Portfolio of investments—July 31, 2026 (unaudited)
Portfolio of investments
 
 
 
 
Shares
Value
Common stocks:  98.93%
 
Brazil:  3.44%
 
Ambev SA ADR (Consumer staples, Beverages)
 
5,671,112
$17,637,158
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets)
 
10,872,615
33,738,641
Localiza Rent a Car SA (Industrials, Ground transportation)
 
2,144,893
15,913,797
Lojas Renner SA (Consumer discretionary, Specialty retail)
 
4,840,741
12,987,203
Multiplan Empreendimentos Imobiliarios SA (Real estate, Real
estate management & development)
 
1,746,906
9,694,025
Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels)
 
644,162
12,496,743
Raia Drogasil SA (Consumer staples, Consumer staples
distribution & retail)
 
2,417,586
8,813,507
Suzano SA (Materials, Paper & forest products)
 
730,900
6,246,134
Vale SA Class B ADR (Materials, Metals & mining)
 
1,059,425
15,954,940
 
 
133,482,148
Chile:  0.93%
 
Banco Santander Chile ADR (Financials, Banks)
 
523,282
18,110,790
Sociedad Quimica y Minera de Chile SA ADR (Materials,
Chemicals)
 
266,902
17,898,448
 
 
36,009,238
China:  16.40%
 
Agora, Inc. ADR (Information technology, Software)
 
1,084,765
4,339,060
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline
retail)
 
6,514,596
99,239,400
China Literature Ltd. (Communication services, Media)144A
 
5,086,168
13,135,148
China Meidong Auto Holdings Ltd. (Consumer discretionary,
Specialty retail)
 
9,373,400
470,617
GreenTree Hospitality Group Ltd. ADR (Consumer discretionary,
Hotels, restaurants & leisure)
 
2,531,768
2,924,192
Kanzhun Ltd. ADR (Industrials, Professional services)
 
1,504,798
24,498,111
KE Holdings, Inc. ADR (Real estate, Real estate management &
development)
 
1,650,000
27,967,500
Kingdee International Software Group Co. Ltd. (Information
technology, Software)
 
13,490,000
14,497,616
Li Auto, Inc. Class A (Consumer discretionary, Automobiles)
 
2,856,000
19,451,202
Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel &
luxury goods)
 
8,627,707
16,667,178
Meituan Class B (Consumer discretionary, Hotels, restaurants &
leisure)144A
 
5,314,870
62,749,888
PDD Holdings, Inc. ADR (Consumer discretionary, Broadline
retail)
 
501,639
44,425,150
SF Holding Co. Ltd. Class H (Industrials, Air freight & logistics)
 
2,350,000
10,132,061
Tencent Holdings Ltd. (Communication services, Interactive
media & services)
 
2,980,600
182,123,559
Tencent Music Entertainment Group ADR (Communication
services, Entertainment)
 
2,714,180
25,649,001
Trip.com Group Ltd. (Consumer discretionary, Hotels, restaurants
& leisure)
 
507,682
23,785,136
Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages)
 
3,698,500
21,988,791
See accompanying notes to portfolio of investments
Allspring Emerging Markets Equity Fund | 1

Portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Shares
Value
China(continued)
 
Want Want China Holdings Ltd. (Consumer staples, Food
products)
 
44,482,800
$19,171,665
Xiaomi Corp. Class B (Information technology, Technology
hardware, storage & peripherals)144A
 
2,859,700
10,493,620
Zepp Health Corp. ADR (Information technology, Electronic
equipment, instruments & components)
 
46,748
211,768
Zijin Mining Group Co. Ltd. Class H (Materials, Metals & mining)
 
2,774,000
11,778,347
 
 
635,699,010
Colombia:  0.40%
 
Grupo Cibest SA ADR (Financials, Banks)
 
169,288
15,662,526
Hong Kong:  1.54%
 
AIA Group Ltd. (Financials, Insurance)
 
3,782,700
38,132,983
Sun Art Retail Group Ltd. (Consumer staples, Consumer staples
distribution & retail)
 
47,955,400
7,289,106
WH Group Ltd. (Consumer staples, Food products)144A
 
13,288,195
14,297,670
 
 
59,719,759
Hungary:  0.38%
 
OTP Bank Nyrt (Financials, Banks)
 
100,435
14,878,622
India:  13.12%
 
Adani Enterprises Ltd. (Industrials, Trading companies &
distributors)
 
397,346
12,527,315
ASK Automotive Ltd. (Consumer discretionary, Automobile
components)
 
2,559,155
14,163,373
Axis Bank Ltd. (Financials, Banks)
 
