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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, 3rd Floor, Charlotte, NC 28203

(Address of principal executive offices) (Zip code)

 

 

Matthew Prasse

Allspring Funds Management, LLC

1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203

(Name and address of agent for service)

 

 

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

Date of fiscal year end: July 31

 

 

Registrant is making a filing for 7 of its series: Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Large Company Value Fund, Allspring Premier Large Company Growth Fund and Allspring Special Large Cap Value Fund.

Date of reporting period: January 31, 2025

 

 

 


ITEM 1. REPORT TO STOCKHOLDERS

Image

Semi-Annual Shareholder Report

Special Large Cap Value Fund 

January 31, 2025 

EIVDX

Administrator Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Administrator Class
$42
0.81%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,351,929,222
# of portfolio holdings
46
Portfolio turnover rate
16%
Total advisory fees paid
$2,771,950

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.1
Industrials
17.6
Health care
14.1
Information technology
11.1
Consumer staples
7.8
Energy
6.2
Consumer discretionary
5.8
Communication services
4.5
Real estate
4.3
Materials
3.5
Utilities
3.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Alphabet, Inc. Class C
4.4
Canadian Pacific Kansas City Ltd.
4.2
Citigroup, Inc.
3.9
Berkshire Hathaway, Inc. Class B
3.7
Intercontinental Exchange, Inc.
3.5
Bank of America Corp.
3.4
Labcorp Holdings, Inc.
3.2
AerCap Holdings NV
3.0
NextEra Energy, Inc.
2.9
Microsoft Corp.
2.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3750 01-25 

Image

Semi-Annual Shareholder Report

Special Large Cap Value Fund 

January 31, 2025 

EIVAX

Class A 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class A
$46
0.88%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,351,929,222
# of portfolio holdings
46
Portfolio turnover rate
16%
Total advisory fees paid
$2,771,950

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.1
Industrials
17.6
Health care
14.1
Information technology
11.1
Consumer staples
7.8
Energy
6.2
Consumer discretionary
5.8
Communication services
4.5
Real estate
4.3
Materials
3.5
Utilities
3.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Alphabet, Inc. Class C
4.4
Canadian Pacific Kansas City Ltd.
4.2
Citigroup, Inc.
3.9
Berkshire Hathaway, Inc. Class B
3.7
Intercontinental Exchange, Inc.
3.5
Bank of America Corp.
3.4
Labcorp Holdings, Inc.
3.2
AerCap Holdings NV
3.0
NextEra Energy, Inc.
2.9
Microsoft Corp.
2.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4302 01-25 

Image

Semi-Annual Shareholder Report

Special Large Cap Value Fund 

January 31, 2025 

EIVCX

Class C 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class C
$84
1.62%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,351,929,222
# of portfolio holdings
46
Portfolio turnover rate
16%
Total advisory fees paid
$2,771,950

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.1
Industrials
17.6
Health care
14.1
Information technology
11.1
Consumer staples
7.8
Energy
6.2
Consumer discretionary
5.8
Communication services
4.5
Real estate
4.3
Materials
3.5
Utilities
3.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Alphabet, Inc. Class C
4.4
Canadian Pacific Kansas City Ltd.
4.2
Citigroup, Inc.
3.9
Berkshire Hathaway, Inc. Class B
3.7
Intercontinental Exchange, Inc.
3.5
Bank of America Corp.
3.4
Labcorp Holdings, Inc.
3.2
AerCap Holdings NV
3.0
NextEra Energy, Inc.
2.9
Microsoft Corp.
2.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR0417 01-25 

Image

Semi-Annual Shareholder Report

Special Large Cap Value Fund 

January 31, 2025 

EIVFX

Class R6 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class R6
$24
0.46%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,351,929,222
# of portfolio holdings
46
Portfolio turnover rate
16%
Total advisory fees paid
$2,771,950

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.1
Industrials
17.6
Health care
14.1
Information technology
11.1
Consumer staples
7.8
Energy
6.2
Consumer discretionary
5.8
Communication services
4.5
Real estate
4.3
Materials
3.5
Utilities
3.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Alphabet, Inc. Class C
4.4
Canadian Pacific Kansas City Ltd.
4.2
Citigroup, Inc.
3.9
Berkshire Hathaway, Inc. Class B
3.7
Intercontinental Exchange, Inc.
3.5
Bank of America Corp.
3.4
Labcorp Holdings, Inc.
3.2
AerCap Holdings NV
3.0
NextEra Energy, Inc.
2.9
Microsoft Corp.
2.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4652 01-25 

Image

Semi-Annual Shareholder Report

Special Large Cap Value Fund 

January 31, 2025 

EIVIX

Institutional Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Institutional Class
$29
0.56%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,351,929,222
# of portfolio holdings
46
Portfolio turnover rate
16%
Total advisory fees paid
$2,771,950

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.1
Industrials
17.6
Health care
14.1
Information technology
11.1
Consumer staples
7.8
Energy
6.2
Consumer discretionary
5.8
Communication services
4.5
Real estate
4.3
Materials
3.5
Utilities
3.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Alphabet, Inc. Class C
4.4
Canadian Pacific Kansas City Ltd.
4.2
Citigroup, Inc.
3.9
Berkshire Hathaway, Inc. Class B
3.7
Intercontinental Exchange, Inc.
3.5
Bank of America Corp.
3.4
Labcorp Holdings, Inc.
3.2
AerCap Holdings NV
3.0
NextEra Energy, Inc.
2.9
Microsoft Corp.
2.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR0517 01-25 

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Semi-Annual Shareholder Report

Disciplined U.S. Core Fund 

January 31, 2025 

EVSYX

Administrator Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Administrator Class
$40
0.74%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,236,349,462
# of portfolio holdings
156
Portfolio turnover rate
14%
Total advisory fees paid
$2,034,288

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
30.8
Financials
14.9
Consumer discretionary
10.8
Communication services
10.4
Health care
9.8
Industrials
8.4
Consumer staples
6.1
Real estate
2.5
Energy
2.4
Utilities
2.4
Materials
1.5

TOP TEN HOLDINGS (% OF NET ASSETS) 

Apple, Inc.
6.6
Microsoft Corp.
6.1
NVIDIA Corp.
5.5
Amazon.com, Inc.
4.6
Meta Platforms, Inc. Class A
3.3
Broadcom, Inc.
2.5
Alphabet, Inc. Class C
2.3
Tesla, Inc.
2.0
Alphabet, Inc. Class A
2.0
JPMorgan Chase & Co.
1.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR0716 01-25 

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Semi-Annual Shareholder Report

Disciplined U.S. Core Fund 

January 31, 2025 

EVSAX

Class A 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class A
$44
0.83%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,236,349,462
# of portfolio holdings
156
Portfolio turnover rate
14%
Total advisory fees paid
$2,034,288

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
30.8
Financials
14.9
Consumer discretionary
10.8
Communication services
10.4
Health care
9.8
Industrials
8.4
Consumer staples
6.1
Real estate
2.5
Energy
2.4
Utilities
2.4
Materials
1.5

TOP TEN HOLDINGS (% OF NET ASSETS) 

Apple, Inc.
6.6
Microsoft Corp.
6.1
NVIDIA Corp.
5.5
Amazon.com, Inc.
4.6
Meta Platforms, Inc. Class A
3.3
Broadcom, Inc.
2.5
Alphabet, Inc. Class C
2.3
Tesla, Inc.
2.0
Alphabet, Inc. Class A
2.0
JPMorgan Chase & Co.
1.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR0616 01-25 

Image

Semi-Annual Shareholder Report

Disciplined U.S. Core Fund 

January 31, 2025 

EVSTX

Class C 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class C
$84
1.58%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,236,349,462
# of portfolio holdings
156
Portfolio turnover rate
14%
Total advisory fees paid
$2,034,288

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
30.8
Financials
14.9
Consumer discretionary
10.8
Communication services
10.4
Health care
9.8
Industrials
8.4
Consumer staples
6.1
Real estate
2.5
Energy
2.4
Utilities
2.4
Materials
1.5

TOP TEN HOLDINGS (% OF NET ASSETS) 

Apple, Inc.
6.6
Microsoft Corp.
6.1
NVIDIA Corp.
5.5
Amazon.com, Inc.
4.6
Meta Platforms, Inc. Class A
3.3
Broadcom, Inc.
2.5
Alphabet, Inc. Class C
2.3
Tesla, Inc.
2.0
Alphabet, Inc. Class A
2.0
JPMorgan Chase & Co.
1.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4505 01-25 

Image

Semi-Annual Shareholder Report

Disciplined U.S. Core Fund 

January 31, 2025 

EVSRX

Class R6 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class R6
$22
0.41%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,236,349,462
# of portfolio holdings
156
Portfolio turnover rate
14%
Total advisory fees paid
$2,034,288

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
30.8
Financials
14.9
Consumer discretionary
10.8
Communication services
10.4
Health care
9.8
Industrials
8.4
Consumer staples
6.1
Real estate
2.5
Energy
2.4
Utilities
2.4
Materials
1.5

TOP TEN HOLDINGS (% OF NET ASSETS) 

Apple, Inc.
6.6
Microsoft Corp.
6.1
NVIDIA Corp.
5.5
Amazon.com, Inc.
4.6
Meta Platforms, Inc. Class A
3.3
Broadcom, Inc.
2.5
Alphabet, Inc. Class C
2.3
Tesla, Inc.
2.0
Alphabet, Inc. Class A
2.0
JPMorgan Chase & Co.
1.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4680 01-25 

Image

Semi-Annual Shareholder Report

Disciplined U.S. Core Fund 

January 31, 2025 

EVSIX

Institutional Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Institutional Class
$26
0.48%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,236,349,462
# of portfolio holdings
156
Portfolio turnover rate
14%
Total advisory fees paid
$2,034,288

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
30.8
Financials
14.9
Consumer discretionary
10.8
Communication services
10.4
Health care
9.8
Industrials
8.4
Consumer staples
6.1
Real estate
2.5
Energy
2.4
Utilities
2.4
Materials
1.5

TOP TEN HOLDINGS (% OF NET ASSETS) 

Apple, Inc.
6.6
Microsoft Corp.
6.1
NVIDIA Corp.
5.5
Amazon.com, Inc.
4.6
Meta Platforms, Inc. Class A
3.3
Broadcom, Inc.
2.5
Alphabet, Inc. Class C
2.3
Tesla, Inc.
2.0
Alphabet, Inc. Class A
2.0
JPMorgan Chase & Co.
1.7

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4102 01-25 

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Semi-Annual Shareholder Report

Growth Fund 

January 31, 2025 

SGRKX

Administrator Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Administrator Class
$52
0.96%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$3,560,489,402
# of portfolio holdings
69
Portfolio turnover rate
45%
Total advisory fees paid
$12,845,277

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
40.6
Consumer discretionary
15.3
Communication services
13.3
Financials
12.3
Health care
8.3
Industrials
7.2
Materials
1.9
Consumer staples
1.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Meta Platforms, Inc. Class A
6.9
Amazon.com, Inc.
6.8
Microsoft Corp.
6.6
NVIDIA Corp.
6.5
Apple, Inc.
3.2
Broadcom, Inc.
2.9
Salesforce, Inc.
2.5
Alphabet, Inc. Class A
2.4
Robinhood Markets, Inc. Class A
2.4
Mastercard, Inc. Class A
2.1

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3608 01-25 

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Semi-Annual Shareholder Report

Growth Fund 

January 31, 2025 

SGRAX

Class A 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class A
$62
1.15%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$3,560,489,402
# of portfolio holdings
69
Portfolio turnover rate
45%
Total advisory fees paid
$12,845,277

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
40.6
Consumer discretionary
15.3
Communication services
13.3
Financials
12.3
Health care
8.3
Industrials
7.2
Materials
1.9
Consumer staples
1.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Meta Platforms, Inc. Class A
6.9
Amazon.com, Inc.
6.8
Microsoft Corp.
6.6
NVIDIA Corp.
6.5
Apple, Inc.
3.2
Broadcom, Inc.
2.9
Salesforce, Inc.
2.5
Alphabet, Inc. Class A
2.4
Robinhood Markets, Inc. Class A
2.4
Mastercard, Inc. Class A
2.1

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3009 01-25 

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Semi-Annual Shareholder Report

Growth Fund 

January 31, 2025 

WGFCX

Class C 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class C
$102
1.90%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$3,560,489,402
# of portfolio holdings
69
Portfolio turnover rate
45%
Total advisory fees paid
$12,845,277

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
40.6
Consumer discretionary
15.3
Communication services
13.3
Financials
12.3
Health care
8.3
Industrials
7.2
Materials
1.9
Consumer staples
1.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Meta Platforms, Inc. Class A
6.9
Amazon.com, Inc.
6.8
Microsoft Corp.
6.6
NVIDIA Corp.
6.5
Apple, Inc.
3.2
Broadcom, Inc.
2.9
Salesforce, Inc.
2.5
Alphabet, Inc. Class A
2.4
Robinhood Markets, Inc. Class A
2.4
Mastercard, Inc. Class A
2.1

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3510 01-25 

Image

Semi-Annual Shareholder Report

Growth Fund 

January 31, 2025 

SGRHX

Class R6 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class R6
$38
0.70%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$3,560,489,402
# of portfolio holdings
69
Portfolio turnover rate
45%
Total advisory fees paid
$12,845,277

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
40.6
Consumer discretionary
15.3
Communication services
13.3
Financials
12.3
Health care
8.3
Industrials
7.2
Materials
1.9
Consumer staples
1.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Meta Platforms, Inc. Class A
6.9
Amazon.com, Inc.
6.8
Microsoft Corp.
6.6
NVIDIA Corp.
6.5
Apple, Inc.
3.2
Broadcom, Inc.
2.9
Salesforce, Inc.
2.5
Alphabet, Inc. Class A
2.4
Robinhood Markets, Inc. Class A
2.4
Mastercard, Inc. Class A
2.1

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4683 01-25 

Image

Semi-Annual Shareholder Report

Growth Fund 

January 31, 2025 

SGRNX

Institutional Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Institutional Class
$40
0.75%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$3,560,489,402
# of portfolio holdings
69
Portfolio turnover rate
45%
Total advisory fees paid
$12,845,277

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
40.6
Consumer discretionary
15.3
Communication services
13.3
Financials
12.3
Health care
8.3
Industrials
7.2
Materials
1.9
Consumer staples
1.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Meta Platforms, Inc. Class A
6.9
Amazon.com, Inc.
6.8
Microsoft Corp.
6.6
NVIDIA Corp.
6.5
Apple, Inc.
3.2
Broadcom, Inc.
2.9
Salesforce, Inc.
2.5
Alphabet, Inc. Class A
2.4
Robinhood Markets, Inc. Class A
2.4
Mastercard, Inc. Class A
2.1

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3105 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Core Fund 

January 31, 2025 

WFLLX

Administrator Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Administrator Class
$52
0.97%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$573,537,623
# of portfolio holdings
53
Portfolio turnover rate
21%
Total advisory fees paid
$1,587,501

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
32.4
Financials
13.5
Health care
12.0
Communication services
10.7
Industrials
9.3
Consumer discretionary
9.2
Energy
3.9
Consumer staples
3.8
Real estate
3.1
Materials
2.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
4.8
Apple, Inc.
4.5
Alphabet, Inc. Class C
4.1
Twilio, Inc. Class A
3.7
Broadcom, Inc.
3.3
Amazon.com, Inc.
2.8
Interactive Brokers Group, Inc. Class A
2.6
Netflix, Inc.
2.5
Exelixis, Inc.
2.3
Costco Wholesale Corp.
2.2

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3723 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Core Fund 

January 31, 2025 

EGOAX

Class A 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class A
$58
1.07%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$573,537,623
# of portfolio holdings
53
Portfolio turnover rate
21%
Total advisory fees paid
$1,587,501

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
32.4
Financials
13.5
Health care
12.0
Communication services
10.7
Industrials
9.3
Consumer discretionary
9.2
Energy
3.9
Consumer staples
3.8
Real estate
3.1
Materials
2.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
4.8
Apple, Inc.
4.5
Alphabet, Inc. Class C
4.1
Twilio, Inc. Class A
3.7
Broadcom, Inc.
3.3
Amazon.com, Inc.
2.8
Interactive Brokers Group, Inc. Class A
2.6
Netflix, Inc.
2.5
Exelixis, Inc.
2.3
Costco Wholesale Corp.
2.2

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4314 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Core Fund 

January 31, 2025 

EGOCX

Class C 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class C
$98
1.82%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$573,537,623
# of portfolio holdings
53
Portfolio turnover rate
21%
Total advisory fees paid
$1,587,501

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
32.4
Financials
13.5
Health care
12.0
Communication services
10.7
Industrials
9.3
Consumer discretionary
9.2
Energy
3.9
Consumer staples
3.8
Real estate
3.1
Materials
2.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
4.8
Apple, Inc.
4.5
Alphabet, Inc. Class C
4.1
Twilio, Inc. Class A
3.7
Broadcom, Inc.
3.3
Amazon.com, Inc.
2.8
Interactive Brokers Group, Inc. Class A
2.6
Netflix, Inc.
2.5
Exelixis, Inc.
2.3
Costco Wholesale Corp.
2.2

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4519 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Core Fund 

January 31, 2025 

EGORX

Class R6 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class R6
$35
0.65%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$573,537,623
# of portfolio holdings
53
Portfolio turnover rate
21%
Total advisory fees paid
$1,587,501

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
32.4
Financials
13.5
Health care
12.0
Communication services
10.7
Industrials
9.3
Consumer discretionary
9.2
Energy
3.9
Consumer staples
3.8
Real estate
3.1
Materials
2.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
4.8
Apple, Inc.
4.5
Alphabet, Inc. Class C
4.1
Twilio, Inc. Class A
3.7
Broadcom, Inc.
3.3
Amazon.com, Inc.
2.8
Interactive Brokers Group, Inc. Class A
2.6
Netflix, Inc.
2.5
Exelixis, Inc.
2.3
Costco Wholesale Corp.
2.2

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4685 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Core Fund 

January 31, 2025 

EGOIX

Institutional Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Institutional Class
$36
0.67%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$573,537,623
# of portfolio holdings
53
Portfolio turnover rate
21%
Total advisory fees paid
$1,587,501

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
32.4
Financials
13.5
Health care
12.0
Communication services
10.7
Industrials
9.3
Consumer discretionary
9.2
Energy
3.9
Consumer staples
3.8
Real estate
3.1
Materials
2.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
4.8
Apple, Inc.
4.5
Alphabet, Inc. Class C
4.1
Twilio, Inc. Class A
3.7
Broadcom, Inc.
3.3
Amazon.com, Inc.
2.8
Interactive Brokers Group, Inc. Class A
2.6
Netflix, Inc.
2.5
Exelixis, Inc.
2.3
Costco Wholesale Corp.
2.2

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4703 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Growth Fund 

January 31, 2025 

STDFX

Administrator Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Administrator Class
$50
0.94%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$988,074,220
# of portfolio holdings
37
Portfolio turnover rate
33%
Total advisory fees paid
$2,711,012

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
41.7
Consumer discretionary
16.7
Communication services
15.5
Financials
12.1
Health care
7.9
Industrials
6.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Amazon.com, Inc.
9.4
Microsoft Corp.
9.0
Meta Platforms, Inc. Class A
7.7
Apple, Inc.
6.9
NVIDIA Corp.
6.0
Alphabet, Inc. Class A
3.4
Salesforce, Inc.
3.1
Broadcom, Inc.
2.8
General Electric Co.
2.6
ServiceNow, Inc.
2.6

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3751 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Growth Fund 

January 31, 2025 

STAFX

Class A 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class A
$55
1.02%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$988,074,220
# of portfolio holdings
37
Portfolio turnover rate
33%
Total advisory fees paid
$2,711,012

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
41.7
Consumer discretionary
16.7
Communication services
15.5
Financials
12.1
Health care
7.9
Industrials
6.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Amazon.com, Inc.
9.4
Microsoft Corp.
9.0
Meta Platforms, Inc. Class A
7.7
Apple, Inc.
6.9
NVIDIA Corp.
6.0
Alphabet, Inc. Class A
3.4
Salesforce, Inc.
3.1
Broadcom, Inc.
2.8
General Electric Co.
2.6
ServiceNow, Inc.
2.6

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3354 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Growth Fund 

January 31, 2025 

STOFX

Class C 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class C
$95
1.77%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$988,074,220
# of portfolio holdings
37
Portfolio turnover rate
33%
Total advisory fees paid
$2,711,012

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
41.7
Consumer discretionary
16.7
Communication services
15.5
Financials
12.1
Health care
7.9
Industrials
6.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Amazon.com, Inc.
9.4
Microsoft Corp.
9.0
Meta Platforms, Inc. Class A
7.7
Apple, Inc.
6.9
NVIDIA Corp.
6.0
Alphabet, Inc. Class A
3.4
Salesforce, Inc.
3.1
Broadcom, Inc.
2.8
General Electric Co.
2.6
ServiceNow, Inc.
2.6

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3549 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Growth Fund 

January 31, 2025 

STFFX

Class R6 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class R6
$32
0.60%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$988,074,220
# of portfolio holdings
37
Portfolio turnover rate
33%
Total advisory fees paid
$2,711,012

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
41.7
Consumer discretionary
16.7
Communication services
15.5
Financials
12.1
Health care
7.9
Industrials
6.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Amazon.com, Inc.
9.4
Microsoft Corp.
9.0
Meta Platforms, Inc. Class A
7.7
Apple, Inc.
6.9
NVIDIA Corp.
6.0
Alphabet, Inc. Class A
3.4
Salesforce, Inc.
3.1
Broadcom, Inc.
2.8
General Electric Co.
2.6
ServiceNow, Inc.
2.6

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4653 01-25 

Image

Semi-Annual Shareholder Report

Large Cap Growth Fund 

January 31, 2025 

STNFX

Institutional Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Institutional Class
$38
0.70%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$988,074,220
# of portfolio holdings
37
Portfolio turnover rate
33%
Total advisory fees paid
$2,711,012

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
41.7
Consumer discretionary
16.7
Communication services
15.5
Financials
12.1
Health care
7.9
Industrials
6.1

TOP TEN HOLDINGS (% OF NET ASSETS) 

Amazon.com, Inc.
9.4
Microsoft Corp.
9.0
Meta Platforms, Inc. Class A
7.7
Apple, Inc.
6.9
NVIDIA Corp.
6.0
Alphabet, Inc. Class A
3.4
Salesforce, Inc.
3.1
Broadcom, Inc.
2.8
General Electric Co.
2.6
ServiceNow, Inc.
2.6

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4137 01-25 

Image

Semi-Annual Shareholder Report

Large Company Value Fund 

January 31, 2025 

WWIDX

Administrator Class 

This semi-annual shareholder report contains important information about Large Company Value Fund for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Administrator Class
$39
0.75%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$245,917,423
# of portfolio holdings
129
Portfolio turnover rate
84%
Total advisory fees paid
$345,299

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.6
Health care
16.1
Industrials
13.4
Consumer staples
8.4
Information technology
7.9
Communication services
5.9
Consumer discretionary
5.5
Energy
5.5
Materials
5.4
Real estate
5.3
Utilities
4.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Charles Schwab Corp.
2.6
CRH PLC
2.2
Kinder Morgan, Inc.
2.1
Philip Morris International, Inc.
2.1
Allstate Corp.
2.1
GoDaddy, Inc. Class A
2.1
Citigroup, Inc.
2.0
Cummins, Inc.
2.0
Parker-Hannifin Corp.
2.0
Berkshire Hathaway, Inc. Class B
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3607 01-25 

Image

Semi-Annual Shareholder Report

Large Company Value Fund 

January 31, 2025 

WLCAX

Class A 

This semi-annual shareholder report contains important information about Large Company Value Fund for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class A
$42
0.82%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$245,917,423
# of portfolio holdings
129
Portfolio turnover rate
84%
Total advisory fees paid
$345,299

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.6
Health care
16.1
Industrials
13.4
Consumer staples
8.4
Information technology
7.9
Communication services
5.9
Consumer discretionary
5.5
Energy
5.5
Materials
5.4
Real estate
5.3
Utilities
4.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Charles Schwab Corp.
2.6
CRH PLC
2.2
Kinder Morgan, Inc.
2.1
Philip Morris International, Inc.
2.1
Allstate Corp.
2.1
GoDaddy, Inc. Class A
2.1
Citigroup, Inc.
2.0
Cummins, Inc.
2.0
Parker-Hannifin Corp.
2.0
Berkshire Hathaway, Inc. Class B
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3325 01-25 

Image

Semi-Annual Shareholder Report

Large Company Value Fund 

January 31, 2025 

WFLVX

Class C 

This semi-annual shareholder report contains important information about Large Company Value Fund for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class C
$81
1.57%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$245,917,423
# of portfolio holdings
129
Portfolio turnover rate
84%
Total advisory fees paid
$345,299

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.6
Health care
16.1
Industrials
13.4
Consumer staples
8.4
Information technology
7.9
Communication services
5.9
Consumer discretionary
5.5
Energy
5.5
Materials
5.4
Real estate
5.3
Utilities
4.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Charles Schwab Corp.
2.6
CRH PLC
2.2
Kinder Morgan, Inc.
2.1
Philip Morris International, Inc.
2.1
Allstate Corp.
2.1
GoDaddy, Inc. Class A
2.1
Citigroup, Inc.
2.0
Cummins, Inc.
2.0
Parker-Hannifin Corp.
2.0
Berkshire Hathaway, Inc. Class B
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3536 01-25 

Image

Semi-Annual Shareholder Report

Large Company Value Fund 

January 31, 2025 

WTLVX

Class R6 

This semi-annual shareholder report contains important information about Large Company Value Fund for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class R6
$21
0.40%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$245,917,423
# of portfolio holdings
129
Portfolio turnover rate
84%
Total advisory fees paid
$345,299

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.6
Health care
16.1
Industrials
13.4
Consumer staples
8.4
Information technology
7.9
Communication services
5.9
Consumer discretionary
5.5
Energy
5.5
Materials
5.4
Real estate
5.3
Utilities
4.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Charles Schwab Corp.
2.6
CRH PLC
2.2
Kinder Morgan, Inc.
2.1
Philip Morris International, Inc.
2.1
Allstate Corp.
2.1
GoDaddy, Inc. Class A
2.1
Citigroup, Inc.
2.0
Cummins, Inc.
2.0
Parker-Hannifin Corp.
2.0
Berkshire Hathaway, Inc. Class B
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4693 01-25 

