N-CSRS

LOGO

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^rd Floor, Charlotte, NC 28203

(Address of principal executive offices) (Zip code)

Matthew Prasse

Allspring Funds Management, LLC

1415 Vantage Park Drive, 3^rd 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: September 30

Registrant is making a filing for 10 of its series: Allspring Common Stock Fund, Allspring Discovery Mid Cap Growth Fund, Allspring Discovery SMID Cap Growth Fund, Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Global Investment Grade Credit Fund, Allspring Income Plus Fund, Allspring Index Asset Allocation Fund, Allspring Opportunity Fund and Allspring Special Mid Cap Value Fund.

Date of reporting period: March 31, 2024

ITEM 1. REPORT TO STOCKHOLDERS

Allspring Common Stock Fund

Semi-Annual Report

March 31, 2024

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	22
Other information	27

The views expressed and any forward-looking statements are as of March 31, 2024, unless otherwise noted, and are those of the Fund’s portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Allspring Common Stock Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Common Stock Fund for the six-month period that ended March 31, 2024. Globally, stocks and bonds had positive returns for the period. However, markets were volatile as investors focused on persistently high inflation and the impact of aggressive central bank rate hikes. Riskier assets rallied as investors anticipated an end to the tight monetary policy.

For the period, U.S. stocks, based on the S&P 500 Index,1 returned 23.48%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),2 gained 14.90% while the MSCI EM Index (Net) (USD),3 returned 10.42%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index4 returned 5.99%, the Bloomberg Global Aggregate ex-USD Index (unhedged)5 gained 5.71%, the Bloomberg Municipal Bond Index6 returned 7.48%, and the ICE BofA U.S. High Yield Index7 gained 8.68%.

Investors remained focused on central bank monetary policies.

The period began with a tough month for financial markets overall in October. Key global and domestic indexes all were pushed down by rising geopolitical tensions—particularly the Israel-Hamas conflict—and concerns over the Fed’s “higher for longer” monetary policy. The U.S. 10-year Treasury yield rose above 5% for the first time since 2007. Commodity prices did well as oil prices rallied in response to the prospect of oil supply disruptions from the Middle East. U.S. annualized third quarter gross domestic product (GDP) growth was estimated at a healthier-than-anticipated 4.9%. China’s GDP indicated surprisingly strong industrial production and retail sales, offset by ongoing weakness in its real estate sector.

In November, the market mood turned positive as cooling inflation inspired confidence that central banks could hold off on further rate hikes. Overall annual inflation in the U.S. fell to 3.1% in November while 12-month inflation in the U.K. and eurozone eased to 4.6% and 2.4%, respectively—far below their peak levels of mid-2022. Third quarter annualized U.S. GDP growth was raised to an estimated 5.2% while U.S. job totals rose by just below 200,000 in November, indicating a slight cooling of the labor market. All of this fresh evidence added to confidence for a U.S. soft economic landing, leading to a more buoyant mood heading into winter.

The broad year-end rally among stocks and bonds that began in November continued through December as investors became more confident that monetary policy would ease in 2024. Supporting the bubbly market mood were a series of reports confirming lower inflationary trends in the U.S. and Europe. During the period, it appeared more likely that the U.S. economy could achieve a soft landing, cooling enough to lower inflation without the pain of a recession. However, by year-end, an expectations gap developed. Capital markets priced in a total of 1.50 percentage points in federal funds rate cuts in 2024—twice as much as the three cuts of 0.25% hinted at by Fed officials.

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. You cannot invest directly in an index.

The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high yield bonds. The index tracks the performance of high yield securities traded in the U.S. bond market. Returns shown are net of transaction costs beginning on July 1, 2022. You cannot invest directly in an index. Copyright 2024. ICE Data Indices, LLC. All rights reserved.

2 | Allspring Common Stock Fund

Letter to shareholders (unaudited)

Financial market performance was mixed in January 2024 as U.S. stocks had modest gains while non-U.S. equities, particularly those in emerging markets, and fixed income assets were held back by central bank pushback on market optimism over rate cuts. Overall, optimism was supported by indications of a soft landing for the U.S. economy. Key data included a surprisingly strong gain of 353,000 jobs in January, an unemployment rate of just 3.7%, and a rise of just 3.1% in the CPI in January. However, that resilience helped push back expectations of a rate cut in March to a more likely second quarter initial move.

In February, stocks were supported by positive economic data and strong corporate earnings. However, fixed income investments were under pressure as resilient inflation led to lowered expectations on the timing of interest rate cuts. The S&P 500 Index had solid monthly gains along with emerging market equities, which benefited from a rebound in China.

The first quarter of 2024 closed with ongoing stock market momentum and a more muted sense of confidence in fixed income markets as investors adjusted to the prospect of greater-than-expected economic strength. On the flip side of that is that expectations on the timing of a long-anticipated initial Fed rate cut were pushed back from March to June and then beyond. Additionally, the number of quarter-point rate cuts forecast by the market fell from six as projected in December 2023 to two to three cuts by the end of March.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. To help you create a sound strategy based on your personal goals and risk tolerance, Allspring Funds offers a wide variety of mutual funds spanning many asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

“ The first quarter of 2024 closed with ongoing stock market momentum and a more muted sense of confidence in fixed income markets as investors adjusted to the prospect of greater-than-expected economic strength. ”

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Common Stock Fund | 3

Letter to shareholders (unaudited)

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

4 | Allspring Common Stock Fund

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Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Christopher G. Miller, CFA, Garth B. Newport, CFA

Average annual total returns (%) as of March 31, 2024
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (SCSAX)	11-30-2000	9.89	8.47	7.60	16.62	9.77	8.24	1.27	1.26
Class C (STSAX)	11-30-2000	14.74	9.05	7.64	15.74	9.05	7.64	2.02	2.01
Class R6 (SCSRX)	6-28-2013	–	–	–	17.14	10.23	8.70	0.85	0.84
Administrator Class (SCSDX)	7-30-2010	–	–	–	16.84	10.33	8.60	1.20	1.11
Institutional Class (SCNSX)	7-30-2010	–	–	–	17.08	10.19	8.67	0.95	0.86
Russell 3000® Index3	–	–	–	–	29.29	14.34	12.33	–	–
Russell 2500™ Index4	–	–	–	–	21.43	9.90	8.84	–	–

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance shown without sales charges would be lower if sales charges were reflected. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Current month-end performance is available on the Fund’s website, allspringglobal.com.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through January 31, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.25% for Class A, 2.00% for Class C, 0.83% for Class R6, 1.10% for Administrator Class and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.
4	The Russell 2500TM Index measures the performance of the 2,500 smallest companies in the Russell 3000® Index, which represents approximately 16% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.

Investing involves risk, including the possible loss of principal. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller company stocks tend to be more volatile and less liquid than those of larger companies. Consult the Fund’s prospectus for additional information on these and other risks.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Common Stock Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20241
Atkore, Inc.	2.64
Regal Rexnord Corp.	2.33
Ashland, Inc.	2.15
Carlisle Cos., Inc.	2.12
Burlington Stores, Inc.	2.11
Melrose Industries PLC	2.11
Bio-Rad Laboratories, Inc. Class A	2.07
Teledyne Technologies, Inc.	2.01
Sun Communities, Inc.	1.84
Marvell Technology, Inc.	1.78

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

Allspring Common Stock Fund | 7

Fund expenses (unaudited)

Fund expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (if any) on redemptions and (2) ongoing costs, including management fees, distribution (12b-1) and/or shareholder servicing fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2023 to March 31, 2024.

Actual expenses

The “Actual” line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000= 8.6), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses paid during period” for your applicable class of shares to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The “Hypothetical” line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and contingent deferred sales charges. Therefore, the “Hypothetical” line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning account value 10-1-2023	Ending account value 3-31-2024	Expenses paid during the period1	Annualized net expense ratio
Class A
Actual	$1,000.00	$1,197.05	$6.83	1.25 %
Hypothetical (5% return before expenses)	$1,000.00	$1,018.65	$6.27	1.25 %
Class C
Actual	$1,000.00	$1,192.75	$10.69	1.96 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.12	$9.82	1.96 %
Class R6
Actual	$1,000.00	$1,199.67	$4.54	0.83 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.74	$4.17	0.83 %
Administrator Class
Actual	$1,000.00	$1,198.56	$6.01	1.10 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.39	$5.52	1.10 %
Institutional Class
Actual	$1,000.00	$1,199.88	$4.65	0.85 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.64	$4.27	0.85 %

1	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period).

8 | Allspring Common Stock Fund

Portfolio of investments—March 31, 2024 (unaudited)

Portfolio of investments

	Shares		Value
Common stocks: 97.70%
Communication services: 0.60%
Interactive media & services: 0.60%
Bumble, Inc. Class A†		447,052	$5,074,040
Consumer discretionary: 12.39%
Automobile components: 1.32%
Gentherm, Inc.†		192,190	11,066,300
Distributors: 1.42%
LKQ Corp.		224,457	11,988,248
Diversified consumer services: 1.07%
Service Corp. International		121,469	9,014,215
Hotels, restaurants & leisure: 1.19%
Planet Fitness, Inc. Class A†		159,623	9,997,189
Household durables: 1.28%
Mohawk Industries, Inc.†		82,207	10,760,074
Specialty retail: 6.11%
Burlington Stores, Inc.†		76,325	17,721,902
Leslie’s, Inc.†		1,703,548	11,073,062
National Vision Holdings, Inc.†		294,562	6,527,494
Revolve Group, Inc.†		515,952	10,922,704
Tractor Supply Co.		19,649	5,142,536
			51,387,698
Consumer staples: 2.79%
Food products: 1.40%
Nomad Foods Ltd.		601,966	11,774,455
Household products: 1.39%
Church & Dwight Co., Inc.		112,154	11,698,784
Financials: 15.06%
Banks: 5.20%
Ameris Bancorp		135,188	6,540,395
Pinnacle Financial Partners, Inc.		134,660	11,564,601
Prosperity Bancshares, Inc.		104,886	6,899,401
Webster Financial Corp.		239,057	12,136,924
Wintrust Financial Corp.		63,444	6,622,919
			43,764,240
Capital markets: 2.23%
Cboe Global Markets, Inc.		42,641	7,834,431
Raymond James Financial, Inc.		84,940	10,907,995
			18,742,426
Financial services: 1.55%
Essent Group Ltd.		219,324	13,051,971

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

Allspring Common Stock Fund | 9

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Insurance: 6.08%
Arch Capital Group Ltd.†		153,859	$14,222,726
Axis Capital Holdings Ltd.		192,613	12,523,697
First American Financial Corp.		206,314	12,595,470
Reinsurance Group of America, Inc.		61,349	11,832,995
			51,174,888
Health care: 11.32%
Biotechnology: 0.08%
Sage Therapeutics, Inc.†		34,670	649,716
Health care equipment & supplies: 4.22%
Haemonetics Corp.†		125,314	10,695,550
Integer Holdings Corp.†		101,398	11,831,119
LivaNova PLC†		231,990	12,977,520
			35,504,189
Health care providers & services: 2.58%
HealthEquity, Inc.†		155,275	12,675,098
Humana, Inc.		26,162	9,070,889
			21,745,987
Health care technology: 0.36%
Schrodinger, Inc.†		113,190	3,056,130
Life sciences tools & services: 4.08%
Azenta, Inc.†		202,956	12,234,188
Bio-Rad Laboratories, Inc. Class A†		50,219	17,369,245
Sotera Health Co.†		389,945	4,683,239
			34,286,672
Industrials: 21.90%
Aerospace & defense: 2.11%
Melrose Industries PLC		2,085,682	17,716,342
Building products: 3.25%
AZEK Co., Inc.†		189,464	9,514,882
Carlisle Cos., Inc.		45,567	17,855,429
			27,370,311
Commercial services & supplies: 2.35%
Republic Services, Inc.		41,068	7,862,058
Stericycle, Inc.†		225,545	11,897,499
			19,759,557
Construction & engineering: 1.30%
API Group Corp.†		279,053	10,958,411

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

10 | Allspring Common Stock Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Electrical equipment: 4.97%
Atkore, Inc.		116,576	$22,191,407
Regal Rexnord Corp.		108,978	19,626,938
			41,818,345
Machinery: 0.81%
Ingersoll Rand, Inc.		71,854	6,822,537
Professional services: 4.78%
CACI International, Inc. Class A†		25,104	9,510,148
Dun & Bradstreet Holdings, Inc.		995,814	9,997,973
TransUnion		133,217	10,630,717
WNS Holdings Ltd.†		198,535	10,031,973
			40,170,811
Trading companies & distributors: 2.33%
Air Lease Corp.		253,312	13,030,369
United Rentals, Inc.		9,078	6,546,237
			19,576,606
Information technology: 16.16%
Electronic equipment, instruments & components: 3.43%
Littelfuse, Inc.		49,456	11,985,662
Teledyne Technologies, Inc.†		39,351	16,894,171
			28,879,833
IT services: 1.62%
Okta, Inc.†		130,321	13,634,183
Semiconductors & semiconductor equipment: 3.32%
Marvell Technology, Inc.		211,241	14,972,762
ON Semiconductor Corp.†		175,624	12,917,145
			27,889,907
Software: 7.79%
CCC Intelligent Solutions Holdings, Inc.†		804,953	9,627,238
Instructure Holdings, Inc.†		470,403	10,057,216
PagerDuty, Inc.†		520,343	11,801,379
Q2 Holdings, Inc.†		233,820	12,289,579
Riskified Ltd. Class A†		580,236	3,139,077
Sprinklr, Inc. Class A†		507,553	6,227,675
SPS Commerce, Inc.†		37,184	6,875,322
WalkMe Ltd.†		641,308	5,515,249
			65,532,735
Materials: 8.79%
Chemicals: 5.31%
Ashland, Inc.		185,493	18,061,453

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

Allspring Common Stock Fund | 11

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Chemicals(continued)
Olin Corp.		254,357	$14,956,192
Westlake Corp.		76,339	11,664,599
			44,682,244
Containers & packaging: 1.24%
Crown Holdings, Inc.		131,474	10,420,629
Metals & mining: 1.09%
Commercial Metals Co.		155,624	9,146,023
Paper & forest products: 1.15%
Louisiana-Pacific Corp.		115,670	9,705,870
Real estate: 8.69%
Industrial REITs : 1.67%
Terreno Realty Corp.		211,037	14,012,857
Residential REITs : 4.31%
American Homes 4 Rent Class A		283,610	10,431,176
Mid-America Apartment Communities, Inc.		78,514	10,330,872
Sun Communities, Inc.		120,588	15,505,205
			36,267,253
Specialized REITs : 2.71%
Gaming & Leisure Properties, Inc.		212,399	9,785,222
SBA Communications Corp.		59,997	13,001,350
			22,786,572
Total common stocks (Cost $608,012,776)			821,888,248
Investment companies: 1.48%
Exchange-traded funds: 1.48%
SPDR S&P Biotech ETF		130,675	12,399,751
Total investment companies (Cost $7,457,008)			12,399,751

		Yield
Short-term investments: 1.06%
Investment companies: 1.06%
Allspring Government Money Market Fund Select Class♠∞		5.25 %	8,957,803	8,957,803
Total short-term investments (Cost $8,957,803)				8,957,803
Total investments in securities (Cost $624,427,587)	100.24 %			843,245,802
Other assets and liabilities, net	(0.24 )			(2,030,264 )
Total net assets	100.00 %			$841,215,538

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

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

12 | Allspring Common Stock Fund

Portfolio of investments—March 31, 2024 (unaudited)

Abbreviations:
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, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$31,402,705	$105,017,503	$(127,462,405 )	$0	$0	$8,957,803	8,957,803	$305,438

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

Allspring Common Stock Fund | 13

Statement of assets and liabilities—March 31, 2024 (unaudited)

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $615,469,784)	$834,287,999
Investments in affiliated securities, at value (cost $8,957,803)	8,957,803
Cash	162,584
Foreign currency, at value (cost $71)	71
Receivable for investments sold	2,353,751
Receivable for dividends	743,988
Receivable for Fund shares sold	21,705
Prepaid expenses and other assets	74,206
Total assets	846,602,107
Liabilities
Payable for investments purchased	3,530,134
Payable for Fund shares redeemed	613,146
Management fee payable	539,251
Administration fees payable	135,732
Trustees’ fees and expenses payable	3,426
Distribution fee payable	716
Accrued expenses and other liabilities	564,164
Total liabilities	5,386,569
Total net assets	$841,215,538
Net assets consist of
Paid-in capital	$614,745,814
Total distributable earnings	226,469,724
Total net assets	$841,215,538
Computation of net asset value and offering price per share
Net assets–Class A	$766,908,620
Shares outstanding–Class A1	41,829,337
Net asset value per share–Class A	$18.33
Maximum offering price per share – Class A2	$19.45
Net assets–Class C	$1,227,927
Shares outstanding–Class C1	148,242
Net asset value per share–Class C	$8.28
Net assets–Class R6	$6,648,614
Shares outstanding–Class R61	320,964
Net asset value per share–Class R6	$20.71
Net assets–Administrator Class	$1,189,813
Shares outstanding–Administrator Class1	60,339
Net asset value per share–Administrator Class	$19.72
Net assets–Institutional Class	$65,240,564
Shares outstanding–Institutional Class1	3,171,542
Net asset value per share–Institutional Class	$20.57

1 The Fund has an unlimited number of authorized shares.

2 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 Common Stock Fund

Statement of operations—six months ended March 31, 2024 (unaudited)

Statement of operations

Investment income
Dividends	$4,051,837
Income from affiliated securities	305,438
Interest	1,194
Total investment income	4,358,469
Expenses
Management fee	3,062,486
Administration fees
Class A	706,154
Class C	1,129
Class R6	930
Administrator Class	766
Institutional Class	44,752
Shareholder servicing fees
Class A	880,066
Class C	1,409
Administrator Class	1,462
Distribution fee
Class C	3,916
Custody and accounting fees	13,775
Professional fees	33,469
Registration fees	32,369
Shareholder report expenses	17,916
Trustees’ fees and expenses	12,369
Other fees and expenses	13,054
Total expenses	4,826,022
Less: Fee waivers and/or expense reimbursements
Fund-level	(47,870 )
Administrator Class	(542 )
Institutional Class	(28,293 )
Net expenses	4,749,317
Net investment loss	(390,848 )
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	30,742,072
Foreign currency and foreign currency translations	(2,907 )
Net realized gains on investments	30,739,165
Net change in unrealized gains (losses) on
Unaffiliated securities	113,935,154
Foreign currency and foreign currency translations	1,721
Net change in unrealized gains (losses) on investments	113,936,875
Net realized and unrealized gains (losses) on investments	144,676,040
Net increase in net assets resulting from operations	$144,285,192

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

Allspring Common Stock Fund | 15

Statement of changes in net assets

	Six months ended March 31, 2024 (unaudited)		Year ended September 30, 2023
Operations
Net investment loss		$(390,848 )		$(2,066,136 )
Net realized gains on investments		30,739,165		35,325,393
Net change in unrealized gains (losses) on investments		113,936,875		80,775,317
Net increase in net assets resulting from operations		144,285,192		114,034,574
Distributions to shareholders from
Net investment income and net realized gains
Class A		(25,647,705 )		(110,542,437 )
Class C		(87,239 )		(373,786 )
Class R6		(201,162 )		(4,204,252 )
Administrator Class		(37,933 )		(273,959 )
Institutional Class		(2,465,513 )		(10,704,809 )
Total distributions to shareholders		(28,439,552 )		(126,099,243 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	148,166	2,468,705	370,730	6,090,073
Class C	2,112	16,062	13,315	108,580
Class R6	52,189	984,875	521,832	9,524,927
Administrator Class	1,061	18,220	5,981	104,688
Institutional Class	93,912	1,737,331	799,852	14,991,385
		5,225,193		30,819,653
Reinvestment of distributions
Class A	1,496,401	24,256,663	6,756,457	104,725,081
Class C	11,493	84,361	48,548	358,288
Class R6	10,913	199,591	242,080	4,197,673
Administrator Class	2,062	35,933	14,790	245,511
Institutional Class	135,423	2,460,641	619,643	10,682,657
		27,037,189		120,209,210
Payment for shares redeemed
Class A	(3,008,728 )	(50,163,468 )	(5,886,339 )	(96,911,567 )
Class C	(9,934 )	(76,317 )	(62,549 )	(498,591 )
Class R6	(99,721 )	(1,867,934 )	(1,922,973 )	(35,010,107 )
Administrator Class	(19,931 )	(349,134 )	(48,522 )	(858,685 )
Institutional Class	(1,299,016 )	(24,505,412 )	(1,363,389 )	(24,831,314 )
		(76,962,265 )		(158,110,264 )
Net decrease in net assets resulting from capital share transactions		(44,699,883 )		(7,081,401 )
Total increase (decrease) in net assets		71,145,757		(19,146,070 )
Net assets
Beginning of period		770,069,781		789,215,851
End of period		$841,215,538		$770,069,781

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

16 | Allspring Common Stock Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class A	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$15.89	$16.31	$24.46	$17.88	$21.07	$24.58
Net investment loss	(0.01 )1	(0.05 )1	(0.12 )	(0.12 )	(0.03 )	(0.01 )
Net realized and unrealized gains (losses) on investments	3.06	2.34	(3.79 )	7.75	(0.52 )	(0.20 )
Total from investment operations	3.05	2.29	(3.91 )	7.63	(0.55 )	(0.21 )
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	0.00	(0.00 )2	0.00
Net realized gains	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.64 )	(3.30 )
Total distributions to shareholders	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.64 )	(3.30 )
Net asset value, end of period	$18.33	$15.89	$16.31	$24.46	$17.88	$21.07
Total return3	19.71 %	14.48 %	(20.08 )%	43.77 %	(3.48 )%	0.91 %
Ratios to average net assets (annualized)
Gross expenses	1.26 %	1.27 %	1.26 %	1.25 %	1.27 %	1.26 %
Net expenses	1.25 %	1.23 %	1.23 %	1.23 %	1.23 %	1.26 %
Net investment loss	(0.14 )%	(0.30 )%	(0.58 )%	(0.50 )%	(0.14 )%	(0.03 )%
Supplemental data
Portfolio turnover rate	27 %	36 %	40 %	48 %	61 %	40 %
Net assets, end of period (000s omitted)	$766,909	$686,143	$684,178	$945,399	$722,547	$870,369

1	Calculated based upon average shares outstanding
2	Amount is less than $0.005.
3	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Allspring Common Stock Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class C	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$7.52	$9.05	$15.45	$11.70	$14.72	$18.40
Net investment loss	(0.03 )1	(0.08 )1	(0.14 )1	(0.18 )1	(0.11 )1	(0.11 )1
Payment from affiliate	0.00	0.00	0.00	0.00	0.05	0.00
Net realized and unrealized gains (losses) on investments	1.40	1.26	(2.02 )	4.98	(0.32 )	(0.27 )
Total from investment operations	1.37	1.18	(2.16 )	4.80	(0.38 )	(0.38 )
Distributions to shareholders from
Net realized gains	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.64 )	(3.30 )
Net asset value, end of period	$8.28	$7.52	$9.05	$15.45	$11.70	$14.72
Total return2	19.27 %	13.64 %	(20.56 )%	42.64 %	(3.88 )%3	0.17 %
Ratios to average net assets (annualized)
Gross expenses	1.96 %	1.95 %	1.88 %	1.99 %	2.01 %	2.01 %
Net expenses	1.96 %	1.95 %	1.88 %	1.99 %	2.01 %	2.01 %
Net investment loss	(0.84 )%	(1.02 )%	(1.23 )%	(1.26 )%	(0.92 )%	(0.78 )%
Supplemental data
Portfolio turnover rate	27 %	36 %	40 %	48 %	61 %	40 %
Net assets, end of period (000s omitted)	$1,228	$1,087	$1,314	$2,405	$3,020	$7,925

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
3	During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 0.39% impact on the total return.

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

18 | Allspring Common Stock Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class R6	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$17.84	$17.94	$26.41	$19.16	$22.39	$25.80
Net investment income (loss)	0.03 1	0.02 1	(0.04 )1	(0.02 )1	0.05 1	0.09 1
Net realized and unrealized gains (losses) on investments	3.45	2.59	(4.19 )	8.32	(0.56 )	(0.20 )
Total from investment operations	3.48	2.61	(4.23 )	8.30	(0.51 )	(0.11 )
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	0.00	(0.08 )	0.00
Net realized gains	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.64 )	(3.30 )
Total distributions to shareholders	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.72 )	(3.30 )
Net asset value, end of period	$20.71	$17.84	$17.94	$26.41	$19.16	$22.39
Total return2	19.97 %	15.00 %	(19.77 )%	44.37 %	(3.10 )%	1.31 %
Ratios to average net assets (annualized)
Gross expenses	0.84 %	0.84 %	0.83 %	0.82 %	0.84 %	0.83 %
Net expenses	0.83 %	0.83 %	0.83 %	0.82 %	0.83 %	0.83 %
Net investment income (loss)	0.28 %	0.09 %	(0.17 )%	(0.09 )%	0.27 %	0.40 %
Supplemental data
Portfolio turnover rate	27 %	36 %	40 %	48 %	61 %	40 %
Net assets, end of period (000s omitted)	$6,649	$6,378	$27,209	$35,280	$27,628	$36,069

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

Allspring Common Stock Fund | 19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Administrator Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$17.03	$17.28	$25.63	$18.67	$21.56	$25.04
Net investment income (loss)	0.00 1,2	(0.03 )2	(0.10 )2	(0.09 )2	0.00 1,2	0.03
Payment from affiliate	0.00	0.00	0.00	0.00	0.32	0.00
Net realized and unrealized gains (losses) on investments	3.30	2.49	(4.01 )	8.10	(0.54 )	(0.21 )
Total from investment operations	3.30	2.46	(4.11 )	8.01	(0.22 )	(0.18 )
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	0.00	(0.03 )	0.00
Net realized gains	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.64 )	(3.30 )
Total distributions to shareholders	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.67 )	(3.30 )
Net asset value, end of period	$19.72	$17.03	$17.28	$25.63	$18.67	$21.56
Total return3	19.86 %	14.59 %	(19.87 )%4	43.96 %	(1.68 )%5	1.03 %
Ratios to average net assets (annualized)
Gross expenses	1.19 %	1.19 %	1.17 %	1.17 %	1.17 %	1.18 %
Net expenses	1.10 %	1.10 %	1.10 %	1.10 %	1.10 %	1.10 %
Net investment income (loss)	0.00 %	(0.18 )%	(0.45 )%	(0.36 )%	0.01 %	0.14 %
Supplemental data
Portfolio turnover rate	27 %	36 %	40 %	48 %	61 %	40 %
Net assets, end of period (000s omitted)	$1,190	$1,314	$1,813	$2,918	$2,239	$3,572

1	Amount is less than $0.005.
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.
4	During the year ended September 30, 2022, the Fund received payments from a service provider which had a 0.09% impact on the total return.
5	During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 1.69% impact on the total return.

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

20 | Allspring Common Stock Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Institutional Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$17.72	$17.85	$26.30	$19.09	$22.32	$25.73
Net investment income (loss)	0.02 1	0.02 1	(0.04 )1	(0.03 )1	0.05 1	0.08 1
Net realized and unrealized gains (losses) on investments	3.44	2.56	(4.17 )	8.29	(0.56 )	(0.19 )
Total from investment operations	3.46	2.58	(4.21 )	8.26	(0.51 )	(0.11 )
Distributions to shareholders from
Net investment income	0.00	0.00	0.00	0.00	(0.08 )	0.00
Net realized gains	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.64 )	(3.30 )
Total distributions to shareholders	(0.61 )	(2.71 )	(4.24 )	(1.05 )	(2.72 )	(3.30 )
Net asset value, end of period	$20.57	$17.72	$17.85	$26.30	$19.09	$22.32
Total return2	19.99 %	14.89 %	(19.78 )%	44.32 %	(3.13 )%	1.31 %
Ratios to average net assets (annualized)
Gross expenses	0.94 %	0.94 %	0.93 %	0.92 %	0.94 %	0.93 %
Net expenses	0.85 %	0.85 %	0.85 %	0.85 %	0.85 %	0.85 %
Net investment income (loss)	0.25 %	0.09 %	(0.20 )%	(0.14 )%	0.24 %	0.37 %
Supplemental data
Portfolio turnover rate	27 %	36 %	40 %	48 %	61 %	40 %
Net assets, end of period (000s omitted)	$65,241	$75,148	$74,701	$98,202	$126,279	$159,426

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

Allspring Common Stock Fund | 21

Notes to financial statements (unaudited)

Notes to financial statements

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 Common Stock Fund (the “Fund”) which is a diversified series of the Trust.

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 which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

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

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

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On March 31, 2024, such fair value pricing was not used in pricing foreign securities.

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

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

Foreign currency translation

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

Security transactions and income recognition

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

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

22 | Allspring Common Stock Fund

Notes to financial statements (unaudited)

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

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions 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. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

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

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

As of March 31, 2024, the aggregate cost of all investments for federal income tax purposes was $605,803,389 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$280,718,598
Gross unrealized losses	(43,276,185 )
Net unrealized gains	$237,442,413

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.

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 Common Stock Fund | 23

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$5,074,040	$0	$0	$5,074,040
Consumer discretionary	104,213,724	0	0	104,213,724
Consumer staples	23,473,239	0	0	23,473,239
Financials	126,733,525	0	0	126,733,525
Health care	95,242,694	0	0	95,242,694
Industrials	184,192,920	0	0	184,192,920
Information technology	135,936,658	0	0	135,936,658
Materials	73,954,766	0	0	73,954,766
Real estate	73,066,682	0	0	73,066,682
Investment companies	12,399,751	0	0	12,399,751
Short-term investments
Investment companies	8,957,803	0	0	8,957,803
Total assets	$843,245,802	$0	$0	$843,245,802

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

At March 31, 2024, the Fund did not have any transfers into/out of Level 3.