2,821,923
36,267,880
Bajaj Finance Ltd. (Financials, Consumer finance)
 
1,482,810
17,725,967
Bharti Airtel Ltd. (Communication services, Wireless
telecommunication services)
 
3,859,052
79,563,684
Eternal Ltd. (Consumer discretionary, Hotels, restaurants &
leisure)
 
3,235,078
10,259,183
Fortis Healthcare Ltd. (Health care, Health care providers &
services)
 
2,656,112
26,270,534
HDFC Bank Ltd. (Financials, Banks)
 
9,050,198
70,865,175
Hexaware Technologies Ltd. (Information technology, IT services)
 
1,170,834
6,891,530
Infosys Ltd. (Information technology, IT services)
 
869,831
10,330,936
ITC Ltd. (Consumer staples, Tobacco)
 
10,461,374
30,797,842
JSW Infrastructure Ltd. (Industrials, Transportation infrastructure)
 
1,889,138
6,181,847
Kotak Mahindra Bank Ltd. (Financials, Banks)
 
3,515,910
14,372,894
Nexus Select Trust (Real estate, Retail REITs)
 
16,942,246
29,655,342
NTPC Green Energy Ltd. (Utilities, Independent power and
renewable electricity producers)
 
5,555,604
5,242,914
Reliance Industries Ltd. (Energy, Oil, gas & consumable fuels)
 
6,694,748
91,660,777
SBI Life Insurance Co. Ltd. (Financials, Insurance)144A
 
821,261
16,263,208
UltraTech Cement Ltd. (Materials, Construction materials)
 
235,820
29,361,606
 
 
508,402,007
See accompanying notes to portfolio of investments
2 | Allspring Emerging Markets Equity Fund

Portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Shares
Value
Indonesia:  2.47%
 
Astra International Tbk. PT (Industrials, Industrial conglomerates)
 
63,362,600
$17,958,723
Bank Central Asia Tbk. PT (Financials, Banks)
 
67,589,400
23,688,377
Bank Rakyat Indonesia Persero Tbk. PT (Financials, Banks)
 
72,292,500
12,157,851
Sumber Alfaria Trijaya Tbk. PT (Consumer staples, Consumer
staples distribution & retail)
 
50,000,000
3,677,011
Telkom Indonesia Persero Tbk. PT (Communication services,
Diversified telecommunication services)
 
159,000,000
23,212,525
Telkom Indonesia Persero Tbk. PT New York Stock Exchange ADR
(Communication services, Diversified telecommunication
services)
 
1,012,360
14,841,198
 
 
95,535,685
Luxembourg:  1.66%
 
Allegro.eu SA (Consumer discretionary, Broadline retail)144A
 
1,194,273
14,386,407
InPost SA (Industrials, Air freight & logistics)
 
1,644,806
29,336,062
Zabka Group SA (Consumer staples, Consumer staples
distribution & retail)
 
2,435,670
20,758,683
 
 
64,481,152
Mauritius:  0.95%
 
MakeMyTrip Ltd. (Consumer discretionary, Hotels, restaurants &
leisure)
 
647,336
36,865,785
Mexico:  3.00%
 
America Movil SAB de CV ADR (Communication services, Wireless
telecommunication services)
 
1,072,980
27,200,043
Becle SAB de CV (Consumer staples, Beverages)
 
9,866,483
8,904,017
Cemex SAB de CV ADR (Materials, Construction materials)
 
941,252
11,125,599
Fibra Uno Administracion SA de CV (Real estate, Diversified REITs)
 
7,577,357
13,654,512
Fomento Economico Mexicano SAB de CV ADR (Consumer
staples, Beverages)
 
225,450
28,855,345
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks)
 
1,293,566
14,910,795
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer
staples distribution & retail)
 
3,969,400
11,541,845
 
 
116,192,156
Peru:  0.42%
 
Credicorp Ltd. (Financials, Banks)
 
40,711
16,308,012
Philippines:  0.46%
 
Ayala Corp. (Industrials, Industrial conglomerates)
 
837,624
6,996,819
San Miguel Food & Beverage, Inc. (Consumer staples, Food
products)
 
3,495,810
2,779,473
SM Investments Corp. (Industrials, Industrial conglomerates)
 
812,873
7,873,266
 
 
17,649,558
Russia:  0.00%
 
Ozon Holdings PLC ADR (Acquired 11-24-2020, cost $2,412,000)
(Consumer discretionary, Broadline retail)♦‡†˃«
 
80,400
0
See accompanying notes to portfolio of investments
Allspring Emerging Markets Equity Fund | 3

Portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Shares
Value
Saudi Arabia:  0.52%
 
Al Rajhi Bank (Financials, Banks)
 
257,367
$4,295,138
Saudi Arabian Oil Co. (Energy, Oil, gas & consumable fuels)144A
 
2,255,150
15,910,600
 
 
20,205,738
Singapore:  1.68%
 
Grab Holdings Ltd. Class A (Industrials, Ground transportation)
 
8,486,062
29,701,217
Sea Ltd. ADR (Consumer discretionary, Broadline retail)
 
331,740
35,409,928
 
 
65,111,145
South Africa:  3.62%
 
Gold Fields Ltd. ADR (Materials, Metals & mining)
 
378,268
12,263,449
MTN Group Ltd. (Communication services, Wireless
telecommunication services)
 
2,837,324
35,174,495
Shoprite Holdings Ltd. (Consumer staples, Consumer staples
distribution & retail)
 
3,432,518
59,701,678
Standard Bank Group Ltd. (Financials, Banks)
 
1,667,090
33,195,127
 
 
140,334,749
South Korea:  22.66%
 
Hyundai Engineering & Construction Co. Ltd. (Industrials,
Construction & engineering)
 
179,821
11,651,417
KT Corp. ADR (Communication services, Diversified
telecommunication services)
 
2,349,713
42,506,308
KT&G Corp. (Consumer staples, Tobacco)
 
224,091
27,885,522
LG Chem Ltd. (Materials, Chemicals)
 
86,809
15,375,427
NAVER Corp. (Communication services, Interactive media &
services)
 
289,000
41,373,432
Samsung Electronics Co. Ltd. (Information technology,
Technology hardware, storage & peripherals)
 
2,232,913
388,649,201
Samsung Life Insurance Co. Ltd. (Financials, Insurance)
 
87,661
18,375,521
Samsung SDI Co. Ltd. (Information technology, Electronic
equipment, instruments & components)
 
36,764
10,024,859
SK Hynix, Inc. (Information technology, Semiconductors &
semiconductor equipment)
 
255,698
290,384,712
SK Telecom Co. Ltd. (Communication services, Wireless
telecommunication services)
 
448,000
25,315,762
SK Telecom Co. Ltd. New York Stock Exchange ADR
(Communication services, Wireless telecommunication
services)
 
215,000
6,800,450
 
 
878,342,611
Taiwan:  21.24%
 
104 Corp. (Industrials, Professional services)
 
1,655,000
10,395,278
Delta Electronics, Inc. (Information technology, Electronic
equipment, instruments & components)
 
641,000
31,535,671
MediaTek, Inc. (Information technology, Semiconductors &
semiconductor equipment)
 
1,052,881
112,160,974
President Chain Store Corp. (Consumer staples, Consumer staples
distribution & retail)
 
2,011,000
13,925,817
See accompanying notes to portfolio of investments
4 | Allspring Emerging Markets Equity Fund

Portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Shares
Value
Taiwan(continued)
 
Taiwan Semiconductor Manufacturing Co. Ltd. (Information
technology, Semiconductors & semiconductor equipment)
 
7,755,224
$573,616,995
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information
technology, Semiconductors & semiconductor equipment)
 
143,052
57,828,771
Uni-President Enterprises Corp. (Consumer staples, Food
products)
 
10,441,368
23,743,299
 
 
823,206,805
Thailand:  2.41%
 
Bangkok Dusit Medical Services PCL Class F (Health care, Health
care providers & services)
 
33,500,000
19,239,928
PTT Exploration & Production PCL (Energy, Oil, gas & consumable
fuels)
 
2,822,639
12,641,378
PTT PCL (Energy, Oil, gas & consumable fuels)
 
18,656,300
21,506,383
SCB X PCL (Financials, Banks)
 
2,049,500
9,305,941
Thai Beverage PCL (Consumer staples, Beverages)
 
84,927,000
30,511,736
 
 
93,205,366
United Arab Emirates:  0.55%
 
Americana Restaurants International PLC (Consumer
discretionary, Hotels, restaurants & leisure)
 
14,709,454
8,794,389
Talabat Holding PLC (Consumer discretionary, Hotels, restaurants
& leisure)
 
43,475,387
12,428,303
 
 
21,222,692
United States:  1.08%
 
MercadoLibre, Inc. (Consumer discretionary, Broadline retail)
 
10,337
19,412,369
Southern Copper Corp. (Materials, Metals & mining)
 
122,822
22,440,808
 
 
41,853,177
Total common stocks (Cost $1,855,045,094)
 