Image

Semi-Annual Shareholder Report

Large Company Value Fund 

January 31, 2025 

WLCIX

Institutional Class 

This semi-annual shareholder report contains important information about Large Company Value Fund for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Institutional Class
$26
0.50%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$245,917,423
# of portfolio holdings
129
Portfolio turnover rate
84%
Total advisory fees paid
$345,299

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Financials
22.6
Health care
16.1
Industrials
13.4
Consumer staples
8.4
Information technology
7.9
Communication services
5.9
Consumer discretionary
5.5
Energy
5.5
Materials
5.4
Real estate
5.3
Utilities
4.0

TOP TEN HOLDINGS (% OF NET ASSETS) 

Charles Schwab Corp.
2.6
CRH PLC
2.2
Kinder Morgan, Inc.
2.1
Philip Morris International, Inc.
2.1
Allstate Corp.
2.1
GoDaddy, Inc. Class A
2.1
Citigroup, Inc.
2.0
Cummins, Inc.
2.0
Parker-Hannifin Corp.
2.0
Berkshire Hathaway, Inc. Class B
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3156 01-25 

Image

Semi-Annual Shareholder Report

Premier Large Company Growth Fund 

January 31, 2025 

WFPDX

Administrator Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Administrator Class
$55
1.00%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,426,075,915
# of portfolio holdings
63
Portfolio turnover rate
32%
Total advisory fees paid
$4,472,611

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
38.3
Consumer discretionary
17.4
Communication services
14.9
Industrials
11.2
Financials
10.3
Health care
7.3
Consumer staples
0.6

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
7.6
NVIDIA Corp.
6.4
Meta Platforms, Inc. Class A
6.4
Amazon.com, Inc.
5.8
Broadcom, Inc.
3.1
Salesforce, Inc.
2.6
Apple, Inc.
2.4
Robinhood Markets, Inc. Class A
2.3
Mastercard, Inc. Class A
2.1
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR3721 01-25 

Image

Semi-Annual Shareholder Report

Premier Large Company Growth Fund 

January 31, 2025 

EKJAX

Class A 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class A
$61
1.10%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,426,075,915
# of portfolio holdings
63
Portfolio turnover rate
32%
Total advisory fees paid
$4,472,611

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
38.3
Consumer discretionary
17.4
Communication services
14.9
Industrials
11.2
Financials
10.3
Health care
7.3
Consumer staples
0.6

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
7.6
NVIDIA Corp.
6.4
Meta Platforms, Inc. Class A
6.4
Amazon.com, Inc.
5.8
Broadcom, Inc.
3.1
Salesforce, Inc.
2.6
Apple, Inc.
2.4
Robinhood Markets, Inc. Class A
2.3
Mastercard, Inc. Class A
2.1
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4325 01-25 

Image

Semi-Annual Shareholder Report

Premier Large Company Growth Fund 

January 31, 2025 

EKJCX

Class C 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class C
$102
1.85%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,426,075,915
# of portfolio holdings
63
Portfolio turnover rate
32%
Total advisory fees paid
$4,472,611

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
38.3
Consumer discretionary
17.4
Communication services
14.9
Industrials
11.2
Financials
10.3
Health care
7.3
Consumer staples
0.6

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
7.6
NVIDIA Corp.
6.4
Meta Platforms, Inc. Class A
6.4
Amazon.com, Inc.
5.8
Broadcom, Inc.
3.1
Salesforce, Inc.
2.6
Apple, Inc.
2.4
Robinhood Markets, Inc. Class A
2.3
Mastercard, Inc. Class A
2.1
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR0948 01-25 

Image

Semi-Annual Shareholder Report

Premier Large Company Growth Fund 

January 31, 2025 

EKJFX

Class R6 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Class R6
$36
0.65%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,426,075,915
# of portfolio holdings
63
Portfolio turnover rate
32%
Total advisory fees paid
$4,472,611

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
38.3
Consumer discretionary
17.4
Communication services
14.9
Industrials
11.2
Financials
10.3
Health care
7.3
Consumer staples
0.6

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
7.6
NVIDIA Corp.
6.4
Meta Platforms, Inc. Class A
6.4
Amazon.com, Inc.
5.8
Broadcom, Inc.
3.1
Salesforce, Inc.
2.6
Apple, Inc.
2.4
Robinhood Markets, Inc. Class A
2.3
Mastercard, Inc. Class A
2.1
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4654 01-25 

Image

Semi-Annual Shareholder Report

Premier Large Company Growth Fund 

January 31, 2025 

EKJYX

Institutional Class 

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

What were the Fund costs for the past 6 months?

The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

CLASS NAME
COSTS OF A $10,000 INVESTMENT
COSTS PAID AS A % OF A $10,000 INVESTMENT
Institutional Class
$39
0.70%Footnote Reference1
Footnote Description
Footnote1
Annualized

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

KEY FUND STATISTICS

Total net assets
$1,426,075,915
# of portfolio holdings
63
Portfolio turnover rate
32%
Total advisory fees paid
$4,472,611

What did the Fund invest in? 

SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

Information technology
38.3
Consumer discretionary
17.4
Communication services
14.9
Industrials
11.2
Financials
10.3
Health care
7.3
Consumer staples
0.6

TOP TEN HOLDINGS (% OF NET ASSETS) 

Microsoft Corp.
7.6
NVIDIA Corp.
6.4
Meta Platforms, Inc. Class A
6.4
Amazon.com, Inc.
5.8
Broadcom, Inc.
3.1
Salesforce, Inc.
2.6
Apple, Inc.
2.4
Robinhood Markets, Inc. Class A
2.3
Mastercard, Inc. Class A
2.1
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
2.0

For more information

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

         - Prospectus  - Financial Information  - Fund holdings  - Proxy voting information 

 

SAR4123 01-25 


ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

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

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

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

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

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


Allspring Disciplined U.S. Core Fund
Long Form Financial Statements
Semi-Annual Report
January 31, 2025


Contents
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9
11
12
13
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23
24
24
24
24
Allspring Disciplined U.S. Core Fund | 1

Portfolio of investments—January 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Shares
Value
Common stocks:  97.99%
 
Communication services:  10.23%
 
Diversified telecommunication services:  0.52%
 
AT&T, Inc.
 
271,124
$6,433,773
Entertainment:  1.78%
 
Netflix, Inc.
 
16,222
15,845,001
Spotify Technology SA
 
11,155
6,119,075
 
 
21,964,076
Interactive media & services:  7.60%
 
Alphabet, Inc. Class A
 
120,282
24,539,934
Alphabet, Inc. Class C
 
139,577
28,697,031
Meta Platforms, Inc. Class A
 
59,056
40,700,214
 
 
93,937,179
Media:  0.33%
 
Comcast Corp. Class A
 
120,687
4,062,324
Consumer discretionary:  10.58%
 
Automobiles:  2.12%
 
Ford Motor Co.
 
108,364
1,092,309
Tesla, Inc.
 
62,182
25,158,837
 
 
26,251,146
Broadline retail:  4.83%
 
Amazon.com, Inc.
 
239,700
56,971,896
eBay, Inc.
 
39,956
2,696,231
 
 
59,668,127
Hotels, restaurants & leisure:  0.85%
 
Expedia Group, Inc.
 
26,246
4,486,754
McDonalds Corp.
 
15,745
4,545,581
Royal Caribbean Cruises Ltd.
 
5,781
1,541,215
 
 
10,573,550
Household durables:  0.64%
 
Lennar Corp. Class A
 
30,847
4,048,360
PulteGroup, Inc.
 
33,571
3,819,709
 
 
7,868,069
Specialty retail:  1.72%
 
Home Depot, Inc.
 
27,857
11,476,527
TJX Cos., Inc.
 
78,840
9,838,444
 
 
21,314,971
Textiles, apparel & luxury goods:  0.42%
 
Crocs, Inc.
 
11,146
1,137,672
Deckers Outdoor Corp.
 
22,734
4,032,102
 
 
5,169,774
The accompanying notes are an integral part of these financial statements.
2 | Allspring Disciplined U.S. Core Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Consumer staples:  6.01%
 
Beverages:  0.39%
 
PepsiCo, Inc.
 
31,663
$4,771,297
Consumer staples distribution & retail:  2.80%
 
Costco Wholesale Corp.
 
14,902
14,602,172
Target Corp.
 
33,691
4,646,326
Walmart, Inc.
 
156,690
15,380,690
 
 
34,629,188
Food products:  0.21%
 
Archer-Daniels-Midland Co.
 
17,570
900,111
Bunge Global SA
 
22,542
1,716,123
 
 
2,616,234
Household products:  1.51%
 
Colgate-Palmolive Co.
 
80,939
7,017,411
Kimberly-Clark Corp.
 
36,601
4,757,032
Procter & Gamble Co.
 
41,490
6,886,925
 
 
18,661,368
Tobacco:  1.10%
 
Altria Group, Inc.
 
167,863
8,767,485
Philip Morris International, Inc.
 
37,616
4,897,603
 
 
13,665,088
Energy:  2.39%
 
Oil, gas & consumable fuels:  2.39%
 
Chevron Corp.
 
34,695
5,176,147
EOG Resources, Inc.
 
27,121
3,411,551
Exxon Mobil Corp.
 
70,968
7,581,511
Marathon Petroleum Corp.
 
33,597
4,895,419
Phillips 66
 
31,117
3,667,761
Valero Energy Corp.
 
36,054
4,795,182
 
 
29,527,571
Financials:  14.61%
 
Banks:  4.19%
 
Bank of America Corp.
 
130,100
6,023,630
Citigroup, Inc.
 
94,596
7,702,952
East West Bancorp, Inc.
 
39,368
4,053,723
JPMorgan Chase & Co.
 
78,774
21,056,290
Wells Fargo & Co.
 
164,286
12,945,737
 
 
51,782,332
Capital markets:  3.09%
 
Ameriprise Financial, Inc.
 
15,287
8,306,344
Bank of New York Mellon Corp.
 
107,111
9,204,048
BlackRock, Inc.
 
3,176
3,415,788
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 3

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Capital markets(continued)
 
Goldman Sachs Group, Inc.
 
16,527
$10,583,891
Interactive Brokers Group, Inc. Class A
 
30,581
6,649,533
 
 
38,159,604
Consumer finance:  0.68%
 
American Express Co.
 
8,836
2,804,988
Capital One Financial Corp.
 
27,846
5,672,509
 
 
8,477,497
Financial services:  4.37%
 
Apollo Global Management, Inc.
 
41,408
7,079,940
Berkshire Hathaway, Inc. Class B
 
39,107
18,328,278
Corpay, Inc.
 
6,031
2,294,735
Mastercard, Inc. Class A
 
13,061
7,254,471
PayPal Holdings, Inc.
 
33,524
2,969,556
Visa, Inc. Class A
 
47,336
16,179,445
 
 
54,106,425
Insurance:  2.28%
 
Everest Group Ltd.
 
6,021
2,092,358
Hartford Financial Services Group, Inc.
 
58,568
6,533,260
MetLife, Inc.
 
57,953
5,013,514
Progressive Corp.
 
31,185
7,685,232
Reinsurance Group of America, Inc.
 
29,940
6,822,128
 
 
28,146,492
Health care:  9.61%
 
Biotechnology:  2.01%
 
AbbVie, Inc.
 
52,727
9,696,495
Amgen, Inc.
 
5,429
1,549,545
Exelixis, Inc.
 
172,007
5,702,032
Gilead Sciences, Inc.
 
21,247
2,065,209
Regeneron Pharmaceuticals, Inc.
 
5,588
3,760,612
Vertex Pharmaceuticals, Inc.
 
4,597
2,122,343
 
 
24,896,236
Health care equipment & supplies:  2.18%
 
Abbott Laboratories
 
45,562
5,828,747
Boston Scientific Corp.
 
47,941
4,907,241
Hologic, Inc.
 
27,026
1,949,655
Intuitive Surgical, Inc.
 
13,784
7,882,794
Stryker Corp.
 
16,279
6,369,810
 
 
26,938,247
Health care providers & services:  2.20%
 
Cencora, Inc.
 
15,074
3,831,961
Centene Corp.
 
55,385
3,546,302
CVS Health Corp.
 
80,367
4,539,128
Elevance Health, Inc.
 
8,007
3,168,370
The accompanying notes are an integral part of these financial statements.
4 | Allspring Disciplined U.S. Core Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Health care providers & services(continued)
 
McKesson Corp.
 
7,999
$4,757,405
Tenet Healthcare Corp.
 
12,880
1,814,663
UnitedHealth Group, Inc.
 
10,228
5,548,588
 
 
27,206,417
Life sciences tools & services:  0.44%
 
Thermo Fisher Scientific, Inc.
 
9,014
5,388,119
Pharmaceuticals:  2.78%
 
Eli Lilly & Co.
 
17,319
14,047,095
Jazz Pharmaceuticals PLC
 
9,960
1,238,725
Johnson & Johnson
 
28,160
4,284,544
Merck & Co., Inc.
 
47,843
4,727,845
Pfizer, Inc.
 
180,271
4,780,787
Zoetis, Inc.
 
31,288
5,347,119
 
 
34,426,115
Industrials:  8.15%
 
Aerospace & defense:  1.50%
 
General Dynamics Corp.
 
6,856
1,761,855
General Electric Co.
 
12,639
2,572,921
Howmet Aerospace, Inc.
 
49,357
6,247,609
Lockheed Martin Corp.
 
10,213
4,728,108
Northrop Grumman Corp.
 
6,577
3,204,775
 
 
18,515,268
Building products:  1.06%
 
Builders FirstSource, Inc.
 
35,079
5,868,015
Owens Corning
 
29,366
5,419,495
Trane Technologies PLC
 
4,826
1,750,632
 
 
13,038,142
Commercial services & supplies:  0.34%
 
Waste Management, Inc.
 
19,341
4,260,049
Construction & engineering:  0.59%
 
EMCOR Group, Inc.
 
12,304
5,512,930
MasTec, Inc.
 
12,063
1,750,221
 
 
7,263,151
Electrical equipment:  0.37%
 
Emerson Electric Co.
 
24,739
3,214,833
Vertiv Holdings Co. Class A
 
11,960
1,399,559
 
 
4,614,392
Ground transportation:  0.25%
 
Uber Technologies, Inc.
 
45,920
3,069,752
Industrial conglomerates:  0.54%
 
Honeywell International, Inc.
 
29,938
6,697,729
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 5

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Machinery:  1.83%
 
Allison Transmission Holdings, Inc.
 
45,654
$5,366,171
Caterpillar, Inc.
 
13,754
5,108,786
PACCAR, Inc.
 
40,557
4,496,960
Parker-Hannifin Corp.
 
10,746
7,597,960
 
 
22,569,877
Passenger airlines:  0.75%
 
United Airlines Holdings, Inc.
 
87,840
9,296,986
Professional services:  0.74%
 
CACI International, Inc. Class A
 
10,829
4,182,809
Leidos Holdings, Inc.
 
35,261
5,008,120
 
 
9,190,929
Trading companies & distributors:  0.18%
 
WESCO International, Inc.
 
11,953
2,211,305
Information technology:  30.20%
 
Communications equipment:  1.38%
 
Arista Networks, Inc.
 
50,197
5,784,200
Cisco Systems, Inc.
 
186,382
11,294,749
 
 
17,078,949
Electronic equipment, instruments & components:  1.09%
 
Jabil, Inc.
 
28,261
4,589,869
TD SYNNEX Corp.
 
32,492
4,630,435
Zebra Technologies Corp. Class A
 
10,938
4,287,040
 
 
13,507,344
IT services:  0.85%
 
Accenture PLC Class A
 
12,705
4,890,790
Twilio, Inc. Class A
 
11,394
1,670,132
VeriSign, Inc.
 
18,115
3,894,725
 
 
10,455,647
Semiconductors & semiconductor equipment:  10.02%
 
Advanced Micro Devices, Inc.
 
19,302
2,238,067
Applied Materials, Inc.
 
34,426
6,208,729
Broadcom, Inc.
 
137,912
30,515,788
Intel Corp.
 
32,469
630,873
KLA Corp.
 
8,438
6,229,269
Lam Research Corp.
 
15,763
1,277,591
NVIDIA Corp.
 
566,290
67,994,440
QUALCOMM, Inc.
 
50,820
8,788,303
 
 
123,883,060
Software:  10.25%
 
Adobe, Inc.
 
12,748
5,576,613
Autodesk, Inc.
 
4,515
1,405,700
Cadence Design Systems, Inc.
 
3,437
1,022,920
The accompanying notes are an integral part of these financial statements.
6 | Allspring Disciplined U.S. Core Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Software(continued)
 
DocuSign, Inc. Class A
 
57,710
$5,582,288
Fortinet, Inc.
 
50,642
5,108,765
Microsoft Corp.
 
180,380
74,868,523
Oracle Corp.
 
12,748
2,167,925
Palantir Technologies, Inc. Class A
 
36,195
2,985,726
Salesforce, Inc.
 
42,942
14,673,281
ServiceNow, Inc.
 
9,867
10,048,355
Zoom Communications, Inc. Class A
 
38,241
3,324,673
 
 
126,764,769
Technology hardware, storage & peripherals:  6.61%
 
Apple, Inc.
 
346,081
81,675,116
Materials:  1.51%
 
Chemicals:  0.57%
 
CF Industries Holdings, Inc.
 
11,301
1,042,065
Linde PLC
 
13,363
5,961,502
 
 
7,003,567
Construction materials:  0.14%
 
Eagle Materials, Inc.
 
6,545
1,680,363
Containers & packaging:  0.42%
 
Crown Holdings, Inc.
 
59,279
5,208,253
Metals & mining:  0.38%
 
Freeport-McMoRan, Inc.
 
70,152
2,514,949
Royal Gold, Inc.
 
15,888
2,221,460
 
 
4,736,409
Real estate:  2.39%
 
Hotel & resort REITs:  0.20%
 
Host Hotels & Resorts, Inc.
 
150,404
2,513,251
Industrial REITs:  0.36%
 
Prologis, Inc.
 
37,706
4,496,440
Retail REITs:  0.66%
 
Simon Property Group, Inc.
 
46,657
8,111,786
Specialized REITs:  1.17%
 
American Tower Corp.
 
4,582
847,441
Gaming & Leisure Properties, Inc.
 
88,324
4,273,998
Millrose Properties, Inc. Class A♦†
 
14,875
164,518
Public Storage
 
13,694
4,087,385
VICI Properties, Inc. Class A
 
169,144
5,035,417
 
 
14,408,759
Utilities:  2.31%
 
Electric utilities:  1.75%
 
American Electric Power Co., Inc.
 
70,285
6,913,232
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 7

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Electric utilities(continued)
 
Duke Energy Corp.
 
75,934
$8,503,849
NextEra Energy, Inc.
 
86,802
6,211,551
 
 
21,628,632
Multi-utilities:  0.56%
 
Public Service Enterprise Group, Inc.
 
83,328
6,961,221
Total common stocks (Cost $561,439,500)
 
1,211,482,365
 
 
Yield
 
 
Short-term investments:  1.50%
 
Investment companies:  1.50%
 
Allspring Government Money Market Fund Select Class♠∞
4.32
%
 
18,597,598
18,597,598
Total short-term investments (Cost $18,597,598)
 
18,597,598
Total investments in securities (Cost $580,037,098)
99.49
%
 
1,230,079,963
Other assets and liabilities, net
0.51
 
6,269,499
Total net assets
100.00
%
 
$1,236,349,462
Non-income-earning security
The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC.
The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
The rate represents the 7-day annualized yield at period end.
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
$9,805,163
$104,453,831
$(95,661,396
)
$0
$0
$18,597,598
18,597,598
$529,094
Futures contracts
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
E-Mini S&P 500 Index
66
3-21-2025
$19,942,725
$20,021,925
$79,200
$0
The accompanying notes are an integral part of these financial statements.
8 | Allspring Disciplined U.S. Core Fund

Statement of assets and liabilities—January 31, 2025 (unaudited)
Financial statements
Statement of assets and liabilities
Assets
Investments in unaffiliated securities, at value (cost $561,439,500)
$1,211,482,365
Investments in affiliated securities, at value (cost $18,597,598)
18,597,598
Cash
7
Cash at broker segregated for futures contracts
2,008,443
Receivable for Fund shares sold
4,543,996
Receivable for dividends
858,155
Prepaid expenses and other assets
273,435
Total assets
1,237,763,999
Liabilities
Payable for Fund shares redeemed
412,663
Management fee payable
359,162
Payable for investments purchased
164,518
Administration fees payable
154,240
Shareholder servicing fees payable
148,293
Payable for daily variation margin on open futures contracts
105,600
Distribution fees payable
6,030
Trustees fees and expenses payable
2,025
Accrued expenses and other liabilities
62,006
Total liabilities
1,414,537
Total net assets
$1,236,349,462
Net assets consist of
Paid-in capital
$536,728,601
Total distributable earnings
699,620,861
Total net assets
$1,236,349,462
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 9

Statement of assets and liabilities—January 31, 2025 (unaudited)
Statement of assets and liabilities
Computation of net asset value and offering price per share
Net assets–Class A
$599,131,890
Shares outstanding–Class A1
25,154,066
Net asset value per share–Class A
$23.82
Maximum offering price per share – Class A2
$25.27
Net assets–Class C
$11,790,357
Shares outstanding–Class C1
561,508
Net asset value per share–Class C
$21.00
Net assets–Class R6
$261,600,833
Shares outstanding–Class R61
10,549,419
Net asset value per share–Class R6
$24.80
Net assets–Administrator Class
$52,565,938
Shares outstanding–Administrator Class1
2,106,450
Net asset value per share–Administrator Class
$24.95
Net assets–Institutional Class
$311,260,444
Shares outstanding–Institutional Class1
12,734,612
Net asset value per share–Institutional Class
$24.44
1The Fund has an unlimited number of authorized shares.
2Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Disciplined U.S. Core Fund

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Investment income
Dividends
$7,569,127
Income from affiliated securities
529,094
Interest
27,081
Total investment income
8,125,302
Expenses
Management fee
2,034,288
Administration fees
Class A
586,655
Class C
11,466
Class R6
41,529
Administrator Class
35,579
Institutional Class
158,439
Shareholder servicing fees
Class A
733,319
Class C
14,307
Administrator Class
66,241
Distribution fees
Class C
42,920
Custody and accounting fees
18,186
Professional fees
27,781
Registration fees
53,530
Shareholder report expenses
22,115
Trustees’ fees and expenses
11,953
Other fees and expenses
72,392
Total expenses
3,930,700
Less: Fee waivers and/or expense reimbursements
Administrator Class
(3,661
)
Institutional Class
(40,127
)
Net expenses
3,886,912
Net investment income
4,238,390
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities
45,373,326
Futures contracts
944,812
Net realized gains on investments
46,318,138
Net change in unrealized gains (losses) on
Unaffiliated securities
81,666,355
Futures contracts
102,406
Net change in unrealized gains (losses) on investments
81,768,761
Net realized and unrealized gains (losses) on investments
128,086,899
Net increase in net assets resulting from operations
$132,325,289
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 11

Statement of changes in net assets
Statement of changes in net assets
 

Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
Operations
Net investment income
$4,238,390
$8,164,489
Net realized gains on investments
46,318,138
66,975,728
Net change in unrealized gains (losses) on investments
81,768,761
139,675,115
Net increase in net assets resulting from operations
132,325,289
214,815,332
Distributions to shareholders from
Net investment income and net realized gains
Class A
(36,606,550
)
(40,486,185
)
Class C
(697,774
)
(1,449,758
)
Class R6
(16,920,202
)
(21,709,229
)
Administrator Class
(3,344,357
)
(4,030,698
)
Institutional Class
(15,851,110
)
(14,270,995
)
Total distributions to shareholders
(73,419,993
)
(81,946,865
)
Capital share transactions
Shares
Shares
Proceeds from shares sold
Class A
669,217
15,830,273
1,680,265
33,940,785
Class C
92,185
1,916,606
179,270
3,243,001
Class R6
306,956
7,500,814
829,630
18,130,708
Administrator Class
81,857
2,048,020
132,964
2,833,848
Institutional Class
3,830,087
93,142,178
2,850,642
59,023,436
 
120,437,891
117,171,778
Reinvestment of distributions
Class A
1,443,487
34,313,174
2,047,727
38,054,266
Class C
27,843
581,921
85,411
1,401,599
Class R6
637,773
15,805,286
1,084,643
21,005,503
Administrator Class
122,725
3,056,528
183,211
3,560,711
Institutional Class
604,427
14,756,748
691,110
13,196,886
 
68,513,657
77,218,965
Payment for shares redeemed
Class A
(1,320,187
)
(31,167,075
)
(2,964,034
)
(59,726,218
)
Class C
(142,756
)
(2,953,222
)
(669,351
)
(12,092,198
)
Class R6
(1,970,351
)
(49,048,073
)
(2,515,487
)
(53,483,329
)
Administrator Class
(314,392
)
(7,816,526
)
(390,573
)
(8,249,813
)
Institutional Class
(940,009
)
(22,738,471
)
(1,531,339
)
(31,801,020
)
 
(113,723,367
)
(165,352,578
)
Net increase in net assets resulting from capital share transactions
75,228,181
29,038,165
Total increase in net assets
134,133,477
161,906,632
Net assets
Beginning of period
1,102,215,985
940,309,353
End of period
$1,236,349,462
$1,102,215,985
The accompanying notes are an integral part of these financial statements.
12 | Allspring Disciplined U.S. Core Fund

Financial highlights
Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class A
2024
2023
2022
2021
2020
Net asset value, beginning of period
$22.62
$20.05
$20.25
$22.77
$18.22
$17.29
Net investment income
0.07
1
0.14
1
0.13
0.16
0.14
0.23
Net realized and unrealized gains (losses) on investments
2.66
4.18
2.06
(0.78
)
6.18
1.47
Total from investment operations
2.73
4.32
2.19
(0.62
)
6.32
1.70
Distributions to shareholders from
Net investment income
(0.13
)
(0.14
)
(0.15
)
(0.16
)
(0.33
)
(0.33
)
Net realized gains
(1.40
)
(1.61
)
(2.24
)
(1.74
)
(1.44
)
(0.44
)
Total distributions to shareholders
(1.53
)
(1.75
)
(2.39
)
(1.90
)
(1.77
)
(0.77
)
Net asset value, end of period
$23.82
$22.62
$20.05
$20.25
$22.77
$18.22
Total return2
12.09
%
23.54
%
13.00
%
(3.60
)%
36.73
%
9.97
%
Ratios to average net assets (annualized)
Gross expenses
0.83
%
0.83
%
0.85
%
0.84
%
0.85
%
0.86
%
Net expenses
0.83
%
0.83
%
0.84
%
0.84
%
0.85
%
0.85
%
Net investment income
0.55
%
0.67
%
0.82
%
0.73
%
0.76
%
1.25
%
Supplemental data
Portfolio turnover rate
14
%
37
%
43
%
25
%
36
%
50
%
Net assets, end of period (000s omitted)
$599,132
$551,170
$473,167
$453,829
$521,702
$421,005
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 13

