# EDGAR Filing Document

**Accession Number:** 0001081400
**File Stem:** 0001193125-25-295617
**Filing Date:** 2025-11
**Character Count:** 622998
**Document Hash:** f7c5b8311116e402eaf456b601eac38b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-295617.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-295617

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09253
- **FILM NUMBER:** 251516477

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

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

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

## Series and Classes Contracts Data

### Allspring Index Fund (Series ID: S000007249)

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

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020148 | Class A             | WFSTX           |
| C000020150 | Class C             | WFTCX           |
| C000176622 | Institutional Class | WFTIX           |

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

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

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

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

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089461 | Class A             | EVUAX           |
| C000089463 | Class C             | EVUCX           |
| C000089464 | Institutional Class | EVUYX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000089488 | Class A             | ESPAX           |
| C000089490 | Class C             | ESPCX           |
| C000089491 | Administrator Class | ESPIX           |
| C000092810 | Institutional Class | ESPNX           |
| C000150670 | Class R6            | ESPRX           |

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

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

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

![LOGO](g774280g1122083409635.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## Allspring Funds Trust

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

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

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

#### Matthew Prasse

#### Allspring Funds Management, LLC

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

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

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

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

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

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Innovation Fund

# September 30, 2025

## Class A

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

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $64 | 1.19%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $425921090 |
| # of portfolio holdings | 35 |
| Portfolio turnover rate | 49% |
| Total advisory fees paid | $1500447 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 48.8 |
| Consumer discretionary | 13.5 |
| Financials | 10.0 |
| Communication services | 7.8 |
| Industrials | 7.2 |
| Health care | 6.4 |
| Utilities | 3.4 |
| Materials | 2.9 |

---

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

---

| | |
|:---|:---|
| DoorDash, Inc. Class A | 5.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.5 |
| Robinhood Markets, Inc. Class A | 4.5 |
| Oracle Corp. | 4.5 |
| KLA Corp. | 4.4 |
| Monolithic Power Systems, Inc. | 4.4 |
| Cadence Design Systems, Inc. | 4.1 |
| MercadoLibre, Inc. | 3.5 |
| Live Nation Entertainment, Inc. | 3.4 |
| Talen Energy Corp. | 3.3 |

---

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

Effective October 1, 2025, Nicholas Birk was no longer a portfolio manager of the Fund.

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

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

#### SAR1600 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Innovation Fund

# September 30, 2025

## Class C

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

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $106 | 1.97%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $425921090 |
| # of portfolio holdings | 35 |
| Portfolio turnover rate | 49% |
| Total advisory fees paid | $1500447 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 48.8 |
| Consumer discretionary | 13.5 |
| Financials | 10.0 |
| Communication services | 7.8 |
| Industrials | 7.2 |
| Health care | 6.4 |
| Utilities | 3.4 |
| Materials | 2.9 |

---

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

---

| | |
|:---|:---|
| DoorDash, Inc. Class A | 5.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.5 |
| Robinhood Markets, Inc. Class A | 4.5 |
| Oracle Corp. | 4.5 |
| KLA Corp. | 4.4 |
| Monolithic Power Systems, Inc. | 4.4 |
| Cadence Design Systems, Inc. | 4.1 |
| MercadoLibre, Inc. | 3.5 |
| Live Nation Entertainment, Inc. | 3.4 |
| Talen Energy Corp. | 3.3 |

---

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

Effective October 1, 2025, Nicholas Birk was no longer a portfolio manager of the Fund. At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was 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

#### SAR1602 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Innovation Fund

# September 30, 2025

## Institutional Class

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

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $49 | 0.90%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $425921090 |
| # of portfolio holdings | 35 |
| Portfolio turnover rate | 49% |
| Total advisory fees paid | $1500447 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 48.8 |
| Consumer discretionary | 13.5 |
| Financials | 10.0 |
| Communication services | 7.8 |
| Industrials | 7.2 |
| Health care | 6.4 |
| Utilities | 3.4 |
| Materials | 2.9 |

---

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

---

| | |
|:---|:---|
| DoorDash, Inc. Class A | 5.2 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.5 |
| Robinhood Markets, Inc. Class A | 4.5 |
| Oracle Corp. | 4.5 |
| KLA Corp. | 4.4 |
| Monolithic Power Systems, Inc. | 4.4 |
| Cadence Design Systems, Inc. | 4.1 |
| MercadoLibre, Inc. | 3.5 |
| Live Nation Entertainment, Inc. | 3.4 |
| Talen Energy Corp. | 3.3 |

---

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

Effective October 1, 2025, Nicholas Birk was no longer a portfolio manager of the Fund.

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

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

#### SAR4715 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Precious Metals Fund

# September 30, 2025

## Class A

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $73 | 1.09%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $1082088109 |
| Consolidated # of portfolio holdings | 44 |
| Consolidated Portfolio turnover rate | 2% |
| Consolidated Total advisory fees paid | $2105676 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Canada | 70.6 |
| United States | 14.5 |
| United Kingdom | 8.5 |
| South Africa | 4.4 |
| Australia | 2.0 |

---

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

---

| | |
|:---|:---|
| Kinross Gold Corp. | 6.2 |
| Newmont Corp. | 5.9 |
| Agnico Eagle Mines Ltd. | 5.6 |
| Lundin Gold, Inc. | 5.4 |
| Barrick Mining Corp. | 4.7 |
| Alamos Gold, Inc. Class A | 4.7 |
| Gold Fields Ltd. ADR | 4.3 |
| Endeavour Mining PLC | 4.2 |
| IAMGOLD Corp. | 4.1 |
| Anglogold Ashanti PLC | 4.0 |

---

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

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

#### SAR0654 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Precious Metals Fund

# September 30, 2025

## Class C

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $123 | 1.84%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $1082088109 |
| Consolidated # of portfolio holdings | 44 |
| Consolidated Portfolio turnover rate | 2% |
| Consolidated Total advisory fees paid | $2105676 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Canada | 70.6 |
| United States | 14.5 |
| United Kingdom | 8.5 |
| South Africa | 4.4 |
| Australia | 2.0 |

---

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

---

| | |
|:---|:---|
| Kinross Gold Corp. | 6.2 |
| Newmont Corp. | 5.9 |
| Agnico Eagle Mines Ltd. | 5.6 |
| Lundin Gold, Inc. | 5.4 |
| Barrick Mining Corp. | 4.7 |
| Alamos Gold, Inc. Class A | 4.7 |
| Gold Fields Ltd. ADR | 4.3 |
| Endeavour Mining PLC | 4.2 |
| IAMGOLD Corp. | 4.1 |
| Anglogold Ashanti PLC | 4.0 |

---

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

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

#### SAR0954 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Precious Metals Fund

# September 30, 2025

## Institutional Class

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | CONSOLIDATED COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $53 | 0.79%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Consolidated Total net assets | $1082088109 |
| Consolidated # of portfolio holdings | 44 |
| Consolidated Portfolio turnover rate | 2% |
| Consolidated Total advisory fees paid | $2105676 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Canada | 70.6 |
| United States | 14.5 |
| United Kingdom | 8.5 |
| South Africa | 4.4 |
| Australia | 2.0 |

---

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

---

| | |
|:---|:---|
| Kinross Gold Corp. | 6.2 |
| Newmont Corp. | 5.9 |
| Agnico Eagle Mines Ltd. | 5.6 |
| Lundin Gold, Inc. | 5.4 |
| Barrick Mining Corp. | 4.7 |
| Alamos Gold, Inc. Class A | 4.7 |
| Gold Fields Ltd. ADR | 4.3 |
| Endeavour Mining PLC | 4.2 |
| IAMGOLD Corp. | 4.1 |
| Anglogold Ashanti PLC | 4.0 |

---

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

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

#### SAR0154 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

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

# September 30, 2025

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

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

---

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

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $3326909 |
| # of portfolio holdings | 66 |
| Portfolio turnover rate | 9% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 36.6 |
| Financials | 15.7 |
| Industrials | 11.9 |
| Consumer discretionary | 11.2 |
| Communication services | 10.2 |
| Health care | 6.4 |
| Energy | 3.8 |
| Consumer staples | 3.0 |
| Materials | 1.2 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.7 |
| Apple, Inc. | 8.0 |
| Broadcom, Inc. | 4.7 |
| Amazon.com, Inc. | 4.6 |
| Alphabet, Inc. Class C | 4.6 |
| Meta Platforms, Inc. Class A | 4.0 |
| JPMorgan Chase & Co. | 3.1 |
| Eli Lilly & Co. | 2.1 |
| NVIDIA Corp. | 2.1 |
| Eaton Corp. PLC | 2.1 |

---

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

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

#### SAR4905 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Disciplined Small Cap Fund

# September 30, 2025

## Class A

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $51 | 0.89%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $103024187 |
| # of portfolio holdings | 334 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $135472 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 18.8 |
| Financials | 18.0 |
| Information technology | 16.2 |
| Health care | 15.2 |
| Consumer discretionary | 9.6 |
| Energy | 5.3 |
| Real estate | 5.1 |
| Materials | 4.2 |
| Utilities | 3.2 |
| Communication services | 2.3 |
| Consumer staples | 2.1 |

---

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

---

| | |
|:---|:---|
| Coeur Mining, Inc. | 1 |
| Primoris Services Corp. | 1 |
| Fabrinet | 1 |
| Sterling Infrastructure, Inc. | 1 |
| NEXTracker, Inc. Class A | 0.9 |
| TTM Technologies, Inc. | 0.9 |
| Centrus Energy Corp. Class A | 0.8 |
| CareTrust REIT, Inc. | 0.8 |
| Rambus, Inc. | 0.8 |
| Kontoor Brands, Inc. | 0.7 |

---

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

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

#### SAR4335 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Disciplined Small Cap Fund

# September 30, 2025

## Class R6

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $28 | 0.50%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $103024187 |
| # of portfolio holdings | 334 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $135472 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 18.8 |
| Financials | 18.0 |
| Information technology | 16.2 |
| Health care | 15.2 |
| Consumer discretionary | 9.6 |
| Energy | 5.3 |
| Real estate | 5.1 |
| Materials | 4.2 |
| Utilities | 3.2 |
| Communication services | 2.3 |
| Consumer staples | 2.1 |

---

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

---

| | |
|:---|:---|
| Coeur Mining, Inc. | 1 |
| Primoris Services Corp. | 1 |
| Fabrinet | 1 |
| Sterling Infrastructure, Inc. | 1 |
| NEXTracker, Inc. Class A | 0.9 |
| TTM Technologies, Inc. | 0.9 |
| Centrus Energy Corp. Class A | 0.8 |
| CareTrust REIT, Inc. | 0.8 |
| Rambus, Inc. | 0.8 |
| Kontoor Brands, Inc. | 0.7 |

---

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

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

#### SAR4691 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Disciplined Small Cap Fund

# September 30, 2025

## Institutional Class

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $34 | 0.60%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $103024187 |
| # of portfolio holdings | 334 |
| Portfolio turnover rate | 22% |
| Total advisory fees paid | $135472 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 18.8 |
| Financials | 18.0 |
| Information technology | 16.2 |
| Health care | 15.2 |
| Consumer discretionary | 9.6 |
| Energy | 5.3 |
| Real estate | 5.1 |
| Materials | 4.2 |
| Utilities | 3.2 |
| Communication services | 2.3 |
| Consumer staples | 2.1 |

---

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

---

| | |
|:---|:---|
| Coeur Mining, Inc. | 1 |
| Primoris Services Corp. | 1 |
| Fabrinet | 1 |
| Sterling Infrastructure, Inc. | 1 |
| NEXTracker, Inc. Class A | 0.9 |
| TTM Technologies, Inc. | 0.9 |
| Centrus Energy Corp. Class A | 0.8 |
| CareTrust REIT, Inc. | 0.8 |
| Rambus, Inc. | 0.8 |
| Kontoor Brands, Inc. | 0.7 |

---

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

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

#### SAR3181 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Index Fund

# September 30, 2025

## Administrator Class

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $14 | 0.25%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1430983262 |
| # of portfolio holdings | 505 |
| Portfolio turnover rate | 2% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.8 |
| Financials | 13.5 |
| Consumer discretionary | 10.5 |
| Communication services | 10.1 |
| Health care | 8.9 |
| Industrials | 8.3 |
| Consumer staples | 4.9 |
| Energy | 2.9 |
| Utilities | 2.4 |
| Real estate | 1.9 |
| Materials | 1.8 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 6.7 |
| Apple, Inc. | 6.5 |
| Amazon.com, Inc. | 3.7 |
| Meta Platforms, Inc. Class A | 2.8 |
| Broadcom, Inc. | 2.7 |
| Alphabet, Inc. Class A | 2.4 |
| Tesla, Inc. | 2.2 |
| Alphabet, Inc. Class C | 2.0 |
| Berkshire Hathaway, Inc. Class B | 1.6 |

---

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

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

#### SAR0088 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Index Fund

# September 30, 2025

## Class A

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $23 | 0.42%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1430983262 |
| # of portfolio holdings | 505 |
| Portfolio turnover rate | 2% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.8 |
| Financials | 13.5 |
| Consumer discretionary | 10.5 |
| Communication services | 10.1 |
| Health care | 8.9 |
| Industrials | 8.3 |
| Consumer staples | 4.9 |
| Energy | 2.9 |
| Utilities | 2.4 |
| Real estate | 1.9 |
| Materials | 1.8 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 6.7 |
| Apple, Inc. | 6.5 |
| Amazon.com, Inc. | 3.7 |
| Meta Platforms, Inc. Class A | 2.8 |
| Broadcom, Inc. | 2.7 |
| Alphabet, Inc. Class A | 2.4 |
| Tesla, Inc. | 2.2 |
| Alphabet, Inc. Class C | 2.0 |
| Berkshire Hathaway, Inc. Class B | 1.6 |

---

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

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

#### SAR3329 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Index Fund

# September 30, 2025

## Class C

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $65 | 1.19%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $1430983262 |
| # of portfolio holdings | 505 |
| Portfolio turnover rate | 2% |
| Total advisory fees paid | $0 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 34.8 |
| Financials | 13.5 |
| Consumer discretionary | 10.5 |
| Communication services | 10.1 |
| Health care | 8.9 |
| Industrials | 8.3 |
| Consumer staples | 4.9 |
| Energy | 2.9 |
| Utilities | 2.4 |
| Real estate | 1.9 |
| Materials | 1.8 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.9 |
| Microsoft Corp. | 6.7 |
| Apple, Inc. | 6.5 |
| Amazon.com, Inc. | 3.7 |
| Meta Platforms, Inc. Class A | 2.8 |
| Broadcom, Inc. | 2.7 |
| Alphabet, Inc. Class A | 2.4 |
| Tesla, Inc. | 2.2 |
| Alphabet, Inc. Class C | 2.0 |
| Berkshire Hathaway, Inc. Class B | 1.6 |

---

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

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

#### SAR3501 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Special Small Cap Value Fund

# September 30, 2025

## Administrator Class

# ESPIX
This semi-annual shareholder report contains important information about Special Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Administrator Class is closed to new investors and additional investments from existing shareholders.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Administrator Class | $59 | 1.17%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $4022405498 |
| # of portfolio holdings | 119 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $16995689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.1 |
| Financials | 23 |
| Materials | 17.2 |
| Information technology | 8.1 |
| Consumer discretionary | 6.5 |
| Consumer staples | 6.3 |
| Health care | 6 |
| Energy | 4.3 |
| Real estate | 1 |
| Communication services | 0.8 |
| Utilities | 0.7 |

---

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

---

| | |
|:---|:---|
| Franklin Electric Co., Inc. | 3.6 |
| UMB Financial Corp. | 3.5 |
| Innospec, Inc. | 3.1 |
| Mueller Industries, Inc. | 3.0 |
| J&J Snack Foods Corp. | 2.8 |
| Eagle Materials, Inc. | 2.7 |
| Stewart Information Services Corp. | 2.3 |
| Avient Corp. | 2.1 |
| UFP Industries, Inc. | 2.1 |
| SouthState Bank Corp. | 2.1 |

---

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

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

#### SAR0737 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Special Small Cap Value Fund

# September 30, 2025

## Class A

# ESPAX
This semi-annual shareholder report contains important information about Special Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Class A is closed to new investors and additional investments from existing shareholders.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $64 | 1.26%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $4022405498 |
| # of portfolio holdings | 119 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $16995689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.1 |
| Financials | 23 |
| Materials | 17.2 |
| Information technology | 8.1 |
| Consumer discretionary | 6.5 |
| Consumer staples | 6.3 |
| Health care | 6 |
| Energy | 4.3 |
| Real estate | 1 |
| Communication services | 0.8 |
| Utilities | 0.7 |

---

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

---

| | |
|:---|:---|
| Franklin Electric Co., Inc. | 3.6 |
| UMB Financial Corp. | 3.5 |
| Innospec, Inc. | 3.1 |
| Mueller Industries, Inc. | 3.0 |
| J&J Snack Foods Corp. | 2.8 |
| Eagle Materials, Inc. | 2.7 |
| Stewart Information Services Corp. | 2.3 |
| Avient Corp. | 2.1 |
| UFP Industries, Inc. | 2.1 |
| SouthState Bank Corp. | 2.1 |

---

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

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

#### SAR0637 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Special Small Cap Value Fund

# September 30, 2025

## Class C

# ESPCX
This semi-annual shareholder report contains important information about Special Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Class C is closed to new investors and additional investments from existing shareholders.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $101 | 1.99%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $4022405498 |
| # of portfolio holdings | 119 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $16995689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.1 |
| Financials | 23 |
| Materials | 17.2 |
| Information technology | 8.1 |
| Consumer discretionary | 6.5 |
| Consumer staples | 6.3 |
| Health care | 6 |
| Energy | 4.3 |
| Real estate | 1 |
| Communication services | 0.8 |
| Utilities | 0.7 |

---

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

---

| | |
|:---|:---|
| Franklin Electric Co., Inc. | 3.6 |
| UMB Financial Corp. | 3.5 |
| Innospec, Inc. | 3.1 |
| Mueller Industries, Inc. | 3.0 |
| J&J Snack Foods Corp. | 2.8 |
| Eagle Materials, Inc. | 2.7 |
| Stewart Information Services Corp. | 2.3 |
| Avient Corp. | 2.1 |
| UFP Industries, Inc. | 2.1 |
| SouthState Bank Corp. | 2.1 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was 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

#### SAR4511 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Special Small Cap Value Fund

# September 30, 2025

## Class R6

# ESPRX
This semi-annual shareholder report contains important information about Special Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Class R6 is closed to new investors and additional investments from existing shareholders.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class R6 | $43 | 0.84%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $4022405498 |
| # of portfolio holdings | 119 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $16995689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.1 |
| Financials | 23 |
| Materials | 17.2 |
| Information technology | 8.1 |
| Consumer discretionary | 6.5 |
| Consumer staples | 6.3 |
| Health care | 6 |
| Energy | 4.3 |
| Real estate | 1 |
| Communication services | 0.8 |
| Utilities | 0.7 |

---

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

---

| | |
|:---|:---|
| Franklin Electric Co., Inc. | 3.6 |
| UMB Financial Corp. | 3.5 |
| Innospec, Inc. | 3.1 |
| Mueller Industries, Inc. | 3.0 |
| J&J Snack Foods Corp. | 2.8 |
| Eagle Materials, Inc. | 2.7 |
| Stewart Information Services Corp. | 2.3 |
| Avient Corp. | 2.1 |
| UFP Industries, Inc. | 2.1 |
| SouthState Bank Corp. | 2.1 |

---

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

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

#### SAR4667 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Special Small Cap Value Fund

# September 30, 2025

## Institutional Class

# ESPNX
This semi-annual shareholder report contains important information about Special Small Cap Value Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222. Institutional Class is closed to new investors and additional investments from existing shareholders.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $48 | 0.94%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $4022405498 |
| # of portfolio holdings | 119 |
| Portfolio turnover rate | 13% |
| Total advisory fees paid | $16995689 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 26.1 |
| Financials | 23 |
| Materials | 17.2 |
| Information technology | 8.1 |
| Consumer discretionary | 6.5 |
| Consumer staples | 6.3 |
| Health care | 6 |
| Energy | 4.3 |
| Real estate | 1 |
| Communication services | 0.8 |
| Utilities | 0.7 |

---

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

---

| | |
|:---|:---|
| Franklin Electric Co., Inc. | 3.6 |
| UMB Financial Corp. | 3.5 |
| Innospec, Inc. | 3.1 |
| Mueller Industries, Inc. | 3.0 |
| J&J Snack Foods Corp. | 2.8 |
| Eagle Materials, Inc. | 2.7 |
| Stewart Information Services Corp. | 2.3 |
| Avient Corp. | 2.1 |
| UFP Industries, Inc. | 2.1 |
| SouthState Bank Corp. | 2.1 |

---

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

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

#### SAR4143 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Utility and Telecommunications Fund

# September 30, 2025

## Class A

# EVUAX
This semi-annual shareholder report contains important information about Utility and Telecommunications Fund for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class A | $54 | 1.02%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $359441190 |
| # of portfolio holdings | 34 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $919903 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Utilities | 83.3 |
| Communication services | 7.6 |
| Financials | 2.7 |
| Information technology | 1.8 |
| Real estate | 1.5 |
| Consumer discretionary | 1.3 |
| Health care | 1.2 |
| Consumer staples | 0.6 |

---

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

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 11.7 |
| Constellation Energy Corp. | 7.7 |
| Southern Co. | 6.3 |
| Vistra Corp. | 5.1 |
| Duke Energy Corp. | 4.2 |
| Entergy Corp. | 4.1 |
| Atmos Energy Corp. | 3.8 |
| American Electric Power Co., Inc. | 3.7 |
| Sempra | 3.6 |
| DTE Energy Co. | 3.5 |

---

## 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

#### SAR0667 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Utility and Telecommunications Fund

# September 30, 2025

## Class C

# EVUCX
This semi-annual shareholder report contains important information about Utility and Telecommunications Fund for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class C | $95 | 1.79%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $359441190 |
| # of portfolio holdings | 34 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $919903 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Utilities | 83.3 |
| Communication services | 7.6 |
| Financials | 2.7 |
| Information technology | 1.8 |
| Real estate | 1.5 |
| Consumer discretionary | 1.3 |
| Health care | 1.2 |
| Consumer staples | 0.6 |

---

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

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 11.7 |
| Constellation Energy Corp. | 7.7 |
| Southern Co. | 6.3 |
| Vistra Corp. | 5.1 |
| Duke Energy Corp. | 4.2 |
| Entergy Corp. | 4.1 |
| Atmos Energy Corp. | 3.8 |
| American Electric Power Co., Inc. | 3.7 |
| Sempra | 3.6 |
| DTE Energy Co. | 3.5 |

---

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

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the conversion of the Fund's Class C shares into Class A shares effective on or about the close of business on November 14, 2025. In addition, effective at the close of business on September 29, 2025, Class C was 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

#### SAR0967 09-25
![Image](g774280i89556208b14d52ae277d.jpg)

Semi-Annual Shareholder Report

# Utility and Telecommunications Fund

# September 30, 2025

## Institutional Class

# EVUYX
This semi-annual shareholder report contains important information about Utility and Telecommunications Fund for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Institutional Class | $38 | 0.72%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $359441190 |
| # of portfolio holdings | 34 |
| Portfolio turnover rate | 4% |
| Total advisory fees paid | $919903 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Utilities | 83.3 |
| Communication services | 7.6 |
| Financials | 2.7 |
| Information technology | 1.8 |
| Real estate | 1.5 |
| Consumer discretionary | 1.3 |
| Health care | 1.2 |
| Consumer staples | 0.6 |

---

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

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 11.7 |
| Constellation Energy Corp. | 7.7 |
| Southern Co. | 6.3 |
| Vistra Corp. | 5.1 |
| Duke Energy Corp. | 4.2 |
| Entergy Corp. | 4.1 |
| Atmos Energy Corp. | 3.8 |
| American Electric Power Co., Inc. | 3.7 |
| Sempra | 3.6 |
| DTE Energy Co. | 3.5 |

---

## 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

#### SAR0767 09-25

------

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

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

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

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

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

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

------

![](g774280img1a4e46721.jpg)

Allspring Disciplined Small Cap Fund

Long Form Financial Statements

Semi-Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_POI-PageBlank-41_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_FS-PageBlank-41_1)** |  |
| [Statement of assets and liabilities](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_FS-PageBlank-41_1) | 14 |
| [Statement of operations](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_FS-PageBlank-41_2) | 15 |
| [Statement of changes in net assets](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_FS-PageBlank-41_3) | 16 |
| [Financial highlights](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_FIHI-PageBlank-41_1) | 17 |
| **[Notes to financial statements](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_NTF-PageBlank-41_1)** | 20 |
| **[Other information](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_3)['](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_3)[s approval of investment](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_3)<br> [advisory contract](#xx_e8015080-454f-4425-922c-c95dcf0c31ec_OI-PageBlank-41_3)<br>| 27 |

---

Allspring Disciplined Small Cap Fund \| 1

------

Portfolio of investments—September 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.17%** |  |  |
| **Communication services: 2.19%** |  |  |
| **Diversified telecommunication services: 0.07%** |  |  |
| Uniti Group, Inc.† | 11342 | &nbsp;&nbsp; **$69413** |
| **Entertainment: 0.13%** |  |  |
| Cinemark Holdings, Inc. | 4831 | &nbsp;&nbsp; **135365** |
| **Interactive media & services: 1.54%** |  |  |
| Cargurus, Inc.† | 3859 | &nbsp;&nbsp; 143671 |
| EverQuote, Inc. Class A† | 25273 | &nbsp;&nbsp; 577993 |
| MediaAlpha, Inc. Class A† | 24293 | &nbsp;&nbsp; 276454 |
| QuinStreet, Inc.† | 26355 | &nbsp;&nbsp; 407712 |
| TripAdvisor, Inc.† | 5462 | &nbsp;&nbsp; 88812 |
| Yelp, Inc. Class A† | 3149 | &nbsp;&nbsp; 98249 |
|  |  | &nbsp;&nbsp; **1592891** |
| **Media: 0.45%** |  |  |
| Magnite, Inc.† | 21188 | &nbsp;&nbsp; **461475** |
| **Consumer discretionary: 9.30%** |  |  |
| **Automobile components: 1.12%** |  |  |
| Adient PLC† | 5747 | &nbsp;&nbsp; 138388 |
| American Axle & Manufacturing Holdings, Inc.† | 38029 | &nbsp;&nbsp; 228554 |
| Modine Manufacturing Co.† | 1529 | &nbsp;&nbsp; 217363 |
| Motorcar Parts of America, Inc.† | 18327 | &nbsp;&nbsp; 303128 |
| XPEL, Inc.† | 8115 | &nbsp;&nbsp; 268363 |
|  |  | &nbsp;&nbsp; **1155796** |
| **Broadline retail: 0.09%** |  |  |
| Kohl's Corp. | 5925 | &nbsp;&nbsp; **91067** |
| **Distributors: 0.45%** |  |  |
| GigaCloud Technology, Inc. Class A† | 16464 | &nbsp;&nbsp; **467578** |
| **Diversified consumer services: 1.86%** |  |  |
| Adtalem Global Education, Inc.† | 2325 | &nbsp;&nbsp; 359096 |
| American Public Education, Inc.† | 5976 | &nbsp;&nbsp; 235873 |
| Perdoceo Education Corp. | 17540 | &nbsp;&nbsp; 660556 |
| Stride, Inc.† | 4433 | &nbsp;&nbsp; 660251 |
|  |  | &nbsp;&nbsp; **1915776** |
| **Hotels, restaurants & leisure: 1.71%** |  |  |
| Brightstar Lottery PLC | 4721 | &nbsp;&nbsp; 81437 |
| Brinker International, Inc.† | 4326 | &nbsp;&nbsp; 548018 |
| Hilton Grand Vacations, Inc.† | 4861 | &nbsp;&nbsp; 203238 |
| Rush Street Interactive, Inc.† | 14853 | &nbsp;&nbsp; 304189 |
| Super Group SGHC Ltd. | 47358 | &nbsp;&nbsp; 625126 |
|  |  | &nbsp;&nbsp; **1762008** |

---

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

2 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Household durables: 1.06%** |  |  |
| Hovnanian Enterprises, Inc. Class A† | 1865 | &nbsp;&nbsp; $239634 |
| KB Home | 3583 | &nbsp;&nbsp; 228022 |
| M/I Homes, Inc.† | 2699 | &nbsp;&nbsp; 389843 |
| Taylor Morrison Home Corp. Class A† | 3484 | &nbsp;&nbsp; 229979 |
|  |  | &nbsp;&nbsp; **1087478** |
| **Leisure products: 0.12%** |  |  |
| JAKKS Pacific, Inc. | 6346 | &nbsp;&nbsp; **118861** |
| **Specialty retail: 2.09%** |  |  |
| Abercrombie & Fitch Co. Class A† | 5982 | &nbsp;&nbsp; 511760 |
| Asbury Automotive Group, Inc.† | 675 | &nbsp;&nbsp; 165004 |
| Carvana Co. Class A† | 389 | &nbsp;&nbsp; 146746 |
| Group 1 Automotive, Inc. | 1495 | &nbsp;&nbsp; 654078 |
| Urban Outfitters, Inc.† | 9474 | &nbsp;&nbsp; 676728 |
|  |  | &nbsp;&nbsp; **2154316** |
| **Textiles, apparel & luxury goods: 0.80%** |  |  |
| Kontoor Brands, Inc. | 9434 | &nbsp;&nbsp; 752550 |
| Superior Group of Cos., Inc. | 6780 | &nbsp;&nbsp; 72682 |
|  |  | &nbsp;&nbsp; **825232** |
| **Consumer staples: 2.06%** |  |  |
| **Consumer staples distribution & retail: 0.58%** |  |  |
| Andersons, Inc. | 9854 | &nbsp;&nbsp; 392288 |
| Sprouts Farmers Market, Inc.† | 1874 | &nbsp;&nbsp; 203891 |
|  |  | &nbsp;&nbsp; **596179** |
| **Food products: 0.51%** |  |  |
| SunOpta, Inc.† | 39620 | &nbsp;&nbsp; 232173 |
| Vital Farms, Inc.† | 7156 | &nbsp;&nbsp; 294470 |
|  |  | &nbsp;&nbsp; **526643** |
| **Household products: 0.04%** |  |  |
| Central Garden & Pet Co.† | 1146 | &nbsp;&nbsp; **37417** |
| **Personal care products: 0.31%** |  |  |
| BellRing Brands, Inc.† | 5494 | &nbsp;&nbsp; 199707 |
| e.l.f. Beauty, Inc.† | 920 | &nbsp;&nbsp; 121881 |
|  |  | &nbsp;&nbsp; **321588** |
| **Tobacco: 0.62%** |  |  |
| Turning Point Brands, Inc. | 6512 | &nbsp;&nbsp; **643776** |
| **Energy: 5.16%** |  |  |
| **Energy equipment & services: 1.47%** |  |  |
| Archrock, Inc. | 15877 | &nbsp;&nbsp; 417724 |
| Bristow Group, Inc.† | 5278 | &nbsp;&nbsp; 190430 |
| Helix Energy Solutions Group, Inc.† | 25039 | &nbsp;&nbsp; 164256 |
| Helmerich & Payne, Inc. | 17199 | &nbsp;&nbsp; 379926 |

---

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

Allspring Disciplined Small Cap Fund \| 3

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Energy equipment & services**(continued) |  |  |
| Liberty Energy, Inc. Class A | 12337 | &nbsp;&nbsp; $152239 |
| Natural Gas Services Group, Inc. | 4993 | &nbsp;&nbsp; 139754 |
| Seadrill Ltd.† | 2434 | &nbsp;&nbsp; 73531 |
|  |  | &nbsp;&nbsp; **1517860** |
| **Oil, gas & consumable fuels: 3.69%** |  |  |
| California Resources Corp. | 5687 | &nbsp;&nbsp; 302435 |
| Centrus Energy Corp. Class A† | 2635 | &nbsp;&nbsp; 817034 |
| Diversified Energy Co. PLC | 13702 | &nbsp;&nbsp; 191965 |
| Excelerate Energy, Inc. Class A | 2012 | &nbsp;&nbsp; 50682 |
| International Seaways, Inc. | 8433 | &nbsp;&nbsp; 388593 |
| Murphy Oil Corp. | 2104 | &nbsp;&nbsp; 59775 |
| Par Pacific Holdings, Inc.† | 10788 | &nbsp;&nbsp; 382111 |
| Peabody Energy Corp. | 19798 | &nbsp;&nbsp; 525043 |
| Sable Offshore Corp.† | 6740 | &nbsp;&nbsp; 117680 |
| Scorpio Tankers, Inc. | 9218 | &nbsp;&nbsp; 516669 |
| Teekay Tankers Ltd. Class A | 6066 | &nbsp;&nbsp; 306636 |
| Vital Energy, Inc.† | 8504 | &nbsp;&nbsp; 143633 |
|  |  | &nbsp;&nbsp; **3802256** |
| **Financials: 17.54%** |  |  |
| **Banks: 9.60%** |  |  |
| 1st Source Corp. | 3849 | &nbsp;&nbsp; 236944 |
| Amalgamated Financial Corp. | 8396 | &nbsp;&nbsp; 227951 |
| Ameris Bancorp | 5865 | &nbsp;&nbsp; 429963 |
| Axos Financial, Inc.† | 5339 | &nbsp;&nbsp; 451946 |
| Bancorp, Inc.† | 6221 | &nbsp;&nbsp; 465891 |
| Bank of NT Butterfield & Son Ltd. | 9612 | &nbsp;&nbsp; 412547 |
| Cadence Bank | 7298 | &nbsp;&nbsp; 273967 |
| Capital Bancorp, Inc. | 3814 | &nbsp;&nbsp; 121667 |
| Central Pacific Financial Corp. | 6059 | &nbsp;&nbsp; 183830 |
| Civista Bancshares, Inc. | 2858 | &nbsp;&nbsp; 58046 |
| CNB Financial Corp. | 13583 | &nbsp;&nbsp; 328709 |
| Customers Bancorp, Inc.† | 5618 | &nbsp;&nbsp; 367249 |
| Eastern Bankshares, Inc. | 9743 | &nbsp;&nbsp; 176835 |
| Enterprise Financial Services Corp. | 3610 | &nbsp;&nbsp; 209308 |
| First BanCorp | 25503 | &nbsp;&nbsp; 562341 |
| First Financial Bancorp | 7753 | &nbsp;&nbsp; 195763 |
| First Financial Corp. | 6031 | &nbsp;&nbsp; 340390 |
| Hancock Whitney Corp. | 7281 | &nbsp;&nbsp; 455863 |
| Hanmi Financial Corp. | 14257 | &nbsp;&nbsp; 352005 |
| Hilltop Holdings, Inc. | 9283 | &nbsp;&nbsp; 310238 |
| International Bancshares Corp. | 1342 | &nbsp;&nbsp; 92263 |
| Mercantile Bank Corp. | 6360 | &nbsp;&nbsp; 286200 |
| Metropolitan Bank Holding Corp. | 2547 | &nbsp;&nbsp; 190567 |
| Northeast Community Bancorp, Inc. | 11047 | &nbsp;&nbsp; 227237 |
| Northwest Bancshares, Inc. | 24122 | &nbsp;&nbsp; 298872 |
| OFG Bancorp | 9557 | &nbsp;&nbsp; 415634 |
| Origin Bancorp, Inc. | 8287 | &nbsp;&nbsp; 286067 |

