UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09689
Allspring Master 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: February 28
Registrant is making a filing for 10 of its series:
Allspring Bloomberg US Aggregate ex-Corporate Portfolio, Allspring Emerging Markets Bond Portfolio, Allspring Factor Enhanced Emerging Markets Equity Portfolio, Allspring Factor Enhanced International Equity Portfolio, Allspring Factor Enhanced U.S. Large Cap Equity Portfolio, Allspring Factor Enhanced U.S. Small Cap Equity Portfolio, Allspring High Yield Corporate Bond Portfolio, Allspring Investment Grade Corporate Bond Portfolio, Allspring Strategic Retirement Bond Portfolio and Allspring U.S. REIT Portfolio.
Date of reporting period: February 28, 2023
ITEM 1. REPORT TO STOCKHOLDERS
Annual Report
February 28, 2023
Allspring Bloomberg US
Aggregate ex-Corporate Portfolio
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks to replicate the total return of the Bloomberg U.S. Aggregate ex-Corporate Index,† before fees and expenses.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Manjunath Boraiah, Christopher Y. Kauffman, CFA®‡, Janet S. Rilling, CFA®‡, CPA, Michal Stanczyk |
| Ten largest holdings (%) as of February 28, 20231 |
| FNMA, 2.00%, 2-1-2052 | 5.03 |
| FNMA, 2.50%, 1-1-2052 | 4.44 |
| U.S. Treasury Note, 1.88%, 8-31-2024 | 2.55 |
| U.S. Treasury Bond, 5.25%, 11-15-2028 | 2.42 |
| U.S. Treasury Note, 1.25%, 8-31-2024 | 2.34 |
| FNMA, 2.00%, 2-1-2052 | 2.13 |
| U.S. Treasury Bond, 1.13%, 5-15-2040 | 2.11 |
| U.S. Treasury Note, 0.25%, 5-31-2025 | 2.00 |
| U.S. Treasury Bond, 3.00%, 5-15-2047 | 1.90 |
| U.S. Treasury Note, 0.75%, 11-15-2024 | 1.89 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Portfolio composition as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| † | The Bloomberg U.S. Aggregate ex-Corporate Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Agency securities: 39.80% | | | | | | |
| FFCB | | 0.30% | 3-28-2024 | $ | 100,000 | $ 94,805 |
| FFCB | | 0.48 | 9-3-2024 | | 70,000 | 65,183 |
| FFCB | | 0.57 | 7-2-2024 | | 50,000 | 46,969 |
| FFCB | | 1.55 | 7-26-2030 | | 160,000 | 128,088 |
| FFCB | | 1.57 | 4-5-2028 | | 360,000 | 309,552 |
| FFCB | | 1.79 | 6-22-2035 | | 60,000 | 43,194 |
| FFCB | | 4.25 | 9-30-2025 | | 30,000 | 29,680 |
| FHLB | | 0.38 | 3-15-2024 | | 610,000 | 579,695 |
| FHLB | | 0.96 | 3-5-2026 | | 30,000 | 26,773 |
| FHLB | | 1.50 | 8-15-2024 | | 10,000 | 9,498 |
| FHLB | | 2.75 | 12-13-2024 | | 10,000 | 9,621 |
| FHLB | | 2.88 | 9-13-2024 | | 60,000 | 58,087 |
| FHLB | | 3.00 | 3-10-2028 | | 10,000 | 9,393 |
| FHLB | | 3.25 | 9-13-2024 | | 260,000 | 252,609 |
| FHLB | | 4.75 | 3-8-2024 | | 210,000 | 208,788 |
| FHLB | | 5.50 | 7-15-2036 | | 10,000 | 11,175 |
| FHLB | | 5.63 | 3-14-2036 | | 10,000 | 11,077 |
| FHLMC | | 0.38 | 7-21-2025 | | 270,000 | 243,709 |
| FHLMC | | 0.62 | 12-1-2025 | | 460,000 | 410,130 |
| FHLMC | | 1.50 | 11-1-2035 | | 776,981 | 671,764 |
| FHLMC | | 1.50 | 3-1-2037 | | 2,338,627 | 2,021,533 |
| FHLMC | | 1.50 | 6-1-2051 | | 3,010,542 | 2,328,303 |
| FHLMC | | 2.50 | 3-1-2032 | | 1,444,927 | 1,334,489 |
| FHLMC | | 3.00 | 2-1-2047 | | 2,711,814 | 2,436,485 |
| FHLMC | | 3.00 | 3-1-2048 | | 42,631 | 38,136 |
| FHLMC | | 3.00 | 6-1-2050 | | 749,540 | 671,882 |
| FHLMC | | 3.00 | 7-1-2050 | | 1,894,115 | 1,697,881 |
| FHLMC | | 3.00 | 8-1-2050 | | 918,732 | 823,534 |
| FHLMC | | 3.00 | 3-1-2052 | | 493,875 | 435,308 |
| FHLMC | | 3.50 | 2-1-2044 | | 4,683,626 | 4,396,026 |
| FHLMC | | 3.50 | 4-1-2045 | | 201,413 | 188,084 |
| FHLMC | | 3.50 | 5-1-2052 | | 492,768 | 449,039 |
| FHLMC | | 4.00 | 11-25-2024 | | 180,000 | 176,135 |
| FHLMC | | 6.00 | 7-1-2040 | | 1,111,927 | 1,151,449 |
| FHLMC | | 6.75 | 3-15-2031 | | 70,000 | 82,200 |
| FHLMC Multifamily Structured Pass-Through Certificates Series K153 Class A3 ±± | | 3.12 | 10-25-2031 | | 70,000 | 63,050 |
| FHLMC Series K032 Class A2 ±± | | 3.31 | 5-25-2023 | | 46,661 | 46,406 |
| FHLMC Series K034 Class A2 ±± | | 3.53 | 7-25-2023 | | 57,220 | 56,808 |
| FHLMC Series K035 Class A2 ±± | | 3.46 | 8-25-2023 | | 53,912 | 53,488 |
| FHLMC Series K063 Class A2 ±± | | 3.43 | 1-25-2027 | | 45,000 | 42,971 |
| FHLMC Series K070 Class A2 ±± | | 3.30 | 11-25-2027 | | 425,000 | 402,158 |
| FHLMC Series K152 Class A1 | | 2.83 | 5-25-2030 | | 270,948 | 249,907 |
| FHLMC Series K152 Class A2 | | 3.08 | 1-25-2031 | | 125,000 | 113,089 |
| FHLMC Series K155 Class A3 | | 3.75 | 4-25-2033 | | 40,000 | 37,615 |
| FNMA | | 0.50 | 11-7-2025 | | 20,000 | 17,931 |
| FNMA | | 0.63 | 4-22-2025 | | 650,000 | 595,215 |
| FNMA | | 1.50 | 2-1-2052 | | 664,906 | 514,218 |
| FNMA | | 2.00 | 4-1-2037 | | 793,005 | 703,678 |
| FNMA | | 2.00 | 6-1-2037 | | 692,915 | 614,846 |
| FNMA | | 2.00 | 6-1-2037 | | 2,793,033 | 2,478,390 |
| FNMA | | 2.00 | 1-1-2041 | | 762,618 | 644,085 |
| FNMA | | 2.00 | 2-1-2042 | | 802,800 | 680,518 |
| FNMA | | 2.00 | 2-1-2052 | | 16,083,042 | 13,114,602 |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 3
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Agency securities (continued) | | | | | | |
| FNMA | | 2.00% | 2-1-2052 | $ | 6,792,522 | $ 5,543,255 |
| FNMA | | 2.50 | 2-1-2035 | | 705,469 | 647,987 |
| FNMA | | 2.50 | 11-1-2050 | | 3,035,265 | 2,608,840 |
| FNMA | | 2.50 | 1-1-2052 | | 13,632,790 | 11,560,349 |
| FNMA %% | | 2.50 | 3-13-2053 | | 500,000 | 423,496 |
| FNMA | | 3.00 | 12-1-2026 | | 851,142 | 822,157 |
| FNMA | | 3.00 | 12-1-2030 | | 213,992 | 202,057 |
| FNMA | | 3.00 | 1-1-2034 | | 131,540 | 123,355 |
| FNMA | | 3.00 | 8-1-2036 | | 97,535 | 89,015 |
| FNMA | | 3.00 | 2-1-2037 | | 534,246 | 487,578 |
| FNMA | | 3.00 | 8-1-2043 | | 1,096,239 | 992,143 |
| FNMA | | 3.00 | 11-1-2046 | | 1,226,697 | 1,110,241 |
| FNMA | | 3.00 | 12-1-2047 | | 602,754 | 539,141 |
| FNMA | | 3.50 | 4-1-2034 | | 1,095,953 | 1,056,874 |
| FNMA | | 3.50 | 1-1-2035 | | 77,868 | 74,415 |
| FNMA | | 3.50 | 4-1-2037 | | 362,946 | 343,670 |
| FNMA | | 3.50 | 6-1-2042 | | 227,147 | 213,055 |
| FNMA | | 3.50 | 7-1-2042 | | 336,577 | 315,771 |
| FNMA | | 3.50 | 9-1-2043 | | 757,517 | 709,872 |
| FNMA | | 3.50 | 3-1-2048 | | 223,042 | 206,098 |
| FNMA | | 4.00 | 6-1-2042 | | 289,263 | 278,118 |
| FNMA | | 4.00 | 8-1-2043 | | 1,515,153 | 1,453,521 |
| FNMA | | 4.00 | 12-1-2047 | | 877,496 | 841,150 |
| FNMA | | 4.00 | 2-1-2048 | | 1,335,182 | 1,302,562 |
| FNMA | | 4.00 | 6-1-2048 | | 235,377 | 225,030 |
| FNMA | | 4.00 | 8-1-2048 | | 159,426 | 151,932 |
| FNMA | | 4.00 | 2-1-2050 | | 379,509 | 359,630 |
| FNMA %% | | 4.00 | 3-13-2053 | | 500,000 | 469,297 |
| FNMA | | 4.50 | 5-1-2040 | | 164,240 | 163,054 |
| FNMA | | 4.50 | 2-1-2047 | | 1,055,750 | 1,036,446 |
| FNMA | | 4.50 | 4-1-2048 | | 304,029 | 298,258 |
| FNMA | | 4.50 | 8-1-2048 | | 16,983 | 16,587 |
| FNMA | | 4.50 | 9-1-2052 | | 1,476,239 | 1,426,570 |
| FNMA | | 5.00 | 1-1-2042 | | 133,294 | 135,138 |
| FNMA | | 5.00 | 6-1-2045 | | 596,666 | 601,222 |
| FNMA | | 5.00 | 7-1-2045 | | 812,047 | 818,259 |
| FNMA | | 5.50 | 9-1-2040 | | 1,137,486 | 1,168,457 |
| FNMA | | 6.00 | 5-1-2041 | | 67,475 | 69,750 |
| FNMA | | 6.21 | 8-6-2038 | | 60,000 | 70,591 |
| FNMA | | 6.25 | 5-15-2029 | | 100,000 | 111,010 |
| FNMA | | 7.13 | 1-15-2030 | | 20,000 | 23,552 |
| FNMA | | 7.25 | 5-15-2030 | | 130,000 | 154,675 |
| FNMA Series 2016-M5 Class A2 | | 2.47 | 4-25-2026 | | 220,000 | 205,393 |
| FNMA Series 2016-M7 Class A2 | | 2.50 | 9-25-2026 | | 101,506 | 94,193 |
| FNMA Series 2017-M1 Class A2 ±± | | 2.41 | 10-25-2026 | | 210,562 | 193,737 |
| FNMA Series 2017-M11 Class A2 | | 2.98 | 8-25-2029 | | 865,000 | 787,106 |
| FNMA Series 2017-M5 Class A2 ±± | | 3.10 | 4-25-2029 | | 57,060 | 53,064 |
| FNMA Series 2018-M1 Class A2 ±± | | 2.99 | 12-25-2027 | | 14,247 | 13,325 |
| FNMA Series 2018-M13 Class A2 ±± | | 3.74 | 9-25-2030 | | 73,169 | 69,436 |
| FNMA Series 2019-M4 Class A2 | | 3.61 | 2-25-2031 | | 1,737,536 | 1,632,553 |
| FNMA Series 2019-M7 Class A2 | | 3.14 | 4-25-2029 | | 190,837 | 175,483 |
| GNMA %% | | 2.00 | 3-21-2053 | | 5,515,000 | 4,622,152 |
| GNMA | | 2.50 | 3-20-2052 | | 4,590,660 | 3,971,064 |
| GNMA | | 2.50 | 4-20-2052 | | 907,015 | 784,594 |
| GNMA | | 3.00 | 4-20-2045 | | 2,079,362 | 1,903,329 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Agency securities (continued) | | | | | | |
| GNMA | | 3.00% | 11-20-2045 | $ | 170,782 | $ 155,794 |
| GNMA | | 3.00 | 3-20-2046 | | 353,806 | 322,234 |
| GNMA | | 3.00 | 12-20-2049 | | 188,103 | 169,614 |
| GNMA | | 3.00 | 10-20-2050 | | 1,320,175 | 1,190,335 |
| GNMA | | 3.50 | 2-20-2045 | | 1,031,339 | 963,439 |
| GNMA | | 3.50 | 6-20-2045 | | 685,328 | 639,392 |
| GNMA | | 3.50 | 11-20-2045 | | 791,602 | 738,542 |
| GNMA | | 3.50 | 7-20-2047 | | 171,812 | 160,321 |
| GNMA | | 3.50 | 5-20-2048 | | 48,134 | 44,864 |
| GNMA | | 4.00 | 8-20-2044 | | 451,635 | 438,069 |
| GNMA | | 4.00 | 12-20-2047 | | 1,040,051 | 997,216 |
| GNMA | | 4.50 | 7-20-2052 | | 966,414 | 937,833 |
| GNMA %% | | 5.00 | 3-21-2053 | | 1,080,000 | 1,067,006 |
| TVA | | 2.88 | 2-1-2027 | | 35,000 | 32,813 |
| TVA | | 4.63 | 9-15-2060 | | 55,000 | 52,813 |
| TVA | | 4.65 | 6-15-2035 | | 9,000 | 9,031 |
| TVA | | 4.70 | 7-15-2033 | | 90,000 | 91,599 |
| TVA | | 5.38 | 4-1-2056 | | 50,000 | 54,212 |
| TVA | | 5.50 | 6-15-2038 | | 30,000 | 32,205 |
| TVA | | 5.88 | 4-1-2036 | | 10,000 | 11,154 |
| Total Agency securities (Cost $112,574,505) | | | | | | 103,737,342 |
| Asset-backed securities: 0.35% | | | | | | |
| BMW Vehicle Lease Trust Series 2021-2 Class A3 | | 0.33 | 12-26-2024 | | 159,758 | 156,594 |
| Citibank Credit Card Issuance Trust Series 2018-A3 Class A3 | | 3.29 | 5-23-2025 | | 180,000 | 179,348 |
| Citibank Credit Card Issuance Trust Series 2018-A7 Class A7 | | 3.96 | 10-13-2030 | | 130,000 | 124,985 |
| Ford Credit Floorplan Master Owner Trust Series 2018-2 Class A | | 3.17 | 3-15-2025 | | 100,000 | 99,945 |
| Ford Credit Floorplan Master Owner Trust Series 2019-2 Class A | | 3.06 | 4-15-2026 | | 65,000 | 63,365 |
| Synchrony Credit Card Master Note Trust Series 2018-2 Class A | | 3.47 | 5-15-2026 | | 105,000 | 104,697 |
| T-Mobile US Trust Series 2022-1A Class A 144A | | 4.91 | 5-22-2028 | | 190,000 | 188,966 |
| Total Asset-backed securities (Cost $940,153) | | | | | | 917,900 |
| Municipal obligations: 0.87% | | | | | | |
| California: 0.32% | | | | | | |
| Education revenue: 0.03% | | | | | | |
| California Series B | | 3.90 | 11-1-2047 | | 15,000 | 13,075 |
| University of California Series AD | | 4.86 | 5-15-2112 | | 70,000 | 63,469 |
| | | | | | | 76,544 |
| GO revenue: 0.15% | | | | | | |
| California Build America Bonds Various Purpose | | 1.75 | 11-1-2030 | | 110,000 | 88,964 |
| California Build America Bonds Various Purpose | | 7.35 | 11-1-2039 | | 70,000 | 85,854 |
| California Build America Bonds Various Purpose | | 7.50 | 4-1-2034 | | 100,000 | 121,852 |
| California Build America Bonds Various Purpose | | 7.60 | 11-1-2040 | | 15,000 | 19,351 |
| Los Angeles CA Community College District Build America Bonds | | 6.75 | 8-1-2049 | | 5,000 | 6,289 |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 5
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| GO revenue (continued) | | | | | | |
| Los Angeles CA Unified School District Build America Bonds | | 5.75% | 7-1-2034 | $ | 15,000 | $ 15,783 |
| Los Angeles CA Unified School District Build America Bonds | | 5.76 | 7-1-2029 | | 60,000 | 62,097 |
| | | | | | | 400,190 |
| Health revenue: 0.03% | | | | | | |
| University of California Series AD | | 3.26 | 5-15-2060 | | 90,000 | 62,312 |
| Transportation revenue: 0.08% | | | | | | |
| Bay Area CA Toll Authority Series 1 | | 6.26 | 4-1-2049 | | 100,000 | 119,215 |
| Bay Area CA Toll Authority Series 1 | | 6.92 | 4-1-2040 | | 15,000 | 17,939 |
| Bay Area CA Toll Authority Series 1 | | 7.04 | 4-1-2050 | | 60,000 | 77,124 |
| | | | | | | 214,278 |
| Utilities revenue: 0.03% | | | | | | |
| Los Angeles CA Department of Water & Power Build America Bonds Series D | | 6.57 | 7-1-2045 | | 55,000 | 64,998 |
| Florida: 0.06% | | | | | | |
| Miscellaneous revenue: 0.06% | | | | | | |
| Florida Board of Administrative Finance Corporation Series A | | 2.15 | 7-1-2030 | | 200,000 | 163,737 |
| Georgia: 0.01% | | | | | | |
| Utilities revenue: 0.01% | | | | | | |
| Municipal Electric Authority of Georgia Build America Bonds | | 7.06 | 4-1-2057 | | 10,000 | 10,367 |
| Illinois: 0.09% | | | | | | |
| GO revenue: 0.02% | | | | | | |
| Illinois Taxable Pension | | 5.10 | 6-1-2033 | | 50,000 | 49,135 |
| Miscellaneous revenue: 0.02% | | | | | | |
| Illinois Build America Bonds Series 3 | | 6.73 | 4-1-2035 | | 45,000 | 47,427 |
| Tax revenue: 0.05% | | | | | | |
| Chicago IL Transit Authority Series B | | 6.90 | 12-1-2040 | | 115,000 | 128,921 |
| Kansas: 0.00% | | | | | | |
| Miscellaneous revenue: 0.00% | | | | | | |
| Kansas Development Finance Authority Series H | | 4.93 | 4-15-2045 | | 5,000 | 4,941 |
| Massachusetts: 0.05% | | | | | | |
| GO revenue: 0.05% | | | | | | |
| Massachusetts Build America Bonds Series A | | 4.91 | 5-1-2029 | | 130,000 | 131,615 |
| Massachusetts Build America Bonds Series D | | 4.50 | 8-1-2031 | | 5,000 | 4,941 |
| | | | | | | 136,556 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| New Jersey: 0.06% | | | | | | |
| Transportation revenue: 0.06% | | | | | | |
| New Jersey Transportation Trust | | 6.56% | 12-15-2040 | $ | 60,000 | $ 66,695 |
| New Jersey Turnpike Authority Build America Bonds Series A | | 7.10 | 1-1-2041 | | 70,000 | 85,484 |
| | | | | | | 152,179 |
| New York: 0.12% | | | | | | |
| Airport revenue: 0.05% | | | | | | |
| Port Authority of New York & New Jersey Consolidated Bonds Series 201 | | 4.23 | 10-15-2057 | | 100,000 | 87,394 |
| Port Authority of New York & New Jersey Consolidated Bonds Series 210 | | 4.03 | 9-1-2048 | | 50,000 | 43,930 |
| | | | | | | 131,324 |
| Tax revenue: 0.07% | | | | | | |
| New York Metropolitan Transportation Authority Dedicated Tax Fund Build America Bonds | | 7.34 | 11-15-2039 | | 140,000 | 174,420 |
| Water & sewer revenue: 0.00% | | | | | | |
| New York NY Municipal Water Finance Authority Series AA | | 5.44 | 6-15-2043 | | 10,000 | 10,654 |
| Ohio: 0.00% | | | | | | |
| Education revenue: 0.00% | | | | | | |
| Ohio State University Build America Bonds | | 4.91 | 6-1-2040 | | 5,000 | 4,991 |
| Oregon: 0.02% | | | | | | |
| Tax revenue: 0.02% | | | | | | |
| Oregon Department of Transportation Build America Bonds Series A | | 5.83 | 11-15-2034 | | 50,000 | 54,238 |
| Pennsylvania: 0.00% | | | | | | |
| Transportation revenue: 0.00% | | | | | | |
| Pennsylvania Turnpike Commission Series B | | 5.51 | 12-1-2045 | | 5,000 | 5,399 |
| Texas: 0.11% | | | | | | |
| Airport revenue: 0.05% | | | | | | |
| Dallas Fort Worth TX International Airport Refunding Bonds Series 2021C | | 2.84 | 11-1-2046 | | 170,000 | 126,638 |
| GO revenue: 0.03% | | | | | | |
| Texas Transportation Commission | | 2.56 | 4-1-2042 | | 90,000 | 67,900 |
| Transportation revenue: 0.03% | | | | | | |
| Grand Parkway Transportation Corporation Series 2013E | | 5.18 | 10-1-2042 | | 50,000 | 52,764 |
| Texas Private Activity Bond North Tarrant Express Managed Lanes Project Series B | | 3.92 | 12-31-2049 | | 50,000 | 39,083 |
| | | | | | | 91,847 |
| Wisconsin: 0.03% | | | | | | |
| Tax revenue: 0.03% | | | | | | |
| Wisconsin General Fund Annual Appropriations Series C | | 3.15 | 5-1-2027 | | 80,000 | 75,440 |
| Total Municipal obligations (Cost $2,677,868) | | | | | | 2,254,436 |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 7
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Non-agency mortgage-backed securities: 0.72% | | | | | | |
| Benchmark Mortgage Trust Series 2018-B1 Class A4 | | 3.40% | 1-15-2051 | $ | 20,193 | $ 19,028 |
| Benchmark Mortgage Trust Series 2018-B6 Class A4 | | 4.26 | 10-10-2051 | | 135,000 | 128,498 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3 | | 3.84 | 12-10-2054 | | 20,000 | 18,542 |
| Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5 | | 3.14 | 2-10-2048 | | 55,000 | 52,514 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class B ±± | | 4.75 | 2-10-2049 | | 40,000 | 36,259 |
| Citigroup Commercial Mortgage Trust Series 2016-GC36 Class C ±± | | 4.75 | 2-10-2049 | | 95,000 | 76,426 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class B | | 4.23 | 4-10-2049 | | 110,000 | 100,322 |
| Citigroup Commercial Mortgage Trust Series 2016-P4 Class A4 | | 2.90 | 7-10-2049 | | 135,000 | 124,068 |
| Commercial Mortgage Trust Series 2014-UBS5 Class C ±± | | 4.61 | 9-10-2047 | | 195,000 | 171,661 |
| Commercial Mortgage Trust Series 2014-UBS6 Class C ±± | | 4.44 | 12-10-2047 | | 60,000 | 54,592 |
| Commercial Mortgage Trust Series 2015-CR23 Class A3 | | 3.23 | 5-10-2048 | | 52,967 | 50,845 |
| Commercial Mortgage Trust Series 2016-COR1 Class C ±± | | 4.33 | 10-10-2049 | | 65,000 | 57,001 |
| Commercial Mortgage Trust Series 2016-CR28 Class A4 | | 3.76 | 2-10-2049 | | 215,000 | 204,054 |
| Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class B ±± | | 4.89 | 1-10-2047 | | 80,000 | 68,003 |
| Goldman Sachs Mortgage Securities Trust Series 2018-GS10 Class AAB ±± | | 4.11 | 7-10-2051 | | 180,000 | 174,550 |
| Goldman Sachs Mortgage Securities Trust Series 2018-GS9 Class A4 ±± | | 3.99 | 3-10-2051 | | 140,000 | 131,594 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C15 Class A4 | | 4.10 | 11-15-2045 | | 7,736 | 7,684 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C29 Class A4 | | 3.61 | 5-15-2048 | | 200,000 | 190,335 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C31 Class A3 | | 3.80 | 8-15-2048 | | 169,285 | 160,916 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class A4 | | 3.31 | 4-15-2048 | | 60,000 | 56,900 |
| Total Non-agency mortgage-backed securities (Cost $2,066,418) | | | | | | 1,883,792 |
| U.S. Treasury securities: 52.59% | | | | | | |
| U.S. Treasury Bond | | 1.13 | 5-15-2040 | | 8,680,000 | 5,493,830 |
| U.S. Treasury Bond | | 1.13 | 8-15-2040 | | 955,000 | 601,463 |
| U.S. Treasury Bond | | 1.38 | 11-15-2040 | | 735,000 | 482,947 |
| U.S. Treasury Bond | | 1.63 | 11-15-2050 | | 440,000 | 269,586 |
| U.S. Treasury Bond | | 1.88 | 2-15-2041 | | 315,000 | 225,139 |
| U.S. Treasury Bond | | 1.88 | 2-15-2051 | | 2,065,000 | 1,348,219 |
| U.S. Treasury Bond | | 2.00 | 2-15-2050 | | 1,865,000 | 1,261,498 |
| U.S. Treasury Bond | | 2.00 | 8-15-2051 | | 2,940,000 | 1,976,116 |
| U.S. Treasury Bond | | 2.25 | 5-15-2041 | | 300,000 | 227,941 |
| U.S. Treasury Bond | | 2.25 | 8-15-2046 | | 390,000 | 281,394 |
| U.S. Treasury Bond | | 2.38 | 5-15-2051 | | 1,920,000 | 1,409,475 |
| U.S. Treasury Bond | | 2.50 | 2-15-2045 | | 555,000 | 423,990 |
| U.S. Treasury Bond | | 2.50 | 2-15-2046 | | 100,000 | 75,996 |
| U.S. Treasury Bond | | 2.50 | 5-15-2046 | | 200,000 | 151,977 |
| U.S. Treasury Bond | | 2.75 | 11-15-2042 | | 340,000 | 276,316 |
| U.S. Treasury Bond | | 2.75 | 8-15-2047 | | 270,000 | 214,639 |
| U.S. Treasury Bond | | 2.75 | 11-15-2047 | | 270,000 | 214,682 |
| U.S. Treasury Bond | | 2.88 | 5-15-2043 | | 605,000 | 500,496 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| U.S. Treasury securities (continued) | | | | | | |
| U.S. Treasury Bond | | 2.88% | 8-15-2045 | $ | 265,000 | $ 216,120 |
| U.S. Treasury Bond | | 2.88 | 11-15-2046 | | 265,000 | 215,923 |
| U.S. Treasury Bond | | 2.88 | 5-15-2052 | | 645,000 | 528,169 |
| U.S. Treasury Bond | | 3.00 | 5-15-2042 | | 145,000 | 123,403 |
| U.S. Treasury Bond | | 3.00 | 5-15-2045 | | 105,000 | 87,642 |
| U.S. Treasury Bond | | 3.00 | 11-15-2045 | | 35,000 | 29,177 |
| U.S. Treasury Bond | | 3.00 | 2-15-2047 | | 310,000 | 258,027 |
| U.S. Treasury Bond | | 3.00 | 5-15-2047 | | 5,961,000 | 4,963,930 |
| U.S. Treasury Bond | | 3.00 | 2-15-2048 | | 435,000 | 362,579 |
| U.S. Treasury Bond | | 3.00 | 2-15-2049 | | 320,000 | 267,750 |
| U.S. Treasury Bond | | 3.13 | 11-15-2041 | | 1,090,000 | 952,728 |
| U.S. Treasury Bond | | 3.13 | 2-15-2043 | | 475,000 | 409,298 |
| U.S. Treasury Bond | | 3.13 | 8-15-2044 | | 110,000 | 94,063 |
| U.S. Treasury Bond | | 3.13 | 5-15-2048 | | 250,000 | 213,408 |
| U.S. Treasury Bond | | 3.38 | 5-15-2044 | | 20,000 | 17,838 |
| U.S. Treasury Bond | | 3.63 | 8-15-2043 | | 110,000 | 102,416 |
| U.S. Treasury Bond | | 3.63 | 2-15-2044 | | 35,000 | 32,478 |
| U.S. Treasury Bond | | 3.75 | 8-15-2041 | | 35,000 | 33,590 |
| U.S. Treasury Bond | | 3.75 | 11-15-2043 | | 350,000 | 331,680 |
| U.S. Treasury Bond | | 3.88 | 8-15-2040 | | 195,000 | 191,306 |
| U.S. Treasury Bond | | 4.25 | 11-15-2040 | | 480,000 | 493,631 |
| U.S. Treasury Bond | | 5.25 | 11-15-2028 | | 5,975,000 | 6,308,760 |
| U.S. Treasury Bond | | 5.50 | 8-15-2028 | | 275,000 | 292,230 |
| U.S. Treasury Bond | | 6.13 | 11-15-2027 | | 245,000 | 264,686 |
| U.S. Treasury Bond | | 6.38 | 8-15-2027 | | 50,000 | 54,195 |
| U.S. Treasury Bond | | 6.88 | 8-15-2025 | | 895,000 | 941,218 |
| U.S. Treasury Note | | 0.25 | 3-15-2024 | | 2,690,000 | 2,557,602 |
| U.S. Treasury Note | | 0.25 | 5-15-2024 | | 1,265,000 | 1,193,152 |
| U.S. Treasury Note | | 0.25 | 5-31-2025 | | 5,750,000 | 5,208,242 |
| U.S. Treasury Note | | 0.25 | 6-30-2025 | | 1,295,000 | 1,170,660 |
| U.S. Treasury Note | | 0.25 | 8-31-2025 | | 3,980,000 | 3,574,538 |
| U.S. Treasury Note | | 0.50 | 2-28-2026 | | 460,000 | 408,951 |
| U.S. Treasury Note | | 0.63 | 7-31-2026 | | 3,145,000 | 2,770,671 |
| U.S. Treasury Note | | 0.63 | 11-30-2027 | | 4,585,000 | 3,884,892 |
| U.S. Treasury Note | | 0.63 | 12-31-2027 | | 2,300,000 | 1,944,219 |
| U.S. Treasury Note | | 0.63 | 5-15-2030 | | 870,000 | 688,116 |
| U.S. Treasury Note | | 0.63 | 8-15-2030 | | 2,100,000 | 1,651,617 |
| U.S. Treasury Note | | 0.75 | 11-15-2024 | | 5,290,000 | 4,928,999 |
| U.S. Treasury Note | | 0.75 | 5-31-2026 | | 260,000 | 231,166 |
| U.S. Treasury Note | | 0.75 | 8-31-2026 | | 3,235,000 | 2,855,140 |
| U.S. Treasury Note | | 0.75 | 1-31-2028 | | 1,230,000 | 1,043,770 |
| U.S. Treasury Note | | 0.88 | 6-30-2026 | | 1,925,000 | 1,715,656 |
| U.S. Treasury Note | | 1.00 | 7-31-2028 | | 2,885,000 | 2,446,841 |
| U.S. Treasury Note | | 1.13 | 2-28-2025 | | 1,855,000 | 1,726,020 |
| U.S. Treasury Note | | 1.13 | 8-31-2028 | | 3,010,000 | 2,565,907 |
| U.S. Treasury Note | | 1.25 | 8-31-2024 | | 6,445,000 | 6,092,287 |
| U.S. Treasury Note | | 1.25 | 3-31-2028 | | 485,000 | 420,529 |
| U.S. Treasury Note | | 1.25 | 9-30-2028 | | 2,230,000 | 1,910,221 |
| U.S. Treasury Note | | 1.25 | 8-15-2031 | | 3,115,000 | 2,525,219 |
| U.S. Treasury Note | | 1.38 | 10-31-2028 | | 1,720,000 | 1,481,216 |
| U.S. Treasury Note | | 1.38 | 11-15-2031 | | 2,455,000 | 1,998,428 |
| U.S. Treasury Note | | 1.50 | 10-31-2024 | | 225,000 | 212,660 |
| U.S. Treasury Note | | 1.50 | 8-15-2026 | | 545,000 | 494,630 |
| U.S. Treasury Note | | 1.50 | 11-30-2028 | | 1,595,000 | 1,381,357 |
| U.S. Treasury Note | | 1.63 | 5-15-2026 | | 1,255,000 | 1,149,943 |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 9
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| U.S. Treasury securities (continued) | | | | | | |
| U.S. Treasury Note | | 1.75% | 6-30-2024 | $ | 1,655,000 | $ 1,584,339 |
| U.S. Treasury Note | | 1.88 | 8-31-2024 | | 6,960,000 | 6,641,091 |
| U.S. Treasury Note | | 1.88 | 2-15-2032 | | 2,140,000 | 1,812,898 |
| U.S. Treasury Note | | 1.88 | 11-15-2051 | | 1,180,000 | 767,461 |
| U.S. Treasury Note | | 2.00 | 2-15-2025 | | 340,000 | 322,256 |
| U.S. Treasury Note | | 2.00 | 8-15-2025 | | 150,000 | 140,953 |
| U.S. Treasury Note | | 2.13 | 11-30-2024 | | 995,000 | 948,748 |
| U.S. Treasury Note | | 2.13 | 5-15-2025 | | 880,000 | 832,425 |
| U.S. Treasury Note | | 2.25 | 4-30-2024 | | 1,370,000 | 1,325,529 |
| U.S. Treasury Note | | 2.25 | 11-15-2024 | | 640,000 | 612,100 |
| U.S. Treasury Note | | 2.25 | 12-31-2024 | | 1,485,000 | 1,416,899 |
| U.S. Treasury Note | | 2.25 | 11-15-2025 | | 20,000 | 18,831 |
| U.S. Treasury Note | | 2.25 | 11-15-2027 | | 20,000 | 18,325 |
| U.S. Treasury Note | | 2.38 | 3-31-2029 | | 145,000 | 131,412 |
| U.S. Treasury Note | | 2.38 | 5-15-2029 | | 100,000 | 90,492 |
| U.S. Treasury Note | | 2.50 | 4-30-2024 | | 2,150,000 | 2,085,752 |
| U.S. Treasury Note | | 2.50 | 1-31-2025 | | 1,670,000 | 1,599,286 |
| U.S. Treasury Note | | 2.50 | 2-28-2026 | | 800,000 | 756,125 |
| U.S. Treasury Note | | 2.63 | 12-31-2025 | | 95,000 | 90,332 |
| U.S. Treasury Note | | 2.63 | 2-15-2029 | | 3,060,000 | 2,816,873 |
| U.S. Treasury Note | | 2.75 | 2-15-2024 | | 670,000 | 654,977 |
| U.S. Treasury Note | | 2.75 | 2-28-2025 | | 90,000 | 86,523 |
| U.S. Treasury Note | | 2.75 | 8-15-2032 | | 4,280,000 | 3,889,450 |
| U.S. Treasury Note | | 2.88 | 5-31-2025 | | 1,025,000 | 985,041 |
| U.S. Treasury Note | | 2.88 | 11-30-2025 | | 1,145,000 | 1,096,248 |
| U.S. Treasury Note | | 2.88 | 5-15-2028 | | 2,295,000 | 2,154,969 |
| U.S. Treasury Note | | 2.88 | 8-15-2028 | | 2,510,000 | 2,352,243 |
| U.S. Treasury Note | | 2.88 | 5-15-2032 | | 350,000 | 321,891 |
| U.S. Treasury Note | | 3.13 | 11-15-2028 | | 1,910,000 | 1,810,546 |
| U.S. Treasury Note | | 6.00 | 2-15-2026 | | 450,000 | 468,545 |
| U.S. Treasury Note | | 6.50 | 11-15-2026 | | 745,000 | 798,838 |
| U.S. Treasury Note | | 7.50 | 11-15-2024 | | 1,085,000 | 1,131,706 |
| U.S. Treasury Note | | 7.63 | 2-15-2025 | | 3,660,000 | 3,847,575 |
| Total U.S. Treasury securities (Cost $151,382,457) | | | | | | 137,065,277 |
| Yankee corporate bonds and notes: 2.40% | | | | | | |
| Energy: 0.09% | | | | | | |
| Oil, gas & consumable fuels: 0.09% | | | | | | |
| Equinor ASA | | 1.75 | 1-22-2026 | | 150,000 | 136,916 |
| Equinor ASA | | 3.00 | 4-6-2027 | | 70,000 | 65,133 |
| Equinor ASA | | 3.63 | 4-6-2040 | | 40,000 | 32,918 |
| | | | | | | 234,967 |
| Financials: 2.31% | | | | | | |
| Banks: 2.31% | | | | | | |
| African Development Bank | | 0.88 | 7-22-2026 | | 140,000 | 123,684 |
| Asian Development Bank | | 0.38 | 9-3-2025 | | 200,000 | 179,558 |
| Asian Development Bank | | 1.50 | 3-4-2031 | | 110,000 | 90,295 |
| Asian Development Bank | | 1.75 | 9-19-2029 | | 160,000 | 137,364 |
| Asian Development Bank | | 1.88 | 1-24-2030 | | 110,000 | 94,560 |
| Asian Development Bank | | 2.00 | 4-24-2026 | | 60,000 | 55,475 |
| Asian Development Bank | | 2.13 | 3-19-2025 | | 60,000 | 56,768 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Banks (continued) | | | | | | |
| Asian Development Bank | | 2.63% | 1-12-2027 | $ | 180,000 | $ 168,402 |
| Asian Development Bank | | 5.82 | 6-16-2028 | | 10,000 | 10,598 |
| Asian Development Bank | | 6.22 | 8-15-2027 | | 80,000 | 84,315 |
| Asian Infrastructure Investment Bank | | 0.50 | 5-28-2025 | | 200,000 | 181,226 |
| European Bank for Reconstruction & Development | | 0.50 | 5-19-2025 | | 120,000 | 109,092 |
| European Investment Bank | | 0.88 | 5-17-2030 | | 50,000 | 39,912 |
| European Investment Bank | | 1.25 | 2-14-2031 | | 170,000 | 137,843 |
| European Investment Bank | | 1.88 | 2-10-2025 | | 20,000 | 18,892 |
| European Investment Bank | | 2.25 | 6-24-2024 | | 640,000 | 616,679 |
| Inter-American Development Bank | | 0.88 | 4-20-2026 | | 140,000 | 124,963 |
| Inter-American Development Bank | | 1.13 | 7-20-2028 | | 280,000 | 237,685 |
| Inter-American Development Bank | | 2.00 | 6-2-2026 | | 260,000 | 239,383 |
| Inter-American Development Bank | | 2.13 | 1-15-2025 | | 80,000 | 76,047 |
| Inter-American Development Bank | | 2.38 | 7-7-2027 | | 30,000 | 27,628 |
| Inter-American Development Bank | | 3.13 | 9-18-2028 | | 50,000 | 47,079 |
| Inter-American Development Bank | | 7.00 | 6-15-2025 | | 50,000 | 52,229 |
| International Bank for Reconstruction & Development | | 0.38 | 7-28-2025 | | 220,000 | 198,649 |
| International Bank for Reconstruction & Development | | 0.75 | 8-26-2030 | | 130,000 | 101,228 |
| International Bank for Reconstruction & Development | | 1.50 | 8-28-2024 | | 30,000 | 28,459 |
| International Bank for Reconstruction & Development | | 1.63 | 11-3-2031 | | 190,000 | 156,438 |
| International Bank for Reconstruction & Development | | 1.88 | 10-27-2026 | | 130,000 | 118,511 |
| International Bank for Reconstruction & Development | | 2.50 | 3-19-2024 | | 160,000 | 155,414 |
| International Bank for Reconstruction & Development | | 2.50 | 7-29-2025 | | 270,000 | 256,711 |
| International Bank for Reconstruction & Development | | 2.50 | 11-22-2027 | | 80,000 | 73,792 |
| International Bank for Reconstruction & Development | | 2.50 | 3-29-2032 | | 70,000 | 61,736 |
| International Finance Corporation | | 1.38 | 10-16-2024 | | 100,000 | 94,246 |
| International Finance Corporation | | 2.13 | 4-7-2026 | | 100,000 | 92,704 |
| KfW ¤ | | 0.00 | 4-18-2036 | | 80,000 | 46,131 |
| KfW ¤ | | 0.00 | 6-29-2037 | | 50,000 | 27,422 |
| KfW | | 0.50 | 9-20-2024 | | 150,000 | 139,799 |
| KfW | | 0.63 | 1-22-2026 | | 190,000 | 169,824 |
| KfW | | 0.75 | 9-30-2030 | | 30,000 | 23,427 |
| KfW | | 2.00 | 5-2-2025 | | 40,000 | 37,698 |
| KfW | | 2.50 | 11-20-2024 | | 130,000 | 124,608 |
| KfW | | 2.88 | 4-3-2028 | | 410,000 | 383,571 |
| Korea Development Bank | | 3.38 | 9-16-2025 | | 210,000 | 200,544 |
| Landwirtschaftliche Rentenbank | | 1.75 | 7-27-2026 | | 10,000 | 9,104 |
| Landwirtschaftliche Rentenbank | | 2.00 | 1-13-2025 | | 30,000 | 28,422 |
| Nordic Investment Bank | | 0.38 | 9-20-2024 | | 200,000 | 185,998 |
| Oesterreichische Kontrollbank AG | | 1.50 | 2-12-2025 | | 190,000 | 177,825 |
| Swedish Export Credit ¤ | | 0.00 | 5-11-2037 | | 65,000 | 32,969 |
| Swedish Export Credit | | 2.25 | 3-22-2027 | | 200,000 | 182,506 |
| | | | | | | 6,017,413 |
| Total Yankee corporate bonds and notes (Cost $6,864,769) | | | | | | 6,252,380 |
| Yankee government bonds: 1.86% | | | | | | |
| Canada Government | | 1.63 | 1-22-2025 | | 135,000 | 127,189 |
| Export Development Canada | | 2.63 | 2-21-2024 | | 170,000 | 165,526 |
| Export-Import Bank of Korea | | 2.88 | 1-21-2025 | | 200,000 | 191,328 |
| Japan Bank for International Cooperation | | 1.88 | 4-15-2031 | | 210,000 | 171,130 |
| Japan Bank for International Cooperation | | 3.00 | 5-29-2024 | | 300,000 | 291,276 |
| Oriental Republic of Uruguay | | 4.38 | 1-23-2031 | | 75,000 | 73,038 |
| Oriental Republic of Uruguay | | 4.50 | 8-14-2024 | | 10,000 | 9,956 |
| Oriental Republic of Uruguay | | 4.98 | 4-20-2055 | | 90,000 | 85,780 |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 11
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Yankee government bonds (continued) | | | | | | |
| Oriental Republic of Uruguay | | 5.10% | 6-18-2050 | $ | 35,000 | $ 34,158 |
| Province of Alberta | | 1.88 | 11-13-2024 | | 210,000 | 198,769 |
| Province of British Columbia | | 7.25 | 9-1-2036 | | 100,000 | 125,918 |
| Province of Manitoba | | 3.05 | 5-14-2024 | | 150,000 | 146,025 |
| Province of Ontario | | 2.00 | 10-2-2029 | | 90,000 | 77,685 |
| Province of Ontario | | 2.30 | 6-15-2026 | | 70,000 | 64,854 |
| Province of Ontario | | 2.50 | 4-27-2026 | | 70,000 | 65,365 |
| Province of Ontario | | 3.20 | 5-16-2024 | | 5,000 | 4,870 |
| Province of Quebec | | 0.60 | 7-23-2025 | | 90,000 | 81,520 |
| Province of Quebec | | 2.50 | 4-9-2024 | | 70,000 | 67,863 |
| Province of Quebec | | 2.50 | 4-20-2026 | | 75,000 | 70,211 |
| Republic of Chile | | 3.24 | 2-6-2028 | | 210,000 | 194,260 |
| Republic of Chile | | 3.63 | 10-30-2042 | | 175,000 | 133,903 |
| Republic of Hungary | | 5.38 | 3-25-2024 | | 19,000 | 18,953 |
| Republic of Hungary | | 7.63 | 3-29-2041 | | 50,000 | 55,979 |
| Republic of Indonesia | | 4.10 | 4-24-2028 | | 225,000 | 216,423 |
| Republic of Italy | | 2.88 | 10-17-2029 | | 215,000 | 181,586 |
| Republic of Italy | | 6.88 | 9-27-2023 | | 60,000 | 60,301 |
| Republic of Korea | | 5.63 | 11-3-2025 | | 100,000 | 100,707 |
| Republic of Panama | | 2.25 | 9-29-2032 | | 200,000 | 148,736 |
| Republic of Panama | | 9.38 | 4-1-2029 | | 185,000 | 221,381 |
| Republic of Peru | | 2.84 | 6-20-2030 | | 180,000 | 151,982 |
| Republic of Peru | | 3.23 | 7-28-2121 | | 75,000 | 43,406 |
| Republic of Peru | | 3.60 | 1-15-2072 | | 100,000 | 64,675 |
| Republic of Peru | | 5.63 | 11-18-2050 | | 20,000 | 19,555 |
| Republic of Philippines | | 3.70 | 2-2-2042 | | 215,000 | 172,561 |
| Republic of Philippines | | 9.50 | 2-2-2030 | | 150,000 | 188,713 |
| Republic of Philippines | | 10.63 | 3-16-2025 | | 55,000 | 61,110 |
| Republic of Poland | | 3.25 | 4-6-2026 | | 10,000 | 9,483 |
| State of Israel | | 3.38 | 1-15-2050 | | 200,000 | 147,548 |
| State of Israel | | 5.50 | 9-18-2033 | | 6,000 | 6,546 |
| United Mexican States | | 4.35 | 1-15-2047 | | 225,000 | 173,215 |
| United Mexican States | | 4.50 | 1-31-2050 | | 260,000 | 203,708 |
| United Mexican States | | 4.75 | 3-8-2044 | | 54,000 | 44,710 |
| United Mexican States | | 5.75 | 12-31-2099 | | 163,000 | 143,719 |
| United Mexican States | | 6.05 | 1-11-2040 | | 40,000 | 39,782 |
| Total Yankee government bonds (Cost $5,626,208) | | | | | | 4,855,403 |
| | | Yield | | Shares | |
| Short-term investments: 3.61% | | | | | | |
| Investment companies: 3.61% | | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞## | | 4.39 | | | 9,415,570 | 9,415,570 |
| Total Short-term investments (Cost $9,415,570) | | | | | | 9,415,570 |
| Total investments in securities (Cost $291,547,948) | 102.20% | | | | | 266,382,100 |
| Other assets and liabilities, net | (2.20) | | | | | (5,725,992) |
| Total net assets | 100.00% | | | | | $260,656,108 |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Portfolio of investments—February 28, 2023
| ±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
| 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 issued in zero coupon form with no periodic interest payments. |
| ## | All or a portion of this security is segregated for when-issued securities. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| %% | The security is purchased on a when-issued basis. |
| Abbreviations: |
| FFCB | Federal Farm Credit Banks |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General obligation |
| TVA | Tennessee Valley Authority |
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $100,859,173 | $181,823,916 | $(273,267,519) | $0 | $0 | $9,415,570 | 9,415,570 | $357,495 |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 13
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $282,132,378)
| $ 256,966,530 |
Investments in affiliated securities, at value (cost $9,415,570)
| 9,415,570 |
Cash
| 7,917 |
Foreign currency, at value (cost $19)
| 20 |
Receivable for interest
| 977,291 |
Receivable for investments sold
| 715,169 |
Receivable from adviser
| 467 |
Prepaid expenses and other assets
| 440 |
Total assets
| 268,083,404 |
| Liabilities | |
Payable for when-issued transactions
| 7,403,804 |
Accrued expenses and other liabilities
| 23,492 |
Total liabilities
| 7,427,296 |
Total net assets
| $260,656,108 |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Interest (net of foreign withholding taxes of $174)
| $ 6,677,269 |
Income from affiliated securities
| 357,495 |
Total investment income
| 7,034,764 |
| Expenses | |
Advisory fee
| 167,138 |
Custody and accounting fees
| 31,584 |
Professional fees
| 70,618 |
Interest holder report expenses
| 13,971 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 13,419 |
Total expenses
| 318,909 |
Less: Fee waivers and/or expense reimbursements
| (145,085) |
Net expenses
| 173,824 |
Net investment income
| 6,860,940 |
| Realized and unrealized gains (losses) on investments | |
Net realized losses on investments
| (27,974,809) |
Net change in unrealized gains (losses) on investments
| (18,995,607) |
Net realized and unrealized gains (losses) on investments
| (46,970,416) |
Net decrease in net assets resulting from operations
| $(40,109,476) |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 15
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 6,860,940 | $ 6,805,107 |
Net realized losses on investments
| (27,974,809) | (430,367) |
Net change in unrealized gains (losses) on investments
| (18,995,607) | (20,174,634) |
Net decrease in net assets resulting from operations
| (40,109,476) | (13,799,894) |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 70,065,960 | 98,689,236 |
Withdrawals
| (304,424,236) | (136,927,823) |
Net decrease in net assets resulting from capital transactions
| (234,358,276) | (38,238,587) |
Total decrease in net assets
| (274,467,752) | (52,038,481) |
| Net assets | | |
Beginning of period
| 535,123,860 | 587,162,341 |
End of period
| $ 260,656,108 | $ 535,123,860 |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (9.35)% | (2.47)% | 0.52% | 10.34% | 3.23% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.10% | 0.07% | 0.07% | 0.07% | 0.08% |
Net expenses
| 0.05% * | 0.05% * | 0.05% * | 0.06% | 0.07% |
Net investment income
| 2.05% | 1.18% | 1.57% | 2.32% | 2.38% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 188% | 209% | 114% | 46% | 72% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.05% |
| Year ended February 28, 2022 | 0.02% |
| Year ended February 28, 2021 | 0.02% |
The accompanying notes are an integral part of these financial statements.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 17
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Bloomberg US Aggregate ex-Corporate Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
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, 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.
When-issued transactions
The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Interest income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Paydown gains and losses are included in interest income.
18 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Notes to financial statements
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $291,996,330 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 152,853 |
| Gross unrealized losses | (25,767,083) |
| Net unrealized losses | $(25,614,230) |
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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Agency securities | $ 0 | $ 103,737,342 | $0 | $ 103,737,342 |
| Asset-backed securities | 0 | 917,900 | 0 | 917,900 |
| Municipal obligations | 0 | 2,254,436 | 0 | 2,254,436 |
| Non-agency mortgage-backed securities | 0 | 1,883,792 | 0 | 1,883,792 |
| U.S. Treasury securities | 137,065,277 | 0 | 0 | 137,065,277 |
| Yankee corporate bonds and notes | 0 | 6,252,380 | 0 | 6,252,380 |
| Yankee government bonds | 0 | 4,855,403 | 0 | 4,855,403 |
| Short-term investments | | | | |
| Investment companies | 9,415,570 | 0 | 0 | 9,415,570 |
| Total assets | $146,480,847 | $119,901,253 | $0 | $266,382,100 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 19
Notes to financial statements
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.050% |
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.05% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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 Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.04% and declining to 0.03% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the year ended February 28, 2023 were as follows:
| Purchases at cost | | Sales proceeds |
U.S.
government | Non-U.S.
government | | U.S.
government | Non-U.S.
government |
| $557,623,063 | $67,557,651 | | $772,248,659 | $63,592,324 |
6. BANK BORROWINGS
The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
7. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
20 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Notes to financial statements
8. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 21
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Bloomberg US Aggregate ex-Corporate Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
22 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 23
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
24 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 25
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
26 | Allspring Bloomberg US Aggregate ex-Corporate Portfolio
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring
Emerging Markets Bond Portfolio
Allspring Emerging Markets Bond Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks to replicate the total return of the JP Morgan EMBI Global Diversified Index,† before fees and expenses.
| Adviser | Allspring Funds Management, LLC |
| Subadvisers | Allspring Global Investments (UK) Limited |
| | Allspring Global Investments, LLC |
| Portfolio managers | Richard Bishop, CFA®‡, Manjunath Boraiah, Michael Lee, Limin Xiao, CFA®‡, Ph.D. |
| Ten largest holdings (%) as of February 28, 20231 |
| Qatar Government, 4.63%, 6-2-2046 | 3.09 |
| State Grid Overseas Investment (2014) Limited, 4.13%, 5-7-2024 | 2.91 |
| Dominican Republic, 5.95%, 1-25-2027 | 2.53 |
| Petronas Capital Limited Bhd, 4.50%, 3-18-2045 | 1.99 |
| Republic of Panama, 4.50%, 5-15-2047 | 1.98 |
| Republic of South Africa, 6.25%, 3-8-2041 | 1.86 |
| Oriental Republic of Uruguay, 5.10%, 6-18-2050 | 1.62 |
| Republic of Kazakhstan, 6.50%, 7-21-2045 | 1.56 |
| State Oil Company of the Azerbaijan Republic, 6.95%, 3-18-2030 | 1.51 |
| Codelco Incorporated, 4.25%, 7-17-2042 | 1.51 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Portfolio composition as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| † | The JP Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Emerging Markets Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | | Principal | Value |
| Yankee corporate bonds and notes: 21.52% | | | | | | |
| Azerbaijan: 1.51% | | | | | | |
| State Oil Company of the Azerbaijan Republic (Energy, Oil, gas & consumable fuels) | | 6.95% | 3-18-2030 | $ | 200,000 | $ 205,240 |
| Chile: 1.51% | | | | | | |
| Codelco Incorporated (Materials, Metals & mining) | | 4.25 | 7-17-2042 | | 250,000 | 205,131 |
| China: 4.28% | | | | | | |
| State Grid Overseas Investment (2014) Limited (Utilities, Electric utilities) | | 4.13 | 5-7-2024 | | 400,000 | 394,252 |
| State Grid Overseas Investment (2016) Limited (Utilities, Electric utilities) | | 2.88 | 5-18-2026 | | 200,000 | 186,632 |
| | | | | | | 580,884 |
| Indonesia: 2.41% | | | | | | |
| PT Pertamina Persero Tbk (Energy, Oil, gas & consumable fuels) | | 5.63 | 5-20-2043 | | 200,000 | 185,521 |
| PT Perusahaan Listrik Negara Tbk (Utilities, Electric utilities) | | 4.00 | 6-30-2050 | | 200,000 | 141,918 |
| | | | | | | 327,439 |
| Malaysia: 3.34% | | | | | | |
| Petronas Capital Limited Bhd (Energy, Oil, gas & consumable fuels) | | 3.50 | 4-21-2030 | | 200,000 | 182,185 |
| Petronas Capital Limited Bhd (Energy, Oil, gas & consumable fuels) | | 4.50 | 3-18-2045 | | 300,000 | 270,265 |
| | | | | | | 452,450 |
| Mexico: 1.85% | | | | | | |
| Petroleos Mexicanos Company (Energy, Oil, gas & consumable fuels) | | 6.35 | 2-12-2048 | | 30,000 | 18,698 |
| Petroleos Mexicanos Company (Energy, Oil, gas & consumable fuels) | | 6.38 | 1-23-2045 | | 30,000 | 18,914 |
| Petroleos Mexicanos Company (Energy, Oil, gas & consumable fuels) | | 6.50 | 6-2-2041 | | 30,000 | 20,127 |
| Petroleos Mexicanos Company (Energy, Oil, gas & consumable fuels) | | 6.75 | 9-21-2047 | | 110,000 | 71,524 |
| Petroleos Mexicanos Company (Energy, Oil, gas & consumable fuels) | | 6.95 | 1-28-2060 | | 90,000 | 57,832 |
| Petroleos Mexicanos Company (Energy, Oil, gas & consumable fuels) | | 7.69 | 1-23-2050 | | 90,000 | 63,503 |
| | | | | | | 250,598 |
| Peru: 1.13% | | | | | | |
| Petroleos del Peru - Petroperu SA (Energy, Oil, gas & consumable fuels) | | 4.75 | 6-19-2032 | | 200,000 | 153,150 |
| Saudi Arabia: 1.33% | | | | | | |
| KSA Sukuk Limited (Financials, Diversified financial services) | | 2.97 | 10-29-2029 | | 200,000 | 180,120 |
| South Africa: 1.38% | | | | | | |
| Eskom Holdings SOC Limited (Utilities, Electric utilities) | | 6.35 | 8-10-2028 | | 200,000 | 187,000 |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Bond Portfolio | 3
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | | Principal | Value |
| United Arab Emirates: 2.78% | | | | | | |
| Abu Dhabi Crude Oil Pipeline LLC (Energy, Oil, gas & consumable fuels) | | 4.60% | 11-2-2047 | $ | 200,000 | $ 182,250 |
| MDGH GMTN (RSC) Limited (Financials, Diversified financial services) | | 3.00 | 4-19-2024 | | 200,000 | 194,186 |
| | | | | | | 376,436 |
| Total Yankee corporate bonds and notes (Cost $3,335,302) | | | | | | 2,918,448 |
| Yankee government bonds: 75.25% | | | | | | |
| Abu Dhabi Government | | 3.88 | 4-16-2050 | | 200,000 | 164,372 |
| Arab Republic of Egypt | | 5.88 | 6-11-2025 | | 200,000 | 178,292 |
| Arab Republic of Egypt | | 8.70 | 3-1-2049 | | 200,000 | 127,990 |
| Dominican Republic | | 5.88 | 1-30-2060 | | 200,000 | 149,899 |
| Dominican Republic | | 5.95 | 1-25-2027 | | 350,000 | 343,000 |
| Federative Republic of Brazil | | 4.50 | 5-30-2029 | | 200,000 | 183,922 |
| Federative Republic of Brazil | | 4.63 | 1-13-2028 | | 200,000 | 190,383 |
| Federative Republic of Brazil | | 5.00 | 1-27-2045 | | 200,000 | 152,797 |
| Islamic Republic of Pakistan | | 8.25 | 9-30-2025 | | 200,000 | 96,668 |
| Kingdom of Bahrain | | 6.75 | 9-20-2029 | | 200,000 | 199,000 |
| Kingdom of Bahrain | | 7.00 | 10-12-2028 | | 200,000 | 204,640 |
| Kuwait Government | | 3.50 | 3-20-2027 | | 200,000 | 192,540 |
| Lebanese Republic † | | 6.60 | 11-27-2026 | | 250,000 | 16,625 |
| Lebanese Republic † | | 6.65 | 2-26-2030 | | 50,000 | 3,388 |
| Lebanese Republic † | | 7.05 | 11-2-2035 | | 200,000 | 13,924 |
| Oman Government | | 4.75 | 6-15-2026 | | 200,000 | 194,000 |
| Oman Government | | 6.50 | 3-8-2047 | | 200,000 | 185,892 |
| Oriental Republic of Uruguay | | 4.98 | 4-20-2055 | | 100,000 | 95,312 |
| Oriental Republic of Uruguay | | 5.10 | 6-18-2050 | | 225,000 | 219,586 |
| Perusahaan Penerbit SBSN Indonesia III | | 4.45 | 2-20-2029 | | 200,000 | 195,968 |
| Qatar Government | | 4.00 | 3-14-2029 | | 200,000 | 193,798 |
| Qatar Government | | 4.63 | 6-2-2046 | | 450,000 | 419,622 |
| Republic of Angola | | 8.25 | 5-9-2028 | | 200,000 | 184,140 |
| Republic of Argentina øø | | 1.50 | 7-9-2035 | | 275,000 | 78,182 |
| Republic of Argentina øø | | 1.75 | 7-9-2030 | | 100,000 | 32,380 |
| Republic of Argentina øø | | 3.50 | 7-9-2041 | | 145,000 | 45,533 |
| Republic of Argentina øø | | 3.88 | 1-9-2038 | | 215,000 | 75,206 |
| Republic of Chile | | 3.13 | 1-21-2026 | | 200,000 | 190,717 |
| Republic of Colombia | | 4.13 | 5-15-2051 | | 200,000 | 116,510 |
| Republic of Colombia | | 4.50 | 1-28-2026 | | 200,000 | 188,244 |
| Republic of Colombia | | 7.38 | 9-18-2037 | | 150,000 | 138,903 |
| Republic of Ecuador øø | | 2.50 | 7-31-2035 | | 200,000 | 70,713 |
| Republic of Eduador øø | | 1.50 | 7-31-2040 | | 225,000 | 70,536 |
| Republic of El Salvador | | 7.65 | 6-15-2035 | | 150,000 | 69,071 |
| Republic of Ghana | | 6.38 | 2-11-2027 | | 200,000 | 75,500 |
| Republic of Ghana | | 8.13 | 1-18-2026 | | 200,000 | 80,500 |
| Republic of Guatemala | | 4.38 | 6-5-2027 | | 200,000 | 188,990 |
| Republic of Hungary | | 5.38 | 3-25-2024 | | 200,000 | 199,500 |
| Republic of Hungary | | 7.63 | 3-29-2041 | | 120,000 | 134,350 |
| Republic of Indonesia | | 5.13 | 1-15-2045 | | 200,000 | 195,020 |
| Republic of Jamaica | | 8.00 | 3-15-2039 | | 100,000 | 119,967 |
| Republic of Kazakhstan | | 6.50 | 7-21-2045 | | 200,000 | 211,760 |
| Republic of Kenya | | 6.88 | 6-24-2024 | | 200,000 | 188,052 |
| Republic of Nigeria | | 7.63 | 11-21-2025 | | 200,000 | 180,394 |
| Republic of Nigeria | | 7.63 | 11-28-2047 | | 200,000 | 133,668 |
| Republic of Panama | | 3.87 | 7-23-2060 | | 200,000 | 127,888 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Emerging Markets Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | | Principal | Value |
| Yankee government bonds: 75.25% (continued) | | | | | | |
| Republic of Panama | | 4.50% | 5-15-2047 | $ | 350,000 | $ 269,085 |
| Republic of Paraguay | | 5.00 | 4-15-2026 | | 75,000 | 73,120 |
| Republic of Peru | | 2.78 | 12-1-2060 | | 160,000 | 91,979 |
| Republic of Peru | | 3.55 | 3-10-2051 | | 40,000 | 28,320 |
| Republic of Peru | | 4.13 | 8-25-2027 | | 100,000 | 96,660 |
| Republic of Peru | | 5.63 | 11-18-2050 | | 100,000 | 97,777 |
| Republic of Philippines | | 2.65 | 12-10-2045 | | 200,000 | 134,684 |
| Republic of Philippines | | 3.70 | 2-2-2042 | | 200,000 | 160,522 |
| Republic of Philippines | | 5.50 | 3-30-2026 | | 200,000 | 203,550 |
| Republic of Poland | | 4.00 | 1-22-2024 | | 40,000 | 39,463 |
| Republic of Poland | | 5.50 | 11-16-2027 | | 70,000 | 71,488 |
| Republic of South Africa | | 6.25 | 3-8-2041 | | 300,000 | 252,780 |
| Republic of Sri Lanka | | 6.35 | 6-28-2024 | | 200,000 | 72,197 |
| Republic of Turkey | | 4.88 | 10-9-2026 | | 200,000 | 174,200 |
| Republic of Turkey | | 5.60 | 11-14-2024 | | 200,000 | 190,320 |
| Republic of Turkey | | 7.38 | 2-5-2025 | | 180,000 | 177,056 |
| Republic of Venezuela † | | 6.00 | 12-9-2020 | | 225,000 | 15,750 |
| Republic of Venezuela † | | 7.00 | 3-31-2038 | | 200,000 | 20,500 |
| Romania Government | | 4.00 | 2-14-2051 | | 270,000 | 187,988 |
| Romania Government | | 4.88 | 1-22-2024 | | 60,000 | 59,585 |
| Romania Government | | 5.13 | 6-15-2048 | | 140,000 | 116,222 |
| Saudi Government | | 3.63 | 3-4-2028 | | 200,000 | 188,744 |
| Saudi Government | | 4.50 | 10-26-2046 | | 200,000 | 172,206 |
| United Mexican States | | 3.25 | 4-16-2030 | | 200,000 | 173,822 |
| United Mexican States | | 4.75 | 3-8-2044 | | 80,000 | 66,237 |
| United Mexican States | | 5.55 | 1-21-2045 | | 100,000 | 92,040 |
| United Mexican States | | 6.05 | 1-11-2040 | | 20,000 | 19,891 |
| United Mexican States | | 6.75 | 9-27-2034 | | 130,000 | 138,779 |
| Total Yankee government bonds (Cost $12,776,348) | | | | | | 10,202,307 |
| | | Yield | | | Shares | |
| Short-term investments: 1.60% | | | | | | |
| Investment companies: 1.60% | | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39 | | | 216,710 | 216,710 |
| Total Short-term investments (Cost $216,710) | | | | | | 216,710 |
| Total investments in securities (Cost $16,328,360) | 98.37% | | | | | 13,337,465 |
| Other assets and liabilities, net | 1.63 | | | | | 220,987 |
| Total net assets | 100.00% | | | | | $13,558,452 |
| † | Non-income-earning security |
| øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Bond Portfolio | 5
Portfolio of investments—February 28, 2023
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $783,628 | $16,473,721 | $(17,040,639) | $0 | $0 | $216,710 | 216,710 | $8,244 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Emerging Markets Bond Portfolio
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $16,111,650)
| $ 13,120,755 |
Investments in affiliated securities, at value (cost $216,710)
| 216,710 |
Foreign currency, at value (cost $11)
| 11 |
Receivable for interest
| 238,011 |
Receivable from adviser
| 5,056 |
Prepaid expenses and other assets
| 764 |
Total assets
| 13,581,307 |
| Liabilities | |
Overdraft due to custodian bank
| 8,110 |
Interest holder report expenses payable
| 6,394 |
Custody and accounting fees payable
| 5,226 |
Trustees’ fees and expenses payable
| 1,848 |
Professional fees payable
| 1,277 |
Total liabilities
| 22,855 |
Total net assets
| $13,558,452 |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Bond Portfolio | 7
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Interest
| $ 1,134,374 |
Income from affiliated securities
| 8,244 |
Total investment income
| 1,142,618 |
| Expenses | |
Advisory fee
| 47,368 |
Custody and accounting fees
| 12,657 |
Professional fees
| 66,433 |
Interest holder report expenses
| 15,788 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 3,352 |
Total expenses
| 167,777 |
Less: Fee waivers and/or expense reimbursements
| (115,094) |
Net expenses
| 52,683 |
Net investment income
| 1,089,935 |
| Realized and unrealized gains (losses) on investments | |
Net realized losses on investments
| (4,085,918) |
Net change in unrealized gains (losses) on investments
| 697,448 |
Net realized and unrealized gains (losses) on investments
| (3,388,470) |
Net decrease in net assets resulting from operations
| $(2,298,535) |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Emerging Markets Bond Portfolio
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 1,089,935 | $ 1,612,596 |
Net realized losses on investments
| (4,085,918) | (819,137) |
Net change in unrealized gains (losses) on investments
| 697,448 | (3,305,043) |
Net decrease in net assets resulting from operations
| (2,298,535) | (2,511,584) |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 6,093,610 | 10,033,276 |
Withdrawals
| (23,323,892) | (11,352,841) |
Net decrease in net assets resulting from capital transactions
| (17,230,282) | (1,319,565) |
Total decrease in net assets
| (19,528,817) | (3,831,149) |
| Net assets | | |
Beginning of period
| 33,087,269 | 36,918,418 |
End of period
| $ 13,558,452 | $ 33,087,269 |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Bond Portfolio | 9
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (8.37)% | (7.29)% | (0.31)% | 8.59% | 2.84% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.89% | 0.62% | 0.54% | 0.51% | 0.44% |
Net expenses
| 0.28% * | 0.28% * | 0.29% * | 0.35% | 0.40% |
Net investment income
| 5.75% | 4.41% | 4.37% | 4.95% | 4.70% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 15% | 25% | 31% | 36% | 38% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.61% |
| Year ended February 28, 2022 | 0.34% |
| Year ended February 28, 2021 | 0.25% |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Emerging Markets Bond Portfolio
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Emerging Markets Bond Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
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, 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 Portfolio 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.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures
Allspring Emerging Markets Bond Portfolio | 11
Notes to financial statements
and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $16,328,360 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 35,130 |
| Gross unrealized losses | (3,026,025) |
| Net unrealized losses | $(2,990,895) |
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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Yankee corporate bonds and notes | $ 0 | $ 2,918,448 | $0 | $ 2,918,448 |
| Yankee government bonds | 0 | 10,202,307 | 0 | 10,202,307 |
| Short-term investments | | | | |
| Investment companies | 216,710 | 0 | 0 | 216,710 |
| Total assets | $216,710 | $13,120,755 | $0 | $13,337,465 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
12 | Allspring Emerging Markets Bond Portfolio
Notes to financial statements
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who are responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.250% |
| Next $5 billion | 0.230 |
| Over $10 billion | 0.210 |
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments (UK) Limited, ("Allspring UK"), an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.09% and declining to 0.07% as the average daily net assets of the Portfolio increase. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and wholly owned subsidiary ofAllspring Global Investments Holdings, LLC, is also a subadviser to the Portfolio and is entitled to receive a fee from Allspring UK at an annual rate starting at 0.0045% and declining to 0.0035% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed expenses to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $2,713,049 and $17,903,378, respectively.