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class C
2024
2023
2022
2021
2020
Net asset value, beginning of period
$20.06
$17.96
$18.37
$20.82
$16.70
$15.85
Net investment income (loss)
(0.02
)1
(0.01
)1
0.03
(0.00
)2
0.02
0.11
Net realized and unrealized gains (losses) on investments
2.36
3.72
1.80
(0.71
)
5.64
1.32
Total from investment operations
2.34
3.71
1.83
(0.71
)
5.66
1.43
Distributions to shareholders from
Net investment income
0.00
0.00
0.00
0.00
(0.10
)
(0.14
)
Net realized gains
(1.40
)
(1.61
)
(2.24
)
(1.74
)
(1.44
)
(0.44
)
Total distributions to shareholders
(1.40
)
(1.61
)
(2.24
)
(1.74
)
(1.54
)
(0.58
)
Net asset value, end of period
$21.00
$20.06
$17.96
$18.37
$20.82
$16.70
Total return3
11.68
%
22.64
%
12.12
%
(4.30
)%
35.80
%
9.09
%
Ratios to average net assets (annualized)
Gross expenses
1.58
%
1.58
%
1.60
%
1.59
%
1.60
%
1.60
%
Net expenses
1.58
%
1.56
%
1.59
%
1.59
%
1.60
%
1.60
%
Net investment income (loss)
(0.19
)%
(0.03
)%
0.08
%
(0.02
)%
0.02
%
0.51
%
Supplemental data
Portfolio turnover rate
14
%
37
%
43
%
25
%
36
%
50
%
Net assets, end of period (000s omitted)
$11,790
$11,722
$17,763
$21,381
$27,121
$29,141
1
Calculated based upon average shares outstanding
2
Amount is more than $(0.005).
3
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
14 | Allspring Disciplined U.S. Core Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class R6
2024
2023
2022
2021
2020
Net asset value, beginning of period
$23.54
$20.79
$20.93
$23.46
$18.72
$17.76
Net investment income
0.12
1
0.23
1
0.21
0.26
1
0.24
0.31
Net realized and unrealized gains (losses) on investments
2.77
4.36
2.14
(0.80
)
6.36
1.51
Total from investment operations
2.89
4.59
2.35
(0.54
)
6.60
1.82
Distributions to shareholders from
Net investment income
(0.23
)
(0.23
)
(0.25
)
(0.25
)
(0.42
)
(0.42
)
Net realized gains
(1.40
)
(1.61
)
(2.24
)
(1.74
)
(1.44
)
(0.44
)
Total distributions to shareholders
(1.63
)
(1.84
)
(2.49
)
(1.99
)
(1.86
)
(0.86
)
Net asset value, end of period
$24.80
$23.54
$20.79
$20.93
$23.46
$18.72
Total return2
12.31
%
24.08
%
13.44
%
(3.15
)%
37.35
%
10.39
%
Ratios to average net assets (annualized)
Gross expenses
0.41
%
0.41
%
0.42
%
0.41
%
0.42
%
0.43
%
Net expenses
0.41
%
0.41
%
0.42
%
0.41
%
0.42
%
0.42
%
Net investment income
0.98
%
1.09
%
1.25
%
1.16
%
1.18
%
1.70
%
Supplemental data
Portfolio turnover rate
14
%
37
%
43
%
25
%
36
%
50
%
Net assets, end of period (000s omitted)
$261,601
$272,468
$253,154
$277,956
$340,631
$253,223
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 15

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Administrator Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$23.64
$20.88
$21.00
$23.55
$18.78
$17.80
Net investment income
0.08
1
0.16
1
0.15
0.19
1
0.19
1
0.24
1
Net realized and unrealized gains (losses) on investments
2.78
4.38
2.15
(0.82
)
6.37
1.53
Total from investment operations
2.86
4.54
2.30
(0.63
)
6.56
1.77
Distributions to shareholders from
Net investment income
(0.15
)
(0.17
)
(0.18
)
(0.18
)
(0.35
)
(0.35
)
Net realized gains
(1.40
)
(1.61
)
(2.24
)
(1.74
)
(1.44
)
(0.44
)
Total distributions to shareholders
(1.55
)
(1.78
)
(2.42
)
(1.92
)
(1.79
)
(0.79
)
Net asset value, end of period
$24.95
$23.64
$20.88
$21.00
$23.55
$18.78
Total return2
12.11
%
23.66
%
13.11
%
(3.49
)%
36.93
%
10.08
%
Ratios to average net assets (annualized)
Gross expenses
0.75
%
0.75
%
0.76
%
0.74
%
0.77
%
0.77
%
Net expenses
0.74
%
0.74
%
0.73
%
0.73
%
0.74
%
0.74
%
Net investment income
0.65
%
0.76
%
0.93
%
0.85
%
0.89
%
1.37
%
Supplemental data
Portfolio turnover rate
14
%
37
%
43
%
25
%
36
%
50
%
Net assets, end of period (000s omitted)
$52,566
$52,398
$47,833
$47,831
$51,271
$50,655
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
16 | Allspring Disciplined U.S. Core Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Institutional Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$23.21
$20.53
$20.69
$23.22
$18.54
$17.57
Net investment income
0.11
1
0.21
1
0.19
0.24
0.23
1
0.29
1
Net realized and unrealized gains (losses) on investments
2.72
4.30
2.12
(0.80
)
6.29
1.51
Total from investment operations
2.83
4.51
2.31
(0.56
)
6.52
1.80
Distributions to shareholders from
Net investment income
(0.20
)
(0.22
)
(0.23
)
(0.23
)
(0.40
)
(0.39
)
Net realized gains
(1.40
)
(1.61
)
(2.24
)
(1.74
)
(1.44
)
(0.44
)
Total distributions to shareholders
(1.60
)
(1.83
)
(2.47
)
(1.97
)
(1.84
)
(0.83
)
Net asset value, end of period
$24.44
$23.21
$20.53
$20.69
$23.22
$18.54
Total return2
12.25
%
23.96
%
13.40
%
(3.24
)%
37.26
%
10.39
%
Ratios to average net assets (annualized)
Gross expenses
0.51
%
0.51
%
0.52
%
0.51
%
0.52
%
0.52
%
Net expenses
0.48
%
0.48
%
0.48
%
0.48
%
0.48
%
0.48
%
Net investment income
0.90
%
1.01
%
1.18
%
1.09
%
1.14
%
1.67
%
Supplemental data
Portfolio turnover rate
14
%
37
%
43
%
25
%
36
%
50
%
Net assets, end of period (000s omitted)
$311,260
$214,457
$148,392
$142,768
$163,217
$146,707
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Disciplined U.S. Core Fund | 17

Notes to financial statements (unaudited)
Notes to financial statements
1.
ORGANIZATION
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies. These financial statements report on the Allspring Disciplined U.S. Core Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Managements process for determining the fair value of the portfolio of investments.
Futures contracts
Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time
18 | Allspring Disciplined U.S. Core Fund

Notes to financial statements (unaudited)
of declaration. The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds 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 Funds  tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. 
As of January 31, 2025, the aggregate cost of all investments for federal income tax purposes was $581,066,877 and the unrealized gains (losses) consisted of:
Gross unrealized gains
$659,127,813
Gross unrealized losses
(10,035,527
)
Net unrealized gains
$649,092,286
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.       
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring Disciplined U.S. Core Fund | 19

Notes to financial statements (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2025:
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$126,397,352
$0
$0
$126,397,352
Consumer discretionary
130,845,637
0
0
130,845,637
Consumer staples
74,343,175
0
0
74,343,175
Energy
29,527,571
0
0
29,527,571
Financials
180,672,350
0
0
180,672,350
Health care
118,855,134
0
0
118,855,134
Industrials
100,727,580
0
0
100,727,580
Information technology
373,364,885
0
0
373,364,885
Materials
18,628,592
0
0
18,628,592
Real estate
29,365,718
164,518
0
29,530,236
Utilities
28,589,853
0
0
28,589,853
Short-term investments
Investment companies
18,597,598
0
0
18,597,598
 
1,229,915,445
164,518
0
1,230,079,963
Futures contracts
79,200
0
0
79,200
Total assets
$1,229,994,645
$164,518
$0
$1,230,159,163
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of investments. For futures contracts, the current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At January 31, 2025, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Management fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:  
Average daily net assets
Management fee
First $1 billion
0.350
%
Next $4 billion
0.325
Next $5 billion
0.290
Over $10 billion
0.280
For the six months ended January 31, 2025, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.
Administration fees
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As
20 | Allspring Disciplined U.S. Core Fund

Notes to financial statements (unaudited)
compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
 
Class-level
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 reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Funds expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of January 31, 2025, the contractual caps are as follows:      
 
 
 
EXPENSE RATIO CAPS
Class A
0.86
%
Class C
1.61
Class R6
0.43
Administrator Class
0.74
Institutional Class
0.48
Distribution fees
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis. 
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2025, Allspring Funds Distributor received $4,822 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 January 31, 2025.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2025.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2025 were $161,842,048 and $167,578,320, respectively.
6.
DERIVATIVE TRANSACTIONS
During the six months ended January 31, 2025, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $19,899,136 in long futures contracts during the six months ended January 31, 2025.
The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.
Allspring Disciplined U.S. Core Fund | 21

Notes to financial statements (unaudited)
7.
BANK BORROWINGS
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000  revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the six months ended January 31, 2025, there were no borrowings by the Fund under the agreement.
8.
CONCENTRATION  RISKS
As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.   
9.
INDEMNIFICATION
Under the Funds organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
10.OPERATING SEGMENTS
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
22 | Allspring Disciplined U.S. Core Fund

Other information (unaudited)
Other information
Proxy voting information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.
Allspring Disciplined U.S. Core Fund | 23

Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Not applicable
Item 9. Matters submitted to fund shareholders for a vote
Not applicable
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Item 11. Statement regarding basis for the boards approval of investment advisory contract
Not applicable
24 | Allspring Disciplined U.S. Core Fund


For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds 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 Funds 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.
© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSRS0616 01-25


Allspring Special Large Cap Value Fund
Long Form Financial Statements
Semi-Annual Report
January 31, 2025


Contents
2
6
7
8
9
14
19
20
20
20
20
Allspring Special Large Cap Value Fund | 1

Portfolio of investments—January 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Shares
Value
Common stocks:  98.63%
 
Communication services:  4.44%
 
Interactive media & services:  4.44%
 
Alphabet, Inc. Class C
 
292,172
$60,070,563
Consumer discretionary:  5.69%
 
Automobiles:  2.39%
 
General Motors Co.
 
651,736
32,234,863
Household durables:  1.94%
 
D.R. Horton, Inc.
 
185,155
26,273,494
Textiles, apparel & luxury goods:  1.36%
 
NIKE, Inc. Class B
 
238,851
18,367,642
Consumer staples:  7.64%
 
Beverages:  1.18%
 
Keurig Dr Pepper, Inc.
 
495,914
15,918,840
Consumer staples distribution & retail :  1.53%
 
Walmart, Inc.
 
210,757
20,687,907
Food products:  2.24%
 
Mondelez International, Inc. Class A
 
523,023
30,330,104
Personal care products:  2.69%
 
Unilever PLC ADR
 
634,627
36,414,897
Energy:  6.16%
 
Oil, gas & consumable fuels:  6.16%
 
ConocoPhillips
 
283,768
28,044,791
EOG Resources, Inc.
 
178,229
22,419,426
Exxon Mobil Corp.
 
307,656
32,866,891
 
 
83,331,108
Financials:  21.83%
 
Banks:  10.06%
 
Bank of America Corp.
 
993,041
45,977,798
Citigroup, Inc.
 
651,461
53,048,469
JPMorgan Chase & Co.
 
138,225
36,947,543
 
 
135,973,810
Capital markets:  3.49%
 
Intercontinental Exchange, Inc.
 
294,969
47,144,895
Financial services:  6.20%
 
Berkshire Hathaway, Inc. Class B
 
106,955
50,126,600
Fiserv, Inc.
 
155,981
33,698,135
 
 
83,824,735
Insurance:  2.08%
 
American International Group, Inc.
 
381,827
28,125,377
The accompanying notes are an integral part of these financial statements.
2 | Allspring Special Large Cap Value Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Health care:  13.90%
 
Biotechnology:  1.56%
 
Vertex Pharmaceuticals, Inc.
 
45,832
$21,159,718
Health care equipment & supplies:  2.66%
 
Medtronic PLC
 
396,186
35,981,612
Health care providers & services:  6.64%
 
Cigna Group
 
106,518
31,338,661
Humana, Inc.
 
53,155
15,586,641
Labcorp Holdings, Inc.
 
171,407
42,817,468
 
 
89,742,770
Life sciences tools & services:  1.29%
 
ICON PLC ADR
 
87,502
17,419,898
Pharmaceuticals:  1.75%
 
Merck & Co., Inc.
 
239,183
23,636,064
Industrials:  17.35%
 
Aerospace & defense:  3.97%
 
L3Harris Technologies, Inc.
 
97,722
20,718,041
RTX Corp.
 
255,086
32,893,340
 
 
53,611,381
Commercial services & supplies:  1.03%
 
Waste Management, Inc.
 
63,399
13,964,264
Ground transportation:  4.16%
 
Canadian Pacific Kansas City Ltd.
 
705,931
56,192,108
Industrial conglomerates:  2.65%
 
3M Co.
 
43,616
6,638,355
Honeywell International, Inc.
 
130,167
29,120,961
 
 
35,759,316
Machinery:  1.07%
 
Caterpillar, Inc.
 
38,991
14,482,817
Trading companies & distributors:  4.47%
 
AerCap Holdings NV
 
419,730
40,126,188
Air Lease Corp. Class A
 
440,630
20,357,106
 
 
60,483,294
Information technology:  10.99%
 
IT services:  4.75%
 
Accenture PLC Class A
 
94,468
36,365,457
International Business Machines Corp.
 
109,032
27,879,482
 
 
64,244,939
Semiconductors & semiconductor equipment:  1.80%
 
NXP Semiconductors NV
 
116,507
24,297,535
The accompanying notes are an integral part of these financial statements.
Allspring Special Large Cap Value Fund | 3

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Software:  4.44%
 
Cadence Design Systems, Inc.
 
77,101
$22,946,800
Microsoft Corp.
 
89,321
37,073,574
 
 
60,020,374
Materials:  3.44%
 
Chemicals:  2.35%
 
CF Industries Holdings, Inc.
 
294,527
27,158,335
Sherwin-Williams Co.
 
13,000
4,656,080
 
 
31,814,415
Construction materials:  1.09%
 
Vulcan Materials Co.
 
53,641
14,705,680
Real estate:  4.26%
 
Real estate management & development:  2.34%
 
CBRE Group, Inc. Class A
 
218,707
31,655,651
Specialized REITs:  1.92%
 
Public Storage
 
86,822
25,914,631
Utilities:  2.93%
 
Electric utilities:  2.93%
 
NextEra Energy, Inc.
 
553,989
39,643,453
Total common stocks (Cost $955,640,556)
 
1,333,428,155
 
 
Yield
 
 
Short-term investments:  1.37%
 
Investment companies:  1.37%
 
Allspring Government Money Market Fund Select Class♠∞
4.32
%
 
18,547,402
18,547,402
Total short-term investments (Cost $18,547,402)
 
18,547,402
Total investments in securities (Cost $974,187,958)
100.00
%
 
1,351,975,557
Other assets and liabilities, net
(0.00
)
 
(46,335
)
Total net assets
100.00
%
 
$1,351,929,222
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
The accompanying notes are an integral part of these financial statements.
4 | Allspring Special Large Cap Value Fund

Portfolio of investments—January 31, 2025 (unaudited)
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
 
Value,
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
$17,272,868
$74,943,226
$(73,668,692
)
$0
$0
$18,547,402
18,547,402
$423,082
The accompanying notes are an integral part of these financial statements.
Allspring Special Large Cap Value Fund | 5

Statement of assets and liabilities—January 31, 2025 (unaudited)
Financial statements
Statement of assets and liabilities
Assets
Investments in unaffiliated securities, at value (cost $955,640,556)
$1,333,428,155
Investments in affiliated securities, at value (cost $18,547,402)
18,547,402
Cash
116
Receivable for Fund shares sold
1,249,085
Receivable for investments sold
927,063
Receivable for dividends
265,344
Prepaid expenses and other assets
134,310
Total assets
1,354,551,475
Liabilities
Payable for investments purchased
1,082,150
Payable for Fund shares redeemed
579,280
Management fee payable
402,605
Shareholder servicing fees payable
365,020
Administration fees payable
168,656
Trustees fees and expenses payable
1,295
Distribution fees payable
1,095
Accrued expenses and other liabilities
22,152
Total liabilities
2,622,253
Total net assets
$1,351,929,222
Net assets consist of
Paid-in capital
$946,806,575
Total distributable earnings
405,122,647
Total net assets
$1,351,929,222
Computation of net asset value and offering price per share
Net assets–Class A
$278,886,935
Shares outstanding–Class A1
20,127,515
Net asset value per share–Class A
$13.86
Maximum offering price per share – Class A2
$14.71
Net assets–Class C
$1,638,530
Shares outstanding–Class C1
122,539
Net asset value per share–Class C
$13.37
Net assets–Class R6
$43,880,870
Shares outstanding–Class R61
3,254,509
Net asset value per share–Class R6
$13.48
Net assets–Administrator Class
$511,868,858
Shares outstanding–Administrator Class1
34,115,850
Net asset value per share–Administrator Class
$15.00
Net assets–Institutional Class
$515,654,029
Shares outstanding–Institutional Class1
36,839,207
Net asset value per share–Institutional Class
$14.00
1The Fund has an unlimited number of authorized shares.
2Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
6 | Allspring Special Large Cap Value Fund

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Investment income
Dividends (net of foreign withholdings taxes of $65,033)
$11,352,749
Income from affiliated securities
423,082
Interest
1,326
Total investment income
11,777,157
Expenses
Management fee
4,621,397
Administration fees
Class A
283,673
Class C
1,436
Class R6
6,743
Administrator Class
337,316
Institutional Class
334,205
Shareholder servicing fees
Class A
346,510
Class C
1,795
Administrator Class
644,370
Distribution fees
Class C
5,384
Custody and accounting fees
20,759
Professional fees
25,771
Registration fees
52,554
Shareholder report expenses
64,877
Trustees’ fees and expenses
12,274
Other fees and expenses
24,276
Total expenses
6,783,340
Less: Fee waivers and/or expense reimbursements
Fund-level
(1,849,447
)
Class C
(152
)
Class R6
(1,163
)
Institutional Class
(13,392
)
Net expenses
4,919,186
Net investment income
6,857,971
Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities
60,310,324
Foreign currency and foreign currency translations
(1,849
)
Net realized gains on investments
60,308,475
Net change in unrealized gains (losses) on investments
12,037,744
Net realized and unrealized gains (losses) on investments
72,346,219
Net increase in net assets resulting from operations
$79,204,190
The accompanying notes are an integral part of these financial statements.
Allspring Special Large Cap Value Fund | 7

Statement of changes in net assets
Statement of changes in net assets
 

Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
Operations
Net investment income
$6,857,971
$11,541,761
Net realized gains on investments
60,308,475
66,213,831
Net change in unrealized gains (losses) on investments
12,037,744
152,370,259
Net increase in net assets resulting from operations
79,204,190
230,125,851
Distributions to shareholders from
Net investment income and net realized gains
Class A
(22,506,814
)
(6,979,591
)
Class C
(126,698
)
(23,792
)
Class R6
(3,828,103
)
(1,352,009
)
Administrator Class
(38,712,825
)
(12,699,409
)
Institutional Class
(41,699,399
)
(12,992,850
)
Total distributions to shareholders
(106,873,839
)
(34,047,651
)
Capital share transactions
Shares
Shares
Proceeds from shares sold
Class A
207,170
2,967,980
243,763
3,148,442
Class C
43,032
609,139
14,081
174,886
Class R6
87,637
1,217,857
257,947
3,178,792
Administrator Class
87,828
1,355,226
100,251
1,431,276
Institutional Class
3,470,849
50,154,654
17,892,995
222,419,427
 
56,304,856
230,352,823
Reinvestment of distributions
Class A
1,573,343
21,531,034
558,881
6,691,648
Class C
9,620
126,698
2,076
23,792
Class R6
286,906
3,828,103
115,420
1,352,009
Administrator Class
2,489,707
36,888,080
933,421
12,045,524
Institutional Class
3,010,636
41,668,312
1,071,017
12,984,694
 
104,042,227
33,097,667
Payment for shares redeemed
Class A
(1,135,556
)
(16,167,027
)
(2,262,850
)
(28,357,414
)
Class C
(6,952
)
(94,472
)
(53,365
)
(644,223
)
Class R6
(298,944
)
(4,130,442
)
(722,211
)
(9,073,597
)
Administrator Class
(1,356,846
)
(20,655,517
)
(2,971,977
)
(39,830,289
)
Institutional Class
(4,751,977
)
(69,137,272
)
(10,002,151
)
(128,256,273
)
 
(110,184,730
)
(206,161,796
)
Net increase in net assets resulting from capital share transactions
50,162,353
57,288,694
Total increase in net assets
22,492,704
253,366,894
Net assets
Beginning of period
1,329,436,518
1,076,069,624
End of period
$1,351,929,222
$1,329,436,518
The accompanying notes are an integral part of these financial statements.
8 | Allspring Special Large Cap Value Fund

Financial highlights
Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class A
2024
2023
2022
2021
2020
Net asset value, beginning of period
$14.21
$12.18
$11.66
$14.98
$11.35
$13.13
Net investment income
0.06
1
0.10
1
0.12
1
0.06
0.11
0.14
Payment from affiliate
0.00
0.00
0.00
0.00
0.00
2
0.00
Net realized and unrealized gains (losses) on investments
0.78
2.27
1.44
(0.59
)
3.66
(0.58
)
Total from investment operations
0.84
2.37
1.56
(0.53
)
3.77
(0.44
)
Distributions to shareholders from
Net investment income
(0.10
)
(0.09
)
(0.10
)
(0.09
)
(0.14
)
(0.10
)
Net realized gains
(1.09
)
(0.25
)
(0.94
)
(2.70
)
0.00
(1.24
)
Total distributions to shareholders
(1.19
)
(0.34
)
(1.04
)
(2.79
)
(0.14
)
(1.34
)
Net asset value, end of period
$13.86
$14.21
$12.18
$11.66
$14.98
$11.35
Total return3
6.04
%
20.05
%
14.17
%
(5.29
)%
33.49
%4
(4.25
)%
Ratios to average net assets (annualized)
Gross expenses
1.15
%
1.16
%
1.17
%
1.17
%
1.18
%
1.18
%
Net expenses
0.88
%
1.05
%
1.09
%
1.09
%
1.09
%
1.10
%
Net investment income
0.85
%
0.80
%
1.02
%
0.52
%
0.77
%
1.20
%
Supplemental data
Portfolio turnover rate
16
%
36
%
42
%
40
%
46
%
34
%
Net assets, end of period (000s omitted)
$278,887
$276,829
$254,988
$249,213
$294,248
$245,977
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 include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
4
During the year ended July 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return.
The accompanying notes are an integral part of these financial statements.
Allspring Special Large Cap Value Fund | 9

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class C
2024
2023
2022
2021
2020
Net asset value, beginning of period
$13.71
$11.76
$11.28
$14.59
$10.99
$12.75
Net investment income (loss)
0.00
1,2
0.01
1
0.03
1
(0.03
)1
0.01
1
0.05
1
Payment from affiliate
0.00
0.00
0.00
0.00
0.05
0.00
Net realized and unrealized gains (losses) on investments
0.75
2.19
1.39
(0.58
)
3.54
(0.57
)
Total from investment operations
0.75
2.20
1.42
(0.61
)
3.60
(0.52
)
Distributions to shareholders from
Net realized gains
(1.09
)
(0.25
)
(0.94
)
(2.70
)
0.00
(1.24
)
Net asset value, end of period
$13.37
$13.71
$11.76
$11.28
$14.59
$10.99
Total return3
5.58
%
19.16
%
13.30
%
(5.99
)%
32.76
%4
(4.99
)%
Ratios to average net assets (annualized)
Gross expenses
1.91
%
1.91
%
1.93
%
1.92
%
1.93
%
1.94
%
Net expenses
1.62
%
1.82
%
1.86
%
1.86
%
1.86
%
1.86
%
Net investment income (loss)
0.06
%
0.07
%
0.27
%
(0.24
)%
0.05
%
0.44
%
Supplemental data
Portfolio turnover rate
16
%
36
%
42
%
40
%
46
%
34
%
Net assets, end of period (000s omitted)
$1,639
$1,053
$1,341
$1,923
$2,356
$4,401
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 include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
4
During the year ended July 31, 2021, the Fund received a payment from an affiliate that had a 0.50% impact on the total return.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Special Large Cap Value Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class R6
2024
2023
2022
2021
2020
Net asset value, beginning of period
$13.88
$11.90
$11.42
$14.73
$11.16
$12.93
Net investment income
0.09
1
0.15
1
0.16
1
0.18
0.16
0.19
1
Net realized and unrealized gains (losses) on investments
0.75
2.22
1.41
(0.64
)
3.60
(0.57
)
Total from investment operations
0.84
2.37
1.57
(0.46
)
3.76
(0.38
)
Distributions to shareholders from
Net investment income
(0.15
)
(0.14
)
(0.15
)
(0.15
)
(0.19
)
(0.15
)
Net realized gains
(1.09
)
(0.25
)
(0.94
)
(2.70
)
0.00
(1.24
)
Total distributions to shareholders
(1.24
)
(0.39
)
(1.09
)
(2.85
)
(0.19
)
(1.39
)
Net asset value, end of period
$13.48
$13.88
$11.90
$11.42
$14.73
$11.16
Total return2
6.25
%
20.60
%
14.61
%
(4.86
)%
34.05
%
(3.87
)%
Ratios to average net assets (annualized)
Gross expenses
0.74
%
0.74
%
0.75
%
0.75
%
0.76
%
0.76
%
Net expenses
0.46
%
0.62
%
0.65
%
0.65
%
0.65
%
0.65
%
Net investment income
1.27
%
1.23
%
1.47
%
0.97
%
1.22
%
1.67
%
Supplemental data
Portfolio turnover rate
16
%
36
%
42
%
40
%
46
%
34
%
Net assets, end of period (000s omitted)
$43,881
$44,138
$41,991
$42,878
$15,313
$11,552
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Special Large Cap Value Fund | 11

