/31/2017** | $11576 | $11649 |
| **4/30/2017** | $11663 | $11769 |
| **5/31/2017** | $11808 | $11934 |
| **6/30/2017** | $11910 | $12009 |
| **7/31/2017** | $12142 | $12256 |
| **8/31/2017** | $12222 | $12293 |
| **9/30/2017** | $12484 | $12547 |
| **10/31/2017** | $12775 | $12840 |
| **11/30/2017** | $13182 | $13233 |
| **12/31/2017** | $13285 | $13380 |
| **1/31/2018** | $13967 | $14147 |
| **2/28/2018** | $13429 | $13625 |
| **3/31/2018** | $13034 | $13279 |
| **4/30/2018** | $13057 | $13330 |
| **5/31/2018** | $13292 | $13651 |
| **6/30/2018** | $13315 | $13735 |
| **7/31/2018** | $13770 | $14246 |
| **8/31/2018** | $14171 | $14710 |
| **9/30/2018** | $14179 | $14794 |
| **10/31/2018** | $13156 | $13783 |
| **11/30/2018** | $13406 | $14064 |
| **12/31/2018** | $12182 | $12794 |
| **1/31/2019** | $13127 | $13819 |
| **2/28/2019** | $13499 | $14263 |
| **3/31/2019** | $13717 | $14540 |
| **4/30/2019** | $14202 | $15129 |
| **5/31/2019** | $13200 | $14167 |
| **6/30/2019** | $14153 | $15166 |
| **7/31/2019** | $14379 | $15384 |
| **8/31/2019** | $14056 | $15140 |
| **9/30/2019** | $14371 | $15423 |
| **10/31/2019** | $14662 | $15757 |
| **11/30/2019** | $15228 | $16329 |
| **12/31/2019** | $15677 | $16822 |
| **1/31/2020** | $15500 | $16816 |
| **2/29/2020** | $14219 | $15431 |
| **3/31/2020** | $12558 | $13525 |
| **4/30/2020** | $14193 | $15259 |
| **5/31/2020** | $14817 | $15986 |
| **6/30/2020** | $15087 | $16304 |
| **7/31/2020** | $15828 | $17223 |
| **8/31/2020** | $16991 | $18461 |
| **9/30/2020** | $16300 | $17760 |
| **10/31/2020** | $15879 | $17287 |
| **11/30/2020** | $17581 | $19180 |
| **12/31/2020** | $18214 | $19917 |
| **1/31/2021** | $18121 | $19716 |
| **2/28/2021** | $18655 | $20260 |
| **3/31/2021** | $19649 | $21147 |
| **4/30/2021** | $20662 | $22276 |
| **5/31/2021** | $20772 | $22431 |
| **6/30/2021** | $21232 | $22955 |
| **7/31/2021** | $21674 | $23500 |
| **8/31/2021** | $22392 | $24215 |
| **9/30/2021** | $21297 | $23089 |
| **10/31/2021** | $22834 | $24706 |
| **11/30/2021** | $22732 | $24535 |
| **12/31/2021** | $23786 | $25635 |
| **1/31/2022** | $22671 | $24308 |
| **2/28/2022** | $22083 | $23580 |
| **3/31/2022** | $22860 | $24456 |
| **4/30/2022** | $21007 | $22323 |
| **5/31/2022** | $21087 | $22364 |
| **6/30/2022** | $19224 | $20518 |
| **7/31/2022** | $20918 | $22410 |
| **8/31/2022** | $20061 | $21496 |
| **9/30/2022** | $18238 | $19516 |
| **10/31/2022** | $19722 | $21096 |
| **11/30/2022** | $20748 | $22275 |
| **12/31/2022** | $19501 | $20992 |
| **1/31/2023** | $20781 | $22311 |
| **2/28/2023** | $20362 | $21767 |
| **3/31/2023** | $20985 | $22566 |
| **4/30/2023** | $21155 | $22918 |
| **5/31/2023** | $21382 | $23018 |
| **6/30/2023** | $22934 | $24538 |
| **7/31/2023** | $23659 | $25327 |
| **8/31/2023** | $23229 | $24923 |
| **9/30/2023** | $22232 | $23735 |
| **10/31/2023** | $21733 | $23236 |
| **11/30/2023** | $23523 | $25358 |
| **12/31/2023** | $24579 | $26510 |
| **1/31/2024** | $25123 | $26956 |
| **2/29/2024** | $26646 | $28395 |
| **3/31/2024** | $27623 | $29309 |
| **4/30/2024** | $26497 | $28111 |
| **5/31/2024** | $27970 | $29505 |
| **6/30/2024** | $28972 | $30564 |
| **7/31/2024** | $29257 | $30936 |
| **8/31/2024** | $29938 | $31687 |
| **9/30/2024** | $30544 | $32363 |
| **10/31/2024** | $30457 | $32070 |
| **11/30/2024** | $32388 | $33952 |
| **12/31/2024** | $31787 | $33143 |
| **1/31/2025** | $32800 | $34066 |
| **2/28/2025** | $32116 | $33621 |
| **3/31/2025** | $30157 | $31727 |
| **4/30/2025** | $30302 | $31512 |
| **5/31/2025** | $32248 | $33495 |
| **6/30/2025** | $33825 | $35199 |
| **7/31/2025** | $34588 | $35989 |

---

# Disciplined U.S. Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 18.22 | 16.92 | 13.21 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1304567477 |
| # of portfolio holdings | 168 |
| Portfolio turnover rate | 31% |
| Total advisory fees paid | $4076256 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.1 |
| Financials | 14.0 |
| Communication services | 10.2 |
| Consumer discretionary | 9.9 |
| Health care | 9.1 |
| Industrials | 8.3 |
| Consumer staples | 4.8 |
| Energy | 2.5 |
| Utilities | 2.5 |
| Real estate | 2.3 |
| Materials | 2.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.0 |
| Microsoft Corp. | 7.4 |
| Apple, Inc. | 5.6 |
| Amazon.com, Inc. | 4.2 |
| Meta Platforms, Inc. Class A | 3.5 |
| Broadcom, Inc. | 3.1 |
| Alphabet, Inc. Class C | 2.1 |
| Alphabet, Inc. Class A | 1.8 |
| JPMorgan Chase & Co. | 1.6 |
| Tesla, Inc. | 1.5 |

---

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

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

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

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

#### AR0716 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Growth Fund

# July 31, 2025

# Institutional Class

# SGRNX
This annual shareholder report contains important information about Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $85 | 0.75% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative products and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g00t28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9223 | $9381 | $9396 |
| **9/30/2015** | $8905 | $9120 | $9122 |
| **10/31/2015** | $9473 | $9885 | $9843 |
| **11/30/2015** | $9634 | $9937 | $9898 |
| **12/31/2015** | $9483 | $9766 | $9694 |
| **1/31/2016** | $8570 | $9183 | $9147 |
| **2/29/2016** | $8502 | $9175 | $9144 |
| **3/31/2016** | $8958 | $9799 | $9788 |
| **4/30/2016** | $9160 | $9723 | $9849 |
| **5/31/2016** | $9415 | $9917 | $10025 |
| **6/30/2016** | $9263 | $9878 | $10046 |
| **7/31/2016** | $9869 | $10357 | $10444 |
| **8/31/2016** | $9863 | $10318 | $10471 |
| **9/30/2016** | $9830 | $10364 | $10488 |
| **10/31/2016** | $9457 | $10090 | $10261 |
| **11/30/2016** | $9591 | $10359 | $10720 |
| **12/31/2016** | $9431 | $10488 | $10929 |
| **1/31/2017** | $10004 | $10828 | $11135 |
| **2/28/2017** | $10410 | $11263 | $11549 |
| **3/31/2017** | $10544 | $11394 | $11557 |
| **4/30/2017** | $10895 | $11651 | $11679 |
| **5/31/2017** | $11225 | $11924 | $11799 |
| **6/30/2017** | $11152 | $11924 | $11905 |
| **7/31/2017** | $11491 | $12224 | $12130 |
| **8/31/2017** | $11669 | $12430 | $12153 |
| **9/30/2017** | $11928 | $12631 | $12449 |
| **10/31/2017** | $12402 | $13097 | $12721 |
| **11/30/2017** | $12641 | $13493 | $13107 |
| **12/31/2017** | $12744 | $13592 | $13238 |
| **1/31/2018** | $13847 | $14521 | $13936 |
| **2/28/2018** | $13738 | $14138 | $13423 |
| **3/31/2018** | $13595 | $13793 | $13153 |
| **4/30/2018** | $13589 | $13839 | $13203 |
| **5/31/2018** | $14347 | $14466 | $13576 |
| **6/30/2018** | $14419 | $14603 | $13665 |
| **7/31/2018** | $14732 | $15018 | $14118 |
| **8/31/2018** | $15580 | $15848 | $14614 |
| **9/30/2018** | $15534 | $15901 | $14638 |
| **10/31/2018** | $13891 | $14433 | $13560 |
| **11/30/2018** | $14102 | $14592 | $13832 |
| **12/31/2018** | $12815 | $13304 | $12544 |
| **1/31/2019** | $14263 | $14524 | $13621 |
| **2/28/2019** | $15101 | $15075 | $14100 |
| **3/31/2019** | $15354 | $15456 | $14306 |
| **4/30/2019** | $16383 | $16138 | $14877 |
| **5/31/2019** | $15560 | $15106 | $13915 |
| **6/30/2019** | $16486 | $16152 | $14892 |
| **7/31/2019** | $16795 | $16503 | $15113 |
| **8/31/2019** | $16545 | $16337 | $14805 |
| **9/30/2019** | $16247 | $16330 | $15065 |
| **10/31/2019** | $16508 | $16791 | $15389 |
| **11/30/2019** | $17453 | $17551 | $15974 |
| **12/31/2019** | $17640 | $18073 | $16436 |
| **1/31/2020** | $18328 | $18437 | $16418 |
| **2/29/2020** | $17017 | $17177 | $15074 |
| **3/31/2020** | $14784 | $15388 | $13001 |
| **4/30/2020** | $17507 | $17666 | $14722 |
| **5/31/2020** | $19186 | $18880 | $15510 |
| **6/30/2020** | $19914 | $19696 | $15864 |
| **7/31/2020** | $21427 | $21163 | $16765 |
| **8/31/2020** | $23029 | $23295 | $17980 |
| **9/30/2020** | $22289 | $22229 | $17325 |
| **10/31/2020** | $22143 | $21526 | $16951 |
| **11/30/2020** | $24911 | $23823 | $19013 |
| **12/31/2020** | $26371 | $24987 | $19869 |
| **1/31/2021** | $26031 | $24893 | $19780 |
| **2/28/2021** | $26966 | $24944 | $20399 |
| **3/31/2021** | $25753 | $25285 | $21130 |
| **4/30/2021** | $27539 | $26926 | $22219 |
| **5/31/2021** | $26434 | $26527 | $22320 |
| **6/30/2021** | $28510 | $28163 | $22871 |
| **7/31/2021** | $29163 | $28958 | $23258 |
| **8/31/2021** | $30049 | $30005 | $23921 |
| **9/30/2021** | $28559 | $28358 | $22848 |
| **10/31/2021** | $30278 | $30742 | $24393 |
| **11/30/2021** | $28573 | $30825 | $24021 |
| **12/31/2021** | $28434 | $31446 | $24967 |
| **1/31/2022** | $24786 | $28659 | $23498 |
| **2/28/2022** | $24072 | $27516 | $22906 |
| **3/31/2022** | $24453 | $28537 | $23649 |
| **4/30/2022** | $20982 | $25088 | $21527 |
| **5/31/2022** | $20169 | $24511 | $21498 |
| **6/30/2022** | $18595 | $22594 | $19700 |
| **7/31/2022** | $20679 | $25295 | $21548 |
| **8/31/2022** | $19689 | $24172 | $20744 |
| **9/30/2022** | $17652 | $21832 | $18820 |
| **10/31/2022** | $18194 | $23157 | $20364 |
| **11/30/2022** | $19100 | $24170 | $21426 |
| **12/31/2022** | $17945 | $22338 | $20172 |
| **1/31/2023** | $19584 | $24222 | $21561 |
| **2/28/2023** | $19327 | $23936 | $21057 |
| **3/31/2023** | $20550 | $25432 | $21620 |
| **4/30/2023** | $20610 | $25651 | $21851 |
| **5/31/2023** | $21102 | $26754 | $21936 |
| **6/30/2023** | $22571 | $28604 | $23433 |
| **7/31/2023** | $23133 | $29587 | $24273 |
| **8/31/2023** | $22434 | $29255 | $23805 |
| **9/30/2023** | $21135 | $27647 | $22671 |
| **10/31/2023** | $20692 | $27168 | $22070 |
| **11/30/2023** | $23002 | $30107 | $24128 |
| **12/31/2023** | $24055 | $31543 | $25408 |
| **1/31/2024** | $24882 | $32241 | $25689 |
| **2/29/2024** | $27140 | $34460 | $27080 |
| **3/31/2024** | $27562 | $35084 | $27953 |
| **4/30/2024** | $26207 | $33538 | $26723 |
| **5/31/2024** | $27679 | $35536 | $27986 |
| **6/30/2024** | $29281 | $37819 | $28852 |
| **7/31/2024** | $28366 | $37340 | $29389 |
| **8/31/2024** | $29310 | $38060 | $30029 |
| **9/30/2024** | $30231 | $39112 | $30650 |
| **10/31/2024** | $30026 | $38964 | $30425 |
| **11/30/2024** | $32190 | $41594 | $32449 |
| **12/31/2024** | $31154 | $41781 | $31457 |
| **1/31/2025** | $32209 | $42629 | $32450 |
| **2/28/2025** | $30729 | $41037 | $31828 |
| **3/31/2025** | $27882 | $37582 | $29971 |
| **4/30/2025** | $28697 | $38185 | $29770 |
| **5/31/2025** | $31848 | $41561 | $31657 |
| **6/30/2025** | $34468 | $44243 | $33266 |
| **7/31/2025** | $35701 | $45874 | $33998 |

---

# Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 25.81 | 10.75 | 13.57 |
| Russell 3000<sup>®</sup> Growth Index | 22.86 | 16.73 | 16.45 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3582917430 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 73% |
| Total advisory fees paid | $23734108 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.5 |
| Consumer discretionary | 14.7 |
| Communication services | 12.5 |
| Financials | 12.3 |
| Industrials | 9.8 |
| Health care | 8.5 |
| Materials | 1.7 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.9 |
| Microsoft Corp. | 8.9 |
| Meta Platforms, Inc. Class A | 6.7 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.3 |
| Oracle Corp. | 2.2 |
| Mastercard, Inc. Class A | 2.1 |
| DoorDash, Inc. Class A | 1.9 |
| Arista Networks, Inc. | 1.7 |
| Booking Holdings, Inc. | 1.7 |

---

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

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

#### AR3105 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Growth Fund

# July 31, 2025

# Class R6

# SGRHX
This annual shareholder report contains important information about Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $79 | 0.70% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative products and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g20g55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 3000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9223 | $9381 | $9396 |
| **9/30/2015** | $8905 | $9120 | $9122 |
| **10/31/2015** | $9474 | $9885 | $9843 |
| **11/30/2015** | $9636 | $9937 | $9898 |
| **12/31/2015** | $9485 | $9766 | $9694 |
| **1/31/2016** | $8572 | $9183 | $9147 |
| **2/29/2016** | $8504 | $9175 | $9144 |
| **3/31/2016** | $8960 | $9799 | $9788 |
| **4/30/2016** | $9164 | $9723 | $9849 |
| **5/31/2016** | $9419 | $9917 | $10025 |
| **6/30/2016** | $9267 | $9878 | $10046 |
| **7/31/2016** | $9875 | $10357 | $10444 |
| **8/31/2016** | $9869 | $10318 | $10471 |
| **9/30/2016** | $9836 | $10364 | $10488 |
| **10/31/2016** | $9465 | $10090 | $10261 |
| **11/30/2016** | $9599 | $10359 | $10720 |
| **12/31/2016** | $9439 | $10488 | $10929 |
| **1/31/2017** | $10012 | $10828 | $11135 |
| **2/28/2017** | $10420 | $11263 | $11549 |
| **3/31/2017** | $10554 | $11394 | $11557 |
| **4/30/2017** | $10908 | $11651 | $11679 |
| **5/31/2017** | $11235 | $11924 | $11799 |
| **6/30/2017** | $11164 | $11924 | $11905 |
| **7/31/2017** | $11504 | $12224 | $12130 |
| **8/31/2017** | $11684 | $12430 | $12153 |
| **9/30/2017** | $11943 | $12631 | $12449 |
| **10/31/2017** | $12416 | $13097 | $12721 |
| **11/30/2017** | $12656 | $13493 | $13107 |
| **12/31/2017** | $12765 | $13592 | $13238 |
| **1/31/2018** | $13867 | $14521 | $13936 |
| **2/28/2018** | $13758 | $14138 | $13423 |
| **3/31/2018** | $13615 | $13793 | $13153 |
| **4/30/2018** | $13609 | $13839 | $13203 |
| **5/31/2018** | $14370 | $14466 | $13576 |
| **6/30/2018** | $14441 | $14603 | $13665 |
| **7/31/2018** | $14754 | $15018 | $14118 |
| **8/31/2018** | $15605 | $15848 | $14614 |
| **9/30/2018** | $15558 | $15901 | $14638 |
| **10/31/2018** | $13916 | $14433 | $13560 |
| **11/30/2018** | $14127 | $14592 | $13832 |
| **12/31/2018** | $12842 | $13304 | $12544 |
| **1/31/2019** | $14288 | $14524 | $13621 |
| **2/28/2019** | $15132 | $15075 | $14100 |
| **3/31/2019** | $15386 | $15456 | $14306 |
| **4/30/2019** | $16417 | $16138 | $14877 |
| **5/31/2019** | $15591 | $15106 | $13915 |
| **6/30/2019** | $16520 | $16152 | $14892 |
| **7/31/2019** | $16828 | $16503 | $15113 |
| **8/31/2019** | $16579 | $16337 | $14805 |
| **9/30/2019** | $16281 | $16330 | $15065 |
| **10/31/2019** | $16546 | $16791 | $15389 |
| **11/30/2019** | $17493 | $17551 | $15974 |
| **12/31/2019** | $17680 | $18073 | $16436 |
| **1/31/2020** | $18375 | $18437 | $16418 |
| **2/29/2020** | $17058 | $17177 | $15074 |
| **3/31/2020** | $14820 | $15388 | $13001 |
| **4/30/2020** | $17551 | $17666 | $14722 |
| **5/31/2020** | $19231 | $18880 | $15510 |
| **6/30/2020** | $19963 | $19696 | $15864 |
| **7/31/2020** | $21482 | $21163 | $16765 |
| **8/31/2020** | $23090 | $23295 | $17980 |
| **9/30/2020** | $22346 | $22229 | $17325 |
| **10/31/2020** | $22201 | $21526 | $16951 |
| **11/30/2020** | $24981 | $23823 | $19013 |
| **12/31/2020** | $26443 | $24987 | $19869 |
| **1/31/2021** | $26108 | $24893 | $19780 |
| **2/28/2021** | $27046 | $24944 | $20399 |
| **3/31/2021** | $25831 | $25285 | $21130 |
| **4/30/2021** | $27622 | $26926 | $22219 |
| **5/31/2021** | $26514 | $26527 | $22320 |
| **6/30/2021** | $28600 | $28163 | $22871 |
| **7/31/2021** | $29257 | $28958 | $23258 |
| **8/31/2021** | $30145 | $30005 | $23921 |
| **9/30/2021** | $28654 | $28358 | $22848 |
| **10/31/2021** | $30378 | $30742 | $24393 |
| **11/30/2021** | $28667 | $30825 | $24021 |
| **12/31/2021** | $28529 | $31446 | $24967 |
| **1/31/2022** | $24870 | $28659 | $23498 |
| **2/28/2022** | $24158 | $27516 | $22906 |
| **3/31/2022** | $24542 | $28537 | $23649 |
| **4/30/2022** | $21055 | $25088 | $21527 |
| **5/31/2022** | $20244 | $24511 | $21498 |
| **6/30/2022** | $18659 | $22594 | $19700 |
| **7/31/2022** | $20759 | $25295 | $21548 |
| **8/31/2022** | $19761 | $24172 | $20744 |
| **9/30/2022** | $17718 | $21832 | $18820 |
| **10/31/2022** | $18259 | $23157 | $20364 |
| **11/30/2022** | $19173 | $24170 | $21426 |
| **12/31/2022** | $18016 | $22338 | $20172 |
| **1/31/2023** | $19661 | $24222 | $21561 |
| **2/28/2023** | $19405 | $23936 | $21057 |
| **3/31/2023** | $20630 | $25432 | $21620 |
| **4/30/2023** | $20695 | $25651 | $21851 |
| **5/31/2023** | $21185 | $26754 | $21936 |
| **6/30/2023** | $22661 | $28604 | $23433 |
| **7/31/2023** | $23232 | $29587 | $24273 |
| **8/31/2023** | $22530 | $29255 | $23805 |
| **9/30/2023** | $21223 | $27647 | $22671 |
| **10/31/2023** | $20782 | $27168 | $22070 |
| **11/30/2023** | $23102 | $30107 | $24128 |
| **12/31/2023** | $24162 | $31543 | $25408 |
| **1/31/2024** | $24992 | $32241 | $25689 |
| **2/29/2024** | $27260 | $34460 | $27080 |
| **3/31/2024** | $27686 | $35084 | $27953 |
| **4/30/2024** | $26324 | $33538 | $26723 |
| **5/31/2024** | $27803 | $35536 | $27986 |
| **6/30/2024** | $29416 | $37819 | $28852 |
| **7/31/2024** | $28499 | $37340 | $29389 |
| **8/31/2024** | $29445 | $38060 | $30029 |
| **9/30/2024** | $30375 | $39112 | $30650 |
| **10/31/2024** | $30170 | $38964 | $30425 |
| **11/30/2024** | $32344 | $41594 | $32449 |
| **12/31/2024** | $31299 | $41781 | $31457 |
| **1/31/2025** | $32370 | $42629 | $32450 |
| **2/28/2025** | $30877 | $41037 | $31828 |
| **3/31/2025** | $28024 | $37582 | $29971 |
| **4/30/2025** | $28841 | $38185 | $29770 |
| **5/31/2025** | $32004 | $41561 | $31657 |
| **6/30/2025** | $34645 | $44243 | $33266 |
| **7/31/2025** | $35878 | $45874 | $33998 |

---

# Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 25.87 | 10.8 | 13.63 |
| Russell 3000<sup>®</sup> Growth Index | 22.86 | 16.73 | 16.45 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on September 30, 2015 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 | $3582917430 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 73% |
| Total advisory fees paid | $23734108 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.5 |
| Consumer discretionary | 14.7 |
| Communication services | 12.5 |
| Financials | 12.3 |
| Industrials | 9.8 |
| Health care | 8.5 |
| Materials | 1.7 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.9 |
| Microsoft Corp. | 8.9 |
| Meta Platforms, Inc. Class A | 6.7 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.3 |
| Oracle Corp. | 2.2 |
| Mastercard, Inc. Class A | 2.1 |
| DoorDash, Inc. Class A | 1.9 |
| Arista Networks, Inc. | 1.7 |
| Booking Holdings, Inc. | 1.7 |

---

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

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

#### AR4683 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Growth Fund

# July 31, 2025

# Class C

# WGFCX
This annual shareholder report contains important information about Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $213 | 1.90% |

---

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

## How did the Fund perform last year and what affected its performance?
The market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative products and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g80e69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell 3000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9214 | $9381 | $9396 |
| **9/30/2015** | $8886 | $9120 | $9122 |
| **10/31/2015** | $9445 | $9885 | $9843 |
| **11/30/2015** | $9598 | $9937 | $9898 |
| **12/31/2015** | $9435 | $9766 | $9694 |
| **1/31/2016** | $8519 | $9183 | $9147 |
| **2/29/2016** | $8445 | $9175 | $9144 |
| **3/31/2016** | $8887 | $9799 | $9788 |
| **4/30/2016** | $9079 | $9723 | $9849 |
| **5/31/2016** | $9324 | $9917 | $10025 |
| **6/30/2016** | $9164 | $9878 | $10046 |
| **7/31/2016** | $9756 | $10357 | $10444 |
| **8/31/2016** | $9740 | $10318 | $10471 |
| **9/30/2016** | $9698 | $10364 | $10488 |
| **10/31/2016** | $9322 | $10090 | $10261 |
| **11/30/2016** | $9445 | $10359 | $10720 |
| **12/31/2016** | $9273 | $10488 | $10929 |
| **1/31/2017** | $9830 | $10828 | $11135 |
| **2/28/2017** | $10219 | $11263 | $11549 |
| **3/31/2017** | $10341 | $11394 | $11557 |
| **4/30/2017** | $10674 | $11651 | $11679 |
| **5/31/2017** | $10987 | $11924 | $11799 |
| **6/30/2017** | $10905 | $11924 | $11905 |
| **7/31/2017** | $11224 | $12224 | $12130 |
| **8/31/2017** | $11389 | $12430 | $12153 |
| **9/30/2017** | $11630 | $12631 | $12449 |
| **10/31/2017** | $12078 | $13097 | $12721 |
| **11/30/2017** | $12299 | $13493 | $13107 |
| **12/31/2017** | $12391 | $13592 | $13238 |
| **1/31/2018** | $13446 | $14521 | $13936 |
| **2/28/2018** | $13329 | $14138 | $13423 |
| **3/31/2018** | $13179 | $13793 | $13153 |
| **4/30/2018** | $13160 | $13839 | $13203 |
| **5/31/2018** | $13878 | $14466 | $13576 |
| **6/30/2018** | $13934 | $14603 | $13665 |
| **7/31/2018** | $14225 | $15018 | $14118 |
| **8/31/2018** | $15027 | $15848 | $14614 |
| **9/30/2018** | $14971 | $15901 | $14638 |
| **10/31/2018** | $13371 | $14433 | $13560 |
| **11/30/2018** | $13564 | $14592 | $13832 |
| **12/31/2018** | $12312 | $13304 | $12544 |
| **1/31/2019** | $13693 | $14524 | $13621 |
| **2/28/2019** | $14486 | $15075 | $14100 |
| **3/31/2019** | $14709 | $15456 | $14306 |
| **4/30/2019** | $15682 | $16138 | $14877 |
| **5/31/2019** | $14877 | $15106 | $13915 |
| **6/30/2019** | $15750 | $16152 | $14892 |
| **7/31/2019** | $16029 | $16503 | $15113 |
| **8/31/2019** | $15775 | $16337 | $14805 |
| **9/30/2019** | $15478 | $16330 | $15065 |
| **10/31/2019** | $15713 | $16791 | $15389 |
| **11/30/2019** | $16593 | $17551 | $15974 |
| **12/31/2019** | $16752 | $18073 | $16436 |
| **1/31/2020** | $17388 | $18437 | $16418 |
| **2/29/2020** | $16130 | $17177 | $15074 |
| **3/31/2020** | $13999 | $15388 | $13001 |
| **4/30/2020** | $16567 | $17666 | $14722 |
| **5/31/2020** | $18135 | $18880 | $15510 |
| **6/30/2020** | $18801 | $19696 | $15864 |
| **7/31/2020** | $20215 | $21163 | $16765 |
| **8/31/2020** | $22042 | $23295 | $17980 |
| **9/30/2020** | $21310 | $22229 | $17325 |
| **10/31/2020** | $21154 | $21526 | $16951 |
| **11/30/2020** | $23774 | $23823 | $19013 |
| **12/31/2020** | $25138 | $24987 | $19869 |
| **1/31/2021** | $24793 | $24893 | $19780 |
| **2/28/2021** | $25663 | $24944 | $20399 |
| **3/31/2021** | $24485 | $25285 | $21130 |
| **4/30/2021** | $26153 | $26926 | $22219 |
| **5/31/2021** | $25074 | $26527 | $22320 |
| **6/30/2021** | $27023 | $28163 | $22871 |
| **7/31/2021** | $27621 | $28958 | $23258 |
| **8/31/2021** | $28428 | $30005 | $23921 |
| **9/30/2021** | $26996 | $28358 | $22848 |
| **10/31/2021** | $28591 | $30742 | $24393 |
| **11/30/2021** | $26951 | $30825 | $24021 |
| **12/31/2021** | $26789 | $31446 | $24967 |
| **1/31/2022** | $23340 | $28659 | $23498 |
| **2/28/2022** | $22650 | $27516 | $22906 |
| **3/31/2022** | $22975 | $28537 | $23649 |
| **4/30/2022** | $19695 | $25088 | $21527 |
| **5/31/2022** | $18914 | $24511 | $21498 |
| **6/30/2022** | $17417 | $22594 | $19700 |
| **7/31/2022** | $19461 | $25295 | $21548 |
| **8/31/2022** | $18497 | $24172 | $20744 |
| **9/30/2022** | $16571 | $21832 | $18820 |
| **10/31/2022** | $17066 | $23157 | $20364 |
| **11/30/2022** | $17899 | $24170 | $21426 |
| **12/31/2022** | $16795 | $22338 | $20172 |
| **1/31/2023** | $18307 | $24222 | $21561 |
| **2/28/2023** | $18055 | $23936 | $21057 |
| **3/31/2023** | $19181 | $25432 | $21620 |
| **4/30/2023** | $19226 | $25651 | $21851 |
| **5/31/2023** | $19656 | $26754 | $21936 |
| **6/30/2023** | $21005 | $28604 | $23433 |
| **7/31/2023** | $21509 | $29587 | $24273 |
| **8/31/2023** | $20852 | $29255 | $23805 |
| **9/30/2023** | $19638 | $27647 | $22671 |
| **10/31/2023** | $19221 | $27168 | $22070 |
| **11/30/2023** | $21354 | $30107 | $24128 |
| **12/31/2023** | $22333 | $31543 | $25408 |
| **1/31/2024** | $23093 | $32241 | $25689 |
| **2/29/2024** | $25174 | $34460 | $27080 |
| **3/31/2024** | $25563 | $35084 | $27953 |
| **4/30/2024** | $24294 | $33538 | $26723 |
| **5/31/2024** | $25649 | $35536 | $27986 |
| **6/30/2024** | $27126 | $37819 | $28852 |
| **7/31/2024** | $26280 | $37340 | $29389 |
| **8/31/2024** | $27143 | $38060 | $30029 |
| **9/30/2024** | $27981 | $39112 | $30650 |
| **10/31/2024** | $27791 | $38964 | $30425 |
| **11/30/2024** | $29778 | $41594 | $32449 |
| **12/31/2024** | $28812 | $41781 | $31457 |
| **1/31/2025** | $29775 | $42629 | $32450 |
| **2/28/2025** | $28396 | $41037 | $31828 |
| **3/31/2025** | $25757 | $37582 | $29971 |
| **4/30/2025** | $26506 | $38185 | $29770 |
| **5/31/2025** | $29406 | $41561 | $31657 |
| **6/30/2025** | $31819 | $44243 | $33266 |
| **7/31/2025** | $32949 | $45874 | $33998 |

---

# Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 24.33 | 9.92 | 12.66 |
| Class C with Load | 23.33 | 9.92 | 12.66 |
| Russell 3000<sup>®</sup> Growth Index | 22.86 | 16.73 | 16.45 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3582917430 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 73% |
| Total advisory fees paid | $23734108 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.5 |
| Consumer discretionary | 14.7 |
| Communication services | 12.5 |
| Financials | 12.3 |
| Industrials | 9.8 |
| Health care | 8.5 |
| Materials | 1.7 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.9 |
| Microsoft Corp. | 8.9 |
| Meta Platforms, Inc. Class A | 6.7 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.3 |
| Oracle Corp. | 2.2 |
| Mastercard, Inc. Class A | 2.1 |
| DoorDash, Inc. Class A | 1.9 |
| Arista Networks, Inc. | 1.7 |
| Booking Holdings, Inc. | 1.7 |

---

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

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

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

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

#### AR3510 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Growth Fund

# July 31, 2025

# Class A

# SGRAX
This annual shareholder report contains important information about Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $126 | 1.12% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative products and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g66e70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 3000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $9425 | $10000 | $10000 |
| **8/31/2015** | $8690 | $9381 | $9396 |
| **9/30/2015** | $8387 | $9120 | $9122 |
| **10/31/2015** | $8920 | $9885 | $9843 |
| **11/30/2015** | $9069 | $9937 | $9898 |
| **12/31/2015** | $8922 | $9766 | $9694 |
| **1/31/2016** | $8060 | $9183 | $9147 |
| **2/29/2016** | $7995 | $9175 | $9144 |
| **3/31/2016** | $8420 | $9799 | $9788 |
| **4/30/2016** | $8606 | $9723 | $9849 |
| **5/31/2016** | $8845 | $9917 | $10025 |
| **6/30/2016** | $8698 | $9878 | $10046 |
| **7/31/2016** | $9266 | $10357 | $10444 |
| **8/31/2016** | $9255 | $10318 | $10471 |
| **9/30/2016** | $9222 | $10364 | $10488 |
| **10/31/2016** | $8869 | $10090 | $10261 |
| **11/30/2016** | $8992 | $10359 | $10720 |
| **12/31/2016** | $8839 | $10488 | $10929 |
| **1/31/2017** | $9374 | $10828 | $11135 |
| **2/28/2017** | $9749 | $11263 | $11549 |
| **3/31/2017** | $9871 | $11394 | $11557 |
| **4/30/2017** | $10199 | $11651 | $11679 |
| **5/31/2017** | $10502 | $11924 | $11799 |
| **6/30/2017** | $10430 | $11924 | $11905 |
| **7/31/2017** | $10744 | $12224 | $12130 |
| **8/31/2017** | $10906 | $12430 | $12153 |
| **9/30/2017** | $11146 | $12631 | $12449 |
| **10/31/2017** | $11582 | $13097 | $12721 |
| **11/30/2017** | $11803 | $13493 | $13107 |
| **12/31/2017** | $11896 | $13592 | $13238 |
| **1/31/2018** | $12918 | $14521 | $13936 |
| **2/28/2018** | $12815 | $14138 | $13423 |
| **3/31/2018** | $12677 | $13793 | $13153 |
| **4/30/2018** | $12666 | $13839 | $13203 |
| **5/31/2018** | $13368 | $14466 | $13576 |
| **6/30/2018** | $13432 | $14603 | $13665 |
| **7/31/2018** | $13716 | $15018 | $14118 |
| **8/31/2018** | $14500 | $15848 | $14614 |
| **9/30/2018** | $14454 | $15901 | $14638 |
| **10/31/2018** | $12921 | $14433 | $13560 |
| **11/30/2018** | $13113 | $14592 | $13832 |
| **12/31/2018** | $11913 | $13304 | $12544 |
| **1/31/2019** | $13253 | $14524 | $13621 |
| **2/28/2019** | $14028 | $15075 | $14100 |
| **3/31/2019** | $14260 | $15456 | $14306 |
| **4/30/2019** | $15211 | $16138 | $14877 |
| **5/31/2019** | $14440 | $15106 | $13915 |
| **6/30/2019** | $15294 | $16152 | $14892 |
| **7/31/2019** | $15574 | $16503 | $15113 |
| **8/31/2019** | $15338 | $16337 | $14805 |
| **9/30/2019** | $15057 | $16330 | $15065 |
| **10/31/2019** | $15294 | $16791 | $15389 |
| **11/30/2019** | $16165 | $17551 | $15974 |
| **12/31/2019** | $16331 | $18073 | $16436 |
| **1/31/2020** | $16967 | $18437 | $16418 |
| **2/29/2020** | $15745 | $17177 | $15074 |
| **3/31/2020** | $13675 | $15388 | $13001 |
| **4/30/2020** | $16187 | $17666 | $14722 |
| **5/31/2020** | $17731 | $18880 | $15510 |
| **6/30/2020** | $18402 | $19696 | $15864 |
| **7/31/2020** | $19792 | $21163 | $16765 |
| **8/31/2020** | $21267 | $23295 | $17980 |
| **9/30/2020** | $20576 | $22229 | $17325 |
| **10/31/2020** | $20432 | $21526 | $16951 |
| **11/30/2020** | $22985 | $23823 | $19013 |
| **12/31/2020** | $24319 | $24987 | $19869 |
| **1/31/2021** | $24000 | $24893 | $19780 |
| **2/28/2021** | $24854 | $24944 | $20399 |
| **3/31/2021** | $23727 | $25285 | $21130 |
| **4/30/2021** | $25366 | $26926 | $22219 |
| **5/31/2021** | $24341 | $26527 | $22320 |
| **6/30/2021** | $26242 | $28163 | $22871 |
| **7/31/2021** | $26840 | $28958 | $23258 |
| **8/31/2021** | $27642 | $30005 | $23921 |
| **9/30/2021** | $26265 | $28358 | $22848 |
| **10/31/2021** | $27836 | $30742 | $24393 |
| **11/30/2021** | $26259 | $30825 | $24021 |
| **12/31/2021** | $26121 | $31446 | $24967 |
| **1/31/2022** | $22760 | $28659 | $23498 |
| **2/28/2022** | $22102 | $27516 | $22906 |
| **3/31/2022** | $22442 | $28537 | $23649 |
| **4/30/2022** | $19251 | $25088 | $21527 |
| **5/31/2022** | $18501 | $24511 | $21498 |
| **6/30/2022** | $17051 | $22594 | $19700 |
| **7/31/2022** | $18961 | $25295 | $21548 |
| **8/31/2022** | $18041 | $24172 | $20744 |
| **9/30/2022** | $16166 | $21832 | $18820 |
| **10/31/2022** | $16662 | $23157 | $20364 |
| **11/30/2022** | $17482 | $24170 | $21426 |
| **12/31/2022** | $16423 | $22338 | $20172 |
| **1/31/2023** | $17911 | $24222 | $21561 |
| **2/28/2023** | $17676 | $23936 | $21057 |
| **3/31/2023** | $18784 | $25432 | $21620 |
| **4/30/2023** | $18837 | $25651 | $21851 |
| **5/31/2023** | $19277 | $26754 | $21936 |
| **6/30/2023** | $20613 | $28604 | $23433 |
| **7/31/2023** | $21121 | $29587 | $24273 |
| **8/31/2023** | $20476 | $29255 | $23805 |
| **9/30/2023** | $19285 | $27647 | $22671 |
| **10/31/2023** | $18875 | $27168 | $22070 |
| **11/30/2023** | $20970 | $30107 | $24128 |
| **12/31/2023** | $21931 | $31543 | $25408 |
| **1/31/2024** | $22677 | $32241 | $25689 |
| **2/29/2024** | $24721 | $34460 | $27080 |
| **3/31/2024** | $25103 | $35084 | $27953 |
| **4/30/2024** | $23856 | $33538 | $26723 |
| **5/31/2024** | $25188 | $35536 | $27986 |
| **6/30/2024** | $26638 | $37819 | $28852 |
| **7/31/2024** | $25807 | $37340 | $29389 |
| **8/31/2024** | $26655 | $38060 | $30029 |
| **9/30/2024** | $27478 | $39112 | $30650 |
| **10/31/2024** | $27291 | $38964 | $30425 |
| **11/30/2024** | $29241 | $41594 | $32449 |
| **12/31/2024** | $28294 | $41781 | $31457 |
| **1/31/2025** | $29239 | $42629 | $32450 |
| **2/28/2025** | $27885 | $41037 | $31828 |
| **3/31/2025** | $25294 | $37582 | $29971 |
| **4/30/2025** | $26029 | $38185 | $29770 |
| **5/31/2025** | $28877 | $41561 | $31657 |
| **6/30/2025** | $31247 | $44243 | $33266 |
| **7/31/2025** | $32355 | $45874 | $33998 |

---

# Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 25.33 | 10.33 | 13.13 |
| Class A with Load | 18.11 | 9.03 | 12.46 |
| Russell 3000<sup>®</sup> Growth Index | 22.86 | 16.73 | 16.45 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3582917430 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 73% |
| Total advisory fees paid | $23734108 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.5 |
| Consumer discretionary | 14.7 |
| Communication services | 12.5 |
| Financials | 12.3 |
| Industrials | 9.8 |
| Health care | 8.5 |
| Materials | 1.7 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.9 |
| Microsoft Corp. | 8.9 |
| Meta Platforms, Inc. Class A | 6.7 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.3 |
| Oracle Corp. | 2.2 |
| Mastercard, Inc. Class A | 2.1 |
| DoorDash, Inc. Class A | 1.9 |
| Arista Networks, Inc. | 1.7 |
| Booking Holdings, Inc. | 1.7 |

---

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

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

#### AR3009 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Growth Fund

# July 31, 2025

# Administrator Class

# SGRKX
This annual shareholder report contains important information about Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $108 | 0.96% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and financials, where holdings with innovative products and strong demand, such as Robinhood Markets, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g84r42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Russell 3000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9221 | $9381 | $9396 |
| **9/30/2015** | $8899 | $9120 | $9122 |
| **10/31/2015** | $9467 | $9885 | $9843 |
| **11/30/2015** | $9627 | $9937 | $9898 |
| **12/31/2015** | $9472 | $9766 | $9694 |
| **1/31/2016** | $8560 | $9183 | $9147 |
| **2/29/2016** | $8491 | $9175 | $9144 |
| **3/31/2016** | $8943 | $9799 | $9788 |
| **4/30/2016** | $9144 | $9723 | $9849 |
| **5/31/2016** | $9396 | $9917 | $10025 |
| **6/30/2016** | $9243 | $9878 | $10046 |
| **7/31/2016** | $9847 | $10357 | $10444 |
| **8/31/2016** | $9838 | $10318 | $10471 |
| **9/30/2016** | $9804 | $10364 | $10488 |
| **10/31/2016** | $9431 | $10090 | $10261 |
| **11/30/2016** | $9562 | $10359 | $10720 |
| **12/31/2016** | $9401 | $10488 | $10929 |
| **1/31/2017** | $9971 | $10828 | $11135 |
| **2/28/2017** | $10373 | $11263 | $11549 |
| **3/31/2017** | $10507 | $11394 | $11557 |
| **4/30/2017** | $10855 | $11651 | $11679 |
| **5/31/2017** | $11180 | $11924 | $11799 |
| **6/30/2017** | $11105 | $11924 | $11905 |
| **7/31/2017** | $11442 | $12224 | $12130 |
| **8/31/2017** | $11618 | $12430 | $12153 |
| **9/30/2017** | $11873 | $12631 | $12449 |
| **10/31/2017** | $12339 | $13097 | $12721 |
| **11/30/2017** | $12576 | $13493 | $13107 |
| **12/31/2017** | $12681 | $13592 | $13238 |
| **1/31/2018** | $13771 | $14521 | $13936 |
| **2/28/2018** | $13664 | $14138 | $13423 |
| **3/31/2018** | $13518 | $13793 | $13153 |
| **4/30/2018** | $13511 | $13839 | $13203 |
| **5/31/2018** | $14258 | $14466 | $13576 |
| **6/30/2018** | $14328 | $14603 | $13665 |
| **7/31/2018** | $14635 | $15018 | $14118 |
| **8/31/2018** | $15475 | $15848 | $14614 |
| **9/30/2018** | $15428 | $15901 | $14638 |
| **10/31/2018** | $13795 | $14433 | $13560 |
| **11/30/2018** | $14001 | $14592 | $13832 |
| **12/31/2018** | $12723 | $13304 | $12544 |
| **1/31/2019** | $14157 | $14524 | $13621 |
| **2/28/2019** | $14986 | $15075 | $14100 |
| **3/31/2019** | $15234 | $15456 | $14306 |
| **4/30/2019** | $16255 | $16138 | $14877 |
| **5/31/2019** | $15430 | $15106 | $13915 |
| **6/30/2019** | $16347 | $16152 | $14892 |
| **7/31/2019** | $16651 | $16503 | $15113 |
| **8/31/2019** | $16399 | $16337 | $14805 |
| **9/30/2019** | $16103 | $16330 | $15065 |
| **10/31/2019** | $16359 | $16791 | $15389 |
| **11/30/2019** | $17292 | $17551 | $15974 |
| **12/31/2019** | $17472 | $18073 | $16436 |
| **1/31/2020** | $18153 | $18437 | $16418 |
| **2/29/2020** | $16853 | $17177 | $15074 |
| **3/31/2020** | $14635 | $15388 | $13001 |
| **4/30/2020** | $17334 | $17666 | $14722 |
| **5/31/2020** | $18986 | $18880 | $15510 |
| **6/30/2020** | $19708 | $19696 | $15864 |
| **7/31/2020** | $21200 | $21163 | $16765 |
| **8/31/2020** | $22781 | $23295 | $17980 |
| **9/30/2020** | $22046 | $22229 | $17325 |
| **10/31/2020** | $21895 | $21526 | $16951 |
| **11/30/2020** | $24629 | $23823 | $19013 |
| **12/31/2020** | $26067 | $24987 | $19869 |
| **1/31/2021** | $25733 | $24893 | $19780 |
| **2/28/2021** | $26650 | $24944 | $20399 |
| **3/31/2021** | $25448 | $25285 | $21130 |
| **4/30/2021** | $27208 | $26926 | $22219 |
| **5/31/2021** | $26106 | $26527 | $22320 |
| **6/30/2021** | $28156 | $28163 | $22871 |
| **7/31/2021** | $28794 | $28958 | $23258 |
| **8/31/2021** | $29661 | $30005 | $23921 |
| **9/30/2021** | $28191 | $28358 | $22848 |
| **10/31/2021** | $29881 | $30742 | $24393 |
| **11/30/2021** | $28191 | $30825 | $24021 |
| **12/31/2021** | $28050 | $31446 | $24967 |
| **1/31/2022** | $24443 | $28659 | $23498 |
| **2/28/2022** | $23737 | $27516 | $22906 |
| **3/31/2022** | $24111 | $28537 | $23649 |
| **4/30/2022** | $20682 | $25088 | $21527 |
| **5/31/2022** | $19881 | $24511 | $21498 |
| **6/30/2022** | $18321 | $22594 | $19700 |
| **7/31/2022** | $20379 | $25295 | $21548 |
| **8/31/2022** | $19394 | $24172 | $20744 |
| **9/30/2022** | $17383 | $21832 | $18820 |
| **10/31/2022** | $17911 | $23157 | $20364 |
| **11/30/2022** | $18807 | $24170 | $21426 |
| **12/31/2022** | $17664 | $22338 | $20172 |
| **1/31/2023** | $19274 | $24222 | $21561 |
| **2/28/2023** | $19017 | $23936 | $21057 |
| **3/31/2023** | $20219 | $25432 | $21620 |
| **4/30/2023** | $20276 | $25651 | $21851 |
| **5/31/2023** | $20752 | $26754 | $21936 |
| **6/30/2023** | $22193 | $28604 | $23433 |
| **7/31/2023** | $22744 | $29587 | $24273 |
| **8/31/2023** | $22055 | $29255 | $23805 |
| **9/30/2023** | $20771 | $27647 | $22671 |
| **10/31/2023** | $20332 | $27168 | $22070 |
| **11/30/2023** | $22600 | $30107 | $24128 |
| **12/31/2023** | $23631 | $31543 | $25408 |
| **1/31/2024** | $24442 | $32241 | $25689 |
| **2/29/2024** | $26649 | $34460 | $27080 |
| **3/31/2024** | $27065 | $35084 | $27953 |
| **4/30/2024** | $25729 | $33538 | $26723 |
| **5/31/2024** | $27167 | $35536 | $27986 |
| **6/30/2024** | $28734 | $37819 | $28852 |
| **7/31/2024** | $27834 | $37340 | $29389 |
| **8/31/2024** | $28754 | $38060 | $30029 |
| **9/30/2024** | $29653 | $39112 | $30650 |
| **10/31/2024** | $29449 | $38964 | $30425 |
| **11/30/2024** | $31561 | $41594 | $32449 |
| **12/31/2024** | $30541 | $41781 | $31457 |
| **1/31/2025** | $31567 | $42629 | $32450 |
| **2/28/2025** | $30113 | $41037 | $31828 |
| **3/31/2025** | $27317 | $37582 | $29971 |
| **4/30/2025** | $28112 | $38185 | $29770 |
| **5/31/2025** | $31191 | $41561 | $31657 |
| **6/30/2025** | $33757 | $44243 | $33266 |
| **7/31/2025** | $34954 | $45874 | $33998 |