6. BANK BORROWINGS
The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
7. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
Allspring Emerging Markets Bond Portfolio | 13
Notes to financial statements
8. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
14 | Allspring Emerging Markets Bond Portfolio
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Emerging Markets Bond Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
Allspring Emerging Markets Bond Portfolio | 15
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
16 | Allspring Emerging Markets Bond Portfolio
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Allspring Emerging Markets Bond Portfolio | 17
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
18 | Allspring Emerging Markets Bond Portfolio
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
Allspring Emerging Markets Bond Portfolio | 19
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring Factor Enhanced Emerging Markets Equity Portfolio
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks long-term capital appreciation.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Harindra de Silva, Ph.D., CFA®‡, Monisha Jayakumar |
| Ten largest holdings (%) as of February 28, 20231 |
| Taiwan Semiconductor Manufacturing Company Limited | 6.07 |
| Tencent Holdings Limited | 4.21 |
| Samsung Electronics Company Limited | 3.20 |
| Alibaba Group Holding Limited | 2.57 |
| Meituan Dianping | 1.33 |
| Reliance Industries Limited | 1.06 |
| Vale SA | 0.98 |
| Infosys Limited | 0.96 |
| Baidu Incorporated Class A | 0.91 |
| JD.com Incorporated Class A | 0.85 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Sector allocation as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| Country allocation as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Common stocks: 92.01% | | | | | | |
| Brazil: 3.43% | | | | | | |
| Ambev SA (Consumer staples, Beverages) | | | | | 63,800 | $ 163,173 |
| Atacadao Distribuicao Comercio e Industria Limitada (Consumer staples, Food & staples retailing) | | | | | 14,600 | 37,508 |
| B3 Brasil Bolsa Balcao SA (Financials, Capital markets) | | | | | 97,800 | 197,078 |
| Banco BTG Pactual SA (Financials, Capital markets) | | | | | 12,800 | 49,386 |
| Banco do Brasil SA (Financials, Banks) | | | | | 22,700 | 174,734 |
| Banco Santander Brasil SA (Financials, Banks) | | | | | 8,100 | 43,831 |
| BB Seguridade Participacoes SA (Financials, Insurance) | | | | | 38,800 | 253,531 |
| BRF SA (Consumer staples, Food products) † | | | | | 1,400 | 1,647 |
| CCR SA (Industrials, Transportation infrastructure) | | | | | 31,500 | 66,123 |
| Centrais Electricas Brasileiras SA (Utilities, Electric utilities) | | | | | 12,300 | 80,630 |
| Cia Siderurgica Nacional SA (Materials, Metals & mining) | | | | | 4,900 | 15,602 |
| Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water utilities) | | | | | 8,600 | 85,007 |
| CPFL Energia SA (Utilities, Electric utilities) | | | | | 12,100 | 70,005 |
| Energisa SA (Utilities, Electric utilities) | | | | | 8,500 | 62,815 |
| Engie Brasil Energia SA (Utilities, Energy equipment & services) | | | | | 3,900 | 29,261 |
| Equatorial Energia SA (Utilities, Electric utilities) | | | | | 5,100 | 24,772 |
| Hypermarcas SA (Health care, Pharmaceuticals) | | | | | 7,100 | 56,483 |
| Klabin SA (Materials, Containers & packaging) | | | | | 29,400 | 109,279 |
| Localiza Rent A Car SA (Industrials, Road & rail) | | | | | 9,660 | 102,385 |
| Petróleo Brasileiro SA (Consumer discretionary, Specialty retail) | | | | | 78,000 | 428,330 |
| Raia Drogasil SA (Consumer staples, Food & staples retailing) | | | | | 9,900 | 42,887 |
| Suzano Papel e Celulose SA (Materials, Paper & forest products) | | | | | 12,200 | 111,247 |
| Telefonica Brasil SA (Communication services, Diversified telecommunication services) | | | | | 5,955 | 44,292 |
| TIM SA (Communication services, Wireless telecommunication services) | | | | | 23,300 | 54,562 |
| Totvs SA (Information technology, Software) | | | | | 1,400 | 7,298 |
| Ultrapar Participacoes SA (Energy, Oil, gas & consumable fuels) | | | | | 9,000 | 22,657 |
| Vale SA (Materials, Metals & mining) | | | | | 62,500 | 1,018,537 |
| Vibra Energia SA (Consumer discretionary, Specialty retail) | | | | | 36,100 | 101,981 |
| WEG SA (Industrials, Electrical equipment) | | | | | 13,800 | 103,221 |
| | | | | | | 3,558,262 |
| Chile: 0.47% | | | | | | |
| Banco de Chile (Financials, Banks) | | | | | 1,443,001 | 149,937 |
| Banco de Credito e Inversiones (Financials, Banks) | | | | | 3,114 | 97,445 |
| Banco Santander Chile SA (Financials, Banks) | | | | | 2,251,306 | 95,447 |
| Cencosud SA (Consumer staples, Food & staples retailing) | | | | | 19,106 | 36,127 |
| Empresas CMPC SA (Materials, Paper & forest products) | | | | | 48,308 | 80,271 |
| Enel Chile SA (Utilities, Electric utilities) | | | | | 668,994 | 30,141 |
| | | | | | | 489,368 |
| China: 30.32% | | | | | | |
| 360 DigiTech Incorporated ADR Class A (Financials, Consumer finance) | | | | | 505 | 10,286 |
| 3SBio Incorporated (Health care, Biotechnology) 144A | | | | | 139,000 | 137,771 |
| Agricultural Bank of China Limited Class H (Financials, Banks) | | | | | 276,000 | 95,640 |
| Alibaba Group Holding Limited (Consumer discretionary, Internet & direct marketing retail) † | | | | | 241,800 | 2,664,624 |
| Aluminum Corporation of China Limited Class H (Materials, Metals & mining) | | | | | 429,334 | 218,786 |
| Amlogic Shanghai Company Limited (Industrials, Semiconductors & semiconductor equipment) † | | | | | 6,493 | 74,489 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 3
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| China: (continued) | | | | | | |
| Anhui Conch Cement Company Limited Class H (Materials, Construction materials) | | | | | 46,000 | $ 168,777 |
| Anhui Gujing Distillery Company Class B (Consumer staples, Beverages) | | | | | 14,113 | 242,726 |
| Anhui Kouzi Distillery Company Limited Class A (Consumer discretionary, Beverages) | | | | | 8,100 | 80,423 |
| Anhui Yingjia Distillery Company Limited Class A (Consumer staples, Beverages) | | | | | 2,500 | 25,269 |
| ANTA Sports Products Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 5,000 | 65,865 |
| Apeloa Pharmaceutical Company Limited Class A (Health care, Pharmaceuticals) | | | | | 1,200 | 4,148 |
| Asia Potash International Investment Guangzhou Company Limited (Materials, Chemicals) † | | | | | 26,000 | 106,782 |
| Baidu Incorporated Class A (Communication services, Interactive media & services) † | | | | | 54,750 | 940,237 |
| Bank of Chengdu Company Limited Class A (Financials, Banks) | | | | | 26,800 | 55,497 |
| Bank of China Limited Class H (Financials, Banks) | | | | | 1,551,000 | 569,073 |
| Bank of Communications Company Limited Class A (Financials, Banks) | | | | | 35,900 | 25,349 |
| Bank of Communications Company Limited Class H (Financials, Banks) | | | | | 280,000 | 165,516 |
| Bank of Jiangsu Company Limited Class A (Financials, Banks) | | | | | 56,600 | 58,644 |
| Bank of Nanjing Company Limited Class A (Financials, Banks) | | | | | 33,000 | 47,127 |
| BBMG Corporation (Materials, Building products) | | | | | 51,200 | 19,257 |
| Beijing Tongrentang Company Class A (Health care, Pharmaceuticals) | | | | | 5,000 | 35,277 |
| Beijing United Information Technology Company Limited Class A (Industrials, Trading companies & distributors) | | | | | 190 | 2,212 |
| Beijing Wantai Biological Pharmacy Enterprise Company Limited Class A (Health care, Biotechnology) | | | | | 7,225 | 132,019 |
| BGI Genomics Company Limited (Health care, Biotechnology) | | | | | 4,222 | 33,870 |
| Bilibili Incorporated (Communication services, Entertainment) † | | | | | 3,780 | 74,594 |
| Bloomage Biotechnology Company Limited (Health care, Biotechnology) | | | | | 2,388 | 43,635 |
| CGN Power Company Limited H Shares (Utilities, Independent power & renewable electricity producers) 144A | | | | | 591,000 | 132,515 |
| China Cinda Asset Management Company Limited Class H (Financials, Capital markets) | | | | | 1,256,000 | 163,212 |
| China CITIC Bank Class H (Financials, Banks) | | | | | 517,000 | 239,090 |
| China Coal Energy Company Limited H Shares (Energy, Oil, gas & consumable fuels) | | | | | 116,000 | 89,704 |
| China Communications Services Corporation Limited H Shares (Industrials, Construction & engineering) | | | | | 384,000 | 149,209 |
| China Construction Bank Class A (Financials, Banks) | | | | | 55,500 | 45,108 |
| China Construction Bank Class H (Financials, Banks) | | | | | 1,069,000 | 653,706 |
| China Galaxy Securities Company Limited Class H (Financials, Capital markets) | | | | | 400,500 | 199,500 |
| China Hongqiao Group Limited (Materials, Metals & mining) | | | | | 62,500 | 66,804 |
| China International Capital Corporation Limited H Shares (Financials, Capital markets) 144A | | | | | 41,600 | 89,460 |
| China Life Insurance Company Limited Class H (Financials, Insurance) | | | | | 151,000 | 255,854 |
| China Medical System Holding Limited (Health care, Pharmaceuticals) | | | | | 44,000 | 66,145 |
| China Meheco Group Limited (Health care, Health care equipment & supplies) | | | | | 49,900 | 113,399 |
| China Merchants Bank Company Limited Class H (Financials, Banks) | | | | | 64,000 | 346,523 |
| China Merchants Energy Class A (Energy, Oil, gas & consumable fuels) | | | | | 7,000 | 7,101 |
| China Molybdenum Company Limited Class H (Materials, Metals & mining) | | | | | 180,000 | 101,129 |
| China National Building Material Company Limited Class H (Materials, Construction materials) | | | | | 144,000 | 127,500 |
| China Oilfield Services Limited H Shares (Energy, Energy equipment & services) | | | | | 70,000 | 74,910 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| China: (continued) | | | | | | |
| China Petroleum & Chemical Corporation Class H (Energy, Oil, gas & consumable fuels) | | | | | 480,000 | $ 245,216 |
| China Railway Group Limited H Shares (Industrials, Construction & engineering) | | | | | 413,000 | 215,197 |
| China Resources Cement Holdings Limited (Materials, Construction materials) | | | | | 76,000 | 40,859 |
| China Resources Land Limited (Real estate, Real estate management & development) | | | | | 38,000 | 168,471 |
| China Resources Sanjiu Medical & Pharmaceutical Company Limited Class A (Health care, Pharmaceuticals) | | | | | 13,600 | 99,814 |
| China Shenhua Energy Company Limited Class H (Energy, Oil, gas & consumable fuels) | | | | | 90,500 | 272,097 |
| China State Construction International Holdings (Industrials, Construction & engineering) | | | | | 50,000 | 56,883 |
| China Tourism Group (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 500 | 14,236 |
| China Tower Corporation Limited H Shares (Communication services, Diversified telecommunication services) 144A | | | | | 1,530,000 | 165,681 |
| China Vanke Company Limited H Shares (Real estate, Real estate management & development) | | | | | 36,900 | 64,404 |
| China Yangtze Power Company Limited Class A (Utilities, Independent power & renewable electricity producers) | | | | | 37,500 | 114,347 |
| China Zhenhua (Group) Science & Technology Company Limited Class A (Information technology, Electronic equipment, instruments & components) | | | | | 800 | 11,990 |
| Chinasoft International Limited (Information technology, IT services) | | | | | 48,000 | 34,428 |
| Chongqing Zhifei Biological Products Company Limited (Health care, Biotechnology) | | | | | 7,500 | 96,903 |
| CNNC Hua Yuan Titanium Class A (Materials, Chemicals) | | | | | 12,400 | 13,134 |
| COSCO Shipping Holdings Company Limited Class H (Industrials, Transportation infrastructure) | | | | | 144,175 | 149,513 |
| COSCO Shipping Ports Limited (Industrials, Transportation infrastructure) | | | | | 108,000 | 70,309 |
| CRRC Corporation Limited H Shares (Industrials, Machinery) | | | | | 475,000 | 217,246 |
| Da An Gene Company Limited of Sun Yat-Sen University Class A (Health care, Health care equipment & supplies) | | | | | 78,540 | 181,540 |
| Daqin Railway Company Limited Class A (Industrials, Transportation infrastructure) | | | | | 80,200 | 78,473 |
| DAQO New Energy Corporation ADR (Information technology, Semiconductors & semiconductor equipment) † | | | | | 688 | 30,396 |
| Dashenlin Pharmaceutical Company (Health care, Pharmaceuticals) | | | | | 2,300 | 12,794 |
| Dongfeng Motor Group Company Limited Class H (Consumer discretionary, Automobiles) | | | | | 228,000 | 116,478 |
| Dongyue Group (Materials, Chemicals) | | | | | 32,000 | 36,201 |
| ENN Energy Holdings Limited (Utilities, Gas utilities) | | | | | 7,800 | 110,798 |
| ENN Natural Gas Company Limited Class A (Utilities, Gas utilities) | | | | | 4,300 | 11,965 |
| Fuyao Glass Industry Group Company Limited Class H (Consumer discretionary, Auto components) | | | | | 16,000 | 71,649 |
| G-bits Network Technology (Xiamen) Company Limited Class A (Information technology, Software) | | | | | 2,800 | 142,433 |
| GCL System Integration Technology Company Limited (Energy, Independent power & renewable electricity producers) † | | | | | 468,300 | 213,925 |
| GD Power Development Company Limited Class A (Utilities, Independent power & renewable electricity producers) † | | | | | 20,800 | 11,780 |
| Geely Automobile Holdings Limited (Consumer discretionary, Automobiles) | | | | | 27,000 | 35,017 |
| Greentown China Holdings Limited (Real estate, Real estate management & development) | | | | | 8,000 | 10,926 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 5
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| China: (continued) | | | | | | |
| Guangzhou Automobile Group Company Limited Class H (Consumer discretionary, Automobiles) | | | | | 256,400 | $ 163,325 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited Class A (Health care, Pharmaceuticals) | | | | | 8,800 | 40,035 |
| Guangzhou Shiyuan Electron Class A (Information technology, Electronic equipment, instruments & components) | | | | | 1,000 | 9,906 |
| Guangzhou Yuexiu Financial Class A (Financials, Capital markets) | | | | | 27,200 | 25,752 |
| Haichang Ocean Park Holdings (Consumer discretionary, Hotels, restaurants & leisure) 144A† | | | | | 941,000 | 228,974 |
| Haier Smart Home Company Limited Class H (Consumer discretionary, Household durables) | | | | | 52,600 | 185,957 |
| Hangzhou First Applied Material Company Limited (Industrials, Building products) | | | | | 220 | 2,178 |
| Hangzhou Oxygen Plant Group Company Limited Class A (Industrials, Machinery) | | | | | 9,600 | 53,953 |
| Hangzhou Tigermed (Health care, Pharmaceuticals) | | | | | 4,100 | 68,217 |
| Hangzhou Tigermed Consulting Company Limited Class H (Health care, Health care providers & services) 144A | | | | | 16,300 | 186,997 |
| Heilongjiang Agriculture Company Limited Class A (Consumer staples, Food products) | | | | | 33,800 | 69,359 |
| Henan Shenhuo Coal & Power Class A (Materials, Metals & mining) | | | | | 129,700 | 349,510 |
| Henan Shuanghui Investment & Development Company Limited Class A (Consumer staples, Food products) | | | | | 27,900 | 106,463 |
| Hengan International Group Company Limited (Consumer staples, Personal products) | | | | | 19,000 | 87,382 |
| Hengyi Petrochemical Company Class A (Materials, Chemicals) | | | | | 8,300 | 9,712 |
| Huadian Power International Corporation Limited Class A (Utilities, Independent power & renewable electricity producers) | | | | | 37,300 | 30,853 |
| Huadong Medicine Company Limited (Health care, Pharmaceuticals) | | | | | 14,800 | 102,479 |
| Hualan Biological Engineering Incorporated Class A (Health care, Biotechnology) | | | | | 15,300 | 48,925 |
| Huaneng Power International Incorporated Class H (Utilities, Independent power & renewable electricity producers) † | | | | | 209,334 | 102,942 |
| Huatai Securities Company Limited H Shares (Financials, Capital markets) 144A | | | | | 6,000 | 6,750 |
| Huaxin Cement Company Limited Class A (Materials, Construction materials) | | | | | 11,000 | 27,645 |
| Hubei Xingfa Chemicals Group Company Limited Class A (Materials, Chemicals) | | | | | 12,300 | 62,214 |
| Humanwell Healthcare Group Company Limited (Health care, Pharmaceuticals) | | | | | 11,200 | 43,061 |
| IMEIK Technology Development Limited Class A (Health care, Biotechnology) | | | | | 1,500 | 127,200 |
| Industrial & Commercial Bank of China Limited Class H (Financials, Banks) | | | | | 987,000 | 492,909 |
| Inner Mongolia Yitai Coal Company Limited Class B (Energy, Oil, gas & consumable fuels) | | | | | 142,500 | 192,090 |
| Inner Mongolia Yuan Xing Energy Company Limited Class A (Materials, Chemicals) | | | | | 68,700 | 93,555 |
| Jason Furniture Hangzhou Company (Consumer discretionary, Household durables) | | | | | 7,300 | 49,558 |
| JD Health International Incorporated (Consumer discretionary, Internet & direct marketing retail) 144A† | | | | | 6,800 | 47,430 |
| JD.com Incorporated Class A (Consumer discretionary, Internet & direct marketing retail) | | | | | 39,935 | 883,725 |
| Jiangsu Express Company Limited Class H (Industrials, Transportation infrastructure) | | | | | 194,000 | 185,364 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| China: (continued) | | | | | | |
| Jiangsu Yangnong Chemical Company Limited Class A (Materials, Chemicals) | | | | | 4,400 | $ 68,060 |
| Jiangsu Zhongtian Technologies Company Limited (Communication services, Communications equipment) | | | | | 23,700 | 54,849 |
| Jiangxi Copper Company Limited Class H (Materials, Metals & mining) | | | | | 38,000 | 59,836 |
| Jiangxi Special Electric Motor Company Limited (Consumer discretionary, Automobiles) † | | | | | 29,800 | 76,868 |
| Jiumaojiu International Holdings Limited (Consumer discretionary, Hotels, restaurants & leisure) 144A | | | | | 35,000 | 84,363 |
| Joincare Pharmaceutical Group Industry Company Limited Class A (Health care, Pharmaceuticals) | | | | | 15,500 | 29,461 |
| Jonjee Hi-Tech Industrial & Commercial Holding Company Limited Class A (Consumer staples, Food products) | | | | | 26,500 | 145,533 |
| Keda Industrial Group Company Class A (Industrials, Machinery) | | | | | 23,100 | 54,559 |
| Kuaishou Technology (Communication services, Media) 144A† | | | | | 22,400 | 149,820 |
| Kunlun Energy Company Limited (Utilities, Gas utilities) | | | | | 144,000 | 115,209 |
| Kweichow Moutai Company Limited Class A (Consumer staples, Beverages) | | | | | 900 | 235,232 |
| Lenovo Group Limited (Information technology, Technology hardware, storage & peripherals) | | | | | 108,000 | 96,863 |
| Li Ning Company Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 20,000 | 170,077 |
| Livzon Pharmaceutical Group Incorporated Class A (Health care, Pharmaceuticals) | | | | | 800 | 4,128 |
| Longfor Properties Company Limited (Real estate, Real estate management & development) | | | | | 9,000 | 25,683 |
| Luxi Chemical Group Company Limited Class A (Materials, Chemicals) | | | | | 23,200 | 48,510 |
| Meituan Dianping (Consumer discretionary, Internet & direct marketing retail) † | | | | | 79,560 | 1,379,483 |
| Ming Yang Smart Energy Group Limited (Energy, Independent power & renewable electricity producers) | | | | | 5,900 | 21,587 |
| Minth Group Limited (Consumer discretionary, Auto components) | | | | | 10,000 | 25,989 |
| Montage Technology Company Limited Class A (Industrials, Electronic equipment, instruments & components) | | | | | 658 | 5,478 |
| Netease Incorporated (Communication services, Entertainment) | | | | | 35,900 | 553,863 |
| Ninbo Orient Wires & Cables Company Limited (Industrials, Electrical equipment) | | | | | 10,800 | 85,598 |
| Nongfu Spring Company Limited Class H (Consumer staples, Beverages) 144A | | | | | 9,200 | 51,571 |
| North Industries Group Red Arrow Company Limited Class A (Industrials, Machinery) | | | | | 26,900 | 87,917 |
| Orient Overseas (International) Limited (Industrials, Marine) | | | | | 11,000 | 176,574 |
| Pangang Group Vanadium Titanium and Resources Company Limited Class A (Materials, Metals & mining) † | | | | | 95,000 | 76,527 |
| People's Insurance Company Group of China Limited Class H (Financials, Insurance) | | | | | 809,000 | 255,602 |
| Perfect World Company Limited Class A (Information technology, Software) | | | | | 40,200 | 82,492 |
| PetroChina Company Limited Class H (Energy, Oil, gas & consumable fuels) | | | | | 506,000 | 259,143 |
| Pharmaron Beijing Company Limited Class H (Health care, Life sciences tools & services) 144A | | | | | 27,850 | 155,759 |
| PICC Property & Casualty Company Limited Class H (Financials, Insurance) | | | | | 240,000 | 210,666 |
| Pinduoduo Incorporated ADR (Consumer discretionary, Internet & direct marketing retail) † | | | | | 2,468 | 216,518 |
| Ping An Insurance Group Company Class H (Financials, Insurance) | | | | | 75,500 | 512,670 |
| Postal Savings Bank of China Company Limited H Shares (Financials, Banks) 144A | | | | | 200,000 | 120,009 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 7
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| China: (continued) | | | | | | |
| Proya Cosmetics Company Limited (Consumer discretionary, Specialty retail) | | | | | 2,840 | $ 74,689 |
| Qinghai Salt Lake Industry Class A (Materials, Chemicals) † | | | | | 5,000 | 17,869 |
| Sany Heavy Equipment International Holdings Company Limited (Industrials, Machinery) | | | | | 37,000 | 36,909 |
| Shandong Buchang Pharmaceuticals Company Limited Class A (Health care, Biotechnology) | | | | | 24,400 | 71,976 |
| Shandong Weigao Group Medical Polymer Company Limited Class H (Health care, Health care equipment & supplies) | | | | | 4,400 | 7,097 |
| Shanghai Baosight Software Company Limited Class A (Information technology, Software) | | | | | 243 | 1,733 |
| Shanghai Baosight Software Company Limited Class B (Information technology, Software) | | | | | 95,317 | 310,733 |
| Shanghai Lujiazui Finance & Trade Zone Development Company Limited (Real estate, Real estate management & development) | | | | | 228,561 | 178,278 |
| Shanghai Medicilon Incorporated Class A (Health care, Life sciences tools & services) | | | | | 4,516 | 123,029 |
| Shanghai Pharmaceuticals Holding Company Limited Class A (Health care, Health care providers & services) | | | | | 27,900 | 79,445 |
| Shanghai Pharmaceuticals Holding Company Limited Class H (Health care, Health care providers & services) | | | | | 15,400 | 27,153 |
| Shanghai Raas Blood Products Company Limited Class A (Health care, Biotechnology) | | | | | 12,600 | 11,257 |
| Shenzhen Kangtai Biologica Class A (Health care, Biotechnology) | | | | | 2,300 | 11,504 |
| Shenzhen New Industries Biomedical Engineering Company Limited Class A (Health care, Health care equipment & supplies) | | | | | 2,800 | 24,730 |
| Shijiazhuang Yiling Pharmaceutical Company Limited Class A (Health care, Pharmaceuticals) | | | | | 15,400 | 66,621 |
| Sichuan Hebang Biotechnology Company Limited Class A (Materials, Chemicals) | | | | | 129,100 | 58,602 |
| Sichuan Kelun Pharmaceutical Company Limited Class A (Health care, Pharmaceuticals) | | | | | 18,200 | 75,718 |
| Sieyuan Electric Company Limited Class A (Industrials, Electrical equipment) | | | | | 6,900 | 46,783 |
| Sinomine Resource Group Company Class A (Materials, Metals & mining) | | | | | 1,400 | 15,133 |
| Sinopec Shanghai Petrochemical Company Limited Class A (Materials, Chemicals) | | | | | 36,400 | 17,152 |
| Sinopharm Group Company Limited Class H (Health care, Health care providers & services) | | | | | 89,200 | 238,642 |
| Sunny Optical Technology Group Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 2,700 | 30,614 |
| Suzhou Dongshan Precision Manufacturing Company Limited (Industrials, Electronic equipment, instruments & components) | | | | | 12,600 | 53,019 |
| Suzhou TA&A Ultra Clean Technology Company Limited Class A (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 1,400 | 11,600 |
| Tebian Electric Apparatus Stock Company Limited Class A (Industrials, Electrical equipment) | | | | | 14,300 | 44,429 |
| Tencent Holdings Limited (Communication services, Interactive media & services) | | | | | 99,800 | 4,368,650 |
| Thunder Software Technology Company Limited Class A (Industrials, Commercial services & supplies) | | | | | 3,800 | 52,350 |
| Tianqi Lithium Corporation Class A (Materials, Chemicals) † | | | | | 3,200 | 37,808 |
| Tibet Summit Resources Company Limited Class A (Materials, Metals & mining) † | | | | | 4,400 | 16,555 |
| Tingyi Holding Corporation (Consumer staples, Food products) | | | | | 46,000 | 74,309 |
| Titan Wind Energy (Suzhou) Company Limited Class A (Industrials, Electrical equipment) | | | | | 22,000 | 48,537 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| China: (continued) | | | | | | |
| Toly Bread Company Limited (Consumer staples, Food products) | | | | | 8,300 | $ 21,075 |
| Tongcheng-Elong Holdings Limited (Consumer discretionary, Hotels, restaurants & leisure) † | | | | | 2,800 | 5,550 |
| Tongfu Microelectronic Company Class A (Information technology, Semiconductors & semiconductor equipment) † | | | | | 6,400 | 20,613 |
| Topsports International Holdings Limited (Consumer discretionary, Specialty retail) 144A | | | | | 181,000 | 157,955 |
| TravelSky Technology Limited Class H (Information technology, IT services) | | | | | 52,000 | 102,551 |
| Tsingtao Brewery Company Limited Class A (Consumer staples, Beverages) | | | | | 3,400 | 54,620 |
| Tsingtao Brewery Company Limited Class H (Consumer staples, Beverages) | | | | | 12,000 | 118,328 |
| Uni-President China Holdings Limited (Consumer staples, Food products) | | | | | 89,000 | 78,009 |
| Vipshop Holdings Limited ADR (Consumer discretionary, Internet & direct marketing retail) † | | | | | 9,601 | 142,959 |
| Want Want China Holdings Limited (Consumer staples, Food products) | | | | | 160,000 | 100,696 |
| Weibo Corporation ADR (Communication services, Interactive media & services) † | | | | | 1,188 | 24,568 |
| Weichai Power Company Limited Class H (Industrials, Machinery) | | | | | 99,000 | 146,809 |
| Wuhu Sanqi Interactive Entertainment Network Technology Group Company Limited Class A (Consumer discretionary, Auto components) | | | | | 61,400 | 194,391 |
| WUS Printed Circuit (Kunshan) Company Limited (Industrials, Electronic equipment, instruments & components) | | | | | 24,500 | 57,901 |
| WuXi AppTec Company Limited (Health care, Life sciences tools & services) 144A | | | | | 12,236 | 130,242 |
| WuXi Biologics (Cayman) Incorporated (Health care, Life sciences tools & services) 144A† | | | | | 44,000 | 306,622 |
| Xiamen Faratronic Company Limited Class A (Information technology, Electronic equipment, instruments & components) | | | | | 900 | 19,764 |
| Xinjiang Goldwind Science & Technology Company Limited (Industrials, Electrical equipment) | | | | | 18,200 | 16,393 |
| Xinyi Solar Holdings Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 28,000 | 29,893 |
| Xtep International Holdings Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 89,000 | 100,459 |
| Yadea Group Holdings Limited (Consumer discretionary, Automobiles) 144A | | | | | 46,000 | 98,571 |
| Yangzhou Yangjie Technology Company Limited (Industrials, Electronic equipment, instruments & components) | | | | | 2,800 | 22,091 |
| Yanzhou Coal Mining Company Limited Class H (Energy, Oil, gas & consumable fuels) | | | | | 52,000 | 156,674 |
| Yifeng Pharmacy Chain Company Limited Class A (Consumer staples, Food & staples retailing) | | | | | 2,500 | 21,796 |
| Yintai Gold Company Limited Class A (Materials, Metals & mining) | | | | | 11,300 | 18,889 |
| Youngor Group Company Limited (Real estate, Real estate management & development) | | | | | 85,800 | 81,356 |
| YTO Express Group Company Limited Class A (Industrials, Air freight & logistics) | | | | | 35,500 | 92,850 |
| Yum China Holdings Incorporated (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 6,915 | 406,118 |
| Yunnan Aluminium Company Limited Class A (Materials, Metals & mining) | | | | | 11,800 | 22,684 |
| Yunnan Tin Company Group Limited Class A (Materials, Metals & mining) | | | | | 2,400 | 5,357 |
| Yunnan Yuntianhua Company Class A (Materials, Chemicals) † | | | | | 27,200 | 95,091 |
| Zhejiang Century Huatong Group (Information technology, IT services) † | | | | | 47,600 | 30,181 |
| Zhejiang China Commodities City Group Company Limited Class A (Real estate, Real estate management & development) | | | | | 39,200 | 29,939 |
| Zhejiang Juhua Company Limited Class A (Materials, Chemicals) | | | | | 15,900 | 43,167 |
| Zhejiang NHU Company Limited Class A (Health care, Biotechnology) | | | | | 1,776 | 4,855 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 9
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| China: (continued) | | | | | | |
| Zhejiang Supor Company Limited Class A (Consumer discretionary, Household durables) | | | | | 8,300 | $ 68,092 |
| Zhejiang Weixing New Building Materials Company Limited (Materials, Construction materials) | | | | | 7,500 | 27,755 |
| Zijin Mining Group Company Limited Class H (Materials, Metals & mining) | | | | | 136,000 | 205,142 |
| ZTE Corporation Class H (Information technology, Communications equipment) | | | | | 20,000 | 59,368 |
| | | | | | | 31,467,080 |
| Colombia: 0.09% | | | | | | |
| Bancolombia SA (Financials, Banks) | | | | | 12,343 | 91,186 |
| Czech Republic: 0.18% | | | | | | |
| CEZ AS (Utilities, Electric utilities) | | | | | 1,291 | 60,264 |
| Moneta Money Bank (Financials, Banks) 144A | | | | | 33,741 | 128,797 |
| | | | | | | 189,061 |
| Egypt: 0.06% | | | | | | |
| Commercial International Bank ADR (Financials, Banks) | | | | | 39,045 | 56,615 |
| Greece: 0.83% | | | | | | |
| Eurobank Ergasias SA (Financials, Banks) † | | | | | 111,650 | 171,470 |
| FF Group (Consumer discretionary, Textiles, apparel & luxury goods) ♦† | | | | | 3,820 | 0 |
| Hellenic Telecommunications Organization SA (Communication services, Diversified telecommunication services) | | | | | 7,805 | 119,868 |
| Jumbo SA (Consumer discretionary, Specialty retail) | | | | | 9,938 | 198,245 |
| Mytilineos Holdings SA (Industrials, Industrial conglomerates) | | | | | 1,909 | 51,529 |
| National Bank of Greece SA (Financials, Banks) † | | | | | 25,388 | 142,320 |
| OPAP SA (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 11,669 | 181,185 |
| | | | | | | 864,617 |
| Hong Kong: 1.45% | | | | | | |
| Bosideng International Holdings Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 68,000 | 37,684 |
| BYD Electronic International Company Limited (Information technology, Communications equipment) | | | | | 20,000 | 58,221 |
| China Everbright International Limited (Industrials, Commercial services & supplies) | | | | | 20,000 | 8,103 |
| China Mengniu Dairy Company Limited (Consumer staples, Food products) | | | | | 5,334 | 23,444 |
| China Merchants Port Holdings Company Limited (Industrials, Transportation infrastructure) | | | | | 98,000 | 137,335 |
| China Overseas Land & Investment Limited (Real estate, Real estate management & development) | | | | | 64,500 | 159,906 |
| China Overseas Property Holding Limited (Real estate, Real estate management & development) | | | | | 125,000 | 145,712 |
| China Power International Development Limited (Utilities, Independent power & renewable electricity producers) | | | | | 46,000 | 18,226 |
| China Resources Beer Holdings Company Limited (Consumer staples, Beverages) | | | | | 8,000 | 59,062 |
| China Traditional Chinese Medicine Holdings Company Limited (Health care, Pharmaceuticals) | | | | | 256,000 | 132,739 |
| CITIC Pacific Limited (Industrials, Industrial conglomerates) | | | | | 41,000 | 45,234 |
| CSPC Pharmaceutical Group Limited (Health care, Pharmaceuticals) | | | | | 118,000 | 126,728 |
| Far East Horizon Limited (Financials, Diversified financial services) | | | | | 46,000 | 40,671 |
| GCL Technology Holdings Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 102,000 | 26,249 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Hong Kong: (continued) | | | | | | |
| GDS Holdings Limited Class A (Information technology, IT services) † | | | | | 7,900 | $ 19,344 |
| Haitian International Holdings Limited (Industrials, Machinery) | | | | | 13,000 | 33,952 |
| Kingboard Chemicals Holdings Limited (Information technology, Electronic equipment, instruments & components) | | | | | 45,000 | 160,522 |
| Kingboard Laminates Holdings Limited (Information technology, Electronic equipment, instruments & components) | | | | | 119,000 | 148,269 |
| Sino Biopharmaceutical Limited (Health care, Pharmaceuticals) | | | | | 63,000 | 32,506 |
| Yuexiu Property Company Limited (Real estate, Real estate management & development) | | | | | 61,400 | 90,425 |
| | | | | | | 1,504,332 |
| Hungary: 0.26% | | | | | | |
| MOL Hungarian Oil & Gas plc (Energy, Oil, gas & consumable fuels) | | | | | 17,144 | 130,457 |
| OTP Bank plc (Financials, Banks) | | | | | 751 | 22,811 |
| Richter Gedeon (Health care, Pharmaceuticals) | | | | | 5,429 | 113,904 |
| | | | | | | 267,172 |
| India: 12.56% | | | | | | |
| Apollo Hospitals Enterprise Limited (Health care, Health care providers & services) | | | | | 616 | 32,799 |
| Asian Paints Limited (Materials, Chemicals) | | | | | 3,273 | 111,999 |
| AU Small Finance Bank Limited (Financials, Banks) 144A | | | | | 9,126 | 65,453 |
| Avenue Supermarts Limited (Consumer staples, Food & staples retailing) † | | | | | 93 | 3,844 |
| Axis Bank Limited (Financials, Banks) | | | | | 39,809 | 406,481 |
| Bajaj Auto Limited (Consumer discretionary, Automobiles) | | | | | 4,074 | 180,430 |
| Bajaj Finance Limited (Financials, Consumer finance) | | | | | 3,066 | 226,688 |
| Bajaj Finance Limited (Financials, Diversified financial services) | | | | | 3,411 | 55,080 |
| Bandhan Bank Limited (Financials, Banks) 144A† | | | | | 26,350 | 73,599 |
| Bharat Electronics Limited (Industrials, Aerospace & defense) | | | | | 124,791 | 142,804 |
| Bharat Forge Limited (Consumer discretionary, Auto components) | | | | | 2,800 | 27,638 |
| Bharti Airtel Limited (Communication services, Wireless telecommunication services) | | | | | 30,939 | 277,793 |
| Britannia Industries Limited (Consumer staples, Food products) | | | | | 3,328 | 179,620 |
| Cholamandalam Investment & Finance Company Limited (Financials, Consumer finance) | | | | | 15,105 | 138,228 |
| Cipla India Limited (Health care, Pharmaceuticals) | | | | | 11,675 | 128,009 |
| Coal India Limited (Materials, Metals & mining) | | | | | 49,782 | 129,713 |
| Colgate-Palmolive Company India Limited (Consumer staples, Personal products) | | | | | 11,126 | 198,314 |
| Container Corporation of India Limited (Industrials, Transportation infrastructure) | | | | | 15,004 | 107,175 |
| Dabur India Limited (Consumer staples, Personal products) | | | | | 7,785 | 50,156 |
| Divi's Laboratories Limited (Health care, Life sciences tools & services) | | | | | 2,868 | 98,029 |
| DLF Limited (Real estate, Real estate management & development) | | | | | 1,272 | 5,411 |
| Dr. Reddy's Laboratories Limited (Health care, Pharmaceuticals) | | | | | 1,213 | 63,339 |
| Eicher Motors Limited (Consumer discretionary, Automobiles) | | | | | 2,767 | 103,959 |
| Gail India Limited (Utilities, Gas utilities) | | | | | 88,490 | 109,880 |
| Godrej Consumer Products Limited (Consumer staples, Personal products) † | | | | | 4,049 | 45,223 |
| Grasim Industries Limited (Industrials, Industrial conglomerates) | | | | | 1,657 | 31,641 |
| Havells India Limited (Industrials, Electrical equipment) | | | | | 4,075 | 59,007 |
| HCL Technologies Limited (Information technology, IT services) | | | | | 20,985 | 273,547 |
| Hero Motorcorp Limited (Consumer discretionary, Automobiles) | | | | | 6,522 | 190,853 |
| Hindalco Industries Limited (Materials, Metals & mining) | | | | | 26,205 | 126,544 |
| Hindustan Unilever Limited (Consumer staples, Personal products) | | | | | 12,986 | 386,536 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 11
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| India: (continued) | | | | | | |
| ICICI Bank Limited (Financials, Banks) | | | | | 79,645 | $ 823,595 |
| Indian Oil Corporation Limited (Energy, Oil, gas & consumable fuels) | | | | | 18,162 | 16,708 |
| Indian Railway Catering & Tourism Corporation (Industrials, Commercial services & supplies) | | | | | 845 | 6,228 |
| Infosys Limited (Information technology, IT services) | | | | | 55,300 | 995,089 |
| ITC Limited (Consumer staples, Tobacco) | | | | | 79,806 | 363,661 |
| Jindal Steel & Power Limited (Materials, Metals & mining) | | | | | 31,290 | 207,875 |
| JSW Steel Limited (Materials, Metals & mining) | | | | | 4,494 | 36,271 |
| Kotak Mahindra Bank Limited (Financials, Banks) | | | | | 7,769 | 162,513 |
| Larsen & Toubro Infotech Limited (Information technology, IT services) 144A | | | | | 870 | 49,695 |
| Larsen & Toubro Limited (Industrials, Construction & engineering) | | | | | 9,172 | 234,011 |
| Mahindra & Mahindra Limited (Consumer discretionary, Automobiles) | | | | | 28,899 | 443,828 |
| Marico Limited (Consumer staples, Food products) † | | | | | 8,664 | 51,554 |
| Maruti Suzuki India Limited (Consumer discretionary, Automobiles) | | | | | 2,333 | 243,392 |
| MRF Limited (Consumer discretionary, Auto components) | | | | | 58 | 59,817 |
| Nestle India Limited (Consumer staples, Food products) | | | | | 691 | 156,059 |
| NTPC Limited (Utilities, Independent power & renewable electricity producers) | | | | | 131,841 | 271,919 |
| Oil & Natural Gas Corporation Limited (Energy, Oil, gas & consumable fuels) | | | | | 65,861 | 121,138 |
| Page Industries Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 334 | 153,408 |
| Petronet LNG Limited (Energy, Oil, gas & consumable fuels) | | | | | 30,085 | 80,992 |
| PI Industries Limited (Materials, Chemicals) | | | | | 2,028 | 76,038 |
| Pidilite Industries Limited (Materials, Chemicals) | | | | | 1,493 | 41,553 |
| Power Grid Corporation of India Limited (Utilities, Electric utilities) | | | | | 115,851 | 311,463 |
| Reliance Industries Limited (Energy, Oil, gas & consumable fuels) | | | | | 38,967 | 1,094,781 |
| SBI Life Insurance Company Limited (Financials, Insurance) 144A | | | | | 4,150 | 56,275 |
| Shriram Transport Finance Company Limited (Financials, Consumer finance) | | | | | 3,203 | 46,624 |
| Siemens India Limited (Industrials, Industrial conglomerates) | | | | | 634 | 24,899 |
| SRF Limited (Materials, Chemicals) | | | | | 1,893 | 49,658 |
| State Bank of India (Financials, Banks) | | | | | 39,181 | 247,786 |
| Sun Pharmaceutical Industries Limited (Health care, Pharmaceuticals) | | | | | 15,507 | 179,442 |
| Tata Consultancy Services Limited (Information technology, IT services) | | | | | 14,711 | 589,534 |
| Tata Elxsi Limited (Information technology, Software) | | | | | 2,973 | 220,428 |
| Tata Motors Limited (Consumer discretionary, Automobiles) † | | | | | 34,484 | 175,491 |
| Tata Power Company Limited (Utilities, Electric utilities) | | | | | 19,669 | 48,193 |
| Tata Steel Limited (Materials, Metals & mining) | | | | | 173,540 | 218,217 |
| Tata Tea Limited (Consumer staples, Food products) | | | | | 3,909 | 33,824 |
| Tech Mahindra Limited (Information technology, IT services) | | | | | 12,423 | 165,342 |
| Titan Industries Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 5,033 | 144,462 |
| Torrent Pharmaceuticals Limited (Health care, Pharmaceuticals) | | | | | 4,949 | 87,396 |
| United Spirits Limited (Consumer staples, Beverages) † | | | | | 2,114 | 18,939 |
| UPL Limited (Materials, Chemicals) | | | | | 4,156 | 34,900 |
| Varun Beverages Limited (Consumer staples, Beverages) | | | | | 15,453 | 243,149 |
| Vedanta Limited (Materials, Metals & mining) | | | | | 41,485 | 134,666 |
| Yes Bank Limited (Financials, Banks) † | | | | | 1,367,196 | 288,597 |
| | | | | | | 13,039,202 |
| Indonesia: 2.12% | | | | | | |
| PT Adaro Energy Tbk (Energy, Oil, gas & consumable fuels) | | | | | 508,900 | 99,778 |
| PT Aneka Tambang Tbk (Materials, Metals & mining) | | | | | 128,300 | 16,742 |
| PT Astra International Tbk (Consumer discretionary, Automobiles) | | | | | 518,700 | 207,480 |
| PT Bank Central Asia Tbk (Financials, Banks) | | | | | 743,800 | 426,770 |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Indonesia: (continued) | | | | | | |
| PT Bank Mandiri Persero Tbk (Financials, Banks) | | | | | 373,100 | $ 244,656 |
| PT Bank Negara Indonesia Persero Tbk (Financials, Banks) | | | | | 260,500 | 149,894 |
| PT Bank Rakyat Indonesia Tbk (Financials, Banks) | | | | | 948,800 | 290,551 |
| PT Charoen Pokphand Indonesia Tbk (Consumer staples, Food products) | | | | | 49,600 | 17,482 |
| PT Hanson International Tbk (Real estate, Real estate management & development) ♦† | | | | | 10,045,000 | 0 |
| PT Indofood Sukses Makmur Tbk (Consumer staples, Food products) | | | | | 194,500 | 82,583 |
| PT Kalbe Farma Tbk (Health care, Pharmaceuticals) | | | | | 968,000 | 133,933 |
| PT Semen Gresik Persero Tbk (Materials, Construction materials) | | | | | 17,500 | 8,291 |
| PT Sumber Alfaria Trijaya Tbk (Consumer staples, Food & staples retailing) | | | | | 996,900 | 189,574 |
| PT Telekomunikasi Indonesia Persero Tbk (Communication services, Diversified telecommunication services) | | | | | 939,000 | 238,906 |
| PT Unilever Indonesia Tbk (Consumer staples, Household products) | | | | | 171,100 | 46,898 |
| PT United Tractors Tbk (Energy, Oil, gas & consumable fuels) | | | | | 26,100 | 47,750 |
| | | | | | | 2,201,288 |
| Kuwait: 1.05% | | | | | | |
| Gulf Bank (Financials, Banks) | | | | | 162,550 | 160,432 |
| Kuwait Finance House (Financials, Banks) | | | | | 99,383 | 277,431 |
| Mabanee Company KPSC (Real estate, Real estate management & development) | | | | | 43,423 | 111,174 |
| Mobile Telecommunications Company (Communication services, Wireless telecommunication services) | | | | | 87,400 | 159,142 |
| National Bank of Kuwait (Financials, Banks) | | | | | 109,930 | 383,144 |
| | | | | | | 1,091,323 |
| Malaysia: 2.29% | | | | | | |
| AMMB Holdings Bhd (Financials, Banks) | | | | | 275,500 | 246,185 |
| CIMB Group Holdings Bhd (Financials, Banks) | | | | | 123,300 | 154,142 |
| Digi.com Bhd (Communication services, Wireless telecommunication services) | | | | | 47,500 | 45,515 |
| Genting Bhd (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 66,200 | 68,745 |
| Genting Malaysia Bhd (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 68,000 | 40,914 |
| Hartalega Holdings Bhd (Health care, Health care equipment & supplies) | | | | | 339,700 | 111,278 |
| Hong Leong Bank Bhd (Financials, Banks) | | | | | 27,700 | 126,787 |
| Hong Leong Financial Group Bhd (Financials, Banks) | | | | | 30,067 | 122,077 |
| IOI Corporation Bhd (Consumer staples, Food products) | | | | | 170,700 | 145,689 |
| Kuala Lumpur Kepong Bhd (Consumer staples, Food products) | | | | | 16,700 | 77,406 |
| Malayan Banking Bhd (Financials, Banks) | | | | | 79,100 | 155,115 |
| Maxis Bhd (Communication services, Wireless telecommunication services) | | | | | 24,900 | 21,696 |
| Petronas Chemicals Group Bhd (Materials, Chemicals) | | | | | 55,600 | 88,712 |
| Petronas Gas Bhd (Utilities, Gas utilities) | | | | | 2,800 | 10,395 |
| PPB Group Bhd (Consumer staples, Food products) | | | | | 5,700 | 22,228 |
| Public Bank Bhd (Financials, Banks) | | | | | 259,700 | 239,011 |
| RHB Bank Bhd (Financials, Banks) | | | | | 101,900 | 128,979 |
| Sime Darby Bhd (Industrials, Industrial conglomerates) | | | | | 250,500 | 126,715 |
| Sime Darby Plantation Bhd (Consumer staples, Food products) | | | | | 139,900 | 131,872 |
| Telecom Malaysia Bhd (Communication services, Diversified telecommunication services) | | | | | 116,900 | 131,032 |
| Tenaga Nasional Bhd (Utilities, Electric utilities) | | | | | 22,700 | 47,398 |
| Top Glove Corporation Bhd (Health care, Health care equipment & supplies) † | | | | | 821,750 | 138,255 |
| | | | | | | 2,380,146 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 13
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Mexico: 2.67% | | | | | | |
| Alfa SAB de CV Class A (Industrials, Industrial conglomerates) | | | | | 240,400 | $ 157,670 |
| America Movil SAB de CV Series L (Communication services, Wireless telecommunication services) | | | | | 370,423 | 380,414 |
| Arca Continental SAB de CV (Consumer staples, Beverages) | | | | | 12,100 | 102,486 |
| Cemex SAB de CV Series CPO (Materials, Construction materials) † | | | | | 38,000 | 18,900 |
| Coca-Cola Femsa SAB de CV (Consumer staples, Beverages) | | | | | 27,705 | 200,241 |
| Fomento Economico Mexicano SAB de CV (Consumer staples, Beverages) | | | | | 14,700 | 135,378 |
| Gruma SAB de CV Class B (Consumer staples, Food products) | | | | | 7,380 | 108,700 |
| Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation infrastructure) | | | | | 11,100 | 210,570 |
| Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation infrastructure) | | | | | 6,445 | 184,531 |
| Grupo Bimbo SAB de CV Series A (Consumer staples, Food products) | | | | | 25,700 | 122,527 |
| Grupo Financiero Banorte SAB de CV (Financials, Banks) | | | | | 40,700 | 344,526 |
| Grupo Financiero Inbursa SAB de CV (Financials, Banks) † | | | | | 71,400 | 149,227 |
| Grupo Mexico SAB de CV Series B (Materials, Metals & mining) | | | | | 41,700 | 187,549 |
| Orbia Advance Corporation SAB de CV (Materials, Chemicals) | | | | | 37,000 | 76,866 |
| Promotora y Operadora de Infraestructura SAB de CV (Industrials, Transportation infrastructure) | | | | | 14,650 | 142,893 |
| Walmart de Mexico SAB de CV (Consumer staples, Food & staples retailing) | | | | | 63,839 | 251,567 |
| | | | | | | 2,774,045 |
| Peru: 0.14% | | | | | | |
| Credicorp Limited (Financials, Banks) | | | | | 1,172 | 149,336 |
| Philippines: 1.21% | | | | | | |
| Aboitiz Equity Ventures Incorporated (Industrials, Industrial conglomerates) | | | | | 58,010 | 56,595 |
| AC Energy Corporation (Utilities, Independent power & renewable electricity producers) | | | | | 5,790 | 663 |
| Ayala Corporation (Industrials, Industrial conglomerates) | | | | | 1,840 | 20,777 |
| Bank of the Philippine Islands (Financials, Banks) | | | | | 83,310 | 165,265 |
| BDO Unibank Incorporated (Financials, Banks) | | | | | 79,474 | 177,183 |
| Energy Development Corporation (Utilities, Independent power & renewable electricity producers) ♦† | | | | | 231,800 | 0 |
| International Container Terminal Services Incorporated (Industrials, Transportation infrastructure) | | | | | 34,820 | 125,692 |
| Jollibee Foods Corporation (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 49,440 | 214,374 |
| Manila Electric Company (Utilities, Electric utilities) | | | | | 10,940 | 62,814 |
| Metropolitan Bank & Trust Company (Financials, Banks) | | | | | 200,767 | 211,105 |
| PLDT Incorporated (Communication services, Wireless telecommunication services) | | | | | 5,135 | 119,214 |
| SM Prime Holdings Incorporated (Real estate, Real estate management & development) | | | | | 41,400 | 25,468 |
| Universal Robina Corporation (Consumer staples, Food products) | | | | | 32,520 | 80,198 |
| | | | | | | 1,259,348 |
| Poland: 0.94% | | | | | | |
| Allegro SA (Consumer discretionary, Internet & direct marketing retail) 144A† | | | | | 25,735 | 168,084 |
| Bank Pekao SA (Financials, Banks) | | | | | 6,399 | 129,000 |
| CD Projekt SA (Communication services, Entertainment) | | | | | 1,027 | 30,566 |
| Cyfrowy Polsat SA (Communication services, Media) | | | | | 5,482 | 21,257 |
| Dino Polska SA (Consumer staples, Food & staples retailing) 144A† | | | | | 439 | 36,671 |
| KGHM Polska Miedz SA (Materials, Metals & mining) | | | | | 3,268 | 93,591 |
| PGE SA (Utilities, Electric utilities) † | | | | | 104,176 | 156,432 |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Poland: (continued) | | | | | | |
| PKO Bank Polski SA (Financials, Banks) | | | | | 14,989 | $ 104,721 |
| Polski Koncern Naftowy Orlen SA (Energy, Oil, gas & consumable fuels) | | | | | 3,105 | 46,527 |
| Powszechny Zaklad Ubezpieczen SA (Financials, Insurance) | | | | | 13,778 | 113,419 |
| Santander Bank Polska SA (Financials, Banks) | | | | | 1,176 | 78,990 |
| | | | | | | 979,258 |
| Russia: 0.00% | | | | | | |
| Alrosa PJSC (Acquired 5-6-2021, cost $89,583) (Materials, Metals & mining) ♦†> | | | | | 52,390 | 0 |
| Gazprom PJSC (Acquired 1/29/2019, cost $384,585) (Energy, Oil, gas & consumable fuels) ♦†> | | | | | 143,160 | 0 |
| Inter Rao Ues PJSC (Acquired 5/7/2020, cost $59,563) (Utilities, Electric utilities) ♦†> | | | | | 862,002 | 0 |
| Lukoil PJSC (Acquired 3/18/2020, cost $576,228) (Energy, Oil, gas & consumable fuels) ♦†> | | | | | 8,545 | 0 |
| Magnit PJSC (Acquired 4/29/2013, cost $106,474) (Consumer staples, Food & staples retailing) ♦†> | | | | | 1,476 | 0 |
| Magnit PJSC GDR (Acquired 7/8/2021, cost $58) (Consumer staples, Food & staples retailing) ♦†> | | | | | 4 | 0 |
| MMC Norilsk Nickel PJSC (Acquired 6/6/2017, cost $349,985) (Materials, Metals & mining) ♦†> | | | | | 1,210 | 0 |
| Mobile TeleSystems PJSC (Acquired 10/9/2020, cost $54,568) (Communication services, Wireless telecommunication services) ♦†> | | | | | 12,728 | 0 |
| Novolipetsk Steel PJSC (Acquired 5/7/2020, cost $58,368) (Materials, Metals & mining) ♦†> | | | | | 28,410 | 0 |
| PhosAgro PJSC Reg S Depository Receipt (Acquired 4/8/2021, cost $50,199) (Materials, Chemicals) ♦†> | | | | | 912 | 0 |
| PhosAgro PJSC GDR Reg S Depository Receipt (Acquired 4/8/2021, cost $0) (Materials, Chemicals) ♦†> | | | | | 2 | 0 |
| PhosAgro PJSC GDR Reg S Depository Receipt (Acquired 4/8/2021, cost $323) (Materials, Chemicals) ♦†> | | | | | 18 | 0 |
| Polyus PJSC (Acquired 10/15/2021, cost $135,672) (Materials, Metals & mining) ♦†> | | | | | 772 | 0 |
| Rosneft Oil Company PJSC (Acquired 1/31/2020, cost $125,766) (Energy, Oil, gas & consumable fuels) ♦†> | | | | | 17,010 | 0 |
| Sberbank of Russia PJSC (Acquired 7/31/2019, cost $713,153) (Financials, Banks) ♦†> | | | | | 194,870 | 0 |
| Severstal PJSC (Acquired 7/5/2020, cost $62,518) (Materials, Metals & mining) ♦†> | | | | | 4,920 | 0 |
| Tatneft PJSC (Acquired 5/7/2020, cost $171,025) (Energy, Oil, gas & consumable fuels) ♦†> | | | | | 28,052 | 0 |
| TCS Group Holding plc GDR (Acquired 3/30/2021, cost $149,438) (Financials, Banks) ♦†> | | | | | 2,546 | 0 |
| VTB Bank PJSC (Acquired 7/2/2018, cost $13,240) (Financials, Banks) ♦†> | | | | | 17,390,000 | 0 |
| | | | | | | 0 |
| South Africa: 3.45% | | | | | | |
| ABSA Group Limited (Financials, Banks) | | | | | 16,753 | 181,031 |
| African Rainbow Minerals Limited (Materials, Metals & mining) | | | | | 6,601 | 91,436 |
| Anglo American Platinum Limited (Materials, Metals & mining) | | | | | 600 | 33,233 |
| Anglogold Ashanti Limited (Materials, Metals & mining) | | | | | 1,912 | 32,283 |
| Bid Corporation Limited (Consumer staples, Food & staples retailing) | | | | | 2,788 | 61,058 |
| Capitec Bank Holdings Limited (Financials, Banks) | | | | | 184 | 17,579 |
| Clicks Group Limited (Consumer staples, Food & staples retailing) | | | | | 1,856 | 27,034 |
| Exxaro Resources Limited (Energy, Oil, gas & consumable fuels) | | | | | 9,729 | 106,545 |
| FirstRand Limited (Financials, Diversified financial services) | | | | | 76,756 | 273,964 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 15
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| South Africa: (continued) | | | | | | |
| Foschini Limited (Consumer discretionary, Specialty retail) | | | | | 12,006 | $ 66,388 |
| Gold Fields Limited (Materials, Metals & mining) | | | | | 15,196 | 138,009 |
| Growthpoint Properties Limited (Real estate, Equity REITs) | | | | | 10,406 | 7,615 |
| Harmony Gold Mining Company Limited (Materials, Metals & mining) | | | | | 19,386 | 58,913 |
| Impala Platinum Holdings Limited (Materials, Metals & mining) | | | | | 10,992 | 102,654 |
| Kumba Iron Ore Limited (Materials, Metals & mining) | | | | | 3,878 | 101,160 |
| Mr Price Group Limited (Consumer discretionary, Specialty retail) | | | | | 4,647 | 38,530 |
| MTN Group Limited (Communication services, Wireless telecommunication services) | | | | | 22,731 | 179,236 |
| MultiChoice Group Limited (Communication services, Media) | | | | | 11,130 | 85,452 |
| Naspers Limited (Consumer discretionary, Internet & direct marketing retail) | | | | | 4,072 | 722,173 |
| Nedbank Group Limited (Financials, Banks) | | | | | 13,641 | 171,268 |
| Old Mutual Limited (Financials, Insurance) | | | | | 25,355 | 16,443 |
| Reinet Investments SCA (Financials, Capital markets) | | | | | 7,261 | 143,520 |
| Remgro Limited (Financials, Diversified financial services) | | | | | 18,364 | 139,772 |
| Sasol Limited (Materials, Chemicals) | | | | | 10,442 | 153,710 |
| Shoprite Holdings Limited (Consumer staples, Food & staples retailing) | | | | | 4,479 | 54,275 |
| Sibanye Stillwater Limited (Materials, Metals & mining) | | | | | 35,836 | 72,414 |
| SPAR Group Limited (Consumer staples, Food & staples retailing) | | | | | 13,511 | 105,940 |
| Standard Bank Group Limited (Financials, Banks) | | | | | 17,856 | 178,492 |
| The Bidvest Group Limited (Industrials, Industrial conglomerates) | | | | | 3,538 | 45,143 |
| Vodacom Group Limited (Communication services, Wireless telecommunication services) | | | | | 7,334 | 50,601 |
| Woolworths Holdings Limited (Consumer discretionary, Multiline retail) | | | | | 29,004 | 121,607 |
| | | | | | | 3,577,478 |
| South Korea: 10.23% | | | | | | |
| BGF Retail Company Limited (Consumer staples, Food & staples retailing) | | | | | 1,125 | 153,627 |
| Celltrion Incorporated (Health care, Pharmaceuticals) | | | | | 956 | 104,902 |
| Cheil Worldwide Incorporated (Communication services, Media) | | | | | 5,985 | 90,459 |
| CJ Cheiljedang Corporation (Consumer staples, Food products) | | | | | 410 | 99,460 |
| CJ Corporation (Industrials, Industrial conglomerates) | | | | | 248 | 16,287 |
| Coway Company Limited (Consumer discretionary, Household durables) | | | | | 1,944 | 78,450 |
| Dongbu Insurance Company Limited (Financials, Insurance) | | | | | 3,149 | 183,241 |
| Doosan Bobcat Incorporated (Industrials, Machinery) | | | | | 5,711 | 163,572 |
| F&F Holdings Company Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 305 | 32,015 |
| GS Holdings Corporation (Energy, Oil, gas & consumable fuels) | | | | | 5,408 | 166,133 |
| Hana Financial Group Incorporated (Financials, Banks) | | | | | 4,589 | 157,446 |
| Hankook Tire Company Limited (Consumer discretionary, Auto components) | | | | | 1,313 | 36,912 |
| Hanmi Pharm Company Limited (Health care, Pharmaceuticals) | | | | | 322 | 63,025 |
| Hanwha Chem Corporation (Materials, Chemicals) † | | | | | 312 | 9,809 |
| Hotel Shilla Company Limited (Consumer discretionary, Specialty retail) | | | | | 983 | 59,578 |
| Hyundai Glovis Company Limited (Industrials, Air freight & logistics) | | | | | 1,308 | 156,772 |
| Hyundai Merchant Marine Company Limited (Industrials, Marine) | | | | | 5,251 | 89,484 |
| Hyundai Mobis Company Limited (Consumer discretionary, Auto components) | | | | | 890 | 142,925 |
| Hyundai Motor Company Limited (Consumer discretionary, Automobiles) | | | | | 1,933 | 257,539 |
| Hyundai Steel Company Limited (Materials, Metals & mining) | | | | | 2,912 | 77,022 |
| Industrial Bank of Korea (Financials, Banks) | | | | | 9,976 | 78,255 |
| Kakao Corporation (Communication services, Interactive media & services) | | | | | 4,963 | 234,038 |
| Kangwon Land Incorporated (Consumer discretionary, Hotels, restaurants & leisure) † | | | | | 1,049 | 16,013 |
| KB Financial Group Incorporated (Financials, Banks) | | | | | 7,658 | 296,887 |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| South Korea: (continued) | | | | | | |
| Kia Corporation (Consumer discretionary, Automobiles) | | | | | 4,519 | $ 257,155 |
| Korea Aerospace Industries Limited (Industrials, Aerospace & defense) | | | | | 1,957 | 66,700 |
| Korea Investment Holdings Company Limited (Financials, Capital markets) | | | | | 4,112 | 192,665 |
| Korea Zinc Company Limited (Materials, Metals & mining) | | | | | 124 | 54,726 |
| Korean Air Lines Company Limited (Industrials, Airlines) | | | | | 2,262 | 38,889 |
| Krafton Incorporated (Communication services, Entertainment) † | | | | | 239 | 30,669 |
| KT&G Corporation (Consumer staples, Tobacco) | | | | | 2,030 | 136,075 |
| Kumho Petrochemical Company Limited (Materials, Chemicals) | | | | | 816 | 97,001 |
| LG Chem Limited (Materials, Chemicals) | | | | | 588 | 302,165 |
| LG Corporation (Industrials, Industrial conglomerates) | | | | | 1,165 | 72,458 |
| LG Display Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 1,453 | 16,789 |
| LG Electronics Incorporated (Consumer discretionary, Household durables) | | | | | 1,767 | 148,491 |
| LG Innotek Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 1,025 | 214,566 |
| LG Uplus Corporation (Communication services, Diversified telecommunication services) | | | | | 2,977 | 24,905 |
| Lotte Shopping Company Limited (Consumer discretionary, Multiline retail) | | | | | 1,502 | 98,752 |
| Meritz Securities Company Limited (Financials, Capital markets) | | | | | 4,188 | 22,218 |
| Mirae Asset Daewoo Company Limited (Financials, Capital markets) | | | | | 24,288 | 131,237 |
| Naver Corporation (Communication services, Interactive media & services) | | | | | 2,038 | 321,121 |
| NCSoft Corporation (Communication services, Entertainment) | | | | | 348 | 114,269 |
| NH Investment & Securities Company Limited (Financials, Capital markets) | | | | | 14,626 | 105,004 |
| Orion Corporation of Republic of Korea (Consumer staples, Food products) | | | | | 122 | 11,525 |
| Pan Ocean Company Limited (Industrials, Marine) | | | | | 1,727 | 8,261 |
| POSCO (Materials, Metals & mining) | | | | | 1,179 | 283,334 |
| S1 Corporation Incorporated (Industrials, Commercial services & supplies) | | | | | 603 | 25,701 |
| Samsung C&T Corporation (Industrials, Industrial conglomerates) | | | | | 371 | 30,869 |
| Samsung Electro-Mechanics Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 1,393 | 151,590 |
| Samsung Electronics Company Limited (Information technology, Technology hardware, storage & peripherals) | | | | | 72,494 | 3,319,959 |
| Samsung Engineering Company Limited (Industrials, Construction & engineering) † | | | | | 582 | 11,545 |
| Samsung Fire & Marine Insurance Company Limited (Financials, Insurance) | | | | | 400 | 64,840 |
| Samsung SDI Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 447 | 235,112 |
| Samsung SDS Company Limited (Information technology, Software) | | | | | 567 | 53,690 |
| Samsung Securities Company Limited (Financials, Capital markets) | | | | | 2,901 | 73,443 |
| SD Biosensor Incorporated (Health care, Health care equipment & supplies) | | | | | 11,014 | 191,439 |
| Shinhan Financial Group Company Limited (Financials, Banks) | | | | | 8,054 | 236,462 |
| SK Bioscience Company Limited (Health care, Biotechnology) † | | | | | 2,185 | 115,091 |
| SK Company Limited (Industrials, Industrial conglomerates) | | | | | 142 | 19,166 |
| SK Hynix Incorporated (Information technology, Semiconductors & semiconductor equipment) | | | | | 6,748 | 455,901 |
| SKC Company Limited (Materials, Chemicals) | | | | | 172 | 12,738 |
| S-Oil Corporation (Energy, Oil, gas & consumable fuels) | | | | | 493 | 30,066 |
| Woori Financial Group Incorporated (Financials, Banks) | | | | | 8,443 | 77,842 |
| | | | | | | 10,618,280 |
| Taiwan: 15.03% | | | | | | |
| Accton Technology Corporation (Information technology, Communications equipment) | | | | | 15,000 | 137,373 |
| Acer Incorporated (Information technology, Technology hardware, storage & peripherals) | | | | | 132,000 | 109,459 |
| Airtac International Group (Industrials, Machinery) | | | | | 3,000 | 104,723 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 17
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Taiwan: (continued) | | | | | | |
| ASE Technology Holding Company Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 76,000 | $ 261,704 |
| Asia Cement Corporation (Materials, Construction materials) | | | | | 46,500 | 68,175 |
| Asustek Computer Incorporated (Information technology, Technology hardware, storage & peripherals) | | | | | 11,000 | 99,631 |
| AU Optronics Corporation (Industrials, Machinery) | | | | | 104,000 | 63,289 |
| Catcher Technology Company Limited (Information technology, Technology hardware, storage & peripherals) | | | | | 19,000 | 114,818 |
| Cathay Financial Holding Company (Financials, Insurance) | | | | | 33,000 | 46,797 |
| Chailease Holding Company Limited (Financials, Diversified financial services) | | | | | 5,814 | 42,615 |
| Cheng Shin Rubber Industry Company Limited (Consumer discretionary, Auto components) | | | | | 34,000 | 38,101 |
| China Airlines (Industrials, Airlines) | | | | | 126,000 | 83,391 |
| China Development Financial Holding Corporation (Financials, Insurance) | | | | | 290,000 | 124,866 |
| China Steel Corporation (Materials, Metals & mining) | | | | | 109,000 | 112,132 |
| Chunghwa Telecom Company Limited (Communication services, Diversified telecommunication services) | | | | | 48,000 | 181,481 |
| Compal Electronic Incorporated (Information technology, Technology hardware, storage & peripherals) | | | | | 188,000 | 148,680 |
| CTBC Financial Holding Company Limited (Financials, Banks) | | | | | 261,000 | 193,775 |
| Delta Electronics Incorporated (Information technology, Electronic equipment, instruments & components) | | | | | 29,000 | 271,316 |
| E INK Holdings Incorporated (Information technology, Electronic equipment, instruments & components) | | | | | 26,000 | 164,526 |
| E.SUN Financial Holding Company Limited (Financials, Banks) | | | | | 24,614 | 20,088 |
| Eclat Textile Company Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 4,667 | 73,366 |
| eMemory Technology Incorporated (Information technology, Semiconductors & semiconductor equipment) | | | | | 2,000 | 120,198 |
| Eva Airways Corporation (Industrials, Airlines) † | | | | | 245,000 | 226,907 |
| Evergreen Marine Corporation (Taiwan) Limited (Industrials, Marine) | | | | | 15,800 | 80,742 |
| Far Eastern New Century Corporation (Industrials, Industrial conglomerates) | | | | | 61,000 | 64,848 |
| Far EasTone Telecommunications Company Limited (Communication services, Wireless telecommunication services) | | | | | 63,000 | 142,156 |
| Feng Tay Enterprise Company Limited (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 7,000 | 42,168 |
| First Financial Holding Company Limited (Financials, Banks) | | | | | 89,020 | 78,011 |
| Fubon Financial Holding Company Limited (Financials, Insurance) | | | | | 84,570 | 165,369 |
| Giant Manufacturing Company Limited (Consumer discretionary, Leisure products) | | | | | 16,000 | 106,451 |
| Hon Hai Precision Industry Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 217,400 | 719,160 |
| Hotai Motor Company Limited (Consumer discretionary, Specialty retail) | | | | | 2,000 | 40,311 |
| Hua Nan Financial Holdings Company Limited Class C (Financials, Banks) | | | | | 36,134 | 27,005 |
| Largan Precision Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 2,000 | 143,780 |
| Lite-On Technology Corporation (Information technology, Technology hardware, storage & peripherals) | | | | | 74,000 | 168,389 |
| Mediatek Incorporated (Information technology, Semiconductors & semiconductor equipment) | | | | | 26,000 | 610,455 |
| Mega Financial Holding Company Limited (Financials, Banks) | | | | | 53,875 | 58,773 |
| Micro-Star International Company Limited (Information technology, Technology hardware, storage & peripherals) | | | | | 40,000 | 178,443 |
| Momo.com Incorporated (Consumer discretionary, Internet & direct marketing retail) | | | | | 13,000 | 334,109 |
The accompanying notes are an integral part of these financial statements.