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Administrator Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$15.30
$13.09
$12.47
$15.83
$11.99
$13.81
Net investment income
0.07
1
0.13
1
0.15
1
0.09
0.13
0.17
Payment from affiliate
0.00
0.00
0.00
0.00
0.00
2
0.00
Net realized and unrealized gains (losses) on investments
0.83
2.45
1.54
(0.63
)
3.88
(0.62
)
Total from investment operations
0.90
2.58
1.69
(0.54
)
4.01
(0.45
)
Distributions to shareholders from
Net investment income
(0.11
)
(0.12
)
(0.13
)
(0.12
)
(0.17
)
(0.13
)
Net realized gains
(1.09
)
(0.25
)
(0.94
)
(2.70
)
0.00
(1.24
)
Total distributions to shareholders
(1.20
)
(0.37
)
(1.07
)
(2.82
)
(0.17
)
(1.37
)
Net asset value, end of period
$15.00
$15.30
$13.09
$12.47
$15.83
$11.99
Total return3
6.00
%
20.31
%
14.32
%
(5.07
)%
33.75
%4
(4.15
)%
Ratios to average net assets (annualized)
Gross expenses
1.09
%
1.09
%
1.10
%
1.09
%
1.11
%
1.11
%
Net expenses
0.81
%
0.91
%
0.92
%
0.92
%
0.92
%
0.93
%
Net investment income
0.92
%
0.95
%
1.20
%
0.70
%
0.94
%
1.37
%
Supplemental data
Portfolio turnover rate
16
%
36
%
42
%
40
%
46
%
34
%
Net assets, end of period (000s omitted)
$511,869
$503,155
$455,987
$436,335
$499,628
$402,567
1
Calculated based upon average shares outstanding
2
Amount is less than $0.005.
3
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
4
During the year ended July 31, 2021, the Fund received a payment from an affiliate that had a 0.03% impact on the total return.
The accompanying notes are an integral part of these financial statements.
12 | Allspring Special Large Cap Value Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Institutional Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$14.36
$12.31
$11.77
$15.10
$11.44
$13.22
Net investment income
0.09
1
0.14
1
0.15
1
0.12
1
0.16
1
0.19
1
Net realized and unrealized gains (losses) on investments
0.78
2.30
1.48
(0.61
)
3.70
(0.58
)
Total from investment operations
0.87
2.44
1.63
(0.49
)
3.86
(0.39
)
Distributions to shareholders from
Net investment income
(0.14
)
(0.14
)
(0.15
)
(0.14
)
(0.20
)
(0.15
)
Net realized gains
(1.09
)
(0.25
)
(0.94
)
(2.70
)
0.00
(1.24
)
Total distributions to shareholders
(1.23
)
(0.39
)
(1.09
)
(2.84
)
(0.20
)
(1.39
)
Net asset value, end of period
$14.00
$14.36
$12.31
$11.77
$15.10
$11.44
Total return2
6.23
%
20.46
%
14.69
%
(4.96
)%
34.01
%
(3.86
)%
Ratios to average net assets (annualized)
Gross expenses
0.84
%
0.84
%
0.85
%
0.85
%
0.86
%
0.86
%
Net expenses
0.56
%
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
Net investment income
1.17
%
1.13
%
1.34
%
0.92
%
1.22
%
1.59
%
Supplemental data
Portfolio turnover rate
16
%
36
%
42
%
40
%
46
%
34
%
Net assets, end of period (000s omitted)
$515,654
$504,262
$321,762
$51,492
$62,796
$84,544
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Special Large Cap Value Fund | 13

Notes to financial statements (unaudited)
Notes to financial statements
1.
ORGANIZATION
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies. These financial statements report on the Allspring Special Large Cap Value Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Managements process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at  rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
14 | Allspring Special Large Cap Value Fund

Notes to financial statements (unaudited)
Federal and other taxes
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Funds  tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. 
As of January 31, 2025, the aggregate cost of all investments for federal income tax purposes was $976,782,742 and the unrealized gains (losses) consisted of:
Gross unrealized gains
$393,074,417
Gross unrealized losses
(17,881,602
)
Net unrealized gains
$375,192,815
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.       
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2025:
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$60,070,563
$0
$0
$60,070,563
Consumer discretionary
76,875,999
0
0
76,875,999
Consumer staples
103,351,748
0
0
103,351,748
Energy
83,331,108
0
0
83,331,108
Financials
295,068,817
0
0
295,068,817
Health care
187,940,062
0
0
187,940,062
Industrials
234,493,180
0
0
234,493,180
Information technology
148,562,848
0
0
148,562,848
Materials
46,520,095
0
0
46,520,095
Real estate
57,570,282
0
0
57,570,282
Utilities
39,643,453
0
0
39,643,453
Short-term investments
Investment companies
18,547,402
0
0
18,547,402
Total assets
$1,351,975,557
$0
$0
$1,351,975,557
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
Allspring Special Large Cap Value Fund | 15

Notes to financial statements (unaudited)
At January 31, 2025, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Management fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:  
Average daily net assets
Management fee
First $500 million
0.700
%
Next $500 million
0.675
Next $1 billion
0.650
Next $2 billion
0.625
Next $1 billion
0.600
Next $3 billion
0.590
Next $2 billion
0.565
Next $2 billion
0.555
Next $4 billion
0.530
Over $16 billion
0.505
For the six months ended January 31, 2025, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets. 
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.
Administration fees
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
 
Class-level
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 reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Funds expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of January 31, 2025, the contractual caps are as follows:      
16 | Allspring Special Large Cap Value Fund

Notes to financial statements (unaudited)
 
 
 
EXPENSE RATIO CAPS
RATE PRIOR TO OCTOBER 1, 2024
Class A
0.82
%
1.01
%
Class C
1.57
1.76
Class R6
0.40
0.59
Administrator Class
0.75
0.94
Institutional Class
0.50
0.69
Distribution fees
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis. 
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2025, Allspring Funds Distributor received $1,247 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 January 31, 2025.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2025.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2025 were $208,889,909 and $259,654,284, respectively.
6.
BANK BORROWINGS
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the six months ended January 31, 2025, there were no borrowings by the Fund under the agreement.
7.
INDEMNIFICATION
Under the Funds 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.
8.
OPERATING SEGMENTS
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the
Allspring Special Large Cap Value Fund | 17

Notes to financial statements (unaudited)
operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
18 | Allspring Special Large Cap Value Fund

Other information (unaudited)
Other information
Proxy voting information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.
Allspring Special Large Cap Value Fund | 19

Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Not applicable
Item 9. Matters submitted to fund shareholders for a vote
Not applicable
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Item 11. Statement regarding basis for the boards approval of investment advisory contract
Not applicable
20 | Allspring Special Large Cap Value Fund


For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds 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 Funds 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.
© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSRS4302 01-25


Allspring Large Cap Core Fund
Long Form Financial Statements
Semi-Annual Report
January 31, 2025


Contents
2
6
7
9
10
15
20
21
21
21
21
Allspring Large Cap Core Fund | 1

Portfolio of investments—January 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Shares
Value
Common stocks:  97.88%
 
Communication services:  10.45%
 
Entertainment:  2.54%
 
Netflix, Inc.
 
14,902
$14,555,677
Interactive media & services:  5.88%
 
Alphabet, Inc. Class C
 
115,500
23,746,800
Pinterest, Inc. Class A
 
302,781
9,979,662
 
 
33,726,462
Media:  2.03%
 
Fox Corp. Class A
 
227,409
11,638,793
Consumer discretionary:  9.02%
 
Broadline retail:  2.83%
 
Amazon.com, Inc.
 
68,248
16,221,185
Hotels, restaurants & leisure:  2.05%
 
Royal Caribbean Cruises Ltd.
 
44,168
11,775,189
Household durables:  2.48%
 
Lennar Corp. Class A
 
48,323
6,341,910
PulteGroup, Inc.
 
69,441
7,900,997
 
 
14,242,907
Specialty retail:  1.66%
 
Ross Stores, Inc.
 
63,187
9,513,435
Consumer staples:  3.75%
 
Consumer staples distribution & retail :  2.21%
 
Costco Wholesale Corp.
 
12,937
12,676,707
Household products:  1.54%
 
Colgate-Palmolive Co.
 
101,611
8,809,674
Energy:  3.85%
 
Oil, gas & consumable fuels:  3.85%
 
ConocoPhillips
 
61,636
6,091,486
Diamondback Energy, Inc.
 
49,033
8,059,064
EOG Resources, Inc.
 
62,828
7,903,134
 
 
22,053,684
Financials:  13.16%
 
Banks:  6.36%
 
Citigroup, Inc.
 
99,216
8,079,159
Citizens Financial Group, Inc.
 
139,976
6,658,658
First Citizens BancShares, Inc. Class A
 
4,244
9,356,705
JPMorgan Chase & Co.
 
46,391
12,400,314
 
 
36,494,836
The accompanying notes are an integral part of these financial statements.
2 | Allspring Large Cap Core Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Capital markets:  6.80%
 
Goldman Sachs Group, Inc.
 
19,286
$12,350,754
Interactive Brokers Group, Inc. Class A
 
69,558
15,124,691
Virtu Financial, Inc. Class A
 
287,662
11,523,740
 
 
38,999,185
Health care:  11.67%
 
Biotechnology:  6.65%
 
AbbVie, Inc.
 
54,993
10,113,213
Exelixis, Inc.
 
394,674
13,083,443
Regeneron Pharmaceuticals, Inc.
 
8,947
6,021,152
United Therapeutics Corp.
 
25,452
8,937,979
 
 
38,155,787
Health care equipment & supplies:  2.14%
 
Intuitive Surgical, Inc.
 
21,466
12,275,976
Health care providers & services:  2.88%
 
Cencora, Inc.
 
37,774
9,602,529
UnitedHealth Group, Inc.
 
12,725
6,903,185
 
 
16,505,714
Industrials:  9.10%
 
Building products:  1.78%
 
Owens Corning
 
55,239
10,194,358
Construction & engineering:  1.80%
 
EMCOR Group, Inc.
 
23,107
10,353,322
Electrical equipment:  1.81%
 
Generac Holdings, Inc.
 
69,507
10,379,480
Passenger airlines:  2.09%
 
United Airlines Holdings, Inc.
 
113,472
12,009,877
Professional services:  1.62%
 
Leidos Holdings, Inc.
 
65,278
9,271,434
Information technology:  31.73%
 
Communications equipment:  2.05%
 
Arista Networks, Inc.
 
101,768
11,726,727
Electronic equipment, instruments & components:  2.15%
 
TD SYNNEX Corp.
 
86,453
12,320,417
IT services:  5.87%
 
Okta, Inc.
 
132,823
12,514,583
Twilio, Inc. Class A
 
144,303
21,151,934
 
 
33,666,517
Semiconductors & semiconductor equipment:  8.04%
 
Applied Materials, Inc.
 
51,696
9,323,373
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Core Fund | 3

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Semiconductors & semiconductor equipment(continued)
 
Broadcom, Inc.
 
84,588
$18,716,787
KLA Corp.
 
12,254
9,046,393
QUALCOMM, Inc.
 
52,333
9,049,946
 
 
46,136,499
Software:  7.54%
 
Adobe, Inc.
 
11,930
5,218,778
Datadog, Inc. Class A
 
73,735
10,522,722
Microsoft Corp.
 
66,210
27,481,123
 
 
43,222,623
Technology hardware, storage & peripherals:  6.08%
 
Apple, Inc.
 
109,139
25,756,804
Dell Technologies, Inc. Class C
 
88,151
9,132,443
 
 
34,889,247
Materials:  2.07%
 
Chemicals:  1.06%
 
CF Industries Holdings, Inc.
 
66,154
6,100,060
Metals & mining:  1.01%
 
Nucor Corp.
 
44,935
5,771,002
Real estate:  3.08%
 
Retail REITs:  1.98%
 
Simon Property Group, Inc.
 
65,216
11,338,454
Specialized REITs:  1.10%
 
Millrose Properties, Inc. Class A♦†
 
24,161
267,221
Weyerhaeuser Co.
 
198,233
6,069,894
 
 
6,337,115
Total common stocks (Cost $329,646,944)
 
561,362,343
 
 
Yield
 
 
Short-term investments:  2.08%
 
Investment companies:  2.08%
 
Allspring Government Money Market Fund Select Class♠∞
4.32
%
 
11,925,599
11,925,599
Total short-term investments (Cost $11,925,599)
 
11,925,599
Total investments in securities (Cost $341,572,543)
99.96
%
 
573,287,942
Other assets and liabilities, net
0.04
 
249,681
Total net assets
100.00
%
 
$573,537,623
Non-income-earning security
The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC.
The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
The rate represents the 7-day annualized yield at period end.
Abbreviations:
REIT
Real estate investment trust
The accompanying notes are an integral part of these financial statements.
4 | Allspring Large Cap Core Fund

Portfolio of investments—January 31, 2025 (unaudited)
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
 
Value,
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
$7,562,931
$26,747,842
$(22,385,174
)
$0
$0
$11,925,599
11,925,599
$190,961
Futures contracts
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
E-Mini S&P 500 Index
31
3-21-2025
$9,438,501
$9,404,238
$0
$(34,263
)
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Core Fund | 5

Statement of assets and liabilities—January 31, 2025 (unaudited)
Financial statements
Statement of assets and liabilities
Assets
Investments in unaffiliated securities, at value (cost $329,646,944)
$561,362,343
Investments in affiliated securities, at value (cost $11,925,599)
11,925,599
Cash at broker segregated for futures contracts
503,946
Receivable for dividends
558,125
Receivable for Fund shares sold
218,646
Prepaid expenses and other assets
79,830
Total assets
574,648,489
Liabilities
Management fee payable
279,888
Payable for investments purchased
267,221
Shareholder servicing fees payable
209,802
Payable for Fund shares redeemed
165,070
Administration fees payable
93,081
Payable for daily variation margin on open futures contracts
49,600
Trustees fees and expenses payable
4,684
Distribution fees payable
4,266
Accrued expenses and other liabilities
37,254
Total liabilities
1,110,866
Total net assets
$573,537,623
Net assets consist of
Paid-in capital
$326,678,058
Total distributable earnings
246,859,565
Total net assets
$573,537,623
Computation of net asset value and offering price per share
Net assets–Class A
$440,642,273
Shares outstanding–Class A1
23,601,374
Net asset value per share–Class A
$18.67
Maximum offering price per share – Class A2
$19.81
Net assets–Class C
$6,426,516
Shares outstanding–Class C1
359,604
Net asset value per share–Class C
$17.87
Net assets–Class R6
$3,680,463
Shares outstanding–Class R61
195,265
Net asset value per share–Class R6
$18.85
Net assets–Administrator Class
$2,062,351
Shares outstanding–Administrator Class1
107,119
Net asset value per share–Administrator Class
$19.25
Net assets–Institutional Class
$120,726,020
Shares outstanding–Institutional Class1
6,388,981
Net asset value per share–Institutional Class
$18.90
1The Fund has an unlimited number of authorized shares.
2Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
6 | Allspring Large Cap Core Fund

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Investment income
Dividends
$3,011,097
Income from non-cash dividends
267,221
Income from affiliated securities
190,961
Interest
9,175
Total investment income
3,478,454
Expenses
Management fee
1,917,129
Administration fees
Class A
423,771
Class C
6,359
Class R6
544
Administrator Class
1,335
Institutional Class
73,684
Shareholder servicing fees
Class A
529,713
Class C
7,937
Administrator Class
2,527
Distribution fees
Class C
23,804
Custody and accounting fees
10,523
Professional fees
26,523
Registration fees
48,654
Shareholder report expenses
21,127
Trustees’ fees and expenses
11,263
Other fees and expenses
14,525
Total expenses
3,119,418
Less: Fee waivers and/or expense reimbursements
Fund-level
(329,628
)
Class A
(13,191
)
Class R6
(149
)
Administrator Class
(339
)
Institutional Class
(49,561
)
Net expenses
2,726,550
Net investment income
751,904
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Core Fund | 7

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities
$38,773,785
Futures contracts
246,291
Net realized gains on investments
39,020,076
Net change in unrealized gains (losses) on
Unaffiliated securities
32,839,968
Futures contracts
(42,349
)
Net change in unrealized gains (losses) on investments
32,797,619
Net realized and unrealized gains (losses) on investments
71,817,695
Net increase in net assets resulting from operations
$72,569,599
The accompanying notes are an integral part of these financial statements.
8 | Allspring Large Cap Core Fund

Statement of changes in net assets
Statement of changes in net assets
 

Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
Operations
Net investment income
$751,904
$2,028,227
Net realized gains on investments
39,020,076
43,920,410
Net change in unrealized gains (losses) on investments
32,797,619
47,079,383
Net increase in net assets resulting from operations
72,569,599
93,028,020
Distributions to shareholders from
Net investment income and net realized gains
Class A
(48,280,741
)
(28,260,966
)
Class C
(730,612
)
(625,245
)
Class R6
(445,351
)
(277,421
)
Administrator Class
(234,516
)
(157,450
)
Institutional Class
(13,187,081
)
(7,219,152
)
Total distributions to shareholders
(62,878,301
)
(36,540,234
)
Capital share transactions
Shares
Shares
Proceeds from shares sold
Class A
438,159
8,129,594
1,071,331
17,521,352
Class C
14,967
263,751
73,221
1,142,952
Class R6
22,467
424,440
29,614
504,101
Administrator Class
4,775
92,919
20,739
356,093
Institutional Class
559,209
10,530,421
1,052,444
17,780,213
 
19,441,125
37,304,711
Reinvestment of distributions
Class A
2,549,246
46,281,476
1,754,766
27,004,386
Class C
41,861
727,543
41,929
620,970
Class R6
4,358
80,085
2,883
44,896
Administrator Class
12,461
233,421
9,907
156,738
Institutional Class
710,092
13,073,290
455,501
7,102,424
 
60,395,815
34,929,414
Payment for shares redeemed
Class A
(1,261,354
)
(23,577,162
)
(2,405,518
)
(39,999,039
)
Class C
(53,512
)
(955,878
)
(465,119
)
(7,279,129
)
Class R6
(2,906
)
(56,568
)
(67,924
)
(1,128,888
)
Administrator Class
(13,252
)
(249,636
)
(44,479
)
(756,670
)
Institutional Class
(661,059
)
(12,459,936
)
(1,174,476
)
(19,589,166
)
 
(37,299,180
)
(68,752,892
)
Net increase in net assets resulting from capital share transactions
42,537,760
3,481,233
Total increase in net assets
52,229,058
59,969,019
Net assets
Beginning of period
521,308,565
461,339,546
End of period
$573,537,623
$521,308,565
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Core Fund | 9

Financial highlights
Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class A
2024
2023
2022
2021
2020
Net asset value, beginning of period
$18.39
$16.49
$15.85
$18.77
$15.71
$18.57
Net investment income
0.02
1
0.06
1
0.10
1
0.09
0.08
1
0.14
Net realized and unrealized gains (losses) on investments
2.53
3.17
2.21
(0.55
)
5.33
0.51
Total from investment operations
2.55
3.23
2.31
(0.46
)
5.41
0.65
Distributions to shareholders from
Net investment income
(0.02
)
(0.09
)
(0.12
)
(0.04
)
(0.15
)
(0.29
)
Net realized gains
(2.25
)
(1.24
)
(1.55
)
(2.42
)
(2.20
)
(3.22
)
Total distributions to shareholders
(2.27
)
(1.33
)
(1.67
)
(2.46
)
(2.35
)
(3.51
)
Net asset value, end of period
$18.67
$18.39
$16.49
$15.85
$18.77
$15.71
Total return2
14.24
%
21.20
%
16.41
%
(3.66
)%
37.90
%
2.86
%
Ratios to average net assets (annualized)
Gross expenses
1.20
%
1.21
%
1.22
%
1.20
%
1.23
%
1.23
%
Net expenses
1.07
%
1.04
%
1.05
%
1.06
%
1.06
%
1.06
%
Net investment income
0.20
%
0.37
%
0.66
%
0.52
%
0.49
%
0.97
%
Supplemental data
Portfolio turnover rate
21
%
31
%
26
%
31
%
46
%
28
%
Net assets, end of period (000s omitted)
$440,642
$402,315
$353,855
$330,584
$366,731
$300,373
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Large Cap Core Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class C
2024
2023
2022
2021
2020
Net asset value, beginning of period
$17.74
$15.98
$15.40
$18.39
$15.41
$18.22
Net investment income (loss)
(0.05
)1
(0.06
)1
(0.11
)1
(0.05
)1
(0.04
)1
0.03
Net realized and unrealized gains (losses) on investments
2.43
3.06
2.24
(0.52
)
5.23
0.47
Total from investment operations
2.38
3.00
2.13
(0.57
)
5.19
0.50
Distributions to shareholders from
Net investment income
0.00
0.00
0.00
0.00
(0.01
)
(0.09
)
Net realized gains
(2.25
)
(1.24
)
(1.55
)
(2.42
)
(2.20
)
(3.22
)
Total distributions to shareholders
(2.25
)
(1.24
)
(1.55
)
(2.42
)
(2.21
)
(3.31
)
Net asset value, end of period
$17.87
$17.74
$15.98
$15.40
$18.39
$15.41
Total return2
13.76
%
20.28
%
15.55
%
(4.39
)%
36.87
%
2.01
%
Ratios to average net assets (annualized)
Gross expenses
1.94
%
1.94
%
1.96
%
1.94
%
1.98
%
1.97
%
Net expenses
1.82
%
1.82
%
1.83
%
1.83
%
1.83
%
1.83
%
Net investment income (loss)
(0.55
)%
(0.35
)%
(0.07
)%
(0.27
)%
(0.25
)%
0.21
%
Supplemental data
Portfolio turnover rate
21
%
31
%
26
%
31
%
46
%
28
%
Net assets, end of period (000s omitted)
$6,427
$6,319
$11,285
$18,081
$28,335
$33,405
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Core Fund | 11

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class R6
2024
2023
2022
2021
2020
Net asset value, beginning of period
$18.58
$16.65
$15.99
$18.91
$15.81
$18.68
Net investment income
0.06
1
0.13
1
0.16
1
0.17
0.16
0.24
1
Net realized and unrealized gains (losses) on investments
2.56
3.20
2.23
(0.55
)
5.36
0.48
Total from investment operations
2.62
3.33
2.39
(0.38
)
5.52
0.72
Distributions to shareholders from
Net investment income
(0.10
)
(0.16
)
(0.18
)
(0.12
)
(0.22
)
(0.37
)
Net realized gains
(2.25
)
(1.24
)
(1.55
)
(2.42
)
(2.20
)
(3.22
)
Total distributions to shareholders
(2.35
)
(1.40
)
(1.73
)
(2.54
)
(2.42
)
(3.59
)
Net asset value, end of period
$18.85
$18.58
$16.65
$15.99
$18.91
$15.81
Total return2
14.46
%
21.65
%
16.92
%
(3.25
)%
38.47
%
3.23
%
Ratios to average net assets (annualized)
Gross expenses
0.78
%
0.79
%
0.79
%
0.77
%
0.80
%
0.79
%
Net expenses
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
Net investment income
0.62
%
0.78
%
1.09
%
0.92
%
0.92
%
1.40
%
Supplemental data
Portfolio turnover rate
21
%
31
%
26
%
31
%
46
%
28
%
Net assets, end of period (000s omitted)
$3,680
$3,183
$3,442
$4,535
$5,928
$6,570
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
12 | Allspring Large Cap Core Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Administrator Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$18.90
$16.91
$16.22
$19.16
$15.96
$18.82
Net investment income
0.03
1
0.08
1
0.11
1
0.10
1
0.10
1
0.18
1
Net realized and unrealized gains (losses) on investments
2.61
3.25
2.27
(0.55
)
5.43
0.49
Total from investment operations
2.64
3.33
2.38
(0.45
)
5.53
0.67
Distributions to shareholders from
Net investment income
(0.04
)
(0.10
)
(0.14
)
(0.07
)
(0.13
)
(0.31
)
Net realized gains
(2.25
)
(1.24
)
(1.55
)
(2.42
)
(2.20
)
(3.22
)
Total distributions to shareholders
(2.29
)
(1.34
)
(1.69
)
(2.49
)
(2.33
)
(3.53
)
Net asset value, end of period
$19.25
$18.90
$16.91
$16.22
$19.16
$15.96
Total return2
14.29
%
21.29
%
16.51
%
(3.57
)%
38.04
%
2.90
%
Ratios to average net assets (annualized)
Gross expenses
1.12
%
1.14
%
1.14
%
1.11
%
1.15
%
1.13
%
Net expenses
0.97
%
0.97
%
0.97
%
0.97
%
0.97
%
0.97
%
Net investment income
0.30
%
0.46
%
0.72
%
0.56
%
0.58
%
1.04
%
Supplemental data
Portfolio turnover rate
21
%
31
%
26
%
31
%
46
%
28
%
Net assets, end of period (000s omitted)
$2,062
$1,950
$1,978
$1,528
$2,531
$2,241
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Core Fund | 13