---

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

4 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Banks**(continued) |  |  |
| Pathward Financial, Inc. | 4606 | &nbsp;&nbsp; $340890 |
| Preferred Bank | 3285 | &nbsp;&nbsp; 296931 |
| Republic Bancorp, Inc. Class A | 3950 | &nbsp;&nbsp; 285387 |
| UMB Financial Corp. | 4605 | &nbsp;&nbsp; 545002 |
| WSFS Financial Corp. | 8541 | &nbsp;&nbsp; 460616 |
|  |  | &nbsp;&nbsp; **9887119** |
| **Capital markets: 1.89%** |  |  |
| Artisan Partners Asset Management, Inc. Class A | 4871 | &nbsp;&nbsp; 211401 |
| BGC Group, Inc. Class A | 37247 | &nbsp;&nbsp; 352357 |
| Evercore, Inc. Class A | 608 | &nbsp;&nbsp; 205091 |
| StoneX Group, Inc.† | 6766 | &nbsp;&nbsp; 682825 |
| Victory Capital Holdings, Inc. Class A | 7570 | &nbsp;&nbsp; 490233 |
|  |  | &nbsp;&nbsp; **1941907** |
| **Consumer finance: 2.11%** |  |  |
| Atlanticus Holdings Corp.† | 4402 | &nbsp;&nbsp; 257869 |
| Bread Financial Holdings, Inc. | 5041 | &nbsp;&nbsp; 281137 |
| Enova International, Inc.† | 5621 | &nbsp;&nbsp; 646921 |
| Green Dot Corp. Class A† | 14695 | &nbsp;&nbsp; 197354 |
| LendingTree, Inc.† | 1765 | &nbsp;&nbsp; 114248 |
| OppFi, Inc. | 21906 | &nbsp;&nbsp; 248195 |
| PROG Holdings, Inc. | 6881 | &nbsp;&nbsp; 222669 |
| Regional Management Corp. | 5379 | &nbsp;&nbsp; 209566 |
|  |  | &nbsp;&nbsp; **2177959** |
| **Financial services: 2.72%** |  |  |
| Essent Group Ltd. | 8828 | &nbsp;&nbsp; 561108 |
| Evertec, Inc. | 6429 | &nbsp;&nbsp; 217172 |
| Jackson Financial, Inc. Class A | 6128 | &nbsp;&nbsp; 620337 |
| Marqeta, Inc. Class A† | 38964 | &nbsp;&nbsp; 205730 |
| MGIC Investment Corp. | 8923 | &nbsp;&nbsp; 253145 |
| NMI Holdings, Inc. Class A† | 11021 | &nbsp;&nbsp; 422545 |
| Payoneer Global, Inc.† | 26387 | &nbsp;&nbsp; 159641 |
| Paysign, Inc.† | 33419 | &nbsp;&nbsp; 210206 |
| Radian Group, Inc. | 4283 | &nbsp;&nbsp; 155130 |
|  |  | &nbsp;&nbsp; **2805014** |
| **Insurance: 1.22%** |  |  |
| Genworth Financial, Inc. Class A† | 21371 | &nbsp;&nbsp; 190202 |
| HCI Group, Inc. | 3104 | &nbsp;&nbsp; 595750 |
| Skyward Specialty Insurance Group, Inc.† | 2887 | &nbsp;&nbsp; 137306 |
| United Fire Group, Inc. | 10931 | &nbsp;&nbsp; 332521 |
|  |  | &nbsp;&nbsp; **1255779** |
| **Health care: 14.73%** |  |  |
| **Biotechnology: 6.63%** |  |  |
| ACADIA Pharmaceuticals, Inc.† | 15599 | &nbsp;&nbsp; 332883 |
| ADMA Biologics, Inc.† | 22195 | &nbsp;&nbsp; 325379 |

---

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

Allspring Disciplined Small Cap Fund \| 5

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Alkermes PLC† | 12430 | &nbsp;&nbsp; $372900 |
| Amicus Therapeutics, Inc.† | 14163 | &nbsp;&nbsp; 111604 |
| Apogee Therapeutics, Inc.† | 3027 | &nbsp;&nbsp; 120263 |
| Arcus Biosciences, Inc.† | 10669 | &nbsp;&nbsp; 145098 |
| Arrowhead Pharmaceuticals, Inc.† | 3353 | &nbsp;&nbsp; 115645 |
| Blueprint Medicines Corp.♦† | 2870 | &nbsp;&nbsp; 0 |
| Bridgebio Pharma, Inc.† | 3767 | &nbsp;&nbsp; 195658 |
| CareDx, Inc.† | 10699 | &nbsp;&nbsp; 155563 |
| Catalyst Pharmaceuticals, Inc.† | 12519 | &nbsp;&nbsp; 246624 |
| Cytokinetics, Inc.† | 3320 | &nbsp;&nbsp; 182467 |
| Entrada Therapeutics, Inc.† | 9877 | &nbsp;&nbsp; 57287 |
| Halozyme Therapeutics, Inc.† | 4301 | &nbsp;&nbsp; 315435 |
| Insmed, Inc.† | 936 | &nbsp;&nbsp; 134793 |
| Intellia Therapeutics, Inc.† | 9083 | &nbsp;&nbsp; 156863 |
| Janux Therapeutics, Inc.† | 5238 | &nbsp;&nbsp; 128017 |
| Kiniksa Pharmaceuticals International PLC Class A† | 11615 | &nbsp;&nbsp; 451010 |
| Krystal Biotech, Inc.† | 1184 | &nbsp;&nbsp; 209012 |
| Kura Oncology, Inc.† | 11814 | &nbsp;&nbsp; 104554 |
| MiMedx Group, Inc.† | 33618 | &nbsp;&nbsp; 234654 |
| Monte Rosa Therapeutics, Inc.† | 15247 | &nbsp;&nbsp; 112980 |
| Novavax, Inc.† | 16068 | &nbsp;&nbsp; 139310 |
| PTC Therapeutics, Inc.† | 7701 | &nbsp;&nbsp; 472610 |
| Relay Therapeutics, Inc.† | 36898 | &nbsp;&nbsp; 192608 |
| Stoke Therapeutics, Inc.† | 21733 | &nbsp;&nbsp; 510726 |
| Syndax Pharmaceuticals, Inc.† | 9839 | &nbsp;&nbsp; 151373 |
| TG Therapeutics, Inc.† | 13795 | &nbsp;&nbsp; 498344 |
| Twist Bioscience Corp.† | 2546 | &nbsp;&nbsp; 71644 |
| Ultragenyx Pharmaceutical, Inc.† | 1781 | &nbsp;&nbsp; 53573 |
| Vaxcyte, Inc.† | 2986 | &nbsp;&nbsp; 107556 |
| Veracyte, Inc.† | 7666 | &nbsp;&nbsp; 263174 |
| Voyager Therapeutics, Inc.† | 34919 | &nbsp;&nbsp; 163072 |
|  |  | &nbsp;&nbsp; **6832679** |
| **Health care equipment & supplies: 1.85%** |  |  |
| Bioventus, Inc. Class A† | 40551 | &nbsp;&nbsp; 271286 |
| Electromed, Inc.† | 4045 | &nbsp;&nbsp; 99305 |
| Embecta Corp. | 6988 | &nbsp;&nbsp; 98601 |
| Lantheus Holdings, Inc.† | 4210 | &nbsp;&nbsp; 215931 |
| LeMaitre Vascular, Inc. | 1779 | &nbsp;&nbsp; 155680 |
| LivaNova PLC† | 7668 | &nbsp;&nbsp; 401650 |
| Omnicell, Inc.† | 2012 | &nbsp;&nbsp; 61265 |
| TransMedics Group, Inc.† | 2484 | &nbsp;&nbsp; 278705 |
| UFP Technologies, Inc.† | 1606 | &nbsp;&nbsp; 320557 |
|  |  | &nbsp;&nbsp; **1902980** |
| **Health care providers & services: 3.55%** |  |  |
| Addus HomeCare Corp.† | 3059 | &nbsp;&nbsp; 360931 |
| Alignment Healthcare, Inc.† | 24242 | &nbsp;&nbsp; 423023 |
| BrightSpring Health Services, Inc.† | 19679 | &nbsp;&nbsp; 581711 |

---

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

6 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services**(continued) |  |  |
| Concentra Group Holdings Parent, Inc. | 4371 | &nbsp;&nbsp; $91485 |
| Ensign Group, Inc. | 1945 | &nbsp;&nbsp; 336038 |
| GeneDx Holdings Corp. Class A† | 2842 | &nbsp;&nbsp; 306197 |
| HealthEquity, Inc.† | 984 | &nbsp;&nbsp; 93254 |
| Hims & Hers Health, Inc.† | 8073 | &nbsp;&nbsp; 457901 |
| Option Care Health, Inc.† | 2592 | &nbsp;&nbsp; 71954 |
| Owens & Minor, Inc.† | 48872 | &nbsp;&nbsp; 234586 |
| Select Medical Holdings Corp. | 14173 | &nbsp;&nbsp; 181981 |
| Tenet Healthcare Corp.† | 2531 | &nbsp;&nbsp; 513894 |
|  |  | &nbsp;&nbsp; **3652955** |
| **Life sciences tools & services: 0.13%** |  |  |
| Niagen Bioscience, Inc.† | 9569 | &nbsp;&nbsp; 89279 |
| Quanterix Corp.† | 8735 | &nbsp;&nbsp; 47431 |
|  |  | &nbsp;&nbsp; **136710** |
| **Pharmaceuticals: 2.57%** |  |  |
| Amneal Pharmaceuticals, Inc.† | 45210 | &nbsp;&nbsp; 452552 |
| ANI Pharmaceuticals, Inc.† | 5192 | &nbsp;&nbsp; 475587 |
| Arvinas, Inc.† | 26346 | &nbsp;&nbsp; 224468 |
| Collegium Pharmaceutical, Inc.† | 4578 | &nbsp;&nbsp; 160184 |
| Corcept Therapeutics, Inc.† | 7096 | &nbsp;&nbsp; 589749 |
| CorMedix, Inc.† | 17084 | &nbsp;&nbsp; 198687 |
| Harmony Biosciences Holdings, Inc.† | 11718 | &nbsp;&nbsp; 322948 |
| Nektar Therapeutics Class A† | 1469 | &nbsp;&nbsp; 83586 |
| Pacira BioSciences, Inc.† | 5446 | &nbsp;&nbsp; 140343 |
|  |  | &nbsp;&nbsp; **2648104** |
| **Industrials: 18.27%** |  |  |
| **Aerospace & defense: 0.93%** |  |  |
| AeroVironment, Inc.† | 742 | &nbsp;&nbsp; 233648 |
| Rocket Lab Corp.† | 2992 | &nbsp;&nbsp; 143347 |
| V2X, Inc.† | 9949 | &nbsp;&nbsp; 577937 |
|  |  | &nbsp;&nbsp; **954932** |
| **Building products: 0.87%** |  |  |
| Griffon Corp. | 7042 | &nbsp;&nbsp; 536248 |
| Masterbrand, Inc.† | 19482 | &nbsp;&nbsp; 256578 |
| Resideo Technologies, Inc.† | 2491 | &nbsp;&nbsp; 107562 |
|  |  | &nbsp;&nbsp; **900388** |
| **Commercial services & supplies: 1.31%** |  |  |
| Brink's Co. | 1822 | &nbsp;&nbsp; 212919 |
| Cimpress PLC† | 6892 | &nbsp;&nbsp; 434472 |
| Healthcare Services Group, Inc.† | 9812 | &nbsp;&nbsp; 165136 |
| Interface, Inc. Class A | 14621 | &nbsp;&nbsp; 423132 |
| Quad/Graphics, Inc. | 18940 | &nbsp;&nbsp; 118564 |
|  |  | &nbsp;&nbsp; **1354223** |

---

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

Allspring Disciplined Small Cap Fund \| 7

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Construction & engineering: 3.95%** |  |  |
| Ameresco, Inc. Class A† | 9843 | &nbsp;&nbsp; $330528 |
| Argan, Inc. | 2673 | &nbsp;&nbsp; 721844 |
| EMCOR Group, Inc. | 931 | &nbsp;&nbsp; 604722 |
| MYR Group, Inc.† | 1354 | &nbsp;&nbsp; 281672 |
| Primoris Services Corp. | 7252 | &nbsp;&nbsp; 995917 |
| Sterling Infrastructure, Inc.† | 2885 | &nbsp;&nbsp; 979977 |
| Tutor Perini Corp.† | 2316 | &nbsp;&nbsp; 151906 |
|  |  | &nbsp;&nbsp; **4066566** |
| **Electrical equipment: 4.08%** |  |  |
| American Superconductor Corp.† | 10641 | &nbsp;&nbsp; 631969 |
| Amprius Technologies, Inc.† | 30221 | &nbsp;&nbsp; 317925 |
| Array Technologies, Inc.† | 34605 | &nbsp;&nbsp; 282031 |
| Atkore, Inc. | 3930 | &nbsp;&nbsp; 246568 |
| Bloom Energy Corp. Class A† | 7922 | &nbsp;&nbsp; 669964 |
| NANO Nuclear Energy, Inc.† | 1357 | &nbsp;&nbsp; 52326 |
| NEXTracker, Inc. Class A† | 12757 | &nbsp;&nbsp; 943890 |
| NuScale Power Corp.† | 5058 | &nbsp;&nbsp; 182088 |
| Powell Industries, Inc. | 2220 | &nbsp;&nbsp; 676678 |
| Power Solutions International, Inc.† | 2005 | &nbsp;&nbsp; 196931 |
|  |  | &nbsp;&nbsp; **4200370** |
| **Ground transportation: 0.14%** |  |  |
| ArcBest Corp. | 2026 | &nbsp;&nbsp; **141557** |
| **Machinery: 2.57%** |  |  |
| Blue Bird Corp.† | 8884 | &nbsp;&nbsp; 511274 |
| Hyster-Yale, Inc. | 9193 | &nbsp;&nbsp; 338854 |
| Luxfer Holdings PLC | 20213 | &nbsp;&nbsp; 280961 |
| Mueller Industries, Inc. | 5771 | &nbsp;&nbsp; 583506 |
| Mueller Water Products, Inc. Class A | 16316 | &nbsp;&nbsp; 416384 |
| SPX Technologies, Inc.† | 785 | &nbsp;&nbsp; 146622 |
| Terex Corp. | 7204 | &nbsp;&nbsp; 369565 |
|  |  | &nbsp;&nbsp; **2647166** |
| **Marine transportation: 0.47%** |  |  |
| Costamare Bulkers Holdings Ltd.† | 2721 | &nbsp;&nbsp; 39101 |
| Costamare, Inc. | 13603 | &nbsp;&nbsp; 162011 |
| Matson, Inc. | 2827 | &nbsp;&nbsp; 278714 |
|  |  | &nbsp;&nbsp; **479826** |
| **Passenger airlines: 0.56%** |  |  |
| SkyWest, Inc.† | 5763 | &nbsp;&nbsp; **579873** |
| **Professional services: 2.03%** |  |  |
| IBEX Holdings Ltd.† | 13530 | &nbsp;&nbsp; 548236 |
| Innodata, Inc.† | 2676 | &nbsp;&nbsp; 206239 |
| Kelly Services, Inc. Class A | 10660 | &nbsp;&nbsp; 139859 |
| Legalzoom.com, Inc.† | 27191 | &nbsp;&nbsp; 282243 |
| Planet Labs PBC† | 19383 | &nbsp;&nbsp; 251591 |

---

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

8 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Professional services**(continued) |  |  |
| TriNet Group, Inc. | 1085 | &nbsp;&nbsp; $72576 |
| Willdan Group, Inc.† | 6123 | &nbsp;&nbsp; 592033 |
|  |  | &nbsp;&nbsp; **2092777** |
| **Trading companies & distributors: 1.36%** |  |  |
| Boise Cascade Co. | 1672 | &nbsp;&nbsp; 129279 |
| DNOW, Inc.† | 7377 | &nbsp;&nbsp; 112499 |
| DXP Enterprises, Inc.† | 5187 | &nbsp;&nbsp; 617616 |
| FTAI Aviation Ltd. | 789 | &nbsp;&nbsp; 131653 |
| MRC Global, Inc.† | 13443 | &nbsp;&nbsp; 193848 |
| Rush Enterprises, Inc. Class A | 4136 | &nbsp;&nbsp; 221152 |
|  |  | &nbsp;&nbsp; **1406047** |
| **Information technology: 15.72%** |  |  |
| **Communications equipment: 0.88%** |  |  |
| CommScope Holding Co., Inc.† | 36793 | &nbsp;&nbsp; 569555 |
| NetScout Systems, Inc.† | 12854 | &nbsp;&nbsp; 332019 |
|  |  | &nbsp;&nbsp; **901574** |
| **Electronic equipment, instruments & components: 3.17%** |  |  |
| Arlo Technologies, Inc.† | 30791 | &nbsp;&nbsp; 521907 |
| Fabrinet† | 2711 | &nbsp;&nbsp; 988485 |
| Mirion Technologies, Inc. Class A† | 16938 | &nbsp;&nbsp; 393978 |
| Ouster, Inc.† | 3636 | &nbsp;&nbsp; 98354 |
| Sanmina Corp.† | 2859 | &nbsp;&nbsp; 329100 |
| TTM Technologies, Inc.† | 16289 | &nbsp;&nbsp; 938246 |
|  |  | &nbsp;&nbsp; **3270070** |
| **IT services: 0.33%** |  |  |
| DigitalOcean Holdings, Inc.† | 9828 | &nbsp;&nbsp; **335724** |
| **Semiconductors & semiconductor equipment: 4.97%** |  |  |
| ACM Research, Inc. Class A† | 19085 | &nbsp;&nbsp; 746796 |
| Amkor Technology, Inc. | 4406 | &nbsp;&nbsp; 125130 |
| Axcelis Technologies, Inc.† | 4492 | &nbsp;&nbsp; 438599 |
| Credo Technology Group Holding Ltd.† | 5045 | &nbsp;&nbsp; 734602 |
| Onto Innovation, Inc.† | 1390 | &nbsp;&nbsp; 179616 |
| Penguin Solutions, Inc.† | 26140 | &nbsp;&nbsp; 686959 |
| Photronics, Inc.† | 8451 | &nbsp;&nbsp; 193950 |
| Rambus, Inc.† | 7504 | &nbsp;&nbsp; 781917 |
| Rigetti Computing, Inc.† | 13192 | &nbsp;&nbsp; 392990 |
| SiTime Corp.† | 1408 | &nbsp;&nbsp; 424245 |
| Ultra Clean Holdings, Inc.† | 15362 | &nbsp;&nbsp; 418615 |
|  |  | &nbsp;&nbsp; **5123419** |
| **Software: 5.68%** |  |  |
| A10 Networks, Inc. | 28015 | &nbsp;&nbsp; 508472 |
| ACI Worldwide, Inc.† | 3581 | &nbsp;&nbsp; 188969 |
| Amplitude, Inc. Class A† | 36067 | &nbsp;&nbsp; 386638 |

---

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

Allspring Disciplined Small Cap Fund \| 9

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Appfolio, Inc. Class A† | 846 | &nbsp;&nbsp; $233208 |
| C3.ai, Inc. Class A† | 3264 | &nbsp;&nbsp; 56598 |
| Clear Secure, Inc. Class A | 15978 | &nbsp;&nbsp; 533346 |
| Commvault Systems, Inc.† | 1740 | &nbsp;&nbsp; 328477 |
| Consensus Cloud Solutions, Inc.† | 7213 | &nbsp;&nbsp; 211846 |
| D-Wave Quantum, Inc.† | 8965 | &nbsp;&nbsp; 221525 |
| Freshworks, Inc. Class A† | 23065 | &nbsp;&nbsp; 271475 |
| Intapp, Inc.† | 5020 | &nbsp;&nbsp; 205318 |
| InterDigital, Inc. | 1947 | &nbsp;&nbsp; 672163 |
| LiveRamp Holdings, Inc.† | 16744 | &nbsp;&nbsp; 454432 |
| OneSpan, Inc. | 20406 | &nbsp;&nbsp; 324251 |
| Pagaya Technologies Ltd. Class A† | 7957 | &nbsp;&nbsp; 236243 |
| PagerDuty, Inc.† | 5595 | &nbsp;&nbsp; 92430 |
| SoundHound AI, Inc. Class A† | 8922 | &nbsp;&nbsp; 143466 |
| Sprinklr, Inc. Class A† | 25327 | &nbsp;&nbsp; 195525 |
| SPS Commerce, Inc.† | 2137 | &nbsp;&nbsp; 222547 |
| Tenable Holdings, Inc.† | 2483 | &nbsp;&nbsp; 72404 |
| Workiva, Inc. Class A† | 1869 | &nbsp;&nbsp; 160884 |
| Zeta Global Holdings Corp. Class A† | 6488 | &nbsp;&nbsp; 128917 |
|  |  | &nbsp;&nbsp; **5849134** |
| **Technology hardware, storage & peripherals: 0.69%** |  |  |
| CPI Card Group, Inc.† | 2792 | &nbsp;&nbsp; 42271 |
| Diebold Nixdorf, Inc.† | 2212 | &nbsp;&nbsp; 126150 |
| IonQ, Inc.† | 7311 | &nbsp;&nbsp; 449626 |
| Quantum Computing, Inc.† | 5111 | &nbsp;&nbsp; 94094 |
|  |  | &nbsp;&nbsp; **712141** |
| **Materials: 4.12%** |  |  |
| **Chemicals: 0.88%** |  |  |
| Flotek Industries, Inc.† | 28008 | &nbsp;&nbsp; 408917 |
| Hawkins, Inc. | 1031 | &nbsp;&nbsp; 188384 |
| Koppers Holdings, Inc. | 6945 | &nbsp;&nbsp; 194460 |
| Mativ Holdings, Inc. | 6726 | &nbsp;&nbsp; 76071 |
| Tronox Holdings PLC | 8429 | &nbsp;&nbsp; 33885 |
|  |  | &nbsp;&nbsp; **901717** |
| **Containers & packaging: 0.47%** |  |  |
| Ardagh Metal Packaging SA | 32057 | &nbsp;&nbsp; 127907 |
| O-I Glass, Inc.† | 27530 | &nbsp;&nbsp; 357064 |
|  |  | &nbsp;&nbsp; **484971** |
| **Metals & mining: 2.37%** |  |  |
| Century Aluminum Co.† | 13436 | &nbsp;&nbsp; 394481 |
| Coeur Mining, Inc.† | 54535 | &nbsp;&nbsp; 1023077 |
| Commercial Metals Co. | 4480 | &nbsp;&nbsp; 256615 |
| Constellium SE Class A† | 29608 | &nbsp;&nbsp; 440567 |

---

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

10 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Metals & mining**(continued) |  |  |
| SunCoke Energy, Inc. | 20146 | &nbsp;&nbsp; $164391 |
| Worthington Steel, Inc. | 5398 | &nbsp;&nbsp; 164045 |
|  |  | &nbsp;&nbsp; **2443176** |
| **Paper & forest products: 0.40%** |  |  |
| Clearwater Paper Corp.† | 7445 | &nbsp;&nbsp; 154558 |
| Sylvamo Corp. | 5922 | &nbsp;&nbsp; 261871 |
|  |  | &nbsp;&nbsp; **416429** |
| **Real estate: 4.96%** |  |  |
| **Diversified REITs: 0.88%** |  |  |
| Broadstone Net Lease, Inc. | 22500 | &nbsp;&nbsp; 402075 |
| CTO Realty Growth, Inc. | 11437 | &nbsp;&nbsp; 186423 |
| Essential Properties Realty Trust, Inc. | 10536 | &nbsp;&nbsp; 313551 |
|  |  | &nbsp;&nbsp; **902049** |
| **Health care REITs: 1.03%** |  |  |
| CareTrust REIT, Inc. | 22657 | &nbsp;&nbsp; 785745 |
| National Health Investors, Inc. | 1407 | &nbsp;&nbsp; 111857 |
| Sabra Health Care REIT, Inc. | 8930 | &nbsp;&nbsp; 166455 |
|  |  | &nbsp;&nbsp; **1064057** |
| **Hotel & resort REITs: 1.29%** |  |  |
| Apple Hospitality REIT, Inc. | 19901 | &nbsp;&nbsp; 239011 |
| Chatham Lodging Trust | 32559 | &nbsp;&nbsp; 218471 |
| DiamondRock Hospitality Co. | 52771 | &nbsp;&nbsp; 420057 |
| Ryman Hospitality Properties, Inc. | 2924 | &nbsp;&nbsp; 261961 |
| Xenia Hotels & Resorts, Inc. | 13458 | &nbsp;&nbsp; 184644 |
|  |  | &nbsp;&nbsp; **1324144** |
| **Industrial REITs: 0.09%** |  |  |
| LXP Industrial Trust | 10734 | &nbsp;&nbsp; **96177** |
| **Office REITs: 0.28%** |  |  |
| Postal Realty Trust, Inc. Class A | 18349 | &nbsp;&nbsp; **287896** |
| **Real estate management & development: 0.85%** |  |  |
| Compass, Inc. Class A† | 25993 | &nbsp;&nbsp; 208724 |
| Newmark Group, Inc. Class A | 36006 | &nbsp;&nbsp; 671512 |
|  |  | &nbsp;&nbsp; **880236** |
| **Retail REITs: 0.37%** |  |  |
| Getty Realty Corp. | 7859 | &nbsp;&nbsp; 210857 |
| Urban Edge Properties | 8356 | &nbsp;&nbsp; 171047 |
|  |  | &nbsp;&nbsp; **381904** |
| **Specialized REITs: 0.17%** |  |  |
| Safehold, Inc. | 11439 | &nbsp;&nbsp; **177190** |

---

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

Allspring Disciplined Small Cap Fund \| 11

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Utilities: 3.12%** |  |  |
| **Electric utilities: 0.81%** |  |  |
| Oklo, Inc. Class A† | 2902 | &nbsp;&nbsp; $323950 |
| Otter Tail Corp. | 6277 | &nbsp;&nbsp; 514526 |
|  |  | &nbsp;&nbsp; **838476** |
| **Gas utilities: 0.57%** |  |  |
| Brookfield Infrastructure Corp. Class A | 5052 | &nbsp;&nbsp; 207738 |
| New Jersey Resources Corp. | 4075 | &nbsp;&nbsp; 196211 |
| Southwest Gas Holdings, Inc. | 2329 | &nbsp;&nbsp; 182454 |
|  |  | &nbsp;&nbsp; **586403** |
| **Independent power and renewable electricity producers: 0.34%** |  |  |
| Clearway Energy, Inc. Class A | 12923 | &nbsp;&nbsp; **348017** |
| **Multi-utilities: 0.40%** |  |  |
| Avista Corp. | 10956 | &nbsp;&nbsp; **414246** |
| **Water utilities: 1.00%** |  |  |
| California Water Service Group | 9818 | &nbsp;&nbsp; 450548 |
| Consolidated Water Co. Ltd. | 10378 | &nbsp;&nbsp; 366136 |
| H2O America | 4269 | &nbsp;&nbsp; 207900 |
|  |  | &nbsp;&nbsp; **1024584** |
| **Total common stocks (Cost $81,419,405)** |  | &nbsp;&nbsp; **100111640** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.00%** |  |  |  |
| **Health care: 0.00%** |  |  |  |
| **Biotechnology: 0.00%** |  |  |  |
| Aduro Biotech, Inc.♦† | &nbsp;&nbsp; 10-2-2030 | 4415 | &nbsp;&nbsp; **0** |
| **Life sciences tools & services: 0.00%** |  |  |  |
| OmniAb, Inc. $12.50 Earnout shares♦† | &nbsp;&nbsp; 11-2-2027 | 103 | &nbsp;&nbsp; 0 |
| OmniAb, Inc. $15.00 Earnout shares♦† | &nbsp;&nbsp; 11-2-2027 | 103 | &nbsp;&nbsp; 0 |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **0** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.55%** |  |  |  |  |
| **Investment companies: 2.55%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 2626346 | &nbsp;&nbsp; **2626346** |
| **Total short-term investments (Cost $2,626,346)** |  |  |  | &nbsp;&nbsp; **2626346** |
| **Total investments in securities (Cost $84,045,751)** | 99.72<br> %<br>|  |  | &nbsp;&nbsp; 102737986 |
| Other assets and liabilities, net | 0.28 |  |  | &nbsp;&nbsp; 286201 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$103024187** |

---

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

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

12 \| Allspring Disciplined Small Cap Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| |
|:---|
| Non-income-earning security |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $2343618 | $8632754 | $(8350026)<br>| $0 | $0 | $2626346 | 2626346 | $41041 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| E-Mini Russell 2000 Index | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $2429136 | &nbsp;&nbsp; $2455500 | &nbsp;&nbsp; $26364 | &nbsp;&nbsp; $0 |

---

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

Allspring Disciplined Small Cap Fund \| 13

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $81,419,405) | $100111640 |
| Investments in affiliated securities, at value (cost $2,626,346) | 2626346 |
| Cash | 4416 |
| Cash at broker segregated for futures contracts | 233975 |
| Receivable for dividends | 65372 |
| Receivable for daily variation margin on open futures contracts | 4700 |
| Receivable for Fund shares sold | 2442 |
| Prepaid expenses and other assets | 46486 |
| **Total assets** | **103095377** |
| Liabilities |  |
| Professional fees payable | 27980 |
| Management fee payable | 24743 |
| Shareholder report expenses payable | 5731 |
| Administration fees payable | 4463 |
| Shareholder servicing fees payable | 1969 |
| Trustees' fees and expenses payable | 1938 |
| Payable for Fund shares redeemed | 1227 |
| Accrued expenses and other liabilities | 3139 |
| **Total liabilities** | **71190** |
| **Total net assets**  | **$103024187** |
| Net assets consist of |  |
| Paid-in capital | $75701737 |
| Total distributable earnings | 27322450 |
| **Total net assets** | **$103024187** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $1694531 |
| Shares outstanding–Class A<sup>1</sup> <br>| 109119 |
| Net asset value per share–Class A | $15.53 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $16.48 |
| Net assets–Class R6 | $79284436 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 5182772 |
| Net asset value per share–Class R6 | $15.30 |
| Net assets–Institutional Class | $22045220 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1438795 |
| Net asset value per share–Institutional Class | $15.32 |

---

<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.

14 \| Allspring Disciplined Small Cap Fund

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $2,644) | $558165 |
| Income from affiliated securities | 41041 |
| Interest | 4205 |
| **Total investment income** | **603411** |
| Expenses |  |
| Management fee | 235355 |
| Administration fees |  |
| Class A | 1421 |
| Class R6 | 11200 |
| Administrator Class | 9192 <br><sup>1</sup><br>|
| Institutional Class | 2480 |
| Shareholder servicing fees |  |
| Class A | 1776 |
| Administrator Class | 17655 <br><sup>1</sup><br>|
| Custody and accounting fees | 2654 |
| Professional fees | 23526 |
| Registration fees | 37829 |
| Shareholder report expenses | 13799 |
| Trustees' fees and expenses | 4175 |
| Other fees and expenses | 8033 |
| **Total expenses** | **369095** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (99883)<br>|
| Class A | (338)<br>|
| Class R6 | (4487)<br>|
| **Net expenses** | **264387** |
| **Net investment income** | **339024** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 3384121 |
| Futures contracts | 163481 |
| **Net realized gains on investments**  | **3547602** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 18477282 |
| Futures contracts | 82789 |
| **Net change in unrealized gains (losses) on investments** | **18560071** |
| **Net realized and unrealized gains (losses) on investments** | **22107673** |
| **Net increase in net assets resulting from operations** | **$22446697** |

---

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

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

Allspring Disciplined Small Cap Fund \| 15

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> September 30, 2025<br> (unaudited) | Six months ended<br> September 30, 2025<br> (unaudited) | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $339024 |  | &nbsp;&nbsp; $359278 |
| Net realized gains on investments |  | &nbsp;&nbsp; 3547602 |  | &nbsp;&nbsp; 4554900 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 18560071 |  | &nbsp;&nbsp; (8307929)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **22446697** |  | &nbsp;&nbsp; **(3393751)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (55121)<br>|
| Class R6 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1409102)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (630335)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (97292)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(2191850)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 31404 | &nbsp;&nbsp; 441577 | &nbsp;&nbsp; 46160 | &nbsp;&nbsp; 625085 |
| Class R6 | 228269 | &nbsp;&nbsp; 2725567 | &nbsp;&nbsp; 4216103 | &nbsp;&nbsp; 52527341 |
| Administrator Class | 10739 <br><sup>1</sup><br>| &nbsp;&nbsp; 145119 <br><sup>1</sup><br>| &nbsp;&nbsp; 35201 | &nbsp;&nbsp; 468282 |
| Institutional Class | 142233 | &nbsp;&nbsp; 2103190 | &nbsp;&nbsp; 109547 | &nbsp;&nbsp; 1523049 |
|  |  | &nbsp;&nbsp; 5415453 |  | &nbsp;&nbsp; 55143757 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 3907 | &nbsp;&nbsp; 55070 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 101950 | &nbsp;&nbsp; 1409102 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 44965 | &nbsp;&nbsp; 625999 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 7024 | &nbsp;&nbsp; 97292 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 2187463 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (32223)<br>| &nbsp;&nbsp; (438074)<br>| &nbsp;&nbsp; (32932)<br>| &nbsp;&nbsp; (453543)<br>|
| Class R6 | (1111582)<br>| &nbsp;&nbsp; (14573284)<br>| &nbsp;&nbsp; (1282019)<br>| &nbsp;&nbsp; (17104859)<br>|
| Administrator Class | (37977 )<sup>1</sup><br>| &nbsp;&nbsp; (517428 )<sup>1</sup><br>| &nbsp;&nbsp; (195654)<br>| &nbsp;&nbsp; (2580700)<br>|
| Institutional Class | (12301)<br>| &nbsp;&nbsp; (166814)<br>| &nbsp;&nbsp; (82524)<br>| &nbsp;&nbsp; (1081314)<br>|
|  |  | &nbsp;&nbsp; (15695600)<br>|  | &nbsp;&nbsp; (21220416)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (1156113 )<sup>2</sup><br>| &nbsp;&nbsp; (17467823 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 1157745 <br><sup>2</sup><br>| &nbsp;&nbsp; 17467823 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(10280147)**<br>|  | &nbsp;&nbsp; **36110804** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **12166550** |  | &nbsp;&nbsp; **30525203** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **90857637** |  | &nbsp;&nbsp; **60332434** |
| **End of period** |  | &nbsp;&nbsp; **$103024187** |  | &nbsp;&nbsp; **$90857637** |

---

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

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

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

16 \| Allspring Disciplined Small Cap Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.29** | &nbsp;&nbsp; **$13.49** | &nbsp;&nbsp; **$10.98** | &nbsp;&nbsp; **$11.82** | &nbsp;&nbsp; **$11.67** | &nbsp;&nbsp; **$6.12** |
| Net investment income (loss) | 0.03 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.04 | 0.01 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.21 | &nbsp;&nbsp; (0.73)<br>| 2.73 | &nbsp;&nbsp; (0.86)<br>| 0.14 | 5.60 |
| Total from investment operations | 3.24 | &nbsp;&nbsp; (0.69)<br>| 2.80 | &nbsp;&nbsp; (0.82)<br>| 0.15 | 5.55 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 | 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.02)<br>| 0.00 | 0.00 |
| **Net asset value, end of period** | **$15.53** | &nbsp;&nbsp; **$12.29** | &nbsp;&nbsp; **$13.49** | &nbsp;&nbsp; **$10.98** | &nbsp;&nbsp; **$11.82** | &nbsp;&nbsp; **$11.67** |
| **Total return**<sup>2</sup> <br>| **26.36%**<br>| &nbsp;&nbsp; **(5.64)%**<br>| **25.98%**<br>| &nbsp;&nbsp; **(7.01)%**<br>| **1.29%**<br>| **90.69%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.14<br> %<br>| 1.29<br> %<br>| 1.81<br> %<br>| 2.10<br> %<br>| 1.74<br> %<br>| 1.81<br> %<br>|
| Net expenses | 0.89<br> %<br>| 0.90<br> %<br>| 0.87<br> %<br>| 0.91<br> %<br>| 0.91<br> %<br>| 0.93<br> %<br>|
| Net investment income (loss) | 0.41<br> %<br>| 0.33<br> %<br>| 0.62<br> %<br>| 0.35<br> %<br>| 0.05<br> %<br>| &nbsp;&nbsp; (0.53)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $1695 | &nbsp;&nbsp; $1351 | &nbsp;&nbsp; $1252 | &nbsp;&nbsp; $578 | &nbsp;&nbsp; $662 | &nbsp;&nbsp; $991 |