18 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Taiwan: (continued) | | | | | | |
| Nan Ya Plastics Corporation (Materials, Chemicals) | | | | | 16,000 | $ 39,367 |
| Nan Ya Printed Circuit Board Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 17,000 | 128,858 |
| Nanya Technology Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 29,000 | 55,202 |
| Novatek Microelectronics Corporation Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 20,000 | 264,312 |
| Parade Technologies Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 9,000 | 279,864 |
| Pegatron Corporation (Information technology, Technology hardware, storage & peripherals) | | | | | 95,000 | 210,481 |
| Pharmally International Holding Company Limited (Health care, Pharmaceuticals) ♦† | | | | | 2,064 | 0 |
| Pou Chen Corporation (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 102,000 | 111,766 |
| Quanta Computer Incorporated (Information technology, Technology hardware, storage & peripherals) | | | | | 16,000 | 41,879 |
| Realtek Semiconductor Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 10,000 | 123,280 |
| Ruentex Development Company Limited (Real estate, Real estate management & development) | | | | | 42,000 | 60,845 |
| Silergy Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 1,000 | 18,816 |
| Sinopac Financial Holdings Company Limited (Financials, Banks) | | | | | 246,094 | 137,770 |
| Synnex Technology International Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 121,000 | 246,889 |
| Taiwan Mobile Company Limited (Communication services, Wireless telecommunication services) | | | | | 5,000 | 15,840 |
| Taiwan Semiconductor Manufacturing Company Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 381,000 | 6,303,223 |
| The Shanghai Commercial & Savings Bank Limited (Financials, Banks) | | | | | 92,000 | 142,816 |
| Unimicron Technology Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 42,000 | 173,469 |
| Uni-President Enterprises Corporation (Consumer staples, Food products) | | | | | 50,000 | 110,378 |
| United Microelectronics Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 187,000 | 304,568 |
| Vanguard International Semiconductor Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 15,000 | 45,191 |
| Voltronic Power Technology Corporation (Energy, Electrical equipment) | | | | | 3,000 | 156,641 |
| Walsin Lihwa Corporation (Industrials, Electrical equipment) | | | | | 70,000 | 128,927 |
| Wan Hai Lines Limited (Industrials, Marine) | | | | | 3,550 | 9,187 |
| Win Semiconductors Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 6,000 | 32,931 |
| Windbond Electronics Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 208,000 | 155,718 |
| Wiwynn Corporation (Information technology, Technology hardware, storage & peripherals) | | | | | 3,000 | 94,073 |
| WPG Holdings Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 136,440 | 220,544 |
| Yang Ming Marine Transport Corporation (Industrials, Marine) | | | | | 29,000 | 61,038 |
| Yuanta Financial Holding Company Limited (Financials, Diversified financial services) | | | | | 856 | 636 |
| Zhen Ding Technology Holding (Information technology, Electronic equipment, instruments & components) | | | | | 44,000 | 161,070 |
| | | | | | | 15,603,160 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 19
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Thailand: 2.40% | | | | | | |
| Advanced Info Service PCL (Communication services, Wireless telecommunication services) | | | | | 16,500 | $ 94,309 |
| Asset World Corporation PCL (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 42,600 | 7,112 |
| Bangkok Dusit Medical Services PCL (Health care, Health care providers & services) | | | | | 308,800 | 244,655 |
| Berli Jucker PCL (Consumer staples, Food & staples retailing) | | | | | 40,700 | 44,338 |
| Bumrungrad Hospital PCL (Health care, Health care providers & services) | | | | | 58,400 | 348,669 |
| Central Retail Corporation PCL (Consumer discretionary, Multiline retail) | | | | | 52,000 | 65,844 |
| Charoen Pokphand Foods PCL (Consumer staples, Food products) | | | | | 61,500 | 38,632 |
| Delta Electronics Thailand PCL (Information technology, Electronic equipment, instruments & components) | | | | | 2,700 | 69,675 |
| Electricity Genera PCL (Utilities, Independent power & renewable electricity producers) | | | | | 26,300 | 127,254 |
| Energy Absolute PCL (Utilities, Independent power & renewable electricity producers) | | | | | 23,200 | 51,368 |
| Home Product Center PCL (Consumer discretionary, Specialty retail) | | | | | 243,900 | 96,618 |
| Indorama Ventures PCL (Materials, Chemicals) | | | | | 68,000 | 70,711 |
| Intouch Holdings PCL (Communication services, Wireless telecommunication services) | | | | | 39,500 | 79,075 |
| Kasikornbank PCL - Non-voting (Financials, Banks) | | | | | 25,200 | 97,688 |
| Krung Thai Bank PCL (Financials, Banks) | | | | | 433,700 | 212,302 |
| Krungthai Card PCL (Financials, Consumer finance) | | | | | 61,300 | 101,903 |
| Land & Houses PCL (Real estate, Real estate management & development) | | | | | 575,700 | 159,640 |
| Minor International PCL (Consumer discretionary, Hotels, restaurants & leisure) † | | | | | 68,100 | 64,552 |
| Osotspa PCL (Consumer staples, Beverages) | | | | | 140,500 | 128,211 |
| PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | | | | | 23,000 | 97,620 |
| PTT Oil & Retail Business PCL (Consumer discretionary, Specialty retail) | | | | | 60,300 | 37,366 |
| Ratchaburi Electricity Generating Holding PCL (Utilities, Independent power & renewable electricity producers) | | | | | 53,100 | 61,227 |
| Srisawad Power 1979 PCL (Financials, Diversified financial services) | | | | | 72,400 | 110,624 |
| Thai Oil PCL (Energy, Oil, gas & consumable fuels) | | | | | 10,400 | 14,861 |
| Thai Union Group PCL (Consumer staples, Food products) | | | | | 85,400 | 38,421 |
| The Siam Cement PCL (Materials, Construction materials) | | | | | 3,000 | 27,758 |
| | | | | | | 2,490,433 |
| Turkey: 0.83% | | | | | | |
| Akbank TAS (Financials, Banks) | | | | | 170,177 | 157,696 |
| Bim Birlesik Magazalar AS (Consumer staples, Food & staples retailing) | | | | | 12,816 | 92,498 |
| Ford Otomotiv Sanayi AS (Consumer discretionary, Automobiles) | | | | | 971 | 28,336 |
| Haci Omer Sabanci Holding AS (Financials, Diversified financial services) | | | | | 89,172 | 205,778 |
| Turk Hava Yollari Anonim Ortakligi AS (Industrials, Industrial conglomerates) † | | | | | 11,983 | 91,118 |
| Turk Sise ve Cam Fabrikalari AS (Industrials, Industrial conglomerates) | | | | | 31,510 | 78,754 |
| Turkcell Iletisim Hizmetleri AS (Communication services, Wireless telecommunication services) | | | | | 34,847 | 58,899 |
| Turkiye Is Bankasi Class C AS (Financials, Banks) | | | | | 241,905 | 145,514 |
| | | | | | | 858,593 |
| Total Common stocks (Cost $95,978,174) | | | | | | 95,509,583 |
The accompanying notes are an integral part of these financial statements.
20 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—February 28, 2023
| | | Dividend
yield | | | Shares | Value |
| Preferred stocks: 2.97% | | | | | | |
| Brazil: 1.93% | | | | | | |
| Banco Bradesco SA (Financials, Banks) | | 2.06% | | | 97,294 | $ 243,075 |
| Braskem SA Class A (Materials, Chemicals) | | 44.66 | | | 30,500 | 117,212 |
| Centrais Elétricas Brasileiras SA-Eletrobras Class B (Utilities, Electric utilities) | | 4.79 | | | 17,600 | 120,920 |
| Companhia Energetica de Minas Gerais SA (Utilities, Electric utilities) | | 1.65 | | | 99,087 | 198,346 |
| Gerdau SA (Materials, Metals & mining) | | 34.77 | | | 34,300 | 187,569 |
| Itau Unibanco Holding SA (Financials, Banks) | | 3.98 | | | 88,770 | 431,180 |
| Itaúsa SA (Financials, Banks) | | 17.91 | | | 140,945 | 221,562 |
| Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | | 54.30 | | | 100,000 | 482,098 |
| | | | | | | 2,001,962 |
| Chile: 0.26% | | | | | | |
| Sociedad Quimica y Minera de Chile SA Class B (Materials, Chemicals) | | 4.79 | | | 3,107 | 277,752 |
| Colombia: 0.13% | | | | | | |
| Bancolombia SA (Financials, Banks) | | 11.51 | | | 20,975 | 133,030 |
| South Korea: 0.65% | | | | | | |
| Hyundai Motor Company Limited (Consumer discretionary, Automobiles) | | 12.67 | | | 620 | 44,090 |
| Hyundai Motor Company Limited (Consumer discretionary, Automobiles) | | 12.82 | | | 405 | 28,219 |
| LG Chem Limited (Materials, Chemicals) | | 8.12 | | | 127 | 28,217 |
| Samsung Electronics Company Limited (Information technology, Technology hardware, storage & peripherals) | | 0.76 | | | 14,183 | 572,358 |
| | | | | | | 672,884 |
| Total Preferred stocks (Cost $3,463,343) | | | | | | 3,085,628 |
| | | Yield | | | | |
| Short-term investments: 5.01% | | | | | | |
| Investment companies: 5.01% | | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39 | | | 5,201,225 | 5,201,225 |
| Total Short-term investments (Cost $5,201,225) | | | | | | 5,201,225 |
| Total investments in securities (Cost $104,642,742) | 99.99% | | | | | 103,796,436 |
| Other assets and liabilities, net | 0.01 | | | | | 5,775 |
| Total net assets | 100.00% | | | | | $103,802,211 |
| † | 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 Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
| > | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $3,100,746), representing 0.00% of its net assets as of period end. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio 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 |
| GDR | Global depositary receipt |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 21
Portfolio of investments—February 28, 2023
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $2,681,400 | $92,672,172 | $(90,152,347) | $0 | $0 | $5,201,225 | 5,201,225 | $82,937 |
Futures contracts
| Description | Number of
contracts | Expiration
date | Notional
cost | Notional
value | Unrealized
gains | Unrealized
losses |
| Long | | | | | | |
| MSCI Emerging Markets Index | 114 | 3-17-2023 | $5,987,957 | $5,488,530 | $0 | $(499,427) |
The accompanying notes are an integral part of these financial statements.
22 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $99,441,517)
| $ 98,595,211 |
Investments in affiliated securities, at value (cost $5,201,225)
| 5,201,225 |
Cash at broker segregated for futures contracts
| 272,831 |
Foreign currency, at value (cost $29,739)
| 26,890 |
Receivable for dividends
| 539,490 |
Receivable from adviser
| 7,029 |
Prepaid expenses and other assets
| 989 |
Total assets
| 104,643,665 |
| Liabilities | |
Custody and accounting fees payable
| 376,221 |
Payable for investments purchased
| 266,024 |
Contingent tax liability
| 120,915 |
Payable for daily variation margin on open futures contracts
| 37,386 |
Trustees’ fees and expenses payable
| 848 |
Accrued expenses and other liabilities
| 40,060 |
Total liabilities
| 841,454 |
Total net assets
| $103,802,211 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 23
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Dividends (net of foreign withholdings taxes of $515,561)
| $ 4,344,893 |
Income from affiliated securities
| 82,937 |
Total investment income
| 4,427,830 |
| Expenses | |
Advisory fee
| 177,460 |
Custody and accounting fees
| 191,477 |
Professional fees
| 62,375 |
Interest holder report expenses
| 11,517 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 45,046 |
Total expenses
| 510,054 |
Less: Fee waivers and/or expense reimbursements
| (288,820) |
Net expenses
| 221,234 |
Net investment income
| 4,206,596 |
| Realized and unrealized gains (losses) on investments | |
| Net realized gains (losses) on | |
Unaffiliated securities
| (15,168,994) |
Foreign currency and foreign currency translation
| (136,266) |
Futures contracts
| 495,491 |
Net realized losses on investments
| (14,809,769) |
| Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of foreign taxes of $170,107)
| (5,961,756) |
Foreign currency and foreign currency translation
| 1,752 |
Futures contracts
| (447,394) |
Net change in unrealized gains (losses) on investments
| (6,407,398) |
Net realized and unrealized gains (losses) on investments
| (21,217,167) |
Net decrease in net assets resulting from operations
| $(17,010,571) |
The accompanying notes are an integral part of these financial statements.
24 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 4,206,596 | $ 4,685,771 |
Net realized gains (losses) on investments
| (14,809,769) | 12,703,550 |
Net change in unrealized gains (losses) on investments
| (6,407,398) | (33,731,071) |
Net decrease in net assets resulting from operations
| (17,010,571) | (16,341,750) |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 39,543,853 | 43,860,415 |
Withdrawals
| (77,108,326) | (40,306,725) |
Net increase (decrease) in net assets resulting from capital transactions
| (37,564,473) | 3,553,690 |
Total decrease in net assets
| (54,575,044) | (12,788,060) |
| Net assets | | |
Beginning of period
| 158,377,255 | 171,165,315 |
End of period
| $103,802,211 | $158,377,255 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 25
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (13.27)% | (9.21)% | 23.70% | (6.15)% | (11.16)% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.43% | 0.43% | 0.53% | 0.52% | 0.58% |
Net expenses
| 0.19% * | 0.19% * | 0.22% * | 0.39% | 0.45% |
Net investment income
| 3.56% | 2.66% | 2.15% | 2.51% | 2.33% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 59% | 87% | 133% | 59% | 81% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.24% |
| Year ended February 28, 2022 | 0.24% |
| Year ended February 28, 2021 | 0.31% |
The accompanying notes are an integral part of these financial statements.
26 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Factor Enhanced Emerging Markets Equity Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities 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.
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 established by 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 February 28, 2023, such fair value pricing was used in pricing certain foreign securities.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Portfolio 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
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 27
Notes to financial statements
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 Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’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, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $106,855,294 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 10,205,675 |
| Gross unrealized losses | (13,766,809) |
| Net unrealized losses | $ (3,561,134) |
28 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Notes to financial statements
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 Portfolio’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 Portfolio’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 Portfolio’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 Factor Enhanced Emerging Markets Equity Portfolio | 29
Notes to financial statements
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Common stocks | | | | |
| Brazil | $ 3,558,262 | $ 0 | $0 | $ 3,558,262 |
| Chile | 489,368 | 0 | 0 | 489,368 |
| China | 31,467,080 | 0 | 0 | 31,467,080 |
| Colombia | 91,186 | 0 | 0 | 91,186 |
| Czech Republic | 189,061 | 0 | 0 | 189,061 |
| Egypt | 56,615 | 0 | 0 | 56,615 |
| Greece | 864,617 | 0 | 0 | 864,617 |
| Hong Kong | 1,504,332 | 0 | 0 | 1,504,332 |
| Hungary | 267,172 | 0 | 0 | 267,172 |
| India | 13,039,202 | 0 | 0 | 13,039,202 |
| Indonesia | 2,201,288 | 0 | 0 | 2,201,288 |
| Kuwait | 1,091,323 | 0 | 0 | 1,091,323 |
| Malaysia | 2,380,146 | 0 | 0 | 2,380,146 |
| Mexico | 2,774,045 | 0 | 0 | 2,774,045 |
| Peru | 149,336 | 0 | 0 | 149,336 |
| Philippines | 1,259,348 | 0 | 0 | 1,259,348 |
| Poland | 979,258 | 0 | 0 | 979,258 |
| Russia | 0 | 0 | 0 | 0 |
| South Africa | 3,577,478 | 0 | 0 | 3,577,478 |
| South Korea | 10,618,280 | 0 | 0 | 10,618,280 |
| Taiwan | 0 | 15,603,160 | 0 | 15,603,160 |
| Thailand | 2,490,433 | 0 | 0 | 2,490,433 |
| Turkey | 858,593 | 0 | 0 | 858,593 |
| Preferred stocks | | | | |
| Brazil | 2,001,962 | 0 | 0 | 2,001,962 |
| Chile | 277,752 | 0 | 0 | 277,752 |
| Colombia | 133,030 | 0 | 0 | 133,030 |
| South Korea | 672,884 | 0 | 0 | 672,884 |
| Short-term investments | | | | |
| Investment companies | 5,201,225 | 0 | 0 | 5,201,225 |
| Total assets | $88,193,276 | $15,603,160 | $0 | $103,796,436 |
| Liabilities | | | | |
| Futures contracts | $ 499,427 | $ 0 | $0 | $ 499,427 |
| Total liabilities | $ 499,427 | $ 0 | $0 | $ 499,427 |
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.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
30 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Notes to financial statements
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.150% |
| Next $5 billion | 0.130 |
| Over $10 billion | 0.110 |
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.15% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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 Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.08% and declining to 0.05% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed expenses to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $67,267,468 and $102,866,511, respectively.
6. DERIVATIVE TRANSACTIONS
During the year ended February 28, 2023, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $5,447,166 in long futures contracts during the year ended February 28, 2023.
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, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
8. CONCENTRATION RISKS
As of the end of the period, the Portfolio concentrated its portfolio of investments in China. A fund that invests a substantial portion of its assets in any country or geographic region will be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 31
Notes to financial statements
significant impact on the Portfolio’s investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified fund.
9. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian and Belarus individuals and entities. The situation has led to increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas. The extent and duration of the military action, resulting sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted. As of February 28, 2023, the Portfolio held 0.00% of its total net assets in Russian securities with unrealized losses in the amount of $3,100,746.
10. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
32 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Factor Enhanced Emerging Markets Equity Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 33
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
34 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 35
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
36 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 37
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring Factor Enhanced International
Equity Portfolio
Allspring Factor Enhanced International Equity Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks long-term capital appreciation.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Harindra de Silva, Ph.D., CFA®‡, Monisha Jayakumar |
| Ten largest holdings (%) as of February 28, 20231 |
| Nestle SA | 1.67 |
| ASML Holding NV | 1.34 |
| Novo Nordisk AS Class B | 1.34 |
| Shell plc | 1.27 |
| LVMH Moët Hennessy Louis Vuitton SE | 1.21 |
| Novartis AG | 1.14 |
| Roche Holding AG | 1.03 |
| AstraZeneca plc | 1.01 |
| BHP Billiton Limited | 0.95 |
| HSBC Holdings plc | 0.89 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Sector allocation as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| Country allocation as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Common stocks: 95.34% | | | | | | |
| Australia: 6.24% | | | | | | |
| Ampol Limited (Energy, Oil, gas & consumable fuels) | | | | | 15,369 | $ 340,866 |
| ASX Limited (Financials, Capital markets) | | | | | 4,034 | 184,693 |
| Aurizon Holdings Limited (Industrials, Road & rail) | | | | | 452,337 | 1,007,490 |
| BHP Billiton Limited (Materials, Metals & mining) | | | | | 138,435 | 4,210,511 |
| BlueScope Steel Limited (Materials, Metals & mining) | | | | | 31,952 | 409,800 |
| Brambles Limited (Industrials, Commercial services & supplies) | | | | | 78,960 | 683,811 |
| Cochlear Limited (Health care, Health care equipment & supplies) | | | | | 3,065 | 458,315 |
| Coles Group Limited (Consumer staples, Food & staples retailing) | | | | | 49,520 | 605,794 |
| Commonwealth Bank of Australia (Financials, Banks) | | | | | 37,642 | 2,550,407 |
| Computershare Limited (Information technology, IT services) | | | | | 30,479 | 508,631 |
| CSL Limited (Health care, Biotechnology) | | | | | 9,580 | 1,910,063 |
| Dexus Property Group (Real estate, Equity REITs) | | | | | 77,800 | 441,324 |
| Endeavour Group Limited (Consumer staples, Food & staples retailing) | | | | | 36,100 | 165,912 |
| Fortescue Metals Group Limited (Materials, Metals & mining) | | | | | 60,365 | 869,260 |
| Goodman Group (Real estate, Equity REITs) | | | | | 41,251 | 551,270 |
| Lendlease Corporation Limited (Real estate, Real estate management & development) | | | | | 32,459 | 166,870 |
| Lottery Corporation Limited (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 97,759 | 341,409 |
| Macquarie Group Limited (Financials, Capital markets) | | | | | 6,673 | 850,994 |
| Medibank Private Limited (Financials, Insurance) | | | | | 287,582 | 646,336 |
| Mineral Resources Limited (Materials, Metals & mining) | | | | | 4,461 | 247,829 |
| Mirvac Group (Real estate, Equity REITs) | | | | | 7,417 | 11,329 |
| National Australia Bank Limited (Financials, Banks) | | | | | 71,998 | 1,453,424 |
| Orica Limited (Materials, Chemicals) | | | | | 13,918 | 151,720 |
| Origin Energy Limited (Energy, Oil, gas & consumable fuels) | | | | | 78,391 | 422,522 |
| Qantas Airways Limited (Industrials, Airlines) † | | | | | 124,797 | 539,125 |
| QBE Insurance Group Limited (Financials, Insurance) | | | | | 11,979 | 121,555 |
| REA Group Limited (Communication services, Interactive media & services) | | | | | 138 | 11,410 |
| Rio Tinto Limited (Materials, Metals & mining) | | | | | 15,567 | 1,222,751 |
| Scentre Group (Real estate, Equity REITs) | | | | | 204,899 | 410,872 |
| Sonic Healthcare Limited (Health care, Health care providers & services) | | | | | 17,261 | 374,117 |
| South32 Limited (Materials, Metals & mining) | | | | | 237,414 | 693,340 |
| Stockland Corporation Limited (Real estate, Equity REITs) | | | | | 97,130 | 250,978 |
| The GPT Group (Real estate, Equity REITs) | | | | | 93,815 | 297,333 |
| Treasury Wine Estates Limited (Consumer staples, Beverages) | | | | | 17,401 | 164,045 |
| Vicinity Centres (Real estate, Equity REITs) | | | | | 398,520 | 547,055 |
| Wesfarmers Limited (Consumer discretionary, Multiline retail) | | | | | 21,425 | 695,470 |
| Westpac Banking Corporation (Financials, Banks) | | | | | 82,102 | 1,244,702 |
| Wisetech Global Limited (Information technology, Software) | | | | | 7,186 | 304,634 |
| Woodside Energy Group Limited (Energy, Oil, gas & consumable fuels) | | | | | 37,876 | 915,230 |
| Woolworths Group Limited (Consumer staples, Food & staples retailing) | | | | | 26,223 | 651,470 |
| | | | | | | 27,634,667 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 3
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Austria: 0.10% | | | | | | |
| Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks) | | | | | 7,492 | $ 294,625 |
| OMV AG (Energy, Oil, gas & consumable fuels) | | | | | 673 | 32,823 |
| Verbund AG (Utilities, Electric utilities) | | | | | 1,127 | 97,865 |
| | | | | | | 425,313 |
| Belgium: 0.90% | | | | | | |
| Ageas NV (Financials, Insurance) | | | | | 13,373 | 604,399 |
| Anheuser-Busch InBev SA (Consumer staples, Beverages) | | | | | 24,034 | 1,454,830 |
| D'Ieteren Group SA (Consumer discretionary, Distributors) | | | | | 596 | 115,676 |
| Elia System Operator SA/NV (Utilities, Electric utilities) | | | | | 768 | 101,377 |
| KBC Group NV (Financials, Banks) | | | | | 2,219 | 165,935 |
| Solvay SA (Materials, Chemicals) | | | | | 2,528 | 289,446 |
| UCB SA (Health care, Pharmaceuticals) | | | | | 3,923 | 337,675 |
| Umicore SA (Materials, Chemicals) | | | | | 19,521 | 651,837 |
| Warehouses De Pauw SCA (Real estate, Equity REITs) | | | | | 7,918 | 242,536 |
| | | | | | | 3,963,711 |
| Canada: 9.89% | | | | | | |
| Alimentation Couche-Tard Incorporated (Consumer staples, Food & staples retailing) | | | | | 29,470 | 1,382,466 |
| Altagas Limited (Utilities, Gas utilities) | | | | | 11,600 | 199,100 |
| Bank of Montreal (Financials, Banks) | | | | | 17,291 | 1,638,748 |
| Barrick Gold Corporation (Materials, Metals & mining) | | | | | 38,700 | 625,383 |
| Brookfield Asset Management (Financials, Capital markets) | | | | | 36,228 | 1,205,387 |
| Brookfield Asset Management Class A (Financials, Capital markets) | | | | | 9,057 | 304,732 |
| BRP Incorporated (Consumer discretionary, Leisure products) | | | | | 13,900 | 1,204,395 |
| Canadian Imperial Bank of Commerce (Financials, Banks) | | | | | 13,048 | 596,699 |
| Canadian National Railway Company (Industrials, Road & rail) | | | | | 17,337 | 1,974,601 |
| Canadian Natural Resources Limited (Energy, Oil, gas & consumable fuels) | | | | | 30,100 | 1,700,997 |
| Canadian Pacific Railway Limited (Industrials, Road & rail) | | | | | 21,710 | 1,648,814 |
| Canadian Tire Corporation Limited Class A (Consumer discretionary, Multiline retail) | | | | | 700 | 87,258 |
| Canadian Utilities Limited Class A (Utilities, Multi-utilities) | | | | | 18,800 | 493,113 |
| CCL Industries Incorporated Class B (Materials, Containers & packaging) | | | | | 8,000 | 384,786 |
| Cenovus Energy Incorporated (Energy, Oil, gas & consumable fuels) | | | | | 32,200 | 593,735 |
| CGI Incorporated (Information technology, IT services) † | | | | | 14,365 | 1,287,955 |
| Constellation Software Incorporated (Information technology, Software) | | | | | 628 | 1,079,801 |
| Dollarama Incorporated (Consumer discretionary, Multiline retail) | | | | | 11,200 | 646,965 |
| Empire Company Limited Class A (Consumer staples, Food & staples retailing) | | | | | 25,000 | 663,063 |
| Enbridge Incorporated (Energy, Oil, gas & consumable fuels) | | | | | 35,700 | 1,339,306 |
| Fairfax Financial Holdings Limited (Financials, Insurance) | | | | | 1,200 | 838,962 |
| First Quantum Minerals Limited (Materials, Metals & mining) | | | | | 7,500 | 163,851 |
| Fortis Incorporated (Utilities, Electric utilities) | | | | | 9,444 | 373,746 |
| George Weston Limited (Consumer staples, Food & staples retailing) | | | | | 4,400 | 551,250 |
| Gildan Activewear Incorporated (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 10,100 | 320,950 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Canada: (continued) | | | | | | |
| Hydro One Limited (Utilities, Electric utilities) 144A | | | | | 12,800 | $ 332,171 |
| iA Financial Corporation (Financials, Insurance) | | | | | 3,900 | 261,810 |
| IGM Financial Incorporated (Financials, Capital markets) | | | | | 6,900 | 209,958 |
| Imperial Oil Limited (Energy, Oil, gas & consumable fuels) | | | | | 11,700 | 578,698 |
| Intact Financial Corporation (Financials, Insurance) | | | | | 3,975 | 571,008 |
| Loblaw Companies Limited (Consumer staples, Food & staples retailing) | | | | | 8,600 | 734,955 |
| Lumine Group Incorporated (Communication services, Interactive media & services) ♦ | | | | | 1,884 | 19,289 |
| Lundin Mining Corporation (Materials, Metals & mining) | | | | | 32,800 | 204,084 |
| Magna International Incorporated (Consumer discretionary, Auto components) | | | | | 9,627 | 536,558 |
| Manulife Financial Corporation (Financials, Insurance) | | | | | 63,400 | 1,253,596 |
| Metro Incorporated (Consumer staples, Food & staples retailing) | | | | | 11,430 | 593,656 |
| National Bank of Canada (Financials, Banks) | | | | | 7,508 | 551,449 |
| Northland Power Incorporated (Utilities, Independent power & renewable electricity producers) | | | | | 15,000 | 364,419 |
| Nutrien Limited (Materials, Chemicals) | | | | | 21,800 | 1,698,627 |
| Nuvei Corporation Subordinate Voting Shares (Information technology, IT services) † | | | | | 1,700 | 52,053 |
| Open Text Corporation (Information technology, Software) | | | | | 6,818 | 234,695 |
| Pembina Pipeline Corporation (Energy, Oil, gas & consumable fuels) | | | | | 4,700 | 154,313 |
| Quebecor Incorporated Class B (Communication services, Media) | | | | | 4,000 | 94,628 |
| Restaurant Brands International Incorporated (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 14,403 | 929,413 |
| RioCan REIT (Real estate, Equity REITs) | | | | | 29,200 | 462,449 |
| Rogers Communications Incorporated Class B (Communication services, Wireless telecommunication services) | | | | | 8,937 | 426,906 |
| Royal Bank of Canada (Financials, Banks) | | | | | 32,831 | 3,333,387 |
| Saputo Incorporated (Consumer staples, Food products) | | | | | 18,300 | 490,056 |
| Sun Life Financial Incorporated (Financials, Insurance) | | | | | 7,258 | 350,746 |
| Suncor Energy Incorporated (Energy, Oil, gas & consumable fuels) | | | | | 41,800 | 1,404,872 |
| TC Energy Corporation (Energy, Oil, gas & consumable fuels) | | | | | 10,700 | 425,883 |
| Teck Resources Limited Class B (Materials, Metals & mining) | | | | | 18,400 | 734,517 |
| TFI International Incorporated (Industrials, Road & rail) | | | | | 10,600 | 1,293,519 |
| The Bank of Nova Scotia (Financials, Banks) | | | | | 14,008 | 692,341 |
| The Toronto-Dominion Bank (Financials, Banks) | | | | | 39,918 | 2,657,787 |
| TMX Group Limited (Financials, Capital markets) | | | | | 1,000 | 99,722 |
| Toromont Industries Limited (Industrials, Trading companies & distributors) | | | | | 1,000 | 82,477 |
| Tourmaline Oil Corporation (Energy, Oil, gas & consumable fuels) | | | | | 12,700 | 556,585 |
| West Fraser Timber Company Limited (Materials, Paper & forest products) | | | | | 1,600 | 120,191 |
| | | | | | | 43,812,881 |
| Denmark: 2.81% | | | | | | |
| A.P. Moller-Mærsk AS Class B (Industrials, Marine) | | | | | 218 | 508,364 |
| Carlsberg AS Class B (Consumer staples, Beverages) | | | | | 3,955 | 559,665 |
| Coloplast AS Class B (Health care, Health care equipment & supplies) | | | | | 3,290 | 380,472 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 5
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Denmark: (continued) | | | | | | |
| Danske Bank AS (Financials, Banks) | | | | | 38,542 | $ 895,217 |
| DSV Panalpina AS (Industrials, Air freight & logistics) | | | | | 3,084 | 561,401 |
| Genmab AS (Health care, Biotechnology) † | | | | | 2,186 | 822,579 |
| Novo Nordisk AS Class B (Health care, Pharmaceuticals) | | | | | 41,775 | 5,913,878 |
| Orsted AS (Utilities, Electric utilities) 144A | | | | | 638 | 55,776 |
| Pandora AS (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 16,802 | 1,593,516 |
| Rockwool International Class A (Industrials, Building products) | | | | | 1,790 | 407,625 |
| Vestas Wind System AS Class A (Industrials, Electrical equipment) | | | | | 10,197 | 290,678 |
| William Demant Holding AS (Health care, Health care equipment & supplies) † | | | | | 15,108 | 452,786 |
| | | | | | | 12,441,957 |
| Finland: 0.86% | | | | | | |
| Elisa Oyj (Communication services, Diversified telecommunication services) | | | | | 2,280 | 129,549 |
| Kone Oyj Class B (Industrials, Machinery) | | | | | 3,866 | 200,978 |
| Neste Oil Oyj (Energy, Oil, gas & consumable fuels) | | | | | 3,021 | 145,994 |
| Nokia Oyj (Information technology, Communications equipment) | | | | | 123,688 | 572,947 |
| Nordea Bank Abp (Financials, Banks) | | | | | 73,010 | 925,110 |
| Orion Oyj Class B (Health care, Pharmaceuticals) | | | | | 16,451 | 775,180 |
| Sampo Oyj Class A (Financials, Insurance) | | | | | 9,228 | 449,371 |
| Stora Enso Oyj (Materials, Paper & forest products) | | | | | 8,777 | 124,352 |
| UPM-Kymmene Oyj (Materials, Paper & forest products) | | | | | 7,140 | 259,108 |
| Wartsila Oyj Abp (Industrials, Machinery) | | | | | 21,496 | 208,174 |
| | | | | | | 3,790,763 |
| France: 9.31% | | | | | | |
| Aeroports de Paris SA (Industrials, Transportation infrastructure) † | | | | | 550 | 79,959 |
| Air Liquide SA (Materials, Chemicals) | | | | | 9,860 | 1,570,178 |
| Amundi SA (Financials, Capital markets) 144A | | | | | 1,752 | 115,633 |
| Arkema SA (Materials, Chemicals) | | | | | 3,005 | 305,634 |
| AXA SA (Financials, Insurance) | | | | | 56,873 | 1,795,613 |
| BioMerieux Incorporated (Health care, Health care equipment & supplies) | | | | | 2,911 | 285,543 |
| BNP Paribas SA (Financials, Banks) | | | | | 26,417 | 1,848,314 |
| Bolloré SA (Industrials, Air freight & logistics) | | | | | 2,215 | 12,393 |
| Bureau Veritas SA (Industrials, Professional services) | | | | | 10,015 | 286,643 |
| Capgemini SE (Information technology, IT services) | | | | | 5,054 | 950,717 |
| Carrefour SA (Consumer staples, Food & staples retailing) | | | | | 40,116 | 793,878 |
| Compagnie de Saint-Gobain SA (Industrials, Building products) | | | | | 14,036 | 836,268 |
| Compagnie Generale des Etablissements Michelin SCA (Consumer discretionary, Auto components) | | | | | 12,291 | 386,561 |
| Covivio (Real estate, Equity REITs) | | | | | 8,673 | 556,827 |
| Credit Agricole SA (Financials, Banks) | | | | | 13,593 | 166,230 |
| Danone SA (Consumer staples, Food products) | | | | | 8,730 | 491,603 |
| Dassault Avation SA (Industrials, Aerospace & defense) | | | | | 741 | 127,517 |
| Dassault Systèmes SE (Information technology, Software) | | | | | 15,513 | 600,208 |
| Edenred Group SE (Information technology, IT services) | | | | | 4,158 | 234,497 |
| Eiffage SA (Industrials, Construction & engineering) | | | | | 2,308 | 253,882 |
| Engie SA (Utilities, Multi-utilities) | | | | | 52,140 | 763,034 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| France: (continued) | | | | | | |
| Essilor International SA (Health care, Health care equipment & supplies) | | | | | 4,932 | $ 857,605 |
| Eurazeo SA (Financials, Diversified financial services) | | | | | 5,449 | 367,705 |
| Gecina SA (Real estate, Equity REITs) | | | | | 3,507 | 404,690 |
| Groupe Eurotunnel SE (Industrials, Transportation infrastructure) | | | | | 7,355 | 123,887 |
| Hermes International SA (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 451 | 818,332 |
| Ipsen SA (Health care, Pharmaceuticals) | | | | | 4,468 | 510,859 |
| Kering SA (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 1,530 | 898,146 |
| Klepierre SA (Real estate, Equity REITs) | | | | | 36,900 | 923,819 |
| La Francaise des Jeux SA (Consumer discretionary, Hotels, restaurants & leisure) 144A | | | | | 444 | 17,559 |
| Legrand SA (Industrials, Electrical equipment) | | | | | 5,366 | 497,184 |
| L'Oréal SA (Consumer staples, Personal products) | | | | | 5,426 | 2,152,728 |
| LVMH Moët Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 6,409 | 5,348,471 |
| Orange SA (Communication services, Diversified telecommunication services) | | | | | 72,847 | 831,526 |
| Pernod-Ricard SA (Consumer staples, Beverages) | | | | | 3,469 | 725,393 |
| Publicis Groupe SA (Communication services, Media) | | | | | 3,835 | 305,194 |
| Renault SA (Consumer discretionary, Automobiles) † | | | | | 14,896 | 669,136 |
| Safran SA (Industrials, Aerospace & defense) | | | | | 1,132 | 160,392 |
| Sanofi SA (Health care, Pharmaceuticals) | | | | | 30,211 | 2,840,406 |
| Sartorius Stedim Biotech SA (Health care, Life sciences tools & services) | | | | | 1,320 | 430,996 |
| Schneider Electric SE (Industrials, Electrical equipment) | | | | | 12,673 | 2,039,051 |
| Societe Generale SA (Financials, Banks) | | | | | 32,254 | 932,023 |
| Sodexho Alliance SA (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 5,811 | 539,276 |
| Thales SA (Industrials, Aerospace & defense) | | | | | 2,672 | 373,620 |
| Total SA (Energy, Oil, gas & consumable fuels) | | | | | 59,353 | 3,676,887 |
| Ubisoft Entertainment SA (Communication services, Entertainment) † | | | | | 14,165 | 312,831 |
| Valeo SA (Consumer discretionary, Auto components) | | | | | 17,643 | 368,275 |
| Vinci SA (Industrials, Construction & engineering) | | | | | 9,352 | 1,066,711 |
| Wendel SA (Financials, Diversified financial services) | | | | | 5,293 | 601,828 |
| | | | | | | 41,255,662 |
| Germany: 6.68% | | | | | | |
| adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 1,722 | 258,014 |
| Allianz AG (Financials, Insurance) | | | | | 9,256 | 2,174,864 |
| BASF SE (Materials, Chemicals) | | | | | 26,267 | 1,346,761 |
| Bayer AG (Health care, Pharmaceuticals) | | | | | 30,463 | 1,813,703 |
| Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | | | | | 9,703 | 1,003,195 |
| Bechtle AG (Information technology, IT services) | | | | | 17,999 | 760,169 |
| Beiersdorf AG (Consumer staples, Personal products) | | | | | 2,016 | 240,952 |
| Carl Zeiss Meditec AG (Health care, Health care equipment & supplies) | | | | | 781 | 104,332 |
| Commerzbank AG (Financials, Banks) † | | | | | 50,367 | 613,973 |
| Continental AG (Consumer discretionary, Auto components) | | | | | 5,072 | 364,796 |
| Covestro AG (Materials, Chemicals) 144A | | | | | 3,367 | 148,327 |
| Daimler Truck Holding AG (Industrials, Machinery) † | | | | | 20,949 | 665,065 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 7
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Germany: (continued) | | | | | | |
| Deutsche Bank AG (Financials, Capital markets) | | | | | 91,527 | $ 1,142,335 |
| Deutsche Boerse AG (Financials, Capital markets) | | | | | 3,723 | 649,740 |
| Deutsche Lufthansa AG (Industrials, Airlines) † | | | | | 66,254 | 688,295 |
| Deutsche Post AG (Industrials, Air freight & logistics) | | | | | 19,488 | 826,972 |
| Deutsche Telekom AG (Communication services, Diversified telecommunication services) | | | | | 85,644 | 1,923,586 |
| Fresenius Medical Care AG & Company KGaA (Health care, Health care providers & services) | | | | | 7,036 | 274,758 |
| Fresenius SE & Company KGaA (Health care, Health care providers & services) | | | | | 11,673 | 321,380 |
| GEA Group AG (Industrials, Machinery) | | | | | 4,510 | 198,537 |
| Heidelbergcement AG (Materials, Construction materials) | | | | | 4,935 | 339,910 |
| Henkel AG & Company KGaA (Consumer staples, Household products) | | | | | 2,027 | 140,322 |
| Infineon Technologies AG (Information technology, Semiconductors & semiconductor equipment) | | | | | 31,846 | 1,128,903 |
| Knorr Bremse AG (Industrials, Machinery) | | | | | 2,991 | 203,798 |
| Mercedes Benz Group AG (Consumer discretionary, Automobiles) | | | | | 22,948 | 1,763,367 |
| Merck KGaA (Health care, Pharmaceuticals) | | | | | 3,888 | 737,547 |
| MTU Aero Engines AG (Industrials, Aerospace & defense) | | | | | 635 | 153,470 |
| Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance) | | | | | 3,485 | 1,202,032 |
| Nemetschek SE (Information technology, Software) | | | | | 2,450 | 139,104 |
| Rheinmetall AG (Industrials, Aerospace & defense) | | | | | 4,669 | 1,188,179 |
| RWE AG (Utilities, Independent power & renewable electricity producers) | | | | | 14,436 | 614,423 |
| SAP SE (Information technology, Software) | | | | | 27,558 | 3,132,836 |
| Scout24 AG (Communication services, Interactive media & services) 144A | | | | | 6,778 | 372,219 |
| Siemens AG (Industrials, Industrial conglomerates) | | | | | 16,075 | 2,460,265 |
| Siemens Energy AG (Industrials, Electrical equipment) | | | | | 8,687 | 174,301 |
| United Internet AG (Communication services, Diversified telecommunication services) | | | | | 4,012 | 87,925 |
| Zalando SE (Consumer discretionary, Internet & direct marketing retail) 144A† | | | | | 6,072 | 241,480 |
| | | | | | | 29,599,835 |
| Hong Kong: 2.50% | | | | | | |
| AIA Group Limited (Financials, Insurance) | | | | | 247,600 | 2,626,022 |
| BOC Hong Kong (Holdings) Limited (Financials, Banks) | | | | | 133,500 | 451,554 |
| Budweiser Brewing Company APAC Limited (Consumer staples, Beverages) 144A | | | | | 12,900 | 38,621 |
| CK Asset Holdings Limited (Real estate, Real estate management & development) | | | | | 92,190 | 577,846 |
| CK Hutchison Holdings Limited (Industrials, Industrial conglomerates) | | | | | 157,570 | 939,470 |
| CK Infrastructure Holdings Limited (Utilities, Electric utilities) | | | | | 97,500 | 514,243 |
| Galaxy Entertainment Group Limited (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 42,000 | 279,308 |
| Hang Lung Properties Limited (Real estate, Real estate management & development) | | | | | 27,000 | 52,078 |
| Hong Kong Exchanges & Clearing Limited (Financials, Capital markets) | | | | | 14,600 | 585,161 |
| Hong Kong Land Holdings Limited (Real estate, Real estate management & development) | | | | | 8,435 | 38,548 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Hong Kong: (continued) | | | | | | |
| Jardine Matheson Holdings Limited (Industrials, Industrial conglomerates) | | | | | 11,348 | $ 561,953 |
| Link REIT (Real estate, Equity REITs) | | | | | 36,500 | 239,942 |
| MTR Corporation Limited (Industrials, Road & rail) | | | | | 74,500 | 375,376 |
| Power Assets Holdings Limited (Utilities, Electric utilities) | | | | | 71,000 | 379,902 |
| Sino Land Company (Real estate, Real estate management & development) | | | | | 497,899 | 638,121 |
| Sun Hung Kai Properties Limited (Real estate, Real estate management & development) | | | | | 36,000 | 491,655 |
| Swire Pacific Limited Class A (Real estate, Real estate management & development) | | | | | 60,978 | 497,183 |
| Swire Properties Limited (Real estate, Real estate management & development) | | | | | 72,800 | 191,520 |
| Techtronic Industries Company Limited (Industrials, Machinery) | | | | | 11,500 | 114,350 |
| WH Group Limited (Consumer staples, Food products) 144A | | | | | 1,944,000 | 1,129,340 |
| Xinyi Glass Holdings Limited (Industrials, Building products) | | | | | 195,000 | 364,193 |
| | | | | | | 11,086,386 |
| Ireland: 0.41% | | | | | | |
| CRH plc (Materials, Construction materials) | | | | | 19,669 | 926,189 |
| Flutter Entertainment plc (Consumer discretionary, Hotels, restaurants & leisure) † | | | | | 2,031 | 327,276 |
| Kingspan Group plc (Industrials, Building products) | | | | | 4,221 | 274,927 |
| Smurfit Kappa Group plc (Materials, Containers & packaging) | | | | | 8,004 | 299,436 |
| | | | | | | 1,827,828 |
| Israel: 0.66% | | | | | | |
| Bank Hapoalim BM (Financials, Banks) | | | | | 21,987 | 184,037 |
| Bank Leumi Le-Israel (Financials, Banks) | | | | | 25,090 | 195,245 |
| Bezeq The Israel Telecommunication Corporation (Communication services, Diversified telecommunication services) | | | | | 272,212 | 376,868 |
| Check Point Software Technologies Limited (Information technology, Software) † | | | | | 8,336 | 1,031,330 |
| ICL Group Limited (Materials, Chemicals) | | | | | 45,113 | 327,969 |
| Israel Discount Bank Limited Class A (Financials, Banks) | | | | | 31,392 | 148,995 |
| Mizrahi Tefahot Bank Limited (Financials, Banks) | | | | | 3,168 | 94,258 |
| Wix.com Limited (Information technology, IT services) † | | | | | 3,644 | 329,891 |
| ZIM Integrated Shipping Services Limited (Industrials, Marine) | | | | | 10,091 | 238,753 |
| | | | | | | 2,927,346 |
| Italy: 1.82% | | | | | | |
| Assicurazioni Generali SpA (Financials, Insurance) | | | | | 37,788 | 747,808 |
| Enel SpA (Utilities, Electric utilities) | | | | | 145,320 | 817,249 |
| Eni SpA (Energy, Oil, gas & consumable fuels) | | | | | 75,532 | 1,067,812 |
| FinecoBank SpA (Financials, Banks) | | | | | 12,904 | 223,154 |
| Infrastrutture Wireless Italiane SpA (Communication services, Diversified telecommunication services) 144A | | | | | 8,235 | 90,760 |
| Intesa Sanpaolo SpA (Financials, Banks) | | | | | 477,559 | 1,293,849 |
| Mediobanca SpA (Financials, Banks) | | | | | 30,238 | 323,025 |
| Poste Italiane SpA (Financials, Insurance) 144A | | | | | 19,576 | 211,196 |
| Prysmian SpA (Industrials, Electrical equipment) | | | | | 22,194 | 853,771 |
| Snam SpA (Utilities, Gas utilities) | | | | | 86,730 | 426,198 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 9
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Italy: (continued) | | | | | | |
| Terna SpA (Utilities, Electric utilities) | | | | | 84,787 | $ 639,233 |
| UniCredit SpA (Financials, Banks) | | | | | 67,790 | 1,387,280 |
| | | | | | | 8,081,335 |
| Japan: 17.92% | | | | | | |
| Advantest Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 8,200 | 651,037 |
| Aisin Seiki Company Limited (Consumer discretionary, Auto components) | | | | | 17,100 | 468,459 |
| Ajinomoto Company Incorporated (Consumer staples, Food products) | | | | | 7,550 | 222,804 |
| Asahi Group Holdings Limited (Consumer staples, Beverages) | | | | | 16,000 | 565,943 |
| Astellas Pharma Incorporated (Health care, Pharmaceuticals) | | | | | 39,200 | 552,494 |
| Azbil Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 4,100 | 106,599 |
| Bandai Namco Holdings Incorporated (Consumer discretionary, Leisure products) | | | | | 4,300 | 265,728 |
| Bridgestone Corporation (Consumer discretionary, Auto components) | | | | | 14,400 | 552,605 |
| Brother Industries Limited (Information technology, Technology hardware, storage & peripherals) | | | | | 29,400 | 432,509 |
| Canon Incorporated (Information technology, Technology hardware, storage & peripherals) | | | | | 25,800 | 557,195 |
| Capcom Company Limited (Communication services, Entertainment) | | | | | 13,300 | 418,571 |
| Chubu Electric Power Company Incorporated (Utilities, Electric utilities) | | | | | 21,600 | 224,004 |
| Dai Nippon Printing Company Limited (Industrials, Commercial services & supplies) | | | | | 16,500 | 442,327 |
| Daifuku Company Limited (Industrials, Machinery) | | | | | 1,100 | 60,027 |
| Dai-ichi Life Holdings Incorporated (Financials, Insurance) | | | | | 23,500 | 501,137 |
| Daiichi Sankyo Company Limited (Health care, Pharmaceuticals) | | | | | 32,400 | 1,019,200 |
| Daikin Industries Limited (Industrials, Building products) | | | | | 2,266 | 388,526 |
| Daito Trust Construction Company Limited (Real estate, Real estate management & development) | | | | | 5,300 | 499,423 |
| Daiwa House Industry Company Limited (Real estate, Real estate management & development) | | | | | 1,200 | 27,701 |
| Dentsu Incorporated (Communication services, Media) | | | | | 9,800 | 314,539 |
| Disco Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 1,500 | 470,420 |
| ENEOS Holdings Incorporated (Energy, Oil, gas & consumable fuels) | | | | | 170,300 | 588,242 |
| Fast Retailing Company Limited (Consumer discretionary, Specialty retail) | | | | | 2,700 | 533,436 |
| Fuji Electric Holdings Company Limited (Industrials, Electrical equipment) | | | | | 14,400 | 556,307 |
| Fujitsu Limited (Information technology, IT services) | | | | | 9,600 | 1,235,298 |
| Hakuhodo DY Holdings Incorporated (Communication services, Media) | | | | | 400 | 4,460 |
| Hamamatsu Photonics (Information technology, Electronic equipment, instruments & components) | | | | | 3,900 | 191,341 |
| Hankyu Hanshin Holdings Incorporated (Industrials, Road & rail) | | | | | 6,200 | 176,453 |
| Hirose Electric Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 1,400 | 171,202 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Japan: (continued) | | | | | | |
| Hitachi Construction Machinery Company Limited (Industrials, Machinery) | | | | | 10,100 | $ 225,879 |
| Hitachi Limited (Industrials, Industrial conglomerates) | | | | | 20,500 | 1,037,384 |
| Honda Motor Company Limited (Consumer discretionary, Automobiles) | | | | | 32,900 | 855,876 |
| Hoya Corporation (Health care, Health care equipment & supplies) | | | | | 11,000 | 1,088,245 |
| Ibiden Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 4,000 | 137,343 |
| Idemitsu Kosan Company Limited (Energy, Oil, gas & consumable fuels) | | | | | 28,300 | 630,829 |
| Iida Group Holdings Company Limited (Consumer discretionary, Household durables) | | | | | 35,500 | 590,037 |
| Inpex Holdings Incorporated (Energy, Oil, gas & consumable fuels) | | | | | 59,800 | 629,381 |
| Isuzu Motors Limited (Consumer discretionary, Automobiles) | | | | | 34,400 | 411,572 |
| Itochu Corporation (Industrials, Trading companies & distributors) | | | | | 42,100 | 1,258,161 |
| Itochu Techno-Solutions Corporation (Information technology, IT services) | | | | | 23,700 | 527,421 |
| Japan Post Holdings (Financials, Insurance) | | | | | 61,200 | 543,880 |
| Japan Post Insurance Company Limited (Financials, Insurance) | | | | | 24,600 | 426,758 |
| Japan Tobacco Incorporated (Consumer staples, Tobacco) | | | | | 9,400 | 191,203 |
| JFE Holdings Incorporated (Materials, Metals & mining) | | | | | 46,700 | 578,284 |
| JSR Corporation (Materials, Chemicals) | | | | | 4,400 | 100,018 |
| Kajima Corporation (Industrials, Construction & engineering) | | | | | 53,800 | 642,889 |
| Kakaku.com Incorporated (Communication services, Interactive media & services) | | | | | 23,700 | 353,703 |
| Kansai Electric Power Company Incorporated (Utilities, Electric utilities) | | | | | 19,800 | 186,432 |
| Kao Corporation (Consumer staples, Personal products) | | | | | 13,000 | 485,990 |
| KDDI Corporation (Communication services, Wireless telecommunication services) | | | | | 48,900 | 1,431,570 |
| Keisei Electric Railway Company Limited (Industrials, Road & rail) | | | | | 1,900 | 54,912 |
| Keyence Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 3,600 | 1,557,078 |
| Kintetsu Group Holdings Company Limited (Industrials, Road & rail) | | | | | 4,900 | 148,452 |
| Kirin Holdings Company Limited (Consumer staples, Beverages) | | | | | 42,400 | 634,965 |
| Kobayashi Pharmaceutical Company Limited (Consumer staples, Personal products) | | | | | 4,400 | 264,992 |
| Koel Tecmo Holdings Company Limited (Communication services, Entertainment) | | | | | 4,600 | 77,097 |
| Komatsu Limited (Industrials, Machinery) | | | | | 31,500 | 754,214 |
| Konami Holdings Corporation (Communication services, Entertainment) | | | | | 9,700 | 428,166 |
| KOSE Corporation (Consumer staples, Personal products) | | | | | 3,400 | 384,312 |
| Kubota Corporation (Industrials, Machinery) | | | | | 10,400 | 157,006 |
| Kyocera Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 6,400 | 315,311 |
| LIXIL Corporation (Industrials, Building products) | | | | | 28,300 | 451,245 |
| M3 Incorporated (Health care, Health care technology) | | | | | 15,100 | 360,657 |
| Marubeni Corporation (Industrials, Trading companies & distributors) | | | | | 87,100 | 1,113,099 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 11
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Japan: (continued) | | | | | | |
| Mazda Motor Corporation (Consumer discretionary, Automobiles) | | | | | 76,900 | $ 693,007 |
| Meiji Holdings Company Limited (Consumer staples, Food products) | | | | | 300 | 13,749 |
| Misumi Group Incorporated (Industrials, Machinery) | | | | | 7,900 | 187,992 |
| Mitsubishi Corporation (Industrials, Trading companies & distributors) | | | | | 42,400 | 1,441,516 |
| Mitsubishi Electric Corporation (Industrials, Electrical equipment) | | | | | 32,000 | 360,295 |
| Mitsubishi Estate Company Limited (Real estate, Real estate management & development) | | | | | 19,000 | 236,602 |
| Mitsubishi Heavy Industries Limited (Industrials, Machinery) | | | | | 30,700 | 1,130,774 |
| Mitsubishi UFJ Financial Group Incorporated (Financials, Banks) | | | | | 258,800 | 1,834,438 |
| Mitsubishi UFJ Lease & Finance Company Limited (Financials, Diversified financial services) | | | | | 111,700 | 583,296 |
| Mitsui & Company Limited (Industrials, Trading companies & distributors) | | | | | 50,400 | 1,415,516 |
| Mitsui Chemicals Incorporated (Materials, Chemicals) | | | | | 29,900 | 721,395 |
| Mitsui Fudosan Company Limited (Real estate, Real estate management & development) | | | | | 13,100 | 249,675 |
| Mitsui OSK Lines Limited (Industrials, Marine) | | | | | 17,700 | 462,796 |
| Mizuho Financial Group Incorporated (Financials, Banks) | | | | | 29,970 | 467,198 |
| MS&AD Insurance Group Holdings Incorporated (Financials, Insurance) | | | | | 14,500 | 474,121 |
| Murata Manufacturing Company Limited (Information technology, Electronic equipment, instruments & components) | | | | | 15,500 | 833,315 |
| NEC Corporation (Information technology, IT services) | | | | | 8,700 | 311,502 |
| Nexon Company Limited (Communication services, Entertainment) | | | | | 26,600 | 576,719 |
| NGK Insulators Limited (Industrials, Machinery) | | | | | 36,900 | 489,994 |
| Nidec Corporation (Industrials, Electrical equipment) | | | | | 600 | 30,389 |
| Nintendo Company Limited (Communication services, Entertainment) | | | | | 30,800 | 1,159,114 |
| Nippon Express Holdings Incorporated (Industrials, Road & rail) | | | | | 8,100 | 452,132 |
| Nippon Steel Corporation (Materials, Metals & mining) | | | | | 48,500 | 1,081,815 |
| Nippon Telegraph & Telephone Corporation (Communication services, Diversified telecommunication services) | | | | | 39,600 | 1,147,965 |
| Nippon Yusen Kabushiki Kaisha (Industrials, Marine) | | | | | 19,700 | 511,038 |