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 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 %
Next $500 million	0.750
Next $1 billion	0.700
Next $2 billion	0.675
Next $1 billion	0.650
Next $5 billion	0.640
Over $10 billion	0.630

For the six months ended March 31, 2024, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

24 | Allspring Common Stock Fund

Notes to financial statements (unaudited)

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

	Class-level administration fee
Class A	0.20 %
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 reimburse 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 January 31, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of March 31, 2024, the contractual caps are as follows:


	EXPENSE RATIO CAPS
Class A	1.25 %
Class C	2.00
Class R6	0.83
Administrator Class	1.10
Institutional Class	0.85

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.

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 March 31, 2024, Allspring Funds Distributor received $131 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 March 31, 2024.

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. 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 March 31, 2024.

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2024 were $207,298,069 and $256,504,690, respectively.

BANK BORROWINGS

Allspring Common Stock Fund | 25

Notes to financial statements (unaudited)

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 March 31, 2024, there were no borrowings by the Fund under the agreement.

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.

26 | Allspring Common Stock 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 without charge, 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.

Allspring Common Stock Fund | 27

Other information (unaudited)

Board of trustees and officers

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 100 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information†. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since January 2018#	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

†

The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at allspringglobal.com.

28 | Allspring Common Stock Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019#	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

Allspring Common Stock Fund | 29

Other information (unaudited)

Officers1

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Chief Legal Officer, since 2022; Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

1 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

30 | Allspring Common Stock Fund

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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

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 InvestmentsTM 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.

ALL-04032024-ocdxjcrg 05-24
SAR3301 03-24

Allspring Discovery Mid Cap Growth Fund

Semi-Annual Report

March 31, 2024

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	25

Allspring Discovery Mid Cap Growth Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Discovery Mid Cap Growth Fund for the six-month period that ended March 31, 2024. Globally, stocks and bonds had positive returns for the period. However, markets were volatile as investors focused on persistently high inflation and the impact of aggressive central bank rate hikes. Riskier assets rallied as investors anticipated an end to the tight monetary policy.

Investors remained focused on central bank monetary policies.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Discovery Mid Cap Growth Fund

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Discovery Mid Cap Growth Fund | 3

Letter to shareholders (unaudited)

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

4 | Allspring Discovery Mid Cap Growth Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Michael T. Smith, CFA, Christopher J. Warner, CFA

Average annual total returns (%) as of March 31, 2024
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (SENAX)	2-24-2000	16.52	7.10	8.22	23.61	8.38	8.87	1.24	1.18
Class C (WENCX)	3-31-2008	21.68	7.56	8.21	22.68	7.56	8.21	1.99	1.93
Class R6 (WENRX)3	10-31-2014	–	–	–	24.05	8.78	9.28	0.82	0.80
Administrator Class (SEPKX)	8-30-2002	–	–	–	23.68	8.46	8.97	1.17	1.10
Institutional Class (WFEIX)	6-30-2003	–	–	–	24.00	8.72	9.22	0.92	0.85
Russell 3000® Index4	–	–	–	–	29.29	14.34	12.33	–	–
Russell Midcap® Growth Index5	–	–	–	–	26.28	11.82	11.35	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report.
2	The manager has contractually committed through January 31, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.18% for Class A, 1.93% for Class C, 0.80% for Class R6, 1.10% for Administrator Class and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
4	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.
5	The Russell Midcap® Growth Index measures the performance of those Russell Midcap companies with higher price/book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth index. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Discovery Mid Cap Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20241
DexCom, Inc.	3.13
Crowdstrike Holdings, Inc. Class A	3.04
Trade Desk, Inc. Class A	2.76
Gartner, Inc.	2.49
IDEXX Laboratories, Inc.	2.33
Datadog, Inc. Class A	2.29
Tetra Tech, Inc.	2.22
Monolithic Power Systems, Inc.	2.21
Veeva Systems, Inc. Class A	2.20
Vertiv Holdings Co.	2.10

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

Allspring Discovery Mid Cap Growth Fund | 7

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2023 to March 31, 2024.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 10-1-2023	Ending account value 3-31-2024	Expenses paid during the period1	Annualized net expense ratio
Class A
Actual	$1,000.00	$1,270.44	$6.66	1.18 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.00	$5.92	1.18 %
Class C
Actual	$1,000.00	$1,265.49	$10.87	1.93 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.27	$9.67	1.93 %
Class R6
Actual	$1,000.00	$1,272.61	$4.52	0.80 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.89	$4.02	0.80 %
Administrator Class
Actual	$1,000.00	$1,270.84	$6.21	1.10 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.39	$5.52	1.10 %
Institutional Class
Actual	$1,000.00	$1,272.33	$4.80	0.85 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.64	$4.27	0.85 %

1	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period).

8 | Allspring Discovery Mid Cap Growth Fund

Portfolio of investments—March 31, 2024 (unaudited)

Portfolio of investments

	Shares		Value
Common stocks: 99.08%
Communication services: 7.22%
Entertainment: 4.46%
Live Nation Entertainment, Inc.†		104,000	$11,000,080
Spotify Technology SA†		41,533	10,960,559
TKO Group Holdings, Inc.		103,000	8,900,230
			30,860,869
Media: 2.76%
Trade Desk, Inc. Class A†		218,000	19,057,560
Consumer discretionary: 12.38%
Automobiles: 1.55%
Ferrari NV		24,616	10,731,099
Broadline retail: 3.15%
Global-E Online Ltd.†		277,480	10,086,398
MercadoLibre, Inc.†		7,742	11,705,594
			21,791,992
Hotels, restaurants & leisure: 3.87%
Chipotle Mexican Grill, Inc.†		2,815	8,182,558
DraftKings, Inc. Class A†		218,100	9,903,921
Hyatt Hotels Corp. Class A		54,300	8,667,366
			26,753,845
Household durables: 1.35%
PulteGroup, Inc.		77,300	9,323,926
Specialty retail: 1.01%
Burlington Stores, Inc.†		30,200	7,012,138
Textiles, apparel & luxury goods: 1.45%
On Holding AG Class A†		282,400	9,991,312
Consumer staples: 2.57%
Beverages: 1.39%
Celsius Holdings, Inc.†		116,100	9,627,012
Personal care products: 1.18%
Coty, Inc. Class A†		679,000	8,120,840
Financials: 8.97%
Capital markets: 5.57%
Blue Owl Capital, Inc.		307,500	5,799,450
Morningstar, Inc.		39,900	12,303,963
MSCI, Inc.		20,100	11,265,045
Tradeweb Markets, Inc. Class A		87,400	9,104,458
			38,472,916

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

Allspring Discovery Mid Cap Growth Fund | 9

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Financial services: 1.85%
Adyen NV ADR†		755,400	$12,773,814
Insurance: 1.55%
Allstate Corp.		62,100	10,743,921
Health care: 14.38%
Biotechnology: 1.76%
Natera, Inc.†		132,800	12,145,888
Health care equipment & supplies: 7.22%
DexCom, Inc.†		156,268	21,674,371
IDEXX Laboratories, Inc.†		29,800	16,089,914
Shockwave Medical, Inc.†		37,300	12,145,999
			49,910,284
Health care technology: 2.20%
Veeva Systems, Inc. Class A†		65,600	15,198,864
Life sciences tools & services: 3.20%
Bio-Techne Corp.		184,084	12,957,673
Repligen Corp.†		49,900	9,177,608
			22,135,281
Industrials: 21.96%
Aerospace & defense: 2.06%
Axon Enterprise, Inc.†		45,528	14,244,801
Commercial services & supplies: 7.62%
RB Global, Inc.		149,200	11,364,564
Rollins, Inc.		268,300	12,414,241
Tetra Tech, Inc.		83,000	15,330,930
Waste Connections, Inc.		78,806	13,555,420
			52,665,155
Electrical equipment: 2.10%
Vertiv Holdings Co.		177,300	14,480,091
Ground transportation: 3.36%
J.B. Hunt Transport Services, Inc.		49,300	9,823,025
Saia, Inc.†		22,867	13,377,195
			23,200,220
Machinery: 1.50%
RBC Bearings, Inc.†		38,400	10,381,440
Trading companies & distributors: 5.32%
Applied Industrial Technologies, Inc.		65,900	13,018,545
SiteOne Landscape Supply, Inc.†		82,288	14,363,370
Watsco, Inc.		21,800	9,416,946
			36,798,861

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

10 | Allspring Discovery Mid Cap Growth Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Information technology: 29.25%
Electronic equipment, instruments & components: 4.01%
Novanta, Inc.†		57,900	$10,119,183
Teledyne Technologies, Inc.†		20,138	8,645,646
Zebra Technologies Corp. Class A†		29,587	8,918,706
			27,683,535
IT services: 5.59%
Gartner, Inc.†		36,100	17,207,787
Globant SA†		45,218	9,129,514
MongoDB, Inc.†		34,300	12,301,352
			38,638,653
Semiconductors & semiconductor equipment: 5.95%
Advanced Micro Devices, Inc.†		43,228	7,802,222
Entegris, Inc.		51,700	7,265,918
Monolithic Power Systems, Inc.		22,600	15,309,692
Onto Innovation, Inc.†		59,500	10,774,260
			41,152,092
Software: 13.70%
Cadence Design Systems, Inc.†		27,265	8,487,049
CCC Intelligent Solutions Holdings, Inc.†		1,101,985	13,179,741
Crowdstrike Holdings, Inc. Class A†		65,663	21,050,901
Datadog, Inc. Class A†		127,954	15,815,114
Fair Isaac Corp.†		8,800	10,996,568
HubSpot, Inc.†		20,100	12,593,856
Tyler Technologies, Inc.†		29,600	12,580,296
			94,703,525
Materials: 1.18%
Metals & mining: 1.18%
ATI, Inc.†		158,800	8,125,796
Real estate: 1.17%
Industrial REITs : 1.17%
Rexford Industrial Realty, Inc.		160,600	8,078,180
Total common stocks (Cost $479,178,611)			684,803,910

		Yield
Short-term investments: 0.55%
Investment companies: 0.55%
Allspring Government Money Market Fund Select Class♠∞		5.25 %	3,842,270	3,842,270
Total short-term investments (Cost $3,842,270)				3,842,270
Total investments in securities (Cost $483,020,881)	99.63 %			688,646,180
Other assets and liabilities, net	0.37			2,536,192
Total net assets	100.00 %			$691,182,372

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

Allspring Discovery Mid Cap Growth Fund | 11

Portfolio of investments—March 31, 2024 (unaudited)

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

Abbreviations:
ADR	American depositary receipt
REIT	Real estate investment trust

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$6,226,757	$55,042,697	$(57,427,184 )	$0	$0	$3,842,270	3,842,270	$87,713

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

12 | Allspring Discovery Mid Cap Growth Fund

Statement of assets and liabilities—March 31, 2024 (unaudited)

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $479,178,611)	$684,803,910
Investments in affiliated securities, at value (cost $3,842,270)	3,842,270
Cash	98
Receivable for investments sold	6,013,133
Receivable for dividends	187,411
Receivable for Fund shares sold	89,625
Prepaid expenses and other assets	170,567
Total assets	695,107,014
Liabilities
Payable for investments purchased	2,789,557
Management fee payable	408,470
Payable for Fund shares redeemed	203,972
Administration fees payable	104,339
Trustees’ fees and expenses payable	3,432
Distribution fee payable	408
Accrued expenses and other liabilities	414,464
Total liabilities	3,924,642
Total net assets	$691,182,372
Net assets consist of
Paid-in capital	$494,260,396
Total distributable earnings	196,921,976
Total net assets	$691,182,372
Computation of net asset value and offering price per share
Net assets–Class A	$588,156,289
Shares outstanding–Class A1	11,986,106
Net asset value per share–Class A	$49.07
Maximum offering price per share – Class A2	$52.06
Net assets–Class C	$649,423
Shares outstanding–Class C1	17,231
Net asset value per share–Class C	$37.69
Net assets–Class R6	$66,720,315
Shares outstanding–Class R61	1,135,666
Net asset value per share–Class R6	$58.75
Net assets–Administrator Class	$1,912,758
Shares outstanding–Administrator Class1	35,682
Net asset value per share–Administrator Class	$53.61
Net assets–Institutional Class	$33,743,587
Shares outstanding–Institutional Class1	578,502
Net asset value per share–Institutional Class	$58.33

1 The Fund has an unlimited number of authorized shares.

2 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 Discovery Mid Cap Growth Fund | 13

Statement of operations—six months ended March 31, 2024 (unaudited)

Statement of operations

Investment income
Dividends (net of foreign withholdings taxes of $18,724)	$882,142
Income from affiliated securities	87,713
Interest	439
Total investment income	970,294
Expenses
Management fee	2,300,459
Administration fees
Class A	526,272
Class C	621
Class R6	8,901
Administrator Class	1,640
Institutional Class	18,657
Shareholder servicing fees
Class A	657,409
Class C	773
Administrator Class	2,725
Distribution fee
Class C	2,308
Custody and accounting fees	2
Professional fees	32,191
Registration fees	24,099
Shareholder report expenses	19,304
Trustees’ fees and expenses	12,366
Other fees and expenses	19,260
Total expenses	3,626,987
Less: Fee waivers and/or expense reimbursements
Fund-level	(30,794 )
Class A	(104,491 )
Class C	(97 )
Administrator Class	(202 )
Institutional Class	(7,171 )
Net expenses	3,484,232
Net investment loss	(2,513,938 )
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	245,586
Foreign currency and foreign currency translations	(117 )
Net realized gains on investments	245,469
Net change in unrealized gains (losses) on investments	152,291,429
Net realized and unrealized gains (losses) on investments	152,536,898
Net increase in net assets resulting from operations	$150,022,960

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

14 | Allspring Discovery Mid Cap Growth Fund

Statement of changes in net assets

	Six months ended March 31, 2024 (unaudited)		Year ended September 30, 2023
Operations
Net investment loss		$(2,513,938 )		$(4,563,128 )
Net realized gains on investments		245,469		37,055,521
Net change in unrealized gains (losses) on investments		152,291,429		27,144,906
Net increase in net assets resulting from operations		150,022,960		59,637,299
Distributions to shareholders from
Net investment income and net realized gains
Class A		(13,133,463 )		0
Class C		(20,718 )		0
Class R6		(1,220,732 )		0
Administrator Class		(66,556 )		0
Institutional Class		(591,818 )		0
Total distributions to shareholders		(15,033,287 )		0
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	55,981	2,453,510	82,363	3,267,070
Class C	569	19,416	3,960	127,320
Class R6	44,940	2,319,555	159,633	7,692,659
Administrator Class	16,559	757,060	3,496	151,996
Institutional Class	84,177	4,447,026	138,827	6,417,435
		9,996,567		17,656,480
Reinvestment of distributions
Class A	293,587	12,389,381	0	0
Class C	602	19,563	0	0
Class R6	24,178	1,220,262	0	0
Administrator Class	1,437	66,252	0	0
Institutional Class	11,499	576,313	0	0
		14,271,771		0
Payment for shares redeemed
Class A	(742,955 )	(31,927,519 )	(1,362,482 )	(53,883,730 )
Class C	(5,678 )	(186,780 )	(15,752 )	(489,096 )
Class R6	(132,391 )	(6,540,438 )	(159,957 )	(7,483,014 )
Administrator Class	(38,621 )	(1,919,591 )	(27,611 )	(1,199,819 )
Institutional Class	(83,589 )	(4,203,271 )	(416,044 )	(19,110,754 )
		(44,777,599 )		(82,166,413 )
Net decrease in net assets resulting from capital share transactions		(20,509,261 )		(64,509,933 )
Total increase (decrease) in net assets		114,480,412		(4,872,634 )
Net assets
Beginning of period		576,701,960		581,574,594
End of period		$691,182,372		$576,701,960

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

Allspring Discovery Mid Cap Growth Fund | 15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class A	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$39.62	$35.92	$76.01	$64.21	$49.98	$52.96
Net investment loss	(0.19 )1	(0.32 )1	(0.55 )	(0.77 )1	(0.41 )1	(0.29 )
Net realized and unrealized gains (losses) on investments	10.73	4.02	(28.31 )	19.17	17.93	3.05
Total from investment operations	10.54	3.70	(28.86 )	18.40	17.52	2.76
Distributions to shareholders from
Net realized gains	(1.09 )	0.00	(11.23 )	(6.60 )	(3.29 )	(5.74 )
Net asset value, end of period	$49.07	$39.62	$35.92	$76.01	$64.21	$49.98
Total return2	27.04 %	10.27 %	(44.27 )%	29.90 %	37.19 %	8.00 %
Ratios to average net assets (annualized)
Gross expenses	1.23 %	1.25 %	1.23 %	1.21 %	1.24 %	1.25 %
Net expenses	1.18 %	1.17 %	1.16 %	1.17 %	1.16 %	1.18 %
Net investment loss	(0.87 )%	(0.80 )%	(1.03 )%	(1.06 )%	(0.79 )%	(0.59 )%
Supplemental data
Portfolio turnover rate	28 %	49 %	46 %	41 %	62 %	50 %
Net assets, end of period (000s omitted)	$588,156	$490,533	$490,694	$990,030	$813,725	$649,106

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 | Allspring Discovery Mid Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class C	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$30.78	$28.12	$62.41	$54.11	$42.93	$46.74
Net investment loss	(0.27 )1	(0.48 )1	(0.75 )1	(1.10 )1	(0.68 )1	(0.52 )1
Net realized and unrealized gains (losses) on investments	8.27	3.14	(22.31 )	16.00	15.15	2.45
Total from investment operations	8.00	2.66	(23.06 )	14.90	14.47	1.93
Distributions to shareholders from
Net realized gains	(1.09 )	0.00	(11.23 )	(6.60 )	(3.29 )	(5.74 )
Net asset value, end of period	$37.69	$30.78	$28.12	$62.41	$54.11	$42.93
Total return2	26.55 %	9.46 %	(44.71 )%	28.92 %	36.13 %	7.20 %
Ratios to average net assets (annualized)
Gross expenses	1.97 %	1.99 %	1.96 %	1.96 %	1.98 %	2.00 %
Net expenses	1.93 %	1.93 %	1.93 %	1.93 %	1.93 %	1.93 %
Net investment loss	(1.62 )%	(1.57 )%	(1.80 )%	(1.82 )%	(1.55 )%	(1.29 )%
Supplemental data
Portfolio turnover rate	28 %	49 %	46 %	41 %	62 %	50 %
Net assets, end of period (000s omitted)	$649	$669	$943	$2,509	$2,224	$2,513

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Allspring Discovery Mid Cap Growth Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class R6	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$47.16	$42.59	$87.70	$72.94	$56.15	$58.47
Net investment loss	(0.13 )1	(0.20 )1	(0.40 )1	(0.57 )1	(0.25 )1	(0.11 )1
Net realized and unrealized gains (losses) on investments	12.81	4.77	(33.48 )	21.93	20.33	3.53
Total from investment operations	12.68	4.57	(33.88 )	21.36	20.08	3.42
Distributions to shareholders from
Net realized gains	(1.09 )	0.00	(11.23 )	(6.60 )	(3.29 )	(5.74 )
Net asset value, end of period	$58.75	$47.16	$42.59	$87.70	$72.94	$56.15
Total return2	27.26 %	10.70 %	(44.07 )%	30.41 %	37.69 %	8.41 %
Ratios to average net assets (annualized)
Gross expenses	0.81 %	0.83 %	0.80 %	0.78 %	0.81 %	0.82 %
Net expenses	0.80 %	0.80 %	0.79 %	0.78 %	0.80 %	0.80 %
Net investment loss	(0.49 )%	(0.43 )%	(0.66 )%	(0.68 )%	(0.43 )%	(0.21 )%
Supplemental data
Portfolio turnover rate	28 %	49 %	46 %	41 %	62 %	50 %
Net assets, end of period (000s omitted)	$66,720	$56,539	$51,082	$94,430	$71,641	$52,783

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

18 | Allspring Discovery Mid Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Administrator Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$43.18	$39.12	$81.70	$68.54	$53.10	$55.82
Net investment loss	(0.19 )1	(0.32 )1	(0.58 )1	(0.79 )1	(0.40 )1	(0.25 )1
Net realized and unrealized gains (losses) on investments	11.71	4.38	(30.77 )	20.55	19.13	3.27
Total from investment operations	11.52	4.06	(31.35 )	19.76	18.73	3.02
Distributions to shareholders from
Net realized gains	(1.09 )	0.00	(11.23 )	(6.60 )	(3.29 )	(5.74 )
Net asset value, end of period	$53.61	$43.18	$39.12	$81.70	$68.54	$53.10
Total return2	27.08 %	10.38 %	(44.25 )%	30.00 %	37.29 %	8.06 %
Ratios to average net assets (annualized)
Gross expenses	1.13 %	1.14 %	1.12 %	1.13 %	1.15 %	1.16 %
Net expenses	1.10 %	1.10 %	1.09 %	1.10 %	1.10 %	1.10 %
Net investment loss	(0.80 )%	(0.74 )%	(0.98 )%	(1.00 )%	(0.72 )%	(0.51 )%
Supplemental data
Portfolio turnover rate	28 %	49 %	46 %	41 %	62 %	50 %
Net assets, end of period (000s omitted)	$1,913	$2,431	$3,146	$10,818	$4,205	$3,687

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

Allspring Discovery Mid Cap Growth Fund | 19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Institutional Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$46.84	$42.33	$87.27	$72.66	$55.97	$58.33
Net investment loss	(0.14 )1	(0.23 )1	(0.44 )1	(0.62 )1	(0.28 )1	(0.14 )1
Net realized and unrealized gains (losses) on investments	12.72	4.74	(33.27 )	21.83	20.26	3.52
Total from investment operations	12.58	4.51	(33.71 )	21.21	19.98	3.38
Distributions to shareholders from
Net realized gains	(1.09 )	0.00	(11.23 )	(6.60 )	(3.29 )	(5.74 )
Net asset value, end of period	$58.33	$46.84	$42.33	$87.27	$72.66	$55.97
Total return2	27.23 %	10.65 %	(44.11 )%	30.31 %	37.63 %	8.36 %
Ratios to average net assets (annualized)
Gross expenses	0.91 %	0.92 %	0.90 %	0.88 %	0.91 %	0.92 %
Net expenses	0.85 %	0.85 %	0.85 %	0.85 %	0.85 %	0.85 %
Net investment loss	(0.54 )%	(0.49 )%	(0.72 )%	(0.74 )%	(0.48 )%	(0.26 )%
Supplemental data
Portfolio turnover rate	28 %	49 %	46 %	41 %	62 %	50 %
Net assets, end of period (000s omitted)	$33,744	$26,530	$35,710	$78,349	$67,735	$52,296

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

20 | Allspring Discovery Mid Cap Growth Fund

Notes to financial statements (unaudited)

Notes to financial statements

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 Discovery Mid Cap Growth Fund (the “Fund”) which is a diversified series of the Trust.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Allspring Discovery Mid Cap Growth Fund | 21

Notes to financial statements (unaudited)

Federal and other taxes

As of March 31, 2024, the aggregate cost of all investments for federal income tax purposes was $479,885,279 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$218,713,430
Gross unrealized losses	(9,952,529 )
Net unrealized gains	$208,760,901

As of September 30, 2023, the Fund had a qualified late-year ordinary loss of $3,285,305 which was recognized on the first day of the current fiscal year.

Class allocations

FAIR VALUATION MEASUREMENTS

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$49,918,429	$0	$0	$49,918,429
Consumer discretionary	85,604,312	0	0	85,604,312
Consumer staples	17,747,852	0	0	17,747,852
Financials	61,990,651	0	0	61,990,651
Health care	99,390,317	0	0	99,390,317
Industrials	151,770,568	0	0	151,770,568
Information technology	202,177,805	0	0	202,177,805
Materials	8,125,796	0	0	8,125,796
Real estate	8,078,180	0	0	8,078,180
Short-term investments
Investment companies	3,842,270	0	0	3,842,270
Total assets	$688,646,180	$0	$0	$688,646,180

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

22 | Allspring Discovery Mid Cap Growth Fund

Notes to financial statements (unaudited)

At March 31, 2024, the Fund did not have any transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $500 million	0.750 %
Next $500 million	0.725
Next $1 billion	0.700
Next $2 billion	0.675
Next $1 billion	0.650
Next $5 billion	0.640
Next $2 billion	0.630
Next $4 billion	0.620
Over $16 billion	0.610

For the six months ended March 31, 2024, the management fee was equivalent to an annual rate of 0.75% of the Fund’s average daily net assets.

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 as follows:

	Class-level administration fee
Class A	0.20 %
Class C	0.20
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements

Allspring Discovery Mid Cap Growth Fund | 23

Notes to financial statements (unaudited)


	EXPENSE RATIO CAPS
Class A	1.18 %
Class C	1.93
Class R6	0.80
Administrator Class	1.10
Institutional Class	0.85

Distribution fee

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 March 31, 2024, Allspring Funds Distributor received $521 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 March 31, 2024.

Shareholder servicing fees

Interfund transactions

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2024 were $175,060,888 and $213,282,493, respectively.

BANK BORROWINGS

The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $350,000,000 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 March 31, 2024, there were no borrowings by the Fund under the agreement.

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.

INDEMNIFICATION

24 | Allspring Discovery Mid Cap Growth Fund

Other information (unaudited)

Other information

Proxy voting information

Quarterly portfolio holdings information

Allspring Discovery Mid Cap Growth Fund | 25

Other information (unaudited)

Board of trustees and officers

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since January 2018#	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

†

26 | Allspring Discovery Mid Cap Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019#	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

Allspring Discovery Mid Cap Growth Fund | 27

Other information (unaudited)

Officers1

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Chief Legal Officer, since 2022; Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

28 | Allspring Discovery Mid Cap Growth Fund

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

ALL-04032024-c5ffm3ru 05-24
SAR3018 03-24

Allspring Discovery SMID Cap Growth Fund

Semi-Annual Report

March 31, 2024

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	25

Allspring Discovery SMID Cap Growth Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Discovery SMID Cap Growth Fund for the six-month period that ended March 31, 2024. Globally, stocks and bonds had positive returns for the period. However, markets were volatile as investors focused on persistently high inflation and the impact of aggressive central bank rate hikes. Riskier assets rallied as investors anticipated an end to the tight monetary policy.

Investors remained focused on central bank monetary policies.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Discovery SMID Cap Growth Fund

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Discovery SMID Cap Growth Fund | 3

Letter to shareholders (unaudited)

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

4 | Allspring Discovery SMID Cap Growth Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Michael T. Smith, CFA, Christopher J. Warner, CFA

Average annual total returns (%) as of March 31, 2024
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WFDAX)	7-31-2007	12.63	6.18	7.93	19.48	7.45	8.57	1.23	1.21
Class C (WDSCX)	7-31-2007	17.53	6.64	7.93	18.53	6.64	7.93	1.98	1.96
Class R6 (WFDRX)	6-28-2013	–	–	–	19.94	7.89	9.03	0.81	0.79
Administrator Class (WFDDX)	4-8-2005	–	–	–	19.58	7.53	8.67	1.16	1.14
Institutional Class (WFDSX)	8-31-2006	–	–	–	19.84	7.78	8.93	0.91	0.89
Russell 3000® Index3	–	–	–	–	29.29	14.34	12.33	–	–
Russell 2500™ Growth Index4	–	–	–	–	21.12	9.39	9.56	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report.
2	The manager has contractually committed through January 31, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.21% for Class A, 1.96% for Class C, 0.79% for Class R6, 1.14% for Administrator Class and 0.89% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.
4	The Russell 2500TM Growth Index measures the performance of those Russell 2500TM companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Discovery SMID Cap Growth Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20241
Vertiv Holdings Co.	2.82
Casella Waste Systems, Inc. Class A	2.65
Axon Enterprise, Inc.	2.37
SiteOne Landscape Supply, Inc.	2.18
Natera, Inc.	2.09
Celsius Holdings, Inc.	2.07
Morningstar, Inc.	2.04
CCC Intelligent Solutions Holdings, Inc.	2.04
Tetra Tech, Inc.	1.96
Shockwave Medical, Inc.	1.93

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Sector allocation as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

Allspring Discovery SMID Cap Growth Fund | 7

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2023 to March 31, 2024.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 10-1-2023	Ending account value 3-31-2024	Expenses paid during the period1	Annualized net expense ratio
Class A
Actual	$1,000.00	$1,227.72	$6.70	1.21 %
Hypothetical (5% return before expenses)	$1,000.00	$1,018.85	$6.07	1.21 %
Class C
Actual	$1,000.00	$1,222.44	$10.83	1.96 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.12	$9.82	1.96 %
Class R6
Actual	$1,000.00	$1,229.58	$4.38	0.79 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.94	$3.97	0.79 %
Administrator Class
Actual	$1,000.00	$1,228.12	$6.32	1.14 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.72	1.14 %
Institutional Class
Actual	$1,000.00	$1,229.04	$4.93	0.89 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.44	$4.47	0.89 %

1	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period).