---

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

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

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

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

Allspring Disciplined Small Cap Fund \| 17

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class R6 | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.09** | &nbsp;&nbsp; **$13.27** | &nbsp;&nbsp; **$10.78** | &nbsp;&nbsp; **$11.64** | &nbsp;&nbsp; **$11.45** | &nbsp;&nbsp; **$6.15** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.10 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.16 | &nbsp;&nbsp; (0.72)<br>| 2.70 | &nbsp;&nbsp; (0.89)<br>| 0.14 | 5.51 |
| Total from investment operations | 3.21 | &nbsp;&nbsp; (0.62)<br>| 2.80 | &nbsp;&nbsp; (0.81)<br>| 0.20 | 5.55 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of period** | **$15.30** | &nbsp;&nbsp; **$12.09** | &nbsp;&nbsp; **$13.27** | &nbsp;&nbsp; **$10.78** | &nbsp;&nbsp; **$11.64** | &nbsp;&nbsp; **$11.45** |
| **Total return**<sup>2</sup> <br>| **26.55%**<br>| &nbsp;&nbsp; **(5.19)%**<br>| **26.46%**<br>| &nbsp;&nbsp; **(6.98)%**<br>| **1.76%**<br>| **90.71%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.72<br> %<br>| 0.86<br> %<br>| 1.07<br> %<br>| 1.67<br> %<br>| 1.32<br> %<br>| 1.42<br> %<br>|
| Net expenses | 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>|
| Net investment income | 0.78<br> %<br>| 0.76<br> %<br>| 0.84<br> %<br>| 0.76<br> %<br>| 0.49<br> %<br>| 0.51<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $79284 | &nbsp;&nbsp; $73309 | &nbsp;&nbsp; $40213 | &nbsp;&nbsp; $198 | &nbsp;&nbsp; $236 | &nbsp;&nbsp; $155 |

---

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

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

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

18 \| Allspring Disciplined Small Cap Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.11** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$11.71** | &nbsp;&nbsp; **$11.60** | &nbsp;&nbsp; **$6.10** |
| Net investment income | 0.05 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.07 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>| 0.04 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 3.16 | &nbsp;&nbsp; (0.72)<br>| 2.68 | &nbsp;&nbsp; (0.90)<br>| 0.16 | 5.47 |
| Total from investment operations | 3.21 | &nbsp;&nbsp; (0.63)<br>| 2.79 | &nbsp;&nbsp; (0.83)<br>| 0.20 | 5.51 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 | 0.00 |
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$15.32** | &nbsp;&nbsp; **$12.11** | &nbsp;&nbsp; **$13.29** | &nbsp;&nbsp; **$10.80** | &nbsp;&nbsp; **$11.71** | &nbsp;&nbsp; **$11.60** |
| **Total return**<sup>2</sup> <br>| **26.51%**<br>| &nbsp;&nbsp; **(5.28)%**<br>| **26.30%**<br>| &nbsp;&nbsp; **(7.09)%**<br>| **1.68%**<br>| **90.34%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.81<br> %<br>| 0.97<br> %<br>| 1.48<br> %<br>| 1.76<br> %<br>| 1.42<br> %<br>| 1.51<br> %<br>|
| Net expenses | 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Net investment income | 0.76<br> %<br>| 0.64<br> %<br>| 0.91<br> %<br>| 0.65<br> %<br>| 0.36<br> %<br>| 0.47<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 22<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| Net assets, end of period (000s omitted) | $22045 | &nbsp;&nbsp; $1830 | &nbsp;&nbsp; $1556 | &nbsp;&nbsp; $891 | &nbsp;&nbsp; $1192 | &nbsp;&nbsp; $1708 |

---

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

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

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

Allspring Disciplined Small Cap Fund \| 19

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

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

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Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

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

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $84,310,827 and the unrealized gains (losses) consisted of:

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| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $23086119 |
| Gross unrealized losses | &nbsp;&nbsp; (4632596)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$18453523** |

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Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Disciplined Small Cap Fund \| 21

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Notes to financial statements (unaudited)

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $2259144 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $2259144 |
| *Consumer discretionary* | &nbsp;&nbsp; 9578112 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9578112 |
| *Consumer staples* | &nbsp;&nbsp; 2125603 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2125603 |
| *Energy* | &nbsp;&nbsp; 5320116 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5320116 |
| *Financials* | &nbsp;&nbsp; 18067778 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18067778 |
| *Health care* | &nbsp;&nbsp; 15173428 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 15173428 |
| *Industrials* | &nbsp;&nbsp; 18823725 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18823725 |
| *Information technology* | &nbsp;&nbsp; 16192062 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16192062 |
| *Materials* | &nbsp;&nbsp; 4246293 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4246293 |
| *Real estate* | &nbsp;&nbsp; 5113653 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5113653 |
| *Utilities* | &nbsp;&nbsp; 3211726 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3211726 |
| **Rights** |  |  |  |  |
| *Health care* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2626346 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2626346 |
|  | &nbsp;&nbsp; 102737986 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 102737986 |
| **Futures contracts** | &nbsp;&nbsp; 26364 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26364 |
| **Total assets** | &nbsp;&nbsp; **$102764350** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$102764350** |

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.500<br> %<br>|
| Next $4 billion | 0.475 |
| Next $5 billion | 0.440 |
| Over $10 billion | 0.430 |

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For the six months ended September 30, 2025, the management fee was equivalent to an annual rate of 0.50% of the Fund's average daily net assets.

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

Administration fees

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

22 \| Allspring Disciplined Small Cap Fund

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Notes to financial statements (unaudited)

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

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

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Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 0.92<br> %<br>|
| Class R6 | 0.50 |
| Institutional Class | 0.60 |

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Sales charges

Allspring Funds Distributor, LLC ("Allspring Funds Distributor"), an affiliate of Allspring Funds Management, the principal underwriter, 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 did not receive any front-end or contingent deferred sales charges from Class A shares for the six months ended September 30, 2025.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2025 were $19,791,642 and $28,261,579, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended September 30, 2025, the Fund entered into futures contracts for economic hedging purposes. The Fund had an average notional amount of $1,929,318 in long futures contracts during the six months ended September 30, 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.

Allspring Disciplined Small Cap Fund \| 23

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Notes to financial statements (unaudited)

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

24 \| Allspring Disciplined Small Cap Fund

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Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Disciplined Small Cap 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.

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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 Small Cap 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 Small Cap Fund \| 27

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Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than the average investment performance of the Universe for the three- and five-year periods under review, in range of the average investment performance of the Universe for the ten-year period under review, and lower than the average investment performance of the Universe for the one-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 2000® Index, for the three- and five-year periods under review, in range of the investment performance of its benchmark index for the ten-year period under review, and lower than the investment performance of its benchmark index for the one-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.

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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 Disciplined Small Cap Fund \| 29

------

![](g774280img1a4e46721.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**

![](g774280imgb83c0f772.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.**

**NCSRS4335 09-25**

------

![](g774280img88349e8e1.jpg)

Allspring Index Fund

Long Form Financial Statements

Semi-Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_POI-PageBlank-81_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_FS-PageBlank-81_1)** |  |
| [Statement of assets and liabilities](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_FS-PageBlank-81_1) | 18 |
| [Statement of operations](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_FS-PageBlank-81_2) | 19 |
| [Statement of changes in net assets](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_FS-PageBlank-81_3) | 20 |
| [Financial highlights](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_FIHI-PageBlank-81_1) | 21 |
| **[Notes to financial statements](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_NTF-PageBlank-81_1)** | 24 |
| **[Other information](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_1)** | 29 |
| [Item 8. Changes in and disagreements with accountants](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_2) | 30 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_2) | 30 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_2) | 30 |
| [Item 11. Statement regarding basis for board](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_3)['](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_3)[s approval of investment](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_3)<br> [advisory contract](#xx_8017e3e1-29fa-441f-afe9-a35abb72bcf8_OI-PageBlank-81_3)<br>| 31 |

---

Allspring Index Fund \| 1

------

Portfolio of investments—September 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.77%** |  |  |
| **Communication services: 10.01%** |  |  |
| **Diversified telecommunication services: 0.67%** |  |  |
| AT&T, Inc. | 177151 | &nbsp;&nbsp; $5002744 |
| Verizon Communications, Inc. | 104459 | &nbsp;&nbsp; 4590973 |
|  |  | &nbsp;&nbsp; **9593717** |
| **Entertainment: 1.55%** |  |  |
| Electronic Arts, Inc. | 5579 | &nbsp;&nbsp; 1125284 |
| Live Nation Entertainment, Inc.† | 3908 | &nbsp;&nbsp; 638567 |
| Netflix, Inc.† | 10528 | &nbsp;&nbsp; 12622230 |
| Take-Two Interactive Software, Inc.† | 4296 | &nbsp;&nbsp; 1109914 |
| TKO Group Holdings, Inc. Class A | 1709 | &nbsp;&nbsp; 345150 |
| Walt Disney Co. | 44544 | &nbsp;&nbsp; 5100288 |
| Warner Bros Discovery, Inc.† | 61337 | &nbsp;&nbsp; 1197912 |
|  |  | &nbsp;&nbsp; **22139345** |
| **Interactive media & services: 7.19%** |  |  |
| Alphabet, Inc. Class A | 144116 | &nbsp;&nbsp; 35034600 |
| Alphabet, Inc. Class C | 115694 | &nbsp;&nbsp; 28177274 |
| Match Group, Inc. | 5961 | &nbsp;&nbsp; 210542 |
| Meta Platforms, Inc. Class A | 53736 | &nbsp;&nbsp; 39462644 |
|  |  | &nbsp;&nbsp; **102885060** |
| **Media: 0.40%** |  |  |
| Charter Communications, Inc. Class A† | 2301 | &nbsp;&nbsp; 633017 |
| Comcast Corp. Class A | 91240 | &nbsp;&nbsp; 2866761 |
| Fox Corp. Class A | 5202 | &nbsp;&nbsp; 328038 |
| Fox Corp. Class B | 3677 | &nbsp;&nbsp; 210655 |
| Interpublic Group of Cos., Inc. | 9074 | &nbsp;&nbsp; 253255 |
| News Corp. Class A | 9326 | &nbsp;&nbsp; 286401 |
| News Corp. Class B | 3083 | &nbsp;&nbsp; 106518 |
| Omnicom Group, Inc. | 4799 | &nbsp;&nbsp; 391263 |
| Paramount Skydance Corp. Class B | 7649 | &nbsp;&nbsp; 144719 |
| Trade Desk, Inc. Class A† | 11041 | &nbsp;&nbsp; 541119 |
|  |  | &nbsp;&nbsp; **5761746** |
| **Wireless telecommunication services: 0.20%** |  |  |
| T-Mobile U.S., Inc. | 11989 | &nbsp;&nbsp; **2869927** |
| **Consumer discretionary: 10.41%** |  |  |
| **Automobile components: 0.03%** |  |  |
| Aptiv PLC† | 5395 | &nbsp;&nbsp; **465157** |
| **Automobiles: 2.34%** |  |  |
| Ford Motor Co. | 96846 | &nbsp;&nbsp; 1158278 |
| General Motors Co. | 23588 | &nbsp;&nbsp; 1438160 |
| Tesla, Inc.† | 69522 | &nbsp;&nbsp; 30917824 |
|  |  | &nbsp;&nbsp; **33514262** |

---

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

2 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Broadline retail: 3.76%** |  |  |
| Amazon.com, Inc.† | 240443 | &nbsp;&nbsp; $52794069 |
| eBay, Inc. | 11322 | &nbsp;&nbsp; 1029736 |
|  |  | &nbsp;&nbsp; **53823805** |
| **Distributors: 0.07%** |  |  |
| Genuine Parts Co. | 3446 | &nbsp;&nbsp; 477616 |
| LKQ Corp. | 6374 | &nbsp;&nbsp; 194662 |
| Pool Corp. | 814 | &nbsp;&nbsp; 252397 |
|  |  | &nbsp;&nbsp; **924675** |
| **Hotels, restaurants & leisure: 1.86%** |  |  |
| Airbnb, Inc. Class A† | 10630 | &nbsp;&nbsp; 1290695 |
| Booking Holdings, Inc. | 803 | &nbsp;&nbsp; 4335614 |
| Carnival Corp.† | 26898 | &nbsp;&nbsp; 777621 |
| Chipotle Mexican Grill, Inc. Class A† | 33220 | &nbsp;&nbsp; 1301892 |
| Darden Restaurants, Inc. | 2900 | &nbsp;&nbsp; 552044 |
| Domino's Pizza, Inc. | 774 | &nbsp;&nbsp; 334144 |
| DoorDash, Inc. Class A† | 9171 | &nbsp;&nbsp; 2494420 |
| Expedia Group, Inc. | 2928 | &nbsp;&nbsp; 625860 |
| Hilton Worldwide Holdings, Inc. | 5827 | &nbsp;&nbsp; 1511757 |
| Las Vegas Sands Corp. | 7653 | &nbsp;&nbsp; 411655 |
| Marriott International, Inc. Class A | 5582 | &nbsp;&nbsp; 1453776 |
| McDonald's Corp. | 17680 | &nbsp;&nbsp; 5372775 |
| MGM Resorts International† | 5058 | &nbsp;&nbsp; 175310 |
| Norwegian Cruise Line Holdings Ltd.† | 11197 | &nbsp;&nbsp; 275782 |
| Royal Caribbean Cruises Ltd. | 6259 | &nbsp;&nbsp; 2025287 |
| Starbucks Corp. | 28162 | &nbsp;&nbsp; 2382505 |
| Wynn Resorts Ltd. | 2092 | &nbsp;&nbsp; 268341 |
| Yum! Brands, Inc. | 6876 | &nbsp;&nbsp; 1045152 |
|  |  | &nbsp;&nbsp; **26634630** |
| **Household durables: 0.30%** |  |  |
| D.R. Horton, Inc. | 6869 | &nbsp;&nbsp; 1164089 |
| Garmin Ltd. | 4054 | &nbsp;&nbsp; 998176 |
| Lennar Corp. Class A | 5639 | &nbsp;&nbsp; 710740 |
| Mohawk Industries, Inc.† | 1293 | &nbsp;&nbsp; 166694 |
| NVR, Inc.† | 71 | &nbsp;&nbsp; 570461 |
| PulteGroup, Inc. | 4888 | &nbsp;&nbsp; 645851 |
|  |  | &nbsp;&nbsp; **4256011** |
| **Leisure products: 0.02%** |  |  |
| Hasbro, Inc. | 3301 | &nbsp;&nbsp; **250381** |
| **Specialty retail: 1.76%** |  |  |
| AutoZone, Inc.† | 414 | &nbsp;&nbsp; 1776159 |
| Best Buy Co., Inc. | 4870 | &nbsp;&nbsp; 368270 |
| CarMax, Inc.† | 3718 | &nbsp;&nbsp; 166827 |
| Home Depot, Inc. | 24649 | &nbsp;&nbsp; 9987528 |
| Lowe's Cos., Inc. | 13885 | &nbsp;&nbsp; 3489439 |

---

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

Allspring Index Fund \| 3

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| O'Reilly Automotive, Inc.† | 21021 | &nbsp;&nbsp; $2266274 |
| Ross Stores, Inc. | 8103 | &nbsp;&nbsp; 1234816 |
| TJX Cos., Inc. | 27639 | &nbsp;&nbsp; 3994941 |
| Tractor Supply Co. | 13130 | &nbsp;&nbsp; 746703 |
| Ulta Beauty, Inc.† | 1114 | &nbsp;&nbsp; 609080 |
| Williams-Sonoma, Inc. | 3047 | &nbsp;&nbsp; 595536 |
|  |  | &nbsp;&nbsp; **25235573** |
| **Textiles, apparel & luxury goods: 0.27%** |  |  |
| Deckers Outdoor Corp.† | 3675 | &nbsp;&nbsp; 372535 |
| lululemon athletica, Inc.† | 2702 | &nbsp;&nbsp; 480767 |
| NIKE, Inc. Class B | 29433 | &nbsp;&nbsp; 2052363 |
| Ralph Lauren Corp. Class A | 959 | &nbsp;&nbsp; 300704 |
| Tapestry, Inc. | 5156 | &nbsp;&nbsp; 583762 |
|  |  | &nbsp;&nbsp; **3790131** |
| **Consumer staples: 4.85%** |  |  |
| **Beverages: 0.98%** |  |  |
| Brown-Forman Corp. Class B | 4363 | &nbsp;&nbsp; 118150 |
| Coca-Cola Co. | 95961 | &nbsp;&nbsp; 6364134 |
| Constellation Brands, Inc. Class A | 3537 | &nbsp;&nbsp; 476328 |
| Keurig Dr Pepper, Inc. | 33655 | &nbsp;&nbsp; 858539 |
| Molson Coors Beverage Co. Class B | 4196 | &nbsp;&nbsp; 189869 |
| Monster Beverage Corp.† | 17659 | &nbsp;&nbsp; 1188627 |
| PepsiCo, Inc. | 33919 | &nbsp;&nbsp; 4763584 |
|  |  | &nbsp;&nbsp; **13959231** |
| **Consumer staples distribution & retail: 1.77%** |  |  |
| Costco Wholesale Corp. | 10987 | &nbsp;&nbsp; 10169897 |
| Dollar General Corp. | 5452 | &nbsp;&nbsp; 563464 |
| Dollar Tree, Inc.† | 4809 | &nbsp;&nbsp; 453825 |
| Kroger Co. | 15070 | &nbsp;&nbsp; 1015869 |
| Sysco Corp. | 11830 | &nbsp;&nbsp; 974082 |
| Target Corp. | 11257 | &nbsp;&nbsp; 1009753 |
| Walmart, Inc. | 108743 | &nbsp;&nbsp; 11207054 |
|  |  | &nbsp;&nbsp; **25393944** |
| **Food products: 0.51%** |  |  |
| Archer-Daniels-Midland Co. | 11903 | &nbsp;&nbsp; 711085 |
| Bunge Global SA | 3470 | &nbsp;&nbsp; 281937 |
| Campbell's Co. | 4875 | &nbsp;&nbsp; 153952 |
| Conagra Brands, Inc. | 11868 | &nbsp;&nbsp; 217303 |
| General Mills, Inc. | 13247 | &nbsp;&nbsp; 667914 |
| Hershey Co. | 3669 | &nbsp;&nbsp; 686286 |
| Hormel Foods Corp. | 7221 | &nbsp;&nbsp; 178648 |
| J.M. Smucker Co. | 2643 | &nbsp;&nbsp; 287030 |
| Kellanova | 6661 | &nbsp;&nbsp; 546335 |
| Kraft Heinz Co. | 21113 | &nbsp;&nbsp; 549783 |
| Lamb Weston Holdings, Inc. | 3453 | &nbsp;&nbsp; 200550 |

---

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

4 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Food products**(continued) |  |  |
| McCormick & Co., Inc. | 6269 | &nbsp;&nbsp; $419459 |
| Mondelez International, Inc. Class A | 32057 | &nbsp;&nbsp; 2002601 |
| Tyson Foods, Inc. Class A | 7080 | &nbsp;&nbsp; 384444 |
|  |  | &nbsp;&nbsp; **7287327** |
| **Household products: 0.87%** |  |  |
| Church & Dwight Co., Inc. | 6035 | &nbsp;&nbsp; 528847 |
| Clorox Co. | 3030 | &nbsp;&nbsp; 373599 |
| Colgate-Palmolive Co. | 20024 | &nbsp;&nbsp; 1600718 |
| Kimberly-Clark Corp. | 8220 | &nbsp;&nbsp; 1022075 |
| Procter & Gamble Co. | 58032 | &nbsp;&nbsp; 8916617 |
|  |  | &nbsp;&nbsp; **12441856** |
| **Personal care products: 0.09%** |  |  |
| Estee Lauder Cos., Inc. Class A | 5803 | &nbsp;&nbsp; 511361 |
| Kenvue, Inc. | 47545 | &nbsp;&nbsp; 771655 |
|  |  | &nbsp;&nbsp; **1283016** |
| **Tobacco: 0.63%** |  |  |
| Altria Group, Inc. | 41619 | &nbsp;&nbsp; 2749351 |
| Philip Morris International, Inc. | 38564 | &nbsp;&nbsp; 6255081 |
|  |  | &nbsp;&nbsp; **9004432** |
| **Energy: 2.85%** |  |  |
| **Energy equipment & services: 0.21%** |  |  |
| Baker Hughes Co. Class A | 24425 | &nbsp;&nbsp; 1189986 |
| Halliburton Co. | 21123 | &nbsp;&nbsp; 519626 |
| Schlumberger NV | 36963 | &nbsp;&nbsp; 1270418 |
|  |  | &nbsp;&nbsp; **2980030** |
| **Oil, gas & consumable fuels: 2.64%** |  |  |
| APA Corp. | 8864 | &nbsp;&nbsp; 215218 |
| Chevron Corp. | 47681 | &nbsp;&nbsp; 7404382 |
| ConocoPhillips | 30942 | &nbsp;&nbsp; 2926804 |
| Coterra Energy, Inc. | 18907 | &nbsp;&nbsp; 447151 |
| Devon Energy Corp. | 15727 | &nbsp;&nbsp; 551389 |
| Diamondback Energy, Inc. | 4662 | &nbsp;&nbsp; 667132 |
| EOG Resources, Inc. | 13527 | &nbsp;&nbsp; 1516647 |
| EQT Corp. | 15461 | &nbsp;&nbsp; 841542 |
| Expand Energy Corp. | 5900 | &nbsp;&nbsp; 626816 |
| Exxon Mobil Corp. | 105622 | &nbsp;&nbsp; 11908881 |
| Kinder Morgan, Inc. | 48446 | &nbsp;&nbsp; 1371506 |
| Marathon Petroleum Corp. | 7532 | &nbsp;&nbsp; 1451718 |
| Occidental Petroleum Corp. | 17804 | &nbsp;&nbsp; 841239 |
| ONEOK, Inc. | 15602 | &nbsp;&nbsp; 1138478 |
| Phillips 66 | 10012 | &nbsp;&nbsp; 1361832 |
| Targa Resources Corp. | 5331 | &nbsp;&nbsp; 893156 |
| Texas Pacific Land Corp. | 478 | &nbsp;&nbsp; 446280 |

---

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

Allspring Index Fund \| 5

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels**(continued) |  |  |
| Valero Energy Corp. | 7696 | &nbsp;&nbsp; $1310321 |
| Williams Cos., Inc. | 30255 | &nbsp;&nbsp; 1916654 |
|  |  | &nbsp;&nbsp; **37837146** |
| **Financials: 13.38%** |  |  |
| **Banks: 3.53%** |  |  |
| Bank of America Corp. | 168826 | &nbsp;&nbsp; 8709733 |
| Citigroup, Inc. | 45608 | &nbsp;&nbsp; 4629212 |
| Citizens Financial Group, Inc. | 10687 | &nbsp;&nbsp; 568121 |
| Fifth Third Bancorp | 16398 | &nbsp;&nbsp; 730531 |
| Huntington Bancshares, Inc. | 36317 | &nbsp;&nbsp; 627194 |
| JPMorgan Chase & Co. | 68125 | &nbsp;&nbsp; 21488669 |
| KeyCorp | 23091 | &nbsp;&nbsp; 431571 |
| M&T Bank Corp. | 3872 | &nbsp;&nbsp; 765185 |
| PNC Financial Services Group, Inc. | 9757 | &nbsp;&nbsp; 1960474 |
| Regions Financial Corp. | 22107 | &nbsp;&nbsp; 582962 |
| Truist Financial Corp. | 31946 | &nbsp;&nbsp; 1460571 |
| U.S. Bancorp | 38555 | &nbsp;&nbsp; 1863363 |
| Wells Fargo & Co. | 79365 | &nbsp;&nbsp; 6652374 |
|  |  | &nbsp;&nbsp; **50469960** |
| **Capital markets: 3.45%** |  |  |
| Ameriprise Financial, Inc. | 2336 | &nbsp;&nbsp; 1147560 |
| Bank of New York Mellon Corp. | 17472 | &nbsp;&nbsp; 1903749 |
| BlackRock, Inc. | 3568 | &nbsp;&nbsp; 4159824 |
| Blackstone, Inc. | 18261 | &nbsp;&nbsp; 3119892 |
| Cboe Global Markets, Inc. | 2591 | &nbsp;&nbsp; 635443 |
| Charles Schwab Corp. | 42274 | &nbsp;&nbsp; 4035899 |
| CME Group, Inc. | 8928 | &nbsp;&nbsp; 2412256 |
| Coinbase Global, Inc. Class A† | 5603 | &nbsp;&nbsp; 1890956 |
| FactSet Research Systems, Inc. | 937 | &nbsp;&nbsp; 268441 |
| Franklin Resources, Inc. | 7589 | &nbsp;&nbsp; 175534 |
| Goldman Sachs Group, Inc. | 7500 | &nbsp;&nbsp; 5972625 |
| Interactive Brokers Group, Inc. Class A | 11031 | &nbsp;&nbsp; 759043 |
| Intercontinental Exchange, Inc. | 14182 | &nbsp;&nbsp; 2389383 |
| Invesco Ltd. | 11049 | &nbsp;&nbsp; 253464 |
| KKR & Co., Inc. | 16996 | &nbsp;&nbsp; 2208630 |
| Moody's Corp. | 3822 | &nbsp;&nbsp; 1821107 |
| Morgan Stanley | 30057 | &nbsp;&nbsp; 4777861 |
| MSCI, Inc. Class A | 1917 | &nbsp;&nbsp; 1087725 |
| Nasdaq, Inc. | 11230 | &nbsp;&nbsp; 993293 |
| Northern Trust Corp. | 4738 | &nbsp;&nbsp; 637735 |
| Raymond James Financial, Inc. | 4396 | &nbsp;&nbsp; 758750 |
| Robinhood Markets, Inc. Class A† | 19175 | &nbsp;&nbsp; 2745476 |
| S&P Global, Inc. | 7742 | &nbsp;&nbsp; 3768109 |
| State Street Corp. | 7029 | &nbsp;&nbsp; 815434 |
| T. Rowe Price Group, Inc. | 5443 | &nbsp;&nbsp; 558670 |
|  |  | &nbsp;&nbsp; **49296859** |

---

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

6 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer finance: 0.59%** |  |  |
| American Express Co. | 13448 | &nbsp;&nbsp; $4466888 |
| Capital One Financial Corp. | 15844 | &nbsp;&nbsp; 3368117 |
| Synchrony Financial | 9218 | &nbsp;&nbsp; 654939 |
|  |  | &nbsp;&nbsp; **8489944** |
| **Financial services: 3.97%** |  |  |
| Apollo Global Management, Inc. | 11400 | &nbsp;&nbsp; 1519278 |
| Berkshire Hathaway, Inc. Class B† | 45431 | &nbsp;&nbsp; 22839981 |
| Block, Inc.† | 13616 | &nbsp;&nbsp; 984028 |
| Corpay, Inc.† | 1749 | &nbsp;&nbsp; 503817 |
| Fidelity National Information Services, Inc. | 12942 | &nbsp;&nbsp; 853396 |
| Fiserv, Inc.† | 13467 | &nbsp;&nbsp; 1736300 |
| Global Payments, Inc. | 6011 | &nbsp;&nbsp; 499394 |
| Jack Henry & Associates, Inc. | 1804 | &nbsp;&nbsp; 268670 |
| Mastercard, Inc. Class A | 20452 | &nbsp;&nbsp; 11633302 |
| PayPal Holdings, Inc.† | 23669 | &nbsp;&nbsp; 1587243 |
| Visa, Inc. Class A | 42085 | &nbsp;&nbsp; 14366977 |
|  |  | &nbsp;&nbsp; **56792386** |
| **Insurance: 1.84%** |  |  |
| Aflac, Inc. | 11925 | &nbsp;&nbsp; 1332022 |
| Allstate Corp. | 6528 | &nbsp;&nbsp; 1401235 |
| American International Group, Inc. | 13725 | &nbsp;&nbsp; 1077962 |
| Aon PLC Class A | 5342 | &nbsp;&nbsp; 1904850 |
| Arch Capital Group Ltd. | 9209 | &nbsp;&nbsp; 835533 |
| Arthur J Gallagher & Co. | 6351 | &nbsp;&nbsp; 1967159 |
| Assurant, Inc. | 1250 | &nbsp;&nbsp; 270750 |
| Brown & Brown, Inc. | 7259 | &nbsp;&nbsp; 680822 |
| Chubb Ltd. | 9186 | &nbsp;&nbsp; 2592748 |
| Cincinnati Financial Corp. | 3874 | &nbsp;&nbsp; 612479 |
| Erie Indemnity Co. Class A | 629 | &nbsp;&nbsp; 200123 |
| Everest Group Ltd. | 1039 | &nbsp;&nbsp; 363889 |
| Globe Life, Inc. | 2007 | &nbsp;&nbsp; 286941 |
| Hartford Insurance Group, Inc. | 6966 | &nbsp;&nbsp; 929195 |
| Loews Corp. | 4214 | &nbsp;&nbsp; 423043 |
| Marsh & McLennan Cos., Inc. | 12180 | &nbsp;&nbsp; 2454635 |
| MetLife, Inc. | 13840 | &nbsp;&nbsp; 1140001 |
| Principal Financial Group, Inc. | 5022 | &nbsp;&nbsp; 416374 |
| Progressive Corp. | 14523 | &nbsp;&nbsp; 3586455 |
| Prudential Financial, Inc. | 8721 | &nbsp;&nbsp; 904717 |
| Travelers Cos., Inc. | 5578 | &nbsp;&nbsp; 1557489 |
| W.R. Berkley Corp. | 7424 | &nbsp;&nbsp; 568827 |
| Willis Towers Watson PLC | 2417 | &nbsp;&nbsp; 834953 |
|  |  | &nbsp;&nbsp; **26342202** |
| **Health care: 8.75%** |  |  |
| **Biotechnology: 1.56%** |  |  |
| AbbVie, Inc. | 43766 | &nbsp;&nbsp; 10133580 |
| Amgen, Inc. | 13338 | &nbsp;&nbsp; 3763984 |

---

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

Allspring Index Fund \| 7

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Biogen, Inc.† | 3632 | &nbsp;&nbsp; $508770 |
| Gilead Sciences, Inc. | 30741 | &nbsp;&nbsp; 3412251 |
| Incyte Corp.† | 4064 | &nbsp;&nbsp; 344668 |
| Moderna, Inc.† | 8579 | &nbsp;&nbsp; 221596 |
| Regeneron Pharmaceuticals, Inc. | 2524 | &nbsp;&nbsp; 1419169 |
| Vertex Pharmaceuticals, Inc.† | 6352 | &nbsp;&nbsp; 2487697 |
|  |  | &nbsp;&nbsp; **22291715** |
| **Health care equipment & supplies: 2.01%** |  |  |
| Abbott Laboratories | 43120 | &nbsp;&nbsp; 5775493 |
| Align Technology, Inc.† | 1670 | &nbsp;&nbsp; 209117 |
| Baxter International, Inc. | 12725 | &nbsp;&nbsp; 289748 |
| Becton Dickinson & Co. | 7101 | &nbsp;&nbsp; 1329094 |
| Boston Scientific Corp.† | 36710 | &nbsp;&nbsp; 3583997 |
| Cooper Cos., Inc.† | 4943 | &nbsp;&nbsp; 338892 |
| DexCom, Inc.† | 9716 | &nbsp;&nbsp; 653790 |
| Edwards Lifesciences Corp.† | 14545 | &nbsp;&nbsp; 1131165 |
| GE HealthCare Technologies, Inc. | 11311 | &nbsp;&nbsp; 849456 |
| Hologic, Inc.† | 5510 | &nbsp;&nbsp; 371870 |
| IDEXX Laboratories, Inc.† | 1982 | &nbsp;&nbsp; 1266280 |
| Insulet Corp.† | 1744 | &nbsp;&nbsp; 538425 |
| Intuitive Surgical, Inc.† | 8881 | &nbsp;&nbsp; 3971850 |
| Medtronic PLC | 31743 | &nbsp;&nbsp; 3023203 |
| ResMed, Inc. | 3627 | &nbsp;&nbsp; 992819 |
| Solventum Corp.† | 3651 | &nbsp;&nbsp; 266523 |
| STERIS PLC | 2440 | &nbsp;&nbsp; 603754 |
| Stryker Corp. | 8524 | &nbsp;&nbsp; 3151067 |
| Zimmer Biomet Holdings, Inc. | 4908 | &nbsp;&nbsp; 483438 |
|  |  | &nbsp;&nbsp; **28829981** |
| **Health care providers & services: 1.64%** |  |  |
| Cardinal Health, Inc. | 5916 | &nbsp;&nbsp; 928575 |
| Cencora, Inc. | 4803 | &nbsp;&nbsp; 1501082 |
| Centene Corp.† | 11559 | &nbsp;&nbsp; 412425 |
| Cigna Group | 6613 | &nbsp;&nbsp; 1906197 |
| CVS Health Corp. | 31423 | &nbsp;&nbsp; 2368980 |
| DaVita, Inc.† | 886 | &nbsp;&nbsp; 117723 |
| Elevance Health, Inc. | 5579 | &nbsp;&nbsp; 1802686 |
| HCA Healthcare, Inc. | 4058 | &nbsp;&nbsp; 1729520 |
| Henry Schein, Inc.† | 2554 | &nbsp;&nbsp; 169509 |
| Humana, Inc. | 2980 | &nbsp;&nbsp; 775307 |
| Labcorp Holdings, Inc. | 2059 | &nbsp;&nbsp; 591057 |
| McKesson Corp. | 3082 | &nbsp;&nbsp; 2380968 |
| Molina Healthcare, Inc.† | 1343 | &nbsp;&nbsp; 256996 |
| Quest Diagnostics, Inc. | 2770 | &nbsp;&nbsp; 527907 |
| UnitedHealth Group, Inc. | 22438 | &nbsp;&nbsp; 7747841 |
| Universal Health Services, Inc. Class B | 1397 | &nbsp;&nbsp; 285603 |
|  |  | &nbsp;&nbsp; **23502376** |