| Nissan Chemical Industries Limited (Materials, Chemicals) | | | | | 3,000 | 131,762 |
| Nissan Motor Company Limited (Consumer discretionary, Automobiles) | | | | | 11,300 | 43,787 |
| Nitto Denko Corporation (Materials, Chemicals) | | | | | 6,100 | 367,375 |
| Nomura Holdings Incorporated (Financials, Capital markets) | | | | | 121,800 | 502,121 |
| Nomura Real Estate Holding Incorporated (Real estate, Real estate management & development) | | | | | 13,700 | 305,384 |
| NTT Data Corporation (Information technology, IT services) | | | | | 20,267 | 281,331 |
| Obayashi Corporation (Industrials, Construction & engineering) | | | | | 11,700 | 86,533 |
| Olympus Corporation (Health care, Health care equipment & supplies) | | | | | 41,600 | 700,895 |
| Ono Pharmaceutical Company Limited (Health care, Pharmaceuticals) | | | | | 23,400 | 477,779 |
| Oracle Corporation (Japan) (Information technology, Software) | | | | | 4,200 | 286,262 |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Japan: (continued) | | | | | | |
| ORIX Corporation (Financials, Diversified financial services) | | | | | 31,200 | $ 559,471 |
| Osaka Gas Company Limited (Utilities, Gas utilities) | | | | | 20,000 | 325,071 |
| Otsuka Corporation (Information technology, IT services) | | | | | 20,400 | 687,716 |
| Otsuka Holdings Company Limited (Health care, Pharmaceuticals) | | | | | 7,600 | 230,755 |
| Panasonic Corporation (Consumer discretionary, Household durables) | | | | | 100 | 872 |
| Persol Holdings Company Limited (Industrials, Professional services) | | | | | 36,100 | 723,034 |
| Recruit Holdings Company Limited (Industrials, Professional services) | | | | | 32,400 | 881,419 |
| Renesas Electronics Corporation (Information technology, Semiconductors & semiconductor equipment) † | | | | | 18,200 | 235,796 |
| Ricoh Company Limited (Information technology, Technology hardware, storage & peripherals) | | | | | 44,800 | 348,121 |
| Rohm Company Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 3,800 | 292,490 |
| SCSK Corporation (Information technology, IT services) | | | | | 33,100 | 480,133 |
| Secom Company Limited (Industrials, Commercial services & supplies) | | | | | 3,400 | 197,850 |
| Seiko Epson Corporation (Information technology, Technology hardware, storage & peripherals) | | | | | 7,900 | 108,908 |
| Sekisui Chemical Company Limited (Consumer discretionary, Household durables) | | | | | 2,300 | 30,829 |
| Sekisui House Limited (Consumer discretionary, Household durables) | | | | | 28,200 | 534,258 |
| Seven & I Holdings Company Limited (Consumer staples, Food & staples retailing) | | | | | 10,800 | 483,067 |
| SG Holdings Company Limited (Industrials, Air freight & logistics) | | | | | 17,300 | 249,421 |
| Shimadzu Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 4,300 | 124,274 |
| Shin-Etsu Chemical Company Limited (Materials, Chemicals) | | | | | 8,200 | 1,153,318 |
| Shiseido Company Limited (Consumer staples, Personal products) | | | | | 5,300 | 244,106 |
| SMC Corporation (Industrials, Machinery) | | | | | 300 | 152,253 |
| SoftBank Group Corporation (Communication services, Wireless telecommunication services) | | | | | 6,500 | 263,380 |
| Sompo Holdings Incorporated (Financials, Insurance) | | | | | 8,900 | 381,676 |
| Sony Corporation (Consumer discretionary, Household durables) | | | | | 20,200 | 1,695,759 |
| Square Enix Company Limited (Communication services, Entertainment) | | | | | 14,600 | 650,891 |
| Subaru Corporation (Consumer discretionary, Automobiles) | | | | | 7,000 | 112,464 |
| Sumco Corporation (Information technology, Semiconductors & semiconductor equipment) | | | | | 14,833 | 204,702 |
| Sumitomo Chemical Company Limited (Materials, Chemicals) | | | | | 17,400 | 60,958 |
| Sumitomo Corporation (Industrials, Trading companies & distributors) | | | | | 60,900 | 1,039,042 |
| Sumitomo Electric Industries Limited (Industrials, Electrical equipment) | | | | | 5,000 | 61,529 |
| Sumitomo Metal Mining Company Limited (Materials, Metals & mining) | | | | | 6,700 | 248,996 |
| Sumitomo Mitsui Financial Group Incorporated (Financials, Banks) | | | | | 24,400 | 1,070,227 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 13
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Japan: (continued) | | | | | | |
| Sumitomo Mitsui Trust Holdings Incorporated (Financials, Banks) | | | | | 1,400 | $ 51,875 |
| Suntory Beverage & Food Limited (Consumer staples, Beverages) | | | | | 14,600 | 512,563 |
| Taisei Corporation (Industrials, Construction & engineering) | | | | | 12,700 | 414,146 |
| Takeda Pharmaceutical Company Limited (Health care, Pharmaceuticals) | | | | | 35,200 | 1,088,924 |
| TDK Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 17,000 | 569,351 |
| Terumo Corporation (Health care, Health care equipment & supplies) | | | | | 6,800 | 182,842 |
| TIS Incorporated (Information technology, Software) | | | | | 24,300 | 603,239 |
| Tobu Railway Company Limited (Industrials, Road & rail) | | | | | 17,900 | 399,662 |
| Toho Company Limited Tokyo (Communication services, Entertainment) | | | | | 5,400 | 187,992 |
| Tokio Marine Holdings Incorporated (Financials, Insurance) | | | | | 48,200 | 1,023,261 |
| Tokyo Electron Limited (Information technology, Semiconductors & semiconductor equipment) | | | | | 4,700 | 1,612,405 |
| Tokyo Gas Company Limited (Utilities, Gas utilities) | | | | | 22,200 | 428,494 |
| Toppan Printing Company Limited (Industrials, Commercial services & supplies) | | | | | 23,800 | 430,534 |
| Toray Industries Incorporated (Materials, Chemicals) | | | | | 36,600 | 209,458 |
| Toshiba Corporation (Industrials, Industrial conglomerates) | | | | | 6,100 | 188,930 |
| Tosoh Corporation (Materials, Chemicals) | | | | | 43,900 | 597,134 |
| Toyota Motor Corporation (Consumer discretionary, Automobiles) | | | | | 158,200 | 2,164,059 |
| Toyota Tsusho Corporation (Industrials, Trading companies & distributors) | | | | | 10,000 | 408,358 |
| Trend Micro Incorporated (Information technology, Software) | | | | | 17,100 | 805,046 |
| USS Company Limited (Consumer discretionary, Specialty retail) | | | | | 38,600 | 626,252 |
| Yakult Honsha Company Limited (Consumer staples, Food products) | | | | | 7,000 | 477,617 |
| Yamaha Motor Company Limited (Consumer discretionary, Automobiles) | | | | | 10,900 | 278,995 |
| Yamato Holdings Company Limited (Industrials, Air freight & logistics) | | | | | 2,600 | 43,940 |
| Yokogawa Electric Corporation (Information technology, Electronic equipment, instruments & components) | | | | | 8,400 | 125,486 |
| ZOZO Incorporated (Consumer discretionary, Internet & direct marketing retail) | | | | | 37,500 | 833,150 |
| | | | | | | 79,378,429 |
| Luxembourg: 0.25% | | | | | | |
| ArcelorMittal SA (Materials, Metals & mining) | | | | | 17,750 | 534,031 |
| Eurofins Scientific SE (Health care, Life sciences tools & services) | | | | | 7,373 | 514,696 |
| Tenaris SA (Energy, Energy equipment & services) | | | | | 3,047 | 50,534 |
| | | | | | | 1,099,261 |
| Netherlands: 5.28% | | | | | | |
| Adyen NV (Information technology, IT services) 144A† | | | | | 234 | 332,939 |
| Airbus SE (Industrials, Aerospace & defense) | | | | | 12,401 | 1,626,712 |
| ASM International NV (Information technology, Semiconductors & semiconductor equipment) | | | | | 1,819 | 621,438 |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Netherlands: (continued) | | | | | | |
| ASML Holding NV (Information technology, Semiconductors & semiconductor equipment) | | | | | 9,602 | $ 5,931,123 |
| CNH Industrial NV (Industrials, Machinery) | | | | | 26,285 | 431,620 |
| Exor NV (Financials, Diversified financial services) † | | | | | 30,216 | 2,491,559 |
| Heineken Holding NV (Consumer staples, Beverages) | | | | | 2,551 | 218,419 |
| Heineken NV (Consumer staples, Beverages) | | | | | 3,177 | 324,270 |
| ING Groep NV (Financials, Banks) | | | | | 104,305 | 1,463,550 |
| JDE Peet's NV (Consumer staples, Food products) | | | | | 8,838 | 260,247 |
| Koninklijke Ahold Delhaize NV (Consumer staples, Food & staples retailing) | | | | | 29,961 | 951,168 |
| Koninklijke DSM NV (Materials, Chemicals) | | | | | 983 | 121,335 |
| Koninklijke KPN NV (Communication services, Diversified telecommunication services) | | | | | 177,188 | 607,401 |
| Koninklijke Philips NV (Health care, Health care equipment & supplies) | | | | | 4,597 | 75,122 |
| NN Group NV (Financials, Insurance) | | | | | 18,992 | 769,364 |
| OCI NV (Materials, Chemicals) | | | | | 24,792 | 823,386 |
| Prosus NV (Consumer discretionary, Internet & direct marketing retail) | | | | | 28,676 | 2,060,054 |
| Qiagen NV (Health care, Life sciences tools & services) † | | | | | 4,925 | 226,911 |
| Randstad Holdings NV (Industrials, Professional services) | | | | | 14,057 | 863,836 |
| Stellantis NV (Consumer discretionary, Automobiles) | | | | | 87,636 | 1,534,433 |
| STMicroelectronics NV (Information technology, Semiconductors & semiconductor equipment) | | | | | 11,848 | 569,249 |
| Universal Music Group NV (Communication services, Entertainment) | | | | | 13,441 | 317,740 |
| Wolters Kluwer NV (Industrials, Professional services) | | | | | 6,652 | 770,070 |
| | | | | | | 23,391,946 |
| New Zealand: 0.22% | | | | | | |
| Auckland International Airport Limited (Industrials, Transportation infrastructure) † | | | | | 65,753 | 355,325 |
| Meridian Energy Limited (Utilities, Independent power & renewable electricity producers) | | | | | 35,781 | 117,475 |
| Spark New Zealand Limited (Communication services, Diversified telecommunication services) | | | | | 160,855 | 497,283 |
| | | | | | | 970,083 |
| Norway: 0.66% | | | | | | |
| Aker BP ASA (Energy, Oil, gas & consumable fuels) | | | | | 1,010 | 27,261 |
| DNB Bank ASA (Financials, Banks) | | | | | 6,346 | 126,861 |
| Equinor ASA (Energy, Oil, gas & consumable fuels) | | | | | 30,821 | 950,172 |
| Kongsberg Gruppen ASA (Industrials, Aerospace & defense) | | | | | 12,821 | 533,591 |
| Mowi ASA (Consumer staples, Food products) | | | | | 15,332 | 265,233 |
| Norsk Hydro ASA (Materials, Metals & mining) | | | | | 54,617 | 397,920 |
| Orkla ASA (Consumer staples, Food products) | | | | | 501 | 3,373 |
| Salmar ASA (Consumer staples, Food products) | | | | | 1,703 | 70,844 |
| Telenor ASA (Communication services, Diversified telecommunication services) | | | | | 1,753 | 19,674 |
| Yara International ASA (Materials, Chemicals) | | | | | 10,973 | 522,086 |
| | | | | | | 2,917,015 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 15
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Portugal: 0.14% | | | | | | |
| Galp Energia SGPS SA (Energy, Oil, gas & consumable fuels) | | | | | 19,727 | $ 241,202 |
| Jeronimo Martins SA (Consumer staples, Food & staples retailing) | | | | | 18,013 | 369,997 |
| | | | | | | 611,199 |
| Singapore: 1.39% | | | | | | |
| Ascendas REIT (Real estate, Equity REITs) | | | | | 46,400 | 95,315 |
| CapitaLand Investments Limited (Real estate, Real estate management & development) | | | | | 143,100 | 394,773 |
| CapitaLand Mall Trust (Real estate, Equity REITs) | | | | | 10,000 | 14,387 |
| City Developments Limited (Real estate, Real estate management & development) | | | | | 75,700 | 432,828 |
| DBS Group Holdings Limited (Financials, Banks) | | | | | 44,113 | 1,117,832 |
| Genting Singapore Limited (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 340,524 | 257,581 |
| Keppel Corporation Limited (Industrials, Industrial conglomerates) | | | | | 36,900 | 149,959 |
| Oversea-Chinese Banking Corporation Limited (Financials, Banks) | | | | | 103,496 | 972,446 |
| Sembcorp Marine Limited (Industrials, Machinery) † | | | | | 704,237 | 66,327 |
| Singapore Exchange Limited (Financials, Capital markets) | | | | | 34,900 | 225,428 |
| Singapore Telecommunications Limited (Communication services, Diversified telecommunication services) | | | | | 227,600 | 400,024 |
| United Overseas Bank Limited (Financials, Banks) | | | | | 32,486 | 720,814 |
| UOL Group Limited (Real estate, Real estate management & development) | | | | | 30,473 | 154,348 |
| Venture Corporation Limited (Information technology, Electronic equipment, instruments & components) | | | | | 65,200 | 830,201 |
| Wilmar International Limited (Consumer staples, Food products) | | | | | 110,885 | 323,992 |
| | | | | | | 6,156,255 |
| Spain: 2.50% | | | | | | |
| Acciona SA (Utilities, Electric utilities) | | | | | 976 | 183,855 |
| Actividades de Construccion y Servicios SA (Industrials, Construction & engineering) | | | | | 18,314 | 555,165 |
| Aena SA (Industrials, Transportation infrastructure) 144A† | | | | | 1,823 | 282,286 |
| Amadeus IT Holding SA Class A (Information technology, IT services) † | | | | | 3,415 | 214,555 |
| Banco Bilbao Vizcaya Argentaria SA (Financials, Banks) | | | | | 250,017 | 1,949,737 |
| Banco Santander Central Hispano SA (Financials, Banks) | | | | | 541,789 | 2,133,179 |
| CaixaBank SA (Financials, Banks) | | | | | 59,678 | 255,768 |
| EDP Renováveis SA (Utilities, Independent power & renewable electricity producers) | | | | | 6,428 | 131,967 |
| Enagás SA (Utilities, Gas utilities) | | | | | 2,657 | 47,663 |
| Grifols SA (Health care, Biotechnology) † | | | | | 41,145 | 501,992 |
| Iberdrola SA (Utilities, Electric utilities) | | | | | 141,029 | 1,620,692 |
| Industria de Diseno Textil SA (Consumer discretionary, Specialty retail) | | | | | 26,330 | 810,134 |
| Naturgy Energy Group SA (Utilities, Gas utilities) | | | | | 11,010 | 303,476 |
| Red Eléctrica Corporacion SA (Utilities, Electric utilities) | | | | | 21,549 | 358,068 |
| Repsol SA (Energy, Oil, gas & consumable fuels) | | | | | 65,846 | 1,045,028 |
| Telefónica SA (Communication services, Diversified telecommunication services) | | | | | 169,659 | 690,696 |
| | | | | | | 11,084,261 |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Sweden: 2.99% | | | | | | |
| Alfa Laval AB (Industrials, Machinery) | | | | | 7,885 | $ 259,871 |
| Assa Abloy AB Class B (Industrials, Building products) | | | | | 20,544 | 500,647 |
| Atlas Copco AB Class A (Industrials, Machinery) | | | | | 68,176 | 812,016 |
| Atlas Copco AB Class B (Industrials, Machinery) | | | | | 31,796 | 336,002 |
| Boliden AB (Materials, Metals & mining) | | | | | 13,833 | 568,424 |
| Electrolux AB (Consumer discretionary, Household durables) | | | | | 6,065 | 73,593 |
| Epiroc AB Class A (Industrials, Machinery) | | | | | 22,957 | 441,903 |
| Epiroc AB Class B (Industrials, Machinery) | | | | | 15,876 | 261,466 |
| Ericsson LM Class B (Information technology, Communications equipment) | | | | | 81,017 | 449,664 |
| Essity Aktiebolag AB (Consumer staples, Household products) | | | | | 8,862 | 239,582 |
| Evolution Gaming Group AB (Consumer discretionary, Hotels, restaurants & leisure) 144A | | | | | 2,631 | 318,344 |
| Fastighets AB (Real estate, Real estate management & development) † | | | | | 112,925 | 561,173 |
| Getinge AB Class B (Health care, Health care equipment & supplies) | | | | | 28,859 | 621,676 |
| Hennes & Mauritz AB Class B (Consumer discretionary, Specialty retail) | | | | | 24,361 | 307,282 |
| Hexagon AB Class B (Information technology, Electronic equipment, instruments & components) | | | | | 14,940 | 165,770 |
| Husqvarna AB Class B (Industrials, Machinery) | | | | | 64,151 | 569,441 |
| Indutrade AB (Industrials, Machinery) | | | | | 10,482 | 223,298 |
| Kinnevik AB (Financials, Diversified financial services) † | | | | | 38,448 | 573,525 |
| Nibe Industrier AB (Industrials, Building products) | | | | | 1,258 | 13,027 |
| Sagax AB Class B (Real estate, Real estate management & development) | | | | | 8,297 | 204,572 |
| Sandvik AB (Industrials, Machinery) | | | | | 23,269 | 479,695 |
| Securitas AB Class B (Industrials, Commercial services & supplies) | | | | | 87,868 | 758,646 |
| Skanska AB Class B (Industrials, Construction & engineering) | | | | | 1,783 | 32,465 |
| SKF AB Class B (Industrials, Machinery) | | | | | 33,459 | 637,185 |
| Svenska Handelsbanken AB Class A (Financials, Banks) | | | | | 11,021 | 116,969 |
| Swedbank AB Class A (Financials, Banks) | | | | | 11,583 | 236,573 |
| Swedish Orphan Biovitrum AB (Health care, Biotechnology) † | | | | | 31,365 | 722,402 |
| Tele2 AB Class B (Communication services, Wireless telecommunication services) | | | | | 81,259 | 747,850 |
| Telia Company AB (Communication services, Diversified telecommunication services) | | | | | 61,485 | 158,881 |
| Volvo AB Class A (Industrials, Machinery) | | | | | 18,897 | 393,898 |
| Volvo AB Class B (Industrials, Machinery) | | | | | 64,173 | 1,286,157 |
| Volvo Car AB Series B (Consumer discretionary, Automobiles) † | | | | | 31,451 | 148,602 |
| | | | | | | 13,220,599 |
| Switzerland: 8.37% | | | | | | |
| ABB Limited (Industrials, Electrical equipment) | | | | | 50,964 | 1,692,577 |
| Adecco SA (Industrials, Professional services) | | | | | 15,180 | 539,282 |
| Alcon Incorporated (Health care, Health care equipment & supplies) | | | | | 10,813 | 736,595 |
| Baloise Holding AG (Financials, Insurance) | | | | | 1,012 | 168,156 |
| Barry Callebaut AG (Consumer staples, Food products) | | | | | 12 | 23,876 |
| Chocoladefabriken Lindt & Sprungli AG (Participation Certificates) (Consumer staples, Food products) | | | | | 11 | 120,529 |
| Clariant AG (Materials, Chemicals) | | | | | 14,619 | 236,704 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 17
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| Switzerland: (continued) | | | | | | |
| Coca-Cola HBC AG (Consumer staples, Beverages) | | | | | 6,406 | $ 163,895 |
| Compagnie Financière Richemont SA (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 11,975 | 1,802,258 |
| Geberit AG (Industrials, Building products) | | | | | 711 | 384,243 |
| Julius Bär Gruppe AG (Financials, Capital markets) | | | | | 8,857 | 586,423 |
| LafargeHolcim Limited (Materials, Construction materials) | | | | | 13,517 | 834,399 |
| Logitech International SA (Information technology, Technology hardware, storage & peripherals) | | | | | 687 | 37,550 |
| Lonza Group AG (Health care, Life sciences tools & services) | | | | | 1,933 | 1,150,954 |
| Nestle SA (Consumer staples, Food products) | | | | | 65,574 | 7,385,560 |
| Novartis AG (Health care, Pharmaceuticals) | | | | | 59,771 | 5,031,210 |
| Partners Group Holding AG (Financials, Capital markets) | | | | | 780 | 740,041 |
| Roche Holding AG (Health care, Pharmaceuticals) | | | | | 15,735 | 4,540,822 |
| Roche Holding AG (Bearer Shares) (Health care, Pharmaceuticals) | | | | | 2,251 | 695,961 |
| Schindler Holding AG (Industrials, Machinery) | | | | | 175 | 37,625 |
| Schindler Holding AG (Participation Certificate) (Industrials, Machinery) | | | | | 1,413 | 317,151 |
| SGS SA (Industrials, Professional services) | | | | | 199 | 455,956 |
| Sika AG (Materials, Chemicals) | | | | | 851 | 238,444 |
| Sonova Holding AG (Health care, Health care equipment & supplies) | | | | | 3,171 | 778,399 |
| Straumann Holding AG (Health care, Health care equipment & supplies) | | | | | 2,705 | 358,570 |
| Swiss Life Holding AG (Financials, Insurance) | | | | | 963 | 578,914 |
| Swiss Prime Site AG (Real estate, Real estate management & development) | | | | | 631 | 53,262 |
| Swiss Reinsurance AG (Financials, Insurance) | | | | | 9,605 | 1,001,445 |
| Swisscom AG (Communication services, Diversified telecommunication services) | | | | | 595 | 366,659 |
| Temenos AG (Information technology, Software) | | | | | 3,468 | 255,097 |
| The Swatch Group AG (Bearer Shares) (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 2,440 | 847,659 |
| The Swatch Group AG (Registered Shares) (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 1,581 | 100,968 |
| UBS Group AG (Financials, Capital markets) | | | | | 112,587 | 2,444,555 |
| VAT Group AG (Industrials, Machinery) 144A | | | | | 754 | 227,677 |
| Zurich Insurance Group AG (Financials, Insurance) | | | | | 4,513 | 2,138,977 |
| | | | | | | 37,072,393 |
| United Kingdom: 13.44% | | | | | | |
| 3i Group plc (Financials, Capital markets) | | | | | 65,093 | 1,273,894 |
| Aberdeen plc (Financials, Capital markets) | | | | | 107,489 | 290,392 |
| Anglo American plc (Materials, Metals & mining) | | | | | 35,159 | 1,219,884 |
| Ashtead Group plc (Industrials, Trading companies & distributors) | | | | | 3,452 | 228,789 |
| Associated British Foods plc (Consumer staples, Food products) | | | | | 7,259 | 175,241 |
| AstraZeneca plc (Health care, Pharmaceuticals) | | | | | 34,210 | 4,477,065 |
| Auto Trader Group plc (Communication services, Interactive media & services) 144A | | | | | 123,856 | 887,028 |
| Aviva plc (Financials, Insurance) | | | | | 28,105 | 150,910 |
| BAE Systems plc (Industrials, Aerospace & defense) | | | | | 128,697 | 1,390,132 |
| Barclays plc (Financials, Banks) | | | | | 505,137 | 1,061,120 |
| Barratt Developments plc (Consumer discretionary, Household durables) | | | | | 47,979 | 270,725 |
The accompanying notes are an integral part of these financial statements.
18 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| United Kingdom: (continued) | | | | | | |
| Berkeley Group Holdings (Consumer discretionary, Household durables) | | | | | 2,305 | $ 116,337 |
| BP plc (Energy, Oil, gas & consumable fuels) | | | | | 417,033 | 2,761,462 |
| British American Tobacco plc (Consumer staples, Tobacco) | | | | | 50,709 | 1,917,388 |
| BT Group plc (Communication services, Diversified telecommunication services) | | | | | 483,910 | 811,116 |
| Bunzl plc (Industrials, Trading companies & distributors) | | | | | 5,407 | 192,773 |
| Burberry Group plc (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | 17,659 | 523,806 |
| Compass Group plc (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 64,021 | 1,478,547 |
| Diageo plc (Consumer staples, Beverages) | | | | | 49,195 | 2,088,257 |
| Entain plc (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 12,559 | 205,374 |
| Experian Group Limited plc (Industrials, Professional services) | | | | | 13,969 | 471,313 |
| Glencore plc (Materials, Metals & mining) | | | | | 328,720 | 1,958,618 |
| GSK plc (Health care, Pharmaceuticals) | | | | | 97,445 | 1,670,736 |
| Haleon plc (Consumer staples, Personal products) † | | | | | 47,749 | 184,912 |
| Halma plc (Information technology, Electronic equipment, instruments & components) | | | | | 5,012 | 130,461 |
| Hargreaves Lansdown plc (Financials, Capital markets) | | | | | 57,609 | 574,871 |
| Hikma Pharmaceuticals plc (Health care, Pharmaceuticals) | | | | | 18,082 | 376,709 |
| HSBC Holdings plc (Financials, Banks) | | | | | 518,169 | 3,961,564 |
| Imperial Tobacco Group plc (Consumer staples, Tobacco) | | | | | 29,970 | 722,791 |
| Intercontinental Hotels Group plc (Consumer discretionary, Hotels, restaurants & leisure) | | | | | 9,487 | 639,725 |
| Intertek Group plc (Industrials, Professional services) | | | | | 560 | 28,116 |
| Johnson Matthey plc (Materials, Chemicals) | | | | | 37,146 | 974,941 |
| Kingfisher plc (Consumer discretionary, Specialty retail) | | | | | 203,103 | 701,637 |
| Land Securities Group plc (Real estate, Equity REITs) | | | | | 57,840 | 478,522 |
| Legal & General Group plc (Financials, Insurance) | | | | | 63,229 | 194,625 |
| Lloyds Banking Group plc (Financials, Banks) | | | | | 1,583,034 | 1,001,965 |
| London Stock Exchange Group plc (Financials, Capital markets) | | | | | 3,873 | 346,230 |
| Melrose Industries plc (Industrials, Industrial conglomerates) | | | | | 70,760 | 127,543 |
| National Grid plc (Utilities, Multi-utilities) | | | | | 78,074 | 984,190 |
| NatWest Group plc (Financials, Banks) | | | | | 240,738 | 846,418 |
| Next plc (Consumer discretionary, Multiline retail) | | | | | 2,976 | 244,922 |
| NMC Health plc (Health care, Health care providers & services) ♦† | | | | | 7,509 | 15 |
| Pearson plc (Consumer discretionary, Diversified consumer services) | | | | | 31,556 | 348,598 |
| Persimmon plc (Consumer discretionary, Household durables) | | | | | 13,245 | 231,409 |
| Prudential plc (Financials, Insurance) | | | | | 23,666 | 361,384 |
| Reckitt Benckiser Group plc (Consumer staples, Household products) | | | | | 20,676 | 1,433,016 |
| RELX plc (Industrials, Professional services) | | | | | 41,796 | 1,258,366 |
| Rio Tinto plc (Materials, Metals & mining) | | | | | 29,592 | 2,033,171 |
| Schroders plc (Financials, Capital markets) | | | | | 16,727 | 100,077 |
| Severn Trent plc (Utilities, Water utilities) | | | | | 3,439 | 113,798 |
| Shell plc (Energy, Oil, gas & consumable fuels) | | | | | 184,740 | 5,614,249 |
| Smith & Nephew plc (Health care, Health care equipment & supplies) | | | | | 37,685 | 537,607 |
| SSE plc (Utilities, Electric utilities) | | | | | 33,738 | 708,354 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 19
Portfolio of investments—February 28, 2023
| | | | | | Shares | Value |
| United Kingdom: (continued) | | | | | | |
| Standard Chartered plc (Financials, Banks) | | | | | 100,514 | $ 948,123 |
| Taylor Wimpey plc (Consumer discretionary, Household durables) | | | | | 233,183 | 345,556 |
| Tesco plc (Consumer staples, Food & staples retailing) | | | | | 167,105 | 512,556 |
| The British Land Company plc (Real estate, Equity REITs) | | | | | 125,849 | 676,203 |
| The Sage Group plc (Information technology, Software) | | | | | 91,129 | 820,574 |
| Unilever plc (London Exchange) (Consumer staples, Personal products) | | | | | 68,041 | 3,385,031 |
| United Utilities Group plc (Utilities, Water utilities) | | | | | 20,400 | 249,798 |
| Vodafone Group plc (Communication services, Wireless telecommunication services) | | | | | 1,086,864 | 1,304,458 |
| WPP plc (Communication services, Media) | | | | | 33,582 | 413,636 |
| | | | | | | 59,537,028 |
| Total Common stocks (Cost $364,402,412) | | | | | | 422,286,153 |
| | | Dividend
yield | | | | |
| Preferred stocks: 0.45% | | | | | | |
| Germany: 0.45% | | | | | | |
| Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | | 6.61% | | | 1,798 | 170,682 |
| Henkel AG & Company KGaA (Consumer staples, Household products) | | 2.69 | | | 5,223 | 380,187 |
| Sartorius AG Vorzug (Health care, Health care equipment & supplies) | | 0.36 | | | 1,224 | 521,216 |
| Volkswagen AG ADR (Consumer discretionary, Automobiles) | | 6.79 | | | 6,920 | 945,358 |
| Total Preferred stocks (Cost $2,061,805) | | | | | | 2,017,443 |
| | | | Expiration
date | | | |
| Rights: 0.00% | | | | | | |
| Hong Kong: 0.00% | | | | | | |
| Link Real Estate Investment Rights (Real estate, Equity REITs) ♦† | | | 6-1-2023 | | 7,300 | 7,000 |
| Total Rights (Cost $0) | | | | | | 7,000 |
| | | Yield | | | | |
| Short-term investments: 3.38% | | | | | | |
| Investment companies: 3.38% | | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39 | | | 14,960,264 | 14,960,264 |
| Total Short-term investments (Cost $14,960,264) | | | | | | 14,960,264 |
| Total investments in securities (Cost $381,424,481) | 99.17% | | | | | 439,270,860 |
| Other assets and liabilities, net | 0.83 | | | | | 3,663,675 |
| Total net assets | 100.00% | | | | | $442,934,535 |
The accompanying notes are an integral part of these financial statements.
20 | Allspring Factor Enhanced International Equity Portfolio
Portfolio of investments—February 28, 2023
| † | 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 Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio 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 Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $7,971,045 | $268,134,834 | $(261,145,615) | $0 | $0 | $14,960,264 | 14,960,264 | $281,690 |
Futures contracts
| Description | Number of
contracts | Expiration
date | Notional
cost | Notional
value | Unrealized
gains | Unrealized
losses |
| Long | | | | | | |
| MSCI EAFE Index | 151 | 3-17-2023 | $15,950,571 | $15,451,830 | $0 | $(498,741) |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 21
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $366,464,217)
| $ 424,310,596 |
Investments in affiliated securities, at value (cost $14,960,264)
| 14,960,264 |
Cash at broker segregated for futures contracts
| 1,044,690 |
Foreign currency, at value (cost $127,851)
| 126,796 |
Receivable for dividends
| 2,835,520 |
Prepaid expenses and other assets
| 3,721 |
Total assets
| 443,281,587 |
| Liabilities | |
Custody and accounting fees payable
| 129,021 |
Payable for daily variation margin on open futures contracts
| 124,626 |
Advisory fee payable
| 43,754 |
Payable for investments purchased
| 19,085 |
Trustees’ fees and expenses payable
| 2,885 |
Accrued expenses and other liabilities
| 27,681 |
Total liabilities
| 347,052 |
Total net assets
| $442,934,535 |
The accompanying notes are an integral part of these financial statements.
22 | Allspring Factor Enhanced International Equity Portfolio
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Dividends (net of foreign withholdings taxes of $2,150,400)
| $ 15,678,439 |
Income from affiliated securities
| 281,690 |
Total investment income
| 15,960,129 |
| Expenses | |
Advisory fee
| 727,740 |
Custody and accounting fees
| 119,155 |
Professional fees
| 52,626 |
Interest holder report expenses
| 16,132 |
Trustees’ fees and expenses
| 22,008 |
Other fees and expenses
| 28,535 |
Total expenses
| 966,196 |
Less: Fee waivers and/or expense reimbursements
| (204,495) |
Net expenses
| 761,701 |
Net investment income
| 15,198,428 |
| Realized and unrealized gains (losses) on investments | |
| Net realized gains (losses) on | |
Unaffiliated securities
| (17,781,876) |
Foreign currency and foreign currency translations
| (412,149) |
Futures contracts
| 1,280,482 |
Net realized losses on investments
| (16,913,543) |
| Net change in unrealized gains (losses) on | |
Unaffiliated securities
| (13,603,206) |
Foreign currency and foreign currency translations
| (40,075) |
Futures contracts
| (149,295) |
Net change in unrealized gains (losses) on investments
| (13,792,576) |
Net realized and unrealized gains (losses) on investments
| (30,706,119) |
Net decrease in net assets resulting from operations
| $(15,507,691) |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 23
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 15,198,428 | $ 19,181,627 |
Net realized gains (losses) on investments
| (16,913,543) | 74,172,092 |
Net change in unrealized gains (losses) on investments
| (13,792,576) | (55,198,377) |
Net increase (decrease) in net assets resulting from operations
| (15,507,691) | 38,155,342 |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 103,565,479 | 111,767,336 |
Withdrawals
| (281,654,630) | (191,154,689) |
Net decrease in net assets resulting from capital transactions
| (178,089,151) | (79,387,353) |
Total decrease in net assets
| (193,596,842) | (41,232,011) |
| Net assets | | |
Beginning of period
| 636,531,377 | 677,763,388 |
End of period
| $ 442,934,535 | $ 636,531,377 |
The accompanying notes are an integral part of these financial statements.
24 | Allspring Factor Enhanced International Equity Portfolio
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (2.72)% | 5.25% | 22.14% | 1.23% | (2.91)% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.20% | 0.20% | 0.22% | 0.24% | 0.23% |
Net expenses
| 0.16% * | 0.16% * | 0.16% * | 0.19% | 0.20% |
Net investment income
| 3.13% | 2.72% | 2.25% | 2.58% | 3.03% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 39% | 70% | 92% | 44% | 47% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.04% |
| Year ended February 28, 2022 | 0.04% |
| Year ended February 28, 2021 | 0.06% |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced International Equity Portfolio | 25
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Factor Enhanced International Equity Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities 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.
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 established by 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 February 28, 2023, such fair value pricing was not used in pricing foreign securities.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Portfolio 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
26 | Allspring Factor Enhanced International Equity Portfolio
Notes to financial statements
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 Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’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, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $391,524,428 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 70,727,258 |
| Gross unrealized losses | (23,480,622) |
| Net unrealized gains | $ 47,246,636 |
Allspring Factor Enhanced International Equity Portfolio | 27
Notes to financial statements
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 Portfolio’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 Portfolio’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 Portfolio’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.
28 | Allspring Factor Enhanced International Equity Portfolio
Notes to financial statements
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Common stocks | | | | |
| Australia | $ 27,634,667 | $ 0 | $0 | $ 27,634,667 |
| Austria | 425,313 | 0 | 0 | 425,313 |
| Belgium | 3,963,711 | 0 | 0 | 3,963,711 |
| Canada | 43,793,592 | 19,289 | 0 | 43,812,881 |
| Denmark | 12,441,957 | 0 | 0 | 12,441,957 |
| Finland | 3,790,763 | 0 | 0 | 3,790,763 |
| France | 41,255,662 | 0 | 0 | 41,255,662 |
| Germany | 29,599,835 | 0 | 0 | 29,599,835 |
| Hong Kong | 11,086,386 | 0 | 0 | 11,086,386 |
| Ireland | 1,827,828 | 0 | 0 | 1,827,828 |
| Israel | 2,927,346 | 0 | 0 | 2,927,346 |
| Italy | 8,081,335 | 0 | 0 | 8,081,335 |
| Japan | 79,378,429 | 0 | 0 | 79,378,429 |
| Luxembourg | 1,099,261 | 0 | 0 | 1,099,261 |
| Netherlands | 23,391,946 | 0 | 0 | 23,391,946 |
| New Zealand | 970,083 | 0 | 0 | 970,083 |
| Norway | 2,917,015 | 0 | 0 | 2,917,015 |
| Portugal | 611,199 | 0 | 0 | 611,199 |
| Singapore | 6,156,255 | 0 | 0 | 6,156,255 |
| Spain | 11,084,261 | 0 | 0 | 11,084,261 |
| Sweden | 13,220,599 | 0 | 0 | 13,220,599 |
| Switzerland | 37,072,393 | 0 | 0 | 37,072,393 |
| United Kingdom | 59,537,013 | 15 | 0 | 59,537,028 |
| Preferred stocks | | | | |
| Germany | 2,017,443 | 0 | 0 | 2,017,443 |
| Rights | | | | |
| Hong Kong | 0 | 7,000 | 0 | 7,000 |
| Short-term investments | | | | |
| Investment companies | 14,960,264 | 0 | 0 | 14,960,264 |
| Total assets | $439,244,556 | $26,304 | $0 | $439,270,860 |
| Liabilities | | | | |
| Futures contracts | $ 498,741 | $ 0 | $0 | $ 498,741 |
| Total liabilities | $ 498,741 | $ 0 | $0 | $ 498,741 |
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.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence
Allspring Factor Enhanced International Equity Portfolio | 29
Notes to financial statements
Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.150% |
| Next $5 billion | 0.130 |
| Over $10 billion | 0.110 |
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.15% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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 Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.08% and declining to 0.05% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $179,127,796 and $342,921,936, respectively.
6. DERIVATIVE TRANSACTIONS
During the year ended February 28, 2023, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $19,378,117 in long futures contracts during the year ended February 28, 2023.
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, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
8. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
30 | Allspring Factor Enhanced International Equity Portfolio
Notes to financial statements
9. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
Allspring Factor Enhanced International Equity Portfolio | 31
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Factor Enhanced International Equity Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
32 | Allspring Factor Enhanced International Equity Portfolio
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
Allspring Factor Enhanced International Equity Portfolio | 33
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
34 | Allspring Factor Enhanced International Equity Portfolio
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
Allspring Factor Enhanced International Equity Portfolio | 35
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
36 | Allspring Factor Enhanced International Equity Portfolio
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring Factor Enhanced U.S. Large Cap
Equity Portfolio
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks long-term capital appreciation.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Harindra de Silva, Ph.D., CFA®‡, Monisha Jayakumar |
| Ten largest holdings (%) as of February 28, 20231 |
| Apple Incorporated | 5.70 |
| Microsoft Corporation | 4.69 |
| Amazon.com Incorporated | 2.20 |
| Alphabet Incorporated Class A | 1.46 |
| Berkshire Hathaway Incorporated Class B | 1.39 |
| Tesla Motors Incorporated | 1.32 |
| Alphabet Incorporated Class C | 1.31 |
| NVIDIA Corporation | 1.21 |
| Exxon Mobil Corporation | 1.20 |
| Meta Platforms Incorporated Class A | 1.15 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Sector allocation as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Common stocks: 96.13% | | | | | |
| Communication services: 7.38% | | | | | |
| Diversified telecommunication services: 0.77% | | | | | |
| AT&T Incorporated | | | | 97,292 | $ 1,839,792 |
| Lumen Technologies Incorporated | | | | 77,773 | 264,428 |
| Verizon Communications Incorporated | | | | 40,078 | 1,555,427 |
| | | | | | 3,659,647 |
| Entertainment: 1.34% | | | | | |
| AMC Entertainment Holdings Class A | | | | 6,460 | 46,124 |
| Electronic Arts Incorporated | | | | 3,247 | 360,222 |
| Netflix Incorporated † | | | | 5,328 | 1,716,309 |
| Playtika Holding Corporation † | | | | 19,971 | 191,722 |
| Spotify Technology SA † | | | | 2,084 | 242,369 |
| The Madison Square Garden Company Class A | | | | 698 | 133,416 |
| The Walt Disney Company † | | | | 22,314 | 2,222,698 |
| World Wrestling Entertainment Incorporated Class A | | | | 17,299 | 1,453,116 |
| | | | | | 6,365,976 |
| Interactive media & services: 4.14% | | | | | |
| Alphabet Incorporated Class A † | | | | 77,174 | 6,950,290 |
| Alphabet Incorporated Class C † | | | | 69,055 | 6,235,667 |
| Meta Platforms Incorporated Class A † | | | | 31,403 | 5,493,641 |
| Pinterest Incorporated Class A † | | | | 3,310 | 83,114 |
| TripAdvisor Incorporated | | | | 39,445 | 850,829 |
| Zillow Group Incorporated Class A † | | | | 1,735 | 71,742 |
| | | | | | 19,685,283 |
| Media: 0.91% | | | | | |
| Altice USA Incorporated † | | | | 170,180 | 673,913 |
| Charter Communications Incorporated Class A † | | | | 1,002 | 368,345 |
| Comcast Corporation Class A | | | | 42,312 | 1,572,737 |
| Fox Corporation Class A | | | | 7,558 | 264,681 |
| Interpublic Group of Companies Incorporated | | | | 3,018 | 107,260 |
| Nexstar Media Group Incorporated Class A | | | | 1,458 | 271,042 |
| Omnicom Group Incorporated | | | | 5,846 | 529,472 |
| Paramount Global Class B | | | | 1,234 | 26,432 |
| Sirius XM Holdings Incorporated | | | | 12,119 | 53,202 |
| ViacomCBS Incorporated Class A | | | | 18,254 | 448,683 |
| | | | | | 4,315,767 |
| Wireless telecommunication services: 0.22% | | | | | |
| T-Mobile US Incorporated † | | | | 7,566 | 1,075,734 |
| Consumer discretionary: 10.71% | | | | | |
| Auto components: 0.38% | | | | | |
| BorgWarner Incorporated | | | | 15,961 | 802,519 |
| Gentex Corporation | | | | 4,125 | 117,769 |
| Lear Corporation | | | | 6,300 | 879,795 |
| | | | | | 1,800,083 |
| Automobiles: 2.31% | | | | | |
| Ford Motor Company | | | | 117,962 | 1,423,801 |
| General Motors Company | | | | 32,010 | 1,240,067 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 3
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Automobiles (continued) | | | | | |
| Harley-Davidson Incorporated | | | | 20,392 | $ 969,640 |
| Tesla Motors Incorporated † | | | | 30,607 | 6,296,166 |
| Thor Industries Incorporated | | | | 11,649 | 1,059,943 |
| | | | | | 10,989,617 |
| Distributors: 0.22% | | | | | |
| Genuine Parts Company | | | | 3,498 | 618,656 |
| LKQ Corporation | | | | 7,173 | 410,941 |
| | | | | | 1,029,597 |
| Diversified consumer services: 0.22% | | | | | |
| Grand Canyon Education Incorporated † | | | | 6,213 | 703,871 |
| H&R Block Incorporated | | | | 9,658 | 355,414 |
| | | | | | 1,059,285 |
| Hotels, restaurants & leisure: 2.00% | | | | | |
| Aramark | | | | 16,794 | 618,019 |
| Booking Holdings Incorporated † | | | | 364 | 918,736 |
| Boyd Gaming Corporation | | | | 7,439 | 484,502 |
| Chipotle Mexican Grill Incorporated † | | | | 271 | 404,083 |
| Darden Restaurants Incorporated | | | | 4,725 | 675,628 |
| Domino's Pizza Incorporated | | | | 844 | 248,144 |
| Hilton Worldwide Holdings Incorporated | | | | 2,457 | 355,061 |
| Hyatt Hotels Corporation Class A † | | | | 488 | 56,725 |
| Marriott International Incorporated Class A | | | | 4,117 | 696,761 |
| Marriott Vacations Worldwide Corporation | | | | 1,795 | 274,617 |
| McDonald's Corporation | | | | 7,955 | 2,099,404 |
| Six Flags Entertainment Corporation † | | | | 5,987 | 158,057 |
| Starbucks Corporation | | | | 12,325 | 1,258,259 |
| The Wendy's Company | | | | 3,095 | 67,966 |
| Travel Leisure Company | | | | 15,362 | 644,436 |
| Wyndham Hotels & Resorts Incorporated | | | | 2,486 | 191,472 |
| Yum! Brands Incorporated | | | | 2,866 | 364,441 |
| | | | | | 9,516,311 |
| Household durables: 0.05% | | | | | |
| Lennar Corporation Class A | | | | 791 | 76,521 |
| NVR Incorporated † | | | | 11 | 56,910 |
| PulteGroup Incorporated | | | | 1,006 | 54,998 |
| Toll Brothers Incorporated | | | | 112 | 6,713 |
| Whirlpool Corporation | | | | 447 | 61,677 |
| | | | | | 256,819 |
| Internet & direct marketing retail: 2.54% | | | | | |
| Amazon.com Incorporated † | | | | 111,038 | 10,463,111 |
| eBay Incorporated | | | | 7,571 | 347,509 |
| Wayfair Incorporated Class A † | | | | 31,021 | 1,256,040 |
| | | | | | 12,066,660 |
| Leisure products: 0.11% | | | | | |
| Mattel Incorporated † | | | | 11,472 | 206,381 |
| Polaris Industries Incorporated | | | | 2,729 | 310,424 |
| The Brunswick Corporation | | | | 170 | 14,861 |
| | | | | | 531,666 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Multiline retail: 0.31% | | | | | |
| Dollar General Corporation | | | | 1,438 | $ 311,039 |
| Dollar Tree Incorporated † | | | | 29 | 4,213 |
| Macy's Incorporated | | | | 14,033 | 287,115 |
| Nordstrom Incorporated | | | | 18,331 | 357,088 |
| Target Corporation | | | | 3,189 | 537,347 |
| | | | | | 1,496,802 |
| Specialty retail: 2.23% | | | | | |
| Advance Auto Parts Incorporated | | | | 1,026 | 148,729 |
| AutoNation Incorporated † | | | | 7,909 | 1,079,658 |
| AutoZone Incorporated † | | | | 204 | 507,254 |
| Bath & Body Works Incorporated | | | | 3,069 | 125,430 |
| Best Buy Company Incorporated | | | | 6,522 | 542,043 |
| Dick's Sporting Goods Incorporated | | | | 2,778 | 357,334 |
| Lithia Motors Incorporated Class A | | | | 459 | 117,128 |
| Lowe's Companies Incorporated | | | | 6,288 | 1,293,756 |
| O'Reilly Automotive Incorporated † | | | | 445 | 369,395 |
| Penske Auto Group Incorporated | | | | 5,303 | 764,427 |
| The Home Depot Incorporated | | | | 10,669 | 3,163,785 |
| The TJX Companies Incorporated | | | | 13,860 | 1,061,676 |
| Tractor Supply Company | | | | 1,018 | 237,459 |
| Ulta Beauty Incorporated † | | | | 423 | 219,452 |
| Victoria's Secret Corporation † | | | | 7,532 | 298,568 |
| Williams-Sonoma Incorporated | | | | 2,629 | 328,415 |
| | | | | | 10,614,509 |
| Textiles, apparel & luxury goods: 0.34% | | | | | |
| Capri Holdings Limited † | | | | 711 | 35,244 |
| Carter's Incorporated | | | | 3,568 | 268,992 |
| HanesBrands Incorporated | | | | 30,221 | 171,655 |
| Nike Incorporated Class B | | | | 6,356 | 755,029 |
| Ralph Lauren Corporation | | | | 2,188 | 258,600 |
| Tapestry Incorporated | | | | 1,612 | 70,138 |
| Under Armour Incorporated Class A † | | | | 5,460 | 54,218 |
| | | | | | 1,613,876 |
| Consumer staples: 6.04% | | | | | |
| Beverages: 1.52% | | | | | |
| Boston Beer Company Incorporated Class A | | | | 1,038 | 336,104 |
| Brown-Forman Corporation Class A | | | | 630 | 40,900 |
| Constellation Brands Incorporated Class A | | | | 1,004 | 224,595 |
| Keurig Dr. Pepper Incorporated | | | | 8,683 | 299,998 |
| Molson Coors Brewing Company Class B | | | | 10,021 | 533,017 |
| PepsiCo Incorporated | | | | 18,194 | 3,157,205 |
| The Coca-Cola Company | | | | 44,179 | 2,629,092 |
| | | | | | 7,220,911 |
| Food & staples retailing: 1.20% | | | | | |
| BJ's Wholesale Club Holdings Incorporated † | | | | 5,088 | 365,318 |
| Costco Wholesale Corporation | | | | 4,386 | 2,123,613 |
| Performance Food Group Company † | | | | 195 | 11,035 |
| Sysco Corporation | | | | 6,535 | 487,315 |
| The Kroger Company | | | | 8,143 | 351,289 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 5
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Food & staples retailing (continued) | | | | | |
| Walgreens Boots Alliance Incorporated | | | | 2,490 | $ 88,470 |
| Walmart Incorporated | | | | 15,941 | 2,265,694 |
| | | | | | 5,692,734 |
| Food products: 1.26% | | | | | |
| Archer Daniels Midland Company | | | | 10,422 | 829,591 |
| Bunge Limited | | | | 7,328 | 699,824 |
| Campbell Soup Company | | | | 9,856 | 517,637 |
| ConAgra Foods Incorporated | | | | 6,608 | 240,597 |
| Flowers Foods Incorporated | | | | 11,010 | 306,959 |
| General Mills Incorporated | | | | 10,655 | 847,179 |
| Ingredion Incorporated | | | | 261 | 25,943 |
| Kellogg Company | | | | 7,553 | 498,045 |
| Lamb Weston Holdings Incorporated | | | | 2,731 | 274,848 |
| Mondelez International Incorporated Class A | | | | 8,048 | 524,569 |
| Pilgrim's Pride Corporation † | | | | 2,894 | 67,691 |
| Post Holdings Incorporated | | | | 2,166 | 194,853 |
| The Hershey Company | | | | 1,294 | 308,386 |
| The J.M. Smucker Company | | | | 1,844 | 272,709 |
| The Kraft Heinz Company | | | | 277 | 10,786 |
| Tyson Foods Incorporated Class A | | | | 6,515 | 385,949 |
| | | | | | 6,005,566 |
| Household products: 1.33% | | | | | |
| Colgate-Palmolive Company | | | | 12,022 | 881,213 |
| Kimberly-Clark Corporation | | | | 5,608 | 701,280 |
| Reynolds Consumer Products Incorporated | | | | 13,532 | 371,318 |
| The Clorox Company | | | | 3,846 | 597,822 |
| The Procter & Gamble Company | | | | 27,528 | 3,786,752 |
| | | | | | 6,338,385 |
| Personal products: 0.15% | | | | | |
| Coty Incorporated Class A † | | | | 34,533 | 390,223 |
| The Estee Lauder Companies Incorporated Class A | | | | 1,350 | 328,118 |
| | | | | | 718,341 |
| Tobacco: 0.58% | | | | | |
| Altria Group Incorporated | | | | 25,774 | 1,196,687 |
| Philip Morris International Incorporated | | | | 15,961 | 1,553,005 |
| | | | | | 2,749,692 |
| Energy: 4.04% | | | | | |
| Energy equipment & services: 0.14% | | | | | |
| Baker Hughes Company | | | | 2,382 | 72,889 |
| Schlumberger Limited | | | | 10,924 | 581,266 |
| | | | | | 654,155 |
| Oil, gas & consumable fuels: 3.90% | | | | | |
| Antero Resources Corporation † | | | | 3,091 | 80,984 |
| APA Corporation | | | | 6,696 | 256,992 |
| Cheniere Energy Incorporated | | | | 3,810 | 599,465 |
| Chesapeake Energy Corporation | | | | 2,147 | 173,499 |
| Chevron Corporation | | | | 22,885 | 3,679,221 |
| ConocoPhillips | | | | 12,587 | 1,300,866 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Oil, gas & consumable fuels (continued) | | | | | |
| Devon Energy Corporation | | | | 3,147 | $ 169,686 |
| EOG Resources Incorporated | | | | 3,973 | 449,028 |
| Exxon Mobil Corporation | | | | 51,983 | 5,713,452 |
| HF Sinclair Corporation | | | | 8,927 | 443,850 |
| Marathon Oil Corporation | | | | 6,544 | 164,582 |
| Marathon Petroleum Corporation | | | | 11,227 | 1,387,657 |
| Occidental Petroleum Corporation | | | | 12,674 | 742,189 |
| Ovintiv Incorporated | | | | 10,852 | 464,140 |
| Phillips 66 | | | | 10,233 | 1,049,496 |
| Pioneer Natural Resources Company | | | | 728 | 145,898 |
| Southwestern Energy Company † | | | | 25,478 | 135,033 |
| Targa Resources Corporation | | | | 4,135 | 306,404 |
| Valero Energy Corporation | | | | 9,820 | 1,293,589 |
| Vitesse Energy Incorporated † | | | | 1,775 | 30,867 |
| | | | | | 18,586,898 |
| Financials: 10.16% | | | | | |
| Banks: 2.65% | | | | | |
| Bank of America Corporation | | | | 72,545 | 2,488,294 |
| Bank OZK | | | | 8,100 | 372,843 |
| BOK Financial Corporation | | | | 1,272 | 133,153 |
| Citigroup Incorporated | | | | 21,606 | 1,095,208 |
| Citizens Financial Group Incorporated | | | | 1,389 | 58,005 |
| Comerica Incorporated | | | | 425 | 29,793 |
| Commerce Bancshares Incorporated | | | | 1,277 | 84,474 |
| Fifth Third Bancorp | | | | 5,917 | 214,787 |
| FNB Corporation | | | | 17,773 | 253,621 |
| Huntington Bancshares Incorporated | | | | 11,221 | 171,906 |
| JPMorgan Chase & Company | | | | 32,690 | 4,686,112 |
| KeyCorp | | | | 3,172 | 58,016 |
| M&T Bank Corporation | | | | 2,178 | 338,222 |
| PNC Financial Services Group Incorporated | | | | 2,375 | 375,060 |
| Popular Incorporated | | | | 5,327 | 380,348 |
| Regions Financial Corporation | | | | 11,439 | 266,757 |
| Synovus Financial Corporation | | | | 1,286 | 53,768 |
| Truist Financial Corporation | | | | 8,390 | 393,911 |
| Umpqua Holdings Corporation | | | | 22,952 | 405,332 |
| US Bancorp | | | | 10,715 | 511,427 |
| Wintrust Financial Corporation | | | | 2,299 | 211,807 |
| Zions Bancorporation | | | | 650 | 32,903 |
| | | | | | 12,615,747 |
| Capital markets: 3.11% | | | | | |
| Affiliated Managers Group Incorporated | | | | 1,239 | 197,509 |
| Ameriprise Financial Incorporated | | | | 2,250 | 771,458 |
| Ares Management Corporation Class A | | | | 761 | 61,359 |
| Bank of New York Mellon Corporation | | | | 9,289 | 472,624 |
| BlackRock Incorporated | | | | 1,848 | 1,274,067 |
| Cboe Global Markets Incorporated | | | | 3,198 | 403,492 |
| Evercore Partners Incorporated Class A | | | | 7,365 | 966,141 |
| Franklin Resources Incorporated | | | | 9,579 | 282,293 |
| Intercontinental Exchange Incorporated | | | | 2,251 | 229,152 |
| Invesco Limited | | | | 28,142 | 496,988 |
| Janus Henderson Group plc | | | | 11,128 | 305,575 |
| Jefferies Financial Group Incorporated | | | | 15,090 | 570,251 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 7
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Capital markets (continued) | | | | | |
| LPL Financial Holdings Incorporated | | | | 6,015 | $ 1,501,103 |
| Morgan Stanley | | | | 12,999 | 1,254,404 |
| Raymond James Financial Incorporated | | | | 4,611 | 500,109 |
| S&P Global Incorporated | | | | 855 | 291,726 |
| SEI Investments Company | | | | 7,023 | 423,136 |
| State Street Corporation | | | | 5,591 | 495,810 |
| Stifel Financial Corporation | | | | 4,260 | 284,696 |
| T. Rowe Price Group Incorporated | | | | 803 | 90,161 |
| The Blackstone Group Incorporated Class A | | | | 6,118 | 555,514 |
| The Carlyle Group Incorporated | | | | 2,544 | 87,514 |
| The Charles Schwab Corporation | | | | 12,094 | 942,364 |
| The Goldman Sachs Group Incorporated | | | | 3,574 | 1,256,797 |
| The NASDAQ Incorporated | | | | 2,059 | 115,428 |
| Virtu Financial Incorporated Class A | | | | 53,492 | 983,183 |
| | | | | | 14,812,854 |
| Consumer finance: 0.47% | | | | | |
| American Express Company | | | | 5,445 | 947,376 |
| Capital One Financial Corporation | | | | 1,219 | 132,969 |
| Credit Acceptance Corporation † | | | | 102 | 45,323 |
| Discover Financial Services | | | | 2,239 | 250,768 |
| OneMain Holdings Incorporated | | | | 7,570 | 326,191 |
| SLM Corporation | | | | 22,075 | 317,439 |
| Synchrony Financial | | | | 6,514 | 232,615 |
| | | | | | 2,252,681 |
| Diversified financial services: 1.67% | | | | | |
| Berkshire Hathaway Incorporated Class B † | | | | 21,726 | 6,630,341 |
| Equitable Holdings Incorporated | | | | 18,937 | 595,001 |
| Voya Financial Incorporated | | | | 9,685 | 721,436 |
| | | | | | 7,946,778 |
| Insurance: 2.03% | | | | | |
| AFLAC Incorporated | | | | 5,586 | 380,686 |
| American Financial Group Incorporated | | | | 3,097 | 415,339 |
| American International Group Incorporated | | | | 6,757 | 412,920 |
| Aon plc Class A | | | | 263 | 79,965 |
| Arch Capital Group Limited † | | | | 1,248 | 87,360 |
| Assurant Incorporated | | | | 3,315 | 422,298 |
| Axis Capital Holdings Limited | | | | 3,533 | 214,524 |
| Brighthouse Financial Incorporated † | | | | 4,066 | 235,137 |
| Chubb Limited | | | | 3,802 | 802,298 |
| Erie Indemnity Company Class A | | | | 440 | 103,572 |
| Everest Reinsurance Group Limited | | | | 595 | 228,462 |
| Globe Life Incorporated | | | | 1,219 | 148,340 |
| Lincoln National Corporation | | | | 2,314 | 73,400 |
| Marsh & McLennan Companies Incorporated | | | | 3,283 | 532,306 |
| MetLife Incorporated | | | | 8,948 | 641,840 |
| Old Republic International Corporation | | | | 2,143 | 56,511 |
| Principal Financial Group Incorporated | | | | 916 | 82,037 |
| Progressive Corporation | | | | 7,420 | 1,064,918 |
| Prudential Financial Incorporated | | | | 3,474 | 347,400 |
| Reinsurance Group of America Incorporated | | | | 1,910 | 275,938 |