---

# Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 25.55 | 10.52 | 13.33 |
| Russell 3000<sup>®</sup> Growth Index | 22.86 | 16.73 | 16.45 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3582917430 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 73% |
| Total advisory fees paid | $23734108 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.5 |
| Consumer discretionary | 14.7 |
| Communication services | 12.5 |
| Financials | 12.3 |
| Industrials | 9.8 |
| Health care | 8.5 |
| Materials | 1.7 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.9 |
| Microsoft Corp. | 8.9 |
| Meta Platforms, Inc. Class A | 6.7 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.3 |
| Oracle Corp. | 2.2 |
| Mastercard, Inc. Class A | 2.1 |
| DoorDash, Inc. Class A | 1.9 |
| Arista Networks, Inc. | 1.7 |
| Booking Holdings, Inc. | 1.7 |

---

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

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

#### AR3608 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Core Fund

# July 31, 2025

# Institutional Class

# EGOIX
This annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $74 | 0.67% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 6 of 11 sectors. This was primarily due to positive stock selection within the financials, health care, and industrials sectors. The largest individual contributors to relative performance were Twilio, Inc.; Interactive Brokers Group, Inc.; and United Airlines Holdings, Inc. A slight underweight to consumer discretionary contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within energy, consumer staples, and consumer discretionary detracted from relative performance. The three largest individual detractors from relative performance were Regeneron Pharmaceuticals, Inc., Lennar Corporation, and Owens Corning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g17p13.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9466 | $9397 |
| **9/30/2015** | $9214 | $9164 |
| **10/31/2015** | $9943 | $9937 |
| **11/30/2015** | $9962 | $9967 |
| **12/31/2015** | $9705 | $9810 |
| **1/31/2016** | $8939 | $9323 |
| **2/29/2016** | $8869 | $9310 |
| **3/31/2016** | $9399 | $9942 |
| **4/30/2016** | $9316 | $9980 |
| **5/31/2016** | $9463 | $10160 |
| **6/30/2016** | $9297 | $10186 |
| **7/31/2016** | $9725 | $10561 |
| **8/31/2016** | $9769 | $10576 |
| **9/30/2016** | $9769 | $10578 |
| **10/31/2016** | $9603 | $10385 |
| **11/30/2016** | $10338 | $10770 |
| **12/31/2016** | $10561 | $10983 |
| **1/31/2017** | $10697 | $11191 |
| **2/28/2017** | $11156 | $11635 |
| **3/31/2017** | $11078 | $11649 |
| **4/30/2017** | $11214 | $11769 |
| **5/31/2017** | $11337 | $11934 |
| **6/30/2017** | $11421 | $12009 |
| **7/31/2017** | $11712 | $12256 |
| **8/31/2017** | $11757 | $12293 |
| **9/30/2017** | $12138 | $12547 |
| **10/31/2017** | $12578 | $12840 |
| **11/30/2017** | $12959 | $13233 |
| **12/31/2017** | $13072 | $13380 |
| **1/31/2018** | $13911 | $14147 |
| **2/28/2018** | $13343 | $13625 |
| **3/31/2018** | $13006 | $13279 |
| **4/30/2018** | $13059 | $13330 |
| **5/31/2018** | $13448 | $13651 |
| **6/30/2018** | $13402 | $13735 |
| **7/31/2018** | $13838 | $14246 |
| **8/31/2018** | $14294 | $14710 |
| **9/30/2018** | $14221 | $14794 |
| **10/31/2018** | $13052 | $13783 |
| **11/30/2018** | $13211 | $14064 |
| **12/31/2018** | $11980 | $12794 |
| **1/31/2019** | $12972 | $13819 |
| **2/28/2019** | $13378 | $14263 |
| **3/31/2019** | $13536 | $14540 |
| **4/30/2019** | $13994 | $15129 |
| **5/31/2019** | $12837 | $14167 |
| **6/30/2019** | $13934 | $15166 |
| **7/31/2019** | $14054 | $15384 |
| **8/31/2019** | $13656 | $15140 |
| **9/30/2019** | $13987 | $15423 |
| **10/31/2019** | $14302 | $15757 |
| **11/30/2019** | $15009 | $16329 |
| **12/31/2019** | $15350 | $16822 |
| **1/31/2020** | $14975 | $16816 |
| **2/29/2020** | $13600 | $15431 |
| **3/31/2020** | $11740 | $13525 |
| **4/30/2020** | $13307 | $15259 |
| **5/31/2020** | $14067 | $15986 |
| **6/30/2020** | $14113 | $16304 |
| **7/31/2020** | $14507 | $17223 |
| **8/31/2020** | $15213 | $18461 |
| **9/30/2020** | $14617 | $17760 |
| **10/31/2020** | $14443 | $17287 |
| **11/30/2020** | $16001 | $19180 |
| **12/31/2020** | $16655 | $19917 |
| **1/31/2021** | $16687 | $19716 |
| **2/28/2021** | $17376 | $20260 |
| **3/31/2021** | $18395 | $21147 |
| **4/30/2021** | $19286 | $22276 |
| **5/31/2021** | $19519 | $22431 |
| **6/30/2021** | $19636 | $22955 |
| **7/31/2021** | $20081 | $23500 |
| **8/31/2021** | $20686 | $24215 |
| **9/30/2021** | $19593 | $23089 |
| **10/31/2021** | $20909 | $24706 |
| **11/30/2021** | $20856 | $24535 |
| **12/31/2021** | $21887 | $25635 |
| **1/31/2022** | $20905 | $24308 |
| **2/28/2022** | $20698 | $23580 |
| **3/31/2022** | $20977 | $24456 |
| **4/30/2022** | $19279 | $22323 |
| **5/31/2022** | $19582 | $22364 |
| **6/30/2022** | $17677 | $20518 |
| **7/31/2022** | $19424 | $22410 |
| **8/31/2022** | $18697 | $21496 |
| **9/30/2022** | $17083 | $19516 |
| **10/31/2022** | $19060 | $21096 |
| **11/30/2022** | $20080 | $22275 |
| **12/31/2022** | $18865 | $20992 |
| **1/31/2023** | $19913 | $22311 |
| **2/28/2023** | $19627 | $21767 |
| **3/31/2023** | $20063 | $22566 |
| **4/30/2023** | $20227 | $22918 |
| **5/31/2023** | $20118 | $23018 |
| **6/30/2023** | $21725 | $24538 |
| **7/31/2023** | $22706 | $25327 |
| **8/31/2023** | $22215 | $24923 |
| **9/30/2023** | $21289 | $23735 |
| **10/31/2023** | $20663 | $23236 |
| **11/30/2023** | $22433 | $25358 |
| **12/31/2023** | $23614 | $26510 |
| **1/31/2024** | $24030 | $26956 |
| **2/29/2024** | $25099 | $28395 |
| **3/31/2024** | $26316 | $29309 |
| **4/30/2024** | $25128 | $28111 |
| **5/31/2024** | $26390 | $29505 |
| **6/30/2024** | $27459 | $30564 |
| **7/31/2024** | $27607 | $30936 |
| **8/31/2024** | $28156 | $31687 |
| **9/30/2024** | $28394 | $32363 |
| **10/31/2024** | $28661 | $32070 |
| **11/30/2024** | $30813 | $33952 |
| **12/31/2024** | $29823 | $33143 |
| **1/31/2025** | $31613 | $34066 |
| **2/28/2025** | $30258 | $33621 |
| **3/31/2025** | $28101 | $31727 |
| **4/30/2025** | $28268 | $31512 |
| **5/31/2025** | $30242 | $33495 |
| **6/30/2025** | $32182 | $35199 |
| **7/31/2025** | $33001 | $35989 |

---

# Large Cap Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 19.54 | 17.87 | 12.68 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $592772427 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 41% |
| Total advisory fees paid | $3134248 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 11.6 |
| Financials | 11.1 |
| Communication services | 10.9 |
| Health care | 10.9 |
| Consumer discretionary | 10.6 |
| Real estate | 4.5 |
| Energy | 4.1 |
| Consumer staples | 3.6 |
| Materials | 2.5 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.0 |
| Broadcom, Inc. | 4.2 |
| Apple, Inc. | 3.9 |
| Alphabet, Inc. Class C | 3.8 |
| Netflix, Inc. | 2.9 |
| Amazon.com, Inc. | 2.7 |
| Ulta Beauty, Inc. | 2.5 |
| EMCOR Group, Inc. | 2.5 |
| Interactive Brokers Group, Inc. Class A | 2.4 |
| Generac Holdings, Inc. | 2.3 |

---

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

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

#### AR4703 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Core Fund

# July 31, 2025

# Class R6

# EGORX
This annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $71 | 0.65% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 6 of 11 sectors. This was primarily due to positive stock selection within the financials, health care, and industrials sectors. The largest individual contributors to relative performance were Twilio, Inc.; Interactive Brokers Group, Inc.; and United Airlines Holdings, Inc. A slight underweight to consumer discretionary contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within energy, consumer staples, and consumer discretionary detracted from relative performance. The three largest individual detractors from relative performance were Regeneron Pharmaceuticals, Inc., Lennar Corporation, and Owens Corning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g55d70.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9466 | $9397 |
| **9/30/2015** | $9214 | $9164 |
| **10/31/2015** | $9943 | $9937 |
| **11/30/2015** | $9962 | $9967 |
| **12/31/2015** | $9708 | $9810 |
| **1/31/2016** | $8942 | $9323 |
| **2/29/2016** | $8866 | $9310 |
| **3/31/2016** | $9402 | $9942 |
| **4/30/2016** | $9313 | $9980 |
| **5/31/2016** | $9466 | $10160 |
| **6/30/2016** | $9300 | $10186 |
| **7/31/2016** | $9727 | $10561 |
| **8/31/2016** | $9772 | $10576 |
| **9/30/2016** | $10059 | $10578 |
| **10/31/2016** | $9887 | $10385 |
| **11/30/2016** | $10640 | $10770 |
| **12/31/2016** | $10876 | $10983 |
| **1/31/2017** | $11009 | $11191 |
| **2/28/2017** | $11489 | $11635 |
| **3/31/2017** | $11402 | $11649 |
| **4/30/2017** | $11549 | $11769 |
| **5/31/2017** | $11676 | $11934 |
| **6/30/2017** | $11763 | $12009 |
| **7/31/2017** | $12063 | $12256 |
| **8/31/2017** | $12103 | $12293 |
| **9/30/2017** | $12496 | $12547 |
| **10/31/2017** | $12956 | $12840 |
| **11/30/2017** | $13350 | $13233 |
| **12/31/2017** | $13463 | $13380 |
| **1/31/2018** | $14328 | $14147 |
| **2/28/2018** | $13742 | $13625 |
| **3/31/2018** | $13395 | $13279 |
| **4/30/2018** | $13449 | $13330 |
| **5/31/2018** | $13851 | $13651 |
| **6/30/2018** | $13803 | $13735 |
| **7/31/2018** | $14253 | $14246 |
| **8/31/2018** | $14723 | $14710 |
| **9/30/2018** | $14648 | $14794 |
| **10/31/2018** | $13449 | $13783 |
| **11/30/2018** | $13606 | $14064 |
| **12/31/2018** | $12342 | $12794 |
| **1/31/2019** | $13358 | $13819 |
| **2/28/2019** | $13784 | $14263 |
| **3/31/2019** | $13947 | $14540 |
| **4/30/2019** | $14420 | $15129 |
| **5/31/2019** | $13226 | $14167 |
| **6/30/2019** | $14350 | $15166 |
| **7/31/2019** | $14482 | $15384 |
| **8/31/2019** | $14063 | $15140 |
| **9/30/2019** | $14412 | $15423 |
| **10/31/2019** | $14737 | $15757 |
| **11/30/2019** | $15466 | $16329 |
| **12/31/2019** | $15810 | $16822 |
| **1/31/2020** | $15432 | $16816 |
| **2/29/2020** | $14014 | $15431 |
| **3/31/2020** | $12094 | $13525 |
| **4/30/2020** | $13721 | $15259 |
| **5/31/2020** | $14496 | $15986 |
| **6/30/2020** | $14543 | $16304 |
| **7/31/2020** | $14950 | $17223 |
| **8/31/2020** | $15678 | $18461 |
| **9/30/2020** | $15073 | $17760 |
| **10/31/2020** | $14884 | $17287 |
| **11/30/2020** | $16491 | $19180 |
| **12/31/2020** | $17166 | $19917 |
| **1/31/2021** | $17198 | $19716 |
| **2/28/2021** | $17921 | $20260 |
| **3/31/2021** | $18961 | $21147 |
| **4/30/2021** | $19881 | $22276 |
| **5/31/2021** | $20121 | $22431 |
| **6/30/2021** | $20242 | $22955 |
| **7/31/2021** | $20702 | $23500 |
| **8/31/2021** | $21326 | $24215 |
| **9/30/2021** | $20198 | $23089 |
| **10/31/2021** | $21566 | $24706 |
| **11/30/2021** | $21501 | $24535 |
| **12/31/2021** | $22573 | $25635 |
| **1/31/2022** | $21558 | $24308 |
| **2/28/2022** | $21333 | $23580 |
| **3/31/2022** | $21633 | $24456 |
| **4/30/2022** | $19867 | $22323 |
| **5/31/2022** | $20193 | $22364 |
| **6/30/2022** | $18226 | $20518 |
| **7/31/2022** | $20030 | $22410 |
| **8/31/2022** | $19278 | $21496 |
| **9/30/2022** | $17612 | $19516 |
| **10/31/2022** | $19654 | $21096 |
| **11/30/2022** | $20706 | $22275 |
| **12/31/2022** | $19452 | $20992 |
| **1/31/2023** | $20535 | $22311 |
| **2/28/2023** | $20254 | $21767 |
| **3/31/2023** | $20690 | $22566 |
| **4/30/2023** | $20858 | $22918 |
| **5/31/2023** | $20746 | $23018 |
| **6/30/2023** | $22406 | $24538 |
| **7/31/2023** | $23418 | $25327 |
| **8/31/2023** | $22912 | $24923 |
| **9/30/2023** | $21956 | $23735 |
| **10/31/2023** | $21309 | $23236 |
| **11/30/2023** | $23137 | $25358 |
| **12/31/2023** | $24348 | $26510 |
| **1/31/2024** | $24793 | $26956 |
| **2/29/2024** | $25897 | $28395 |
| **3/31/2024** | $27139 | $29309 |
| **4/30/2024** | $25912 | $28111 |
| **5/31/2024** | $27215 | $29505 |
| **6/30/2024** | $28319 | $30564 |
| **7/31/2024** | $28488 | $30936 |
| **8/31/2024** | $29040 | $31687 |
| **9/30/2024** | $29301 | $32363 |
| **10/31/2024** | $29561 | $32070 |
| **11/30/2024** | $31784 | $33952 |
| **12/31/2024** | $30758 | $33143 |
| **1/31/2025** | $32609 | $34066 |
| **2/28/2025** | $31207 | $33621 |
| **3/31/2025** | $28976 | $31727 |
| **4/30/2025** | $29149 | $31512 |
| **5/31/2025** | $31190 | $33495 |
| **6/30/2025** | $33197 | $35199 |
| **7/31/2025** | $34044 | $35989 |

---

# Large Cap Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6<sup>Footnote Reference\*</sup> | 19.5 | 17.89 | 13.03 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Historical performance shown for the Class R6 shares prior to their inception on September 30, 2015 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 | $592772427 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 41% |
| Total advisory fees paid | $3134248 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 11.6 |
| Financials | 11.1 |
| Communication services | 10.9 |
| Health care | 10.9 |
| Consumer discretionary | 10.6 |
| Real estate | 4.5 |
| Energy | 4.1 |
| Consumer staples | 3.6 |
| Materials | 2.5 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.0 |
| Broadcom, Inc. | 4.2 |
| Apple, Inc. | 3.9 |
| Alphabet, Inc. Class C | 3.8 |
| Netflix, Inc. | 2.9 |
| Amazon.com, Inc. | 2.7 |
| Ulta Beauty, Inc. | 2.5 |
| EMCOR Group, Inc. | 2.5 |
| Interactive Brokers Group, Inc. Class A | 2.4 |
| Generac Holdings, Inc. | 2.3 |

---

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

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

#### AR4685 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Core Fund

# July 31, 2025

# Class C

# EGOCX
This annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $198 | 1.82% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 6 of 11 sectors. This was primarily due to positive stock selection within the financials, health care, and industrials sectors. The largest individual contributors to relative performance were Twilio, Inc.; Interactive Brokers Group, Inc.; and United Airlines Holdings, Inc. A slight underweight to consumer discretionary contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within energy, consumer staples, and consumer discretionary detracted from relative performance. The three largest individual detractors from relative performance were Regeneron Pharmaceuticals, Inc., Lennar Corporation, and Owens Corning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g42m44.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C with Load** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9455 | $9397 |
| **9/30/2015** | $9199 | $9164 |
| **10/31/2015** | $9910 | $9937 |
| **11/30/2015** | $9923 | $9967 |
| **12/31/2015** | $9661 | $9810 |
| **1/31/2016** | $8886 | $9323 |
| **2/29/2016** | $8808 | $9310 |
| **3/31/2016** | $9325 | $9942 |
| **4/30/2016** | $9228 | $9980 |
| **5/31/2016** | $9371 | $10160 |
| **6/30/2016** | $9196 | $10186 |
| **7/31/2016** | $9610 | $10561 |
| **8/31/2016** | $9642 | $10576 |
| **9/30/2016** | $9635 | $10578 |
| **10/31/2016** | $9461 | $10385 |
| **11/30/2016** | $10172 | $10770 |
| **12/31/2016** | $10385 | $10983 |
| **1/31/2017** | $10501 | $11191 |
| **2/28/2017** | $10947 | $11635 |
| **3/31/2017** | $10857 | $11649 |
| **4/30/2017** | $10980 | $11769 |
| **5/31/2017** | $11090 | $11934 |
| **6/30/2017** | $11161 | $12009 |
| **7/31/2017** | $11439 | $12256 |
| **8/31/2017** | $11464 | $12293 |
| **9/30/2017** | $11826 | $12547 |
| **10/31/2017** | $12246 | $12840 |
| **11/30/2017** | $12608 | $13233 |
| **12/31/2017** | $12705 | $13380 |
| **1/31/2018** | $13502 | $14147 |
| **2/28/2018** | $12940 | $13625 |
| **3/31/2018** | $12600 | $13279 |
| **4/30/2018** | $12639 | $13330 |
| **5/31/2018** | $12999 | $13651 |
| **6/30/2018** | $12947 | $13735 |
| **7/31/2018** | $13358 | $14246 |
| **8/31/2018** | $13777 | $14710 |
| **9/30/2018** | $13698 | $14794 |
| **10/31/2018** | $12561 | $13783 |
| **11/30/2018** | $12698 | $14064 |
| **12/31/2018** | $11506 | $12794 |
| **1/31/2019** | $12441 | $13819 |
| **2/28/2019** | $12823 | $14263 |
| **3/31/2019** | $12963 | $14540 |
| **4/30/2019** | $13390 | $15129 |
| **5/31/2019** | $12271 | $14167 |
| **6/30/2019** | $13301 | $15166 |
| **7/31/2019** | $13404 | $15384 |
| **8/31/2019** | $13007 | $15140 |
| **9/30/2019** | $13316 | $15423 |
| **10/31/2019** | $13603 | $15757 |
| **11/30/2019** | $14258 | $16329 |
| **12/31/2019** | $14571 | $16822 |
| **1/31/2020** | $14207 | $16816 |
| **2/29/2020** | $12885 | $15431 |
| **3/31/2020** | $11110 | $13525 |
| **4/30/2020** | $12592 | $15259 |
| **5/31/2020** | $13293 | $15986 |
| **6/30/2020** | $13320 | $16304 |
| **7/31/2020** | $13674 | $17223 |
| **8/31/2020** | $14331 | $18461 |
| **9/30/2020** | $13763 | $17760 |
| **10/31/2020** | $13577 | $17287 |
| **11/30/2020** | $15032 | $19180 |
| **12/31/2020** | $15622 | $19917 |
| **1/31/2021** | $15642 | $19716 |
| **2/28/2021** | $16283 | $20260 |
| **3/31/2021** | $17220 | $21147 |
| **4/30/2021** | $18024 | $22276 |
| **5/31/2021** | $18227 | $22431 |
| **6/30/2021** | $18319 | $22955 |
| **7/31/2021** | $18716 | $23500 |
| **8/31/2021** | $19265 | $24215 |
| **9/30/2021** | $18227 | $23089 |
| **10/31/2021** | $19438 | $24706 |
| **11/30/2021** | $19367 | $24535 |
| **12/31/2021** | $20311 | $25635 |
| **1/31/2022** | $19370 | $24308 |
| **2/28/2022** | $19161 | $23580 |
| **3/31/2022** | $19405 | $24456 |
| **4/30/2022** | $17813 | $22323 |
| **5/31/2022** | $18080 | $22364 |
| **6/30/2022** | $16302 | $20518 |
| **7/31/2022** | $17894 | $22410 |
| **8/31/2022** | $17209 | $21496 |
| **9/30/2022** | $15710 | $19516 |
| **10/31/2022** | $17511 | $21096 |
| **11/30/2022** | $18429 | $22275 |
| **12/31/2022** | $17300 | $20992 |
| **1/31/2023** | $18245 | $22311 |
| **2/28/2023** | $17973 | $21767 |
| **3/31/2023** | $18335 | $22566 |
| **4/30/2023** | $18465 | $22918 |
| **5/31/2023** | $18361 | $23018 |
| **6/30/2023** | $19797 | $24538 |
| **7/31/2023** | $20677 | $25327 |
| **8/31/2023** | $20238 | $24923 |
| **9/30/2023** | $19386 | $23735 |
| **10/31/2023** | $18809 | $23236 |
| **11/30/2023** | $20414 | $25358 |
| **12/31/2023** | $21478 | $26510 |
| **1/31/2024** | $21846 | $26956 |
| **2/29/2024** | $22813 | $28395 |
| **3/31/2024** | $23903 | $29309 |
| **4/30/2024** | $22827 | $28111 |
| **5/31/2024** | $23958 | $29505 |
| **6/30/2024** | $24925 | $30564 |
| **7/31/2024** | $25062 | $30936 |
| **8/31/2024** | $25539 | $31687 |
| **9/30/2024** | $25757 | $32363 |
| **10/31/2024** | $25988 | $32070 |
| **11/30/2024** | $27924 | $33952 |
| **12/31/2024** | $27020 | $33143 |
| **1/31/2025** | $28630 | $34066 |
| **2/28/2025** | $27403 | $33621 |
| **3/31/2025** | $25440 | $31727 |
| **4/30/2025** | $25578 | $31512 |
| **5/31/2025** | $27357 | $33495 |
| **6/30/2025** | $29105 | $35199 |
| **7/31/2025** | $29841 | $35989 |

---

# Large Cap Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 18.09 | 16.52 | 11.55 |
| Class C with Load | 17.09 | 16.52 | 11.55 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $592772427 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 41% |
| Total advisory fees paid | $3134248 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 11.6 |
| Financials | 11.1 |
| Communication services | 10.9 |
| Health care | 10.9 |
| Consumer discretionary | 10.6 |
| Real estate | 4.5 |
| Energy | 4.1 |
| Consumer staples | 3.6 |
| Materials | 2.5 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.0 |
| Broadcom, Inc. | 4.2 |
| Apple, Inc. | 3.9 |
| Alphabet, Inc. Class C | 3.8 |
| Netflix, Inc. | 2.9 |
| Amazon.com, Inc. | 2.7 |
| Ulta Beauty, Inc. | 2.5 |
| EMCOR Group, Inc. | 2.5 |
| Interactive Brokers Group, Inc. Class A | 2.4 |
| Generac Holdings, Inc. | 2.3 |

---

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

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

#### AR4519 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Core Fund

# July 31, 2025

# Class A

# EGOAX
This annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $113 | 1.03% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 6 of 11 sectors. This was primarily due to positive stock selection within the financials, health care, and industrials sectors. The largest individual contributors to relative performance were Twilio, Inc.; Interactive Brokers Group, Inc.; and United Airlines Holdings, Inc. A slight underweight to consumer discretionary contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within energy, consumer staples, and consumer discretionary detracted from relative performance. The three largest individual detractors from relative performance were Regeneron Pharmaceuticals, Inc., Lennar Corporation, and Owens Corning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g25p58.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Load** | **S&P 500 Index** |
| **7/31/2015** | $9428 | $10000 |
| **8/31/2015** | $8921 | $9397 |
| **9/30/2015** | $8682 | $9164 |
| **10/31/2015** | $9362 | $9937 |
| **11/30/2015** | $9380 | $9967 |
| **12/31/2015** | $9133 | $9810 |
| **1/31/2016** | $8409 | $9323 |
| **2/29/2016** | $8337 | $9310 |
| **3/31/2016** | $8838 | $9942 |
| **4/30/2016** | $8753 | $9980 |
| **5/31/2016** | $8892 | $10160 |
| **6/30/2016** | $8729 | $10186 |
| **7/31/2016** | $9127 | $10561 |
| **8/31/2016** | $9164 | $10576 |
| **9/30/2016** | $9164 | $10578 |
| **10/31/2016** | $9001 | $10385 |
| **11/30/2016** | $9688 | $10770 |
| **12/31/2016** | $9896 | $10983 |
| **1/31/2017** | $10017 | $11191 |
| **2/28/2017** | $10443 | $11635 |
| **3/31/2017** | $10364 | $11649 |
| **4/30/2017** | $10491 | $11769 |
| **5/31/2017** | $10601 | $11934 |
| **6/30/2017** | $10680 | $12009 |
| **7/31/2017** | $10947 | $12256 |
| **8/31/2017** | $10984 | $12293 |
| **9/30/2017** | $11336 | $12547 |
| **10/31/2017** | $11744 | $12840 |
| **11/30/2017** | $12096 | $13233 |
| **12/31/2017** | $12194 | $13380 |
| **1/31/2018** | $12973 | $14147 |
| **2/28/2018** | $12441 | $13625 |
| **3/31/2018** | $12120 | $13279 |
| **4/30/2018** | $12163 | $13330 |
| **5/31/2018** | $12522 | $13651 |
| **6/30/2018** | $12478 | $13735 |
| **7/31/2018** | $12881 | $14246 |
| **8/31/2018** | $13295 | $14710 |
| **9/30/2018** | $13227 | $14794 |
| **10/31/2018** | $12138 | $13783 |
| **11/30/2018** | $12274 | $14064 |
| **12/31/2018** | $11129 | $12794 |
| **1/31/2019** | $12048 | $13819 |
| **2/28/2019** | $12420 | $14263 |
| **3/31/2019** | $12560 | $14540 |
| **4/30/2019** | $12981 | $15129 |
| **5/31/2019** | $11908 | $14167 |
| **6/30/2019** | $12918 | $15166 |
| **7/31/2019** | $13023 | $15384 |
| **8/31/2019** | $12651 | $15140 |
| **9/30/2019** | $12953 | $15423 |
| **10/31/2019** | $13247 | $15757 |
| **11/30/2019** | $13892 | $16329 |
| **12/31/2019** | $14205 | $16822 |
| **1/31/2020** | $13855 | $16816 |
| **2/29/2020** | $12576 | $15431 |
| **3/31/2020** | $10854 | $13525 |
| **4/30/2020** | $12303 | $15259 |
| **5/31/2020** | $12994 | $15986 |
| **6/30/2020** | $13037 | $16304 |
| **7/31/2020** | $13395 | $17223 |
| **8/31/2020** | $14043 | $18461 |
| **9/30/2020** | $13489 | $17760 |
| **10/31/2020** | $13327 | $17287 |
| **11/30/2020** | $14750 | $19180 |
| **12/31/2020** | $15352 | $19917 |
| **1/31/2021** | $15381 | $19716 |
| **2/28/2021** | $16011 | $20260 |
| **3/31/2021** | $16946 | $21147 |
| **4/30/2021** | $17753 | $22276 |
| **5/31/2021** | $17969 | $22431 |
| **6/30/2021** | $18068 | $22955 |
| **7/31/2021** | $18471 | $23500 |
| **8/31/2021** | $19022 | $24215 |
| **9/30/2021** | $18009 | $23089 |
| **10/31/2021** | $19219 | $24706 |
| **11/30/2021** | $19160 | $24535 |
| **12/31/2021** | $20108 | $25635 |
| **1/31/2022** | $19187 | $24308 |
| **2/28/2022** | $18996 | $23580 |
| **3/31/2022** | $19254 | $24456 |
| **4/30/2022** | $17671 | $22323 |
| **5/31/2022** | $17963 | $22364 |
| **6/30/2022** | $16201 | $20518 |
| **7/31/2022** | $17795 | $22410 |
| **8/31/2022** | $17121 | $21496 |
| **9/30/2022** | $15639 | $19516 |
| **10/31/2022** | $17447 | $21096 |
| **11/30/2022** | $18368 | $22275 |
| **12/31/2022** | $17261 | $20992 |
| **1/31/2023** | $18216 | $22311 |
| **2/28/2023** | $17952 | $21767 |
| **3/31/2023** | $18329 | $22566 |
| **4/30/2023** | $18467 | $22918 |
| **5/31/2023** | $18367 | $23018 |
| **6/30/2023** | $19824 | $24538 |
| **7/31/2023** | $20716 | $25327 |
| **8/31/2023** | $20276 | $24923 |
| **9/30/2023** | $19422 | $23735 |
| **10/31/2023** | $18844 | $23236 |
| **11/30/2023** | $20452 | $25358 |
| **12/31/2023** | $21518 | $26510 |
| **1/31/2024** | $21886 | $26956 |
| **2/29/2024** | $22856 | $28395 |
| **3/31/2024** | $23948 | $29309 |
| **4/30/2024** | $22869 | $28111 |
| **5/31/2024** | $24002 | $29505 |
| **6/30/2024** | $24972 | $30564 |
| **7/31/2024** | $25108 | $30936 |
| **8/31/2024** | $25586 | $31687 |
| **9/30/2024** | $25805 | $32363 |
| **10/31/2024** | $26037 | $32070 |
| **11/30/2024** | $27976 | $33952 |
| **12/31/2024** | $27070 | $33143 |
| **1/31/2025** | $28683 | $34066 |
| **2/28/2025** | $27454 | $33621 |
| **3/31/2025** | $25488 | $31727 |
| **4/30/2025** | $25626 | $31512 |
| **5/31/2025** | $27408 | $33495 |
| **6/30/2025** | $29159 | $35199 |
| **7/31/2025** | $29897 | $35989 |

---

# Large Cap Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 19.07 | 17.42 | 12.23 |
| Class A with Load | 12.24 | 16.03 | 11.57 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $592772427 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 41% |
| Total advisory fees paid | $3134248 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 11.6 |
| Financials | 11.1 |
| Communication services | 10.9 |
| Health care | 10.9 |
| Consumer discretionary | 10.6 |
| Real estate | 4.5 |
| Energy | 4.1 |
| Consumer staples | 3.6 |
| Materials | 2.5 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.0 |
| Broadcom, Inc. | 4.2 |
| Apple, Inc. | 3.9 |
| Alphabet, Inc. Class C | 3.8 |
| Netflix, Inc. | 2.9 |
| Amazon.com, Inc. | 2.7 |
| Ulta Beauty, Inc. | 2.5 |
| EMCOR Group, Inc. | 2.5 |
| Interactive Brokers Group, Inc. Class A | 2.4 |
| Generac Holdings, Inc. | 2.3 |

---

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

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

#### AR4314 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Core Fund

# July 31, 2025

# Administrator Class

# WFLLX
This annual shareholder report contains important information about Large Cap Core Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $106 | 0.97% |

---

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

## How did the Fund perform last year and what affected its performance?
Over the 12-month period, the U.S. equity market performed positively. Domestic large-cap stocks outperformed domestic small-cap stocks.

· 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 outperformance, adding value in 6 of 11 sectors. This was primarily due to positive stock selection within the financials, health care, and industrials sectors. The largest individual contributors to relative performance were Twilio, Inc.; Interactive Brokers Group, Inc.; and United Airlines Holdings, Inc. A slight underweight to consumer discretionary contributed modestly to performance. However, variations in sector weights versus the index were relatively small, which is typical for the strategy.

· Negative stock selection within energy, consumer staples, and consumer discretionary detracted from relative performance. The three largest individual detractors from relative performance were Regeneron Pharmaceuticals, Inc., Lennar Corporation, and Owens Corning.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g83g64.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrator Class** | **S&P 500 Index** |
| **7/31/2015** | $10000 | $10000 |
| **8/31/2015** | $9464 | $9397 |
| **9/30/2015** | $9212 | $9164 |
| **10/31/2015** | $9937 | $9937 |
| **11/30/2015** | $9956 | $9967 |
| **12/31/2015** | $9702 | $9810 |
| **1/31/2016** | $8935 | $9323 |
| **2/29/2016** | $8859 | $9310 |
| **3/31/2016** | $9383 | $9942 |
| **4/30/2016** | $9300 | $9980 |
| **5/31/2016** | $9447 | $10160 |
| **6/30/2016** | $9280 | $10186 |
| **7/31/2016** | $9702 | $10561 |
| **8/31/2016** | $9741 | $10576 |
| **9/30/2016** | $9741 | $10578 |
| **10/31/2016** | $9568 | $10385 |
| **11/30/2016** | $10297 | $10770 |
| **12/31/2016** | $10517 | $10983 |
| **1/31/2017** | $10645 | $11191 |
| **2/28/2017** | $11105 | $11635 |
| **3/31/2017** | $11022 | $11649 |
| **4/30/2017** | $11156 | $11769 |
| **5/31/2017** | $11271 | $11934 |
| **6/30/2017** | $11354 | $12009 |
| **7/31/2017** | $11642 | $12256 |
| **8/31/2017** | $11680 | $12293 |
| **9/30/2017** | $12057 | $12547 |
| **10/31/2017** | $12492 | $12840 |
| **11/30/2017** | $12869 | $13233 |
| **12/31/2017** | $12979 | $13380 |
| **1/31/2018** | $13806 | $14147 |
| **2/28/2018** | $13240 | $13625 |
| **3/31/2018** | $12901 | $13279 |
| **4/30/2018** | $12946 | $13330 |
| **5/31/2018** | $13331 | $13651 |
| **6/30/2018** | $13285 | $13735 |
| **7/31/2018** | $13715 | $14246 |
| **8/31/2018** | $14158 | $14710 |
| **9/30/2018** | $14087 | $14794 |
| **10/31/2018** | $12927 | $13783 |
| **11/30/2018** | $13077 | $14064 |
| **12/31/2018** | $11851 | $12794 |
| **1/31/2019** | $12833 | $13819 |
| **2/28/2019** | $13231 | $14263 |
| **3/31/2019** | $13386 | $14540 |
| **4/30/2019** | $13836 | $15129 |
| **5/31/2019** | $12693 | $14167 |
| **6/30/2019** | $13770 | $15166 |
| **7/31/2019** | $13888 | $15384 |
| **8/31/2019** | $13482 | $15140 |
| **9/30/2019** | $13814 | $15423 |
| **10/31/2019** | $14124 | $15757 |
| **11/30/2019** | $14811 | $16329 |
| **12/31/2019** | $15142 | $16822 |
| **1/31/2020** | $14784 | $16816 |
| **2/29/2020** | $13414 | $15431 |
| **3/31/2020** | $11578 | $13525 |
| **4/30/2020** | $13127 | $15259 |
| **5/31/2020** | $13870 | $15986 |
| **6/30/2020** | $13906 | $16304 |
| **7/31/2020** | $14291 | $17223 |
| **8/31/2020** | $14990 | $18461 |
| **9/30/2020** | $14399 | $17760 |
| **10/31/2020** | $14220 | $17287 |
| **11/30/2020** | $15751 | $19180 |
| **12/31/2020** | $16392 | $19917 |
| **1/31/2021** | $16423 | $19716 |
| **2/28/2021** | $17102 | $20260 |
| **3/31/2021** | $18101 | $21147 |
| **4/30/2021** | $18956 | $22276 |
| **5/31/2021** | $19192 | $22431 |
| **6/30/2021** | $19295 | $22955 |
| **7/31/2021** | $19728 | $23500 |
| **8/31/2021** | $20325 | $24215 |
| **9/30/2021** | $19244 | $23089 |
| **10/31/2021** | $20531 | $24706 |
| **11/30/2021** | $20469 | $24535 |
| **12/31/2021** | $21487 | $25635 |
| **1/31/2022** | $20514 | $24308 |
| **2/28/2022** | $20302 | $23580 |
| **3/31/2022** | $20572 | $24456 |
| **4/30/2022** | $18895 | $22323 |
| **5/31/2022** | $19200 | $22364 |
| **6/30/2022** | $17323 | $20518 |
| **7/31/2022** | $19024 | $22410 |
| **8/31/2022** | $18309 | $21496 |
| **9/30/2022** | $16725 | $19516 |
| **10/31/2022** | $18660 | $21096 |
| **11/30/2022** | $19646 | $22275 |
| **12/31/2022** | $18456 | $20992 |
| **1/31/2023** | $19479 | $22311 |
| **2/28/2023** | $19203 | $21767 |
| **3/31/2023** | $19610 | $22566 |
| **4/30/2023** | $19767 | $22918 |
| **5/31/2023** | $19662 | $23018 |
| **6/30/2023** | $21222 | $24538 |
| **7/31/2023** | $22166 | $25327 |
| **8/31/2023** | $21694 | $24923 |
| **9/30/2023** | $20789 | $23735 |
| **10/31/2023** | $20173 | $23236 |
| **11/30/2023** | $21891 | $25358 |
| **12/31/2023** | $23031 | $26510 |
| **1/31/2024** | $23443 | $26956 |
| **2/29/2024** | $24468 | $28395 |
| **3/31/2024** | $25648 | $29309 |
| **4/30/2024** | $24482 | $28111 |
| **5/31/2024** | $25705 | $29505 |
| **6/30/2024** | $26744 | $30564 |
| **7/31/2024** | $26886 | $30936 |
| **8/31/2024** | $27412 | $31687 |
| **9/30/2024** | $27640 | $32363 |
| **10/31/2024** | $27882 | $32070 |
| **11/30/2024** | $29973 | $33952 |
| **12/31/2024** | $29004 | $33143 |
| **1/31/2025** | $30728 | $34066 |
| **2/28/2025** | $29403 | $33621 |
| **3/31/2025** | $27296 | $31727 |
| **4/30/2025** | $27456 | $31512 |
| **5/31/2025** | $29371 | $33495 |
| **6/30/2025** | $31255 | $35199 |
| **7/31/2025** | $32037 | $35989 |

---

# Large Cap Core Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 19.16 | 17.52 | 12.35 |
| S&P 500 Index | 16.33 | 15.88 | 13.66 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $592772427 |
| # of portfolio holdings | 52 |
| Portfolio turnover rate | 41% |
| Total advisory fees paid | $3134248 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 30.2 |
| Industrials | 11.6 |
| Financials | 11.1 |
| Communication services | 10.9 |
| Health care | 10.9 |
| Consumer discretionary | 10.6 |
| Real estate | 4.5 |
| Energy | 4.1 |
| Consumer staples | 3.6 |
| Materials | 2.5 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 6.0 |
| Broadcom, Inc. | 4.2 |
| Apple, Inc. | 3.9 |
| Alphabet, Inc. Class C | 3.8 |
| Netflix, Inc. | 2.9 |
| Amazon.com, Inc. | 2.7 |
| Ulta Beauty, Inc. | 2.5 |
| EMCOR Group, Inc. | 2.5 |
| Interactive Brokers Group, Inc. Class A | 2.4 |
| Generac Holdings, Inc. | 2.3 |

---

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

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

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

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

#### AR3723 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Growth Fund

# July 31, 2025

# Institutional Class

# STNFX
This annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $79 | 0.70% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and consumer discretionary, where holdings with innovative services and strong demand, such as Meta Platforms, Inc. and DoorDash, Inc. contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g50v12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9392 | $9393 | $9396 |
| **9/30/2015** | $9171 | $9160 | $9122 |
| **10/31/2015** | $9958 | $9949 | $9843 |
| **11/30/2015** | $9972 | $9977 | $9898 |
| **12/31/2015** | $9771 | $9831 | $9694 |
| **1/31/2016** | $8989 | $9282 | $9147 |
| **2/29/2016** | $8886 | $9278 | $9144 |
| **3/31/2016** | $9384 | $9904 | $9788 |
| **4/30/2016** | $9386 | $9813 | $9849 |
| **5/31/2016** | $9563 | $10004 | $10025 |
| **6/30/2016** | $9318 | $9964 | $10046 |
| **7/31/2016** | $9851 | $10435 | $10444 |
| **8/31/2016** | $9799 | $10383 | $10471 |
| **9/30/2016** | $9797 | $10421 | $10488 |
| **10/31/2016** | $9552 | $10176 | $10261 |
| **11/30/2016** | $9630 | $10398 | $10720 |
| **12/31/2016** | $9559 | $10526 | $10929 |
| **1/31/2017** | $9992 | $10881 | $11135 |
| **2/28/2017** | $10354 | $11333 | $11549 |
| **3/31/2017** | $10479 | $11464 | $11557 |
| **4/30/2017** | $10783 | $11726 | $11679 |
| **5/31/2017** | $11132 | $12031 | $11799 |
| **6/30/2017** | $11003 | $11999 | $11905 |
| **7/31/2017** | $11327 | $12318 | $12130 |
| **8/31/2017** | $11512 | $12544 | $12153 |
| **9/30/2017** | $11754 | $12707 | $12449 |
| **10/31/2017** | $12260 | $13200 | $12721 |
| **11/30/2017** | $12620 | $13601 | $13107 |
| **12/31/2017** | $12746 | $13707 | $13238 |
| **1/31/2018** | $13917 | $14677 | $13936 |
| **2/28/2018** | $13704 | $14292 | $13423 |
| **3/31/2018** | $13360 | $13901 | $13153 |
| **4/30/2018** | $13426 | $13949 | $13203 |
| **5/31/2018** | $14105 | $14561 | $13576 |
| **6/30/2018** | $14176 | $14701 | $13665 |
| **7/31/2018** | $14541 | $15132 | $14118 |
| **8/31/2018** | $15196 | $15960 | $14614 |
| **9/30/2018** | $15381 | $16049 | $14638 |
| **10/31/2018** | $13797 | $14614 | $13560 |
| **11/30/2018** | $14017 | $14769 | $13832 |
| **12/31/2018** | $12866 | $13499 | $12544 |
| **1/31/2019** | $14117 | $14712 | $13621 |
| **2/28/2019** | $14753 | $15239 | $14100 |
| **3/31/2019** | $15124 | $15673 | $14306 |
| **4/30/2019** | $16014 | $16381 | $14877 |
| **5/31/2019** | $15071 | $15346 | $13915 |
| **6/30/2019** | $15958 | $16400 | $14892 |
| **7/31/2019** | $16194 | $16770 | $15113 |
| **8/31/2019** | $15852 | $16642 | $14805 |
| **9/30/2019** | $15862 | $16644 | $15065 |
| **10/31/2019** | $16032 | $17113 | $15389 |
| **11/30/2019** | $16700 | $17872 | $15974 |
| **12/31/2019** | $17124 | $18411 | $16436 |
| **1/31/2020** | $17684 | $18823 | $16418 |
| **2/29/2020** | $16468 | $17541 | $15074 |
| **3/31/2020** | $14519 | $15815 | $13001 |
| **4/30/2020** | $16856 | $18156 | $14722 |
| **5/31/2020** | $18173 | $19375 | $15510 |
| **6/30/2020** | $18713 | $20218 | $15864 |
| **7/31/2020** | $20064 | $21774 | $16765 |
| **8/31/2020** | $21858 | $24021 | $17980 |
| **9/30/2020** | $20825 | $22890 | $17325 |
| **10/31/2020** | $20060 | $22113 | $16951 |
| **11/30/2020** | $21955 | $24377 | $19013 |
| **12/31/2020** | $22704 | $25498 | $19869 |
| **1/31/2021** | $22044 | $25310 | $19780 |
| **2/28/2021** | $22664 | $25304 | $20399 |
| **3/31/2021** | $22647 | $25739 | $21130 |
| **4/30/2021** | $24205 | $27490 | $22219 |
| **5/31/2021** | $23700 | $27110 | $22320 |
| **6/30/2021** | $24927 | $28810 | $22871 |
| **7/31/2021** | $25604 | $29760 | $23258 |
| **8/31/2021** | $26388 | $30873 | $23921 |
| **9/30/2021** | $24838 | $29144 | $22848 |
| **10/31/2021** | $26379 | $31668 | $24393 |
| **11/30/2021** | $26020 | $31861 | $24021 |
| **12/31/2021** | $26338 | $32535 | $24967 |
| **1/31/2022** | $23672 | $29743 | $23498 |
| **2/28/2022** | $22851 | $28479 | $22906 |
| **3/31/2022** | $23448 | $29594 | $23649 |
| **4/30/2022** | $20267 | $26020 | $21527 |
| **5/31/2022** | $19844 | $25415 | $21498 |
| **6/30/2022** | $18289 | $23402 | $19700 |
| **7/31/2022** | $20338 | $26210 | $21548 |
| **8/31/2022** | $19360 | $24989 | $20744 |
| **9/30/2022** | $17535 | $22560 | $18820 |
| **10/31/2022** | $18411 | $23879 | $20364 |
| **11/30/2022** | $19533 | $24967 | $21426 |
| **12/31/2022** | $18232 | $23055 | $20172 |
| **1/31/2023** | $19539 | $24977 | $21561 |
| **2/28/2023** | $19212 | $24680 | $21057 |
| **3/31/2023** | $20530 | $26367 | $21620 |
| **4/30/2023** | $20987 | $26628 | $21851 |
| **5/31/2023** | $21702 | $27841 | $21936 |
| **6/30/2023** | $23162 | $29745 | $23433 |
| **7/31/2023** | $23640 | $30747 | $24273 |
| **8/31/2023** | $23550 | $30471 | $23805 |
| **9/30/2023** | $22277 | $28814 | $22671 |
| **10/31/2023** | $22119 | $28404 | $22070 |
| **11/30/2023** | $24694 | $31500 | $24128 |
| **12/31/2023** | $25677 | $32895 | $25408 |
| **1/31/2024** | $26993 | $33715 | $25689 |
| **2/29/2024** | $29088 | $36016 | $27080 |
| **3/31/2024** | $29619 | $36650 | $27953 |
| **4/30/2024** | $28061 | $35095 | $26723 |
| **5/31/2024** | $29673 | $37196 | $27986 |
| **6/30/2024** | $31842 | $39704 | $28852 |
| **7/31/2024** | $30666 | $39029 | $29389 |
| **8/31/2024** | $31647 | $39842 | $30029 |
| **9/30/2024** | $32372 | $40971 | $30650 |
| **10/31/2024** | $32265 | $40835 | $30425 |
| **11/30/2024** | $34279 | $43484 | $32449 |
| **12/31/2024** | $33513 | $43868 | $31457 |
| **1/31/2025** | $34543 | $44735 | $32450 |
| **2/28/2025** | $33284 | $43128 | $31828 |
| **3/31/2025** | $30621 | $39481 | $29971 |
| **4/30/2025** | $31224 | $40153 | $29770 |
| **5/31/2025** | $34108 | $43747 | $31657 |
| **6/30/2025** | $36725 | $46580 | $33266 |
| **7/31/2025** | $38137 | $48339 | $33998 |

---

# Large Cap Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 24.36 | 13.71 | 14.32 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1027019553 |
| # of portfolio holdings | 36 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $5162043 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.7 |
| Consumer discretionary | 15.7 |
| Communication services | 14.0 |
| Industrials | 12.2 |
| Financials | 11.4 |
| Health care | 6.0 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.8 |
| NVIDIA Corp. | 8.6 |
| Amazon.com, Inc. | 7.8 |
| Meta Platforms, Inc. Class A | 7.0 |
| Broadcom, Inc. | 4.7 |
| Apple, Inc. | 4.6 |
| Oracle Corp. | 3.7 |
| General Electric Co. | 2.8 |
| Alphabet, Inc. Class A | 2.5 |
| Netflix, Inc. | 2.5 |