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Institutional Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$18.60
$16.67
$16.01
$18.93
$15.83
$18.70
Net investment income
0.06
1
0.12
1
0.16
1
0.16
0.19
0.24
1
Net realized and unrealized gains (losses) on investments
2.57
3.20
2.23
(0.55
)
5.33
0.48
Total from investment operations
2.63
3.32
2.39
(0.39
)
5.52
0.72
Distributions to shareholders from
Net investment income
(0.08
)
(0.15
)
(0.18
)
(0.11
)
(0.22
)
(0.37
)
Net realized gains
(2.25
)
(1.24
)
(1.55
)
(2.42
)
(2.20
)
(3.22
)
Total distributions to shareholders
(2.33
)
(1.39
)
(1.73
)
(2.53
)
(2.42
)
(3.59
)
Net asset value, end of period
$18.90
$18.60
$16.67
$16.01
$18.93
$15.83
Total return2
14.51
%
21.59
%
16.89
%
(3.27
)%
38.42
%
3.22
%
Ratios to average net assets (annualized)
Gross expenses
0.88
%
0.89
%
0.89
%
0.87
%
0.90
%
0.89
%
Net expenses
0.67
%
0.67
%
0.67
%
0.67
%
0.67
%
0.67
%
Net investment income
0.60
%
0.73
%
1.05
%
0.91
%
0.90
%
1.40
%
Supplemental data
Portfolio turnover rate
21
%
31
%
26
%
31
%
46
%
28
%
Net assets, end of period (000s omitted)
$120,726
$107,542
$90,779
$106,846
$132,167
$145,425
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
14 | Allspring Large Cap Core Fund

Notes to financial statements (unaudited)
Notes to financial statements
1.
ORGANIZATION
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies. These financial statements report on the Allspring Large Cap Core Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Managements process for determining the fair value of the portfolio of investments.
Futures contracts
Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time
Allspring Large Cap Core Fund | 15

Notes to financial statements (unaudited)
of declaration. The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds 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 Funds  tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. 
As of January 31, 2025, the aggregate cost of all investments for federal income tax purposes was $341,876,306 and the unrealized gains (losses) consisted of:
Gross unrealized gains
$236,455,895
Gross unrealized losses
(5,078,522
)
Net unrealized gains
$231,377,373
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.       
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
16 | Allspring Large Cap Core Fund

Notes to financial statements (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2025:
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$59,920,932
$0
$0
$59,920,932
Consumer discretionary
51,752,716
0
0
51,752,716
Consumer staples
21,486,381
0
0
21,486,381
Energy
22,053,684
0
0
22,053,684
Financials
75,494,021
0
0
75,494,021
Health care
66,937,477
0
0
66,937,477
Industrials
52,208,471
0
0
52,208,471
Information technology
181,962,030
0
0
181,962,030
Materials
11,871,062
0
0
11,871,062
Real estate
17,408,348
267,221
0
17,675,569
Short-term investments
Investment companies
11,925,599
0
0
11,925,599
Total assets
$573,020,721
$267,221
$0
$573,287,942
Liabilities
Futures contracts
$34,263
$0
$0
$34,263
Total liabilities
$34,263
$0
$0
$34,263
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of investments. For futures contracts, the current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At January 31, 2025, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Management fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:  
Average daily net assets
Management fee
First $500 million
0.700
%
Next $500 million
0.675
Next $1 billion
0.650
Next $2 billion
0.625
Next $1 billion
0.600
Next $3 billion
0.590
Next $2 billion
0.565
Next $2 billion
0.555
Next $4 billion
0.530
Over $16 billion
0.505
For the six months ended January 31, 2025, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets. 
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned
Allspring Large Cap Core Fund | 17

Notes to financial statements (unaudited)
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 0.30% as the average daily net assets of the Fund increase.
Administration fees
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
 
Class-level
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 reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Funds expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of January 31, 2025, the contractual caps are as follows:      
 
 
 
EXPENSE RATIO CAPS
Class A
1.07
%
Class C
1.82
Class R6
0.65
Administrator Class
0.97
Institutional Class
0.67
Distribution fees
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis. 
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2025, Allspring Funds Distributor received $4,025 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 January 31, 2025.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2025.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2025 were $111,840,348 and $135,532,023, respectively.
18 | Allspring Large Cap Core Fund

Notes to financial statements (unaudited)
6.
DERIVATIVE TRANSACTIONS
During the six months ended January 31, 2025, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $6,222,601 in long futures contracts during the six months ended January 31, 2025.
The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.
7.
BANK BORROWINGS
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the six months ended January 31, 2025, there were no borrowings by the Fund under the agreement.
8.
CONCENTRATION  RISKS
As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.   
9.
INDEMNIFICATION
Under the Funds organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
10.OPERATING SEGMENTS
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
Allspring Large Cap Core Fund | 19

Other information (unaudited)
Other information
Proxy voting information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.
20 | Allspring Large Cap Core Fund

Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Not applicable
Item 9. Matters submitted to fund shareholders for a vote
Not applicable
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Item 11. Statement regarding basis for the boards approval of investment advisory contract
Not applicable
Allspring Large Cap Core Fund | 21

For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds 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 Funds 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.
© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSRS4314 01-25


Allspring Premier Large Company Growth Fund
Long Form Financial Statements
Semi-Annual Report
January 31, 2025


Contents
2
6
7
8
9
14
19
20
20
20
20
Allspring Premier Large Company Growth Fund | 1

Portfolio of investments—January 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Shares
Value
Common stocks:  99.24%
 
Communication services:  14.81%
 
Entertainment:  5.96%
 
Live Nation Entertainment, Inc.
 
102,606
$14,845,036
Roblox Corp. Class A
 
173,134
12,304,633
Spotify Technology SA
 
39,448
21,639,200
Take-Two Interactive Software, Inc.
 
99,691
18,493,678
TKO Group Holdings, Inc. Class A
 
113,784
17,660,415
 
 
84,942,962
Interactive media & services:  7.94%
 
Alphabet, Inc. Class A
 
108,511
22,138,414
Meta Platforms, Inc. Class A
 
132,194
91,105,461
 
 
113,243,875
Media:  0.91%
 
Trade Desk, Inc. Class A
 
109,946
13,048,391
Consumer discretionary:  17.28%
 
Broadline retail:  6.63%
 
Amazon.com, Inc.
 
347,522
82,599,029
MercadoLibre, Inc.
 
6,260
12,032,909
 
 
94,631,938
Hotels, restaurants & leisure:  6.24%
 
Booking Holdings, Inc.
 
4,957
23,484,085
DoorDash, Inc. Class A
 
138,118
26,080,822
DraftKings, Inc. Class A
 
266,185
11,166,461
Hilton Worldwide Holdings, Inc.
 
65,373
16,740,064
Viking Holdings Ltd.
 
227,015
11,493,769
 
 
88,965,201
Specialty retail:  2.30%
 
AutoZone, Inc.
 
5,410
18,124,636
Carvana Co. Class A
 
59,186
14,647,352
 
 
32,771,988
Textiles, apparel & luxury goods:  2.11%
 
Deckers Outdoor Corp.
 
98,879
17,537,179
On Holding AG Class A
 
208,902
12,509,052
 
 
30,046,231
Consumer staples:  0.63%
 
Personal care products:  0.63%
 
BellRing Brands, Inc.
 
116,349
8,999,595
Financials:  10.16%
 
Capital markets:  5.83%
 
KKR & Co., Inc.
 
140,932
23,545,509
The accompanying notes are an integral part of these financial statements.
2 | Allspring Premier Large Company Growth Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Capital markets(continued)
 
Robinhood Markets, Inc. Class A
 
639,810
$33,238,130
Tradeweb Markets, Inc. Class A
 
207,926
26,385,809
 
 
83,169,448
Financial services:  3.06%
 
Affirm Holdings, Inc.
 
222,708
13,600,778
Mastercard, Inc. Class A
 
54,044
30,017,659
 
 
43,618,437
Insurance:  1.27%
 
Progressive Corp.
 
73,113
18,017,968
Health care:  7.20%
 
Biotechnology:  2.30%
 
Argenx SE ADR
 
18,737
12,275,171
Natera, Inc.
 
71,918
12,723,732
Neurocrine Biosciences, Inc.
 
51,784
7,861,847
 
 
32,860,750
Health care equipment & supplies:  3.62%
 
Boston Scientific Corp.
 
213,028
21,805,546
DexCom, Inc.
 
120,824
10,491,148
Intuitive Surgical, Inc.
 
33,838
19,351,275
 
 
51,647,969
Pharmaceuticals:  1.28%
 
Teva Pharmaceutical Industries Ltd. ADR
 
1,025,857
18,188,445
Industrials:  11.14%
 
Aerospace & defense:  3.80%
 
Axon Enterprise, Inc.
 
29,622
19,318,876
General Electric Co.
 
98,597
20,071,391
Howmet Aerospace, Inc.
 
116,709
14,773,025
 
 
54,163,292
Commercial services & supplies:  2.37%
 
Rollins, Inc.
 
364,926
18,063,837
Tetra Tech, Inc.
 
44,290
1,629,872
Waste Connections, Inc.
 
76,952
14,141,469
 
 
33,835,178
Construction & engineering:  2.47%
 
EMCOR Group, Inc.
 
31,433
14,083,870
Quanta Services, Inc.
 
68,505
21,072,823
 
 
35,156,693
The accompanying notes are an integral part of these financial statements.
Allspring Premier Large Company Growth Fund | 3

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Electrical equipment:  1.55%
 
Eaton Corp. PLC
 
31,413
$10,254,460
Vertiv Holdings Co. Class A
 
101,640
11,893,913
 
 
22,148,373
Ground transportation:  0.95%
 
Old Dominion Freight Line, Inc.
 
73,329
13,610,596
Information technology:  38.02%
 
Communications equipment:  1.40%
 
Arista Networks, Inc.
 
173,586
20,002,315
IT services:  1.56%
 
Globant SA
 
54,354
11,594,795
Shopify, Inc. Class A
 
90,511
10,571,685
 
 
22,166,480
Semiconductors & semiconductor equipment:  12.35%
 
Broadcom, Inc.
 
200,390
44,340,295
Monolithic Power Systems, Inc.
 
17,907
11,413,385
NVIDIA Corp.
 
762,586
91,563,701
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
 
137,562
28,794,478
 
 
176,111,859
Software:  20.29%
 
AppLovin Corp. Class A
 
44,506
16,448,973
Cadence Design Systems, Inc.
 
88,524
26,346,513
CyberArk Software Ltd.
 
51,529
19,116,228
Fair Isaac Corp.
 
6,747
12,640,909
Microsoft Corp.
 
259,666
107,776,970
Monday.com Ltd.
 
52,734
13,471,428
Oracle Corp.
 
105,521
17,944,901
Salesforce, Inc.
 
108,268
36,995,176
Samsara, Inc. Class A
 
241,241
12,423,911
ServiceNow, Inc.
 
25,751
26,224,303
 
 
289,389,312
Technology hardware, storage & peripherals:  2.42%
 
Apple, Inc.
 
145,967
34,448,212
Total common stocks (Cost $752,423,732)
 
1,415,185,508
The accompanying notes are an integral part of these financial statements.
4 | Allspring Premier Large Company Growth Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
Yield
Shares
Value
Short-term investments:  3.30%
 
Investment companies:  3.30%
 
Allspring Government Money Market Fund Select Class♠∞
4.32
%
 
47,044,327
$47,044,327
Total short-term investments (Cost $47,044,327)
 
47,044,327
Total investments in securities (Cost $799,468,059)
102.54
%
 
1,462,229,835
Other assets and liabilities, net
(2.54
)
 
(36,153,920
)
Total net assets
100.00
%
 
$1,426,075,915
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
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
$1,141,038
$294,011,880
$(248,108,591
)
$0
$0
$47,044,327
47,044,327
$306,610
The accompanying notes are an integral part of these financial statements.
Allspring Premier Large Company Growth Fund | 5

Statement of assets and liabilities—January 31, 2025 (unaudited)
Financial statements
Statement of assets and liabilities
Assets
Investments in unaffiliated securities, at value (cost $752,423,732)
$1,415,185,508
Investments in affiliated securities, at value (cost $47,044,327)
47,044,327
Cash
13
Receivable for Fund shares sold
387,475
Receivable for dividends
115,066
Prepaid expenses and other assets
71,631
Total assets
1,462,804,020
Liabilities
Payable for investments purchased
34,903,846
Management fee payable
788,561
Payable for Fund shares redeemed
345,633
Shareholder servicing fees payable
264,043
Administration fees payable
236,556
Distribution fee payable
7,632
Trustees fees and expenses payable
1,080
Accrued expenses and other liabilities
180,754
Total liabilities
36,728,105
Total net assets
$1,426,075,915
Net assets consist of
Paid-in capital
$575,685,573
Total distributable earnings
850,390,342
Total net assets
$1,426,075,915
Computation of net asset value and offering price per share
Net assets–Class A
$1,131,862,933
Shares outstanding–Class A1
101,972,911
Net asset value per share–Class A
$11.10
Maximum offering price per share – Class A2
$11.78
Net assets–Class C
$11,200,052
Shares outstanding–Class C1
3,876,487
Net asset value per share–Class C
$2.89
Net assets–Class R6
$40,768,269
Shares outstanding–Class R61
3,002,065
Net asset value per share–Class R6
$13.58
Net assets–Administrator Class
$24,672,653
Shares outstanding–Administrator Class1
2,086,424
Net asset value per share–Administrator Class
$11.83
Net assets–Institutional Class
$217,572,008
Shares outstanding–Institutional Class1
16,258,482
Net asset value per share–Institutional Class
$13.38
1The Fund has an unlimited number of authorized shares.
2Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
6 | Allspring Premier Large Company Growth Fund

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Investment income
Dividends (net of foreign withholdings taxes of $36,892)
$2,468,616
Income from affiliated securities
306,610
Interest (net of foreign withholding taxes of $6,704)
38,106
Total investment income
2,813,332
Expenses
Management fee
4,854,297
Administration fees
Class A
1,128,102
Class C
11,419
Class R6
7,272
Administrator Class
15,931
Institutional Class
144,508
Shareholder servicing fees
Class A
1,410,127
Class C
14,222
Administrator Class
30,422
Distribution fee
Class C
42,529
Custody and accounting fees
19,777
Professional fees
49,626
Registration fees
44,765
Shareholder report expenses
39,358
Trustees’ fees and expenses
12,515
Other fees and expenses
29,540
Total expenses
7,854,410
Less: Fee waivers and/or expense reimbursements
Fund-level
(381,686
)
Class R6
(7,272
)
Administrator Class
(3,960
)
Institutional Class
(93,075
)
Net expenses
7,368,417
Net investment loss
(4,555,085
)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities
261,797,013
Foreign currency and foreign currency translations
91
Net realized gains on investments
261,797,104
Net change in unrealized gains (losses) on investments
(20,445,936
)
Net realized and unrealized gains (losses) on investments
241,351,168
Net increase in net assets resulting from operations
$236,796,083
The accompanying notes are an integral part of these financial statements.
Allspring Premier Large Company Growth Fund | 7

Statement of changes in net assets
Statement of changes in net assets
 

Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
Operations
Net investment loss
$(4,555,085
)
$(8,702,694
)
Net realized gains on investments
261,797,104
414,697,356
Net change in unrealized gains (losses) on investments
(20,445,936
)
(125,371,300
)
Net increase in net assets resulting from operations
236,796,083
280,623,362
Distributions to shareholders from
Net investment income and net realized gains
Class A
(192,874,430
)
(298,255,447
)
Class C
(4,949,484
)
(8,797,555
)
Class R6
(6,344,322
)
(106,478,877
)
Administrator Class
(4,040,484
)
(6,069,326
)
Institutional Class
(32,113,468
)
(66,503,353
)
Total distributions to shareholders
(240,322,188
)
(486,104,558
)
Capital share transactions
Shares
Shares
Proceeds from shares sold
Class A
1,077,385
12,378,557
3,115,132
32,403,763
Class C
364,438
1,204,063
162,604
770,147
Class R6
160,998
2,226,514
1,391,724
17,725,062
Administrator Class
136,094
1,702,341
194,969
2,199,207
Institutional Class
5,309,157
73,622,192
2,105,935
25,636,625
 
91,133,667
78,734,804
Reinvestment of distributions
Class A
16,226,379
182,553,492
28,893,055
280,519,318
Class C
1,665,850
4,880,942
2,102,349
8,572,065
Class R6
411,170
5,653,585
8,472,343
102,900,619
Administrator Class
323,524
3,875,817
565,128
5,768,444
Institutional Class
2,208,076
29,919,431
5,324,748
59,936,119
 
226,883,267
457,696,565
Payment for shares redeemed
Class A
(7,135,554
)
(83,561,244
)
(16,185,473
)
(168,869,014
)
Class C
(777,797
)
(3,023,053
)
(2,024,469
)
(9,274,880
)
Class R6
(2,039,792
)
(28,008,457
)
(64,841,478
)
(788,627,365
)
Administrator Class
(226,909
)
(2,792,462
)
(472,041
)
(5,255,922
)
Institutional Class
(6,975,502
)
(98,180,893
)
(10,769,542
)
(129,491,425
)
 
(215,566,109
)
(1,101,518,606
)
Net increase (decrease) in net assets resulting from capital share
transactions
102,450,825
(565,087,237
)
Total increase (decrease) in net assets
98,924,720
(770,568,433
)
Net assets
Beginning of period
1,327,151,195
2,097,719,628
End of period
$1,426,075,915
$1,327,151,195
The accompanying notes are an integral part of these financial statements.
8 | Allspring Premier Large Company Growth Fund

Financial highlights
Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class A
2024
2023
2022
2021
2020
Net asset value, beginning of period
$11.20
$12.55
$11.54
$19.28
$16.08
$14.19
Net investment loss
(0.04
)1
(0.08
)1
(0.07
)1
(0.11
)1
(0.13
)1
(0.07
)
Net realized and unrealized gains (losses) on investments
2.13
2.48
1.08
(3.54
)
5.36
3.07
Total from investment operations
2.09
2.40
1.01
(3.65
)
5.23
3.00
Distributions to shareholders from
Net realized gains
(2.19
)
(3.75
)
0.00
(4.09
)
(2.03
)
(1.11
)
Net asset value, end of period
$11.10
$11.20
$12.55
$11.54
$19.28
$16.08
Total return2
18.44
%
26.70
%
8.75
%
(24.02
)%
34.93
%
22.78
%
Ratios to average net assets (annualized)
Gross expenses
1.15
%
1.15
%
1.15
%
1.13
%
1.13
%
1.14
%
Net expenses
1.10
%
1.09
%
1.09
%
1.10
%
1.10
%
1.10
%
Net investment loss
(0.71
)%
(0.75
)%
(0.61
)%
(0.75
)%
(0.77
)%
(0.52
)%
Supplemental data
Portfolio turnover rate
32
%
47
%
76
%
54
%
48
%
45
%
Net assets, end of period (000s omitted)
$1,131,863
$1,028,666
$953,527
$1,001,892
$1,501,805
$1,178,453
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Premier Large Company Growth Fund | 9

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class C
2024
2023
2022
2021
2020
Net asset value, beginning of period
$4.28
$7.12
$6.60
$12.85
$11.40
$10.45
Net investment loss
(0.03
)1
(0.07
)1
(0.09
)1
(0.14
)1
(0.18
)1
(0.13
)1
Net realized and unrealized gains (losses) on investments
0.83
0.98
0.61
(2.02
)
3.66
2.19
Total from investment operations
0.80
0.91
0.52
(2.16
)
3.48
2.06
Distributions to shareholders from
Net realized gains
(2.19
)
(3.75
)
0.00
(4.09
)
(2.03
)
(1.11
)
Net asset value, end of period
$2.89
$4.28
$7.12
$6.60
$12.85
$11.40
Total return2
18.11
%
25.72
%
7.88
%
(24.57
)%
33.80
%
21.87
%
Ratios to average net assets (annualized)
Gross expenses
1.90
%
1.89
%
1.89
%
1.86
%
1.87
%
1.89
%
Net expenses
1.85
%
1.85
%
1.86
%
1.85
%
1.86
%
1.86
%
Net investment loss
(1.46
)%
(1.51
)%
(1.37
)%
(1.51
)%
(1.52
)%
(1.27
)%
Supplemental data
Portfolio turnover rate
32
%
47
%
76
%
54
%
48
%
45
%
Net assets, end of period (000s omitted)
$11,200
$11,244
$16,979
$23,163
$58,524
$111,046
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Premier Large Company Growth Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class R6
2024
2023
2022
2021
2020
Net asset value, beginning of period
$13.27
$14.13
$12.94
$21.03
$17.31
$15.12
Net investment loss
(0.02
)1
(0.03
)1
(0.02
)1
(0.05
)1
(0.06
)1
(0.01
)
Net realized and unrealized gains (losses) on investments
2.52
2.92
1.21
(3.95
)
5.81
3.31
Total from investment operations
2.50
2.89
1.19
(4.00
)
5.75
3.30
Distributions to shareholders from
Net realized gains
(2.19
)
(3.75
)
0.00
(4.09
)
(2.03
)
(1.11
)
Net asset value, end of period
$13.58
$13.27
$14.13
$12.94
$21.03
$17.31
Total return2
18.67
%
27.29
%
9.20
%
(23.64
)%
35.49
%
23.39
%
Ratios to average net assets (annualized)
Gross expenses
0.73
%
0.72
%
0.72
%
0.70
%
0.70
%
0.71
%
Net expenses
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
0.65
%
Net investment loss
(0.24
)%
(0.22
)%
(0.17
)%
(0.30
)%
(0.32
)%
(0.07
)%
Supplemental data
Portfolio turnover rate
32
%
47
%
76
%
54
%
48
%
45
%
Net assets, end of period (000s omitted)
$40,768
$59,319
$839,917
$856,050
$1,179,098
$954,852
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Premier Large Company Growth Fund | 11

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Administrator Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$11.81
$13.02
$11.96
$19.82
$16.47
$14.48
Net investment loss
(0.04
)1
(0.07
)1
(0.06
)1
(0.11
)1
(0.12
)1
(0.06
)1
Net realized and unrealized gains (losses) on investments
2.25
2.61
1.12
(3.66
)
5.50
3.16
Total from investment operations
2.21
2.54
1.06
(3.77
)
5.38
3.10
Distributions to shareholders from
Net realized gains
(2.19
)
(3.75
)
0.00
(4.09
)
(2.03
)
(1.11
)
Net asset value, end of period
$11.83
$11.81
$13.02
$11.96
$19.82
$16.47
Total return2
18.52
%
26.83
%
8.86
%
(23.96
)%
35.02
%
23.02
%
Ratios to average net assets (annualized)
Gross expenses
1.08
%
1.08
%
1.06
%
1.04
%
1.05
%
1.06
%
Net expenses
1.00
%
1.00
%
1.00
%
1.00
%
1.00
%
1.00
%
Net investment loss
(0.61
)%
(0.66
)%
(0.52
)%
(0.68
)%
(0.67
)%
(0.42
)%
Supplemental data
Portfolio turnover rate
32
%
47
%
76
%
54
%
48
%
45
%
Net assets, end of period (000s omitted)
$24,673
$21,898
$20,383
$22,546
$65,665
$54,341
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
12 | Allspring Premier Large Company Growth Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Institutional Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$13.11
$14.01
$12.83
$20.90
$17.22
$15.06
Net investment loss
(0.02
)1
(0.04
)1
(0.03
)1
(0.06
)1
(0.07
)1
(0.02
)1
Net realized and unrealized gains (losses) on investments
2.48
2.89
1.21
(3.92
)
5.78
3.29
Total from investment operations
2.46
2.85
1.18
(3.98
)
5.71
3.27
Distributions to shareholders from
Net realized gains
(2.19
)
(3.75
)
0.00
(4.09
)
(2.03
)
(1.11
)
Net asset value, end of period
$13.38
$13.11
$14.01
$12.83
$20.90
$17.22
Total return2
18.59
%
27.24
%
9.20
%
(23.70
)%
35.43
%
23.28
%
Ratios to average net assets (annualized)
Gross expenses
0.83
%
0.83
%
0.82
%
0.80
%
0.80
%
0.81
%
Net expenses
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
Net investment loss
(0.31
)%
(0.36
)%
(0.21
)%
(0.35
)%
(0.37
)%
(0.12
)%
Supplemental data
Portfolio turnover rate
32
%
47
%
76
%
54
%
48
%
45
%
Net assets, end of period (000s omitted)
$217,572
$206,024
$266,914
$409,806
$677,437
$648,357
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Premier Large Company Growth Fund | 13

Notes to financial statements (unaudited)
Notes to financial statements
1.
ORGANIZATION
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies. These financial statements report on the Allspring Premier Large Company Growth Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Managements process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at  rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.   
Interest earned on cash balances held at the custodian is recorded as interest income.
Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
14 | Allspring Premier Large Company Growth Fund

Notes to financial statements (unaudited)
Federal and other taxes
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Funds  tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. 
As of January 31, 2025, the aggregate cost of all investments for federal income tax purposes was $802,453,691 and the unrealized gains (losses) consisted of:
Gross unrealized gains
$672,998,271
Gross unrealized losses
(13,222,127
)
Net unrealized gains
$659,776,144
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.       
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2025:
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$211,235,228
$0
$0
$211,235,228
Consumer discretionary
246,415,358
0
0
246,415,358
Consumer staples
8,999,595
0
0
8,999,595
Financials
144,805,853
0
0
144,805,853
Health care
102,697,164
0
0
102,697,164
Industrials
158,914,132
0
0
158,914,132
Information technology
542,118,178
0
0
542,118,178
Short-term investments
Investment companies
47,044,327
0
0
47,044,327
Total assets
$1,462,229,835
$0
$0
$1,462,229,835
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At January 31, 2025, the Fund did not have any transfers into/out of Level 3.
Allspring Premier Large Company Growth Fund | 15

Notes to financial statements (unaudited)
4.
TRANSACTIONS WITH AFFILIATES
Management fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:  
Average daily net assets
Management fee
First $500 million
0.700
%
Next $500 million
0.675
Next $1 billion
0.650
Next $2 billion
0.625
Next $1 billion
0.600
Next $3 billion
0.590
Next $2 billion
0.565
Next $2 billion
0.555
Next $4 billion
0.530
Over $16 billion
0.505
For the six months ended January 31, 2025, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets. 
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.
Administration fees
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
 
Class-level
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 reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Funds expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of January 31, 2025, the contractual caps are as follows:      
16 | Allspring Premier Large Company Growth Fund

Notes to financial statements (unaudited)
 
 
 
EXPENSE RATIO CAPS
Class A
1.10
%
Class C
1.85
Class R6
0.65
Administrator Class
1.00
Institutional Class
0.70
Distribution fee
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2025, Allspring Funds Distributor received $3,139 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 January 31, 2025.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2025.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2025 were $441,919,247 and $535,912,445, respectively.
6.
BANK BORROWINGS
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the six months ended January 31, 2025, there were no borrowings by the Fund under the agreement.
7.
CONCENTRATION  RISKS
As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.   
8.
INDEMNIFICATION
Under the Funds organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
Allspring Premier Large Company Growth Fund | 17

Notes to financial statements (unaudited)
9.
REDEMPTIONS IN-KIND
During the six months ended January 31, 2025, the Fund redeemed assets through an in-kind redemption for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:
Date
Value of
securities issued
Cash
Realized
gains (losses)
% of the
Fund
09-19-2024
$59,210,734
$1,959,786
$47,288,142
4.24
%
10.OPERATING SEGMENTS
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
18 | Allspring Premier Large Company Growth Fund

Other information (unaudited)
Other information
Proxy voting information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.
Allspring Premier Large Company Growth Fund | 19

Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Not applicable
Item 9. Matters submitted to fund shareholders for a vote
Not applicable
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Item 11. Statement regarding basis for the boards approval of investment advisory contract
Not applicable
20 | Allspring Premier Large Company Growth Fund


For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds 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 Funds 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.
© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSRS4325 01-25


Allspring Growth
Fund
Long Form Financial Statements
Semi-Annual Report
January 31, 2025


Contents
2
6
7
8
9
14
19
20
20
20
20
Allspring Growth Fund | 1

Portfolio of investments—January 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Shares
Value
Common stocks:  99.45%
 
Communication services:  13.25%
 
Entertainment:  3.95%
 
Live Nation Entertainment, Inc.
 