| The Allstate Corporation | | | | 6,669 | 858,834 |
| The Hanover Insurance Group Incorporated | | | | 2,155 | 300,579 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Insurance (continued) | | | | | |
| The Hartford Financial Services Group Incorporated | | | | 3,362 | $ 263,177 |
| The Travelers Companies Incorporated | | | | 2,971 | 549,992 |
| UnumProvident Corporation | | | | 19,543 | 870,641 |
| W.R. Berkley Corporation | | | | 2,393 | 158,393 |
| Willis Towers Watson plc | | | | 112 | 26,248 |
| | | | | | 9,633,115 |
| Mortgage REITs: 0.08% | | | | | |
| New Residential Investment Corporation | | | | 44,017 | 400,555 |
| Thrifts & mortgage finance: 0.15% | | | | | |
| MGIC Investment Corporation | | | | 443 | 6,096 |
| Rocket Companies Incorporated Class A | | | | 74,932 | 588,966 |
| UWM Holdings Corporation | | | | 23,696 | 100,945 |
| | | | | | 696,007 |
| Health care: 14.37% | | | | | |
| Biotechnology: 2.95% | | | | | |
| AbbVie Incorporated | | | | 25,808 | 3,971,851 |
| Amgen Incorporated | | | | 9,011 | 2,087,488 |
| Biogen Incorporated † | | | | 3,605 | 972,845 |
| Exelixis Incorporated † | | | | 21,859 | 373,352 |
| Gilead Sciences Incorporated | | | | 22,640 | 1,823,199 |
| Incyte Corporation † | | | | 4,385 | 337,557 |
| Ionis Pharmaceuticals Incorporated † | | | | 16,682 | 598,884 |
| Moderna Incorporated † | | | | 4,930 | 684,333 |
| Neurocrine Biosciences Incorporated † | | | | 3,083 | 317,857 |
| Regeneron Pharmaceuticals Incorporated † | | | | 1,616 | 1,228,839 |
| United Therapeutics Corporation † | | | | 1,206 | 296,724 |
| Vertex Pharmaceuticals Incorporated † | | | | 4,729 | 1,372,781 |
| | | | | | 14,065,710 |
| Health care equipment & supplies: 2.87% | | | | | |
| Abbott Laboratories | | | | 20,632 | 2,098,687 |
| Baxter International Incorporated | | | | 6,214 | 248,249 |
| Becton Dickinson & Company | | | | 5,302 | 1,243,584 |
| Boston Scientific Corporation † | | | | 21,865 | 1,021,533 |
| Dentsply Sirona Incorporated | | | | 16,390 | 623,967 |
| DexCom Incorporated † | | | | 2,100 | 233,121 |
| Edwards Lifesciences Corporation † | | | | 2,737 | 220,164 |
| Enovis Corporation | | | | 1,292 | 74,445 |
| Envista Holdings Corporation † | | | | 18,761 | 725,300 |
| GE HealthCare Technology † | | | | 4,291 | 326,116 |
| Globus Medical Incorporated Class A † | | | | 4,205 | 245,320 |
| Hologic Incorporated † | | | | 5,218 | 415,562 |
| IDEXX Laboratories Incorporated † | | | | 752 | 355,876 |
| Integra LifeSciences Holdings Corporation † | | | | 7,482 | 416,149 |
| Intuitive Surgical Incorporated † | | | | 2,082 | 477,590 |
| Masimo Corporation † | | | | 131 | 21,918 |
| Medtronic plc | | | | 19,121 | 1,583,219 |
| Quidlelothro Corporation † | | | | 4,863 | 422,789 |
| ResMed Incorporated | | | | 1,975 | 420,675 |
| Stryker Corporation | | | | 4,693 | 1,233,696 |
| Tandem Diabetes Care Incorporated † | | | | 2,864 | 102,703 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 9
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Health care equipment & supplies (continued) | | | | | |
| Teleflex Incorporated | | | | 1,578 | $ 375,927 |
| Zimmer Biomet Holdings Incorporated | | | | 6,182 | 765,764 |
| | | | | | 13,652,354 |
| Health care providers & services: 2.63% | | | | | |
| Centene Corporation † | | | | 8,402 | 574,697 |
| Chemed Corporation | | | | 13 | 6,781 |
| Cigna Corporation | | | | 5,565 | 1,625,537 |
| CVS Health Corporation | | | | 18,792 | 1,569,884 |
| DaVita HealthCare Partners Incorporated † | | | | 200 | 16,452 |
| Elevance Health Incorporated | | | | 3,074 | 1,443,766 |
| HCA Healthcare Incorporated | | | | 1,379 | 335,718 |
| Henry Schein Incorporated † | | | | 1,524 | 119,344 |
| Humana Incorporated | | | | 1,605 | 794,507 |
| Molina Healthcare Incorporated † | | | | 1,371 | 377,477 |
| Quest Diagnostics Incorporated | | | | 451 | 62,400 |
| Tenet Healthcare Corporation † | | | | 3,881 | 227,155 |
| UnitedHealth Group Incorporated | | | | 11,015 | 5,242,479 |
| Universal Health Services Incorporated Class B | | | | 945 | 126,224 |
| | | | | | 12,522,421 |
| Health care technology: 0.18% | | | | | |
| Definitive Healthcare Corporation † | | | | ���9,904 | 113,104 |
| Doximity Incorporated Class A † | | | | 2,071 | 69,648 |
| Teladoc Incorporated † | | | | 21,553 | 570,939 |
| Veeva Systems Incorporated Class A † | | | | 521 | 86,309 |
| | | | | | 840,000 |
| Life sciences tools & services: 1.97% | | | | | |
| Agilent Technologies Incorporated | | | | 5,370 | 762,379 |
| Avantor Incorporated † | | | | 2,248 | 54,784 |
| Bruker Corporation | | | | 5,069 | 349,355 |
| Charles River Laboratories International Incorporated † | | | | 382 | 83,788 |
| Danaher Corporation | | | | 7,599 | 1,880,980 |
| IQVIA Holdings Incorporated † | | | | 4,363 | 909,555 |
| Mettler-Toledo International Incorporated † | | | | 439 | 629,399 |
| Qiagen NV † | | | | 5,255 | 241,467 |
| Syneos Health Incorporated | | | | 24,402 | 981,448 |
| Thermo Fisher Scientific Incorporated | | | | 4,607 | 2,495,888 |
| Waters Corporation † | | | | 2,113 | 656,911 |
| West Pharmaceutical Services Incorporated | | | | 1,046 | 331,613 |
| | | | | | 9,377,567 |
| Pharmaceuticals: 3.77% | | | | | |
| Bristol-Myers Squibb Company | | | | 33,932 | 2,339,951 |
| Eli Lilly & Company | | | | 9,625 | 2,995,493 |
| Johnson & Johnson | | | | 31,741 | 4,864,626 |
| Merck & Company Incorporated | | | | 31,739 | 3,371,951 |
| Organon & Company | | | | 23,700 | 580,413 |
| Perrigo Company plc | | | | 17,841 | 672,427 |
| Pfizer Incorporated | | | | 65,091 | 2,640,742 |
| Viatris Incorporated | | | | 39,986 | 455,840 |
| Zoetis Incorporated | | | | 164 | 27,388 |
| | | | | | 17,948,831 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Industrials: 8.92% | | | | | |
| Aerospace & defense: 1.64% | | | | | |
| BWX Technologies Incorporated | | | | 2,874 | $ 175,630 |
| Curtiss-Wright Corporation | | | | 404 | 70,615 |
| General Dynamics Corporation | | | | 4,204 | 958,134 |
| Howmet Aerospace Incorporated | | | | 1,711 | 72,170 |
| Huntington Ingalls Industries Incorporated | | | | 2,857 | 614,826 |
| L3Harris Technologies Incorporated | | | | 2,961 | 625,334 |
| Lockheed Martin Corporation | | | | 3,847 | 1,824,478 |
| Northrop Grumman Corporation | | | | 2,748 | 1,275,374 |
| Raytheon Technologies Corporation | | | | 15,902 | 1,559,827 |
| The Boeing Company † | | | | 3,209 | 646,774 |
| | | | | | 7,823,162 |
| Air freight & logistics: 0.79% | | | | | |
| C.H. Robinson Worldwide Incorporated | | | | 7,086 | 708,317 |
| Expeditors International of Washington Incorporated | | | | 1,332 | 139,274 |
| FedEx Corporation | | | | 2,685 | 545,646 |
| United Parcel Service Incorporated Class B | | | | 8,187 | 1,494,046 |
| XPO Logistics Incorporated | | | | 25,825 | 861,522 |
| | | | | | 3,748,805 |
| Airlines: 0.03% | | | | | |
| Delta Air Lines Incorporated † | | | | 2,997 | 114,905 |
| Building products: 0.46% | | | | | |
| Advanced Drainage Systems Incorporated | | | | 709 | 62,910 |
| Builders FirstSource Incorporated † | | | | 6,209 | 526,399 |
| Carlisle Companies Incorporated | | | | 344 | 88,828 |
| Carrier Global Corporation | | | | 10,693 | 481,506 |
| Johnson Controls International plc | | | | 2,737 | 171,665 |
| Masco Corporation | | | | 2,803 | 146,961 |
| Owens Corning Incorporated | | | | 5,022 | 491,101 |
| Trane Technologies plc | | | | 1,160 | 214,565 |
| | | | | | 2,183,935 |
| Commercial services & supplies: 0.42% | | | | | |
| Cintas Corporation | | | | 1,032 | 452,501 |
| Clean Harbors Incorporated † | | | | 2,929 | 386,833 |
| Republic Services Incorporated | | | | 1,157 | 149,172 |
| Rollins Incorporated | | | | 4,134 | 145,517 |
| Stericycle Incorporated † | | | | 739 | 35,236 |
| Tetra Tech Incorporated | | | | 898 | 122,927 |
| Waste Management Incorporated | | | | 4,761 | 713,007 |
| | | | | | 2,005,193 |
| Construction & engineering: 0.11% | | | | | |
| AECOM Technology Corporation | | | | 5,029 | 434,304 |
| Quanta Services Incorporated | | | | 363 | 58,588 |
| Valmont Industries Incorporated | | | | 81 | 25,704 |
| | | | | | 518,596 |
| Electrical equipment: 1.04% | | | | | |
| Acuity Brands Incorporated | | | | 4,241 | 822,584 |
| AMETEK Incorporated | | | | 1,489 | 210,783 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 11
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Electrical equipment (continued) | | | | | |
| Eaton Corporation plc | | | | 4,513 | $ 789,459 |
| Emerson Electric Company | | | | 6,813 | 563,503 |
| Generac Holdings Incorporated † | | | | 2,872 | 344,669 |
| Hubbell Incorporated | | | | 2,979 | 749,338 |
| nVent Electric plc | | | | 11,129 | 510,153 |
| Regal Rexnord Corporation | | | | 232 | 36,572 |
| Rockwell Automation Incorporated | | | | 415 | 122,396 |
| Sensata Technologies Holding plc | | | | 1,457 | 73,695 |
| Vertiv Holdings Company | | | | 45,491 | 739,229 |
| | | | | | 4,962,381 |
| Industrial conglomerates: 0.66% | | | | | |
| 3M Company | | | | 6,699 | 721,750 |
| General Electric Company | | | | 12,874 | 1,090,557 |
| Honeywell International Incorporated | | | | 6,960 | 1,332,701 |
| | | | | | 3,145,008 |
| Machinery: 1.59% | | | | | |
| AGCO Corporation | | | | 3,445 | 485,090 |
| Allison Transmission Holdings Incorporated | | | | 13,153 | 624,768 |
| Caterpillar Incorporated | | | | 6,084 | 1,457,422 |
| Crane Holdings Company | | | | 3,230 | 386,889 |
| Cummins Incorporated | | | | 2,650 | 644,162 |
| Deere & Company | | | | 2,843 | 1,191,899 |
| Donaldson Company Incorporated | | | | 1,960 | 123,970 |
| ESAB Corporation | | | | 3,296 | 193,310 |
| Flowserve Corporation | | | | 6,162 | 213,760 |
| Illinois Tool Works Incorporated | | | | 1,892 | 441,139 |
| ITT Incorporated | | | | 1,064 | 96,707 |
| Lincoln Electric Holdings Incorporated | | | | 995 | 167,090 |
| Oshkosh Corporation | | | | 677 | 60,382 |
| Otis Worldwide Corporation | | | | 3,014 | 255,045 |
| PACCAR Incorporated | | | | 9,667 | 697,957 |
| Snap-on Incorporated | | | | 624 | 155,176 |
| The Timken Company | | | | 3,734 | 319,070 |
| The Toro Company | | | | 555 | 61,294 |
| | | | | | 7,575,130 |
| Professional services: 1.07% | | | | | |
| Booz Allen Hamilton Holding Corporation | | | | 7,420 | 702,897 |
| CACI International Incorporated Class A † | | | | 1,681 | 492,533 |
| FTI Consulting Incorporated † | | | | 3,146 | 577,952 |
| Jacobs Solutions Incorporated | | | | 1,313 | 156,904 |
| KBR Incorporated | | | | 9,772 | 538,535 |
| Leidos Holdings Incorporated | | | | 6,612 | 641,827 |
| Manpower Incorporated | | | | 10,902 | 925,362 |
| Robert Half International Incorporated | | | | 1,567 | 126,332 |
| Science Applications International Corporation | | | | 8,772 | 935,446 |
| | | | | | 5,097,788 |
| Road & rail: 0.70% | | | | | |
| AMERCO | | | | 1,249 | 80,198 |
| CSX Corporation | | | | 4,164 | 126,960 |
| Hertz Global Holdings † | | | | 2,697 | 49,921 |
| J.B. Hunt Transport Services Incorporated | | | | 1,655 | 299,207 |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Road & rail (continued) | | | | | |
| Landstar System Incorporated | | | | 3,082 | $ 557,195 |
| Ryder System Incorporated | | | | 5,458 | 534,393 |
| Schneider National Incorporated Class B | | | | 30,348 | 851,565 |
| Union Pacific Corporation | | | | 4,013 | 831,815 |
| | | | | | 3,331,254 |
| Trading companies & distributors: 0.41% | | | | | |
| Core & Main Incorporated, Class A † | | | | 5,355 | 124,825 |
| MSC Industrial Direct Company Class A | | | | 3,203 | 270,718 |
| Univar Incorporated † | | | | 6,281 | 218,265 |
| W.W. Grainger Incorporated | | | | 709 | 473,917 |
| Watsco Incorporated | | | | 351 | 106,953 |
| WESCO International Incorporated † | | | | 4,409 | 730,042 |
| | | | | | 1,924,720 |
| Information technology: 26.80% | | | | | |
| Communications equipment: 0.77% | | | | | |
| Ciena Corporation † | | | | 5,348 | 257,881 |
| Cisco Systems Incorporated | | | | 50,194 | 2,430,393 |
| Juniper Networks Incorporated | | | | 15,553 | 478,721 |
| Lumentum Holdings Incorporated † | | | | 4,476 | 240,854 |
| Motorola Solutions Incorporated | | | | 979 | 257,291 |
| | | | | | 3,665,140 |
| Electronic equipment, instruments & components: 0.87% | | | | | |
| Amphenol Corporation Class A | | | | 505 | 39,148 |
| Arrow Electronics Incorporated † | | | | 7,427 | 876,312 |
| Avnet Incorporated | | | | 25,754 | 1,151,461 |
| CDW Corporation of Delaware | | | | 1,735 | 351,199 |
| Corning Incorporated | | | | 4,057 | 137,735 |
| Jabil Circuit Incorporated | | | | 12,492 | 1,037,211 |
| TD SYNNEX Corporation | | | | 5,159 | 497,947 |
| Vontier Corporation | | | | 1,883 | 49,278 |
| | | | | | 4,140,291 |
| IT services: 5.04% | | | | | |
| Accenture plc Class A | | | | 8,021 | 2,129,977 |
| Akamai Technologies Incorporated † | | | | 1,474 | 107,012 |
| Amdocs Limited | | | | 12,523 | 1,147,232 |
| Automatic Data Processing Incorporated | | | | 3,368 | 740,354 |
| Broadridge Financial Solutions Incorporated | | | | 1,610 | 226,656 |
| Cognizant Technology Solutions Corporation Class A | | | | 15,288 | 957,487 |
| Concentrix Corporation | | | | 4,941 | 676,126 |
| DXC Technology Company † | | | | 28,438 | 788,870 |
| EPAM Systems Incorporated † | | | | 757 | 232,891 |
| Euronet Worldwide Incorporated † | | | | 4,793 | 521,718 |
| Fidelity National Information Services Incorporated | | | | 9,172 | 581,230 |
| Fiserv Incorporated † | | | | 8,100 | 932,229 |
| Gartner Incorporated † | | | | 1,474 | 483,192 |
| Genpact Limited | | | | 16,748 | 799,382 |
| Global Payments Incorporated | | | | 4,207 | 472,025 |
| GoDaddy Incorporated Class A † | | | | 4,732 | 358,260 |
| International Business Machines Corporation | | | | 16,298 | 2,107,331 |
| Jack Henry & Associates Incorporated | | | | 3,717 | 610,480 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 13
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| IT services (continued) | | | | | |
| Kyndryl Holdings Incorporated † | | | | 32,333 | $ 507,305 |
| MasterCard Incorporated Class A | | | | 9,066 | 3,221,059 |
| Paychex Incorporated | | | | 2,447 | 270,149 |
| PayPal Holdings Incorporated † | | | | 9,892 | 728,051 |
| Shift4 Payments Incorporated Class A † | | | | 5,450 | 351,525 |
| The Western Union Company | | | | 76,035 | 985,414 |
| Visa Incorporated Class A | | | | 18,345 | 4,034,799 |
| WEX Incorporated † | | | | 44 | 8,484 |
| | | | | | 23,979,238 |
| Semiconductors & semiconductor equipment: 4.75% | | | | | |
| Advanced Micro Devices Incorporated † | | | | 11,331 | 890,390 |
| Allegro MicroSystems Incorporated † | | | | 2,583 | 112,825 |
| Analog Devices Incorporated | | | | 2,183 | 400,515 |
| Applied Materials Incorporated | | | | 11,583 | 1,345,365 |
| Broadcom Incorporated | | | | 4,889 | 2,905,484 |
| Cirrus Logic Incorporated † | | | | 8,875 | 911,906 |
| Enphase Energy Incorporated † | | | | 520 | 109,476 |
| First Solar Incorporated † | | | | 2,275 | 384,794 |
| Intel Corporation | | | | 46,671 | 1,163,508 |
| KLA Corporation | | | | 1,780 | 675,296 |
| Lam Research Corporation | | | | 2,159 | 1,049,296 |
| Marvell Technology Incorporated | | | | 256 | 11,558 |
| Microchip Technology Incorporated | | | | 8,705 | 705,366 |
| Micron Technology Incorporated | | | | 10,795 | 624,167 |
| MKS Instruments Incorporated | | | | 2,695 | 261,226 |
| NVIDIA Corporation | | | | 24,859 | 5,771,265 |
| ON Semiconductor Corporation † | | | | 10,370 | 802,742 |
| Qorvo Incorporated † | | | | 3,320 | 334,955 |
| Qualcomm Incorporated | | | | 14,609 | 1,804,650 |
| Skyworks Solutions Incorporated | | | | 535 | 59,690 |
| Teradyne Incorporated | | | | 4,462 | 451,287 |
| Texas Instruments Incorporated | | | | 10,704 | 1,835,201 |
| | | | | | 22,610,962 |
| Software: 9.51% | | | | | |
| Adobe Incorporated † | | | | 5,684 | 1,841,332 |
| Alteryx Incorporated Class A † | | | | 7,291 | 476,175 |
| Aspen Technology Incorporated † | | | | 87 | 18,445 |
| Atlassian Corporation Class A † | | | | 5,414 | 889,683 |
| Autodesk Incorporated † | | | | 3,205 | 636,801 |
| Cadence Design Systems Incorporated † | | | | 4,172 | 804,946 |
| Crowdstrike Holdings Incorporated Class A † | | | | 716 | 86,414 |
| DocuSign Incorporated † | | | | 7,354 | 451,168 |
| Dolby Laboratories Incorporated Class A | | | | 9,381 | 771,869 |
| Doubleverify Holdings Incorporated † | | | | 2,739 | 71,954 |
| Dropbox Incorporated Class A † | | | | 40,072 | 817,469 |
| Fair Isaac Corporation † | | | | 1,500 | 1,016,085 |
| Five9 Incorporated † | | | | 1,623 | 107,118 |
| Fortinet Incorporated † | | | | 12,110 | 719,818 |
| Gen Digital | | | | 7,018 | 136,921 |
| Informatica Incorporated † | | | | 35,855 | 618,499 |
| Intuit Incorporated | | | | 2,643 | 1,076,177 |
| Jamf Holding Corporation † | | | | 1,865 | 39,575 |
| Manhattan Associates Incorporated † | | | | 2,677 | 384,819 |
| Microsoft Corporation | | | | 89,428 | 22,305,121 |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Software (continued) | | | | | |
| NCR Corporation | | | | 36,507 | $ 932,024 |
| New Relic Incorporated † | | | | 6,309 | 460,368 |
| Nutanix Incorporated Class A † | | | | 2,409 | 68,054 |
| Oracle Corporation | | | | 23,768 | 2,077,323 |
| Palantir Technologies Incorporated Class A † | | | | 13,392 | 104,993 |
| Palo Alto Networks Incorporated † | | | | 3,969 | 747,641 |
| Pegasystems Incorporated | | | | 11,350 | 526,413 |
| PTC Incorporated † | | | | 4,053 | 507,962 |
| RingCentral Incorporated Class A † | | | | 5,238 | 173,064 |
| Roper Technologies Incorporated | | | | 1,548 | 665,950 |
| Salesforce.com Incorporated † | | | | 8,486 | 1,388,394 |
| ServiceNow Incorporated † | | | | 1,110 | 479,709 |
| Smartsheet Incorporated Class A † | | | | 5,739 | 252,631 |
| Splunk Incorporated † | | | | 7,589 | 777,873 |
| Synopsys Incorporated † | | | | 2,243 | 815,914 |
| Teradata Corporation † | | | | 36,298 | 1,479,506 |
| Workday Incorporated Class A † | | | | 711 | 131,869 |
| Zoom Video Communications Incorporated † | | | | 5,407 | 403,308 |
| | | | | | 45,263,385 |
| Technology hardware, storage & peripherals: 5.86% | | | | | |
| Apple Incorporated | | | | 184,064 | 27,132,874 |
| Hewlett Packard Enterprise Company | | | | 16,222 | 253,225 |
| HP Incorporated | | | | 16,068 | 474,327 |
| | | | | | 27,860,426 |
| Materials: 2.76% | | | | | |
| Chemicals: 1.57% | | | | | |
| Air Products & Chemicals Incorporated | | | | 209 | 59,770 |
| CF Industries Holdings Incorporated | | | | 7,875 | 676,384 |
| Corteva Incorporated | | | | 9,498 | 591,630 |
| Dow Incorporated | | | | 13,052 | 746,574 |
| DuPont de Nemours Incorporated | | | | 334 | 24,392 |
| Eastman Chemical Company | | | | 3,665 | 312,258 |
| FMC Corporation | | | | 892 | 115,202 |
| Huntsman Corporation | | | | 13,979 | 410,144 |
| Linde plc | | | | 4,551 | 1,585,432 |
| LyondellBasell Industries NV Class A | | | | 6,521 | 625,951 |
| Olin Corporation | | | | 10,681 | 616,828 |
| RPM International Incorporated | | | | 1,976 | 175,133 |
| The Chemours Company | | | | 15,166 | 518,374 |
| The Mosaic Company | | | | 14,128 | 751,468 |
| The Sherwin-Williams Company | | | | 934 | 206,741 |
| Westlake Chemical Corporation | | | | 612 | 72,914 |
| | | | | | 7,489,195 |
| Construction materials: 0.11% | | | | | |
| Eagle Materials Incorporated | | | | 3,912 | 548,932 |
| Containers & packaging: 0.31% | | | | | |
| Amcor plc | | | | 16,059 | 178,897 |
| Crown Holdings Incorporated | | | | 143 | 12,371 |
| Graphic Packaging Holding Company | | | | 12,034 | 286,409 |
| International Paper Company | | | | 8,596 | 312,808 |
| Packaging Corporation of America | | | | 310 | 42,383 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 15
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Containers & packaging (continued) | | | | | |
| Silgan Holdings Incorporated | | | | 4,922 | $ 262,835 |
| Sonoco Products Company | | | | 5,215 | 307,998 |
| WestRock Company | | | | 2,149 | 67,479 |
| | | | | | 1,471,180 |
| Metals & mining: 0.77% | | | | | |
| Alcoa Corporation | | | | 6,755 | 330,590 |
| Cleveland-Cliffs Incorporated † | | | | 18,633 | 397,442 |
| Freeport-McMoRan Incorporated | | | | 1,378 | 56,457 |
| Newmont Corporation | | | | 2,184 | 95,244 |
| Nucor Corporation | | | | 4,827 | 808,233 |
| Reliance Steel & Aluminum Company | | | | 3,362 | 833,238 |
| Steel Dynamics Incorporated | | | | 6,182 | 779,612 |
| United States Steel Corporation | | | | 11,324 | 346,854 |
| | | | | | 3,647,670 |
| Real estate: 2.51% | | | | | |
| Equity REITs: 2.32% | | | | | |
| American Tower Corporation | | | | 3,673 | 727,291 |
| Americold Realty Trust | | | | 7,354 | 216,208 |
| Apartment Income REIT Corporation | | | | 191 | 7,220 |
| Boston Properties Incorporated | | | | 549 | 35,949 |
| Brixmor Property Group Incorporated | | | | 15,495 | 350,807 |
| Crown Castle International Corporation | | | | 5,018 | 656,104 |
| Digital Realty Trust Incorporated | | | | 273 | 28,455 |
| EPR Properties | | | | 11,664 | 476,358 |
| Equinix Incorporated | | | | 544 | 374,419 |
| Extra Space Storage Incorporated | | | | 2,229 | 367,005 |
| Federal Realty Investment Trust | | | | 355 | 37,907 |
| Gaming and Leisure Properties Incorporated | | | | 4,225 | 227,643 |
| Host Hotels & Resorts Incorporated | | | | 56,975 | 957,180 |
| Iron Mountain Incorporated | | | | 15,150 | 799,163 |
| JBG Smith Properties | | | | 2,420 | 41,745 |
| Lamar Advertising Company Class A | | | | 3,892 | 406,948 |
| Life Storage Incorporated | | | | 565 | 68,094 |
| Mid-America Apartment Communities Incorporated | | | | 430 | 68,843 |
| National Retail Properties Incorporated | | | | 2,413 | 109,357 |
| Omega Healthcare Investors Incorporated | | | | 17,070 | 457,305 |
| Park Hotels & Resorts Incorporated | | | | 49,113 | 675,304 |
| Prologis Incorporated | | | | 7,342 | 906,003 |
| Public Storage Incorporated | | | | 1,892 | 565,613 |
| Rayonier Incorporated | | | | 16,628 | 558,368 |
| Regency Centers Corporation | | | | 2,466 | 155,111 |
| SBA Communications Corporation | | | | 657 | 170,393 |
| Simon Property Group Incorporated | | | | 4,197 | 512,412 |
| Ventas Incorporated | | | | 1,660 | 80,759 |
| VICI Properties Incorporated | | | | 4,369 | 146,493 |
| Welltower Incorporated | | | | 235 | 17,418 |
| Weyerhaeuser Company | | | | 23,855 | 745,469 |
| WP Carey Incorporated | | | | 1,237 | 100,395 |
| | | | | | 11,047,739 |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Real estate management & development: 0.19% | | | | | |
| CBRE Group Incorporated Class A † | | | | 5,722 | $ 487,171 |
| Jones Lang LaSalle Incorporated † | | | | 2,399 | 418,530 |
| | | | | | 905,701 |
| Utilities: 2.44% | | | | | |
| Electric utilities: 1.43% | | | | | |
| Alliant Energy Corporation | | | | 219 | 11,228 |
| American Electric Power Company Incorporated | | | | 6,184 | 544,006 |
| Constellation Energy Corporation | | | | 1,720 | 128,811 |
| Duke Energy Corporation | | | | 7,003 | 660,103 |
| Edison International | | | | 3,497 | 231,536 |
| Entergy Corporation | | | | 3,572 | 367,452 |
| Evergy Incorporated | | | | 2,452 | 144,202 |
| Eversource Energy | | | | 2,279 | 171,745 |
| Exelon Corporation | | | | 20,292 | 819,594 |
| FirstEnergy Corporation | | | | 10,326 | 408,290 |
| Hawaiian Electric Industries Incorporated | | | | 8,061 | 326,067 |
| IDACORP Incorporated | | | | 181 | 18,715 |
| NextEra Energy Incorporated | | | | 13,373 | 949,884 |
| NRG Energy Incorporated | | | | 2,931 | 96,107 |
| OGE Energy Corporation | | | | 2,183 | 77,977 |
| PG&E Corporation † | | | | 16,345 | 255,309 |
| Pinnacle West Capital Corporation | | | | 757 | 55,776 |
| PPL Corporation | | | | 13,594 | 367,990 |
| The Southern Company | | | | 11,972 | 754,954 |
| Xcel Energy Incorporated | | | | 6,167 | 398,203 |
| | | | | | 6,787,949 |
| Gas utilities: 0.05% | | | | | |
| National Fuel Gas Company | | | | 1,856 | 106,312 |
| UGI Corporation | | | | 3,366 | 125,316 |
| | | | | | 231,628 |
| Independent power & renewable electricity producers: 0.12% | | | | | |
| AES Corporation | | | | 12,052 | 297,443 |
| Vistra Energy Corporation | | | | 12,028 | 264,496 |
| | | | | | 561,939 |
| Multi-utilities: 0.73% | | | | | |
| Ameren Corporation | | | | 458 | 37,881 |
| CenterPoint Energy Incorporated | | | | 5,645 | 157,044 |
| CMS Energy Corporation | | | | 6,548 | 386,136 |
| Consolidated Edison Incorporated | | | | 5,997 | 535,832 |
| Dominion Energy Incorporated | | | | 7,701 | 428,330 |
| DTE Energy Company | | | | 7,369 | 808,453 |
| MDU Resources Group Incorporated | | | | 324 | 10,319 |
| NiSource Incorporated | | | | 7,088 | 194,424 |
| Public Service Enterprise Group Incorporated | | | | 2,678 | 161,832 |
| Sempra Energy | | | | 3,035 | 455,129 |
| WEC Energy Group Incorporated | | | | 3,327 | 294,972 |
| | | | | | 3,470,352 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 17
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Water utilities: 0.11% | | | | | |
| American Water Works Company Incorporated | | | | 2,440 | $ 342,527 |
| Essential Utilities Incorporated | | | | 4,690 | 200,638 |
| | | | | | 543,165 |
| Total Common stocks (Cost $388,279,190) | | | | | 457,464,703 |
| | | Yield | | | |
| Short-term investments: 3.30% | | | | | |
| Investment companies: 3.30% | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39% | | 15,693,994 | 15,693,994 |
| Total Short-term investments (Cost $15,693,994) | | | | | 15,693,994 |
| Total investments in securities (Cost $403,973,184) | 99.43% | | | | 473,158,697 |
| Other assets and liabilities, net | 0.57 | | | | 2,701,639 |
| Total net assets | 100.00% | | | | $475,860,336 |
| † | Non-income-earning security |
| ♠ | The issuer of the security is an affiliated person of the Portfolio 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 Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $16,689,254 | $334,889,201 | $(335,884,461) | $0 | $0 | $15,693,994 | 15,693,994 | $376,877 |
Futures contracts
| Description | Number of
contracts | Expiration
date | Notional
cost | Notional
value | Unrealized
gains | Unrealized
losses |
| Long | | | | | | |
| E-Mini S&P 500 Index | 86 | 3-17-2023 | $17,517,346 | $17,094,650 | $0 | $(422,696) |
The accompanying notes are an integral part of these financial statements.
18 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $388,279,190)
| $ 457,464,703 |
Investments in affiliated securities, at value (cost $15,693,994)
| 15,693,994 |
Cash
| 1,168 |
Cash at broker segregated for futures contracts
| 2,000,000 |
Receivable for dividends
| 806,239 |
Prepaid expenses and other assets
| 6,936 |
Total assets
| 475,973,040 |
| Liabilities | |
Payable for daily variation margin on open futures contracts
| 54,090 |
Advisory fee payable
| 28,477 |
Custody and accounting fees payable
| 24,322 |
Trustees’ fees and expenses payable
| 848 |
Accrued expenses and other liabilities
| 4,967 |
Total liabilities
| 112,704 |
Total net assets
| $475,860,336 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 19
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Dividends (net of foreign withholdings taxes of $33,785)
| $ 8,220,499 |
Income from affiliated securities
| 376,877 |
Total investment income
| 8,597,376 |
| Expenses | |
Advisory fee
| 524,066 |
Custody and accounting fees
| 36,711 |
Professional fees
| 52,477 |
Interest holder report expenses
| 11,404 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 24,406 |
Total expenses
| 671,243 |
Less: Fee waivers and/or expense reimbursements
| (136,696) |
Net expenses
| 534,547 |
Net investment income
| 8,062,829 |
| Realized and unrealized gains (losses) on investments | |
| Net realized gains (losses) on | |
Unaffiliated securities
| 59,201,432 |
Futures contracts
| (2,018,214) |
Net realized gains on investments
| 57,183,218 |
| Net change in unrealized gains (losses) on | |
Unaffiliated securities
| (101,361,907) |
Futures contracts
| 587,455 |
Net change in unrealized gains (losses) on investments
| (100,774,452) |
Net realized and unrealized gains (losses) on investments
| (43,591,234) |
Net decrease in net assets resulting from operations
| $ (35,528,405) |
The accompanying notes are an integral part of these financial statements.
20 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 8,062,829 | $ 10,050,800 |
Net realized gains on investments
| 57,183,218 | 148,144,573 |
Net change in unrealized gains (losses) on investments
| (100,774,452) | (34,278,597) |
Net increase (decrease) in net assets resulting from operations
| (35,528,405) | 123,916,776 |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 110,598,690 | 80,236,932 |
Withdrawals
| (349,948,040) | (257,231,310) |
Net decrease in net assets resulting from capital transactions
| (239,349,350) | (176,994,378) |
Total decrease in net assets
| (274,877,755) | (53,077,602) |
| Net assets | | |
Beginning of period
| 750,738,091 | 803,815,693 |
End of period
| $ 475,860,336 | $ 750,738,091 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 21
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (6.54)% | 15.65% | 24.03% | 4.00% | 7.60% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.13% | 0.12% | 0.12% | 0.12% | 0.12% |
Net expenses
| 0.10% * | 0.10% * | 0.10% * | 0.11% | 0.11% |
Net investment income
| 1.54% | 1.23% | 1.72% | 2.10% | 2.09% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 47% | 50% | 71% | 25% | 23% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.03% |
| Year ended February 28, 2022 | 0.02% |
| Year ended February 28, 2021 | 0.02% |
The accompanying notes are an integral part of these financial statements.
22 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Factor Enhanced U.S. Large Cap Equity Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Futures contracts
Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’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.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 23
Notes to financial statements
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.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $408,015,457 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 92,146,376 |
| Gross unrealized losses | (27,425,832) |
| Net unrealized gains | $ 64,720,544 |
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 Portfolio’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 Portfolio’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 Portfolio’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.
24 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Notes to financial statements
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Common stocks | | | | |
| Communication services | $ 35,102,407 | $0 | $0 | $ 35,102,407 |
| Consumer discretionary | 50,975,225 | 0 | 0 | 50,975,225 |
| Consumer staples | 28,725,629 | 0 | 0 | 28,725,629 |
| Energy | 19,241,053 | 0 | 0 | 19,241,053 |
| Financials | 48,357,737 | 0 | 0 | 48,357,737 |
| Health care | 68,406,883 | 0 | 0 | 68,406,883 |
| Industrials | 42,430,877 | 0 | 0 | 42,430,877 |
| Information technology | 127,519,442 | 0 | 0 | 127,519,442 |
| Materials | 13,156,977 | 0 | 0 | 13,156,977 |
| Real estate | 11,953,440 | 0 | 0 | 11,953,440 |
| Utilities | 11,595,033 | 0 | 0 | 11,595,033 |
| Short-term investments | | | | |
| Investment companies | 15,693,994 | 0 | 0 | 15,693,994 |
| Total assets | $473,158,697 | $0 | $0 | $473,158,697 |
| Liabilities | | | | |
| Futures contracts | $ 422,696 | $0 | $0 | $ 422,696 |
| Total liabilities | $ 422,696 | $0 | $0 | $ 422,696 |
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.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.100% |
| Next $5 billion | 0.080 |
| Over $10 billion | 0.060 |
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.10% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 25
Notes to financial statements
the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.06% and declining to 0.04% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed expenses to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $237,527,401 and $466,931,502, respectively.
6. DERIVATIVE TRANSACTIONS
During the year ended February 28, 2023, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $20,172,079 in long futures contracts during the year ended February 28, 2023.
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, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
8. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
9. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
26 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Factor Enhanced U.S. Large Cap Equity Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian, transfer agent and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 27
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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
The Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
28 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 29
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
30 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 31
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks long-term capital appreciation.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Harindra de Silva, Ph.D., CFA®‡, Monisha Jayakumar |
| Ten largest holdings (%) as of February 28, 20231 |
| Atkore Incorporated | 0.33 |
| Halozyme Therapeutics Incorporated | 0.32 |
| Medpace Holdings Incorporated | 0.30 |
| Winnebago Industries Incorporated | 0.30 |
| Lantheus Holdings Incorporated | 0.30 |
| Encore Wire Corporation | 0.30 |
| Mueller Industries Incorporated | 0.29 |
| Iridium Communications Incorporated | 0.29 |
| EMCOR Group Incorporated | 0.29 |
| Box Incorporated Class A | 0.27 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Sector allocation as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Common stocks: 96.96% | | | | | |
| Communication services: 3.09% | | | | | |
| Diversified telecommunication services: 0.79% | | | | | |
| ATN International Incorporated | | | | 500 | $ 21,025 |
| Bandwidth Incorporated Class A † | | | | 4,896 | 77,846 |
| Charge Enterprises Incorporated † | | | | 56,597 | 63,955 |
| Cogent Communications Group Incorporated | | | | 1,870 | 121,064 |
| Echostar Corporation Class A † | | | | 4,026 | 80,359 |
| Globalstar Incorporated † | | | | 35,824 | 45,855 |
| IDT Corporation Class B † | | | | 2,253 | 68,514 |
| Iridium Communications Incorporated † | | | | 5,751 | 352,939 |
| Liberty Latin America Class A † | | | | 8,589 | 75,755 |
| Liberty Latin America Class C † | | | | 4,534 | 39,809 |
| Ooma Incorporated † | | | | 1,332 | 17,436 |
| | | | | | 964,557 |
| Entertainment: 0.25% | | | | | |
| Akazoo SA ♦† | | | | 5,400 | 0 |
| Cinemark Holdings Incorporated † | | | | 8,264 | 112,473 |
| IMAX Corporation † | | | | 4,477 | 82,556 |
| Lions Gate Entertainment Class A † | | | | 1,537 | 16,308 |
| Lions Gate Entertainment Class B † | | | | 1,332 | 13,253 |
| Marcus Corporation | | | | 4,121 | 66,307 |
| Reservoir Media Incorporated † | | | | 1,550 | 10,478 |
| | | | | | 301,375 |
| Interactive media & services: 1.08% | | | | | |
| Arena Group Holdings Incorporated † | | | | 10,645 | 83,670 |
| Bumble Incorporated Class A † | | | | 5,083 | 122,907 |
| CarGurus Incorporated † | | | | 6,323 | 107,807 |
| Cars.com Incorporated † | | | | 4,805 | 92,256 |
| DHI Group Incorporated † | | | | 18,919 | 80,217 |
| EverQuote Incorporated Class A † | | | | 3,364 | 45,919 |
| Leafly Holdings Incorporated † | | | | 172,666 | 93,412 |
| MediaAlpha Incorporated Class A † | | | | 2,859 | 43,285 |
| Outbrain Incorporated † | | | | 5,334 | 23,576 |
| QuinStreet Incorporated † | | | | 7,099 | 120,470 |
| Shutterstock Incorporated | | | | 573 | 43,101 |
| TrueCar Incorporated † | | | | 14,471 | 33,717 |
| Yelp Incorporated | | | | 4,704 | 141,214 |
| Ziff Davis Incorporated † | | | | 2,924 | 230,938 |
| Ziprecruiter Incorporated Class A † | | | | 3,641 | 62,115 |
| | | | | | 1,324,604 |
| Media: 0.87% | | | | | |
| AdTheorent Holding Company Incorporated † | | | | 28,085 | 42,689 |
| Advantage Solutions Incorporated † | | | | 43,949 | 96,688 |
| AMC Networks Incorporated Class A † | | | | 5,158 | 115,333 |
| Clear Channel Outdoor Holdings † | | | | 18,306 | 32,402 |
| Cumulus Media Incorporated Class A † | | | | 21,921 | 118,812 |
| Entravision Communications Corporation Class A | | | | 5,036 | 33,036 |
| Gannett Company Incorporated † | | | | 19,286 | 58,437 |
| iHeartMedia Incorporated Class A † | | | | 3,353 | 24,343 |
| John Wiley & Sons Incorporated Class A | | | | 1,865 | 82,974 |
| Loyalty Ventures Incorporated † | | | | 48,669 | 85,657 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 3
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Media (continued) | | | | | |
| Magnite Incorporated † | | | | 1,989 | $ 22,138 |
| Quotient Technology Incorporated † | | | | 917 | 3,466 |
| Scholastic Corporation | | | | 555 | 25,314 |
| Sinclair Broadcast Group Incorporated Class A | | | | 9,680 | 157,494 |
| Stagwell Incorporated † | | | | 4,601 | 31,563 |
| The E.W. Scripps Company Class A † | | | | 1,908 | 24,079 |
| Urban One Incorporated Class A † | | | | 11,550 | 78,887 |
| Urban One Incorporated Class D † | | | | 4,937 | 24,636 |
| | | | | | 1,057,948 |
| Wireless telecommunication services: 0.10% | | | | | |
| Gogo Incorporated † | | | | 3,029 | 49,857 |
| Kore Group Holdings Incorporated † | | | | 5,676 | 9,763 |
| NII Holdings Incorporated ♦‡ | | | | 14,979 | 7,490 |
| Shenandoah Telecommunications Company | | | | 2,480 | 48,410 |
| Telephone & Data Systems Incorporated | | | | 289 | 3,667 |
| | | | | | 119,187 |
| Consumer discretionary: 10.42% | | | | | |
| Auto components: 1.24% | | | | | |
| Adient plc † | | | | 5,767 | 246,366 |
| American Axle & Manufacturing Holdings Incorporated † | | | | 14,968 | 131,718 |
| Dana Incorporated | | | | 6,222 | 98,556 |
| Dorman Products Incorporated † | | | | 84 | 7,815 |
| Fox Factory Holding Corporation † | | | | 1,058 | 124,315 |
| Gentherm Incorporated † | | | | 544 | 34,549 |
| LCI Industries | | | | 1,269 | 143,156 |
| Modine Manufacturing Company † | | | | 6,951 | 169,674 |
| Patrick Industries Incorporated | | | | 1,830 | 133,316 |
| The Goodyear Tire & Rubber Company † | | | | 15,377 | 174,683 |
| Visteon Corporation † | | | | 1,355 | 226,339 |
| XPEL Incorporated † | | | | 254 | 16,970 |
| | | | | | 1,507,457 |
| Automobiles: 0.51% | | | | | |
| Canoo Incorporated † | | | | 14,376 | 10,760 |
| Cenntro Electric Group Limited † | | | | 49,733 | 26,935 |
| Lordstown Motors Corporation Class A † | | | | 14,693 | 15,281 |
| Mullen Automotive Incorporated † | | | | 15,779 | 3,661 |
| Winnebago Industries Incorporated | | | | 5,799 | 368,584 |
| Workhorse Group Incorporated † | | | | 97,796 | 201,460 |
| | | | | | 626,681 |
| Diversified consumer services: 0.96% | | | | | |
| Adtalem Global Education Incorporated † | | | | 2,289 | 89,546 |
| Beachbody Company Incorporated † | | | | 4,934 | 3,185 |
| Carriage Services Incorporated | | | | 150 | 5,088 |
| Chegg Incorporated † | | | | 10,959 | 174,139 |
| Frontdoor Incorporated † | | | | 3,580 | 101,135 |
| Graham Holdings Company Class B | | | | 205 | 128,465 |
| Laureate Education Incorporated Class A | | | | 12,189 | 144,562 |
| Nerdy Incorporated † | | | | 13,594 | 34,121 |
| OneSpaWorld Holdings Limited † | | | | 2,137 | 24,768 |
| Perdoceo Education Corporation † | | | | 8,458 | 116,594 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Diversified consumer services (continued) | | | | | |
| Strategic Education Incorporated | | | | 1,729 | $ 147,397 |
| Stride Incorporated † | | | | 2,799 | 118,874 |
| Universal Technical Institute Incorporated † | | | | 10,915 | 79,243 |
| WW International Incorporated † | | | | 729 | 2,668 |
| | | | | | 1,169,785 |
| Hotels, restaurants & leisure: 2.48% | | | | | |
| Accel Entertainment Incorporated † | | | | 1,474 | 13,487 |
| BJ's Restaurants Incorporated † | | | | 2,002 | 64,064 |
| Bloomin' Brands Incorporated | | | | 7,478 | 195,176 |
| Bluegreen Vacations Holding | | | | 1,766 | 58,578 |
| Bowlero Corporation † | | | | 5,752 | 88,466 |
| Brinker International Incorporated † | | | | 4,132 | 157,016 |
| Chuy's Holding Incorporated † | | | | 1,732 | 61,919 |
| Cracker Barrel Old Country Store Incorporated | | | | 1,503 | 163,767 |
| Dave & Buster's Entertainment Incorporated † | | | | 1,788 | 71,556 |
| Denny’s Corporation † | | | | 2,707 | 31,591 |
| Dine Brands Global Incorporated | | | | 1,543 | 118,302 |
| El Pollo Loco Holdings Incorporated | | | | 2,108 | 25,233 |
| Everi Holdings Incorporated † | | | | 4,322 | 82,075 |
| Golden Entertainment Incorporated † | | | | 2,145 | 88,181 |
| Hilton Grand Vacations Incorporated † | | | | 1,288 | 61,489 |
| Inspirato Incorporated † | | | | 967 | 996 |
| Inspired Entertainment Incorporated † | | | | 2,636 | 41,675 |
| International Game Technology plc | | | | 4,066 | 107,993 |
| Jack In The Box Incorporated | | | | 643 | 50,411 |
| Monarch Casino & Resort Incorporated | | | | 1,101 | 81,056 |
| Noodles & Company † | | | | 7,216 | 42,141 |
| Papa John's International Incorporated | | | | 1,331 | 111,737 |
| RCI Hospitality Holdings Incorporated | | | | 647 | 54,199 |
| Red Rock Resorts Incorporated Class A | | | | 3,787 | 165,378 |
| Rush Street Interactive Incorporated † | | | | 1,757 | 7,362 |
| Ruth's Hospitality Group Incorporated | | | | 3,910 | 72,922 |
| Scientific Games Corporation † | | | | 2,833 | 177,374 |
| SeaWorld Entertainment Incorporated † | | | | 2,668 | 172,353 |
| Shake Shack Incorporated Class A † | | | | 251 | 14,003 |
| Sonder Holdings Incorporated † | | | | 12,173 | 12,538 |
| Target Hospitality Corporation † | | | | 4,513 | 66,928 |
| Texas Roadhouse Incorporated | | | | 3,092 | 313,962 |
| The Cheesecake Factory Incorporated | | | | 2,989 | 111,908 |
| Wingstop Incorporated | | | | 806 | 137,302 |
| | | | | | 3,023,138 |
| Household durables: 1.47% | | | | | |
| Beazer Homes Incorporated † | | | | 7,386 | 110,125 |
| Cavco Industries Incorporated † | | | | 409 | 116,565 |
| Century Communities Incorporated | | | | 1,439 | 86,067 |
| Dream Finders Homes Incorporated † | | | | 1,829 | 22,003 |
| Ethan Allen Interiors Incorporated | | | | 2,834 | 83,745 |
| Green Brick Partners Incorporated † | | | | 2,523 | 78,718 |
| Hovnanian Enterprises Incorporated Class A † | | | | 400 | 27,244 |
| Installed Building Products Incorporated | | | | 332 | 38,306 |
| KB Home Incorporated | | | | 2,758 | 97,275 |
| Landsea Homes Corporation † | | | | 3,778 | 24,689 |
| La-Z-Boy Incorporated | | | | 744 | 24,091 |
| LGI Homes Incorporated † | | | | 631 | 65,820 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 5
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Household durables (continued) | | | | | |
| M/I Homes Incorporated † | | | | 1,982 | $ 114,639 |
| MDC Holdings Incorporated | | | | 1,107 | 40,959 |
| Meritage Corporation † | | | | 1,696 | 185,254 |
| Skyline Champion Corporation † | | | | 2,384 | 163,089 |
| Sonos Incorporated † | | | | 1,123 | 21,820 |
| Taylor Morrison Home Corporation † | | | | 6,245 | 223,758 |
| The Lovesac Company † | | | | 65 | 1,871 |
| TRI Pointe Homes Incorporated † | | | | 4,864 | 115,958 |
| Tupperware Brands Corporation † | | | | 31,692 | 129,937 |
| Vizio Holding Corporation Class A † | | | | 2,109 | 21,617 |
| | | | | | 1,793,550 |
| Internet & direct marketing retail: 0.67% | | | | | |
| 1-800-Flowers.com Incorporated Class A † | | | | 9,801 | 97,029 |
| A.K.A. Brands Holding Corporation † | | | | 12,098 | 17,058 |
| BARK Incorporated † | | | | 31,860 | 43,011 |
| CarParts.com Incorporated † | | | | 8,078 | 50,649 |
| Duluth Holdings Incorporated Class B † | | | | 5,174 | 31,096 |
| Groupon Incorporated † | | | | 1,631 | 12,249 |
| Lands End Incorporated † | | | | 7,394 | 56,194 |
| LuLu's Fashion Lounge Holdings Incorporated † | | | | 37,852 | 115,449 |
| Overstock.com Incorporated † | | | | 4,074 | 78,913 |
| PetMed Express Incorporated | | | | 1,641 | 30,818 |
| Rent the Runway Incorporated Class A † | | | | 917 | 3,127 |
| Revolve Group Incorporated † | | | | 2,678 | 72,520 |
| RumbleOn Incorporated Class B † | | | | 17,269 | 156,975 |
| Stitch Fix Incorporated Class A † | | | | 12,005 | 55,943 |
| | | | | | 821,031 |
| Leisure products: 0.34% | | | | | |
| Acushnet Holdings Corporation | | | | 559 | 26,977 |
| Malibu Boats Incorporated Class A † | | | | 1,854 | 110,795 |
| Mastercraft Boat Holdings Incorporated † | | | | 3,874 | 130,825 |
| Smith & Wesson Brands Incorporated | | | | 2,202 | 24,090 |
| Sturm, Ruger & Company Incorporated | | | | 460 | 26,804 |
| Vista Outdoor Incorporated † | | | | 3,128 | 89,336 |
| | | | | | 408,827 |
| Multiline retail: 0.10% | | | | | |
| Dillard's Incorporated Class A | | | | 346 | 123,318 |
| Specialty retail: 1.80% | | | | | |
| Academy Sports & Outdoors Corporation | | | | 4,331 | 256,179 |
| ARKO Corporation | | | | 4,027 | 32,297 |
| Asbury Automotive Group Incorporated † | | | | 829 | 188,266 |
| Big 5 Sporting Goods Corporation | | | | 469 | 4,141 |
| Build-A-Bear Workshop Incorporated † | | | | 3,306 | 69,261 |
| Caleres Incorporated | | | | 1,463 | 38,199 |
| Camping World Holdings Incorporated Class A | | | | 1,020 | 23,287 |
| Chico's FAS Incorporated † | | | | 17,848 | 102,626 |
| Citi Trends Incorporated † | | | | 580 | 16,263 |
| Designer Brands Incorporated Class A | | | | 4,616 | 45,191 |
| Destination XL Group Incorporated † | | | | 5,792 | 34,636 |
| Express Incorporated † | | | | 17,678 | 18,032 |
| Foot Locker Incorporated | | | | 1,871 | 81,800 |
| Genesco Incorporated † | | | | 417 | 18,752 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Specialty retail (continued) | | | | | |
| Group 1 Automotive Incorporated | | | | 754 | $ 166,687 |
| Guess Incorporated | | | | 693 | 14,581 |
| Hibbett Incorporated | | | | 1,534 | 110,341 |
| Murphy USA Incorporated | | | | 968 | 246,927 |
| National Vision Holdings Incorporated † | | | | 440 | 16,438 |
| ODP Corporation † | | | | 1,659 | 75,120 |
| Party City Holdco Incorporated † | | | | 82,206 | 6,157 |
| Rent-A-Center Incorporated | | | | 1,736 | 46,612 |
| Sally Beauty Holdings Incorporated † | | | | 2,542 | 40,901 |
| Signet Jewelers Limited | | | | 1,460 | 104,565 |
| Sonic Automotive Incorporated Class A | | | | 1,461 | 83,116 |
| Sportsman's Warehouse Holdings Incorporated † | | | | 582 | 5,232 |
| The Buckle Incorporated | | | | 2,374 | 96,835 |
| Torrid Holdings Incorporated † | | | | 10,502 | 28,670 |
| TravelCenters of America Incorporated † | | | | 2,102 | 177,304 |
| Winmark Corporation | | | | 142 | 41,464 |
| | | | | | 2,189,880 |
| Textiles, apparel & luxury goods: 0.85% | | | | | |
| Crocs Incorporated † | | | | 2,203 | 268,127 |
| Ermenegildo Zegna NV | | | | 94 | 1,224 |
| Fossil Group Incorporated † | | | | 5,924 | 25,651 |
| G-III Apparel Group Limited † | | | | 5,618 | 93,343 |
| Kontoor Brands Incorporated | | | | 3,590 | 187,219 |
| Movado Group Incorporated | | | | 3,326 | 115,146 |
| Oxford Industries Incorporated | | | | 1,429 | 168,065 |
| Rocky Brands Incorporated | | | | 238 | 6,336 |
| Steven Madden Limited | | | | 3,561 | 129,264 |
| Wolverine World Wide Incorporated | | | | 2,321 | 38,877 |
| | | | | | 1,033,252 |
| Consumer staples: 3.34% | | | | | |
| Beverages: 0.53% | | | | | |
| Celsius Holdings Incorporated † | | | | 1,687 | 153,180 |
| Coca Cola Bottling Corporation | | | | 212 | 118,052 |
| MGP Ingredients Incorporated | | | | 1,171 | 118,786 |
| National Beverage Corporation † | | | | 2,594 | 121,010 |
| Primo Water Corporation | | | | 5,522 | 85,481 |
| Vita Coco Company Incorporated † | | | | 3,066 | 51,846 |
| | | | | | 648,355 |
| Food & staples retailing: 0.33% | | | | | |
| Ingles Markets Incorporated Class A | | | | 467 | 41,750 |
| SpartanNash Company | | | | 2,769 | 74,098 |
| Sprouts Farmers Market Incorporated † | | | | 3,800 | 115,102 |
| The Andersons Incorporated | | | | 502 | 22,906 |
| United Natural Foods Incorporated † | | | | 3,573 | 145,528 |
| | | | | | 399,384 |
| Food products: 1.22% | | | | | |
| Alico Incorporated | | | | 190 | 4,891 |
| BRC Incorporated † | | | | 1,383 | 9,211 |
| Calavo Growers Incorporated | | | | 1,213 | 39,144 |
| Cal-Maine Foods Incorporated | | | | 4,083 | 231,914 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 7
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Food products (continued) | | | | | |
| Fresh Del Monte Produce Incorporated | | | | 2,376 | $ 74,321 |
| Hostess Brands Incorporated † | | | | 6,483 | 160,130 |
| J & J Snack Foods Corporation | | | | 467 | 65,945 |
| John B. Sanfilippo & Son Incorporated | | | | 1,206 | 108,263 |
| Lancaster Colony Corporation | | | | 781 | 149,936 |
| Seneca Foods Corporation Class A † | | | | 1,971 | 109,588 |
| Sovos Brands Incorporated † | | | | 1,100 | 14,377 |
| SunOpta Incorporated † | | | | 13,321 | 102,305 |
| The Simply Good Foods Company † | | | | 4,496 | 172,152 |
| Tootsie Roll Industries Incorporated | | | | 1,621 | 71,373 |
| TreeHouse Foods Incorporated † | | | | 2,825 | 137,832 |
| UTZ Brands Incorporated Class A | | | | 1,852 | 30,373 |
| Whole Earth Brands Incorporated † | | | | 3,123 | 10,743 |
| | | | | | 1,492,498 |
| Household products: 0.20% | | | | | |
| Central Garden & Pet Company † | | | | 1,912 | 77,436 |
| Central Garden & Pet Company Class A † | | | | 1,478 | 56,800 |
| Energizer Holdings Incorporated | | | | 2,222 | 80,503 |
| WD-40 Company | | | | 129 | ��22,372 |
| | | | | | 237,111 |
| Personal products: 0.83% | | | | | |
| Bellring Brands Incorporated † | | | | 6,873 | 212,238 |
| e.l.f. Beauty Incorporated † | | | | 3,020 | 225,745 |
| Edgewell Personal Care Company | | | | 1,507 | 64,349 |
| Herbalife Nutrition Limited † | | | | 9,570 | 185,180 |
| Inter Parfums Incorporated | | | | 214 | 25,768 |
| Medifast Incorporated | | | | 1,182 | 132,538 |
| NU Skin Enterprises Incorporated Class A | | | | 2,949 | 117,488 |
| Thorne Healthtech Incorporated † | | | | 10,354 | 51,252 |
| | | | | | 1,014,558 |
| Tobacco: 0.23% | | | | | |
| Universal Corporation | | | | 734 | 37,133 |
| Vector Group Limited | | | | 18,076 | 239,869 |
| | | | | | 277,002 |
| Energy: 5.35% | | | | | |
| Energy equipment & services: 1.66% | | | | | |
| Archrock Incorporated | | | | 2,783 | 30,808 |
| Bristow Group Incorporated † | | | | 829 | 22,582 |
| Cactus Incorporated Class A | | | | 885 | 40,666 |
| ChampionX Corporation | | | | 6,914 | 211,361 |
| Helmerich & Payne Incorporated | | | | 4,460 | 187,677 |
| Liberty Oilfield Services Class A | | | | 10,481 | 159,835 |
| Nabors Industries Limited † | | | | 395 | 59,372 |
| Nextier Oilfield Solutions Incorporated † | | | | 15,640 | 142,793 |
| Noble Corporation plc † | | | | 4,083 | 170,220 |
| Oceaneering International Incorporated † | | | | 2,918 | 60,957 |
| Patterson-UTI Energy Incorporated | | | | 10,790 | 147,823 |
| ProPetro Holding Corporation † | | | | 4,335 | 38,191 |
| RPC Incorporated | | | | 4,274 | 37,483 |
| Select Energy Services Incorporated Class A | | | | 6,578 | 48,809 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Energy equipment & services (continued) | | | | | |
| Solaris Oilfield Infrastructure Incorporated Class A | | | | 5,109 | $ 45,623 |
| Tetra Technologies Incorporated † | | | | 25,352 | 90,253 |
| Tidewater Incorporated † | | | | 1,019 | 49,768 |
| US Silica Holdings Incorporated † | | | | 7,762 | 94,231 |
| Valaris Limited † | | | | 2,983 | 200,607 |
| Weatherford International plc † | | | | 2,845 | 189,534 |
| | | | | | 2,028,593 |
| Oil, gas & consumable fuels: 3.69% | | | | | |
| Alto Ingredients Incorporated † | | | | 17,383 | 50,758 |
| Amplify Energy Corporation † | | | | 9,082 | 76,107 |
| Arch Resources Incorporated | | | | 1,314 | 206,758 |
| Ardmore Shipping Corporation | | | | 2,284 | 41,455 |
| Battalion Oil Corporation † | | | | 2,639 | 23,777 |
| Berry Corporation | | | | 4,629 | 43,651 |
| California Resources Corporation | | | | 3,573 | 150,781 |
| Callon Petroleum Company † | | | | 2,148 | 83,256 |
| Centrus Energy Corporation Class A † | | | | 371 | 16,625 |
| Chord Energy Corporation | | | | 1,698 | 228,585 |
| Civitas Resources Incorporated | | | | 2,201 | 154,444 |
| CNX Resources Corporation † | | | | 95 | 1,458 |
| Comstock Resources Incorporated | | | | 12,541 | 152,248 |
| Consol Energy Incorporated | | | | 3,522 | 192,759 |
| CVR Energy Incorporated | | | | 1,929 | 61,207 |
| Delek US Holdings Incorporated | | | | 7,146 | 179,865 |
| Denbury Incorporated † | | | | 1,729 | 144,147 |
| DHT Holdings Incorporated | | | | 4,156 | 48,085 |
| Dorian LPG Limited | | | | 3,184 | 69,889 |
| Earthstone Energy Incorporated Class A † | | | | 2,198 | 30,662 |
| Flex LNG Limited | | | | 472 | 16,374 |
| Golar LNG Limited † | | | | 2,983 | 68,102 |
| Gulfport Energy Corporation † | | | | 1,135 | 75,046 |
| International Seaways Incorporated | | | | 283 | 14,558 |
| Kosmos Energy Limited † | | | | 18,585 | 146,264 |
| Laredo Petroleum Incorporated † | | | | 1,625 | 83,509 |
| Magnolia Oil & Gas Corporation Class A | | | | 6,910 | 150,984 |
| Matador Resources Company | | | | 3,487 | 187,566 |
| Murphy Oil Corporation | | | | 6,103 | 238,139 |
| Nordic American Tankers Limited | | | | 438 | 1,940 |
| Northern Oil and Gas Incorporated | | | | 3,444 | 106,902 |
| Par Pacific Holdings Incorporated † | | | | 2,376 | 66,005 |