---

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

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

#### AR4137 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Growth Fund

# July 31, 2025

# Class R6

# STFFX
This annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $67 | 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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and consumer discretionary, where holdings with innovative services and strong demand, such as Meta Platforms, Inc. and DoorDash, Inc. contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g43r53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9392 | $9393 | $9396 |
| **9/30/2015** | $9172 | $9160 | $9122 |
| **10/31/2015** | $9958 | $9949 | $9843 |
| **11/30/2015** | $9974 | $9977 | $9898 |
| **12/31/2015** | $9772 | $9831 | $9694 |
| **1/31/2016** | $8991 | $9282 | $9147 |
| **2/29/2016** | $8890 | $9278 | $9144 |
| **3/31/2016** | $9389 | $9904 | $9788 |
| **4/30/2016** | $9391 | $9813 | $9849 |
| **5/31/2016** | $9570 | $10004 | $10025 |
| **6/30/2016** | $9324 | $9964 | $10046 |
| **7/31/2016** | $9861 | $10435 | $10444 |
| **8/31/2016** | $9808 | $10383 | $10471 |
| **9/30/2016** | $9806 | $10421 | $10488 |
| **10/31/2016** | $9561 | $10176 | $10261 |
| **11/30/2016** | $9642 | $10398 | $10720 |
| **12/31/2016** | $9573 | $10526 | $10929 |
| **1/31/2017** | $10006 | $10881 | $11135 |
| **2/28/2017** | $10370 | $11333 | $11549 |
| **3/31/2017** | $10496 | $11464 | $11557 |
| **4/30/2017** | $10800 | $11726 | $11679 |
| **5/31/2017** | $11151 | $12031 | $11799 |
| **6/30/2017** | $11025 | $11999 | $11905 |
| **7/31/2017** | $11349 | $12318 | $12130 |
| **8/31/2017** | $11535 | $12544 | $12153 |
| **9/30/2017** | $11777 | $12707 | $12449 |
| **10/31/2017** | $12286 | $13200 | $12721 |
| **11/30/2017** | $12647 | $13601 | $13107 |
| **12/31/2017** | $12773 | $13707 | $13238 |
| **1/31/2018** | $13951 | $14677 | $13936 |
| **2/28/2018** | $13739 | $14292 | $13423 |
| **3/31/2018** | $13392 | $13901 | $13153 |
| **4/30/2018** | $13463 | $13949 | $13203 |
| **5/31/2018** | $14142 | $14561 | $13576 |
| **6/30/2018** | $14216 | $14701 | $13665 |
| **7/31/2018** | $14584 | $15132 | $14118 |
| **8/31/2018** | $15241 | $15960 | $14614 |
| **9/30/2018** | $15429 | $16049 | $14638 |
| **10/31/2018** | $13842 | $14614 | $13560 |
| **11/30/2018** | $14063 | $14769 | $13832 |
| **12/31/2018** | $12910 | $13499 | $12544 |
| **1/31/2019** | $14166 | $14712 | $13621 |
| **2/28/2019** | $14805 | $15239 | $14100 |
| **3/31/2019** | $15179 | $15673 | $14306 |
| **4/30/2019** | $16072 | $16381 | $14877 |
| **5/31/2019** | $15126 | $15346 | $13915 |
| **6/30/2019** | $16019 | $16400 | $14892 |
| **7/31/2019** | $16255 | $16770 | $15113 |
| **8/31/2019** | $15913 | $16642 | $14805 |
| **9/30/2019** | $15927 | $16644 | $15065 |
| **10/31/2019** | $16097 | $17113 | $15389 |
| **11/30/2019** | $16771 | $17872 | $15974 |
| **12/31/2019** | $17201 | $18411 | $16436 |
| **1/31/2020** | $17760 | $18823 | $16418 |
| **2/29/2020** | $16541 | $17541 | $15074 |
| **3/31/2020** | $14585 | $15815 | $13001 |
| **4/30/2020** | $16933 | $18156 | $14722 |
| **5/31/2020** | $18257 | $19375 | $15510 |
| **6/30/2020** | $18804 | $20218 | $15864 |
| **7/31/2020** | $20162 | $21774 | $16765 |
| **8/31/2020** | $21967 | $24021 | $17980 |
| **9/30/2020** | $20931 | $22890 | $17325 |
| **10/31/2020** | $20166 | $22113 | $16951 |
| **11/30/2020** | $22068 | $24377 | $19013 |
| **12/31/2020** | $22824 | $25498 | $19869 |
| **1/31/2021** | $22165 | $25310 | $19780 |
| **2/28/2021** | $22789 | $25304 | $20399 |
| **3/31/2021** | $22771 | $25739 | $21130 |
| **4/30/2021** | $24341 | $27490 | $22219 |
| **5/31/2021** | $23837 | $27110 | $22320 |
| **6/30/2021** | $25075 | $28810 | $22871 |
| **7/31/2021** | $25760 | $29760 | $23258 |
| **8/31/2021** | $26547 | $30873 | $23921 |
| **9/30/2021** | $24986 | $29144 | $22848 |
| **10/31/2021** | $26543 | $31668 | $24393 |
| **11/30/2021** | $26185 | $31861 | $24021 |
| **12/31/2021** | $26502 | $32535 | $24967 |
| **1/31/2022** | $23822 | $29743 | $23498 |
| **2/28/2022** | $22998 | $28479 | $22906 |
| **3/31/2022** | $23603 | $29594 | $23649 |
| **4/30/2022** | $20400 | $26020 | $21527 |
| **5/31/2022** | $19978 | $25415 | $21498 |
| **6/30/2022** | $18412 | $23402 | $19700 |
| **7/31/2022** | $20481 | $26210 | $21548 |
| **8/31/2022** | $19495 | $24989 | $20744 |
| **9/30/2022** | $17659 | $22560 | $18820 |
| **10/31/2022** | $18544 | $23879 | $20364 |
| **11/30/2022** | $19673 | $24967 | $21426 |
| **12/31/2022** | $18365 | $23055 | $20172 |
| **1/31/2023** | $19684 | $24977 | $21561 |
| **2/28/2023** | $19359 | $24680 | $21057 |
| **3/31/2023** | $20684 | $26367 | $21620 |
| **4/30/2023** | $21150 | $26628 | $21851 |
| **5/31/2023** | $21868 | $27841 | $21936 |
| **6/30/2023** | $23345 | $29745 | $23433 |
| **7/31/2023** | $23833 | $30747 | $24273 |
| **8/31/2023** | $23743 | $30471 | $23805 |
| **9/30/2023** | $22458 | $28814 | $22671 |
| **10/31/2023** | $22306 | $28404 | $22070 |
| **11/30/2023** | $24906 | $31500 | $24128 |
| **12/31/2023** | $25897 | $32895 | $25408 |
| **1/31/2024** | $27226 | $33715 | $25689 |
| **2/29/2024** | $29342 | $36016 | $27080 |
| **3/31/2024** | $29876 | $36650 | $27953 |
| **4/30/2024** | $28314 | $35095 | $26723 |
| **5/31/2024** | $29943 | $37196 | $27986 |
| **6/30/2024** | $32133 | $39704 | $28852 |
| **7/31/2024** | $30945 | $39029 | $29389 |
| **8/31/2024** | $31939 | $39842 | $30029 |
| **9/30/2024** | $32674 | $40971 | $30650 |
| **10/31/2024** | $32567 | $40835 | $30425 |
| **11/30/2024** | $34603 | $43484 | $32449 |
| **12/31/2024** | $33836 | $43868 | $31457 |
| **1/31/2025** | $34880 | $44735 | $32450 |
| **2/28/2025** | $33609 | $43128 | $31828 |
| **3/31/2025** | $30921 | $39481 | $29971 |
| **4/30/2025** | $31534 | $40153 | $29770 |
| **5/31/2025** | $34449 | $43747 | $31657 |
| **6/30/2025** | $37091 | $46580 | $33266 |
| **7/31/2025** | $38522 | $48339 | $33998 |

---

# Large Cap Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 24.49 | 13.82 | 14.44 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1027019553 |
| # of portfolio holdings | 36 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $5162043 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.7 |
| Consumer discretionary | 15.7 |
| Communication services | 14.0 |
| Industrials | 12.2 |
| Financials | 11.4 |
| Health care | 6.0 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.8 |
| NVIDIA Corp. | 8.6 |
| Amazon.com, Inc. | 7.8 |
| Meta Platforms, Inc. Class A | 7.0 |
| Broadcom, Inc. | 4.7 |
| Apple, Inc. | 4.6 |
| Oracle Corp. | 3.7 |
| General Electric Co. | 2.8 |
| Alphabet, Inc. Class A | 2.5 |
| Netflix, Inc. | 2.5 |

---

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

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

#### AR4653 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Growth Fund

# July 31, 2025

# Class C

# STOFX
This annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $197 | 1.77% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and consumer discretionary, where holdings with innovative services and strong demand, such as Meta Platforms, Inc. and DoorDash, Inc. contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g95q77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9383 | $9393 | $9396 |
| **9/30/2015** | $9153 | $9160 | $9122 |
| **10/31/2015** | $9929 | $9949 | $9843 |
| **11/30/2015** | $9935 | $9977 | $9898 |
| **12/31/2015** | $9724 | $9831 | $9694 |
| **1/31/2016** | $8938 | $9282 | $9147 |
| **2/29/2016** | $8827 | $9278 | $9144 |
| **3/31/2016** | $9314 | $9904 | $9788 |
| **4/30/2016** | $9307 | $9813 | $9849 |
| **5/31/2016** | $9476 | $10004 | $10025 |
| **6/30/2016** | $9225 | $9964 | $10046 |
| **7/31/2016** | $9744 | $10435 | $10444 |
| **8/31/2016** | $9684 | $10383 | $10471 |
| **9/30/2016** | $9673 | $10421 | $10488 |
| **10/31/2016** | $9422 | $10176 | $10261 |
| **11/30/2016** | $9491 | $10398 | $10720 |
| **12/31/2016** | $9413 | $10526 | $10929 |
| **1/31/2017** | $9831 | $10881 | $11135 |
| **2/28/2017** | $10178 | $11333 | $11549 |
| **3/31/2017** | $10290 | $11464 | $11557 |
| **4/30/2017** | $10579 | $11726 | $11679 |
| **5/31/2017** | $10914 | $12031 | $11799 |
| **6/30/2017** | $10778 | $11999 | $11905 |
| **7/31/2017** | $11083 | $12318 | $12130 |
| **8/31/2017** | $11254 | $12544 | $12153 |
| **9/30/2017** | $11480 | $12707 | $12449 |
| **10/31/2017** | $11965 | $13200 | $12721 |
| **11/30/2017** | $12305 | $13601 | $13107 |
| **12/31/2017** | $12415 | $13707 | $13238 |
| **1/31/2018** | $13545 | $14677 | $13936 |
| **2/28/2018** | $13328 | $14292 | $13423 |
| **3/31/2018** | $12979 | $13901 | $13153 |
| **4/30/2018** | $13035 | $13949 | $13203 |
| **5/31/2018** | $13680 | $14561 | $13576 |
| **6/30/2018** | $13736 | $14701 | $13665 |
| **7/31/2018** | $14079 | $15132 | $14118 |
| **8/31/2018** | $14699 | $15960 | $14614 |
| **9/30/2018** | $14866 | $16049 | $14638 |
| **10/31/2018** | $13322 | $14614 | $13560 |
| **11/30/2018** | $13522 | $14769 | $13832 |
| **12/31/2018** | $12402 | $13499 | $12544 |
| **1/31/2019** | $13595 | $14712 | $13621 |
| **2/28/2019** | $14197 | $15239 | $14100 |
| **3/31/2019** | $14539 | $15673 | $14306 |
| **4/30/2019** | $15382 | $16381 | $14877 |
| **5/31/2019** | $14461 | $15346 | $13915 |
| **6/30/2019** | $15299 | $16400 | $14892 |
| **7/31/2019** | $15512 | $16770 | $15113 |
| **8/31/2019** | $15169 | $16642 | $14805 |
| **9/30/2019** | $15169 | $16644 | $15065 |
| **10/31/2019** | $15315 | $17113 | $15389 |
| **11/30/2019** | $15941 | $17872 | $15974 |
| **12/31/2019** | $16331 | $18411 | $16436 |
| **1/31/2020** | $16844 | $18823 | $16418 |
| **2/29/2020** | $15677 | $17541 | $15074 |
| **3/31/2020** | $13807 | $15815 | $13001 |
| **4/30/2020** | $16015 | $18156 | $14722 |
| **5/31/2020** | $17253 | $19375 | $15510 |
| **6/30/2020** | $17749 | $20218 | $15864 |
| **7/31/2020** | $19013 | $21774 | $16765 |
| **8/31/2020** | $20693 | $24021 | $17980 |
| **9/30/2020** | $19702 | $22890 | $17325 |
| **10/31/2020** | $18960 | $22113 | $16951 |
| **11/30/2020** | $20733 | $24377 | $19013 |
| **12/31/2020** | $21415 | $25498 | $19869 |
| **1/31/2021** | $20782 | $25310 | $19780 |
| **2/28/2021** | $21348 | $25304 | $20399 |
| **3/31/2021** | $21307 | $25739 | $21130 |
| **4/30/2021** | $22753 | $27490 | $22219 |
| **5/31/2021** | $22259 | $27110 | $22320 |
| **6/30/2021** | $23391 | $28810 | $22871 |
| **7/31/2021** | $24009 | $29760 | $23258 |
| **8/31/2021** | $24719 | $30873 | $23921 |
| **9/30/2021** | $23242 | $29144 | $22848 |
| **10/31/2021** | $24668 | $31668 | $24393 |
| **11/30/2021** | $24307 | $31861 | $24021 |
| **12/31/2021** | $24582 | $32535 | $24967 |
| **1/31/2022** | $22071 | $29743 | $23498 |
| **2/28/2022** | $21290 | $28479 | $22906 |
| **3/31/2022** | $21825 | $29594 | $23649 |
| **4/30/2022** | $18847 | $26020 | $21527 |
| **5/31/2022** | $18441 | $25415 | $21498 |
| **6/30/2022** | $16976 | $23402 | $19700 |
| **7/31/2022** | $18865 | $26210 | $21548 |
| **8/31/2022** | $17942 | $24989 | $20744 |
| **9/30/2022** | $16238 | $22560 | $18820 |
| **10/31/2022** | $17032 | $23879 | $20364 |
| **11/30/2022** | $18053 | $24967 | $21426 |
| **12/31/2022** | $16839 | $23055 | $20172 |
| **1/31/2023** | $18026 | $24977 | $21561 |
| **2/28/2023** | $17710 | $24680 | $21057 |
| **3/31/2023** | $18905 | $26367 | $21620 |
| **4/30/2023** | $19312 | $26628 | $21851 |
| **5/31/2023** | $19952 | $27841 | $21936 |
| **6/30/2023** | $21273 | $29745 | $23433 |
| **7/31/2023** | $21695 | $30747 | $24273 |
| **8/31/2023** | $21606 | $30471 | $23805 |
| **9/30/2023** | $20431 | $28814 | $22671 |
| **10/31/2023** | $20286 | $28404 | $22070 |
| **11/30/2023** | $22637 | $31500 | $24128 |
| **12/31/2023** | $23533 | $32895 | $25408 |
| **1/31/2024** | $24733 | $33715 | $25689 |
| **2/29/2024** | $26643 | $36016 | $27080 |
| **3/31/2024** | $27126 | $36650 | $27953 |
| **4/30/2024** | $25691 | $35095 | $26723 |
| **5/31/2024** | $27159 | $37196 | $27986 |
| **6/30/2024** | $29136 | $39704 | $28852 |
| **7/31/2024** | $28057 | $39029 | $29389 |
| **8/31/2024** | $28949 | $39842 | $30029 |
| **9/30/2024** | $29606 | $40971 | $30650 |
| **10/31/2024** | $29498 | $40835 | $30425 |
| **11/30/2024** | $31328 | $43484 | $32449 |
| **12/31/2024** | $30623 | $43868 | $31457 |
| **1/31/2025** | $31556 | $44735 | $32450 |
| **2/28/2025** | $30399 | $43128 | $31828 |
| **3/31/2025** | $27962 | $39481 | $29971 |
| **4/30/2025** | $28510 | $40153 | $29770 |
| **5/31/2025** | $31132 | $43747 | $31657 |
| **6/30/2025** | $33516 | $46580 | $33266 |
| **7/31/2025** | $34804 | $48339 | $33998 |

---

# Large Cap Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 23.07 | 12.5 | 13.28 |
| Class C with Load | 22.07 | 12.5 | 13.28 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1027019553 |
| # of portfolio holdings | 36 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $5162043 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.7 |
| Consumer discretionary | 15.7 |
| Communication services | 14.0 |
| Industrials | 12.2 |
| Financials | 11.4 |
| Health care | 6.0 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.8 |
| NVIDIA Corp. | 8.6 |
| Amazon.com, Inc. | 7.8 |
| Meta Platforms, Inc. Class A | 7.0 |
| Broadcom, Inc. | 4.7 |
| Apple, Inc. | 4.6 |
| Oracle Corp. | 3.7 |
| General Electric Co. | 2.8 |
| Alphabet, Inc. Class A | 2.5 |
| Netflix, Inc. | 2.5 |

---

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

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

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

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

#### AR3549 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Growth Fund

# July 31, 2025

# Class A

# STAFX
This annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $109 | 0.97% |

---

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

## How did the Fund perform last year and what affected its performance?
The market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and consumer discretionary, where holdings with innovative services and strong demand, such as Meta Platforms, Inc. and DoorDash, Inc. contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g57e25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $9425 | $10000 | $10000 |
| **8/31/2015** | $8849 | $9393 | $9396 |
| **9/30/2015** | $8638 | $9160 | $9122 |
| **10/31/2015** | $9374 | $9949 | $9843 |
| **11/30/2015** | $9385 | $9977 | $9898 |
| **12/31/2015** | $9192 | $9831 | $9694 |
| **1/31/2016** | $8455 | $9282 | $9147 |
| **2/29/2016** | $8357 | $9278 | $9144 |
| **3/31/2016** | $8821 | $9904 | $9788 |
| **4/30/2016** | $8821 | $9813 | $9849 |
| **5/31/2016** | $8985 | $10004 | $10025 |
| **6/30/2016** | $8752 | $9964 | $10046 |
| **7/31/2016** | $9253 | $10435 | $10444 |
| **8/31/2016** | $9200 | $10383 | $10471 |
| **9/30/2016** | $9194 | $10421 | $10488 |
| **10/31/2016** | $8963 | $10176 | $10261 |
| **11/30/2016** | $9036 | $10398 | $10720 |
| **12/31/2016** | $8965 | $10526 | $10929 |
| **1/31/2017** | $9369 | $10881 | $11135 |
| **2/28/2017** | $9706 | $11333 | $11549 |
| **3/31/2017** | $9820 | $11464 | $11557 |
| **4/30/2017** | $10102 | $11726 | $11679 |
| **5/31/2017** | $10428 | $12031 | $11799 |
| **6/30/2017** | $10305 | $11999 | $11905 |
| **7/31/2017** | $10603 | $12318 | $12130 |
| **8/31/2017** | $10775 | $12544 | $12153 |
| **9/30/2017** | $10997 | $12707 | $12449 |
| **10/31/2017** | $11469 | $13200 | $12721 |
| **11/30/2017** | $11801 | $13601 | $13107 |
| **12/31/2017** | $11916 | $13707 | $13238 |
| **1/31/2018** | $13007 | $14677 | $13936 |
| **2/28/2018** | $12806 | $14292 | $13423 |
| **3/31/2018** | $12480 | $13901 | $13153 |
| **4/30/2018** | $12540 | $13949 | $13203 |
| **5/31/2018** | $13169 | $14561 | $13576 |
| **6/30/2018** | $13231 | $14701 | $13665 |
| **7/31/2018** | $13571 | $15132 | $14118 |
| **8/31/2018** | $14176 | $15960 | $14614 |
| **9/30/2018** | $14345 | $16049 | $14638 |
| **10/31/2018** | $12866 | $14614 | $13560 |
| **11/30/2018** | $13067 | $14769 | $13832 |
| **12/31/2018** | $11992 | $13499 | $12544 |
| **1/31/2019** | $13153 | $14712 | $13621 |
| **2/28/2019** | $13742 | $15239 | $14100 |
| **3/31/2019** | $14083 | $15673 | $14306 |
| **4/30/2019** | $14907 | $16381 | $14877 |
| **5/31/2019** | $14025 | $15346 | $13915 |
| **6/30/2019** | $14849 | $16400 | $14892 |
| **7/31/2019** | $15064 | $16770 | $15113 |
| **8/31/2019** | $14740 | $16642 | $14805 |
| **9/30/2019** | $14747 | $16644 | $15065 |
| **10/31/2019** | $14900 | $17113 | $15389 |
| **11/30/2019** | $15517 | $17872 | $15974 |
| **12/31/2019** | $15913 | $18411 | $16436 |
| **1/31/2020** | $16423 | $18823 | $16418 |
| **2/29/2020** | $15295 | $17541 | $15074 |
| **3/31/2020** | $13480 | $15815 | $13001 |
| **4/30/2020** | $15643 | $18156 | $14722 |
| **5/31/2020** | $16862 | $19375 | $15510 |
| **6/30/2020** | $17361 | $20218 | $15864 |
| **7/31/2020** | $18606 | $21774 | $16765 |
| **8/31/2020** | $20267 | $24021 | $17980 |
| **9/30/2020** | $19307 | $22890 | $17325 |
| **10/31/2020** | $18591 | $22113 | $16951 |
| **11/30/2020** | $20342 | $24377 | $19013 |
| **12/31/2020** | $21031 | $25498 | $19869 |
| **1/31/2021** | $20416 | $25310 | $19780 |
| **2/28/2021** | $20984 | $25304 | $20399 |
| **3/31/2021** | $20962 | $25739 | $21130 |
| **4/30/2021** | $22399 | $27490 | $22219 |
| **5/31/2021** | $21926 | $27110 | $22320 |
| **6/30/2021** | $23057 | $28810 | $22871 |
| **7/31/2021** | $23676 | $29760 | $23258 |
| **8/31/2021** | $24394 | $30873 | $23921 |
| **9/30/2021** | $22954 | $29144 | $22848 |
| **10/31/2021** | $24373 | $31668 | $24393 |
| **11/30/2021** | $24037 | $31861 | $24021 |
| **12/31/2021** | $24319 | $32535 | $24967 |
| **1/31/2022** | $21854 | $29743 | $23498 |
| **2/28/2022** | $21095 | $28479 | $22906 |
| **3/31/2022** | $21639 | $29594 | $23649 |
| **4/30/2022** | $18700 | $26020 | $21527 |
| **5/31/2022** | $18305 | $25415 | $21498 |
| **6/30/2022** | $16863 | $23402 | $19700 |
| **7/31/2022** | $18754 | $26210 | $21548 |
| **8/31/2022** | $17846 | $24989 | $20744 |
| **9/30/2022** | $16159 | $22560 | $18820 |
| **10/31/2022** | $16963 | $23879 | $20364 |
| **11/30/2022** | $17986 | $24967 | $21426 |
| **12/31/2022** | $16787 | $23055 | $20172 |
| **1/31/2023** | $17986 | $24977 | $21561 |
| **2/28/2023** | $17681 | $24680 | $21057 |
| **3/31/2023** | $18886 | $26367 | $21620 |
| **4/30/2023** | $19302 | $26628 | $21851 |
| **5/31/2023** | $19952 | $27841 | $21936 |
| **6/30/2023** | $21290 | $29745 | $23433 |
| **7/31/2023** | $21729 | $30747 | $24273 |
| **8/31/2023** | $21640 | $30471 | $23805 |
| **9/30/2023** | $20463 | $28814 | $22671 |
| **10/31/2023** | $20319 | $28404 | $22070 |
| **11/30/2023** | $22673 | $31500 | $24128 |
| **12/31/2023** | $23570 | $32895 | $25408 |
| **1/31/2024** | $24772 | $33715 | $25689 |
| **2/29/2024** | $26685 | $36016 | $27080 |
| **3/31/2024** | $27169 | $36650 | $27953 |
| **4/30/2024** | $25732 | $35095 | $26723 |
| **5/31/2024** | $27202 | $37196 | $27986 |
| **6/30/2024** | $29183 | $39704 | $28852 |
| **7/31/2024** | $28102 | $39029 | $29389 |
| **8/31/2024** | $28995 | $39842 | $30029 |
| **9/30/2024** | $29652 | $40971 | $30650 |
| **10/31/2024** | $29545 | $40835 | $30425 |
| **11/30/2024** | $31378 | $43484 | $32449 |
| **12/31/2024** | $30672 | $43868 | $31457 |
| **1/31/2025** | $31606 | $44735 | $32450 |
| **2/28/2025** | $30447 | $43128 | $31828 |
| **3/31/2025** | $28006 | $39481 | $29971 |
| **4/30/2025** | $28555 | $40153 | $29770 |
| **5/31/2025** | $31181 | $43747 | $31657 |
| **6/30/2025** | $33569 | $46580 | $33266 |
| **7/31/2025** | $34859 | $48339 | $33998 |

---

# Large Cap Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 24.04 | 13.38 | 13.97 |
| Class A with Load | 16.91 | 12.04 | 13.3 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1027019553 |
| # of portfolio holdings | 36 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $5162043 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.7 |
| Consumer discretionary | 15.7 |
| Communication services | 14.0 |
| Industrials | 12.2 |
| Financials | 11.4 |
| Health care | 6.0 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.8 |
| NVIDIA Corp. | 8.6 |
| Amazon.com, Inc. | 7.8 |
| Meta Platforms, Inc. Class A | 7.0 |
| Broadcom, Inc. | 4.7 |
| Apple, Inc. | 4.6 |
| Oracle Corp. | 3.7 |
| General Electric Co. | 2.8 |
| Alphabet, Inc. Class A | 2.5 |
| Netflix, Inc. | 2.5 |

---

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

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

#### AR3354 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Large Cap Growth Fund

# July 31, 2025

# Administrator Class

# STDFX
This annual shareholder report contains important information about Large Cap Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $105 | 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?
The market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within communication services and consumer discretionary, where holdings with innovative services and strong demand, such as Meta Platforms, Inc. and DoorDash, Inc. contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp. and Broadcom, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g96s82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9390 | $9393 | $9396 |
| **9/30/2015** | $9165 | $9160 | $9122 |
| **10/31/2015** | $9950 | $9949 | $9843 |
| **11/30/2015** | $9962 | $9977 | $9898 |
| **12/31/2015** | $9759 | $9831 | $9694 |
| **1/31/2016** | $8976 | $9282 | $9147 |
| **2/29/2016** | $8872 | $9278 | $9144 |
| **3/31/2016** | $9367 | $9904 | $9788 |
| **4/30/2016** | $9367 | $9813 | $9849 |
| **5/31/2016** | $9543 | $10004 | $10025 |
| **6/30/2016** | $9297 | $9964 | $10046 |
| **7/31/2016** | $9829 | $10435 | $10444 |
| **8/31/2016** | $9774 | $10383 | $10471 |
| **9/30/2016** | $9770 | $10421 | $10488 |
| **10/31/2016** | $9524 | $10176 | $10261 |
| **11/30/2016** | $9602 | $10398 | $10720 |
| **12/31/2016** | $9529 | $10526 | $10929 |
| **1/31/2017** | $9958 | $10881 | $11135 |
| **2/28/2017** | $10318 | $11333 | $11549 |
| **3/31/2017** | $10441 | $11464 | $11557 |
| **4/30/2017** | $10742 | $11726 | $11679 |
| **5/31/2017** | $11089 | $12031 | $11799 |
| **6/30/2017** | $10959 | $11999 | $11905 |
| **7/31/2017** | $11279 | $12318 | $12130 |
| **8/31/2017** | $11462 | $12544 | $12153 |
| **9/30/2017** | $11699 | $12707 | $12449 |
| **10/31/2017** | $12202 | $13200 | $12721 |
| **11/30/2017** | $12557 | $13601 | $13107 |
| **12/31/2017** | $12681 | $13707 | $13238 |
| **1/31/2018** | $13845 | $14677 | $13936 |
| **2/28/2018** | $13633 | $14292 | $13423 |
| **3/31/2018** | $13286 | $13901 | $13153 |
| **4/30/2018** | $13349 | $13949 | $13203 |
| **5/31/2018** | $14021 | $14561 | $13576 |
| **6/30/2018** | $14089 | $14701 | $13665 |
| **7/31/2018** | $14452 | $15132 | $14118 |
| **8/31/2018** | $15099 | $15960 | $14614 |
| **9/30/2018** | $15280 | $16049 | $14638 |
| **10/31/2018** | $13704 | $14614 | $13560 |
| **11/30/2018** | $13922 | $14769 | $13832 |
| **12/31/2018** | $12777 | $13499 | $12544 |
| **1/31/2019** | $14016 | $14712 | $13621 |
| **2/28/2019** | $14645 | $15239 | $14100 |
| **3/31/2019** | $15010 | $15673 | $14306 |
| **4/30/2019** | $15891 | $16381 | $14877 |
| **5/31/2019** | $14953 | $15346 | $13915 |
| **6/30/2019** | $15830 | $16400 | $14892 |
| **7/31/2019** | $16063 | $16770 | $15113 |
| **8/31/2019** | $15719 | $16642 | $14805 |
| **9/30/2019** | $15730 | $16644 | $15065 |
| **10/31/2019** | $15895 | $17113 | $15389 |
| **11/30/2019** | $16553 | $17872 | $15974 |
| **12/31/2019** | $16973 | $18411 | $16436 |
| **1/31/2020** | $17520 | $18823 | $16418 |
| **2/29/2020** | $16316 | $17541 | $15074 |
| **3/31/2020** | $14384 | $15815 | $13001 |
| **4/30/2020** | $16694 | $18156 | $14722 |
| **5/31/2020** | $17993 | $19375 | $15510 |
| **6/30/2020** | $18528 | $20218 | $15864 |
| **7/31/2020** | $19858 | $21774 | $16765 |
| **8/31/2020** | $21633 | $24021 | $17980 |
| **9/30/2020** | $20610 | $22890 | $17325 |
| **10/31/2020** | $19846 | $22113 | $16951 |
| **11/30/2020** | $21719 | $24377 | $19013 |
| **12/31/2020** | $22454 | $25498 | $19869 |
| **1/31/2021** | $21802 | $25310 | $19780 |
| **2/28/2021** | $22409 | $25304 | $20399 |
| **3/31/2021** | $22387 | $25739 | $21130 |
| **4/30/2021** | $23922 | $27490 | $22219 |
| **5/31/2021** | $23423 | $27110 | $22320 |
| **6/30/2021** | $24629 | $28810 | $22871 |
| **7/31/2021** | $25296 | $29760 | $23258 |
| **8/31/2021** | $26066 | $30873 | $23921 |
| **9/30/2021** | $24526 | $29144 | $22848 |
| **10/31/2021** | $26048 | $31668 | $24393 |
| **11/30/2021** | $25687 | $31861 | $24021 |
| **12/31/2021** | $25996 | $32535 | $24967 |
| **1/31/2022** | $23361 | $29743 | $23498 |
| **2/28/2022** | $22549 | $28479 | $22906 |
| **3/31/2022** | $23132 | $29594 | $23649 |
| **4/30/2022** | $19992 | $26020 | $21527 |
| **5/31/2022** | $19570 | $25415 | $21498 |
| **6/30/2022** | $18034 | $23402 | $19700 |
| **7/31/2022** | $20054 | $26210 | $21548 |
| **8/31/2022** | $19086 | $24989 | $20744 |
| **9/30/2022** | $17284 | $22560 | $18820 |
| **10/31/2022** | $18143 | $23879 | $20364 |
| **11/30/2022** | $19242 | $24967 | $21426 |
| **12/31/2022** | $17959 | $23055 | $20172 |
| **1/31/2023** | $19242 | $24977 | $21561 |
| **2/28/2023** | $18919 | $24680 | $21057 |
| **3/31/2023** | $20213 | $26367 | $21620 |
| **4/30/2023** | $20658 | $26628 | $21851 |
| **5/31/2023** | $21357 | $27841 | $21936 |
| **6/30/2023** | $22796 | $29745 | $23433 |
| **7/31/2023** | $23264 | $30747 | $24273 |
| **8/31/2023** | $23172 | $30471 | $23805 |
| **9/30/2023** | $21912 | $28814 | $22671 |
| **10/31/2023** | $21756 | $28404 | $22070 |
| **11/30/2023** | $24287 | $31500 | $24128 |
| **12/31/2023** | $25250 | $32895 | $25408 |
| **1/31/2024** | $26535 | $33715 | $25689 |
| **2/29/2024** | $28591 | $36016 | $27080 |
| **3/31/2024** | $29104 | $36650 | $27953 |
| **4/30/2024** | $27577 | $35095 | $26723 |
| **5/31/2024** | $29153 | $37196 | $27986 |
| **6/30/2024** | $31278 | $39704 | $28852 |
| **7/31/2024** | $30111 | $39029 | $29389 |
| **8/31/2024** | $31070 | $39842 | $30029 |
| **9/30/2024** | $31771 | $40971 | $30650 |
| **10/31/2024** | $31667 | $40835 | $30425 |
| **11/30/2024** | $33632 | $43484 | $32449 |
| **12/31/2024** | $32873 | $43868 | $31457 |
| **1/31/2025** | $33883 | $44735 | $32450 |
| **2/28/2025** | $32643 | $43128 | $31828 |
| **3/31/2025** | $30019 | $39481 | $29971 |
| **4/30/2025** | $30608 | $40153 | $29770 |
| **5/31/2025** | $33430 | $43747 | $31657 |
| **6/30/2025** | $35982 | $46580 | $33266 |
| **7/31/2025** | $37365 | $48339 | $33998 |

---

# Large Cap Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 24.09 | 13.48 | 14.09 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1027019553 |
| # of portfolio holdings | 36 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $5162043 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 40.7 |
| Consumer discretionary | 15.7 |
| Communication services | 14.0 |
| Industrials | 12.2 |
| Financials | 11.4 |
| Health care | 6.0 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 10.8 |
| NVIDIA Corp. | 8.6 |
| Amazon.com, Inc. | 7.8 |
| Meta Platforms, Inc. Class A | 7.0 |
| Broadcom, Inc. | 4.7 |
| Apple, Inc. | 4.6 |
| Oracle Corp. | 3.7 |
| General Electric Co. | 2.8 |
| Alphabet, Inc. Class A | 2.5 |
| Netflix, Inc. | 2.5 |

---

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

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

#### AR3751 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Premier Large Company Growth Fund

# July 31, 2025

# Institutional Class

# EKJYX
This annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $81 | 0.70% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within information technology, industrials, and communication services, where holdings with innovative products and strong demand, such as AppLovin Corp., Axon Enterprise, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp., Broadcom, Inc. and Netflix, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g46z16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9350 | $9393 | $9396 |
| **9/30/2015** | $9097 | $9160 | $9122 |
| **10/31/2015** | $9705 | $9949 | $9843 |
| **11/30/2015** | $9795 | $9977 | $9898 |
| **12/31/2015** | $9645 | $9831 | $9694 |
| **1/31/2016** | $8806 | $9282 | $9147 |
| **2/29/2016** | $8696 | $9278 | $9144 |
| **3/31/2016** | $9225 | $9904 | $9788 |
| **4/30/2016** | $9232 | $9813 | $9849 |
| **5/31/2016** | $9445 | $10004 | $10025 |
| **6/30/2016** | $9186 | $9964 | $10046 |
| **7/31/2016** | $9715 | $10435 | $10444 |
| **8/31/2016** | $9664 | $10383 | $10471 |
| **9/30/2016** | $9703 | $10421 | $10488 |
| **10/31/2016** | $9380 | $10176 | $10261 |
| **11/30/2016** | $9425 | $10398 | $10720 |
| **12/31/2016** | $9334 | $10526 | $10929 |
| **1/31/2017** | $9798 | $10881 | $11135 |
| **2/28/2017** | $10177 | $11333 | $11549 |
| **3/31/2017** | $10312 | $11464 | $11557 |
| **4/30/2017** | $10670 | $11726 | $11679 |
| **5/31/2017** | $11055 | $12031 | $11799 |
| **6/30/2017** | $10977 | $11999 | $11905 |
| **7/31/2017** | $11312 | $12318 | $12130 |
| **8/31/2017** | $11484 | $12544 | $12153 |
| **9/30/2017** | $11669 | $12707 | $12449 |
| **10/31/2017** | $12119 | $13200 | $12721 |
| **11/30/2017** | $12448 | $13601 | $13107 |
| **12/31/2017** | $12549 | $13707 | $13238 |
| **1/31/2018** | $13676 | $14677 | $13936 |
| **2/28/2018** | $13449 | $14292 | $13423 |
| **3/31/2018** | $13212 | $13901 | $13153 |
| **4/30/2018** | $13258 | $13949 | $13203 |
| **5/31/2018** | $13913 | $14561 | $13576 |
| **6/30/2018** | $14067 | $14701 | $13665 |
| **7/31/2018** | $14385 | $15132 | $14118 |
| **8/31/2018** | $15167 | $15960 | $14614 |
| **9/30/2018** | $15313 | $16049 | $14638 |
| **10/31/2018** | $13722 | $14614 | $13560 |
| **11/30/2018** | $13949 | $14769 | $13832 |
| **12/31/2018** | $12715 | $13499 | $12544 |
| **1/31/2019** | $14004 | $14712 | $13621 |
| **2/28/2019** | $14751 | $15239 | $14100 |
| **3/31/2019** | $15076 | $15673 | $14306 |
| **4/30/2019** | $15921 | $16381 | $14877 |
| **5/31/2019** | $15217 | $15346 | $13915 |
| **6/30/2019** | $16105 | $16400 | $14892 |
| **7/31/2019** | $16310 | $16770 | $15113 |
| **8/31/2019** | $16105 | $16642 | $14805 |
| **9/30/2019** | $15834 | $16644 | $15065 |
| **10/31/2019** | $16050 | $17113 | $15389 |
| **11/30/2019** | $16765 | $17872 | $15974 |
| **12/31/2019** | $17001 | $18411 | $16436 |
| **1/31/2020** | $17655 | $18823 | $16418 |
| **2/29/2020** | $16487 | $17541 | $15074 |
| **3/31/2020** | $14245 | $15815 | $13001 |
| **4/30/2020** | $16604 | $18156 | $14722 |
| **5/31/2020** | $17947 | $19375 | $15510 |
| **6/30/2020** | $18694 | $20218 | $15864 |
| **7/31/2020** | $20107 | $21774 | $16765 |
| **8/31/2020** | $21578 | $24021 | $17980 |
| **9/30/2020** | $20878 | $22890 | $17325 |
| **10/31/2020** | $20598 | $22113 | $16951 |
| **11/30/2020** | $22828 | $24377 | $19013 |
| **12/31/2020** | $23792 | $25498 | $19869 |
| **1/31/2021** | $23492 | $25310 | $19780 |
| **2/28/2021** | $24482 | $25304 | $20399 |
| **3/31/2021** | $24104 | $25739 | $21130 |
| **4/30/2021** | $25668 | $27490 | $22219 |
| **5/31/2021** | $24834 | $27110 | $22320 |
| **6/30/2021** | $26397 | $28810 | $22871 |
| **7/31/2021** | $27231 | $29760 | $23258 |
| **8/31/2021** | $28065 | $30873 | $23921 |
| **9/30/2021** | $26671 | $29144 | $22848 |
| **10/31/2021** | $28691 | $31668 | $24393 |
| **11/30/2021** | $27375 | $31861 | $24021 |
| **12/31/2021** | $27158 | $32535 | $24967 |
| **1/31/2022** | $23887 | $29743 | $23498 |
| **2/28/2022** | $23449 | $28479 | $22906 |
| **3/31/2022** | $23692 | $29594 | $23649 |
| **4/30/2022** | $20534 | $26020 | $21527 |
| **5/31/2022** | $20032 | $25415 | $21498 |
| **6/30/2022** | $18559 | $23402 | $19700 |
| **7/31/2022** | $20777 | $26210 | $21548 |
| **8/31/2022** | $19870 | $24989 | $20744 |
| **9/30/2022** | $17927 | $22560 | $18820 |
| **10/31/2022** | $18640 | $23879 | $20364 |
| **11/30/2022** | $19385 | $24967 | $21426 |
| **12/31/2022** | $18008 | $23055 | $20172 |
| **1/31/2023** | $19449 | $24977 | $21561 |
| **2/28/2023** | $19044 | $24680 | $21057 |
| **3/31/2023** | $20097 | $26367 | $21620 |
| **4/30/2023** | $20227 | $26628 | $21851 |
| **5/31/2023** | $20810 | $27841 | $21936 |
| **6/30/2023** | $22283 | $29745 | $23433 |
| **7/31/2023** | $22688 | $30747 | $24273 |
| **8/31/2023** | $22397 | $30471 | $23805 |
| **9/30/2023** | $21130 | $28814 | $22671 |
| **10/31/2023** | $20763 | $28404 | $22070 |
| **11/30/2023** | $23167 | $31500 | $24128 |
| **12/31/2023** | $24045 | $32895 | $25408 |
| **1/31/2024** | $25168 | $33715 | $25689 |
| **2/29/2024** | $27392 | $36016 | $27080 |
| **3/31/2024** | $28031 | $36650 | $27953 |
| **4/30/2024** | $26578 | $35095 | $26723 |
| **5/31/2024** | $28163 | $37196 | $27986 |
| **6/30/2024** | $29528 | $39704 | $28852 |
| **7/31/2024** | $28868 | $39029 | $29389 |
| **8/31/2024** | $30233 | $39842 | $30029 |
| **9/30/2024** | $31202 | $40971 | $30650 |
| **10/31/2024** | $31444 | $40835 | $30425 |
| **11/30/2024** | $34306 | $43484 | $32449 |
| **12/31/2024** | $33109 | $43868 | $31457 |
| **1/31/2025** | $34260 | $44735 | $32450 |
| **2/28/2025** | $32725 | $43128 | $31828 |
| **3/31/2025** | $29655 | $39481 | $29971 |
| **4/30/2025** | $30601 | $40153 | $29770 |
| **5/31/2025** | $34030 | $43747 | $31657 |
| **6/30/2025** | $36972 | $46580 | $33266 |
| **7/31/2025** | $38149 | $48339 | $33998 |

---

# Premier Large Company Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 32.15 | 13.67 | 14.33 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1480254613 |
| # of portfolio holdings | 60 |
| Portfolio turnover rate | 63% |
| Total advisory fees paid | $8593474 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Consumer discretionary | 15.0 |
| Industrials | 12.8 |
| Financials | 10.6 |
| Health care | 6.1 |
| Utilities | 1.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.1 |
| Microsoft Corp. | 8.8 |
| Meta Platforms, Inc. Class A | 6.3 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.4 |
| Oracle Corp. | 2.5 |
| DoorDash, Inc. Class A | 2.0 |
| Mastercard, Inc. Class A | 2.0 |
| Booking Holdings, Inc. | 1.8 |
| Arista Networks, Inc. | 1.7 |

---

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

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

#### AR4123 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Premier Large Company Growth Fund

# July 31, 2025

# Class R6

# EKJFX
This annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $75 | 0.65% |

---

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

## How did the Fund perform last year and what affected its performance?
The market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within information technology, industrials, and communication services, where holdings with innovative products and strong demand, such as AppLovin Corp., Axon Enterprise, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp., Broadcom, Inc. and Netflix, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g96g54.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9350 | $9393 | $9396 |
| **9/30/2015** | $9097 | $9160 | $9122 |
| **10/31/2015** | $9711 | $9949 | $9843 |
| **11/30/2015** | $9801 | $9977 | $9898 |
| **12/31/2015** | $9645 | $9831 | $9694 |
| **1/31/2016** | $8807 | $9282 | $9147 |
| **2/29/2016** | $8697 | $9278 | $9144 |
| **3/31/2016** | $9232 | $9904 | $9788 |
| **4/30/2016** | $9239 | $9813 | $9849 |
| **5/31/2016** | $9451 | $10004 | $10025 |
| **6/30/2016** | $9193 | $9964 | $10046 |
| **7/31/2016** | $9722 | $10435 | $10444 |
| **8/31/2016** | $9671 | $10383 | $10471 |
| **9/30/2016** | $9709 | $10421 | $10488 |
| **10/31/2016** | $9387 | $10176 | $10261 |
| **11/30/2016** | $9432 | $10398 | $10720 |
| **12/31/2016** | $9341 | $10526 | $10929 |
| **1/31/2017** | $9812 | $10881 | $11135 |
| **2/28/2017** | $10183 | $11333 | $11549 |
| **3/31/2017** | $10319 | $11464 | $11557 |
| **4/30/2017** | $10682 | $11726 | $11679 |
| **5/31/2017** | $11061 | $12031 | $11799 |
| **6/30/2017** | $10989 | $11999 | $11905 |
| **7/31/2017** | $11325 | $12318 | $12130 |
| **8/31/2017** | $11503 | $12544 | $12153 |
| **9/30/2017** | $11689 | $12707 | $12449 |
| **10/31/2017** | $12131 | $13200 | $12721 |
| **11/30/2017** | $12459 | $13601 | $13107 |
| **12/31/2017** | $12569 | $13707 | $13238 |
| **1/31/2018** | $13695 | $14677 | $13936 |
| **2/28/2018** | $13468 | $14292 | $13423 |
| **3/31/2018** | $13232 | $13901 | $13153 |
| **4/30/2018** | $13277 | $13949 | $13203 |
| **5/31/2018** | $13931 | $14561 | $13576 |
| **6/30/2018** | $14086 | $14701 | $13665 |
| **7/31/2018** | $14413 | $15132 | $14118 |
| **8/31/2018** | $15194 | $15960 | $14614 |
| **9/30/2018** | $15339 | $16049 | $14638 |
| **10/31/2018** | $13750 | $14614 | $13560 |
| **11/30/2018** | $13977 | $14769 | $13832 |
| **12/31/2018** | $12745 | $13499 | $12544 |
| **1/31/2019** | $14031 | $14712 | $13621 |
| **2/28/2019** | $14777 | $15239 | $14100 |
| **3/31/2019** | $15101 | $15673 | $14306 |
| **4/30/2019** | $15955 | $16381 | $14877 |
| **5/31/2019** | $15252 | $15346 | $13915 |
| **6/30/2019** | $16139 | $16400 | $14892 |
| **7/31/2019** | $16344 | $16770 | $15113 |
| **8/31/2019** | $16150 | $16642 | $14805 |
| **9/30/2019** | $15879 | $16644 | $15065 |
| **10/31/2019** | $16085 | $17113 | $15389 |
| **11/30/2019** | $16809 | $17872 | $15974 |
| **12/31/2019** | $17044 | $18411 | $16436 |
| **1/31/2020** | $17697 | $18823 | $16418 |
| **2/29/2020** | $16532 | $17541 | $15074 |
| **3/31/2020** | $14283 | $15815 | $13001 |
| **4/30/2020** | $16648 | $18156 | $14722 |
| **5/31/2020** | $17988 | $19375 | $15510 |
| **6/30/2020** | $18745 | $20218 | $15864 |
| **7/31/2020** | $20166 | $21774 | $16765 |
| **8/31/2020** | $21646 | $24021 | $17980 |
| **9/30/2020** | $20935 | $22890 | $17325 |
| **10/31/2020** | $20656 | $22113 | $16951 |
| **11/30/2020** | $22893 | $24377 | $19013 |
| **12/31/2020** | $23867 | $25498 | $19869 |
| **1/31/2021** | $23568 | $25310 | $19780 |
| **2/28/2021** | $24555 | $25304 | $20399 |
| **3/31/2021** | $24178 | $25739 | $21130 |
| **4/30/2021** | $25751 | $27490 | $22219 |
| **5/31/2021** | $24906 | $27110 | $22320 |
| **6/30/2021** | $26478 | $28810 | $22871 |
| **7/31/2021** | $27323 | $29760 | $23258 |
| **8/31/2021** | $28167 | $30873 | $23921 |
| **9/30/2021** | $26764 | $29144 | $22848 |
| **10/31/2021** | $28791 | $31668 | $24393 |
| **11/30/2021** | $27465 | $31861 | $24021 |
| **12/31/2021** | $27249 | $32535 | $24967 |
| **1/31/2022** | $23976 | $29743 | $23498 |
| **2/28/2022** | $23541 | $28479 | $22906 |
| **3/31/2022** | $23783 | $29594 | $23649 |
| **4/30/2022** | $20606 | $26020 | $21527 |
| **5/31/2022** | $20107 | $25415 | $21498 |
| **6/30/2022** | $18639 | $23402 | $19700 |
| **7/31/2022** | $20864 | $26210 | $21548 |
| **8/31/2022** | $19945 | $24989 | $20744 |
| **9/30/2022** | $17994 | $22560 | $18820 |
| **10/31/2022** | $18704 | $23879 | $20364 |
| **11/30/2022** | $19462 | $24967 | $21426 |
| **12/31/2022** | $18091 | $23055 | $20172 |
| **1/31/2023** | $19526 | $24977 | $21561 |
| **2/28/2023** | $19123 | $24680 | $21057 |
| **3/31/2023** | $20187 | $26367 | $21620 |
| **4/30/2023** | $20316 | $26628 | $21851 |
| **5/31/2023** | $20897 | $27841 | $21936 |
| **6/30/2023** | $22380 | $29745 | $23433 |
| **7/31/2023** | $22783 | $30747 | $24273 |
| **8/31/2023** | $22493 | $30471 | $23805 |
| **9/30/2023** | $21215 | $28814 | $22671 |
| **10/31/2023** | $20849 | $28404 | $22070 |
| **11/30/2023** | $23278 | $31500 | $24128 |
| **12/31/2023** | $24149 | $32895 | $25408 |
| **1/31/2024** | $25286 | $33715 | $25689 |
| **2/29/2024** | $27515 | $36016 | $27080 |
| **3/31/2024** | $28171 | $36650 | $27953 |
| **4/30/2024** | $26706 | $35095 | $26723 |
| **5/31/2024** | $28302 | $37196 | $27986 |
| **6/30/2024** | $29679 | $39704 | $28852 |
| **7/31/2024** | $29001 | $39029 | $29389 |
| **8/31/2024** | $30378 | $39842 | $30029 |
| **9/30/2024** | $31361 | $40971 | $30650 |
| **10/31/2024** | $31602 | $40835 | $30425 |
| **11/30/2024** | $34487 | $43484 | $32449 |
| **12/31/2024** | $33276 | $43868 | $31457 |
| **1/31/2025** | $34416 | $44735 | $32450 |
| **2/28/2025** | $32896 | $43128 | $31828 |
| **3/31/2025** | $29804 | $39481 | $29971 |
| **4/30/2025** | $30767 | $40153 | $29770 |
| **5/31/2025** | $34213 | $43747 | $31657 |
| **6/30/2025** | $37179 | $46580 | $33266 |
| **7/31/2025** | $38344 | $48339 | $33998 |

