Consolidated portfolio of investments—July 31, 2026 (unaudited)
Consolidated portfolio of investments
 
 
 
 
 
 
Shares
Value
Common stocks:  11.41%
 
Real estate:  11.41%
 
Health care REITs:  1.70%
 
Omega Healthcare Investors, Inc.
 
11,638
$589,232
Welltower, Inc.
 
12,311
2,886,191
 
 
3,475,423
Industrial REITs:  2.13%
 
First Industrial Realty Trust, Inc.
 
11,687
769,472
Prologis, Inc.
 
16,543
2,392,283
Rexford Industrial Realty, Inc.
 
10,657
402,515
Terreno Realty Corp.
 
11,268
807,352
 
 
4,371,622
Residential REITs:  2.14%
 
American Homes 4 Rent Class A
 
18,197
608,144
Camden Property Trust
 
5,752
637,379
Equity LifeStyle Properties, Inc.
 
11,024
717,332
Independence Realty Trust, Inc.
 
28,405
472,375
Invitation Homes, Inc.
 
20,049
595,856
Mid-America Apartment Communities, Inc.
 
5,438
719,665
Sun Communities, Inc.
 
5,030
621,104
 
 
4,371,855
Retail REITs:  0.93%
 
Federal Realty Investment Trust
 
3,987
494,747
Simon Property Group, Inc.
 
6,165
1,414,066
 
 
1,908,813
Specialized REITs:  4.51%
 
American Tower Corp.
 
9,808
1,700,315
Crown Castle, Inc.
 
3,899
297,494
CubeSmart
 
10,774
446,690
Equinix, Inc.
 
2,459
2,506,410
Extra Space Storage, Inc.
 
6,834
1,011,705
Four Corners Property Trust, Inc.
 
13,088
335,053
Gaming & Leisure Properties, Inc.
 
7,953
356,215
Iron Mountain, Inc.
 
8,970
1,097,210
SBA Communications Corp. Class A
 
4,335
784,548
VICI Properties, Inc. Class A
 
26,281
692,504
 
 
9,228,144
Total common stocks (Cost $20,432,999)
 
23,355,857
 
 
 
Interest
rate
Maturity
date
Principal
 
U.S. Treasury securities:  39.75%
 
TIPS
0.13
%
4-15-2027
$
130,547
127,661
TIPS
0.13
1-15-2030
 
1,934,064
1,806,137
TIPS
0.13
1-15-2031
 
4,839,947
4,436,659
See accompanying consolidated notes to portfolio of investments
Allspring Macro Strategies Portfolio | 1
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
U.S. Treasury securities(continued)
 
TIPS
0.13
%
7-15-2031
$
4,444,532
$4,045,246
TIPS
0.13
1-15-2032
 
7,887,485
7,073,552
TIPS
0.13
2-15-2052
 
5,705,633
2,762,732
TIPS
0.25
7-15-2029
 
2,462,762
2,338,125
TIPS
0.38
7-15-2027
 
1,232,847
1,209,135
TIPS
0.50
1-15-2028
 
7,281,346
7,077,280
TIPS
0.63
7-15-2032
 
126,862
116,320
TIPS
0.63
2-15-2043
 
4,073,601
2,844,283
TIPS
0.75
7-15-2028
 
120,142
117,054
TIPS
0.75
2-15-2045
 
149,413
101,256
TIPS
0.88
2-15-2047
 
222,101
148,429
TIPS
1.13
1-15-2033
 
1,760,484
1,646,149
TIPS
1.25
4-15-2028
 
111,714
109,508
TIPS
1.38
2-15-2044
 
6,024,256
4,709,129
TIPS
1.50
2-15-2053
 
1,724,723
1,237,070
TIPS
1.63
10-15-2027
 
124,429
123,339
TIPS
1.63
10-15-2029
 
106,493
105,085
TIPS
1.75
1-15-2028
 
127,958
126,565
TIPS
1.75
1-15-2034
 
1,520,675
1,465,433
TIPS
1.88
7-15-2034
 
827,615
803,299
TIPS
2.13
1-15-2035
 
8,080,146
7,934,992
TIPS
2.38
10-15-2028
 
6,837,500
6,876,280
TIPS
3.63
4-15-2028
 
7,251,125
7,388,628
TIPS
3.88
4-15-2029
 
1,447,200
1,508,095
U.S. Treasury Inflation-Indexed Bonds
2.38
2-15-2056
 
175,768
153,437
U.S. Treasury Inflation-Indexed Notes
1.88
7-15-2035
 
8,411,094
8,081,183
U.S. Treasury Inflation-Indexed Notes
1.88
1-15-2036
 
577,494
550,170
U.S. Treasury Inflation-Indexed Notes
2.13
4-15-2029
 
4,317,110
4,302,824
Total U.S. Treasury securities (Cost $84,710,223)
 
81,325,055
 
 
 
Yield
 
Shares
 
Short-term investments:  23.95%
 
Investment companies:  23.95%
 
Allspring Government Money Market Fund Select Class♠∞*
3.59
 
48,992,460
48,992,460
Total short-term investments (Cost $48,992,460)
 
48,992,460
Total investments in securities (Cost $154,135,682)
75.11
%
 
153,673,372
Other assets and liabilities, net
24.89
 
50,927,561
Total net assets
100.00
%
 
$204,600,933
 
♠
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.
*
A portion of the holding represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity.
 