---

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

8 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Life sciences tools & services: 0.81%** |  |  |
| Agilent Technologies, Inc. | 7038 | &nbsp;&nbsp; $903327 |
| Bio-Techne Corp. | 3884 | &nbsp;&nbsp; 216067 |
| Charles River Laboratories International, Inc.† | 1219 | &nbsp;&nbsp; 190725 |
| Danaher Corp. | 15789 | &nbsp;&nbsp; 3130327 |
| IQVIA Holdings, Inc.† | 4212 | &nbsp;&nbsp; 800027 |
| Mettler-Toledo International, Inc.† | 510 | &nbsp;&nbsp; 626081 |
| Revvity, Inc. | 2876 | &nbsp;&nbsp; 252081 |
| Thermo Fisher Scientific, Inc. | 9355 | &nbsp;&nbsp; 4537362 |
| Waters Corp.† | 1475 | &nbsp;&nbsp; 442220 |
| West Pharmaceutical Services, Inc. | 1781 | &nbsp;&nbsp; 467210 |
|  |  | &nbsp;&nbsp; **11565427** |
| **Pharmaceuticals: 2.73%** |  |  |
| Bristol-Myers Squibb Co. | 50428 | &nbsp;&nbsp; 2274303 |
| Eli Lilly & Co. | 19697 | &nbsp;&nbsp; 15028811 |
| Johnson & Johnson | 59667 | &nbsp;&nbsp; 11063455 |
| Merck & Co., Inc. | 61882 | &nbsp;&nbsp; 5193756 |
| Pfizer, Inc. | 140859 | &nbsp;&nbsp; 3589087 |
| Viatris, Inc. | 28884 | &nbsp;&nbsp; 285952 |
| Zoetis, Inc. | 10980 | &nbsp;&nbsp; 1606593 |
|  |  | &nbsp;&nbsp; **39041957** |
| **Industrials: 8.19%** |  |  |
| **Aerospace & defense: 2.20%** |  |  |
| Axon Enterprise, Inc.† | 1945 | &nbsp;&nbsp; 1395810 |
| Boeing Co.† | 18734 | &nbsp;&nbsp; 4043359 |
| General Dynamics Corp. | 6255 | &nbsp;&nbsp; 2132955 |
| General Electric Co. | 26272 | &nbsp;&nbsp; 7903143 |
| Howmet Aerospace, Inc. | 9987 | &nbsp;&nbsp; 1959749 |
| Huntington Ingalls Industries, Inc. | 972 | &nbsp;&nbsp; 279849 |
| L3Harris Technologies, Inc. | 4635 | &nbsp;&nbsp; 1415575 |
| Lockheed Martin Corp. | 5090 | &nbsp;&nbsp; 2540979 |
| Northrop Grumman Corp. | 3335 | &nbsp;&nbsp; 2032082 |
| RTX Corp. | 33162 | &nbsp;&nbsp; 5548998 |
| Textron, Inc. | 4415 | &nbsp;&nbsp; 373023 |
| TransDigm Group, Inc. | 1396 | &nbsp;&nbsp; 1839956 |
|  |  | &nbsp;&nbsp; **31465478** |
| **Air freight & logistics: 0.25%** |  |  |
| CH Robinson Worldwide, Inc. | 2926 | &nbsp;&nbsp; 387402 |
| Expeditors International of Washington, Inc. | 3362 | &nbsp;&nbsp; 412148 |
| FedEx Corp. | 5377 | &nbsp;&nbsp; 1267950 |
| United Parcel Service, Inc. Class B | 18235 | &nbsp;&nbsp; 1523170 |
|  |  | &nbsp;&nbsp; **3590670** |
| **Building products: 0.49%** |  |  |
| A.O. Smith Corp. | 2831 | &nbsp;&nbsp; 207824 |
| Allegion PLC | 2127 | &nbsp;&nbsp; 377223 |
| Builders FirstSource, Inc.† | 2739 | &nbsp;&nbsp; 332104 |

---

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

Allspring Index Fund \| 9

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products**(continued) |  |  |
| Carrier Global Corp. | 19819 | &nbsp;&nbsp; $1183194 |
| Johnson Controls International PLC | 16212 | &nbsp;&nbsp; 1782509 |
| Lennox International, Inc. | 792 | &nbsp;&nbsp; 419253 |
| Masco Corp. | 5187 | &nbsp;&nbsp; 365113 |
| Trane Technologies PLC | 5513 | &nbsp;&nbsp; 2326266 |
|  |  | &nbsp;&nbsp; **6993486** |
| **Commercial services & supplies: 0.49%** |  |  |
| Cintas Corp. | 8486 | &nbsp;&nbsp; 1741836 |
| Copart, Inc.† | 22039 | &nbsp;&nbsp; 991094 |
| Republic Services, Inc. Class A | 5028 | &nbsp;&nbsp; 1153826 |
| Rollins, Inc. | 6964 | &nbsp;&nbsp; 409065 |
| Veralto Corp. | 6148 | &nbsp;&nbsp; 655438 |
| Waste Management, Inc. | 9182 | &nbsp;&nbsp; 2027661 |
|  |  | &nbsp;&nbsp; **6978920** |
| **Construction & engineering: 0.16%** |  |  |
| EMCOR Group, Inc. | 1109 | &nbsp;&nbsp; 720340 |
| Quanta Services, Inc. | 3692 | &nbsp;&nbsp; 1530039 |
|  |  | &nbsp;&nbsp; **2250379** |
| **Electrical equipment: 0.87%** |  |  |
| AMETEK, Inc. | 5722 | &nbsp;&nbsp; 1075736 |
| Eaton Corp. PLC | 9645 | &nbsp;&nbsp; 3609641 |
| Emerson Electric Co. | 13943 | &nbsp;&nbsp; 1829043 |
| GE Vernova, Inc. | 6744 | &nbsp;&nbsp; 4146886 |
| Generac Holdings, Inc.† | 1454 | &nbsp;&nbsp; 243400 |
| Hubbell, Inc. Class B | 1317 | &nbsp;&nbsp; 566718 |
| Rockwell Automation, Inc. | 2786 | &nbsp;&nbsp; 973790 |
|  |  | &nbsp;&nbsp; **12445214** |
| **Ground transportation: 0.89%** |  |  |
| CSX Corp. | 46187 | &nbsp;&nbsp; 1640100 |
| J.B. Hunt Transport Services, Inc. | 1895 | &nbsp;&nbsp; 254252 |
| Norfolk Southern Corp. | 5558 | &nbsp;&nbsp; 1669679 |
| Old Dominion Freight Line, Inc. | 4582 | &nbsp;&nbsp; 645054 |
| Uber Technologies, Inc.† | 51666 | &nbsp;&nbsp; 5061718 |
| Union Pacific Corp. | 14693 | &nbsp;&nbsp; 3472985 |
|  |  | &nbsp;&nbsp; **12743788** |
| **Industrial conglomerates: 0.37%** |  |  |
| 3M Co. | 13196 | &nbsp;&nbsp; 2047755 |
| Honeywell International, Inc. | 15730 | &nbsp;&nbsp; 3311165 |
|  |  | &nbsp;&nbsp; **5358920** |
| **Machinery: 1.49%** |  |  |
| Caterpillar, Inc. | 11607 | &nbsp;&nbsp; 5538280 |
| Cummins, Inc. | 3414 | &nbsp;&nbsp; 1441971 |
| Deere & Co. | 6240 | &nbsp;&nbsp; 2853302 |

---

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

10 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery**(continued) |  |  |
| Dover Corp. | 3397 | &nbsp;&nbsp; $566722 |
| Fortive Corp. | 8382 | &nbsp;&nbsp; 410634 |
| IDEX Corp. | 1865 | &nbsp;&nbsp; 303547 |
| Illinois Tool Works, Inc. | 6572 | &nbsp;&nbsp; 1713715 |
| Ingersoll Rand, Inc. | 8961 | &nbsp;&nbsp; 740358 |
| Nordson Corp. | 1330 | &nbsp;&nbsp; 301844 |
| Otis Worldwide Corp. | 9724 | &nbsp;&nbsp; 889065 |
| PACCAR, Inc. | 13009 | &nbsp;&nbsp; 1279045 |
| Parker-Hannifin Corp. | 3166 | &nbsp;&nbsp; 2400303 |
| Pentair PLC | 4061 | &nbsp;&nbsp; 449796 |
| Snap-on, Inc. | 1292 | &nbsp;&nbsp; 447717 |
| Stanley Black & Decker, Inc. | 3835 | &nbsp;&nbsp; 285056 |
| Westinghouse Air Brake Technologies Corp. | 4235 | &nbsp;&nbsp; 848990 |
| Xylem, Inc. | 6030 | &nbsp;&nbsp; 889425 |
|  |  | &nbsp;&nbsp; **21359770** |
| **Passenger airlines: 0.15%** |  |  |
| Delta Air Lines, Inc. | 16070 | &nbsp;&nbsp; 911972 |
| Southwest Airlines Co. | 13012 | &nbsp;&nbsp; 415213 |
| United Airlines Holdings, Inc.† | 8020 | &nbsp;&nbsp; 773930 |
|  |  | &nbsp;&nbsp; **2101115** |
| **Professional services: 0.55%** |  |  |
| Automatic Data Processing, Inc. | 10035 | &nbsp;&nbsp; 2945272 |
| Broadridge Financial Solutions, Inc. | 2902 | &nbsp;&nbsp; 691169 |
| Dayforce, Inc.† | 3956 | &nbsp;&nbsp; 272529 |
| Equifax, Inc. | 3067 | &nbsp;&nbsp; 786778 |
| Jacobs Solutions, Inc. | 2962 | &nbsp;&nbsp; 443885 |
| Leidos Holdings, Inc. | 3179 | &nbsp;&nbsp; 600704 |
| Paychex, Inc. | 8033 | &nbsp;&nbsp; 1018263 |
| Paycom Software, Inc. | 1240 | &nbsp;&nbsp; 258094 |
| Verisk Analytics, Inc. Class A | 3461 | &nbsp;&nbsp; 870476 |
|  |  | &nbsp;&nbsp; **7887170** |
| **Trading companies & distributors: 0.28%** |  |  |
| Fastenal Co. | 28433 | &nbsp;&nbsp; 1394354 |
| United Rentals, Inc. | 1594 | &nbsp;&nbsp; 1521728 |
| WW Grainger, Inc. | 1090 | &nbsp;&nbsp; 1038727 |
|  |  | &nbsp;&nbsp; **3954809** |
| **Information technology: 34.35%** |  |  |
| **Communications equipment: 0.89%** |  |  |
| Arista Networks, Inc.† | 25534 | &nbsp;&nbsp; 3720559 |
| Cisco Systems, Inc. | 98109 | &nbsp;&nbsp; 6712618 |
| F5, Inc.† | 1423 | &nbsp;&nbsp; 459900 |
| Motorola Solutions, Inc. | 4128 | &nbsp;&nbsp; 1887693 |
|  |  | &nbsp;&nbsp; **12780770** |

---

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

Allspring Index Fund \| 11

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components: 0.72%** |  |  |
| Amphenol Corp. Class A | 30248 | &nbsp;&nbsp; $3743190 |
| CDW Corp. | 3247 | &nbsp;&nbsp; 517182 |
| Corning, Inc. | 19313 | &nbsp;&nbsp; 1584245 |
| Jabil, Inc. | 2659 | &nbsp;&nbsp; 577455 |
| Keysight Technologies, Inc.† | 4264 | &nbsp;&nbsp; 745859 |
| TE Connectivity PLC | 7321 | &nbsp;&nbsp; 1607179 |
| Teledyne Technologies, Inc.† | 1162 | &nbsp;&nbsp; 680979 |
| Trimble, Inc.† | 5896 | &nbsp;&nbsp; 481408 |
| Zebra Technologies Corp. Class A† | 1260 | &nbsp;&nbsp; 374422 |
|  |  | &nbsp;&nbsp; **10311919** |
| **IT services: 0.92%** |  |  |
| Accenture PLC Class A | 15431 | &nbsp;&nbsp; 3805285 |
| Akamai Technologies, Inc.† | 3552 | &nbsp;&nbsp; 269100 |
| Cognizant Technology Solutions Corp. Class A | 12100 | &nbsp;&nbsp; 811547 |
| EPAM Systems, Inc.† | 1380 | &nbsp;&nbsp; 208090 |
| Gartner, Inc.† | 1876 | &nbsp;&nbsp; 493144 |
| GoDaddy, Inc. Class A† | 3430 | &nbsp;&nbsp; 469327 |
| International Business Machines Corp. | 23078 | &nbsp;&nbsp; 6511688 |
| VeriSign, Inc. | 2083 | &nbsp;&nbsp; 582344 |
|  |  | &nbsp;&nbsp; **13150525** |
| **Semiconductors & semiconductor equipment: 13.60%** |  |  |
| Advanced Micro Devices, Inc.† | 40206 | &nbsp;&nbsp; 6504929 |
| Analog Devices, Inc. | 12295 | &nbsp;&nbsp; 3020882 |
| Applied Materials, Inc. | 19882 | &nbsp;&nbsp; 4070641 |
| Broadcom, Inc. | 116528 | &nbsp;&nbsp; 38443752 |
| First Solar, Inc.† | 2657 | &nbsp;&nbsp; 585948 |
| Intel Corp.† | 108440 | &nbsp;&nbsp; 3638162 |
| KLA Corp. | 3269 | &nbsp;&nbsp; 3525943 |
| Lam Research Corp. | 31356 | &nbsp;&nbsp; 4198568 |
| Microchip Technology, Inc. | 13371 | &nbsp;&nbsp; 858686 |
| Micron Technology, Inc. | 27726 | &nbsp;&nbsp; 4639114 |
| Monolithic Power Systems, Inc. | 1187 | &nbsp;&nbsp; 1092800 |
| NVIDIA Corp. | 604509 | &nbsp;&nbsp; 112789289 |
| NXP Semiconductors NV | 6246 | &nbsp;&nbsp; 1422402 |
| ON Semiconductor Corp.† | 10132 | &nbsp;&nbsp; 499609 |
| QUALCOMM, Inc. | 26720 | &nbsp;&nbsp; 4445139 |
| Skyworks Solutions, Inc. | 3677 | &nbsp;&nbsp; 283055 |
| Teradyne, Inc. | 3941 | &nbsp;&nbsp; 542439 |
| Texas Instruments, Inc. | 22524 | &nbsp;&nbsp; 4138335 |
|  |  | &nbsp;&nbsp; **194699693** |
| **Software: 11.26%** |  |  |
| Adobe, Inc.† | 10510 | &nbsp;&nbsp; 3707402 |
| AppLovin Corp. Class A† | 6707 | &nbsp;&nbsp; 4819248 |
| Autodesk, Inc.† | 5302 | &nbsp;&nbsp; 1684286 |
| Cadence Design Systems, Inc.† | 6751 | &nbsp;&nbsp; 2371356 |
| Crowdstrike Holdings, Inc. Class A† | 6175 | &nbsp;&nbsp; 3028096 |

---

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

12 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Datadog, Inc. Class A† | 8009 | &nbsp;&nbsp; $1140482 |
| Fair Isaac Corp.† | 595 | &nbsp;&nbsp; 890435 |
| Fortinet, Inc.† | 16137 | &nbsp;&nbsp; 1356799 |
| Gen Digital, Inc. | 13885 | &nbsp;&nbsp; 394195 |
| Intuit, Inc. | 6911 | &nbsp;&nbsp; 4719591 |
| Microsoft Corp. | 184156 | &nbsp;&nbsp; 95383600 |
| Oracle Corp. | 41057 | &nbsp;&nbsp; 11546871 |
| Palantir Technologies, Inc. Class A† | 56345 | &nbsp;&nbsp; 10278455 |
| Palo Alto Networks, Inc.† | 16548 | &nbsp;&nbsp; 3369504 |
| PTC, Inc.† | 2968 | &nbsp;&nbsp; 602563 |
| Roper Technologies, Inc. | 2666 | &nbsp;&nbsp; 1329508 |
| Salesforce, Inc. | 23685 | &nbsp;&nbsp; 5613345 |
| ServiceNow, Inc.† | 5153 | &nbsp;&nbsp; 4742203 |
| Synopsys, Inc.† | 4584 | &nbsp;&nbsp; 2261700 |
| Tyler Technologies, Inc.† | 1072 | &nbsp;&nbsp; 560828 |
| Workday, Inc. Class A† | 5351 | &nbsp;&nbsp; 1288146 |
|  |  | &nbsp;&nbsp; **161088613** |
| **Technology hardware, storage & peripherals: 6.96%** |  |  |
| Apple, Inc. | 367670 | &nbsp;&nbsp; 93619812 |
| Dell Technologies, Inc. Class C | 7512 | &nbsp;&nbsp; 1064976 |
| Hewlett Packard Enterprise Co. | 32510 | &nbsp;&nbsp; 798446 |
| HP, Inc. | 23270 | &nbsp;&nbsp; 633642 |
| NetApp, Inc. | 4957 | &nbsp;&nbsp; 587206 |
| Seagate Technology Holdings PLC | 5269 | &nbsp;&nbsp; 1243800 |
| Super Micro Computer, Inc.† | 12420 | &nbsp;&nbsp; 595415 |
| Western Digital Corp. | 8595 | &nbsp;&nbsp; 1031916 |
|  |  | &nbsp;&nbsp; **99575213** |
| **Materials: 1.75%** |  |  |
| **Chemicals: 1.08%** |  |  |
| Air Products & Chemicals, Inc. | 5514 | &nbsp;&nbsp; 1503778 |
| Albemarle Corp. | 2916 | &nbsp;&nbsp; 236429 |
| CF Industries Holdings, Inc. | 4013 | &nbsp;&nbsp; 359966 |
| Corteva, Inc. | 16825 | &nbsp;&nbsp; 1137875 |
| Dow, Inc. | 17562 | &nbsp;&nbsp; 402697 |
| DuPont de Nemours, Inc. | 10374 | &nbsp;&nbsp; 808134 |
| Eastman Chemical Co. | 2845 | &nbsp;&nbsp; 179377 |
| Ecolab, Inc. | 6324 | &nbsp;&nbsp; 1731891 |
| International Flavors & Fragrances, Inc. | 6350 | &nbsp;&nbsp; 390779 |
| Linde PLC | 11617 | &nbsp;&nbsp; 5518075 |
| LyondellBasell Industries NV Class A | 6375 | &nbsp;&nbsp; 312630 |
| Mosaic Co. | 7863 | &nbsp;&nbsp; 272689 |
| PPG Industries, Inc. | 5592 | &nbsp;&nbsp; 587775 |
| Sherwin-Williams Co. | 5745 | &nbsp;&nbsp; 1989264 |
|  |  | &nbsp;&nbsp; **15431359** |

---

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

Allspring Index Fund \| 13

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Construction materials: 0.14%** |  |  |
| Martin Marietta Materials, Inc. | 1494 | &nbsp;&nbsp; $941639 |
| Vulcan Materials Co. | 3273 | &nbsp;&nbsp; 1006840 |
|  |  | &nbsp;&nbsp; **1948479** |
| **Containers & packaging: 0.19%** |  |  |
| Amcor PLC | 57115 | &nbsp;&nbsp; 467201 |
| Avery Dennison Corp. | 1932 | &nbsp;&nbsp; 313312 |
| Ball Corp. | 6742 | &nbsp;&nbsp; 339932 |
| International Paper Co. | 13081 | &nbsp;&nbsp; 606958 |
| Packaging Corp. of America | 2214 | &nbsp;&nbsp; 482497 |
| Smurfit WestRock PLC | 12936 | &nbsp;&nbsp; 550686 |
|  |  | &nbsp;&nbsp; **2760586** |
| **Metals & mining: 0.34%** |  |  |
| Freeport-McMoRan, Inc. | 35571 | &nbsp;&nbsp; 1395095 |
| Newmont Corp. | 27214 | &nbsp;&nbsp; 2294412 |
| Nucor Corp. | 5687 | &nbsp;&nbsp; 770190 |
| Steel Dynamics, Inc. | 3428 | &nbsp;&nbsp; 477966 |
|  |  | &nbsp;&nbsp; **4937663** |
| **Real estate: 1.91%** |  |  |
| **Health care REITs: 0.31%** |  |  |
| Alexandria Real Estate Equities, Inc. | 3857 | &nbsp;&nbsp; 321442 |
| Healthpeak Properties, Inc. | 17217 | &nbsp;&nbsp; 329706 |
| Ventas, Inc. | 11260 | &nbsp;&nbsp; 788087 |
| Welltower, Inc. | 16570 | &nbsp;&nbsp; 2951780 |
|  |  | &nbsp;&nbsp; **4391015** |
| **Hotel & resort REITs: 0.02%** |  |  |
| Host Hotels & Resorts, Inc. | 15841 | &nbsp;&nbsp; **269614** |
| **Industrial REITs: 0.18%** |  |  |
| Prologis, Inc. | 22993 | &nbsp;&nbsp; **2633158** |
| **Office REITs: 0.02%** |  |  |
| BXP, Inc. | 3649 | &nbsp;&nbsp; **271267** |
| **Real estate management & development: 0.14%** |  |  |
| CBRE Group, Inc. Class A† | 7261 | &nbsp;&nbsp; 1144043 |
| CoStar Group, Inc.† | 10496 | &nbsp;&nbsp; 885548 |
|  |  | &nbsp;&nbsp; **2029591** |
| **Residential REITs: 0.21%** |  |  |
| AvalonBay Communities, Inc. | 3523 | &nbsp;&nbsp; 680538 |
| Camden Property Trust | 2647 | &nbsp;&nbsp; 282647 |
| Equity Residential | 8610 | &nbsp;&nbsp; 557325 |
| Essex Property Trust, Inc. | 1596 | &nbsp;&nbsp; 427185 |
| Invitation Homes, Inc. | 13972 | &nbsp;&nbsp; 409799 |

---

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

14 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Residential REITs**(continued) |  |  |
| Mid-America Apartment Communities, Inc. | 2900 | &nbsp;&nbsp; $405217 |
| UDR, Inc. | 7470 | &nbsp;&nbsp; 278332 |
|  |  | &nbsp;&nbsp; **3041043** |
| **Retail REITs: 0.26%** |  |  |
| Federal Realty Investment Trust | 1945 | &nbsp;&nbsp; 197048 |
| Kimco Realty Corp. | 16778 | &nbsp;&nbsp; 366599 |
| Realty Income Corp. | 22652 | &nbsp;&nbsp; 1377015 |
| Regency Centers Corp. | 4048 | &nbsp;&nbsp; 295099 |
| Simon Property Group, Inc. | 8089 | &nbsp;&nbsp; 1518063 |
|  |  | &nbsp;&nbsp; **3753824** |
| **Specialized REITs: 0.77%** |  |  |
| American Tower Corp. | 11601 | &nbsp;&nbsp; 2231104 |
| Crown Castle, Inc. | 10789 | &nbsp;&nbsp; 1041031 |
| Digital Realty Trust, Inc. | 7943 | &nbsp;&nbsp; 1373186 |
| Equinix, Inc. | 2425 | &nbsp;&nbsp; 1899357 |
| Extra Space Storage, Inc. | 5259 | &nbsp;&nbsp; 741203 |
| Iron Mountain, Inc. | 7317 | &nbsp;&nbsp; 745895 |
| Public Storage | 3912 | &nbsp;&nbsp; 1129981 |
| SBA Communications Corp. Class A | 2660 | &nbsp;&nbsp; 514311 |
| VICI Properties, Inc. Class A | 26419 | &nbsp;&nbsp; 861524 |
| Weyerhaeuser Co. | 17875 | &nbsp;&nbsp; 443121 |
|  |  | &nbsp;&nbsp; **10980713** |
| **Utilities: 2.32%** |  |  |
| **Electric utilities: 1.49%** |  |  |
| Alliant Energy Corp. | 6366 | &nbsp;&nbsp; 429132 |
| American Electric Power Co., Inc. | 13250 | &nbsp;&nbsp; 1490625 |
| Constellation Energy Corp. | 7740 | &nbsp;&nbsp; 2547002 |
| Duke Energy Corp. | 19266 | &nbsp;&nbsp; 2384168 |
| Edison International | 9534 | &nbsp;&nbsp; 527040 |
| Entergy Corp. | 11060 | &nbsp;&nbsp; 1030681 |
| Evergy, Inc. | 5702 | &nbsp;&nbsp; 433466 |
| Eversource Energy | 9194 | &nbsp;&nbsp; 654061 |
| Exelon Corp. | 25022 | &nbsp;&nbsp; 1126240 |
| FirstEnergy Corp. | 12875 | &nbsp;&nbsp; 589933 |
| NextEra Energy, Inc. | 51019 | &nbsp;&nbsp; 3851424 |
| NRG Energy, Inc. | 4792 | &nbsp;&nbsp; 776064 |
| PG&E Corp. | 54451 | &nbsp;&nbsp; 821121 |
| Pinnacle West Capital Corp. | 2959 | &nbsp;&nbsp; 265304 |
| PPL Corp. | 18321 | &nbsp;&nbsp; 680808 |
| Southern Co. | 27254 | &nbsp;&nbsp; 2582862 |
| Xcel Energy, Inc. | 14653 | &nbsp;&nbsp; 1181764 |
|  |  | &nbsp;&nbsp; **21371695** |
| **Gas utilities: 0.05%** |  |  |
| Atmos Energy Corp. | 3977 | &nbsp;&nbsp; **679073** |

---

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

Allspring Index Fund \| 15

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Independent power and renewable electricity producers: 0.12%** |  |  |
| AES Corp. | 17641 | &nbsp;&nbsp; $232155 |
| Vistra Corp. | 7891 | &nbsp;&nbsp; 1546005 |
|  |  | &nbsp;&nbsp; **1778160** |
| **Multi-utilities: 0.61%** |  |  |
| Ameren Corp. | 6699 | &nbsp;&nbsp; 699242 |
| CenterPoint Energy, Inc. | 16175 | &nbsp;&nbsp; 627590 |
| CMS Energy Corp. | 7416 | &nbsp;&nbsp; 543296 |
| Consolidated Edison, Inc. | 8935 | &nbsp;&nbsp; 898146 |
| Dominion Energy, Inc. | 21144 | &nbsp;&nbsp; 1293378 |
| DTE Energy Co. | 5143 | &nbsp;&nbsp; 727374 |
| NiSource, Inc. | 11665 | &nbsp;&nbsp; 505095 |
| Public Service Enterprise Group, Inc. | 12365 | &nbsp;&nbsp; 1031983 |
| Sempra | 16165 | &nbsp;&nbsp; 1454527 |
| WEC Energy Group, Inc. | 7974 | &nbsp;&nbsp; 913741 |
|  |  | &nbsp;&nbsp; **8694372** |
| **Water utilities: 0.05%** |  |  |
| American Water Works Co., Inc. | 4834 | &nbsp;&nbsp; **672844** |
| **Total common stocks (Cost $276,402,970)** |  | &nbsp;&nbsp; **1413335117** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.02%** |  |  |  |  |
| **Investment companies: 1.02%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 14644006 | &nbsp;&nbsp; **14644006** |
| **Total short-term investments (Cost $14,644,006)** |  |  |  | &nbsp;&nbsp; **14644006** |
| **Total investments in securities (Cost $291,046,976)** | 99.79<br> %<br>|  |  | &nbsp;&nbsp; 1427979123 |
| Other assets and liabilities, net | 0.21 |  |  | &nbsp;&nbsp; 3004139 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1430983262** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

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

16 \| Allspring Index Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $16763979 | $52094287 | $(54214260)<br>| $0 | $0 | $14644006 | 14644006 | $380959 |

---

**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; 52 | &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; $17282177 | &nbsp;&nbsp; $17520750 | &nbsp;&nbsp; $238573 | &nbsp;&nbsp; $0 |

---

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

Allspring Index Fund \| 17

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $276,402,970) | $1413335117 |
| Investments in affiliated securities, at value (cost $14,644,006) | 14644006 |
| Cash | 6321 |
| Cash at broker segregated for futures contracts | 2510578 |
| Receivable for Fund shares sold | 957734 |
| Receivable for dividends | 646530 |
| Receivable for daily variation margin on open futures contracts | 65650 |
| Receivable from manager | 36237 |
| Prepaid expenses and other assets | 188793 |
| **Total assets** | **1432390966** |
| Liabilities |  |
| Payable for Fund shares redeemed | 903855 |
| Shareholder servicing fees payable | 235247 |
| Administration fees payable | 206628 |
| Distribution fee payable | 4283 |
| Trustees' fees and expenses payable | 563 |
| Accrued expenses and other liabilities | 57128 |
| **Total liabilities** | **1407704** |
| **Total net assets**  | **$1430983262** |
| Net assets consist of |  |
| Paid-in capital | $201615337 |
| Total distributable earnings | 1229367925 |
| **Total net assets** | **$1430983262** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $978892536 |
| Shares outstanding–Class A<sup>1</sup> <br>| 16529301 |
| Net asset value per share–Class A | $59.22 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $62.83 |
| Net assets–Class C | $7601943 |
| Shares outstanding–Class C<sup>1</sup> <br>| 124949 |
| Net asset value per share–Class C | $60.84 |
| Net assets–Administrator Class | $444488783 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 7247772 |
| Net asset value per share–Administrator Class | $61.33 |

---

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

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

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

18 \| Allspring Index Fund

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $1,931) | $8392470 |
| Income from affiliated securities | 380959 |
| Interest | 36710 |
| **Total investment income** | **8810139** |
| Expenses |  |
| Management fee | 953354 |
| Administration fees |  |
| Class A | 909257 |
| Class C | 7163 |
| Administrator Class | 265459 |
| Shareholder servicing fees |  |
| Class A | 1136572 |
| Class C | 8930 |
| Administrator Class | 199874 |
| Distribution fee |  |
| Class C | 26163 |
| Custody and accounting fees | 20753 |
| Professional fees | 27767 |
| Registration fees | 31867 |
| Shareholder report expenses | 20107 |
| Trustees' fees and expenses | 9472 |
| Other fees and expenses | 139094 |
| **Total expenses** | **3755832** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1058653)<br>|
| Class A | (239927)<br>|
| Class C | (419)<br>|
| Administrator Class | (1357)<br>|
| **Net expenses** | **2455476** |
| **Net investment income** | **6354663** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 41192343 |
| Futures contracts | 3755446 |
| **Net realized gains on investments**  | **44947789** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 188042615 |
| Futures contracts | 366819 |
| **Net change in unrealized gains (losses) on investments** | **188409434** |
| **Net realized and unrealized gains (losses) on investments** | **233357223** |
| **Net increase in net assets resulting from operations** | **$239711886** |

---

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

Allspring Index Fund \| 19

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> September 30, 2025<br> (unaudited) | Six months ended<br> September 30, 2025<br> (unaudited) | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $6354663 |  | &nbsp;&nbsp; $13171405 |
| Net realized gains on investments |  | &nbsp;&nbsp; 44947789 |  | &nbsp;&nbsp; 93605488 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 188409434 |  | &nbsp;&nbsp; (7839435)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **239711886** |  | &nbsp;&nbsp; **98937458** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (73573746)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (584126)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (32784061)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(106941933)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 181050 | &nbsp;&nbsp; 9700347 | &nbsp;&nbsp; 470643 | &nbsp;&nbsp; 24718140 |
| Class C | 7186 | &nbsp;&nbsp; 387660 | &nbsp;&nbsp; 14502 | &nbsp;&nbsp; 775058 |
| Administrator Class | 291146 | &nbsp;&nbsp; 16291761 | &nbsp;&nbsp; 638894 | &nbsp;&nbsp; 34601302 |
|  |  | &nbsp;&nbsp; 26379768 |  | &nbsp;&nbsp; 60094500 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1333963 | &nbsp;&nbsp; 71395358 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 10575 | &nbsp;&nbsp; 582349 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 590893 | &nbsp;&nbsp; 32736668 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 104714375 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (922845)<br>| &nbsp;&nbsp; (49563666)<br>| &nbsp;&nbsp; (1928086)<br>| &nbsp;&nbsp; (101665453)<br>|
| Class C | (16891)<br>| &nbsp;&nbsp; (913178)<br>| &nbsp;&nbsp; (49675)<br>| &nbsp;&nbsp; (2683632)<br>|
| Administrator Class | (519037)<br>| &nbsp;&nbsp; (28717264)<br>| &nbsp;&nbsp; (1527158)<br>| &nbsp;&nbsp; (81373750)<br>|
|  |  | &nbsp;&nbsp; (79194108)<br>|  | &nbsp;&nbsp; (185722835)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(52814340)**<br>|  | &nbsp;&nbsp; **(20913960)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **186897546** |  | &nbsp;&nbsp; **(28918435)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **1244085716** |  | &nbsp;&nbsp; **1273004151** |
| **End of period** |  | &nbsp;&nbsp; **$1430983262** |  | &nbsp;&nbsp; **$1244085716** |

---

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

20 \| Allspring Index Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class A | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$49.48** | &nbsp;&nbsp; **$49.76** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$45.49** | &nbsp;&nbsp; **$50.17** | &nbsp;&nbsp; **$41.27** | &nbsp;&nbsp; **$49.48** |
| Net investment income | 0.25 <br><sup>2</sup><br>| 0.50 <br><sup>2</sup><br>| 0.45 <br><sup>2</sup><br>| 0.55 <br><sup>2</sup><br>| 0.46 | 0.48 | 0.65 |
| Net realized and unrealized gains (losses) on investments | 9.49 | 3.68 | 10.45 | 0.36 | &nbsp;&nbsp; (0.33)<br>| 14.92 | 5.82 |
| Total from investment operations | 9.74 | 4.18 | 10.90 | 0.91 | 0.13 | 15.40 | 6.47 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.67)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp; (14.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (4.81)<br>| &nbsp;&nbsp; (6.50)<br>| &nbsp;&nbsp; (14.68)<br>|
| **Net asset value, end of period** | **$59.22** | &nbsp;&nbsp; **$49.48** | &nbsp;&nbsp; **$49.76** | &nbsp;&nbsp; **$42.33** | &nbsp;&nbsp; **$45.49** | &nbsp;&nbsp; **$50.17** | &nbsp;&nbsp; **$41.27** |
| **Total return**<sup>3</sup> <br>| **19.68%**<br>| **7.78%**<br>| **26.86%**<br>| **2.45%**<br>| &nbsp;&nbsp; **(0.74)%**<br>| **39.71%**<br>| **12.02%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 0.63<br> %<br>| 0.63<br> %<br>| 0.62<br> %<br>| 0.64<br> %<br>| 0.63 %\*<br>| 0.65 %\*<br>| 0.67 %\*<br>|
| Net expenses | 0.42<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.45<br> %<br>| 0.44 %\*<br>| 0.44 %\*<br>| 0.44 %\*<br>|
| Net investment income | 0.91<br> %<br>| 0.96<br> %<br>| 1.19<br> %<br>| 1.30<br> %<br>| 0.92 %\*<br>| 1.08 %\*<br>| 1.47 %\*<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 4 %<sup>4</sup><br>| &nbsp;&nbsp; 3 %<sup>4</sup><br>|
| Net assets, end of period (000s omitted) | $978893 | &nbsp;&nbsp; $854516 | &nbsp;&nbsp; $865571 | &nbsp;&nbsp; $727314 | &nbsp;&nbsp; $771925 | &nbsp;&nbsp; $835781 | &nbsp;&nbsp; $660101 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |
| Year ended May 31, 2020 | 0.12% |