200,533
$29,013,114
Roblox Corp. Class A
 
415,568
29,534,418
Spotify Technology SA
 
72,221
39,616,830
TKO Group Holdings, Inc. Class A
 
272,910
42,358,361
 
 
140,522,723
Interactive media & services:  9.30%
 
Alphabet, Inc. Class A
 
424,586
86,624,035
Meta Platforms, Inc. Class A
 
354,710
244,459,038
 
 
331,083,073
Consumer discretionary:  15.23%
 
Broadline retail:  7.62%
 
Amazon.com, Inc.
 
1,017,679
241,881,945
MercadoLibre, Inc.
 
15,263
29,338,386
 
 
271,220,331
Hotels, restaurants & leisure:  4.01%
 
Booking Holdings, Inc.
 
11,910
56,424,340
DoorDash, Inc. Class A
 
325,653
61,493,056
DraftKings, Inc. Class A
 
593,691
24,905,337
 
 
142,822,733
Specialty retail:  1.90%
 
Boot Barn Holdings, Inc.
 
132,870
21,372,139
OReilly Automotive, Inc.
 
35,797
46,336,353
 
 
67,708,492
Textiles, apparel & luxury goods:  1.70%
 
Deckers Outdoor Corp.
 
149,482
26,512,128
On Holding AG Class A
 
568,505
34,042,079
 
 
60,554,207
Consumer staples:  1.09%
 
Food products:  0.64%
 
Freshpet, Inc.
 
141,379
22,613,571
Personal care products:  0.45%
 
BellRing Brands, Inc.
 
209,012
16,167,078
Financials:  12.22%
 
Capital markets:  5.58%
 
KKR & Co., Inc.
 
309,148
51,649,356
Robinhood Markets, Inc. Class A
 
1,662,766
86,380,694
Tradeweb Markets, Inc. Class A
 
477,103
60,544,371
 
 
198,574,421
The accompanying notes are an integral part of these financial statements.
2 | Allspring Growth Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Financial services:  5.43%
 
Affirm Holdings, Inc.
 
463,442
$28,302,403
Equitable Holdings, Inc.
 
398,785
21,701,880
Mastercard, Inc. Class A
 
135,115
75,046,925
Toast, Inc. Class A
 
704,534
28,829,531
Visa, Inc. Class A
 
115,924
39,622,823
 
 
193,503,562
Insurance:  1.21%
 
Progressive Corp.
 
174,507
43,005,505
Health care:  8.24%
 
Biotechnology:  2.58%
 
ADMA Biologics, Inc.
 
911,779
14,725,231
Argenx SE ADR
 
43,100
28,236,103
Natera, Inc.
 
171,788
30,392,733
Vaxcyte, Inc.
 
210,483
18,589,858
 
 
91,943,925
Health care equipment & supplies:  3.44%
 
Boston Scientific Corp.
 
487,410
49,891,288
Intuitive Surgical, Inc.
 
82,215
47,017,114
Penumbra, Inc.
 
96,489
25,759,668
 
 
122,668,070
Health care providers & services:  0.69%
 
RadNet, Inc.
 
374,711
24,532,329
Life sciences tools & services:  0.68%
 
Repligen Corp.
 
145,279
24,146,823
Pharmaceuticals:  0.85%
 
Teva Pharmaceutical Industries Ltd. ADR
 
1,699,501
30,132,153
Industrials:  7.18%
 
Aerospace & defense:  2.11%
 
Curtiss-Wright Corp.
 
77,925
27,035,299
General Electric Co.
 
236,277
48,098,909
 
 
75,134,208
Commercial services & supplies:  1.23%
 
Tetra Tech, Inc.
 
93,766
3,450,589
Waste Connections, Inc.
 
218,938
40,234,236
 
 
43,684,825
Construction & engineering:  2.03%
 
EMCOR Group, Inc.
 
61,094
27,373,778
Quanta Services, Inc.
 
77,588
23,866,845
Sterling Infrastructure, Inc.
 
147,089
20,948,415
 
 
72,189,038
The accompanying notes are an integral part of these financial statements.
Allspring Growth Fund | 3

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Electrical equipment:  0.83%
 
Vertiv Holdings Co. Class A
 
252,871
$29,590,964
Ground transportation:  0.98%
 
Saia, Inc.
 
72,623
34,867,029
Information technology:  40.32%
 
Communications equipment:  2.67%
 
Arista Networks, Inc.
 
430,419
49,597,181
Motorola Solutions, Inc.
 
96,738
45,394,307
 
 
94,991,488
Electronic equipment, instruments & components:  1.21%
 
Zebra Technologies Corp. Class A
 
110,131
43,164,744
IT services:  1.75%
 
Globant SA
 
136,831
29,188,789
Shopify, Inc. Class A
 
282,704
33,019,827
 
 
62,208,616
Semiconductors & semiconductor equipment:  12.18%
 
Broadcom, Inc.
 
464,966
102,883,027
Monolithic Power Systems, Inc.
 
44,389
28,292,217
NVIDIA Corp.
 
1,925,523
231,197,546
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
 
340,096
71,188,895
 
 
433,561,685
Software:  19.27%
 
AppLovin Corp. Class A
 
104,514
38,627,329
Cadence Design Systems, Inc.
 
211,674
62,998,416
Commvault Systems, Inc.
 
164,642
26,220,885
CyberArk Software Ltd.
 
107,379
39,835,461
Fair Isaac Corp.
 
16,697
31,282,831
Microsoft Corp.
 
566,534
235,145,602
Monday.com Ltd.
 
121,878
31,134,954
Oracle Corp.
 
283,779
48,259,457
Salesforce, Inc.
 
262,177
89,585,881
Samsara, Inc. Class A
 
413,083
21,273,775
ServiceNow, Inc.
 
60,828
61,946,019
 
 
686,310,610
Technology hardware, storage & peripherals:  3.24%
 
Apple, Inc.
 
488,529
115,292,844
Materials:  1.92%
 
Construction materials:  1.15%
 
Vulcan Materials Co.
 
149,128
40,883,441
The accompanying notes are an integral part of these financial statements.
4 | Allspring Growth Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Metals & mining:  0.77%
 
Carpenter Technology Corp.
 
143,179
$27,642,138
Total common stocks (Cost $1,843,860,295)
 
3,540,720,626
 
 
Yield
 
 
Short-term investments:  0.76%
 
Investment companies:  0.76%
 
Allspring Government Money Market Fund Select Class♠∞
4.32
%
 
27,172,939
27,172,939
Total short-term investments (Cost $27,172,939)
 
27,172,939
Total investments in securities (Cost $1,871,033,234)
100.21
%
 
3,567,893,565
Other assets and liabilities, net
(0.21
)
 
(7,404,163
)
Total net assets
100.00
%
 
$3,560,489,402
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
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
$13,492,505
$849,246,908
$(835,566,474
)
$0
$0
$27,172,939
27,172,939
$466,948
The accompanying notes are an integral part of these financial statements.
Allspring Growth Fund | 5

Statement of assets and liabilities—January 31, 2025 (unaudited)
Financial statements
Statement of assets and liabilities
Assets
Investments in unaffiliated securities, at value (cost $1,843,860,295)
$3,540,720,626
Investments in affiliated securities, at value (cost $27,172,939)
27,172,939
Cash
19
Receivable for investments sold
3,571,255
Receivable for Fund shares sold
493,004
Receivable for dividends
200,720
Prepaid expenses and other assets
216,299
Total assets
3,572,374,862
Liabilities
Payable for investments purchased
5,876,787
Management fee payable
2,154,259
Payable for Fund shares redeemed
1,948,556
Shareholder servicing fees payable
1,310,983
Administration fees payable
569,997
Distribution fee payable
10,901
Dividends payable
71
Accrued expenses and other liabilities
13,906
Total liabilities
11,885,460
Total net assets
$3,560,489,402
Net assets consist of
Paid-in capital
$1,380,478,320
Total distributable earnings
2,180,011,082
Total net assets
$3,560,489,402
Computation of net asset value and offering price per share
Net assets–Class A
$2,723,266,374
Shares outstanding–Class A1
108,706,595
Net asset value per share–Class A
$25.05
Maximum offering price per share – Class A2
$26.58
Net assets–Class C
$16,001,168
Shares outstanding–Class C1
2,490,073
Net asset value per share–Class C
$6.43
Net assets–Class R6
$268,444,723
Shares outstanding–Class R61
5,842,405
Net asset value per share–Class R6
$45.95
Net assets–Administrator Class
$105,884,515
Shares outstanding–Administrator Class1
2,868,489
Net asset value per share–Administrator Class
$36.91
Net assets–Institutional Class
$446,892,622
Shares outstanding–Institutional Class1
9,825,678
Net asset value per share–Institutional Class
$45.48
1The Fund has an unlimited number of authorized shares.
2Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
6 | Allspring Growth Fund

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Investment income
Dividends (net of foreign withholdings taxes of $97,395)
$8,469,216
Income from affiliated securities
466,948
Interest
4,588
Total investment income
8,940,752
Expenses
Management fee
13,341,293
Administration fees
Class A
2,793,364
Class C
17,348
Class R6
42,839
Administrator Class
117,605
Institutional Class
316,552
Shareholder servicing fees
Class A
3,491,705
Class C
21,636
Administrator Class
222,794
Distribution fee
Class C
64,589
Custody and accounting fees
57,674
Professional fees
29,185
Registration fees
76,750
Shareholder report expenses
48,609
Trustees’ fees and expenses
15,009
Other fees and expenses
73,649
Total expenses
20,730,601
Less: Fee waivers and/or expense reimbursements
Fund-level
(496,016
)
Class R6
(35,086
)
Administrator Class
(98,738
)
Institutional Class
(179,809
)
Net expenses
19,920,952
Net investment loss
(10,980,200
)
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities
971,941,466
Foreign currency and foreign currency translations
17
Net realized gains on investments
971,941,483
Net change in unrealized gains (losses) on investments
(491,533,167
)
Net realized and unrealized gains (losses) on investments
480,408,316
Net increase in net assets resulting from operations
$469,428,116
The accompanying notes are an integral part of these financial statements.
Allspring Growth Fund | 7

Statement of changes in net assets
Statement of changes in net assets
 

Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
Operations
Net investment loss
$(10,980,200
)
$(19,503,820
)
Net realized gains on investments
971,941,483
589,828,966
Net change in unrealized gains (losses) on investments
(491,533,167
)
46,561,150
Net increase in net assets resulting from operations
469,428,116
616,886,296
Distributions to shareholders from
Net investment income and net realized gains
Class A
(787,951,646
)
(185,583,271
)
Class C
(10,245,392
)
(2,679,651
)
Class R6
(47,522,163
)
(23,028,123
)
Administrator Class
(31,459,192
)
(16,304,909
)
Institutional Class
(81,517,564
)
(45,640,370
)
Total distributions to shareholders
(958,695,957
)
(273,236,324
)
Capital share transactions
Shares
Shares
Proceeds from shares sold
Class A
1,154,409
32,228,819
970,733
26,619,779
Class C
82,354
716,527
59,659
775,816
Class R6
229,426
11,264,431
571,647
25,254,852
Administrator Class
163,188
6,656,190
567,552
21,002,672
Institutional Class
3,859,546
193,436,288
2,080,310
90,544,686
 
244,302,255
164,197,805
Reinvestment of distributions
Class A
29,842,132
757,691,746
7,152,606
178,242,948
Class C
1,551,458
10,115,504
222,406
2,568,784
Class R6
953,395
44,371,019
525,450
20,928,674
Administrator Class
623,420
23,315,919
479,242
16,021,049
Institutional Class
1,685,194
77,636,910
1,118,859
44,217,322
 
913,131,098
261,978,777
Payment for shares redeemed
Class A
(9,040,083
)
(261,406,328
)
(10,389,005
)
(289,416,389
)
Class C
(391,243
)
(4,190,717
)
(364,073
)
(4,821,792
)
Class R6
(1,246,084
)
(63,827,992
)
(4,400,141
)
(194,196,934
)
Administrator Class
(3,634,782
)
(151,163,687
)
(1,990,778
)
(73,171,321
)
Institutional Class
(7,422,367
)
(372,018,167
)
(13,085,842
)
(563,662,225
)
 
(852,606,891
)
(1,125,268,661
)
Net asset value of shares issued in acquisition
Class A
0
0
22,728,183
680,558,396
Class C
0
0
313,256
4,328,047
Administrator Class
0
0
586,997
23,607,350
Institutional Class
0
0
823,038
39,179,924
 
0
747,673,717
Net increase in net assets resulting from capital share transactions
304,826,462
48,581,638
Total increase (decrease) in net assets
(184,441,379
)
392,231,610
Net assets
Beginning of period
3,744,930,781
3,352,699,171
End of period
$3,560,489,402
$3,744,930,781
The accompanying notes are an integral part of these financial statements.
8 | Allspring Growth Fund

Financial highlights
Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class A
2024
2023
2022
2021
2020
Net asset value, beginning of period
$30.43
$27.83
$26.80
$47.16
$39.86
$35.56
Net investment loss
(0.10
)1
(0.22
)1
(0.14
)1
(0.30
)1
(0.32
)
(0.19
)
Payment from affiliate
0.00
0.00
0.00
0.00
0.00
2
0.00
Net realized and unrealized gains (losses) on investments
4.27
5.75
2.79
(11.07
)
13.52
8.77
Total from investment operations
4.17
5.53
2.65
(11.37
)
13.20
8.58
Distributions to shareholders from
Net realized gains
(9.55
)
(2.93
)
(1.62
)
(8.99
)
(5.90
)
(4.28
)
Net asset value, end of period
$25.05
$30.43
$27.83
$26.80
$47.16
$39.86
Total return3
13.30
%
22.18
%
11.39
%
(29.35
)%
35.61
%4
27.08
%
Ratios to average net assets (annualized)
Gross expenses
1.18
%
1.18
%
1.19
%
1.16
%
1.16
%
1.17
%
Net expenses
1.15
%
1.11
%
1.14
%
1.13
%
1.14
%
1.14
%
Net investment loss
(0.68
)%
(0.77
)%
(0.55
)%
(0.85
)%
(0.83
)%
(0.59
)%
Supplemental data
Portfolio turnover rate
45
%
38
%
58
%
43
%
36
%
37
%
Net assets, end of period (000s omitted)
$2,723,266
$2,639,797
$1,844,845
$1,885,963
$3,088,763
$2,443,132
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 include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
4
During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.01% impact on the total return.
The accompanying notes are an integral part of these financial statements.
Allspring Growth Fund | 9

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class C
2024
2023
2022
2021
2020
Net asset value, beginning of period
$14.04
$14.51
$14.95
$30.47
$27.32
$25.87
Net investment loss
(0.08
)1
(0.21
)1
(0.17
)1
(0.34
)1
(0.45
)1
(0.32
)1
Payment from affiliate
0.00
0.00
0.00
0.00
1.32
0.00
Net realized and unrealized gains (losses) on investments
2.02
2.67
1.35
(6.19
)
8.18
6.05
Total from investment operations
1.94
2.46
1.18
(6.53
)
9.05
5.73
Distributions to shareholders from
Net realized gains
(9.55
)
(2.93
)
(1.62
)
(8.99
)
(5.90
)
(4.28
)
Net asset value, end of period
$6.43
$14.04
$14.51
$14.95
$30.47
$27.32
Total return2
12.91
%
21.28
%
10.52
%
(29.54
)%3
36.64
%4
26.11
%
Ratios to average net assets (annualized)
Gross expenses
1.92
%
1.93
%
1.94
%
1.89
%
1.91
%
1.92
%
Net expenses
1.90
%
1.90
%
1.91
%
1.89
%
1.91
%
1.91
%
Net investment loss
(1.42
)%
(1.55
)%
(1.31
)%
(1.61
)%
(1.57
)%
(1.35
)%
Supplemental data
Portfolio turnover rate
45
%
38
%
58
%
43
%
36
%
37
%
Net assets, end of period (000s omitted)
$16,001
$17,510
$14,747
$19,208
$41,094
$114,123
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
3
During the year ended July 31, 2022, the Fund received payments from a service provider which had a 0.14% impact on the total return. 
4
During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 5.92% impact on the total return.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Growth Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class R6
2024
2023
2022
2021
2020
Net asset value, beginning of period
$48.77
$42.67
$39.94
$65.50
$53.17
$45.84
Net investment loss
(0.06
)1
(0.15
)1
(0.04
)1
(0.21
)1
(0.23
)
(0.07
)
Net realized and unrealized gains (losses) on investments
6.79
9.18
4.39
(16.36
)
18.46
11.68
Total from investment operations
6.73
9.03
4.35
(16.57
)
18.23
11.61
Distributions to shareholders from
Net realized gains
(9.55
)
(2.93
)
(1.62
)
(8.99
)
(5.90
)
(4.28
)
Net asset value, end of period
$45.95
$48.77
$42.67
$39.94
$65.50
$53.17
Total return2
13.56
%
22.69
%
11.92
%
(29.05
)%
36.19
%
27.65
%
Ratios to average net assets (annualized)
Gross expenses
0.75
%
0.76
%
0.76
%
0.73
%
0.73
%
0.74
%
Net expenses
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
0.70
%
Net investment loss
(0.22
)%
(0.35
)%
(0.11
)%
(0.41
)%
(0.40
)%
(0.15
)%
Supplemental data
Portfolio turnover rate
45
%
38
%
58
%
43
%
36
%
37
%
Net assets, end of period (000s omitted)
$268,445
$287,990
$392,893
$408,403
$519,293
$391,705
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Growth Fund | 11

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Administrator Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$40.86
$36.31
$34.34
$57.75
$47.60
$41.58
Net investment loss
(0.10
)1
(0.23
)1
(0.11
)1
(0.31
)1
(0.29
)
(0.16
)1
Net realized and unrealized gains (losses) on investments
5.70
7.71
3.70
(14.11
)
16.34
10.46
Total from investment operations
5.60
7.48
3.59
(14.42
)
16.05
10.30
Distributions to shareholders from
Net realized gains
(9.55
)
(2.93
)
(1.62
)
(8.99
)
(5.90
)
(4.28
)
Net asset value, end of period
$36.91
$40.86
$36.31
$34.34
$57.75
$47.60
Total return2
13.41
%
22.38
%
11.60
%
(29.22
)%
35.82
%
27.31
%
Ratios to average net assets (annualized)
Gross expenses
1.10
%
1.11
%
1.11
%
1.08
%
1.08
%
1.09
%
Net expenses
0.96
%
0.96
%
0.96
%
0.96
%
0.96
%
0.96
%
Net investment loss
(0.48
)%
(0.61
)%
(0.35
)%
(0.68
)%
(0.65
)%
(0.40
)%
Supplemental data
Portfolio turnover rate
45
%
38
%
58
%
43
%
36
%
37
%
Net assets, end of period (000s omitted)
$105,885
$233,589
$220,544
$320,744
$647,618
$559,109
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
12 | Allspring Growth Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Institutional Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$48.37
$42.36
$39.68
$65.17
$52.96
$45.70
Net investment loss
(0.07
)1
(0.17
)1
(0.06
)1
(0.24
)1
(0.26
)1
(0.09
)1
Net realized and unrealized gains (losses) on investments
6.73
9.11
4.36
(16.26
)
18.37
11.63
Total from investment operations
6.66
8.94
4.30
(16.50
)
18.11
11.54
Distributions to shareholders from
Net realized gains
(9.55
)
(2.93
)
(1.62
)
(8.99
)
(5.90
)
(4.28
)
Net asset value, end of period
$45.48
$48.37
$42.36
$39.68
$65.17
$52.96
Total return2
13.53
%
22.64
%
11.87
%
(29.09
)%
36.10
%
27.58
%
Ratios to average net assets (annualized)
Gross expenses
0.85
%
0.86
%
0.86
%
0.83
%
0.83
%
0.84
%
Net expenses
0.75
%
0.75
%
0.75
%
0.75
%
0.75
%
0.75
%
Net investment loss
(0.28
)%
(0.40
)%
(0.15
)%
(0.47
)%
(0.44
)%
(0.20
)%
Supplemental data
Portfolio turnover rate
45
%
38
%
58
%
43
%
36
%
37
%
Net assets, end of period (000s omitted)
$446,893
$566,044
$879,671
$1,027,038
$1,959,313
$1,607,803
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Growth Fund | 13

Notes to financial statements (unaudited)
Notes to financial statements
1.
ORGANIZATION
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies. These financial statements report on the Allspring Growth Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Managements process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at  rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
Federal and other taxes
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
14 | Allspring Growth Fund

Notes to financial statements (unaudited)
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 Funds  tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. 
As of January 31, 2025, the aggregate cost of all investments for federal income tax purposes was $1,873,022,550 and the unrealized gains (losses) consisted of:
Gross unrealized gains
$1,720,937,215
Gross unrealized losses
(26,066,200
)
Net unrealized gains
$1,694,871,015
As of July 31, 2024, the Fund had a qualified late-year ordinary loss of $12,349,009 which was recognized on the first day of the current fiscal year.
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.       
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2025:
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$471,605,796
$0
$0
$471,605,796
Consumer discretionary
542,305,763
0
0
542,305,763
Consumer staples
38,780,649
0
0
38,780,649
Financials
435,083,488
0
0
435,083,488
Health care
293,423,300
0
0
293,423,300
Industrials
255,466,064
0
0
255,466,064
Information technology
1,435,529,987
0
0
1,435,529,987
Materials
68,525,579
0
0
68,525,579
Short-term investments
Investment companies
27,172,939
0
0
27,172,939
Total assets
$3,567,893,565
$0
$0
$3,567,893,565
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At January 31, 2025, the Fund did not have any transfers into/out of Level 3.
Allspring Growth Fund | 15

Notes to financial statements (unaudited)
4.
TRANSACTIONS WITH AFFILIATES
Management fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:  
Average daily net assets
Management fee
First $500 million
0.800
%
Next $500 million
0.750
Next $1 billion
0.700
Next $2 billion
0.675
Next $1 billion
0.650
Next $3 billion
0.640
Next $2 billion
0.615
Next $2 billion
0.605
Next $4 billion
0.580
Over $16 billion
0.555
For the six months ended January 31, 2025, the management fee was equivalent to an annual rate of 0.71% of the Fund’s average daily net assets. 
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund 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
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
 
Class-level
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 reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Funds expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of January 31, 2025, the contractual caps are as follows:      
16 | Allspring Growth Fund

Notes to financial statements (unaudited)
 
 
 
EXPENSE RATIO CAPS
Class A
1.15
%
Class C
1.90
Class R6
0.70
Administrator Class
0.96
Institutional Class
0.75
Distribution fee
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2025, Allspring Funds Distributor received $4,920 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 January 31, 2025.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2025.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2025 were $1,651,740,565 and $2,193,312,278, respectively.
6.
ACQUISITION
After the close of business on July 26, 2024, the Fund acquired the net assets of Allspring Discovery All Cap Growth Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Administrator Class and Institutional Class shares of Allspring Discovery All Cap Growth Fund received Class A, Class C, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring Discovery All Cap Growth Fund for 24,451,474 shares of the Fund valued at $747,673,717 at an exchange ratio of 1.67, 1.34, 1.47 and 1.33 for Class A, Class C, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Allspring Discovery All Cap Growth Fund with a fair value of $748,485,211, identified cost of $421,769,452 and unrealized gains (losses) of $326,715,759 at July 26, 2024 was the principal assets acquired by the Fund. The aggregate net assets of Allspring Discovery All Cap Growth Fund and the Fund immediately prior to the acquisition were $747,673,717 and $2,962,209,027, respectively. The aggregate net assets of the Fund immediately after the acquisition were $3,709,882,744. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Allspring Discovery All Cap Growth Fund was carried forward to align with ongoing reporting of the Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed August 1, 2023, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2024 would have been as follows:
Net investment loss
$(24,826,059
)
Net realized and unrealized gains (losses) on investments
737,489,536
Net increase in net assets resulting from operations
$712,663,477
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Allspring Discovery All Cap Growth Fund that have been included in the Funds Statement of operations since July 27, 2024.
Allspring Growth Fund | 17

Notes to financial statements (unaudited)
7.
BANK BORROWINGS
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the six months ended January 31, 2025, there were no borrowings by the Fund under the agreement.
8.
CONCENTRATION  RISKS
As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.   
9.
INDEMNIFICATION
Under the Funds organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
10.REDEMPTIONS IN-KIND
During the six months ended January 31, 2025, the Fund redeemed assets through an in-kind redemption for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:
Date
Value of
securities issued
Cash
Realized
gains (losses)
% of the
Fund
09-19-2024
$157,857,895
$10,483,380
$114,404,255
4.30
%
11.OPERATING SEGMENTS
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
18 | Allspring Growth Fund

Other information (unaudited)
Other information
Proxy voting information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.
Allspring Growth Fund | 19

Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Not applicable
Item 9. Matters submitted to fund shareholders for a vote
Not applicable
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Item 11. Statement regarding basis for the boards approval of investment advisory contract
Not applicable
20 | Allspring Growth Fund


For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds 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 Funds 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.
© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSRS3009 01-25


Allspring Large Cap Growth Fund
Long Form Financial Statements
Semi-Annual Report
January 31, 2025


Contents
2
5
6
7
9
14
19
20
20
20
20
Allspring Large Cap Growth Fund | 1

Portfolio of investments—January 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Shares
Value
Common stocks:  97.05%
 
Communication services:  15.05%
 
Entertainment:  3.95%
 
Netflix, Inc.
 