Abbreviations:
REIT
Real estate investment trust
TIPS
Treasury Inflation-Protected Securities
See accompanying consolidated notes to portfolio of investments
2 | Allspring Macro Strategies Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
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
$60,236,376
$73,122,178
$(84,366,094
)
$0
$0
$48,992,460
48,992,460
$538,015
Forward foreign currency contracts 
Currency to be
received
Currency to be
delivered
Counterparty
Settlement
date
Unrealized
gains
Unrealized
losses
MXN
155,914,000
USD
8,903,010
Morgan Stanley, Inc.
9-15-2026
$67,501
$0
USD
10,200,198
MXN
178,631,000
Morgan Stanley, Inc.
9-15-2026
0
(77,336
)
MXN
178,627,000
USD
10,139,999
Morgan Stanley, Inc.
9-15-2026
137,304
0
USD
985,691
MXN
17,364,000
Morgan Stanley, Inc.
9-15-2026
0
(13,347
)
USD
1,123,875
AUD
1,610,000
Morgan Stanley, Inc.
9-16-2026
0
(8,149
)
AUD
8,474,000
USD
5,915,352
Morgan Stanley, Inc.
9-16-2026
42,892
0
AUD
1,609,000
USD
1,109,988
Morgan Stanley, Inc.
9-16-2026
21,333
0
AUD
1,691,000
USD
1,166,557
Morgan Stanley, Inc.
9-16-2026
22,420
0
USD
8,845,071
BRL
46,518,000
Morgan Stanley, Inc.
9-16-2026
0
(236,422
)
BRL
39,830,000
USD
7,573,395
Morgan Stanley, Inc.
9-16-2026
202,431
0
BRL
4,124,000
USD
781,564
Morgan Stanley, Inc.
9-16-2026
23,545
0
BRL
46,517,000
USD
8,815,715
Morgan Stanley, Inc.
9-16-2026
265,583
0
USD
20,514,457
CAD
28,611,000
Morgan Stanley, Inc.
9-16-2026
66,948
0
USD
266,633
CAD
378,000
Morgan Stanley, Inc.
9-16-2026
0
(3,513
)
USD
14,461,138
CHF
11,455,000
Morgan Stanley, Inc.
9-16-2026
225,646
0
USD
372,887
CHF
300,000
Morgan Stanley, Inc.
9-16-2026
67
0
USD
4,531,677
CLP
4,116,349,000
Morgan Stanley, Inc.
9-16-2026
102,892
0
CLP
4,890,097,000
USD
5,383,494
Morgan Stanley, Inc.
9-16-2026
0
(122,232
)
CLP
4,116,035,000
USD
4,438,587
Morgan Stanley, Inc.
9-16-2026
0
(10,139
)
CLP
545,434,000
USD
588,177
Morgan Stanley, Inc.
9-16-2026
0
(1,344
)
CZK
38,081,000
USD
1,814,363
Morgan Stanley, Inc.
9-16-2026
0
(543
)
USD
10,709,782
CZK
228,273,000
Morgan Stanley, Inc.
9-16-2026
0
(162,995
)
USD
14,648,102
EUR
12,666,000
Morgan Stanley, Inc.
9-16-2026
17,458
0
USD
122,088
EUR
107,000
Morgan Stanley, Inc.
9-16-2026
0
(1,509
)
GBP
881,000
USD
1,174,975
Morgan Stanley, Inc.
9-16-2026
12,367
0
USD
15,366,741
GBP
11,610,000
Morgan Stanley, Inc.
9-16-2026
0
(280,287
)
USD
423
HUF
131,000
Morgan Stanley, Inc.
9-16-2026
10
0
HUF
34,089,000
USD
110,122
Morgan Stanley, Inc.
9-16-2026
0
(2,585
)
HUF
203,217,000
USD
650,402
Morgan Stanley, Inc.
9-16-2026
0
(9,334
)
USD
4,850,941
IDR
87,717,143,000
Morgan Stanley, Inc.
9-16-2026
0
(3,278
)
USD
9,455,904
IDR
171,132,000,000
Morgan Stanley, Inc.
9-16-2026
0
(14,448
)
USD
26,252,703
INR
2,536,930,000
Morgan Stanley, Inc.
9-16-2026
0
(238,633
)
USD
341
INR
33,000
Morgan Stanley, Inc.
9-16-2026
0
(3
)
INR
26,651,000
USD
278,899
Morgan Stanley, Inc.
9-16-2026
0
(601
)
USD
345
JPY
55,000
Morgan Stanley, Inc.
9-16-2026
0
(2
)
USD
14,058,003
JPY
2,239,499,000
Morgan Stanley, Inc.
9-16-2026
0
(65,025
)
USD
449,864
JPY
72,757,000
Morgan Stanley, Inc.
9-16-2026
0
(8,966
)
USD
2,894,792
KRW
4,420,972,000
Morgan Stanley, Inc.
9-16-2026
0
(207,835
)
See accompanying consolidated notes to portfolio of investments
Allspring Macro Strategies Portfolio | 3
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
Forward foreign currency contracts (continued)
Currency to be
received
Currency to be
delivered
Counterparty
Settlement
date
Unrealized
gains
Unrealized
losses
USD
367
KRW
561,000
Morgan Stanley, Inc.
9-16-2026
$0
$(26
)
KRW
483,548,000
USD
311,566
Morgan Stanley, Inc.
9-16-2026
27,787
0
KRW
20,331,542,000
USD
13,100,279
Morgan Stanley, Inc.
9-16-2026
1,168,345
0
USD
314
NOK
3,000
Morgan Stanley, Inc.
9-16-2026
0
(2
)
NOK
31,213,000
USD
3,272,398
Morgan Stanley, Inc.
9-16-2026
18,918
0
NOK
21,235,000
USD
2,136,657
Morgan Stanley, Inc.
9-16-2026
102,510
0
NZD
2,852,000
USD
1,653,267
Morgan Stanley, Inc.
9-16-2026
28,878
0
USD
580
NZD
1,000
Morgan Stanley, Inc.
9-16-2026
0
(10
)
USD
10,493,005
NZD
18,467,000
Morgan Stanley, Inc.
9-16-2026
0
(399,066
)
USD
271
PLN
1,000
Morgan Stanley, Inc.
9-16-2026
3
0
PLN
30,671,000
USD
8,300,796
Morgan Stanley, Inc.
9-16-2026
0
(90,951
)
USD
12,965,139
PLN
48,964,000
Morgan Stanley, Inc.
9-16-2026
0
(141,276
)
SEK
21,561,000
USD
2,270,458
Morgan Stanley, Inc.
9-16-2026
0
(1,028
)
USD
9,357,786
SEK
90,910,000
Morgan Stanley, Inc.
9-16-2026
0
(211,063
)
ZAR
139,473,000
USD
8,396,433
Morgan Stanley, Inc.
9-16-2026
17,322
0
USD
9,923,977
ZAR
164,847,000
Morgan Stanley, Inc.
9-16-2026
0
(20,473
)
ZAR
164,843,000
USD
10,004,290
Morgan Stanley, Inc.
9-16-2026
0
(60,081
)
USD
1,985,710
ZAR
32,719,000
Morgan Stanley, Inc.
9-16-2026
11,925
0
 