---

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

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

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

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

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

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

Allspring Index Fund \| 21

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Class C | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$51.02** | &nbsp;&nbsp; **$51.23** | &nbsp;&nbsp; **$43.44** | &nbsp;&nbsp; **$46.50** | &nbsp;&nbsp; **$51.19** | &nbsp;&nbsp; **$41.90** | &nbsp;&nbsp; **$50.02** |
| Net investment income | 0.04 <br><sup>2</sup><br>| 0.11 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.23 <br><sup>2</sup><br>| 0.08 <br><sup>2</sup><br>| 0.16 <br><sup>2</sup><br>| 0.30 |
| Net realized and unrealized gains (losses) on investments | 9.78 | 3.74 | 10.74 | 0.40 | &nbsp;&nbsp; (0.37)<br>| 15.21 | 5.84 |
| Total from investment operations | 9.82 | 3.85 | 10.90 | 0.63 | &nbsp;&nbsp; (0.29)<br>| 15.37 | 6.14 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp; (14.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (4.06)<br>| &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp; (14.26)<br>|
| **Net asset value, end of period** | **$60.84** | &nbsp;&nbsp; **$51.02** | &nbsp;&nbsp; **$51.23** | &nbsp;&nbsp; **$43.44** | &nbsp;&nbsp; **$46.50** | &nbsp;&nbsp; **$51.19** | &nbsp;&nbsp; **$41.90** |
| **Total return**<sup>3</sup> <br>| **19.25%**<br>| **6.95%**<br>| **26.06%**<br>| **1.69%**<br>| &nbsp;&nbsp; **(1.48)%**<br>| **38.83%**<br>| **11.17%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 1.36<br> %<br>| 1.38<br> %<br>| 1.36<br> %<br>| 1.38<br> %<br>| 1.37 %\*<br>| 1.40 %\*<br>| 1.42 %\*<br>|
| Net expenses | 1.19<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.20<br> %<br>| 1.20 %\*<br>| 1.20 %\*<br>| 1.20<br> %<br>|
| Net investment income | 0.14<br> %<br>| 0.20<br> %<br>| 0.42<br> %<br>| 0.54<br> %<br>| 0.16 %\*<br>| 0.34 %\*<br>| 0.72 %\*<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 4 %<sup>4</sup><br>| &nbsp;&nbsp; 3 %<sup>4</sup><br>|
| Net assets, end of period (000s omitted) | $7602 | &nbsp;&nbsp; $6870 | &nbsp;&nbsp; $8158 | &nbsp;&nbsp; $7780 | &nbsp;&nbsp; $10538 | &nbsp;&nbsp; $12530 | &nbsp;&nbsp; $16103 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |
| Year ended May 31, 2020 | 0.12% |

---

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

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

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

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

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

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

22 \| Allspring Index Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 | Year ended May 31 |
| Administrator Class | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>| 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$51.19** | &nbsp;&nbsp; **$51.37** | &nbsp;&nbsp; **$43.60** | &nbsp;&nbsp; **$46.73** | &nbsp;&nbsp; **$51.41** | &nbsp;&nbsp; **$42.15** | &nbsp;&nbsp; **$50.24** |
| Net investment income | 0.30 <br><sup>2</sup><br>| 0.61 <br><sup>2</sup><br>| 0.53 <br><sup>2</sup><br>| 0.65 <br><sup>2</sup><br>| 0.58 | 0.58 | 0.81 |
| Net realized and unrealized gains (losses) on investments | 9.84 | 3.78 | 10.79 | 0.37 | &nbsp;&nbsp; (0.36)<br>| 15.26 | 5.85 |
| Total from investment operations | 10.14 | 4.39 | 11.32 | 1.02 | 0.22 | 15.84 | 6.66 |
| **Distributions to shareholders from** |  |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.74)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.96)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp; (4.35)<br>| &nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp; (14.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (4.90)<br>| &nbsp;&nbsp; (6.58)<br>| &nbsp;&nbsp; (14.75)<br>|
| **Net asset value, end of period** | **$61.33** | &nbsp;&nbsp; **$51.19** | &nbsp;&nbsp; **$51.37** | &nbsp;&nbsp; **$43.60** | &nbsp;&nbsp; **$46.73** | &nbsp;&nbsp; **$51.41** | &nbsp;&nbsp; **$42.15** |
| **Total return**<sup>3</sup> <br>| **19.81%**<br>| **7.95%**<br>| **27.07%**<br>| **2.65%**<br>| &nbsp;&nbsp; **(0.55)%**<br>| **39.97%**<br>| **12.25%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |  |
| Gross expenses | 0.41<br> %<br>| 0.41<br> %<br>| 0.39<br> %<br>| 0.40<br> %<br>| 0.37 %\*<br>| 0.42 %\*<br>| 0.44 %\*<br>|
| Net expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %\*<br>| 0.25 %\*<br>| 0.25 %\*<br>|
| Net investment income | 1.08<br> %<br>| 1.13<br> %<br>| 1.36<br> %<br>| 1.49<br> %<br>| 1.11 %\*<br>| 1.28 %\*<br>| 1.67 %\*<br>|
| **Supplemental data** |  |  |  |  |  |  |  |
| Portfolio turnover rate | 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 4 %<sup>4</sup><br>| &nbsp;&nbsp; 3 %<sup>4</sup><br>|
| Net assets, end of period (000s omitted) | $444489 | &nbsp;&nbsp; $382699 | &nbsp;&nbsp; $399275 | &nbsp;&nbsp; $350438 | &nbsp;&nbsp; $369967 | &nbsp;&nbsp; $414276 | &nbsp;&nbsp; $343609 |

---

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

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

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

---

| | |
|:---|:---|
| Year ended May 31, 2022 | 0.11% |
| Year ended May 31, 2021 | 0.11% |
| Year ended May 31, 2020 | 0.12% |

---

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

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

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

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

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

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

Allspring Index Fund \| 23

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Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Futures contracts

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

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

24 \| Allspring Index Fund

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Notes to financial statements (unaudited)

Distributions to shareholders

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

Federal and other taxes

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

The Fund's income and federal excise tax returns and all financial records supporting those returns for the 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 September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $291,077,270 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1148230129 |
| Gross unrealized losses | &nbsp;&nbsp; (11089703)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$1137140426** |

---

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Index Fund \| 25

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Notes to financial statements (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $143249795 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $143249795 |
| *Consumer discretionary* | &nbsp;&nbsp; 148894625 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 148894625 |
| *Consumer staples* | &nbsp;&nbsp; 69369806 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 69369806 |
| *Energy* | &nbsp;&nbsp; 40817176 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 40817176 |
| *Financials* | &nbsp;&nbsp; 191391351 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 191391351 |
| *Health care* | &nbsp;&nbsp; 125231456 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 125231456 |
| *Industrials* | &nbsp;&nbsp; 117129719 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 117129719 |
| *Information technology* | &nbsp;&nbsp; 491606733 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 491606733 |
| *Materials* | &nbsp;&nbsp; 25078087 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 25078087 |
| *Real estate* | &nbsp;&nbsp; 27370225 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27370225 |
| *Utilities* | &nbsp;&nbsp; 33196144 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33196144 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 14644006 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14644006 |
|  | &nbsp;&nbsp; 1427979123 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1427979123 |
| **Futures contracts** | &nbsp;&nbsp; 238573 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 238573 |
| **Total assets** | &nbsp;&nbsp; **$1428217696** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1428217696** |

---

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $1 billion | 0.150<br> %<br>|
| Next $4 billion | 0.125 |
| Next $5 billion | 0.090 |
| Over $10 billion | 0.080 |

---

For the six months ended September 30, 2025, the management fee was equivalent to an annual rate of 0.14% of the Fund's average daily net assets.

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

Administration fees

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

26 \| Allspring Index Fund

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Notes to financial statements (unaudited)

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2025, Allspring Funds Distributor received $10,030 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 2025.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2025 were $21,147,010 and $61,008,676, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended September 30, 2025, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $17,996,821 in long futures contracts during the six months ended September 30, 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.

Allspring Index Fund \| 27

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Notes to financial statements (unaudited)

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

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

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

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.

28 \| Allspring Index Fund

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Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Index Fund \| 29

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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.

30 \| Allspring Index 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 Index 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 Index Fund \| 31

------

Other information (unaudited)

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

*Fund investment performance and expenses*

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

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

*Profitability*

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

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.

32 \| Allspring Index Fund

------

Other information (unaudited)

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

*Economies of scale*

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

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

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

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

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

*Conclusion*

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

Allspring Index Fund \| 33

------

![](g774280img88349e8e1.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**

![](g774280img353851d52.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.**

**NCSRS3329 09-25**

------

![](g774280imgbcb5de541.jpg)

Allspring Innovation Fund

Long Form Financial Statements

Semi-Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_POI-PageBlank-40_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_FS-PageBlank-40_1)** |  |
| [Statement of assets and liabilities](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_FS-PageBlank-40_1) | 5 |
| [Statement of operations](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_FS-PageBlank-40_2) | 6 |
| [Statement of changes in net assets](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_FS-PageBlank-40_3) | 7 |
| [Financial highlights](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_FIHI-PageBlank-40_1) | 8 |
| **[Notes to financial statements](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_NTF-PageBlank-40_1)** | 11 |
| **[Other information](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_3)['](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_3)[s approval of investment](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_3)<br> [advisory contract](#xx_d9e83a7d-66a4-42f0-a1ef-d5fd8df4efd7_OI-PageBlank-40_3)<br>| 18 |

---

Allspring Innovation Fund \| 1

------

Portfolio of investments—September 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.36%** |  |  |
| **Communication services: 7.70%** |  |  |
| **Entertainment: 7.70%** |  |  |
| Live Nation Entertainment, Inc.† | 89254 | &nbsp;&nbsp; $14584103 |
| Netflix, Inc.† | 5189 | &nbsp;&nbsp; 6221196 |
| Nintendo Co. Ltd. ADR | 562355 | &nbsp;&nbsp; 12000656 |
|  |  | &nbsp;&nbsp; **32805955** |
| **Consumer discretionary: 13.30%** |  |  |
| **Broadline retail: 3.52%** |  |  |
| MercadoLibre, Inc.† | 6415 | &nbsp;&nbsp; **14991470** |
| **Hotels, restaurants & leisure: 8.26%** |  |  |
| DoorDash, Inc. Class A† | 81505 | &nbsp;&nbsp; 22168545 |
| Hilton Worldwide Holdings, Inc. | 50203 | &nbsp;&nbsp; 13024666 |
|  |  | &nbsp;&nbsp; **35193211** |
| **Specialty retail: 1.52%** |  |  |
| Carvana Co. Class A† | 17108 | &nbsp;&nbsp; **6453822** |
| **Financials: 9.86%** |  |  |
| **Capital markets: 6.97%** |  |  |
| Robinhood Markets, Inc. Class A† | 133954 | &nbsp;&nbsp; 19179534 |
| S&P Global, Inc. | 21614 | &nbsp;&nbsp; 10519750 |
|  |  | &nbsp;&nbsp; **29699284** |
| **Financial services: 2.89%** |  |  |
| Visa, Inc. Class A | 36068 | &nbsp;&nbsp; **12312894** |
| **Health care: 6.33%** |  |  |
| **Health care equipment & supplies: 3.83%** |  |  |
| IDEXX Laboratories, Inc.† | 16625 | &nbsp;&nbsp; 10621546 |
| Intuitive Surgical, Inc.† | 12754 | &nbsp;&nbsp; 5703972 |
|  |  | &nbsp;&nbsp; **16325518** |
| **Health care providers & services: 2.50%** |  |  |
| McKesson Corp. | 13788 | &nbsp;&nbsp; **10651781** |
| **Industrials: 7.03%** |  |  |
| **Aerospace & defense: 1.35%** |  |  |
| Axon Enterprise, Inc.† | 8013 | &nbsp;&nbsp; **5750449** |
| **Commercial services & supplies: 5.68%** |  |  |
| Rollins, Inc. | 223869 | &nbsp;&nbsp; 13150065 |
| Waste Connections, Inc. | 62768 | &nbsp;&nbsp; 11034615 |
|  |  | &nbsp;&nbsp; **24184680** |

---

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

2 \| Allspring Innovation Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Information technology: 47.97%** |  |  |
| **Communications equipment: 5.24%** |  |  |
| Arista Networks, Inc.† | 76446 | &nbsp;&nbsp; $11138946 |
| Motorola Solutions, Inc. | 24399 | &nbsp;&nbsp; 11157419 |
|  |  | &nbsp;&nbsp; **22296365** |
| **IT services: 3.23%** |  |  |
| Shopify, Inc. Class A† | 92686 | &nbsp;&nbsp; **13774067** |
| **Semiconductors & semiconductor equipment: 13.35%** |  |  |
| KLA Corp. | 17572 | &nbsp;&nbsp; 18953159 |
| Monolithic Power Systems, Inc. | 20228 | &nbsp;&nbsp; 18622706 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 69110 | &nbsp;&nbsp; 19301732 |
|  |  | &nbsp;&nbsp; **56877597** |
| **Software: 26.15%** |  |  |
| AppLovin Corp. Class A† | 19282 | &nbsp;&nbsp; 13854888 |
| Cadence Design Systems, Inc.† | 49479 | &nbsp;&nbsp; 17379994 |
| CCC Intelligent Solutions Holdings, Inc.† | 678613 | &nbsp;&nbsp; 6182165 |
| Commvault Systems, Inc.† | 69081 | &nbsp;&nbsp; 13041111 |
| Fair Isaac Corp.† | 4274 | &nbsp;&nbsp; 6396169 |
| Guidewire Software, Inc.† | 27264 | &nbsp;&nbsp; 6266903 |
| Oracle Corp. | 67605 | &nbsp;&nbsp; 19013230 |
| Samsara, Inc. Class A† | 144486 | &nbsp;&nbsp; 5382104 |
| ServiceNow, Inc.† | 12397 | &nbsp;&nbsp; 11408711 |
| Tyler Technologies, Inc.† | 23763 | &nbsp;&nbsp; 12431851 |
|  |  | &nbsp;&nbsp; **111357126** |
| **Materials: 2.84%** |  |  |
| **Metals & mining: 2.84%** |  |  |
| Carpenter Technology Corp. | 49270 | &nbsp;&nbsp; **12097756** |
| **Utilities: 3.33%** |  |  |
| **Independent power and renewable electricity producers: 3.33%** |  |  |
| Talen Energy Corp.† | 33309 | &nbsp;&nbsp; **14168982** |
| **Total common stocks (Cost $301,158,611)** |  | &nbsp;&nbsp; **418940957** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.11%** |  |  |  |  |
| **Investment companies: 0.11%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 459793 | &nbsp;&nbsp; **459793** |
| **Total short-term investments (Cost $459,793)** |  |  |  | &nbsp;&nbsp; **459793** |
| **Total investments in securities (Cost $301,618,404)** | 98.47<br> %<br>|  |  | &nbsp;&nbsp; 419400750 |
| Other assets and liabilities, net | 1.53 |  |  | &nbsp;&nbsp; 6520340 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$425921090** |

---

&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;

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

Allspring Innovation Fund \| 3

------

Portfolio of investments—September 30, 2025 (unaudited)

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>| $6177913 | $32188083 | $(37906203)<br>| $0 | $0 | $459793 | 459793 | $123035 |

---

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

4 \| Allspring Innovation Fund

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $301,158,611) | $418940957 |
| Investments in affiliated securities, at value (cost $459,793) | 459793 |
| Receivable for investments sold | 6905942 |
| Receivable for dividends | 142311 |
| Receivable for Fund shares sold | 18878 |
| Prepaid expenses and other assets | 58649 |
| **Total assets** | **426526530** |
| Liabilities |  |
| Management fee payable | 249540 |
| Payable for Fund shares redeemed | 155594 |
| Shareholder servicing fees payable | 82151 |
| Administration fees payable | 68111 |
| Distribution fee payable | 2170 |
| Trustees' fees and expenses payable | 1579 |
| Accrued expenses and other liabilities | 46295 |
| **Total liabilities** | **605440** |
| **Total net assets**  | **$425921090** |
| Net assets consist of |  |
| Paid-in capital | $248612247 |
| Total distributable earnings | 177308843 |
| **Total net assets** | **$425921090** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $398337760 |
| Shares outstanding–Class A<sup>1</sup> <br>| 31327941 |
| Net asset value per share–Class A | $12.72 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $13.50 |
| Net assets–Class C | $3473699 |
| Shares outstanding–Class C<sup>1</sup> <br>| 665863 |
| Net asset value per share–Class C | $5.22 |
| Net assets–Institutional Class | $24109631 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1726458 |
| Net asset value per share–Institutional Class | $13.96 |

---

<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 Innovation Fund \| 5

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $16,818) | $598781 |
| Income from affiliated securities | 123035 |
| Interest | 7 |
| **Total investment income** | **721823** |
| Expenses |  |
| Management fee | 1667285 |
| Administration fees |  |
| Class A | 390334 |
| Class C | 3659 |
| Administrator Class | 1295 <br><sup>1</sup><br>|
| Institutional Class | 13536 |
| Shareholder servicing fees |  |
| Class A | 487918 |
| Class C | 4555 |
| Administrator Class | 2485 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 13661 |
| Custody and accounting fees | 5936 |
| Professional fees | 24186 |
| Registration fees | 50054 |
| Shareholder report expenses | 20549 |
| Trustees' fees and expenses | 5759 |
| Other fees and expenses | 11717 |
| **Total expenses** | **2702929** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (166838)<br>|
| Class A | (67064)<br>|
| Institutional Class | (804)<br>|
| **Net expenses** | **2468223** |
| **Net investment loss** | **(1746400)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 7328562 |
| Foreign currency and foreign currency translations | (5)<br>|
| **Net realized gains on investments**  | **7328557** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 52373059 |
| Foreign currency and foreign currency translations | 1841 |
| **Net change in unrealized gains (losses) on investments** | **52374900** |
| **Net realized and unrealized gains (losses) on investments** | **59703457** |
| **Net increase in net assets resulting from operations** | **$57957057** |

---

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

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

6 \| Allspring Innovation Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> September 30, 2025<br> (unaudited) | Six months ended<br> September 30, 2025<br> (unaudited) | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(1746400)<br>|  | &nbsp;&nbsp; $(2631692)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 7328557 |  | &nbsp;&nbsp; 58764085 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 52374900 |  | &nbsp;&nbsp; (43337715)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **57957057** |  | &nbsp;&nbsp; **12794678** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (31481475)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (796328)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (182763)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1323254)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(33783820)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 163590 | &nbsp;&nbsp; 1917695 | &nbsp;&nbsp; 365519 | &nbsp;&nbsp; 4358062 |
| Class C | 39636 | &nbsp;&nbsp; 199230 | &nbsp;&nbsp; 95784 | &nbsp;&nbsp; 531068 |
| Administrator Class | 21363 <br><sup>1</sup><br>| &nbsp;&nbsp; 271737 <br><sup>1</sup><br>| &nbsp;&nbsp; 44929 | &nbsp;&nbsp; 565230 |
| Institutional Class | 452171 | &nbsp;&nbsp; 5570086 | &nbsp;&nbsp; 589185 | &nbsp;&nbsp; 7497104 |
|  |  | &nbsp;&nbsp; 7958748 |  | &nbsp;&nbsp; 12951464 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 2428227 | &nbsp;&nbsp; 29964325 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 156143 | &nbsp;&nbsp; 796328 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 13551 | &nbsp;&nbsp; 176841 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 95828 | &nbsp;&nbsp; 1296548 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 32234042 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (2098309)<br>| &nbsp;&nbsp; (25183712)<br>| &nbsp;&nbsp; (5898934)<br>| &nbsp;&nbsp; (68659010)<br>|
| Class C | (176503)<br>| &nbsp;&nbsp; (869490)<br>| &nbsp;&nbsp; (379198)<br>| &nbsp;&nbsp; (1969613)<br>|
| Administrator Class | (18445 )<sup>1</sup><br>| &nbsp;&nbsp; (235254 )<sup>1</sup><br>| &nbsp;&nbsp; (69175)<br>| &nbsp;&nbsp; (869547)<br>|
| Institutional Class | (216663)<br>| &nbsp;&nbsp; (2860533)<br>| &nbsp;&nbsp; (1757453)<br>| &nbsp;&nbsp; (22072788)<br>|
|  |  | &nbsp;&nbsp; (29148989)<br>|  | &nbsp;&nbsp; (93570958)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (167190 )<sup>2</sup><br>| &nbsp;&nbsp; (2217373 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 161029 <br><sup>2</sup><br>| &nbsp;&nbsp; 2217373 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(21190241)**<br>|  | &nbsp;&nbsp; **(48385452)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **36766816** |  | &nbsp;&nbsp; **(69374594)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **389154274** |  | &nbsp;&nbsp; **458528868** |
| **End of period** |  | &nbsp;&nbsp; **$425921090** |  | &nbsp;&nbsp; **$389154274** |

---

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

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

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

Allspring Innovation Fund \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$11.05** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$8.96** | &nbsp;&nbsp; **$14.58** | &nbsp;&nbsp; **$18.55** | &nbsp;&nbsp; **$12.08** |
| Net investment loss | (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.19 )<sup>1</sup><br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gains (losses) on investments | 1.72 | 0.52 | 2.69 | &nbsp;&nbsp; (3.21)<br>| 1.04 | 9.44 |
| Total from investment operations | 1.67 | 0.45 | 2.62 | &nbsp;&nbsp; (3.30)<br>| 0.85 | 9.28 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.98)<br>| 0.00 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (2.81)<br>|
| **Net asset value, end of period** | **$12.72** | &nbsp;&nbsp; **$11.05** | &nbsp;&nbsp; **$11.58** | &nbsp;&nbsp; **$8.96** | &nbsp;&nbsp; **$14.58** | &nbsp;&nbsp; **$18.55** |
| **Total return**<sup>2</sup> <br>| **15.11%**<br>| **3.03%** <br>| **29.24%**<br>| &nbsp;&nbsp; **(21.42)%**<br>| **1.26%**<br>| **77.67%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.31<br> %<br>| 1.30<br> %<br>| 1.30<br> %<br>| 1.34<br> %<br>| 1.34<br> %<br>| 1.35<br> %<br>|
| Net expenses | 1.19<br> %<br>| 1.18<br> %<br>| 1.19<br> %<br>| 1.25<br> %<br>| 1.33<br> %<br>| 1.34<br> %<br>|
| Net investment loss | (0.85)%<br>| &nbsp;&nbsp; (0.62)%<br>| &nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp; (0.81)%<br>| &nbsp;&nbsp; (1.02)%<br>| &nbsp;&nbsp; (0.98)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 49<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 146<br> %<br>|
| Net assets, end of period (000s omitted) | $398338 | &nbsp;&nbsp; $367470 | &nbsp;&nbsp; $421217 | &nbsp;&nbsp; $362754 | &nbsp;&nbsp; $526555 | &nbsp;&nbsp; $575422 |

---

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

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

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

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

8 \| Allspring Innovation Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class C | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$4.55** | &nbsp;&nbsp; **$5.31** | &nbsp;&nbsp; **$4.14** | &nbsp;&nbsp; **$8.51** | &nbsp;&nbsp; **$12.64** | &nbsp;&nbsp; **$8.80** |
| Net investment loss | (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.21 )<sup>1</sup><br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gains (losses) on investments | 0.71 | 0.29 | 1.24 | &nbsp;&nbsp; (1.96)<br>| 0.90 | 6.82 |
| Total from investment operations | 0.67 | 0.22 | 1.17 | &nbsp;&nbsp; (2.05)<br>| 0.69 | 6.65 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.98)<br>| 0.00 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (2.81)<br>|
| **Net asset value, end of period** | **$5.22** | &nbsp;&nbsp; **$4.55** | &nbsp;&nbsp; **$5.31** | &nbsp;&nbsp; **$4.14** | &nbsp;&nbsp; **$8.51** | &nbsp;&nbsp; **$12.64** |
| **Total return**<sup>2</sup> <br>| **14.73%**<br>| **2.22%**<br>| **28.26%**<br>| &nbsp;&nbsp; **(22.09)%**<br>| **0.51%**<br>| **76.67%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 2.05<br> %<br>| 2.03<br> %<br>| 2.05<br> %<br>| 2.08<br> %<br>| 2.09<br> %<br>| 2.10<br> %<br>|
| Net expenses | 1.97<br> %<br>| 1.97<br> %<br>| 1.97<br> %<br>| 2.02<br> %<br>| 2.09<br> %<br>| 2.10<br> %<br>|
| Net investment loss | (1.62)%<br>| &nbsp;&nbsp; (1.40)%<br>| &nbsp;&nbsp; (1.49)%<br>| &nbsp;&nbsp; (1.57)%<br>| &nbsp;&nbsp; (1.79)%<br>| &nbsp;&nbsp; (1.75)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 49<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 146<br> %<br>|
| Net assets, end of period (000s omitted) | $3474 | &nbsp;&nbsp; $3653 | &nbsp;&nbsp; $4941 | &nbsp;&nbsp; $5441 | &nbsp;&nbsp; $9822 | &nbsp;&nbsp; $12017 |

---

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

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

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

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

Allspring Innovation Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.12** | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$15.48** | &nbsp;&nbsp; **$19.39** | &nbsp;&nbsp; **$12.51** |
| Net investment loss | (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.06 )<sup>1</sup><br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized and unrealized gains (losses) on investments | 1.88 | 0.55 | 2.92 | &nbsp;&nbsp; (3.39)<br>| 1.04 | 9.81 |
| Total from investment operations | 1.84 | 0.51 | 2.88 | &nbsp;&nbsp; (3.45)<br>| 0.91 | 9.69 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.98)<br>| 0.00 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (2.81)<br>|
| **Net asset value, end of period** | **$13.96** | &nbsp;&nbsp; **$12.12** | &nbsp;&nbsp; **$12.59** | &nbsp;&nbsp; **$9.71** | &nbsp;&nbsp; **$15.48** | &nbsp;&nbsp; **$19.39** |
| **Total return**<sup>2</sup> <br>| **15.18%**<br>| **3.27%**<br>| **29.66%**<br>| &nbsp;&nbsp; **(21.13)%**<br>| **1.53%**<br>| **78.30%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.99<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 1.01<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Net expenses | 0.90<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.95<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Net investment loss | (0.55)%<br>| &nbsp;&nbsp; (0.35)%<br>| &nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp; (0.50)%<br>| &nbsp;&nbsp; (0.71)%<br>| &nbsp;&nbsp; (0.66)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 49<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 146<br> %<br>|
| Net assets, end of period (000s omitted) | $24110 | &nbsp;&nbsp; $16113 | &nbsp;&nbsp; $30237 | &nbsp;&nbsp; $29001 | &nbsp;&nbsp; $66399 | &nbsp;&nbsp; $85664 |

---

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

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

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

10 \| Allspring Innovation Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities 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.

Allspring Innovation Fund \| 11

------

Notes to financial statements (unaudited)

Federal and other taxes

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

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

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $302,966,108 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $121176928 |
| Gross unrealized losses | &nbsp;&nbsp; (4742286)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$116434642** |

---

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $32805955 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $32805955 |
| *Consumer discretionary* | &nbsp;&nbsp; 56638503 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 56638503 |
| *Financials* | &nbsp;&nbsp; 42012178 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 42012178 |
| *Health care* | &nbsp;&nbsp; 26977299 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26977299 |
| *Industrials* | &nbsp;&nbsp; 29935129 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29935129 |
| *Information technology* | &nbsp;&nbsp; 204305155 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 204305155 |
| *Materials* | &nbsp;&nbsp; 12097756 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12097756 |
| *Utilities* | &nbsp;&nbsp; 14168982 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14168982 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 459793 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 459793 |
| **Total assets** | &nbsp;&nbsp; **$419400750** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$419400750** |

---

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

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

12 \| Allspring Innovation Fund

------

Notes to financial statements (unaudited)

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.800<br> %<br>|
| Next $500 million | 0.750 |
| Next $1 billion | 0.700 |
| Next $2 billion | 0.675 |
| Next $1 billion | 0.650 |
| Next $3 billion | 0.640 |
| Next $2 billion | 0.615 |
| Next $2 billion | 0.605 |
| Next $4 billion | 0.580 |
| Over $16 billion | 0.555 |

---

For the six months ended September 30, 2025, the management fee was equivalent to an annual rate of 0.80% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.22<br> %<br>|
| Class C | 1.97 |
| Institutional Class | 0.90 |

---

Allspring Innovation Fund \| 13

------

Notes to financial statements (unaudited)

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2025, Allspring Funds Distributor received $1,066 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 2025.

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2025 were $200,341,751 and $224,401,263, respectively.

6. BANK BORROWINGS

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

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

7. CONCENTRATION RISKS

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

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

14 \| Allspring Innovation Fund

------

Notes to financial statements (unaudited)

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

11. CLASS CONVERSION

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

Allspring Innovation Fund \| 15

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

16 \| Allspring Innovation Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Innovation Fund \| 17

------

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 Innovation 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."

18 \| Allspring Innovation Fund

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was lower 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 ten-year period under review, and lower for all other 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 that affected the Fund's investment performance. The Board also took note of the Fund's outperformance relative to 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 Administrator Class and Institutional Class, and in range of the median net operating expense ratios of the expense Groups for Class A.

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 Institutional Class, equal to the sum of the average rates for the expense Groups for Administrator Class, and in range of the sum of the average rates for the expense Groups for Class A.

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 Innovation Fund \| 19

------

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.

20 \| Allspring Innovation Fund

------

![](g774280imgbcb5de541.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**

![](g774280img9f6cd5512.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.**

**NCSRS1600 09-25**

------

![](g774280img989e070c1.jpg)

Allspring Managed Account

Allspring Managed Account *CoreBuilder®* Shares – Series EPI

Long Form Financial Statements

Semi-Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_POI-PageBlank-465_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_FS-PageBlank-465_1)** |  |
| [Statement of assets and liabilities](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_FS-PageBlank-465_1) | 6 |
| [Statement of operations](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_FS-PageBlank-465_2) | 7 |
| [Statement of changes in net assets](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_FS-PageBlank-465_3) | 8 |
| [Financial highlights](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_FIHI-PageBlank-465_1) | 9 |
| **[Notes to financial statements](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_NTF-PageBlank-465_1)** | 10 |
| **[Other information](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_1)** | 14 |
| [Item 8. Changes in and disagreements with accountants](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_2) | 15 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_2) | 15 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_2) | 15 |
| [Item 11. Statement regarding basis for board](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_3)['](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_3)[s approval of investment](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_3)<br> [advisory contract](#xx_26716c5c-886a-4c84-a784-8ed697f6873a_OI-PageBlank-465_3)<br>| 16 |

---

Allspring Managed Account \| 1

------

Portfolio of investments—September 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.78%** |  |  |
| **Communication services: 9.95%** |  |  |
| **Entertainment: 1.33%** |  |  |
| Netflix, Inc.†# | 37 | &nbsp;&nbsp; **$44360** |
| **Interactive media & services: 8.62%** |  |  |
| Alphabet, Inc. Class C# | 629 | &nbsp;&nbsp; 153193 |
| Meta Platforms, Inc. Class A# | 182 | &nbsp;&nbsp; 133657 |
|  |  | &nbsp;&nbsp; **286850** |
| **Consumer discretionary: 10.95%** |  |  |
| **Broadline retail: 4.63%** |  |  |
| Amazon.com, Inc.†# | 702 | &nbsp;&nbsp; **154138** |
| **Hotels, restaurants & leisure: 3.77%** |  |  |
| Hilton Worldwide Holdings, Inc.# | 190 | &nbsp;&nbsp; 49034 |
| McDonald's Corp.# | 157 | &nbsp;&nbsp; 47711 |
| Starbucks Corp.# | 338 | &nbsp;&nbsp; 28595 |
|  |  | &nbsp;&nbsp; **125340** |
| **Household durables: 1.15%** |  |  |
| Garmin Ltd.# | 155 | &nbsp;&nbsp; **38164** |
| **Specialty retail: 1.40%** |  |  |
| Home Depot, Inc.# | 115 | &nbsp;&nbsp; **46597** |
| **Consumer staples: 2.89%** |  |  |
| **Consumer staples distribution & retail: 1.00%** |  |  |
| Walmart, Inc.# | 323 | &nbsp;&nbsp; **33288** |
| **Food products: 0.90%** |  |  |
| Mondelez International, Inc. Class A# | 478 | &nbsp;&nbsp; **29861** |
| **Personal care products: 0.99%** |  |  |
| Unilever PLC ADR# | 556 | &nbsp;&nbsp; **32960** |
| **Energy: 3.74%** |  |  |
| **Oil, gas & consumable fuels: 3.74%** |  |  |
| Suncor Energy, Inc.# | 1557 | &nbsp;&nbsp; 65098 |
| TotalEnergies SE ADR# | 993 | &nbsp;&nbsp; 59272 |
|  |  | &nbsp;&nbsp; **124370** |
| **Financials: 15.37%** |  |  |
| **Banks: 6.19%** |  |  |
| Citigroup, Inc.# | 672 | &nbsp;&nbsp; 68208 |
| JPMorgan Chase & Co.# | 330 | &nbsp;&nbsp; 104092 |
| Regions Financial Corp.# | 1279 | &nbsp;&nbsp; 33727 |
|  |  | &nbsp;&nbsp; **206027** |

---

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

2 \| Allspring Managed Account

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets: 3.54%** |  |  |
| BlackRock, Inc.# | 49 | &nbsp;&nbsp; $57127 |
| Blackstone, Inc.# | 355 | &nbsp;&nbsp; 60652 |
|  |  | &nbsp;&nbsp; **117779** |
| **Financial services: 2.94%** |  |  |
| Berkshire Hathaway, Inc. Class B†# | 73 | &nbsp;&nbsp; 36700 |
| Visa, Inc. Class A# | 179 | &nbsp;&nbsp; 61107 |
|  |  | &nbsp;&nbsp; **97807** |
| **Insurance: 2.70%** |  |  |
| Manulife Financial Corp.# | 1385 | &nbsp;&nbsp; 43143 |
| Marsh & McLennan Cos., Inc.# | 232 | &nbsp;&nbsp; 46755 |
|  |  | &nbsp;&nbsp; **89898** |
| **Health care: 6.31%** |  |  |
| **Biotechnology: 1.80%** |  |  |
| AbbVie, Inc.# | 257 | &nbsp;&nbsp; **59736** |
| **Health care equipment & supplies: 1.34%** |  |  |
| Abbott Laboratories# | 332 | &nbsp;&nbsp; **44468** |
| **Life sciences tools & services: 1.06%** |  |  |
| Thermo Fisher Scientific, Inc.# | 73 | &nbsp;&nbsp; **35407** |
| **Pharmaceuticals: 2.11%** |  |  |
| Eli Lilly & Co.# | 92 | &nbsp;&nbsp; **70196** |
| **Industrials: 11.60%** |  |  |
| **Aerospace & defense: 3.79%** |  |  |
| Boeing Co.†# | 292 | &nbsp;&nbsp; 63023 |
| RTX Corp.# | 376 | &nbsp;&nbsp; 62916 |
|  |  | &nbsp;&nbsp; **125939** |
| **Commercial services & supplies: 1.12%** |  |  |
| Waste Management, Inc.# | 169 | &nbsp;&nbsp; **37320** |
| **Electrical equipment: 2.08%** |  |  |
| Eaton Corp. PLC# | 185 | &nbsp;&nbsp; **69236** |
| **Ground transportation: 3.09%** |  |  |
| Uber Technologies, Inc.†# | 636 | &nbsp;&nbsp; 62309 |
| Union Pacific Corp.# | 171 | &nbsp;&nbsp; 40419 |
|  |  | &nbsp;&nbsp; **102728** |
| **Machinery: 1.52%** |  |  |
| Xylem, Inc.# | 343 | &nbsp;&nbsp; **50593** |
| **Information technology: 35.83%** |  |  |
| **Communications equipment: 1.44%** |  |  |
| Motorola Solutions, Inc.# | 105 | &nbsp;&nbsp; **48015** |