8 | Allspring Discovery SMID Cap Growth Fund

Portfolio of investments—March 31, 2024 (unaudited)

Portfolio of investments

	Shares		Value
Common stocks: 99.03%
Communication services: 3.57%
Entertainment: 2.75%
Liberty Media Corp.-Liberty Live Class C†		366,091	$16,042,108
TKO Group Holdings, Inc.		201,200	17,385,692
			33,427,800
Interactive media & services: 0.82%
IAC, Inc.†		186,015	9,922,040
Consumer discretionary: 11.10%
Broadline retail: 2.78%
Global-E Online Ltd.†		496,143	18,034,798
MercadoLibre, Inc.†		10,432	15,772,767
			33,807,565
Hotels, restaurants & leisure: 3.62%
Chipotle Mexican Grill, Inc.†		3,821	11,106,768
DraftKings, Inc. Class A†		310,400	14,095,264
Wingstop, Inc.		51,000	18,686,400
			43,888,432
Household durables: 1.26%
Taylor Morrison Home Corp.†		246,600	15,331,122
Specialty retail: 1.97%
Burlington Stores, Inc.†		58,000	13,467,020
Wayfair, Inc. Class A†		153,500	10,419,580
			23,886,600
Textiles, apparel & luxury goods: 1.47%
On Holding AG Class A†		505,600	17,888,128
Consumer staples: 3.12%
Beverages: 2.07%
Celsius Holdings, Inc.†		302,900	25,116,468
Personal care products: 1.05%
Coty, Inc. Class A†		1,069,900	12,796,004
Financials: 6.15%
Capital markets: 4.38%
Blue Owl Capital, Inc.		716,500	13,513,190
Morningstar, Inc.		80,500	24,823,785
Tradeweb Markets, Inc. Class A		143,200	14,917,144
			53,254,119
Financial services: 1.77%
Jack Henry & Associates, Inc.		123,400	21,438,282

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

Allspring Discovery SMID Cap Growth Fund | 9

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Health care: 18.92%
Biotechnology: 6.22%
Ascendis Pharma AS ADR†		72,747	$10,997,164
Exact Sciences Corp.†		205,400	14,184,924
Halozyme Therapeutics, Inc.†		234,200	9,527,256
Krystal Biotech, Inc.†		35,600	6,334,308
Natera, Inc.†		277,700	25,398,442
Sarepta Therapeutics, Inc.†		70,400	9,113,984
			75,556,078
Health care equipment & supplies: 6.70%
DexCom, Inc.†		121,856	16,901,427
Inspire Medical Systems, Inc.†		65,000	13,961,350
iRhythm Technologies, Inc.†		156,900	18,200,400
Shockwave Medical, Inc.†		72,065	23,466,526
TransMedics Group, Inc.†		119,200	8,813,648
			81,343,351
Health care providers & services: 3.03%
HealthEquity, Inc.†		255,000	20,815,650
Option Care Health, Inc.†		476,709	15,988,820
			36,804,470
Life sciences tools & services: 2.97%
Bio-Techne Corp.		300,300	21,138,117
Repligen Corp.†		81,000	14,897,520
			36,035,637
Industrials: 29.39%
Aerospace & defense: 3.07%
AAR Corp.†		140,799	8,429,636
Axon Enterprise, Inc.†		92,058	28,803,107
			37,232,743
Building products: 1.47%
Advanced Drainage Systems, Inc.		103,876	17,891,602
Commercial services & supplies: 7.26%
Casella Waste Systems, Inc. Class A†		325,883	32,220,052
RB Global, Inc.		210,000	15,995,700
Rollins, Inc.		350,000	16,194,500
Tetra Tech, Inc.		128,500	23,735,235
			88,145,487
Construction & engineering: 1.90%
EMCOR Group, Inc.		65,800	23,043,160
Electrical equipment: 2.82%
Vertiv Holdings Co.		420,000	34,301,400

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

10 | Allspring Discovery SMID Cap Growth Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Ground transportation: 3.14%
J.B. Hunt Transport Services, Inc.		73,600	$14,664,800
Saia, Inc.†		40,048	23,428,080
			38,092,880
Machinery: 2.84%
Esab Corp.		151,100	16,707,127
RBC Bearings, Inc.†		65,800	17,789,030
			34,496,157
Professional services: 1.47%
Parsons Corp.†		215,500	17,875,725
Trading companies & distributors: 5.42%
Applied Industrial Technologies, Inc.		110,500	21,829,275
SiteOne Landscape Supply, Inc.†		151,957	26,524,095
Watsco, Inc.		40,500	17,494,785
			65,848,155
Information technology: 23.52%
Electronic equipment, instruments & components: 3.49%
Novanta, Inc.†		130,694	22,841,390
Teledyne Technologies, Inc.†		45,572	19,564,971
			42,406,361
IT services: 3.02%
Globant SA†		102,245	20,643,266
MongoDB, Inc.†		44,463	15,946,210
			36,589,476
Semiconductors & semiconductor equipment: 5.83%
Entegris, Inc.		139,100	19,549,114
Impinj, Inc.†		137,700	17,682,057
Monolithic Power Systems, Inc.		17,600	11,922,592
Onto Innovation, Inc.†		119,700	21,675,276
			70,829,039
Software: 11.18%
BILL Holdings, Inc.†		134,914	9,271,290
CCC Intelligent Solutions Holdings, Inc.†		2,068,100	24,734,476
Clearwater Analytics Holdings, Inc. Class A†		976,400	17,272,516
Descartes Systems Group, Inc.†		141,100	12,914,883
Dynatrace, Inc.†		246,200	11,433,528
HubSpot, Inc.†		28,200	17,668,992
Procore Technologies, Inc.†		151,700	12,465,189
Tyler Technologies, Inc.†		40,000	17,000,400
Zscaler, Inc.†		67,700	13,041,051
			135,802,325

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

Allspring Discovery SMID Cap Growth Fund | 11

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Materials: 1.64%
Metals & mining: 1.64%
ATI, Inc.†		388,700	$19,889,779
Real estate: 1.62%
Industrial REITs : 1.62%
Rexford Industrial Realty, Inc.		391,465	19,690,689
Total common stocks (Cost $829,085,088)			1,202,631,074

		Yield
Short-term investments: 1.49%
Investment companies: 1.49%
Allspring Government Money Market Fund Select Class♠∞		5.25 %	18,134,831	18,134,831
Total short-term investments (Cost $18,134,831)				18,134,831
Total investments in securities (Cost $847,219,919)	100.52 %			1,220,765,905
Other assets and liabilities, net	(0.52 )			(6,357,429 )
Total net assets	100.00 %			$1,214,408,476

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

Abbreviations:
ADR	American depositary receipt
REIT	Real estate investment trust

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$13,072,799	$237,003,907	$(231,941,875 )	$0	$0	$18,134,831	18,134,831	$679,194

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

12 | Allspring Discovery SMID Cap Growth Fund

Statement of assets and liabilities—March 31, 2024 (unaudited)

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $829,085,088)	$1,202,631,074
Investments in affiliated securities, at value (cost $18,134,831)	18,134,831
Cash	13,156
Receivable for investments sold	10,599,398
Receivable for Fund shares sold	818,372
Receivable for dividends	288,091
Prepaid expenses and other assets	81,956
Total assets	1,232,566,878
Liabilities
Payable for investments purchased	12,852,910
Payable for Fund shares redeemed	4,089,712
Management fee payable	758,796
Administration fees payable	135,084
Trustees’ fees and expenses payable	3,411
Distribution fee payable	1,909
Accrued expenses and other liabilities	316,580
Total liabilities	18,158,402
Total net assets	$1,214,408,476
Net assets consist of
Paid-in capital	$890,281,987
Total distributable earnings	324,126,489
Total net assets	$1,214,408,476
Computation of net asset value and offering price per share
Net assets–Class A	$428,476,038
Shares outstanding–Class A1	16,288,611
Net asset value per share–Class A	$26.31
Maximum offering price per share – Class A2	$27.92
Net assets–Class C	$3,028,719
Shares outstanding–Class C1	161,584
Net asset value per share–Class C	$18.74
Net assets–Class R6	$276,799,213
Shares outstanding–Class R61	8,714,200
Net asset value per share–Class R6	$31.76
Net assets–Administrator Class	$55,952,335
Shares outstanding–Administrator Class1	1,983,746
Net asset value per share–Administrator Class	$28.21
Net assets–Institutional Class	$450,152,171
Shares outstanding–Institutional Class1	14,412,287
Net asset value per share–Institutional Class	$31.23

1 The Fund has an unlimited number of authorized shares.

2 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 Discovery SMID Cap Growth Fund | 13

Statement of operations—six months ended March 31, 2024 (unaudited)

Statement of operations

Investment income
Dividends (net of foreign withholdings taxes of $16,091)	$1,632,446
Income from affiliated securities	679,194
Total investment income	2,311,640
Expenses
Management fee	4,404,305
Administration fees
Class A	395,800
Class C	3,039
Class R6	40,681
Administrator Class	34,320
Institutional Class	278,831
Shareholder servicing fees
Class A	493,958
Class C	3,788
Administrator Class	62,629
Distribution fee
Class C	11,336
Custody and accounting fees	2
Professional fees	30,295
Registration fees	38,102
Shareholder report expenses	31,449
Trustees’ fees and expenses	12,374
Other fees and expenses	46,656
Total expenses	5,887,565
Less: Fee waivers and/or expense reimbursements
Fund-level	(115,146 )
Class A	(24,037 )
Class C	(119 )
Class R6	(16,557 )
Institutional Class	(26,237 )
Net expenses	5,705,469
Net investment loss	(3,393,829 )
Realized and unrealized gains (losses) on investments
Net realized gains on investments	30,913,552
Net change in unrealized gains (losses) on investments	213,620,695
Net realized and unrealized gains (losses) on investments	244,534,247
Net increase in net assets resulting from operations	$241,140,418

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

14 | Allspring Discovery SMID Cap Growth Fund

Statement of changes in net assets

	Six months ended March 31, 2024 (unaudited)		Year ended September 30, 2023
Operations
Net investment loss		$(3,393,829 )		$(7,282,988 )
Net realized gains (losses) on investments		30,913,552		(52,362,650 )
Net change in unrealized gains (losses) on investments		213,620,695		203,981,000
Net increase in net assets resulting from operations		241,140,418		144,335,362
Distributions to shareholders from
Net investment income and net realized gains
Class A		0		(5,764,741 )
Class C		0		(68,656 )
Class R6		0		(4,198,420 )
Administrator Class		0		(911,280 )
Institutional Class		0		(6,049,430 )
Total distributions to shareholders		0		(16,992,527 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	310,403	7,305,795	945,587	20,440,310
Class C	6,644	115,038	31,008	489,723
Class R6	599,589	16,595,921	2,455,010	62,993,105
Administrator Class	276,977	6,506,594	282,396	6,606,411
Institutional Class	870,660	23,685,807	3,490,270	89,016,562
		54,209,155		179,546,111
Reinvestment of distributions
Class A	0	0	273,924	5,609,967
Class C	0	0	4,404	64,912
Class R6	0	0	162,483	3,997,088
Administrator Class	0	0	41,485	910,181
Institutional Class	0	0	236,456	5,726,963
		0		16,309,111
Payment for shares redeemed
Class A	(2,036,830 )	(47,649,998 )	(4,183,450 )	(90,170,856 )
Class C	(50,593 )	(843,515 )	(83,169 )	(1,288,357 )
Class R6	(3,006,239 )	(83,288,344 )	(6,443,189 )	(168,938,632 )
Administrator Class	(418,557 )	(10,621,594 )	(1,547,799 )	(35,906,334 )
Institutional Class	(3,196,856 )	(89,155,746 )	(9,221,518 )	(235,288,061 )
		(231,559,197 )		(531,592,240 )
Net decrease in net assets resulting from capital share transactions		(177,350,042 )		(335,737,018 )
Total increase (decrease) in net assets		63,790,376		(208,394,183 )
Net assets
Beginning of period		1,150,618,100		1,359,012,283
End of period		$1,214,408,476		$1,150,618,100

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

Allspring Discovery SMID Cap Growth Fund | 15

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class A	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$21.43	$19.73	$47.48	$39.95	$33.24	$38.03
Net investment loss	(0.09 )1	(0.17 )1	(0.30 )1	(0.53 )	(0.31 )	(0.26 )
Net realized and unrealized gains (losses) on investments	4.97	2.16	(14.84 )	10.51	11.37	0.53
Total from investment operations	4.88	1.99	(15.14 )	9.98	11.06	0.27
Distributions to shareholders from
Net realized gains	0.00	(0.29 )	(12.61 )	(2.45 )	(4.35 )	(5.06 )
Net asset value, end of period	$26.31	$21.43	$19.73	$47.48	$39.95	$33.24
Total return2	22.77 %	10.08 %	(42.03 )%	25.48 %	37.49 %	3.81 %
Ratios to average net assets (annualized)
Gross expenses	1.24 %	1.24 %	1.21 %	1.19 %	1.21 %	1.21 %
Net expenses	1.21 %	1.20 %	1.19 %	1.18 %	1.19 %	1.20 %
Net investment loss	(0.81 )%	(0.77 )%	(1.08 )%	(1.08 )%	(0.91 )%	(0.77 )%
Supplemental data
Portfolio turnover rate	32 %	52 %	58 %	51 %	53 %	71 %
Net assets, end of period (000s omitted)	$428,476	$386,119	$414,018	$875,257	$762,758	$627,336

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 | Allspring Discovery SMID Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class C	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$15.33	$14.30	$38.31	$32.88	$28.27	$33.46
Net investment loss	(0.13 )1	(0.24 )1	(0.42 )1	(0.70 )1	(0.45 )1	(0.41 )1
Net realized and unrealized gains (losses) on investments	3.54	1.56	(10.98 )	8.58	9.41	0.28
Total from investment operations	3.41	1.32	(11.40 )	7.88	8.96	(0.13 )
Distributions to shareholders from
Net realized gains	0.00	(0.29 )	(12.61 )	(2.45 )	(4.35 )	(5.06 )
Net asset value, end of period	$18.74	$15.33	$14.30	$38.31	$32.88	$28.27
Total return2	22.24 %	9.28 %	(42.48 )%	24.52 %	36.54 %	3.01 %
Ratios to average net assets (annualized)
Gross expenses	1.99 %	1.98 %	1.94 %	1.94 %	1.96 %	1.95 %
Net expenses	1.96 %	1.97 %	1.94 %	1.94 %	1.96 %	1.95 %
Net investment loss	(1.56 )%	(1.54 )%	(1.84 )%	(1.84 )%	(1.66 )%	(1.51 )%
Supplemental data
Portfolio turnover rate	32 %	52 %	58 %	51 %	53 %	71 %
Net assets, end of period (000s omitted)	$3,029	$3,151	$3,622	$17,909	$28,509	$30,982

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Allspring Discovery SMID Cap Growth Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class R6	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$25.83	$23.63	$54.02	$44.98	$36.76	$41.26
Net investment loss	(0.05 )1	(0.09 )1	(0.22 )1	(0.35 )1	(0.18 )1	(0.12 )1
Net realized and unrealized gains (losses) on investments	5.98	2.58	(17.56 )	11.84	12.75	0.68
Total from investment operations	5.93	2.49	(17.78 )	11.49	12.57	0.56
Distributions to shareholders from
Net realized gains	0.00	(0.29 )	(12.61 )	(2.45 )	(4.35 )	(5.06 )
Net asset value, end of period	$31.76	$25.83	$23.63	$54.02	$44.98	$36.76
Total return2	22.96 %	10.58 %	(41.80 )%	26.01 %	38.06 %	4.26 %
Ratios to average net assets (annualized)
Gross expenses	0.82 %	0.81 %	0.78 %	0.76 %	0.78 %	0.77 %
Net expenses	0.79 %	0.79 %	0.78 %	0.76 %	0.78 %	0.77 %
Net investment loss	(0.39 )%	(0.36 )%	(0.66 )%	(0.66 )%	(0.50 )%	(0.33 )%
Supplemental data
Portfolio turnover rate	32 %	52 %	58 %	51 %	53 %	71 %
Net assets, end of period (000s omitted)	$276,799	$287,218	$353,183	$771,279	$597,851	$405,610

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

18 | Allspring Discovery SMID Cap Growth Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Administrator Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$22.97	$21.12	$49.83	$41.79	$34.55	$39.27
Net investment loss	(0.09 )1	(0.16 )1	(0.30 )1	(0.49 )1	(0.29 )1	(0.23 )1
Net realized and unrealized gains (losses) on investments	5.33	2.30	(15.80 )	10.98	11.88	0.57
Total from investment operations	5.24	2.14	(16.10 )	10.49	11.59	0.34
Distributions to shareholders from
Net realized gains	0.00	(0.29 )	(12.61 )	(2.45 )	(4.35 )	(5.06 )
Net asset value, end of period	$28.21	$22.97	$21.12	$49.83	$41.79	$34.55
Total return2	22.81 %	10.18 %	(41.98 )%	25.58 %	37.61 %	3.88 %
Ratios to average net assets (annualized)
Gross expenses	1.16 %	1.12 %	1.09 %	1.11 %	1.13 %	1.13 %
Net expenses	1.14 %	1.11 %	1.09 %	1.11 %	1.13 %	1.13 %
Net investment loss	(0.74 )%	(0.69 )%	(0.98 )%	(1.01 )%	(0.84 )%	(0.70 )%
Supplemental data
Portfolio turnover rate	32 %	52 %	58 %	51 %	53 %	71 %
Net assets, end of period (000s omitted)	$55,952	$48,826	$70,724	$189,022	$374,366	$333,814

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

Allspring Discovery SMID Cap Growth Fund | 19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Institutional Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$25.41	$23.27	$53.45	$44.57	$36.50	$41.05
Net investment loss	(0.07 )1	(0.12 )1	(0.25 )1	(0.40 )1	(0.21 )1	(0.15 )1
Net realized and unrealized gains (losses) on investments	5.89	2.55	(17.32 )	11.73	12.63	0.66
Total from investment operations	5.82	2.43	(17.57 )	11.33	12.42	0.51
Distributions to shareholders from
Net realized gains	0.00	(0.29 )	(12.61 )	(2.45 )	(4.35 )	(5.06 )
Net asset value, end of period	$31.23	$25.41	$23.27	$53.45	$44.57	$36.50
Total return2	22.90 %	10.49 %	(41.88 )%	25.91 %	37.91 %	4.15 %
Ratios to average net assets (annualized)
Gross expenses	0.92 %	0.91 %	0.88 %	0.86 %	0.88 %	0.87 %
Net expenses	0.89 %	0.89 %	0.88 %	0.86 %	0.88 %	0.87 %
Net investment loss	(0.49 )%	(0.46 )%	(0.76 )%	(0.76 )%	(0.58 )%	(0.42 )%
Supplemental data
Portfolio turnover rate	32 %	52 %	58 %	51 %	53 %	71 %
Net assets, end of period (000s omitted)	$450,152	$425,304	$517,465	$1,090,159	$908,157	$1,096,888

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

20 | Allspring Discovery SMID Cap Growth Fund

Notes to financial statements (unaudited)

Notes to financial statements

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 Discovery SMID Cap Growth Fund (the “Fund”) which is a diversified series of the Trust.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Allspring Discovery SMID Cap Growth Fund | 21

Notes to financial statements (unaudited)

As of March 31, 2024, the aggregate cost of all investments for federal income tax purposes was $819,437,665 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$413,486,977
Gross unrealized losses	(12,158,737 )
Net unrealized gains	$401,328,240

As of September 30, 2023, the Fund had capital loss carryforwards which consisted of $227,063 in short-term capital losses and $43,820,164 in long-term capital losses.

As of September 30, 2023, the Fund had a qualified late-year ordinary loss of $5,109,494 which was recognized on the first day of the current fiscal year.

Class allocations

FAIR VALUATION MEASUREMENTS

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$43,349,840	$0	$0	$43,349,840
Consumer discretionary	134,801,847	0	0	134,801,847
Consumer staples	37,912,472	0	0	37,912,472
Financials	74,692,401	0	0	74,692,401
Health care	229,739,536	0	0	229,739,536
Industrials	356,927,309	0	0	356,927,309
Information technology	285,627,201	0	0	285,627,201
Materials	19,889,779	0	0	19,889,779
Real estate	19,690,689	0	0	19,690,689
Short-term investments
Investment companies	18,134,831	0	0	18,134,831
Total assets	$1,220,765,905	$0	$0	$1,220,765,905

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

At March 31, 2024, the Fund did not have any transfers into/out of Level 3.

22 | Allspring Discovery SMID Cap Growth Fund

Notes to financial statements (unaudited)

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $500 million	0.800 %
Next $500 million	0.750
Next $1 billion	0.700
Next $2 billion	0.675
Next $1 billion	0.650
Next $5 billion	0.640
Over $10 billion	0.630

For the six months ended March 31, 2024, the management fee was equivalent to an annual rate of 0.76% of the Fund’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.45% and declining to 0.35% as the average daily net assets of the Fund increase.

Administration fees

	Class-level administration fee
Class A	0.20 %
Class C	0.20
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements


	EXPENSE RATIO CAPS
Class A	1.21 %
Class C	1.96
Class R6	0.79
Administrator Class	1.14
Institutional Class	0.89

Allspring Discovery SMID Cap Growth Fund | 23

Notes to financial statements (unaudited)

Distribution fee

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 March 31, 2024, Allspring Funds Distributor received $783 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 March 31, 2024.

Shareholder servicing fees

Interfund transactions

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2024 were $361,762,505 and $533,377,152, respectively.

BANK BORROWINGS

For the six months ended March 31, 2024, there were no borrowings by the Fund under the agreement.

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 in any sector may be more affected by changes in that in any sector than would be a fund whose investments are not heavily weighted in any in any sector.

INDEMNIFICATION

24 | Allspring Discovery SMID Cap Growth Fund

Other information (unaudited)

Other information

Proxy voting information

Quarterly portfolio holdings information

Allspring Discovery SMID Cap Growth Fund | 25

Other information (unaudited)

Board of trustees and officers

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since January 2018#	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

†

26 | Allspring Discovery SMID Cap Growth Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019#	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

Allspring Discovery SMID Cap Growth Fund | 27

Other information (unaudited)

Officers1

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Chief Legal Officer, since 2022; Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

28 | Allspring Discovery SMID Cap Growth Fund

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

ALL-04032024-t7ldvrwn 05-24
SAR3321 03-24

Allspring Diversified Capital Builder Fund

Semi-Annual Report

March 31, 2024

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	15
Statement of operations	16
Statement of changes in net assets	17
Financial highlights	18
Notes to financial statements	22
Other information	26

Allspring Diversified Capital Builder Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Diversified Capital Builder Fund for the six-month period that ended March 31, 2024. Globally, stocks and bonds had positive returns for the period. However, markets were volatile as investors focused on persistently high inflation and the impact of aggressive central bank rate hikes. Riskier assets rallied as investors anticipated an end to the tight monetary policy.

Investors remained focused on central bank monetary policies.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Diversified Capital Builder Fund

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Diversified Capital Builder Fund | 3

Letter to shareholders (unaudited)

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

4 | Allspring Diversified Capital Builder Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term total return, consisting of capital appreciation and current income.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Robert Junkin, Margaret Patel

Average annual total returns (%) as of March 31, 2024
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (EKBAX)	1-20-1998	23.27	11.17	10.43	30.84	12.50	11.09	1.10	1.10
Class C (EKBCX)	1-22-1998	28.85	11.66	10.42	29.85	11.66	10.42	1.85	1.85
Administrator Class (EKBDX)	7-30-2010	–	–	–	30.93	12.57	11.20	1.03	1.03
Institutional Class (EKBYX)	1-26-1998	–	–	–	31.23	12.85	11.47	0.78	0.78
Russell 3000® Index3	–	–	–	–	29.29	14.34	12.33	–	–
Diversified Capital Builder Blended Index4	–	–	–	–	24.98	12.13	10.65	–	–
Russell 1000® Index5	–	–	–	–	29.87	14.76	12.68	–	–
ICE BofA U.S. Cash Pay High Yield Index6	–	–	–	–	10.98	4.03	4.35	–	–

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report.
2	The manager has contractually committed through January 31, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 1.05% for Administrator Class and 0.78% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.
4	Source: Allspring Funds Management, LLC. The Diversified Capital Builder Blended Index is composed 75% of the Russell 1000® Index and 25% of the ICE BofA U.S. Cash Pay High Yield Index. You cannot invest directly in an index.
5	The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index.
6	The ICE BofA U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Returns shown are net of transaction costs beginning on July 1, 2022. Copyright 2024. ICE Data Indices, LLC. All rights reserved.

Investing involves risk, including the possible loss of principal. Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Consult the Fund’s prospectus for additional information on these and other risks.

6 | Allspring Diversified Capital Builder Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20241
Broadcom, Inc.	5.23
Alphabet, Inc. Class A	4.87
Advanced Micro Devices, Inc.	4.79
Microsoft Corp.	4.53
Leidos Holdings, Inc.	4.04
NVIDIA Corp.	3.30
Micron Technology, Inc.	3.26
IQVIA Holdings, Inc.	2.90
Marvell Technology, Inc.	2.85
Amphenol Corp. Class A	2.65

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Portfolio composition as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

Allspring Diversified Capital Builder Fund | 7

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2023 to March 31, 2024.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 10-1-2023	Ending account value 3-31-2024	Expenses paid during the period1	Annualized net expense ratio
Class A
Actual	$1,000.00	$1,271.33	$6.16	1.09 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.44	$5.47	1.09 %
Class C
Actual	$1,000.00	$1,266.38	$10.37	1.84 %
Hypothetical (5% return before expenses)	$1,000.00	$1,015.71	$9.22	1.84 %
Administrator Class
Actual	$1,000.00	$1,271.73	$5.76	1.02 %
Hypothetical (5% return before expenses)	$1,000.00	$1,019.79	$5.12	1.02 %
Institutional Class
Actual	$1,000.00	$1,272.79	$4.35	0.77 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.03	$3.87	0.77 %

1	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period).

8 | Allspring Diversified Capital Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

Portfolio of investments

	Shares		Value
Common stocks: 85.04%
Communication services: 4.87%
Interactive media & services: 4.87%
Alphabet, Inc. Class A†		450,000	$67,918,500
Consumer discretionary: 0.55%
Distributors: 0.55%
Genuine Parts Co.		50,000	7,746,500
Consumer staples: 0.23%
Food products: 0.23%
J M Smucker Co.		25,000	3,146,750
Energy: 4.74%
Oil, gas & consumable fuels: 4.74%
Cheniere Energy, Inc.		145,000	23,385,600
EOG Resources, Inc.		20,000	2,556,800
ONEOK, Inc.		165,000	13,228,050
Targa Resources Corp.		240,000	26,877,600
			66,048,050
Health care: 10.23%
Biotechnology: 2.71%
BioMarin Pharmaceutical, Inc.†		100,000	8,734,000
Neurocrine Biosciences, Inc.†		210,000	28,963,200
			37,697,200
Health care equipment & supplies: 0.08%
STERIS PLC		5,000	1,124,100
Health care providers & services: 2.31%
McKesson Corp.		60,000	32,211,000
Life sciences tools & services: 2.90%
IQVIA Holdings, Inc.†		160,000	40,462,400
Pharmaceuticals: 2.23%
Eli Lilly & Co.		40,000	31,118,400
Industrials: 19.92%
Aerospace & defense: 3.35%
Curtiss-Wright Corp.		70,000	17,915,800
HEICO Corp.		50,000	9,550,000
L3Harris Technologies, Inc.		90,000	19,179,000
			46,644,800
Commercial services & supplies: 2.28%
Cintas Corp.		20,000	13,740,600
Clean Harbors, Inc.†		90,000	18,117,900
			31,858,500

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

Allspring Diversified Capital Builder Fund | 9

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Electrical equipment: 5.21%
AMETEK, Inc.		145,000	$26,520,500
Eaton Corp. PLC		35,000	10,943,800
Emerson Electric Co.		310,000	35,160,200
			72,624,500
Machinery: 5.04%
Crane Co.		64,000	8,648,320
IDEX Corp.		60,000	14,641,200
ITT, Inc.		60,000	8,161,800
Oshkosh Corp.		20,000	2,494,200
Parker-Hannifin Corp.		15,000	8,336,850
Timken Co.		320,000	27,977,600
			70,259,970
Professional services: 4.04%
Leidos Holdings, Inc.		430,000	56,368,700
Information technology: 41.35%
Communications equipment: 1.15%
Motorola Solutions, Inc.		45,000	15,974,100
Electronic equipment, instruments & components: 6.46%
Amphenol Corp. Class A		320,000	36,912,000
Crane NXT Co.		90,000	5,571,000
Jabil, Inc.		115,000	15,404,250
Teledyne Technologies, Inc.†		75,000	32,199,000
			90,086,250
IT services: 2.46%
International Business Machines Corp.		180,000	34,372,800
Semiconductors & semiconductor equipment: 19.53%
Advanced Micro Devices, Inc.†		370,000	66,781,300
Broadcom, Inc.		55,000	72,897,550
Marvell Technology, Inc.		560,000	39,692,800
Micron Technology, Inc.		385,000	45,387,650
NVIDIA Corp.		51,000	46,081,560
Synaptics, Inc.†		15,000	1,463,400
			272,304,260
Software: 11.75%
Adobe, Inc.†		52,000	26,239,200
ANSYS, Inc.†		45,000	15,622,200
Autodesk, Inc.†		110,000	28,646,200
Microsoft Corp.		150,000	63,108,000
Roper Technologies, Inc.		3,000	1,682,520
Synopsys, Inc.†		50,000	28,575,000
			163,873,120

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

10 | Allspring Diversified Capital Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Materials: 2.49%
Chemicals: 1.15%
Westlake Corp.		105,000	$16,044,000
Containers & packaging: 0.79%
AptarGroup, Inc.		76,500	11,007,585
Metals & mining: 0.55%
ATI, Inc.†		150,000	7,675,500
Real estate: 0.46%
Specialized REITs : 0.46%
Iron Mountain, Inc.		80,000	6,416,800
Utilities: 0.20%
Independent power and renewable electricity producers: 0.20%
Vistra Corp.		40,000	2,786,000
Total common stocks (Cost $753,041,294)			1,185,769,785

