Portfolio of investments—July 31, 2026 (unaudited)
Portfolio of investments
 
 
 
 
 
Shares
Value
Investment companies:  96.52%
 
Affiliated master portfolios:  58.91%
 
Allspring Disciplined International Developed Markets Portfolio
 
$21,520,505
Allspring Disciplined Large Cap Portfolio
 
27,106,265
Allspring Macro Strategies Portfolio
 
204,600,932
 
 
253,227,702
Alternative investment funds:  19.91%
 
Allspring Alternative Risk Premia Fund Class R6♠
 
9,498,539
85,581,836
Exchange-traded funds:  11.91%
 
Allspring Income Plus ETF♠
 
1,438,343
35,519,880
iShares MSCI Global Gold Miners ETF
 
135,000
8,608,950
iShares MSCI South Korea ETF
 
44,921
7,057,090
 
 
51,185,920
Stock funds:  5.79%
 
Allspring Emerging Markets Equity Advantage Fund Class R6♠
 
1,416,458
24,915,492
Total investment companies (Cost $362,484,217)
 
414,910,950
 
 
 
Yield
 
 
 
Short-term investments:  3.57%
 
Investment companies:  3.57%
 
Allspring Government Money Market Fund Select Class♠∞
3.59
%
 
15,345,680
15,345,680
Total short-term investments (Cost $15,345,680)
 
15,345,680
Total investments in securities (Cost $377,829,897)
100.09
%
 
430,256,630
Other assets and liabilities, net
(0.09
)
 
(383,037
)
Total net assets
100.00
%
 
$429,873,593
 
♠
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.
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) on
affiliated
Underlying
Funds
Net
change in
unrealized
gains
(losses) on
affiliated
Underlying
Funds
Value,
end of
period
Investment companies
Allspring Alternative Risk Premia Fund Class R6
$84,916,939
$0
$0
$0
$664,897
$85,581,836
Allspring Emerging Markets Equity Advantage Fund Class R6
24,438,382
172,338
0
0
304,772
24,915,492
Allspring Income Plus ETF
35,879,466
0
0
0
(359,586
)
35,519,880
Short-term investments
Allspring Government Money Market Fund Select Class
5,155,534
42,281,244
(32,091,098
)
0
0
15,345,680
 
$0
$610,083
$161,362,888
See accompanying notes to portfolio of investments
Allspring Absolute Return Fund | 1
Portfolio of investments—July 31, 2026 (unaudited)
 
 
 
Shares,
end of
period
Dividends from
affiliated
Underlying Funds
Investment companies
Allspring Alternative Risk Premia Fund Class R6
9,498,539
$0
Allspring Emerging Markets Equity Advantage Fund Class R6
1,416,458
172,339
Allspring Income Plus ETF
1,438,343
489,511
Short-term investments
Allspring Government Money Market Fund Select Class
15,345,680
177,958
 
$839,808
Transactions with the affiliated Master Portfolios were as follows: 
 
% of
ownership,
beginning
of period
% of
ownership,
end of
period
Net realized
gains
(losses) on
investments
allocated
from
affiliated
Master
Portfolios
Net
change in
unrealized
gains
(losses) on
investments
allocated
from
affiliated
Master
Portfolios
Interest
allocated
from
affiliated
Master
Portfolios
Dividends
allocated
from
affiliated
Master
Portfolios
Affiliated
Income
Allocated
from
affiliated
Master
Portfolios
Value,
end of
period
Allspring Disciplined International
Developed Markets Portfolio
7.12
%
7.12
%
$126,815
$635,823
$220
$143,386
$4,283
$21,520,505
Allspring Disciplined Large Cap
Portfolio
7.42
7.42
376,751
760,978
419
75,701
2,873
27,106,265
Allspring Macro Strategies Portfolio
100.00
100.00
(1,536,962
)
(17,447,435
)
2,788,100
194,277
312,752
204,600,932
 
$(1,033,396
)
$(16,050,634
)
$2,788,739
$413,364
$319,908
$253,227,702
See accompanying notes to portfolio of investments
2 | Allspring Absolute Return Fund
Notes to portfolio of investments—July 31, 2026 (unaudited)
Notes to portfolio of investments
The Fund is a fund-of-funds that invests in various affiliated and unaffiliated mutual funds and exchange-traded funds (collectively, the “Underlying Funds”) employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of the Fund and to provide more consistent returns. The Fund may also invest directly in securities. Investments in affiliated mutual funds may also include investments in one or more separate diversified portfolios (collectively, the “affiliated Master Portfolios”) of Allspring Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities and the Fund acquires an indirect interest in those securities.
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.
Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.
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.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows: 
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2026: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Investment companies
$161,683,248
$0
$0
$161,683,248
Short-term investments
Investment companies
15,345,680
0
0
15,345,680
Investments measured at net asset value*
253,227,702
Total assets
$177,028,928
$0
$0
$430,256,630
 
*
Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value
hierarchy. The aggregated affiliated Master Portfolios valued at $253,227,702 do not have a redemption period notice, can be redeemed daily and do not have any
unfunded commitments.
At July 31, 2026, the Fund did not have any transfers into/out of Level 3.
Allspring Absolute Return Fund | 3
Notes to portfolio of investments—July 31, 2026 (unaudited)
The investment objective of each affiliated Master Portfolio is as follows: 
Affiliated Master Portfolio
Investment objective
Allspring Disciplined International Developed Markets Portfolio
Seeks long-term capital appreciation
Allspring Disciplined Large Cap Portfolio
Seeks long-term capital appreciation
Allspring Macro Strategies Portfolio
Seeks long-term capital appreciation
4 | Allspring Absolute Return Fund