| PBF Energy Incorporated Class A | | | | 4,770 | 208,497 |
| Peabody Energy Corporation † | | | | 6,761 | 184,575 |
| Permian Resources Corporation | | | | 7,911 | 85,518 |
| Ranger Oil Corporation Class A | | | | 1,858 | 77,107 |
| Riley Exploration Permian Incorporated | | | | 1,715 | 52,479 |
| Ring Energy Incorporated † | | | | 21,100 | 44,310 |
| Scorpio Tankers Incorporated | | | | 2,340 | 141,242 |
| SilverBow Resources Incorporated † | | | | 3,149 | 77,528 |
| SM Energy Company | | | | 6,438 | 189,985 |
| Talos Energy Incorporated † | | | | 3,309 | 58,933 |
| Teekay Tankers Limited Class A † | | | | 2,261 | 102,084 |
| Vaalco Energy Incorporated | | | | 10,374 | 48,654 |
| Vertex Energy Incorporated † | | | | 1,750 | 16,573 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 9
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Oil, gas & consumable fuels (continued) | | | | | |
| W&T Offshore Incorporated † | | | | 8,322 | $ 46,686 |
| World Fuel Services Corporation | | | | 1,748 | 47,983 |
| | | | | | 4,494,060 |
| Financials: 15.20% | | | | | |
| Banks: 8.13% | | | | | |
| 1st Source Corporation | | | | 1,289 | 64,218 |
| ACNB Corporation | | | | 724 | 26,817 |
| Amalgamated Financial Corporation | | | | 3,363 | 79,199 |
| Amerant Bancorp Incorporated Class A | | | | 402 | 11,417 |
| American National Bankshares Incorporated | | | | 735 | 24,733 |
| Ameris Bancorp | | | | 3,493 | 167,210 |
| Arrow Financial Corporation | | | | 865 | 26,365 |
| Associated Banc Corporation | | | | 6,790 | 157,189 |
| Atlantic Union Bankshares Corporation | | | | 2,296 | 86,008 |
| BancFirst Corporation | | | | 943 | 85,106 |
| Bank First Corporation | | | | 1,475 | 120,257 |
| Bank of N.T. Butterfield & Son Limited | | | | 2,127 | 76,891 |
| BankUnited Incorporated | | | | 3,126 | 110,723 |
| Bankwell Financial Group Incorporated | | | | 709 | 21,398 |
| Banner Corporation | | | | 1,772 | 111,601 |
| Bar Harbor Bankshares | | | | 2,096 | 62,608 |
| Baycom Corporation | | | | 525 | 10,778 |
| BCB Bancorp Incorporated | | | | 5,760 | 99,936 |
| Berkshire Hills Bancorp Incorporated | | | | 2,631 | 76,457 |
| Brookline Bancorp Incorporated | | | | 5,474 | 70,943 |
| Byline Bancorp Incorporated | | | | 830 | 20,460 |
| Cadence Bank | | | | 4,570 | 121,379 |
| Cambridge Bancorp | | | | 129 | 10,259 |
| Capital Bancorp Incorporated | | | | 3,550 | 72,101 |
| Capital City Bank Group Incorporated | | | | 1,921 | 68,522 |
| Carter Bankshares Incorporated † | | | | 5,037 | 87,493 |
| Cathay General Bancorp | | | | 3,068 | 131,679 |
| City Holding Company | | | | 1,207 | 118,527 |
| Civista Bancshares Incorporated | | | | 1,754 | 37,413 |
| CNB Financial Corporation | | | | 1,523 | 36,308 |
| Columbia Banking System Incorporated | | | | 2,621 | 77,922 |
| Community Bank System Incorporated | | | | 1,319 | 80,525 |
| Community Trust Bancorp | | | | 2,172 | 92,853 |
| ConnectOne Bancorp Incorporated | | | | 474 | 11,495 |
| Customers Bancorp Incorporated † | | | | 2,585 | 79,618 |
| CVB Financial Corporation | | | | 6,918 | 165,548 |
| Dime Community Bank | | | | 2,622 | 80,338 |
| Enterprise Financial Service Corporation | | | | 1,359 | 74,011 |
| Equity Bancshares Incorporated Class A | | | | 1,452 | 43,647 |
| Esquire Financial Holdings Class I | | | | 1,200 | 55,188 |
| FB Financial Corporation | | | | 574 | 21,634 |
| First Bancorp of North Carolina | | | | 979 | 40,619 |
| First Bancorp of Puerto Rico | | | | 14,511 | 210,555 |
| First Bank | | | | 755 | 10,291 |
| First Busey Corporation | | | | 1,800 | 43,452 |
| First Business Financial Services Incorporated | | | | 3,222 | 114,123 |
| First Commonwealth Financial Corporation | | | | 4,639 | 74,270 |
| First Community Bancshares | | | | 2,115 | 66,030 |
| First Financial Bancorp | | | | 4,721 | 116,325 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Banks (continued) | | | | | |
| First Financial Bankshares Incorporated | | | | 1,234 | $ 45,263 |
| First Financial Corporation | | | | 1,384 | 60,827 |
| First Guaranty Bancshares Incorporated | | | | 3,144 | 64,483 |
| First Interstate BancSystem Class A | | | | 2,461 | 87,464 |
| First Merchants Corporation | | | | 2,149 | 87,937 |
| First of Long Island Corporation | | | | 522 | 8,884 |
| First Western Financial Incorporated † | | | | 91 | 2,354 |
| Fulton Financial Corporation | | | | 9,283 | 159,668 |
| German American Bancorp | | | | 102 | 4,009 |
| Glacier Bancorp Incorporated | | | | 3,162 | 149,816 |
| Great Southern Bancorp Incorporated | | | | 1,275 | 74,192 |
| Guaranty Bancshares Incorporated | | | | 113 | 3,527 |
| Hancock Whitney Corporation | | | | 4,152 | 203,946 |
| Hanmi Financial Corporation | | | | 3,695 | 87,276 |
| HarborOne Bancorp Incorporated | | | | 3,391 | 46,355 |
| HBT Financial Incorporated | | | | 2,445 | 55,550 |
| Heartland Financial USA Incorporated | | | | 1,415 | 69,958 |
| Heritage Commerce Corporation | | | | 4,348 | 52,654 |
| Heritage Financial Corporation | | | | 3,419 | 95,288 |
| Hilltop Holdings Incorporated | | | | 2,464 | 81,731 |
| Home BancShares Incorporated | | | | 5,684 | 136,984 |
| Hope Bancorp Incorporated | | | | 4,034 | 51,676 |
| Independent Bank Corporation | | | | 3,133 | 69,083 |
| Independent Bank Corporation | | | | 1,102 | 87,807 |
| Independent Bank Group Incorporated | | | | 659 | 38,789 |
| International Bancshares Corporation | | | | 1,585 | 76,920 |
| John Marshall Bancorp Incorporated | | | | 844 | 22,459 |
| Lakeland Financial Corporation | | | | 521 | 37,314 |
| Live Oak Bancshares Incorporated | | | | 762 | 26,335 |
| Macatawa Bank Corporation | | | | 7,889 | 86,069 |
| Mercantile Bank Corporation | | | | 538 | 18,609 |
| Meta Financial Group Incorporated | | | | 2,520 | 128,545 |
| Midland States Bancorp Incorporated | | | | 2,577 | 67,105 |
| MidWestOne Financial Group Incorporated | | | | 1,589 | 47,734 |
| National Bank Holdings Corporation Class A | | | | 910 | 36,846 |
| NBT Bancorp Incorporated | | | | 3,406 | 138,250 |
| Northeast Bank | | | | 1,490 | 65,679 |
| Northwest Bancshares Incorporated | | | | 7,355 | 101,646 |
| OceanFirst Financial Corporation | | | | 2,864 | 67,934 |
| OFG Bancorp | | | | 5,548 | 168,770 |
| Old National Bancorp | | | | 8,748 | 154,577 |
| Old Second Bancorp Incorporated | | | | 331 | 5,488 |
| Origin Bancorp Incorporated | | | | 204 | 7,734 |
| Orrstown Financial Services Incorporated | | | | 2,574 | 59,202 |
| Pacific Premier Bancorp Incorporated | | | | 4,062 | 131,690 |
| Park National Corporation | | | | 973 | 124,320 |
| Peapack-Gladstone Financial Corporation | | | | 1,957 | 72,703 |
| Peoples Bancorp Incorporated | | | | 600 | 18,666 |
| Peoples Financial Services | | | | 944 | 46,775 |
| Preferred Bank | | | | 999 | 70,330 |
| Premier Financial Corporation | | | | 3,336 | 82,800 |
| QCR Holdings Incorporated | | | | 64 | 3,423 |
| RBB Bancorp | | | | 1 | 20 |
| Red River BancShares Incorporated | | | | 346 | 17,511 |
| Renasant Corporation | | | | 2,687 | 96,678 |
| Republic Bancorp Incorporated Class A | | | | 572 | 25,454 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 11
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Banks (continued) | | | | | |
| Republic First Bancorp Incorporated † | | | | 9 | $ 18 |
| S&T Bancorp Incorporated | | | | 3,152 | 117,444 |
| Sandy Spring Bancorp Incorporated | | | | 765 | 25,207 |
| Seacoast Banking Corporation | | | | 669 | 20,411 |
| ServisFirst Bancshares Incorporated | | | | 909 | 67,221 |
| Silvergate Capital Corporation Class A † | | | | 4,097 | 56,989 |
| Simmons First National Corporation Class A | | | | 1,993 | 44,304 |
| Smartfinancial Incorporated | | | | 139 | 3,795 |
| South Plains Financial Incorporated | | | | 896 | 23,556 |
| South State Corporation | | | | 2,514 | 202,830 |
| Southside Bancshares Incorporated | | | | 38 | 1,451 |
| Stellar Bancorp Incorporated | | | | 2,192 | 64,116 |
| Stock Yards Bancorp Incorporated | | | | 675 | 39,508 |
| Summit Financial Group Incorporated | | | | 1,462 | 37,237 |
| Texas Capital Bancshares Incorporated † | | | | 2,233 | 147,892 |
| The Bancorp Incorporated † | | | | 2,543 | 87,962 |
| Tompkins Trust Company Incorporated | | | | 938 | 70,153 |
| Towne Bank | | | | 2,920 | 88,564 |
| TriCo Bancshares | | | | 1,443 | 72,886 |
| Triumph Bancorp Incorporated † | | | | 1,437 | 87,441 |
| Trustmark Corporation | | | | 4,483 | 131,800 |
| UMB Financial Corporation | | | | 671 | 60,833 |
| United Bankshares Incorporated | | | | 5,514 | 224,806 |
| United Community Bank | | | | 3,446 | 114,097 |
| Unity Bancorp Incorporated | | | | 1,958 | 51,711 |
| Univest Financial Corporation | | | | 958 | 27,016 |
| Valley National Bancorp | | | | 14,000 | 162,120 |
| Veritex Holdings Incorporated | | | | 1,556 | 41,483 |
| Washington Federal Incorporated | | | | 3,151 | 110,506 |
| Washington Trust Bancorp | | | | 447 | 18,774 |
| WesBanco Incorporated | | | | 3,162 | 114,306 |
| West Bancorporation | | | | 1,244 | 26,199 |
| Westamerica Bancorporation | | | | 1,585 | 87,365 |
| | | | | | 9,915,547 |
| Capital markets: 1.54% | | | | | |
| Artisan Partners Asset Management Incorporated Class A | | | | 2,383 | 78,568 |
| BGC Partners Incorporated Class A | | | | 31,078 | 151,039 |
| Blucora Incorporated † | | | | 4,628 | 132,315 |
| BrightSphere Investment Group Incorporated | | | | 5,943 | 148,991 |
| Diamond Hill Investment Group | | | | 62 | 10,825 |
| Donnelley Financial Solutions † | | | | 2,606 | 110,260 |
| Federated Hermes Incorporated | | | | 4,144 | 163,066 |
| Focus Financial Partners Class A † | | | | 606 | 31,427 |
| GCM Grosvenor Incorporated Class A | | | | 12,339 | 101,550 |
| Hamilton Lane Incorporated Class A | | | | 165 | 12,837 |
| Houlihan Lokey Incorporated | | | | 1,253 | 119,912 |
| Marketwise Incorporated † | | | | 1,765 | 3,477 |
| Moelis Company Class A | | | | 1,907 | 81,677 |
| Perella Weinberg Partners | | | | 5,753 | 58,163 |
| Piper Sandler Companies | | | | 694 | 104,787 |
| PJT Partners Incorporated Class A | | | | 1,425 | 112,404 |
| Sculptor Capital Management Incorporated | | | | 6 | 54 |
| Silvercrest Asset Management Group Incorporated Class A | | | | 5,324 | 94,714 |
| Stonex Group Incorporated † | | | | 2,659 | 268,107 |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Capital markets (continued) | | | | | |
| Victory Capital Holding Class A | | | | 367 | $ 12,463 |
| Virtus Investment Partners Incorporated | | | | 393 | 82,699 |
| | | | | | 1,879,335 |
| Consumer finance: 0.78% | | | | | |
| Bread Financial Holdings Incorporated | | | | 2,819 | 115,776 |
| Consumer Portfolio Services † | | | | 2,865 | 31,687 |
| Curo Group Holdings Corporation | | | | 2,916 | 8,515 |
| Encore Capital Group Incorporated † | | | | 1,937 | 100,104 |
| Enova International Incorporated † | | | | 2,192 | 106,860 |
| Ezcorp Incorporated † | | | | 11,530 | 101,695 |
| FirstCash Holdings Incorporated | | | | 1,106 | 97,605 |
| Navient Corporation | | | | 8,508 | 153,569 |
| Nelnet Incorporated Class A | | | | 1,162 | 109,077 |
| OppFi Incorporated † | | | | 15,655 | 33,032 |
| PROG Holdings Incorporated † | | | | 3,736 | 92,354 |
| | | | | | 950,274 |
| Diversified financial services: 0.36% | | | | | |
| A-Mark Precious Metals Incorporated | | | | 5,522 | 161,850 |
| Jackson Financial Incorporation Class A | | | | 6,148 | 278,996 |
| | | | | | 440,846 |
| Insurance: 2.30% | | | | | |
| Ambac Financial Group Incorporated † | | | | 6,796 | 112,474 |
| American Equity Investment Life Holding Company | | | | 4,311 | 179,553 |
| Amerisafe Incorporated | | | | 1,858 | 101,335 |
| BRP Group Incorporated Class A † | | | | 1,034 | 29,717 |
| CNO Financial Group Incorporated | | | | 7,797 | 199,759 |
| Crawford & Company Class A | | | | 9,544 | 52,683 |
| Donegal Group Incorporated Class A | | | | 2,654 | 40,792 |
| eHealth Incorporated † | | | | 930 | 6,845 |
| Employers Holdings Incorporated | | | | 3,060 | 135,895 |
| Genworth Financial Incorporated Class A † | | | | 52,946 | 329,854 |
| Greenlight Capital Limited † | | | | 10,922 | 100,264 |
| Horace Mann Educators Corporation | | | | 2,872 | 106,149 |
| Kinsale Capital Group Incorporated | | | | 897 | 285,874 |
| National Western Life Group Class A | | | | 312 | 84,174 |
| Palomar Holdings Incorporated † | | | | 1,540 | 92,400 |
| RLI Corporation | | | | 2,040 | 281,336 |
| Safety Insurance Group Incorporated | | | | 1,500 | 121,035 |
| Selective Insurance Group Incorporated | | | | 2,730 | 277,177 |
| SelectQuote Incorporated † | | | | 2,871 | 6,718 |
| Stewart Information Services Corporation | | | | 1,550 | 65,860 |
| Tiptree Incorporated | | | | 1,643 | 26,452 |
| Trupanion Incorporated † | | | | 1,023 | 60,746 |
| United Fire Group Incorporated | | | | 3,522 | 100,518 |
| | | | | | 2,797,610 |
| Mortgage REITs: 1.17% | | | | | |
| AFC Gamma Incorporated | | | | 4,362 | 67,567 |
| Apollo Commercial Real Estate Finance Incorporated | | | | 5,579 | 64,103 |
| Arbor Realty Trust Incorporated | | | | 9,148 | 137,952 |
| Ares Commercial Real Estate | | | | 3,626 | 41,010 |
| Blackstone Mortgage Trust Incorporated Class A | | | | 6,491 | 137,414 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 13
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Mortgage REITs (continued) | | | | | |
| BrightSpire Capital Incorporated REIT | | | | 15,264 | $ 112,801 |
| Broadmark Realty Capital Incorporated | | | | 9,441 | 48,149 |
| Chicago Atlantic Real Estate Incorporated | | | | 329 | 4,823 |
| Chimera Investment Corporation | | | | 4,005 | 25,992 |
| Claros Mortgage Trust Incorporated | | | | 5,717 | 79,695 |
| Granite Point Mortgage Trust Incorporated | | | | 1,721 | 10,309 |
| Hannon Armstrong Sustainable Infrastructure Capital Incorporated | | | | 3,401 | 106,825 |
| Invesco Mortgage Capital REIT | | | | 2,838 | 35,560 |
| Ladder Capital Corporation | | | | 9,467 | 106,977 |
| NexPoint Real Estate Finance REIT | | | | 2,787 | 50,305 |
| PennyMac Mortgage Investment Trust | | | | 5,769 | 75,170 |
| Ready Capital Corporation | | | | 9,681 | 109,008 |
| Redwood Trust Incorporated | | | | 1,850 | 14,079 |
| Two Harbors Investment Corporation | | | | 12,279 | 203,463 |
| | | | | | 1,431,202 |
| Thrifts & mortgage finance: 0.92% | | | | | |
| Axos Financial Incorporated † | | | | 975 | 46,205 |
| Enact Holdings Incorporated | | | | 3,637 | 88,197 |
| Essent Group Limited | | | | 3,708 | 159,259 |
| Merchants Bancorp Incorporated | | | | 847 | 25,622 |
| Mr. Cooper Group Incorporated † | | | | 5,093 | 236,468 |
| NMI Holdings Incorporated Class A † | | | | 3,700 | 86,358 |
| PennyMac Financial Services Incorporated | | | | 2,751 | 166,353 |
| Provident Financial Services Incorporated | | | | 1,271 | 29,678 |
| Radian Group Incorporated | | | | 8,736 | 186,514 |
| Trustco Bank Corporation | | | | 1,226 | 45,926 |
| Walker & Dunlop Incorporated | | | | 254 | 22,156 |
| WSFS Financial Corporation | | | | 501 | 25,005 |
| | | | | | 1,117,741 |
| Health care: 17.72% | | | | | |
| Biotechnology: 7.69% | | | | | |
| Acadia Pharmaceuticals Incorporated † | | | | 5,682 | 117,561 |
| ADMA Biologics Incorporated † | | | | 43,066 | 152,884 |
| Agenus Incorporated † | | | | 5 | 10 |
| Agios Pharmaceuticals Incorporated † | | | | 2,379 | 60,212 |
| Akero Therapeutics Incorporated † | | | | 1,347 | 61,302 |
| Alkermes plc † | | | | 7,792 | 208,358 |
| AlloVir Incorporated † | | | | 587 | 3,962 |
| ALX Oncology Holdings Incorporated † | | | | 1,872 | 12,393 |
| Amicus Therapeutics Incorporated † | | | | 15,917 | 209,945 |
| Anika Therapeutics Incorporated † | | | | 3,032 | 96,114 |
| Apellis Pharmaceuticals Incorporated † | | | | 3,188 | 208,750 |
| Arcturus Therapeutics Holdings Incorporated † | | | | 4,088 | 66,430 |
| Arcus Biosciences Incorporated † | | | | 5,589 | 101,776 |
| Arrowhead Pharmaceuticals Incorporated † | | | | 5,146 | 166,216 |
| Atara Biotherapeutics Incorporated † | | | | 7,834 | 31,728 |
| Avid Bioservices Incorporated † | | | | 8,785 | 144,601 |
| Beam Therapeutics Incorporated † | | | | 1,932 | 77,744 |
| Biocryst Pharmaceuticals Incorporated † | | | | 5,271 | 46,648 |
| Biohaven Limited † | | | | 4,443 | 67,889 |
| bluebird bio Incorporated † | | | | 5,202 | 27,050 |
| Blueprint Medicines Corporation † | | | | 2,711 | 114,865 |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Biotechnology (continued) | | | | | |
| Bridgebio Pharma Incorporated † | | | | 9,004 | $ 102,826 |
| CareDx Incorporated † | | | | 3,689 | 62,049 |
| Cassava Sciences Incorporated † | | | | 906 | 22,378 |
| Catalyst Pharmaceuticals Incorporated † | | | | 18,289 | 279,090 |
| Celldex Therapeutics Incorporated † | | | | 640 | 27,386 |
| Celularity Incorporated † | | | | 45,177 | 30,991 |
| Chimerix Incorporated † | | | | 115,684 | 182,781 |
| Chinook Therapeutics Incorporated † | | | | 4,474 | 97,623 |
| Coherus Biosciences Incorporated † | | | | 11,077 | 74,991 |
| CTI BioPharma Corporation † | | | | 7,286 | 39,782 |
| Cullinan Oncology Incorporated † | | | | 5,613 | 63,371 |
| Cytokinetics Incorporated † | | | | 4,117 | 178,513 |
| Deciphera Pharmaceuticals Incorporated † | | | | 10,619 | 153,976 |
| Denali Therapeutics Incorporated † | | | | 5,608 | 152,257 |
| Dynavax Technologies Corporation † | | | | 17,105 | 176,182 |
| Dyne Therapeutics Incorporated † | | | | 4,397 | 56,633 |
| Eagle Pharmaceuticals Incorporated † | | | | 3,640 | 101,920 |
| Editas Medicine Incorporated † | | | | 4,450 | 40,228 |
| Eiger BioPharmaceuticals Incorporated † | | | | 6,172 | 11,603 |
| Emergent BioSolutions Incorporated † | | | | 12,248 | 151,630 |
| Enanta Pharmaceuticals Incorporated † | | | | 1,662 | 80,607 |
| Enochian Biosciences Incorporated † | | | | 12,650 | 13,030 |
| Fate Therapeutics Incorporated † | | | | 1,613 | 9,872 |
| Fibrogen Incorporated † | | | | 4,825 | 107,115 |
| Gelesis Holdings Incorporated † | | | | 890 | 240 |
| Geron Corporation † | | | | 37,612 | 104,561 |
| GreenLight Biosciences Holdings † | | | | 80,565 | 38,671 |
| Halozyme Therapeutics Incorporated † | | | | 8,028 | 385,264 |
| Heron Therapeutics Incorporated † | | | | 17,758 | 42,086 |
| Humacyte Incorporated † | | | | 16,479 | 50,426 |
| Ideaya Biosciences Incorporated † | | | | 2,847 | 50,250 |
| Immunogen Incorporated † | | | | 3,034 | 11,772 |
| Immunovant Incorporated † | | | | 1,296 | 22,641 |
| Insmed Incorporated † | | | | 4,655 | 94,869 |
| Intellia Therapeutics Incorporated † | | | | 1,656 | 66,522 |
| Intercept Pharmaceuticals Incorporated † | | | | 498 | 10,050 |
| Ironwood Pharmaceuticals Incorporated † | | | | 20,886 | 235,385 |
| Iteos Therapeutics Incorporated † | | | | 6,872 | 121,703 |
| Iveric Bio Incorporated † | | | | 3,325 | 69,094 |
| Karuna Therapeutics Incorporated † | | | | 1,099 | 219,163 |
| Karyopharm Therapeutics Incorporated † | | | | 12,975 | 39,185 |
| Keros Therapeutics Incorporated † | | | | 1,421 | 75,626 |
| Kiniksa Pharmaceuticals Limited Class A † | | | | 6,910 | 88,863 |
| Kinnate Biopharma Incorporated † | | | | 2,354 | 12,429 |
| Krystal Biotech Incorporated † | | | | 1,101 | 90,183 |
| Kura Oncology Incorporated † | | | | 4,089 | 48,741 |
| Kymera Therapeutics Incorporated † | | | | 805 | 25,261 |
| Lyell Immunopharma Incorporated † | | | | 8,086 | 17,385 |
| Macrogenics Incorporated † | | | | 9,978 | 60,766 |
| Madrigal Pharmaceuticals Incorporated † | | | | 602 | 163,148 |
| Mannkind Corporation † | | | | 18,258 | 96,402 |
| Mersana Therapeutics Incorporated † | | | | 1,830 | 11,090 |
| MiMedx Group Incorporated † | | | | 12,328 | 59,298 |
| Mirum Pharmaceuticals Incorporated † | | | | 207 | 4,867 |
| Morphic Holding Incorporated † | | | | 419 | 17,816 |
| Myriad Genetics Incorporated † | | | | 7,298 | 138,078 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 15
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Biotechnology (continued) | | | | | |
| Nurix Therapeutics Incorporated † | | | | 1,228 | $ 11,580 |
| Organogenesis Holdings Incorporated Class A † | | | | 41,980 | 102,851 |
| Pardes Biosciences Incorporated † | | | | 54,938 | 77,463 |
| PDL BioPharma Incorporated ♦‡† | | | | 91,928 | 225,224 |
| PMV Pharmaceuticals Incorporated † | | | | �� 2,482 | 17,895 |
| Precigen Incorporated † | | | | 4,384 | 5,524 |
| Prime Medicine Incorporated † | | | | 1,151 | 18,911 |
| Prometheus Biosciences Incorporated † | | | | 1,250 | 152,988 |
| Protagonist Therapeutics Incorporated † | | | | 2,439 | 39,561 |
| Prothena Corporation plc † | | | | 1,981 | 110,461 |
| PTC Therapeutics Incorporated † | | | | 4,329 | 189,047 |
| Recursion Pharmaceuticals Class A † | | | | 1,458 | 11,883 |
| Regenxbio Incorporated † | | | | 6,815 | 151,634 |
| Replimune Group Incorporated † | | | | 3,603 | 78,906 |
| Revolution Medicines Incorporated † | | | | 3,132 | 83,812 |
| Rigel Pharmaceuticals Incorporated † | | | | 46,559 | 70,304 |
| Rocket Pharmaceuticals Incorporated † | | | | 5,079 | 97,568 |
| Sage Therapeutics Incorporated | | | | 1,375 | 57,255 |
| Sangamo Therapeutics Incorporated † | | | | 8,739 | 26,654 |
| Seres Therapeutics Incorporated † | | | | 1,984 | 10,019 |
| Springworks Therapeutics Incorporated † | | | | 1,128 | 35,983 |
| Sutro Biopharma Incorporated † | | | | 2,523 | 14,230 |
| Syndax Pharmaceuticals Incorporated † | | | | 5,512 | 139,729 |
| TG Therapeutics Incorporated † | | | | 8,620 | 138,092 |
| Travere Therapeutics Incorporated † | | | | 388 | 8,598 |
| Twist Bioscience Corporation † | | | | 2,502 | 48,689 |
| Vanda Pharmaceuticals Incorporated † | | | | 5,507 | 35,465 |
| Vaxcyte Incorporated † | | | | 3,469 | 142,125 |
| Veracyte Incorporated † | | | | 5,079 | 124,994 |
| Vericel Corporation † | | | | 3,974 | 120,849 |
| VIR Biotechnology Incorporated † | | | | 7,712 | 175,834 |
| VistaGen Therapeutics Incorporated † | | | | 212,443 | 37,305 |
| Xencor Incorporated † | | | | 2,746 | 88,229 |
| Y-mAbs Therapeutics Incorporated † | | | | 14,548 | 55,282 |
| | | | | | 9,370,051 |
| Health care equipment & supplies: 3.66% | | | | | |
| Alphatec Holdings Incorporated † | | | | 2,376 | 35,189 |
| AngioDynamics Incorporated † | | | | 264 | 3,268 |
| Artivion Incorporated † | | | | 2,777 | 36,767 |
| Atricure Incorporated † | | | | 1,782 | 68,607 |
| Atrion Corporation | | | | 88 | 49,984 |
| Avanos Medical Incorporated † | | | | 3,047 | 85,529 |
| Axogen Incorporated † | | | | 6,170 | 50,903 |
| Axonics Incorporated † | | | | 2,378 | 142,894 |
| Bioventus Incorporated Class A † | | | | 10,730 | 22,855 |
| Cerus Corporation † | | | | 5,112 | 14,620 |
| Conmed Corporation | | | | 256 | 24,625 |
| Cryoport Incorporated † | | | | 2,484 | 53,803 |
| Cutera Incorporated † | | | | 1,080 | 35,024 |
| Embecta Corporation | | | | 6,798 | 217,196 |
| Figs Incorporated Class A † | | | | 4,325 | 39,833 |
| Glaukos Corporation † | | | | 1,212 | 57,243 |
| Haemonetics Corporation † | | | | 3,169 | 246,453 |
| Inari Medical Incorporated † | | | | 931 | 52,378 |
| Inogen Incorporated † | | | | 638 | 9,997 |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Health care equipment & supplies (continued) | | | | | |
| Inspire Medical Systems Incorporated † | | | | 932 | $ 242,255 |
| Integer Holdings Corporation † | | | | 1,765 | 132,340 |
| IRadimed Corporation | | | | 761 | 28,888 |
| iRhythm Technologies Incorporated † | | | | 1,578 | 185,699 |
| Lantheus Holdings Incorporated † | | | | 4,915 | 363,513 |
| LeMaitre Vascular Incorporated | | | | 1,721 | 86,239 |
| LivaNova plc † | | | | 1,569 | 74,245 |
| Merit Medical Systems Incorporated † | | | | 3,717 | 262,346 |
| Neogen Corporation † | | | | 4,251 | 75,200 |
| Nevro Corporation † | | | | 2,877 | 90,453 |
| Omnicell Incorporated † | | | | 709 | 38,598 |
| OraSure Technologies Incorporated † | | | | 6,249 | 39,431 |
| Orthofix Medical Incorporated † | | | | 1,651 | 34,011 |
| Orthopediatrics Corporation † | | | | 90 | 3,938 |
| Outset Medical Incorporated † | | | | 879 | 20,050 |
| Owlet Incorporated † | | | | 118,454 | 43,532 |
| Procept Biorobotics Corporation † | | | | 1,052 | 39,397 |
| Pulmonx Corporation † | | | | 1,189 | 13,352 |
| Senseonics Holdings Incorporated † | | | | 96,180 | 100,027 |
| Shockwave Medical Incorporated † | | | | 1,728 | 328,735 |
| SI-BONE Incorporated † | | | | 1,341 | 26,518 |
| Silk Road Medical Incorporated † | | | | 3,300 | 174,867 |
| STAAR Surgical Company † | | | | 1,977 | 109,506 |
| TransMedics Group Incorporated † | | | | 2,176 | 174,232 |
| UFP Technologies Incorporated † | | | | 1,142 | 134,436 |
| Utah Medical Products Incorporated | | | | 991 | 90,954 |
| Varex Imaging Corporation † | | | | 2,192 | 38,776 |
| Vicarious Surgical Incorporated † | | | | 6,020 | 16,856 |
| ZIMVIE Incorporated † | | | | 12,591 | 143,286 |
| Zynex Incorporated † | | | | 8,385 | 108,334 |
| | | | | | 4,467,182 |
| Health care providers & services: 2.53% | | | | | |
| AdaptHealth Corporation † | | | | 5,246 | 83,884 |
| Addus Homecare Corporation † | | | | 1,521 | 165,241 |
| Agiliti Incorporated † | | | | 210 | 4,003 |
| Alignment Healthcare Incorporated † | | | | 8,445 | 83,943 |
| AMN Healthcare Services Incorporated † | | | | 2,972 | 267,510 |
| Apollo Medical Holdings Incorporated † | | | | 2,308 | 80,549 |
| ATI Physical Therapy Incorporated † | | | | 2,810 | 978 |
| Brookdale Senior Living Incorporated † | | | | 2,747 | 8,873 |
| Cano Health Incorporated † | | | | 11,928 | 19,681 |
| CareMax Incorporated † | | | | 4,862 | 20,907 |
| Community Health Systems Incorporated † | | | | 21,128 | 128,036 |
| CorVel Corporation † | | | | 363 | 65,442 |
| Cross Country Healthcare Incorporated † | | | | 7,062 | 186,790 |
| DocGo Incorporated † | | | | 2,300 | 21,045 |
| Fulgent Genetics Incorporated † | | | | 102 | 3,345 |
| HealthEquity Incorporated † | | | | 2,706 | 176,350 |
| Hims & Hers Health Incorporated † | | | | 4,701 | 52,980 |
| Innovage Holding Corporation † | | | | 1,266 | 9,609 |
| Mednax Incorporated † | | | | 6,686 | 105,238 |
| Modivcare Incorporated † | | | | 496 | 48,702 |
| National Healthcare Corporation | | | | 631 | 35,159 |
| National Research Corporation Class A | | | | 71 | 3,206 |
| Oncology Institute Incorporated † | | | | 35,744 | 50,399 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 17
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Health care providers & services (continued) | | | | | |
| Option Care Health Incorporated † | | | | 9,730 | $ 298,419 |
| Owens & Minor Incorporated † | | | | 7,360 | 112,829 |
| Patterson Companies Incorporated | | | | 7,906 | 209,667 |
| PetIQ Incorporated † | | | | 6,877 | 64,094 |
| Privia Health Group Incorporated † | | | | 579 | 16,171 |
| Progyny Incorporated † | | | | 2,972 | 111,628 |
| RadNet Incorporated † | | | | 354 | 8,349 |
| Select Medical Holdings Corporation | | | | 8,388 | 228,070 |
| Surgery Partners Incorporated † | | | | 1,381 | 46,194 |
| The Ensign Group Incorporated | | | | 2,929 | 262,087 |
| The Pennant Group Incorporated † | | | | 4,941 | 74,214 |
| U.S. Physical Therapy Incorporated | | | | 273 | 27,663 |
| | | | | | 3,081,255 |
| Health care technology: 0.83% | | | | | |
| American Well Corporation Class A † | | | | 6,532 | 18,224 |
| Computer Programs & Systems Incorporated † | | | | 3,542 | 106,295 |
| Evolent Health Incorporated Class A † | | | | 5,063 | 177,256 |
| HealthStream Incorporated † | | | | 3,332 | 85,466 |
| MultiPlan Corporation † | | | | 67,050 | 67,721 |
| NextGen Healthcare Incorporated † | | | | 7,114 | 128,835 |
| Phreesia Incorporated † | | | | 3,493 | 128,542 |
| Schrodinger Incorporated † | | | | 2,491 | 54,129 |
| Simulations Plus Incorporated | | | | 1,730 | 65,809 |
| Veradigm Incorporated † | | | | 11,104 | 184,437 |
| | | | | | 1,016,714 |
| Life sciences tools & services: 1.09% | | | | | |
| Abcellera Biologics Incorporated † | | | | 19,318 | 162,271 |
| Adaptive Biotechnologies Corporation † | | | | 11,623 | 99,377 |
| Akoya Biosciences Incorporated † | | | | 1,540 | 17,756 |
| Alpha Teknova Incorporated † | | | | 1,229 | 6,661 |
| Berkeley Lights Incorporated † | | | | 2,852 | 4,991 |
| BioLife Solutions Incorporated † | | | | 2,934 | 68,245 |
| Bionano Genomics Incorporated † | | | | 30,724 | 41,170 |
| Codexis Incorporated † | | | | 1,961 | 9,481 |
| Cytek Biosciences Incorporated † | | | | 6,042 | 62,233 |
| Inotiv Incorporated † | | | | 4,260 | 31,950 |
| MaxCyte Incorporated † | | | | 2,428 | 11,023 |
| Medpace Holdings Incorporated | | | | 1,909 | 370,117 |
| Nanostring Technologies Incorporated † | | | | 7,475 | 72,956 |
| Neogenomics Incorporated † | | | | 11,045 | 186,108 |
| OmniAb Incorporated † | | | | 4,813 | 20,070 |
| Pacific Biosciences of California † | | | | 10,671 | 96,893 |
| Quanterix Corporation † | | | | 3,336 | 36,696 |
| Quantum-Si Incorporated † | | | | 5,680 | 10,338 |
| Science 37 Holdings Incorporated † | | | | 8,467 | 2,794 |
| Somalogic Incorporated † | | | | 7,059 | 17,930 |
| | | | | | 1,329,060 |
| Pharmaceuticals: 1.92% | | | | | |
| Amneal Pharmaceuticals Incorporated † | | | | 69,470 | 143,108 |
| Amphastar Pharmaceuticals Incorporated † | | | | 5,692 | 181,347 |
| Atea Pharmaceuticals Incorporated † | | | | 23,716 | 83,955 |
| Axsome Therapeutics Incorporated † | | | | 1,132 | 77,191 |
The accompanying notes are an integral part of these financial statements.
18 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Pharmaceuticals (continued) | | | | | |
| Cara Therapeutics Incorporated † | | | | 752 | $ 7,640 |
| Collegium Pharmaceutical Incorporated † | | | | 2,542 | 67,439 |
| Corcept Therapeutics Incorporated | | | | 8,238 | 171,598 |
| Evolus Incorporated † | | | | 954 | 8,653 |
| Harmony Biosciences Holdings † | | | | 3,855 | 169,736 |
| Innoviva Incorporated † | | | | 13,324 | 160,821 |
| Intra-Cellular Therapies Incorporated † | | | | 2,709 | 132,822 |
| Ligand Pharmaceuticals Incorporated | | | | 933 | 67,307 |
| Ocular Therapeutix Incorporated † | | | | 3,390 | 20,476 |
| Pacira Biosciences Incorporated † | | | | 793 | 33,758 |
| Phibro Animal Health Corporation Class A | | | | 9,952 | 156,346 |
| Prestige Consumer Healthcare Incorporated † | | | | 3,745 | 225,636 |
| Provention Bio Incorporated † | | | | 3,574 | 29,664 |
| Reata Pharmaceuticals Incorporated Class A † | | | | 1,253 | 39,056 |
| Revance Therapeutics Incorporated † | | | | 4,081 | 141,611 |
| Scilex Holding Company † | | | | 6,434 | 55,654 |
| Siga Technologies Incorporated | | | | 28,950 | 198,308 |
| Supernus Pharmaceuticals Incorporated † | | | | 3,568 | 134,121 |
| Theravance Biopharma Incorporated † | | | | 2,975 | 32,130 |
| Tricida Incorporated † | | | | 6,980 | 119 |
| | | | | | 2,338,496 |
| Industrials: 14.71% | | | | | |
| Aerospace & defense: 1.12% | | | | | |
| AAR Corporation † | | | | 3,533 | 192,160 |
| Aerovironment Incorporated † | | | | 1,622 | 139,070 |
| Aersale Corporation † | | | | 5,209 | 103,451 |
| Astronics Corporation † | | | | 2,276 | 34,686 |
| Cadre Holdings Incorporated | | | | 794 | 17,055 |
| Ducommun Incorporated † | | | | 2,370 | 127,506 |
| Kaman Corporation | | | | 1,299 | 33,774 |
| Kratos Defense & Security Solutions Incorporated † | | | | 4,781 | 60,480 |
| Moog Incorporated Class A | | | | 2,273 | 224,163 |
| Park Aerospace Corporation | | | | 1,417 | 23,267 |
| Parsons Corporation † | | | | 3,859 | 173,771 |
| Redwire Corporation † | | | | 360 | 1,397 |
| Terran Orbital Corporation † | | | | 11,325 | 30,125 |
| Triumph Group Incorporated † | | | | 16,364 | 206,514 |
| | | | | | 1,367,419 |
| Air freight & logistics: 0.12% | | | | | |
| Forward Air Corporation | | | | 363 | 37,465 |
| Hub Group Incorporated Class A † | | | | 1,148 | 105,306 |
| | | | | | 142,771 |
| Airlines: 0.29% | | | | | |
| Allegiant Travel Company † | | | | 108 | 11,075 |
| Blade Air Mobility Incorporated † | | | | 18,764 | 87,253 |
| Frontier Group Holdings Incorporated † | | | | 5,960 | 70,090 |
| Hawaiian Holdings Incorporated † | | | | 4,698 | 52,618 |
| Joby Aviation Incorporated † | | | | 4,295 | 20,187 |
| SkyWest Incorporated † | | | | 3,013 | 57,458 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 19
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Airlines (continued) | | | | | |
| Sun Country Airlines Holding † | | | | 2,212 | $ 44,351 |
| Wheels Up Experience Incorporated † | | | | 4,474 | 4,966 |
| | | | | | 347,998 |
| Building products: 0.96% | | | | | |
| AAON Incorporated | | | | 554 | 50,392 |
| American Woodmark Corporation † | | | | 608 | 30,996 |
| Apogee Enterprises Incorporated | | | | 2,074 | 94,906 |
| CSW Industrials Incorporated | | | | 383 | 54,217 |
| Gibraltar Industries Incorporated † | | | | 1,086 | 58,003 |
| Griffon Corporation | | | | 1,034 | 37,710 |
| Insteel Industries Incorporated | | | | 1,386 | 41,234 |
| Janus International Group Incorporated † | | | | 2,372 | 24,645 |
| JELD-WEN Holding Incorporated † | | | | 5,712 | 75,113 |
| Masonite International Corporation † | | | | 916 | 81,341 |
| PGT Incorporated † | | | | 2,137 | 45,198 |
| Quanex Building Products Corporation | | | | 4,549 | 118,047 |
| Resideo Technologies Incorporated † | | | | 6,376 | 116,936 |
| Simpson Manufacturing Company Incorporated | | | | 606 | 65,363 |
| UFP Industries Incorporated | | | | 2,721 | 232,727 |
| Zurn Elkay Water Solutions Corporation | | | | 1,777 | 40,871 |
| | | | | | 1,167,699 |
| Commercial services & supplies: 0.97% | | | | | |
| ABM Industries Incorporated | | | | 3,215 | 155,638 |
| ACCO Brands Corporation | | | | 2,865 | 16,245 |
| Brady Corporation Class A | | | | 956 | 52,733 |
| Casella Waste Systems Incorporated Class A † | | | | 1,096 | 85,291 |
| CoreCivic Incorporated † | | | | 9,665 | 93,847 |
| Ennis Incorporated | | | | 4,467 | 97,157 |
| Healthcare Services Group Incorporated | | | | 1,116 | 14,809 |
| Heritage Crystal Clean Incorporated † | | | | 264 | 9,499 |
| Interface Incorporated | | | | 4,607 | 40,634 |
| KAR Auction Services Incorporated † | | | | 3,692 | 52,759 |
| Liquidity Services Incorporated † | | | | 5,783 | 73,213 |
| NL Industries | | | | 6,444 | 46,848 |
| Pitney Bowes Incorporated | | | | 8,061 | 34,985 |
| Quad Graphics Incorporated † | | | | 11,168 | 54,612 |
| SP Plus Corporation † | | | | 3,077 | 104,680 |
| Steelcase Incorporated Class A | | | | 2,218 | 17,456 |
| The Brink's Company | | | | 780 | 50,895 |
| The Geo Group Incorporated † | | | | 12,426 | 108,852 |
| UniFirst Corporation | | | | 393 | 77,079 |
| | | | | | 1,187,232 |
| Construction & engineering: 1.30% | | | | | |
| Ameresco Incorporated Class A † | | | | 1,428 | 62,761 |
| APi Group Corporation † | | | | 2,363 | 55,507 |
| Arcosa Incorporated | | | | 1,490 | 90,294 |
| Argan Incorporated | | | | 1,559 | 60,583 |
| Comfort Systems Incorporated | | | | 1,298 | 188,781 |
| Dycom Industries Incorporated † | | | | 1,396 | 117,557 |
| EMCOR Group Incorporated | | | | 2,078 | 347,483 |
| Fluor Corporation † | | | | 7,220 | 264,757 |
| Granite Construction Incorporated | | | | 2,088 | 90,202 |
The accompanying notes are an integral part of these financial statements.
20 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Construction & engineering (continued) | | | | | |
| MYR Group Incorporated † | | | | 514 | $ 61,994 |
| NV5 Global Incorporated † | | | | 974 | 102,484 |
| Primoris Services Corporation | | | | 1,941 | 53,378 |
| Sterling Construction Company Incorporated † | | | | 2,282 | 87,766 |
| | | | | | 1,583,547 |
| Electrical equipment: 2.08% | | | | | |
| Allied Motion Technologies | | | | 1,304 | 56,281 |
| Array Technologies Incorporated † | | | | 6,539 | 122,541 |
| Atkore Incorporated † | | | | 2,795 | 408,091 |
| AZZ Incorporated | | | | 848 | 34,471 |
| Babcock & Wilcox Enterprises Incorporated † | | | | 2,746 | 17,822 |
| Bloom Energy Corporation Class A † | | | | 8,553 | 185,515 |
| Encore Wire Corporation | | | | 1,873 | 361,508 |
| Energy Vault Holdings Incorporated † | | | | 13,991 | 46,730 |
| EnerSys | | | | 2,685 | 243,503 |
| FTC Solar Incorporated † | | | | 13,172 | 40,438 |
| Fuelcell Energy Incorporated † | | | | 10,783 | 36,015 |
| GrafTech International Limited | | | | 20,617 | 116,486 |
| Nuscale Power Corporation † | | | | 6,216 | 64,336 |
| Powell Industries Incorporated | | | | 1,952 | 86,571 |
| Preformed Line Products Company | | | | 1,308 | 116,628 |
| Shoals Technologies Group Class A † | | | | 5,368 | 131,731 |
| Stem Incorporated † | | | | 3,353 | 27,360 |
| SunPower Corporation † | | | | 9,775 | 146,821 |
| Thermon Group Holdings Incorporated † | | | | 5,189 | 137,249 |
| TPI Composites Incorporated † | | | | 8,735 | 100,977 |
| Vicor Corporation † | | | | 1,077 | 50,619 |
| | | | | | 2,531,693 |
| Machinery: 4.12% | | | | | |
| Alamo Group Incorporated | | | | 669 | 122,019 |
| Albany International Corporation Class A | | | | 1,692 | 170,757 |
| Astec Industries Incorporated | | | | 1,164 | 52,415 |
| Barnes Group Incorporated | | | | 2,391 | 100,757 |
| Briggs & Stratton Corporation ♦ | | | | 1,723 | 0 |
| Chart Industries Incorporated † | | | | 2,065 | 275,678 |
| Circor International Incorporated † | | | | 2,992 | 87,576 |
| Columbus McKinnon Corporation | | | | 938 | 34,819 |
| Douglas Dynamics Incorporated | | | | 2,115 | 78,868 |
| Energy Recovery Incorporated † | | | | 4,127 | 91,083 |
| Enerpac Tool Group Corporation | | | | 4,437 | 119,488 |
| EnPro Industries Incorporated | | | | 560 | 60,200 |
| ESCO Technologies Incorporated | | | | 1,244 | 115,928 |
| Fathom Digital Manufacturing † | | | | 25,176 | 29,959 |
| Federal Signal Corporation | | | | 3,318 | 175,091 |
| Franklin Electric Company Incorporated | | | | 2,081 | 198,881 |
| Helios Technologies Incorporated | | | | 1,138 | 77,088 |
| Hillenbrand Incorporated | | | | 4,955 | 233,579 |
| Hillman Solutions Corporation † | | | | 7,375 | 65,564 |
| Hyster Yale Materials Handeling Incorporated | | | | 1,552 | 60,388 |
| John Bean Technologies Corporation | | | | 631 | 69,972 |
| Kadant Incorporated | | | | 487 | 104,539 |
| Kennametal Incorporated | | | | 5,340 | 151,282 |
| Lightning Emotors Incorporated † | | | | 2,058 | 1,382 |
| Lindsay Manufacturing Company | | | | 981 | 147,631 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 21
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Machinery (continued) | | | | | |
| Miller Industries Incorporated | | | | 179 | $ 4,978 |
| Mueller Industries Incorporated | | | | 4,809 | 355,722 |
| Mueller Water Products Incorporated Class A | | | | 7,900 | 109,573 |
| Proterra Incorporated † | | | | 1,135 | 4,767 |
| Proto Labs Incorporated † | | | | 577 | 18,141 |
| RBC Bearings Incorporated † | | | | 704 | 161,786 |
| REV Group Incorporated | | | | 6,786 | 79,328 |
| SPX Technologies Incorporated † | | | | 2,281 | 160,674 |
| Standex International Corporation | | | | 1,203 | 139,163 |
| Tennant Company | | | | 1,234 | 87,392 |
| Terex Corporation | | | | 4,913 | 290,899 |
| The Greenbrier Companies Incorporated | | | | 3,544 | 113,798 |
| The Shyft Group Incorporated | | | | 1,867 | 48,411 |
| Titan International Incorporated † | | | | 14,704 | 182,477 |
| Trinity Industries Incorporated | | | | 5,827 | 162,632 |
| Velo3D Incorporated † | | | | 21,494 | 68,136 |
| Wabash National Corporation | | | | 5,748 | 157,495 |
| Watts Water Technologies Incorporated | | | | 1,435 | 251,455 |
| | | | | | 5,021,771 |
| Marine: 0.00% | | | | | |
| Genco Shipping & Trading Limited | | | | 209 | 3,981 |
| Professional services: 1.76% | | | | | |
| Alight Incorporated † | | | | 977 | 9,379 |
| ASGN Incorporated † | | | | 1,727 | 153,358 |
| Barrett Business Services Incorporated | | | | 1,912 | 183,514 |
| CBIZ Incorporated † | | | | 2,858 | 143,157 |
| CRA International Incorporated | | | | 1,181 | 146,999 |
| Exponent Incorporated | | | | 1,851 | 190,468 |
| HireRight Holdings Corporation † | | | | 4,363 | 48,080 |
| Huron Consulting Group Incorporated † | | | | 2,668 | 187,267 |
| ICF International Incorporated | | | | 819 | 81,482 |
| Insperity Incorporated | | | | 2,008 | 249,173 |
| Kelly Services Incorporated Class A | | | | 5,549 | 92,835 |
| Kforce Incorporated | | | | 2,412 | 150,726 |
| Korn Ferry International | | | | 2,144 | 119,828 |
| Resources Connection Incorporated | | | | 8,591 | 155,153 |
| Sterling Check Corporation † | | | | 1,841 | 23,418 |
| TriNet Group Incorporated † | | | | 1,455 | 120,576 |
| TrueBlue Incorporated † | | | | 4,575 | 85,553 |
| Willdan Group Incorporated † | | | | 419 | 7,567 |
| | | | | | 2,148,533 |
| Road & rail: 0.82% | | | | | |
| Arcbest Corporation | | | | 1,901 | 182,876 |
| Covenant Logistics Group Incorporated | | | | 5,152 | 178,517 |
| Daseke Incorporated † | | | | 4,584 | 37,360 |
| Heartland Express Incorporated | | | | 315 | 5,081 |
| Marten Transport Limited | | | | 4,522 | 99,801 |
| P.A.M. Transportation Services Incorporated † | | | | 674 | 19,546 |
| Saia Incorporated † | | | | 793 | 214,800 |
| Universal Logistics Holdings Incorporated | | | | 6,251 | 185,655 |
| Werner Enterprises Incorporated | | | | 1,762 | 81,845 |
| | | | | | 1,005,481 |
The accompanying notes are an integral part of these financial statements.
22 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Trading companies & distributors: 1.17% | | | | | |
| Applied Industrial Technologies Incorporated | | | | 1,457 | $ 208,147 |
| Beacon Roofing Supply Incorporated † | | | | 1,781 | 115,765 |
| Bluelinx Holdings Incorporated † | | | | 1,544 | 130,298 |
| Boise Cascade Company | | | | 2,033 | 140,501 |
| GATX Corporation | | | | 313 | 34,145 |
| GMS Incorporated † | | | | 1,705 | 103,511 |
| H&E Equipment Services Incorporated | | | | 145 | 8,048 |
| Herc Holdings Incorporated | | | | 146 | 20,964 |
| McGrath RentCorp | | | | 417 | 42,884 |
| MRC Global Incorporated † | | | | 2,705 | 30,296 |
| NOW Incorporated † | | | | 4,380 | 56,283 |
| Rush Enterprises Incorporated Class A | | | | 1,372 | 77,765 |
| Rush Enterprises Incorporated Class B | | | | 913 | 54,762 |
| Titan Machinery Incorporated † | | | | 1,266 | 57,970 |
| Triton International Limited | | | | 1,849 | 127,470 |
| Veritiv Corporation | | | | 1,419 | 214,893 |
| | | | | | 1,423,702 |
| Information technology: 14.58% | | | | | |
| Communications equipment: 0.71% | | | | | |
| Aviat Networks Incorporated † | | | | 1,614 | 57,345 |
| Calix Incorporated † | | | | 1,866 | 95,446 |
| Cambium Networks Corporation † | | | | 342 | 6,864 |
| Clearfield Incorporated † | | | | 1,465 | 91,841 |
| CommScope Holdings Incorporated | | | | 23,035 | 166,773 |
| Digi International Incorporated † | | | | 1,893 | 63,169 |
| Extreme Networks Incorporated † | | | | 6,552 | 122,653 |
| Harmonic Incorporated † | | | | 4,124 | 54,396 |
| Infinera Corporation † | | | | 7,148 | 50,536 |
| Inseego Corporation † | | | | 40,499 | 36,267 |
| NetScout Systems Incorporated † | | | | 2,126 | 60,463 |
| Viavi Solutions Incorporated † | | | | 5,413 | 59,218 |
| | | | | | 864,971 |
| Electronic equipment, instruments & components: 3.02% | | | | | |
| Advanced Energy Industries Incorporated | | | | 2,052 | 191,000 |
| Badger Meter Incorporated | | | | 1,183 | 143,876 |
| Belden Incorporated | | | | 3,010 | 253,984 |
| Benchmark Electronics Incorporated | | | | 4,763 | 113,312 |
| Cepton Incorporated † | | | | 56,677 | 58,944 |
| CTS Corporation | | | | 2,479 | 107,365 |
| ePlus Incorporated † | | | | 2,772 | 150,159 |
| Fabrinet † | | | | 1,881 | 229,237 |
| Insight Enterprises Incorporated † | | | | 1,968 | 263,555 |
| Itron Incorporated † | | | | 2,280 | 127,156 |
| Kimball Electronics Incorporated † | | | | 4,371 | 109,319 |
| Knowles Corporation † | | | | 1,395 | 23,687 |
| Methode Electronics Incorporated | | | | 3,476 | 169,385 |
| Mirion Technologies Incorporated † | | | | 6,682 | 60,673 |
| Napco Security Technologies Incorporated † | | | | 2,634 | 83,234 |
| Novanta Incorporated † | | | | 1,107 | 173,699 |
| OSI Systems Incorporated † | | | | 1,241 | 114,855 |
| PC Connection Incorporated | | | | 3,054 | 133,765 |
| Plexus Corporation † | | | | 2,124 | 203,670 |
| Rogers Corporation † | | | | 249 | 36,653 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 23
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Electronic equipment, instruments & components (continued) | | | | | |
| Sanmina Corporation † | | | | 4,793 | $ 289,785 |
| ScanSource Incorporated † | | | | 4,416 | 137,691 |
| TTM Technologies Incorporated † | | | | 12,547 | 166,750 |
| Vishay Intertechnology Incorporated | | | | 11,222 | 238,243 |
| Vishay Precision Group † | | | | 2,259 | 98,492 |
| | | | | | 3,678,489 |
| IT services: 2.19% | | | | | |
| BM Technologies Incorporated † | | | | 1,787 | 5,951 |
| Cass Information Systems Incorporated | | | | 1,575 | 76,151 |
| Conduent Incorporated † | | | | 37,829 | 150,559 |
| Core Scientific Incorporated † | | | | 31,144 | 9,315 |
| CSG Systems International Incorporated | | | | 3,005 | 168,881 |
| DigitalOcean Holdings Incorporated † | | | | 204 | 6,524 |
| ESC Incorporated ♦† | | | | 6,981 | 0 |
| Evertec Incorporated | | | | 3,359 | 123,645 |
| ExlService Holdings Incorporated † | | | | 1,982 | 326,059 |
| Flywire Corporation † | | | | 826 | 20,427 |
| Grid Dynamics Holdings Incorporated † | | | | 2,807 | 32,702 |
| Hackett Group Incorporated | | | | 7,380 | 137,563 |
| I3 Verticals Incorporated Class A † | | | | 1,795 | 44,175 |
| IBEX Holdings Limited † | | | | 6,187 | 172,927 |
| Information Services Group Incorporated | | | | 29,067 | 153,183 |
| International Money Express Incorporated † | | | | 8,682 | 221,825 |
| Marqeta Incorporated Class A † | | | | 1,211 | 7,024 |
| Maximus Incorporated | | | | 3,114 | 255,597 |
| Payoneer Global Incorporated † | | | | 5,384 | 31,227 |
| Perficient Incorporated † | | | | 1,822 | 128,998 |
| PFSweb Incorporated | | | | 4,161 | 26,797 |
| Priority Technology Holdings † | | | | 7,077 | 27,742 |
| Rackspace Technology Incorporated † | | | | 8,724 | 20,501 |
| Remitly Global Incorporated † | | | | 1,422 | 20,804 |
| Repay Holdings Corporation † | | | | 5,548 | 47,047 |
| Sabre Corporation | | | | 19,598 | 99,166 |
| Solarwinds Corporation † | | | | 4,995 | 42,557 |
| StoneCo Limited Class A † | | | | 7,014 | 59,689 |
| TTEC Holdings Incorporated | | | | 888 | 35,751 |
| Unisys Corporation † | | | | 18,066 | 89,969 |
| Verra Mobility Corporation † | | | | 6,909 | 119,042 |
| | | | | | 2,661,798 |
| Semiconductors & semiconductor equipment: 2.68% | | | | | |
| ACM Research Incorporated Class A † | | | | 2,036 | 21,134 |
| Alpha & Omega Semiconductor † | | | | 6,802 | 181,681 |
| Ambarella Incorporated † | | | | 793 | 74,788 |
| Amkor Technology Incorporated | | | | 5,508 | 141,886 |
| Axcelis Technologies Incorporated † | | | | 1,772 | 227,773 |
| AXT Incorporated † | | | | 7,202 | 31,473 |
| Cohu Incorporated † | | | | 4,470 | 166,284 |
| Diodes Incorporated † | | | | 2,553 | 234,085 |
| FormFactor Incorporated † | | | | 1,425 | 42,893 |
| Ichor Holdings Limited † | | | | 1,915 | 63,099 |
| Impinj Incorporated † | | | | 285 | 37,797 |
| Kulicke and Soffa Industries Incorporated | | | | 3,794 | 202,220 |
| Macom Technology Solutions Holdings Incorporated † | | | | 2,378 | 162,988 |
| Maxlinear Incorporated † | | | | 3,005 | 102,801 |
The accompanying notes are an integral part of these financial statements.
24 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Semiconductors & semiconductor equipment (continued) | | | | | |
| Onto Innovation Incorporated † | | | | 2,184 | $ 180,114 |
| PDF Solutions Incorporated † | | | | 256 | 9,585 |
| Photronics Incorporated † | | | | 9,608 | 169,293 |
| Power Integrations Incorporated | | | | 2,877 | 236,633 |
| Rambus Incorporated † | | | | 4,749 | 210,048 |
| Rigetti Computing Incorporated † | | | | 22,036 | 16,520 |
| Semtech Corporation † | | | | 2,286 | 70,432 |
| Silicon Laboratories Incorporated † | | | | 1,054 | 188,171 |
| Sitime Corporation † | | | | 394 | 48,915 |
| Skywater Technology Incorporated † | | | | 1,714 | 22,505 |
| Smart Global Holdings Incorporated † | | | | 6,029 | 100,684 |
| Synaptics Incorporated † | | | | 1,674 | 196,879 |
| Ultra Clean Holdings Incorporated † | | | | 2,841 | 90,514 |
| Veeco Instruments Incorporated † | | | | 1,653 | 35,159 |
| | | | | | 3,266,354 |
| Software: 5.51% | | | | | |
| 8x8 Incorporated † | | | | 11,395 | 60,621 |
| A10 Networks Incorporated | | | | 10,239 | 155,838 |
| ACI Worldwide Incorporated † | | | | 6,779 | 175,237 |
| Adeia Incorporated | | | | 15,735 | 155,147 |
| Agilysys Incorporated † | | | | 2,412 | 192,743 |
| Alarm.com Holdings Incorporated † | | | | 1,348 | 68,519 |
| Altair Engineering Incorporated Class A † | | | | 1,148 | 73,541 |
| American Software Incorporated Class A | | | | 673 | 9,112 |
| AppFolio Incorporated Class A † | | | | 1,219 | 160,981 |
| Appian Corporation † | | | | 2,536 | 105,117 |
| Asana Incorporated Class A † | | | | 4,081 | 60,358 |
| Avaya Holdings Corporation † | | | | 4,486 | 54 |
| Avepoint Incorporated † | | | | 497 | 2,485 |
| Blackbaud Incorporated † | | | | 1,228 | 68,387 |
| BlackLine Incorporated † | | | | 1,827 | 124,894 |
| Box Incorporated Class A † | | | | 9,906 | 330,365 |
| C3.ai Incorporated † | | | | 998 | 22,535 |
| Cerence Incorporated † | | | | 2,685 | 73,515 |
| CleanSpark Incorporated † | | | | 17,154 | 47,345 |
| Clear Secure Incorporated Class A | | | | 1,865 | 57,330 |
| CommVault Systems Incorporated † | | | | 3,509 | 206,610 |
| Concensus Cloud Solution † | | | | 4,697 | 192,765 |
| Cvent Holding Corporation † | | | | 2,215 | 16,081 |
| Digital Turbine Incorporated † | | | | 10,089 | 108,356 |
| Ebix Incorporated | | | | 12,125 | 210,733 |
| eGain Corporation † | | | | 3,442 | 26,882 |
| Envestnet Incorporated † | | | | 2,788 | 174,278 |
| Everbridge Incorporated † | | | | 3,883 | 126,896 |
| Greenidge Generation Holdings † | | | | 737 | 380 |
| Instructure Holdings Incorporated † | | | | 375 | 9,664 |
| Intapp Incorporated † | | | | 1,090 | 43,142 |
| InterDigital Incorporated | | | | 1,317 | 96,128 |
| IronNet Incorporated † | | | | 36,411 | 17,339 |
| Kaleyra Incorporated † | | | | 1,521 | 1,298 |
| LivePerson Incorporated † | | | | 4,515 | 45,692 |
| LiveRamp Holdings Incorporated | | | | 1,285 | 30,365 |
| LiveVox Holdings Incorporated † | | | | 31,337 | 71,448 |
| Marathon Digital Holdings Incorporated † | | | | 8,806 | 62,523 |
| Matterport Incorporated † | | | | 2,768 | 8,442 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 25
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Software (continued) | | | | | |
| MicroStrategy Incorporated Class A † | | | | 435 | $ 114,087 |
| Mitek Systems Incorporated † | | | | 5,132 | 47,728 |
| Model N Incorporated † | | | | 4,432 | 147,142 |
| N-able Incorporated † | | | | 9,547 | 113,036 |
| OneSpan Incorporated † | | | | 4,805 | 64,964 |
| Pagerduty Incorporated † | | | | 4,164 | 124,337 |
| Powerschool Holdings Incorporated Class A † | | | | 3,792 | 87,026 |
| Progress Software Corporation | | | | 3,864 | 221,948 |
| PROS Holdings Incorporated † | | | | 3,785 | 98,751 |
| Q2 Holdings Incorporated † | | | | 777 | 25,082 |
| Qualys Incorporated † | | | | 2,324 | 274,581 |
| Rapid7 Incorporated † | | | | 2,677 | 126,622 |
| Rimini Street Incorporated † | | | | 30,656 | 131,208 |
| Riot Blockchain Incorporated † | | | | 4,017 | 25,106 |
| Sapiens International Corporation | | | | 1,804 | 37,198 |
| Secureworks Corporation Class A † | | | | 5,707 | 43,202 |
| Shotspotter Incorporated † | | | | 1,586 | 54,083 |
| Sprout Social Incorporated Class A † | | | | 2,783 | 169,707 |
| SPS Commerce Incorporated † | | | | 1,993 | 300,226 |
| Telos Corporation † | | | | 17,815 | 68,944 |
| Tenable Holdings Incorporated † | | | | 2,995 | 132,469 |
| TeraWulf Incorporated † | | | | 77,282 | 49,831 |
| Upland Software Incorporated † | | | | 2,773 | 16,056 |
| Varonis Systems Incorporated † | | | | 3,755 | 101,685 |
| Verint Systems Incorporated † | | | | 4,942 | 184,732 |
| Viant Technology † | | | | 1,689 | 6,638 |
| WM Technology Incorporated † | | | | 110,873 | 122,515 |
| Workiva Incorporated † | | | | 1,816 | 161,987 |
| XPERI Incorporated † | | | | 8,876 | 103,760 |
| Yext Incorporated † | | | | 14,073 | 103,296 |
| Zeta Global Holdings Corporation Class A † | | | | 6,556 | 69,559 |
| | | | | | 6,720,652 |
| Technology hardware, storage & peripherals: 0.47% | | | | | |
| Avid Technology Incorporated † | | | | 1,802 | 52,366 |
| CompoSecure Incorporated † | | | | 2,054 | 14,193 |
| Corsair Gaming Incorporated † | | | | 1,553 | 27,178 |
| Diebold Nixdorf Incorporated † | | | | 40,396 | 130,075 |
| Super Micro Computer Incorporated † | | | | 3,228 | 316,247 |
| Xerox Holdings Corporation | | | | 2,110 | 34,794 |
| | | | | | 574,853 |
| Materials: 4.29% | | | | | |
| Chemicals: 2.16% | | | | | |
| Advansix Incorporated | | | | 3,424 | 140,898 |
| American Vanguard Corporation | | | | 3,906 | 81,518 |
| Avient Corporation | | | | 2,757 | 120,288 |
| Balchem Corporation | | | | 467 | 60,710 |
| Cabot Corporation | | | | 2,962 | 235,568 |
| Ecovyst Incorporated † | | | | 6,370 | 63,955 |
| Futurefuel Corporation | | | | 5,380 | 47,075 |
| Hawkins Incorporated | | | | 1,844 | 74,995 |
| HB Fuller Company | | | | 2,408 | 167,982 |
| Hudson Technologies Incorporated † | | | | 8,790 | 89,043 |
| Ingevity Corporation | | | | 2,179 | 179,898 |
The accompanying notes are an integral part of these financial statements.