	Interest rate	Maturity date	Principal
Corporate bonds and notes: 14.65%
Basic materials: 0.75%
Iron/steel: 0.75%
ATI, Inc.	7.25 %	8-15-2030	$	400,000	413,449
Cleveland-Cliffs, Inc.144A	6.75	4-15-2030		10,000,000	10,029,082
					10,442,531
Consumer, cyclical: 0.40%
Retail: 0.40%
Genuine Parts Co.	6.88	11-1-2033		5,000,000	5,528,865
Consumer, non-cyclical: 4.72%
Commercial services: 1.00%
AMN Healthcare, Inc.144A##	4.00	4-15-2029		1,000,000	898,079
AMN Healthcare, Inc.144A	4.63	10-1-2027		1,000,000	949,790
Gartner, Inc.144A	3.63	6-15-2029		4,350,000	3,938,411
Valvoline, Inc.144A	3.63	6-15-2031		9,495,000	8,184,781
					13,971,061
Food: 0.83%
Post Holdings, Inc.144A	4.50	9-15-2031		8,435,000	7,587,216
Post Holdings, Inc.144A	6.25	2-15-2032		4,000,000	4,029,152
					11,616,368
Healthcare-products: 0.35%
Hologic, Inc.144A	3.25	2-15-2029		5,440,000	4,875,285
Healthcare-services: 1.98%
Charles River Laboratories International, Inc.144A	4.00	3-15-2031		8,000,000	7,148,364
DaVita, Inc.144A	4.63	6-1-2030		10,550,000	9,445,245

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

Allspring Diversified Capital Builder Fund | 11

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Healthcare-services(continued)
Encompass Health Corp.	4.63 %	4-1-2031	$	5,500,000	$5,000,604
IQVIA, Inc.144A	6.50	5-15-2030		5,884,000	6,004,711
					27,598,924
Household products/wares: 0.56%
ACCO Brands Corp.144A	4.25	3-15-2029		2,000,000	1,800,373
Spectrum Brands, Inc.144A	3.88	3-15-2031		6,200,000	5,972,250
					7,772,623
Financial: 1.43%
REITS: 1.43%
Iron Mountain, Inc.144A	4.50	2-15-2031		12,350,000	11,142,635
SBA Communications Corp.	3.13	2-1-2029		10,000,000	8,825,056
					19,967,691
Industrial: 4.53%
Aerospace/defense: 0.89%
TransDigm, Inc.	4.63	1-15-2029		9,000,000	8,352,048
TransDigm, Inc.144A	6.63	3-1-2032		4,000,000	4,041,164
					12,393,212
Electronics: 0.58%
TTM Technologies, Inc.144A	4.00	3-1-2029		8,890,000	8,063,230
Engineering & construction: 0.65%
Dycom Industries, Inc.144A	4.50	4-15-2029		9,720,000	9,085,973
Environmental control: 0.92%
Clean Harbors, Inc.144A	6.38	2-1-2031		11,500,000	11,584,456
Stericycle, Inc.144A	3.88	1-15-2029		1,310,000	1,187,400
					12,771,856
Machinery-diversified: 0.50%
Esab Corp.144A%%	6.25	4-15-2029		7,000,000	7,032,781
Packaging & containers: 0.99%
Ball Corp.	2.88	8-15-2030		7,000,000	5,972,748
Sealed Air Corp.144A	5.00	4-15-2029		5,000,000	4,799,356
Sealed Air Corp./Sealed Air Corp. U.S.144A	6.13	2-1-2028		3,000,000	3,006,225
					13,778,329
Technology: 1.43%
Computers: 0.71%
Seagate HDD Cayman	3.13	7-15-2029		1,500,000	1,262,086
Seagate HDD Cayman	4.09	6-1-2029		3,488,000	3,217,680
Seagate HDD Cayman144A	8.50	7-15-2031		5,000,000	5,403,315
					9,883,081

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

12 | Allspring Diversified Capital Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Semiconductors: 0.72%
Synaptics, Inc.144A	4.00 %	6-15-2029	$	11,185,000	$10,066,430
Utilities: 1.39%
Electric: 1.39%
NRG Energy, Inc.144A	5.25	6-15-2029		1,000,000	956,013
Vistra Operations Co. LLC144A	4.38	5-1-2029		12,000,000	11,116,617
Vistra Operations Co. LLC144A	7.75	10-15-2031		7,000,000	7,330,960
					19,403,590
Total corporate bonds and notes (Cost $214,218,626)					204,251,830
Yankee corporate bonds and notes: 0.41%
Basic materials: 0.22%
Chemicals: 0.22%
Methanex Corp.	5.25	12-15-2029		3,293,000	3,150,658
Industrial: 0.19%
Electronics: 0.19%
Sensata Technologies BV144A	4.00	4-15-2029		2,880,000	2,629,691
Total yankee corporate bonds and notes (Cost $6,286,270)					5,780,349

		Yield	Shares
Short-term investments: 0.48%
Investment companies: 0.48%
Allspring Government Money Market Fund Select Class♠∞##		5.25		6,606,615	6,606,615
Total short-term investments (Cost $6,606,615)					6,606,615
Total investments in securities (Cost $980,152,805)	100.58 %				1,402,408,579
Other assets and liabilities, net	(0.58 )				(8,021,019 )
Total net assets	100.00 %				$1,394,387,560

†	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 1933.
##	All or a portion of this security is segregated as collateral for when-issued securities.
%%	The security is purchased on a when-issued basis.
♠	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.

Abbreviations:
REIT	Real estate investment trust

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

Allspring Diversified Capital Builder Fund | 13

Portfolio of investments—March 31, 2024 (unaudited)

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$19,374,619	$176,368,874	$(189,136,878 )	$0	$0	$6,606,615	6,606,615	$129,278

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

14 | Allspring Diversified Capital Builder Fund

Statement of assets and liabilities—March 31, 2024 (unaudited)

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $973,546,190)	$1,395,801,964
Investments in affiliated securities, at value (cost $6,606,615)	6,606,615
Cash	297,654
Receivable for dividends and interest	3,233,447
Receivable for Fund shares sold	2,748,565
Prepaid expenses and other assets	152,737
Total assets	1,408,840,982
Liabilities
Payable for when-issued transactions	7,036,250
Payable for investments purchased	5,712,042
Management fee payable	697,033
Payable for Fund shares redeemed	454,264
Administration fees payable	200,540
Distribution fee payable	80,859
Trustees’ fees and expenses payable	1,335
Accrued expenses and other liabilities	271,099
Total liabilities	14,453,422
Total net assets	$1,394,387,560
Net assets consist of
Paid-in capital	$935,470,788
Total distributable earnings	458,916,772
Total net assets	$1,394,387,560
Computation of net asset value and offering price per share
Net assets–Class A	$740,771,234
Shares outstanding–Class A1	55,999,273
Net asset value per share–Class A	$13.23
Maximum offering price per share – Class A2	$14.04
Net assets–Class C	$129,540,110
Shares outstanding–Class C1	9,852,771
Net asset value per share–Class C	$13.15
Net assets–Administrator Class	$8,407,075
Shares outstanding–Administrator Class1	635,042
Net asset value per share–Administrator Class	$13.24
Net assets–Institutional Class	$515,669,141
Shares outstanding–Institutional Class1	39,349,431
Net asset value per share–Institutional Class	$13.10

1 The Fund has an unlimited number of authorized shares.

2 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 Diversified Capital Builder Fund | 15

Statement of operations—six months ended March 31, 2024 (unaudited)

Statement of operations

Investment income
Interest	$4,751,664
Dividends	4,742,341
Income from affiliated securities	129,278
Total investment income	9,623,283
Expenses
Management fee	3,568,184
Administration fees
Class A	645,317
Class C	115,884
Administrator Class	6,055
Institutional Class	254,446
Shareholder servicing fees
Class A	806,167
Class C	144,812
Administrator Class	11,644
Distribution fee
Class C	434,312
Custody and accounting fees	16,453
Professional fees	34,963
Registration fees	18,154
Shareholder report expenses	40,942
Trustees’ fees and expenses	13,264
Other fees and expenses	26,754
Total expenses	6,137,351
Less: Fee waivers and/or expense reimbursements
Institutional Class	(1,877 )
Net expenses	6,135,474
Net investment income	3,487,809
Realized and unrealized gains (losses) on investments
Net realized gains on investments	43,017,125
Net change in unrealized gains (losses) on investments	236,110,445
Net realized and unrealized gains (losses) on investments	279,127,570
Net increase in net assets resulting from operations	$282,615,379

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

16 | Allspring Diversified Capital Builder Fund

Statement of changes in net assets

	Six months ended March 31, 2024 (unaudited)		Year ended September 30, 2023
Operations
Net investment income		$3,487,809		$10,446,074
Net realized gains on investments		43,017,125		51,953,014
Net change in unrealized gains (losses) on investments		236,110,445		121,947,084
Net increase in net assets resulting from operations		282,615,379		184,346,172
Distributions to shareholders from
Net investment income and net realized gains
Class A		(34,891,391 )		(65,626,762 )
Class C		(5,986,522 )		(11,368,684 )
Administrator Class		(512,514 )		(886,041 )
Institutional Class		(20,910,448 )		(37,216,908 )
Total distributions to shareholders		(62,300,875 )		(115,098,395 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	3,700,162	44,812,526	2,356,347	25,592,345
Class C	1,082,221	13,067,562	1,107,737	11,941,492
Administrator Class	201,623	2,416,864	148,783	1,644,524
Institutional Class	11,119,450	134,975,381	5,599,746	60,537,183
		195,272,333		99,715,544
Reinvestment of distributions
Class A	2,926,689	33,222,303	5,952,319	62,386,181
Class C	523,170	5,886,415	1,075,440	11,190,077
Administrator Class	44,949	510,920	84,169	883,153
Institutional Class	1,687,386	19,033,141	3,324,215	34,590,783
		58,652,779		109,050,194
Payment for shares redeemed
Class A	(3,578,567 )	(42,393,293 )	(7,352,031 )	(79,844,349 )
Class C	(1,439,130 )	(17,299,661 )	(2,295,738 )	(24,787,554 )
Administrator Class	(365,969 )	(4,575,016 )	(205,960 )	(2,238,564 )
Institutional Class	(3,741,018 )	(43,566,211 )	(7,116,503 )	(76,424,780 )
		(107,834,181 )		(183,295,247 )
Net increase in net assets resulting from capital share transactions		146,090,931		25,470,491
Total increase in net assets		366,405,435		94,718,268
Net assets
Beginning of period		1,027,982,125		933,263,857
End of period		$1,394,387,560		$1,027,982,125

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

Allspring Diversified Capital Builder Fund | 17

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class A	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.01	$10.29	$12.64	$10.88	$10.71	$10.88
Net investment income	0.03 1	0.11	0.10 1	0.09	0.11	0.14
Net realized and unrealized gains (losses) on investments	2.85	1.89	(1.50 )	1.87	0.63	0.37
Total from investment operations	2.88	2.00	(1.40 )	1.96	0.74	0.51
Distributions to shareholders from
Net investment income	(0.04 )	(0.11 )	(0.10 )	(0.10 )	(0.13 )	(0.14 )
Net realized gains	(0.62 )	(1.17 )	(0.85 )	(0.10 )	(0.44 )	(0.54 )
Total distributions to shareholders	(0.66 )	(1.28 )	(0.95 )	(0.20 )	(0.57 )	(0.68 )
Net asset value, end of period	$13.23	$11.01	$10.29	$12.64	$10.88	$10.71
Total return2	27.13 %	20.16 %	(12.45 )%	18.18 %	7.26 %	5.60 %
Ratios to average net assets (annualized)
Gross expenses	1.09 %	1.11 %	1.11 %	1.11 %	1.11 %	1.12 %
Net expenses	1.09 %	1.11 %	1.10 %	1.11 %	1.11 %	1.12 %
Net investment income	0.57 %	0.99 %	0.77 %	0.76 %	1.09 %	1.38 %
Supplemental data
Portfolio turnover rate	23 %	38 %	19 %	28 %	44 %	61 %
Net assets, end of period (000s omitted)	$740,771	$583,064	$534,863	$657,696	$601,951	$616,346

1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

18 | Allspring Diversified Capital Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class C	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.96	$10.24	$12.58	$10.86	$10.69	$10.86
Net investment income (loss)	(0.01 )1	0.02	0.00 1,2	0.00 1,2	0.03	0.06
Net realized and unrealized gains (losses) on investments	2.82	1.89	(1.48 )	1.86	0.63	0.37
Total from investment operations	2.81	1.91	(1.48 )	1.86	0.66	0.43
Distributions to shareholders from
Net investment income	(0.00 )	(0.02 )	(0.01 )	(0.04 )	(0.05 )	(0.06 )
Net realized gains	(0.62 )	(1.17 )	(0.85 )	(0.10 )	(0.44 )	(0.54 )
Total distributions to shareholders	(0.62 )	(1.19 )	(0.86 )	(0.14 )	(0.49 )	(0.60 )
Net asset value, end of period	$13.15	$10.96	$10.24	$12.58	$10.86	$10.69
Total return3	26.64 %	19.36 %	(13.12 )%	17.25 %	6.44 %	4.81 %
Ratios to average net assets (annualized)
Gross expenses	1.84 %	1.86 %	1.85 %	1.86 %	1.86 %	1.87 %
Net expenses	1.84 %	1.86 %	1.85 %	1.86 %	1.86 %	1.87 %
Net investment income (loss)	(0.18 )%	0.24 %	0.02 %	0.01 %	0.34 %	0.65 %
Supplemental data
Portfolio turnover rate	23 %	38 %	19 %	28 %	44 %	61 %
Net assets, end of period (000s omitted)	$129,540	$106,152	$100,367	$127,209	$121,947	$118,297

1	Calculated based upon average shares outstanding
2	Amount is less than $0.005.
3	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Allspring Diversified Capital Builder Fund | 19

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Administrator Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$11.02	$10.30	$12.64	$10.89	$10.72	$10.89
Net investment income	0.04 1	0.11	0.11 1	0.10 1	0.12 1	0.15 1
Net realized and unrealized gains (losses) on investments	2.84	1.89	(1.49 )	1.86	0.63	0.37
Total from investment operations	2.88	2.00	(1.38 )	1.96	0.75	0.52
Distributions to shareholders from
Net investment income	(0.04 )	(0.11 )	(0.11 )	(0.11 )	(0.14 )	(0.15 )
Net realized gains	(0.62 )	(1.17 )	(0.85 )	(0.10 )	(0.44 )	(0.54 )
Total distributions to shareholders	(0.66 )	(1.28 )	(0.96 )	(0.21 )	(0.58 )	(0.69 )
Net asset value, end of period	$13.24	$11.02	$10.30	$12.64	$10.89	$10.72
Total return2	27.17 %	20.24 %	(12.30 )%	18.17 %	7.33 %	5.67 %
Ratios to average net assets (annualized)
Gross expenses	1.02 %	1.03 %	1.03 %	1.03 %	1.03 %	1.04 %
Net expenses	1.02 %	1.03 %	1.03 %	1.03 %	1.03 %	1.04 %
Net investment income	0.64 %	1.07 %	0.86 %	0.84 %	1.19 %	1.47 %
Supplemental data
Portfolio turnover rate	23 %	38 %	19 %	28 %	44 %	61 %
Net assets, end of period (000s omitted)	$8,407	$8,314	$7,489	$8,234	$6,429	$9,708

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

20 | Allspring Diversified Capital Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Institutional Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$10.91	$10.20	$12.54	$10.79	$10.64	$10.81
Net investment income	0.05 1	0.14	0.13 1	0.13	0.14	0.18
Net realized and unrealized gains (losses) on investments	2.81	1.88	(1.48 )	1.86	0.62	0.36
Total from investment operations	2.86	2.02	(1.35 )	1.99	0.76	0.54
Distributions to shareholders from
Net investment income	(0.05 )	(0.14 )	(0.14 )	(0.14 )	(0.17 )	(0.17 )
Net realized gains	(0.62 )	(1.17 )	(0.85 )	(0.10 )	(0.44 )	(0.54 )
Total distributions to shareholders	(0.67 )	(1.31 )	(0.99 )	(0.24 )	(0.61 )	(0.71 )
Net asset value, end of period	$13.10	$10.91	$10.20	$12.54	$10.79	$10.64
Total return2	27.28 %	20.62 %	(12.19 )%	18.51 %	7.48 %	5.98 %
Ratios to average net assets (annualized)
Gross expenses	0.77 %	0.78 %	0.78 %	0.78 %	0.78 %	0.79 %
Net expenses	0.77 %	0.78 %	0.77 %	0.78 %	0.78 %	0.78 %
Net investment income	0.89 %	1.32 %	1.10 %	1.09 %	1.42 %	1.73 %
Supplemental data
Portfolio turnover rate	23 %	38 %	19 %	28 %	44 %	61 %
Net assets, end of period (000s omitted)	$515,669	$330,452	$290,545	$358,519	$319,229	$359,278

1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

Allspring Diversified Capital Builder Fund | 21

Notes to financial statements (unaudited)

Notes to financial statements

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 Diversified Capital Builder Fund (the “Fund”) which is a diversified series of the Trust.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

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

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.

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

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

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. generally accepted accounting principles. 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

22 | Allspring Diversified Capital Builder Fund

Notes to financial statements (unaudited)

As of March 31, 2024, the aggregate cost of all investments for federal income tax purposes was $980,152,762 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$437,822,820
Gross unrealized losses	(15,567,003 )
Net unrealized gains	$422,255,817

Class allocations

FAIR VALUATION MEASUREMENTS

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$67,918,500	$0	$0	$67,918,500
Consumer discretionary	7,746,500	0	0	7,746,500
Consumer staples	3,146,750	0	0	3,146,750
Energy	66,048,050	0	0	66,048,050
Health care	142,613,100	0	0	142,613,100
Industrials	277,756,470	0	0	277,756,470
Information technology	576,610,530	0	0	576,610,530
Materials	34,727,085	0	0	34,727,085
Real estate	6,416,800	0	0	6,416,800
Utilities	2,786,000	0	0	2,786,000
Corporate bonds and notes	0	204,251,830	0	204,251,830
Yankee corporate bonds and notes	0	5,780,349	0	5,780,349
Short-term investments
Investment companies	6,606,615	0	0	6,606,615
Total assets	$1,192,376,400	$210,032,179	$0	$1,402,408,579

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

At March 31, 2024, the Fund did not have any transfers into/out of Level 3.

Allspring Diversified Capital Builder Fund | 23

Notes to financial statements (unaudited)

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $500 million	0.650 %
Next $500 million	0.600
Next $2 billion	0.550
Next $2 billion	0.525
Next $5 billion	0.490
Over $10 billion	0.480

For the six months ended March 31, 2024, the management fee was equivalent to an annual rate of 0.61% of the Fund’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

	Class-level administration fee
Class A	0.20 %
Class C	0.20
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements


	EXPENSE RATIO CAPS
Class A	1.11 %
Class C	1.86
Administrator Class	1.05
Institutional Class	0.78

Distribution fee

24 | Allspring Diversified Capital Builder Fund

Notes to financial statements (unaudited)

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended March 31, 2024, Allspring Funds Distributor received $25,377 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 March 31, 2024.

Shareholder servicing fees

Interfund transactions

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2024 were $373,505,488 and $263,729,486, respectively.

BANK BORROWINGS

For the six months ended March 31, 2024, there were no borrowings by the Fund under the agreement.

INDEMNIFICATION

Allspring Diversified Capital Builder Fund | 25

Other information (unaudited)

Other information

Proxy voting information

Quarterly portfolio holdings information

26 | Allspring Diversified Capital Builder Fund

Other information (unaudited)

Board of trustees and officers

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since January 2018#	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

†

Allspring Diversified Capital Builder Fund | 27

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019#	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

28 | Allspring Diversified Capital Builder Fund

Other information (unaudited)

Officers1

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Chief Legal Officer, since 2022; Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring Diversified Capital Builder Fund | 29

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

ALL-04032024-dn7zxfdv 05-24
SAR4324 03-24

Allspring Diversified Income Builder Fund

Semi-Annual Report

March 31, 2024

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	33
Statement of operations	35
Statement of changes in net assets	37
Financial highlights	38
Notes to financial statements	43
Other information	52

Allspring Diversified Income Builder Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Diversified Income Builder Fund for the six-month period that ended March 31, 2024. Globally, stocks and bonds had positive returns for the period. However, markets were volatile as investors focused on persistently high inflation and the impact of aggressive central bank rate hikes. Riskier assets rallied as investors anticipated an end to the tight monetary policy.

Investors remained focused on central bank monetary policies.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Diversified Income Builder Fund

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Diversified Income Builder Fund | 3

Letter to shareholders (unaudited)

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

4 | Allspring Diversified Income Builder Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks long-term total return, consisting of current income and capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Petros N. Bocray, CFA, FRM, David Kowalske, Jr.†

Average annual total returns (%) as of March 31, 2024
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (EKSAX)	4-14-1987	9.05	2.61	4.11	15.70	3.84	4.73	1.17	0.84
Class C (EKSCX)	2-1-1993	13.76	3.07	4.11	14.76	3.07	4.11	1.92	1.59
Class R6 (EKSRX)3	7-31-2018	–	–	–	16.27	4.32	5.15	0.75	0.42
Administrator Class (EKSDX)	7-30-2010	–	–	–	15.61	3.92	4.84	1.10	0.77
Institutional Class (EKSYX)	1-13-1997	–	–	–	15.96	4.16	5.08	0.85	0.52
Bloomberg U.S. Universal Bond Index4	–	–	–	–	2.67	0.69	1.83	–	–
Diversified Income Builder Blended Index5	–	–	–	–	12.54	5.62	5.95	–	–
ICE BofA U.S. Cash Pay High Yield Index6	–	–	–	–	10.98	4.03	4.35	–	–
MSCI ACWI (Net)7	–	–	–	–	23.22	10.92	8.66	–	–
Bloomberg U.S. Aggregate Bond Index8	–	–	–	–	1.70	0.36	1.54	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.


1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report.
2	The manager has contractually committed through January 31, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.84% for Class A, 1.59% for Class C, 0.42% for Class R6, 0.77% for Administrator Class and 0.52% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
4	The Bloomberg U.S. Universal Bond Index is an unmanaged market-value-weighted performance benchmark for the U.S.-dollar-denominated bond market, which includes investment-grade, high-yield, and emerging markets debt securities with maturities of one year or more. You cannot invest directly in an index.
5	Source: Allspring Funds Management, LLC. The Diversified Income Builder Blended Index is composed 60% of the ICE BofA U.S. Cash Pay High Yield Index, 25% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) and 15% of the Bloomberg U.S. Aggregate Bond Index. Prior to February 1, 2020, the Diversified Income Builder Blended Index was composed 65% of the ICE BofA U.S. Cash Pay High Yield Index, and 35% of the Russell 1000® Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofA U.S. Cash Pay High Yield Index, and 25% the Russell 1000® Index. You cannot invest directly in an index.
6	The ICE BofA U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Returns shown are net of transaction costs beginning on July 1, 2022. Copyright 2024. ICE Data Indices, LLC. All rights reserved.

†	Mr. Kowalske became a portfolio manager of the Fund effective January 16, 2024.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Diversified Income Builder Fund

Performance highlights (unaudited)

Footnotes continued from previous page
7	The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
8	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

Investing involves risk, including the possible loss of principal. Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the fund and its share price can be sudden and unpredictable. Consult the Fund’s prospectus for additional information on these and other risks.

Allspring Diversified Income Builder Fund | 7

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20241
Microsoft Corp.	2.30
NVIDIA Corp.	1.74
Amazon.com, Inc.	1.56
Apple, Inc.	1.21
Meta Platforms, Inc. Class A	1.05
ING Groep NV, 6.75%, 4-16-2024	1.03
Alphabet, Inc. Class A	1.02
Lloyds Banking Group PLC, 7.50%, 6-27-2024	0.99
Societe Generale SA, 8.00%, 9-29-2025	0.96
ABN AMRO Bank NV, 4.75%, 9-22-2027	0.83

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Portfolio composition as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

8 | Allspring Diversified Income Builder Fund

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2023 to March 31, 2024.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 10-1-2023	Ending account value 3-31-2024	Expenses paid during the period1	Annualized net expense ratio
Class A
Actual	$1,000.00	$1,133.30	$4.46	0.84 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.69	$4.22	0.84 %
Class C
Actual	$1,000.00	$1,128.50	$8.41	1.59 %
Hypothetical (5% return before expenses)	$1,000.00	$1,016.96	$7.97	1.59 %
Class R6
Actual	$1,000.00	$1,135.74	$2.23	0.42 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.78	$2.11	0.42 %
Administrator Class
Actual	$1,000.00	$1,133.78	$4.09	0.77 %
Hypothetical (5% return before expenses)	$1,000.00	$1,021.03	$3.87	0.77 %
Institutional Class
Actual	$1,000.00	$1,133.28	$2.76	0.52 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.28	$2.61	0.52 %

1	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period).

Allspring Diversified Income Builder Fund | 9

Portfolio of investments—March 31, 2024 (unaudited)

Portfolio of investments

	Shares		Value
Common stocks: 34.46%
Communication services: 3.82%
Diversified telecommunication services: 0.21%
AT&T, Inc.#		42,997	$756,747
Entertainment: 0.37%
Live Nation Entertainment, Inc.†#		3,379	357,397
NetEase, Inc.		37,000	769,602
Netflix, Inc.†#		386	234,430
			1,361,429
Interactive media & services: 2.36%
Alphabet, Inc. Class A†#		24,876	3,754,535
Alphabet, Inc. Class C†#		2,889	439,879
Baidu, Inc. Class A†		4,858	63,744
Meta Platforms, Inc. Class A#		7,985	3,877,356
Tencent Holdings Ltd.		14,860	576,789
			8,712,303
Media: 0.45%
Comcast Corp. Class A#		12,535	543,392
Publicis Groupe SA		10,114	1,102,606
			1,645,998
Wireless telecommunication services: 0.43%
America Movil SAB de CV ADR		3,017	56,297
Etihad Etisalat Co.		6,632	93,012
Freenet AG		16,039	451,280
SK Telecom Co. Ltd.		24,999	989,747
			1,590,336
Consumer discretionary: 4.66%
Automobile components: 0.02%
Fuyao Glass Industry Group Co. Ltd. Class H144A		16,000	80,543
Automobiles: 1.15%
Bajaj Auto Ltd.		1,959	214,876
Bayerische Motoren Werke AG		5,860	676,208
General Motors Co.#		17,773	806,006
Great Wall Motor Co. Ltd. Class H		74,000	82,255
Honda Motor Co. Ltd.		76,800	945,414
Kia Corp.		2,264	188,351
Stellantis NV		35,080	997,054
Tesla, Inc.†#		1,789	314,488
			4,224,652
Broadline retail: 1.79%
Alibaba Group Holding Ltd.		26,600	238,747
Amazon.com, Inc.†#		31,983	5,769,094
MercadoLibre, Inc.†#		318	480,803

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

10 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Broadline retail(continued)
momo.com, Inc.		5,000	$61,400
Naspers Ltd. Class N		331	58,677
			6,608,721
Hotels, restaurants & leisure: 0.69%
Booking Holdings, Inc.#		185	671,158
Chipotle Mexican Grill, Inc.†#		141	409,854
DoorDash, Inc. Class A†#		1,544	212,640
DraftKings, Inc. Class A†#		5,598	254,205
Evolution AB144A		4,361	542,110
Flutter Entertainment†		590	116,519
Wingstop, Inc.#		865	316,936
			2,523,422
Household durables: 0.28%
Gree Electric Appliances, Inc. of Zhuhai Class A		12,600	68,340
Midea Group Co. Ltd. Class A		28,699	256,436
Panasonic Holdings Corp.		73,600	699,390
			1,024,166
Specialty retail: 0.47%
AutoZone, Inc.†#		95	299,407
Boot Barn Holdings, Inc.†#		4,336	412,570
Five Below, Inc.†#		502	91,053
Floor & Decor Holdings, Inc. Class A†#		2,886	374,083
Jumbo SA		2,231	64,264
O’Reilly Automotive, Inc.†#		136	153,528
Ulta Beauty, Inc.†#		660	345,101
			1,740,006
Textiles, apparel & luxury goods: 0.26%
ANTA Sports Products Ltd.		9,520	101,198
Fila Holdings Corp.		2,447	69,707
LPP SA		23	88,100
lululemon athletica, Inc.†#		796	310,957
On Holding AG Class A†#		8,726	308,726
Samsonite International SA144A†		22,500	85,091
			963,779
Consumer staples: 0.99%
Beverages: 0.28%
Celsius Holdings, Inc.†#		2,957	245,194
Coca-Cola HBC AG†		25,141	794,245
			1,039,439
Consumer staples distribution & retail: 0.38%
BIM Birlesik Magazalar AS		5,767	62,700

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

Allspring Diversified Income Builder Fund | 11

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Consumer staples distribution & retail(continued)
Wal-Mart de Mexico SAB de CV		14,700	$59,357
Walmart, Inc.#		21,300	1,281,621
			1,403,678
Food products: 0.06%
Indofood CBP Sukses Makmur Tbk. PT		100,400	73,456
Inner Mongolia Yili Industrial Group Co. Ltd. Class A		22,400	86,191
Tingyi Cayman Islands Holding Corp.		60,000	65,773
			225,420
Household products: 0.18%
Colgate-Palmolive Co.#		7,113	640,526
Personal care products: 0.09%
BellRing Brands, Inc.†#		2,378	140,373
e.l.f. Beauty, Inc.†#		933	182,896
			323,269
Energy: 1.15%
Energy equipment & services: 0.06%
Arabian Drilling Co.		2,856	129,455
China Oilfield Services Ltd. Class H		102,000	117,288
			246,743
Oil, gas & consumable fuels: 1.09%
ConocoPhillips#		9,837	1,252,053
Devon Energy Corp.#		18,103	908,408
Pembina Pipeline Corp.		25,731	908,198
Petroleo Brasileiro SA ADR		11,824	176,178
PTT Exploration & Production PCL		16,200	66,598
Shell PLC		21,006	695,959
			4,007,394
Financials: 5.61%
Banks: 1.69%
Akbank TAS		49,172	71,148
Al Rajhi Bank		6,101	135,180
Bank Mandiri Persero Tbk. PT		273,300	124,972
Bank Negara Indonesia Persero Tbk. PT		323,600	120,419
Bank of the Philippine Islands		49,429	103,843
Bank Polska Kasa Opieki SA		1,779	80,993
CaixaBank SA		137,883	668,356
China Construction Bank Corp. Class H		1,347,000	812,306
CIMB Group Holdings Bhd.		50,900	70,509
Citigroup, Inc.#		17,132	1,083,428
Credicorp Ltd.		461	78,107
Grupo Financiero Banorte SAB de CV Class O		6,500	69,153
ING Groep NV		44,574	733,160
KB Financial Group, Inc.		3,366	175,770