---

# Premier Large Company Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 32.22 | 13.71 | 14.39 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1480254613 |
| # of portfolio holdings | 60 |
| Portfolio turnover rate | 63% |
| Total advisory fees paid | $8593474 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Consumer discretionary | 15.0 |
| Industrials | 12.8 |
| Financials | 10.6 |
| Health care | 6.1 |
| Utilities | 1.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.1 |
| Microsoft Corp. | 8.8 |
| Meta Platforms, Inc. Class A | 6.3 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.4 |
| Oracle Corp. | 2.5 |
| DoorDash, Inc. Class A | 2.0 |
| Mastercard, Inc. Class A | 2.0 |
| Booking Holdings, Inc. | 1.8 |
| Arista Networks, Inc. | 1.7 |

---

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

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

#### AR4654 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Premier Large Company Growth Fund

# July 31, 2025

# Class C

# EKJCX
This annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $213 | 1.85% |

---

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

## How did the Fund perform last year and what affected its performance?
The market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within information technology, industrials, and communication services, where holdings with innovative products and strong demand, such as AppLovin Corp., Axon Enterprise, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp., Broadcom, Inc. and Netflix, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g27m63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9341 | $9393 | $9396 |
| **9/30/2015** | $9082 | $9160 | $9122 |
| **10/31/2015** | $9685 | $9949 | $9843 |
| **11/30/2015** | $9762 | $9977 | $9898 |
| **12/31/2015** | $9600 | $9831 | $9694 |
| **1/31/2016** | $8756 | $9282 | $9147 |
| **2/29/2016** | $8642 | $9278 | $9144 |
| **3/31/2016** | $9159 | $9904 | $9788 |
| **4/30/2016** | $9152 | $9813 | $9849 |
| **5/31/2016** | $9357 | $10004 | $10025 |
| **6/30/2016** | $9091 | $9964 | $10046 |
| **7/31/2016** | $9608 | $10435 | $10444 |
| **8/31/2016** | $9547 | $10383 | $10471 |
| **9/30/2016** | $9570 | $10421 | $10488 |
| **10/31/2016** | $9250 | $10176 | $10261 |
| **11/30/2016** | $9281 | $10398 | $10720 |
| **12/31/2016** | $9180 | $10526 | $10929 |
| **1/31/2017** | $9636 | $10881 | $11135 |
| **2/28/2017** | $9988 | $11333 | $11549 |
| **3/31/2017** | $10109 | $11464 | $11557 |
| **4/30/2017** | $10461 | $11726 | $11679 |
| **5/31/2017** | $10822 | $12031 | $11799 |
| **6/30/2017** | $10736 | $11999 | $11905 |
| **7/31/2017** | $11054 | $12318 | $12130 |
| **8/31/2017** | $11209 | $12544 | $12153 |
| **9/30/2017** | $11381 | $12707 | $12449 |
| **10/31/2017** | $11811 | $13200 | $12721 |
| **11/30/2017** | $12111 | $13601 | $13107 |
| **12/31/2017** | $12207 | $13707 | $13238 |
| **1/31/2018** | $13284 | $14677 | $13936 |
| **2/28/2018** | $13050 | $14292 | $13423 |
| **3/31/2018** | $12816 | $13901 | $13153 |
| **4/30/2018** | $12840 | $13949 | $13203 |
| **5/31/2018** | $13460 | $14561 | $13576 |
| **6/30/2018** | $13600 | $14701 | $13665 |
| **7/31/2018** | $13893 | $15132 | $14118 |
| **8/31/2018** | $14630 | $15960 | $14614 |
| **9/30/2018** | $14759 | $16049 | $14638 |
| **10/31/2018** | $13214 | $14614 | $13560 |
| **11/30/2018** | $13413 | $14769 | $13832 |
| **12/31/2018** | $12220 | $13499 | $12544 |
| **1/31/2019** | $13457 | $14712 | $13621 |
| **2/28/2019** | $14157 | $15239 | $14100 |
| **3/31/2019** | $14441 | $15673 | $14306 |
| **4/30/2019** | $15245 | $16381 | $14877 |
| **5/31/2019** | $14560 | $15346 | $13915 |
| **6/30/2019** | $15379 | $16400 | $14892 |
| **7/31/2019** | $15573 | $16770 | $15113 |
| **8/31/2019** | $15364 | $16642 | $14805 |
| **9/30/2019** | $15096 | $16644 | $15065 |
| **10/31/2019** | $15275 | $17113 | $15389 |
| **11/30/2019** | $15946 | $17872 | $15974 |
| **12/31/2019** | $16149 | $18411 | $16436 |
| **1/31/2020** | $16748 | $18823 | $16418 |
| **2/29/2020** | $15633 | $17541 | $15074 |
| **3/31/2020** | $13485 | $15815 | $13001 |
| **4/30/2020** | $15716 | $18156 | $14722 |
| **5/31/2020** | $16964 | $19375 | $15510 |
| **6/30/2020** | $17664 | $20218 | $15864 |
| **7/31/2020** | $18979 | $21774 | $16765 |
| **8/31/2020** | $20344 | $24021 | $17980 |
| **9/30/2020** | $19661 | $22890 | $17325 |
| **10/31/2020** | $19378 | $22113 | $16951 |
| **11/30/2020** | $21459 | $24377 | $19013 |
| **12/31/2020** | $22350 | $25498 | $19869 |
| **1/31/2021** | $22034 | $25310 | $19780 |
| **2/28/2021** | $22943 | $25304 | $20399 |
| **3/31/2021** | $22567 | $25739 | $21130 |
| **4/30/2021** | $24010 | $27490 | $22219 |
| **5/31/2021** | $23199 | $27110 | $22320 |
| **6/30/2021** | $24642 | $28810 | $22871 |
| **7/31/2021** | $25393 | $29760 | $23258 |
| **8/31/2021** | $26164 | $30873 | $23921 |
| **9/30/2021** | $24840 | $29144 | $22848 |
| **10/31/2021** | $26677 | $31668 | $24393 |
| **11/30/2021** | $25432 | $31861 | $24021 |
| **12/31/2021** | $25189 | $32535 | $24967 |
| **1/31/2022** | $22142 | $29743 | $23498 |
| **2/28/2022** | $21736 | $28479 | $22906 |
| **3/31/2022** | $21939 | $29594 | $23649 |
| **4/30/2022** | $18979 | $26020 | $21527 |
| **5/31/2022** | $18515 | $25415 | $21498 |
| **6/30/2022** | $17122 | $23402 | $19700 |
| **7/31/2022** | $19153 | $26210 | $21548 |
| **8/31/2022** | $18283 | $24989 | $20744 |
| **9/30/2022** | $16483 | $22560 | $18820 |
| **10/31/2022** | $17122 | $23879 | $20364 |
| **11/30/2022** | $17818 | $24967 | $21426 |
| **12/31/2022** | $16512 | $23055 | $20172 |
| **1/31/2023** | $17818 | $24977 | $21561 |
| **2/28/2023** | $17441 | $24680 | $21057 |
| **3/31/2023** | $18399 | $26367 | $21620 |
| **4/30/2023** | $18486 | $26628 | $21851 |
| **5/31/2023** | $19008 | $27841 | $21936 |
| **6/30/2023** | $20314 | $29745 | $23433 |
| **7/31/2023** | $20662 | $30747 | $24273 |
| **8/31/2023** | $20399 | $30471 | $23805 |
| **9/30/2023** | $19226 | $28814 | $22671 |
| **10/31/2023** | $18885 | $28404 | $22070 |
| **11/30/2023** | $21084 | $31500 | $24128 |
| **12/31/2023** | $21878 | $32895 | $25408 |
| **1/31/2024** | $22883 | $33715 | $25689 |
| **2/29/2024** | $24893 | $36016 | $27080 |
| **3/31/2024** | $25454 | $36650 | $27953 |
| **4/30/2024** | $24145 | $35095 | $26723 |
| **5/31/2024** | $25571 | $37196 | $27986 |
| **6/30/2024** | $26810 | $39704 | $28852 |
| **7/31/2024** | $26202 | $39029 | $29389 |
| **8/31/2024** | $27417 | $39842 | $30029 |
| **9/30/2024** | $28282 | $40971 | $30650 |
| **10/31/2024** | $28493 | $40835 | $30425 |
| **11/30/2024** | $31087 | $43484 | $32449 |
| **12/31/2024** | $29973 | $43868 | $31457 |
| **1/31/2025** | $31007 | $44735 | $32450 |
| **2/28/2025** | $29638 | $43128 | $31828 |
| **3/31/2025** | $26845 | $39481 | $29971 |
| **4/30/2025** | $27683 | $40153 | $29770 |
| **5/31/2025** | $30783 | $43747 | $31657 |
| **6/30/2025** | $33437 | $46580 | $33266 |
| **7/31/2025** | $34471 | $48339 | $33998 |

---

# Premier Large Company Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 30.78 | 12.35 | 13.17 |
| Class C with Load | 29.78 | 12.35 | 13.17 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1480254613 |
| # of portfolio holdings | 60 |
| Portfolio turnover rate | 63% |
| Total advisory fees paid | $8593474 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Consumer discretionary | 15.0 |
| Industrials | 12.8 |
| Financials | 10.6 |
| Health care | 6.1 |
| Utilities | 1.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.1 |
| Microsoft Corp. | 8.8 |
| Meta Platforms, Inc. Class A | 6.3 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.4 |
| Oracle Corp. | 2.5 |
| DoorDash, Inc. Class A | 2.0 |
| Mastercard, Inc. Class A | 2.0 |
| Booking Holdings, Inc. | 1.8 |
| Arista Networks, Inc. | 1.7 |

---

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

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

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

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

#### AR0948 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Premier Large Company Growth Fund

# July 31, 2025

# Class A

# EKJAX
This annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $125 | 1.08% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within information technology, industrials, and communication services, where holdings with innovative products and strong demand, such as AppLovin Corp., Axon Enterprise, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp., Broadcom, Inc. and Netflix, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g34p03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $9427 | $10000 | $10000 |
| **8/31/2015** | $8813 | $9393 | $9396 |
| **9/30/2015** | $8570 | $9160 | $9122 |
| **10/31/2015** | $9143 | $9949 | $9843 |
| **11/30/2015** | $9224 | $9977 | $9898 |
| **12/31/2015** | $9073 | $9831 | $9694 |
| **1/31/2016** | $8284 | $9282 | $9147 |
| **2/29/2016** | $8178 | $9278 | $9144 |
| **3/31/2016** | $8675 | $9904 | $9788 |
| **4/30/2016** | $8682 | $9813 | $9849 |
| **5/31/2016** | $8874 | $10004 | $10025 |
| **6/30/2016** | $8632 | $9964 | $10046 |
| **7/31/2016** | $9123 | $10435 | $10444 |
| **8/31/2016** | $9073 | $10383 | $10471 |
| **9/30/2016** | $9104 | $10421 | $10488 |
| **10/31/2016** | $8800 | $10176 | $10261 |
| **11/30/2016** | $8837 | $10398 | $10720 |
| **12/31/2016** | $8749 | $10526 | $10929 |
| **1/31/2017** | $9183 | $10881 | $11135 |
| **2/28/2017** | $9528 | $11333 | $11549 |
| **3/31/2017** | $9652 | $11464 | $11557 |
| **4/30/2017** | $9990 | $11726 | $11679 |
| **5/31/2017** | $10342 | $12031 | $11799 |
| **6/30/2017** | $10266 | $11999 | $11905 |
| **7/31/2017** | $10584 | $12318 | $12130 |
| **8/31/2017** | $10736 | $12544 | $12153 |
| **9/30/2017** | $10908 | $12707 | $12449 |
| **10/31/2017** | $11322 | $13200 | $12721 |
| **11/30/2017** | $11626 | $13601 | $13107 |
| **12/31/2017** | $11717 | $13707 | $13238 |
| **1/31/2018** | $12763 | $14677 | $13936 |
| **2/28/2018** | $12551 | $14292 | $13423 |
| **3/31/2018** | $12329 | $13901 | $13153 |
| **4/30/2018** | $12364 | $13949 | $13203 |
| **5/31/2018** | $12967 | $14561 | $13576 |
| **6/30/2018** | $13100 | $14701 | $13665 |
| **7/31/2018** | $13393 | $15132 | $14118 |
| **8/31/2018** | $14120 | $15960 | $14614 |
| **9/30/2018** | $14254 | $16049 | $14638 |
| **10/31/2018** | $12772 | $14614 | $13560 |
| **11/30/2018** | $12976 | $14769 | $13832 |
| **12/31/2018** | $11825 | $13499 | $12544 |
| **1/31/2019** | $13019 | $14712 | $13621 |
| **2/28/2019** | $13702 | $15239 | $14100 |
| **3/31/2019** | $14000 | $15673 | $14306 |
| **4/30/2019** | $14779 | $16381 | $14877 |
| **5/31/2019** | $14128 | $15346 | $13915 |
| **6/30/2019** | $14939 | $16400 | $14892 |
| **7/31/2019** | $15131 | $16770 | $15113 |
| **8/31/2019** | $14939 | $16642 | $14805 |
| **9/30/2019** | $14683 | $16644 | $15065 |
| **10/31/2019** | $14875 | $17113 | $15389 |
| **11/30/2019** | $15536 | $17872 | $15974 |
| **12/31/2019** | $15746 | $18411 | $16436 |
| **1/31/2020** | $16347 | $18823 | $16418 |
| **2/29/2020** | $15261 | $17541 | $15074 |
| **3/31/2020** | $13170 | $15815 | $13001 |
| **4/30/2020** | $15354 | $18156 | $14722 |
| **5/31/2020** | $16590 | $19375 | $15510 |
| **6/30/2020** | $17283 | $20218 | $15864 |
| **7/31/2020** | $18577 | $21774 | $16765 |
| **8/31/2020** | $19929 | $24021 | $17980 |
| **9/30/2020** | $19270 | $22890 | $17325 |
| **10/31/2020** | $19004 | $22113 | $16951 |
| **11/30/2020** | $21061 | $24377 | $19013 |
| **12/31/2020** | $21945 | $25498 | $19869 |
| **1/31/2021** | $21659 | $25310 | $19780 |
| **2/28/2021** | $22569 | $25304 | $20399 |
| **3/31/2021** | $22205 | $25739 | $21130 |
| **4/30/2021** | $23635 | $27490 | $22219 |
| **5/31/2021** | $22868 | $27110 | $22320 |
| **6/30/2021** | $24298 | $28810 | $22871 |
| **7/31/2021** | $25065 | $29760 | $23258 |
| **8/31/2021** | $25819 | $30873 | $23921 |
| **9/30/2021** | $24532 | $29144 | $22848 |
| **10/31/2021** | $26378 | $31668 | $24393 |
| **11/30/2021** | $25156 | $31861 | $24021 |
| **12/31/2021** | $24935 | $32535 | $24967 |
| **1/31/2022** | $21931 | $29743 | $23498 |
| **2/28/2022** | $21535 | $28479 | $22906 |
| **3/31/2022** | $21750 | $29594 | $23649 |
| **4/30/2022** | $18829 | $26020 | $21527 |
| **5/31/2022** | $18383 | $25415 | $21498 |
| **6/30/2022** | $17014 | $23402 | $19700 |
| **7/31/2022** | $19043 | $26210 | $21548 |
| **8/31/2022** | $18202 | $24989 | $20744 |
| **9/30/2022** | $16419 | $22560 | $18820 |
| **10/31/2022** | $17063 | $23879 | $20364 |
| **11/30/2022** | $17740 | $24967 | $21426 |
| **12/31/2022** | $16485 | $23055 | $20172 |
| **1/31/2023** | $17789 | $24977 | $21561 |
| **2/28/2023** | $17410 | $24680 | $21057 |
| **3/31/2023** | $18367 | $26367 | $21620 |
| **4/30/2023** | $18482 | $26628 | $21851 |
| **5/31/2023** | $19010 | $27841 | $21936 |
| **6/30/2023** | $20347 | $29745 | $23433 |
| **7/31/2023** | $20710 | $30747 | $24273 |
| **8/31/2023** | $20446 | $30471 | $23805 |
| **9/30/2023** | $19271 | $28814 | $22671 |
| **10/31/2023** | $18928 | $28404 | $22070 |
| **11/30/2023** | $21133 | $31500 | $24128 |
| **12/31/2023** | $21928 | $32895 | $25408 |
| **1/31/2024** | $22936 | $33715 | $25689 |
| **2/29/2024** | $24951 | $36016 | $27080 |
| **3/31/2024** | $25513 | $36650 | $27953 |
| **4/30/2024** | $24201 | $35095 | $26723 |
| **5/31/2024** | $25630 | $37196 | $27986 |
| **6/30/2024** | $26872 | $39704 | $28852 |
| **7/31/2024** | $26263 | $39029 | $29389 |
| **8/31/2024** | $27481 | $39842 | $30029 |
| **9/30/2024** | $28348 | $40971 | $30650 |
| **10/31/2024** | $28558 | $40835 | $30425 |
| **11/30/2024** | $31159 | $43484 | $32449 |
| **12/31/2024** | $30042 | $43868 | $31457 |
| **1/31/2025** | $31078 | $44735 | $32450 |
| **2/28/2025** | $29707 | $43128 | $31828 |
| **3/31/2025** | $26907 | $39481 | $29971 |
| **4/30/2025** | $27747 | $40153 | $29770 |
| **5/31/2025** | $30854 | $43747 | $31657 |
| **6/30/2025** | $33514 | $46580 | $33266 |
| **7/31/2025** | $34550 | $48339 | $33998 |

---

# Premier Large Company Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 31.67 | 13.21 | 13.87 |
| Class A with Load | 24.14 | 11.88 | 13.2 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1480254613 |
| # of portfolio holdings | 60 |
| Portfolio turnover rate | 63% |
| Total advisory fees paid | $8593474 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Consumer discretionary | 15.0 |
| Industrials | 12.8 |
| Financials | 10.6 |
| Health care | 6.1 |
| Utilities | 1.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.1 |
| Microsoft Corp. | 8.8 |
| Meta Platforms, Inc. Class A | 6.3 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.4 |
| Oracle Corp. | 2.5 |
| DoorDash, Inc. Class A | 2.0 |
| Mastercard, Inc. Class A | 2.0 |
| Booking Holdings, Inc. | 1.8 |
| Arista Networks, Inc. | 1.7 |

---

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

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

#### AR4325 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Premier Large Company Growth Fund

# July 31, 2025

# Administrator Class

# WFPDX
This annual shareholder report contains important information about Premier Large Company Growth Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $116 | 1.00% |

---

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 market environment for the 12-month period that ended July 31, 2025, was bifurcated for U.S. equities. During the first half of the period, the economy was generally healthy, with moderating inflation, resilient consumer spending, and favorable earnings growth. In early 2025, the new U.S. administration took office and implemented policies on government spending, immigration, and tariffs. Financial market sentiment grew concerned and volatility spiked until the administration temporarily paused tariffs. With uncertainty easing, overall corporate earnings generally exceeded expectations and propelled growth indexes upward. Artificial intelligence (AI) was a key driver as leading technology firms ramped up capital expenditures on AI infrastructure.

The portfolio benefited from security selection within information technology, industrials, and communication services, where holdings with innovative products and strong demand, such as AppLovin Corp., Axon Enterprise, Inc. and Roblox Corp., contributed. In contrast, relative underweights to select mega-cap technology companies, including NVIDIA Corp., Broadcom, Inc. and Netflix, Inc. detracted from returns.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g23w22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9348 | $9393 | $9396 |
| **9/30/2015** | $9092 | $9160 | $9122 |
| **10/31/2015** | $9701 | $9949 | $9843 |
| **11/30/2015** | $9787 | $9977 | $9898 |
| **12/31/2015** | $9628 | $9831 | $9694 |
| **1/31/2016** | $8791 | $9282 | $9147 |
| **2/29/2016** | $8680 | $9278 | $9144 |
| **3/31/2016** | $9209 | $9904 | $9788 |
| **4/30/2016** | $9209 | $9813 | $9849 |
| **5/31/2016** | $9425 | $10004 | $10025 |
| **6/30/2016** | $9164 | $9964 | $10046 |
| **7/31/2016** | $9687 | $10435 | $10444 |
| **8/31/2016** | $9634 | $10383 | $10471 |
| **9/30/2016** | $9667 | $10421 | $10488 |
| **10/31/2016** | $9347 | $10176 | $10261 |
| **11/30/2016** | $9392 | $10398 | $10720 |
| **12/31/2016** | $9293 | $10526 | $10929 |
| **1/31/2017** | $9757 | $10881 | $11135 |
| **2/28/2017** | $10127 | $11333 | $11549 |
| **3/31/2017** | $10257 | $11464 | $11557 |
| **4/30/2017** | $10620 | $11726 | $11679 |
| **5/31/2017** | $10989 | $12031 | $11799 |
| **6/30/2017** | $10910 | $11999 | $11905 |
| **7/31/2017** | $11250 | $12318 | $12130 |
| **8/31/2017** | $11417 | $12544 | $12153 |
| **9/30/2017** | $11598 | $12707 | $12449 |
| **10/31/2017** | $12040 | $13200 | $12721 |
| **11/30/2017** | $12359 | $13601 | $13107 |
| **12/31/2017** | $12462 | $13707 | $13238 |
| **1/31/2018** | $13577 | $14677 | $13936 |
| **2/28/2018** | $13344 | $14292 | $13423 |
| **3/31/2018** | $13112 | $13901 | $13153 |
| **4/30/2018** | $13149 | $13949 | $13203 |
| **5/31/2018** | $13799 | $14561 | $13576 |
| **6/30/2018** | $13948 | $14701 | $13665 |
| **7/31/2018** | $14254 | $15132 | $14118 |
| **8/31/2018** | $15034 | $15960 | $14614 |
| **9/30/2018** | $15174 | $16049 | $14638 |
| **10/31/2018** | $13595 | $14614 | $13560 |
| **11/30/2018** | $13809 | $14769 | $13832 |
| **12/31/2018** | $12583 | $13499 | $12544 |
| **1/31/2019** | $13863 | $14712 | $13621 |
| **2/28/2019** | $14597 | $15239 | $14100 |
| **3/31/2019** | $14909 | $15673 | $14306 |
| **4/30/2019** | $15743 | $16381 | $14877 |
| **5/31/2019** | $15042 | $15346 | $13915 |
| **6/30/2019** | $15910 | $16400 | $14892 |
| **7/31/2019** | $16110 | $16770 | $15113 |
| **8/31/2019** | $15910 | $16642 | $14805 |
| **9/30/2019** | $15643 | $16644 | $15065 |
| **10/31/2019** | $15843 | $17113 | $15389 |
| **11/30/2019** | $16555 | $17872 | $15974 |
| **12/31/2019** | $16774 | $18411 | $16436 |
| **1/31/2020** | $17424 | $18823 | $16418 |
| **2/29/2020** | $16269 | $17541 | $15074 |
| **3/31/2020** | $14043 | $15815 | $13001 |
| **4/30/2020** | $16365 | $18156 | $14722 |
| **5/31/2020** | $17689 | $19375 | $15510 |
| **6/30/2020** | $18423 | $20218 | $15864 |
| **7/31/2020** | $19819 | $21774 | $16765 |
| **8/31/2020** | $21251 | $24021 | $17980 |
| **9/30/2020** | $20553 | $22890 | $17325 |
| **10/31/2020** | $20276 | $22113 | $16951 |
| **11/30/2020** | $22466 | $24377 | $19013 |
| **12/31/2020** | $23411 | $25498 | $19869 |
| **1/31/2021** | $23114 | $25310 | $19780 |
| **2/28/2021** | $24086 | $25304 | $20399 |
| **3/31/2021** | $23695 | $25739 | $21130 |
| **4/30/2021** | $25234 | $27490 | $22219 |
| **5/31/2021** | $24397 | $27110 | $22320 |
| **6/30/2021** | $25936 | $28810 | $22871 |
| **7/31/2021** | $26759 | $29760 | $23258 |
| **8/31/2021** | $27569 | $30873 | $23921 |
| **9/30/2021** | $26192 | $29144 | $22848 |
| **10/31/2021** | $28163 | $31668 | $24393 |
| **11/30/2021** | $26867 | $31861 | $24021 |
| **12/31/2021** | $26642 | $32535 | $24967 |
| **1/31/2022** | $23426 | $29743 | $23498 |
| **2/28/2022** | $23001 | $28479 | $22906 |
| **3/31/2022** | $23222 | $29594 | $23649 |
| **4/30/2022** | $20126 | $26020 | $21527 |
| **5/31/2022** | $19632 | $25415 | $21498 |
| **6/30/2022** | $18186 | $23402 | $19700 |
| **7/31/2022** | $20347 | $26210 | $21548 |
| **8/31/2022** | $19445 | $24989 | $20744 |
| **9/30/2022** | $17540 | $22560 | $18820 |
| **10/31/2022** | $18237 | $23879 | $20364 |
| **11/30/2022** | $18969 | $24967 | $21426 |
| **12/31/2022** | $17625 | $23055 | $20172 |
| **1/31/2023** | $19020 | $24977 | $21561 |
| **2/28/2023** | $18629 | $24680 | $21057 |
| **3/31/2023** | $19649 | $26367 | $21620 |
| **4/30/2023** | $19768 | $26628 | $21851 |
| **5/31/2023** | $20330 | $27841 | $21936 |
| **6/30/2023** | $21759 | $29745 | $23433 |
| **7/31/2023** | $22150 | $30747 | $24273 |
| **8/31/2023** | $21861 | $30471 | $23805 |
| **9/30/2023** | $20614 | $28814 | $22671 |
| **10/31/2023** | $20244 | $28404 | $22070 |
| **11/30/2023** | $22602 | $31500 | $24128 |
| **12/31/2023** | $23455 | $32895 | $25408 |
| **1/31/2024** | $24525 | $33715 | $25689 |
| **2/29/2024** | $26713 | $36016 | $27080 |
| **3/31/2024** | $27308 | $36650 | $27953 |
| **4/30/2024** | $25905 | $35095 | $26723 |
| **5/31/2024** | $27427 | $37196 | $27986 |
| **6/30/2024** | $28759 | $39704 | $28852 |
| **7/31/2024** | $28093 | $39029 | $29389 |
| **8/31/2024** | $29425 | $39842 | $30029 |
| **9/30/2024** | $30353 | $40971 | $30650 |
| **10/31/2024** | $30591 | $40835 | $30425 |
| **11/30/2024** | $33374 | $43484 | $32449 |
| **12/31/2024** | $32199 | $43868 | $31457 |
| **1/31/2025** | $33296 | $44735 | $32450 |
| **2/28/2025** | $31805 | $43128 | $31828 |
| **3/31/2025** | $28821 | $39481 | $29971 |
| **4/30/2025** | $29722 | $40153 | $29770 |
| **5/31/2025** | $33043 | $43747 | $31657 |
| **6/30/2025** | $35886 | $46580 | $33266 |
| **7/31/2025** | $37012 | $48339 | $33998 |

---

# Premier Large Company Growth Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 31.75 | 13.31 | 13.98 |
| Russell 1000<sup>®</sup> Growth Index | 23.85 | 17.29 | 17.07 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1480254613 |
| # of portfolio holdings | 60 |
| Portfolio turnover rate | 63% |
| Total advisory fees paid | $8593474 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Communication services | 15.1 |
| Consumer discretionary | 15.0 |
| Industrials | 12.8 |
| Financials | 10.6 |
| Health care | 6.1 |
| Utilities | 1.3 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.1 |
| Microsoft Corp. | 8.8 |
| Meta Platforms, Inc. Class A | 6.3 |
| Amazon.com, Inc. | 4.7 |
| Broadcom, Inc. | 4.4 |
| Oracle Corp. | 2.5 |
| DoorDash, Inc. Class A | 2.0 |
| Mastercard, Inc. Class A | 2.0 |
| Booking Holdings, Inc. | 1.8 |
| Arista Networks, Inc. | 1.7 |

---

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

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

#### AR3721 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Special Large Cap Value Fund

# July 31, 2025

# Class R6

# EIVFX
This annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $43 | 0.41% |

---

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 outperformed its strategy benchmark, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in its consumer discretionary weight while reducing its exposure to real estate and financials. Citigroup, Inc. was the largest contributor, as it is exiting less profitable, non-core franchises and eliminating managerial layers to improve returns and reduce its capital needs, with a goal of achieving more durable and higher-growth cash flow. The largest detractor was Canadian Pacific Kansas City Ltd., an operator of a transnational rail network, on fears that trade policy could affect volumes. Management announced its first share repurchase program in more than three years, and we believe shares are materially undervalued from a reward/risk perspective.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g83w41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9361 | $9404 | $9396 |
| **9/30/2015** | $9090 | $9121 | $9122 |
| **10/31/2015** | $9846 | $9809 | $9843 |
| **11/30/2015** | $9824 | $9846 | $9898 |
| **12/31/2015** | $9597 | $9634 | $9694 |
| **1/31/2016** | $8983 | $9137 | $9147 |
| **2/29/2016** | $8950 | $9134 | $9144 |
| **3/31/2016** | $9522 | $9792 | $9788 |
| **4/30/2016** | $9605 | $9998 | $9849 |
| **5/31/2016** | $9646 | $10153 | $10025 |
| **6/30/2016** | $9621 | $10241 | $10046 |
| **7/31/2016** | $9870 | $10538 | $10444 |
| **8/31/2016** | $9937 | $10620 | $10471 |
| **9/30/2016** | $9970 | $10598 | $10488 |
| **10/31/2016** | $9771 | $10434 | $10261 |
| **11/30/2016** | $10161 | $11029 | $10720 |
| **12/31/2016** | $10336 | $11305 | $10929 |
| **1/31/2017** | $10480 | $11386 | $11135 |
| **2/28/2017** | $10751 | $11795 | $11549 |
| **3/31/2017** | $10760 | $11675 | $11557 |
| **4/30/2017** | $10787 | $11653 | $11679 |
| **5/31/2017** | $10886 | $11641 | $11799 |
| **6/30/2017** | $10949 | $11832 | $11905 |
| **7/31/2017** | $11255 | $11989 | $12130 |
| **8/31/2017** | $11120 | $11849 | $12153 |
| **9/30/2017** | $11354 | $12200 | $12449 |
| **10/31/2017** | $11471 | $12289 | $12721 |
| **11/30/2017** | $11832 | $12665 | $13107 |
| **12/31/2017** | $12016 | $12850 | $13238 |
| **1/31/2018** | $12685 | $13347 | $13936 |
| **2/28/2018** | $12065 | $12709 | $13423 |
| **3/31/2018** | $11819 | $12486 | $13153 |
| **4/30/2018** | $11937 | $12527 | $13203 |
| **5/31/2018** | $12045 | $12601 | $13576 |
| **6/30/2018** | $12203 | $12633 | $13665 |
| **7/31/2018** | $12714 | $13133 | $14118 |
| **8/31/2018** | $12941 | $13327 | $14614 |
| **9/30/2018** | $13147 | $13353 | $14638 |
| **10/31/2018** | $12439 | $12662 | $13560 |
| **11/30/2018** | $12813 | $13040 | $13832 |
| **12/31/2018** | $11461 | $11788 | $12544 |
| **1/31/2019** | $12406 | $12705 | $13621 |
| **2/28/2019** | $12840 | $13111 | $14100 |
| **3/31/2019** | $13003 | $13194 | $14306 |
| **4/30/2019** | $13643 | $13662 | $14877 |
| **5/31/2019** | $12872 | $12784 | $13915 |
| **6/30/2019** | $13741 | $13702 | $14892 |
| **7/31/2019** | $14034 | $13815 | $15113 |
| **8/31/2019** | $13686 | $13409 | $14805 |
| **9/30/2019** | $14196 | $13887 | $15065 |
| **10/31/2019** | $14262 | $14081 | $15389 |
| **11/30/2019** | $14750 | $14517 | $15974 |
| **12/31/2019** | $15255 | $14916 | $16436 |
| **1/31/2020** | $14760 | $14595 | $16418 |
| **2/29/2020** | $13333 | $13182 | $15074 |
| **3/31/2020** | $11351 | $10929 | $13001 |
| **4/30/2020** | $12523 | $12158 | $14722 |
| **5/31/2020** | $12958 | $12574 | $15510 |
| **6/30/2020** | $13055 | $12491 | $15864 |
| **7/31/2020** | $13490 | $12985 | $16765 |
| **8/31/2020** | $14046 | $13522 | $17980 |
| **9/30/2020** | $13587 | $13190 | $17325 |
| **10/31/2020** | $13309 | $13016 | $16951 |
| **11/30/2020** | $15001 | $14767 | $19013 |
| **12/31/2020** | $15481 | $15333 | $19869 |
| **1/31/2021** | $15137 | $15193 | $19780 |
| **2/28/2021** | $15886 | $16111 | $20399 |
| **3/31/2021** | $17028 | $17059 | $21130 |
| **4/30/2021** | $17691 | $17741 | $22219 |
| **5/31/2021** | $18022 | $18155 | $22320 |
| **6/30/2021** | $17863 | $17947 | $22871 |
| **7/31/2021** | $18084 | $18091 | $23258 |
| **8/31/2021** | $18366 | $18450 | $23921 |
| **9/30/2021** | $17875 | $17807 | $22848 |
| **10/31/2021** | $18992 | $18712 | $24393 |
| **11/30/2021** | $18329 | $18052 | $24021 |
| **12/31/2021** | $19239 | $19191 | $24967 |
| **1/31/2022** | $18711 | $18744 | $23498 |
| **2/28/2022** | $18290 | $18527 | $22906 |
| **3/31/2022** | $18591 | $19050 | $23649 |
| **4/30/2022** | $17356 | $17975 | $21527 |
| **5/31/2022** | $17627 | $18324 | $21498 |
| **6/30/2022** | $15954 | $16723 | $19700 |
| **7/31/2022** | $17205 | $17832 | $21548 |
| **8/31/2022** | $16873 | $17301 | $20744 |
| **9/30/2022** | $15578 | $15784 | $18820 |
| **10/31/2022** | $17521 | $17402 | $20364 |
| **11/30/2022** | $18696 | $18490 | $21426 |
| **12/31/2022** | $18045 | $17744 | $20172 |
| **1/31/2023** | $18757 | $18664 | $21561 |
| **2/28/2023** | $18062 | $18006 | $21057 |
| **3/31/2023** | $17879 | $17923 | $21620 |
| **4/30/2023** | $18443 | $18193 | $21851 |
| **5/31/2023** | $17995 | $17491 | $21936 |
| **6/30/2023** | $19221 | $18653 | $23433 |
| **7/31/2023** | $19719 | $19309 | $24273 |
| **8/31/2023** | $19321 | $18788 | $23805 |
| **9/30/2023** | $18641 | $18063 | $22671 |
| **10/31/2023** | $18310 | $17426 | $22070 |
| **11/30/2023** | $19304 | $18740 | $24128 |
| **12/31/2023** | $20594 | $19778 | $25408 |
| **1/31/2024** | $20817 | $19799 | $25689 |
| **2/29/2024** | $21485 | $20529 | $27080 |
| **3/31/2024** | $22668 | $21556 | $27953 |
| **4/30/2024** | $21845 | $20635 | $26723 |
| **5/31/2024** | $22702 | $21289 | $27986 |
| **6/30/2024** | $22702 | $21089 | $28852 |
| **7/31/2024** | $23781 | $22167 | $29389 |
| **8/31/2024** | $24724 | $22762 | $30029 |
| **9/30/2024** | $24706 | $23077 | $30650 |
| **10/31/2024** | $24415 | $22823 | $30425 |
| **11/30/2024** | $25563 | $24281 | $32449 |
| **12/31/2024** | $24106 | $22620 | $31457 |
| **1/31/2025** | $25268 | $23667 | $32450 |
| **2/28/2025** | $25193 | $23763 | $31828 |
| **3/31/2025** | $24556 | $23103 | $29971 |
| **4/30/2025** | $24256 | $22399 | $29770 |
| **5/31/2025** | $25212 | $23186 | $31657 |
| **6/30/2025** | $26149 | $23978 | $33266 |
| **7/31/2025** | $26280 | $24116 | $33998 |

---

# Special Large Cap Value Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 10.51 | 14.27 | 10.14 |
| Russell 1000<sup>®</sup> Value Index | 8.79 | 13.18 | 9.2 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2001713305 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $6257425 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 21.0 |
| Industrials | 15.3 |
| Health care | 14.0 |
| Consumer discretionary | 10.3 |
| Information technology | 9.9 |
| Consumer staples | 7.7 |
| Energy | 5.8 |
| Materials | 4.8 |
| Communication services | 4.6 |
| Real estate | 3.5 |
| Utilities | 3.1 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 4.5 |
| Canadian Pacific Kansas City Ltd. | 4.4 |
| Bank of America Corp. | 3.9 |
| Intercontinental Exchange, Inc. | 3.8 |
| Citigroup, Inc. | 3.6 |
| Berkshire Hathaway, Inc. Class B | 3.3 |
| Mondelez International, Inc. Class A | 3.2 |
| D.R. Horton, Inc. | 3.0 |
| NextEra Energy, Inc. | 3.0 |
| Labcorp Holdings, Inc. | 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

#### AR4652 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Special Large Cap Value Fund

# July 31, 2025

# Institutional Class

# EIVIX
This annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $56 | 0.53% |

---

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

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

The Fund made minor changes to sector allocation, with an increase in its consumer discretionary weight while reducing its exposure to real estate and financials. Citigroup, Inc. was the largest contributor, as it is exiting less profitable, non-core franchises and eliminating managerial layers to improve returns and reduce its capital needs, with a goal of achieving more durable and higher-growth cash flow. The largest detractor was Canadian Pacific Kansas City Ltd., an operator of a transnational rail network, on fears that trade policy could affect volumes. Management announced its first share repurchase program in more than three years, and we believe shares are materially undervalued from a reward/risk perspective.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g18n18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9362 | $9404 | $9396 |
| **9/30/2015** | $9094 | $9121 | $9122 |
| **10/31/2015** | $9848 | $9809 | $9843 |
| **11/30/2015** | $9826 | $9846 | $9898 |
| **12/31/2015** | $9595 | $9634 | $9694 |
| **1/31/2016** | $8982 | $9137 | $9147 |
| **2/29/2016** | $8958 | $9134 | $9144 |
| **3/31/2016** | $9522 | $9792 | $9788 |
| **4/30/2016** | $9604 | $9998 | $9849 |
| **5/31/2016** | $9644 | $10153 | $10025 |
| **6/30/2016** | $9620 | $10241 | $10046 |
| **7/31/2016** | $9873 | $10538 | $10444 |
| **8/31/2016** | $9939 | $10620 | $10471 |
| **9/30/2016** | $9971 | $10598 | $10488 |
| **10/31/2016** | $9775 | $10434 | $10261 |
| **11/30/2016** | $10159 | $11029 | $10720 |
| **12/31/2016** | $10330 | $11305 | $10929 |
| **1/31/2017** | $10472 | $11386 | $11135 |
| **2/28/2017** | $10747 | $11795 | $11549 |
| **3/31/2017** | $10756 | $11675 | $11557 |
| **4/30/2017** | $10783 | $11653 | $11679 |
| **5/31/2017** | $10880 | $11641 | $11799 |
| **6/30/2017** | $10951 | $11832 | $11905 |
| **7/31/2017** | $11244 | $11989 | $12130 |
| **8/31/2017** | $11120 | $11849 | $12153 |
| **9/30/2017** | $11350 | $12200 | $12449 |
| **10/31/2017** | $11465 | $12289 | $12721 |
| **11/30/2017** | $11829 | $12665 | $13107 |
| **12/31/2017** | $12005 | $12850 | $13238 |
| **1/31/2018** | $12682 | $13347 | $13936 |
| **2/28/2018** | $12054 | $12709 | $13423 |
| **3/31/2018** | $11812 | $12486 | $13153 |
| **4/30/2018** | $11928 | $12527 | $13203 |
| **5/31/2018** | $12034 | $12601 | $13576 |
| **6/30/2018** | $12189 | $12633 | $13665 |
| **7/31/2018** | $12701 | $13133 | $14118 |
| **8/31/2018** | $12933 | $13327 | $14614 |
| **9/30/2018** | $13030 | $13353 | $14638 |
| **10/31/2018** | $12334 | $12662 | $13560 |
| **11/30/2018** | $12711 | $13040 | $13832 |
| **12/31/2018** | $11366 | $11788 | $12544 |
| **1/31/2019** | $12302 | $12705 | $13621 |
| **2/28/2019** | $12733 | $13111 | $14100 |
| **3/31/2019** | $12891 | $13194 | $14306 |
| **4/30/2019** | $13511 | $13662 | $14877 |
| **5/31/2019** | $12754 | $12784 | $13915 |
| **6/30/2019** | $13617 | $13702 | $14892 |
| **7/31/2019** | $13900 | $13815 | $15113 |
| **8/31/2019** | $13553 | $13409 | $14805 |
| **9/30/2019** | $14058 | $13887 | $15065 |
| **10/31/2019** | $14132 | $14081 | $15389 |
| **11/30/2019** | $14615 | $14517 | $15974 |
| **12/31/2019** | $15104 | $14916 | $16436 |
| **1/31/2020** | $14625 | $14595 | $16418 |
| **2/29/2020** | $13212 | $13182 | $15074 |
| **3/31/2020** | $11249 | $10929 | $13001 |
| **4/30/2020** | $12406 | $12158 | $14722 |
| **5/31/2020** | $12838 | $12574 | $15510 |
| **6/30/2020** | $12931 | $12491 | $15864 |
| **7/31/2020** | $13364 | $12985 | $16765 |
| **8/31/2020** | $13901 | $13522 | $17980 |
| **9/30/2020** | $13457 | $13190 | $17325 |
| **10/31/2020** | $13188 | $13016 | $16951 |
| **11/30/2020** | $14859 | $14767 | $19013 |
| **12/31/2020** | $15323 | $15333 | $19869 |
| **1/31/2021** | $14979 | $15193 | $19780 |
| **2/28/2021** | $15727 | $16111 | $20399 |
| **3/31/2021** | $16865 | $17059 | $21130 |
| **4/30/2021** | $17518 | $17741 | $22219 |
| **5/31/2021** | $17838 | $18155 | $22320 |
| **6/30/2021** | $17684 | $17947 | $22871 |
| **7/31/2021** | $17909 | $18091 | $23258 |
| **8/31/2021** | $18182 | $18450 | $23921 |
| **9/30/2021** | $17695 | $17807 | $22848 |
| **10/31/2021** | $18798 | $18712 | $24393 |
| **11/30/2021** | $18146 | $18052 | $24021 |
| **12/31/2021** | $19030 | $19191 | $24967 |
| **1/31/2022** | $18524 | $18744 | $23498 |
| **2/28/2022** | $18105 | $18527 | $22906 |
| **3/31/2022** | $18408 | $19050 | $23649 |
| **4/30/2022** | $17179 | $17975 | $21527 |
| **5/31/2022** | $17454 | $18324 | $21498 |
| **6/30/2022** | $15791 | $16723 | $19700 |
| **7/31/2022** | $17020 | $17832 | $21548 |
| **8/31/2022** | $16702 | $17301 | $20744 |
| **9/30/2022** | $15415 | $15784 | $18820 |
| **10/31/2022** | $17338 | $17402 | $20364 |
| **11/30/2022** | $18495 | $18490 | $21426 |
| **12/31/2022** | $17855 | $17744 | $20172 |
| **1/31/2023** | $18552 | $18664 | $21561 |
| **2/28/2023** | $17871 | $18006 | $21057 |
| **3/31/2023** | $17680 | $17923 | $21620 |
| **4/30/2023** | $18251 | $18193 | $21851 |
| **5/31/2023** | $17807 | $17491 | $21936 |
| **6/30/2023** | $19028 | $18653 | $23433 |
| **7/31/2023** | $19520 | $19309 | $24273 |
| **8/31/2023** | $19107 | $18788 | $23805 |
| **9/30/2023** | $18441 | $18063 | $22671 |
| **10/31/2023** | $18108 | $17426 | $22070 |
| **11/30/2023** | $19107 | $18740 | $24128 |
| **12/31/2023** | $20370 | $19778 | $25408 |
| **1/31/2024** | $20583 | $19799 | $25689 |
| **2/29/2024** | $21254 | $20529 | $27080 |
| **3/31/2024** | $22400 | $21556 | $27953 |
| **4/30/2024** | $21614 | $20635 | $26723 |
| **5/31/2024** | $22450 | $21289 | $27986 |
| **6/30/2024** | $22450 | $21089 | $28852 |
| **7/31/2024** | $23514 | $22167 | $29389 |
| **8/31/2024** | $24431 | $22762 | $30029 |
| **9/30/2024** | $24431 | $23077 | $30650 |
| **10/31/2024** | $24120 | $22823 | $30425 |
| **11/30/2024** | $25266 | $24281 | $32449 |
| **12/31/2024** | $23818 | $22620 | $31457 |
| **1/31/2025** | $24978 | $23667 | $32450 |
| **2/28/2025** | $24889 | $23763 | $31828 |
| **3/31/2025** | $24264 | $23103 | $29971 |
| **4/30/2025** | $23961 | $22399 | $29770 |
| **5/31/2025** | $24889 | $23186 | $31657 |
| **6/30/2025** | $25834 | $23978 | $33266 |
| **7/31/2025** | $25941 | $24116 | $33998 |