3,834,367,941
 
 
Interest
rate
Maturity
date
Principal
 
Convertible debentures:  0.00%
 
Brazil:  0.00%
 
Lupatech SA Series 1 (Energy, Oil & gas services)♦†
6.50
%
4-15-2049
$
303,000
0
Total convertible debentures (Cost $160,691)
 
0
 
 
Dividend
rate
 
Shares
 
Preferred stocks:  1.09%
 
Brazil:  1.09%
 
Gerdau SA (Materials, Metals & mining)
0.06
 
3,800,900
18,730,257
Itau Unibanco Holding SA (Financials, Banks)
0.00
 
1,294,813
10,955,393
Localiza Rent a Car SA (Industrials, Ground transportation)
0.11
 
84,033
605,570
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels)
0.13
 
1,403,200
12,019,164
Total preferred stocks (Cost $28,677,827)
 
42,310,384
See accompanying notes to portfolio of investments
Allspring Emerging Markets Equity Fund | 5

Portfolio of investments—July 31, 2026 (unaudited)
 
 
Yield
 
Shares
Value
Short-term investments:  0.50%
 
Investment companies:  0.50%
 
Allspring Government Money Market Fund Select Class♠∞
3.59
%
 
19,614,960
$19,614,960
Total short-term investments (Cost $19,614,960)
 
19,614,960
Total investments in securities (Cost $1,903,498,572)
100.52
%
 
3,896,293,285
Other assets and liabilities, net
(0.52
)
 
(20,248,496
)
Total net assets
100.00
%
 
$3,876,044,789
Non-income-earning security
144A
The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of
1933.
The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC.
Security is valued using significant unobservable inputs.
˃
Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $0 (original cost of $2,412,000),
representing 0.00% of its net assets as of period end.
«
This security is on loan pending return from the lending agent.
The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
The rate represents the 7-day annualized yield at period end.
Abbreviations:
ADR
American depositary receipt
REIT
Real estate investment trust
Investments in affiliates
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
$60,669,542
$349,836,541
$(390,891,123
)
$0
$0
$19,614,960
19,614,960
$967,243
See accompanying notes to portfolio of investments
6 | Allspring Emerging Markets Equity Fund

Notes to portfolio of investments—July 31, 2026 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On July 31, 2026, such fair value pricing was used in pricing certain foreign securities.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds 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.
Securities lending
The Fund, along with other Allspring funds, participated through March 29, 2023, the termination date, in a securities lending program (the “Program”) for Allspring funds. The Fund received cash collateral in connection with its securities lending transactions, which collateral was invested in Securities Lending Cash Investments, LLC, an affiliated non-registered investment company, which was liquidated upon termination of the Program. Effective at the close of business on March 29, 2023, the Fund has one unsettled loan which is fully collateralized by cash and will continue to hold the cash collateral until the security is returned to the Fund.
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
Allspring Emerging Markets Equity Fund | 7

Notes to portfolio of investments—July 31, 2026 (unaudited)
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:
Common stocks
Brazil
$133,482,148
$0
$0
$133,482,148
Chile
36,009,238
0
0
36,009,238
China
149,186,447
486,512,563
0
635,699,010
Colombia
15,662,526
0
0
15,662,526
Hong Kong
0
59,719,759
0
59,719,759
Hungary
0
14,878,622
0
14,878,622
India
0
508,402,007
0
508,402,007
Indonesia
32,799,921
62,735,764
0
95,535,685
Luxembourg
0
64,481,152
0
64,481,152
Mauritius
36,865,785
0
0
36,865,785
Mexico
116,192,156
0
0
116,192,156
Peru
16,308,012
0
0
16,308,012
Philippines
0
17,649,558
0
17,649,558
Russia
0
0
0
0
Saudi Arabia
0
20,205,738
0
20,205,738
Singapore
65,111,145
0
0
65,111,145
South Africa
12,263,449
128,071,300
0
140,334,749
South Korea
49,306,758
829,035,853
0
878,342,611
Taiwan
68,224,049
754,982,756
0
823,206,805
Thailand
0
93,205,366
0
93,205,366
United Arab Emirates
12,428,303
8,794,389
0
21,222,692
United States
41,853,177
0
0
41,853,177
Convertible debentures
0
0
0
0
Preferred stocks
Brazil
42,310,384
0
0
42,310,384
Short-term investments
Investment companies
19,614,960
0
0
19,614,960
Total assets
$847,618,458
$3,048,674,827
$0
$3,896,293,285
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At July 31, 2026, the Fund did not have any transfers into/out of Level 3.
8 | Allspring Emerging Markets Equity Fund