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

12 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Banks(continued)
National Bank of Greece SA†		16,489	$129,078
Saudi Awwal Bank		15,513	171,654
Standard Bank Group Ltd.		7,810	76,385
U.S. Bancorp#		18,920	845,724
UniCredit SpA		17,898	679,203
			6,229,388
Capital markets: 2.03%
360 ONE WAM Ltd.		22,278	180,462
3i Group PLC		21,946	778,069
Ares Capital Corp.#		37,421	779,105
B3 SA - Brasil Bolsa Balcao		26,100	62,396
Banco BTG Pactual SA		18,704	135,859
Blackstone Secured Lending Fund#		32,220	1,003,653
Bolsa Mexicana de Valores SAB de CV		31,434	70,435
China International Capital Corp. Ltd. Class H144A		79,200	93,904
Intermediate Capital Group PLC		26,947	698,589
LPL Financial Holdings, Inc.#		2,867	757,461
Man Group PLC		222,189	749,885
Oaktree Specialty Lending Corp.#		46,338	911,005
S&P Global, Inc.#		1,005	427,577
Tradeweb Markets, Inc. Class A#		8,091	842,840
			7,491,240
Financial services: 1.02%
Block, Inc.†#		2,923	247,227
Corebridge Financial, Inc.#		29,144	837,307
LIC Housing Finance Ltd.		33,532	245,633
Mastercard, Inc. Class A#		2,834	1,364,769
Power Finance Corp. Ltd.		48,042	224,794
Visa, Inc. Class A#		2,995	835,845
			3,755,575
Insurance: 0.87%
AXA SA		17,117	642,917
BB Seguridade Participacoes SA		104,930	680,369
Cathay Financial Holding Co. Ltd.		58,000	87,444
DB Insurance Co. Ltd.		8,360	598,008
Kinsale Capital Group, Inc.#		123	64,543
Ping An Insurance Group Co. of China, Ltd. Class A		11,100	62,492
Sanlam Ltd.		17,087	62,601
Sompo Holdings, Inc.		48,600	1,014,507
			3,212,881
Health care: 2.66%
Biotechnology: 0.53%
Amgen, Inc.#		3,150	895,608
Argenx SE ADR†#		382	150,401

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

Allspring Diversified Income Builder Fund | 13

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Biotechnology(continued)
Gilead Sciences, Inc.#		9,015	$660,349
Vertex Pharmaceuticals, Inc.†#		604	252,478
			1,958,836
Health care equipment & supplies: 0.65%
Boston Scientific Corp.†#		6,875	470,869
DexCom, Inc.†#		994	137,868
Intuitive Surgical, Inc.†#		743	296,524
Penumbra, Inc.†#		2,418	539,649
Shockwave Medical, Inc.†#		2,522	821,239
Stryker Corp.#		309	110,582
TransMedics Group, Inc.†#		425	31,424
			2,408,155
Health care providers & services: 0.26%
Cencora, Inc.#		2,877	699,082
Sinopharm Group Co. Ltd. Class H		45,700	117,069
UnitedHealth Group, Inc.#		259	128,127
			944,278
Health care technology: 0.18%
Veeva Systems, Inc. Class A†#		2,855	661,475
Life sciences tools & services: 0.03%
Avantor, Inc.†#		3,606	92,205
Pharmaceuticals: 1.01%
China Medical System Holdings Ltd.		324,000	340,273
Eli Lilly & Co.#		1,841	1,432,224
GSK PLC		35,570	767,070
Novo Nordisk AS ADR#		1,813	232,789
Pfizer, Inc.#		26,661	739,843
Richter Gedeon Nyrt		2,413	61,215
Zhejiang NHU Co. Ltd. Class A		33,148	76,776
Zoetis, Inc.#		504	85,282
			3,735,472
Industrials: 3.36%
Aerospace & defense: 0.09%
Embraer SA ADR†		6,508	173,373
TransDigm Group, Inc.#		137	168,729
			342,102
Building products: 0.22%
Owens Corning#		4,802	800,974
Commercial services & supplies: 0.32%
Casella Waste Systems, Inc. Class A†#		3,695	365,325
Copart, Inc.†#		13,860	802,771
			1,168,096

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

14 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Construction & engineering: 0.36%
China State Construction International Holdings Ltd.		96,100	$104,855
EMCOR Group, Inc.#		2,689	941,688
Quanta Services, Inc.#		1,092	283,702
			1,330,245
Electrical equipment: 0.86%
Emerson Electric Co.#		8,628	978,588
NEXTracker, Inc. Class A†#		4,123	232,001
nVent Electric PLC#		14,144	1,066,458
Signify NV144A		25,705	792,576
Vertiv Holdings Co.#		1,206	98,494
			3,168,117
Ground transportation: 0.24%
Uber Technologies, Inc.†#		10,810	832,262
United International Transportation Co.		3,038	70,067
			902,329
Industrial conglomerates: 0.53%
Bidvest Group Ltd.		8,785	112,484
Hitachi Ltd.		13,500	1,226,665
Siemens AG		3,166	604,431
			1,943,580
Machinery: 0.20%
Ashok Leyland Ltd.		69,375	142,447
Doosan Bobcat, Inc.		3,722	149,295
Fortive Corp.#		2,917	250,920
Weichai Power Co. Ltd. Class H		40,000	76,250
Yangzijiang Shipbuilding Holdings Ltd.		79,300	112,174
			731,086
Passenger airlines: 0.02%
Copa Holdings SA Class A		716	74,579
Professional services: 0.19%
Legalzoom.com, Inc.†#		15,591	207,984
Paycor HCM, Inc.†#		26,053	506,470
			714,454
Trading companies & distributors: 0.28%
BOC Aviation Ltd.144A		11,900	91,680
Ferguson PLC#		4,406	962,403
			1,054,083
Transportation infrastructure: 0.05%
Grupo Aeroportuario del Sureste SAB de CV ADR		274	87,318
Malaysia Airports Holdings Bhd.		41,900	87,711
			175,029

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

Allspring Diversified Income Builder Fund | 15

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Information technology: 10.24%
Communications equipment: 0.30%
Arista Networks, Inc.†#		3,790	$1,099,024
Electronic equipment, instruments & components: 0.09%
Chroma ATE, Inc.		16,000	126,236
E Ink Holdings, Inc.		14,000	99,302
Largan Precision Co. Ltd.		1,300	98,708
			324,246
IT services: 0.39%
Chinasoft International Ltd.		128,000	77,190
Infosys Ltd. ADR		17,983	322,435
MongoDB, Inc.†#		2,388	856,433
Wix.com Ltd.†#		1,489	204,708
			1,460,766
Semiconductors & semiconductor equipment: 3.88%
Advanced Micro Devices, Inc.†#		2,573	464,401
Allegro MicroSystems, Inc.†#		22,617	609,754
ASE Technology Holding Co. Ltd.		20,000	96,865
Astera Labs, Inc.†#		1,483	110,024
Broadcom, Inc.#		942	1,248,536
KLA Corp.#		1,318	920,715
Marvell Technology, Inc.#		4,000	283,520
MediaTek, Inc.		2,500	90,615
Microchip Technology, Inc.#		7,413	665,020
Monolithic Power Systems, Inc.#		1,067	722,807
NVIDIA Corp.#		7,094	6,409,855
Realtek Semiconductor Corp.		4,000	69,618
Taiwan Semiconductor Manufacturing Co. Ltd.		52,000	1,249,488
Taiwan Semiconductor Manufacturing Co. Ltd. ADR#		9,219	1,254,245
United Microelectronics Corp.		61,000	99,114
			14,294,577
Software: 3.73%
Clearwater Analytics Holdings, Inc. Class A†#		15,814	279,750
Crowdstrike Holdings, Inc. Class A†#		1,938	621,303
Datadog, Inc. Class A†#		3,488	431,117
DoubleVerify Holdings, Inc.†#		6,005	211,136
Dynatrace, Inc.†#		5,582	259,228
Fair Isaac Corp.†#		472	589,816
Informatica, Inc. Class A†#		2,186	76,510
Intuit, Inc.#		534	347,100
Manhattan Associates, Inc.†#		298	74,569
Microsoft Corp.#		20,141	8,473,721
Monday.com Ltd.†#		461	104,126
Open Text Corp.		18,646	723,512
Oracle Corp.#		1,996	250,718
Palo Alto Networks, Inc.†#		940	267,082

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

16 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Software(continued)
Procore Technologies, Inc.†#		4,435	$364,424
Salesforce, Inc.#		567	170,769
ServiceNow, Inc.†#		447	340,793
Vertex Class A†#		4,986	158,355
			13,744,029
Technology hardware, storage & peripherals: 1.85%
Apple, Inc.#		26,096	4,474,942
Dell Technologies, Inc. Class C#		6,829	779,257
HP, Inc.#		25,522	771,275
Lenovo Group Ltd.		195,100	226,086
Quanta Computer, Inc.		12,700	111,113
Samsung Electronics Co. Ltd.		7,694	461,783
			6,824,456
Materials: 0.64%
Chemicals: 0.21%
Linde PLC#		1,679	779,593
Metals & mining: 0.43%
Alrosa PJSC (Acquired 5-6-2021, cost $65,232)♦†˃		42,660	0
Fortescue Ltd.		29,250	489,862
Reliance Steel & Aluminum Co.#		2,207	737,535
Southern Copper Corp.		1,628	173,415
Ternium SA ADR		2,380	99,056
Vale SA		7,000	84,900
			1,584,768
Real estate: 0.89%
Hotel & resort REITs: 0.17%
Host Hotels & Resorts, Inc.#		30,243	625,425
Office REITs : 0.07%
Embassy Office Parks REIT		54,293	240,607
Real estate management & development: 0.07%
China Resources Land Ltd.		49,650	157,002
Corp. Inmobiliaria Vesta SAB de CV ADR		2,300	90,252
			247,254
Retail REITs : 0.27%
Simon Property Group, Inc.#		6,368	996,528
Specialized REITs : 0.31%
Equinix, Inc.#		196	161,765
VICI Properties, Inc.#		33,451	996,505
			1,158,270

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

Allspring Diversified Income Builder Fund | 17

Portfolio of investments—March 31, 2024 (unaudited)

	Shares		Value
Utilities: 0.44%
Electric utilities: 0.08%
Companhia Paranaense de Energia		33,100	$57,087
Power Grid Corp. of India Ltd.		71,687	238,004
			295,091
Gas utilities: 0.09%
ENN Energy Holdings Ltd.		11,000	84,746
GAIL India Ltd.		114,694	248,978
			333,724
Independent power and renewable electricity producers: 0.05%
NHPC Ltd.		180,603	194,240
Multi-utilities: 0.22%
Engie SA		48,766	815,999
Total common stocks (Cost $89,564,770)			127,031,347

	Interest rate	Maturity date	Principal
Corporate bonds and notes: 39.63%
Basic materials: 0.12%
Chemicals: 0.12%
SCIH Salt Holdings, Inc.144A	6.63 %	5-1-2029	$	480,000	444,411
Communications: 4.35%
Advertising: 0.70%
Clear Channel Outdoor Holdings, Inc.144A	7.50	6-1-2029		670,000	554,118
Clear Channel Outdoor Holdings, Inc.144A	9.00	9-15-2028		580,000	604,137
Outfront Media Capital LLC/Outfront Media Capital Corp.144A	4.63	3-15-2030		510,000	457,383
Outfront Media Capital LLC/Outfront Media Capital Corp.144A	5.00	8-15-2027		290,000	279,113
Outfront Media Capital LLC/Outfront Media Capital Corp.144A	7.38	2-15-2031		650,000	680,826
					2,575,577
Internet: 0.71%
Arches Buyer, Inc.144A	4.25	6-1-2028		420,000	369,635
Arches Buyer, Inc.144A	6.13	12-1-2028		415,000	347,635
Cablevision Lightpath LLC144A	3.88	9-15-2027		550,000	493,838
Cablevision Lightpath LLC144A	5.63	9-15-2028		375,000	312,944
Match Group Holdings II LLC144A	5.63	2-15-2029		1,125,000	1,090,419
					2,614,471
Media: 2.85%
CCO Holdings LLC/CCO Holdings Capital Corp.144A	4.25	1-15-2034		2,775,000	2,094,720
CCO Holdings LLC/CCO Holdings Capital Corp.144A	4.50	8-15-2030		1,700,000	1,424,680
CSC Holdings LLC144A	5.75	1-15-2030		930,000	492,317
CSC Holdings LLC144A	11.25	5-15-2028		615,000	609,430
CSC Holdings LLC144A	11.75	1-31-2029		555,000	555,866
Directv Financing LLC/Directv Financing Co-Obligor, Inc.144A	5.88	8-15-2027		380,000	359,494
DISH Network Corp.144A	11.75	11-15-2027		550,000	561,512

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

18 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Media(continued)
Nexstar Media, Inc.144A	5.63 %	7-15-2027	$	650,000	$623,558
Scripps Escrow II, Inc.144A	5.38	1-15-2031		585,000	359,931
Sirius XM Radio, Inc.144A	4.13	7-1-2030		2,100,000	1,835,753
Townsquare Media, Inc.144A	6.88	2-1-2026		1,620,000	1,579,500
					10,496,761
Telecommunications: 0.09%
CommScope, Inc.144A	6.00	3-1-2026		365,000	333,975
Consumer, cyclical: 6.51%
Airlines: 0.47%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A	5.50	4-20-2026		243,750	242,090
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class A	3.90	1-15-2026		379,564	354,617
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.144A	5.75	1-20-2026		790,000	741,380
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.144A	8.00	9-20-2025		500,000	379,563
					1,717,650
Apparel: 0.60%
Crocs, Inc.144A	4.13	8-15-2031		385,000	333,576
Crocs, Inc.144A	4.25	3-15-2029		1,000,000	914,222
Hanesbrands, Inc.144A	4.88	5-15-2026		440,000	428,395
Tapestry, Inc.	7.85	11-27-2033		505,000	548,070
					2,224,263
Auto manufacturers: 0.16%
Ford Motor Co.	4.75	1-15-2043		720,000	597,873
Auto parts & equipment: 0.27%
Adient Global Holdings Ltd.144A	8.25	4-15-2031		405,000	427,371
American Axle & Manufacturing, Inc.	5.00	10-1-2029		635,000	571,923
					999,294
Distribution/wholesale: 0.22%
G-III Apparel Group Ltd.144A	7.88	8-15-2025		805,000	806,139
Entertainment: 1.23%
CCM Merger, Inc.144A	6.38	5-1-2026		2,015,000	2,013,131
Churchill Downs, Inc.144A	4.75	1-15-2028		570,000	542,620
Churchill Downs, Inc.144A	6.75	5-1-2031		185,000	186,033
Cinemark USA, Inc.144A	5.25	7-15-2028		540,000	511,193
Cinemark USA, Inc.144A	5.88	3-15-2026		200,000	197,462
Cinemark USA, Inc.144A	8.75	5-1-2025		561,000	562,402
Live Nation Entertainment, Inc.144A	5.63	3-15-2026		545,000	539,024
					4,551,865

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

Allspring Diversified Income Builder Fund | 19

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Home builders: 0.20%
Taylor Morrison Communities, Inc.144A	5.13 %	8-1-2030	$	225,000	$214,868
Tri Pointe Homes, Inc.	5.70	6-15-2028		530,000	521,854
					736,722
Housewares: 0.25%
Newell Brands, Inc.	5.70	4-1-2026		930,000	913,421
Leisure time: 0.76%
Carnival Holdings Bermuda Ltd.144A	10.38	5-1-2028		1,130,000	1,232,671
NCL Corp. Ltd.144A	5.88	3-15-2026		450,000	444,218
NCL Corp. Ltd.144A	5.88	2-15-2027		405,000	400,137
NCL Corp. Ltd.144A	7.75	2-15-2029		495,000	513,946
NCL Corp. Ltd.144A	8.13	1-15-2029		210,000	222,219
					2,813,191
Retail: 2.35%
Bath & Body Works, Inc.144A	6.63	10-1-2030		640,000	653,759
Dave & Buster’s, Inc.144A	7.63	11-1-2025		325,000	327,528
FirstCash, Inc.144A	4.63	9-1-2028		910,000	856,507
FirstCash, Inc.144A	6.88	3-1-2032		375,000	374,825
Gap, Inc.144A	3.88	10-1-2031		500,000	422,950
Kohl’s Corp.	4.63	5-1-2031		700,000	589,068
LSF9 Atlantis Holdings LLC/Victra Finance Corp.144A	7.75	2-15-2026		695,000	688,736
Macy’s Retail Holdings LLC144A	5.88	4-1-2029		515,000	505,224
Macy’s Retail Holdings LLC144A	6.13	3-15-2032		940,000	911,129
Michaels Cos., Inc.144A	7.88	5-1-2029		530,000	397,624
NMG Holding Co., Inc./Neiman Marcus Group LLC144A	7.13	4-1-2026		735,000	719,763
PetSmart, Inc./PetSmart Finance Corp.144A	4.75	2-15-2028		270,000	252,786
PetSmart, Inc./PetSmart Finance Corp.144A	7.75	2-15-2029		930,000	905,394
Raising Cane’s Restaurants LLC144A	9.38	5-1-2029		640,000	691,674
Sally Holdings LLC/Sally Capital Inc	6.75	3-1-2032		350,000	347,264
					8,644,231
Consumer, non-cyclical: 5.93%
Commercial services: 2.70%
Allied Universal Holdco LLC144A	7.88	2-15-2031		300,000	303,839
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A	6.00	6-1-2029		1,425,000	1,226,105
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A	6.63	7-15-2026		247,000	246,838
CoreCivic, Inc.	8.25	4-15-2029		1,475,000	1,542,820
Grand Canyon University	5.13	10-1-2028		1,000,000	904,370
MPH Acquisition Holdings LLC144A	5.50	9-1-2028		180,000	153,069
MPH Acquisition Holdings LLC144A	5.75	11-1-2028		1,405,000	1,108,014
PECF USS Intermediate Holding III Corp.144A	8.00	11-15-2029		1,140,000	598,742
Prime Security Services Borrower LLC/Prime Finance, Inc.144A	6.25	1-15-2028		650,000	636,726
Sabre Global, Inc.144A	11.25	12-15-2027		1,350,000	1,266,986
Sotheby’s/Bidfair Holdings, Inc.144A	5.88	6-1-2029		740,000	621,979
Upbound Group, Inc.144A	6.38	2-15-2029		1,390,000	1,349,432
					9,958,920

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

20 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Food: 0.40%
B&G Foods, Inc.144A	8.00 %	9-15-2028	$	1,390,000	$1,447,420
Healthcare-services: 2.66%
Catalent Pharma Solutions, Inc.144A	5.00	7-15-2027		920,000	905,942
CHS/Community Health Systems, Inc.144A	5.25	5-15-2030		750,000	611,559
CHS/Community Health Systems, Inc.144A	5.63	3-15-2027		475,000	437,190
CHS/Community Health Systems, Inc.144A	8.00	3-15-2026		225,000	224,546
Eastern Maine Healthcare Systems	5.02	7-1-2036		1,000,000	910,837
IQVIA, Inc.144A	6.50	5-15-2030		760,000	775,591
ModivCare Escrow Issuer, Inc.144A	5.00	10-1-2029		750,000	543,821
Pediatrix Medical Group, Inc.144A	5.38	2-15-2030		1,050,000	953,962
Select Medical Corp.144A	6.25	8-15-2026		750,000	751,392
Star Parent, Inc.144A	9.00	10-1-2030		930,000	984,225
Surgery Center Holdings, Inc.144A%%	7.25	4-15-2032		350,000	352,718
Tenet Healthcare Corp.144A	6.75	5-15-2031		1,490,000	1,517,163
Toledo Hospital	6.02	11-15-2048		1,000,000	840,000
					9,808,946
Pharmaceuticals: 0.17%
AdaptHealth LLC144A	5.13	3-1-2030		725,000	632,299
Energy: 7.44%
Energy-alternate sources: 0.83%
Enviva Partners LP/Enviva Partners Finance Corp.144A†	6.50	1-15-2026		2,460,000	1,070,100
TerraForm Power Operating LLC144A	5.00	1-31-2028		2,070,000	1,971,496
					3,041,596
Oil & gas: 1.71%
Aethon United BR LP/Aethon United Finance Corp.144A	8.25	2-15-2026		1,345,000	1,360,520
Crescent Energy Finance LLC144A	7.63	4-1-2032		10,000	10,077
Encino Acquisition Partners Holdings LLC144A	8.50	5-1-2028		1,225,000	1,238,316
Hilcorp Energy I LP/Hilcorp Finance Co.144A	5.75	2-1-2029		375,000	365,264
Hilcorp Energy I LP/Hilcorp Finance Co.144A	6.25	11-1-2028		1,470,000	1,468,395
Hilcorp Energy I LP/Hilcorp Finance Co.144A	8.38	11-1-2033		60,000	65,052
Nabors Industries Ltd.144A	7.50	1-15-2028		725,000	679,990
Nabors Industries, Inc.144A	7.38	5-15-2027		890,000	888,361
Nabors Industries, Inc.144A	9.13	1-31-2030		60,000	62,379
Talos Production, Inc.144A	9.00	2-1-2029		170,000	180,534
					6,318,888
Oil & gas services: 0.78%
Bristow Group, Inc.144A	6.88	3-1-2028		1,885,000	1,844,982
Oceaneering International, Inc.	6.00	2-1-2028		1,060,000	1,044,333
					2,889,315
Pipelines: 4.12%
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A	6.63	2-1-2032		1,380,000	1,386,025
Buckeye Partners LP144A	4.50	3-1-2028		475,000	451,259

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

Allspring Diversified Income Builder Fund | 21

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Pipelines(continued)
Buckeye Partners LP	5.85 %	11-15-2043	$	425,000	$362,091
CQP Holdco LP/BIP-V Chinook Holdco LLC144A	5.50	6-15-2031		1,425,000	1,346,791
CQP Holdco LP/BIP-V Chinook Holdco LLC144A	7.50	12-15-2033		540,000	555,777
DT Midstream, Inc.144A	4.13	6-15-2029		190,000	174,673
DT Midstream, Inc.144A	4.38	6-15-2031		950,000	860,343
Energy Transfer LP (5 Year Treasury Constant Maturity+4.02%)±	8.00	5-15-2054		435,000	456,259
EnLink Midstream LLC144A	6.50	9-1-2030		400,000	411,530
EnLink Midstream Partners LP	5.60	4-1-2044		1,045,000	930,415
Harvest Midstream I LP144A	7.50	9-1-2028		965,000	978,443
Hess Midstream Operations LP144A	5.50	10-15-2030		315,000	305,218
Kinetik Holdings LP144A	5.88	6-15-2030		975,000	953,673
Kinetik Holdings LP144A	6.63	12-15-2028		175,000	178,107
Prairie Acquiror LP144A	9.00	8-1-2029		690,000	710,314
Rockies Express Pipeline LLC144A	6.88	4-15-2040		855,000	839,090
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A	6.00	12-31-2030		1,115,000	1,059,176
Venture Global Calcasieu Pass LLC144A	6.25	1-15-2030		1,340,000	1,348,124
Venture Global LNG, Inc.144A	8.38	6-1-2031		1,200,000	1,237,523
Venture Global LNG, Inc.144A	9.88	2-1-2032		595,000	641,258
					15,186,089
Financial: 8.07%
Banks: 2.56%
Bank of America Corp. Series JJ (U.S. SOFR 3 Month+3.55%)ʊ±	5.13	6-20-2024		460,000	460,423
Bank of America Corp. Series RR (5 Year Treasury Constant Maturity+2.76%)ʊ±	4.38	1-27-2027		2,015,000	1,888,947
Citigroup, Inc. Series V (U.S. SOFR+3.23%)ʊ±	4.70	1-30-2025		1,000,000	975,492
Citigroup, Inc. Series X (5 Year Treasury Constant Maturity+3.42%)ʊ±	3.88	2-18-2026		815,000	769,175
Citizens Financial Group, Inc. Series F (5 Year Treasury Constant Maturity+5.31%)ʊ±	5.65	10-6-2025		2,000,000	1,954,182
Fifth Third Bancorp Series L (5 Year Treasury Constant Maturity+4.22%)ʊ±	4.50	9-30-2025		2,000,000	1,926,371
JPMorgan Chase & Co. Series HH (U.S. SOFR 3 Month+3.13%)ʊ±	4.60	2-1-2025		1,465,000	1,440,262
					9,414,852
Diversified financial services: 2.61%
Aircastle Ltd. Series A (5 Year Treasury Constant Maturity+4.41%)144Aʊ±	5.25	6-15-2026		840,000	800,120
Enact Holdings, Inc.144A	6.50	8-15-2025		1,295,000	1,294,741
Encore Capital Group, Inc.144A	9.25	4-1-2029		430,000	440,482
Jefferies Finance LLC144A	5.00	8-15-2028		485,000	446,000
Nationstar Mortgage Holdings, Inc.144A	5.00	2-1-2026		855,000	836,707
Nationstar Mortgage Holdings, Inc.144A	7.13	2-1-2032		610,000	605,823
Navient Corp.	5.00	3-15-2027		495,000	474,231
Navient Corp.	11.50	3-15-2031		60,000	66,776

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

22 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Diversified financial services(continued)
OneMain Finance Corp.	7.13 %	3-15-2026	$	720,000	$733,065
Oppenheimer Holdings, Inc.	5.50	10-1-2025		1,215,000	1,193,737
PRA Group, Inc.144A	5.00	10-1-2029		1,630,000	1,373,573
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.144A	4.00	10-15-2033		615,000	520,961
United Wholesale Mortgage LLC144A	5.50	11-15-2025		360,000	356,755
United Wholesale Mortgage LLC144A	5.50	4-15-2029		515,000	487,086
					9,630,057
Insurance: 1.22%
AmWINS Group, Inc.144A	4.88	6-30-2029		910,000	849,378
AmWINS Group, Inc.144A	6.38	2-15-2029		445,000	447,402
AssuredPartners, Inc.144A	5.63	1-15-2029		1,150,000	1,059,472
BroadStreet Partners, Inc.144A	5.88	4-15-2029		765,000	708,057
HUB International Ltd.144A	5.63	12-1-2029		365,000	342,234
HUB International Ltd.144A	7.25	6-15-2030		125,000	128,462
HUB International Ltd.144A	7.38	1-31-2032		840,000	845,657
Panther Escrow Issuer LLC144A%%	7.13	6-1-2031		120,000	122,005
					4,502,667
Private equity: 0.09%
HAT Holdings I LLC/HAT Holdings II LLC144A	6.00	4-15-2025		345,000	343,603
REITS: 1.59%
Iron Mountain, Inc.144A	4.50	2-15-2031		670,000	604,499
Iron Mountain, Inc.144A	5.25	7-15-2030		1,615,000	1,527,754
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.144A	5.25	10-1-2025		800,000	785,769
Service Properties Trust	4.75	10-1-2026		615,000	573,227
Service Properties Trust144A	8.63	11-15-2031		1,035,000	1,103,762
Starwood Property Trust, Inc.144A	4.38	1-15-2027		930,000	874,805
Starwood Property Trust, Inc.	4.75	3-15-2025		400,000	393,021
					5,862,837
Industrial: 3.69%
Aerospace/defense: 0.46%
Spirit AeroSystems, Inc.144A	9.38	11-30-2029		230,000	250,881
TransDigm, Inc.144A	6.63	3-1-2032		650,000	656,689
TransDigm, Inc.	7.50	3-15-2027		800,000	800,660
					1,708,230
Building materials: 0.70%
Camelot Return Merger Sub, Inc.144A	8.75	8-1-2028		1,580,000	1,623,061
Emerald Debt Merger Sub LLC144A	6.63	12-15-2030		935,000	943,970
					2,567,031

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

Allspring Diversified Income Builder Fund | 23

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Hand/machine tools: 0.53%
Werner FinCo LP/Werner FinCo, Inc.144A	11.50 %	6-15-2028	$	775,000	$846,188
Werner FinCo LP/Werner FinCo, Inc. (PIK at 5.75%)144A¥	14.50	10-15-2028		1,215,613	1,127,481
					1,973,669
Machinery-diversified: 0.56%
Chart Industries, Inc.144A	7.50	1-1-2030		390,000	404,994
Chart Industries, Inc.144A	9.50	1-1-2031		315,000	343,028
TK Elevator U.S. Newco, Inc.144A	5.25	7-15-2027		1,365,000	1,318,712
					2,066,734
Packaging & containers: 0.99%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC144A	6.00	6-15-2027		600,000	582,461
Berry Global, Inc.144A	5.63	7-15-2027		1,205,000	1,190,131
Clydesdale Acquisition Holdings, Inc.144A	8.75	4-15-2030		780,000	766,381
Mauser Packaging Solutions Holding Co.144A	7.88	8-15-2026		300,000	305,625
Owens-Brockway Glass Container, Inc.144A	7.25	5-15-2031		550,000	560,176
Sealed Air Corp./Sealed Air Corp. U.S.144A	7.25	2-15-2031		225,000	233,929
					3,638,703
Trucking & leasing: 0.45%
Fortress Transportation & Infrastructure Investors LLC144A	5.50	5-1-2028		560,000	542,594
Fortress Transportation & Infrastructure Investors LLC144A	6.50	10-1-2025		1,107,000	1,105,342
					1,647,936
Technology: 1.14%
Computers: 0.37%
McAfee Corp.144A	7.38	2-15-2030		390,000	357,648
Seagate HDD Cayman144A	8.25	12-15-2029		125,000	134,308
Seagate HDD Cayman144A	8.50	7-15-2031		805,000	869,934
					1,361,890
Software: 0.77%
AthenaHealth Group, Inc.144A	6.50	2-15-2030		570,000	521,333
Cloud Software Group, Inc.144A	6.50	3-31-2029		635,000	602,591
Cloud Software Group, Inc.144A	9.00	9-30-2029		1,165,000	1,117,371
SS&C Technologies, Inc.144A	5.50	9-30-2027		600,000	586,654
					2,827,949
Utilities: 2.38%
Electric: 2.38%
Edison International (5 Year Treasury Constant Maturity+3.86%)±	8.13	6-15-2053		475,000	491,242
NextEra Energy Operating Partners LP144A	4.50	9-15-2027		495,000	463,302
NextEra Energy Operating Partners LP144A	7.25	1-15-2029		515,000	526,929
NSG Holdings LLC/NSG Holdings, Inc.144A	7.75	12-15-2025		209,041	206,951
Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A	4.50	8-15-2028		2,425,000	2,260,452