---

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

Allspring Managed Account \| 3

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components: 2.38%** |  |  |
| Keysight Technologies, Inc.†# | 216 | &nbsp;&nbsp; $37783 |
| TE Connectivity PLC# | 189 | &nbsp;&nbsp; 41491 |
|  |  | &nbsp;&nbsp; **79274** |
| **IT services: 0.74%** |  |  |
| Cognizant Technology Solutions Corp. Class A# | 366 | &nbsp;&nbsp; **24547** |
| **Semiconductors & semiconductor equipment: 12.63%** |  |  |
| Advanced Micro Devices, Inc.†# | 285 | &nbsp;&nbsp; 46110 |
| Analog Devices, Inc.# | 171 | &nbsp;&nbsp; 42015 |
| ASML Holding NV# | 51 | &nbsp;&nbsp; 49373 |
| Broadcom, Inc.# | 470 | &nbsp;&nbsp; 155058 |
| Lam Research Corp.# | 430 | &nbsp;&nbsp; 57577 |
| NVIDIA Corp.# | 375 | &nbsp;&nbsp; 69967 |
|  |  | &nbsp;&nbsp; **420100** |
| **Software: 10.61%** |  |  |
| Adobe, Inc.†# | 80 | &nbsp;&nbsp; 28220 |
| Microsoft Corp.# | 561 | &nbsp;&nbsp; 290570 |
| Salesforce, Inc.# | 145 | &nbsp;&nbsp; 34365 |
|  |  | &nbsp;&nbsp; **353155** |
| **Technology hardware, storage & peripherals: 8.03%** |  |  |
| Apple, Inc.# | 1049 | &nbsp;&nbsp; **267107** |
| **Materials: 1.14%** |  |  |
| **Chemicals: 1.14%** |  |  |
| Ecolab, Inc.# | 138 | &nbsp;&nbsp; **37793** |
| **Total common stocks (Cost $2,327,098)** |  | &nbsp;&nbsp; **3253053** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 2.67%** |  |  |  |  |
| **Investment companies: 2.67%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 88744 | &nbsp;&nbsp; **88744** |
| **Total short-term investments (Cost $88,744)** |  |  |  | &nbsp;&nbsp; **88744** |
| **Total investments in securities (Cost $2,415,842)** | 100.45<br> %<br>|  |  | &nbsp;&nbsp; 3341797 |
| Other assets and liabilities, net | (0.45)<br>|  |  | &nbsp;&nbsp; (14888)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$3326909** |

---

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

---

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

---

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

Abbreviations: <br> ADR American depositary receipt

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

4 \| Allspring Managed Account

------

Portfolio of investments—September 30, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $78374 | $1111255 | $(1100885)<br>| $0 | $0 | $88744 | 88744 | $2138 |

---

**Written options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of <br>contracts<br>| &nbsp;&nbsp; Notional <br>amount<br>| &nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp; Expiration <br>date<br>| Value |
| **Call** |  |  |  |  |  |  |
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; $(1338000)<br>| &nbsp;&nbsp; $669.00 | &nbsp;&nbsp; 10-3-2025 | &nbsp;&nbsp; $(4280)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; (1017000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;678.00 | &nbsp;&nbsp; 10-10-2025 | &nbsp;&nbsp; (1605)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; (496300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;709.00 | &nbsp;&nbsp; 10-10-2025 | &nbsp;&nbsp; (21)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; (615600)<br>| &nbsp;&nbsp;&nbsp;&nbsp;684.00 | &nbsp;&nbsp; 10-17-2025 | &nbsp;&nbsp; (1048)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; (856800)<br>| &nbsp;&nbsp;&nbsp;&nbsp;714.00 | &nbsp;&nbsp; 10-17-2025 | &nbsp;&nbsp; (42)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; (823200)<br>| &nbsp;&nbsp;&nbsp;&nbsp;686.00 | &nbsp;&nbsp; 10-24-2025 | &nbsp;&nbsp; (2064)<br>|
| E-Mini S&P 500 Index  | Morgan Stanley Co. | &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; (438000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;730.00 | &nbsp;&nbsp; 10-24-2025 | &nbsp;&nbsp; (24)<br>|
| Invesco QQQ Trust, Series 1  | Morgan Stanley Co. | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (60000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;600.00 | &nbsp;&nbsp; 10-3-2025 | &nbsp;&nbsp; (314)<br>|
| Invesco QQQ Trust, Series 1  | Morgan Stanley Co. | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (62000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;620.00 | &nbsp;&nbsp; 10-17-2025 | &nbsp;&nbsp; (142)<br>|
| Invesco QQQ Trust, Series 1  | Morgan Stanley Co. | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; (248000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;620.00 | &nbsp;&nbsp; 10-24-2025 | &nbsp;&nbsp; (1046)<br>|
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (271700)<br>| &nbsp;&nbsp;&nbsp;&nbsp;247.00 | &nbsp;&nbsp; 10-3-2025 | &nbsp;&nbsp; (231)<br>|
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; (300000)<br>| &nbsp;&nbsp;&nbsp;&nbsp;250.00 | &nbsp;&nbsp; 10-10-2025 | &nbsp;&nbsp; (534)<br>|
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (278300)<br>| &nbsp;&nbsp;&nbsp;&nbsp;253.00 | &nbsp;&nbsp; 10-17-2025 | &nbsp;&nbsp; (754)<br>|
| iShares Russell 2000 ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; (202400)<br>| &nbsp;&nbsp;&nbsp;&nbsp;253.00 | &nbsp;&nbsp; 10-24-2025 | &nbsp;&nbsp; (904)<br>|
| SPDR Dow Jones Industrial Average ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (93500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;467.50 | &nbsp;&nbsp; 10-3-2025 | &nbsp;&nbsp; (94)<br>|
| SPDR Dow Jones Industrial Average ETF  | Morgan Stanley Co. | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (51500)<br>| &nbsp;&nbsp;&nbsp;&nbsp;515.00 | &nbsp;&nbsp; 10-24-2025 | &nbsp;&nbsp; (3)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; **$(13106)**<br>|

---

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

Allspring Managed Account \| 5

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $2,327,098) | $3253053 |
| Investments in affiliated securities, at value (cost $88,744) | 88744 |
| Receivable for dividends | 2075 |
| Receivable from manager | 284 |
| **Total assets** | **3344156** |
| Liabilities |  |
| Written options, at value (premiums received $18,259) | 13106 |
| Professional fees payable | 2655 |
| Accrued expenses and other liabilities | 1486 |
| **Total liabilities** | **17247** |
| **Total net assets**  | **$3326909** |
| Net assets consist of |  |
| Paid-in capital | $2275302 |
| Total distributable earnings | 1051607 |
| **Total net assets** | **$3326909** |
| Computation of net asset value per share |  |
| Net assets | $3326909 |
| Shares outstanding<sup>1</sup> <br>| 118823 |
| Net asset value per share | $28.00 |

---

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

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

6 \| Allspring Managed Account

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $669) | $20354 |
| Interest | 2149 |
| Income from affiliated securities | 2138 |
| **Total investment income** | **24641** |
| Expenses |  |
| Custody and accounting fees | 2561 |
| Professional fees | 91 |
| Registration fees | 21626 |
| Shareholder report expenses | 5334 |
| Trustees' fees and expenses | 4488 |
| Other fees and expenses | 901 |
| **Total expenses** | **35001** |
| Less: Fee waivers and/or expense reimbursements | (35001)<br>|
| **Net expenses** | **0** |
| **Net investment income** | **24641** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 147732 |
| Foreign currency and foreign currency translations | 3 |
| Written options | (20804)<br>|
| **Net realized gains on investments**  | **126931** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 417237 |
| Written options | (4847)<br>|
| **Net change in unrealized gains (losses) on investments** | **412390** |
| **Net realized and unrealized gains (losses) on investments** | **539321** |
| **Net increase in net assets resulting from operations** | **$563962** |

---

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

Allspring Managed Account \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> September 30, 2025<br> (unaudited) | Six months ended<br> September 30, 2025<br> (unaudited) | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $24641 |  | &nbsp;&nbsp; $55528 |
| Net realized gains on investments |  | &nbsp;&nbsp; 126931 |  | &nbsp;&nbsp; 145584 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 412390 |  | &nbsp;&nbsp; 12208 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **563962** |  | &nbsp;&nbsp; **213320** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (36380)<br>|  | &nbsp;&nbsp; (54741)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold | 11755 | &nbsp;&nbsp; 298509 | &nbsp;&nbsp; 2425 | &nbsp;&nbsp; 58265 |
| Reinvestment of distributions | 15 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 503 |
| Payment for shares redeemed | (35258)<br>| &nbsp;&nbsp; (885000)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| **Net increase (decrease) in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(586085)**<br>|  | &nbsp;&nbsp; **58768** |
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(58503)**<br>|  | &nbsp;&nbsp; **217347** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **3385412** |  | &nbsp;&nbsp; **3168065** |
| **End of period** |  | &nbsp;&nbsp; **$3326909** |  | &nbsp;&nbsp; **$3385412** |

---

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

8 \| Allspring Managed Account

------

Financial highlights

Financial highlights

(For a share outstanding throughout the period)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 |
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$23.79** | &nbsp;&nbsp; **$22.65** | &nbsp;&nbsp; **$20.00** |
| Net investment income | 0.19 <br><sup>2</sup><br>| 0.39 <br><sup>2</sup><br>| 0.32 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 4.33 | 1.14 | 2.98 |
| Total from investment operations | 4.52 | 1.53 | 3.30 |
| **Distributions to shareholders from** |  |  |  |
| Net investment income | (0.23)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.30)<br>|
| Net realized gains | (0.08)<br>| 0.00 | &nbsp;&nbsp; (0.35)<br>|
| Total distributions to shareholders | (0.31)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of period** | **$28.00** | &nbsp;&nbsp; **$23.79** | &nbsp;&nbsp; **$22.65** |
| **Total return**<sup>3</sup> <br>| **19.10%**<br>| **6.73%**<br>| **16.81%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |
| Gross expenses | 2.14<br> %<br>| 3.45<br> %<br>| 5.18 %\*<br>|
| Net expenses<sup>4</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.05 %\*<br>|
| Net investment income | 1.51<br> %<br>| 1.64<br> %<br>| 1.92 %\*<br>|
| **Supplemental data** |  |  |  |
| Portfolio turnover rate | 9<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (000s omitted) | $3327 | &nbsp;&nbsp; $3385 | &nbsp;&nbsp; $3168 |

---

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

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

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

---

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

---

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

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

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

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

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

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

Allspring Managed Account \| 9

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Options that are listed on a foreign or domestic exchange or market are valued at the closing mid-price. Non-listed options are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Foreign currency translation

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

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

10 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

The Fund may sell a security it does not own as a result of an exercised written call option. The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such securities during the period are recorded as an expense on the Statement of operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received.

The Fund may also purchase call or put options. Premiums paid are included in the Statement of assets and liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $2,405,684 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $972153 |
| Gross unrealized losses | &nbsp;&nbsp; (49146)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$923007** |

---

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Allspring Managed Account \| 11

------

Notes to financial statements (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $331210 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $331210 |
| *Consumer discretionary* | &nbsp;&nbsp; 364239 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 364239 |
| *Consumer staples* | &nbsp;&nbsp; 96109 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 96109 |
| *Energy* | &nbsp;&nbsp; 124370 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 124370 |
| *Financials* | &nbsp;&nbsp; 511511 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 511511 |
| *Health care* | &nbsp;&nbsp; 209807 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 209807 |
| *Industrials* | &nbsp;&nbsp; 385816 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 385816 |
| *Information technology* | &nbsp;&nbsp; 1192198 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1192198 |
| *Materials* | &nbsp;&nbsp; 37793 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 37793 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 88744 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 88744 |
| **Total assets** | &nbsp;&nbsp; **$3341797** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3341797** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Written options** | &nbsp;&nbsp; $13106 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $13106 |
| **Total liabilities** | &nbsp;&nbsp; **$13106** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$13106** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2025 were $274,656 and $901,619, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended September 30, 2025, the Fund entered into written options for income generation and hedging purposes. The Fund had an average of 147 written option contracts during the six months ended September 30, 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.

12 \| Allspring Managed Account

------

Notes to financial statements (unaudited)

For options contracts, the Fund has the right to use the collateral to offset any losses incurred. As of September 30, 2025, the Fund had written options contracts with the following counterparty which are subject to offset:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley Co. | &nbsp;&nbsp; $13106 | $0 | $(13106)<br>| $0 |

---

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

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

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISK

Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of September 30, 2025, Allspring Funds Management or one of its affiliates owned 90% of the Fund.

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

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

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

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.

Allspring Managed Account \| 13

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

14 \| Allspring Managed Account

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Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Managed Account \| 15

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

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

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

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

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

*Nature, extent, and quality of services*

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

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

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

\*

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

16 \| Allspring Managed Account

------

Other information (unaudited)

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

*Fund investment performance and expenses*

The Board received and considered information regarding the "zero fee and expense" structure of the Fund. Specifically, the Board noted that the Fund's gross operating expense ratio and each of its various components, including management fees, administration fees, custody fees, Rule 12b-1 fees, and other fees, were zero. The Board also noted Allspring Funds Management's representations that the Fund is a special purpose mutual fund for use exclusively within Allspring Funds Management's separately managed account ("SMA") advisory business and, as such, Allspring Funds Management would assume and pay or reimburse the Fund under an Expense Assumption Agreement all of the ordinary operating expenses of the Fund, excluding portfolio transaction or other investment related costs, fees payable for services provided by the Fund's securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund's business. The Board further noted that Allspring Funds Management is paid a negotiated fee by each SMA sponsor, and that the fee level is identical for all sponsors of SMAs that invest in the Fund.

The Board noted that it had previously reviewed and considered the Fund's performance, including in the context of the Fund's role as part of a larger SMA portfolio. In light of the Fund's unique fee and distribution structure and special purpose of the Fund, the Board did not conduct a comparative fee review relative to a peer group or universe. The Board took into account the performance information, the fee and distribution structure, and special purpose of the Fund in deciding to re-approve the Advisory Agreements for the Fund.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered that the contractual investment management fee rate payable by the Fund to Allspring Funds Management for investment advisory services and fund administration services (the "Management Agreement Rate") was zero, and also reviewed and considered that the Fund's other expenses would normally be zero, because of Allspring Funds Management's commitment to assume and pay or reimburse all of the ordinary operating expenses of the Fund under an Expense Assumption Agreement. The Board also considered that the fee rate payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services was also zero, and that any sub-advisory fees would be paid from the fees Allspring Funds Management receives from SMA sponsors and not by the Fund.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the absence of any compensation payable by the Fund to Allspring Funds Management pursuant to the Management Agreement and by Allspring Funds Management to the Sub-Adviser, in each case, was reasonable.

*Profitability*

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

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

The Board acknowledged that Allspring Funds Management does not earn any fee revenue directly from the Fund, given its zero fee structure. Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

In light of the unique fee structure and special purpose of the Fund, the Board did not conduct an analysis of economies of scale in the context of reviewing the Fund's Advisory Agreements.

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

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund.

The Board received and considered information about payments that Allspring Funds Management would receive from the SMA sponsors. The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized.

Allspring Managed Account \| 17

------

Other information (unaudited)

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

*Conclusion*

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

18 \| Allspring Managed Account

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![](g774280img989e070c1.jpg)

For more information

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

Allspring Funds

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Website: **allspringglobal.com**

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

![](g774280imgfa47685d2.gif)

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

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

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

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

**NCSRS4905 09-25**

------

![](g774280img5406eb661.jpg)

Allspring Precious Metals Fund

Long Form Financial Statements

Semi-Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Consolidated portfolio of investments](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_POI-PageBlank-38_1)** | 2 |
| **[Item 7. Consolidated financial statements and financial highlights](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_FS-PageBlank-38_1)** |  |
| [Consolidated statement of assets and liabilities](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_FS-PageBlank-38_1) | 5 |
| [Consolidated statement of operations](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_FS-PageBlank-38_2) | 6 |
| [Consolidated statement of changes in net assets](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_FS-PageBlank-38_4) | 8 |
| [Consolidated financial highlights](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_FIHI-PageBlank-38_1) | 9 |
| **[Notes to consolidated financial statements](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_NTF-PageBlank-38_1)** | 12 |
| **[Other information](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_1)** | 17 |
| [Item 8. Changes in and disagreements with accountants](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_2) | 18 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_2) | 18 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_2) | 18 |
| [Item 11. Statement regarding basis for board](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_3)['](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_3)[s approval of investment](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_3)<br> [advisory contract](#xx_1b1ffe5d-5e91-4b99-b3f2-7b2420c4f5dd_OI-PageBlank-38_3)<br>| 19 |

---

Allspring Precious Metals Fund \| 1

------

Consolidated portfolio of investments—September 30, 2025 (unaudited)

Consolidated portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 93.66%** |  |  |
| **Australia: 1.96%** |  |  |
| Evolution Mining Ltd. (Materials, Metals & mining) | 400000 | &nbsp;&nbsp; $2866484 |
| Northern Star Resources Ltd. (Materials, Metals & mining) | 1165412 | &nbsp;&nbsp; 18299462 |
|  |  | &nbsp;&nbsp; **21165946** |
| **Canada: 68.09%** |  |  |
| Agnico Eagle Mines Ltd. (Materials, Metals & mining) | 360807 | &nbsp;&nbsp; 60769678 |
| &nbsp;&nbsp; Agnico Eagle Mines Ltd.-U.S. Exchange Traded Shares (Materials, <br> Metals & mining)<br>| 145664 | &nbsp;&nbsp; 24553124 |
| Alamos Gold, Inc. Class A (Materials, Metals & mining) | 1453980 | &nbsp;&nbsp; 50680872 |
| Artemis Gold, Inc. (Materials, Metals & mining)† | 1600000 | &nbsp;&nbsp; 41951570 |
| B2Gold Corp. (Materials, Metals & mining) | 2050000 | &nbsp;&nbsp; 10134368 |
| Barrick Mining Corp. (Materials, Metals & mining) | 1565723 | &nbsp;&nbsp; 51308743 |
| Centerra Gold, Inc. (Materials, Metals & mining) | 50000 | &nbsp;&nbsp; 535676 |
| Centerra Gold, Inc.-Legend Shares (Materials, Metals & mining) | 250000 | &nbsp;&nbsp; 2678379 |
| DPM Metals, Inc. (Materials, Metals & mining) | 1300000 | &nbsp;&nbsp; 28817274 |
| Eldorado Gold Corp. (Materials, Metals & mining)† | 550000 | &nbsp;&nbsp; 15883093 |
| Equinox Gold Corp. (Materials, Metals & mining)† | 933935 | &nbsp;&nbsp; 10462058 |
| Franco-Nevada Corp. (Materials, Metals & mining) | 17000 | &nbsp;&nbsp; 3783926 |
| &nbsp;&nbsp; Franco-Nevada Corp.-Legend Shares (Materials, Metals & <br> mining)144A†<br>| 95948 | &nbsp;&nbsp; 21356479 |
| G Mining Ventures Corp. (Materials, Metals & mining)† | 1752425 | &nbsp;&nbsp; 34816808 |
| IAMGOLD Corp. (Materials, Metals & mining)† | 3475000 | &nbsp;&nbsp; 44895092 |
| Kinross Gold Corp. (Materials, Metals & mining) | 2700483 | &nbsp;&nbsp; 67022119 |
| Lundin Gold, Inc. (Materials, Metals & mining) | 900000 | &nbsp;&nbsp; 58312137 |
| Montage Gold Corp. (Materials, Metals & mining)† | 3000000 | &nbsp;&nbsp; 14593662 |
| New Gold, Inc. (Materials, Metals & mining)† | 3000000 | &nbsp;&nbsp; 21491701 |
| OceanaGold Corp. (Materials, Metals & mining) | 1320000 | &nbsp;&nbsp; 28179349 |
| OR Royalties, Inc. (Materials, Metals & mining) | 280000 | &nbsp;&nbsp; 11222534 |
| Orla Mining Ltd. (Materials, Metals & mining)† | 1200000 | &nbsp;&nbsp; 12942445 |
| Pan American Silver Corp. (Materials, Metals & mining) | 209762 | &nbsp;&nbsp; 8128522 |
| &nbsp;&nbsp; Pan American Silver Corp.-U.S. Exchange Traded Shares (Materials, <br> Metals & mining)<br>| 530000 | &nbsp;&nbsp; 20526900 |
| Skeena Resources Ltd. (Materials, Metals & mining)† | 750000 | &nbsp;&nbsp; 13812244 |
| Snowline Gold Corp. (Materials, Metals & mining)† | 900000 | &nbsp;&nbsp; 7178271 |
| Torex Gold Resources, Inc. (Materials, Metals & mining)† | 646250 | &nbsp;&nbsp; 26858590 |
| &nbsp;&nbsp; Torex Gold Resources, Inc.-Legend Shares (Materials, Metals & <br> mining)144A†<br>| 185000 | &nbsp;&nbsp; 7688726 |
| Triple Flag Precious Metals Corp. (Materials, Metals & mining) | 100000 | &nbsp;&nbsp; 2927355 |
| Wheaton Precious Metals Corp. (Materials, Metals & mining) | 12950 | &nbsp;&nbsp; 1449187 |
| &nbsp;&nbsp; Wheaton Precious Metals Corp.-U.S. Exchange Traded Shares <br> (Materials, Metals & mining)<br>| 285000 | &nbsp;&nbsp; 31874400 |
|  |  | &nbsp;&nbsp; **736835282** |
| **South Africa: 4.27%** |  |  |
| Gold Fields Ltd. ADR (Materials, Metals & mining) | 1100000 | &nbsp;&nbsp; **46156000** |

---

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

2 \| Allspring Precious Metals Fund

------

Consolidated portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **United Kingdom: 8.12%** |  |  |
| Anglogold Ashanti PLC (Materials, Metals & mining) | 610591 | &nbsp;&nbsp; $42942865 |
| Endeavour Mining PLC (Materials, Metals & mining) | 1070000 | &nbsp;&nbsp; 44946612 |
|  |  | &nbsp;&nbsp; **87889477** |
| **United States: 11.22%** |  |  |
| Coeur Mining, Inc. (Materials, Metals & mining)† | 1500605 | &nbsp;&nbsp; 28151350 |
| Newmont Corp. (Materials, Metals & mining) | 760719 | &nbsp;&nbsp; 64136219 |
| &nbsp;&nbsp; Newmont Corp.-Toronto Exchange Traded Shares (Materials, Metals <br> & mining)♦<br>| 131348 | &nbsp;&nbsp; 11076335 |
| Royal Gold, Inc. (Materials, Metals & mining) | 90036 | &nbsp;&nbsp; 18059421 |
|  |  | &nbsp;&nbsp; **121423325** |
| **Total common stocks (Cost $375,060,580)** |  | &nbsp;&nbsp; **1013470030** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.01%** |  |  |  |
| **Canada: 0.01%** |  |  |  |
| Kinross Gold Corp. (Materials, Metals & mining)♦† | &nbsp;&nbsp; 3-1-2032 | 75000 | &nbsp;&nbsp; **86268** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **86268** |
| **Warrants: 0.00%** |  |  |  |
| **Canada: 0.00%** |  |  |  |
| Ascot Resources Ltd. (Materials, Metals & mining)♦† | &nbsp;&nbsp; 7-25-2026 | 1400000 | &nbsp;&nbsp; **0** |
| **Total warrants (Cost $0)** |  |  | &nbsp;&nbsp; **0** |

---

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

---

| | | |
|:---|:---|:---|
|  | Troy Ounces |  |
| **Commodities: 2.74%** |  |  |
| Gold Bullion\* | 7690 | &nbsp;&nbsp; **29674365** |
| **Total commodities (Cost $4,532,552)** |  | &nbsp;&nbsp; **29674365** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 2.80%** |  |  |  |  |
| **Investment companies: 2.80%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 30316252 | &nbsp;&nbsp; **30316252** |
| **Total short-term investments (Cost $30,316,252)** |  |  |  | &nbsp;&nbsp; **30316252** |
| **Total investments in securities (Cost $409,909,384)** | 99.21<br> %<br>|  |  | &nbsp;&nbsp; 1073546915 |
| Other assets and liabilities, net | 0.79 |  |  | &nbsp;&nbsp; 8541194 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$1082088109** |

---

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

---

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

---

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

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

Allspring Precious Metals Fund \| 3

------

Consolidated portfolio of investments—September 30, 2025 (unaudited)

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>| $19055283 | $163670417 | $(152409448)<br>| $0 | $0 | $30316252 | 30316252 | $482167 |

---

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

4 \| Allspring Precious Metals Fund

------

Consolidated statement of assets and liabilities—September 30, 2025 (unaudited)

Consolidated financial statements

Consolidated statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $375,060,580) | $1013556298 |
| Investments in affiliated securities, at value (cost $30,316,252) | 30316252 |
| Investments in commodities, at value (cost $4,532,552) | 29674365 |
| Cash | 72609 |
| Foreign currency, at value (cost $3,152) | 3152 |
| Receivable for Fund shares sold | 10264844 |
| Receivable for dividends | 894103 |
| Prepaid expenses and other assets | 112614 |
| **Total assets** | **1084894237** |
| Liabilities |  |
| Payable for Fund shares redeemed | 2021799 |
| Management fee payable | 478950 |
| Administration fees payable | 128501 |
| Shareholder servicing fees payable | 104971 |
| Distribution fee payable | 8992 |
| Trustees' fees and expenses payable | 1707 |
| Accrued expenses and other liabilities | 61208 |
| **Total liabilities** | **2806128** |
| **Total net assets**  | **$1082088109** |
| Net assets consist of |  |
| Paid-in capital | $540350959 |
| Total distributable earnings | 541737150 |
| **Total net assets** | **$1082088109** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $501610016 |
| Shares outstanding–Class A<sup>1</sup> <br>| 4012195 |
| Net asset value per share–Class A | $125.02 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $132.65 |
| Net assets–Class C | $16103435 |
| Shares outstanding–Class C<sup>1</sup> <br>| 148054 |
| Net asset value per share–Class C | $108.77 |
| Net assets–Institutional Class | $564374658 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 4413170 |
| Net asset value per share–Institutional Class | $127.88 |

---

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

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

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

Allspring Precious Metals Fund \| 5

------

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

Consolidated statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $547,917) | $4996141 |
| Income from affiliated securities | 482167 |
| Interest | 2185 |
| **Total investment income** | **5480493** |
| Expenses |  |
| Management fee | 2214900 |
| Administration fees |  |
| Class A | 327663 |
| Class C | 11256 |
| Administrator Class | 50538 <br><sup>1</sup><br>|
| Institutional Class | 181582 |
| Shareholder servicing fees |  |
| Class A | 409579 |
| Class C | 14070 |
| Administrator Class | 97188 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 42210 |
| Custody and accounting fees | 20734 |
| Professional fees | 33461 |
| Registration fees | 58709 |
| Shareholder report expenses | 24589 |
| Trustees' fees and expenses | 5223 |
| Other fees and expenses | 16407 |
| **Total expenses** | **3508109** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (109224)<br>|
| Class A | (41812)<br>|
| Class C | (1232)<br>|
| **Net expenses** | **3355841** |
| **Net investment income** | **2124652** |

---

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

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

6 \| Allspring Precious Metals Fund

------

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

Consolidated statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $5775184 |
| Foreign currency and foreign currency translations | (10588)<br>|
| **Net realized gains on investments**  | **5764596** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 376838750 |
| Commodities | 5647174 |
| Foreign currency and foreign currency translations | 319 |
| **Net change in unrealized gains (losses) on investments** | **382486243** |
| **Net realized and unrealized gains (losses) on investments** | **388250839** |
| **Net increase in net assets resulting from operations** | **$390375491** |

---

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

Allspring Precious Metals Fund \| 7

------

Consolidated statement of changes in net assets

Consolidated statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> September 30, 2025<br> (unaudited) | Six months ended<br> September 30, 2025<br> (unaudited) | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2124652 |  | &nbsp;&nbsp; $2261694 |
| Net realized gains on investments |  | &nbsp;&nbsp; 5764596 |  | &nbsp;&nbsp; 9731534 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 382486243 |  | &nbsp;&nbsp; 160911861 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **390375491** |  | &nbsp;&nbsp; **172905089** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1474772)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (6459)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 <br><sup>1</sup><br>|  | &nbsp;&nbsp; (299511)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1364364)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(3145106)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1459180 | &nbsp;&nbsp; 140819822 | &nbsp;&nbsp; 1122362 | &nbsp;&nbsp; 70552739 |
| Class C | 35050 | &nbsp;&nbsp; 2921359 | &nbsp;&nbsp; 20563 | &nbsp;&nbsp; 1094582 |
| Administrator Class | 550550 <br><sup>1</sup><br>| &nbsp;&nbsp; 50246973 <br><sup>1</sup><br>| &nbsp;&nbsp; 673315 | &nbsp;&nbsp; 43035478 |
| Institutional Class | 1440939 | &nbsp;&nbsp; 138622652 | &nbsp;&nbsp; 1151648 | &nbsp;&nbsp; 73667396 |
|  |  | &nbsp;&nbsp; 332610806 |  | &nbsp;&nbsp; 188350195 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 24299 | &nbsp;&nbsp; 1368750 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 6459 |
| Administrator Class | 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 0 <br><sup>1</sup><br>| &nbsp;&nbsp; 5230 | &nbsp;&nbsp; 297793 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 23130 | &nbsp;&nbsp; 1329994 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 3002996 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (902523)<br>| &nbsp;&nbsp; (79349889)<br>| &nbsp;&nbsp; (848812)<br>| &nbsp;&nbsp; (50732059)<br>|
| Class C | (24162)<br>| &nbsp;&nbsp; (1897636)<br>| &nbsp;&nbsp; (49075)<br>| &nbsp;&nbsp; (2467254)<br>|
| Administrator Class | (312864 )<sup>1</sup><br>| &nbsp;&nbsp; (26812687 )<sup>1</sup><br>| &nbsp;&nbsp; (354707)<br>| &nbsp;&nbsp; (21772694)<br>|
| Institutional Class | (638927)<br>| &nbsp;&nbsp; (57851249)<br>| &nbsp;&nbsp; (835462)<br>| &nbsp;&nbsp; (51148734)<br>|
|  |  | &nbsp;&nbsp; (165911461)<br>|  | &nbsp;&nbsp; (126120741)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (1087643 )<sup>2</sup><br>| &nbsp;&nbsp; (127711993 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 1075928 <br><sup>2</sup><br>| &nbsp;&nbsp; 127711993 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **166699345** |  | &nbsp;&nbsp; **65232450** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **557074836** |  | &nbsp;&nbsp; **234992433** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **525013273** |  | &nbsp;&nbsp; **290020840** |
| **End of period** |  | &nbsp;&nbsp; **$1082088109** |  | &nbsp;&nbsp; **$525013273** |

---

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

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

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

8 \| Allspring Precious Metals Fund

------

Consolidated financial highlights

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$74.74** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$48.22** | &nbsp;&nbsp; **$54.61** | &nbsp;&nbsp; **$46.95** | &nbsp;&nbsp; **$35.30** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.29 <br><sup>1</sup><br>| 0.41 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.27 <br><sup>1</sup><br>| 0.08 |
| Net realized and unrealized gains (losses) on investments | 50.06 | 27.19 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (5.91)<br>| 8.03 | 12.35 |
| Total from investment operations | 50.28 | 27.48 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (5.53)<br>| 8.30 | 12.43 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.47)<br>| 0.00 | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Net asset value, end of period** | **$125.02** | &nbsp;&nbsp; **$74.74** | &nbsp;&nbsp; **$47.73** | &nbsp;&nbsp; **$48.22** | &nbsp;&nbsp; **$54.61** | &nbsp;&nbsp; **$46.95** |
| **Total return**<sup>2</sup> <br>| **67.27%**<br>| **57.89%**<br>| &nbsp;&nbsp; **(1.02)%**<br>| &nbsp;&nbsp; **(9.87)%**<br>| **17.96%**<br>| **34.95%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.13<br> %<br>| 1.17<br> %<br>| 1.19<br> %<br>| 1.19<br> %<br>| 1.18<br> %<br>| 1.17<br> %<br>|
| Net expenses | 1.09<br> %<br>| 1.08<br> %<br>| 1.08<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>| 1.09<br> %<br>|
| Net investment income | 0.48<br> %<br>| 0.50<br> %<br>| 0.91<br> %<br>| 0.89<br> %<br>| 0.55<br> %<br>| 0.12<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>3</sup> <br>| 2<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 22<br> %<br>|
| Net assets, end of period (000s omitted) | $501610 | &nbsp;&nbsp; $258279 | &nbsp;&nbsp; $150703 | &nbsp;&nbsp; $167511 | &nbsp;&nbsp; $208497 | &nbsp;&nbsp; $193949 |

---

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

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

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

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

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

Allspring Precious Metals Fund \| 9

------

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class C | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$65.27** | &nbsp;&nbsp; **$41.69** | &nbsp;&nbsp; **$42.44** | &nbsp;&nbsp; **$48.30** | &nbsp;&nbsp; **$41.35** | &nbsp;&nbsp; **$30.87** |
| Net investment income (loss) | (0.12 )<sup>1</sup><br>| &nbsp;&nbsp; (0.15 )<sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| 0.05 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.32 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 43.62 | 23.78 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (5.25)<br>| 7.13 | 10.80 |
| Total from investment operations | 43.50 | 23.63 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (5.20)<br>| 7.04 | 10.48 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.05)<br>| 0.00 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.09)<br>| 0.00 |
| **Net asset value, end of period** | **$108.77** | &nbsp;&nbsp; **$65.27** | &nbsp;&nbsp; **$41.69** | &nbsp;&nbsp; **$42.44** | &nbsp;&nbsp; **$48.30** | &nbsp;&nbsp; **$41.35** |
| **Total return**<sup>2</sup> <br>| **66.65%**<br>| **56.70%**<br>| &nbsp;&nbsp; **(1.77)%**<br>| &nbsp;&nbsp; **(10.56)%**<br>| **17.07%**<br>| **33.95%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.88<br> %<br>| 1.92<br> %<br>| 1.94<br> %<br>| 1.94<br> %<br>| 1.93<br> %<br>| 1.92<br> %<br>|
| Net expenses | 1.84<br> %<br>| 1.84<br> %<br>| 1.84<br> %<br>| 1.84<br> %<br>| 1.84<br> %<br>| 1.84<br> %<br>|
| Net investment income (loss) | (0.30)%<br>| &nbsp;&nbsp; (0.29)%<br>| 0.12<br> %<br>| 0.13<br> %<br>| &nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp; (0.68)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>3</sup> <br>| 2<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 22<br> %<br>|
| Net assets, end of period (000s omitted) | $16103 | &nbsp;&nbsp; $8953 | &nbsp;&nbsp; $6901 | &nbsp;&nbsp; $9253 | &nbsp;&nbsp; $12241 | &nbsp;&nbsp; $12039 |

---

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

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

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

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

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

10 \| Allspring Precious Metals Fund

------

Consolidated financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$76.34** | &nbsp;&nbsp; **$48.75** | &nbsp;&nbsp; **$49.11** | &nbsp;&nbsp; **$55.50** | &nbsp;&nbsp; **$47.74** | &nbsp;&nbsp; **$35.96** |
| Net investment income | 0.39 <br><sup>1</sup><br>| 0.49 <br><sup>1</sup><br>| 0.54 <br><sup>1</sup><br>| 0.64 | 0.50 | 0.24 |
| Net realized and unrealized gains (losses) on investments | 51.15 | 27.75 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (6.11)<br>| 8.07 | 12.59 |
| Total from investment operations | 51.54 | 28.24 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (5.47)<br>| 8.57 | 12.83 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.65)<br>| 0.00 | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Net asset value, end of period** | **$127.88** | &nbsp;&nbsp; **$76.34** | &nbsp;&nbsp; **$48.75** | &nbsp;&nbsp; **$49.11** | &nbsp;&nbsp; **$55.50** | &nbsp;&nbsp; **$47.74** |
| **Total return**<sup>2</sup> <br>| **67.51%**<br>| **58.37%**<br>| &nbsp;&nbsp; **(0.73)%**<br>| &nbsp;&nbsp; **(9.59)%**<br>| **18.30%**<br>| **35.34%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.81<br> %<br>| 0.85<br> %<br>| 0.87<br> %<br>| 0.86<br> %<br>| 0.85<br> %<br>| 0.84<br> %<br>|
| Net expenses | 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>| 0.79<br> %<br>|
| Net investment income | 0.81<br> %<br>| 0.82<br> %<br>| 1.18<br> %<br>| 1.18<br> %<br>| 0.85<br> %<br>| 0.37<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate<sup>3</sup> <br>| 2<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 22<br> %<br>|
| Net assets, end of period (000s omitted) | $564375 | &nbsp;&nbsp; $193545 | &nbsp;&nbsp; $107047 | &nbsp;&nbsp; $115140 | &nbsp;&nbsp; $140363 | &nbsp;&nbsp; $127406 |

---

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

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

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

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

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

Allspring Precious Metals Fund \| 11

------

Notes to consolidated financial statements (unaudited)

Notes to consolidated financial statements

1. ORGANIZATION

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

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

2. INVESTMENT IN SUBSIDIARY

The Fund invests in precious metals and minerals through Special Investments (Cayman) SPC (the "Subsidiary"), a wholly owned subsidiary incorporated on May 3, 2005 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of September 30, 2025, the Subsidiary held $29,674,365 in gold bullion representing 99.79% of its net assets. The Fund is the sole shareholder of the Subsidiary. As of September 30, 2025, the Fund held $29,736,309 in the Subsidiary, representing 2.75% of the Fund's net assets prior to consolidation.