---

# Special Large Cap Value Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 10.32 | 14.19 | 10.0 |
| Russell 1000<sup>®</sup> Value Index | 8.79 | 13.18 | 9.2 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2001713305 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $6257425 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 21.0 |
| Industrials | 15.3 |
| Health care | 14.0 |
| Consumer discretionary | 10.3 |
| Information technology | 9.9 |
| Consumer staples | 7.7 |
| Energy | 5.8 |
| Materials | 4.8 |
| Communication services | 4.6 |
| Real estate | 3.5 |
| Utilities | 3.1 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 4.5 |
| Canadian Pacific Kansas City Ltd. | 4.4 |
| Bank of America Corp. | 3.9 |
| Intercontinental Exchange, Inc. | 3.8 |
| Citigroup, Inc. | 3.6 |
| Berkshire Hathaway, Inc. Class B | 3.3 |
| Mondelez International, Inc. Class A | 3.2 |
| D.R. Horton, Inc. | 3.0 |
| NextEra Energy, Inc. | 3.0 |
| Labcorp Holdings, Inc. | 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

#### AR0517 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Special Large Cap Value Fund

# July 31, 2025

# Class C

# EIVCX
This annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $166 | 1.59% |

---

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

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

The Fund made minor changes to sector allocation, with an increase in its consumer discretionary weight while reducing its exposure to real estate and financials. Citigroup, Inc. was the largest contributor, as it is exiting less profitable, non-core franchises and eliminating managerial layers to improve returns and reduce its capital needs, with a goal of achieving more durable and higher-growth cash flow. The largest detractor was Canadian Pacific Kansas City Ltd., an operator of a transnational rail network, on fears that trade policy could affect volumes. Management announced its first share repurchase program in more than three years, and we believe shares are materially undervalued from a reward/risk perspective.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g27g90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C with Load** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9353 | $9404 | $9396 |
| **9/30/2015** | $9071 | $9121 | $9122 |
| **10/31/2015** | $9814 | $9809 | $9843 |
| **11/30/2015** | $9784 | $9846 | $9898 |
| **12/31/2015** | $9546 | $9634 | $9694 |
| **1/31/2016** | $8923 | $9137 | $9147 |
| **2/29/2016** | $8889 | $9134 | $9144 |
| **3/31/2016** | $9446 | $9792 | $9788 |
| **4/30/2016** | $9512 | $9998 | $9849 |
| **5/31/2016** | $9546 | $10153 | $10025 |
| **6/30/2016** | $9512 | $10241 | $10046 |
| **7/31/2016** | $9753 | $10538 | $10444 |
| **8/31/2016** | $9812 | $10620 | $10471 |
| **9/30/2016** | $9828 | $10598 | $10488 |
| **10/31/2016** | $9629 | $10434 | $10261 |
| **11/30/2016** | $9994 | $11029 | $10720 |
| **12/31/2016** | $10160 | $11305 | $10929 |
| **1/31/2017** | $10294 | $11386 | $11135 |
| **2/28/2017** | $10543 | $11795 | $11549 |
| **3/31/2017** | $10543 | $11675 | $11557 |
| **4/30/2017** | $10561 | $11653 | $11679 |
| **5/31/2017** | $10650 | $11641 | $11799 |
| **6/30/2017** | $10704 | $11832 | $11905 |
| **7/31/2017** | $10980 | $11989 | $12130 |
| **8/31/2017** | $10847 | $11849 | $12153 |
| **9/30/2017** | $11061 | $12200 | $12449 |
| **10/31/2017** | $11159 | $12289 | $12721 |
| **11/30/2017** | $11507 | $12665 | $13107 |
| **12/31/2017** | $11661 | $12850 | $13238 |
| **1/31/2018** | $12308 | $13347 | $13936 |
| **2/28/2018** | $11690 | $12709 | $13423 |
| **3/31/2018** | $11448 | $12486 | $13153 |
| **4/30/2018** | $11555 | $12527 | $13203 |
| **5/31/2018** | $11642 | $12601 | $13576 |
| **6/30/2018** | $11777 | $12633 | $13665 |
| **7/31/2018** | $12260 | $13133 | $14118 |
| **8/31/2018** | $12472 | $13327 | $14614 |
| **9/30/2018** | $12559 | $13353 | $14638 |
| **10/31/2018** | $11873 | $12662 | $13560 |
| **11/30/2018** | $12221 | $13040 | $13832 |
| **12/31/2018** | $10920 | $11788 | $12544 |
| **1/31/2019** | $11804 | $12705 | $13621 |
| **2/28/2019** | $12210 | $13111 | $14100 |
| **3/31/2019** | $12345 | $13194 | $14306 |
| **4/30/2019** | $12938 | $13662 | $14877 |
| **5/31/2019** | $12189 | $12784 | $13915 |
| **6/30/2019** | $13011 | $13702 | $14892 |
| **7/31/2019** | $13260 | $13815 | $15113 |
| **8/31/2019** | $12927 | $13409 | $14805 |
| **9/30/2019** | $13395 | $13887 | $15065 |
| **10/31/2019** | $13447 | $14081 | $15389 |
| **11/30/2019** | $13895 | $14517 | $15974 |
| **12/31/2019** | $14341 | $14916 | $16436 |
| **1/31/2020** | $13871 | $14595 | $16418 |
| **2/29/2020** | $12518 | $13182 | $15074 |
| **3/31/2020** | $10650 | $10929 | $13001 |
| **4/30/2020** | $11739 | $12158 | $14722 |
| **5/31/2020** | $12128 | $12574 | $15510 |
| **6/30/2020** | $12209 | $12491 | $15864 |
| **7/31/2020** | $12598 | $12985 | $16765 |
| **8/31/2020** | $13126 | $13522 | $17980 |
| **9/30/2020** | $12690 | $13190 | $17325 |
| **10/31/2020** | $12427 | $13016 | $16951 |
| **11/30/2020** | $13986 | $14767 | $19013 |
| **12/31/2020** | $14410 | $15333 | $19869 |
| **1/31/2021** | $14077 | $15193 | $19780 |
| **2/28/2021** | $14765 | $16111 | $20399 |
| **3/31/2021** | $15808 | $17059 | $21130 |
| **4/30/2021** | $16404 | $17741 | $22219 |
| **5/31/2021** | $16702 | $18155 | $22320 |
| **6/30/2021** | $16542 | $17947 | $22871 |
| **7/31/2021** | $16725 | $18091 | $23258 |
| **8/31/2021** | $16966 | $18450 | $23921 |
| **9/30/2021** | $16496 | $17807 | $22848 |
| **10/31/2021** | $17516 | $18712 | $24393 |
| **11/30/2021** | $16886 | $18052 | $24021 |
| **12/31/2021** | $17690 | $19191 | $24967 |
| **1/31/2022** | $17202 | $18744 | $23498 |
| **2/28/2022** | $16798 | $18527 | $22906 |
| **3/31/2022** | $17062 | $19050 | $23649 |
| **4/30/2022** | $15905 | $17975 | $21527 |
| **5/31/2022** | $16142 | $18324 | $21498 |
| **6/30/2022** | $14595 | $16723 | $19700 |
| **7/31/2022** | $15724 | $17832 | $21548 |
| **8/31/2022** | $15404 | $17301 | $20744 |
| **9/30/2022** | $14205 | $15784 | $18820 |
| **10/31/2022** | $15961 | $17402 | $20364 |
| **11/30/2022** | $17021 | $18490 | $21426 |
| **12/31/2022** | $16406 | $17744 | $20172 |
| **1/31/2023** | $17027 | $18664 | $21561 |
| **2/28/2023** | $16391 | $18006 | $21057 |
| **3/31/2023** | $16209 | $17923 | $21620 |
| **4/30/2023** | $16694 | $18193 | $21851 |
| **5/31/2023** | $16270 | $17491 | $21936 |
| **6/30/2023** | $17376 | $18653 | $23433 |
| **7/31/2023** | $17815 | $19309 | $24273 |
| **8/31/2023** | $17435 | $18788 | $23805 |
| **9/30/2023** | $16821 | $18063 | $22671 |
| **10/31/2023** | $16513 | $17426 | $22070 |
| **11/30/2023** | $17406 | $18740 | $24128 |
| **12/31/2023** | $18558 | $19778 | $25408 |
| **1/31/2024** | $18754 | $19799 | $25689 |
| **2/29/2024** | $19356 | $20529 | $27080 |
| **3/31/2024** | $20395 | $21556 | $27953 |
| **4/30/2024** | $19672 | $20635 | $26723 |
| **5/31/2024** | $20425 | $21289 | $27986 |
| **6/30/2024** | $20410 | $21089 | $28852 |
| **7/31/2024** | $21388 | $22167 | $29389 |
| **8/31/2024** | $22216 | $22762 | $30029 |
| **9/30/2024** | $22201 | $23077 | $30650 |
| **10/31/2024** | $21915 | $22823 | $30425 |
| **11/30/2024** | $22953 | $24281 | $32449 |
| **12/31/2024** | $21632 | $22620 | $31457 |
| **1/31/2025** | $22680 | $23667 | $32450 |
| **2/28/2025** | $22598 | $23763 | $31828 |
| **3/31/2025** | $22025 | $23103 | $29971 |
| **4/30/2025** | $21731 | $22399 | $29770 |
| **5/31/2025** | $22582 | $23186 | $31657 |
| **6/30/2025** | $23416 | $23978 | $33266 |
| **7/31/2025** | $23514 | $24116 | $33998 |

---

# Special Large Cap Value Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 9.13 | 12.96 | 8.93 |
| Class C with Load | 8.13 | 12.96 | 8.93 |
| Russell 1000<sup>®</sup> Value Index | 8.79 | 13.18 | 9.2 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2001713305 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $6257425 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 21.0 |
| Industrials | 15.3 |
| Health care | 14.0 |
| Consumer discretionary | 10.3 |
| Information technology | 9.9 |
| Consumer staples | 7.7 |
| Energy | 5.8 |
| Materials | 4.8 |
| Communication services | 4.6 |
| Real estate | 3.5 |
| Utilities | 3.1 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 4.5 |
| Canadian Pacific Kansas City Ltd. | 4.4 |
| Bank of America Corp. | 3.9 |
| Intercontinental Exchange, Inc. | 3.8 |
| Citigroup, Inc. | 3.6 |
| Berkshire Hathaway, Inc. Class B | 3.3 |
| Mondelez International, Inc. Class A | 3.2 |
| D.R. Horton, Inc. | 3.0 |
| NextEra Energy, Inc. | 3.0 |
| Labcorp Holdings, Inc. | 2.9 |

---

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

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

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

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

#### AR0417 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Special Large Cap Value Fund

# July 31, 2025

# Class A

# EIVAX
This annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $88 | 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 outperformed its strategy benchmark, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in its consumer discretionary weight while reducing its exposure to real estate and financials. Citigroup, Inc. was the largest contributor, as it is exiting less profitable, non-core franchises and eliminating managerial layers to improve returns and reduce its capital needs, with a goal of achieving more durable and higher-growth cash flow. The largest detractor was Canadian Pacific Kansas City Ltd., an operator of a transnational rail network, on fears that trade policy could affect volumes. Management announced its first share repurchase program in more than three years, and we believe shares are materially undervalued from a reward/risk perspective.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g42o48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A with Load** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $9425 | $10000 | $10000 |
| **8/31/2015** | $8821 | $9404 | $9396 |
| **9/30/2015** | $8560 | $9121 | $9122 |
| **10/31/2015** | $9267 | $9809 | $9843 |
| **11/30/2015** | $9247 | $9846 | $9898 |
| **12/31/2015** | $9023 | $9634 | $9694 |
| **1/31/2016** | $8445 | $9137 | $9147 |
| **2/29/2016** | $8414 | $9134 | $9144 |
| **3/31/2016** | $8946 | $9792 | $9788 |
| **4/30/2016** | $9015 | $9998 | $9849 |
| **5/31/2016** | $9054 | $10153 | $10025 |
| **6/30/2016** | $9031 | $10241 | $10046 |
| **7/31/2016** | $9262 | $10538 | $10444 |
| **8/31/2016** | $9324 | $10620 | $10471 |
| **9/30/2016** | $9347 | $10598 | $10488 |
| **10/31/2016** | $9162 | $10434 | $10261 |
| **11/30/2016** | $9517 | $11029 | $10720 |
| **12/31/2016** | $9679 | $11305 | $10929 |
| **1/31/2017** | $9812 | $11386 | $11135 |
| **2/28/2017** | $10054 | $11795 | $11549 |
| **3/31/2017** | $10062 | $11675 | $11557 |
| **4/30/2017** | $10088 | $11653 | $11679 |
| **5/31/2017** | $10179 | $11641 | $11799 |
| **6/30/2017** | $10238 | $11832 | $11905 |
| **7/31/2017** | $10513 | $11989 | $12130 |
| **8/31/2017** | $10388 | $11849 | $12153 |
| **9/30/2017** | $10604 | $12200 | $12449 |
| **10/31/2017** | $10704 | $12289 | $12721 |
| **11/30/2017** | $11038 | $12665 | $13107 |
| **12/31/2017** | $11194 | $12850 | $13238 |
| **1/31/2018** | $11828 | $13347 | $13936 |
| **2/28/2018** | $11239 | $12709 | $13423 |
| **3/31/2018** | $11013 | $12486 | $13153 |
| **4/30/2018** | $11113 | $12527 | $13203 |
| **5/31/2018** | $11212 | $12601 | $13576 |
| **6/30/2018** | $11348 | $12633 | $13665 |
| **7/31/2018** | $11819 | $13133 | $14118 |
| **8/31/2018** | $12027 | $13327 | $14614 |
| **9/30/2018** | $12127 | $13353 | $14638 |
| **10/31/2018** | $11466 | $12662 | $13560 |
| **11/30/2018** | $11810 | $13040 | $13832 |
| **12/31/2018** | $10560 | $11788 | $12544 |
| **1/31/2019** | $11424 | $12705 | $13621 |
| **2/28/2019** | $11826 | $13111 | $14100 |
| **3/31/2019** | $11963 | $13194 | $14306 |
| **4/30/2019** | $12542 | $13662 | $14877 |
| **5/31/2019** | $11826 | $12784 | $13915 |
| **6/30/2019** | $12631 | $13702 | $14892 |
| **7/31/2019** | $12886 | $13815 | $15113 |
| **8/31/2019** | $12562 | $13409 | $14805 |
| **9/30/2019** | $13023 | $13887 | $15065 |
| **10/31/2019** | $13082 | $14081 | $15389 |
| **11/30/2019** | $13534 | $14517 | $15974 |
| **12/31/2019** | $13980 | $14916 | $16436 |
| **1/31/2020** | $13534 | $14595 | $16418 |
| **2/29/2020** | $12219 | $13182 | $15074 |
| **3/31/2020** | $10403 | $10929 | $13001 |
| **4/30/2020** | $11469 | $12158 | $14722 |
| **5/31/2020** | $11860 | $12574 | $15510 |
| **6/30/2020** | $11947 | $12491 | $15864 |
| **7/31/2020** | $12339 | $12985 | $16765 |
| **8/31/2020** | $12839 | $13522 | $17980 |
| **9/30/2020** | $12415 | $13190 | $17325 |
| **10/31/2020** | $12165 | $13016 | $16951 |
| **11/30/2020** | $13708 | $14767 | $19013 |
| **12/31/2020** | $14128 | $15333 | $19869 |
| **1/31/2021** | $13810 | $15193 | $19780 |
| **2/28/2021** | $14491 | $16111 | $20399 |
| **3/31/2021** | $15525 | $17059 | $21130 |
| **4/30/2021** | $16119 | $17741 | $22219 |
| **5/31/2021** | $16426 | $18155 | $22320 |
| **6/30/2021** | $16272 | $17947 | $22871 |
| **7/31/2021** | $16470 | $18091 | $23258 |
| **8/31/2021** | $16723 | $18450 | $23921 |
| **9/30/2021** | $16261 | $17807 | $22848 |
| **10/31/2021** | $17273 | $18712 | $24393 |
| **11/30/2021** | $16668 | $18052 | $24021 |
| **12/31/2021** | $17486 | $19191 | $24967 |
| **1/31/2022** | $17004 | $18744 | $23498 |
| **2/28/2022** | $16616 | $18527 | $22906 |
| **3/31/2022** | $16884 | $19050 | $23649 |
| **4/30/2022** | $15760 | $17975 | $21527 |
| **5/31/2022** | $16001 | $18324 | $21498 |
| **6/30/2022** | $14476 | $16723 | $19700 |
| **7/31/2022** | $15600 | $17832 | $21548 |
| **8/31/2022** | $15292 | $17301 | $20744 |
| **9/30/2022** | $14114 | $15784 | $18820 |
| **10/31/2022** | $15867 | $17402 | $20364 |
| **11/30/2022** | $16924 | $18490 | $21426 |
| **12/31/2022** | $16333 | $17744 | $20172 |
| **1/31/2023** | $16962 | $18664 | $21561 |
| **2/28/2023** | $16333 | $18006 | $21057 |
| **3/31/2023** | $16158 | $17923 | $21620 |
| **4/30/2023** | $16655 | $18193 | $21851 |
| **5/31/2023** | $16246 | $17491 | $21936 |
| **6/30/2023** | $17357 | $18653 | $23433 |
| **7/31/2023** | $17810 | $19309 | $24273 |
| **8/31/2023** | $17430 | $18788 | $23805 |
| **9/30/2023** | $16816 | $18063 | $22671 |
| **10/31/2023** | $16509 | $17426 | $22070 |
| **11/30/2023** | $17401 | $18740 | $24128 |
| **12/31/2023** | $18553 | $19778 | $25408 |
| **1/31/2024** | $18749 | $19799 | $25689 |
| **2/29/2024** | $19351 | $20529 | $27080 |
| **3/31/2024** | $20389 | $21556 | $27953 |
| **4/30/2024** | $19667 | $20635 | $26723 |
| **5/31/2024** | $20419 | $21289 | $27986 |
| **6/30/2024** | $20404 | $21089 | $28852 |
| **7/31/2024** | $21382 | $22167 | $29389 |
| **8/31/2024** | $22210 | $22762 | $30029 |
| **9/30/2024** | $22195 | $23077 | $30650 |
| **10/31/2024** | $21909 | $22823 | $30425 |
| **11/30/2024** | $22947 | $24281 | $32449 |
| **12/31/2024** | $21626 | $22620 | $31457 |
| **1/31/2025** | $22673 | $23667 | $32450 |
| **2/28/2025** | $22592 | $23763 | $31828 |
| **3/31/2025** | $22019 | $23103 | $29971 |
| **4/30/2025** | $21725 | $22399 | $29770 |
| **5/31/2025** | $22575 | $23186 | $31657 |
| **6/30/2025** | $23410 | $23978 | $33266 |
| **7/31/2025** | $23508 | $24116 | $33998 |

---

# Special Large Cap Value Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 9.94 | 13.76 | 9.57 |
| Class A with Load | 3.62 | 12.42 | 8.92 |
| Russell 1000<sup>®</sup> Value Index | 8.79 | 13.18 | 9.2 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2001713305 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $6257425 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 21.0 |
| Industrials | 15.3 |
| Health care | 14.0 |
| Consumer discretionary | 10.3 |
| Information technology | 9.9 |
| Consumer staples | 7.7 |
| Energy | 5.8 |
| Materials | 4.8 |
| Communication services | 4.6 |
| Real estate | 3.5 |
| Utilities | 3.1 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 4.5 |
| Canadian Pacific Kansas City Ltd. | 4.4 |
| Bank of America Corp. | 3.9 |
| Intercontinental Exchange, Inc. | 3.8 |
| Citigroup, Inc. | 3.6 |
| Berkshire Hathaway, Inc. Class B | 3.3 |
| Mondelez International, Inc. Class A | 3.2 |
| D.R. Horton, Inc. | 3.0 |
| NextEra Energy, Inc. | 3.0 |
| Labcorp Holdings, Inc. | 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

#### AR4302 07-25
![Image](g929437g82b55.jpg)

Annual Shareholder Report

# Special Large Cap Value Fund

# July 31, 2025

# Administrator Class

# EIVDX
This annual shareholder report contains important information about Special Large Cap Value Fund for the period from August 1, 2024 to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $77 | 0.73% |

---

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 outperformed its strategy benchmark, driven by stock selection. The period saw a fluctuation in investors' risk appetites as optimism around monetary policy easing gave way to fears that a restrictive trade policy and the Federal Reserve's decision to pause rate cuts could lead to a recession. However, markets rallied off the April 9 announcement that the implementation of tariffs would be delayed.

The Fund made minor changes to sector allocation, with an increase in its consumer discretionary weight while reducing its exposure to real estate and financials. Citigroup, Inc. was the largest contributor, as it is exiting less profitable, non-core franchises and eliminating managerial layers to improve returns and reduce its capital needs, with a goal of achieving more durable and higher-growth cash flow. The largest detractor was Canadian Pacific Kansas City Ltd., an operator of a transnational rail network, on fears that trade policy could affect volumes. Management announced its first share repurchase program in more than three years, and we believe shares are materially undervalued from a reward/risk perspective.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g929437g72a56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrator Class** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **7/31/2015** | $10000 | $10000 | $10000 |
| **8/31/2015** | $9361 | $9404 | $9396 |
| **9/30/2015** | $9088 | $9121 | $9122 |
| **10/31/2015** | $9839 | $9809 | $9843 |
| **11/30/2015** | $9818 | $9846 | $9898 |
| **12/31/2015** | $9582 | $9634 | $9694 |
| **1/31/2016** | $8969 | $9137 | $9147 |
| **2/29/2016** | $8937 | $9134 | $9144 |
| **3/31/2016** | $9504 | $9792 | $9788 |
| **4/30/2016** | $9582 | $9998 | $9849 |
| **5/31/2016** | $9622 | $10153 | $10025 |
| **6/30/2016** | $9598 | $10241 | $10046 |
| **7/31/2016** | $9842 | $10538 | $10444 |
| **8/31/2016** | $9905 | $10620 | $10471 |
| **9/30/2016** | $9936 | $10598 | $10488 |
| **10/31/2016** | $9740 | $10434 | $10261 |
| **11/30/2016** | $10125 | $11029 | $10720 |
| **12/31/2016** | $10295 | $11305 | $10929 |
| **1/31/2017** | $10430 | $11386 | $11135 |
| **2/28/2017** | $10694 | $11795 | $11549 |
| **3/31/2017** | $10702 | $11675 | $11557 |
| **4/30/2017** | $10736 | $11653 | $11679 |
| **5/31/2017** | $10830 | $11641 | $11799 |
| **6/30/2017** | $10889 | $11832 | $11905 |
| **7/31/2017** | $11186 | $11989 | $12130 |
| **8/31/2017** | $11059 | $11849 | $12153 |
| **9/30/2017** | $11288 | $12200 | $12449 |
| **10/31/2017** | $11399 | $12289 | $12721 |
| **11/30/2017** | $11756 | $12665 | $13107 |
| **12/31/2017** | $11927 | $12850 | $13238 |
| **1/31/2018** | $12599 | $13347 | $13936 |
| **2/28/2018** | $11973 | $12709 | $13423 |
| **3/31/2018** | $11733 | $12486 | $13153 |
| **4/30/2018** | $11844 | $12527 | $13203 |
| **5/31/2018** | $11945 | $12601 | $13576 |
| **6/30/2018** | $12101 | $12633 | $13665 |
| **7/31/2018** | $12599 | $13133 | $14118 |
| **8/31/2018** | $12829 | $13327 | $14614 |
| **9/30/2018** | $12930 | $13353 | $14638 |
| **10/31/2018** | $12230 | $12662 | $13560 |
| **11/30/2018** | $12599 | $13040 | $13832 |
| **12/31/2018** | $11268 | $11788 | $12544 |
| **1/31/2019** | $12195 | $12705 | $13621 |
| **2/28/2019** | $12613 | $13111 | $14100 |
| **3/31/2019** | $12763 | $13194 | $14306 |
| **4/30/2019** | $13380 | $13662 | $14877 |
| **5/31/2019** | $12623 | $12784 | $13915 |
| **6/30/2019** | $13480 | $13702 | $14892 |
| **7/31/2019** | $13759 | $13815 | $15113 |
| **8/31/2019** | $13420 | $13409 | $14805 |
| **9/30/2019** | $13908 | $13887 | $15065 |
| **10/31/2019** | $13978 | $14081 | $15389 |
| **11/30/2019** | $14456 | $14517 | $15974 |
| **12/31/2019** | $14938 | $14916 | $16436 |
| **1/31/2020** | $14465 | $14595 | $16418 |
| **2/29/2020** | $13057 | $13182 | $15074 |
| **3/31/2020** | $11121 | $10929 | $13001 |
| **4/30/2020** | $12265 | $12158 | $14722 |
| **5/31/2020** | $12683 | $12574 | $15510 |
| **6/30/2020** | $12771 | $12491 | $15864 |
| **7/31/2020** | $13189 | $12985 | $16765 |
| **8/31/2020** | $13728 | $13522 | $17980 |
| **9/30/2020** | $13288 | $13190 | $17325 |
| **10/31/2020** | $13013 | $13016 | $16951 |
| **11/30/2020** | $14663 | $14767 | $19013 |
| **12/31/2020** | $15121 | $15333 | $19869 |
| **1/31/2021** | $14787 | $15193 | $19780 |
| **2/28/2021** | $15511 | $16111 | $20399 |
| **3/31/2021** | $16625 | $17059 | $21130 |
| **4/30/2021** | $17271 | $17741 | $22219 |
| **5/31/2021** | $17595 | $18155 | $22320 |
| **6/30/2021** | $17439 | $17947 | $22871 |
| **7/31/2021** | $17639 | $18091 | $23258 |
| **8/31/2021** | $17918 | $18450 | $23921 |
| **9/30/2021** | $17427 | $17807 | $22848 |
| **10/31/2021** | $18519 | $18712 | $24393 |
| **11/30/2021** | $17873 | $18052 | $24021 |
| **12/31/2021** | $18745 | $19191 | $24967 |
| **1/31/2022** | $18235 | $18744 | $23498 |
| **2/28/2022** | $17818 | $18527 | $22906 |
| **3/31/2022** | $18114 | $19050 | $23649 |
| **4/30/2022** | $16905 | $17975 | $21527 |
| **5/31/2022** | $17160 | $18324 | $21498 |
| **6/30/2022** | $15522 | $16723 | $19700 |
| **7/31/2022** | $16744 | $17832 | $21548 |
| **8/31/2022** | $16422 | $17301 | $20744 |
| **9/30/2022** | $15146 | $15784 | $18820 |
| **10/31/2022** | $17040 | $17402 | $20364 |
| **11/30/2022** | $18181 | $18490 | $21426 |
| **12/31/2022** | $17548 | $17744 | $20172 |
| **1/31/2023** | $18221 | $18664 | $21561 |
| **2/28/2023** | $17548 | $18006 | $21057 |
| **3/31/2023** | $17358 | $17923 | $21620 |
| **4/30/2023** | $17899 | $18193 | $21851 |
| **5/31/2023** | $17460 | $17491 | $21936 |
| **6/30/2023** | $18659 | $18653 | $23433 |
| **7/31/2023** | $19142 | $19309 | $24273 |
| **8/31/2023** | $18747 | $18788 | $23805 |
| **9/30/2023** | $18074 | $18063 | $22671 |
| **10/31/2023** | $17767 | $17426 | $22070 |
| **11/30/2023** | $18718 | $18740 | $24128 |
| **12/31/2023** | $19958 | $19778 | $25408 |
| **1/31/2024** | $20169 | $19799 | $25689 |
| **2/29/2024** | $20816 | $20529 | $27080 |
| **3/31/2024** | $21945 | $21556 | $27953 |
| **4/30/2024** | $21162 | $20635 | $26723 |
| **5/31/2024** | $21975 | $21289 | $27986 |
| **6/30/2024** | $21975 | $21089 | $28852 |
| **7/31/2024** | $23029 | $22167 | $29389 |
| **8/31/2024** | $23917 | $22762 | $30029 |
| **9/30/2024** | $23902 | $23077 | $30650 |
| **10/31/2024** | $23601 | $22823 | $30425 |
| **11/30/2024** | $24715 | $24281 | $32449 |
| **12/31/2024** | $23287 | $22620 | $31457 |
| **1/31/2025** | $24410 | $23667 | $32450 |
| **2/28/2025** | $24345 | $23763 | $31828 |
| **3/31/2025** | $23710 | $23103 | $29971 |
| **4/30/2025** | $23417 | $22399 | $29770 |
| **5/31/2025** | $24328 | $23186 | $31657 |
| **6/30/2025** | $25240 | $23978 | $33266 |
| **7/31/2025** | $25354 | $24116 | $33998 |

---

# Special Large Cap Value Fund
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Administrator Class | 10.1 | 13.96 | 9.75 |
| Russell 1000<sup>®</sup> Value Index | 8.79 | 13.18 | 9.2 |
| Russell 3000<sup>®</sup> Index | 15.68 | 15.19 | 13.02 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $2001713305 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $6257425 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Financials | 21.0 |
| Industrials | 15.3 |
| Health care | 14.0 |
| Consumer discretionary | 10.3 |
| Information technology | 9.9 |
| Consumer staples | 7.7 |
| Energy | 5.8 |
| Materials | 4.8 |
| Communication services | 4.6 |
| Real estate | 3.5 |
| Utilities | 3.1 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 4.5 |
| Canadian Pacific Kansas City Ltd. | 4.4 |
| Bank of America Corp. | 3.9 |
| Intercontinental Exchange, Inc. | 3.8 |
| Citigroup, Inc. | 3.6 |
| Berkshire Hathaway, Inc. Class B | 3.3 |
| Mondelez International, Inc. Class A | 3.2 |
| D.R. Horton, Inc. | 3.0 |
| NextEra Energy, Inc. | 3.0 |
| Labcorp Holdings, Inc. | 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

#### AR3750 07-25

------

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

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

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

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

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

The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris 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>**July 31, 2025** | **Fiscal year ended**<br>**July 31, 2024** |
|  Audit fees | $230170 | $262020 |
|  Audit-related fees | 21540 | 34400 |
|  Tax fees <sup>(1)</sup> | 21120 | 43470 |
|  All other fees |  |  |
|  | $272830 | $339890 |

---

<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.

------

![](g929437img70e677301.jpg)

Allspring Disciplined U.S. Core Fund

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_POI-PageBlank-16_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_FS-PageBlank-16_1)** |  |
| [Statement of assets and liabilities](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_FS-PageBlank-16_1) | 10 |
| [Statement of operations](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_FS-PageBlank-16_2) | 11 |
| [Statement of changes in net assets](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_FS-PageBlank-16_3) | 12 |
| [Financial highlights](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_FIHI-PageBlank-16_1) | 13 |
| **[Notes to financial statements](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_NTF-PageBlank-16_1)** | 18 |
| **[Report of independent registered public accounting firm](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_AUD-PageBlank-16_1)** | 24 |
| **[Other information](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_3)['](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_3)[s approval of investment](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_3)<br> [advisory contract](#xx_acb1a50c-bc81-479f-90fc-687bd68d1055_OI-PageBlank-16_3)<br>| 27 |

---

Allspring Disciplined U.S. Core Fund \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.02%** |  |  |
| **Communication services: 9.97%** |  |  |
| **Diversified telecommunication services: 0.57%** |  |  |
| AT&T, Inc. | 271124 | &nbsp;&nbsp; **$7431509** |
| **Entertainment: 1.66%** |  |  |
| Netflix, Inc.† | 15041 | &nbsp;&nbsp; 17438535 |
| Spotify Technology SA† | 6633 | &nbsp;&nbsp; 4155840 |
|  |  | &nbsp;&nbsp; **21594375** |
| **Interactive media & services: 7.52%** |  |  |
| Alphabet, Inc. Class A | 120282 | &nbsp;&nbsp; 23082116 |
| Alphabet, Inc. Class C | 139577 | &nbsp;&nbsp; 26918820 |
| Meta Platforms, Inc. Class A | 59056 | &nbsp;&nbsp; 45676273 |
| Pinterest, Inc. Class A† | 63861 | &nbsp;&nbsp; 2465034 |
|  |  | &nbsp;&nbsp; **98142243** |
| **Media: 0.22%** |  |  |
| Comcast Corp. Class A | 86346 | &nbsp;&nbsp; **2869278** |
| **Consumer discretionary: 9.70%** |  |  |
| **Automobiles: 1.53%** |  |  |
| Tesla, Inc.† | 64992 | &nbsp;&nbsp; **20035084** |
| **Broadline retail: 4.44%** |  |  |
| Amazon.com, Inc.† | 231767 | &nbsp;&nbsp; 54258972 |
| eBay, Inc. | 39956 | &nbsp;&nbsp; 3665963 |
|  |  | &nbsp;&nbsp; **57924935** |
| **Hotels, restaurants & leisure: 1.03%** |  |  |
| Booking Holdings, Inc. | 598 | &nbsp;&nbsp; 3291428 |
| Expedia Group, Inc. | 26246 | &nbsp;&nbsp; 4730054 |
| McDonald's Corp. | 11885 | &nbsp;&nbsp; 3566332 |
| Royal Caribbean Cruises Ltd. | 5781 | &nbsp;&nbsp; 1837606 |
|  |  | &nbsp;&nbsp; **13425420** |
| **Household durables: 0.29%** |  |  |
| PulteGroup, Inc. | 33571 | &nbsp;&nbsp; **3790837** |
| **Specialty retail: 1.63%** |  |  |
| Home Depot, Inc. | 27857 | &nbsp;&nbsp; 10237726 |
| TJX Cos., Inc. | 58725 | &nbsp;&nbsp; 7313025 |
| Ulta Beauty, Inc.† | 7212 | &nbsp;&nbsp; 3714252 |
|  |  | &nbsp;&nbsp; **21265003** |
| **Textiles, apparel & luxury goods: 0.78%** |  |  |
| Crocs, Inc.† | 11146 | &nbsp;&nbsp; 1111591 |
| Deckers Outdoor Corp.† | 41371 | &nbsp;&nbsp; 4392359 |
| Tapestry, Inc. | 42763 | &nbsp;&nbsp; 4619687 |
|  |  | &nbsp;&nbsp; **10123637** |

---

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

2 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer staples: 4.73%** |  |  |
| **Beverages: 0.11%** |  |  |
| Keurig Dr Pepper, Inc. | 44025 | &nbsp;&nbsp; **$1437416** |
| **Consumer staples distribution & retail: 2.64%** |  |  |
| Costco Wholesale Corp. | 16836 | &nbsp;&nbsp; 15819779 |
| Target Corp. | 43706 | &nbsp;&nbsp; 4392453 |
| Walmart, Inc. | 144810 | &nbsp;&nbsp; 14188484 |
|  |  | &nbsp;&nbsp; **34400716** |
| **Food products: 0.45%** |  |  |
| Pilgrim's Pride Corp. | 58158 | &nbsp;&nbsp; 2756107 |
| Tyson Foods, Inc. Class A | 59353 | &nbsp;&nbsp; 3104162 |
|  |  | &nbsp;&nbsp; **5860269** |
| **Household products: 0.33%** |  |  |
| Colgate-Palmolive Co. | 33504 | &nbsp;&nbsp; 2809310 |
| Procter & Gamble Co. | 10033 | &nbsp;&nbsp; 1509666 |
|  |  | &nbsp;&nbsp; **4318976** |
| **Tobacco: 1.20%** |  |  |
| Altria Group, Inc. | 153115 | &nbsp;&nbsp; 9483943 |
| Philip Morris International, Inc. | 37616 | &nbsp;&nbsp; 6170905 |
|  |  | &nbsp;&nbsp; **15654848** |
| **Energy: 2.44%** |  |  |
| **Oil, gas & consumable fuels: 2.44%** |  |  |
| Cheniere Energy, Inc. | 19990 | &nbsp;&nbsp; 4715241 |
| Chevron Corp. | 9100 | &nbsp;&nbsp; 1379924 |
| EOG Resources, Inc. | 39540 | &nbsp;&nbsp; 4745591 |
| Exxon Mobil Corp. | 70968 | &nbsp;&nbsp; 7922868 |
| Marathon Petroleum Corp. | 33597 | &nbsp;&nbsp; 5717873 |
| Phillips 66 | 31117 | &nbsp;&nbsp; 3845439 |
| Valero Energy Corp. | 25878 | &nbsp;&nbsp; 3553308 |
|  |  | &nbsp;&nbsp; **31880244** |
| **Financials: 13.76%** |  |  |
| **Banks: 3.59%** |  |  |
| Bank of America Corp. | 130100 | &nbsp;&nbsp; 6149827 |
| Citigroup, Inc. | 94596 | &nbsp;&nbsp; 8863645 |
| East West Bancorp, Inc. | 27741 | &nbsp;&nbsp; 2781035 |
| JPMorgan Chase & Co. | 71799 | &nbsp;&nbsp; 21269736 |
| Wells Fargo & Co. | 95346 | &nbsp;&nbsp; 7687748 |
|  |  | &nbsp;&nbsp; **46751991** |
| **Capital markets: 3.62%** |  |  |
| Bank of New York Mellon Corp. | 96155 | &nbsp;&nbsp; 9754925 |
| BlackRock, Inc. | 3176 | &nbsp;&nbsp; 3512688 |
| Charles Schwab Corp. | 90333 | &nbsp;&nbsp; 8828244 |
| CME Group, Inc. | 16864 | &nbsp;&nbsp; 4692914 |

---

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

Allspring Disciplined U.S. Core Fund \| 3

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets**(continued) |  |  |
| Goldman Sachs Group, Inc. | 14586 | &nbsp;&nbsp; $10554284 |
| Interactive Brokers Group, Inc. Class A | 122324 | &nbsp;&nbsp; 8019561 |
| Virtu Financial, Inc. Class A | 42660 | &nbsp;&nbsp; 1883012 |
|  |  | &nbsp;&nbsp; **47245628** |
| **Consumer finance: 0.76%** |  |  |
| American Express Co. | 8836 | &nbsp;&nbsp; 2644703 |
| Capital One Financial Corp. | 27846 | &nbsp;&nbsp; 5986890 |
| Synchrony Financial | 18043 | &nbsp;&nbsp; 1257056 |
|  |  | &nbsp;&nbsp; **9888649** |
| **Financial services: 3.41%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 39107 | &nbsp;&nbsp; 18453811 |
| Mastercard, Inc. Class A | 13061 | &nbsp;&nbsp; 7398665 |
| PayPal Holdings, Inc.† | 33524 | &nbsp;&nbsp; 2305110 |
| Visa, Inc. Class A | 47336 | &nbsp;&nbsp; 16353168 |
|  |  | &nbsp;&nbsp; **44510754** |
| **Insurance: 2.38%** |  |  |
| Allstate Corp. | 11833 | &nbsp;&nbsp; 2405057 |
| Assurant, Inc. | 21592 | &nbsp;&nbsp; 4044182 |
| Hartford Insurance Group, Inc. | 58568 | &nbsp;&nbsp; 7285274 |
| MetLife, Inc. | 22135 | &nbsp;&nbsp; 1681153 |
| Progressive Corp. | 40861 | &nbsp;&nbsp; 9889996 |
| Reinsurance Group of America, Inc. | 29940 | &nbsp;&nbsp; 5761953 |
|  |  | &nbsp;&nbsp; **31067615** |
| **Health care: 8.95%** |  |  |
| **Biotechnology: 1.95%** |  |  |
| AbbVie, Inc. | 52727 | &nbsp;&nbsp; 9966458 |
| Amgen, Inc. | 5429 | &nbsp;&nbsp; 1602098 |
| Exelixis, Inc.† | 158292 | &nbsp;&nbsp; 5733336 |
| Gilead Sciences, Inc. | 72221 | &nbsp;&nbsp; 8109696 |
|  |  | &nbsp;&nbsp; **25411588** |
| **Health care equipment & supplies: 1.87%** |  |  |
| Abbott Laboratories | 72580 | &nbsp;&nbsp; 9158870 |
| Boston Scientific Corp.† | 47941 | &nbsp;&nbsp; 5029970 |
| Hologic, Inc.† | 63576 | &nbsp;&nbsp; 4248148 |
| Intuitive Surgical, Inc.† | 9542 | &nbsp;&nbsp; 4590561 |
| Stryker Corp. | 3600 | &nbsp;&nbsp; 1413828 |
|  |  | &nbsp;&nbsp; **24441377** |
| **Health care providers & services: 2.53%** |  |  |
| Cardinal Health, Inc. | 11513 | &nbsp;&nbsp; 1787048 |
| Cencora, Inc. | 15074 | &nbsp;&nbsp; 4312370 |
| CVS Health Corp. | 52208 | &nbsp;&nbsp; 3242117 |
| Elevance Health, Inc. | 6422 | &nbsp;&nbsp; 1817940 |
| McKesson Corp. | 11826 | &nbsp;&nbsp; 8201804 |

---

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

4 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services**(continued) |  |  |
| Tenet Healthcare Corp.† | 20318 | &nbsp;&nbsp; $3276887 |
| UnitedHealth Group, Inc. | 15584 | &nbsp;&nbsp; 3889143 |
| Universal Health Services, Inc. Class B | 38994 | &nbsp;&nbsp; 6490551 |
|  |  | &nbsp;&nbsp; **33017860** |
| **Health care technology: 0.24%** |  |  |
| Veeva Systems, Inc. Class A† | 11132 | &nbsp;&nbsp; **3163714** |
| **Life sciences tools & services: 0.16%** |  |  |
| Thermo Fisher Scientific, Inc. | 4567 | &nbsp;&nbsp; **2135894** |
| **Pharmaceuticals: 2.20%** |  |  |
| Eli Lilly & Co. | 17319 | &nbsp;&nbsp; 12817272 |
| Jazz Pharmaceuticals PLC† | 9960 | &nbsp;&nbsp; 1141715 |
| Johnson & Johnson | 28160 | &nbsp;&nbsp; 4639078 |
| Merck & Co., Inc. | 16560 | &nbsp;&nbsp; 1293667 |
| Pfizer, Inc. | 180271 | &nbsp;&nbsp; 4198512 |
| Zoetis, Inc. | 31288 | &nbsp;&nbsp; 4561478 |
|  |  | &nbsp;&nbsp; **28651722** |
| **Industrials: 8.13%** |  |  |
| **Aerospace & defense: 1.58%** |  |  |
| General Dynamics Corp. | 6856 | &nbsp;&nbsp; 2136398 |
| General Electric Co. | 17766 | &nbsp;&nbsp; 4816007 |
| Howmet Aerospace, Inc. | 31007 | &nbsp;&nbsp; 5574129 |
| Lockheed Martin Corp. | 10213 | &nbsp;&nbsp; 4299469 |
| Northrop Grumman Corp. | 6577 | &nbsp;&nbsp; 3792364 |
|  |  | &nbsp;&nbsp; **20618367** |
| **Building products: 0.63%** |  |  |
| Builders FirstSource, Inc.† | 17463 | &nbsp;&nbsp; 2220071 |
| Johnson Controls International PLC | 36953 | &nbsp;&nbsp; 3880065 |
| Trane Technologies PLC | 4826 | &nbsp;&nbsp; 2114174 |
|  |  | &nbsp;&nbsp; **8214310** |
| **Commercial services & supplies: 0.20%** |  |  |
| Copart, Inc.† | 29527 | &nbsp;&nbsp; 1338459 |
| Waste Management, Inc. | 5327 | &nbsp;&nbsp; 1220735 |
|  |  | &nbsp;&nbsp; **2559194** |
| **Construction & engineering: 1.75%** |  |  |
| EMCOR Group, Inc. | 15263 | &nbsp;&nbsp; 9577380 |
| MasTec, Inc.† | 26792 | &nbsp;&nbsp; 5069314 |
| Quanta Services, Inc. | 3459 | &nbsp;&nbsp; 1404804 |
| Valmont Industries, Inc. | 18648 | &nbsp;&nbsp; 6786940 |
|  |  | &nbsp;&nbsp; **22838438** |
| **Electrical equipment: 0.69%** |  |  |
| Emerson Electric Co. | 24739 | &nbsp;&nbsp; 3599772 |
| GE Vernova, Inc. | 2742 | &nbsp;&nbsp; 1810515 |

---

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

Allspring Disciplined U.S. Core Fund \| 5

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electrical equipment**(continued) |  |  |
| Regal Rexnord Corp. | 16689 | &nbsp;&nbsp; $2551414 |
| Vertiv Holdings Co. Class A | 7334 | &nbsp;&nbsp; 1067831 |
|  |  | &nbsp;&nbsp; **9029532** |
| **Ground transportation: 0.31%** |  |  |
| Uber Technologies, Inc.† | 45920 | &nbsp;&nbsp; **4029480** |
| **Industrial conglomerates: 0.42%** |  |  |
| Honeywell International, Inc. | 24672 | &nbsp;&nbsp; **5485819** |
| **Machinery: 0.91%** |  |  |
| Allison Transmission Holdings, Inc. | 45654 | &nbsp;&nbsp; 4112056 |
| Caterpillar, Inc. | 4802 | &nbsp;&nbsp; 2103372 |
| Parker-Hannifin Corp. | 7756 | &nbsp;&nbsp; 5676616 |
|  |  | &nbsp;&nbsp; **11892044** |
| **Passenger airlines: 0.59%** |  |  |
| United Airlines Holdings, Inc.† | 87840 | &nbsp;&nbsp; **7757150** |
| **Professional services: 1.05%** |  |  |
| CACI International, Inc. Class A† | 5743 | &nbsp;&nbsp; 2645053 |
| Leidos Holdings, Inc. | 35261 | &nbsp;&nbsp; 5629419 |
| Science Applications International Corp. | 48695 | &nbsp;&nbsp; 5428519 |
|  |  | &nbsp;&nbsp; **13702991** |
| **Information technology: 33.37%** |  |  |
| **Communications equipment: 1.55%** |  |  |
| Arista Networks, Inc.† | 71219 | &nbsp;&nbsp; 8775605 |
| Cisco Systems, Inc. | 168134 | &nbsp;&nbsp; 11446563 |
|  |  | &nbsp;&nbsp; **20222168** |
| **Electronic equipment, instruments & components: 0.22%** |  |  |
| TD SYNNEX Corp. | 19631 | &nbsp;&nbsp; **2834520** |
| **IT services: 1.30%** |  |  |
| Accenture PLC Class A | 19348 | &nbsp;&nbsp; 5167851 |
| International Business Machines Corp. | 10839 | &nbsp;&nbsp; 2743893 |
| MongoDB, Inc. Class A† | 5990 | &nbsp;&nbsp; 1424961 |
| Twilio, Inc. Class A† | 21050 | &nbsp;&nbsp; 2715450 |
| VeriSign, Inc.† | 18115 | &nbsp;&nbsp; 4870580 |
|  |  | &nbsp;&nbsp; **16922735** |
| **Semiconductors & semiconductor equipment: 13.56%** |  |  |
| Advanced Micro Devices, Inc.† | 20163 | &nbsp;&nbsp; 3554939 |
| Applied Materials, Inc. | 23157 | &nbsp;&nbsp; 4169649 |
| Broadcom, Inc. | 137912 | &nbsp;&nbsp; 40504754 |
| Cirrus Logic, Inc.† | 6628 | &nbsp;&nbsp; 667506 |
| KLA Corp. | 11072 | &nbsp;&nbsp; 9732620 |
| Lam Research Corp. | 15763 | &nbsp;&nbsp; 1494963 |
| Marvell Technology, Inc. | 50513 | &nbsp;&nbsp; 4059730 |