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

24 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Electric(continued)
PG&E Corp.	5.25 %	7-1-2030	$	1,950,000	$1,852,957
Sempra (5 Year Treasury Constant Maturity+2.87%)±	4.13	4-1-2052		825,000	761,101
Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ±	7.00	12-15-2026		1,155,000	1,143,618
Vistra Corp. Series C (5 Year Treasury Constant Maturity+5.05%)144Aʊ±	8.88	1-15-2029		420,000	433,184
Vistra Operations Co. LLC144A	7.75	10-15-2031		620,000	649,314
					8,789,050
Total corporate bonds and notes (Cost $150,107,244)					146,088,525
Foreign corporate bonds and notes: 3.91%
Financial: 3.91%
Banks: 3.91%
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+3.90%)ʊ±	4.75	9-22-2027	EUR	3,000,000	3,038,311
AIB Group PLC (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+6.63%)ʊ±	6.25	6-23-2025	EUR	2,000,000	2,144,214
Banco Santander SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+4.53%)ʊ±	4.38	1-14-2026	EUR	3,000,000	3,029,501
CaixaBank SA (EURIBOR ICE Swap Rate 11:00am+5.14%)ʊ±	8.25	3-13-2029	EUR	1,400,000	1,604,155
Commerzbank AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+6.36%)ʊ±	6.13	10-9-2025	EUR	2,600,000	2,766,441
Credit Agricole SA (EURIBOR ICE Swap Rate 11:00am+4.44%)ʊ±	7.25	9-23-2028	EUR	1,600,000	1,817,750
					14,400,372
Total foreign corporate bonds and notes (Cost $15,741,669)					14,400,372
Loans: 2.61%
Communications: 0.11%
Media: 0.11%
DirecTV Financing LLC (U.S. SOFR 1 Month+5.00%)±	10.44	8-2-2027	$	203,908	203,993
Hubbard Radio LLC (U.S. SOFR 1 Month+4.25%)±	9.58	3-28-2025		325,641	209,224
					413,217
Consumer, cyclical: 0.64%
Airlines: 0.44%
Mileage Plus Holdings LLC (U.S. SOFR 3 Month+5.25%)±	10.73	6-21-2027		991,250	1,019,520
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)±	9.07	10-20-2027		561,118	578,188
					1,597,708
Auto parts & equipment: 0.07%
First Brands Group LLC (U.S. SOFR 3 Month+5.00%)±	10.57	3-30-2027		255,000	255,128
Leisure time: 0.02%
Carnival Corp. (U.S. SOFR 1 Month+3.00%)±	8.32	8-8-2027		84,363	84,416
Retail: 0.11%
Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)±	8.82	3-3-2028		450,000	415,462

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

Allspring Diversified Income Builder Fund | 25

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Consumer, non-cyclical: 0.82%
Commercial services: 0.82%
Geo Group, Inc. (U.S. SOFR 1 Month+6.88%)±	12.21 %	3-23-2027	$	2,593,446	$2,662,821
MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+4.25%)±	9.85	9-1-2028		198,521	191,490
PECF USS Intermediate Holding III Corp. (U.S. SOFR 3 Month+4.25%)±	9.82	12-15-2028		238,273	180,701
					3,035,012
Energy: 0.40%
Energy-alternate sources: 0.08%
Enviva, Inc. (U.S. SOFR 3 Month+8.00%)‡±	13.33	12-13-2024		250,348	292,907
Pipelines: 0.32%
GIP III Stetson I LP (U.S. SOFR 1 Month+4.25%)±	9.68	10-31-2028		891,302	893,753
Prairie ECI Acquiror LP (U.S. SOFR 1 Month+4.75%)±	10.08	8-1-2029		270,000	268,796
					1,162,549
Financial: 0.64%
Diversified financial services: 0.11%
Resolute Investment Managers, Inc. (U.S. SOFR 3 Month+4.25%)‡±	9.57	4-30-2024		636,344	404,079
Insurance: 0.53%
Asurion LLC (U.S. SOFR 1 Month+3.25%)±	8.69	12-23-2026		1,580,807	1,546,361
Asurion LLC (U.S. SOFR 1 Month+5.25%)±	10.69	1-31-2028		440,000	394,900
					1,941,261
Total loans (Cost $9,684,374)					9,601,739
Municipal obligations: 3.24%
California: 0.58%
Education revenue: 0.37%
California PFA EEC, Inc. Series B144A	5.00	6-15-2031		1,115,000	1,043,803
California School Finance Authority Fenton Charter Public Schools Series B144A	4.25	7-1-2025		325,000	323,928
					1,367,731
Tobacco revenue: 0.21%
Golden State Tobacco Securitization Corp. Series A-1	4.21	6-1-2050		1,000,000	759,370
					2,127,101
Colorado: 0.12%
Health revenue: 0.12%
Denver Health & Hospital Authority Series B	5.15	12-1-2026		445,000	439,614
Florida: 0.48%
Education revenue: 0.18%
Florida Higher Educational Facilities Financial Authority Jacksonville University Series A-2144A	5.43	6-1-2027		650,000	646,489

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

26 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Water & sewer revenue: 0.30%
Charlotte County IDA MSKP Town & Country Utility LLC Series B144A	5.00 %	10-1-2036	$	1,250,000	$1,123,480
					1,769,969
Georgia: 0.05%
Health revenue: 0.05%
Development Authority of Cobb County Presbyterian Village Austell, Inc. Series B144A	5.75	12-1-2028		200,000	193,918
Guam: 0.15%
Airport revenue: 0.15%
Antonio B Won Pat International Airport Authority Series A	4.46	10-1-2043		675,000	544,532
Illinois: 0.34%
GO revenue: 0.34%
Chicago Board of Education Series E	6.04	12-1-2029		1,255,000	1,235,727
Indiana: 0.13%
Health revenue: 0.13%
County of Knox Good Samaritan Hospital Obligated Group Series B	5.90	4-1-2034		480,000	464,851
Iowa: 0.31%
Housing revenue: 0.31%
City of Coralville Series C	5.00	5-1-2030		1,200,000	1,156,685
Louisiana: 0.16%
Health revenue: 0.16%
Louisiana Local Government Environmental Facilities & CDA Glen Retirement System Obligated Group Series B	5.75	1-1-2029		630,000	602,140
New Jersey: 0.25%
Education revenue: 0.25%
New Jersey Educational Facilities Authority Georgian Court University A New Jersey Non Profit Corp. Series H	4.25	7-1-2028		1,000,000	929,152
New York: 0.17%
Education revenue: 0.07%
Yonkers Economic Development Corp. Charter School of Educational Excellence Series B	4.50	10-15-2024		275,000	271,969
Health revenue: 0.05%
Jefferson County Civic Facility Development Corp. Samaritan Medical Center Obligated Group Series B	4.25	11-1-2028		180,000	169,913
Utilities revenue: 0.05%
New York State Energy Research & Development Authority Series A	4.81	4-1-2034		195,000	189,994
					631,876

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

Allspring Diversified Income Builder Fund | 27

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Oklahoma: 0.12%
Health revenue: 0.12%
Oklahoma Development Finance Authority OU Medicine Obligated Group Series C	5.45 %	8-15-2028	$	500,000	$452,785
Texas: 0.16%
Industrial development revenue: 0.16%
Port of Beaumont IDA Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series B144A	4.10	1-1-2028		700,000	599,806
Wisconsin: 0.22%
Education revenue: 0.22%
PFA Burrell College of Osteopathic Medicine LLC144A	5.13	6-1-2028		830,000	811,990
Total municipal obligations (Cost $12,825,504)					11,960,146

	Dividend rate	Shares
Preferred stocks: 0.35%
Energy: 0.16%
Oil, gas & consumable fuels: 0.16%
Petroleo Brasileiro SA	0.14		78,047	581,376
Financials: 0.04%
Banks: 0.04%
Itau Unibanco Holding SA	0.04		18,100	125,012
Information technology: 0.13%
Technology hardware, storage & peripherals: 0.13%
Samsung Electronics Co. Ltd.	0.27		9,695	483,940
Materials: 0.02%
Chemicals: 0.02%
LG Chem Ltd.	2.63		369	82,228
Total preferred stocks (Cost $1,252,302)				1,272,556

	Interest rate		Principal
Yankee corporate bonds and notes: 11.09%
Basic materials: 0.14%
Chemicals: 0.14%
Braskem Netherlands Finance BV144A	4.50	1-31-2030	$	610,000	524,523
Communications: 0.17%
Telecommunications: 0.17%
Altice France SA144A	8.13	2-1-2027		795,000	621,418

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

28 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Consumer, cyclical: 2.37%
Airlines: 0.59%
Air Canada Pass-Through Trust Series 2020-1 Class C144A	10.50 %	7-15-2026	$	1,355,000	$1,476,950
VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A	9.50	6-1-2028		820,000	697,257
					2,174,207
Auto manufacturers: 0.10%
Aston Martin Capital Holdings Ltd.144A	10.00	3-31-2029		360,000	366,541
Entertainment: 0.20%
Banijay Entertainment SASU144A	8.13	5-1-2029		725,000	747,758
Leisure time: 1.48%
Carnival Corp.144A	6.00	5-1-2029		1,200,000	1,184,052
Carnival Corp.144A	7.00	8-15-2029		245,000	255,531
Carnival Corp.144A	7.63	3-1-2026		340,000	343,998
Royal Caribbean Cruises Ltd.144A	5.38	7-15-2027		160,000	157,744
Royal Caribbean Cruises Ltd.144A	5.50	4-1-2028		1,525,000	1,507,316
Royal Caribbean Cruises Ltd.144A	6.25	3-15-2032		1,350,000	1,360,746
Royal Caribbean Cruises Ltd.144A	9.25	1-15-2029		585,000	627,450
					5,436,837
Consumer, non-cyclical: 0.18%
Pharmaceuticals: 0.18%
Teva Pharmaceutical Finance Netherlands III BV	8.13	9-15-2031		600,000	658,079
Energy: 0.82%
Oil & gas: 0.23%
Borr IHC Ltd./Borr Finance LLC144A	10.00	11-15-2028		820,000	851,608
Pipelines: 0.59%
Enbridge, Inc. (5 Year Treasury Constant Maturity+4.42%)±	7.63	1-15-2083		725,000	744,033
Northriver Midstream Finance LP144A	5.63	2-15-2026		1,430,000	1,417,770
					2,161,803
Financial: 6.29%
Banks: 5.69%
BBVA Bancomer SA (5 Year Treasury Constant Maturity+4.21%)144A±	8.13	1-8-2039		260,000	269,378
BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%)144Aʊ±	8.00	8-22-2031		200,000	204,126
Danske Bank AS (7 Year Treasury Constant Maturity+4.13%)ʊ±	7.00	6-26-2025		2,300,000	2,279,875
HSBC Holdings PLC (USD ICE Swap Rate 11:00am NY 5 Year+3.75%)ʊ±	6.00	5-22-2027		475,000	457,220
HSBC Holdings PLC (USD ICE Swap Rate 11:00am NY 5 Year+4.37%)ʊ±	6.38	3-30-2025		2,000,000	1,985,842
ING Groep NV (USD ICE Swap Rate 11:00am NY 5 Year+4.20%)ʊ±	6.75	4-16-2024		3,800,000	3,800,000

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

Allspring Diversified Income Builder Fund | 29

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Banks(continued)
Intesa Sanpaolo SpA (USD Swap Semi Annual (vs. 3Month LIBOR) 5 Year+5.46%)144Aʊ±	7.70 %	9-17-2025	$	710,000	$707,145
Lloyds Banking Group PLC (USD Swap Semi Annual (vs. 3Month LIBOR) 5 Year+4.76%)ʊ±	7.50	6-27-2024		3,665,000	3,642,965
NatWest Group PLC (5 Year Treasury Constant Maturity+3.10%)ʊ±	4.60	6-28-2031		1,500,000	1,166,665
Skandinaviska Enskilda Banken AB (5 Year Treasury Constant Maturity+3.46%)ʊ±	5.13	5-13-2025		2,000,000	1,950,000
Societe Generale SA (USD ICE Swap Rate 11:00am NY 5 Year+5.87%)144Aʊ±	8.00	9-29-2025		3,535,000	3,551,378
UBS Group AG (5 Year Treasury Constant Maturity+3.40%)144Aʊ±	4.88	2-12-2027		790,000	725,392
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 Year+4.16%)144Aʊ±	7.75	4-12-2031		245,000	251,975
					20,991,961
Diversified financial services: 0.60%
Castlelake Aviation Finance DAC144A	5.00	4-15-2027		970,000	934,255
Macquarie Airfinance Holdings Ltd.144A	6.50	3-26-2031		210,000	213,745
Macquarie Airfinance Holdings Ltd.144A	8.38	5-1-2028		1,000,000	1,059,966
					2,207,966
Industrial: 0.57%
Aerospace/defense: 0.18%
Bombardier, Inc.144A	8.75	11-15-2030		625,000	667,360
Electronics: 0.27%
Sensata Technologies BV144A	4.00	4-15-2029		475,000	433,716
Sensata Technologies BV144A	5.88	9-1-2030		580,000	567,444
					1,001,160
Machinery-diversified: 0.12%
TK Elevator Holdco GmbH144A	7.63	7-15-2028		445,000	436,292
Utilities: 0.55%
Electric: 0.55%
Drax Finco PLC144A	6.63	11-1-2025		1,165,000	1,153,350
Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)±	6.75	6-15-2076		895,000	883,924
					2,037,274
Total yankee corporate bonds and notes (Cost $40,243,752)					40,884,787

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

30 | Allspring Diversified Income Builder Fund

Portfolio of investments—March 31, 2024 (unaudited)

		Yield	Shares		Value
Short-term investments: 3.52%
Investment companies: 3.52%
Allspring Government Money Market Fund Select Class♠∞##		5.25 %		12,958,506	$12,958,506
Total short-term investments (Cost $12,958,506)					12,958,506
Total investments in securities (Cost $332,378,121)	98.81 %				364,197,978
Other assets and liabilities, net	1.19				4,396,977
Total net assets	100.00 %				$368,594,955

#	All or a portion of this security is segregated as collateral for investments in derivative instruments.
†	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 1933.
♦	The security is fair valued in accordance with procedures approved by the Board of Trustees.
˃	Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $65,232), representing 0.00% of its net assets as of period end.
%%	The security is purchased on a when-issued basis.
±	Variable rate investment. The rate shown is the rate in effect at period end.
ʊ	Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. The rate shown is the rate in effect at period end.
‡	Security is valued using significant unobservable inputs.
♠	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.
##	All or a portion of this security is segregated for when-issued securities and unfunded loans.

Abbreviations:
ADR	American depositary receipt
CDA	Community Development Authority
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GO	General obligation
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
PFA	Public Finance Authority
REIT	Real estate investment trust
SOFR	Secured Overnight Financing Rate

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$11,367,286	$48,894,366	$(47,303,146 )	$0	$0	$12,958,506	12,958,506	$312,681

Forward foreign currency contracts

Currency to be received		Currency to be delivered		Counterparty	Settlement date	Unrealized gains	Unrealized losses
USD	14,031,410	EUR	12,785,000	Citibank N.A.	4-2-2024	$237,265	$0

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

Allspring Diversified Income Builder Fund | 31

Portfolio of investments—March 31, 2024 (unaudited)

Forward foreign currency contracts (continued)

Currency to be received		Currency to be delivered		Counterparty	Settlement date	Unrealized gains	Unrealized losses
EUR	12,785,000	USD	13,889,368	Citibank N.A.	4-2-2024	$0	$(95,224 )
USD	13,933,157	EUR	12,785,000	Citibank N.A.	6-28-2024	90,505	0
USD	804,020	EUR	735,000	Citibank N.A.	6-28-2024	8,217	0
						$335,987	$(95,224 )

Futures contracts

Description	Number of contracts	Expiration date	Notional cost	Notional value	Unrealized gains	Unrealized losses
Long
10-Year U.S. Treasury Notes	40	6-18-2024	$4,409,529	$4,431,875	$22,346	$0

Written options

Description	Counterparty	Number of contracts	Notional amount	Exercise price	Expiration date	Value
Call
iShares MSCI EAFE ETF	Morgan Stanley Co.	(293 )	$(2,431,900 )	$83.00	4-5-2024	$(14 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(83 )	(684,750 )	82.50	4-12-2024	(232 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(496 )	(4,166,400 )	84.00	4-19-2024	(518 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(608 )	(5,016,000 )	82.50	4-26-2024	(9,728 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(1,047 )	(4,554,450 )	43.50	4-5-2024	(1 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(1,806 )	(7,856,100 )	43.50	4-12-2024	(223 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(867 )	(3,728,100 )	43.00	4-19-2024	(3,901 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(880 )	(3,784,000 )	43.00	4-26-2024	(7,040 )
Nasdaq 100 Stock Index	Morgan Stanley Co.	(2 )	(3,865,000 )	19,325.00	4-5-2024	(130 )
Nasdaq 100 Stock Index	Morgan Stanley Co.	(4 )	(7,810,000 )	19,525.00	4-5-2024	(180 )
Nasdaq 100 Stock Index	Morgan Stanley Co.	(5 )	(9,950,000 )	19,900.00	4-12-2024	(350 )
Nasdaq 100 Stock Index	Morgan Stanley Co.	(5 )	(10,000,000 )	20,000.00	4-19-2024	(688 )
Nasdaq 100 Stock Index	Morgan Stanley Co.	(7 )	(14,000,000 )	20,000.00	4-26-2024	(3,430 )
Russell 2000 Index	Morgan Stanley Co.	(13 )	(2,957,500 )	2,275.00	4-5-2024	(260 )
Russell 2000 Index	Morgan Stanley Co.	(1 )	(218,500 )	2,185.00	4-12-2024	(1,030 )
Russell 2000 Index	Morgan Stanley Co.	(7 )	(1,589,000 )	2,270.00	4-12-2024	(998 )
Russell 2000 Index	Morgan Stanley Co.	(5 )	(1,160,000 )	2,320.00	4-12-2024	(313 )
Russell 2000 Index	Morgan Stanley Co.	(19 )	(4,180,000 )	2,200.00	4-19-2024	(22,420 )
Russell 2000 Index	Morgan Stanley Co.	(10 )	(2,255,000 )	2,255.00	4-26-2024	(7,250 )
Russell 2000 Index	Morgan Stanley Co.	(10 )	(2,410,000 )	2,410.00	4-26-2024	(800 )
S&P 500 Index	Morgan Stanley Co.	(20 )	(11,100,000 )	5,550.00	4-5-2024	(150 )
S&P 500 Index	Morgan Stanley Co.	(20 )	(11,000,000 )	5,500.00	4-12-2024	(750 )
S&P 500 Index	Morgan Stanley Co.	(19 )	(10,545,000 )	5,550.00	4-19-2024	(1,235 )
S&P 500 Index	Morgan Stanley Co.	(12 )	(6,690,000 )	5,575.00	4-26-2024	(1,710 )
						$(63,351 )

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

32 | Allspring Diversified Income Builder Fund

Statement of assets and liabilities—March 31, 2024 (unaudited)

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $319,419,615)	$351,239,472
Investments in affiliated securities, at value (cost $12,958,506)	12,958,506
Cash	199,082
Cash at broker segregated for futures contracts	193,000
Foreign currency, at value (cost $40,249)	40,181
Receivable for dividends and interest	4,335,950
Receivable for investments sold	1,055,509
Receivable for Fund shares sold	508,014
Unrealized gains on forward foreign currency contracts	335,987
Prepaid expenses and other assets	138,356
Total assets	371,004,057
Liabilities
Payable for investments purchased	1,101,817
Payable for when-issued transactions	470,550
Payable for Fund shares redeemed	147,024
Custody and accounting fees payable	126,167
Management fee payable	103,093
Unrealized losses on forward foreign currency contracts	95,224
Contingent tax liability	70,776
Written options, at value (premiums received $97,683)	63,351
Administration fees payable	47,488
Distribution fee payable	32,603
Cash due to broker	6,963
Payable for dividends on securities sold short	6,515
Trustees’ fees and expenses payable	2,791
Payable for daily variation margin on open futures contracts	2,022
Accrued expenses and other liabilities	132,718
Total liabilities	2,409,102
Total net assets	$368,594,955
Net assets consist of
Paid-in capital	$397,269,401
Total distributable loss	(28,674,446 )
Total net assets	$368,594,955

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

Allspring Diversified Income Builder Fund | 33

Statement of assets and liabilities—March 31, 2024 (unaudited)

Statement of assets and liabilities

Computation of net asset value and offering price per share
Net assets–Class A	$143,999,041
Shares outstanding–Class A1	24,164,707
Net asset value per share–Class A	$5.96
Maximum offering price per share – Class A2	$6.32
Net assets–Class C	$50,937,612
Shares outstanding–Class C1	8,517,323
Net asset value per share–Class C	$5.98
Net assets–Class R6	$53,411,805
Shares outstanding–Class R61	9,228,839
Net asset value per share–Class R6	$5.79
Net assets–Administrator Class	$1,845,867
Shares outstanding–Administrator Class1	318,870
Net asset value per share–Administrator Class	$5.79
Net assets–Institutional Class	$118,400,630
Shares outstanding–Institutional Class1	20,479,810
Net asset value per share–Institutional Class	$5.78

1 The Fund has an unlimited number of authorized shares.

2 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.

34 | Allspring Diversified Income Builder Fund

Statement of operations—six months ended March 31, 2024 (unaudited)

Statement of operations

Investment income
Interest	$7,939,253
Dividends (net of foreign withholdings taxes of $68,559)	1,087,933
Income from affiliated securities	312,681
Total investment income	9,339,867
Expenses
Management fee	973,529
Administration fees
Class A	138,637
Class C	52,667
Class R6	7,335
Administrator Class	1,192
Institutional Class	72,784
Shareholder servicing fees
Class A	173,011
Class C	65,716
Administrator Class	2,261
Distribution fee
Class C	197,147
Custody and accounting fees	25,995
Professional fees	38,713
Registration fees	40,117
Shareholder report expenses	24,013
Trustees’ fees and expenses	11,913
Dividends on securities sold short	6,515
Other fees and expenses	5,301
Total expenses	1,836,846
Less: Fee waivers and/or expense reimbursements
Fund-level	(428,474 )
Net expenses	1,408,372
Net investment income	7,931,495

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

Allspring Diversified Income Builder Fund | 35

Statement of operations—six months ended March 31, 2024 (unaudited)

Statement of operations

Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities	$(1,216,199 )
Foreign currency and foreign currency translations	3,566
Forward foreign currency contracts	(303,799 )
Futures contracts	144,940
Swap contracts	18,397
Written options	(413,005 )
Net realized losses on investments	(1,766,100 )
Net change in unrealized gains (losses) on
Unaffiliated securities (net of deferred foreign capital gains tax of $70,775)	37,937,763
Foreign currency and foreign currency translations	5,052
Forward foreign currency contracts	143,090
Futures contracts	88,266
Swap contracts	4,190
Written options	(32,710 )
Net change in unrealized gains (losses) on investments	38,145,651
Net realized and unrealized gains (losses) on investments	36,379,551
Net increase in net assets resulting from operations	$44,311,046

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

36 | Allspring Diversified Income Builder Fund

Statement of changes in net assets

	Six months ended March 31, 2024 (unaudited)		Year ended September 30, 2023
Operations
Net investment income		$7,931,495		$17,845,850
Net realized losses on investments		(1,766,100 )		(35,210,291 )
Net change in unrealized gains (losses) on investments		38,145,651		56,943,012
Net increase in net assets resulting from operations		44,311,046		39,578,571
Distributions to shareholders from
Net investment income and net realized gains
Class A		(3,436,248 )		(7,007,755 )
Class C		(1,092,669 )		(2,418,524 )
Class R6		(1,357,671 )		(2,692,147 )
Administrator Class		(47,264 )		(185,819 )
Institutional Class		(3,047,389 )		(6,329,195 )
Total distributions to shareholders		(8,981,241 )		(18,633,440 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	1,071,910	6,138,243	1,621,519	8,774,775
Class C	194,176	1,112,220	576,307	3,104,301
Class R6	930,488	5,252,647	184,462	958,209
Administrator Class	6,995	39,026	55,327	291,812
Institutional Class	2,930,107	16,049,650	4,051,329	21,512,127
		28,591,786		34,641,224
Reinvestment of distributions
Class A	556,572	3,144,772	1,185,752	6,408,586
Class C	186,644	1,056,208	430,383	2,333,739
Class R6	243,650	1,338,591	511,693	2,689,696
Administrator Class	8,553	46,927	35,174	184,487
Institutional Class	502,385	2,753,749	1,064,656	5,592,932
		8,340,247		17,209,440
Payment for shares redeemed
Class A	(2,988,336 )	(16,835,929 )	(7,738,824 )	(41,838,907 )
Class C	(1,912,015 )	(10,894,520 )	(4,271,012 )	(23,166,340 )
Class R6	(1,019,209 )	(5,602,426 )	(1,838,741 )	(9,712,477 )
Administrator Class	(52,655 )	(289,723 )	(678,478 )	(3,616,675 )
Institutional Class	(4,406,412 )	(23,820,671 )	(13,379,397 )	(70,107,303 )
		(57,443,269 )		(148,441,702 )
Net decrease in net assets resulting from capital share transactions		(20,511,236 )		(96,591,038 )
Total increase (decrease) in net assets		14,818,569		(75,645,907 )
Net assets
Beginning of period		353,776,386		429,422,293
End of period		$368,594,955		$353,776,386

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

Allspring Diversified Income Builder Fund | 37

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class A	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$5.39	$5.14	$6.42	$5.95	$6.06	$6.33
Net investment income	0.12 1	0.25 1	0.21 1	0.19 1	0.21	0.22
Net realized and unrealized gains (losses) on investments	0.59	0.26	(1.27 )	0.49	(0.12 )	0.02
Total from investment operations	0.71	0.51	(1.06 )	0.68	0.09	0.24
Distributions to shareholders from
Net investment income	(0.14 )	(0.26 )	(0.22 )	(0.21 )	(0.20 )	(0.23 )
Net realized gains	0.00	0.00	0.00	0.00	0.00	(0.28 )
Total distributions to shareholders	(0.14 )	(0.26 )	(0.22 )	(0.21 )	(0.20 )	(0.51 )
Net asset value, end of period	$5.96	$5.39	$5.14	$6.42	$5.95	$6.06
Total return2	13.33 %	9.95 %	(16.86 )%	11.58 %	1.59 %	4.51 %
Ratios to average net assets (annualized)
Gross expenses	1.09 %*	1.18 %	1.13 %	1.08 %	1.07 %	1.05 %
Net expenses	0.84 %*	0.84 %	0.85 %	0.85 %	0.85 %	0.85 %
Net investment income	4.43 %*	4.56 %	3.38 %	3.07 %	3.50 %	3.75 %
Supplemental data
Portfolio turnover rate	23 %	45 %	86 %	87 %	39 %	43 %
Net assets, end of period (000s omitted)	$143,999	$137,643	$156,487	$218,615	$213,551	$251,673

*	Ratios include dividends on securities sold short in the amount of 0.00%.
1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

38 | Allspring Diversified Income Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class C	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$5.41	$5.15	$6.44	$5.97	$6.07	$6.34
Net investment income	0.10 1	0.21 1	0.17	0.15	0.17	0.18
Net realized and unrealized gains (losses) on investments	0.59	0.26	(1.28 )	0.48	(0.11 )	0.02
Total from investment operations	0.69	0.47	(1.11 )	0.63	0.06	0.20
Distributions to shareholders from
Net investment income	(0.12 )	(0.21 )	(0.18 )	(0.16 )	(0.16 )	(0.19 )
Net realized gains	0.00	0.00	0.00	0.00	0.00	(0.28 )
Total distributions to shareholders	(0.12 )	(0.21 )	(0.18 )	(0.16 )	(0.16 )	(0.47 )
Net asset value, end of period	$5.98	$5.41	$5.15	$6.44	$5.97	$6.07
Total return2	12.85 %	9.28 %	(17.61 )%	10.70 %	0.98 %	3.71 %
Ratios to average net assets (annualized)
Gross expenses	1.83 %*	1.93 %	1.87 %	1.83 %	1.82 %	1.80 %
Net expenses	1.59 %*	1.60 %	1.60 %	1.60 %	1.60 %	1.60 %
Net investment income	3.67 %*	3.80 %	2.61 %	2.31 %	2.75 %	2.99 %
Supplemental data
Portfolio turnover rate	23 %	45 %	86 %	87 %	39 %	43 %
Net assets, end of period (000s omitted)	$50,938	$54,373	$68,612	$103,956	$115,929	$140,722

*	Ratios include dividends on securities sold short in the amount of 0.00%.
1	Calculated based upon average shares outstanding
2	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Allspring Diversified Income Builder Fund | 39