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

3. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Investments in commodities are valued at their last traded price.

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

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

12 \| Allspring Precious Metals Fund

------

Notes to consolidated financial statements (unaudited)

Foreign currency translation

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

Security transactions and income recognition

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $423,696,164 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $663637531 |
| Gross unrealized losses | &nbsp;&nbsp; (13786780)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$649850751** |

---

As of March 31, 2025, the Fund had capital loss carryforwards which consisted of $39,802,678 in short-term capital losses and $83,813,069 in long-term capital losses.

Class allocations

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

Allspring Precious Metals Fund \| 13

------

Notes to consolidated financial statements (unaudited)

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

4. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Australia* | &nbsp;&nbsp; $21165946 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $21165946 |
| *Canada* | &nbsp;&nbsp; 705111698 | &nbsp;&nbsp;&nbsp; 31723584 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 736835282 |
| *South Africa* | &nbsp;&nbsp; 46156000 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46156000 |
| *United Kingdom* | &nbsp;&nbsp; 87889477 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 87889477 |
| *United States* | &nbsp;&nbsp; 110346990 | &nbsp;&nbsp;&nbsp; 11076335 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 121423325 |
| **Rights** |  |  |  |  |
| *Canada* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 86268 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 86268 |
| **Warrants** |  |  |  |  |
| *Canada* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Commodities** | &nbsp;&nbsp; 29674365 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29674365 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 30316252 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30316252 |
| **Total assets** | &nbsp;&nbsp; **$1030660728** | &nbsp;&nbsp;&nbsp; **$42886187** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$1073546915** |

---

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

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

5. TRANSACTIONS WITH AFFILIATES

Management fee

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

---

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

---

14 \| Allspring Precious Metals Fund

------

Notes to consolidated financial statements (unaudited)

For the six months ended September 30, 2025, the management fee was equivalent to an annual rate of 0.64% of the Fund's average daily net assets.

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

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2025, Allspring Funds Distributor received $23,073 from the sale of Class A shares and $80 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended September 30, 2025.

Shareholder servicing fees

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

Interfund transactions

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

Allspring Precious Metals Fund \| 15

------

Notes to consolidated financial statements (unaudited)

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

6. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2025 were $165,699,447 and $11,356,840, respectively. These amounts include purchase and sales transactions of the Subsidiary.

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

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

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.

16 \| Allspring Precious Metals Fund

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Precious Metals Fund \| 17

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Consolidated statement of operations.

18 \| Allspring Precious Metals 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 Precious Metals 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 Precious Metals Fund \| 19

------

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 FTSE Gold Mines Index, for the one-, three-, and five-year periods under review, and lower for the ten-year period under review.

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

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

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

*Investment management and sub-advisory fee rates*

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

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

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

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

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

*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.

20 \| Allspring Precious Metals 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 Precious Metals Fund \| 21

------

![](g774280img5406eb661.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**

![](g774280imgc9a58bf72.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.**

**NCSRS0654 09-25**

------

![](g774280imgd584950c1.jpg)

Allspring Special Small Cap Value Fund

Long Form Financial Statements

Semi-Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_POI-PageBlank-44_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_FS-PageBlank-44_1)** |  |
| [Statement of assets and liabilities](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_FS-PageBlank-44_1) | 9 |
| [Statement of operations](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_FS-PageBlank-44_3) | 11 |
| [Statement of changes in net assets](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_FS-PageBlank-44_5) | 13 |
| [Financial highlights](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_FIHI-PageBlank-44_1) | 14 |
| **[Notes to financial statements](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_NTF-PageBlank-44_1)** | 19 |
| **[Other information](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_1)** | 25 |
| [Item 8. Changes in and disagreements with accountants](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_2) | 26 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_2) | 26 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_2) | 26 |
| [Item 11. Statement regarding basis for board](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_3)['](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_3)[s approval of investment](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_3)<br> [advisory contract](#xx_902145ed-6840-45b2-80e4-ab5f929d4390_OI-PageBlank-44_3)<br>| 27 |

---

Allspring Special Small Cap Value Fund \| 1

------

Portfolio of investments—September 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.34%** |  |  |
| **Communication services: 0.73%** |  |  |
| **Interactive media & services: 0.48%** |  |  |
| Angi, Inc. Class A† | 191494 | &nbsp;&nbsp; $3113692 |
| IAC, Inc.† | 471729 | &nbsp;&nbsp; 16071807 |
|  |  | &nbsp;&nbsp; **19185499** |
| **Media: 0.25%** |  |  |
| Thryv Holdings, Inc.† | 852811 | &nbsp;&nbsp; **10284901** |
| **Consumer discretionary: 6.43%** |  |  |
| **Automobile components: 0.51%** |  |  |
| Holley, Inc.† | 6561819 | &nbsp;&nbsp; **20604112** |
| **Broadline retail: 0.42%** |  |  |
| Pattern Group, Inc. Class A† | 1232068 | &nbsp;&nbsp; **16879332** |
| **Diversified consumer services: 0.48%** |  |  |
| Matthews International Corp. Class A | 788857 | &nbsp;&nbsp; **19153448** |
| **Hotels, restaurants & leisure: 2.66%** |  |  |
| Boyd Gaming Corp. | 254500 | &nbsp;&nbsp; 22001525 |
| Denny's Corp.♠† | 4205476 | &nbsp;&nbsp; 21994639 |
| Genius Sports Ltd.† | 1765517 | &nbsp;&nbsp; 21857100 |
| Pursuit Attractions & Hospitality, Inc.† | 1142829 | &nbsp;&nbsp; 41347554 |
|  |  | &nbsp;&nbsp; **107200818** |
| **Household durables: 0.45%** |  |  |
| La-Z-Boy, Inc. | 523100 | &nbsp;&nbsp; **17952792** |
| **Leisure products: 0.09%** |  |  |
| Mattel, Inc.† | 205200 | &nbsp;&nbsp; **3453516** |
| **Specialty retail: 0.43%** |  |  |
| Five Below, Inc.† | 111200 | &nbsp;&nbsp; **17202640** |
| **Textiles, apparel & luxury goods: 1.39%** |  |  |
| Crocs, Inc.† | 62300 | &nbsp;&nbsp; 5205165 |
| Levi Strauss & Co. Class A | 949765 | &nbsp;&nbsp; 22129524 |
| Steven Madden Ltd. | 855724 | &nbsp;&nbsp; 28649640 |
|  |  | &nbsp;&nbsp; **55984329** |
| **Consumer staples: 6.26%** |  |  |
| **Food products: 4.72%** |  |  |
| J&J Snack Foods Corp.♠ | 1166176 | &nbsp;&nbsp; 112057852 |
| Nomad Foods Ltd. | 3631328 | &nbsp;&nbsp; 47751963 |
| Tootsie Roll Industries, Inc. | 719204 | &nbsp;&nbsp; 30149032 |
|  |  | &nbsp;&nbsp; **189958847** |

---

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

2 \| Allspring Special Small Cap Value Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Household products: 1.54%** |  |  |
| Central Garden & Pet Co.† | 652233 | &nbsp;&nbsp; $21295407 |
| Central Garden & Pet Co. Class A† | 1372498 | &nbsp;&nbsp; 40529866 |
|  |  | &nbsp;&nbsp; **61825273** |
| **Energy: 4.25%** |  |  |
| **Energy equipment & services: 0.86%** |  |  |
| Forum Energy Technologies, Inc.† | 223544 | &nbsp;&nbsp; 5970861 |
| Liberty Energy, Inc. Class A | 1261071 | &nbsp;&nbsp; 15561616 |
| Patterson-UTI Energy, Inc. | 2494517 | &nbsp;&nbsp; 12921598 |
|  |  | &nbsp;&nbsp; **34454075** |
| **Oil, gas & consumable fuels: 3.39%** |  |  |
| Berry Corp. | 2108525 | &nbsp;&nbsp; 7970224 |
| Chord Energy Corp. | 556559 | &nbsp;&nbsp; 55305268 |
| Magnolia Oil & Gas Corp. Class A | 2090300 | &nbsp;&nbsp; 49895461 |
| Northern Oil & Gas, Inc. | 941970 | &nbsp;&nbsp; 23360856 |
|  |  | &nbsp;&nbsp; **136531809** |
| **Financials: 22.07%** |  |  |
| **Banks: 11.99%** |  |  |
| Associated Banc-Corp. | 1199935 | &nbsp;&nbsp; 30850329 |
| BOK Financial Corp. | 199000 | &nbsp;&nbsp; 22176560 |
| Hancock Whitney Corp. | 1323247 | &nbsp;&nbsp; 82848495 |
| Old National Bancorp | 1816719 | &nbsp;&nbsp; 39876982 |
| Renasant Corp. | 1335315 | &nbsp;&nbsp; 49259770 |
| SouthState Bank Corp. | 838589 | &nbsp;&nbsp; 82911294 |
| UMB Financial Corp. | 1199137 | &nbsp;&nbsp; 141917864 |
| Webster Financial Corp. | 546463 | &nbsp;&nbsp; 32481761 |
|  |  | &nbsp;&nbsp; **482323055** |
| **Capital markets: 0.70%** |  |  |
| GlassBridge Enterprises, Inc.♠♦† | 1527 | &nbsp;&nbsp; 45810 |
| Marex Group PLC | 610720 | &nbsp;&nbsp; 20532406 |
| Pershing Square Tontine Holdings Ltd.♦† | 1415995 | &nbsp;&nbsp; 1 |
| Westwood Holdings Group, Inc. | 458283 | &nbsp;&nbsp; 7557087 |
|  |  | &nbsp;&nbsp; **28135304** |
| **Financial services: 1.26%** |  |  |
| Compass Diversified Holdings | 3231429 | &nbsp;&nbsp; 21392060 |
| Euronet Worldwide, Inc.† | 331200 | &nbsp;&nbsp; 29082672 |
|  |  | &nbsp;&nbsp; **50474732** |
| **Insurance: 5.70%** |  |  |
| Abacus Global Management, Inc.† | 1119800 | &nbsp;&nbsp; 6416454 |
| CNO Financial Group, Inc. | 762200 | &nbsp;&nbsp; 30145010 |
| Hanover Insurance Group, Inc. | 335481 | &nbsp;&nbsp; 60933414 |
| Stewart Information Services Corp. | 1262983 | &nbsp;&nbsp; 92601914 |
| White Mountains Insurance Group Ltd. | 23527 | &nbsp;&nbsp; 39325851 |
|  |  | &nbsp;&nbsp; **229422643** |

---

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

Allspring Special Small Cap Value Fund \| 3

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Mortgage real estate investment trusts (REITs): 2.42%** |  |  |
| Adamas Trust, Inc. | 2694475 | &nbsp;&nbsp; $18780491 |
| AGNC Investment Corp. | 4839942 | &nbsp;&nbsp; 47383032 |
| Two Harbors Investment Corp. | 3156267 | &nbsp;&nbsp; 31152355 |
|  |  | &nbsp;&nbsp; **97315878** |
| **Health care: 5.97%** |  |  |
| **Health care equipment & supplies: 2.77%** |  |  |
| CONMED Corp. | 212500 | &nbsp;&nbsp; 9993875 |
| Enovis Corp.† | 510900 | &nbsp;&nbsp; 15500706 |
| Globus Medical, Inc. Class A† | 349300 | &nbsp;&nbsp; 20004411 |
| Haemonetics Corp.† | 661231 | &nbsp;&nbsp; 32228399 |
| UFP Technologies, Inc.† | 41900 | &nbsp;&nbsp; 8363240 |
| Varex Imaging Corp.† | 2037036 | &nbsp;&nbsp; 25259246 |
|  |  | &nbsp;&nbsp; **111349877** |
| **Health care providers & services: 0.68%** |  |  |
| Ardent Health, Inc.† | 588200 | &nbsp;&nbsp; 7793650 |
| Chemed Corp. | 43700 | &nbsp;&nbsp; 19566238 |
|  |  | &nbsp;&nbsp; **27359888** |
| **Life sciences tools & services: 0.42%** |  |  |
| Azenta, Inc.† | 588841 | &nbsp;&nbsp; **16911514** |
| **Pharmaceuticals: 2.10%** |  |  |
| Perrigo Co. PLC | 872223 | &nbsp;&nbsp; 19424406 |
| Prestige Consumer Healthcare, Inc.† | 1042812 | &nbsp;&nbsp; 65071469 |
|  |  | &nbsp;&nbsp; **84495875** |
| **Industrials: 25.87%** |  |  |
| **Building products: 5.02%** |  |  |
| CSW Industrials, Inc. | 103400 | &nbsp;&nbsp; 25100350 |
| Janus International Group, Inc.† | 2282388 | &nbsp;&nbsp; 22527170 |
| Quanex Building Products Corp. | 2082029 | &nbsp;&nbsp; 29606452 |
| Simpson Manufacturing Co., Inc. | 248631 | &nbsp;&nbsp; 41635747 |
| UFP Industries, Inc. | 890987 | &nbsp;&nbsp; 83298375 |
|  |  | &nbsp;&nbsp; **202168094** |
| **Commercial services & supplies: 1.68%** |  |  |
| ACCO Brands Corp.♠ | 5610646 | &nbsp;&nbsp; 22386478 |
| Custom Truck One Source, Inc.† | 3475000 | &nbsp;&nbsp; 22309500 |
| Ennis, Inc. | 1243254 | &nbsp;&nbsp; 22726683 |
|  |  | &nbsp;&nbsp; **67422661** |
| **Construction & engineering: 0.31%** |  |  |
| Legence Corp. Class A† | 400865 | &nbsp;&nbsp; **12350651** |
| **Electrical equipment: 0.59%** |  |  |
| Atkore, Inc. | 376206 | &nbsp;&nbsp; **23603164** |

---

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

4 \| Allspring Special Small Cap Value Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Ground transportation: 0.93%** |  |  |
| Werner Enterprises, Inc. | 1416729 | &nbsp;&nbsp; **$37288307** |
| **Machinery: 14.02%** |  |  |
| Alamo Group, Inc. | 414977 | &nbsp;&nbsp; 79219109 |
| Atmus Filtration Technologies, Inc. | 788393 | &nbsp;&nbsp; 35548640 |
| Douglas Dynamics, Inc.♠ | 1818421 | &nbsp;&nbsp; 56843840 |
| Franklin Electric Co., Inc. | 1519326 | &nbsp;&nbsp; 144639835 |
| Gates Industrial Corp. PLC† | 1211237 | &nbsp;&nbsp; 30062902 |
| Hillman Group† | 3622900 | &nbsp;&nbsp; 33258222 |
| Hillman Solutions Corp.† | 1679040 | &nbsp;&nbsp; 15413587 |
| Mayville Engineering Co., Inc.♠† | 1499494 | &nbsp;&nbsp; 20633037 |
| Mueller Industries, Inc. | 1196362 | &nbsp;&nbsp; 120964162 |
| Standex International Corp. | 129800 | &nbsp;&nbsp; 27504620 |
|  |  | &nbsp;&nbsp; **564087954** |
| **Professional services: 3.32%** |  |  |
| Alight, Inc. Class A | 1875400 | &nbsp;&nbsp; 6113804 |
| CBIZ, Inc.† | 476963 | &nbsp;&nbsp; 25259961 |
| Korn Ferry | 1046082 | &nbsp;&nbsp; 73204818 |
| Maximus, Inc. | 319700 | &nbsp;&nbsp; 29210989 |
|  |  | &nbsp;&nbsp; **133789572** |
| **Information technology: 8.00%** |  |  |
| **Communications equipment: 0.62%** |  |  |
| CommScope Holding Co., Inc.† | 1602190 | &nbsp;&nbsp; **24801901** |
| **Electronic equipment, instruments & components: 4.52%** |  |  |
| Belden, Inc. | 645775 | &nbsp;&nbsp; 77667359 |
| Ingram Micro Holding Corp. | 751699 | &nbsp;&nbsp; 16154012 |
| Insight Enterprises, Inc.† | 130400 | &nbsp;&nbsp; 14788664 |
| Knowles Corp.† | 914585 | &nbsp;&nbsp; 21318976 |
| Novanta, Inc.† | 322546 | &nbsp;&nbsp; 32302982 |
| Sanmina Corp.† | 170100 | &nbsp;&nbsp; 19580211 |
|  |  | &nbsp;&nbsp; **181812204** |
| **IT services: 0.79%** |  |  |
| Kyndryl Holdings, Inc.† | 1053415 | &nbsp;&nbsp; **31634053** |
| **Semiconductors & semiconductor equipment: 0.41%** |  |  |
| Axcelis Technologies, Inc.† | 76400 | &nbsp;&nbsp; 7459696 |
| Diodes, Inc.† | 166600 | &nbsp;&nbsp; 8864786 |
|  |  | &nbsp;&nbsp; **16324482** |
| **Software: 0.88%** |  |  |
| Progress Software Corp. | 751827 | &nbsp;&nbsp; 33027760 |
| Synchronoss Technologies, Inc.† | 422936 | &nbsp;&nbsp; 2571451 |
|  |  | &nbsp;&nbsp; **35599211** |
| **Technology hardware, storage & peripherals: 0.78%** |  |  |
| Diebold Nixdorf, Inc.† | 552500 | &nbsp;&nbsp; **31509075** |

---

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

Allspring Special Small Cap Value Fund \| 5

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Materials: 17.08%** |  |  |
| **Chemicals: 9.18%** |  |  |
| Avient Corp. | 2607261 | &nbsp;&nbsp; $85909250 |
| Ecovyst, Inc.† | 3386599 | &nbsp;&nbsp; 29666607 |
| Innospec, Inc.♠ | 1610430 | &nbsp;&nbsp; 124260779 |
| Mativ Holdings, Inc.♠ | 2869838 | &nbsp;&nbsp; 32457868 |
| Minerals Technologies, Inc. | 371456 | &nbsp;&nbsp; 23074847 |
| NewMarket Corp. | 55702 | &nbsp;&nbsp; 46132953 |
| Quaker Chemical Corp. | 211498 | &nbsp;&nbsp; 27864861 |
|  |  | &nbsp;&nbsp; **369367165** |
| **Construction materials: 3.42%** |  |  |
| Eagle Materials, Inc. | 472870 | &nbsp;&nbsp; 110197625 |
| Titan America SA | 1816046 | &nbsp;&nbsp; 27131727 |
|  |  | &nbsp;&nbsp; **137329352** |
| **Containers & packaging: 4.48%** |  |  |
| Myers Industries, Inc. | 1719085 | &nbsp;&nbsp; 29121300 |
| Silgan Holdings, Inc. | 1859610 | &nbsp;&nbsp; 79981826 |
| TriMas Corp. | 1839690 | &nbsp;&nbsp; 71085622 |
|  |  | &nbsp;&nbsp; **180188748** |
| **Real estate: 1.03%** |  |  |
| **Retail REITs: 0.71%** |  |  |
| Agree Realty Corp. | 401400 | &nbsp;&nbsp; **28515456** |
| **Specialized REITs: 0.32%** |  |  |
| Smartstop Self Storage REIT, Inc. | 345972 | &nbsp;&nbsp; **13022386** |
| **Utilities: 0.65%** |  |  |
| **Gas utilities: 0.65%** |  |  |
| MDU Resources Group, Inc. | 1466167 | &nbsp;&nbsp; **26112434** |
| **Total common stocks (Cost $3,375,926,748)** |  | &nbsp;&nbsp; **3955387027** |
| **Investment companies: 0.70%** |  |  |
| **Exchange-traded funds: 0.70%** |  |  |
| iShares Russell 2000 ETF | 116600 | &nbsp;&nbsp; **28212538** |
| **Total investment companies (Cost $27,805,770)** |  | &nbsp;&nbsp; **28212538** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | Expiration <br>date<br>|  |  |
| **Rights: 0.00%** |  |  |  |
| **Financials: 0.00%** |  |  |  |
| **Capital markets: 0.00%** |  |  |  |
| Pershing Square Holdings Ltd.♦† | &nbsp;&nbsp; 9-23-2033 | 353999 | &nbsp;&nbsp; **0** |
| **Total rights (Cost $0)** |  |  | &nbsp;&nbsp; **0** |

---

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

6 \| Allspring Special Small Cap Value Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.36%** |  |  |  |  |
| **Investment companies: 0.36%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 14519435 | &nbsp;&nbsp; **$14519435** |
| **Total short-term investments (Cost $14,519,435)** |  |  |  | &nbsp;&nbsp; **14519435** |
| **Total investments in securities (Cost $3,418,251,953)** | 99.40<br> %<br>|  |  | &nbsp;&nbsp; 3998119000 |
| Other assets and liabilities, net | 0.60 |  |  | &nbsp;&nbsp; 24286498 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$4022405498** |

---

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

---

| |
|:---|
| Non-income-earning security |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| The rate represents the 7-day annualized yield at period end. |

---

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| ACCO Brands Corp. | $20616526 | $2511872 | $0 | $0 | $(741920)<br>| $22386478 | 5610646 | $797314 |
| Denny's Corp.† | 16484036 | 29356 | (1318145)<br>| (3764239)<br>| 10563631 | 21994639 | 4205476 | 0 |
| Douglas Dynamics, Inc. | 43856405 | 133911 | (2256261)<br>| (776733)<br>| 15886518 | 56843840 | 1818421 | 1083518 |
| GlassBridge Enterprises, Inc.♦† | 38175 | 0 | 0 | 0 | 7635 | 45810 | 1527 | 0 |
| Innospec, Inc. | 148826667 | 4221256 | (726820)<br>| (98618)<br>| (27961706)<br>| 124260779 | 1610430 | 1350493 |
| J&J Snack Foods Corp. | 145211685 | 9964850 | (4099582)<br>| (554540)<br>| (38464561)<br>| 112057852 | 1166176 | 899939 |
| Mativ Holdings, Inc. | 19871613 | 109187 | (3742877)<br>| (14628385)<br>| 30848330 | 32457868 | 2869838 | 606570 |
| Mayville Engineering Co., Inc.† | 20938632 | 307943 | (1320739)<br>| 207472 | 499729 | 20633037 | 1499494 | 0 |
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market <br> Fund Select Class<br>| 157787818 | 395338216 | (538606599)<br>| 0 | 0 | 14519435 | 14519435 | 1364449 |
| **Investments in affiliates no longer held** <br> **at end of period**<br>|  |  |  |  |  |  |  |  |
| DallasNews Corp.† | 1577267 | 0 | (4707801)<br>| 93734 | 3036800 | 0 | 0 | 0 |
|  |  |  |  | **$(19521309)**<br>| **$(6325544)**<br>| **$405199738** |  | **$6102283** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Common stocks** |  |  |  |  |  |  |  |  |
| Central Garden & Pet Co.† | $24468094 | $29914 | $(585809)<br>| $104887 | $(2721679)<br>| $21295407 | 652233 | $0 |
| TriMas Corp. | 55211038 | 0 | (17402763)<br>| 1148313 | 32129034 | 71085622 | 1839690 | 177129 |

---

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

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

Allspring Special Small Cap Value Fund \| 7

------

Portfolio of investments—September 30, 2025 (unaudited)

† Non-income-earning security

♦ The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC.

**Written options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Number of <br>contracts<br>| &nbsp;&nbsp; Notional <br>amount<br>| &nbsp;&nbsp; Exercise <br>price<br>| &nbsp;&nbsp; Expiration <br>date<br>| Value |
| **Put** |  |  |  |  |  |  |
| J&J Snack Foods Corp.  | Bank of America Securities, Inc. | &nbsp;&nbsp; 200 | &nbsp;&nbsp; $2200000 | &nbsp;&nbsp; $110.00 | &nbsp;&nbsp; 11-21-2025 | &nbsp;&nbsp; $(287000)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; **$(287000)**<br>|

---

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

8 \| Allspring Special Small Cap Value Fund

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $2,849,463,503) | $3592919262 |
| Investments in affiliated securities, at value (cost $568,788,450) | 405199738 |
| Cash | 38540 |
| Cash at broker segregated for written options | 2200000 |
| Receivable for investments sold | 17667325 |
| Receivable for Fund shares sold | 14065777 |
| Receivable for dividends | 5710564 |
| Prepaid expenses and other assets | 155534 |
| **Total assets** | **4037956740** |
| Liabilities |  |
| Payable for Fund shares redeemed | 7350912 |
| Payable for investments purchased | 4599956 |
| Management fee payable | 2704489 |
| Administration fees payable | 335901 |
| Written options, at value (premiums received $83,400) | 287000 |
| Shareholder servicing fees payable | 136992 |
| Distribution fee payable | 963 |
| Trustees' fees and expenses payable | 597 |
| Accrued expenses and other liabilities | 134432 |
| **Total liabilities** | **15551242** |
| **Total net assets**  | **$4022405498** |
| Net assets consist of |  |
| Paid-in capital | $3218160351 |
| Total distributable earnings | 804245147 |
| **Total net assets** | **$4022405498** |

---

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

Allspring Special Small Cap Value Fund \| 9

------

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

Statement of assets and liabilities

---

| | |
|:---|:---|
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $566090456 |
| Shares outstanding–Class A<sup>1</sup> <br>| 15187862 |
| Net asset value per share–Class A | $37.27 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $39.54 |
| Net assets–Class C | $1491965 |
| Shares outstanding–Class C<sup>1</sup> <br>| 46477 |
| Net asset value per share–Class C | $32.10 |
| Net assets–Class R6 | $1705715872 |
| Shares outstanding–Class R6<sup>1</sup> <br>| 44178731 |
| Net asset value per share–Class R6 | $38.61 |
| Net assets–Administrator Class | $60766349 |
| Shares outstanding–Administrator Class<sup>1</sup> <br>| 1576986 |
| Net asset value per share–Administrator Class | $38.53 |
| Net assets–Institutional Class | $1688340856 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 43738821 |
| Net asset value per share–Institutional Class | $38.60 |

---

<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 Special Small Cap Value Fund

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $38964648 |
| Income from affiliated securities | 6102283 |
| Interest | 172695 |
| **Total investment income** | **45239626** |
| Expenses |  |
| Management fee | 17000587 |
| Administration fees |  |
| Class A | 604185 |
| Class C | 1768 |
| Class R6 | 274173 |
| Administrator Class | 44773 |
| Institutional Class | 1184261 |
| Shareholder servicing fees |  |
| Class A | 755232 |
| Class C | 2180 |
| Administrator Class | 82549 |
| Distribution fee |  |
| Class C | 6514 |
| Custody and accounting fees | 80658 |
| Professional fees | 41902 |
| Registration fees | 111562 |
| Shareholder report expenses | 165642 |
| Trustees' fees and expenses | 22814 |
| Other fees and expenses | 68729 |
| **Total expenses** | **20447529** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (4898)<br>|
| Class A | (1333)<br>|
| Class C | (2)<br>|
| Administrator Class | (966)<br>|
| **Net expenses** | **20440330** |
| **Net investment income** | **24799296** |

---

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

Allspring Special Small Cap Value Fund \| 11

------

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

Statement of operations

---

| | |
|:---|:---|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | $99308266 |
| Affiliated securities | (19521309)<br>|
| Written options | 1392027 |
| **Net realized gains on investments**  | **81178984** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (3080717)<br>|
| Affiliated securities | (6325544)<br>|
| Foreign currency and foreign currency translations | (1)<br>|
| Written options | (230473)<br>|
| **Net change in unrealized gains (losses) on investments** | **(9636735)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **71542249** |
| **Net increase in net assets resulting from operations** | **$96341545** |

---

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

12 \| Allspring Special Small Cap Value Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> September 30, 2025<br> (unaudited) | Six months ended<br> September 30, 2025<br> (unaudited) | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $24799296 |  | &nbsp;&nbsp; $60075941 |
| Net realized gains on investments |  | &nbsp;&nbsp; 81178984 |  | &nbsp;&nbsp; 402173609 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (9636735)<br>|  | &nbsp;&nbsp; (813456492)<br>|
| **Net increase (decrease) in net assets resulting from operations** |  | &nbsp;&nbsp; **96341545** |  | &nbsp;&nbsp; **(351206942)**<br>|
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (66255069)<br>|
| Class C |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (365249)<br>|
| Class R6 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (209494809)<br>|
| Administrator Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (8102751)<br>|
| Institutional Class |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (208554806)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(492772684)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 1061613 | &nbsp;&nbsp; 38087237 | &nbsp;&nbsp; 2753632 | &nbsp;&nbsp; 112653522 |
| Class C | 82 | &nbsp;&nbsp; 2537 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 17401 |
| Class R6 | 3310818 | &nbsp;&nbsp; 123831812 | &nbsp;&nbsp; 9094897 | &nbsp;&nbsp; 385925933 |
| Administrator Class | 68442 | &nbsp;&nbsp; 2598247 | &nbsp;&nbsp; 270104 | &nbsp;&nbsp; 11607905 |
| Institutional Class | 5267507 | &nbsp;&nbsp; 196698504 | &nbsp;&nbsp; 12969166 | &nbsp;&nbsp; 549475272 |
|  |  | &nbsp;&nbsp; 361218337 |  | &nbsp;&nbsp; 1059680033 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1444806 | &nbsp;&nbsp; 59696976 |
| Class C | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 10156 | &nbsp;&nbsp; 362761 |
| Class R6 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4063209 | &nbsp;&nbsp; 173437645 |
| Administrator Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 186982 | &nbsp;&nbsp; 7980316 |
| Institutional Class | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 4138609 | &nbsp;&nbsp; 176732885 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 418210583 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (3215815)<br>| &nbsp;&nbsp; (117546383)<br>| &nbsp;&nbsp; (5487782)<br>| &nbsp;&nbsp; (224455746)<br>|
| Class C | (23294)<br>| &nbsp;&nbsp; (718307)<br>| &nbsp;&nbsp; (91896)<br>| &nbsp;&nbsp; (3227718)<br>|
| Class R6 | (10860890)<br>| &nbsp;&nbsp; (412036060)<br>| &nbsp;&nbsp; (14236344)<br>| &nbsp;&nbsp; (601011894)<br>|
| Administrator Class | (598621)<br>| &nbsp;&nbsp; (22427753)<br>| &nbsp;&nbsp; (836969)<br>| &nbsp;&nbsp; (36197486)<br>|
| Institutional Class | (13052790)<br>| &nbsp;&nbsp; (492272375)<br>| &nbsp;&nbsp; (25938100)<br>| &nbsp;&nbsp; (1088133156)<br>|
|  |  | &nbsp;&nbsp; (1045000878)<br>|  | &nbsp;&nbsp; (1953026000)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(683782541)**<br>|  | &nbsp;&nbsp; **(475135384)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(587440996)**<br>|  | &nbsp;&nbsp; **(1319115010)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **4609846494** |  | &nbsp;&nbsp; **5928961504** |
| **End of period** |  | &nbsp;&nbsp; **$4022405498** |  | &nbsp;&nbsp; **$4609846494** |

---

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

Allspring Special Small Cap Value Fund \| 13

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$36.49** | &nbsp;&nbsp; **$42.98** | &nbsp;&nbsp; **$35.59** | &nbsp;&nbsp; **$40.81** | &nbsp;&nbsp; **$42.37** | &nbsp;&nbsp; **$23.39** |
| Net investment income | 0.15 <br><sup>1</sup><br>| 0.33 <br><sup>1</sup><br>| 0.34 <br><sup>1</sup><br>| 0.29 | 0.07 | 0.14 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.63 | &nbsp;&nbsp; (2.88)<br>| 7.88 | &nbsp;&nbsp; (3.35)<br>| 1.07 | 18.98 |
| Total from investment operations | 0.78 | &nbsp;&nbsp; (2.55)<br>| 8.22 | &nbsp;&nbsp; (3.06)<br>| 1.14 | 19.12 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$37.27** | &nbsp;&nbsp; **$36.49** | &nbsp;&nbsp; **$42.98** | &nbsp;&nbsp; **$35.59** | &nbsp;&nbsp; **$40.81** | &nbsp;&nbsp; **$42.37** |
| **Total return**<sup>2</sup> <br>| **2.14%**<br>| &nbsp;&nbsp; **(6.95)%**<br>| **23.35%**<br>| &nbsp;&nbsp; **(7.41)%**<br>| **2.56%**<br>| **81.92%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.26<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.26<br> %<br>| 1.24<br> %<br>| 1.27<br> %<br>|
| Net expenses | 1.26<br> %<br>| 1.24<br> %<br>| 1.24<br> %<br>| 1.26<br> %<br>| 1.24<br> %<br>| 1.27<br> %<br>|
| Net investment income | 0.83<br> %<br>| 0.81<br> %<br>| 0.92<br> %<br>| 0.82<br> %<br>| 0.17<br> %<br>| 0.43<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 40<br> %<br>|
| Net assets, end of period (000s omitted) | $566090 | &nbsp;&nbsp; $632844 | &nbsp;&nbsp; $800716 | &nbsp;&nbsp; $721397 | &nbsp;&nbsp; $797067 | &nbsp;&nbsp; $797193 |