26 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Chemicals (continued) | | | | | |
| Innospec Incorporated | | | | 1,170 | $ 128,068 |
| Intrepid Potash Incorporated † | | | | 2,494 | 78,985 |
| Kooper Holdings Incorporated | | | | 3,364 | 120,734 |
| Kronos Worldwide Incorporated | | | | 710 | 8,016 |
| Livent Corporation † | | | | 5,309 | 124,496 |
| LSB Industries Incorporated † | | | | 10,713 | 145,590 |
| Minerals Technologies Incorporated | | | | 1,227 | 74,540 |
| Orion Engineered Carbons SA | | | | 5,289 | 134,870 |
| Quaker Chemical Corporation | | | | 432 | 84,577 |
| Rayonier Advanced Materials † | | | | 6,355 | 52,111 |
| Sensient Technologies Corporation | | | | 1,091 | 82,250 |
| Stepan Company | | | | 977 | 101,696 |
| Tredegar Corporation | | | | 1,296 | 15,060 |
| Trinseo plc | | | | 1,376 | 31,896 |
| Tronox Holdings plc Class A | | | | 5,453 | 85,067 |
| Valhi Incorporated | | | | 4,074 | 96,513 |
| | | | | | 2,626,399 |
| Construction materials: 0.10% | | | | | |
| Summit Materials Incorporated Class A † | | | | 4,303 | 127,111 |
| Containers & packaging: 0.27% | | | | | |
| Cryptyde Incorporated † | | | | 86,317 | 14,795 |
| Greif Incorporated Class A | | | | 1,610 | 114,391 |
| Grief Incorporated Class B | | | | 255 | 20,981 |
| O-I Glass Incorporated † | | | | 7,761 | 172,449 |
| | | | | | 322,616 |
| Metals & mining: 1.68% | | | | | |
| Allegheny Technologies Incorporated † | | | | 5,185 | 210,770 |
| Alpha Metallurgical Resource Incorporated | | | | 1,713 | 287,339 |
| Arconic Corporation † | | | | 4,688 | 123,951 |
| Carpenter Technology | | | | 1,489 | 71,963 |
| Century Aluminum Company † | | | | 11,263 | 135,944 |
| Commercial Metals Company | | | | 6,114 | 316,400 |
| Compass Minerals International Incorporated | | | | 263 | 10,133 |
| Constellium SE † | | | | 6,184 | 98,882 |
| Haynes International Incorporated | | | | 912 | 49,896 |
| Hecla Mining Company | | | | 5,485 | 28,248 |
| Kaiser Aluminum Corporation | | | | 318 | 25,224 |
| Materion Corporation | | | | 530 | 59,190 |
| Olympic Steel Incorporated | | | | 467 | 24,518 |
| Ramaco Resources Incorporated | | | | 3,863 | 38,437 |
| Ryerson Holding Corporation | | | | 4,136 | 148,606 |
| Schnitzer Steel Industries Incorporated Class A | | | | 2,073 | 67,766 |
| Suncoke Energy Incorporated | | | | 12,407 | 117,991 |
| TimkenSteel Corporation † | | | | 6,876 | 125,762 |
| Worthington Industries Incorporated | | | | 1,787 | 108,006 |
| | | | �� | | 2,049,026 |
| Paper & forest products: 0.08% | | | | | |
| Clearwater Paper Corporation † | | | | 425 | 16,401 |
| Sylvamo Corporation | | | | 1,743 | 85,982 |
| | | | | | 102,383 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 27
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Real estate: 5.63% | | | | | |
| Equity REITs: 5.03% | | | | | |
| Agree Realty Corporation | | | | 3,523 | $ 249,358 |
| Alexander & Baldwin Incorporated | | | | 3,282 | 61,275 |
| Alexander's Incorporated | | | | 303 | 66,330 |
| Apartment Investment & Management Company Class A | | | | 17,968 | 134,760 |
| Apple Hospitality REIT Incorporated | | | | 11,632 | 192,044 |
| Armada Hoffler Properties Incorporated | | | | 5,447 | 69,831 |
| Ashford Hospitality Trust Incorporated † | | | | 9,591 | 47,475 |
| Braemar Hotels & Resorts Incorporated | | | | 3,201 | 14,917 |
| Broadstone Net Lease Incorporated | | | | 4,667 | 82,839 |
| BRT Apartments Corporation REIT | | | | 2,692 | 56,990 |
| CareTrust REIT Incorporated | | | | 3,752 | 73,802 |
| CBL & Associates Properties Incorporated | | | | 3,356 | 85,746 |
| Chatham Lodging Trust | | | | 3,281 | 40,061 |
| City Office REIT Incorporated | | | | 4,561 | 38,586 |
| Clipper Realty Incorporated | | | | 4,843 | 32,206 |
| Corporate Office Properties Trust | | | | 6,743 | 171,474 |
| CTO Realty Growth Incorporated REIT | | | | 663 | 11,656 |
| DiamondRock Hospitality | | | | 13,926 | 121,435 |
| Diversified Healthcare Trust | | | | 231,616 | 226,984 |
| Empire State Realty Trust Incorporated Class A | | | | 5,178 | 37,748 |
| Equity Commonwealth | | | | 5,050 | 107,212 |
| Essential Properties Realty | | | | 4,955 | 127,641 |
| Farmland Partners REIT Incorporated | | | | 6,732 | 72,167 |
| Four Corners Property Trust Incorporated | | | | 4,231 | 114,872 |
| Franklin Street Properties Corporation | | | | 22,183 | 53,683 |
| Getty Realty Corporation | | | | 3,759 | 129,046 |
| Gladstone Commercial Corporation | | | | 250 | 3,420 |
| Global Net Lease Incorporated | | | | 2,465 | 34,806 |
| Hersha Hospitality Trust | | | | 22,885 | 191,319 |
| Independence Realty Trust Incorporated | | | | 3,188 | 57,671 |
| Innovative Industrial Properties Incorporated | | | | 1,404 | 124,128 |
| Inventrust Properties Corporation REIT | | | | 3,878 | 93,809 |
| iStar Financial Incorporated | | | | 1,107 | 8,524 |
| Kite Realty Group Trust | | | | 2,407 | 52,280 |
| LTC Properties Incorporated | | | | 2,791 | 99,974 |
| LXP Industrial Trust | | | | 9,719 | 101,369 |
| National Health Investors Incorporated | | | | 2,405 | 132,275 |
| New York REIT Incorporated ♦‡ | | | | 4,209 | 30,389 |
| One Liberty Properties Incorporated | | | | 421 | 9,536 |
| Outfront Media Incorporated | | | | 8,074 | 140,891 |
| Paramount Group Incorporated | | | | 6,970 | 36,732 |
| Pebblebrook Hotel Trust | | | | 4,656 | 66,441 |
| Philips Edison & Company Incorporated | | | | 6,551 | 223,324 |
| Physicians Realty Trust | | | | 4,759 | 70,576 |
| PotlatchDeltic Corporation | | | | 4,206 | 194,149 |
| Retail Opportunity Investment Corporation | | | | 3,798 | 54,046 |
| RLJ Lodging Trust | | | | 9,430 | 106,936 |
| RPT Realty | | | | 4,609 | 49,408 |
| Ryman Hospitality Properties Incorporated | | | | 2,407 | 223,297 |
| Sabra Health Care REIT Incorporated | | | | 8,749 | 104,201 |
| Service Properties Trust | | | | 11,640 | 127,807 |
| SITE Centers Corporation | | | | 13,577 | 181,524 |
| STAG Industrial Incorporated | | | | 4,872 | 163,894 |
| Sunstone Hotel Investors Incorporated | | | | 17,299 | 182,850 |
The accompanying notes are an integral part of these financial statements.
28 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Equity REITs (continued) | | | | | |
| Tanger Factory Outlet Centers Incorporated | | | | 8,636 | $ 163,134 |
| Terreno Realty Corporation | | | | 2,161 | 134,436 |
| The Macerich Company | | | | 8,102 | 96,819 |
| Uniti Group Incorporated | | | | 8,969 | 49,240 |
| Universal Health Realty Income Trust | | | | 907 | 48,089 |
| Urban Edge Properties | | | | 4,802 | 73,951 |
| Urstadt Biddle Properties Incorporated | | | | 4,023 | 69,598 |
| Veris Residential Incorporated † | | | | 2,614 | 42,190 |
| Washington REIT | | | | 1,284 | 23,895 |
| Whitestone REIT | | | | 5,544 | 52,391 |
| Xenia Hotels & Resorts Incorporated | | | | 6,386 | 89,659 |
| | | | | | 6,129,116 |
| Real estate management & development: 0.60% | | | | | |
| American Realty Investors Incorporated † | | | | 4,100 | 96,883 |
| Compass Incorporated Class A † | | | | 5,757 | 20,783 |
| Cushman & Wakefield plc † | | | | 6,009 | 77,756 |
| DigitalBridge Group Incorporated | | | | 2,113 | 25,927 |
| eXp World Holdings Incorporated | | | | 5,339 | 64,495 |
| Forestar Group Incorporated † | | | | 2,634 | 37,587 |
| Kennedy Wilson Holdings Incorporated | | | | 106 | 1,771 |
| Marcus & Millichap Incorporated | | | | 582 | 20,003 |
| Newmark Group Incorporated Class A | | | | 6,161 | 49,411 |
| Realogy Holdings Corporation † | | | | 11,431 | 66,185 |
| The RMR Group Incorporated Class A | | | | 4,356 | 122,578 |
| Transcontinental Realty Investors † | | | | 3,394 | 148,012 |
| | | | | | 731,391 |
| Utilities: 2.63% | | | | | |
| Electric utilities: 0.44% | | | | | |
| Allete Incorporated | | | | 2,195 | 134,312 |
| MGE Energy Incorporated | | | | 683 | 48,343 |
| Otter Tail Corporation | | | | 2,061 | 146,104 |
| Portland General Electric Company | | | | 3,497 | 167,157 |
| Via Renewables Incorporated | | | | 6,804 | 39,871 |
| | | | | | 535,787 |
| Gas utilities: 0.92% | | | | | |
| Brookfield Infrastructure Corporation Class A | | | | 3,141 | 135,723 |
| Chesapeake Utilities Corporation | | | | 434 | 55,591 |
| New Jersey Resources Corporation | | | | 5,611 | 286,329 |
| Northwest Natural Holding Company | | | | 2,202 | 106,445 |
| ONE Gas Incorporated | | | | 2,456 | 196,873 |
| Southwest Gas Holdings Incorporated | | | | 2,374 | 149,586 |
| Spire Incorporated | | | | 2,731 | 192,262 |
| | | | | | 1,122,809 |
| Independent power & renewable electricity producers: 0.56% | | | | | |
| Clearway Energy Incorporated Class A | | | | 7,147 | 212,337 |
| Clearway Energy Incorporated Class C | | | | 6,391 | 200,741 |
| Montauk Renewables Incorporated † | | | | 3,923 | 38,681 |
| Ormat Technologies Incorporated | | | | 2,343 | 198,030 |
| Sunnova Energy International Incorporated † | | | | 2,026 | 36,022 |
| | | | | | 685,811 |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 29
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Multi-utilities: 0.37% | | | | | |
| Avista Corporation | | | | 2,774 | $ 114,067 |
| Black Hills Corporation | | | | 2,420 | 148,612 |
| Northwestern Corporation | | | | 2,152 | 124,343 |
| Unitil Corporation | | | | 1,205 | 65,456 |
| | | | | | 452,478 |
| Water utilities: 0.34% | | | | | |
| American States Water Company | | | | 1,278 | 114,125 |
| Artesian Resources Corporation Class A | | | | 1,066 | 60,048 |
| California Water Service Group | | | | 1,988 | 113,793 |
| Middlesex Water Company | | | | 310 | 23,715 |
| SJW Corporation | | | | 1,258 | 96,162 |
| | | | | | 407,843 |
| Total Common stocks (Cost $107,408,254) | | | | | 118,183,178 |
| | | | Expiration
date | | |
| Warrants: 0.00% | | | | | |
| Industrials: 0.00% | | | | | |
| Aerospace & defense: 0.00% | | | | | |
| Triumph Group Incorporated † | | | 12-19-2023 | 2,060 | 1,566 |
| Total Warrants (Cost $0) | | | | | 1,566 |
| | | Yield | | Shares | |
| Short-term investments: 2.56% | | | | | |
| Investment companies: 2.56% | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39% | | 3,122,623 | 3,122,623 |
| Total Short-term investments (Cost $3,122,623) | | | | | 3,122,623 |
| Total investments in securities (Cost $110,530,877) | 99.52% | | | | 121,307,367 |
| Other assets and liabilities, net | 0.48 | | | | 582,546 |
| Total net assets | 100.00% | | | | $121,889,913 |
| † | Non-income-earning security |
| ♦ | The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
| ‡ | Security is valued using significant unobservable inputs. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio 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.
30 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Portfolio of investments—February 28, 2023
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $4,940,136 | $94,639,698 | $(96,457,211) | $0 | $0 | $3,122,623 | 3,122,623 | $95,377 |
Futures contracts
| Description | Number of
contracts | Expiration
date | Notional
cost | Notional
value | Unrealized
gains | Unrealized
losses |
| Long | | | | | | |
| E-Mini Russell 2000 Index | 35 | 3-17-2023 | $3,396,945 | $3,323,425 | $0 | $(73,520) |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 31
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $107,408,254)
| $ 118,184,744 |
Investments in affiliated securities, at value (cost $3,122,623)
| 3,122,623 |
Cash
| 53 |
Cash at broker segregated for futures contracts
| 498,800 |
Receivable for dividends
| 118,606 |
Receivable for daily variation margin on open futures contracts
| 1,115 |
Prepaid expenses and other assets
| 9,231 |
Total assets
| 121,935,172 |
| Liabilities | |
Custody and accounting fees payable
| 31,452 |
Advisory fee payable
| 5,383 |
Interest holder report expenses payable
| 3,787 |
Professional fees payable
| 2,789 |
Trustees’ fees and expenses payable
| 1,848 |
Total liabilities
| 45,259 |
Total net assets
| $121,889,913 |
The accompanying notes are an integral part of these financial statements.
32 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Dividends (net of foreign withholdings taxes of $4,205)
| $ 1,838,513 |
Income from affiliated securities
| 95,377 |
Total investment income
| 1,933,890 |
| Expenses | |
Advisory fee
| 199,990 |
Custody and accounting fees
| 30,353 |
Professional fees
| 56,659 |
Interest holder report expenses
| 15,686 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 21,703 |
Total expenses
| 346,570 |
Less: Fee waivers and/or expense reimbursements
| (138,581) |
Net expenses
| 207,989 |
Net investment income
| 1,725,901 |
| Realized and unrealized gains (losses) on investments | |
| Net realized losses on | |
Unaffiliated securities
| (467,468) |
Futures contracts
| (75,110) |
Net realized losses on investments
| (542,578) |
| Net change in unrealized gains (losses) on | |
Unaffiliated securities
| (9,960,510) |
Futures contracts
| (278,130) |
Net change in unrealized gains (losses) on investments
| (10,238,640) |
Net realized and unrealized gains (losses) on investments
| (10,781,218) |
Net decrease in net assets resulting from operations
| $ (9,055,317) |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 33
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 1,725,901 | $ 1,619,069 |
Net realized gains (losses) on investments
| (542,578) | 49,133,871 |
Net change in unrealized gains (losses) on investments
| (10,238,640) | (54,692,921) |
Net decrease in net assets resulting from operations
| (9,055,317) | (3,939,981) |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 37,991,254 | 57,032,871 |
Withdrawals
| (99,015,425) | (70,491,112) |
Net decrease in net assets resulting from capital transactions
| (61,024,171) | (13,458,241) |
Total decrease in net assets
| (70,079,488) | (17,398,222) |
| Net assets | | |
Beginning of period
| 191,969,401 | 209,367,623 |
End of period
| $121,889,913 | $191,969,401 |
The accompanying notes are an integral part of these financial statements.
34 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (5.83)% | (2.87)% | 43.18% | (5.94)% | 7.05% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.26% | 0.22% | 0.22% | 0.23% | 0.21% |
Net expenses
| 0.16% * | 0.16% * | 0.16% * | 0.18% | 0.19% |
Net investment income
| 1.29% | 0.77% | 1.02% | 1.35% | 1.29% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 67% | 92% | 98% | 40% | 37% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.10% |
| Year ended February 28, 2022 | 0.06% |
| Year ended February 28, 2021 | 0.06% |
The accompanying notes are an integral part of these financial statements.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 35
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Factor Enhanced U.S. Small Cap Equity Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Futures contracts
Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price on a specified date. The Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 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 Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’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.
36 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Notes to financial statements
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.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $112,000,511 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 21,244,555 |
| Gross unrealized losses | (12,011,219) |
| Net unrealized gains | $ 9,233,336 |
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 Portfolio’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 Portfolio’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 Portfolio’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 Factor Enhanced U.S. Small Cap Equity Portfolio | 37
Notes to financial statements
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Common stocks | | | | |
| Communication services | $ 3,760,181 | $ 0 | $ 7,490 | $ 3,767,671 |
| Consumer discretionary | 12,696,919 | 0 | 0 | 12,696,919 |
| Consumer staples | 4,068,908 | 0 | 0 | 4,068,908 |
| Energy | 6,522,653 | 0 | 0 | 6,522,653 |
| Financials | 18,532,555 | 0 | 0 | 18,532,555 |
| Health care | 21,377,534 | 0 | 225,224 | 21,602,758 |
| Industrials | 17,931,827 | 0 | 0 | 17,931,827 |
| Information technology | 17,767,117 | 0 | 0 | 17,767,117 |
| Materials | 5,227,535 | 0 | 0 | 5,227,535 |
| Real estate | 6,830,118 | 0 | 30,389 | 6,860,507 |
| Utilities | 3,204,728 | 0 | 0 | 3,204,728 |
| Warrants | | | | |
| Industrials | 0 | 1,566 | 0 | 1,566 |
| Short-term investments | | | | |
| Investment companies | 3,122,623 | 0 | 0 | 3,122,623 |
| Total assets | $121,042,698 | $1,566 | $263,103 | $121,307,367 |
| Liabilities | | | | |
| Futures contracts | $ 73,520 | $ 0 | $ 0 | $ 73,520 |
| Total liabilities | $ 73,520 | $ 0 | $ 0 | $ 73,520 |
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.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.150% |
| Next $5 billion | 0.130 |
| Over $10 billion | 0.110 |
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.15% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of
38 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Notes to financial statements
Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.08% and declining to 0.05% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed advisory fees to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $86,575,436 and $143,626,763, respectively.
6. DERIVATIVE TRANSACTIONS
During the year ended February 28, 2023, the Portfolio entered into futures contracts to gain market exposure. The Portfolio had an average notional amount of $5,284,925 in long futures contracts during the year ended February 28, 2023.
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, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
8. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
9. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 39
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Factor Enhanced U.S. Small Cap Equity Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian, transfer agent and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
40 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 41
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
42 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 43
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
44 | Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring High Yield Corporate
Bond Portfolio
Allspring High Yield Corporate Bond Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks to replicate the total return of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index,† before fees and expenses.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Manjunath Boraiah, Brian Prucyk, Janet S. Rilling, CFA®‡, CPA, Michael J. Schueller, CFA®‡ |
| Ten largest holdings (%) as of February 28, 20231 |
| Vermilion Energy Incorporated , 6.88%, 5-1-2030 | 1.66 |
| Triumph Group Incorporated , 7.75%, 8-15-2025 | 1.62 |
| Davita Incorporated, 4.63%, 6-1-2030 | 1.52 |
| Bombardier Incorporated , 7.13%, 6-15-2026 | 1.48 |
| Tenet Healthcare Corporation, 4.88%, 1-1-2026 | 1.47 |
| NCL Corporation Limited, 3.63%, 12-15-2024 | 1.45 |
| HUB International Limited, 7.00%, 5-1-2026 | 1.45 |
| Six Flags Entertainment Company, 4.88%, 7-31-2024 | 1.45 |
| KAR Auction Services Incorporated, 5.13%, 6-1-2025 | 1.43 |
| Univision Communications Incorporated, 5.13%, 2-15-2025 | 1.43 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Credit quality as of February 28, 20231 |
| 1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Portfolio and not to the Portfolio itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Portfolio. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
| † | The Bloomberg U.S. High Yield 2% Issuer Capped Bond Index is composed of fixed-rate, publicly issued, non-investment-grade debt with at least one year remaining to maturity as well as an outstanding par value of $100 million. You cannot invest directly in an index. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring High Yield Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Corporate bonds and notes: 81.71% | | | | | |
| Communication services: 16.87% | | | | | |
| Diversified telecommunication services: 1.86% | | | | | |
| Level 3 Financing Incorporated 144A | | 3.75% | 7-15-2029 | $200,000 | $ 125,722 |
| Lumen Technologies Incorporated 144A | | 4.50 | 1-15-2029 | 240,000 | 126,840 |
| | | | | | 252,562 |
| Media: 13.72% | | | | | |
| CCO Holdings LLC 144A | | 4.50 | 6-1-2033 | 80,000 | 62,240 |
| Clear Channel Outdoor Holdings 144A | | 7.75 | 4-15-2028 | 165,000 | 136,929 |
| CSC Holdings LLC 144A | | 5.50 | 4-15-2027 | 200,000 | 173,994 |
| CSC Holdings LLC 144A | | 5.75 | 1-15-2030 | 200,000 | 114,546 |
| DIRECTV Financing LLC 144A | | 5.88 | 8-15-2027 | 190,000 | 169,864 |
| DISH DBS Corporation | | 7.75 | 7-1-2026 | 250,000 | 194,063 |
| Gray Television Incorporated 144A | | 4.75 | 10-15-2030 | 205,000 | 150,302 |
| iHeartCommunications Incorporated | | 8.38 | 5-1-2027 | 220,000 | 193,600 |
| Lamar Media Corporation | | 3.75 | 2-15-2028 | 200,000 | 177,042 |
| Outfront Media Capital Corporation 144A | | 4.63 | 3-15-2030 | 200,000 | 163,508 |
| QVC Incorporated | | 4.75 | 2-15-2027 | 210,000 | 134,400 |
| Univision Communications Incorporated 144A | | 5.13 | 2-15-2025 | 200,000 | 194,720 |
| | | | | | 1,865,208 |
| Wireless telecommunication services: 1.29% | | | | | |
| Frontier Communications 144A | | 5.00 | 5-1-2028 | 200,000 | 175,500 |
| Consumer discretionary: 16.52% | | | | | |
| Auto components: 4.02% | | | | | |
| Allison Transmission Incorporated 144A | | 5.88 | 6-1-2029 | 200,000 | 189,500 |
| Dana Incorporated | | 5.63 | 6-15-2028 | 200,000 | 181,000 |
| The Goodyear Tire & Rubber Company | | 5.25 | 4-30-2031 | 205,000 | 175,788 |
| | | | | | 546,288 |
| Automobiles: 1.39% | | | | | |
| Ford Motor Company | | 4.75 | 1-15-2043 | 260,000 | 189,617 |
| Hotels, restaurants & leisure: 7.80% | | | | | |
| Carnival Corporation 144A | | 5.75 | 3-1-2027 | 195,000 | 160,415 |
| Hilton Domestic Operating Company | | 4.88 | 1-15-2030 | 200,000 | 183,500 |
| MGM Resorts International | | 4.63 | 9-1-2026 | 154,000 | 143,461 |
| NCL Corporation Limited 144A | | 3.63 | 12-15-2024 | 210,000 | 197,211 |
| Royal Caribbean Cruises Limited 144A | | 5.50 | 4-1-2028 | 205,000 | 178,678 |
| Six Flags Entertainment Company 144A | | 4.88 | 7-31-2024 | 200,000 | 196,500 |
| | | | | | 1,059,765 |
| Specialty retail: 2.66% | | | | | |
| ABC Supply Company Incorporated 144A | | 4.00 | 1-15-2028 | 200,000 | 179,000 |
| Staples Incorporated 144A | | 7.50 | 4-15-2026 | 205,000 | 182,450 |
| | | | | | 361,450 |
| Textiles, apparel & luxury goods: 0.65% | | | | | |
| WESCO Aircraft Holdings 144A | | 8.50 | 11-15-2024 | 195,000 | 87,750 |
The accompanying notes are an integral part of these financial statements.
Allspring High Yield Corporate Bond Portfolio | 3
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Consumer staples: 2.64% | | | | | |
| Food & staples retailing: 1.39% | | | | | |
| Performance Food Group Company 144A | | 5.50% | 10-15-2027 | $200,000 | $ 189,658 |
| Household products: 1.25% | | | | | |
| Energizer Holdings Incorporated 144A | | 4.38 | 3-31-2029 | 200,000 | 169,553 |
| Energy: 11.40% | | | | | |
| Energy equipment & services: 1.41% | | | | | |
| USA Compression Partners LP | | 6.88 | 4-1-2026 | 200,000 | 191,678 |
| Oil, gas & consumable fuels: 9.99% | | | | | |
| Antero Midstream Partners LP 144A | | 5.75 | 1-15-2028 | 200,000 | 187,750 |
| Buckeye Partners LP 144A | | 4.50 | 3-1-2028 | 200,000 | 175,622 |
| EQM Midstream Partners LP | | 5.50 | 7-15-2028 | 200,000 | 178,500 |
| Moss Creek Resources Holdings Incorporated 144A | | 10.50 | 5-15-2027 | 200,000 | 188,000 |
| Occidental Petroleum Corporation | | 7.88 | 9-15-2031 | 90,000 | 97,741 |
| Range Resources Corporation | | 4.88 | 5-15-2025 | 100,000 | 97,560 |
| SM Energy Company | | 6.75 | 9-15-2026 | 200,000 | 192,959 |
| Sunoco LP | | 4.50 | 5-15-2029 | 200,000 | 175,523 |
| Weatherford International Limited 144A | | 11.00 | 12-1-2024 | 63,000 | 64,435 |
| | | | | | 1,358,090 |
| Financials: 8.95% | | | | | |
| Capital markets: 1.30% | | | | | |
| MSCI Incorporated 144A | | 4.00 | 11-15-2029 | 200,000 | 177,020 |
| Consumer finance: 2.55% | | | | | |
| Navient Corporation | | 5.50 | 3-15-2029 | 200,000 | 169,232 |
| OneMain Finance Corporation | | 5.38 | 11-15-2029 | 210,000 | 176,828 |
| | | | | | 346,060 |
| Diversified financial services: 2.28% | | | | | |
| CHS Incorporation 144A | | 4.75 | 2-15-2031 | 210,000 | 162,225 |
| Compass Group Diversified Holdings LLC 144A | | 5.25 | 4-15-2029 | 170,000 | 148,178 |
| | | | | | 310,403 |
| Insurance: 2.82% | | | | | |
| Acrisure LLC 144A | | 7.00 | 11-15-2025 | 200,000 | 186,901 |
| HUB International Limited 144A | | 7.00 | 5-1-2026 | 200,000 | 196,608 |
| | | | | | 383,509 |
| Health care: 8.23% | | | | | |
| Health care equipment & supplies: 1.35% | | | | | |
| Avantor Funding Incorporated 144A | | 4.63 | 7-15-2028 | 200,000 | 184,000 |
| Health care providers & services: 5.58% | | | | | |
| Davita Incorporated 144A | | 4.63 | 6-1-2030 | 250,000 | 206,043 |
| Encompass Health Corporation | | 4.63 | 4-1-2031 | 220,000 | 188,111 |
| MPT Operating Partnership LP | | 5.00 | 10-15-2027 | 200,000 | 164,098 |
| Tenet Healthcare Corporation | | 4.88 | 1-1-2026 | 210,000 | 200,001 |
| | | | | | 758,253 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring High Yield Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Pharmaceuticals: 1.30% | | | | | |
| Organon Finance 1 LLC 144A | | 4.13% | 4-30-2028 | $200,000 | $ 176,540 |
| Industrials: 7.19% | | | | | |
| Aerospace & defense: 3.05% | | | | | |
| TransDigm Group Incorporated | | 6.38 | 6-15-2026 | 200,000 | 193,966 |
| Triumph Group Incorporated | | 7.75 | 8-15-2025 | 230,000 | 220,225 |
| | | | | | 414,191 |
| Airlines: 2.71% | | | | | |
| Delta Air Lines Incorporated | | 3.75 | 10-28-2029 | 210,000 | 180,119 |
| United Airlines Incorporated 144A | | 4.38 | 4-15-2026 | 200,000 | 188,236 |
| | | | | | 368,355 |
| Commercial services & supplies: 1.43% | | | | | |
| KAR Auction Services Incorporated 144A | | 5.13 | 6-1-2025 | 200,000 | 194,941 |
| Information technology: 1.19% | | | | | |
| IT services: 1.19% | | | | | |
| Block Incorporated | | 3.50 | 6-1-2031 | 200,000 | 161,580 |
| Materials: 2.63% | | | | | |
| Chemicals: 1.34% | | | | | |
| Chemours Company | | 5.38 | 5-15-2027 | 200,000 | 182,130 |
| Metals & mining: 1.29% | | | | | |
| Novelis Corporation 144A | | 4.75 | 1-30-2030 | 200,000 | 175,702 |
| Real estate: 3.61% | | | | | |
| Equity REITs: 1.18% | | | | | |
| Service Properties Trust Company | | 4.38 | 2-15-2030 | 210,000 | 160,461 |
| Real estate management & development: 2.43% | | | | | |
| Howard Hughes Corporation 144A | | 4.13 | 2-1-2029 | 200,000 | 167,500 |
| Kennedy-Wilson Holdings Incorporated | | 4.75 | 3-1-2029 | 200,000 | 162,565 |
| | | | | | 330,065 |
| Utilities: 2.48% | | | | | |
| Gas utilities: 1.33% | | | | | |
| Ferellgas Partners LP 144A | | 5.38 | 4-1-2026 | 200,000 | 180,047 |
| Independent power & renewable electricity producers: 1.15% | | | | | |
| Calpine Corporation 144A | | 5.00 | 2-1-2031 | 190,000 | 156,338 |
| Total Corporate bonds and notes (Cost $12,737,187) | | | | | 11,106,714 |
| Yankee corporate bonds and notes: 16.08% | | | | | |
| Communication services: 4.98% | | | | | |
| Diversified telecommunication services: 1.08% | | | | | |
| Altice France Holding SA 144A | | 6.00 | 2-15-2028 | 210,000 | 146,097 |
The accompanying notes are an integral part of these financial statements.
Allspring High Yield Corporate Bond Portfolio | 5
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Media: 2.62% | | | | | |
| Videotron Limited 144A | | 5.13% | 4-15-2027 | $200,000 | $ 187,000 |
| Ziggo BV 144A | | 4.88 | 1-15-2030 | 200,000 | 169,219 |
| | | | | | 356,219 |
| Wireless telecommunication services: 1.28% | | | | | |
| VEON Holdings BV 144A | | 4.00 | 4-9-2025 | 210,000 | 174,300 |
| Consumer discretionary: 2.79% | | | | | |
| Auto components: 1.36% | | | | | |
| Adient Global Holdings Limited 144A | | 4.88 | 8-15-2026 | 200,000 | 185,092 |
| Hotels, restaurants & leisure: 1.43% | | | | | |
| MGM China Holdings Limited 144A | | 5.38 | 5-15-2024 | 200,000 | 194,314 |
| Energy: 1.66% | | | | | |
| Oil, gas & consumable fuels: 1.66% | | | | | |
| Vermilion Energy Incorporated 144A | | 6.88 | 5-1-2030 | 255,000 | 224,994 |
| Financials: 2.52% | | | | | |
| Diversified financial services: 2.52% | | | | | |
| New Red Finance Incorporated 144A | | 3.88 | 1-15-2028 | 200,000 | 177,972 |
| New Red Finance Incorporated 144A | | 4.00 | 10-15-2030 | 200,000 | 165,184 |
| | | | | | 343,156 |
| Health care: 0.07% | | | | | |
| Pharmaceuticals: 0.07% | | | | | |
| Endo Limited 144A | | 6.00 | 6-30-2028 | 145,000 | 9,436 |
| Industrials: 1.48% | | | | | |
| Aerospace & defense: 1.48% | | | | | |
| Bombardier Incorporated 144A | | 7.13 | 6-15-2026 | 205,000 | 201,297 |
| Information technology: 1.28% | | | | | |
| Technology hardware, storage & peripherals: 1.28% | | | | | |
| Seagate HDD | | 4.13 | 1-15-2031 | 210,000 | 174,235 |
| Utilities: 1.30% | | | | | |
| Independent power & renewable electricity producers: 1.30% | | | | | |
| Atlantica Sustainable Infrastructure plc 144A | | 4.13 | 6-15-2028 | 200,000 | 176,517 |
| Total Yankee corporate bonds and notes (Cost $2,561,227) | | | | | 2,185,657 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring High Yield Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Yield | | Shares | Value |
| Short-term investments: 0.65% | | | | | |
| Investment companies: 0.65% | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39% | | 87,750 | $ 87,750 |
| Total Short-term investments (Cost $87,750) | | | | | 87,750 |
| Total investments in securities (Cost $15,386,164) | 98.44% | | | | 13,380,121 |
| Other assets and liabilities, net | 1.56 | | | | 212,650 |
| Total net assets | 100.00% | | | | $13,592,771 |
| 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 issuer of the security is an affiliated person of the Portfolio 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 Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $1,168,782 | $13,313,215 | $(14,394,247) | $0 | $0 | $87,750 | 87,750 | $7,641 |
The accompanying notes are an integral part of these financial statements.
Allspring High Yield Corporate Bond Portfolio | 7
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $15,298,414)
| $ 13,292,371 |
Investments in affiliated securities, at value (cost $87,750)
| 87,750 |
Receivable for interest
| 221,982 |
Receivable from adviser
| 5,729 |
Prepaid expenses and other assets
| 332 |
Total assets
| 13,608,164 |
| Liabilities | |
Professional fees payable
| 6,101 |
Interest holder report expenses payable
| 4,381 |
Custody and accounting fees payable
| 4,138 |
Trustees’ fees and expenses payable
| 348 |
Accrued expenses and other liabilities
| 425 |
Total liabilities
| 15,393 |
Total net assets
| $13,592,771 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring High Yield Corporate Bond Portfolio
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Interest
| $ 1,080,504 |
Income from affiliated securities
| 7,641 |
Total investment income
| 1,088,145 |
| Expenses | |
Advisory fee
| 47,533 |
Custody and accounting fees
| 9,345 |
Professional fees
| 86,209 |
Interest holder report expenses
| 15,648 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 4,290 |
Total expenses
| 185,204 |
Less: Fee waivers and/or expense reimbursements
| (133,869) |
Net expenses
| 51,335 |
Net investment income
| 1,036,810 |
| Realized and unrealized gains (losses) on investments | |
Net realized losses on investments
| (1,802,294) |
Net change in unrealized gains (losses) on investments
| (811,771) |
Net realized and unrealized gains (losses) on investments
| (2,614,065) |
Net decrease in net assets resulting from operations
| $(1,577,255) |
The accompanying notes are an integral part of these financial statements.
Allspring High Yield Corporate Bond Portfolio | 9
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 1,036,810 | $ 2,227,495 |
Net realized gains (losses) on investments
| (1,802,294) | 791,670 |
Net change in unrealized gains (losses) on investments
| (811,771) | (2,625,377) |
Net increase (decrease) in net assets resulting from operations
| (1,577,255) | 393,788 |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 4,418,836 | 6,966,904 |
Withdrawals
| (23,419,375) | (23,301,894) |
Net decrease in net assets resulting from capital transactions
| (19,000,539) | (16,334,990) |
Total decrease in net assets
| (20,577,794) | (15,941,202) |
| Net assets | | |
Beginning of period
| 34,170,565 | 50,111,767 |
End of period
| $ 13,592,771 | $ 34,170,565 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring High Yield Corporate Bond Portfolio
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (5.28)% | (0.21)% | 6.34% | 3.97% | 3.70% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.97% | 0.53% | 0.35% | 0.42% | 0.34% |
Net expenses
| 0.27% * | 0.27% * | 0.27% * | 0.30% | 0.32% |
Net investment income
| 5.45% | 4.64% | 5.54% | 5.54% | 6.06% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 34% | 73% | 169% | 52% | 47% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.70% |
| Year ended February 28, 2022 | 0.26% |
| Year ended February 28, 2021 | 0.08% |
The accompanying notes are an integral part of these financial statements.
Allspring High Yield Corporate Bond Portfolio | 11
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring High Yield Corporate Bond Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
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, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
12 | Allspring High Yield Corporate Bond Portfolio
Notes to financial statements
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $15,405,507 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 101,053 |
| Gross unrealized losses | (2,126,439) |
| Net unrealized losses | $(2,025,386) |
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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Corporate bonds and notes | $ 0 | $ 11,106,714 | $0 | $ 11,106,714 |
| Yankee corporate bonds and notes | 0 | 2,185,657 | 0 | 2,185,657 |
| Short-term investments | | | | |
| Investment companies | 87,750 | 0 | 0 | 87,750 |
| Total assets | $87,750 | $13,292,371 | $0 | $13,380,121 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.250% |
| Next $5 billion | 0.230 |
| Over $10 billion | 0.210 |
Allspring High Yield Corporate Bond Portfolio | 13
Notes to financial statements
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.25% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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 Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.09% and declining to 0.07% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed expenses to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $6,314,584 and $22,688,556, respectively.
6. BANK BORROWINGS
The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
7. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
8. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
14 | Allspring High Yield Corporate Bond Portfolio
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring High Yield Corporate Bond Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
Allspring High Yield Corporate Bond Portfolio | 15
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
16 | Allspring High Yield Corporate Bond Portfolio
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Allspring High Yield Corporate Bond Portfolio | 17
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
18 | Allspring High Yield Corporate Bond Portfolio
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
Allspring High Yield Corporate Bond Portfolio | 19
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring Investment Grade
Corporate Bond Portfolio
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks to replicate the total return of the Bloomberg U.S. Corporate Bond Index,† before fees and expenses.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Manjunath Boraiah, Mark Clegg, CFA®‡, Brian Prucyk, Janet S. Rilling, CFA®‡ |
| Ten largest holdings (%) as of February 28, 20231 |
| Eaton Corporation plc, 4.15%, 3-15-2033 | 0.97 |
| JPMorgan Chase & Company, 2.96%, 5-13-2031 | 0.96 |
| Boston Scientific Corporation, 1.90%, 6-1-2025 | 0.93 |
| John Deere Capital Corporation, 0.45%, 6-7-2024 | 0.92 |
| Johnson & Johnson, 4.38%, 12-5-2033 | 0.91 |
| Air Lease Corporation, 2.30%, 2-1-2025 | 0.89 |
| National Australia Bank Limited, 2.50%, 7-12-2026 | 0.88 |
| Toronto Dominion Bank, 3.63%, 9-15-2031 | 0.88 |
| Walt Disney Company, 2.65%, 1-13-2031 | 0.87 |
| SVB Financial Group, 1.80%, 10-28-2026 | 0.87 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Sector allocation as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| † | The Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. You cannot invest directly in an index. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Corporate bonds and notes: 81.82% | | | | | |
| Communication services: 6.48% | | | | | |
| Diversified telecommunication services: 1.75% | | | | | |
| AT&T Incorporated | | 3.50% | 9-15-2053 | $360,000 | $ 247,135 |
| AT&T Incorporated | | 3.65 | 9-15-2059 | 340,000 | 230,263 |
| AT&T Incorporated | | 3.80 | 12-1-2057 | 235,000 | 164,985 |
| Verizon Communications | | 3.00 | 11-20-2060 | 370,000 | 222,769 |
| Verizon Communications | | 3.15 | 3-22-2030 | 680,000 | 595,422 |
| | | | | | 1,460,574 |
| Entertainment: 0.87% | | | | | |
| Walt Disney Company | | 2.65 | 1-13-2031 | 855,000 | 728,231 |
| Interactive media & services: 0.76% | | | | | |
| Alphabet Incorporated | | 2.25 | 8-15-2060 | 385,000 | 223,312 |
| META Platforms Incorporated | | 4.45 | 8-15-2052 | 495,000 | 410,474 |
| | | | | | 633,786 |
| Media: 2.21% | | | | | |
| CBS Corporation | | 4.85 | 7-1-2042 | 140,000 | 104,790 |
| Charter Communications Operating LLC | | 3.85 | 4-1-2061 | 165,000 | 97,176 |
| Charter Communications Operating LLC | | 6.48 | 10-23-2045 | 245,000 | 221,663 |
| Comcast Corporation | | 2.35 | 1-15-2027 | 210,000 | 190,280 |
| Comcast Corporation | | 2.89 | 11-1-2051 | 475,000 | 307,607 |
| Comcast Corporation | | 2.99 | 11-1-2063 | 285,000 | 174,177 |
| Discovery Communications LLC | | 3.95 | 3-20-2028 | 400,000 | 365,293 |
| Discovery Communications LLC | | 4.00 | 9-15-2055 | 1,000 | 647 |
| Magallanes Incorporated 144A | | 5.14 | 3-15-2052 | 225,000 | 176,378 |
| Time Warner Cable LLC | | 4.50 | 9-15-2042 | 270,000 | 201,485 |
| | | | | | 1,839,496 |
| Wireless telecommunication services: 0.89% | | | | | |
| T-Mobile USA Incorporated | | 3.60 | 11-15-2060 | 295,000 | 196,050 |
| T-Mobile USA Incorporated | | 3.75 | 4-15-2027 | 580,000 | 545,279 |
| | | | | | 741,329 |
| Consumer discretionary: 4.54% | | | | | |
| Automobiles: 0.20% | | | | | |
| General Motors Company | | 6.25 | 10-2-2043 | 175,000 | 164,822 |
| Diversified consumer services: 0.19% | | | | | |
| Ford Foundation | | 2.82 | 6-1-2070 | 260,000 | 158,782 |
| Hotels, restaurants & leisure: 1.24% | | | | | |
| GLP Capital LP | | 5.30 | 1-15-2029 | 120,000 | 113,507 |
| McDonald's Corporation | | 4.60 | 9-9-2032 | 460,000 | 443,121 |
| Starbucks Corporation | | 4.00 | 11-15-2028 | 500,000 | 474,140 |
| | | | | | 1,030,768 |
| Household durables: 0.10% | | | | | |
| Whirlpool Corporation | | 4.00 | 3-1-2024 | 87,000 | 85,723 |
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 3
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Internet & direct marketing retail: 1.10% | | | | | |
| Amazon.com Incorporated | | 1.00% | 5-12-2026 | $615,000 | $ 544,484 |
| Amazon.com Incorporated | | 3.95 | 4-13-2052 | 280,000 | 235,083 |
| eBay Incorporated | | 4.00 | 7-15-2042 | 175,000 | 138,907 |
| | | | | | 918,474 |
| Multiline retail: 0.24% | | | | | |
| Target Corporation | | 3.63 | 4-15-2046 | 250,000 | 198,152 |
| Specialty retail: 1.40% | | | | | |
| Home Depot Inc | | 4.88 | 2-15-2044 | 225,000 | 214,243 |
| Lowe's Companies Incorporated | | 4.45 | 4-1-2062 | 130,000 | 101,838 |
| Lowe's Companies Incorporated | | 4.50 | 4-15-2030 | 300,000 | 285,758 |
| TJX Companies Incorporated | | 3.88 | 4-15-2030 | 600,000 | 564,273 |
| | | | | | 1,166,112 |
| Textiles, apparel & luxury goods: 0.07% | | | | | |
| Nike Incorporated | | 3.63 | 5-1-2043 | 70,000 | 57,387 |
| Consumer staples: 5.65% | | | | | |
| Beverages: 2.58% | | | | | |
| Anheuser-Busch InBev Worldwide Incorporated | | 4.60 | 6-1-2060 | 105,000 | 91,030 |
| Anheuser-Busch InBev Worldwide Incorporated | | 4.90 | 2-1-2046 | 295,000 | 270,596 |
| Anheuser-Busch InBev Worldwide Incorporated | | 5.80 | 1-23-2059 | 75,000 | 77,545 |
| Coca Cola Company | | 2.75 | 6-1-2060 | 280,000 | 185,097 |
| Constellation Brands Incorporated | | 3.15 | 8-1-2029 | 300,000 | 263,134 |
| Keurig Dr Pepper Incorporated | | 4.60 | 5-25-2028 | 700,000 | 679,247 |
| Molson Coors Beverage | | 3.00 | 7-15-2026 | 635,000 | 587,405 |
| | | | | | 2,154,054 |
| Food & staples retailing: 0.19% | | | | | |
| The Kroger Company | | 5.00 | 4-15-2042 | 175,000 | 158,204 |
| Food products: 1.43% | | | | | |
| Kraft Heinz Food Company | | 5.50 | 6-1-2050 | 180,000 | 172,607 |
| Mead Johnson Nutrition Company | | 5.90 | 11-1-2039 | 70,000 | 72,873 |
| Mondelez International | | 2.75 | 4-13-2030 | 440,000 | 378,215 |
| Pilgrims Pride Corporation | | 3.50 | 3-1-2032 | 370,000 | 285,919 |
| Tyson Foods Incorporated | | 4.35 | 3-1-2029 | 300,000 | 284,558 |
| | | | | | 1,194,172 |
| Household products: 0.20% | | | | | |
| Kimberly-Clark Corporation | | 6.63 | 8-1-2037 | 140,000 | 162,610 |
| Personal products: 0.18% | | | | | |
| Estee Lauder Companies Incorporated | | 6.00 | 5-15-2037 | 140,000 | 149,445 |
| Tobacco: 1.07% | | | | | |
| Altria Group Incorporated | | 4.50 | 5-2-2043 | 175,000 | 133,560 |
| BAT Capital Corporation | | 4.54 | 8-15-2047 | 140,000 | 100,458 |
| Philip Morris International Incorporated | | 3.25 | 11-10-2024 | 210,000 | 203,246 |
| Philip Morris International Incorporated | | 4.50 | 3-20-2042 | 140,000 | 116,987 |
| Reynolds American Incorporated | | 4.45 | 6-12-2025 | 350,000 | 340,577 |
| | | | | | 894,828 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Energy: 6.28% | | | | | |
| Energy equipment & services: 0.92% | | | | | |
| Baker Hughes LLC | | 3.34% | 12-15-2027 | $670,000 | $ 618,478 |
| Halliburton Company | | 4.50 | 11-15-2041 | 175,000 | 146,171 |
| | | | | | 764,649 |
| Oil, gas & consumable fuels: 5.36% | | | | | |
| BP Capital Markets America Incorporated | | 3.94 | 9-21-2028 | 200,000 | 190,213 |
| ConocoPhillips Company | | 5.90 | 10-15-2032 | 175,000 | 187,081 |
| Consolidated Edison Company of New York Incorporated | | 4.13 | 5-15-2049 | 370,000 | 299,582 |
| Enbridge Energy Partners LP | | 5.50 | 9-15-2040 | 140,000 | 131,753 |
| Energy Transfer Partners LP | | 5.00 | 5-15-2050 | 255,000 | 208,957 |
| Energy Transfer Partners LP | | 5.95 | 10-1-2043 | 140,000 | 130,219 |
| Enterprise Products Operating LLC | | 5.35 | 1-31-2033 | 335,000 | 334,792 |
| Enterprise Products Operating LLC | | 5.70 | 2-15-2042 | 140,000 | 137,514 |
| Exxon Mobil Corporation | | 2.71 | 3-6-2025 | 345,000 | 329,618 |
| Kinder Morgan Energy Partners LP | | 5.00 | 8-15-2042 | 175,000 | 149,589 |
| Kinder Morgan Energy Partners LP | | 5.50 | 3-1-2044 | 210,000 | 189,685 |
| Kinder Morgan Energy Partners LP | | 5.80 | 3-15-2035 | 70,000 | 68,346 |
| Marathon Petroleum Corporation | | 3.80 | 4-1-2028 | 385,000 | 355,546 |
| ONEOK Incorporated | | 4.55 | 7-15-2028 | 500,000 | 475,011 |
| Phillips 66 | | 4.65 | 11-15-2034 | 140,000 | 130,649 |
| Plains All American Pipeline LP | | 3.60 | 11-1-2024 | 210,000 | 203,202 |
| Sabine Pass Liquefaction LLC | | 5.00 | 3-15-2027 | 400,000 | 390,422 |
| Spectra Energy Partners LP | | 3.38 | 10-15-2026 | 300,000 | 279,838 |
| Williams Partners LP | | 6.30 | 4-15-2040 | 273,000 | 280,057 |
| | | | | | 4,472,074 |
| Financials: 21.40% | | | | | |
| Banks: 7.81% | | | | | |
| Bank of America Corporation (U.S. SOFR +1.37%) ± | | 1.92 | 10-24-2031 | 630,000 | 488,318 |
| Bank of America Corporation (U.S. SOFR +1.56%) ± | | 2.97 | 7-21-2052 | 125,000 | 81,970 |
| Bank of America Corporation (3 Month LIBOR +3.15%) ± | | 4.08 | 3-20-2051 | 380,000 | 305,091 |
| Citigroup Incorporated (U.S. SOFR +0.69%) ± | | 2.01 | 1-25-2026 | 375,000 | 349,717 |
| Citigroup Incorporated (U.S. SOFR +1.17%) ± | | 2.56 | 5-1-2032 | 155,000 | 124,461 |
| Citigroup Incorporated (U.S. SOFR 3 Month +1.65%) ± | | 3.67 | 7-24-2028 | 325,000 | 301,073 |
| Citigroup Incorporated (U.S. SOFR +1.94%) ± | | 3.79 | 3-17-2033 | 170,000 | 147,791 |
| Citizens Financial Group (5 Year Treasury Constant Maturity +2.50%) ± | | 4.30 | 2-11-2031 | 200,000 | 183,604 |
| Compass Bank | | 3.88 | 4-10-2025 | 250,000 | 242,319 |
| Deutsche Bank | | 1.69 | 3-19-2026 | 150,000 | 134,632 |
| Discover Bank | | 4.25 | 3-13-2026 | 250,000 | 240,043 |
| Fifth Third Bancorp | | 2.25 | 2-1-2027 | 250,000 | 224,938 |
| Fifth Third Bancorp | | 3.95 | 3-14-2028 | 400,000 | 379,226 |
| JPMorgan Chase & Company (U.S. SOFR +2.52%) ± | | 2.96 | 5-13-2031 | 950,000 | 797,815 |
| JPMorgan Chase & Company | | 6.40 | 5-15-2038 | 110,000 | 120,417 |
| Key Bank NA | | 3.30 | 6-1-2025 | 250,000 | 239,319 |
| Santander Holdings USA Incorporated | | 4.50 | 7-17-2025 | 350,000 | 339,952 |
| SVB Financial Group | | 1.80 | 10-28-2026 | 835,000 | 727,932 |
| Truist Bank | | 3.30 | 5-15-2026 | 600,000 | 562,084 |
| US Bancorp | | 2.38 | 7-22-2026 | 190,000 | 174,264 |
| US Bancorp | | 3.60 | 9-11-2024 | 350,000 | 341,619 |
| | | | | | 6,506,585 |
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 5
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Capital markets: 4.49% | | | | | |
| Ares Capital Corporation | | 3.20% | 11-15-2031 | $240,000 | $ 183,095 |
| Bain Capital Specialty Finance | | 2.55 | 10-13-2026 | 185,000 | 159,118 |
| BlackRock Incorporated | | 3.25 | 4-30-2029 | 435,000 | 401,382 |
| Goldman Sachs Group Incorporated (3 Month LIBOR +1.16%) ± | | 3.81 | 4-23-2029 | 415,000 | 380,931 |
| Goldman Sachs Group Incorporated (3 Month LIBOR +1.43%) ± | | 4.41 | 4-23-2039 | 125,000 | 108,735 |
| Goldman Sachs Group Incorporated | | 4.75 | 10-21-2045 | 360,000 | 322,294 |
| Intercontinental Exchange | | 3.75 | 9-21-2028 | 500,000 | 469,378 |
| Morgan Stanley (U.S. SOFR +1.36%) ± | | 2.48 | 9-16-2036 | 385,000 | 287,215 |
| Morgan Stanley | | 4.30 | 1-27-2045 | 290,000 | 249,238 |
| Northern Trust Corporation | | 3.95 | 10-30-2025 | 175,000 | 169,256 |
| PPL Capital Funding Incorporated | | 3.10 | 5-15-2026 | 100,000 | 93,534 |
| Prospect Capital Corporation | | 3.71 | 1-22-2026 | 160,000 | 144,086 |
| The Charles Schwab Corporation | | 3.63 | 4-1-2025 | 140,000 | 135,674 |
| The Charles Schwab Corporation | | 4.63 | 3-22-2030 | 650,000 | 635,557 |
| | | | | | 3,739,493 |
| Consumer finance: 3.18% | | | | | |
| American Express Company (U.S. SOFR +1.76%) ± | | 4.42 | 8-3-2033 | 590,000 | 551,914 |
| American Honda Finance Corporation | | 2.90 | 2-16-2024 | 200,000 | 195,208 |
| Capital One Financial Corporation | | 3.75 | 7-28-2026 | 525,000 | 493,241 |
| Caterpillar Financial Services Corporation | | 3.25 | 12-1-2024 | 200,000 | 194,170 |
| General Motors Financial Company Incorporated | | 5.65 | 1-17-2029 | 140,000 | 136,946 |
| John Deere Capital Corporation | | 0.45 | 6-7-2024 | 810,000 | 762,750 |
| John Deere Capital Corporation | | 0.63 | 9-10-2024 | 190,000 | 177,624 |
| Synchrony Financial | | 3.95 | 12-1-2027 | 150,000 | 136,358 |
| | | | | | 2,648,211 |
| Diversified financial services: 1.33% | | | | | |
| Berkshire Hathaway Finance Corporation | | 5.75 | 1-15-2040 | 240,000 | 257,383 |
| Berkshire Hathaway Incorporated | | 3.13 | 3-15-2026 | 565,000 | 539,686 |
| Blackstone Private Credit Fund | | 3.25 | 3-15-2027 | 215,000 | 185,137 |
| National Rural Utilities Cooperative Finance Corporation | | 4.02 | 11-1-2032 | 140,000 | 126,515 |
| | | | | | 1,108,721 |
| Insurance: 3.59% | | | | | |
| Allstate Corporation (3 Month LIBOR +2.12%) ± | | 6.50 | 5-15-2067 | 115,000 | 111,039 |
| American International Group Incorporated (3 Month LIBOR +2.87%) ± | | 5.75 | 4-1-2048 | 200,000 | 193,000 |
| Aon Corporation | | 6.25 | 9-30-2040 | 70,000 | 72,634 |
| Arch Capital Group Limited | | 5.14 | 11-1-2043 | 147,000 | 133,628 |
| Chubb Corporation | | 6.00 | 5-11-2037 | 196,000 | 210,335 |
| Loews Corporation | | 4.13 | 5-15-2043 | 140,000 | 115,929 |
| Marsh & McLennan Company Incorporated | | 3.50 | 6-3-2024 | 200,000 | 195,059 |
| Marsh & McLennan Company Incorporated | | 3.88 | 3-15-2024 | 200,000 | 196,640 |
| Marsh & McLennan Company Incorporated | | 4.90 | 3-15-2049 | 110,000 | 101,592 |
| MetLife Incorporated | | 6.38 | 6-15-2034 | 196,000 | 218,981 |
| Principal Financial Group Incorporated | | 3.40 | 5-15-2025 | 140,000 | 134,403 |
| Progressive Corporation | | 6.25 | 12-1-2032 | 252,000 | 275,197 |
| Progressive Corporation | | 7.75 | 3-1-2031 | 365,000 | 411,403 |
| Prudential Financial Incorporated (3 Month LIBOR +3.04%) ± | | 5.20 | 3-15-2044 | 175,000 | 171,516 |
| Prudential Financial Incorporated | | 5.75 | 7-15-2033 | 350,000 | 367,470 |
| Transatlantic Holdings Incorporated | | 8.00 | 11-30-2039 | 70,000 | 87,342 |
| | | | | | 2,996,168 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Mortgage REITs: 1.00% | | | | | |
| Ventas Realty LP | | 3.50% | 2-1-2025 | $400,000 | $ 384,059 |
| Ventas Realty LP | | 4.40 | 1-15-2029 | 485,000 | 451,273 |
| | | | | | 835,332 |
| Health care: 8.51% | | | | | |
| Biotechnology: 1.82% | | | | | |
| AbbVie Incorporated | | 4.85 | 6-15-2044 | 475,000 | 431,830 |
| Amgen Incorporated | | 4.40 | 2-22-2062 | 225,000 | 180,156 |
| Biogen Incorporated | | 2.25 | 5-1-2030 | 700,000 | 566,728 |
| Gilead Sciences Incorporated | | 3.65 | 3-1-2026 | 350,000 | 334,249 |
| | | | | | 1,512,963 |
| Health care equipment & supplies: 1.43% | | | | | |
| Abbott Laboratories | | 6.15 | 11-30-2037 | 166,000 | 185,183 |
| Boston Scientific Corporation | | 1.90 | 6-1-2025 | 835,000 | 776,068 |
| Catholic Health Initiatives | | 4.35 | 11-1-2042 | 175,000 | 147,539 |
| Stryker Corporation | | 4.63 | 3-15-2046 | 95,000 | 84,366 |
| | | | | | 1,193,156 |
| Health care providers & services: 3.15% | | | | | |
| Aetna Incorporated | | 4.50 | 5-15-2042 | 105,000 | 90,817 |
| AmerisourceBergen Corporation | | 4.25 | 3-1-2045 | 175,000 | 145,371 |
| Ascension Healthcare Company | | 3.95 | 11-15-2046 | 95,000 | 80,745 |
| Baptist Health South Florida | | 3.12 | 11-15-2071 | 295,000 | 179,903 |
| CIGNA Corporation Company | | 4.80 | 7-15-2046 | 210,000 | 185,468 |
| CVS Health Corporation | | 5.05 | 3-25-2048 | 585,000 | 525,038 |
| HCA Incorporated 144A | | 4.38 | 3-15-2042 | 180,000 | 144,243 |
| HCA Incorporated 144A | | 4.63 | 3-15-2052 | 315,000 | 247,823 |
| Quest Diagnostics Incorporated | | 2.95 | 6-30-2030 | 300,000 | 258,904 |
| UnitedHealth Group Incorporated | | 4.20 | 1-15-2047 | 200,000 | 172,802 |
| UnitedHealth Group Incorporated | | 4.25 | 4-15-2047 | 300,000 | 259,904 |
| UnitedHealth Group Incorporated | | 5.88 | 2-15-2053 | 120,000 | 129,445 |
| WellPoint Incorporated | | 5.85 | 1-15-2036 | 200,000 | 205,058 |
| | | | | | 2,625,521 |
| Pharmaceuticals: 2.11% | | | | | |
| Bristol-Myers Squibb Company | | 3.90 | 3-15-2062 | 175,000 | 136,940 |
| Eli Lilly & Company | | 2.75 | 6-1-2025 | 70,000 | 66,520 |
| GlaxoSmithKline Capital Incorporated | | 5.38 | 4-15-2034 | 210,000 | 215,987 |
| Johnson & Johnson | | 4.38 | 12-5-2033 | 770,000 | 760,641 |
| Merck & Company Incorporated | | 2.75 | 2-10-2025 | 380,000 | 364,508 |
| Zoetis Incorporated | | 4.70 | 2-1-2043 | 240,000 | 216,473 |
| | | | | | 1,761,069 |
| Industrials: 5.59% | | | | | |
| Aerospace & defense: 1.07% | | | | | |
| Lockheed Martin Corporation | | 6.15 | 9-1-2036 | 122,000 | 132,775 |
| Northrop Grumman Corporation | | 5.05 | 11-15-2040 | 70,000 | 67,027 |
| Precision Castparts Corporation | | 3.90 | 1-15-2043 | 140,000 | 118,225 |
| Textron Incorporated | | 4.30 | 3-1-2024 | 140,000 | 138,331 |
| The Boeing Company | | 2.60 | 10-30-2025 | 120,000 | 111,246 |
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 7
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Aerospace & defense (continued) | | | | | |
| The Boeing Company | | 5.88% | 2-15-2040 | $186,000 | $ 181,373 |
| The Boeing Company | | 5.93 | 5-1-2060 | 155,000 | 144,742 |
| | | | | | 893,719 |
| Air freight & logistics: 0.27% | | | | | |
| United Parcel Service Incorporated | | 6.20 | 1-15-2038 | 206,000 | 227,770 |
| Airlines: 0.36% | | | | | |
| American Airlines Incorporated | | 3.20 | 12-15-2029 | 198,582 | 177,127 |
| United Airlines Incorporated | | 4.30 | 2-15-2027 | 132,981 | 127,098 |
| | | | | | 304,225 |
| Chemicals: 0.20% | | | | | |
| Celanese U.S Holdings LLC | | 1.40 | 8-5-2026 | 200,000 | 170,419 |
| Electrical equipment: 1.09% | | | | | |
| Eaton Corporation plc | | 4.15 | 3-15-2033 | 875,000 | 806,176 |
| Rockwell Automation Incorporated | | 2.80 | 8-15-2061 | 160,000 | 98,530 |
| | | | | | 904,706 |
| Food products: 0.17% | | | | | |
| JBS USA 144A | | 5.75 | 4-1-2033 | 155,000 | 144,572 |
| Industrial conglomerates: 0.18% | | | | | |
| Honeywell International Incorporated | | 3.81 | 11-21-2047 | 175,000 | 146,304 |
| Machinery: 0.17% | | | | | |
| Dover Corporation | | 5.38 | 10-15-2035 | 140,000 | 139,198 |
| Road & rail: 0.42% | | | | | |
| CSX Corporation | | 4.25 | 11-1-2066 | 140,000 | 109,590 |
| Norfolk Southern Corporation | | 5.10 | 12-31-2049 | 80,000 | 68,343 |
| Union Pacific Corporation | | 3.80 | 4-6-2071 | 230,000 | 168,211 |
| | | | | | 346,144 |
| Trading companies & distributors: 1.43% | | | | | |
| Air Lease Corporation | | 2.30 | 2-1-2025 | 795,000 | 742,115 |
| Air Lease Corporation | | 3.25 | 3-1-2025 | 200,000 | 189,792 |
| W.W. Grainger Incorporated | | 4.60 | 6-15-2045 | 280,000 | 257,725 |
| | | | | | 1,189,632 |
| Transportation infrastructure: 0.23% | | | | | |
| Burlington Northern Santa Fe LLC | | 2.88 | 6-15-2052 | 285,000 | 191,095 |
| Information technology: 9.12% | | | | | |
| Communications equipment: 0.39% | | | | | |
| Cisco Systems Incorporated | | 2.95 | 2-28-2026 | 340,000 | 322,016 |
| Electronic equipment, instruments & components: 0.72% | | | | | |
| Corning Incorporated | | 5.45 | 11-15-2079 | 215,000 | 190,506 |
| Dell International LLC | | 6.10 | 7-15-2027 | 230,000 | 236,339 |
| Keysight Technologies Incorporated | | 4.55 | 10-30-2024 | 175,000 | 172,344 |
| | | | | | 599,189 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| IT services: 2.15% | | | | | |
| Fiserv Incorporated | | 3.85% | 6-1-2025 | $210,000 | $ 202,189 |
| IBM Corporation | | 3.00 | 5-15-2024 | 300,000 | 291,656 |
| Mastercard Incorporated | | 3.50 | 2-26-2028 | 400,000 | 378,784 |
| Mastercard Incorporated | | 3.95 | 2-26-2048 | 140,000 | 120,793 |
| Visa Incorporated | | 2.75 | 9-15-2027 | 300,000 | 277,299 |
| Visa Incorporated | | 2.05 | 4-15-2030 | 475,000 | 401,441 |
| Western Union Company | | 6.20 | 11-17-2036 | 122,000 | 120,095 |
| | | | | | 1,792,257 |
| Semiconductors & semiconductor equipment: 2.16% | | | | | |
| Applied Materials Incorporated | | 5.85 | 6-15-2041 | 380,000 | 406,434 |
| Broadcom Incorporated 144A | | 3.14 | 11-15-2035 | 170,000 | 125,320 |
| Broadcom Incorporated | | 4.15 | 11-15-2030 | 325,000 | 292,589 |
| Intel Corporation | | 2.60 | 5-19-2026 | 220,000 | 204,208 |