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class R6	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$5.24	$5.00	$6.26	$5.81	$5.91	$6.18
Net investment income	0.13 1	0.26 1	0.24	0.23	0.22	0.24 1
Net realized and unrealized gains (losses) on investments	0.57	0.26	(1.25 )	0.46	(0.09 )	0.03
Total from investment operations	0.70	0.52	(1.01 )	0.69	0.13	0.27
Distributions to shareholders from
Net investment income	(0.15 )	(0.28 )	(0.25 )	(0.24 )	(0.23 )	(0.26 )
Net realized gains	0.00	0.00	0.00	0.00	0.00	(0.28 )
Total distributions to shareholders	(0.15 )	(0.28 )	(0.25 )	(0.24 )	(0.23 )	(0.54 )
Net asset value, end of period	$5.79	$5.24	$5.00	$6.26	$5.81	$5.91
Total return2	13.57 %	10.52 %	(16.61 )%	11.99 %	2.25 %	5.07 %
Ratios to average net assets (annualized)
Gross expenses	0.67 %*	0.76 %	0.70 %	0.65 %	0.64 %	0.61 %
Net expenses	0.42 %*	0.42 %	0.42 %	0.42 %	0.42 %	0.42 %
Net investment income	4.87 %*	4.99 %	3.83 %	3.52 %	3.89 %	4.17 %
Supplemental data
Portfolio turnover rate	23 %	45 %	86 %	87 %	39 %	43 %
Net assets, end of period (000s omitted)	$53,412	$47,557	$51,102	$47,544	$2,605	$24

*	Ratios include dividends on securities sold short in the amount of 0.00%.
1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

40 | Allspring Diversified Income Builder Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Administrator Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$5.24	$5.00	$6.26	$5.81	$5.91	$6.19
Net investment income	0.12 1	0.24 1	0.21 1	0.19 1	0.21 1	0.22 1
Net realized and unrealized gains (losses) on investments	0.57	0.26	(1.24 )	0.48	(0.10 )	0.02
Total from investment operations	0.69	0.50	(1.03 )	0.67	0.11	0.24
Distributions to shareholders from
Net investment income	(0.14 )	(0.26 )	(0.23 )	(0.22 )	(0.21 )	(0.24 )
Net realized gains	0.00	0.00	0.00	0.00	0.00	(0.28 )
Total distributions to shareholders	(0.14 )	(0.26 )	(0.23 )	(0.22 )	(0.21 )	(0.52 )
Net asset value, end of period	$5.79	$5.24	$5.00	$6.26	$5.81	$5.91
Total return2	13.38 %	10.09 %	(16.91 )%	11.61 %	1.89 %	4.52 %
Ratios to average net assets (annualized)
Gross expenses	1.01 %*	1.11 %	1.04 %	1.00 %	0.99 %	0.97 %
Net expenses	0.77 %*	0.77 %	0.77 %	0.77 %	0.77 %	0.77 %
Net investment income	4.50 %*	4.62 %	3.43 %	3.15 %	3.57 %	3.77 %
Supplemental data
Portfolio turnover rate	23 %	45 %	86 %	87 %	39 %	43 %
Net assets, end of period (000s omitted)	$1,846	$1,866	$4,722	$7,486	$7,868	$11,916

*	Ratios include dividends on securities sold short in the amount of 0.00%.
1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

Allspring Diversified Income Builder Fund | 41

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Institutional Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	2019
Net asset value, beginning of period	$5.24	$5.00	$6.26	$5.80	$5.91	$6.19
Net investment income	0.13 1	0.26 1	0.22 1	0.21	0.22 1	0.24
Net realized and unrealized gains (losses) on investments	0.56	0.25	(1.24 )	0.48	(0.11 )	0.01
Total from investment operations	0.69	0.51	(1.02 )	0.69	0.11	0.25
Distributions to shareholders from
Net investment income	(0.15 )	(0.27 )	(0.24 )	(0.23 )	(0.22 )	(0.25 )
Net realized gains	0.00	0.00	0.00	0.00	0.00	(0.28 )
Total distributions to shareholders	(0.15 )	(0.27 )	(0.24 )	(0.23 )	(0.22 )	(0.53 )
Net asset value, end of period	$5.78	$5.24	$5.00	$6.26	$5.80	$5.91
Total return2	13.33 %	10.41 %	(16.69 )%	12.08 %	1.98 %	4.80 %
Ratios to average net assets (annualized)
Gross expenses	0.77 %*	0.85 %	0.79 %	0.75 %	0.74 %	0.72 %
Net expenses	0.52 %*	0.52 %	0.52 %	0.52 %	0.52 %	0.52 %
Net investment income	4.75 %*	4.87 %	3.67 %	3.40 %	3.83 %	4.07 %
Supplemental data
Portfolio turnover rate	23 %	45 %	86 %	87 %	39 %	43 %
Net assets, end of period (000s omitted)	$118,401	$112,338	$148,499	$249,764	$254,963	$312,093

*	Ratios include dividends on securities sold short in the amount of 0.00%.
1	Calculated based upon average shares outstanding
2	Returns for periods of less than one year are not annualized.

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

42 | Allspring Diversified Income Builder Fund

Notes to financial statements (unaudited)

Notes to financial statements

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 Diversified Income Builder Fund (the “Fund”) which is a diversified series of the Trust.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

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

Options that are listed on a foreign or domestic exchange or market are valued at the closing mid-price. Non-listed options and swap contracts 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.

Swap contracts 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.

Foreign currency translation

Allspring Diversified Income Builder Fund | 43

Notes to financial statements (unaudited)

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.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities.

Forward foreign currency contracts

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

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 interest rates and is subject to interest rate 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.

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.

44 | Allspring Diversified Income Builder Fund

Notes to financial statements (unaudited)

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.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter market or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of Operations when the contract is closed.

Credit default swaps
The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Security transactions and income recognition

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

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

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

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

Allspring Diversified Income Builder Fund | 45

Notes to financial statements (unaudited)

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. generally accepted accounting principles. 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

As of March 31, 2024, the aggregate cost of all investments for federal income tax purposes was $331,238,731 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$45,691,848
Gross unrealized losses	(12,532,843 )
Net unrealized gains	$33,159,005

As of September 30, 2023, the Fund had capital loss carryforwards which consisted of $34,866,981 in short-term capital losses and $23,499,017 in long-term capital losses.

Class allocations

FAIR VALUATION MEASUREMENTS

•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.

46 | Allspring Diversified Income Builder Fund

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Common stocks
Communication services	$14,066,813	$0	$0	$14,066,813
Consumer discretionary	17,165,289	0	0	17,165,289
Consumer staples	3,572,975	59,357	0	3,632,332
Energy	4,254,137	0	0	4,254,137
Financials	20,478,987	210,097	0	20,689,084
Health care	9,800,421	0	0	9,800,421
Industrials	12,316,963	87,711	0	12,404,674
Information technology	37,747,098	0	0	37,747,098
Materials	2,364,361	0	0	2,364,361
Real estate	3,268,084	0	0	3,268,084
Utilities	1,639,054	0	0	1,639,054
Corporate bonds and notes	0	146,088,525	0	146,088,525
Foreign corporate bonds and notes	0	14,400,372	0	14,400,372
Loans	0	8,904,753	696,986	9,601,739
Municipal obligations	0	11,960,146	0	11,960,146
Preferred stocks
Energy	581,376	0	0	581,376
Financials	125,012	0	0	125,012
Information technology	483,940	0	0	483,940
Materials	82,228	0	0	82,228
Yankee corporate bonds and notes	0	40,884,787	0	40,884,787
Short-term investments
Investment companies	12,958,506	0	0	12,958,506
	140,905,244	222,595,748	696,986	364,197,978
Forward foreign currency contracts	0	335,987	0	335,987
Futures contracts	22,346	0	0	22,346
Total assets	$140,927,590	$222,931,735	$696,986	$364,556,311
Liabilities
Forward foreign currency contracts	$0	$95,224	$0	$95,224
Written options	62,363	988	0	63,351
Total liabilities	$62,363	$96,212	$0	$158,575

Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of Investments. For futures contracts, the current day’s variation margin is reported on the Statement of Assets and Liabilities. All other assets and liabilities are reported at their market value at measurement date.

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

At March 31, 2024, the Fund had no material transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Diversified Income Builder Fund | 47

Notes to financial statements (unaudited)

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 at the following annual rate based on the Fund’s average daily net assets:

Average daily net assets	Management fee
First $500 million	0.550 %
Next $500 million	0.525
Next $2 billion	0.500
Next $2 billion	0.475
Next $5 billion	0.440
Over $10 billion	0.430

For the six months ended March 31, 2024, the management fee was equivalent to an annual rate of 0.55% of the Fund’s average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

	Class-level administration fee
Class A	0.20 %
Class C	0.20
Class R6	0.03
Administrator Class	0.13
Institutional Class	0.13

Waivers and/or expense reimbursements


	EXPENSE RATIO CAPS
Class A	0.84 %
Class C	1.59
Class R6	0.42
Administrator Class	0.77
Institutional Class	0.52

Distribution fee

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 March 31, 2024, Allspring Funds Distributor received $1,065 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 March 31, 2024.

48 | Allspring Diversified Income Builder Fund

Notes to financial statements (unaudited)

Shareholder servicing fees

Interfund transactions

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended March 31, 2024 were $79,359,358 and $95,973,036, respectively.

COMMITMENTS

As of March 31, 2024, the Fund had the following unfunded loan commitments which are available until the maturity date:

	Unfunded commitments	Unrealized gain (loss)
Enviva Partners LP/Fin C, 4.00%, 12-13-2024	$417,246	$0
Enviva, Inc., 4.00%, 12-13-2024	166,899	0
	$584,145	$0

Based on the nature of the terms of the loans and comparative market rates, the carrying amount of the unfunded loan commitments at March 31, 2024 approximates its fair value. If measured at fair value, the unfunded loan commitments would be categorized as Level 3 under the fair value hierarchy.

DERIVATIVE TRANSACTIONS

During the March 31, 2024, the Fund entered into futures contracts and written options for economic hedging purposes. The Fund also entered into forward foreign currency contracts for economic hedging purposes and entered into credit default swap contracts for hedging or cash management purposes.

The volume of the Fund’s derivative activity during the March 31, 2024 was as follows:

Forward foreign currency contracts
Average contract amounts to buy	$1,984,195
Average contract amounts to sell	15,984,123
Futures contracts
Average notional balance on long futures	$4,717,864
Swap contracts
Average notional balance	$557,143
Written options
Average number of contracts written	5,990

The credit default swap transactions may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

Allspring Diversified Income Builder Fund | 49

Notes to financial statements (unaudited)

The fair value of derivative instruments as of March 31, 2024 by primary risk type was as follows for the Fund:

	Interest rate risk	Equity risk	Foreign currency risk	Total
Asset derivatives
Forward foreign currency contracts	$0	$0	$335,987	$335,987
Futures contracts	22,346 *	0	0	22,346
	$22,346	$0	$335,987	$358,333
Liability derivatives
Forward foreign currency contracts	$0	$0	$95,224	$95,224
Written options	0	63,351	0	63,351
	$0	$63,351	$95,224	$158,575

*	Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of March 31, 2024 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the March 31, 2024 was as follows:

	INTEREST RATE RISK	Credit risk	Equity risk	Foreign currency risk	TOTAL
Net realized gains (losses) on derivatives
Forward foreign currency contracts	$0	$0	$0	$(303,799 )	$(303,799 )
Futures contracts	144,940	0	0	0	144,940
Swap contracts	0	18,397	0	0	18,397
Written options	0	0	(413,005 )	0	(413,005 )
	$144,940	$18,397	$(413,005 )	$(303,799 )	$(553,467 )
Net change in unrealized gains (losses) on derivatives
Forward foreign currency contracts	$0	$0	$0	$143,090	$143,090
Futures contracts	88,266	0	0	0	88,266
Swap contracts	0	4,190	0	0	4,190
Written options	0	0	(32,710 )	0	(32,710 )
	$88,266	$4,190	$(32,710 )	$143,090	$202,836

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received	Net amount of assets
Citibank N.A.	$335,987	$(95,224 )	$0	$240,763

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged1	Net amount of liabilities
Citibank N.A.	$95,224	$(95,224 )	$0	$0
Morgan Stanley Co.	63,351	0	(63,351 )	0

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

50 | Allspring Diversified Income Builder Fund

Notes to financial statements (unaudited)

BANK BORROWINGS

For the six months ended March 31, 2024, there were no borrowings by the Fund under the agreement.

INDEMNIFICATION

Allspring Diversified Income Builder Fund | 51

Other information (unaudited)

Other information

Proxy voting information

Quarterly portfolio holdings information

52 | Allspring Diversified Income Builder Fund

Other information (unaudited)

Board of trustees and officers

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since January 2018#	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

†

Allspring Diversified Income Builder Fund | 53

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019#	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

54 | Allspring Diversified Income Builder Fund

Other information (unaudited)

Officers1

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Chief Legal Officer, since 2022; Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

Allspring Diversified Income Builder Fund | 55

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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

ALL-04032024-8wpudmlj 05-24
SAR4304 03-24

Allspring Global Investment Grade Credit Fund

Semi-Annual Report

March 31, 2024

Contents

Letter to shareholders	2
Performance highlights	6
Fund expenses	9
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	19
Statement of operations	20
Statement of changes in net assets	21
Financial highlights	22
Notes to financial statements	26
Other information	31

Allspring Global Investment Grade Credit Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Global Investment Grade Credit Fund for the six-month period that ended March 31, 2024. Globally, stocks and bonds had positive returns for the period. However, markets were volatile as investors focused on persistently high inflation and the impact of aggressive central bank rate hikes. Riskier assets rallied as investors anticipated an end to the tight monetary policy.

Investors remained focused on central bank monetary policies.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Global Investment Grade Credit Fund

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Global Investment Grade Credit Fund | 3

Letter to shareholders (unaudited)

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

4 | Allspring Global Investment Grade Credit Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks total return, consisting of income and capital appreciation.
Manager	Allspring Funds Management, LLC
Subadvisers	Allspring Global Investments, LLC
	Allspring Global Investments (UK) Limited
Portfolio managers	Henrietta Pacquement, CFA, Scott M. Smith, CFA, Alex Temple, Jonathan Terry, CFA

Average annual total returns (%) as of March 31, 2024
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	Since inception	1 year	5 year	Since inception	Gross	Net2
Class A (WGCAX)3	6-1-2022	1.49	0.35	0.71	6.33	1.28	1.63	1.49	0.82
Class C (WGCCX)4	6-1-2022	4.80	0.60	0.95	5.80	0.60	0.95	2.24	1.57
Class R6 (WGCRX)	2-28-2019	–	–	–	6.85	1.66	2.01	1.12	0.45
Institutional Class (WGCIX)	2-28-2019	–	–	–	6.80	1.61	1.96	1.17	0.50
Bloomberg Global Aggregate Bond Index5	–	–	–	–	0.49	-1.17	-0.90 *	–	–
Bloomberg Global Aggregate Credit Index (USD Hedged)6	–	–	–	–	5.59	1.31	1.70 *	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.50%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6 and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


*	Based on the inception date of the oldest Fund class.
1	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report.
2	The manager has contractually committed through January 31, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.82% for Class A, 1.57% for Class C, 0.45% for Class R6 and 0.50% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	Historical performance shown for the Class A shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class A shares.
4	Historical performance shown for the Class C shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class C shares.
5	The Bloomberg Global Aggregate Bond Index is a measure of global investment-grade debt performance. This multicurrency benchmark includes Treasury, government- related, corporate, and securitized fixed-rate bonds from both developed and emerging market issuers. You cannot invest directly in an index.
6	Bloomberg Global Aggregate Credit Index (USD Hedged) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities, hedged in USD. You cannot invest directly in an index.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Global Investment Grade Credit Fund

Performance highlights (unaudited)

investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. Consult the Fund’s prospectus for additional information on these and other risks.

Allspring Global Investment Grade Credit Fund | 7

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20241
Morgan Stanley, 3.13%, 7-27-2026	1.87
U.S. Treasury Notes, 4.00%, 1-31-2029	1.72
Citigroup, Inc., 3.30%, 4-27-2025	1.59
Reckitt Benckiser Treasury Services PLC, 2.75%, 6-26-2024	1.22
Verizon Communications, Inc., 3.40%, 3-22-2041	1.21
Motorola Solutions, Inc., 4.60%, 2-23-2028	1.20
Credit Suisse AG, 3.63%, 9-9-2024	1.13
Oracle Corp., 2.88%, 3-25-2031	1.07
British Airways Pass-Through Trust, 3.30%, 12-15-2032	1.06
American International Group, Inc., 4.75%, 4-1-2048	1.06

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Portfolio composition as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

Credit quality as of March 31, 20241

The credit quality distribution of portfolio holdings reflected in the chart is

based on ratings from Standard & Poor’s, Moody’s Investors Service,

and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying

holdings of the Fund and not to the Fund itself. The percentages of the

portfolio with the ratings depicted in the chart are calculated based on the

market value of fixed income securities held by the Fund. If a security was

rated by all three rating agencies, the middle rating was utilized. If rated by

two of the three rating agencies, the lower rating was utilized, and if rated

by one of the rating agencies, that rating was utilized. Standard & Poor’s

rates the creditworthiness of bonds, ranging from AAA (highest) to D

(lowest). Ratings from A to CCC may be modified by the addition of a plus

(+) or minus (-) sign to show relative standing within the rating categories.

Standard & Poor’s rates the creditworthiness of short-term notes from

SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of

bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be

modified by the addition of a number 1 (highest) to 3 (lowest) to show

relative standing within the ratings categories. Moody’s rates the

creditworthiness of short-term U.S. tax-exempt municipal securities from

MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of

bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution

is subject to change and may have changed since the date specified.

Effective maturity distribution as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

8 | Allspring Global Investment Grade Credit Fund

Fund expenses (unaudited)

Fund expenses

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from October 1, 2023 to March 31, 2024.

Actual expenses

Hypothetical example for comparison purposes

	Beginning account value 10-1-2023	Ending account value 3-31-2024	Expenses paid during the period1	Annualized net expense ratio
Class A
Actual	$1,000.00	$1,078.61	$4.24	0.82 %
Hypothetical (5% return before expenses)	$1,000.00	$1,020.79	$4.12	0.82 %
Class C
Actual	$1,000.00	$1,076.14	$7.43	1.44 %
Hypothetical (5% return before expenses)	$1,000.00	$1,017.70	$7.22	1.44 %
Class R6
Actual	$1,000.00	$1,081.89	$2.33	0.45 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.63	$2.26	0.45 %
Institutional Class
Actual	$1,000.00	$1,081.64	$2.59	0.50 %
Hypothetical (5% return before expenses)	$1,000.00	$1,022.38	$2.51	0.50 %

1	Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period).

Allspring Global Investment Grade Credit Fund | 9

Portfolio of investments—March 31, 2024 (unaudited)

Portfolio of investments

	Interest rate	Maturity date	Principal		Value
Corporate bonds and notes: 50.67%
Communications: 6.46%
Media: 1.56%
Charter Communications Operating LLC/Charter Communications Operating Capital	2.80 %	4-1-2031	$	90,000	$73,744
Charter Communications Operating LLC/Charter Communications Operating Capital	4.20	3-15-2028		180,000	169,655
Comcast Corp.	3.40	4-1-2030		100,000	92,478
Paramount Global	4.95	1-15-2031		130,000	115,772
					451,649
Telecommunications: 4.90%
AT&T, Inc.	3.65	6-1-2051		225,000	165,181
Motorola Solutions, Inc.	4.60	2-23-2028		350,000	345,198
T-Mobile USA, Inc.	2.55	2-15-2031		40,000	34,073
T-Mobile USA, Inc.	3.30	2-15-2051		155,000	108,381
T-Mobile USA, Inc.	3.75	4-15-2027		145,000	139,650
Verizon Communications, Inc.	3.40	3-22-2041		445,000	347,813
Verizon Communications, Inc.	4.13	8-15-2046		325,000	272,619
					1,412,915
Consumer, cyclical: 7.11%
Airlines: 2.33%
American Airlines Pass-Through Trust Series 2014-1 Class A	3.70	10-1-2026		192,774	184,914
British Airways Pass-Through Trust Series 2019-1 Class AA144A	3.30	12-15-2032		341,373	306,327
U.S. Airways Pass-Through Trust Series 2012-2 Class A	4.63	6-3-2025		185,434	182,361
					673,602
Apparel: 0.33%
Tapestry, Inc.	7.35	11-27-2028		90,000	94,834
Auto manufacturers: 2.86%
Cummins, Inc.	5.45	2-20-2054		170,000	173,801
General Motors Co.	6.13	10-1-2025		185,000	186,556
Hyundai Capital America144A	1.80	10-15-2025		295,000	278,818
Hyundai Capital America144A	1.80	1-10-2028		85,000	74,864
Toyota Motor Credit Corp.	4.05	9-13-2029		100,000	111,672
					825,711
Entertainment: 1.19%
Warnermedia Holdings, Inc.	5.05	3-15-2042		75,000	64,462
Warnermedia Holdings, Inc.	5.14	3-15-2052		335,000	278,049
					342,511
Retail: 0.40%
Lowe’s Cos., Inc.	4.25	4-1-2052		70,000	57,351
McDonald’s Corp.	1.45	9-1-2025		30,000	28,465
McDonald’s Corp.	4.20	4-1-2050		35,000	29,226
					115,042

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

10 | Allspring Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Consumer, non-cyclical: 7.53%
Agriculture: 0.69%
BAT Capital Corp.	4.54 %	8-15-2047	$	260,000	$200,744
Biotechnology: 0.13%
Amgen, Inc.	4.20	2-22-2052		45,000	37,013
Commercial services: 1.43%
Equifax, Inc.	2.35	9-15-2031		155,000	128,017
Equifax, Inc.	3.10	5-15-2030		175,000	156,117
S&P Global, Inc.	1.25	8-15-2030		100,000	80,785
S&P Global, Inc.	2.30	8-15-2060		90,000	49,377
					414,296
Food: 0.42%
Smithfield Foods, Inc.144A	3.00	10-15-2030		145,000	120,039
Healthcare-services: 2.52%
Centene Corp.	2.45	7-15-2028		210,000	186,210
Elevance Health, Inc.	2.25	5-15-2030		20,000	17,104
HCA, Inc.	3.63	3-15-2032		130,000	115,081
HCA, Inc.	4.38	3-15-2042		130,000	109,104
UnitedHealth Group, Inc.	5.88	2-15-2053		190,000	205,562
UnitedHealth Group, Inc.	6.05	2-15-2063		85,000	93,466
					726,527
Pharmaceuticals: 2.34%
AbbVie, Inc.	4.25	11-21-2049		145,000	125,578
AbbVie, Inc.	5.05	3-15-2034		200,000	202,479
Bristol-Myers Squibb Co.	2.55	11-13-2050		175,000	107,702
Bristol-Myers Squibb Co.	5.55	2-22-2054		80,000	82,271
Bristol-Myers Squibb Co.	5.65	2-22-2064		40,000	41,151
CVS Health Corp.	4.25	4-1-2050		110,000	89,134
CVS Health Corp.	4.30	3-25-2028		27,000	26,348
					674,663
Energy: 5.21%
Oil & gas: 2.02%
BP Capital Markets America, Inc.	2.94	6-4-2051		345,000	230,327
Exxon Mobil Corp.	2.61	10-15-2030		160,000	141,773
Marathon Petroleum Corp.	3.80	4-1-2028		220,000	211,080
					583,180
Pipelines: 3.19%
Energy Transfer LP	3.75	5-15-2030		160,000	147,472
Kinder Morgan Energy Partners LP	5.40	9-1-2044		200,000	185,980
MPLX LP	4.00	3-15-2028		315,000	303,310
ONEOK, Inc.	6.10	11-15-2032		75,000	78,577

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

Allspring Global Investment Grade Credit Fund | 11

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Pipelines(continued)
Sabine Pass Liquefaction LLC	4.50 %	5-15-2030	$	110,000	$105,788
Sabine Pass Liquefaction LLC	5.75	5-15-2024		100,000	99,970
					921,097
Financial: 15.38%
Banks: 6.83%
Citigroup, Inc.	3.30	4-27-2025		470,000	459,830
Citigroup, Inc. (U.S. SOFR+1.17%)±	2.56	5-1-2032		170,000	141,781
Goldman Sachs Group, Inc. (U.S. SOFR+1.41%)±	3.10	2-24-2033		115,000	98,353
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.25%)±	2.58	4-22-2032		150,000	126,815
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.60%)±	3.78	2-1-2028		145,000	139,641
JPMorgan Chase & Co. (U.S. SOFR 3 Month+2.52%)±	2.96	5-13-2031		145,000	126,753
Morgan Stanley	3.13	7-27-2026		565,000	540,416
Santander Holdings USA, Inc.	4.40	7-13-2027		230,000	223,103
State Street Corp.	2.40	1-24-2030		130,000	114,420
					1,971,112
Diversified financial services: 2.09%
Aviation Capital Group LLC144A	5.50	12-15-2024		305,000	303,838
BlackRock, Inc.	1.90	1-28-2031		35,000	29,127
Computershare U.S., Inc.	1.13	10-7-2031		200,000	175,340
Intercontinental Exchange, Inc.	3.00	6-15-2050		140,000	93,896
					602,201
Insurance: 3.69%
American International Group, Inc.	4.75	4-1-2048		330,000	304,959
Aon North America, Inc.	5.75	3-1-2054		50,000	51,260
Athene Holding Ltd.	3.50	1-15-2031		295,000	259,230
Belrose Funding Trust144A	2.33	8-15-2030		185,000	148,636
Berkshire Hathaway Finance Corp.	2.38	6-19-2039		100,000	91,967
Brighthouse Financial, Inc.	4.70	6-22-2047		77,000	61,059
New York Life Global Funding	3.45	1-30-2031		100,000	108,666
Unum Group	4.50	12-15-2049		50,000	40,432
					1,066,209
Investment Companies: 0.51%
FS KKR Capital Corp.	3.40	1-15-2026		155,000	147,091
REITS: 2.26%
American Tower Corp.	5.45	2-15-2034		60,000	60,098
Equinix, Inc.	2.15	7-15-2030		275,000	227,901
Sabra Health Care LP	3.20	12-1-2031		110,000	91,375
Simon Property Group LP	1.75	2-1-2028		60,000	53,449
Simon Property Group LP	3.25	9-13-2049		255,000	178,379
Vornado Realty LP	3.40	6-1-2031		50,000	39,571
					650,773

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

12 | Allspring Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Industrial: 2.43%
Aerospace/defense: 0.90%
RTX Corp.	4.13 %	11-16-2028	$	270,000	$261,166
Electronics: 0.47%
Jabil, Inc.	3.60	1-15-2030		150,000	136,084
Transportation: 0.23%
Union Pacific Corp.	2.40	2-5-2030		75,000	65,698
Trucking & leasing: 0.83%
Penske Truck Leasing Co. LP/PTL Finance Corp.144A	3.45	7-1-2024		240,000	238,529
Technology: 4.30%
Computers: 0.77%
Dell International LLC/EMC Corp.	6.20	7-15-2030		95,000	99,958
Kyndryl Holdings, Inc.	6.35	2-20-2034		85,000	87,249
NetApp, Inc.	2.70	6-22-2030		40,000	34,650
					221,857
Semiconductors: 1.22%
Intel Corp.	2.80	8-12-2041		265,000	191,593
Marvell Technology, Inc.	4.88	6-22-2028		80,000	78,943
Texas Instruments, Inc.	4.85	2-8-2034		80,000	80,385
					350,921
Software: 2.31%
Fiserv, Inc.	2.65	6-1-2030		45,000	39,180
Fiserv, Inc.	3.50	7-1-2029		140,000	130,363
Intuit, Inc.	5.20	9-15-2033		90,000	91,663
Intuit, Inc.	5.50	9-15-2053		55,000	57,094
Oracle Corp.	2.88	3-25-2031		355,000	308,664
Oracle Corp.	3.60	4-1-2050		55,000	39,736
					666,700
Utilities: 2.25%
Electric: 2.25%
Duke Energy Florida LLC	1.75	6-15-2030		90,000	74,764
New York State Electric & Gas Corp.144A	3.25	12-1-2026		145,000	136,234
Oglethorpe Power Corp.	3.75	8-1-2050		125,000	90,311
PacifiCorp	3.50	6-15-2029		295,000	274,754
Union Electric Co.	2.95	3-15-2030		80,000	71,452
					647,515
Total corporate bonds and notes (Cost $16,468,546)					14,619,679
Foreign corporate bonds and notes: 25.97%
Basic materials: 0.37%
Chemicals: 0.37%
Syngenta Finance NV	3.38	4-16-2026	EUR	100,000	106,326

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

Allspring Global Investment Grade Credit Fund | 13

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Communications: 1.84%
Telecommunications: 1.84%
Chorus Ltd.	3.63 %	9-7-2029	EUR	100,000	$108,048
Koninklijke KPN NV	3.88	2-16-2036	EUR	100,000	109,039
O2 Telefonica Deutschland Finanzierungs GmbH	1.75	7-5-2025	EUR	200,000	210,166
Tele2 AB	2.13	5-15-2028	EUR	100,000	102,303
					529,556
Consumer, cyclical: 1.13%
Auto manufacturers: 0.75%
PACCAR Financial Europe BV	3.25	11-29-2025	EUR	100,000	107,346
Volkswagen Leasing GmbH	4.00	4-11-2031	EUR	100,000	108,932
					216,278
Auto parts & equipment: 0.38%
Continental AG	4.00	6-1-2028	EUR	100,000	110,362
Consumer, non-cyclical: 4.82%
Beverages: 0.65%
Anheuser-Busch InBev SA	1.13	7-1-2027	EUR	100,000	101,180
CCEP Finance Ireland DAC	0.88	5-6-2033	EUR	100,000	86,992
					188,172
Commercial services: 1.55%
ALD SA	3.88	1-24-2028	EUR	100,000	108,441
Motability Operations Group PLC	2.38	7-3-2039	GBP	150,000	136,178
Rentokil Initial PLC	0.50	10-14-2028	EUR	100,000	95,266
Worldline SA	4.13	9-12-2028	EUR	100,000	106,297
					446,182
Healthcare-products: 0.68%
American Medical Systems Europe BV	3.50	3-8-2032	EUR	100,000	108,748
Molnlycke Holding AB	0.63	1-15-2031	EUR	100,000	86,858
					195,606
Pharmaceuticals: 1.94%
AstraZeneca	1.25	5-12-2028	EUR	100,000	100,508
AstraZeneca PLC	3.75	3-3-2032	EUR	100,000	112,335
Bayer AG	4.63	5-26-2033	EUR	100,000	111,351
Bayer AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+3.11%)±	3.13	11-12-2079	EUR	100,000	95,200
GlaxoSmithKline Capital PLC	1.63	5-12-2035	GBP	150,000	139,956
					559,350
Energy: 1.63%
Energy-alternate sources: 0.31%
Acciona Energia Financiacion Filiales SA	1.38	1-26-2032	EUR	100,000	89,271
Oil & gas: 1.32%
BP Capital Markets PLC (UK Gilts 5 Year+3.89%)ʊ±	4.25	3-22-2027	GBP	100,000	119,273