---

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

6 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment**(continued) |  |  |
| Micron Technology, Inc. | 18889 | &nbsp;&nbsp; $2061545 |
| NVIDIA Corp. | 584395 | &nbsp;&nbsp; 103946339 |
| QUALCOMM, Inc. | 46158 | &nbsp;&nbsp; 6774148 |
|  |  | &nbsp;&nbsp; **176966193** |
| **Software: 11.16%** |  |  |
| Adobe, Inc.† | 12748 | &nbsp;&nbsp; 4559832 |
| AppLovin Corp. Class A† | 3152 | &nbsp;&nbsp; 1231486 |
| Autodesk, Inc.† | 4515 | &nbsp;&nbsp; 1368542 |
| Cadence Design Systems, Inc.† | 3437 | &nbsp;&nbsp; 1253027 |
| Docusign, Inc. Class A† | 19685 | &nbsp;&nbsp; 1488973 |
| Fortinet, Inc.† | 50642 | &nbsp;&nbsp; 5059136 |
| Microsoft Corp. | 180380 | &nbsp;&nbsp; 96232730 |
| Oracle Corp. | 26083 | &nbsp;&nbsp; 6619083 |
| Palantir Technologies, Inc. Class A† | 36195 | &nbsp;&nbsp; 5731478 |
| Salesforce, Inc. | 35820 | &nbsp;&nbsp; 9253381 |
| ServiceNow, Inc.† | 9261 | &nbsp;&nbsp; 8734234 |
| Zoom Communications, Inc. Class A† | 54350 | &nbsp;&nbsp; 4024618 |
|  |  | &nbsp;&nbsp; **145556520** |
| **Technology hardware, storage & peripherals: 5.58%** |  |  |
| Apple, Inc. | 350949 | &nbsp;&nbsp; **72846484** |
| **Materials: 2.26%** |  |  |
| **Chemicals: 1.10%** |  |  |
| CF Industries Holdings, Inc. | 72325 | &nbsp;&nbsp; 6713930 |
| Element Solutions, Inc. | 63293 | &nbsp;&nbsp; 1493715 |
| Linde PLC | 13363 | &nbsp;&nbsp; 6150454 |
|  |  | &nbsp;&nbsp; **14358099** |
| **Containers & packaging: 0.55%** |  |  |
| Crown Holdings, Inc. | 72269 | &nbsp;&nbsp; **7180648** |
| **Metals & mining: 0.61%** |  |  |
| Freeport-McMoRan, Inc. | 114374 | &nbsp;&nbsp; 4602410 |
| Royal Gold, Inc. | 22107 | &nbsp;&nbsp; 3347442 |
|  |  | &nbsp;&nbsp; **7949852** |
| **Real estate: 2.28%** |  |  |
| **Hotel & resort REITs: 0.37%** |  |  |
| Host Hotels & Resorts, Inc. | 304557 | &nbsp;&nbsp; **4787636** |
| **Industrial REITs: 0.17%** |  |  |
| Prologis, Inc. | 21161 | &nbsp;&nbsp; **2259571** |
| **Retail REITs: 0.47%** |  |  |
| Simon Property Group, Inc. | 37273 | &nbsp;&nbsp; **6104945** |
| **Specialized REITs: 1.27%** |  |  |
| American Tower Corp. | 4582 | &nbsp;&nbsp; 954843 |

---

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

Allspring Disciplined U.S. Core Fund \| 7

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialized REITs**(continued) |  |  |
| Gaming & Leisure Properties, Inc. | 88324 | &nbsp;&nbsp; $4025808 |
| Public Storage | 22257 | &nbsp;&nbsp; 6052569 |
| VICI Properties, Inc. Class A | 169144 | &nbsp;&nbsp; 5514094 |
|  |  | &nbsp;&nbsp; **16547314** |
| **Utilities: 2.43%** |  |  |
| **Electric utilities: 1.77%** |  |  |
| American Electric Power Co., Inc. | 70285 | &nbsp;&nbsp; 7952045 |
| Duke Energy Corp. | 75934 | &nbsp;&nbsp; 9236612 |
| NextEra Energy, Inc. | 52534 | &nbsp;&nbsp; 3733066 |
| NRG Energy, Inc. | 12787 | &nbsp;&nbsp; 2137986 |
|  |  | &nbsp;&nbsp; **23059709** |
| **Gas utilities: 0.51%** |  |  |
| National Fuel Gas Co. | 77337 | &nbsp;&nbsp; **6712078** |
| **Independent power and renewable electricity producers: 0.15%** |  |  |
| Vistra Corp. | 9047 | &nbsp;&nbsp; **1886662** |
| **Total common stocks (Cost $591,804,858)** |  | &nbsp;&nbsp; **1278764041** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.73%** |  |  |  |  |
| **Investment companies: 1.73%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 22565301 | &nbsp;&nbsp; **22565301** |
| **Total short-term investments (Cost $22,565,301)** |  |  |  | &nbsp;&nbsp; **22565301** |
| **Total investments in securities (Cost $614,370,159)** | 99.75<br> %<br>|  |  | &nbsp;&nbsp; 1301329342 |
| Other assets and liabilities, net | 0.25 |  |  | &nbsp;&nbsp; 3238135 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1304567477** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $9805163 | $157151524 | $(144391386)<br>| $0 | $0 | $22565301 | 22565301 | $1025345 |

---

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

8 \| Allspring Disciplined U.S. Core Fund

------

Portfolio of investments—July 31, 2025

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; $20641925 | &nbsp;&nbsp; $21672450 | &nbsp;&nbsp; $1030525 | &nbsp;&nbsp; $0 |

---

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

Allspring Disciplined U.S. Core Fund \| 9

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $591,804,858) | $1278764041 |
| Investments in affiliated securities, at value (cost $22,565,301) | 22565301 |
| Cash | 5 |
| Cash at broker segregated for futures contracts | 2872028 |
| Receivable for Fund shares sold | 1509195 |
| Receivable for dividends | 597368 |
| Prepaid expenses and other assets | 168802 |
| **Total assets** | **1306476740** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1129441 |
| Management fee payable | 367243 |
| Administration fees payable | 154704 |
| Shareholder servicing fees payable | 140695 |
| Payable for daily variation margin on open futures contracts | 74800 |
| Distribution fee payable | 5141 |
| Accrued expenses and other liabilities | 37239 |
| **Total liabilities** | **1909263** |
| **Total net assets**  | **$1304567477** |
| Net assets consist of |  |
| Paid-in capital | $538232053 |
| Total distributable earnings | 766335424 |
| **Total net assets** | **$1304567477** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $604287966 |
| Shares outstanding–Class A<sup>1</sup> <br>| 24079306 |
| Net asset value per share–Class A | $25.10 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $26.63 |
| Net assets–Class C | $11474997 |
| Shares outstanding–Class C<sup>1</sup> <br>| 520620 |
| Net asset value per share–Class C | $22.04 |
| Net assets–Class R6 | $287340349 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 10975775 |
| Net asset value per share–Class R6 | $26.18 |
| Net assets–Administrator Class | $55406597 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 2106216 |
| Net asset value per share–Administrator Class | $26.31 |
| Net assets–Institutional Class | $346057568 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 13414996 |
| Net asset value per share–Institutional Class | $25.80 |

---

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

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

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

10 \| Allspring Disciplined U.S. Core Fund

------

Statement of operations—year ended July 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $14922258 |
| Income from affiliated securities | 1025345 |
| Interest | 108847 |
| **Total investment income** | **16056450** |
| Expenses |  |
| Management fee | 4076256 |
| Administration fees |  |
| Class A | 1146297 |
| Class C | 21241 |
| Class R6 | 79925 |
| Administrator Class | 68171 |
| Institutional Class | 357091 |
| Shareholder servicing fees |  |
| Class A | 1432015 |
| Class C | 26524 |
| Administrator Class | 126872 |
| Distribution fee |  |
| Class C | 79569 |
| Custody and accounting fees | 41633 |
| Professional fees | 59485 |
| Registration fees | 119873 |
| Shareholder report expenses | 53305 |
| Trustees' fees and expenses | 16734 |
| Other fees and expenses | 170016 |
| **Total expenses** | **7875007** |
| Less: Fee waivers and/or expense reimbursements |  |
| Class A | (40831)<br>|
| Class R6 | (114)<br>|
| Administrator Class | (13739)<br>|
| Institutional Class | (99827)<br>|
| **Net expenses** | **7720496** |
| **Net investment income** | **8335954** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 71314788 |
| Futures contracts | (247294)<br>|
| **Net realized gains on investments**  | **71067494** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 118582673 |
| Futures contracts | 1053731 |
| **Net change in unrealized gains (losses) on investments** | **119636404** |
| **Net realized and unrealized gains (losses) on investments** | **190703898** |
| **Net increase in net assets resulting from operations** | **$199039852** |

---

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

Allspring Disciplined U.S. Core Fund \| 11

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $8335954 |  | &nbsp;&nbsp; $8164489 |
| Net realized gains on investments |  | &nbsp;&nbsp; 71067494 |  | &nbsp;&nbsp; 66975728 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 119636404 |  | &nbsp;&nbsp; 139675115 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **199039852** |  | &nbsp;&nbsp; **214815332** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (36606550)<br>|  | &nbsp;&nbsp; (40486185)<br>|
| Class C |  | &nbsp;&nbsp; (697774)<br>|  | &nbsp;&nbsp; (1449758)<br>|
| Class R6 |  | &nbsp;&nbsp; (16920202)<br>|  | &nbsp;&nbsp; (21709229)<br>|
| Administrator Class |  | &nbsp;&nbsp; (3344357)<br>|  | &nbsp;&nbsp; (4030698)<br>|
| Institutional Class |  | &nbsp;&nbsp; (15851110)<br>|  | &nbsp;&nbsp; (14270995)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(73419993)**<br>|  | &nbsp;&nbsp; **(81946865)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1301549 | &nbsp;&nbsp; 30381370 | &nbsp;&nbsp; 1680265 | &nbsp;&nbsp; 33940785 |
| Class C | 193191 | &nbsp;&nbsp; 4045500 | &nbsp;&nbsp; 179270 | &nbsp;&nbsp; 3243001 |
| Class R6 | 1784553 | &nbsp;&nbsp; 41433194 | &nbsp;&nbsp; 829630 | &nbsp;&nbsp; 18130708 |
| Administrator Class | 228373 | &nbsp;&nbsp; 5586003 | &nbsp;&nbsp; 132964 | &nbsp;&nbsp; 2833848 |
| Institutional Class | 6065721 | &nbsp;&nbsp; 146505092 | &nbsp;&nbsp; 2850642 | &nbsp;&nbsp; 59023436 |
|  |  | &nbsp;&nbsp; 227951159 |  | &nbsp;&nbsp; 117171778 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1443487 | &nbsp;&nbsp; 34313174 | &nbsp;&nbsp; 2047727 | &nbsp;&nbsp; 38054266 |
| Class C | 27843 | &nbsp;&nbsp; 581921 | &nbsp;&nbsp; 85411 | &nbsp;&nbsp; 1401599 |
| Class R6 | 637773 | &nbsp;&nbsp; 15805286 | &nbsp;&nbsp; 1084643 | &nbsp;&nbsp; 21005503 |
| Administrator Class | 122725 | &nbsp;&nbsp; 3056528 | &nbsp;&nbsp; 183211 | &nbsp;&nbsp; 3560711 |
| Institutional Class | 604427 | &nbsp;&nbsp; 14756748 | &nbsp;&nbsp; 691110 | &nbsp;&nbsp; 13196886 |
|  |  | &nbsp;&nbsp; 68513657 |  | &nbsp;&nbsp; 77218965 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3027279)<br>| &nbsp;&nbsp; (70146040)<br>| &nbsp;&nbsp; (2964034)<br>| &nbsp;&nbsp; (59726218)<br>|
| Class C | (284650)<br>| &nbsp;&nbsp; (5844797)<br>| &nbsp;&nbsp; (669351)<br>| &nbsp;&nbsp; (12092198)<br>|
| Class R6 | (3021592)<br>| &nbsp;&nbsp; (73712850)<br>| &nbsp;&nbsp; (2515487)<br>| &nbsp;&nbsp; (53483329)<br>|
| Administrator Class | (461142)<br>| &nbsp;&nbsp; (11389322)<br>| &nbsp;&nbsp; (390573)<br>| &nbsp;&nbsp; (8249813)<br>|
| Institutional Class | (2495259)<br>| &nbsp;&nbsp; (58640174)<br>| &nbsp;&nbsp; (1531339)<br>| &nbsp;&nbsp; (31801020)<br>|
|  |  | &nbsp;&nbsp; (219733183)<br>|  | &nbsp;&nbsp; (165352578)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **76731633** |  | &nbsp;&nbsp; **29038165** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **202351492** |  | &nbsp;&nbsp; **161906632** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1102215985** |  | &nbsp;&nbsp; **940309353** |
| **End of period** |  | &nbsp;&nbsp; **$1304567477** |  | &nbsp;&nbsp; **$1102215985** |

---

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

12 \| Allspring Disciplined U.S. Core Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

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

Allspring Disciplined U.S. Core Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

<sup>2</sup> Amount is more than $(0.005).

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

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

14 \| Allspring Disciplined U.S. Core Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Disciplined U.S. Core Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$23.64** | &nbsp;&nbsp; **$20.88** | &nbsp;&nbsp; **$21.00** | &nbsp;&nbsp; **$23.55** | &nbsp;&nbsp; **$18.78** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>| 0.15 | 0.19 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 4.06 | 4.38 | 2.15 | &nbsp;&nbsp; (0.82)<br>| 6.37 |
| Total from investment operations | 4.22 | 4.54 | 2.30 | &nbsp;&nbsp; (0.63)<br>| 6.56 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.15)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net realized gains | (1.40)<br>| &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp; (1.44)<br>|
| Total distributions to shareholders | (1.55)<br>| &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp; (1.79)<br>|
| **Net asset value, end of period** | **$26.31** | &nbsp;&nbsp; **$23.64** | &nbsp;&nbsp; **$20.88** | &nbsp;&nbsp; **$21.00** | &nbsp;&nbsp; **$23.55** |
| **Total return**<sup>2</sup> <br>| **18.22%**<br>| **23.66%**<br>| **13.11%**<br>| &nbsp;&nbsp; **(3.49)%**<br>| **36.93%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.76<br> %<br>| 0.75<br> %<br>| 0.76<br> %<br>| 0.74<br> %<br>| 0.77<br> %<br>|
| Net expenses | 0.73<br> %<br>| 0.74<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.74<br> %<br>|
| Net investment income | 0.64<br> %<br>| 0.76<br> %<br>| 0.93<br> %<br>| 0.85<br> %<br>| 0.89<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 31<br> %<br>| &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $55407 | &nbsp;&nbsp; $52398 | &nbsp;&nbsp; $47833 | &nbsp;&nbsp; $47831 | &nbsp;&nbsp; $51271 |

---

&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 Disciplined U.S. Core Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Disciplined U.S. Core Fund \| 17

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

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

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

18 \| Allspring Disciplined U.S. Core Fund

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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 July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $616,211,440 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $700879886 |
| Gross unrealized losses | &nbsp;&nbsp; (14731459)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$686148427** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Disciplined U.S. Core Fund \| 19

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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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $130037405 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $130037405 |
| *Consumer discretionary* | &nbsp;&nbsp; 126564916 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 126564916 |
| *Consumer staples* | &nbsp;&nbsp; 61672225 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 61672225 |
| *Energy* | &nbsp;&nbsp; 31880244 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 31880244 |
| *Financials* | &nbsp;&nbsp; 179464637 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 179464637 |
| *Health care* | &nbsp;&nbsp; 116822155 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 116822155 |
| *Industrials* | &nbsp;&nbsp; 106127325 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 106127325 |
| *Information technology* | &nbsp;&nbsp; 435348620 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 435348620 |
| *Materials* | &nbsp;&nbsp; 29488599 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29488599 |
| *Real estate* | &nbsp;&nbsp; 29699466 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29699466 |
| *Utilities* | &nbsp;&nbsp; 31658449 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 31658449 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 22565301 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 22565301 |
|  | &nbsp;&nbsp; 1301329342 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1301329342 |
| **Futures contracts** | &nbsp;&nbsp; 1030525 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1030525 |
| **Total assets** | &nbsp;&nbsp; **$1302359867** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1302359867** |

---

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 July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

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

---

For the year ended July 31, 2025, the management fee was equivalent to an annual rate of 0.35% of the Fund's average daily net assets.

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

Administration fees

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

20 \| Allspring Disciplined U.S. Core Fund

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Notes to financial statements

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.86<br> %<br>|
| Class C | 1.61 |
| Class R6 | 0.43 |
| Administrator Class | 0.74 |
| Institutional Class | 0.48 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2025, Allspring Funds Distributor received $10,738 from the sale of Class A shares and $4,497 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 July 31, 2025.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2025 were $358,008,363 and $359,101,017, respectively.

6. DERIVATIVE TRANSACTIONS

During the year ended July 31, 2025, the Fund entered into futures contracts . The Fund had an average notional amount of $21,198,188 in long futures contracts during the year ended July 31, 2025.

Allspring Disciplined U.S. Core Fund \| 21

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Notes to financial statements

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 July 31, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $15844625 | $8685038 |
| **Long-term capital gain** | 57575368 | 73261827 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $12258518 | &nbsp;&nbsp; $67951998 | &nbsp;&nbsp;&nbsp; $686148427 |

---

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. NEW ACCOUNTING PRONOUNCEMENT

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

12. CLASS CONVERSION

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

13. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's

22 \| Allspring Disciplined U.S. Core Fund

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Notes to financial statements

CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Disciplined U.S. Core Fund \| 23

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

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

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, transfer agent and brokers. 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.

![](g929437img7ade1a8d2.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

September 24, 2025

24 \| Allspring Disciplined U.S. Core Fund

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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 July 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $57,575,368 was designated as a 20% rate gain distribution for the fiscal year ended

July 31, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $15,844,508 of income dividends paid during the fiscal year ended July 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2025, $488,099 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 July 31, 2025, $7,682,483 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 U.S. Core Fund \| 25

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

26 \| Allspring Disciplined U.S. Core Fund

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Disciplined U.S. Core Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Allspring Disciplined U.S. Core Fund \| 27

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the S&P 500 Index, for the one-, three- and five-year periods under review, and in range of the investment performance of its benchmark index for the ten-year period under review.

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

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

*Profitability*

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

28 \| Allspring Disciplined U.S. Core Fund

------

Other information (unaudited)

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

Allspring Disciplined U.S. Core Fund \| 29

------

![](g929437img70e677301.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**

![](g929437imgc4da4d363.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR0616 07-25**

------

![](g929437img9a2bdfdb1.jpg)

Allspring Special Large Cap Value Fund

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_POI-PageBlank-17_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_FS-PageBlank-17_1)** |  |
| [Statement of assets and liabilities](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_FS-PageBlank-17_1) | 6 |
| [Statement of operations](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_FS-PageBlank-17_2) | 7 |
| [Statement of changes in net assets](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_FS-PageBlank-17_3) | 8 |
| [Financial highlights](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_FIHI-PageBlank-17_1) | 10 |
| **[Notes to financial statements](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_NTF-PageBlank-17_1)** | 15 |
| **[Report of independent registered public accounting firm](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_AUD-PageBlank-17_1)** | 21 |
| **[Other information](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_3)['](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_3)[s approval of investment](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_3)<br> [advisory contract](#xx_9fd12f4c-2dae-49d3-af57-f0b6934d4a61_OI-PageBlank-17_3)<br>| 24 |

---

Allspring Special Large Cap Value Fund \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.27%** |  |  |
| **Communication services: 4.54%** |  |  |
| **Interactive media & services: 4.54%** |  |  |
| Alphabet, Inc. Class C | 471029 | &nbsp;&nbsp; **$90842653** |
| **Consumer discretionary: 10.08%** |  |  |
| **Automobiles: 2.38%** |  |  |
| General Motors Co. | 894803 | &nbsp;&nbsp; **47728792** |
| **Broadline retail: 2.46%** |  |  |
| Amazon.com, Inc.† | 210502 | &nbsp;&nbsp; **49280623** |
| **Household durables: 3.03%** |  |  |
| D.R. Horton, Inc. | 424281 | &nbsp;&nbsp; **60604298** |
| **Textiles, apparel & luxury goods: 2.21%** |  |  |
| NIKE, Inc. Class B | 591009 | &nbsp;&nbsp; **44142462** |
| **Consumer staples: 7.61%** |  |  |
| **Consumer staples distribution & retail: 1.90%** |  |  |
| Walmart, Inc. | 387741 | &nbsp;&nbsp; **37990863** |
| **Food products: 3.17%** |  |  |
| Mondelez International, Inc. Class A | 980588 | &nbsp;&nbsp; **63434238** |
| **Personal care products: 2.54%** |  |  |
| Unilever PLC ADR | 869166 | &nbsp;&nbsp; **50785369** |
| **Energy: 5.73%** |  |  |
| **Oil, gas & consumable fuels: 5.73%** |  |  |
| ConocoPhillips | 402467 | &nbsp;&nbsp; 38371204 |
| EOG Resources, Inc. | 207678 | &nbsp;&nbsp; 24925514 |
| Exxon Mobil Corp. | 460691 | &nbsp;&nbsp; 51431543 |
|  |  | &nbsp;&nbsp; **114728261** |
| **Financials: 20.60%** |  |  |
| **Banks: 8.60%** |  |  |
| Bank of America Corp. | 1649864 | &nbsp;&nbsp; 77989071 |
| Citigroup, Inc. | 771103 | &nbsp;&nbsp; 72252351 |
| JPMorgan Chase & Co. | 74074 | &nbsp;&nbsp; 21943682 |
|  |  | &nbsp;&nbsp; **172185104** |
| **Capital markets: 3.77%** |  |  |
| Intercontinental Exchange, Inc. | 408213 | &nbsp;&nbsp; **75450009** |
| **Financial services: 6.69%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 139273 | &nbsp;&nbsp; 65720143 |
| Fiserv, Inc.† | 269665 | &nbsp;&nbsp; 37467255 |
| Rocket Cos., Inc. Class A | 2074331 | &nbsp;&nbsp; 30637869 |
|  |  | &nbsp;&nbsp; **133825267** |

---

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

2 \| Allspring Special Large Cap Value Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Insurance: 1.54%** |  |  |
| American International Group, Inc. | 398057 | &nbsp;&nbsp; **$30901165** |
| **Health care: 13.77%** |  |  |
| **Biotechnology: 1.50%** |  |  |
| Vertex Pharmaceuticals, Inc.† | 65862 | &nbsp;&nbsp; **30090372** |
| **Health care equipment & supplies: 2.54%** |  |  |
| Medtronic PLC | 563108 | &nbsp;&nbsp; **50814866** |
| **Health care providers & services: 5.37%** |  |  |
| Cigna Group | 182569 | &nbsp;&nbsp; 48815299 |
| Labcorp Holdings, Inc. | 225889 | &nbsp;&nbsp; 58749211 |
|  |  | &nbsp;&nbsp; **107564510** |
| **Life sciences tools & services: 2.37%** |  |  |
| Danaher Corp. | 240499 | &nbsp;&nbsp; **47416783** |
| **Pharmaceuticals: 1.99%** |  |  |
| Johnson & Johnson | 241152 | &nbsp;&nbsp; **39727381** |
| **Industrials: 15.01%** |  |  |
| **Aerospace & defense: 1.65%** |  |  |
| RTX Corp. | 209589 | &nbsp;&nbsp; **33024939** |
| **Electrical equipment: 1.00%** |  |  |
| Eaton Corp. PLC | 51945 | &nbsp;&nbsp; **19984280** |
| **Ground transportation: 4.35%** |  |  |
| Canadian Pacific Kansas City Ltd. | 1184813 | &nbsp;&nbsp; **87142996** |
| **Industrial conglomerates: 2.54%** |  |  |
| 3M Co. | 51707 | &nbsp;&nbsp; 7715719 |
| Honeywell International, Inc. | 194237 | &nbsp;&nbsp; 43188597 |
|  |  | &nbsp;&nbsp; **50904316** |
| **Machinery: 0.96%** |  |  |
| Caterpillar, Inc. | 43799 | &nbsp;&nbsp; **19184838** |
| **Trading companies & distributors: 4.51%** |  |  |
| AerCap Holdings NV | 459110 | &nbsp;&nbsp; 49239547 |
| Air Lease Corp. Class A | 740727 | &nbsp;&nbsp; 41036276 |
|  |  | &nbsp;&nbsp; **90275823** |
| **Information technology: 9.71%** |  |  |
| **IT services: 3.12%** |  |  |
| Accenture PLC Class A | 167324 | &nbsp;&nbsp; 44692241 |
| International Business Machines Corp. | 70107 | &nbsp;&nbsp; 17747587 |
|  |  | &nbsp;&nbsp; **62439828** |
| **Semiconductors & semiconductor equipment: 2.02%** |  |  |
| NXP Semiconductors NV | 188690 | &nbsp;&nbsp; **40336261** |

---

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

Allspring Special Large Cap Value Fund \| 3

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Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software: 4.57%** |  |  |
| Cadence Design Systems, Inc.† | 102954 | &nbsp;&nbsp; $37533940 |
| Microsoft Corp. | 101211 | &nbsp;&nbsp; 53996068 |
|  |  | &nbsp;&nbsp; **91530008** |
| **Materials: 4.75%** |  |  |
| **Chemicals: 1.69%** |  |  |
| CF Industries Holdings, Inc. | 149697 | &nbsp;&nbsp; 13896373 |
| Sherwin-Williams Co. | 60432 | &nbsp;&nbsp; 19995740 |
|  |  | &nbsp;&nbsp; **33892113** |
| **Construction materials: 3.06%** |  |  |
| Amrize Ltd.† | 612379 | &nbsp;&nbsp; 31304814 |
| Vulcan Materials Co. | 108721 | &nbsp;&nbsp; 29862397 |
|  |  | &nbsp;&nbsp; **61167211** |
| **Real estate: 3.46%** |  |  |
| **Real estate management & development: 1.52%** |  |  |
| CBRE Group, Inc. Class A† | 195876 | &nbsp;&nbsp; **30505728** |
| **Specialized REITs: 1.94%** |  |  |
| Public Storage | 142571 | &nbsp;&nbsp; **38770758** |
| **Utilities: 3.01%** |  |  |
| **Electric utilities: 3.01%** |  |  |
| NextEra Energy, Inc. | 848682 | &nbsp;&nbsp; **60307343** |
| **Total common stocks (Cost $1,569,933,227)** |  | &nbsp;&nbsp; **1966979458** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.66%** |  |  |  |  |
| **Investment companies: 1.66%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 33285965 | &nbsp;&nbsp; **33285965** |
| **Total short-term investments (Cost $33,285,965)** |  |  |  | &nbsp;&nbsp; **33285965** |
| **Total investments in securities (Cost $1,603,219,192)** | 99.93<br> %<br>|  |  | &nbsp;&nbsp; 2000265423 |
| Other assets and liabilities, net | 0.07 |  |  | &nbsp;&nbsp; 1447882 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$2001713305** |

---

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

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

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

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

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

4 \| Allspring Special Large Cap Value Fund

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Portfolio of investments—July 31, 2025

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $17272868 | $467808784 | $(451795687)<br>| $0 | $0 | $33285965 | 33285965 | $941599 |

---

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

Allspring Special Large Cap Value Fund \| 5

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,569,933,227) | $1966979458 |
| Investments in affiliated securities, at value (cost $33,285,965) | 33285965 |
| Cash | 645967 |
| Receivable for investments sold | 3236248 |
| Receivable for Fund shares sold | 2297973 |
| Receivable for dividends | 453002 |
| Prepaid expenses and other assets | 166891 |
| **Total assets** | **2007065504** |
| Liabilities |  |
| Payable for investments purchased | 3156628 |
| Payable for Fund shares redeemed | 1037029 |
| Management fee payable | 583626 |
| Administration fees payable | 219769 |
| Shareholder servicing fees payable | 218807 |
| Distribution fee payable | 1693 |
| Trustees' fees and expenses payable | 163 |
| Accrued expenses and other liabilities | 134484 |
| **Total liabilities** | **5352199** |
| **Total net assets**  | **$2001713305** |
| Net assets consist of |  |
| Paid-in capital | $1519559992 |
| Total distributable earnings | 482153313 |
| **Total net assets** | **$2001713305** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $503143771 |
| Shares outstanding–Class A<sup>1</sup> <br>| 35004713 |
| Net asset value per share–Class A | $14.37 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $15.25 |
| Net assets–Class C | $2615623 |
| Shares outstanding–Class C<sup>1</sup> <br>| 189284 |
| Net asset value per share–Class C | $13.82 |
| Net assets–Class R6 | $391966586 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 27967335 |
| Net asset value per share–Class R6 | $14.02 |
| Net assets–Administrator Class | $521054800 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 33453343 |
| Net asset value per share–Administrator Class | $15.58 |
| Net assets–Institutional Class | $582932525 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 40086999 |
| Net asset value per share–Institutional Class | $14.54 |

---

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

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

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

6 \| Allspring Special Large Cap Value Fund

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Statement of operations—year ended July 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $148,539) | $23978378 |
| Income from affiliated securities | 941599 |
| Interest | 2878 |
| **Total investment income** | **24922855** |
| Expenses |  |
| Management fee | 8824602 |
| Administration fees |  |
| Class A | 554724 |
| Class C | 2747 |
| Class R6 | 39451 |
| Administrator Class | 654341 |
| Institutional Class | 665123 |
| Shareholder servicing fees |  |
| Class A | 677480 |
| Class C | 3433 |
| Administrator Class | 1249551 |
| Distribution fee |  |
| Class C | 10269 |
| Custody and accounting fees | 48355 |
| Professional fees | 57091 |
| Registration fees | 124981 |
| Shareholder report expenses | 125364 |
| Trustees' fees and expenses | 18209 |
| Other fees and expenses | 51925 |
| **Total expenses** | **13107646** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (2567177)<br>|
| Class A | (217288)<br>|
| Class C | (1048)<br>|
| Administrator Class | (620256)<br>|
| Institutional Class | (386526)<br>|
| **Net expenses** | **9315351** |
| **Net investment income** | **15607504** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities (including in-kind redemptions of $14,086,516) | 123891266 |
| Foreign currency and foreign currency translations | 86 |
| **Net realized gains on investments**  | **123891352** |
| **Net change in unrealized gains (losses) on investments** | **6885509** |
| **Net realized and unrealized gains (losses) on investments** | **130776861** |
| **Net increase in net assets resulting from operations** | **$146384365** |

---

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

Allspring Special Large Cap Value Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $15607504 |  | &nbsp;&nbsp; $11541761 |
| Net realized gains on investments |  | &nbsp;&nbsp; 123891352 |  | &nbsp;&nbsp; 66213831 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 6885509 |  | &nbsp;&nbsp; 152370259 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **146384365** |  | &nbsp;&nbsp; **230125851** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (22506814)<br>|  | &nbsp;&nbsp; (6979591)<br>|
| Class C |  | &nbsp;&nbsp; (126698)<br>|  | &nbsp;&nbsp; (23792)<br>|
| Class R6 |  | &nbsp;&nbsp; (3828103)<br>|  | &nbsp;&nbsp; (1352009)<br>|
| Administrator Class |  | &nbsp;&nbsp; (38712825)<br>|  | &nbsp;&nbsp; (12699409)<br>|
| Institutional Class |  | &nbsp;&nbsp; (41699399)<br>|  | &nbsp;&nbsp; (12992850)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(106873839)**<br>|  | &nbsp;&nbsp; **(34047651)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 398397 | &nbsp;&nbsp; 5554919 | &nbsp;&nbsp; 243763 | &nbsp;&nbsp; 3148442 |
| Class C | 85994 | &nbsp;&nbsp; 1182927 | &nbsp;&nbsp; 14081 | &nbsp;&nbsp; 174886 |
| Class R6 | 28473251 | &nbsp;&nbsp; 377549616 | &nbsp;&nbsp; 257947 | &nbsp;&nbsp; 3178792 |
| Administrator Class | 143466 | &nbsp;&nbsp; 2181966 | &nbsp;&nbsp; 100251 | &nbsp;&nbsp; 1431276 |
| Institutional Class | 10176219 | &nbsp;&nbsp; 144370992 | &nbsp;&nbsp; 17892995 | &nbsp;&nbsp; 222419427 |
|  |  | &nbsp;&nbsp; 530840420 |  | &nbsp;&nbsp; 230352823 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 1573343 | &nbsp;&nbsp; 21531034 | &nbsp;&nbsp; 558881 | &nbsp;&nbsp; 6691648 |
| Class C | 9620 | &nbsp;&nbsp; 126698 | &nbsp;&nbsp; 2076 | &nbsp;&nbsp; 23792 |
| Class R6 | 286906 | &nbsp;&nbsp; 3828103 | &nbsp;&nbsp; 115420 | &nbsp;&nbsp; 1352009 |
| Administrator Class | 2489707 | &nbsp;&nbsp; 36888080 | &nbsp;&nbsp; 933421 | &nbsp;&nbsp; 12045524 |
| Institutional Class | 3010636 | &nbsp;&nbsp; 41668312 | &nbsp;&nbsp; 1071017 | &nbsp;&nbsp; 12984694 |
|  |  | &nbsp;&nbsp; 104042227 |  | &nbsp;&nbsp; 33097667 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2191043)<br>| &nbsp;&nbsp; (30721034)<br>| &nbsp;&nbsp; (2262850)<br>| &nbsp;&nbsp; (28357414)<br>|
| Class C | (50265)<br>| &nbsp;&nbsp; (672197)<br>| &nbsp;&nbsp; (53365)<br>| &nbsp;&nbsp; (644223)<br>|
| Class R6 | (4103574)<br>| &nbsp;&nbsp; (56790724)<br>| &nbsp;&nbsp; (722211)<br>| &nbsp;&nbsp; (9073597)<br>|
| Administrator Class | (2698188)<br>| &nbsp;&nbsp; (40525185)<br>| &nbsp;&nbsp; (2971977)<br>| &nbsp;&nbsp; (39830289)<br>|
| Institutional Class | (8898851)<br>| &nbsp;&nbsp; (126895331)<br>| &nbsp;&nbsp; (10002151)<br>| &nbsp;&nbsp; (128256273)<br>|
|  |  | &nbsp;&nbsp; (255604471)<br>|  | &nbsp;&nbsp; (206161796)<br>|

---

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

8 \| Allspring Special Large Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Net asset value of shares issued in acquisition |  |  |  |  |
| Class A | 15741458 | &nbsp;&nbsp; $230556265 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 |
| Class C | 67096 | &nbsp;&nbsp; 944848 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class R6 | 131842 | &nbsp;&nbsp; 1882762 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Administrator Class | 623197 | &nbsp;&nbsp; 9890801 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 689296 | &nbsp;&nbsp; 10213409 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 253488085 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **632766261** |  | &nbsp;&nbsp; **57288694** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **672276787** |  | &nbsp;&nbsp; **253366894** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1329436518** |  | &nbsp;&nbsp; **1076069624** |
| **End of period** |  | &nbsp;&nbsp; **$2001713305** |  | &nbsp;&nbsp; **$1329436518** |

---

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

Allspring Special Large Cap Value Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$14.21** | &nbsp;&nbsp; **$12.18** | &nbsp;&nbsp; **$11.66** | &nbsp;&nbsp; **$14.98** | &nbsp;&nbsp; **$11.35** |
| Net investment income | 0.13 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.12 <br><sup>1</sup><br>| 0.06 | 0.11 |
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.22 | 2.27 | 1.44 | &nbsp;&nbsp; (0.59)<br>| 3.66 |
| Total from investment operations | 1.35 | 2.37 | 1.56 | &nbsp;&nbsp; (0.53)<br>| 3.77 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.10)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized gains | (1.09)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (2.70)<br>| 0.00 |
| Total distributions to shareholders | (1.19)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$14.37** | &nbsp;&nbsp; **$14.21** | &nbsp;&nbsp; **$12.18** | &nbsp;&nbsp; **$11.66** | &nbsp;&nbsp; **$14.98** |
| **Total return**<sup>3</sup> <br>| **9.94%**<br>| **20.05%**<br>| **14.17%**<br>| &nbsp;&nbsp; **(5.29)%**<br>| **33.49%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.10<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>|
| Net expenses | 0.84<br> %<br>| 1.05<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>|
| Net investment income | 0.91<br> %<br>| 0.80<br> %<br>| 1.02<br> %<br>| 0.52<br> %<br>| 0.77<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 44<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $503144 | &nbsp;&nbsp; $276829 | &nbsp;&nbsp; $254988 | &nbsp;&nbsp; $249213 | &nbsp;&nbsp; $294248 |

---

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

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

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

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

<sup>4</sup> During the year ended July 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return.

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

10 \| Allspring Special Large Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$13.71** | &nbsp;&nbsp; **$11.76** | &nbsp;&nbsp; **$11.28** | &nbsp;&nbsp; **$14.59** | &nbsp;&nbsp; **$10.99** |
| Net investment income (loss) | 0.02 <br><sup>1</sup><br>| 0.01 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.03 )<sup>1</sup><br>| 0.01 <br><sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 |
| Net realized and unrealized gains (losses) on investments | 1.18 | 2.19 | 1.39 | &nbsp;&nbsp; (0.58)<br>| 3.54 |
| Total from investment operations | 1.20 | 2.20 | 1.42 | &nbsp;&nbsp; (0.61)<br>| 3.60 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (1.09)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (2.70)<br>| 0.00 |
| **Net asset value, end of period** | **$13.82** | &nbsp;&nbsp; **$13.71** | &nbsp;&nbsp; **$11.76** | &nbsp;&nbsp; **$11.28** | &nbsp;&nbsp; **$14.59** |
| **Total return**<sup>2</sup> <br>| **9.13%**<br>| **19.16%**<br>| **13.30%**<br>| &nbsp;&nbsp; **(5.99)%**<br>| **32.76%** <br><sup>3</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.85<br> %<br>| 1.91<br> %<br>| 1.93<br> %<br>| 1.92<br> %<br>| 1.93<br> %<br>|
| Net expenses | 1.59<br> %<br>| 1.82<br> %<br>| 1.86<br> %<br>| 1.86<br> %<br>| 1.86<br> %<br>|
| Net investment income (loss) | 0.11<br> %<br>| 0.07<br> %<br>| 0.27<br> %<br>| &nbsp;&nbsp; (0.24)%<br>| 0.05<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 44<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $2616 | &nbsp;&nbsp; $1053 | &nbsp;&nbsp; $1341 | &nbsp;&nbsp; $1923 | &nbsp;&nbsp; $2356 |

---

&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> During the year ended July 31, 2021, the Fund received a payment from an affiliate that had a 0.50% impact on the total return.

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

Allspring Special Large Cap Value Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

12 \| Allspring Special Large Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$15.30** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$12.47** | &nbsp;&nbsp; **$15.83** | &nbsp;&nbsp; **$11.99** |
| Net investment income | 0.16 <br><sup>1</sup><br>| 0.13 <br><sup>1</sup><br>| 0.15 <br><sup>1</sup><br>| 0.09 | 0.13 |
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.32 | 2.45 | 1.54 | &nbsp;&nbsp; (0.63)<br>| 3.88 |
| Total from investment operations | 1.48 | 2.58 | 1.69 | &nbsp;&nbsp; (0.54)<br>| 4.01 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.11)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | (1.09)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (2.70)<br>| 0.00 |
| Total distributions to shareholders | (1.20)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Net asset value, end of period** | **$15.58** | &nbsp;&nbsp; **$15.30** | &nbsp;&nbsp; **$13.09** | &nbsp;&nbsp; **$12.47** | &nbsp;&nbsp; **$15.83** |
| **Total return**<sup>3</sup> <br>| **10.10%**<br>| **20.31%**<br>| **14.32%**<br>| &nbsp;&nbsp; **(5.07)%**<br>| **33.75%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.04<br> %<br>| 1.09<br> %<br>| 1.10<br> %<br>| 1.09<br> %<br>| 1.11<br> %<br>|
| Net expenses | 0.73<br> %<br>| 0.91<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>|
| Net investment income | 1.03<br> %<br>| 0.95<br> %<br>| 1.20<br> %<br>| 0.70<br> %<br>| 0.94<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 44<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $521055 | &nbsp;&nbsp; $503155 | &nbsp;&nbsp; $455987 | &nbsp;&nbsp; $436335 | &nbsp;&nbsp; $499628 |

---

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

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

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

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere.

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

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

Allspring Special Large Cap Value Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

14 \| Allspring Special Large Cap Value Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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 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.

Allspring Special Large Cap Value Fund \| 15

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Notes to financial statements

Federal and other taxes

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

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

As of July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,610,313,405 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $425141701 |
| Gross unrealized losses | &nbsp;&nbsp; (35189683)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$389952018** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $14560376 | &nbsp;&nbsp; $(14560376)<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.

16 \| Allspring Special Large Cap Value 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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $90842653 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $90842653 |
| *Consumer discretionary* | &nbsp;&nbsp; 201756175 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 201756175 |
| *Consumer staples* | &nbsp;&nbsp; 152210470 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 152210470 |
| *Energy* | &nbsp;&nbsp; 114728261 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 114728261 |
| *Financials* | &nbsp;&nbsp; 412361545 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 412361545 |
| *Health care* | &nbsp;&nbsp; 275613912 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 275613912 |
| *Industrials* | &nbsp;&nbsp; 300517192 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 300517192 |
| *Information technology* | &nbsp;&nbsp; 194306097 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 194306097 |
| *Materials* | &nbsp;&nbsp; 95059324 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 95059324 |
| *Real estate* | &nbsp;&nbsp; 69276486 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69276486 |
| *Utilities* | &nbsp;&nbsp; 60307343 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60307343 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 33285965 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33285965 |
| **Total assets** | &nbsp;&nbsp; **$2000265423** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$2000265423** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

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

---

Prior to June 1, 2025, the management fee rate was as follows:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.700<br> %<br>|
| Next $500 million | 0.675 |
| Next $1 billion | 0.650 |
| Next $2 billion | 0.625 |
| Next $1 billion | 0.600 |
| Next $3 billion | 0.590 |
| Next $2 billion | 0.565 |
| Next $2 billion | 0.555 |
| Next $4 billion | 0.530 |
| Over $16 billion | 0.505 |

---

For the year ended July 31, 2025, the management fee was equivalent to an annual rate of 0.62% of the Fund's average daily net assets.

Allspring Special Large Cap Value Fund \| 17

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Notes to financial statements

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | EXPENSE RATIO CAPS | RATE PRIOR TO OCTOBER 1, 2024 |
| Class A | 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| Class C | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 |
| Class R6 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Administrator Class | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Institutional Class | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

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 July 31, 2025, Allspring Funds Distributor received $2,237 from the sale of Class A shares and $24 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 July 31, 2025.

Shareholder servicing fees

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

Interfund transactions

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

18 \| Allspring Special Large Cap Value Fund

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Notes to financial statements

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2025 were $934,559,335 and $627,018,699, respectively.

6. ACQUISITION

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

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

---

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

---

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

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $21146023 | $11446121 |
| **Long-term capital gain** | 85727816 | 22601530 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $17954384 | &nbsp;&nbsp; $74306333 | &nbsp;&nbsp;&nbsp; $389952018 |

---

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

Allspring Special Large Cap Value Fund \| 19

------

Notes to financial statements

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. REDEMPTIONS IN-KIND

During the year ended July 31, 2025, the Fund redeemed assets through an in-kind redemption for shareholders in Class R6. The realized gains (losses) recognized by the Fund are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date | Value of <br>securities issued<br>| Cash | &nbsp;&nbsp;&nbsp; Realized <br>gains (losses)<br>| &nbsp;&nbsp;&nbsp; % of the <br>Fund<br>|
| &nbsp;&nbsp;&nbsp; 07-15-2025 | &nbsp;&nbsp; $34314796 | &nbsp;&nbsp;&nbsp; $1010063 | &nbsp;&nbsp;&nbsp; $14086516 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>|

---

11. NEW ACCOUNTING PRONOUNCEMENT

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

12. OPERATING SEGMENTS

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

13. SUBSEQUENT EVENT

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

20 \| Allspring Special Large Cap Value Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

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

*Basis for Opinion*

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

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

![](g929437img87bbcfc32.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

September 24, 2025

Allspring Special Large Cap Value Fund \| 21

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 83% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $85,727,816 was designated as a 20% rate gain distribution for the fiscal year ended

July 31, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $16,568,570 of income dividends paid during the fiscal year ended July 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2025, $610,880 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 July 31, 2025, $9,921,660 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 1% of ordinary income dividends qualify as interest dividends for the fiscal year ended July 31, 2025.

Proxy voting information

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

Quarterly portfolio holdings information

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

22 \| Allspring Special Large Cap Value Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Special Large Cap Value Fund \| 23

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Special Large Cap Value Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis.

It was noted that the Board had approved the merger of another series of the Trust into the Fund and that the merger was expected to occur on or about July 25, 2025.

The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

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

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

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds

\*

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

24 \| Allspring Special Large Cap Value Fund

------

Other information (unaudited)

Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for the one-, three-, and ten-year periods under review, and lower than the average investment performance of the Universe for the five-year period under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Russell 1000 Value Index, for all periods under review.