| Intel Corporation | | 4.25 | 12-15-2042 | 175,000 | 146,553 |
| Intel Corporation | | 5.70 | 2-10-2053 | 395,000 | 385,984 |
| Qualcomm Incorporated | | 1.65 | 5-20-2032 | 315,000 | 241,146 |
| | | | | | 1,802,234 |
| Software: 2.65% | | | | | |
| Microsoft Corporation | | 2.68 | 6-1-2060 | 525,000 | 340,191 |
| Microsoft Corporation | | 2.88 | 2-6-2024 | 240,000 | 234,792 |
| Microsoft Corporation | | 3.04 | 3-17-2062 | 180,000 | 126,081 |
| Microsoft Corporation | | 5.20 | 6-1-2039 | 77,000 | 81,314 |
| Oracle Corporation | | 3.40 | 7-8-2024 | 110,000 | 107,058 |
| Oracle Corporation | | 3.85 | 4-1-2060 | 215,000 | 143,307 |
| Oracle Corporation | | 3.95 | 3-25-2051 | 460,000 | 330,410 |
| Salesforce.com Incorporated | | 3.05 | 7-15-2061 | 245,000 | 157,097 |
| Salesforce.com Incorporated | | 3.70 | 4-11-2028 | 200,000 | 190,534 |
| Vmware Incorporated | | 4.65 | 5-15-2027 | 520,000 | 501,845 |
| | | | | | 2,212,629 |
| Technology hardware, storage & peripherals: 1.05% | | | | | |
| Apple Incorporated | | 2.80 | 2-8-2061 | 155,000 | 99,432 |
| Apple Incorporated | | 2.85 | 8-5-2061 | 440,000 | 285,851 |
| Apple Incorporated | | 3.95 | 8-8-2052 | 185,000 | 157,598 |
| Apple Incorporated | | 4.65 | 2-23-2046 | 350,000 | 333,234 |
| | | | | | 876,115 |
| Materials: 1.86% | | | | | |
| Chemicals: 1.15% | | | | | |
| Dow Chemical Corporation | | 2.10 | 11-15-2030 | 750,000 | 605,516 |
| DuPont de Nemours Incorporated | | 5.42 | 11-15-2048 | 140,000 | 134,109 |
| Eastman Chemical Company | | 4.80 | 9-1-2042 | 140,000 | 121,439 |
| LYB International Finance III LLC | | 3.80 | 10-1-2060 | 150,000 | 100,175 |
| | | | | | 961,239 |
| Metals & mining: 0.71% | | | | | |
| Freeport-McMoRan Incorporated | | 4.25 | 3-1-2030 | 325,000 | 294,330 |
| Newmont Mining Corporation | | 2.60 | 7-15-2032 | 370,000 | 294,961 |
| | | | | | 589,291 |
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 9
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Real estate: 5.64% | | | | | |
| Equity REITs: 5.64% | | | | | |
| ACE INA Holdings Incorporated | | 3.35% | 5-15-2024 | $350,000 | $ 341,940 |
| Alexandria Real Estate Equities Incorporated | | 4.70 | 7-1-2030 | 615,000 | 591,714 |
| Boston Properties LP | | 2.75 | 10-1-2026 | 500,000 | 451,263 |
| Boston Properties LP | | 3.80 | 2-1-2024 | 300,000 | 294,743 |
| Equinix Incorporated | | 1.55 | 3-15-2028 | 775,000 | 644,754 |
| HCP Incorporated | | 6.75 | 2-1-2041 | 95,000 | 100,391 |
| Health Care REIT Incorporated | | 4.00 | 6-1-2025 | 210,000 | 202,995 |
| Kimco Realty Corporation | | 2.80 | 10-1-2026 | 350,000 | 319,707 |
| Prologis LP | | 1.25 | 10-15-2030 | 885,000 | 678,661 |
| Realty Income Corporation | | 4.88 | 6-1-2026 | 119,000 | 117,889 |
| Simon Property Group LP | | 3.30 | 1-15-2026 | 410,000 | 388,958 |
| Simon Property Group LP | | 3.75 | 2-1-2024 | 175,000 | 172,234 |
| Vici Properties LP | | 5.13 | 5-15-2032 | 210,000 | 194,849 |
| Welltower Incorporated | | 4.95 | 9-1-2048 | 240,000 | 204,282 |
| | | | | | 4,704,380 |
| Utilities: 6.75% | | | | | |
| Electric utilities: 5.43% | | | | | |
| Appalachian Power Company | | 3.40 | 6-1-2025 | 175,000 | 167,376 |
| Appalachian Power Company | | 4.45 | 6-1-2045 | 175,000 | 146,176 |
| Appalachian Power Company | | 7.00 | 4-1-2038 | 70,000 | 78,787 |
| Arizona Public Service Company | | 3.15 | 5-15-2025 | 105,000 | 99,521 |
| Arizona Public Service Company | | 4.50 | 4-1-2042 | 70,000 | 58,288 |
| Berkshire Hathaway Energy | | 3.65 | 4-15-2029 | 685,000 | 634,844 |
| Commonwealth Edison Company | | 3.80 | 10-1-2042 | 70,000 | 57,170 |
| Duke Energy Incorporated | | 4.10 | 3-15-2043 | 210,000 | 174,989 |
| Duke Energy Indiana Incorporated | | 4.90 | 7-15-2043 | 105,000 | 97,062 |
| Entergy Arkansas Incorporated | | 4.20 | 4-1-2049 | 280,000 | 233,897 |
| Entergy Gulf States Louisiana LLC | | 5.59 | 10-1-2024 | 84,000 | 84,150 |
| Exelon Corporation | | 4.95 | 6-15-2035 | 140,000 | 132,645 |
| Florida Power & Light Company | | 5.96 | 4-1-2039 | 175,000 | 186,887 |
| Florida Power Corporation | | 5.65 | 4-1-2040 | 87,000 | 87,891 |
| NSTAR Electric Company | | 5.50 | 3-15-2040 | 70,000 | 70,700 |
| Oglethorpe Power Corporation | | 5.95 | 11-1-2039 | 105,000 | 103,574 |
| Oncor Electric Delivery Company LLC | | 7.00 | 5-1-2032 | 122,000 | 139,672 |
| Pacific Gas & Electric Company | | 2.50 | 2-1-2031 | 410,000 | 319,527 |
| PacifiCorp | | 3.60 | 4-1-2024 | 175,000 | 171,738 |
| Peco Energy Company 1st Mortgage | | 2.85 | 9-15-2051 | 160,000 | 105,587 |
| PPL Electric Utilities | | 4.75 | 7-15-2043 | 105,000 | 95,861 |
| Public Service Electric & Gas Company | | 3.80 | 1-1-2043 | 140,000 | 115,683 |
| Public Service Electric & Gas Company | | 3.95 | 5-1-2042 | 70,000 | 59,025 |
| Public Service Electric & Gas Company | | 5.80 | 5-1-2037 | 70,000 | 71,914 |
| Southern California Edison Company | | 5.35 | 7-15-2035 | 126,000 | 122,494 |
| Southern California Edison Company | | 5.50 | 3-15-2040 | 140,000 | 135,335 |
| Southern California Edison Company | | 6.00 | 1-15-2034 | 70,000 | 73,288 |
| The Southern Company | | 4.40 | 7-1-2046 | 185,000 | 152,246 |
| Union Electric Company | | 8.45 | 3-15-2039 | 56,000 | 72,582 |
| Virginia Electric & Power Company | | 3.10 | 5-15-2025 | 70,000 | 66,724 |
| Virginia Electric & Power Company | | 4.45 | 2-15-2044 | 105,000 | 90,329 |
| Virginia Electric & Power Company | | 6.00 | 1-15-2036 | 70,000 | 72,958 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Electric utilities (continued) | | | | | |
| Westar Energy Incorporated | | 4.10% | 4-1-2043 | $210,000 | $ 173,054 |
| Wisconsin Electric Power Company | | 5.63 | 5-15-2033 | 70,000 | 72,281 |
| | | | | | 4,524,255 |
| Gas utilities: 0.35% | | | | | |
| CenterPoint Energy Incorporated | | 4.50 | 4-1-2044 | 175,000 | 155,717 |
| One Gas Incorporated | | 3.61 | 2-1-2024 | 70,000 | 68,770 |
| Southern California Gas Company | | 5.13 | 11-15-2040 | 70,000 | 65,700 |
| | | | | | 290,187 |
| Multi-utilities: 0.97% | | | | | |
| Ameren Illinois Company | | 3.70 | 12-1-2047 | 165,000 | 131,063 |
| Consumers Energy Company | | 4.05 | 5-15-2048 | 290,000 | 242,152 |
| Dominion Resources Incorporated | | 5.95 | 6-15-2035 | 157,000 | 161,244 |
| Sempra Energy | | 3.25 | 6-15-2027 | 300,000 | 276,685 |
| | | | | | 811,144 |
| Total Corporate bonds and notes (Cost $75,838,452) | | | | | 68,203,611 |
| Yankee corporate bonds and notes: 16.12% | | | | | |
| Communication services: 0.94% | | | | | |
| Diversified telecommunication services: 0.15% | | | | | |
| Bell Canada Company | | 4.46 | 4-1-2048 | 150,000 | 127,646 |
| Wireless telecommunication services: 0.79% | | | | | |
| America Movil SAB de CV | | 4.38 | 4-22-2049 | 100,000 | 85,815 |
| Rogers Communications Incorporated | | 3.63 | 12-15-2025 | 235,000 | 222,920 |
| Rogers Communications Incorporated 144A | | 4.55 | 3-15-2052 | 200,000 | 159,509 |
| Vodafone Group plc | | 4.38 | 2-19-2043 | 230,000 | 187,838 |
| | | | | | 656,082 |
| Consumer discretionary: 0.92% | | | | | |
| Internet & direct marketing retail: 0.92% | | | | | |
| Alibaba Group Holding Limited | | 3.40 | 12-6-2027 | 200,000 | 183,645 |
| Alibaba Group Holding Limited | | 3.60 | 11-28-2024 | 600,000 | 580,724 |
| | | | | | 764,369 |
| Consumer staples: 0.15% | | | | | |
| Beverages: 0.15% | | | | | |
| Diageo Capital plc | | 5.88 | 9-30-2036 | 122,000 | 128,724 |
| Energy: 1.36% | | | | | |
| Oil, gas & consumable fuels: 1.36% | | | | | |
| Canadian Natural Resources Limited | | 4.95 | 6-1-2047 | 110,000 | 95,603 |
| Husky Energy Incorporated | | 6.80 | 9-15-2037 | 70,000 | 71,885 |
| Shell International Finance BV | | 3.25 | 5-11-2025 | 350,000 | 337,077 |
| Total Capital International SA | | 3.39 | 6-29-2060 | 105,000 | 75,329 |
| Total Capital International SA | | 3.75 | 4-10-2024 | 350,000 | 343,910 |
| TransCanada PipeLines Limited | | 6.10 | 6-1-2040 | 210,000 | 212,459 |
| | | | | | 1,136,263 |
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 11
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Financials: 10.85% | | | | | |
| Banks: 8.59% | | | | | |
| Banco Santander SA (1 Year Treasury Constant Maturity +0.90%) ± | | 1.72% | 9-14-2027 | $600,000 | $ 517,101 |
| Bank of Nova Scotia | | 4.50 | 12-16-2025 | 500,000 | 484,603 |
| Barclays plc (3 Month LIBOR +1.90%) ± | | 4.97 | 5-16-2029 | 300,000 | 285,687 |
| Barclays plc (1 Year Treasury Constant Maturity +2.30%) ± | | 5.30 | 8-9-2026 | 400,000 | 394,058 |
| Cooperatieve Rabobank UA | | 3.75 | 7-21-2026 | 280,000 | 262,580 |
| HSBC Holdings plc (U.S. SOFR +1.19%) ± | | 2.80 | 5-24-2032 | 600,000 | 478,954 |
| HSBC Holdings plc (3 Month LIBOR +1.53%) ± | | 4.58 | 6-19-2029 | 400,000 | 375,854 |
| ING Banking Group plc (U.S. SOFR +1.83%) ± | | 4.02 | 3-28-2028 | 200,000 | 187,822 |
| ING Banking Group plc | | 4.55 | 10-2-2028 | 500,000 | 477,417 |
| Lloyds Banking Group plc (1 Year Treasury Constant Maturity +3.75%) ± | | 7.95 | 11-15-2033 | 200,000 | 218,991 |
| National Australia Bank Limited | | 2.50 | 7-12-2026 | 800,000 | 735,235 |
| Royal Bank of Canada | | 4.65 | 1-27-2026 | 700,000 | 682,897 |
| Sumitomo Mitsui Financial Group | | 3.01 | 10-19-2026 | 655,000 | 601,808 |
| Toronto Dominion Bank (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +2.21%) ± | | 3.63 | 9-15-2031 | 790,000 | 734,612 |
| Westpac Banking Corporation | | 2.15 | 6-3-2031 | 305,000 | 254,280 |
| Westpac Banking Corporation | | 2.85 | 5-13-2026 | 500,000 | 466,143 |
| | | | | | 7,158,042 |
| Consumer finance: 0.35% | | | | | |
| Vale Overseas Limited Company | | 3.75 | 7-8-2030 | 335,000 | 291,294 |
| Diversified financial services: 1.75% | | | | | |
| AerCap Ireland Capital | | 3.00 | 10-29-2028 | 300,000 | 255,634 |
| AerCap Ireland Capital | | 3.30 | 1-30-2032 | 150,000 | 120,036 |
| Brookfield Finance Incorporated | | 3.63 | 2-15-2052 | 155,000 | 105,791 |
| Brookfield Finance Incorporated | | 4.25 | 6-2-2026 | 200,000 | 192,517 |
| GE Capital International Funding Company | | 3.37 | 11-15-2025 | 550,000 | 522,099 |
| Shell International Finance BV | | 3.75 | 9-12-2046 | 145,000 | 115,213 |
| Shell International Finance BV | | 4.00 | 5-10-2046 | 175,000 | 145,357 |
| | | | | | 1,456,647 |
| Insurance: 0.16% | | | | | |
| XLIT Limited | | 5.25 | 12-15-2043 | 140,000 | 137,788 |
| Health care: 0.91% | | | | | |
| Health care equipment & supplies: 0.11% | | | | | |
| DH Europe Finance II | | 3.40 | 11-15-2049 | 125,000 | 94,490 |
| Pharmaceuticals: 0.80% | | | | | |
| AstraZeneca plc | | 3.38 | 11-16-2025 | 500,000 | 480,107 |
| AstraZeneca plc | | 4.38 | 11-16-2045 | 200,000 | 181,702 |
| | | | | | 661,809 |
| Industrials: 0.10% | | | | | |
| Road & rail: 0.10% | | | | | |
| Canadian National Railway Company | | 3.65 | 2-3-2048 | 100,000 | 80,189 |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Information technology: 0.33% | | | | | |
| Semiconductors & semiconductor equipment: 0.33% | | | | | |
| NXP BV | | 5.00% | 1-15-2033 | $290,000 | $ 272,233 |
| Materials: 0.56% | | | | | |
| Chemicals: 0.14% | | | | | |
| Nutrien Limited | | 6.13 | 1-15-2041 | 115,000 | 116,956 |
| Metals & mining: 0.42% | | | | | |
| ArcelorMittal SA | | 4.55 | 3-11-2026 | 245,000 | 238,529 |
| Southern Copper Corp | | 5.88 | 4-23-2045 | 115,000 | 115,666 |
| | | | | | 354,195 |
| Total Yankee corporate bonds and notes (Cost $14,475,464) | | | | | 13,436,727 |
| | | Yield | | Shares | |
| Short-term investments: 0.88% | | | | | |
| Investment companies: 0.88% | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39 | | 733,533 | 733,533 |
| Total Short-term investments (Cost $733,533) | | | | | 733,533 |
| Total investments in securities (Cost $91,047,449) | 98.82% | | | | 82,373,871 |
| Other assets and liabilities, net | 1.18 | | | | 980,114 |
| Total net assets | 100.00% | | | | $83,353,985 |
| 144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
| ± | Variable rate investment. The rate shown is the rate in effect at period end. |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| Abbreviations: |
| LIBOR | London Interbank Offered Rate |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $5,000,151 | $78,599,889 | $(82,866,507) | $0 | $0 | $733,533 | 733,533 | $34,984 |
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 13
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $90,313,916)
| $ 81,640,338 |
Investments in affiliated securities, at value (cost $733,533)
| 733,533 |
Receivable for interest
| 986,921 |
Receivable from adviser
| 6,564 |
Prepaid expenses and other assets
| 2,164 |
Total assets
| 83,369,520 |
| Liabilities | |
Custody and accounting fees payable
| 7,643 |
Interest holder report expenses payable
| 3,503 |
Professional fees payable
| 3,180 |
Trustees’ fees and expenses payable
| 938 |
Accrued expenses and other liabilities
| 271 |
Total liabilities
| 15,535 |
Total net assets
| $83,353,985 |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Investment Grade Corporate Bond Portfolio
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Interest
| $ 4,146,055 |
Income from affiliated securities
| 34,984 |
Total investment income
| 4,181,039 |
| Expenses | |
Advisory fee
| 58,374 |
Custody and accounting fees
| 15,493 |
Professional fees
| 70,901 |
Interest holder report expenses
| 16,535 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 11,474 |
Total expenses
| 194,956 |
Less: Fee waivers and/or expense reimbursements
| (130,745) |
Net expenses
| 64,211 |
Net investment income
| 4,116,828 |
| Realized and unrealized gains (losses) on investments | |
Net realized losses on investments
| (14,613,866) |
Net change in unrealized gains (losses) on investments
| (6,502,402) |
Net realized and unrealized gains (losses) on investments
| (21,116,268) |
Net decrease in net assets resulting from operations
| $(16,999,440) |
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 15
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 4,116,828 | $ 6,628,499 |
Net realized gains (losses) on investments
| (14,613,866) | 5,904,063 |
Net change in unrealized gains (losses) on investments
| (6,502,402) | (20,234,065) |
Net decrease in net assets resulting from operations
| (16,999,440) | (7,701,503) |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 28,448,205 | 41,021,656 |
Withdrawals
| (138,513,787) | (52,684,124) |
Net decrease in net assets resulting from capital transactions
| (110,065,582) | (11,662,468) |
Total decrease in net assets
| (127,065,022) | (19,363,971) |
| Net assets | | |
Beginning of period
| 210,419,007 | 229,782,978 |
End of period
| $ 83,353,985 | $210,419,007 |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Investment Grade Corporate Bond Portfolio
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (10.08)% | (3.73)% | 2.46% | 15.72% | 2.29% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.17% | 0.10% | 0.10% | 0.10% | 0.09% |
Net expenses
| 0.06% * | 0.06% * | 0.06% * | 0.07% | 0.08% |
Net investment income
| 3.53% | 2.94% | 3.24% | 3.59% | 3.74% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 44% | 46% | 37% | 18% | 25% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.11% |
| Year ended February 28, 2022 | 0.04% |
| Year ended February 28, 2021 | 0.04% |
��
The accompanying notes are an integral part of these financial statements.
Allspring Investment Grade Corporate Bond Portfolio | 17
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Investment Grade Corporate Bond Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
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, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
18 | Allspring Investment Grade Corporate Bond Portfolio
Notes to financial statements
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $91,203,390 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 417,813 |
| Gross unrealized losses | (9,247,332) |
| Net unrealized losses | $(8,829,519) |
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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Corporate bonds and notes | $ 0 | $ 68,203,611 | $0 | $ 68,203,611 |
| Yankee corporate bonds and notes | 0 | 13,436,727 | 0 | 13,436,727 |
| Short-term investments | | | | |
| Investment companies | 733,533 | 0 | 0 | 733,533 |
| Total assets | $733,533 | $81,640,338 | $0 | $82,373,871 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.050% |
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |
Allspring Investment Grade Corporate Bond Portfolio | 19
Notes to financial statements
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.05% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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 Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.04% and declining to 0.03% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed expenses to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $50,181,771 and $148,266,990, respectively.
6. BANK BORROWINGS
The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
7. CONCENTRATION RISKS
As of the end of the period, the Portfolio concentrated its portfolio of investments in the financials 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. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
9. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
20 | Allspring Investment Grade Corporate Bond Portfolio
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Investment Grade Corporate Bond Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
Allspring Investment Grade Corporate Bond Portfolio | 21
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
22 | Allspring Investment Grade Corporate Bond Portfolio
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Allspring Investment Grade Corporate Bond Portfolio | 23
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
24 | Allspring Investment Grade Corporate Bond Portfolio
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
Allspring Investment Grade Corporate Bond Portfolio | 25
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring Strategic Retirement
Bond Portfolio
Allspring Strategic Retirement Bond Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Index† and 50% to the Bloomberg U.S. Government Intermediate Bond Index,†† before fees and expenses.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Manjunath Boraiah#, Brian Prucyk#, Janet S. Rilling, CFA®‡, CPA, Michal Stanczyk, Nick Toporkov, CFA®‡# |
| Ten largest holdings (%) as of February 28, 20231 |
| TIPS, 2.38%, 1-15-2025 | 5.00 |
| TIPS, 0.25%, 1-15-2025 | 4.97 |
| TIPS, 0.13%, 7-15-2026 | 3.92 |
| TIPS, 0.38%, 7-15-2027 | 3.91 |
| TIPS, 0.75%, 7-15-2028 | 3.21 |
| TIPS, 0.13%, 1-15-2030 | 3.16 |
| TIPS, 0.63%, 7-15-2032 | 2.77 |
| U.S. Treasury Note, 1.13%, 2-15-2031 | 2.57 |
| TIPS, 0.13%, 7-15-2030 | 2.33 |
| TIPS, 0.13%, 10-15-2025 | 2.23 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| Portfolio composition as of February 28, 20231 |
| 1 | Figures represent the percentage of the Portfolio's long-term investments. Allocations are subject to change and may have changed since the date specified. |
| † | The Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index measures the performance of the U.S. Treasury Inflation-Protected Securities (TIPS) market with maturities of more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index-eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index. |
| †† | The Bloomberg U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
| # | Mr. Boraiah, Mr. Prucyk and Mr. Toporkov became portfolio managers of the Portfolio on October 31, 2022. |
2 | Allspring Strategic Retirement Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| Agency securities: 3.50% | | | | | |
| FFCB | | 3.38% | 8-26-2024 | $ 115,000 | $ 112,099 |
| FHLB | | 0.80 | 3-4-2026 | 75,000 | 66,607 |
| FHLB | | 2.50 | 2-13-2024 | 10,000 | 9,739 |
| FHLB | | 2.75 | 12-13-2024 | 20,000 | 19,241 |
| FHLB | | 4.63 | 12-13-2024 | 120,000 | 119,073 |
| FHLMC | | 0.38 | 7-21-2025 | 95,000 | 85,749 |
| FNMA | | 0.38 | 8-25-2025 | 200,000 | 179,837 |
| FNMA | | 0.63 | 4-22-2025 | 130,000 | 119,043 |
| FNMA | | 1.50 | 2-12-2025 | 125,000 | 117,341 |
| FNMA | | 1.88 | 9-24-2026 | 10,000 | 9,165 |
| FNMA | | 2.13 | 4-24-2026 | 28,000 | 26,070 |
| FNMA | | 6.63 | 11-15-2030 | 30,000 | 34,770 |
| TVA | | 2.88 | 9-15-2024 | 120,000 | 115,973 |
| Total Agency securities (Cost $1,047,865) | | | | | 1,014,707 |
| U.S. Treasury securities: 96.15% | | | | | |
| TIPS | | 0.13 | 10-15-2024 | 381,790 | 371,470 |
| TIPS | | 0.13 | 4-15-2025 | 218,340 | 209,726 |
| TIPS | | 0.13 | 10-15-2025 | 674,948 | 646,718 |
| TIPS | | 0.13 | 4-15-2026 | 124,505 | 117,785 |
| TIPS | | 0.13 | 7-15-2026 | 1,197,465 | 1,135,136 |
| TIPS | | 0.13 | 4-15-2027 | 646,550 | 604,233 |
| TIPS | | 0.13 | 1-15-2030 | 1,009,496 | 914,396 |
| TIPS | | 0.13 | 7-15-2030 | 746,729 | 674,351 |
| TIPS | | 0.13 | 1-15-2031 | 233,755 | 209,281 |
| TIPS | | 0.13 | 7-15-2031 | 503,908 | 449,467 |
| TIPS | | 0.13 | 1-15-2032 | 626,418 | 553,262 |
| TIPS | | 0.25 | 1-15-2025 | 1,485,066 | 1,437,106 |
| TIPS | | 0.25 | 7-15-2029 | 197,273 | 181,959 |
| TIPS | | 0.38 | 7-15-2025 | 43,809 | 42,416 |
| TIPS | | 0.38 | 1-15-2027 | 190,466 | 180,481 |
| TIPS | | 0.38 | 7-15-2027 | 1,195,238 | 1,131,234 |
| TIPS | | 0.50 | 1-15-2028 | 415,163 | 391,988 |
| TIPS | | 0.63 | 1-15-2026 | 137,414 | 132,649 |
| TIPS | | 0.63 | 7-15-2032 | 868,377 | 802,689 |
| TIPS | | 0.75 | 7-15-2028 | 969,658 | 927,861 |
| TIPS | | 0.88 | 1-15-2029 | 599,531 | 574,004 |
| TIPS | | 1.63 | 10-15-2027 | 325,660 | 325,491 |
| TIPS | | 2.00 | 1-15-2026 | 119,642 | 119,963 |
| TIPS | | 2.38 | 1-15-2025 | 1,439,294 | 1,448,590 |
| TIPS | | 2.38 | 1-15-2027 | 217,841 | 222,509 |
| TIPS | | 2.50 | 1-15-2029 | 41,476 | 43,398 |
| TIPS | | 3.38 | 4-15-2032 | 167,228 | 192,243 |
| TIPS | | 3.63 | 4-15-2028 | 18,352 | 20,049 |
| TIPS | | 3.88 | 4-15-2029 | 379,178 | 427,484 |
| U.S. Treasury Bond | | 6.13 | 11-15-2027 | 490,000 | 529,372 |
| U.S. Treasury Bond | | 6.13 | 8-15-2029 | 115,000 | 128,036 |
| U.S. Treasury Bond | | 6.25 | 5-15-2030 | 135,000 | 153,441 |
| U.S. Treasury Bond | | 6.38 | 8-15-2027 | 125,000 | 135,488 |
| U.S. Treasury Bond | | 6.88 | 8-15-2025 | 20,000 | 21,033 |
| U.S. Treasury Note | | 0.13 | 2-15-2024 | 345,000 | 328,801 |
| U.S. Treasury Note | | 0.25 | 5-31-2025 | 230,000 | 208,330 |
| U.S. Treasury Note | | 0.25 | 7-31-2025 | 470,000 | 423,441 |
| U.S. Treasury Note | | 0.38 | 9-15-2024 | 245,000 | 228,329 |
The accompanying notes are an integral part of these financial statements.
Allspring Strategic Retirement Bond Portfolio | 3
Portfolio of investments—February 28, 2023
| | | Interest
rate | Maturity
date | Principal | Value |
| U.S. Treasury securities (continued) | | | | | |
| U.S. Treasury Note | | 0.38% | 7-31-2027 | $ 185,000 | $ 156,426 |
| U.S. Treasury Note | | 0.50 | 2-28-2026 | 255,000 | 226,701 |
| U.S. Treasury Note | | 0.50 | 6-30-2027 | 320,000 | 272,788 |
| U.S. Treasury Note | | 0.50 | 8-31-2027 | 10,000 | 8,482 |
| U.S. Treasury Note | | 0.63 | 10-15-2024 | 240,000 | 223,866 |
| U.S. Treasury Note | | 0.63 | 8-15-2030 | 45,000 | 35,392 |
| U.S. Treasury Note | | 0.75 | 3-31-2026 | 50,000 | 44,740 |
| U.S. Treasury Note | | 0.75 | 5-31-2026 | 140,000 | 124,474 |
| U.S. Treasury Note | | 0.88 | 11-15-2030 | 265,000 | 211,752 |
| U.S. Treasury Note | | 1.00 | 7-31-2028 | 630,000 | 534,319 |
| U.S. Treasury Note | | 1.13 | 2-15-2031 | 915,000 | 744,581 |
| U.S. Treasury Note | | 1.25 | 4-30-2028 | 120,000 | 103,833 |
| U.S. Treasury Note | | 1.38 | 8-31-2026 | 380,000 | 343,188 |
| U.S. Treasury Note | | 1.38 | 10-31-2028 | 205,000 | 176,540 |
| U.S. Treasury Note | | 1.38 | 11-15-2031 | 705,000 | 573,887 |
| U.S. Treasury Note | | 1.50 | 8-15-2026 | 325,000 | 294,963 |
| U.S. Treasury Note | | 1.50 | 1-31-2027 | 275,000 | 247,135 |
| U.S. Treasury Note | | 1.50 | 2-15-2030 | 140,000 | 118,880 |
| U.S. Treasury Note | | 1.63 | 11-30-2026 | 410,000 | 371,947 |
| U.S. Treasury Note | | 1.75 | 11-15-2029 | 85,000 | 73,957 |
| U.S. Treasury Note | | 1.88 | 8-31-2024 | 160,000 | 152,669 |
| U.S. Treasury Note | | 1.88 | 7-31-2026 | 20,000 | 18,416 |
| U.S. Treasury Note | | 1.88 | 2-28-2029 | 445,000 | 392,487 |
| U.S. Treasury Note | | 2.00 | 4-30-2024 | 10,000 | 9,646 |
| U.S. Treasury Note | | 2.00 | 5-31-2024 | 269,000 | 258,870 |
| U.S. Treasury Note | | 2.00 | 6-30-2024 | 185,000 | 177,578 |
| U.S. Treasury Note | | 2.00 | 2-15-2025 | 37,000 | 35,069 |
| U.S. Treasury Note | | 2.00 | 8-15-2025 | 235,000 | 220,827 |
| U.S. Treasury Note | | 2.25 | 4-30-2024 | 235,000 | 227,372 |
| U.S. Treasury Note | | 2.25 | 11-15-2024 | 240,000 | 229,538 |
| U.S. Treasury Note | | 2.25 | 8-15-2027 | 40,000 | 36,772 |
| U.S. Treasury Note | | 2.25 | 11-15-2027 | 390,000 | 357,338 |
| U.S. Treasury Note | | 2.38 | 8-15-2024 | 240,000 | 230,953 |
| U.S. Treasury Note | | 2.50 | 5-15-2024 | 235,000 | 227,776 |
| U.S. Treasury Note | | 2.63 | 3-31-2025 | 345,000 | 330,553 |
| U.S. Treasury Note | | 2.63 | 1-31-2026 | 445,000 | 422,559 |
| U.S. Treasury Note | | 2.63 | 2-15-2029 | 85,000 | 78,246 |
| U.S. Treasury Note | | 2.63 | 7-31-2029 | 95,000 | 87,111 |
| U.S. Treasury Note | | 2.75 | 2-15-2024 | 35,000 | 34,215 |
| U.S. Treasury Note | | 2.75 | 8-31-2025 | 325,000 | 310,743 |
| U.S. Treasury Note | | 2.75 | 2-15-2028 | 240,000 | 224,550 |
| U.S. Treasury Note | | 2.75 | 8-15-2032 | 430,000 | 390,763 |
| U.S. Treasury Note | | 2.88 | 4-30-2025 | 10,000 | 9,617 |
| U.S. Treasury Note | | 2.88 | 5-31-2025 | 490,000 | 470,898 |
| U.S. Treasury Note | | 2.88 | 11-30-2025 | 125,000 | 119,678 |
| U.S. Treasury Note | | 2.88 | 5-15-2028 | 250,000 | 234,746 |
| U.S. Treasury Note | | 2.88 | 8-15-2028 | 245,000 | 229,601 |
| U.S. Treasury Note | | 4.00 | 12-15-2025 | 110,000 | 108,530 |
| U.S. Treasury Note | | 6.00 | 2-15-2026 | 146,000 | 152,017 |
| U.S. Treasury Note | | 6.50 | 11-15-2026 | 30,000 | 32,168 |
| U.S. Treasury Note | | 6.63 | 2-15-2027 | 235,000 | 254,488 |
| U.S. Treasury Note | | 6.75 | 8-15-2026 | 220,000 | 236,320 |
| Total U.S. Treasury securities (Cost $29,844,217) | | | | | 27,834,175 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Strategic Retirement Bond Portfolio
Portfolio of investments—February 28, 2023
| | | Yield | | Shares | Value |
| Short-term investments: 0.07% | | | | | |
| Investment companies: 0.07% | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39% | | 19,514 | $ 19,514 |
| Total Short-term investments (Cost $19,514) | | | | | 19,514 |
| Total investments in securities (Cost $30,911,596) | 99.72% | | | | 28,868,396 |
| Other assets and liabilities, net | 0.28 | | | | 79,700 |
| Total net assets | 100.00% | | | | $28,948,096 |
| ♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
| ∞ | The rate represents the 7-day annualized yield at period end. |
| Abbreviations: |
| FFCB | Federal Farm Credit Banks |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| TIPS | Treasury Inflation-Protected Securities |
| TVA | Tennessee Valley Authority |
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $331,202 | $21,914,315 | $(22,226,003) | $0 | $0 | $19,514 | 19,514 | $10,367 |
The accompanying notes are an integral part of these financial statements.
Allspring Strategic Retirement Bond Portfolio | 5
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $30,892,082)
| $ 28,848,882 |
Investments in affiliated securities, at value (cost $19,514)
| 19,514 |
Receivable for interest
| 74,773 |
Receivable from adviser
| 9,406 |
Prepaid expenses and other assets
| 8,492 |
Total assets
| 28,961,067 |
| Liabilities | |
Custody and accounting fees payable
| 5,131 |
Interest holder report expenses payable
| 4,210 |
Trustees’ fees and expenses payable
| 1,848 |
Accrued expenses and other liabilities
| 1,782 |
Total liabilities
| 12,971 |
Total net assets
| $28,948,096 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Strategic Retirement Bond Portfolio
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Interest
| $ 1,777,609 |
Income from affiliated securities
| 10,367 |
Total investment income
| 1,787,976 |
| Expenses | |
Advisory fee
| 18,805 |
Custody and accounting fees
| 11,500 |
Professional fees
| 88,343 |
Interest holder report expenses
| 13,104 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 3,715 |
Total expenses
| 157,646 |
Less: Fee waivers and/or expense reimbursements
| (133,952) |
Net expenses
| 23,694 |
Net investment income
| 1,764,282 |
| Realized and unrealized gains (losses) on investments | |
Net realized losses on investments
| (1,699,554) |
Net change in unrealized gains (losses) on investments
| (3,019,013) |
Net realized and unrealized gains (losses) on investments
| (4,718,567) |
Net decrease in net assets resulting from operations
| $(2,954,285) |
The accompanying notes are an integral part of these financial statements.
Allspring Strategic Retirement Bond Portfolio | 7
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 1,764,282 | $ 4,596,973 |
Net realized gains (losses) on investments
| (1,699,554) | 79,947 |
Net change in unrealized gains (losses) on investments
| (3,019,013) | (2,573,630) |
Net increase (decrease) in net assets resulting from operations
| (2,954,285) | 2,103,290 |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 7,946,181 | 19,610,330 |
Withdrawals
| (41,936,041) | (110,936,963) |
Net decrease in net assets resulting from capital transactions
| (33,989,860) | (91,326,633) |
Total decrease in net assets
| (36,944,145) | (89,223,343) |
| Net assets | | |
Beginning of period
| 65,892,241 | 155,115,584 |
End of period
| $ 28,948,096 | $ 65,892,241 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Strategic Retirement Bond Portfolio
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (6.60)% | 1.82% | 3.73% | 7.75% | 2.47% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.42% | 0.12% | 0.15% | 0.18% | 0.16% |
Net expenses
| 0.06% * | 0.06% * | 0.07% * | 0.11% | 0.14% |
Net investment income
| 4.69% | 3.21% | 1.01% | 2.27% | 2.23% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 43% | 27% | 44% | 41% | 23% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.36% |
| Year ended February 28, 2022 | 0.06% |
| Year ended February 28, 2021 | 0.08% |
The accompanying notes are an integral part of these financial statements.
Allspring Strategic Retirement Bond Portfolio | 9
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Strategic Retirement Bond Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
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, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
10 | Allspring Strategic Retirement Bond Portfolio
Notes to financial statements
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $30,992,829 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 2,445 |
| Gross unrealized losses | (2,126,878) |
| Net unrealized losses | $(2,124,433) |
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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Agency securities | $ 0 | $ 1,014,707 | $0 | $ 1,014,707 |
| U.S. Treasury securities | 27,834,175 | 0 | 0 | 27,834,175 |
| Short-term investments | | | | |
| Investment companies | 19,514 | 0 | 0 | 19,514 |
| Total assets | $27,853,689 | $1,014,707 | $0 | $28,868,396 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.050% |
| Next $5 billion | 0.040 |
| Over $10 billion | 0.030 |
Allspring Strategic Retirement Bond Portfolio | 11
Notes to financial statements
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.05% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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 Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.04% and declining to 0.03% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed expenses to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments in U.S. government obligations, excluding short-term securities, for the year ended February 28, 2023 were $16,283,864 and $49,377,150, respectively.
6. BANK BORROWINGS
The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
7. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
8. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
12 | Allspring Strategic Retirement Bond Portfolio
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Strategic Retirement Bond Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
Allspring Strategic Retirement Bond Portfolio | 13
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
14 | Allspring Strategic Retirement Bond Portfolio
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Allspring Strategic Retirement Bond Portfolio | 15
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
16 | Allspring Strategic Retirement Bond Portfolio
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
Allspring Strategic Retirement Bond Portfolio | 17
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
Annual Report
February 28, 2023
Allspring U.S. REIT Portfolio
Allspring U.S. REIT Portfolio | 1
Portfolio information (unaudited)
Investment objectiveThe Portfolio seeks to replicate the total return of the Dow Jones U.S. Select REIT Index,† before fees and expenses.
| Adviser | Allspring Funds Management, LLC |
| Subadviser | Allspring Global Investments, LLC |
| Portfolio managers | Petros N. Bocray, CFA®‡, FRM |
| Ten largest holdings (%) as of February 28, 20231 |
| Prologis Incorporated | 12.27 |
| Equinix Incorporated | 6.86 |
| Public Storage Incorporated | 5.09 |
| Realty Income Corporation | 4.32 |
| Simon Property Group Incorporated | 4.30 |
| Welltower Incorporated | 3.77 |
| Digital Realty Trust Incorporated | 3.23 |
| AvalonBay Communities Incorporated | 2.60 |
| Alexandria Real Estate Equities Incorporated | 2.41 |
| Extra Space Storage Incorporated | 2.38 |
| 1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
| † | The Dow Jones U.S. Select REIT Index tracks the performance of publicly traded REITs and REIT-like securities and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. You cannot invest directly in an index. |
| ‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring U.S. REIT Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Common stocks: 98.64% | | | | | |
| Real estate: 98.64% | | | | | |
| Equity REITs: 98.64% | | | | | |
| Acadia Realty Trust | | | | 1,757 | $ 25,599 |
| Agree Realty Corporation | | | | 1,639 | 116,008 |
| Alexandria Real Estate Equities Incorporated | | | | 2,763 | 413,842 |
| American Assets Trust Incorporated | | | | 962 | 24,271 |
| American Homes 4 Rent Class A | | | | 5,680 | 176,194 |
| Americold Realty Trust | | | | 4,985 | 146,559 |
| Apartment Income REIT Corporation | | | | 2,774 | 104,857 |
| Apartment Investment & Management Company Class A | | | | 2,805 | 21,038 |
| Apple Hospitality REIT Incorporated | | | | 3,936 | 64,983 |
| Ashford Hospitality Trust Incorporated † | | | | 638 | 3,158 |
| AvalonBay Communities Incorporated | | | | 2,589 | 446,654 |
| Boston Properties Incorporated | | | | 2,639 | 172,802 |
| Brandywine Realty Trust | | | | 3,175 | 18,701 |
| Brixmor Property Group Incorporated | | | | 5,550 | 125,652 |
| Broadstone Net Lease Incorporated | | | | 3,204 | 56,871 |
| Camden Property Trust | | | | 1,971 | 226,192 |
| CareTrust REIT Incorporated | | | | 1,795 | 35,308 |
| Centerspace REIT † | | | | 278 | 17,406 |
| Chatham Lodging Trust | | | | 902 | 11,013 |
| City Office REIT Incorporated | | | | 734 | 6,210 |
| Community Healthcare Trust Incorporated † | | | | 435 | 16,852 |
| Corporate Office Properties Trust | | | | 2,080 | 52,894 |
| Cousins Properties Incorporated | | | | 2,802 | 68,621 |
| CubeSmart | | | | 4,156 | 195,290 |
| DiamondRock Hospitality | | | | 3,874 | 33,781 |
| Digital Realty Trust Incorporated | | | | 5,321 | 554,608 |
| Diversified Healthcare Trust | | | | 4,436 | 4,347 |
| Douglas Emmett Incorporated | | | | 3,252 | 45,951 |
| Easterly Government Properties Incorporated † | | | | 1,679 | 25,353 |
| EastGroup Properties Incorporated | | | | 806 | 131,596 |
| Empire State Realty Trust Incorporated Class A | | | | 2,433 | 17,737 |
| EPR Properties | | | | 1,388 | 56,686 |
| Equinix Incorporated | | | | 1,713 | 1,179,007 |
| Equity Commonwealth | | | | 2,024 | 42,970 |
| Equity Lifestyle Properties Incorporated † | | | | 3,237 | 221,767 |
| Equity Residential | | | | 6,294 | 393,501 |
| Essential Properties Realty | | | | 2,634 | 67,852 |
| Essex Property Trust Incorporated | | | | 1,198 | 273,216 |
| Extra Space Storage Incorporated | | | | 2,479 | 408,167 |
| Federal Realty Investment Trust | | | | 1,353 | 144,473 |
| First Industrial Realty Trust Incorporated | | | | 2,444 | 128,921 |
| Four Corners Property Trust Incorporated | | | | 1,552 | 42,137 |
| Franklin Street Properties Corporation | | | | 1,700 | 4,114 |
| Getty Realty Corporation | | | | 787 | 27,018 |
| Global Medical REIT Incorporated † | | | | 1,139 | 11,458 |
| Global Net Lease Incorporated | | | | 1,921 | 27,125 |
| Healthcare Realty Trust Incorporated † | | | | 7,043 | 137,339 |
| Healthpeak Properties Incorporated | | | | 9,947 | 239,325 |
| Hersha Hospitality Trust | | | | 608 | 5,083 |
| Highwoods Properties Incorporated | | | | 1,946 | 51,569 |
| Host Hotels & Resorts Incorporated | | | | 13,233 | 222,314 |
| Hudson Pacific Properties Incorporated | | | | 2,373 | 21,903 |
The accompanying notes are an integral part of these financial statements.
Allspring U.S. REIT Portfolio | 3
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Equity REITs (continued) | | | | | |
| Independence Realty Trust Incorporated | | | | 4,142 | $ 74,929 |
| Industrial Logistics Properties Trust | | | | 1,213 | 4,973 |
| Innovative Industrial Properties Incorporated | | | | 399 | 35,276 |
| Invitation Homes Incorporated | | | | 10,749 | 336,014 |
| JBG Smith Properties | | | | 1,831 | 31,585 |
| Kilroy Realty Corporation | | | | 1,945 | 70,059 |
| Kimco Realty Corporation | | | | 11,445 | 235,881 |
| Kite Realty Group Trust | | | | 4,054 | 88,053 |
| Life Storage Incorporated | | | | 1,573 | 189,578 |
| LTC Properties Incorporated | | | | 749 | 26,829 |
| LXP Industrial Trust | | | | 5,102 | 53,214 |
| Medical Properties Trust Incorporated | | | | 11,066 | 113,980 |
| Mid-America Apartment Communities Incorporated | | | | 2,137 | 342,134 |
| National Health Investors Incorporated | | | | 802 | 44,110 |
| National Retail Properties Incorporated | | | | 3,307 | 149,869 |
| National Storage Affiliates Trust | | | | 1,563 | 66,115 |
| NETSTREIT Corporation | | | | 1,014 | 20,473 |
| NexPoint Residential Trust Incorporated | | | | 420 | 20,341 |
| Office Properties Income Trust | | | | 898 | 14,763 |
| Omega Healthcare Investors Incorporated | | | | 4,333 | 116,081 |
| Orion Office Incorporated | | | | 1,047 | 8,962 |
| Paramount Group Incorporated | | | | 3,050 | 16,074 |
| Park Hotels & Resorts Incorporated | | | | 4,161 | 57,214 |
| Pebblebrook Hotel Trust | | | | 2,432 | 34,705 |
| Piedmont Office Realty Trust Incorporated Class A | | | | 2,283 | 20,889 |
| Plymouth Industrial Incorporated | | | | 721 | 15,595 |
| Prologis Incorporated | | | | 17,084 | 2,108,166 |
| Public Storage Incorporated | | | | 2,925 | 874,429 |
| Realty Income Corporation | | | | 11,606 | 742,204 |
| Regency Centers Corporation | | | | 2,850 | 179,265 |
| Retail Opportunity Investment Corporation | | | | 2,304 | 32,786 |
| Rexford Industrial Realty Incorporated | | | | 3,395 | 205,262 |
| RLJ Lodging Trust | | | | 2,999 | 34,009 |
| RPT Realty | | | | 1,577 | 16,905 |
| Ryman Hospitality Properties Incorporated | | | | 1,021 | 94,718 |
| Service Properties Trust | | | | 3,061 | 33,610 |
| Simon Property Group Incorporated | | | | 6,051 | 738,767 |
| SITE Centers Corporation | | | | 3,421 | 45,739 |
| SL Green Realty Corporation † | | | | 1,189 | 40,485 |
| Spirit Realty Capital Incorporated † | | | | 2,583 | 106,368 |
| STAG Industrial Incorporated | | | | 3,316 | 111,550 |
| Summit Hotel Properties Incorporated | | | | 1,977 | 14,630 |
| Sun Communities Incorporated | | | | 2,293 | 328,220 |
| Sunstone Hotel Investors Incorporated | | | | 3,893 | 41,149 |
| Tanger Factory Outlet Centers Incorporated | | | | 1,930 | 36,458 |
| Terreno Realty Corporation | | | | 1,238 | 77,016 |
| The Macerich Company | | | | 3,975 | 47,501 |
| The Necessity Retail REIT Incorporated | | | | 2,483 | 17,033 |
| UDR Incorporated | | | | 5,662 | 242,560 |
| UMH Properties Incorporated | | | | 959 | 16,313 |
| Universal Health Realty Income Trust | | | | 235 | 12,460 |
| Urban Edge Properties | | | | 2,173 | 33,464 |
| Ventas Incorporated | | | | 7,397 | 359,864 |
| Veris Residential Incorporated † | | | | 1,465 | 23,645 |
| Vornado Realty Trust | | | | 2,981 | 58,964 |
| Washington REIT | | | | 1,618 | 30,111 |
The accompanying notes are an integral part of these financial statements.
4 | Allspring U.S. REIT Portfolio
Portfolio of investments—February 28, 2023
| | | | | Shares | Value |
| Equity REITs (continued) | | | | | |
| Welltower Incorporated | | | | 8,745 | $ 648,179 |
| WP Carey Incorporated | | | | 3,850 | 312,466 |
| Xenia Hotels & Resorts Incorporated | | | | 2,106 | 29,568 |
| Total Common stocks (Cost $15,531,539) | | | | | 16,947,853 |
| | | Yield | | | |
| Short-term investments: 1.27% | | | | | |
| Investment companies: 1.27% | | | | | |
| Allspring Government Money Market Fund Select Class ♠∞ | | 4.39% | | 218,495 | 218,495 |
| Total Short-term investments (Cost $218,495) | | | | | 218,495 |
| Total investments in securities (Cost $15,750,034) | 99.91% | | | | 17,166,348 |
| Other assets and liabilities, net | 0.09 | | | | 15,993 |
| Total net assets | 100.00% | | | | $17,182,341 |
| † | Non-income-earning security |
| ♠ | The issuer of the security is an affiliated person of the Portfolio 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 Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio 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 | $102,224 | $10,467,409 | $(10,351,138) | $0 | $0 | $218,495 | 218,495 | $3,830 |
The accompanying notes are an integral part of these financial statements.
Allspring U.S. REIT Portfolio | 5
Statement of assets and liabilities—February 28, 2023
| | |
| Assets | |
Investments in unaffiliated securities, at value (cost $15,531,539)
| $ 16,947,853 |
Investments in affiliated securities, at value (cost $218,495)
| 218,495 |
Cash
| 90 |
Receivable for dividends
| 21,990 |
Receivable from adviser
| 7,648 |
Total assets
| 17,196,076 |
| Liabilities | |
Custody and accounting fees payable
| 10,342 |
Interest holder report expenses payable
| 3,222 |
Accrued expenses and other liabilities
| 171 |
Total liabilities
| 13,735 |
Total net assets
| $17,182,341 |
The accompanying notes are an integral part of these financial statements.
6 | Allspring U.S. REIT Portfolio
Statement of operations—year ended February 28, 2023
| | |
| Investment income | |
Dividends
| $ 489,002 |
Income from affiliated securities
| 3,830 |
Total investment income
| 492,832 |
| Expenses | |
Advisory fee
| 17,245 |
Custody and accounting fees
| 36,542 |
Professional fees
| 50,569 |
Interest holder report expenses
| 15,158 |
Trustees’ fees and expenses
| 22,179 |
Other fees and expenses
| 3,247 |
Total expenses
| 144,940 |
Less: Fee waivers and/or expense reimbursements
| (121,487) |
Net expenses
| 23,453 |
Net investment income
| 469,379 |
| Realized and unrealized gains (losses) on investments | |
Net realized gains on investments
| 3,163,687 |
Net change in unrealized gains (losses) on investments
| (5,403,593) |
Net realized and unrealized gains (losses) on investments
| (2,239,906) |
Net decrease in net assets resulting from operations
| $(1,770,527) |
The accompanying notes are an integral part of these financial statements.
Allspring U.S. REIT Portfolio | 7
Statement of changes in net assets
| | | |
| | Year ended
February 28, 2023 | Year ended
February 28, 2022 |
| Operations | | |
Net investment income
| $ 469,379 | $ 471,946 |
Net realized gains on investments
| 3,163,687 | 3,936,717 |
Net change in unrealized gains (losses) on investments
| (5,403,593) | 1,722,342 |
Net increase (decrease) in net assets resulting from operations
| (1,770,527) | 6,131,005 |
| Capital transactions | | |
| Transactions in investors’ beneficial interests | | |
Contributions
| 9,157,697 | 5,084,311 |
Withdrawals
| (14,709,412) | (12,299,436) |
Net decrease in net assets resulting from capital transactions
| (5,551,715) | (7,215,125) |
Total decrease in net assets
| (7,322,242) | (1,084,120) |
| Net assets | | |
Beginning of period
| 24,504,583 | 25,588,703 |
End of period
| $ 17,182,341 | $ 24,504,583 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring U.S. REIT Portfolio
| | Year ended February 28 |
| | 2023 | 2022 | 2021 | 2020 1 | 2019 |
Total return
| (13.39)% | 25.46% | 3.45% | 2.65% | 19.52% |
| Ratios to average net assets (annualized) | | | | | |
Gross expenses
| 0.84% | 0.67% | 0.48% | 0.43% | 0.26% |
Net expenses
| 0.14% * | 0.14% * | 0.14% * | 0.19% | 0.23% |
Net investment income
| 2.72% | 1.85% | 1.93% | 2.73% | 2.91% |
| Supplemental data | | | | | |
Portfolio turnover rate
| 54% | 41% | 71% | 26% | 20% |
| * | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
| Year ended February 28, 2023 | 0.70% |
| Year ended February 28, 2022 | 0.53% |
| Year ended February 28, 2021 | 0.34% |
The accompanying notes are an integral part of these financial statements.
Allspring U.S. REIT Portfolio | 9
Notes to financial statements
1. ORGANIZATION
Allspring Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring U.S. REIT Portfolio (the "Portfolio") which is a diversified series of the Trust.
Interests in the Portfolio are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date.
Federal and other taxes
The Portfolio is not required to pay federal income taxes on its net investment income and net capital gains as it is treated as a partnership for federal income tax purposes. All income, gains and losses of the Portfolio are deemed to have been “passed through” to the interest holders in proportion to their holdings of the Portfolio regardless of whether income and gains have been distributed by the Portfolio.
The Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed the Portfolio’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
10 | Allspring U.S. REIT Portfolio
Notes to financial statements
As of February 28, 2023, the aggregate cost of all investments for federal income tax purposes was $17,131,348 and the unrealized gains (losses) consisted of:
| Gross unrealized gains | $ 1,932,971 |
| Gross unrealized losses | (1,897,971) |
| Net unrealized gains | $ 35,000 |
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 Portfolio’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 Portfolio’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 Portfolio’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 Portfolio’s assets and liabilities as of February 28, 2023:
| | Quoted prices
(Level 1) | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | Total |
| Assets | | | | |
| Investments in: | | | | |
| Common stocks | | | | |
| Real estate | $ 16,947,853 | $0 | $0 | $ 16,947,853 |
| Short-term investments | | | | |
| Investment companies | 218,495 | 0 | 0 | 218,495 |
| Total assets | $17,166,348 | $0 | $0 | $17,166,348 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the year ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
4. TRANSACTIONS WITH AFFILIATES
Advisory fee
The Trust has entered into an advisory contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Portfolio. Pursuant to the contract, Allspring Funds Management is entitled to receive an advisory fee at the following annual rate based on the Portfolio’s average daily net assets:
| Average daily net assets | Advisory fee |
| First $5 billion | 0.100% |
| Next $5 billion | 0.080 |
| Over $10 billion | 0.060 |
Allspring U.S. REIT Portfolio | 11
Notes to financial statements
For the year ended February 28, 2023, the advisory fee was equivalent to an annual rate of 0.10% of the Portfolio’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolio. 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 Portfolio and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.06% and declining to 0.04% as the average daily net assets of the Portfolio increase.
Allspring Funds Management has voluntarily waived and/or reimbursed expenses to reduce the net operating expense ratio of the Portfolio. These voluntary waivers may be discontinued at any time.
Interfund transactions
The Portfolio 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.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended February 28, 2023 were $9,401,797 and $14,231,340, respectively.
6. BANK BORROWINGS
The Trust, along with Allspring Variable Trust and Allspring Funds Trust (excluding the money market funds), are parties to a $350,000,000 revolving credit agreement whereby the Portfolio is permitted to use bank borrowings for temporary or emergency purposes, such as to fund interest holders withdrawal requests. Interest under the credit agreement is charged to the Portfolio 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 equal based on the unused balance is allocated to each participating fund.
For the year ended February 28, 2023, there were no borrowings by the Portfolio under the agreement.
7. CONCENTRATION RISKS
As of the end of the period, the Portfolio concentrated its portfolio of investments in the real estate 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. MARKET RISKS
On March 11, 2020, the World Health Organization announced that it had made the assessment that coronavirus disease 2019 (“COVID-19”) is a pandemic. The impacts of COVID-19 are affecting the entire global economy, individual companies and investment products, the funds, and the market in general. There is significant uncertainty around the extent and duration of business disruptions related to COVID-19 and the impacts may last for an extended period of time. COVID-19 has led to significant uncertainty and volatility in the financial markets.
9. INDEMNIFICATION
Under the Portfolio's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Portfolio. The Portfolio has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Portfolio’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 Portfolio may enter into contracts with service providers that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be estimated.
12 | Allspring U.S. REIT Portfolio
Report of independent registered public accounting firm
To the Interest Holders of the Portfolio and Board of Trustees
Allspring Master Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring U.S. REIT Portfolio (the Portfolio), one of the portfolios constituting Allspring Master Trust, including the portfolio of investments, as of February 28, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2023, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
Boston, Massachusetts
April 26, 2023
Allspring U.S. REIT Portfolio | 13
Other information (unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, 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 Portfolio 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. Interest holders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
14 | Allspring U.S. REIT Portfolio
Other information (unaudited)
BOARD OF TRUSTEES AND OFFICERS
Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Allspring family of funds, which consists of 127 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information1. The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.
Independent Trustees
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
William R. Ebsworth
(Born 1957) | Trustee,
since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman
(Born 1953) | Trustee,
since 2015;
Chair Liaison,
since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr.
(Born 1952) | Trustee,
since 2009; Audit
Committee
Chair,
since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker
(Born 1950) | Trustee,
since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Allspring U.S. REIT Portfolio | 15
Other information (unaudited)
Name and
year of birth | Position held and
length of service* | Principal occupations during past five years or longer | Current other
public company or
investment
company
directorships |
Olivia S. Mitchell
(Born 1953) | Trustee,
since 2006;
Nominating and
Governance
Committee Chair,
since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny
(Born 1951) | Trustee,
since 1996;
Chair,
since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson
(Born 1959) | Trustee,
since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock
(Born 1959) | Trustee,
since January
2020; previously
Trustee from
January 2018 to
July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
16 | Allspring U.S. REIT Portfolio
Other information (unaudited)
Officers2
Name and
year of birth | Position held and
length of service | Principal occupations during past five years or longer |
Andrew Owen
(Born 1960) | President,
since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma
(Born 1974) | Treasurer,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds in the
Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker
(Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse
(Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222.
2 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
Allspring U.S. REIT Portfolio | 17
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Portfolio's website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the interest holders of the Portfolio. 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. 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.
© 2023 Allspring Global Investments Holdings, LLC. All rights reserved.
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Allspring Master Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Allspring Master Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered
to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by
the Registrant’s audit committee.
| | | | | | | | |
| | | Fiscal
year ended
February 28, 2023 | | | Fiscal
year ended
February 28, 2022 | |
|
|
Audit fees | | $ | 422,159 | | | $ | 447,179 | |
Audit-related fees | | | — | | | | — | |
Tax fees (1) | | | 79,620 | | | | 78,570 | |
All other fees | | | — | | | | — | |
| | | | | | | | |
| | $ | 501,779 | | | $ | 525,749 | |
| | | | | | | | |
| (1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Master Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services. If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) Not applicable
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for each series of Allspring Master Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. 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 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Master 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 controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of 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 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) Code of Ethics.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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 Master Trust |
| |
| By: | | /s/ Andrew Owen |
| | Andrew Owen |
| | President |
|
| Date: April 26, 2023 |
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 Master Trust |
| |
| By: | | /s/ Andrew Owen |
| | Andrew Owen |
| | President |
|
| Date: April 26, 2023 |
| | |
| By: | | /s/ Jeremy DePalma |
| | Jeremy DePalma |
| | Treasurer |
|
| Date: April 26, 2023 |