22,352
$21,832,540
Spotify Technology SA
 
31,342
17,192,654
 
 
39,025,194
Interactive media & services:  11.10%
 
Alphabet, Inc. Class A
 
165,773
33,821,007
Meta Platforms, Inc. Class A
 
110,034
75,833,232
 
 
109,654,239
Consumer discretionary:  16.24%
 
Broadline retail:  11.07%
 
Amazon.com, Inc.
 
392,639
93,322,437
MercadoLibre, Inc.
 
8,368
16,084,886
 
 
109,407,323
Hotels, restaurants & leisure:  4.09%
 
Booking Holdings, Inc.
 
4,011
19,002,353
DoorDash, Inc. Class A
 
113,206
21,376,689
 
 
40,379,042
Household durables:  1.08%
 
PulteGroup, Inc.
 
94,029
10,698,620
Financials:  11.76%
 
Capital markets:  5.76%
 
KKR & Co., Inc.
 
108,343
18,100,865
S&P Global, Inc.
 
34,321
17,895,313
Tradeweb Markets, Inc. Class A
 
165,264
20,972,001
 
 
56,968,179
Financial services:  4.15%
 
Mastercard, Inc. Class A
 
29,454
16,359,635
Visa, Inc. Class A
 
72,026
24,618,487
 
 
40,978,122
Insurance:  1.85%
 
Progressive Corp.
 
74,151
18,273,773
Health care:  7.70%
 
Biotechnology:  1.38%
 
Argenx SE ADR
 
20,824
13,642,427
Health care equipment & supplies:  3.59%
 
Boston Scientific Corp.
 
229,640
23,505,950
Intuitive Surgical, Inc.
 
20,911
11,958,583
 
 
35,464,533
The accompanying notes are an integral part of these financial statements.
2 | Allspring Large Cap Growth Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Health care providers & services:  1.53%
 
UnitedHealth Group, Inc.
 
27,867
$15,117,569
Life sciences tools & services:  1.20%
 
Danaher Corp.
 
53,083
11,823,708
Industrials:  5.87%
 
Aerospace & defense:  2.59%
 
General Electric Co.
 
125,652
25,578,977
Construction & engineering:  1.55%
 
EMCOR Group, Inc.
 
34,281
15,359,945
Ground transportation:  1.73%
 
Old Dominion Freight Line, Inc.
 
91,952
17,067,211
Information technology:  40.43%
 
Communications equipment:  3.80%
 
Arista Networks, Inc.
 
163,637
18,855,891
Motorola Solutions, Inc.
 
39,743
18,649,403
 
 
37,505,294
IT services:  2.24%
 
Gartner, Inc.
 
31,612
17,159,942
Globant SA
 
23,201
4,949,237
 
 
22,109,179
Semiconductors & semiconductor equipment:  9.54%
 
Analog Devices, Inc.
 
33,306
7,057,208
Broadcom, Inc.
 
125,187
27,700,128
NVIDIA Corp.
 
495,982
59,552,559
 
 
94,309,895
Software:  17.95%
 
Cadence Design Systems, Inc.
 
62,056
18,469,107
CyberArk Software Ltd.
 
37,469
13,900,249
Microsoft Corp.
 
213,433
88,587,501
Salesforce, Inc.
 
90,981
31,088,208
ServiceNow, Inc.
 
24,850
25,306,743
 
 
177,351,808
Technology hardware, storage & peripherals:  6.90%
 
Apple, Inc.
 
289,102
68,228,072
Total common stocks (Cost $427,215,912)
 
958,943,110
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Growth Fund | 3

Portfolio of investments—January 31, 2025 (unaudited)
 
 
Yield
Shares
Value
Short-term investments:  3.07%
 
Investment companies:  3.07%
 
Allspring Government Money Market Fund Select Class♠∞
4.32
%
 
30,329,766
$30,329,766
Total short-term investments (Cost $30,329,766)
 
30,329,766
Total investments in securities (Cost $457,545,678)
100.12
%
 
989,272,876
Other assets and liabilities, net
(0.12
)
 
(1,198,656
)
Total net assets
100.00
%
 
$988,074,220
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
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
$19,570,173
$161,758,272
$(150,998,679
)
$0
$0
$30,329,766
30,329,766
$157,321
The accompanying notes are an integral part of these financial statements.
4 | Allspring Large Cap Growth Fund

Statement of assets and liabilities—January 31, 2025 (unaudited)
Financial statements
Statement of assets and liabilities
Assets
Investments in unaffiliated securities, at value (cost $427,215,912)
$958,943,110
Investments in affiliated securities, at value (cost $30,329,766)
30,329,766
Cash
4
Receivable for Fund shares sold
240,459
Receivable for dividends
66,167
Prepaid expenses and other assets
72,641
Total assets
989,652,147
Liabilities
Shareholder servicing fees payable
530,640
Management fee payable
480,035
Payable for Fund shares redeemed
372,888
Administration fees payable
153,215
Distribution fees payable
4,035
Trustees fees and expenses payable
2,971
Accrued expenses and other liabilities
34,143
Total liabilities
1,577,927
Total net assets
$988,074,220
Net assets consist of
Paid-in capital
$345,520,717
Total distributable earnings
642,553,503
Total net assets
$988,074,220
Computation of net asset value and offering price per share
Net assets–Class A
$747,451,100
Shares outstanding–Class A1
18,270,135
Net asset value per share–Class A
$40.91
Maximum offering price per share – Class A2
$43.41
Net assets–Class C
$5,766,640
Shares outstanding–Class C1
202,539
Net asset value per share–Class C
$28.47
Net assets–Class R6
$109,211,268
Shares outstanding–Class R61
2,370,754
Net asset value per share–Class R6
$46.07
Net assets–Administrator Class
$44,108,673
Shares outstanding–Administrator Class1
1,034,967
Net asset value per share–Administrator Class
$42.62
Net assets–Institutional Class
$81,536,539
Shares outstanding–Institutional Class1
1,800,977
Net asset value per share–Institutional Class
$45.27
1The Fund has an unlimited number of authorized shares.
2Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Growth Fund | 5

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Investment income
Dividends (net of foreign withholdings taxes of $3,883)
$2,303,388
Income from affiliated securities
157,321
Interest
17
Total investment income
2,460,726
Expenses
Management fee
3,478,393
Administration fees
Class A
751,086
Class C
6,479
Class R6
16,161
Administrator Class
41,033
Institutional Class
54,307
Shareholder servicing fees
Class A
938,857
Class C
8,058
Administrator Class
78,894
Distribution fees
Class C
24,171
Custody and accounting fees
15,782
Professional fees
23,201
Registration fees
73,543
Shareholder report expenses
20,115
Trustees’ fees and expenses
11,639
Other fees and expenses
29,977
Total expenses
5,571,696
Less: Fee waivers and/or expense reimbursements
Fund-level
(767,381
)
Administrator Class
(4,096
)
Net expenses
4,800,219
Net investment loss
(2,339,493
)
Realized and unrealized gains (losses) on investments
Net realized gains on investments
179,622,790
Net change in unrealized gains (losses) on investments
(59,522,230
)
Net realized and unrealized gains (losses) on investments
120,100,560
Net increase in net assets resulting from operations
$117,761,067
The accompanying notes are an integral part of these financial statements.
6 | Allspring Large Cap Growth Fund

Statement of changes in net assets
Statement of changes in net assets
 

Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
Operations
Net investment loss
$(2,339,493
)
$(3,376,148
)
Net realized gains on investments
179,622,790
79,565,836
Net change in unrealized gains (losses) on investments
(59,522,230
)
112,936,202
Net increase in net assets resulting from operations
117,761,067
189,125,890
Distributions to shareholders from
Net investment income and net realized gains
Class A
(100,853,463
)
(91,328,270
)
Class C
(1,167,840
)
(877,665
)
Class R6
(13,072,970
)
(9,452,040
)
Administrator Class
(5,813,608
)
(10,630,905
)
Institutional Class
(10,106,676
)
(5,273,115
)
Total distributions to shareholders
(131,014,557
)
(117,561,995
)
Capital share transactions
Shares
Shares
Proceeds from shares sold
Class A
170,345
7,241,635
327,130
12,735,764
Class C
16,067
495,546
53,097
1,590,186
Class R6
129,156
6,119,142
163,982
7,118,787
Administrator Class
22,116
1,007,740
71,649
2,885,063
Institutional Class
1,063,983
50,139,289
282,822
12,394,644
 
65,003,352
36,724,444
Reinvestment of distributions
Class A
2,378,701
98,192,788
2,593,945
88,686,986
Class C
40,606
1,167,840
34,581
877,665
Class R6
265,116
12,314,656
223,823
8,453,801
Administrator Class
135,158
5,811,775
300,308
10,630,905
Institutional Class
217,598
9,935,515
137,074
5,104,635
 
127,422,574
113,753,992
Payment for shares redeemed
Class A
(1,196,232
)
(51,650,199
)
(1,775,432
)
(68,930,852
)
Class C
(55,007
)
(1,668,759
)
(78,383
)
(2,136,986
)
Class R6
(227,862
)
(10,950,737
)
(182,834
)
(7,739,438
)
Administrator Class
(872,768
)
(40,421,988
)
(293,499
)
(12,002,047
)
Institutional Class
(1,266,657
)
(60,613,976
)
(447,090
)
(18,758,968
)
 
(165,305,659
)
(109,568,291
)
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Growth Fund | 7

Statement of changes in net assets
Statement of changes in net assets
 
Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
 
    Shares
    Shares
Net asset value of shares issued in acquisition
Class A
0
$0
2,566,571
$105,615,660
Class C
0
0
90,857
2,761,594
Class R6
0
0
642,966
29,301,766
Administrator Class
0
0
130,579
5,567,174
Institutional Class
0
0
977,906
43,909,801
 
0
187,155,995
Net increase in net assets resulting from capital share transactions
27,120,267
228,066,140
Total increase in net assets
13,866,777
299,630,035
Net assets
Beginning of period
974,207,443
674,577,408
End of period
$988,074,220
$974,207,443
The accompanying notes are an integral part of these financial statements.
8 | Allspring Large Cap Growth Fund

Financial highlights
Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class A
2024
2023
2022
2021
2020
Net asset value, beginning of period
$41.87
$39.13
$37.58
$55.05
$49.63
$44.23
Net investment loss
(0.12
)1
(0.20
)1
(0.08
)1
(0.24
)1
(0.25
)
(0.11
)1
Net realized and unrealized gains (losses) on investments
5.39
10.08
5.15
(9.43
)
12.60
9.66
Total from investment operations
5.27
9.88
5.07
(9.67
)
12.35
9.55
Distributions to shareholders from
Net realized gains
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.15
)
Net asset value, end of period
$40.91
$41.87
$39.13
$37.58
$55.05
$49.63
Total return2
12.44
%
29.36
%
15.86
%
(20.79
)%
27.25
%
23.51
%
Ratios to average net assets (annualized)
Gross expenses
1.17
%
1.18
%
1.19
%
1.17
%
1.17
%
1.18
%
Net expenses
1.02
%
1.03
%
1.06
%
1.04
%
1.05
%
1.05
%
Net investment loss
(0.53
)%
(0.52
)%
(0.24
)%
(0.52
)%
(0.53
)%
(0.24
)%
Supplemental data
Portfolio turnover rate
33
%
29
%
51
%
43
%
39
%
34
%
Net assets, end of period (000s omitted)
$747,451
$708,313
$516,771
$492,177
$688,523
$587,771
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Growth Fund | 9

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class C
2024
2023
2022
2021
2020
Net asset value, beginning of period
$30.92
$30.87
$30.66
$46.65
$43.32
$39.41
Net investment loss
(0.21
)1
(0.39
)1
(0.28
)1
(0.49
)1
(0.56
)1
(0.38
)1
Net realized and unrealized gains (losses) on investments
3.99
7.58
4.01
(7.70
)
10.82
8.44
Total from investment operations
3.78
7.19
3.73
(8.19
)
10.26
8.06
Distributions to shareholders from
Net realized gains
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.15
)
Net asset value, end of period
$28.47
$30.92
$30.87
$30.66
$46.65
$43.32
Total return2
12.01
%
28.35
%
15.00
%
(21.42
)%
26.28
%
22.57
%
Ratios to average net assets (annualized)
Gross expenses
1.92
%
1.91
%
1.91
%
1.92
%
1.92
%
1.93
%
Net expenses
1.77
%
1.81
%
1.82
%
1.82
%
1.82
%
1.82
%
Net investment loss
(1.28
)%
(1.30
)%
(1.00
)%
(1.29
)%
(1.29
)%
(1.00
)%
Supplemental data
Portfolio turnover rate
33
%
29
%
51
%
43
%
39
%
34
%
Net assets, end of period (000s omitted)
$5,767
$6,211
$3,110
$3,207
$6,351
$9,918
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Large Cap Growth Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class R6
2024
2023
2022
2021
2020
Net asset value, beginning of period
$46.36
$42.45
$40.28
$58.26
$51.95
$46.06
Net investment income (loss)
(0.03
)1
(0.06
)1
0.09
1
(0.06
)1
(0.08
)1
0.08
1
Net realized and unrealized gains (losses) on investments
5.97
11.11
5.60
(10.12
)
13.32
10.09
Total from investment operations
5.94
11.05
5.69
(10.18
)
13.24
10.17
Distributions to shareholders from
Net investment income
0.00
0.00
0.00
0.00
0.00
(0.13
)
Net realized gains
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.15
)
Total distributions to shareholders
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.28
)
Net asset value, end of period
$46.07
$46.36
$42.45
$40.28
$58.26
$51.95
Total return2
12.69
%
29.87
%
16.37
%
(20.49
)%
27.76
%
24.03
%
Ratios to average net assets (annualized)
Gross expenses
0.75
%
0.76
%
0.76
%
0.74
%
0.74
%
0.75
%
Net expenses
0.60
%
0.64
%
0.65
%
0.65
%
0.65
%
0.65
%
Net investment income (loss)
(0.11
)%
(0.13
)%
0.24
%
(0.13
)%
(0.13
)%
0.17
%
Supplemental data
Portfolio turnover rate
33
%
29
%
51
%
43
%
39
%
34
%
Net assets, end of period (000s omitted)
$109,211
$102,190
$57,583
$216,150
$377,470
$327,584
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Growth Fund | 11

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Administrator Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$43.37
$40.26
$38.51
$56.18
$50.47
$44.87
Net investment loss
(0.11
)1
(0.18
)1
(0.05
)1
(0.20
)
(0.23
)
(0.07
)
Net realized and unrealized gains (losses) on investments
5.59
10.43
5.32
(9.67
)
12.87
9.83
Total from investment operations
5.48
10.25
5.27
(9.87
)
12.64
9.76
Distributions to shareholders from
Net investment income
0.00
0.00
0.00
0.00
0.00
(0.01
)
Net realized gains
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.15
)
Total distributions to shareholders
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.16
)
Net asset value, end of period
$42.62
$43.37
$40.26
$38.51
$56.18
$50.47
Total return2
12.50
%
29.46
%
16.00
%
(20.72
)%
27.38
%
23.63
%
Ratios to average net assets (annualized)
Gross expenses
1.10
%
1.11
%
1.11
%
1.09
%
1.09
%
1.10
%
Net expenses
0.94
%
0.95
%
0.95
%
0.95
%
0.95
%
0.95
%
Net investment loss
(0.47
)%
(0.44
)%
(0.13
)%
(0.42
)%
(0.43
)%
(0.14
)%
Supplemental data
Portfolio turnover rate
33
%
29
%
51
%
43
%
39
%
34
%
Net assets, end of period (000s omitted)
$44,109
$75,915
$62,059
$60,062
$85,825
$79,334
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
12 | Allspring Large Cap Growth Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Institutional Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$45.68
$41.96
$39.90
$57.83
$51.67
$45.84
Net investment income (loss)
(0.05
)1
(0.10
)1
0.03
1
(0.11
)1
(0.12
)1
0.03
1
Net realized and unrealized gains (losses) on investments
5.87
10.96
5.55
(10.02
)
13.21
10.04
Total from investment operations
5.82
10.86
5.58
(10.13
)
13.09
10.07
Distributions to shareholders from
Net investment income
0.00
0.00
0.00
0.00
0.00
(0.09
)
Net realized gains
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.15
)
Total distributions to shareholders
(6.23
)
(7.14
)
(3.52
)
(7.80
)
(6.93
)
(4.24
)
Net asset value, end of period
$45.27
$45.68
$41.96
$39.90
$57.83
$51.67
Total return2
12.62
%
29.75
%
16.24
%
(20.57
)%
27.61
%
23.89
%
Ratios to average net assets (annualized)
Gross expenses
0.85
%
0.86
%
0.86
%
0.84
%
0.84
%
0.85
%
Net expenses
0.70
%
0.74
%
0.75
%
0.75
%
0.75
%
0.75
%
Net investment income (loss)
(0.21
)%
(0.23
)%
0.08
%
(0.22
)%
(0.23
)%
0.07
%
Supplemental data
Portfolio turnover rate
33
%
29
%
51
%
43
%
39
%
34
%
Net assets, end of period (000s omitted)
$81,537
$81,579
$35,055
$43,622
$77,917
$72,681
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Cap Growth Fund | 13

Notes to financial statements (unaudited)
Notes to financial statements
1.
ORGANIZATION
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies. These financial statements report on the Allspring Large Cap Growth Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at  rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
Federal and other taxes
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
14 | Allspring Large Cap Growth Fund

Notes to financial statements (unaudited)
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 Funds  tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. 
As of January 31, 2025, the aggregate cost of all investments for federal income tax purposes was $459,125,878 and the unrealized gains (losses) consisted of:
Gross unrealized gains
$539,828,389
Gross unrealized losses
(9,681,391
)
Net unrealized gains
$530,146,998
As of July 31, 2024, the Fund had a qualified late-year ordinary loss of $2,327,661 which was recognized on the first day of the current fiscal year.
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.       
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2025:
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$148,679,433
$0
$0
$148,679,433
Consumer discretionary
160,484,985
0
0
160,484,985
Financials
116,220,074
0
0
116,220,074
Health care
76,048,237
0
0
76,048,237
Industrials
58,006,133
0
0
58,006,133
Information technology
399,504,248
0
0
399,504,248
Short-term investments
Investment companies
30,329,766
0
0
30,329,766
Total assets
$989,272,876
$0
$0
$989,272,876
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At January 31, 2025, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Management fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among
Allspring Large Cap Growth Fund | 15

Notes to financial statements (unaudited)
other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:  
Average daily net assets
Management fee
First $500 million
0.700
%
Next $500 million
0.675
Next $1 billion
0.650
Next $2 billion
0.625
Next $1 billion
0.600
Next $3 billion
0.590
Next $2 billion
0.565
Next $2 billion
0.555
Next $4 billion
0.530
Over $16 billion
0.505
For the six months ended January 31, 2025, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets. 
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.
Administration fees
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
 
Class-level
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 reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Funds expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of January 31, 2025, the contractual caps are as follows:      
 
 
 
EXPENSE RATIO CAPS
Class A
1.02
%
Class C
1.77
Class R6
0.60
Administrator Class
0.94
Institutional Class
0.70
Distribution fees
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis. 
16 | Allspring Large Cap Growth Fund

Notes to financial statements (unaudited)
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2025, Allspring Funds Distributor received $4,047 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 January 31, 2025.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2025.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2025 were $318,623,043 and $398,680,329, respectively.
6.
ACQUISITION
After the close of business on July 26, 2024, the Fund acquired the net assets of Allspring Discovery Large Cap Growth Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Class A, Class C, Class R6, Administrator Class and Institutional Class shares of Allspring Discovery Large Cap Growth Fund received Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively, of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Allspring Discovery Large Cap Growth Fund for 4,408,879 shares of the Fund valued at $187,155,995 at an exchange ratio of 0.15, 0.01, 0.19, 0.18 and 0.20 for Class A, Class C, Class R6, Administrator Class and Institutional Class shares, respectively. The investment portfolio of Allspring Discovery Large Cap Growth Fund with a fair value of $187,339,492, identified cost of $100,117,907 and unrealized gains (losses) of $87,221,585 at July 26, 2024 was the principal assets acquired by the Fund. The aggregate net assets of Allspring Discovery Large Cap Growth Fund and the Fund immediately prior to the acquisition were $187,155,995 and $771,980,335, respectively. The aggregate net assets of the Fund immediately after the acquisition were $959,136,330. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Allspring Discovery Large Cap Growth Fund was carried forward to align with ongoing reporting of the Funds realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Assuming the acquisition had been completed August 1, 2023, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2024 would have been as follows:
Net investment loss
$(3,967,449
)
Net realized and unrealized gains (losses) on investments
237,048,848
Net increase in net assets resulting from operations
$233,081,399
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Allspring Discovery Large Cap Growth Fund that have been included in the Funds Statement of operations since July 27, 2024.
7.
BANK BORROWINGS
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the six months ended January 31, 2025, there were no borrowings by the Fund under the agreement.
Allspring Large Cap Growth Fund | 17

Notes to financial statements (unaudited)
8.
CONCENTRATION  RISKS
As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.   
9.
INDEMNIFICATION
Under the Funds organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
10.REDEMPTIONS IN-KIND
During the six months ended January 31, 2025, the Fund redeemed assets through an in-kind redemption for shareholders in Institutional Class. The realized gains (losses) recognized by the Fund are reflected on the Statement of operations and these redemption transactions are reflected on the Statement of changes in net assets. The date of the redemption transaction, value of securities issued from the redemption, cash paid, realized gains (losses) and the percentage of the Fund redeemed by the shareholder was as follows:
Date
Value of
securities issued
Cash
Realized
gains (losses)
% of the
Fund
09-19-2024
$43,563,566
$2,274,884
$35,011,847
4.34
%
11.OPERATING SEGMENTS
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
18 | Allspring Large Cap Growth Fund

Other information (unaudited)
Other information
Proxy voting information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.
Allspring Large Cap Growth Fund | 19

Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Not applicable
Item 9. Matters submitted to fund shareholders for a vote
Not applicable
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Item 11. Statement regarding basis for the boards approval of investment advisory contract
Not applicable
20 | Allspring Large Cap Growth Fund


For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds 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 Funds 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.
© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSRS3354 01-25


Allspring Large Company Value Fund
Long Form Financial Statements
Semi-Annual Report
January 31, 2025


Contents
2
9
11
12
13
18
23
24
24
24
24
Allspring Large Company Value Fund | 1

Portfolio of investments—January 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Shares
Value
Common stocks:  97.28%
 
Communication services:  5.75%
 
Diversified telecommunication services:  2.34%
 
AT&T, Inc.
 
112,105
$2,660,252
Verizon Communications, Inc.
 
78,619
3,096,802
 
 
5,757,054
Interactive media & services:  1.06%
 
Alphabet, Inc. Class A
 
6,388
1,303,280
Alphabet, Inc. Class C
 
6,372
1,310,083
 
 
2,613,363
Media:  2.35%
 
Charter Communications, Inc. Class A
 
213
73,589
Comcast Corp. Class A
 
87,581
2,947,977
News Corp. Class A
 
97,466
2,740,744
 
 
5,762,310
Consumer discretionary:  5.38%
 
Automobiles:  0.12%
 
General Motors Co.
 
5,749
284,345
Broadline retail:  1.62%
 
Coupang, Inc.
 
169,908
3,994,537
Hotels, restaurants & leisure:  2.27%
 
Aramark
 
1,552
60,388
Chipotle Mexican Grill, Inc. Class A
 
27,279
1,591,730
DoorDash, Inc. Class A
 
20,827
3,932,762
 
 
5,584,880
Household durables:  0.60%
 
Garmin Ltd.
 
6,876
1,484,185
Specialty retail:  0.18%
 
Murphy USA, Inc.
 
876
440,549
Textiles, apparel & luxury goods:  0.59%
 
Deckers Outdoor Corp.
 
8,160
1,447,258
Consumer staples:  8.19%
 
Beverages:  0.77%
 
Coca-Cola Consolidated, Inc.
 
1,391
1,902,359
Consumer staples distribution & retail:  1.54%
 
Costco Wholesale Corp.
 
66
64,672
Walmart, Inc.
 
38,016
3,731,651
 
 
3,796,323
Food products:  1.68%
 
Archer-Daniels-Midland Co.
 
30,153
1,544,738
The accompanying notes are an integral part of these financial statements.
2 | Allspring Large Company Value Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Food products(continued)
 
Pilgrims Pride Corp.
 
21,310
$991,768
Tyson Foods, Inc. Class A
 
28,143
1,589,798
 
 
4,126,304
Household products:  1.14%
 
Colgate-Palmolive Co.
 
32,173
2,789,399
Tobacco:  3.06%
 
Altria Group, Inc.
 
44,721
2,335,778
Philip Morris International, Inc.
 
39,864
5,190,292
 
 
7,526,070
Energy:  5.36%
 
Energy equipment & services:  0.32%
 
TechnipFMC PLC
 
26,454
794,943
Oil, gas & consumable fuels:  5.04%
 
ConocoPhillips
 
12,314
1,216,993
Devon Energy Corp.
 
2,203
75,122
Diamondback Energy, Inc.
 
2,122
348,772
EOG Resources, Inc.
 
488
61,386
Exxon Mobil Corp.
 
36,913
3,943,416
Kinder Morgan, Inc.
 
191,384
5,259,232
Kinetik Holdings, Inc. Class A
 
1,394
89,815
Marathon Petroleum Corp.
 
421
61,344
Ovintiv, Inc.
 
9,001
380,022
Valero Energy Corp.
 
7,130
948,290
 
 
12,384,392
Financials:  21.98%
 
Banks:  5.72%
 
Bank of America Corp.
 
1,325
61,347
Citigroup, Inc.
 
60,441
4,921,711
East West Bancorp, Inc.
 