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

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

Allspring Special Large Cap Value Fund \| 25

------

Other information (unaudited)

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

*Profitability*

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

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

26 \| Allspring Special Large Cap Value Fund

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![](g929437img9a2bdfdb1.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**

![](g929437imge9693ac63.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR4302 07-25**

------

![](g929437img9c69577b1.jpg)

Allspring Large Cap Core Fund

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_POI-PageBlank-18_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_FS-PageBlank-18_1)** |  |
| [Statement of assets and liabilities](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_FS-PageBlank-18_1) | 6 |
| [Statement of operations](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_FS-PageBlank-18_2) | 7 |
| [Statement of changes in net assets](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_FS-PageBlank-18_4) | 9 |
| [Financial highlights](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_FIHI-PageBlank-18_1) | 10 |
| **[Notes to financial statements](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_NTF-PageBlank-18_1)** | 15 |
| **[Report of independent registered public accounting firm](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_AUD-PageBlank-18_1)** | 21 |
| **[Other information](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_1)** | 22 |
| [Item 8. Changes in and disagreements with accountants](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_2) | 23 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_2) | 23 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_2) | 23 |
| [Item 11. Statement regarding basis for board](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_3)['](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_3)[s approval of investment](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_3)<br> [advisory contract](#xx_44feecee-31d7-44c3-9beb-78858aee3d74_OI-PageBlank-18_3)<br>| 24 |

---

Allspring Large Cap Core Fund \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.37%** |  |  |
| **Communication services: 10.87%** |  |  |
| **Entertainment: 2.94%** |  |  |
| Netflix, Inc.† | 15025 | &nbsp;&nbsp; **$17419985** |
| **Interactive media & services: 5.77%** |  |  |
| Alphabet, Inc. Class C | 116451 | &nbsp;&nbsp; 22458740 |
| Pinterest, Inc. Class A† | 305274 | &nbsp;&nbsp; 11783576 |
|  |  | &nbsp;&nbsp; **34242316** |
| **Media: 2.16%** |  |  |
| Fox Corp. Class A | 229281 | &nbsp;&nbsp; **12784709** |
| **Consumer discretionary: 10.55%** |  |  |
| **Broadline retail: 2.72%** |  |  |
| Amazon.com, Inc.† | 68810 | &nbsp;&nbsp; **16109109** |
| **Hotels, restaurants & leisure: 3.97%** |  |  |
| Booking Holdings, Inc. | 2031 | &nbsp;&nbsp; 11178746 |
| Royal Caribbean Cruises Ltd. | 38771 | &nbsp;&nbsp; 12324138 |
|  |  | &nbsp;&nbsp; **23502884** |
| **Household durables: 1.33%** |  |  |
| PulteGroup, Inc. | 70013 | &nbsp;&nbsp; **7905868** |
| **Specialty retail: 2.53%** |  |  |
| Ulta Beauty, Inc.† | 29157 | &nbsp;&nbsp; **15016146** |
| **Consumer staples: 3.59%** |  |  |
| **Beverages: 1.81%** |  |  |
| Monster Beverage Corp.† | 182739 | &nbsp;&nbsp; **10735916** |
| **Consumer staples distribution & retail: 1.78%** |  |  |
| Costco Wholesale Corp. | 11245 | &nbsp;&nbsp; **10566252** |
| **Energy: 4.08%** |  |  |
| **Oil, gas & consumable fuels: 4.08%** |  |  |
| Cheniere Energy, Inc. | 45063 | &nbsp;&nbsp; 10629460 |
| ConocoPhillips | 62143 | &nbsp;&nbsp; 5924714 |
| EOG Resources, Inc. | 63345 | &nbsp;&nbsp; 7602667 |
|  |  | &nbsp;&nbsp; **24156841** |
| **Financials: 10.97%** |  |  |
| **Banks: 6.42%** |  |  |
| Citigroup, Inc. | 100033 | &nbsp;&nbsp; 9373092 |
| Citizens Financial Group, Inc. | 141128 | &nbsp;&nbsp; 6734628 |
| First Citizens BancShares, Inc. Class A | 4279 | &nbsp;&nbsp; 8535578 |
| JPMorgan Chase & Co. | 45246 | &nbsp;&nbsp; 13403675 |
|  |  | &nbsp;&nbsp; **38046973** |

---

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

2 \| Allspring Large Cap Core Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets: 4.55%** |  |  |
| Interactive Brokers Group, Inc. Class A | 216690 | &nbsp;&nbsp; $14206197 |
| Virtu Financial, Inc. Class A | 290030 | &nbsp;&nbsp; 12801924 |
|  |  | &nbsp;&nbsp; **27008121** |
| **Health care: 10.84%** |  |  |
| **Biotechnology: 5.41%** |  |  |
| AbbVie, Inc. | 55446 | &nbsp;&nbsp; 10480403 |
| Exelixis, Inc.† | 266054 | &nbsp;&nbsp; 9636476 |
| Regeneron Pharmaceuticals, Inc. | 9021 | &nbsp;&nbsp; 4920595 |
| United Therapeutics Corp.† | 25662 | &nbsp;&nbsp; 7049351 |
|  |  | &nbsp;&nbsp; **32086825** |
| **Health care providers & services: 3.65%** |  |  |
| Cencora, Inc. | 38085 | &nbsp;&nbsp; 10895356 |
| Tenet Healthcare Corp.† | 66503 | &nbsp;&nbsp; 10725604 |
|  |  | &nbsp;&nbsp; **21620960** |
| **Pharmaceuticals: 1.78%** |  |  |
| Bristol-Myers Squibb Co. | 243612 | &nbsp;&nbsp; **10550836** |
| **Industrials: 11.55%** |  |  |
| **Building products: 1.31%** |  |  |
| Owens Corning | 55694 | &nbsp;&nbsp; **7765415** |
| **Construction & engineering: 2.47%** |  |  |
| EMCOR Group, Inc. | 23297 | &nbsp;&nbsp; **14618635** |
| **Electrical equipment: 2.30%** |  |  |
| Generac Holdings, Inc.† | 70079 | &nbsp;&nbsp; **13643680** |
| **Ground transportation: 2.00%** |  |  |
| Uber Technologies, Inc.† | 134779 | &nbsp;&nbsp; **11826857** |
| **Passenger airlines: 1.70%** |  |  |
| United Airlines Holdings, Inc.† | 114406 | &nbsp;&nbsp; **10103194** |
| **Professional services: 1.77%** |  |  |
| Leidos Holdings, Inc. | 65815 | &nbsp;&nbsp; **10507365** |
| **Information technology: 30.01%** |  |  |
| **Communications equipment: 2.13%** |  |  |
| Arista Networks, Inc.† | 102606 | &nbsp;&nbsp; **12643111** |
| **Electronic equipment, instruments & components: 2.12%** |  |  |
| TD SYNNEX Corp. | 87165 | &nbsp;&nbsp; **12585755** |
| **IT services: 3.64%** |  |  |
| Okta, Inc.† | 89880 | &nbsp;&nbsp; 8790264 |
| Twilio, Inc. Class A† | 99051 | &nbsp;&nbsp; 12777579 |
|  |  | &nbsp;&nbsp; **21567843** |

---

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

Allspring Large Cap Core Fund \| 3

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment: 7.37%** |  |  |
| Broadcom, Inc. | 85284 | &nbsp;&nbsp; $25047911 |
| KLA Corp. | 12355 | &nbsp;&nbsp; 10860416 |
| QUALCOMM, Inc. | 52764 | &nbsp;&nbsp; 7743644 |
|  |  | &nbsp;&nbsp; **43651971** |
| **Software: 8.91%** |  |  |
| Adobe, Inc.† | 17342 | &nbsp;&nbsp; 6203060 |
| Atlassian Corp. Class A† | 57252 | &nbsp;&nbsp; 10979789 |
| Microsoft Corp. | 66755 | &nbsp;&nbsp; 35613792 |
|  |  | &nbsp;&nbsp; **52796641** |
| **Technology hardware, storage & peripherals: 5.84%** |  |  |
| Apple, Inc. | 110038 | &nbsp;&nbsp; 22840588 |
| Dell Technologies, Inc. Class C | 88877 | &nbsp;&nbsp; 11793089 |
|  |  | &nbsp;&nbsp; **34633677** |
| **Materials: 2.45%** |  |  |
| **Chemicals: 1.36%** |  |  |
| CF Industries Holdings, Inc. | 86668 | &nbsp;&nbsp; **8045391** |
| **Metals & mining: 1.09%** |  |  |
| Nucor Corp. | 45305 | &nbsp;&nbsp; **6481786** |
| **Real estate: 4.46%** |  |  |
| **Health care REITs: 1.80%** |  |  |
| Omega Healthcare Investors, Inc. | 273526 | &nbsp;&nbsp; **10640161** |
| **Retail REITs: 1.82%** |  |  |
| Simon Property Group, Inc. | 65753 | &nbsp;&nbsp; **10769684** |
| **Specialized REITs: 0.84%** |  |  |
| Weyerhaeuser Co. | 199865 | &nbsp;&nbsp; **5006618** |
| **Total common stocks (Cost $355,910,539)** |  | &nbsp;&nbsp; **589041525** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.52%** |  |  |  |  |
| **Investment companies: 0.52%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 3074599 | &nbsp;&nbsp; **3074599** |
| **Total short-term investments (Cost $3,074,599)** |  |  |  | &nbsp;&nbsp; **3074599** |
| **Total investments in securities (Cost $358,985,138)** | 99.89<br> %<br>|  |  | &nbsp;&nbsp; 592116124 |
| Other assets and liabilities, net | 0.11 |  |  | &nbsp;&nbsp; 656303 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$592772427** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

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

4 \| Allspring Large Cap Core Fund

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Portfolio of investments—July 31, 2025

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $7562931 | $47234857 | $(51723189)<br>| $0 | $0 | $3074599 | 3074599 | $364490 |

---

**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; 5 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; $1511175 | &nbsp;&nbsp; $1593563 | &nbsp;&nbsp; $82388 | &nbsp;&nbsp; $0 |

---

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

Allspring Large Cap Core Fund \| 5

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $355,910,539) | $589041525 |
| Investments in affiliated securities, at value (cost $3,074,599) | 3074599 |
| Cash at broker segregated for futures contracts | 761117 |
| Receivable for dividends | 425267 |
| Receivable for Fund shares sold | 161624 |
| Prepaid expenses and other assets | 60388 |
| **Total assets** | **593524520** |
| Liabilities |  |
| Management fee payable | 274586 |
| Payable for Fund shares redeemed | 223540 |
| Shareholder servicing fees payable | 94941 |
| Administration fees payable | 91301 |
| Payable for daily variation margin on open futures contracts | 5500 |
| Distribution fees payable | 3813 |
| Trustees' fees and expenses payable | 1040 |
| Accrued expenses and other liabilities | 57372 |
| **Total liabilities** | **752093** |
| **Total net assets**  | **$592772427** |
| Net assets consist of |  |
| Paid-in capital | $322440890 |
| Total distributable earnings | 270331537 |
| **Total net assets** | **$592772427** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $440502814 |
| Shares outstanding–Class A<sup>1</sup> <br>| 22632711 |
| Net asset value per share–Class A | $19.46 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $20.65 |
| Net assets–Class C | $6030566 |
| Shares outstanding–Class C<sup>1</sup> <br>| 325019 |
| Net asset value per share–Class C | $18.55 |
| Net assets–Class R6 | $3906869 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 198486 |
| Net asset value per share–Class R6 | $19.68 |
| Net assets–Administrator Class | $1976064 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 98441 |
| Net asset value per share–Administrator Class | $20.07 |
| Net assets–Institutional Class | $140356114 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 7113859 |
| Net asset value per share–Institutional Class | $19.73 |

---

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

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

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

6 \| Allspring Large Cap Core Fund

------

Statement of operations—year ended July 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $6242792 |
| Income from affiliated securities | 364490 |
| Interest | 19467 |
| **Total investment income** | **6626749** |
| Expenses |  |
| Management fee | 3785278 |
| Administration fees |  |
| Class A | 826010 |
| Class C | 12050 |
| Class R6 | 1073 |
| Administrator Class | 2497 |
| Institutional Class | 153110 |
| Shareholder servicing fees |  |
| Class A | 1032512 |
| Class C | 15040 |
| Administrator Class | 4709 |
| Distribution fees |  |
| Class C | 45106 |
| Custody and accounting fees | 26061 |
| Professional fees | 53242 |
| Registration fees | 100638 |
| Shareholder report expenses | 51401 |
| Trustees' fees and expenses | 14029 |
| Other fees and expenses | 21345 |
| **Total expenses** | **6144101** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (651030)<br>|
| Class A | (180924)<br>|
| Class C | (2)<br>|
| Class R6 | (287)<br>|
| Administrator Class | (626)<br>|
| Institutional Class | (103739)<br>|
| **Net expenses** | **5207493** |
| **Net investment income** | **1419256** |

---

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

Allspring Large Cap Core Fund \| 7

------

Statement of operations—year ended July 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $60707587 |
| Futures contracts | (415129)<br>|
| **Net realized gains on investments**  | **60292458** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 34255555 |
| Futures contracts | 74302 |
| **Net change in unrealized gains (losses) on investments** | **34329857** |
| **Net realized and unrealized gains (losses) on investments** | **94622315** |
| **Net increase in net assets resulting from operations** | **$96041571** |

---

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

8 \| Allspring Large Cap Core Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $1419256 |  | &nbsp;&nbsp; $2028227 |
| Net realized gains on investments |  | &nbsp;&nbsp; 60292458 |  | &nbsp;&nbsp; 43920410 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 34329857 |  | &nbsp;&nbsp; 47079383 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **96041571** |  | &nbsp;&nbsp; **93028020** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (48280741)<br>|  | &nbsp;&nbsp; (28260966)<br>|
| Class C |  | &nbsp;&nbsp; (730612)<br>|  | &nbsp;&nbsp; (625245)<br>|
| Class R6 |  | &nbsp;&nbsp; (445351)<br>|  | &nbsp;&nbsp; (277421)<br>|
| Administrator Class |  | &nbsp;&nbsp; (234516)<br>|  | &nbsp;&nbsp; (157450)<br>|
| Institutional Class |  | &nbsp;&nbsp; (13187081)<br>|  | &nbsp;&nbsp; (7219152)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(62878301)**<br>|  | &nbsp;&nbsp; **(36540234)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 818423 | &nbsp;&nbsp; 14924977 | &nbsp;&nbsp; 1071331 | &nbsp;&nbsp; 17521352 |
| Class C | 53713 | &nbsp;&nbsp; 922932 | &nbsp;&nbsp; 73221 | &nbsp;&nbsp; 1142952 |
| Class R6 | 55695 | &nbsp;&nbsp; 1006562 | &nbsp;&nbsp; 29614 | &nbsp;&nbsp; 504101 |
| Administrator Class | 22489 | &nbsp;&nbsp; 422399 | &nbsp;&nbsp; 20739 | &nbsp;&nbsp; 356093 |
| Institutional Class | 2018714 | &nbsp;&nbsp; 36712909 | &nbsp;&nbsp; 1052444 | &nbsp;&nbsp; 17780213 |
|  |  | &nbsp;&nbsp; 53989779 |  | &nbsp;&nbsp; 37304711 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2549246 | &nbsp;&nbsp; 46281476 | &nbsp;&nbsp; 1754766 | &nbsp;&nbsp; 27004386 |
| Class C | 41861 | &nbsp;&nbsp; 727543 | &nbsp;&nbsp; 41929 | &nbsp;&nbsp; 620970 |
| Class R6 | 4358 | &nbsp;&nbsp; 80085 | &nbsp;&nbsp; 2883 | &nbsp;&nbsp; 44896 |
| Administrator Class | 12461 | &nbsp;&nbsp; 233421 | &nbsp;&nbsp; 9907 | &nbsp;&nbsp; 156738 |
| Institutional Class | 710092 | &nbsp;&nbsp; 13073290 | &nbsp;&nbsp; 455501 | &nbsp;&nbsp; 7102424 |
|  |  | &nbsp;&nbsp; 60395815 |  | &nbsp;&nbsp; 34929414 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2610281)<br>| &nbsp;&nbsp; (47289826)<br>| &nbsp;&nbsp; (2405518)<br>| &nbsp;&nbsp; (39999039)<br>|
| Class C | (126843)<br>| &nbsp;&nbsp; (2183199)<br>| &nbsp;&nbsp; (465119)<br>| &nbsp;&nbsp; (7279129)<br>|
| Class R6 | (32913)<br>| &nbsp;&nbsp; (596427)<br>| &nbsp;&nbsp; (67924)<br>| &nbsp;&nbsp; (1128888)<br>|
| Administrator Class | (39644)<br>| &nbsp;&nbsp; (712628)<br>| &nbsp;&nbsp; (44479)<br>| &nbsp;&nbsp; (756670)<br>|
| Institutional Class | (1395686)<br>| &nbsp;&nbsp; (25302922)<br>| &nbsp;&nbsp; (1174476)<br>| &nbsp;&nbsp; (19589166)<br>|
|  |  | &nbsp;&nbsp; (76085002)<br>|  | &nbsp;&nbsp; (68752892)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **38300592** |  | &nbsp;&nbsp; **3481233** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **71463862** |  | &nbsp;&nbsp; **59969019** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **521308565** |  | &nbsp;&nbsp; **461339546** |
| **End of period** |  | &nbsp;&nbsp; **$592772427** |  | &nbsp;&nbsp; **$521308565** |

---

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

Allspring Large Cap Core Fund \| 9

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$18.39** | &nbsp;&nbsp; **$16.49** | &nbsp;&nbsp; **$15.85** | &nbsp;&nbsp; **$18.77** | &nbsp;&nbsp; **$15.71** |
| Net investment income | 0.03 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.09 | 0.08 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.31 | 3.17 | 2.21 | &nbsp;&nbsp; (0.55)<br>| 5.33 |
| Total from investment operations | 3.34 | 3.23 | 2.31 | &nbsp;&nbsp; (0.46)<br>| 5.41 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.02)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net realized gains | (2.25)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (2.20)<br>|
| Total distributions to shareholders | (2.27)<br>| &nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (2.35)<br>|
| **Net asset value, end of period** | **$19.46** | &nbsp;&nbsp; **$18.39** | &nbsp;&nbsp; **$16.49** | &nbsp;&nbsp; **$15.85** | &nbsp;&nbsp; **$18.77** |
| **Total return**<sup>2</sup> <br>| **19.07%**<br>| **21.20%**<br>| **16.41%**<br>| &nbsp;&nbsp; **(3.66)%**<br>| **37.90%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.20<br> %<br>| 1.21<br> %<br>| 1.22<br> %<br>| 1.20<br> %<br>| 1.23<br> %<br>|
| Net expenses | 1.03<br> %<br>| 1.04<br> %<br>| 1.05<br> %<br>| 1.06<br> %<br>| 1.06<br> %<br>|
| Net investment income | 0.19<br> %<br>| 0.37<br> %<br>| 0.66<br> %<br>| 0.52<br> %<br>| 0.49<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 41<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $440503 | &nbsp;&nbsp; $402315 | &nbsp;&nbsp; $353855 | &nbsp;&nbsp; $330584 | &nbsp;&nbsp; $366731 |

---

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

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

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

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

10 \| Allspring Large Cap Core Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

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

Allspring Large Cap Core Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

12 \| Allspring Large Cap Core Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Administrator Class | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$18.90** | &nbsp;&nbsp; **$16.91** | &nbsp;&nbsp; **$16.22** | &nbsp;&nbsp; **$19.16** | &nbsp;&nbsp; **$15.96** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.41 | 3.25 | 2.27 | &nbsp;&nbsp; (0.55)<br>| 5.43 |
| Total from investment operations | 3.46 | 3.33 | 2.38 | &nbsp;&nbsp; (0.45)<br>| 5.53 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.04)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | (2.25)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (2.20)<br>|
| Total distributions to shareholders | (2.29)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (2.33)<br>|
| **Net asset value, end of period** | **$20.07** | &nbsp;&nbsp; **$18.90** | &nbsp;&nbsp; **$16.91** | &nbsp;&nbsp; **$16.22** | &nbsp;&nbsp; **$19.16** |
| **Total return**<sup>2</sup> <br>| **19.16%**<br>| **21.29%**<br>| **16.51%**<br>| &nbsp;&nbsp; **(3.57)%**<br>| **38.04%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.12<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.15<br> %<br>|
| Net expenses | 0.97<br> %<br>| 0.97<br> %<br>| 0.97<br> %<br>| 0.97<br> %<br>| 0.97<br> %<br>|
| Net investment income | 0.26<br> %<br>| 0.46<br> %<br>| 0.72<br> %<br>| 0.56<br> %<br>| 0.58<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 41<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $1976 | &nbsp;&nbsp; $1950 | &nbsp;&nbsp; $1978 | &nbsp;&nbsp; $1528 | &nbsp;&nbsp; $2531 |

---

&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 Large Cap Core Fund \| 13

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

14 \| Allspring Large Cap Core 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 Large Cap Core Fund (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

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

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 Large Cap Core Fund \| 15

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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 July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $359,360,714 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $242896775 |
| Gross unrealized losses | &nbsp;&nbsp; (10058977)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$232837798** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

16 \| Allspring Large Cap Core Fund

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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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $64447010 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $64447010 |
| *Consumer discretionary* | &nbsp;&nbsp; 62534007 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 62534007 |
| *Consumer staples* | &nbsp;&nbsp; 21302168 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21302168 |
| *Energy* | &nbsp;&nbsp; 24156841 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24156841 |
| *Financials* | &nbsp;&nbsp; 65055094 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 65055094 |
| *Health care* | &nbsp;&nbsp; 64258621 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 64258621 |
| *Industrials* | &nbsp;&nbsp; 68465146 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 68465146 |
| *Information technology* | &nbsp;&nbsp; 177878998 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 177878998 |
| *Materials* | &nbsp;&nbsp; 14527177 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14527177 |
| *Real estate* | &nbsp;&nbsp; 26416463 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26416463 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3074599 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3074599 |
|  | &nbsp;&nbsp; 592116124 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 592116124 |
| **Futures contracts** | &nbsp;&nbsp; 82388 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 82388 |
| **Total assets** | &nbsp;&nbsp; **$592198512** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$592198512** |

---

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 Statements 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 July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.700<br> %<br>|
| Next $500 million | 0.675 |
| Next $1 billion | 0.650 |
| Next $2 billion | 0.625 |
| Next $1 billion | 0.600 |
| Next $3 billion | 0.590 |
| Next $2 billion | 0.565 |
| Next $2 billion | 0.555 |
| Next $4 billion | 0.530 |
| Over $16 billion | 0.505 |

---

For the year ended July 31, 2025, the management fee was equivalent to an annual rate of 0.70% of the Fund's average daily net assets.

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

Allspring Large Cap Core Fund \| 17

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Notes to financial statements

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.07<br> %<br>|
| Class C | 1.82 |
| Class R6 | 0.65 |
| Administrator Class | 0.97 |
| Institutional Class | 0.67 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2025, Allspring Funds Distributor received $5,440 from the sale of Class A shares and $638 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 July 31, 2025.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2025 were $219,860,104 and $239,020,855, respectively.

18 \| Allspring Large Cap Core Fund

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Notes to financial statements

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

6. DERIVATIVE TRANSACTIONS

During the year ended July 31, 2025, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $6,286,488 in long futures contracts during the year ended July 31, 2025.

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

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $9002118 | $4705583 |
| **Long-term capital gain** | 53876183 | 31834651 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $11247653 | &nbsp;&nbsp; $26246125 | &nbsp;&nbsp;&nbsp; $232837798 |

---

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. NEW ACCOUNTING PRONOUNCEMENT

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

12. CLASS CONVERSION

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

13. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is

Allspring Large Cap Core Fund \| 19

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Notes to financial statements

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

20 \| Allspring Large Cap Core Fund

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

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

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, transfer agent and brokers. 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.

![](g929437img0861c3a72.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

September 24, 2025

Allspring Large Cap Core Fund \| 21

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 68% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $53,876,183 was designated as a 20% rate gain distribution for the fiscal year ended

July 31, 2025.

Pursuant to Section 854 of the Internal Revenue Code, $6,211,247 of income dividends paid during the fiscal year ended July 31, 2025 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2025, $57,820 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 July 31, 2025, $7,932,964 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**.

22 \| Allspring Large Cap Core Fund

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Large Cap Core Fund \| 23

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Large Cap Core Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

24 \| Allspring Large Cap Core Fund

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Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the S&P 500 Index, for the one- and three-year periods under review, and lower than the investment performance of its benchmark index for the five- and ten-year periods under review.

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

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

Allspring Large Cap Core Fund \| 25

------

Other information (unaudited)

*Profitability*

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

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

26 \| Allspring Large Cap Core Fund

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*This page is intentionally left blank.*

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![](g929437img9c69577b1.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**

![](g929437imgdb8ba1763.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR4314 07-25**

------

![](g929437img446f0a181.jpg)

Allspring Premier Large Company Growth Fund

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_POI-PageBlank-19_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_FS-PageBlank-19_1)** |  |
| [Statement of assets and liabilities](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_FS-PageBlank-19_1) | 6 |
| [Statement of operations](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_FS-PageBlank-19_2) | 7 |
| [Statement of changes in net assets](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_FS-PageBlank-19_3) | 8 |
| [Financial highlights](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_FIHI-PageBlank-19_1) | 9 |
| **[Notes to financial statements](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_NTF-PageBlank-19_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_AUD-PageBlank-19_1)** | 20 |
| **[Other information](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_1)** | 21 |
| [Item 8. Changes in and disagreements with accountants](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_2) | 22 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_2) | 22 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_2) | 22 |
| [Item 11. Statement regarding basis for board](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_3)['](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_3)[s approval of investment](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_3)<br> [advisory contract](#xx_1343c921-ef60-4679-acc3-7c2f4f796cb9_OI-PageBlank-19_3)<br>| 23 |

---

Allspring Premier Large Company Growth Fund \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.72%** |  |  |
| **Communication services: 14.72%** |  |  |
| **Entertainment: 8.45%** |  |  |
| Live Nation Entertainment, Inc.† | 97661 | &nbsp;&nbsp; $14424530 |
| Netflix, Inc.† | 21541 | &nbsp;&nbsp; 24974635 |
| Roblox Corp. Class A† | 108076 | &nbsp;&nbsp; 14891792 |
| Spotify Technology SA† | 23153 | &nbsp;&nbsp; 14506281 |
| Take-Two Interactive Software, Inc.† | 94886 | &nbsp;&nbsp; 21133959 |
| TKO Group Holdings, Inc. Class A | 108300 | &nbsp;&nbsp; 18195483 |
| Walt Disney Co. | 142150 | &nbsp;&nbsp; 16931486 |
|  |  | &nbsp;&nbsp; **125058166** |
| **Interactive media & services: 6.27%** |  |  |
| Meta Platforms, Inc. Class A | 120029 | &nbsp;&nbsp; **92835230** |
| **Consumer discretionary: 14.63%** |  |  |
| **Broadline retail: 5.92%** |  |  |
| Amazon.com, Inc.† | 296840 | &nbsp;&nbsp; 69493212 |
| MercadoLibre, Inc.† | 7659 | &nbsp;&nbsp; 18181624 |
|  |  | &nbsp;&nbsp; **87674836** |
| **Hotels, restaurants & leisure: 5.83%** |  |  |
| Booking Holdings, Inc. | 4719 | &nbsp;&nbsp; 25973659 |
| DoorDash, Inc. Class A† | 117310 | &nbsp;&nbsp; 29356828 |
| Hilton Worldwide Holdings, Inc. | 68006 | &nbsp;&nbsp; 18231048 |
| Viking Holdings Ltd.† | 216075 | &nbsp;&nbsp; 12687924 |
|  |  | &nbsp;&nbsp; **86249459** |
| **Specialty retail: 2.88%** |  |  |
| AutoZone, Inc.† | 4803 | &nbsp;&nbsp; 18099529 |
| Carvana Co. Class A† | 30673 | &nbsp;&nbsp; 11967685 |
| Chewy, Inc. Class A† | 343366 | &nbsp;&nbsp; 12601532 |
|  |  | &nbsp;&nbsp; **42668746** |
| **Financials: 10.38%** |  |  |
| **Capital markets: 6.45%** |  |  |
| Coinbase Global, Inc. Class A† | 49134 | &nbsp;&nbsp; 18560860 |
| KKR & Co., Inc. | 144840 | &nbsp;&nbsp; 21230647 |
| LPL Financial Holdings, Inc. | 47334 | &nbsp;&nbsp; 18731484 |
| Robinhood Markets, Inc. Class A† | 143372 | &nbsp;&nbsp; 14774485 |
| Tradeweb Markets, Inc. Class A | 160101 | &nbsp;&nbsp; 22181993 |
|  |  | &nbsp;&nbsp; **95479469** |
| **Financial services: 2.70%** |  |  |
| Affirm Holdings, Inc.† | 158017 | &nbsp;&nbsp; 10833646 |
| Mastercard, Inc. Class A | 51438 | &nbsp;&nbsp; 29138084 |
|  |  | &nbsp;&nbsp; **39971730** |
| **Insurance: 1.23%** |  |  |
| Progressive Corp. | 75234 | &nbsp;&nbsp; **18209637** |

---

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

2 \| Allspring Premier Large Company Growth Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care: 5.92%** |  |  |
| **Biotechnology: 2.57%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 37988 | &nbsp;&nbsp; $14900413 |
| Argenx SE ADR† | 22352 | &nbsp;&nbsp; 14983216 |
| Natera, Inc.† | 61086 | &nbsp;&nbsp; 8164755 |
|  |  | &nbsp;&nbsp; **38048384** |
| **Health care equipment & supplies: 2.49%** |  |  |
| Boston Scientific Corp.† | 202762 | &nbsp;&nbsp; 21273789 |
| Intuitive Surgical, Inc.† | 32207 | &nbsp;&nbsp; 15494465 |
|  |  | &nbsp;&nbsp; **36768254** |
| **Pharmaceuticals: 0.86%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR† | 823560 | &nbsp;&nbsp; **12724002** |
| **Industrials: 12.51%** |  |  |
| **Aerospace & defense: 3.83%** |  |  |
| Axon Enterprise, Inc.† | 21304 | &nbsp;&nbsp; 16094959 |
| General Electric Co. | 84052 | &nbsp;&nbsp; 22784816 |
| Howmet Aerospace, Inc. | 99017 | &nbsp;&nbsp; 17800286 |
|  |  | &nbsp;&nbsp; **56680061** |
| **Building products: 1.08%** |  |  |
| Johnson Controls International PLC | 151743 | &nbsp;&nbsp; **15933015** |
| **Commercial services & supplies: 2.26%** |  |  |
| Rollins, Inc. | 287142 | &nbsp;&nbsp; 16444622 |
| Waste Connections, Inc. | 91308 | &nbsp;&nbsp; 17044465 |
|  |  | &nbsp;&nbsp; **33489087** |
| **Construction & engineering: 2.77%** |  |  |
| EMCOR Group, Inc. | 35129 | &nbsp;&nbsp; 22043096 |
| Quanta Services, Inc. | 46677 | &nbsp;&nbsp; 18956930 |
|  |  | &nbsp;&nbsp; **41000026** |
| **Electrical equipment: 1.31%** |  |  |
| GE Vernova, Inc. | 29473 | &nbsp;&nbsp; **19460727** |
| **Professional services: 1.26%** |  |  |
| UL Solutions, Inc. Class A | 254912 | &nbsp;&nbsp; **18639166** |
| **Information technology: 38.25%** |  |  |
| **Communications equipment: 1.70%** |  |  |
| Arista Networks, Inc.† | 204333 | &nbsp;&nbsp; **25177912** |
| **IT services: 1.51%** |  |  |
| Cloudflare, Inc. Class A† | 56716 | &nbsp;&nbsp; 11778779 |
| Shopify, Inc. Class A† | 86149 | &nbsp;&nbsp; 10528269 |
|  |  | &nbsp;&nbsp; **22307048** |

---

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

Allspring Premier Large Company Growth Fund \| 3

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Semiconductors & semiconductor equipment: 16.82%** |  |  |
| Astera Labs, Inc.† | 92426 | &nbsp;&nbsp; $12637407 |
| Broadcom, Inc. | 219309 | &nbsp;&nbsp; 64411053 |
| Monolithic Power Systems, Inc. | 20627 | &nbsp;&nbsp; 14670748 |
| NVIDIA Corp. | 760072 | &nbsp;&nbsp; 135194007 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 91234 | &nbsp;&nbsp; 22043959 |
|  |  | &nbsp;&nbsp; **248957174** |
| **Software: 17.31%** |  |  |
| AppLovin Corp. Class A† | 40404 | &nbsp;&nbsp; 15785843 |
| Cadence Design Systems, Inc.† | 37884 | &nbsp;&nbsp; 13811370 |
| Microsoft Corp. | 242830 | &nbsp;&nbsp; 129549805 |
| Monday.com Ltd.† | 36163 | &nbsp;&nbsp; 9485193 |
| Oracle Corp. | 148342 | &nbsp;&nbsp; 37644749 |
| Samsara, Inc. Class A† | 229616 | &nbsp;&nbsp; 8732297 |
| SAP SE ADR | 59517 | &nbsp;&nbsp; 17063524 |
| ServiceNow, Inc.† | 25570 | &nbsp;&nbsp; 24115578 |
|  |  | &nbsp;&nbsp; **256188359** |
| **Technology hardware, storage & peripherals: 0.91%** |  |  |
| Apple, Inc. | 65267 | &nbsp;&nbsp; **13547471** |
| **Utilities: 1.31%** |  |  |
| **Independent power and renewable electricity producers: 1.31%** |  |  |
| Vistra Corp. | 93261 | &nbsp;&nbsp; **19448649** |
| **Total common stocks (Cost $750,945,795)** |  | &nbsp;&nbsp; **1446516608** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.43%** |  |  |  |  |
| **Investment companies: 2.43%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 35955183 | &nbsp;&nbsp; **35955183** |
| **Total short-term investments (Cost $35,955,183)** |  |  |  | &nbsp;&nbsp; **35955183** |
| **Total investments in securities (Cost $786,900,978)** | 100.15<br> %<br>|  |  | &nbsp;&nbsp; 1482471791 |
| Other assets and liabilities, net | (0.15)<br>|  |  | &nbsp;&nbsp; (2217178)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1480254613** |

---

&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 Premier Large Company Growth Fund

------

Portfolio of investments—July 31, 2025

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $1141038 | $608798116 | $(573983971)<br>| $0 | $0 | $35955183 | 35955183 | $717830 |

---

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

Allspring Premier Large Company Growth Fund \| 5

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $750,945,795) | $1446516608 |
| Investments in affiliated securities, at value (cost $35,955,183) | 35955183 |
| Cash | 20 |
| Receivable for investments sold | 2388843 |
| Receivable for Fund shares sold | 361818 |
| Receivable for dividends | 126084 |
| Prepaid expenses and other assets | 48012 |
| **Total assets** | **1485396568** |
| Liabilities |  |
| Payable for investments purchased | 3213690 |
| Management fee payable | 753864 |
| Payable for Fund shares redeemed | 641470 |
| Shareholder servicing fees payable | 253167 |
| Administration fees payable | 225256 |
| Distribution fee payable | 6009 |
| Accrued expenses and other liabilities | 48499 |
| **Total liabilities** | **5141955** |
| **Total net assets**  | **$1480254613** |
| Net assets consist of |  |
| Paid-in capital | $531043583 |
| Total distributable earnings | 949211030 |
| **Total net assets** | **$1480254613** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1191800014 |
| Shares outstanding–Class A<sup>1</sup> <br>| 96556041 |
| Net asset value per share–Class A | $12.34 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $13.09 |
| Net assets–Class C | $9659517 |
| Shares outstanding–Class C<sup>1</sup> <br>| 3018507 |
| Net asset value per share–Class C | $3.20 |
| Net assets–Class R6 | $43041282 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 2844345 |
| Net asset value per share–Class R6 | $15.13 |
| Net assets–Administrator Class | $25186483 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1914664 |
| Net asset value per share–Administrator Class | $13.15 |
| Net assets–Institutional Class | $210567317 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 14124518 |
| Net asset value per share–Institutional Class | $14.91 |

---

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

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

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

6 \| Allspring Premier Large Company Growth Fund

------

Statement of operations—year ended July 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $76,250) | $4640182 |
| Income from affiliated securities | 717830 |
| Interest (net of foreign withholding taxes of $15,995) | 91089 |
| **Total investment income** | **5449101** |
| Expenses |  |
| Management fee | 9279130 |
| Administration fees |  |
| Class A | 2171198 |
| Class C | 20820 |
| Class R6 | 13118 |
| Administrator Class | 30430 |
| Institutional Class | 268739 |
| Shareholder servicing fees |  |
| Class A | 2713498 |
| Class C | 25854 |
| Administrator Class | 58111 |
| Distribution fee |  |
| Class C | 77378 |
| Custody and accounting fees | 41741 |
| Professional fees | 79365 |
| Registration fees | 105663 |
| Shareholder report expenses | 77175 |
| Trustees' fees and expenses | 18643 |
| Other fees and expenses | 33301 |
| **Total expenses** | **15014164** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (685656)<br>|
| Class A | (258955)<br>|
| Class C | (34)<br>|
| Class R6 | (13118)<br>|
| Administrator Class | (7926)<br>|
| Institutional Class | (171880)<br>|
| **Net expenses** | **13876595** |
| **Net investment loss** | **(8427494)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (including in-kind redemptions of $47,288,142) | 379057903 |
| Foreign currency and foreign currency translations | (89)<br>|
| **Net realized gains on investments**  | **379057814** |
| **Net change in unrealized gains (losses) on investments** | **12363101** |
| **Net realized and unrealized gains (losses) on investments** | **391420915** |
| **Net increase in net assets resulting from operations** | **$382993421** |

---

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

Allspring Premier Large Company Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(8427494)<br>|  | &nbsp;&nbsp; $(8702694)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 379057814 |  | &nbsp;&nbsp; 414697356 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 12363101 |  | &nbsp;&nbsp; (125371300)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **382993421** |  | &nbsp;&nbsp; **280623362** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (192874430)<br>|  | &nbsp;&nbsp; (298255447)<br>|
| Class C |  | &nbsp;&nbsp; (4949484)<br>|  | &nbsp;&nbsp; (8797555)<br>|
| Class R6 |  | &nbsp;&nbsp; (6344322)<br>|  | &nbsp;&nbsp; (106478877)<br>|
| Administrator Class |  | &nbsp;&nbsp; (4040484)<br>|  | &nbsp;&nbsp; (6069326)<br>|
| Institutional Class |  | &nbsp;&nbsp; (32113468)<br>|  | &nbsp;&nbsp; (66503353)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(240322188)**<br>|  | &nbsp;&nbsp; **(486104558)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1829628 | &nbsp;&nbsp; 20280793 | &nbsp;&nbsp; 3115132 | &nbsp;&nbsp; 32403763 |
| Class C | 468350 | &nbsp;&nbsp; 1499241 | &nbsp;&nbsp; 162604 | &nbsp;&nbsp; 770147 |
| Class R6 | 831405 | &nbsp;&nbsp; 10586521 | &nbsp;&nbsp; 1391724 | &nbsp;&nbsp; 17725062 |
| Administrator Class | 171973 | &nbsp;&nbsp; 2123013 | &nbsp;&nbsp; 194969 | &nbsp;&nbsp; 2199207 |
| Institutional Class | 6056485 | &nbsp;&nbsp; 83095828 | &nbsp;&nbsp; 2105935 | &nbsp;&nbsp; 25636625 |
|  |  | &nbsp;&nbsp; 117585396 |  | &nbsp;&nbsp; 78734804 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 16230707 | &nbsp;&nbsp; 182595452 | &nbsp;&nbsp; 28893055 | &nbsp;&nbsp; 280519318 |
| Class C | 1665850 | &nbsp;&nbsp; 4880942 | &nbsp;&nbsp; 2102349 | &nbsp;&nbsp; 8572065 |
| Class R6 | 411170 | &nbsp;&nbsp; 5653585 | &nbsp;&nbsp; 8472343 | &nbsp;&nbsp; 102900619 |
| Administrator Class | 323524 | &nbsp;&nbsp; 3875817 | &nbsp;&nbsp; 565128 | &nbsp;&nbsp; 5768444 |
| Institutional Class | 2208076 | &nbsp;&nbsp; 29919431 | &nbsp;&nbsp; 5324748 | &nbsp;&nbsp; 59936119 |
|  |  | &nbsp;&nbsp; 226925227 |  | &nbsp;&nbsp; 457696565 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (13308995)<br>| &nbsp;&nbsp; (149013767)<br>| &nbsp;&nbsp; (16185473)<br>| &nbsp;&nbsp; (168869014)<br>|
| Class C | (1739689)<br>| &nbsp;&nbsp; (5711000)<br>| &nbsp;&nbsp; (2024469)<br>| &nbsp;&nbsp; (9274880)<br>|
| Class R6 | (2867919)<br>| &nbsp;&nbsp; (38705087)<br>| &nbsp;&nbsp; (64841478)<br>| &nbsp;&nbsp; (788627365)<br>|
| Administrator Class | (434548)<br>| &nbsp;&nbsp; (5137911)<br>| &nbsp;&nbsp; (472041)<br>| &nbsp;&nbsp; (5255922)<br>|
| Institutional Class | (9856794)<br>| &nbsp;&nbsp; (135510673)<br>| &nbsp;&nbsp; (10769542)<br>| &nbsp;&nbsp; (129491425)<br>|
|  |  | &nbsp;&nbsp; (334078438)<br>|  | &nbsp;&nbsp; (1101518606)<br>|
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **10432185** |  | &nbsp;&nbsp; **(565087237)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **153103418** |  | &nbsp;&nbsp; **(770568433)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1327151195** |  | &nbsp;&nbsp; **2097719628** |
| **End of period** |  | &nbsp;&nbsp; **$1480254613** |  | &nbsp;&nbsp; **$1327151195** |

---

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

8 \| Allspring Premier Large Company Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

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

Allspring Premier Large Company Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$4.28** | &nbsp;&nbsp; **$7.12** | &nbsp;&nbsp; **$6.60** | &nbsp;&nbsp; **$12.85** | &nbsp;&nbsp; **$11.40** |
| Net investment loss | (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.18 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.16 | 0.98 | 0.61 | &nbsp;&nbsp; (2.02)<br>| 3.66 |
| Total from investment operations | 1.11 | 0.91 | 0.52 | &nbsp;&nbsp; (2.16)<br>| 3.48 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (2.19)<br>| &nbsp;&nbsp; (3.75)<br>| 0.00 | &nbsp;&nbsp; (4.09)<br>| &nbsp;&nbsp; (2.03)<br>|
| **Net asset value, end of period** | **$3.20** | &nbsp;&nbsp; **$4.28** | &nbsp;&nbsp; **$7.12** | &nbsp;&nbsp; **$6.60** | &nbsp;&nbsp; **$12.85** |
| **Total return**<sup>2</sup> <br>| **30.78%**<br>| **25.72%**<br>| **7.88%**<br>| &nbsp;&nbsp; **(24.57)%**<br>| **33.80%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.89<br> %<br>| 1.89<br> %<br>| 1.89<br> %<br>| 1.86<br> %<br>| 1.87<br> %<br>|
| Net expenses | 1.85<br> %<br>| 1.85<br> %<br>| 1.86<br> %<br>| 1.85<br> %<br>| 1.86<br> %<br>|
| Net investment loss | (1.45)%<br>| &nbsp;&nbsp; (1.51)%<br>| &nbsp;&nbsp; (1.37)%<br>| &nbsp;&nbsp; (1.51)%<br>| &nbsp;&nbsp; (1.52)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 63<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $9660 | &nbsp;&nbsp; $11244 | &nbsp;&nbsp; $16979 | &nbsp;&nbsp; $23163 | &nbsp;&nbsp; $58524 |

---

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

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

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

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

10 \| Allspring Premier Large Company Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Premier Large Company Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

12 \| Allspring Premier Large Company Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Premier Large Company Growth Fund \| 13

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

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

Distributions to shareholders

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

14 \| Allspring Premier Large Company Growth Fund

------

Notes to financial statements

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 July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $790,091,587 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $701201079 |
| Gross unrealized losses | &nbsp;&nbsp; (8820875)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$692380204** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $47376650 | &nbsp;&nbsp; $(47376650)<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.

Allspring Premier Large Company Growth Fund \| 15

------

Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $217893396 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $217893396 |
| *Consumer discretionary* | &nbsp;&nbsp; 216593041 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 216593041 |
| *Financials* | &nbsp;&nbsp; 153660836 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 153660836 |
| *Health care* | &nbsp;&nbsp; 87540640 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 87540640 |
| *Industrials* | &nbsp;&nbsp; 185202082 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 185202082 |
| *Information technology* | &nbsp;&nbsp; 566177964 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 566177964 |
| *Utilities* | &nbsp;&nbsp; 19448649 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19448649 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 35955183 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 35955183 |
| **Total assets** | &nbsp;&nbsp; **$1482471791** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1482471791** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.700<br> %<br>|
| Next $500 million | 0.675 |
| Next $1 billion | 0.650 |
| Next $2 billion | 0.625 |
| Next $1 billion | 0.600 |
| Next $3 billion | 0.590 |
| Next $2 billion | 0.565 |
| Next $2 billion | 0.555 |
| Next $4 billion | 0.530 |
| Over $16 billion | 0.505 |

---

For the year ended July 31, 2025, the management fee was equivalent to an annual rate of 0.68% of the Fund's average daily net assets.

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

Administration fees

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

16 \| Allspring Premier Large Company Growth Fund

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Notes to financial statements

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.10<br> %<br>|
| Class C | 1.85 |
| Class R6 | 0.65 |
| Administrator Class | 1.00 |
| Institutional Class | 0.70 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2025, Allspring Funds Distributor received $5,999 from the sale of Class A shares and $6 and $2,337 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2025 were $853,097,220 and $1,065,798,039, 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.

Allspring Premier Large Company Growth Fund \| 17

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Notes to financial statements

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

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $1974108 | $20198487 |
| **Long-term capital gain** | 238348080 | 465906071 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $19327371 | &nbsp;&nbsp; $237512531 | &nbsp;&nbsp;&nbsp; $692380204 |

---

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. REDEMPTIONS IN-KIND

During the year ended July 31, 2025, the Fund redeemed assets through an in-kind redemption for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date | Value of <br>securities issued<br>| Cash | &nbsp;&nbsp;&nbsp; Realized <br>gains (losses)<br>| &nbsp;&nbsp;&nbsp; % of the <br>Fund<br>|
| &nbsp;&nbsp;&nbsp; 09-19-2024 | &nbsp;&nbsp; $59210734 | &nbsp;&nbsp;&nbsp; $1959786 | &nbsp;&nbsp;&nbsp; $47288142 | &nbsp;&nbsp;&nbsp;&nbsp; 4.24<br> %<br>|

---

11. NEW ACCOUNTING PRONOUNCEMENT

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

12. OPERATING SEGMENTS

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

18 \| Allspring Premier Large Company Growth Fund

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Notes to financial statements

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.

13. SUBSEQUENT EVENT

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

Allspring Premier Large Company Growth Fund \| 19

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Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Funds Trust:

*Opinion on the Financial Statements*

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

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2025, 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.

![](g929437img95d171fc2.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

September 24, 2025

20 \| Allspring Premier Large Company Growth Fund

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Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 17% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $238,348,080 was designated as a 20% rate gain distribution for the fiscal year ended

July 31, 2025.

For the fiscal year ended July 31, 2025, $1,974,108 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 Premier Large Company Growth Fund \| 21

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

22 \| Allspring Premier Large Company Growth Fund

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Premier Large Company Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Allspring Premier Large Company Growth Fund \| 23

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Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Russell 1000 Growth Index, for the one-year period under review, and lower for all other periods under review.

The Board noted that it had previously approved a change in the portfolio managers of the Fund, which had been implemented in May 2024, and that the investment performance of the Fund for most of the periods covered did not reflect the investment performance of the Fund's new portfolio managers. The Board noted that it would continue to review the Fund's investment performance going forward to monitor implementation of the new portfolio managers.