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

14 | Allspring Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Oil & gas(continued)
Eni SpA	3.88 %	1-15-2034	EUR	100,000	$109,104
Shell International Finance BV	1.00	12-10-2030	GBP	150,000	152,937
					381,314
Financial: 11.97%
Banks: 8.35%
ABN AMRO Bank NV	3.88	1-15-2032	EUR	100,000	109,192
Argenta Spaarbank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year+1.10%)±	1.38	2-8-2029	EUR	200,000	195,296
Belfius Bank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+1.30%)±	1.25	4-6-2034	EUR	200,000	185,308
BNP Paribas SA (3 Month EURIBOR+0.92%)±	3.88	1-10-2031	EUR	100,000	110,335
Cooperatieve Rabobank UA	3.82	7-26-2034	EUR	100,000	110,050
Credit Agricole SA	3.75	1-22-2034	EUR	100,000	110,107
Credit Agricole SA	4.13	3-7-2030	EUR	100,000	112,480
De Volksbank NV	4.88	3-7-2030	EUR	100,000	113,267
DNB Bank ASA (3 Month EURIBOR+0.65%)±	4.00	3-14-2029	EUR	100,000	110,058
ING Groep NV (3 Month EURIBOR+1.72%)±	3.88	8-12-2029	EUR	100,000	108,474
Intesa Sanpaolo SpA (3 Month EURIBOR+1.70%)±	5.00	3-8-2028	EUR	150,000	167,113
Investec PLC (UK Gilts 5 Year+5.91%)±	9.13	3-6-2033	GBP	100,000	134,168
Lloyds Bank Corporate Markets PLC	4.13	5-30-2027	EUR	100,000	109,909
Mizuho Financial Group, Inc. (3 Month EURIBOR+0.72%)±	0.47	9-6-2029	EUR	100,000	94,028
NatWest Group PLC (GBP Swap Semi Annual (vs. 6Month LIBOR) 1 Year+1.49%)±	2.88	9-19-2026	GBP	100,000	121,629
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am+3.15%)±	2.88	6-18-2032	EUR	100,000	97,387
Svenska Handelsbanken AB	3.75	5-5-2026	EUR	100,000	108,557
Toronto-Dominion Bank	3.63	12-13-2029	EUR	100,000	109,052
Zuercher Kantonalbank (3 Month EURIBOR+0.90%)±	2.02	4-13-2028	EUR	200,000	204,178
					2,410,588
Insurance: 1.75%
Credit Agricole Assurances SA	2.00	7-17-2030	EUR	200,000	190,587
Mandatum Life Insurance Co. Ltd. (3 Month EURIBOR+2.30%)±	1.88	10-4-2049	EUR	200,000	212,442
Sampo Oyj (3 Month EURIBOR+4.05%)±	3.38	5-23-2049	EUR	100,000	102,370
					505,399
Real estate: 1.55%
Grand City Properties SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+2.18%)ʊ±	1.50	3-11-2026	EUR	100,000	68,371
Heimstaden Bostad AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year+3.90%)ʊ±	3.63	10-13-2026	EUR	100,000	70,125
LEG Immobilien SE	0.75	6-30-2031	EUR	100,000	86,165
Logicor Financing SARL	4.63	7-25-2028	EUR	100,000	109,076
Prologis International Funding II SA	4.63	2-21-2035	EUR	100,000	113,181
					446,918

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

Allspring Global Investment Grade Credit Fund | 15

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
REITS: 0.32%
Tritax Big Box REIT PLC	1.50 %	11-27-2033	GBP	100,000	$91,195
Industrial: 1.28%
Building materials: 0.96%
Aliaxis Finance SA	0.88	11-8-2028	EUR	200,000	188,586
Holcim Finance Luxembourg SA	0.50	4-23-2031	EUR	100,000	87,263
					275,849
Engineering & construction: 0.32%
Cellnex Finance Co. SA	2.00	2-15-2033	EUR	100,000	93,560
Utilities: 2.93%
Electric: 1.38%
Electricite de France SA	5.50	10-17-2041	GBP	100,000	118,203
EnBW International Finance BV	3.85	5-23-2030	EUR	100,000	110,633
Engie SA	1.00	10-26-2036	EUR	100,000	79,401
RTE Reseau de Transport d’Electricite SADIR	1.88	10-23-2037	EUR	100,000	89,463
					397,700
Gas: 1.24%
APA Infrastructure Ltd.	2.00	7-15-2030	EUR	180,000	176,251
National Gas Transmission PLC	1.13	1-14-2033	GBP	200,000	181,019
					357,270
Water: 0.31%
Thames Water Utilities Finance PLC	0.88	1-31-2028	EUR	100,000	90,496
Total foreign corporate bonds and notes (Cost $8,323,650)					7,491,392
Foreign government bonds: 2.01%
Belgium: 0.73%
European Union	2.75	12-4-2037	EUR	200,000	210,453
Germany: 1.28%
Bundesrepublik Deutschland Bundesanleihe¤	0.00	8-15-2030	EUR	200,000	187,534
Bundesrepublik Deutschland Bundesanleihe	1.00	5-15-2038	EUR	100,000	89,458
Bundesrepublik Deutschland Bundesanleihe	1.80	8-15-2053	EUR	100,000	93,482
					370,474
Total foreign government bonds (Cost $550,919)					580,927
U.S. Treasury securities: 2.98%
U.S. Treasury Notes	3.50	4-30-2030	$	80,000	76,875
U.S. Treasury Notes	3.50	2-15-2033		50,000	47,354
U.S. Treasury Notes	4.00	1-31-2029		500,000	494,844
U.S. Treasury Notes	4.00	2-15-2034		245,000	240,942
Total U.S. Treasury securities (Cost $861,514)					860,015

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

16 | Allspring Global Investment Grade Credit Fund

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Yankee corporate bonds and notes: 13.48%
Communications: 1.18%
Internet: 0.49%
Prosus NV144A	3.83 %	2-8-2051	$	230,000	$141,564
Telecommunications: 0.69%
Rogers Communications, Inc.	5.00	2-15-2029		200,000	198,611
Consumer, non-cyclical: 1.32%
Household products/wares: 1.22%
Reckitt Benckiser Treasury Services PLC144A	2.75	6-26-2024		355,000	352,514
Pharmaceuticals: 0.10%
Pfizer Investment Enterprises Pte. Ltd.	4.75	5-19-2033		30,000	29,538
Energy: 0.31%
Oil & gas: 0.31%
Equinor ASA	2.38	5-22-2030		30,000	26,270
Saudi Arabian Oil Co.144A	4.38	4-16-2049		75,000	62,205
					88,475
Financial: 8.86%
Banks: 7.18%
Banco Santander SA	3.49	5-28-2030		200,000	181,327
Credit Suisse AG	3.63	9-9-2024		330,000	326,907
Danske Bank A/S (1 Year Treasury Constant Maturity+1.40%)144A±	5.71	3-1-2030		200,000	201,278
HSBC Holdings PLC	4.30	3-8-2026		230,000	225,756
HSBC Holdings PLC (U.S. SOFR+2.39%)±	2.85	6-4-2031		200,000	172,508
National Australia Bank Ltd.144A	2.33	8-21-2030		260,000	214,122
Santander U.K. Group Holdings PLC (U.S. SOFR+2.75%)±	6.83	11-21-2026		200,000	203,299
Sumitomo Mitsui Financial Group, Inc.	2.13	7-8-2030		200,000	167,513
UBS Group AG (1 Year Treasury Constant Maturity+1.10%)144A±	2.75	2-11-2033		200,000	163,386
UBS Group AG (5 Year Treasury Constant Maturity+4.75%)144Aʊ±	9.25	11-13-2028		200,000	216,695
					2,072,791
Diversified financial services: 1.50%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust	3.30	1-30-2032		150,000	128,648
Avolon Holdings Funding Ltd.144A	4.38	5-1-2026		315,000	304,223
					432,871
Insurance: 0.18%
Fairfax Financial Holdings Ltd.144A	6.35	3-22-2054		50,000	51,005
Industrial: 0.70%
Aerospace/defense: 0.70%
BAE Systems PLC144A	5.30	3-26-2034		100,000	100,501
BAE Systems PLC144A	5.50	3-26-2054		100,000	100,949
					201,450

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

Allspring Global Investment Grade Credit Fund | 17

Portfolio of investments—March 31, 2024 (unaudited)

	Interest rate	Maturity date	Principal		Value
Technology: 1.11%
Semiconductors: 1.11%
NXP BV/NXP Funding LLC/NXP USA, Inc.	3.40 %	5-1-2030	$	85,000	$77,149
NXP BV/NXP Funding LLC/NXP USA, Inc.	3.88	6-18-2026		250,000	242,681
					319,830
Total yankee corporate bonds and notes (Cost $4,204,626)					3,888,649

		Yield	Shares
Short-term investments: 3.06%
Investment companies: 3.06%
Allspring Government Money Market Fund Select Class♠∞		5.25		882,462	882,462
Total short-term investments (Cost $882,462)					882,462
Total investments in securities (Cost $31,291,717)	98.17 %				28,323,124
Other assets and liabilities, net	1.83				527,924
Total net assets	100.00 %				$28,851,048

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 1933.
±	Variable rate investment. The rate shown is the rate in effect at period end.
ʊ	Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
¤	The security is issued in zero coupon form with no periodic interest payments.
♠	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.

Abbreviations:
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	Great British pound
LIBOR	London Interbank Offered Rate
REIT	Real estate investment trust
SOFR	Secured Overnight Financing Rate

Investments in affiliates

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$381,027	$6,853,942	$(6,352,507 )	$0	$0	$882,462	882,462	$16,418

Forward foreign currency contracts

Currency to be received		Currency to be delivered		Counterparty	Settlement date	Unrealized gains	Unrealized losses
USD	7,336,253	EUR	6,770,000	State Street Bank & Trust Co.	5-8-2024	$22,225	$0
USD	1,286,540	GBP	1,020,000	State Street Bank & Trust Co.	5-8-2024	0	(1,100 )
						$22,225	$(1,100 )

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

18 | Allspring Global Investment Grade Credit Fund

Statement of assets and liabilities—March 31, 2024 (unaudited)

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $30,409,255)	$27,440,662
Investments in affiliated securities, at value (cost $882,462)	882,462
Foreign currency, at value (cost $5,604)	5,591
Receivable for interest	286,562
Receivable for investments sold	163,556
Unrealized gains on forward foreign currency contracts	22,225
Receivable from manager	3,033
Receivable for Fund shares sold	163
Receivable for daily variation margin on open futures contracts	27
Prepaid expenses and other assets	142,299
Total assets	28,946,580
Liabilities
Overdraft due to custodian bank	37,824
Professional fees payable	36,299
Custody and accounting fees payable	12,282
Trustees’ fees and expenses payable	3,521
Unrealized losses on forward foreign currency contracts	1,100
Administration fees payable	739
Accrued expenses and other liabilities	3,767
Total liabilities	95,532
Total net assets	$28,851,048
Net assets consist of
Paid-in capital	$32,557,707
Total distributable loss	(3,706,659 )
Total net assets	$28,851,048
Computation of net asset value and offering price per share
Net assets–Class A	$39,901
Shares outstanding–Class A1	4,541
Net asset value per share–Class A	$8.79
Maximum offering price per share – Class A2	$9.20
Net assets–Class C	$25,822
Shares outstanding–Class C1	2,958
Net asset value per share–Class C	$8.73
Net assets–Class R6	$28,760,592
Shares outstanding–Class R61	3,273,750
Net asset value per share–Class R6	$8.79
Net assets–Institutional Class	$24,733
Shares outstanding–Institutional Class1	2,815
Net asset value per share–Institutional Class	$8.79

1 The Fund has an unlimited number of authorized shares.

2 Maximum offering price is computed as 100/95.50 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 Global Investment Grade Credit Fund | 19

Statement of operations—six months ended March 31, 2024 (unaudited)

Statement of operations

Investment income
Interest	$475,902
Income from affiliated securities	16,418
Total investment income	492,320
Expenses
Management fee	52,570
Administration fees
Class A	25
Class C	19
Class R6	3,930
Institutional Class	9
Shareholder servicing fees
Class A	42
Class C	31
Distribution fee
Class C	3
Custody and accounting fees	4,359
Professional fees	40,684
Registration fees	10,130
Shareholder report expenses	10,313
Trustees’ fees and expenses	12,465
Other fees and expenses	3,822
Total expenses	138,402
Less: Fee waivers and/or expense reimbursements
Fund-level	(79,071 )
Net expenses	59,331
Net investment income	432,989
Realized and unrealized gains (losses) on investments
Net realized losses on
Unaffiliated securities	(460,408 )
Foreign currency and foreign currency translations	(42,471 )
Forward foreign currency contracts	(59,518 )
Net realized losses on investments	(562,397 )
Net change in unrealized gains (losses) on
Unaffiliated securities	2,175,310
Foreign currency and foreign currency translations	2,182
Forward foreign currency contracts	(19,835 )
Net change in unrealized gains (losses) on investments	2,157,657
Net realized and unrealized gains (losses) on investments	1,595,260
Net increase in net assets resulting from operations	$2,028,249

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

20 | Allspring Global Investment Grade Credit Fund

Statement of changes in net assets

	Six months ended March 31, 2024 (unaudited)		Year ended September 30, 2023
Operations
Net investment income		$432,989		$879,643
Net realized losses on investments		(562,397 )		(1,399,208 )
Net change in unrealized gains (losses) on investments		2,157,657		2,017,539
Net increase in net assets resulting from operations		2,028,249		1,497,974
Distributions to shareholders from
Net investment income and net realized gains
Class A		(760 )		(798 )
Class C		(624 )		(695 )
Class R6		(710,146 )		(926,251 )
Institutional Class		(640 )		(751 )
Total distributions to shareholders		(712,170 )		(928,495 )
Capital share transactions	Shares		Shares
Proceeds from shares sold
Class A	1,326	11,687	230	2,000
Class R6	346,273	3,014,211	55,117	455,208
		3,025,898		457,208
Reinvestment of distributions
Class A	89	760	94	798
Class C	73	624	82	695
Class R6	82,789	703,473	109,214	926,251
Institutional Class	75	640	89	751
		705,497		928,495
Payment for shares redeemed
Class A	0	0	(4,077 )	(33,299 )
Class R6	(237,153 )	(2,014,057 )	(535,375 )	(4,545,451 )
		(2,014,057 )		(4,578,750 )
Net increase (decrease) in net assets resulting from capital share transactions		1,717,338		(3,193,047 )
Total increase (decrease) in net assets		3,033,417		(2,623,568 )
Net assets
Beginning of period		25,817,631		28,441,199
End of period		$28,851,048		$25,817,631

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

Allspring Global Investment Grade Credit Fund | 21

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class A	Six months ended March 31, 2024 (unaudited)	2023	20221
Net asset value, beginning of period	$8.36	$8.21	$8.97
Net investment income	0.13 2	0.23 2	0.07 2
Net realized and unrealized gains (losses) on investments	0.52	0.17	(0.76 )
Total from investment operations	0.65	0.40	(0.69 )
Distributions to shareholders from
Net investment income	(0.22 )	(0.25 )	(0.07 )
Net asset value, end of period	$8.79	$8.36	$8.21
Total return3	7.86 %	4.86 %	(7.76 )%
Ratios to average net assets (annualized)
Gross expenses	1.42 %	1.49 %	1.18 %
Net expenses	0.82 %	0.82 %	0.83 %
Net investment income	2.94 %	2.79 %	2.45 %
Supplemental data
Portfolio turnover rate	17 %	12 %	21 %
Net assets, end of period (000s omitted)	$40	$26	$56

1	For the period from June 1, 2022 (commencement of class operations) to September 30, 2022
2	Calculated based upon average shares outstanding
3	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

22 | Allspring Global Investment Grade Credit Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class C	Six months ended March 31, 2024 (unaudited)	2023	20221
Net asset value, beginning of period	$8.32	$8.21	$8.97
Net investment income	0.10 2	0.20 2	0.05 2
Net realized and unrealized gains (losses) on investments	0.52	0.15	(0.76 )
Total from investment operations	0.62	0.35	(0.71 )
Distributions to shareholders from
Net investment income	(0.21 )	(0.24 )	(0.05 )
Net asset value, end of period	$8.73	$8.32	$8.21
Total return3	7.61 %	4.30 %	(7.96 )%
Ratios to average net assets (annualized)
Gross expenses	1.44 %	1.63 %	1.80 %
Net expenses	1.44 %	1.30 %	1.51 %
Net investment income	2.30 %	2.32 %	1.75 %
Supplemental data
Portfolio turnover rate	17 %	12 %	21 %
Net assets, end of period (000s omitted)	$26	$24	$23

1	For the period from June 1, 2022 (commencement of class operations) to September 30, 2022
2	Calculated based upon average shares outstanding
3	Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Allspring Global Investment Grade Credit Fund | 23

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Class R6	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	20191
Net asset value, beginning of period	$8.35	$8.21	$10.66	$10.91	$10.75	$10.00
Net investment income	0.14 2	0.27 2	0.24 2	0.24 2	0.24 2	0.13
Net realized and unrealized gains (losses) on investments	0.53	0.15	(2.06 )	0.07	0.39	0.73
Total from investment operations	0.67	0.42	(1.82 )	0.31	0.63	0.86
Distributions to shareholders from
Net investment income	(0.23 )	(0.28 )	(0.23 )	(0.31 )	(0.34 )	(0.11 )
Net realized gains	0.00	0.00	(0.40 )	(0.25 )	(0.13 )	0.00
Total distributions to shareholders	(0.23 )	(0.28 )	(0.63 )	(0.56 )	(0.47 )	(0.11 )
Net asset value, end of period	$8.79	$8.35	$8.21	$10.66	$10.91	$10.75
Total return3	8.19 %	5.16 %	(17.97 )%	2.86 %	6.10 %	8.64 %
Ratios to average net assets (annualized)
Gross expenses	1.05 %	1.12 %	0.76 %	0.68 %	0.77 %	0.86 %
Net expenses	0.45 %	0.45 %	0.45 %	0.45 %	0.45 %	0.45 %
Net investment income	3.30 %	3.16 %	2.48 %	2.22 %	2.29 %	2.34 %
Supplemental data
Portfolio turnover rate	17 %	12 %	21 %	28 %	79 %	36 %
Net assets, end of period (000s omitted)	$28,761	$25,745	$28,340	$45,313	$76,847	$96,835

1	For the period from February 28, 2019 (commencement of class operations) to September 30, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.

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

24 | Allspring Global Investment Grade Credit Fund

Financial highlights

(For a share outstanding throughout each period)

	Six months ended March 31, 2024 (unaudited)	Year ended September 30
Institutional Class	Six months ended March 31, 2024 (unaudited)	2023	2022	2021	2020	20191
Net asset value, beginning of period	$8.35	$8.21	$10.66	$10.91	$10.75	$10.00
Net investment income	0.14 2	0.27 2	0.23 2	0.23	0.24	0.14
Net realized and unrealized gains (losses) on investments	0.53	0.15	(2.05 )	0.07	0.38	0.72
Total from investment operations	0.67	0.42	(1.82 )	0.30	0.62	0.86
Distributions to shareholders from
Net investment income	(0.23 )	(0.28 )	(0.23 )	(0.30 )	(0.33 )	(0.11 )
Net realized gains	0.00	0.00	(0.40 )	(0.25 )	(0.13 )	0.00
Total distributions to shareholders	(0.23 )	(0.28 )	(0.63 )	(0.55 )	(0.46 )	(0.11 )
Net asset value, end of period	$8.79	$8.35	$8.21	$10.66	$10.91	$10.75
Total return3	8.16 %	5.10 %	(18.01 )%	2.81 %	6.04 %	8.64 %
Ratios to average net assets (annualized)
Gross expenses	1.09 %	1.18 %	0.81 %	0.73 %	0.83 %	0.97 %
Net expenses	0.50 %	0.50 %	0.50 %	0.50 %	0.50 %	0.50 %
Net investment income	3.24 %	3.13 %	2.47 %	2.18 %	2.24 %	2.34 %
Supplemental data
Portfolio turnover rate	17 %	12 %	21 %	28 %	79 %	36 %
Net assets, end of period (000s omitted)	$25	$23	$22	$27	$27	$27

1	For the period from February 28, 2019 (commencement of class operations) to September 30, 2019
2	Calculated based upon average shares outstanding
3	Returns for periods of less than one year are not annualized.

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

Allspring Global Investment Grade Credit Fund | 25

Notes to financial statements (unaudited)

Notes to financial statements

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 Global Investment Grade Credit Fund (the “Fund”) which is a diversified series of the Trust.

SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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.

Foreign currency translation

Forward foreign currency contracts

26 | Allspring Global Investment Grade Credit Fund

Notes to financial statements (unaudited)

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.

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

Distributions to shareholders

Federal and other taxes

As of March 31, 2024, the aggregate cost of all investments for federal income tax purposes was $31,755,049 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$228,832
Gross unrealized losses	(3,639,632 )
Net unrealized losses	$(3,410,800 )

As of September 30, 2023, the Fund had capital loss carryforwards which consisted of $276,499 in short-term capital losses and $403,650 in long-term capital losses.

Class allocations

FAIR VALUATION MEASUREMENTS

•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 Global Investment Grade Credit Fund | 27

Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets
Investments in:
Corporate bonds and notes	$0	$14,619,679	$0	$14,619,679
Foreign corporate bonds and notes	0	7,491,392	0	7,491,392
Foreign government bonds	0	580,927	0	580,927
U.S. Treasury securities	860,015	0	0	860,015
Yankee corporate bonds and notes	0	3,888,649	0	3,888,649
Short-term investments
Investment companies	882,462	0	0	882,462
	1,742,477	26,580,647	0	28,323,124
Forward foreign currency contracts	0	22,225	0	22,225
Total assets	$1,742,477	$26,602,872	$0	$28,345,349
Liabilities
Forward foreign currency contracts	$0	$1,100	$0	$1,100
Total liabilities	$0	$1,100	$0	$1,100

Forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of Investments. All other assets and liabilities are reported at their market value at measurement date.

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

At March 31, 2024, the Fund did not have any transfers into/out of Level 3.

TRANSACTIONS WITH AFFILIATES

Management fee

Average daily net assets	Management fee
First $500 million	0.400 %
Next $500 million	0.375
Next $2 billion	0.350
Next $2 billion	0.325
Next $5 billion	0.290
Over $10 billion	0.280

For the six months ended March 31, 2024, the management fee was equivalent to an annual rate of 0.40% 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 and Allspring Global Investments (UK) Limited, each an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, are subadvisers to the Fund and are each entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees

28 | Allspring Global Investment Grade Credit Fund

Notes to financial statements (unaudited)

	Class-level administration fee
Class A	0.15 %
Class C	0.15
Class R6	0.03
Institutional Class	0.08

Waivers and/or expense reimbursements


	EXPENSE RATIO CAPS
Class A	0.82 %
Class C	1.57
Class R6	0.45
Institutional Class	0.50

Distribution fee

In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the six months ended March 31, 2024.

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. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.

Interfund transactions

INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended March 31, 2024 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,281,023	$4,198,139	$818,056	$3,579,989

DERIVATIVE TRANSACTIONS

During the six months ended March 31, 2024, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $7,757,100 in forward foreign currency contracts to sell during the six months ended March 31, 2024.

Allspring Global Investment Grade Credit Fund | 29

Notes to financial statements (unaudited)

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.

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received	Net amount of assets
State Street Bank & Trust Co.	$22,225	$(1,100 )	$0	$21,125

Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral pledged	Net amount of liabilities
State Street Bank & Trust Co.	$1,100	$(1,100 )	$0	$0

BANK BORROWINGS

For the six months ended March 31, 2024, there were no borrowings by the Fund under the agreement.

CONCENTRATION RISK

A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of March 31, 2024, Allspring Funds Management or one of its affiliates owned 65% of Class A, 100% of Class C, and 100% of the Institutional Class of the Fund.

INDEMNIFICATION

30 | Allspring Global Investment Grade Credit Fund

Other information (unaudited)

Other information

Proxy voting information

Quarterly portfolio holdings information

Allspring Global Investment Grade Credit Fund | 31

Other information (unaudited)

Board of trustees and officers

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since January 2018#	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.	N/A
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009; Audit Committee Chair, since 2019	Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status).	N/A
David F. Larcker (Born 1950)	Trustee, since 2009	Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2006; Nominating and Governance Committee Chair, since 2018	International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

†

32 | Allspring Global Investment Grade Credit Fund

Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Timothy J. Penny (Born 1951)	Trustee, since 1996; Chair, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019#	Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation.	N/A

* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.

# Ms. Freeman will serve as Chair Liaison through June 2024, at which time Ms. Wheelock will assume the role.

Allspring Global Investment Grade Credit Fund | 33

Other information (unaudited)

Officers1

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma (Born 1974)	Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex)	Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Christopher Baker (Born 1976)	Chief Compliance Officer, since 2022	Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.
Matthew Prasse (Born 1983)	Chief Legal Officer, since 2022; Secretary, since 2021	Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.

34 | Allspring Global Investment Grade Credit Fund

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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

ALL-04032024-l3a88nwx 05-24
SAR4337 03-24

Allspring Income Plus Fund

Semi-Annual Report

March 31, 2024

Contents

Letter to shareholders	2
Performance highlights	6
Consolidated fund expenses	8
Consolidated portfolio of investments	9
Consolidated financial statements
Consolidated statement of assets and liabilities	28
Consolidated statement of operations	30
Consolidated statement of changes in net assets	32
Consolidated financial highlights	33
Notes to consolidated financial statements	37
Other information	46

Allspring Income Plus Fund | 1

Letter to shareholders (unaudited)

Andrew Owen

President
Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Allspring Income Plus Fund for the six-month period that ended March 31, 2024. Globally, stocks and bonds had positive returns for the period. However, markets were volatile as investors focused on persistently high inflation and the impact of aggressive central bank rate hikes. Riskier assets rallied as investors anticipated an end to the tight monetary policy.

Investors remained focused on central bank monetary policies.

The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

2 | Allspring Income Plus Fund

Letter to shareholders (unaudited)

Don’t let short-term uncertainty derail long-term investment goals.

Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen
President
Allspring Funds

For further information about your fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Income Plus Fund | 3

Letter to shareholders (unaudited)

Notice to Shareholders

Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper

copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored

shareholder report will contain concise information about the Fund, including certain expense and performance

information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the

instructions on the back cover of this report.

Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be

available online and upon request, free of charge, in paper or electronic format.

4 | Allspring Income Plus Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Performance highlights

Investment objective	The Fund seeks total return, consisting of a high level of current income and capital appreciation.
Manager	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Christopher Kauffman, CFA, Janet Rilling, CFA, Michael Schueller, CFA, Michal Stanczyk, Noah Wise, CFA

Average annual total returns (%) as of March 31, 2024
		Including sales charge			Excluding sales charge			Expense ratios1 (%)
	Inception date	1 year	5 year	10 year	1 year	5 year	10 year	Gross	Net2
Class A (WSIAX)	1-31-2013	3.04	2.13	2.11	7.34	2.96	2.53	1.09	0.72
Class C (WSICX)	1-31-2013	5.47	2.34	1.98	6.47	2.34	1.98	1.84	1.47
Administrator Class (WSIDX)	1-31-2013	–	–	–	7.28	3.04	2.61	1.04	0.67
Institutional Class (WSINX)	1-31-2013	–	–	–	7.71	3.28	2.84	0.77	0.40
Bloomberg U.S. Aggregate Bond Index3	–	–	–	–	1.70	0.36	1.54	–	–

Index returns do not include transaction costs associated with buying and selling securities, any mutual fund fees or expenses, or any taxes. It is not possible to invest directly in an index.

For Class A shares, the maximum front-end sales charge is 4.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.


1	Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses.
2	The manager has contractually committed through January 31, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.71% for Class A, 1.46% for Class C, 0.66% for Administrator Class and 0.39% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses.
3	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

All investing involves risk, including the possible loss of principal. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. High yield securities and junk bonds have a greater risk of default and tend to be more volatile than higher-rated securities with similar maturities. Consult the Fund’s prospectus for additional information on these and other risks.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6 | Allspring Income Plus Fund

Performance highlights (unaudited)

Ten largest holdings (%) as of March 31, 20241
GNMA, 6.00%, 4-18-2054	5.99
GNMA, 6.50%, 4-18-2054	5.98
FNMA, 6.00%, 4-11-2054	5.12
FNMA, 6.50%, 4-11-2054	5.11
U.S. Treasury Notes, 4.25%, 12-31-2025	4.49
U.K. Gilts, 3.25%, 1-31-2033	3.60
Spain, 0.00%, 1-31-2028	2.15
French Republic, 0.75%, 2-25-2028	2.00
U.S. Treasury Notes, 4.25%, 1-31-2026	1.50
Malaysia, 3.88%, 3-14-2025	1.49

1	Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified.

Portfolio composition as of March 31, 20241

1	Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified.

Credit quality as of March 31, 20241