30,105
3,099,912
JPMorgan Chase & Co.
 
11,792
3,152,001
KeyCorp
 
15,008
269,844
PNC Financial Services Group, Inc.
 
306
61,491
Popular, Inc.
 
3,083
317,364
U.S. Bancorp
 
1,219
58,244
Wells Fargo & Co.
 
26,821
2,113,495
 
 
14,055,409
Capital markets:  7.59%
 
Ameriprise Financial, Inc.
 
6,643
3,609,540
Charles Schwab Corp.
 
76,380
6,318,154
CME Group, Inc.
 
3,637
860,223
Goldman Sachs Group, Inc.
 
865
553,946
Intercontinental Exchange, Inc.
 
28,130
4,496,018
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 3

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Capital markets(continued)
 
KKR & Co., Inc.
 
9,960
$1,664,017
Morgan Stanley
 
8,414
1,164,750
 
 
18,666,648
Consumer finance:  0.53%
 
Ally Financial, Inc.
 
5,703
222,246
American Express Co.
 
1,129
358,401
Capital One Financial Corp.
 
3,578
728,874
 
 
1,309,521
Financial services:  2.71%
 
Berkshire Hathaway, Inc. Class B
 
10,288
4,821,677
Fiserv, Inc.
 
2,761
596,487
Payoneer Global, Inc.
 
117,232
1,242,659
 
 
6,660,823
Insurance:  5.43%
 
Allstate Corp.
 
26,746
5,144,058
Hartford Financial Services Group, Inc.
 
8,605
959,888
Markel Group, Inc.
 
1,077
1,969,596
Oscar Health, Inc. Class A
 
40,344
669,710
Progressive Corp.
 
9,300
2,291,892
Prudential Financial, Inc.
 
2,187
264,102
Reinsurance Group of America, Inc.
 
388
88,410
Travelers Cos., Inc.
 
1,840
451,131
Unum Group
 
19,911
1,518,214
 
 
13,357,001
Health care:  15.62%
 
Biotechnology:  4.13%
 
ADMA Biologics, Inc.
 
3,228
52,132
Catalyst Pharmaceuticals, Inc.
 
159,757
3,604,118
Exelixis, Inc.
 
27,281
904,365
Gilead Sciences, Inc.
 
33,705
3,276,126
Neurocrine Biosciences, Inc.
 
1,901
288,610
Regeneron Pharmaceuticals, Inc.
 
3,009
2,024,997
 
 
10,150,348
Health care equipment & supplies:  2.67%
 
Abbott Laboratories
 
1,122
143,538
Boston Scientific Corp.
 
43,566
4,459,416
Intuitive Surgical, Inc.
 
165
94,360
Medtronic PLC
 
20,611
1,871,891
 
 
6,569,205
Health care providers & services:  5.12%
 
Cardinal Health, Inc.
 
762
94,229
Centene Corp.
 
29,550
1,892,087
Cigna Group
 
15,158
4,459,635
The accompanying notes are an integral part of these financial statements.
4 | Allspring Large Company Value Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Health care providers & services(continued)
 
CVS Health Corp.
 
51,178
$2,890,533
Elevance Health, Inc.
 
8,060
3,189,342
UnitedHealth Group, Inc.
 
117
63,471
 
 
12,589,297
Life sciences tools & services:  1.13%
 
Danaher Corp.
 
12,546
2,794,496
Pharmaceuticals:  2.57%
 
Eli Lilly & Co.
 
3,314
2,687,919
Johnson & Johnson
 
2,085
317,233
Merck & Co., Inc.
 
33,495
3,309,976
 
 
6,315,128
Industrials:  13.00%
 
Aerospace & defense:  3.29%
 
General Dynamics Corp.
 
6,488
1,667,286
General Electric Co.
 
4,645
945,583
Leonardo DRS, Inc.
 
20,707
727,851
Lockheed Martin Corp.
 
2,939
1,360,610
Northrop Grumman Corp.
 
6,973
3,397,734
 
 
8,099,064
Building products:  0.45%
 
Owens Corning
 
570
105,194
Trane Technologies PLC
 
2,766
1,003,366
 
 
1,108,560
Commercial services & supplies:  1.86%
 
Cintas Corp.
 
22,762
4,565,374
Construction & engineering:  0.93%
 
EMCOR Group, Inc.
 
5,121
2,294,515
Ground transportation:  1.50%
 
CSX Corp.
 
112,005
3,681,605
Machinery:  4.62%
 
Allison Transmission Holdings, Inc.
 
13,461
1,582,206
Cummins, Inc.
 
13,728
4,890,600
Parker-Hannifin Corp.
 
6,901
4,879,352
 
 
11,352,158
Passenger airlines:  0.33%
 
Delta Air Lines, Inc.
 
12,082
812,756
Professional services:  0.02%
 
Booz Allen Hamilton Holding Corp. Class A
 
455
58,695
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 5

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Information technology:  7.71%
 
Communications equipment:  2.34%
 
Arista Networks, Inc.
 
36,874
$4,248,991
Motorola Solutions, Inc.
 
3,207
1,504,885
 
 
5,753,876
IT services:  2.07%
 
GoDaddy, Inc. Class A
 
23,920
5,086,588
Semiconductors & semiconductor equipment:  2.60%
 
Micron Technology, Inc.
 
3,105
283,300
NVIDIA Corp.
 
28,347
3,403,624
QUALCOMM, Inc.
 
15,623
2,701,686
 
 
6,388,610
Software:  0.60%
 
Commvault Systems, Inc.
 
6,015
957,949
ServiceNow, Inc.
 
497
506,135
 
 
1,464,084
Technology hardware, storage & peripherals:  0.10%
 
Hewlett Packard Enterprise Co.
 
12,143
257,310
Materials:  5.26%
 
Chemicals:  1.58%
 
DuPont de Nemours, Inc.
 
20,547
1,578,009
Linde PLC
 
5,157
2,300,641
 
 
3,878,650
Construction materials:  2.24%
 
CRH PLC
 
55,515
5,497,650
Containers & packaging:  0.62%
 
Packaging Corp. of America
 
7,168
1,524,347
Metals & mining:  0.82%
 
Freeport-McMoRan, Inc.
 
56,376
2,021,080
Real estate:  5.13%
 
Hotel & resort REITs:  0.16%
 
Park Hotels & Resorts, Inc.
 
28,374
382,765
Real estate management & development:  2.54%
 
CBRE Group, Inc. Class A
 
17,856
2,584,477
Jones Lang LaSalle, Inc.
 
12,992
3,674,138
 
 
6,258,615
Specialized REITs:  2.43%
 
Equinix, Inc.
 
5,013
4,580,178
VICI Properties, Inc. Class A
 
46,881
1,395,647
 
 
5,975,825
The accompanying notes are an integral part of these financial statements.
6 | Allspring Large Company Value Fund

Portfolio of investments—January 31, 2025 (unaudited)
 
 
 
Shares
Value
Utilities:  3.90%
 
Electric utilities:  3.68%
 
Constellation Energy Corp.
 
1,626
$487,768
Duke Energy Corp.
 
9,156
1,025,380
Exelon Corp.
 
95,926
3,837,040
NRG Energy, Inc.
 
20,451
2,095,001
Southern Co.
 
19,293
1,619,647
 
 
9,064,836
Gas utilities:  0.12%
 
National Fuel Gas Co.
 
4,179
292,655
Multi-utilities:  0.10%
 
DTE Energy Co.
 
1,995
239,161
Total common stocks (Cost $214,811,091)
 
239,214,926
 
 
Yield
 
 
Short-term investments:  2.43%
 
Investment companies:  2.43%
 
Allspring Government Money Market Fund Select Class♠∞
4.32
%
 
5,982,876
5,982,876
Total short-term investments (Cost $5,982,876)
 
5,982,876
Total investments in securities (Cost $220,793,967)
99.71
%
 
245,197,802
Other assets and liabilities, net
0.29
 
719,621
Total net assets
100.00
%
 
$245,917,423
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:
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
$5,131,370
$12,897,483
$(12,045,977
)
$0
$0
$5,982,876
5,982,876
$140,561
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 7

Portfolio of investments—January 31, 2025 (unaudited)
Futures contracts
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
E-Mini S&P 500 Index
20
3-21-2025
$6,085,555
$6,067,250
$0
$(18,305
)
The accompanying notes are an integral part of these financial statements.
8 | Allspring Large Company Value Fund

Statement of assets and liabilities—January 31, 2025 (unaudited)
Financial statements
Statement of assets and liabilities
Assets
Investments in unaffiliated securities, at value (cost $214,811,091)
$239,214,926
Investments in affiliated securities, at value (cost $5,982,876)
5,982,876
Cash
3
Cash at broker segregated for futures contracts
721,000
Receivable for dividends
206,242
Receivable for Fund shares sold
5,995
Prepaid expenses and other assets
72,750
Total assets
246,203,792
Liabilities
Shareholder servicing fees payable
89,431
Management fee payable
60,360
Administration fees payable
42,387
Payable for daily variation margin on open futures contracts
32,000
Payable for Fund shares redeemed
29,124
Professional fees payable
15,912
Trustees fees and expenses payable
7,235
Distribution fee payable
1,067
Accrued expenses and other liabilities
8,853
Total liabilities
286,369
Total net assets
$245,917,423
Net assets consist of
Paid-in capital
$214,113,667
Total distributable earnings
31,803,756
Total net assets
$245,917,423
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 9

Statement of assets and liabilities—January 31, 2025 (unaudited)
Statement of assets and liabilities
Computation of net asset value and offering price per share
Net assets–Class A
$223,375,538
Shares outstanding–Class A1
16,222,466
Net asset value per share–Class A
$13.77
Maximum offering price per share – Class A2
$14.61
Net assets–Class C
$1,491,766
Shares outstanding–Class C1
102,569
Net asset value per share–Class C
$14.54
Net assets–Class R6
$1,891,955
Shares outstanding–Class R61
136,373
Net asset value per share–Class R6
$13.87
Net assets–Administrator Class
$9,782,261
Shares outstanding–Administrator Class1
698,572
Net asset value per share–Administrator Class
$14.00
Net assets–Institutional Class
$9,375,903
Shares outstanding–Institutional Class1
674,255
Net asset value per share–Institutional Class
$13.91
1The Fund has an unlimited number of authorized shares.
2Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Large Company Value Fund

Statement of operations—six months ended January 31, 2025 (unaudited)
Statement of operations
Investment income
Dividends
$2,107,019
Income from affiliated securities
140,561
Interest
17,139
Total investment income
2,264,719
Expenses
Management fee
500,335
Administration fees
Class A
227,548
Class C
1,550
Class R6
226
Administrator Class
6,515
Institutional Class
6,201
Shareholder servicing fees
Class A
284,435
Class C
1,937
Administrator Class
12,380
Distribution fee
Class C
5,812
Custody and accounting fees
6,172
Professional fees
22,903
Registration fees
43,588
Shareholder report expenses
19,100
Trustees’ fees and expenses
12,209
Other fees and expenses
13,688
Total expenses
1,164,599
Less: Fee waivers and/or expense reimbursements
Fund-level
(155,036
)
Net expenses
1,009,563
Net investment income
1,255,156
Realized and unrealized gains (losses) on investments
Net realized gains on
Unaffiliated securities
16,609,116
Futures contracts
539,535
Net realized gains on investments
17,148,651
Net change in unrealized gains (losses) on
Unaffiliated securities
(5,562,608
)
Futures contracts
(57,306
)
Net change in unrealized gains (losses) on investments
(5,619,914
)
Net realized and unrealized gains (losses) on investments
11,528,737
Net increase in net assets resulting from operations
$12,783,893
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 11

Statement of changes in net assets
Statement of changes in net assets
 

Six months ended
January 31, 2025
(unaudited)
Year ended
July 31, 2024
Operations
Net investment income
$1,255,156
$2,941,614
Net realized gains on investments
17,148,651
22,616,592
Net change in unrealized gains (losses) on investments
(5,619,914
)
13,890,847
Net increase in net assets resulting from operations
12,783,893
39,449,053
Distributions to shareholders from
Net investment income and net realized gains
Class A
(26,243,635
)
(2,616,539
)
Class C
(164,362
)
(5,845
)
Class R6
(216,789
)
(17,312
)
Administrator Class
(1,154,690
)
(119,384
)
Institutional Class
(1,156,708
)
(83,719
)
Total distributions to shareholders
(28,936,184
)
(2,842,799
)
Capital share transactions
Shares
Shares
Proceeds from shares sold
Class A
135,159
1,976,907
263,269
3,359,299
Class C
1,586
25,219
8,706
112,120
Class R6
55,181
843,870
17,416
230,852
Administrator Class
4,663
70,577
8,697
117,850
Institutional Class
126,588
1,915,036
306,822
4,276,156
 
4,831,609
8,096,277
Reinvestment of distributions
Class A
1,861,471
25,676,610
195,031
2,558,132
Class C
11,303
164,362
431
5,845
Class R6
15,605
216,789
1,307
17,312
Administrator Class
80,269
1,125,662
8,262
110,110
Institutional Class
83,004
1,156,708
6,249
83,719
 
28,340,131
2,775,118
Payment for shares redeemed
Class A
(807,934
)
(11,860,629
)
(1,919,544
)
(25,004,433
)
Class C
(8,637
)
(133,121
)
(93,110
)
(1,245,352
)
Class R6
(8,044
)
(120,208
)
(23,136
)
(319,611
)
Administrator Class
(34,867
)
(501,344
)
(110,170
)
(1,470,123
)
Institutional Class
(92,139
)
(1,338,034
)
(128,170
)
(1,712,662
)
 
(13,953,336
)
(29,752,181
)
Net increase (decrease) in net assets resulting from capital share transactions
19,218,404
(18,880,786
)
Total increase in net assets
3,066,113
17,725,468
Net assets
Beginning of period
242,851,310
225,125,842
End of period
$245,917,423
$242,851,310
The accompanying notes are an integral part of these financial statements.
12 | Allspring Large Company Value Fund

Financial highlights
Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class A
2024
2023
2022
2021
2020
Net asset value, beginning of period
$14.78
$12.58
$12.10
$17.25
$12.31
$12.92
Net investment income
0.07
1
0.17
1
0.18
1
0.17
0.19
0.20
Net realized and unrealized gains (losses) on investments
0.72
2.20
0.49
(0.06
)
5.20
(0.53
)
Total from investment operations
0.79
2.37
0.67
0.11
5.39
(0.33
)
Distributions to shareholders from
Net investment income
(0.08
)
(0.17
)
(0.19
)
(0.18
)
(0.19
)
(0.21
)
Net realized gains
(1.72
)
0.00
0.00
(5.08
)
(0.26
)
(0.07
)
Total distributions to shareholders
(1.80
)
(0.17
)
(0.19
)
(5.26
)
(0.45
)
(0.28
)
Net asset value, end of period
$13.77
$14.78
$12.58
$12.10
$17.25
$12.31
Total return2
5.34
%
18.98
%
5.70
%
(0.51
)%
44.41
%
(2.49
)%
Ratios to average net assets (annualized)
Gross expenses
0.94
%
0.96
%
0.97
%
0.94
%
0.96
%
0.99
%
Net expenses
0.82
%
0.80
%
0.81
%
0.81
%
0.81
%
0.82
%
Net investment income
0.99
%
1.31
%
1.52
%
1.28
%
1.23
%
1.63
%
Supplemental data
Portfolio turnover rate
84
%
237
%
476
%
365
%
488
%
366
%
Net assets, end of period (000s omitted)
$223,376
$222,200
$207,545
$209,748
$231,930
$174,028
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 13

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class C
2024
2023
2022
2021
2020
Net asset value, beginning of period
$15.52
$13.19
$12.67
$17.84
$12.75
$13.34
Net investment income
0.02
1
0.08
1
0.09
1
0.08
1
0.07
1
0.12
1
Net realized and unrealized gains (losses) on investments
0.74
2.30
0.53
(0.09
)
5.40
(0.56
)
Total from investment operations
0.76
2.38
0.62
(0.01
)
5.47
(0.44
)
Distributions to shareholders from
Net investment income
(0.02
)
(0.05
)
(0.10
)
(0.08
)
(0.12
)
(0.08
)
Net realized gains
(1.72
)
0.00
0.00
(5.08
)
(0.26
)
(0.07
)
Total distributions to shareholders
(1.74
)
(0.05
)
(0.10
)
(5.16
)
(0.38
)
(0.15
)
Net asset value, end of period
$14.54
$15.52
$13.19
$12.67
$17.84
$12.75
Total return2
4.90
%
18.05
%
4.96
%
(1.30
)%
43.33
%
(3.27
)%
Ratios to average net assets (annualized)
Gross expenses
1.69
%
1.71
%
1.72
%
1.69
%
1.70
%
1.74
%
Net expenses
1.57
%
1.57
%
1.58
%
1.58
%
1.58
%
1.58
%
Net investment income
0.24
%
0.58
%
0.76
%
0.59
%
0.47
%
0.92
%
Supplemental data
Portfolio turnover rate
84
%
237
%
476
%
365
%
488
%
366
%
Net assets, end of period (000s omitted)
$1,492
$1,526
$2,405
$2,307
$907
$482
1
Calculated based upon average shares outstanding
2
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance
reported elsewhere. Returns for periods of less than one year are not annualized.
The accompanying notes are an integral part of these financial statements.
14 | Allspring Large Company Value Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Class R6
2024
2023
2022
2021
2020
Net asset value, beginning of period
$14.88
$12.66
$12.18
$17.33
$12.37
$13.04
Net investment income
0.11
1
0.23
1
0.23
1
0.24
1
0.25
0.30
Net realized and unrealized gains (losses) on investments
0.71
2.21
0.49
(0.07
)
5.22
(0.57
)
Total from investment operations
0.82
2.44
0.72
0.17
5.47
(0.27
)
Distributions to shareholders from
Net investment income
(0.11
)
(0.22
)
(0.24
)
(0.24
)
(0.25
)
(0.33
)
Net realized gains
(1.72
)
0.00
0.00
(5.08
)
(0.26
)
(0.07
)
Total distributions to shareholders
(1.83
)
(0.22
)
(0.24
)
(5.32
)
(0.51
)
(0.40
)
Net asset value, end of period
$13.87
$14.88
$12.66
$12.18
$17.33
$12.37
Total return2
5.52
%
19.48
%
6.12
%
(0.10
)%
44.94
%
(2.09
)%
Ratios to average net assets (annualized)
Gross expenses
0.52
%
0.54
%
0.54
%
0.51
%
0.53
%
0.58
%
Net expenses
0.40
%
0.40
%
0.40
%
0.40
%
0.40
%
0.40
%
Net investment income
1.40
%
1.71
%
1.91
%
1.79
%
1.65
%
1.69
%
Supplemental data
Portfolio turnover rate
84
%
237
%
476
%
365
%
488
%
366
%
Net assets, end of period (000s omitted)
$1,892
$1,095
$988
$842
$224
$151
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 15

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Administrator Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$15.00
$12.77
$12.27
$17.42
$12.44
$13.06
Net investment income
0.08
1
0.18
1
0.19
1
0.19
0.20
0.22
Net realized and unrealized gains (losses) on investments
0.72
2.22
0.51
(0.08
)
5.24
(0.54
)
Total from investment operations
0.80
2.40
0.70
0.11
5.44
(0.32
)
Distributions to shareholders from
Net investment income
(0.08
)
(0.17
)
(0.20
)
(0.18
)
(0.20
)
(0.23
)
Net realized gains
(1.72
)
0.00
0.00
(5.08
)
(0.26
)
(0.07
)
Total distributions to shareholders
(1.80
)
(0.17
)
(0.20
)
(5.26
)
(0.46
)
(0.30
)
Net asset value, end of period
$14.00
$15.00
$12.77
$12.27
$17.42
$12.44
Total return2
5.37
%
18.98
%
5.86
%
(0.49
)%
44.36
%
(2.41
)%
Ratios to average net assets (annualized)
Gross expenses
0.87
%
0.89
%
0.88
%
0.85
%
0.88
%
0.91
%
Net expenses
0.75
%
0.74
%
0.74
%
0.75
%
0.75
%
0.75
%
Net investment income
1.06
%
1.37
%
1.59
%
1.31
%
1.30
%
1.71
%
Supplemental data
Portfolio turnover rate
84
%
237
%
476
%
365
%
488
%
366
%
Net assets, end of period (000s omitted)
$9,782
$9,729
$9,470
$10,564
$16,080
$11,813
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
16 | Allspring Large Company Value Fund

Financial highlights
(For a share outstanding throughout each period) 
 
Six months ended
January 31, 2025
(unaudited)
Year ended July 31
Institutional Class
2024
2023
2022
2021
2020
Net asset value, beginning of period
$14.91
$12.69
$12.20
$17.35
$12.38
$13.04
Net investment income
0.10
1
0.21
1
0.22
1
0.23
1
0.22
0.26
Net realized and unrealized gains (losses) on investments
0.72
2.21
0.50
(0.08
)
5.25
(0.55
)
Total from investment operations
0.82
2.42
0.72
0.15
5.47
(0.29
)
Distributions to shareholders from
Net investment income
(0.10
)
(0.20
)
(0.23
)
(0.22
)
(0.24
)
(0.30
)
Net realized gains
(1.72
)
0.00
0.00
(5.08
)
(0.26
)
(0.07
)
Total distributions to shareholders
(1.82
)
(0.20
)
(0.23
)
(5.30
)
(0.50
)
(0.37
)
Net asset value, end of period
$13.91
$14.91
$12.69
$12.20
$17.35
$12.38
Total return2
5.54
%
19.32
%
6.09
%
(0.22
)%
44.84
%
(2.20
)%
Ratios to average net assets (annualized)
Gross expenses
0.62
%
0.64
%
0.64
%
0.61
%
0.63
%
0.66
%
Net expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
0.50
%
Net investment income
1.31
%
1.58
%
1.83
%
1.61
%
1.56
%
1.96
%
Supplemental data
Portfolio turnover rate
84
%
237
%
476
%
365
%
488
%
366
%
Net assets, end of period (000s omitted)
$9,376
$8,301
$4,719
$4,641
$4,051
$2,142
1
Calculated based upon average shares outstanding
2
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year
are not annualized.
The accompanying notes are an integral part of these financial statements.
Allspring Large Company Value Fund | 17

Notes to financial statements (unaudited)
Notes to financial statements
1.
ORGANIZATION
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies. These financial statements report on the Allspring Large Company Value Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Managements 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.
Futures contracts
Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and is subject to equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.
18 | Allspring Large Company Value 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.
Dividend income is recognized on the ex-dividend date.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Funds fiscal year end. Therefore, a portion of the Funds 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 Funds  tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability. 
As of January 31, 2025, the aggregate cost of all investments for federal income tax purposes was $221,276,296 and the unrealized gains (losses) consisted of:
Gross unrealized gains
$29,926,316
Gross unrealized losses
(6,023,115
)
Net unrealized gains
$23,903,201
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.       
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
Level 1—quoted prices in active markets for identical securities
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring Large Company Value Fund | 19

Notes to financial statements (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2025:
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$14,132,727
$0
$0
$14,132,727
Consumer discretionary
13,235,754
0
0
13,235,754
Consumer staples
20,140,455
0
0
20,140,455
Energy
13,179,335
0
0
13,179,335
Financials
54,049,402
0
0
54,049,402
Health care
38,418,474
0
0
38,418,474
Industrials
31,972,727
0
0
31,972,727
Information technology
18,950,468
0
0
18,950,468
Materials
12,921,727
0
0
12,921,727
Real estate
12,617,205
0
0
12,617,205
Utilities
9,596,652
0
0
9,596,652
Short-term investments
Investment companies
5,982,876
0
0
5,982,876
Total assets
$245,197,802
$0
$0
$245,197,802
Liabilities
Futures contracts
$18,305
$0
$0
$18,305
Total liabilities
$18,305
$0
$0
$18,305
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of investments. For futures contracts, the current day’s variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At January 31, 2025, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Management fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:  
Average daily net assets
Management fee
First $1 billion
0.400
%
Next $4 billion
0.375
Next $5 billion
0.340
Over $10 billion
0.330
For the six months ended January 31, 2025, 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, 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 0.25% and declining to 0.15% as the average daily net assets of the Fund increase.
20 | Allspring Large Company Value Fund

Notes to financial statements (unaudited)
Administration fees
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
 
Class-level
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 reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through November 30, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Funds expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of January 31, 2025, the contractual caps are as follows:      
 
 
 
EXPENSE RATIO CAPS
Class A
0.82
%
Class C
1.57
Class R6
0.40
Administrator Class
0.75
Institutional Class
0.50
Distribution fee
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2025, Allspring Funds Distributor received $605 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 January 31, 2025.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended January 31, 2025.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2025 were $201,524,656 and $210,459,447, respectively.
Allspring Large Company Value Fund | 21

Notes to financial statements (unaudited)
6.
DERIVATIVE TRANSACTIONS
During the six months ended January 31, 2025, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $5,438,336 in long futures contracts during the six months ended January 31, 2025.
The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.
7.
BANK BORROWINGS
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the six months ended January 31, 2025, there were no borrowings by the Fund under the agreement.
8.
INDEMNIFICATION
Under the Funds organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
9.
OPERATING SEGMENTS
The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund’s prospectus which is executed by the Fund’s portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
22 | Allspring Large Company Value Fund

Other information (unaudited)
Other information
Proxy voting information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund’s portfolio holdings information is also available on our website at allspringglobal.com.
Allspring Large Company Value Fund | 23

Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Not applicable
Item 9. Matters submitted to fund shareholders for a vote
Not applicable
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Item 11. Statement regarding basis for the boards approval of investment advisory contract
Not applicable
24 | Allspring Large Company Value Fund


For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Funds 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 Funds 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.
© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSRS3325 01-25


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

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

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

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

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

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


ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

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

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

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

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

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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

ITEM 16. CONTROLS AND PROCEDURES

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

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

ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

Not applicable.


ITEM 19. EXHIBITS

 

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


SIGNATURES

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

 

Allspring Funds Trust
By:   /s/ John Kenney
  John Kenney
  President (Principal Executive Officer)
Date: March 27, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

 

Allspring Funds Trust
By:   /s/ John Kenney
  John Kenney
  President (Principal Executive Officer)
Date: March 27, 2025
By:   /s/ Jeremy DePalma
  Jeremy DePalma
  Treasurer (Principal Financial Officer)
Date: March 27, 2025