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

24 \| Allspring Premier Large Company Growth Fund

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Other information (unaudited)

*Profitability*

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

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

Allspring Premier Large Company Growth Fund \| 25

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![](g929437img446f0a181.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**

![](g929437imgecedb8ff3.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR4325 07-25**

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![](g929437img66d76f5d1.jpg)

Allspring Growth

Fund

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_POI-PageBlank-22_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_FS-PageBlank-22_1)** |  |
| [Statement of assets and liabilities](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_FS-PageBlank-22_1) | 6 |
| [Statement of operations](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_FS-PageBlank-22_2) | 7 |
| [Statement of changes in net assets](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_FS-PageBlank-22_3) | 8 |
| [Financial highlights](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_FIHI-PageBlank-22_1) | 9 |
| **[Notes to financial statements](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_NTF-PageBlank-22_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_AUD-PageBlank-22_1)** | 20 |
| **[Other information](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_1)** | 21 |
| [Item 8. Changes in and disagreements with accountants](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_2) | 22 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_2) | 22 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_2) | 22 |
| [Item 11. Statement regarding basis for board](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_3)['](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_3)[s approval of investment](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_3)<br> [advisory contract](#xx_abf4beee-8126-4cb6-b26a-934fab19b04e_OI-PageBlank-22_3)<br>| 23 |

---

Allspring Growth Fund \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.98%** |  |  |
| **Communication services: 12.32%** |  |  |
| **Entertainment: 5.67%** |  |  |
| Live Nation Entertainment, Inc.† | 185145 | &nbsp;&nbsp; $27345916 |
| Netflix, Inc.† | 51640 | &nbsp;&nbsp; 59871416 |
| Roblox Corp. Class A† | 275459 | &nbsp;&nbsp; 37955496 |
| Spotify Technology SA† | 56530 | &nbsp;&nbsp; 35418306 |
| TKO Group Holdings, Inc. Class A | 251967 | &nbsp;&nbsp; 42332976 |
|  |  | &nbsp;&nbsp; **202924110** |
| **Interactive media & services: 6.65%** |  |  |
| Meta Platforms, Inc. Class A | 308102 | &nbsp;&nbsp; **238298411** |
| **Consumer discretionary: 14.57%** |  |  |
| **Broadline retail: 5.73%** |  |  |
| Amazon.com, Inc.† | 719968 | &nbsp;&nbsp; 168551709 |
| MercadoLibre, Inc.† | 15551 | &nbsp;&nbsp; 36916363 |
|  |  | &nbsp;&nbsp; **205468072** |
| **Hotels, restaurants & leisure: 5.77%** |  |  |
| Booking Holdings, Inc. | 10998 | &nbsp;&nbsp; 60533652 |
| DoorDash, Inc. Class A† | 273664 | &nbsp;&nbsp; 68484416 |
| Royal Caribbean Cruises Ltd. | 140375 | &nbsp;&nbsp; 44621001 |
| Wingstop, Inc. | 87919 | &nbsp;&nbsp; 33175355 |
|  |  | &nbsp;&nbsp; **206814424** |
| **Household durables: 1.09%** |  |  |
| Sony Group Corp. ADR | 1599724 | &nbsp;&nbsp; **38905288** |
| **Specialty retail: 1.98%** |  |  |
| Chewy, Inc. Class A† | 697768 | &nbsp;&nbsp; 25608086 |
| O'Reilly Automotive, Inc.† | 461738 | &nbsp;&nbsp; 45398080 |
|  |  | &nbsp;&nbsp; **71006166** |
| **Financials: 12.19%** |  |  |
| **Capital markets: 6.02%** |  |  |
| Coinbase Global, Inc. Class A† | 120210 | &nbsp;&nbsp; 45410530 |
| KKR & Co., Inc. | 322446 | &nbsp;&nbsp; 47264135 |
| LPL Financial Holdings, Inc. | 78428 | &nbsp;&nbsp; 31036312 |
| Robinhood Markets, Inc. Class A† | 347129 | &nbsp;&nbsp; 35771643 |
| Tradeweb Markets, Inc. Class A | 405251 | &nbsp;&nbsp; 56147526 |
|  |  | &nbsp;&nbsp; **215630146** |
| **Financial services: 4.89%** |  |  |
| Equitable Holdings, Inc. | 578952 | &nbsp;&nbsp; 29729185 |
| Mastercard, Inc. Class A | 135575 | &nbsp;&nbsp; 76799170 |
| Toast, Inc. Class A† | 650473 | &nbsp;&nbsp; 31769102 |
| Visa, Inc. Class A | 107028 | &nbsp;&nbsp; 36974963 |
|  |  | &nbsp;&nbsp; **175272420** |

---

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

2 \| Allspring Growth Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Insurance: 1.28%** |  |  |
| Progressive Corp. | 189196 | &nbsp;&nbsp; **$45793000** |
| **Health care: 8.45%** |  |  |
| **Biotechnology: 3.08%** |  |  |
| ADMA Biologics, Inc.† | 1198995 | &nbsp;&nbsp; 22421206 |
| Alnylam Pharmaceuticals, Inc.† | 78016 | &nbsp;&nbsp; 30600996 |
| Argenx SE ADR† | 53887 | &nbsp;&nbsp; 36122073 |
| Natera, Inc.† | 158605 | &nbsp;&nbsp; 21199144 |
|  |  | &nbsp;&nbsp; **110343419** |
| **Health care equipment & supplies: 3.07%** |  |  |
| Boston Scientific Corp.† | 450009 | &nbsp;&nbsp; 47214944 |
| Intuitive Surgical, Inc.† | 75905 | &nbsp;&nbsp; 36517136 |
| Penumbra, Inc.† | 103739 | &nbsp;&nbsp; 26170238 |
|  |  | &nbsp;&nbsp; **109902318** |
| **Health care providers & services: 0.81%** |  |  |
| RadNet, Inc.† | 529056 | &nbsp;&nbsp; **28955235** |
| **Pharmaceuticals: 1.49%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR† | 1708872 | &nbsp;&nbsp; 26402072 |
| Verona Pharma PLC ADR† | 258560 | &nbsp;&nbsp; 27172071 |
|  |  | &nbsp;&nbsp; **53574143** |
| **Industrials: 9.68%** |  |  |
| **Aerospace & defense: 3.46%** |  |  |
| Curtiss-Wright Corp. | 75579 | &nbsp;&nbsp; 37050338 |
| General Electric Co. | 190848 | &nbsp;&nbsp; 51735076 |
| Kratos Defense & Security Solutions, Inc.† | 596579 | &nbsp;&nbsp; 35019187 |
|  |  | &nbsp;&nbsp; **123804601** |
| **Building products: 1.11%** |  |  |
| Johnson Controls International PLC | 378968 | &nbsp;&nbsp; **39791640** |
| **Commercial services & supplies: 0.97%** |  |  |
| Waste Connections, Inc. | 186629 | &nbsp;&nbsp; **34838035** |
| **Construction & engineering: 2.61%** |  |  |
| EMCOR Group, Inc. | 79417 | &nbsp;&nbsp; 49833373 |
| Quanta Services, Inc. | 108022 | &nbsp;&nbsp; 43870975 |
|  |  | &nbsp;&nbsp; **93704348** |
| **Ground transportation: 0.25%** |  |  |
| Saia, Inc.† | 29577 | &nbsp;&nbsp; **8939352** |
| **Professional services: 1.28%** |  |  |
| UL Solutions, Inc. Class A | 626888 | &nbsp;&nbsp; **45838051** |

---

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

Allspring Growth Fund \| 3

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Information technology: 40.08%** |  |  |
| **Communications equipment: 2.40%** |  |  |
| Arista Networks, Inc.† | 498402 | &nbsp;&nbsp; $61413095 |
| Motorola Solutions, Inc. | 55731 | &nbsp;&nbsp; 24464794 |
|  |  | &nbsp;&nbsp; **85877889** |
| **Electronic equipment, instruments & components: 0.54%** |  |  |
| Zebra Technologies Corp. Class A† | 57238 | &nbsp;&nbsp; **19404827** |
| **IT services: 1.83%** |  |  |
| Cloudflare, Inc. Class A† | 137679 | &nbsp;&nbsp; 28593175 |
| Shopify, Inc. Class A† | 302644 | &nbsp;&nbsp; 36986123 |
|  |  | &nbsp;&nbsp; **65579298** |
| **Semiconductors & semiconductor equipment: 16.10%** |  |  |
| Astera Labs, Inc.† | 207866 | &nbsp;&nbsp; 28421518 |
| Broadcom, Inc. | 527045 | &nbsp;&nbsp; 154793117 |
| Monolithic Power Systems, Inc. | 48805 | &nbsp;&nbsp; 34712068 |
| NVIDIA Corp. | 1783932 | &nbsp;&nbsp; 317307985 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 172583 | &nbsp;&nbsp; 41699504 |
|  |  | &nbsp;&nbsp; **576934192** |
| **Software: 18.17%** |  |  |
| AppLovin Corp. Class A† | 99916 | &nbsp;&nbsp; 39037181 |
| Cadence Design Systems, Inc.† | 91178 | &nbsp;&nbsp; 33240763 |
| Commvault Systems, Inc.† | 152006 | &nbsp;&nbsp; 28873540 |
| Microsoft Corp. | 594606 | &nbsp;&nbsp; 317222301 |
| Monday.com Ltd.† | 88330 | &nbsp;&nbsp; 23168076 |
| Oracle Corp. | 311344 | &nbsp;&nbsp; 79009767 |
| Procore Technologies, Inc.† | 343273 | &nbsp;&nbsp; 24588645 |
| Samsara, Inc. Class A† | 381386 | &nbsp;&nbsp; 14504110 |
| ServiceNow, Inc.† | 62360 | &nbsp;&nbsp; 58812963 |
| Varonis Systems, Inc. Class B† | 584692 | &nbsp;&nbsp; 32643354 |
|  |  | &nbsp;&nbsp; **651100700** |
| **Technology hardware, storage & peripherals: 1.04%** |  |  |
| Apple, Inc. | 178722 | &nbsp;&nbsp; **37097325** |
| **Materials: 1.69%** |  |  |
| **Construction materials: 1.05%** |  |  |
| Vulcan Materials Co. | 137685 | &nbsp;&nbsp; **37817939** |
| **Metals & mining: 0.64%** |  |  |
| Carpenter Technology Corp. | 91723 | &nbsp;&nbsp; **22874799** |
| **Total common stocks (Cost $1,841,186,739)** |  | &nbsp;&nbsp; **3546490148** |

---

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

4 \| Allspring Growth Fund

------

Portfolio of investments—July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.70%** |  |  |  |  |
| **Investment companies: 1.70%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 60737496 | &nbsp;&nbsp; **$60737496** |
| **Total short-term investments (Cost $60,737,496)** |  |  |  | &nbsp;&nbsp; **60737496** |
| **Total investments in securities (Cost $1,901,924,235)** | 100.68<br> %<br>|  |  | &nbsp;&nbsp; 3607227644 |
| Other assets and liabilities, net | (0.68)<br>|  |  | &nbsp;&nbsp; (24310214)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$3582917430** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund <br> Select Class<br>| $13492505 | $1451336062 | $(1404091071)<br>| $0 | $0 | $60737496 | 60737496 | $1123806 |

---

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

Allspring Growth Fund \| 5

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $1,841,186,739) | $3546490148 |
| Investments in affiliated securities, at value (cost $60,737,496) | 60737496 |
| Cash | 62 |
| Receivable for investments sold | 26738945 |
| Receivable for Fund shares sold | 544932 |
| Receivable for dividends | 216242 |
| Prepaid expenses and other assets | 132463 |
| **Total assets** | **3634860288** |
| Liabilities |  |
| Payable for investments purchased | 45833465 |
| Payable for Fund shares redeemed | 2817689 |
| Management fee payable | 1974931 |
| Shareholder servicing fees payable | 602257 |
| Administration fees payable | 530775 |
| Distribution fee payable | 9151 |
| Accrued expenses and other liabilities | 174590 |
| **Total liabilities** | **51942858** |
| **Total net assets**  | **$3582917430** |
| Net assets consist of |  |
| Paid-in capital | $1186647703 |
| Total distributable earnings | 2396269727 |
| **Total net assets** | **$3582917430** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $2808198519 |
| Shares outstanding–Class A<sup>1</sup> <br>| 101324996 |
| Net asset value per share–Class A | $27.71 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $29.40 |
| Net assets–Class C | $14654702 |
| Shares outstanding–Class C<sup>1</sup> <br>| 2069793 |
| Net asset value per share–Class C | $7.08 |
| Net assets–Class R6 | $231554703 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 4546748 |
| Net asset value per share–Class R6 | $50.93 |
| Net assets–Administrator Class | $93302100 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 2283246 |
| Net asset value per share–Administrator Class | $40.86 |
| Net assets–Institutional Class | $435207406 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 8635018 |
| Net asset value per share–Institutional Class | $50.40 |

---

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

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

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

6 \| Allspring Growth Fund

------

Statement of operations—year ended July 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $192,627) | $13205639 |
| Income from affiliated securities | 1123806 |
| Interest | 4781 |
| **Total investment income** | **14334226** |
| Expenses |  |
| Management fee | 24778713 |
| Administration fees |  |
| Class A | 5272019 |
| Class C | 30720 |
| Class R6 | 78584 |
| Administrator Class | 172998 |
| Institutional Class | 571149 |
| Shareholder servicing fees |  |
| Class A | 6583996 |
| Class C | 38275 |
| Administrator Class | 325589 |
| Distribution fee |  |
| Class C | 114383 |
| Custody and accounting fees | 112871 |
| Professional fees | 75184 |
| Registration fees | 177613 |
| Shareholder report expenses | 147150 |
| Trustees' fees and expenses | 36839 |
| Other fees and expenses | 103180 |
| **Total expenses** | **38619263** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1044605)<br>|
| Class A | (884677)<br>|
| Class C | (51)<br>|
| Class R6 | (77056)<br>|
| Administrator Class | (154264)<br>|
| Institutional Class | (345836)<br>|
| **Net expenses** | **36112774** |
| **Net investment loss** | **(21778548)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities (including in-kind redemptions of $116,031,492) | 1307069777 |
| Foreign currency and foreign currency translations | 93 |
| **Net realized gains on investments**  | **1307069870** |
| **Net change in unrealized gains (losses) on investments** | **(483090089)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **823979781** |
| **Net increase in net assets resulting from operations** | **$802201233** |

---

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

Allspring Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(21778548)<br>|  | &nbsp;&nbsp; $(19503820)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 1307069870 |  | &nbsp;&nbsp; 589828966 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (483090089)<br>|  | &nbsp;&nbsp; 46561150 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **802201233** |  | &nbsp;&nbsp; **616886296** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (787951646)<br>|  | &nbsp;&nbsp; (185583271)<br>|
| Class C |  | &nbsp;&nbsp; (10245392)<br>|  | &nbsp;&nbsp; (2679651)<br>|
| Class R6 |  | &nbsp;&nbsp; (47522163)<br>|  | &nbsp;&nbsp; (23028123)<br>|
| Administrator Class |  | &nbsp;&nbsp; (31459192)<br>|  | &nbsp;&nbsp; (16304909)<br>|
| Institutional Class |  | &nbsp;&nbsp; (81517564)<br>|  | &nbsp;&nbsp; (45640370)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(958695957)**<br>|  | &nbsp;&nbsp; **(273236324)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1789446 | &nbsp;&nbsp; 47406149 | &nbsp;&nbsp; 970733 | &nbsp;&nbsp; 26619779 |
| Class C | 165230 | &nbsp;&nbsp; 1203098 | &nbsp;&nbsp; 59659 | &nbsp;&nbsp; 775816 |
| Class R6 | 451786 | &nbsp;&nbsp; 20976734 | &nbsp;&nbsp; 571647 | &nbsp;&nbsp; 25254852 |
| Administrator Class | 208160 | &nbsp;&nbsp; 8257265 | &nbsp;&nbsp; 567552 | &nbsp;&nbsp; 21002672 |
| Institutional Class | 4228680 | &nbsp;&nbsp; 209587422 | &nbsp;&nbsp; 2080310 | &nbsp;&nbsp; 90544686 |
|  |  | &nbsp;&nbsp; 287430668 |  | &nbsp;&nbsp; 164197805 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 29842126 | &nbsp;&nbsp; 757691604 | &nbsp;&nbsp; 7152606 | &nbsp;&nbsp; 178242948 |
| Class C | 1551458 | &nbsp;&nbsp; 10115504 | &nbsp;&nbsp; 222406 | &nbsp;&nbsp; 2568784 |
| Class R6 | 953395 | &nbsp;&nbsp; 44371019 | &nbsp;&nbsp; 525450 | &nbsp;&nbsp; 20928674 |
| Administrator Class | 623420 | &nbsp;&nbsp; 23315919 | &nbsp;&nbsp; 479242 | &nbsp;&nbsp; 16021049 |
| Institutional Class | 1685195 | &nbsp;&nbsp; 77636910 | &nbsp;&nbsp; 1118859 | &nbsp;&nbsp; 44217322 |
|  |  | &nbsp;&nbsp; 913130956 |  | &nbsp;&nbsp; 261978777 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (17056713)<br>| &nbsp;&nbsp; (452902271)<br>| &nbsp;&nbsp; (10389005)<br>| &nbsp;&nbsp; (289416389)<br>|
| Class C | (894399)<br>| &nbsp;&nbsp; (7309664)<br>| &nbsp;&nbsp; (364073)<br>| &nbsp;&nbsp; (4821792)<br>|
| Class R6 | (2764101)<br>| &nbsp;&nbsp; (135056556)<br>| &nbsp;&nbsp; (4400141)<br>| &nbsp;&nbsp; (194196934)<br>|
| Administrator Class | (4264997)<br>| &nbsp;&nbsp; (171903440)<br>| &nbsp;&nbsp; (1990778)<br>| &nbsp;&nbsp; (73171321)<br>|
| Institutional Class | (8982162)<br>| &nbsp;&nbsp; (438908320)<br>| &nbsp;&nbsp; (13085842)<br>| &nbsp;&nbsp; (563662225)<br>|
|  |  | &nbsp;&nbsp; (1206080251)<br>|  | &nbsp;&nbsp; (1125268661)<br>|
| Net asset value of shares issued in acquisition |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 22728183 | &nbsp;&nbsp; 680558396 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 313256 | &nbsp;&nbsp; 4328047 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 586997 | &nbsp;&nbsp; 23607350 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 823038 | &nbsp;&nbsp; 39179924 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 747673717 |
| **Net increase (decrease) in net assets resulting from capital share** <br> **transactions**<br>|  | &nbsp;&nbsp; **(5518627)**<br>|  | &nbsp;&nbsp; **48581638** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(162013351)**<br>|  | &nbsp;&nbsp; **392231610** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **3744930781** |  | &nbsp;&nbsp; **3352699171** |
| **End of period** |  | &nbsp;&nbsp; **$3582917430** |  | &nbsp;&nbsp; **$3744930781** |

---

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

8 \| Allspring Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class A | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$30.43** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$26.80** | &nbsp;&nbsp; **$47.16** | &nbsp;&nbsp; **$39.86** |
| Net investment loss | (0.19 )<sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.30 )<sup>1</sup><br>| &nbsp;&nbsp; (0.32)<br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 7.02 | 5.75 | 2.79 | &nbsp;&nbsp; (11.07)<br>| 13.52 |
| Total from investment operations | 6.83 | 5.53 | 2.65 | &nbsp;&nbsp; (11.37)<br>| 13.20 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (9.55)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (5.90)<br>|
| **Net asset value, end of period** | **$27.71** | &nbsp;&nbsp; **$30.43** | &nbsp;&nbsp; **$27.83** | &nbsp;&nbsp; **$26.80** | &nbsp;&nbsp; **$47.16** |
| **Total return**<sup>3</sup> <br>| **25.33%**<br>| **22.18%**<br>| **11.39%**<br>| &nbsp;&nbsp; **(29.35)%**<br>| **35.61%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.18<br> %<br>| 1.18<br> %<br>| 1.19<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>|
| Net expenses | 1.12<br> %<br>| 1.11<br> %<br>| 1.14<br> %<br>| 1.13<br> %<br>| 1.14<br> %<br>|
| Net investment loss | (0.71)%<br>| &nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp; (0.55)%<br>| &nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp; (0.83)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 73<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $2808199 | &nbsp;&nbsp; $2639797 | &nbsp;&nbsp; $1844845 | &nbsp;&nbsp; $1885963 | &nbsp;&nbsp; $3088763 |

---

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

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

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

<sup>3</sup> Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. 

<sup>4</sup> During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.01% impact on the total return.

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

Allspring Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$14.04** | &nbsp;&nbsp; **$14.51** | &nbsp;&nbsp; **$14.95** | &nbsp;&nbsp; **$30.47** | &nbsp;&nbsp; **$27.32** |
| Net investment loss | (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.21 )<sup>1</sup><br>| &nbsp;&nbsp; (0.17 )<sup>1</sup><br>| &nbsp;&nbsp; (0.34 )<sup>1</sup><br>| &nbsp;&nbsp; (0.45 )<sup>1</sup><br>|
| Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 1.32 |
| Net realized and unrealized gains (losses) on investments | 2.71 | 2.67 | 1.35 | &nbsp;&nbsp; (6.19)<br>| 8.18 |
| Total from investment operations | 2.59 | 2.46 | 1.18 | &nbsp;&nbsp; (6.53)<br>| 9.05 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (9.55)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (5.90)<br>|
| **Net asset value, end of period** | **$7.08** | &nbsp;&nbsp; **$14.04** | &nbsp;&nbsp; **$14.51** | &nbsp;&nbsp; **$14.95** | &nbsp;&nbsp; **$30.47** |
| **Total return**<sup>2</sup> <br>| **24.33%**<br>| **21.28%**<br>| **10.52%**<br>| &nbsp;&nbsp; **(29.54)%** <br><sup>3</sup><br>| **36.64%** <br><sup>4</sup><br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.92<br> %<br>| 1.93<br> %<br>| 1.94<br> %<br>| 1.89<br> %<br>| 1.91<br> %<br>|
| Net expenses | 1.90<br> %<br>| 1.90<br> %<br>| 1.91<br> %<br>| 1.89<br> %<br>| 1.91<br> %<br>|
| Net investment loss | (1.48)%<br>| &nbsp;&nbsp; (1.55)%<br>| &nbsp;&nbsp; (1.31)%<br>| &nbsp;&nbsp; (1.61)%<br>| &nbsp;&nbsp; (1.57)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 73<br> %<br>| &nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (000s omitted) | $14655 | &nbsp;&nbsp; $17510 | &nbsp;&nbsp; $14747 | &nbsp;&nbsp; $19208 | &nbsp;&nbsp; $41094 |

---

&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> During the year ended July 31, 2022, the Fund received payments from a service provider which had a 0.14% impact on the total return.

<sup>4</sup> During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 5.92% impact on the total return.

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

10 \| Allspring Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

12 \| Allspring Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Growth Fund \| 13

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

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.

14 \| Allspring Growth 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 July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,908,493,951 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1729362480 |
| Gross unrealized losses | &nbsp;&nbsp; (30628787)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1698733693** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $116514472 | &nbsp;&nbsp; $(116514472)<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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $441222521 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $441222521 |
| *Consumer discretionary* | &nbsp;&nbsp; 522193950 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 522193950 |
| *Financials* | &nbsp;&nbsp; 436695566 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 436695566 |
| *Health care* | &nbsp;&nbsp; 302775115 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 302775115 |
| *Industrials* | &nbsp;&nbsp; 346916027 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 346916027 |
| *Information technology* | &nbsp;&nbsp; 1435994231 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1435994231 |
| *Materials* | &nbsp;&nbsp; 60692738 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60692738 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 60737496 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60737496 |
| **Total assets** | &nbsp;&nbsp; **$3607227644** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3607227644** |

---

Allspring Growth Fund \| 15

------

Notes to financial statements

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.800<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 July 31, 2025, the management fee was equivalent to an annual rate of 0.71% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

16 \| Allspring Growth Fund

------

Notes to financial statements

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.15<br> %<br>|
| Class C | 1.90 |
| Class R6 | 0.70 |
| Administrator Class | 0.96 |
| Institutional Class | 0.75 |

---

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 July 31, 2025, Allspring Funds Distributor received $10,286 from the sale of Class A shares and $664 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 July 31, 2025.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2025 were $2,519,943,191 and $3,398,468,823, respectively.

6. ACQUISITION

After the close of business on July 26, 2024, the Fund acquired the net assets of Allspring Discovery All Cap Growth Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Administrator Class and Institutional Class shares of Allspring Discovery All Cap Growth Fund received Class A, Class C, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring Discovery All Cap Growth Fund for 24,451,474 shares of the Fund valued at $747,673,717 at an exchange ratio of 1.67, 1.34, 1.47 and 1.33 for Class A, Class C, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Allspring Discovery All Cap Growth Fund with a fair value of $748,485,211, identified cost of $421,769,452 and unrealized gains (losses) of $326,715,759 at July 26, 2024 was the principal assets acquired by the Fund. The aggregate net assets of Allspring Discovery All Cap Growth Fund and the Fund immediately prior to the acquisition were $747,673,717 and $2,962,209,027, respectively. The aggregate net assets of the Fund immediately after the acquisition were $3,709,882,744. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Allspring Discovery All Cap Growth Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2023, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| **Net investment loss** | &nbsp;&nbsp; $(24826059)<br>|
| **Net realized and unrealized gains (losses) on investments** | &nbsp;&nbsp; 737489536 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $712663477 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Allspring Discovery All Cap Growth Fund that have been included in the Fund's Statement of operations since July 27, 2024.

Allspring Growth Fund \| 17

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Notes to financial statements

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

7. BANK BORROWINGS

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

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

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 |
|  | 2025 | 2024 |
| **Long-term capital gain** | $958695957 | $273236324 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $1621703 | &nbsp;&nbsp; $695926104 | &nbsp;&nbsp;&nbsp; $1698733693 |

---

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. REDEMPTIONS IN-KIND

During the year ended July 31, 2025, the Fund redeemed assets through an in-kind redemption for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date | Value of <br>securities issued<br>| Cash | &nbsp;&nbsp;&nbsp; Realized <br>gains (losses)<br>| &nbsp;&nbsp;&nbsp; % of the <br>Fund<br>|
| &nbsp;&nbsp;&nbsp; 09-19-2024 | &nbsp;&nbsp; $157857895 | &nbsp;&nbsp;&nbsp; $10483380 | &nbsp;&nbsp;&nbsp; $116031492 | &nbsp;&nbsp;&nbsp;&nbsp; 4.30<br> %<br>|

---

12. NEW ACCOUNTING PRONOUNCEMENT

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

13. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be

18 \| Allspring Growth Fund

------

Notes to financial statements

allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

14. SUBSEQUENT EVENT

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

Allspring Growth Fund \| 19

------

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

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2025, 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.

![](g929437imgce86614f2.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

September 24, 2025

20 \| Allspring Growth Fund

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, $958,695,957 was designated as a 20% rate gain distribution for the fiscal year ended

July 31, 2025.

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Growth Fund \| 21

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

22 \| Allspring Growth Fund

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Allspring Growth Fund \| 23

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and ten-year periods under review and lower than the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the Russell 3000 Growth Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. The Board noted that it had previously been notified of a change in the portfolio managers of the Fund, which had been implemented in May 2024, and that the investment performance of the Fund for most of the periods covered did not reflect the investment performance of the Fund's new portfolio managers. The Board noted that it would continue to review the Fund's investment performance going forward to monitor implementation of the new portfolio managers.

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

24 \| Allspring Growth Fund

------

Other information (unaudited)

*Profitability*

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

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

Allspring Growth Fund \| 25

------

![](g929437img66d76f5d1.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**

![](g929437img19c510b73.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR3009 07-25**

------

![](g929437img1137e6281.jpg)

Allspring Large Cap Growth Fund

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_POI-PageBlank-23_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_FS-PageBlank-23_1)** |  |
| [Statement of assets and liabilities](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_FS-PageBlank-23_1) | 5 |
| [Statement of operations](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_FS-PageBlank-23_2) | 6 |
| [Statement of changes in net assets](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_FS-PageBlank-23_3) | 7 |
| [Financial highlights](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_FIHI-PageBlank-23_1) | 9 |
| **[Notes to financial statements](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_NTF-PageBlank-23_1)** | 14 |
| **[Report of independent registered public accounting firm](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_AUD-PageBlank-23_1)** | 20 |
| **[Other information](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_1)** | 21 |
| [Item 8. Changes in and disagreements with accountants](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_2) | 22 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_2) | 22 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_2) | 22 |
| [Item 11. Statement regarding basis for board](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_3)['](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_3)[s approval of investment](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_3)<br> [advisory contract](#xx_3e34566f-f862-43e3-a2de-aaaa75c74b8c_OI-PageBlank-23_3)<br>| 23 |

---

Allspring Large Cap Growth Fund \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.14%** |  |  |
| **Communication services: 13.74%** |  |  |
| **Entertainment: 4.23%** |  |  |
| Netflix, Inc.† | 22352 | &nbsp;&nbsp; $25914909 |
| Spotify Technology SA† | 27999 | &nbsp;&nbsp; 17542493 |
|  |  | &nbsp;&nbsp; **43457402** |
| **Interactive media & services: 9.51%** |  |  |
| Alphabet, Inc. Class A | 136312 | &nbsp;&nbsp; 26158273 |
| Meta Platforms, Inc. Class A | 92412 | &nbsp;&nbsp; 71475137 |
|  |  | &nbsp;&nbsp; **97633410** |
| **Consumer discretionary: 15.45%** |  |  |
| **Broadline retail: 9.73%** |  |  |
| Amazon.com, Inc.† | 341972 | &nbsp;&nbsp; 80059065 |
| MercadoLibre, Inc.† | 8368 | &nbsp;&nbsp; 19864711 |
|  |  | &nbsp;&nbsp; **99923776** |
| **Hotels, restaurants & leisure: 4.43%** |  |  |
| Booking Holdings, Inc. | 3759 | &nbsp;&nbsp; 20689762 |
| DoorDash, Inc. Class A† | 99240 | &nbsp;&nbsp; 24834810 |
|  |  | &nbsp;&nbsp; **45524572** |
| **Household durables: 1.29%** |  |  |
| PulteGroup, Inc. | 116855 | &nbsp;&nbsp; **13195267** |
| **Financials: 11.15%** |  |  |
| **Capital markets: 5.48%** |  |  |
| KKR & Co., Inc. | 131524 | &nbsp;&nbsp; 19278788 |
| S&P Global, Inc. | 34321 | &nbsp;&nbsp; 18914303 |
| Tradeweb Markets, Inc. Class A | 130855 | &nbsp;&nbsp; 18129960 |
|  |  | &nbsp;&nbsp; **56323051** |
| **Financial services: 4.05%** |  |  |
| Mastercard, Inc. Class A | 29454 | &nbsp;&nbsp; 16684807 |
| Visa, Inc. Class A | 72026 | &nbsp;&nbsp; 24882822 |
|  |  | &nbsp;&nbsp; **41567629** |
| **Insurance: 1.62%** |  |  |
| Progressive Corp. | 68891 | &nbsp;&nbsp; **16674378** |
| **Health care: 5.92%** |  |  |
| **Biotechnology: 2.65%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 33394 | &nbsp;&nbsp; 13098463 |
| Argenx SE ADR† | 21085 | &nbsp;&nbsp; 14133908 |
|  |  | &nbsp;&nbsp; **27232371** |

---

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

2 \| Allspring Large Cap Growth Fund

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies: 2.84%** |  |  |
| Boston Scientific Corp.† | 181937 | &nbsp;&nbsp; $19088830 |
| Intuitive Surgical, Inc.† | 20911 | &nbsp;&nbsp; 10060073 |
|  |  | &nbsp;&nbsp; **29148903** |
| **Health care providers & services: 0.43%** |  |  |
| UnitedHealth Group, Inc. | 17981 | &nbsp;&nbsp; **4487338** |
| **Industrials: 11.94%** |  |  |
| **Aerospace & defense: 4.29%** |  |  |
| General Electric Co. | 107279 | &nbsp;&nbsp; 29081192 |
| Howmet Aerospace, Inc. | 83016 | &nbsp;&nbsp; 14923786 |
|  |  | &nbsp;&nbsp; **44004978** |
| **Building products: 1.78%** |  |  |
| Johnson Controls International PLC | 174469 | &nbsp;&nbsp; **18319245** |
| **Construction & engineering: 4.53%** |  |  |
| EMCOR Group, Inc. | 39972 | &nbsp;&nbsp; 25082030 |
| Quanta Services, Inc. | 52879 | &nbsp;&nbsp; 21475748 |
|  |  | &nbsp;&nbsp; **46557778** |
| **Ground transportation: 1.34%** |  |  |
| Old Dominion Freight Line, Inc. | 91952 | &nbsp;&nbsp; **13723836** |
| **Information technology: 39.94%** |  |  |
| **Communications equipment: 3.62%** |  |  |
| Arista Networks, Inc.† | 180860 | &nbsp;&nbsp; 22285569 |
| Motorola Solutions, Inc. | 33843 | &nbsp;&nbsp; 14856400 |
|  |  | &nbsp;&nbsp; **37141969** |
| **Semiconductors & semiconductor equipment: 13.28%** |  |  |
| Broadcom, Inc. | 164022 | &nbsp;&nbsp; 48173262 |
| NVIDIA Corp. | 495982 | &nbsp;&nbsp; 88220318 |
|  |  | &nbsp;&nbsp; **136393580** |
| **Software: 18.40%** |  |  |
| Cadence Design Systems, Inc.† | 53155 | &nbsp;&nbsp; 19378718 |
| Microsoft Corp. | 207017 | &nbsp;&nbsp; 110443570 |
| Oracle Corp. | 148570 | &nbsp;&nbsp; 37702609 |
| ServiceNow, Inc.† | 22784 | &nbsp;&nbsp; 21488046 |
|  |  | &nbsp;&nbsp; **189012943** |
| **Technology hardware, storage & peripherals: 4.64%** |  |  |
| Apple, Inc. | 229531 | &nbsp;&nbsp; **47643750** |
| **Total common stocks (Cost $405,594,006)** |  | &nbsp;&nbsp; **1007966176** |

---

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

Allspring Large Cap Growth Fund \| 3

------

Portfolio of investments—July 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.82%** |  |  |  |  |
| **Investment companies: 0.82%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 8403096 | &nbsp;&nbsp; **$8403096** |
| **Total short-term investments (Cost $8,403,096)** |  |  |  | &nbsp;&nbsp; **8403096** |
| **Total investments in securities (Cost $413,997,102)** | 98.96<br> %<br>|  |  | &nbsp;&nbsp; 1016369272 |
| Other assets and liabilities, net | 1.04 |  |  | &nbsp;&nbsp; 10650281 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1027019553** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $19570173 | $241570546 | $(252737623)<br>| $0 | $0 | $8403096 | 8403096 | $420103 |

---

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

4 \| Allspring Large Cap Growth Fund

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $405,594,006) | $1007966176 |
| Investments in affiliated securities, at value (cost $8,403,096) | 8403096 |
| Cash | 22 |
| Receivable for investments sold | 12304052 |
| Receivable for dividends | 55730 |
| Receivable for Fund shares sold | 34154 |
| Prepaid expenses and other assets | 58165 |
| **Total assets** | **1028821395** |
| Liabilities |  |
| Payable for Fund shares redeemed | 849880 |
| Management fee payable | 458828 |
| Shareholder servicing fees payable | 304239 |
| Administration fees payable | 147097 |
| Distribution fee payable | 2912 |
| Accrued expenses and other liabilities | 38886 |
| **Total liabilities** | **1801842** |
| **Total net assets**  | **$1027019553** |
| Net assets consist of |  |
| Paid-in capital | $325427169 |
| Total distributable earnings | 701592384 |
| **Total net assets** | **$1027019553** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $784482784 |
| Shares outstanding–Class A<sup>1</sup> <br>| 17383301 |
| Net asset value per share–Class A | $45.13 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $47.88 |
| Net assets–Class C | $4679150 |
| Shares outstanding–Class C<sup>1</sup> <br>| 149603 |
| Net asset value per share–Class C | $31.28 |
| Net assets–Class R6 | $108911178 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 2139920 |
| Net asset value per share–Class R6 | $50.89 |
| Net assets–Administrator Class | $46055055 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 979738 |
| Net asset value per share–Administrator Class | $47.01 |
| Net assets–Institutional Class | $82891386 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1658001 |
| Net asset value per share–Institutional Class | $49.99 |

---

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

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

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

Allspring Large Cap Growth Fund \| 5

------

Statement of operations—year ended July 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $3,883) | $4107704 |
| Income from affiliated securities | 420103 |
| Interest | 56 |
| **Total investment income** | **4527863** |
| Expenses |  |
| Management fee | 6612381 |
| Administration fees |  |
| Class A | 1442410 |
| Class C | 10837 |
| Class R6 | 31125 |
| Administrator Class | 67406 |
| Institutional Class | 102692 |
| Shareholder servicing fees |  |
| Class A | 1802022 |
| Class C | 13460 |
| Administrator Class | 129286 |
| Distribution fee |  |
| Class C | 40363 |
| Custody and accounting fees | 33908 |
| Professional fees | 46237 |
| Registration fees | 129824 |
| Shareholder report expenses | 54669 |
| Trustees' fees and expenses | 15530 |
| Other fees and expenses | 39121 |
| **Total expenses** | **10571271** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1450338)<br>|
| Class A | (340096)<br>|
| Administrator Class | (5891)<br>|
| **Net expenses** | **8774946** |
| **Net investment loss** | **(4247083)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments (including in-kind redemptions of $35,011,847)** | **204992519** |
| **Net change in unrealized gains (losses) on investments** | **11122742** |
| **Net realized and unrealized gains (losses) on investments** | **216115261** |
| **Net increase in net assets resulting from operations** | **$211868178** |

---

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

6 \| Allspring Large Cap Growth Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(4247083)<br>|  | &nbsp;&nbsp; $(3376148)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 204992519 |  | &nbsp;&nbsp; 79565836 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 11122742 |  | &nbsp;&nbsp; 112936202 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **211868178** |  | &nbsp;&nbsp; **189125890** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (100853463)<br>|  | &nbsp;&nbsp; (91328270)<br>|
| Class C |  | &nbsp;&nbsp; (1167840)<br>|  | &nbsp;&nbsp; (877665)<br>|
| Class R6 |  | &nbsp;&nbsp; (13072970)<br>|  | &nbsp;&nbsp; (9452040)<br>|
| Administrator Class |  | &nbsp;&nbsp; (5813608)<br>|  | &nbsp;&nbsp; (10630905)<br>|
| Institutional Class |  | &nbsp;&nbsp; (10106676)<br>|  | &nbsp;&nbsp; (5273115)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(131014557)**<br>|  | &nbsp;&nbsp; **(117561995)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 353784 | &nbsp;&nbsp; 14488196 | &nbsp;&nbsp; 327130 | &nbsp;&nbsp; 12735764 |
| Class C | 27347 | &nbsp;&nbsp; 800667 | &nbsp;&nbsp; 53097 | &nbsp;&nbsp; 1590186 |
| Class R6 | 286551 | &nbsp;&nbsp; 12841704 | &nbsp;&nbsp; 163982 | &nbsp;&nbsp; 7118787 |
| Administrator Class | 34386 | &nbsp;&nbsp; 1521576 | &nbsp;&nbsp; 71649 | &nbsp;&nbsp; 2885063 |
| Institutional Class | 1175233 | &nbsp;&nbsp; 54966688 | &nbsp;&nbsp; 282822 | &nbsp;&nbsp; 12394644 |
|  |  | &nbsp;&nbsp; 84618831 |  | &nbsp;&nbsp; 36724444 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 2378701 | &nbsp;&nbsp; 98192788 | &nbsp;&nbsp; 2593945 | &nbsp;&nbsp; 88686986 |
| Class C | 40606 | &nbsp;&nbsp; 1167840 | &nbsp;&nbsp; 34581 | &nbsp;&nbsp; 877665 |
| Class R6 | 265116 | &nbsp;&nbsp; 12314656 | &nbsp;&nbsp; 223823 | &nbsp;&nbsp; 8453801 |
| Administrator Class | 135158 | &nbsp;&nbsp; 5811775 | &nbsp;&nbsp; 300308 | &nbsp;&nbsp; 10630905 |
| Institutional Class | 217598 | &nbsp;&nbsp; 9935515 | &nbsp;&nbsp; 137074 | &nbsp;&nbsp; 5104635 |
|  |  | &nbsp;&nbsp; 127422574 |  | &nbsp;&nbsp; 113753992 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2266505)<br>| &nbsp;&nbsp; (93724784)<br>| &nbsp;&nbsp; (1775432)<br>| &nbsp;&nbsp; (68930852)<br>|
| Class C | (119223)<br>| &nbsp;&nbsp; (3435585)<br>| &nbsp;&nbsp; (78383)<br>| &nbsp;&nbsp; (2136986)<br>|
| Class R6 | (616091)<br>| &nbsp;&nbsp; (28065655)<br>| &nbsp;&nbsp; (182834)<br>| &nbsp;&nbsp; (7739438)<br>|
| Administrator Class | (940267)<br>| &nbsp;&nbsp; (43220363)<br>| &nbsp;&nbsp; (293499)<br>| &nbsp;&nbsp; (12002047)<br>|
| Institutional Class | (1520883)<br>| &nbsp;&nbsp; (71636529)<br>| &nbsp;&nbsp; (447090)<br>| &nbsp;&nbsp; (18758968)<br>|
|  |  | &nbsp;&nbsp; (240082916)<br>|  | &nbsp;&nbsp; (109568291)<br>|

---

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

Allspring Large Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2025 | Year ended<br> July 31, 2024 | Year ended<br> July 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| Net asset value of shares issued in acquisition |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; 2566571 | &nbsp;&nbsp; $105615660 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 90857 | &nbsp;&nbsp; 2761594 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 642966 | &nbsp;&nbsp; 29301766 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 130579 | &nbsp;&nbsp; 5567174 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 977906 | &nbsp;&nbsp; 43909801 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 187155995 |
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(28041511)**<br>|  | &nbsp;&nbsp; **228066140** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **52812110** |  | &nbsp;&nbsp; **299630035** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **974207443** |  | &nbsp;&nbsp; **674577408** |
| **End of period** |  | &nbsp;&nbsp; **$1027019553** |  | &nbsp;&nbsp; **$974207443** |

---

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

8 \| Allspring Large Cap Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

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

Allspring Large Cap Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 | Year ended July 31 |
| Class C | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$30.92** | &nbsp;&nbsp; **$30.87** | &nbsp;&nbsp; **$30.66** | &nbsp;&nbsp; **$46.65** | &nbsp;&nbsp; **$43.32** |
| Net investment loss | (0.38 )<sup>1</sup><br>| &nbsp;&nbsp; (0.39 )<sup>1</sup><br>| &nbsp;&nbsp; (0.28 )<sup>1</sup><br>| &nbsp;&nbsp; (0.49 )<sup>1</sup><br>| &nbsp;&nbsp; (0.56 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 6.97 | 7.58 | 4.01 | &nbsp;&nbsp; (7.70)<br>| 10.82 |
| Total from investment operations | 6.59 | 7.19 | 3.73 | &nbsp;&nbsp; (8.19)<br>| 10.26 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (6.23)<br>| &nbsp;&nbsp; (7.14)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (7.80)<br>| &nbsp;&nbsp; (6.93)<br>|
| **Net asset value, end of period** | **$31.28** | &nbsp;&nbsp; **$30.92** | &nbsp;&nbsp; **$30.87** | &nbsp;&nbsp; **$30.66** | &nbsp;&nbsp; **$46.65** |
| **Total return**<sup>2</sup> <br>| **23.07%**<br>| **28.35%**<br>| **15.00%**<br>| &nbsp;&nbsp; **(21.42)%**<br>| **26.28%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.91<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>| 1.92<br> %<br>| 1.92<br> %<br>|
| Net expenses | 1.77<br> %<br>| 1.81<br> %<br>| 1.82<br> %<br>| 1.82<br> %<br>| 1.82<br> %<br>|
| Net investment loss | (1.29)%<br>| &nbsp;&nbsp; (1.30)%<br>| &nbsp;&nbsp; (1.00)%<br>| &nbsp;&nbsp; (1.29)%<br>| &nbsp;&nbsp; (1.29)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 44<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 39<br> %<br>|
| Net assets, end of period (000s omitted) | $4679 | &nbsp;&nbsp; $6211 | &nbsp;&nbsp; $3110 | &nbsp;&nbsp; $3207 | &nbsp;&nbsp; $6351 |

---

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

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

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

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

10 \| Allspring Large Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Large Cap Growth Fund \| 11

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

12 \| Allspring Large Cap Growth Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

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

---

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

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

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

Allspring Large Cap Growth Fund \| 13

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

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.

14 \| Allspring Large Cap Growth 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 July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $415,370,015 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $612236527 |
| Gross unrealized losses | &nbsp;&nbsp; (11237270)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$600999257** |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $35068230 | &nbsp;&nbsp; $(35068230)<br>|

---

As of July 31, 2025, 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 capital losses <br> <u> Short-Term </u> <u> Late-Year Ordinary Loss Deferred </u> <br> 1,963,811 2,322,583

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 Large Cap Growth Fund \| 15

------

Notes to financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $141090812 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $141090812 |
| *Consumer discretionary* | &nbsp;&nbsp; 158643615 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 158643615 |
| *Financials* | &nbsp;&nbsp; 114565058 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 114565058 |
| *Health care* | &nbsp;&nbsp; 60868612 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60868612 |
| *Industrials* | &nbsp;&nbsp; 122605837 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 122605837 |
| *Information technology* | &nbsp;&nbsp; 410192242 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 410192242 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 8403096 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8403096 |
| **Total assets** | &nbsp;&nbsp; **$1016369272** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1016369272** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.700<br> %<br>|
| Next $500 million | 0.675 |
| Next $1 billion | 0.650 |
| Next $2 billion | 0.625 |
| Next $1 billion | 0.600 |
| Next $3 billion | 0.590 |
| Next $2 billion | 0.565 |
| Next $2 billion | 0.555 |
| Next $4 billion | 0.530 |
| Over $16 billion | 0.505 |

---

For the year ended July 31, 2025, the management fee was equivalent to an annual rate of 0.69% of the Fund's average daily net assets.

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

Administration fees

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

16 \| Allspring Large Cap Growth 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 |
| Class R6 | 0.03 |
| Administrator Class | 0.13 |
| Institutional Class | 0.13 |

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of July 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.02<br> %<br>|
| Class C | 1.77 |
| Class R6 | 0.60 |
| Administrator Class | 0.94 |
| Institutional Class | 0.70 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2025, Allspring Funds Distributor received $5,808 from the sale of Class A shares and $510 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 July 31, 2025.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2025 were $423,247,276 and $550,294,436, respectively.

6. ACQUISITION

After the close of business on July 26, 2024, the Fund acquired the net assets of Allspring Discovery Large Cap Growth Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Class R6, Administrator Class and Institutional Class shares of Allspring Discovery Large Cap Growth Fund received Class A, Class C, Class R6, Administrator Class and

Allspring Large Cap Growth Fund \| 17

------

Notes to financial statements

Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring Discovery Large Cap Growth Fund for 4,408,879 shares of the Fund valued at $187,155,995 at an exchange ratio of 0.15, 0.01, 0.19, 0.18 and 0.20 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Allspring Discovery Large Cap Growth Fund with a fair value of $187,339,492, identified cost of $100,117,907 and unrealized gains (losses) of $87,221,585 at July 26, 2024 was the principal assets acquired by the Fund. The aggregate net assets of Allspring Discovery Large Cap Growth Fund and the Fund immediately prior to the acquisition were $187,155,995 and $771,980,335, respectively. The aggregate net assets of the Fund immediately after the acquisition were $959,136,330. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Allspring Discovery Large Cap Growth Fund was carried forward to align with ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2023, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2024 would have been as follows:

---

| | |
|:---|:---|
| **Net investment loss** | &nbsp;&nbsp; $(3967449)<br>|
| **Net realized and unrealized gains (losses) on investments** | &nbsp;&nbsp; 237048848 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $233081399 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Allspring Discovery Large Cap Growth Fund that have been included in the Fund's Statement of operations since July 27, 2024.

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 July 31, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended July 31 | Year ended July 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $836007 | $0 |
| **Long-term capital gain** | 130178550 | 117561995 |

---

As of July 31, 2025, 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 |
| &nbsp;&nbsp;&nbsp; $104891889 | &nbsp;&nbsp; $600999257 | &nbsp;&nbsp;&nbsp; $2322583 | &nbsp;&nbsp;&nbsp; $1963811 |

---

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.

18 \| Allspring Large Cap Growth Fund

------

Notes to financial statements

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

11. REDEMPTIONS IN-KIND

During the year ended July 31, 2025, the Fund redeemed assets through an in-kind redemption for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Date | Value of <br>securities issued<br>| Cash | &nbsp;&nbsp;&nbsp; Realized <br>gains (losses)<br>| &nbsp;&nbsp;&nbsp; % of the <br>Fund<br>|
| &nbsp;&nbsp;&nbsp; 09-19-2024 | &nbsp;&nbsp; $43563566 | &nbsp;&nbsp;&nbsp; $2274884 | &nbsp;&nbsp;&nbsp; $35011847 | &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>|

---

12. NEW ACCOUNTING PRONOUNCEMENT

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

13. OPERATING SEGMENTS

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

14. SUBSEQUENT EVENT

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

Allspring Large Cap Growth Fund \| 19

------

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

*Basis for Opinion*

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

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

![](g929437img7b51cf592.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

September 24, 2025

20 \| Allspring Large Cap Growth Fund

------

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 July 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $130,178,550 was designated as a 20% rate gain distribution for the fiscal year ended

July 31, 2025.

For the fiscal year ended July 31, 2025, $836,007 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 Large Cap Growth Fund \| 21

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

22 \| Allspring Large Cap Growth Fund

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Funds Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring Large Cap Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

Allspring Large Cap Growth Fund \| 23

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the one- and three-year periods under review, and lower than the average investment performance of the Universe for the five- and ten-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the Russell 1000 Growth Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. The Board also took note of the Fund's outperformance relative to the Universe over the shorter-term time periods under review. The Board noted that it had previously been notified of a change in the portfolio managers of the Fund, which had been implemented in May 2024, and that the investment performance of the Fund for most of the periods covered did not reflect the investment performance of the Fund's new portfolio managers. The Board noted that it would continue to review the Fund's investment performance going forward to monitor implementation of the new portfolio managers.

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

24 \| Allspring Large Cap Growth Fund

------

Other information (unaudited)

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

*Profitability*

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

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

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

Allspring Large Cap Growth Fund \| 25

------

![](g929437img1137e6281.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**

![](g929437imga40167833.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

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

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

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

**NCSR3354 07-25**

------

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

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

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

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

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

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

------

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

Not applicable.

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

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics.](d929437dex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d929437dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d929437dex99906cert.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: September 24, 2025 | Date: September 24, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

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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.

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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.

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No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

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**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

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**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g929437g0926083246831.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Premier Large Company Growth Fund, and Allspring Special Large Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: September 24, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

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![LOGO](g929437g0926083246761.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Premier Large Company Growth Fund, and Allspring Special Large Cap Value Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: September 24, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g929437g0926083246831.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 July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: September 24, 2025

---

| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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![LOGO](g929437g0926083246831.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 July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: September 24, 2025

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.