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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

Contents
 2
3
Financial statements  
14
15
16
17
18
22
23
Allspring Bloomberg US Aggregate ex-Corporate Portfolio  |  1

Table of Contents
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

Table of Contents
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

Table of Contents
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.
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Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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.
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Table of Contents
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

Table of Contents
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.
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Table of Contents
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

Table of Contents
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

Table of Contents
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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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.
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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.
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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.
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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.
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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
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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.
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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
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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.
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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.
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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

Contents
 2
3
Financial statements  
7
8
9
10
11
15
16
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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
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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.
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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.
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Table of Contents
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.
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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

Table of Contents
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.
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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
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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.
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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

Table of Contents
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

Contents
 2
3
Financial statements  
23
24
25
26
27
33
34
Allspring Factor Enhanced Emerging Markets Equity Portfolio  |  1

Table of Contents
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.
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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

Table of Contents
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.
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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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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.
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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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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
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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)
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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.
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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.
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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
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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.
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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
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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.
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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
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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

Table of Contents
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

Table of Contents
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

Contents
 2
3
Financial statements  
22
23
24
25
26
32
33
Allspring Factor Enhanced International Equity Portfolio  |  1

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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

Table of Contents
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

Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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.
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Table of Contents
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.
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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.
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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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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
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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
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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.
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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
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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.
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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

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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
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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

Table of Contents
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
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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.
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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.
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Table of Contents
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

Contents
 2
3
Financial statements  
19
20
21
22
23
27
28
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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.
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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.
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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.
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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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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.
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Table of Contents
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.
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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.
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Table of Contents
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.
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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.
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Table of Contents
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.
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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.
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Table of Contents
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.
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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.
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Table of Contents
Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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.
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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.
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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
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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.
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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
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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.
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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
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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.
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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.
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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

Contents
 2
3
Financial statements  
32
33
34
35
36
40
41
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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.
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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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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.
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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.
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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.
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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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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.
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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.
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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
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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.
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Table of Contents
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
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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

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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
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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.
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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.
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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

Contents
 2
3
Financial statements  
8
9
10
11
12
15
16
Allspring High Yield Corporate Bond Portfolio  |  1

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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.
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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.
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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.
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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

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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.
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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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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.
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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
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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.
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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
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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.
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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
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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.
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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.
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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

Contents
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3
Financial statements  
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15
16
17
18
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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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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

Table of Contents
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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.
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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
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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.
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Table of Contents
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

Table of Contents
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.
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Table of Contents
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
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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.
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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

Table of Contents
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

Contents
 2
3
Financial statements  
6
7
8
9
10
13
14
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Table of Contents
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.
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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.
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Table of Contents
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.
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Table of Contents
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

Table of Contents
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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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.
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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
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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.
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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
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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.
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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
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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.
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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.
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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

Contents
 2
3
Financial statements  
6
7
8
9
10
13
14
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Financial highlights
  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%
    
1 Year ended February 29
The accompanying notes are an integral part of these financial statements.
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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.
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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
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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.
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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
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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.
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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
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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

Table of Contents
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

Table of Contents
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

Allspring Funds

 

 

Allspring Funds Trust

Allspring Master Trust

Allspring Variable Trust

Allspring Global Dividend Opportunity Fund

Allspring Income Opportunities Fund

Allspring Multi-Sector Income Fund

Allspring Utilities and High-Income Fund

Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers

 

I.

Covered Officers / Purpose of the Code

This Code of Ethics (“Code”) of Allspring Funds Trust, Allspring Master Trust and Allspring Variable Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the “Trusts” and each, “a Trust”) applies to each Trust’s Principal Executive Officer, Principal Financial Officer and any other Trust officer’s listed on Exhibit A (the “Covered Officers”) for the purpose of promoting:

 

  •  

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

  •  

full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trust;

 

  •  

compliance with applicable laws and governmental rules and regulations;

 

  •  

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

  •  

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II.

Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as “affiliated persons” of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the “Adviser”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust’s Board of Trustees (“Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

*    *     *    *

Each Covered Officer must:

 

  •  

not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

 

2

  •  

not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of a Trust;

 

  •  

not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

 

  •  

not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of potential violations that are made in good faith; and

 

  •  

not engage in personal, business or professional relationships or dealings that would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the “Chief Legal Officer”) if material. Examples of these include:

 

  •  

service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

 

  •  

acquiring a financial interest in any company that provides services to the Trust (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer’s parent company);

 

  •  

the receipt of any entertainment or gifts from any person or company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

 

  •  

any consulting or employment relationship with any of the Trust’s service providers, other than with the primary employer of the Covered Officer; and

 

  •  

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer’s primary employment, such as compensation or equity ownership.

 

III.

Disclosure and Compliance

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

 

3

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust’s auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust’s books or records for any reason. No disbursement of a Trust’s assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust’s documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

 

4

IV.

Reporting and Accountability

Each Covered Officer must:

 

  •  

upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form attached to this Code) to the Board that he or she has received, read, and understands the Code;

 

  •  

annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has complied with the requirements of the Code; and

 

  •  

notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a “waiver” and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

 

  •  

the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her;

 

  •  

if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

 

  •  

any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

 

  •  

if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

 

  •  

the Board will be responsible for granting waivers, as appropriate (a “waiver” is the approval of a situation that is expressly prohibited by this Code); and

 

  •  

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

 

5

V.

Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

VI.

Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

 

VII.

Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

 

VIII. 

Internal Use

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

 

IX.

Disclosure of Code of Ethics to the Public

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

 

(1)

File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

(2)

Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

(3)

Undertake in its most recent report on this Form N-CSR to provide to any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

 

6

X.

Interpretation of Code

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 31, 2022

 

7

Exhibit A

Persons Covered by the Code

Andrew Owen, President of each Trust

Jeremy DePalma, Treasurer of each Trust

Exhibit A amended: January 31, 2022

 

8

LOGO

CERTIFICATION

I, Andrew Owen, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Master Trust on behalf of the following 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

 

  d)

disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: April 26, 2023
/s/ Andrew Owen
Andrew Owen
President
Allspring Master Trust

Exhibit 99.CERT

LOGO

CERTIFICATION

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Master Trust on behalf of the following 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

 

  d)

disclosed in this report any change in the registrant’s internal controls over financial reporting that occurred during the most recent fiscal half-year of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s Board of Trustees (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

 

Date: April 26, 2023
/s/ Jeremy DePalma
Jeremy DePalma
Treasurer
Allspring Master Trust

Exhibit 99.CERT

 

LOGO

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Master Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSR for the year ended February 28, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: April 26, 2023

 

By:   /s/ Andrew Owen
  Andrew Owen
  President
  Allspring Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT

LOGO

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Master Trust, hereby certifies, to the best of his knowledge, that the registrant’s report on Form N-CSR for the year ended February 28, 2023 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: April 26, 2023

 

By:   /s/ Jeremy DePalma
  Jeremy DePalma
  Treasurer
  Allspring Master Trust

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

Exhibit 99.906CERT