---

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

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

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

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

14 \| Allspring Special Small Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class C | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$31.55** | &nbsp;&nbsp; **$37.63** | &nbsp;&nbsp; **$31.19** | &nbsp;&nbsp; **$36.04** | &nbsp;&nbsp; **$37.90** | &nbsp;&nbsp; **$20.99** |
| Net investment income (loss) | 0.02 <br><sup>1</sup><br>| 0.03 <br><sup>1</sup><br>| 0.06 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.53 | &nbsp;&nbsp; (2.47)<br>| 6.87 | &nbsp;&nbsp; (2.96)<br>| 0.96 | 17.00 |
| Total from investment operations | 0.55 | &nbsp;&nbsp; (2.44)<br>| 6.93 | &nbsp;&nbsp; (2.94)<br>| 0.74 | 16.92 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.07)<br>| 0.00 | 0.00 | 0.00 | 0.00 |
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Net asset value, end of period** | **$32.10** | &nbsp;&nbsp; **$31.55** | &nbsp;&nbsp; **$37.63** | &nbsp;&nbsp; **$31.19** | &nbsp;&nbsp; **$36.04** | &nbsp;&nbsp; **$37.90** |
| **Total return**<sup>2</sup> <br>| **1.74%**<br>| &nbsp;&nbsp; **(7.62)%**<br>| **22.48%**<br>| &nbsp;&nbsp; **(8.11)%**<br>| **1.79%**<br>| **80.71%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.99<br> %<br>| 1.98<br> %<br>| 1.98<br> %<br>| 2.01<br> %<br>| 1.99<br> %<br>| 2.01<br> %<br>|
| Net expenses | 1.99<br> %<br>| 1.98<br> %<br>| 1.98<br> %<br>| 2.01<br> %<br>| 1.99<br> %<br>| 2.01<br> %<br>|
| Net investment income (loss) | 0.10<br> %<br>| 0.08<br> %<br>| 0.19<br> %<br>| 0.06<br> %<br>| &nbsp;&nbsp; (0.58)%<br>| &nbsp;&nbsp; (0.29)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 40<br> %<br>|
| Net assets, end of period (000s omitted) | $1492 | &nbsp;&nbsp; $2198 | &nbsp;&nbsp; $5680 | &nbsp;&nbsp; $7116 | &nbsp;&nbsp; $10792 | &nbsp;&nbsp; $14063 |

---

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

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

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

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

Allspring Special Small Cap Value Fund \| 15

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class R6 | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$37.72** | &nbsp;&nbsp; **$44.29** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.98** | &nbsp;&nbsp; **$43.51** | &nbsp;&nbsp; **$24.00** |
| Net investment income | 0.24 <br><sup>1</sup><br>| 0.52 <br><sup>1</sup><br>| 0.52 <br><sup>1</sup><br>| 0.46 | 0.26 <br><sup>1</sup><br>| 0.28 |
| Net realized and unrealized gains (losses) on investments | 0.65 | &nbsp;&nbsp; (2.98)<br>| 8.11 | &nbsp;&nbsp; (3.45)<br>| 1.10 | 19.49 |
| Total from investment operations | 0.89 | &nbsp;&nbsp; (2.46)<br>| 8.63 | &nbsp;&nbsp; (2.99)<br>| 1.36 | 19.77 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of period** | **$38.61** | &nbsp;&nbsp; **$37.72** | &nbsp;&nbsp; **$44.29** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.98** | &nbsp;&nbsp; **$43.51** |
| **Total return**<sup>2</sup> <br>| **2.36%**<br>| &nbsp;&nbsp; **(6.55)%**<br>| **23.88%**<br>| &nbsp;&nbsp; **(7.02)%**<br>| **2.99%**<br>| **82.77%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.84<br> %<br>|
| Net expenses | 0.84<br> %<br>| 0.82<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.81<br> %<br>| 0.84<br> %<br>|
| Net investment income | 1.25<br> %<br>| 1.23<br> %<br>| 1.34<br> %<br>| 1.25<br> %<br>| 0.59<br> %<br>| 0.84<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 40<br> %<br>|
| Net assets, end of period (000s omitted) | $1705716 | &nbsp;&nbsp; $1951269 | &nbsp;&nbsp; $2338678 | &nbsp;&nbsp; $1659115 | &nbsp;&nbsp; $1764529 | &nbsp;&nbsp; $1598341 |

---

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

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

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

16 \| Allspring Special Small Cap Value Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Administrator Class | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$37.71** | &nbsp;&nbsp; **$44.28** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.96** | &nbsp;&nbsp; **$43.50** | &nbsp;&nbsp; **$24.00** |
| Net investment income | 0.17 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.35 <br><sup>1</sup><br>| 0.11 <br><sup>1</sup><br>| 0.16 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.65 | &nbsp;&nbsp; (2.98)<br>| 8.10 | &nbsp;&nbsp; (3.46)<br>| 1.09 | 19.48 |
| Total from investment operations | 0.82 | &nbsp;&nbsp; (2.60)<br>| 8.49 | &nbsp;&nbsp; (3.11)<br>| 1.20 | 19.64 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | **$38.53** | &nbsp;&nbsp; **$37.71** | &nbsp;&nbsp; **$44.28** | &nbsp;&nbsp; **$36.67** | &nbsp;&nbsp; **$41.96** | &nbsp;&nbsp; **$43.50** |
| **Total return**<sup>2</sup> <br>| **2.17%**<br>| &nbsp;&nbsp; **(6.86)%**<br>| **23.47%**<br>| &nbsp;&nbsp; **(7.33)%**<br>| **2.62%**<br>| **82.13%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.18<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>| 1.19<br> %<br>|
| Net expenses | 1.17<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.16<br> %<br>| 1.18<br> %<br>|
| Net investment income | 0.91<br> %<br>| 0.89<br> %<br>| 1.00<br> %<br>| 0.91<br> %<br>| 0.26<br> %<br>| 0.51<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 40<br> %<br>|
| Net assets, end of period (000s omitted) | $60766 | &nbsp;&nbsp; $79465 | &nbsp;&nbsp; $110130 | &nbsp;&nbsp; $105846 | &nbsp;&nbsp; $135870 | &nbsp;&nbsp; $196801 |

---

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

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

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

Allspring Special Small Cap Value Fund \| 17

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$37.73** | &nbsp;&nbsp; **$44.30** | &nbsp;&nbsp; **$36.68** | &nbsp;&nbsp; **$41.98** | &nbsp;&nbsp; **$43.52** | &nbsp;&nbsp; **$24.01** |
| Net investment income | 0.22 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.48 <br><sup>1</sup><br>| 0.44 | 0.22 <br><sup>1</sup><br>| 0.25 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.65 | &nbsp;&nbsp; (2.98)<br>| 8.11 | &nbsp;&nbsp; (3.46)<br>| 1.08 | 19.50 |
| Total from investment operations | 0.87 | &nbsp;&nbsp; (2.50)<br>| 8.59 | &nbsp;&nbsp; (3.02)<br>| 1.30 | 19.75 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (0.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (4.07)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Net asset value, end of period** | **$38.60** | &nbsp;&nbsp; **$37.73** | &nbsp;&nbsp; **$44.30** | &nbsp;&nbsp; **$36.68** | &nbsp;&nbsp; **$41.98** | &nbsp;&nbsp; **$43.52** |
| **Total return**<sup>2</sup> <br>| **2.31%**<br>| &nbsp;&nbsp; **(6.64)%**<br>| **23.77%**<br>| &nbsp;&nbsp; **(7.11)%**<br>| **2.87%**<br>| **82.59%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.94<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>| 0.94<br> %<br>|
| Net expenses | 0.94<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>| 0.91<br> %<br>| 0.93<br> %<br>|
| Net investment income | 1.15<br> %<br>| 1.12<br> %<br>| 1.25<br> %<br>| 1.14<br> %<br>| 0.49<br> %<br>| 0.77<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 13<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 40<br> %<br>|
| Net assets, end of period (000s omitted) | $1688341 | &nbsp;&nbsp; $1944070 | &nbsp;&nbsp; $2673757 | &nbsp;&nbsp; $2726372 | &nbsp;&nbsp; $3193721 | &nbsp;&nbsp; $3102741 |

---

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

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

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

18 \| Allspring Special Small Cap Value Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

Options that are listed on a foreign or domestic exchange or market are valued at the closing mid-price. Non-listed options are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

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

Foreign currency translation

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

Options

The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may sell a security it does not own as a result of an exercised written call option. The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such securities during the period are recorded as an expense on the Statement of operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received.

Allspring Special Small Cap Value Fund \| 19

------

Notes to financial statements (unaudited)

The Fund may also purchase call or put options. Premiums paid are included in the Statement of assets and liabilities as investments, the values of which are subsequently adjusted based on the current market values of the options. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. The Fund is subject to equity price risk. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $3,453,319,888 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1079504394 |
| Gross unrealized losses | &nbsp;&nbsp; (534992282)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$544512112** |

---

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;

20 \| Allspring Special Small Cap Value Fund

------

Notes to financial statements (unaudited)

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $29470400 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $29470400 |
| *Consumer discretionary* | &nbsp;&nbsp; 258430987 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 258430987 |
| *Consumer staples* | &nbsp;&nbsp; 251784120 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 251784120 |
| *Energy* | &nbsp;&nbsp; 170985884 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 170985884 |
| *Financials* | &nbsp;&nbsp; 887625801 | &nbsp;&nbsp;&nbsp; 45811 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 887671612 |
| *Health care* | &nbsp;&nbsp; 240117154 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 240117154 |
| *Industrials* | &nbsp;&nbsp; 1040710403 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1040710403 |
| *Information technology* | &nbsp;&nbsp; 321680926 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 321680926 |
| *Materials* | &nbsp;&nbsp; 686885265 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 686885265 |
| *Real estate* | &nbsp;&nbsp; 41537842 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 41537842 |
| *Utilities* | &nbsp;&nbsp; 26112434 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26112434 |
| **Investment companies** | &nbsp;&nbsp; 28212538 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 28212538 |
| **Rights** |  |  |  |  |
| *Financials* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 14519435 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14519435 |
| **Total assets** | &nbsp;&nbsp; **$3998073189** | &nbsp;&nbsp;&nbsp; **$45811** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$3998119000** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Written options** | &nbsp;&nbsp; $287000 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $287000 |
| **Total liabilities** | &nbsp;&nbsp; **$287000** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$287000** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

Allspring Special Small Cap Value Fund \| 21

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Notes to financial statements (unaudited)

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

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.850<br> %<br>|
| Next $500 million | 0.825 |
| Next $1 billion | 0.800 |
| Next $1 billion | 0.775 |
| Next $1 billion | 0.750 |
| Next $1 billion | 0.730 |
| Next $5 billion | 0.720 |
| Over $10 billion | 0.710 |

---

For the six months ended September 30, 2025, the management fee was equivalent to an annual rate of 0.79% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | EXPENSE RATIO CAPS | RATE PRIOR TO AUGUST 1, 2025 |
| Class A | 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>|
| Class C | 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Class R6 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Administrator Class | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Institutional Class | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2025, Allspring Funds Distributor received $282 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended September 30, 2025.

22 \| Allspring Special Small Cap Value Fund

------

Notes to financial statements (unaudited)

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2025 were $543,133,871 and $1,074,873,075, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended September 30, 2025, the Fund entered into written options for hedging purposes. The Fund had an average of 1,643 written option contracts during the six months ended September 30, 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.

For options contracts, the Fund has the right to use the collateral to offset any losses incurred. As of September 30, 2025, the Fund had written options contracts with the following counterparty which are subject to offset:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Bank of America Securities, Inc. | &nbsp;&nbsp; $287000 | $0 | $(287000)<br>| $0 |

---

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

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

7. BANK BORROWINGS

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

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

8. CONCENTRATION RISKS

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

9. INDEMNIFICATION

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

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance,

Allspring Special Small Cap Value Fund \| 23

------

Notes to financial statements (unaudited)

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

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU 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 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 was closed to new investors and additional investments from existing shareholders.

24 \| Allspring Special Small Cap Value Fund

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring Special Small Cap Value 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 Special Small Cap Value 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 Special Small 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. 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 Special Small Cap Value 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 the three- and ten-year periods under review, and lower than the average investment performance of the Universe for the one- and five-year periods under review. The Board also noted that the investment performance of the Fund was higher than or in range of the investment performance of its benchmark index, the Russell 2000 Value Index, for all periods under review, except for the one-year period, which was lower.

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 in range of the median net operating expense ratios of the expense Groups for Class A, Institutional Class and Class R6, and higher than the median net operating expense ratios of the expense Groups for Administrator Class.

The Board noted that Funds Management had agreed to reduce the net operating expense caps for the Fund's Class A, Class C, Administrator Class, Institutional Class and Class R6.

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 Administrator Class, Institutional Class and Class R6, and higher than the sum of the average rates for the expense Groups for Class A.

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.

28 \| Allspring Special Small Cap Value 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 Special Small Cap Value Fund \| 29

------

![](g774280imgd584950c1.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**

![](g774280imgf0a840312.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.**

**NCSRS0637 09-25**

------

![](g774280img39beac761.jpg)

Allspring Utility and Telecommunications Fund

Long Form Financial Statements

Semi-Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_POI-PageBlank-39_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_FS-PageBlank-39_1)** |  |
| [Statement of assets and liabilities](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_FS-PageBlank-39_1) | 5 |
| [Statement of operations](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_FS-PageBlank-39_2) | 6 |
| [Statement of changes in net assets](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_FS-PageBlank-39_3) | 7 |
| [Financial highlights](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_FIHI-PageBlank-39_1) | 8 |
| **[Notes to financial statements](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_NTF-PageBlank-39_1)** | 11 |
| **[Other information](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_3)['](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_3)[s approval of investment](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_3)<br> [advisory contract](#xx_b79b02de-7659-4bb0-8232-28fec0fbde68_OI-PageBlank-39_3)<br>| 18 |

---

Allspring Utility And Telecommunications Fund \| 1

------

Portfolio of investments—September 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.95%** |  |  |
| **Communication services: 7.47%** |  |  |
| **Diversified telecommunication services: 1.21%** |  |  |
| Verizon Communications, Inc. | 99374 | &nbsp;&nbsp; **$4367487** |
| **Interactive media & services: 5.13%** |  |  |
| Alphabet, Inc. Class A | 36457 | &nbsp;&nbsp; 8862697 |
| Meta Platforms, Inc. Class A | 13044 | &nbsp;&nbsp; 9579253 |
|  |  | &nbsp;&nbsp; **18441950** |
| **Media: 1.13%** |  |  |
| Comcast Corp. Class A | 128721 | &nbsp;&nbsp; **4044414** |
| **Consumer discretionary: 1.28%** |  |  |
| **Specialty retail: 1.28%** |  |  |
| Home Depot, Inc. | 11407 | &nbsp;&nbsp; **4622002** |
| **Consumer staples: 0.55%** |  |  |
| **Consumer staples distribution & retail: 0.55%** |  |  |
| Target Corp. | 22069 | &nbsp;&nbsp; **1979589** |
| **Financials: 2.72%** |  |  |
| **Financial services: 2.72%** |  |  |
| Mastercard, Inc. Class A | 8819 | &nbsp;&nbsp; 5016335 |
| Visa, Inc. Class A | 13958 | &nbsp;&nbsp; 4764982 |
|  |  | &nbsp;&nbsp; **9781317** |
| **Health care: 1.21%** |  |  |
| **Biotechnology: 1.21%** |  |  |
| Amgen, Inc. | 15378 | &nbsp;&nbsp; **4339672** |
| **Information technology: 1.76%** |  |  |
| **Communications equipment: 1.76%** |  |  |
| Cisco Systems, Inc. | 92616 | &nbsp;&nbsp; **6336787** |
| **Real estate: 1.49%** |  |  |
| **Specialized REITs: 1.49%** |  |  |
| American Tower Corp. | 27772 | &nbsp;&nbsp; **5341111** |
| **Utilities: 82.47%** |  |  |
| **Electric utilities: 48.52%** |  |  |
| Alliant Energy Corp. | 127418 | &nbsp;&nbsp; 8589247 |
| American Electric Power Co., Inc. | 118196 | &nbsp;&nbsp; 13297050 |
| Constellation Energy Corp. | 83907 | &nbsp;&nbsp; 27611276 |
| Duke Energy Corp. | 121799 | &nbsp;&nbsp; 15072626 |
| Entergy Corp. | 156234 | &nbsp;&nbsp; 14559446 |
| Eversource Energy | 57906 | &nbsp;&nbsp; 4119433 |
| Exelon Corp. | 237838 | &nbsp;&nbsp; 10705088 |
| FirstEnergy Corp. | 110646 | &nbsp;&nbsp; 5069800 |
| NextEra Energy, Inc. | 556836 | &nbsp;&nbsp; 42035550 |

---

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

2 \| Allspring Utility and Telecommunications Fund

------

Portfolio of investments—September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electric utilities**(continued) |  |  |
| Southern Co. | 237076 | &nbsp;&nbsp; $22467693 |
| Xcel Energy, Inc. | 134721 | &nbsp;&nbsp; 10865249 |
|  |  | &nbsp;&nbsp; **174392458** |
| **Gas utilities: 3.78%** |  |  |
| Atmos Energy Corp. | 79615 | &nbsp;&nbsp; **13594261** |
| **Independent power and renewable electricity producers: 5.07%** |  |  |
| Vistra Corp. | 92950 | &nbsp;&nbsp; **18210764** |
| **Multi-utilities: 22.61%** |  |  |
| Ameren Corp. | 105733 | &nbsp;&nbsp; 11036410 |
| CenterPoint Energy, Inc. | 253662 | &nbsp;&nbsp; 9842086 |
| CMS Energy Corp. | 147506 | &nbsp;&nbsp; 10806290 |
| Dominion Energy, Inc. | 85721 | &nbsp;&nbsp; 5243554 |
| DTE Energy Co. | 90074 | &nbsp;&nbsp; 12739166 |
| Public Service Enterprise Group, Inc. | 113978 | &nbsp;&nbsp; 9512604 |
| Sempra | 145290 | &nbsp;&nbsp; 13073194 |
| WEC Energy Group, Inc. | 78811 | &nbsp;&nbsp; 9030952 |
|  |  | &nbsp;&nbsp; **81284256** |
| **Water utilities: 2.49%** |  |  |
| American Water Works Co., Inc. | 64245 | &nbsp;&nbsp; **8942262** |
| **Total common stocks (Cost $181,956,328)** |  | &nbsp;&nbsp; **355678330** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.12%** |  |  |  |  |
| **Investment companies: 1.12%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 4019939 | &nbsp;&nbsp; **4019939** |
| **Total short-term investments (Cost $4,019,939)** |  |  |  | &nbsp;&nbsp; **4019939** |
| **Total investments in securities (Cost $185,976,267)** | 100.07<br> %<br>|  |  | &nbsp;&nbsp; 359698269 |
| Other assets and liabilities, net | (0.07)<br>|  |  | &nbsp;&nbsp; (257079)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$359441190** |

---

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

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

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

Abbreviations: <br> REIT Real estate investment trust

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

Allspring Utility and Telecommunications Fund \| 3

------

Portfolio of investments—September 30, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $8970663 | $14471159 | $(19421883)<br>| $0 | $0 | $4019939 | 4019939 | $103016 |

---

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

4 \| Allspring Utility and Telecommunications Fund

------

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

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $181,956,328) | $355678330 |
| Investments in affiliated securities, at value (cost $4,019,939) | 4019939 |
| Receivable for Fund shares sold | 308080 |
| Receivable for dividends | 221728 |
| Prepaid expenses and other assets | 47630 |
| **Total assets** | **360275707** |
| Liabilities |  |
| Payable for Fund shares redeemed | 509682 |
| Management fee payable | 153805 |
| Shareholder servicing fees payable | 64955 |
| Administration fees payable | 55750 |
| Trustees' fees and expenses payable | 2593 |
| Distribution fee payable | 1092 |
| Accrued expenses and other liabilities | 46640 |
| **Total liabilities** | **834517** |
| **Total net assets**  | **$359441190** |
| Net assets consist of |  |
| Paid-in capital | $172491960 |
| Total distributable earnings | 186949230 |
| **Total net assets** | **$359441190** |
| Computation of net asset value and offering price per share |  |
| Net assets–Class A | $319463841 |
| Shares outstanding–Class A<sup>1</sup> <br>| 15046892 |
| Net asset value per share–Class A | $21.23 |
| Maximum offering price per share – Class A<sup>2</sup> <br>| $22.53 |
| Net assets–Class C | $1709979 |
| Shares outstanding–Class C<sup>1</sup> <br>| 79974 |
| Net asset value per share–Class C | $21.38 |
| Net assets–Institutional Class | $38267370 |
| Shares outstanding–Institutional Class<sup>1</sup> <br>| 1805132 |
| Net asset value per share–Institutional Class | $21.20 |

---

<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 Utility and Telecommunications Fund \| 5

------

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

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $4599725 |
| Income from affiliated securities | 103016 |
| Interest | 2 |
| **Total investment income** | **4702743** |
| Expenses |  |
| Management fee | 1132724 |
| Administration fees |  |
| Class A | 307962 |
| Class C | 1746 |
| Administrator Class | 1533 <br><sup>1</sup><br>|
| Institutional Class | 23692 |
| Shareholder servicing fees |  |
| Class A | 384952 |
| Class C | 2181 |
| Administrator Class | 2948 <br><sup>1</sup><br>|
| Distribution fee |  |
| Class C | 6519 |
| Custody and accounting fees | 5804 |
| Professional fees | 24892 |
| Registration fees | 39627 |
| Shareholder report expenses | 21583 |
| Trustees' fees and expenses | 4390 |
| Other fees and expenses | 11362 |
| **Total expenses** | **1971915** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (212821)<br>|
| Class A | (32455)<br>|
| Class C | (1)<br>|
| **Net expenses** | **1726638** |
| **Net investment income** | **2976105** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **8197049** |
| **Net change in unrealized gains (losses) on investments** | **26014088** |
| **Net realized and unrealized gains (losses) on investments** | **34211137** |
| **Net increase in net assets resulting from operations** | **$37187242** |

---

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

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

6 \| Allspring Utility and Telecommunications Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended<br> September 30, 2025<br> (unaudited) | Six months ended<br> September 30, 2025<br> (unaudited) | Year ended<br> March 31, 2025 | Year ended<br> March 31, 2025 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $2976105 |  | &nbsp;&nbsp; $6930373 |
| Net realized gains on investments |  | &nbsp;&nbsp; 8197049 |  | &nbsp;&nbsp; 10825012 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 26014088 |  | &nbsp;&nbsp; 37431565 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **37187242** |  | &nbsp;&nbsp; **55186950** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class A |  | &nbsp;&nbsp; (2739250)<br>|  | &nbsp;&nbsp; (13782456)<br>|
| Class C |  | &nbsp;&nbsp; (8626)<br>|  | &nbsp;&nbsp; (74361)<br>|
| Administrator Class |  | &nbsp;&nbsp; (13007 )<sup>1</sup><br>|  | &nbsp;&nbsp; (121115)<br>|
| Institutional Class |  | &nbsp;&nbsp; (396576)<br>|  | &nbsp;&nbsp; (1644370)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(3157459)**<br>|  | &nbsp;&nbsp; **(15622302)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class A | 88230 | &nbsp;&nbsp; 1748896 | &nbsp;&nbsp; 333882 | &nbsp;&nbsp; 6285148 |
| Class C | 5587 | &nbsp;&nbsp; 113094 | &nbsp;&nbsp; 2572 | &nbsp;&nbsp; 47941 |
| Administrator Class | 1545 <br><sup>1</sup><br>| &nbsp;&nbsp; 30536 <br><sup>1</sup><br>| &nbsp;&nbsp; 5383 | &nbsp;&nbsp; 98674 |
| Institutional Class | 123977 | &nbsp;&nbsp; 2480510 | &nbsp;&nbsp; 509176 | &nbsp;&nbsp; 9552907 |
|  |  | &nbsp;&nbsp; 4373036 |  | &nbsp;&nbsp; 15984670 |
| Reinvestment of distributions |  |  |  |  |
| Class A | 125993 | &nbsp;&nbsp; 2578674 | &nbsp;&nbsp; 691058 | &nbsp;&nbsp; 12992624 |
| Class C | 419 | &nbsp;&nbsp; 8613 | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 74161 |
| Administrator Class | 647 <br><sup>1</sup><br>| &nbsp;&nbsp; 12970 <br><sup>1</sup><br>| &nbsp;&nbsp; 6409 | &nbsp;&nbsp; 120783 |
| Institutional Class | 19288 | &nbsp;&nbsp; 394154 | &nbsp;&nbsp; 86836 | &nbsp;&nbsp; 1632057 |
|  |  | &nbsp;&nbsp; 2994411 |  | &nbsp;&nbsp; 14819625 |
| Payment for shares redeemed |  |  |  |  |
| Class A | (773911)<br>| &nbsp;&nbsp; (15592293)<br>| &nbsp;&nbsp; (1866740)<br>| &nbsp;&nbsp; (34815711)<br>|
| Class C | (17532)<br>| &nbsp;&nbsp; (352363)<br>| &nbsp;&nbsp; (40324)<br>| &nbsp;&nbsp; (758783)<br>|
| Administrator Class | (11443 )<sup>1</sup><br>| &nbsp;&nbsp; (232375 )<sup>1</sup><br>| &nbsp;&nbsp; (35508)<br>| &nbsp;&nbsp; (646691)<br>|
| Institutional Class | (403958)<br>| &nbsp;&nbsp; (8071423)<br>| &nbsp;&nbsp; (415908)<br>| &nbsp;&nbsp; (7701275)<br>|
|  |  | &nbsp;&nbsp; (24248454)<br>|  | &nbsp;&nbsp; (43922460)<br>|
| Share conversions |  |  |  |  |
| Administrator Class | (123383 )<sup>2</sup><br>| &nbsp;&nbsp; (2582269 )<sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Institutional Class | 123803 <br><sup>2</sup><br>| &nbsp;&nbsp; 2582269 <br><sup>2</sup><br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 0 |
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(16881007)**<br>|  | &nbsp;&nbsp; **(13118165)**<br>|
| **Total increase in net assets** |  | &nbsp;&nbsp; **17148776** |  | &nbsp;&nbsp; **26446483** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **342292414** |  | &nbsp;&nbsp; **315845931** |
| **End of period** |  | &nbsp;&nbsp; **$359441190** |  | &nbsp;&nbsp; **$342292414** |

---

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

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

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

Allspring Utility and Telecommunications Fund \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class A | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.26** | &nbsp;&nbsp; **$17.08** | &nbsp;&nbsp; **$17.77** | &nbsp;&nbsp; **$21.48** | &nbsp;&nbsp; **$21.47** | &nbsp;&nbsp; **$20.19** |
| Net investment income | 0.17 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.33 | 0.33 | 0.34 |
| Net realized and unrealized gains (losses) on investments | 1.98 | 2.69 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.03)<br>| 2.40 | 3.82 |
| Total from investment operations | 2.15 | 3.07 | 0.27 | &nbsp;&nbsp; (1.70)<br>| 2.73 | 4.16 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.53)<br>|
| Total distributions to shareholders | (0.18)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.88)<br>|
| **Net asset value, end of period** | **$21.23** | &nbsp;&nbsp; **$19.26** | &nbsp;&nbsp; **$17.08** | &nbsp;&nbsp; **$17.77** | &nbsp;&nbsp; **$21.48** | &nbsp;&nbsp; **$21.47** |
| **Total return**<sup>2</sup> <br>| **11.20%**<br>| **18.16%**<br>| **1.77%**<br>| &nbsp;&nbsp; **(8.15)%**<br>| **13.62%**<br>| **21.23%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.16<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>| 1.15<br> %<br>| 1.16<br> %<br>| 1.17<br> %<br>|
| Net expenses | 1.02<br> %<br>| 1.00<br> %<br>| 1.01<br> %<br>| 1.04<br> %<br>| 1.04<br> %<br>| 1.04<br> %<br>|
| Net investment income | 1.68<br> %<br>| 2.06<br> %<br>| 2.31<br> %<br>| 1.69<br> %<br>| 1.52<br> %<br>| 1.58<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $319464 | &nbsp;&nbsp; $300603 | &nbsp;&nbsp; $280957 | &nbsp;&nbsp; $321507 | &nbsp;&nbsp; $379164 | &nbsp;&nbsp; $363540 |

---

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

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

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

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

8 \| Allspring Utility and Telecommunications Fund

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Class C | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.40** | &nbsp;&nbsp; **$17.20** | &nbsp;&nbsp; **$17.88** | &nbsp;&nbsp; **$21.60** | &nbsp;&nbsp; **$21.57** | &nbsp;&nbsp; **$20.25** |
| Net investment income | 0.09 <br><sup>1</sup><br>| 0.24 <br><sup>1</sup><br>| 0.26 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.17 <br><sup>1</sup><br>| 0.17 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.99 | 2.70 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.05)<br>| 2.40 | 3.85 |
| Total from investment operations | 2.08 | 2.94 | 0.14 | &nbsp;&nbsp; (1.86)<br>| 2.57 | 4.02 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.10)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.53)<br>|
| Total distributions to shareholders | (0.10)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp; (2.70)<br>|
| **Net asset value, end of period** | **$21.38** | &nbsp;&nbsp; **$19.40** | &nbsp;&nbsp; **$17.20** | &nbsp;&nbsp; **$17.88** | &nbsp;&nbsp; **$21.60** | &nbsp;&nbsp; **$21.57** |
| **Total return**<sup>2</sup> <br>| **10.76%**<br>| **17.24%**<br>| **0.98%**<br>| &nbsp;&nbsp; **(8.83)%**<br>| **12.75%**<br>| **20.34%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.91<br> %<br>| 1.91<br> %<br>| 1.91<br> %<br>| 1.89<br> %<br>| 1.90<br> %<br>| 1.91<br> %<br>|
| Net expenses | 1.79<br> %<br>| 1.79<br> %<br>| 1.79<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>| 1.80<br> %<br>|
| Net investment income | 0.90<br> %<br>| 1.27<br> %<br>| 1.55<br> %<br>| 0.94<br> %<br>| 0.77<br> %<br>| 0.80<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $1710 | &nbsp;&nbsp; $1775 | &nbsp;&nbsp; $2156 | &nbsp;&nbsp; $4183 | &nbsp;&nbsp; $4548 | &nbsp;&nbsp; $6379 |

---

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

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

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

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

Allspring Utility and Telecommunications Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>September 30, 2025 <br>(unaudited) | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 | Year ended March 31 |
| Institutional Class | Six months ended <br>September 30, 2025 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.23** | &nbsp;&nbsp; **$17.06** | &nbsp;&nbsp; **$17.76** | &nbsp;&nbsp; **$21.46** | &nbsp;&nbsp; **$21.46** | &nbsp;&nbsp; **$20.18** |
| Net investment income | 0.20 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.44 <br><sup>1</sup><br>| 0.39 <br><sup>1</sup><br>| 0.40 | 0.43 |
| Net realized and unrealized gains (losses) on investments | 1.98 | 2.67 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.02)<br>| 2.39 | 3.80 |
| Total from investment operations | 2.18 | 3.11 | 0.32 | &nbsp;&nbsp; (1.63)<br>| 2.79 | 4.23 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.21)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.42)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (2.53)<br>|
| Total distributions to shareholders | (0.21)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.95)<br>|
| **Net asset value, end of period** | **$21.20** | &nbsp;&nbsp; **$19.23** | &nbsp;&nbsp; **$17.06** | &nbsp;&nbsp; **$17.76** | &nbsp;&nbsp; **$21.46** | &nbsp;&nbsp; **$21.46** |
| **Total return**<sup>2</sup> <br>| **11.40%**<br>| **18.46%**<br>| **2.06%**<br>| &nbsp;&nbsp; **(7.80)%**<br>| **13.94%**<br>| **21.62%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.84<br> %<br>| 0.84<br> %<br>| 0.85<br> %<br>| 0.82<br> %<br>| 0.83<br> %<br>| 0.84<br> %<br>|
| Net expenses | 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>| 0.72<br> %<br>|
| Net investment income | 1.99<br> %<br>| 2.33<br> %<br>| 2.60<br> %<br>| 2.02<br> %<br>| 1.84<br> %<br>| 1.92<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 1<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (000s omitted) | $38267 | &nbsp;&nbsp; $37354 | &nbsp;&nbsp; $30057 | &nbsp;&nbsp; $65955 | &nbsp;&nbsp; $79196 | &nbsp;&nbsp; $65644 |

---

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

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

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

10 \| Allspring Utility and Telecommunications Fund

------

Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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

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

Distributions to shareholders

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

Federal and other taxes

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

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.

Allspring Utility and Telecommunications Fund \| 11

------

Notes to financial statements (unaudited)

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $185,999,001 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $176298610 |
| Gross unrealized losses | &nbsp;&nbsp; (2599342)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$173699268** |

---

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $26853851 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $26853851 |
| *Consumer discretionary* | &nbsp;&nbsp; 4622002 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4622002 |
| *Consumer staples* | &nbsp;&nbsp; 1979589 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1979589 |
| *Financials* | &nbsp;&nbsp; 9781317 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9781317 |
| *Health care* | &nbsp;&nbsp; 4339672 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4339672 |
| *Information technology* | &nbsp;&nbsp; 6336787 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6336787 |
| *Real estate* | &nbsp;&nbsp; 5341111 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5341111 |
| *Utilities* | &nbsp;&nbsp; 296424001 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 296424001 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 4019939 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4019939 |
| **Total assets** | &nbsp;&nbsp; **$359698269** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$359698269** |

---

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

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds

12 \| Allspring Utility and Telecommunications Fund

------

Notes to financial statements (unaudited)

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

---

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

---

For the six months ended September 30, 2025, the management fee was equivalent to an annual rate of 0.65% of the Fund's average daily net assets.

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

Administration fees

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

---

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

---

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through July 31, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of September 30, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class A | 1.04<br> %<br>|
| Class C | 1.79 |
| Institutional Class | 0.72 |

---

Distribution fee

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

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended September 30, 2025, Allspring Funds Distributor received $2,456 from the sale of Class A shares and $48 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended September 30, 2025.

Allspring Utility and Telecommunications Fund \| 13

------

Notes to financial statements (unaudited)

Shareholder servicing fees

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended September 30, 2025 were $13,522,222 and $25,302,664, respectively.

6. BANK BORROWINGS

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

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

7. CONCENTRATION RISKS

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

8. INDEMNIFICATION

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

9. OPERATING SEGMENTS

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

10. NEW ACCOUNTING PRONOUNCEMENT

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

14 \| Allspring Utility and Telecommunications Fund

------

Notes to financial statements (unaudited)

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

11. CLASS CONVERSION

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

Allspring Utility and Telecommunications Fund \| 15

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

16 \| Allspring Utility and Telecommunications Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Allspring Utility and Telecommunications Fund \| 17

------

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 Utility and Telecommunications 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."

18 \| Allspring Utility and Telecommunications Fund

------

Other information (unaudited)

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

*Fund investment performance and expenses*

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

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

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

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

Allspring Utility and Telecommunications Fund \| 19

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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.

20 \| Allspring Utility and Telecommunications Fund

------

![](g774280img39beac761.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**

![](g774280imgcbfa115e2.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.**

**NCSRS0667 09-25**

------

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

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

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

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

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

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

------

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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<u>ITEM 19. EXHIBITS</u> 

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d774280dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d774280dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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

---

| | |
|:---|:---|
| Allspring Funds Trust | Allspring Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: November 20, 2025 | Date: November 20, 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: November 20, 2025 | Date: November 20, 2025 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: November 20, 2025 | Date: November 20, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g774280g1122083409635.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Disciplined Small Cap Fund, Allspring Index Fund, Allspring Innovation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EPI, Allspring Precious Metals Fund, Allspring Special Small Cap Value Fund and Allspring Utility and Telecommunications Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: November 20, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Funds Trust |

---

------

![LOGO](g774280g1122083409635.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Disciplined Small Cap Fund, Allspring Index Fund, Allspring Innovation Fund, Allspring Managed Account CoreBuilder<sup>®</sup> Shares – Series EPI, Allspring Precious Metals Fund, Allspring Special Small Cap Value Fund and Allspring Utility and Telecommunications Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Date: November 20, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Funds Trust |

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## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g774280g1122083409635.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 20, 2025

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| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

------

![LOGO](g774280g1122083409635.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 20, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.