 
 
 
$2,584,085
$(2,392,502
)
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
Light Sweet Crude Oil Futures**
12
8-20-2026
$1,055,079
$1,016,040
$0
$(39,039
)
CAC 40 Index
50
8-21-2026
4,851,085
4,912,995
61,910
0
NY Harbor ULSD Futures**
73
8-31-2026
9,868,658
12,556,803
2,688,145
0
Reformulated Gasoline Blendstock for Oxygen Blending
Futures**
68
8-31-2026
8,014,587
8,894,155
879,568
0
10-Year Euro BUND Index
298
9-8-2026
43,656,465
42,734,902
0
(921,563
)
2-Year Euro SCHATZ
730
9-8-2026
88,982,764
88,771,953
0
(210,811
)
Gas Oil Futures**
37
9-10-2026
3,333,809
4,552,850
1,219,041
0
Nikkei 225 Index
70
9-10-2026
28,838,364
28,034,317
0
(804,047
)
TOPIX Index
15
9-10-2026
3,722,840
3,758,367
35,527
0
Hard Red Winter Wheat Futures**
243
9-14-2026
7,780,697
8,596,125
815,428
0
LME Copper Futures**
18
9-14-2026
6,040,994
6,224,008
183,014
0
LME Lead Futures**
84
9-14-2026
4,138,135
3,905,181
0
(232,954
)
LME Nickel Futures**
13
9-14-2026
1,270,685
1,339,369
68,684
0
LME Primary Aluminum Futures**
89
9-14-2026
7,142,767
7,094,212
0
(48,555
)
LME Zinc Futures**
67
9-14-2026
5,966,218
6,139,160
172,942
0
U.S. Dollar Index
216
9-14-2026
21,901,319
21,554,424
0
(346,895
)
Wheat Futures**
9
9-14-2026
268,008
287,663
19,655
0
3-Year Australian Bond
2,417
9-15-2026
177,533,424
177,205,606
0
(327,818
)
S&P/TSX 60 Index
37
9-17-2026
10,844,849
11,003,531
158,682
0
10-Year Canadian Bond
1,334
9-18-2026
114,214,922
113,031,009
0
(1,183,913
)
DAX Index
8
9-18-2026
5,789,173
5,929,496
140,323
0
E-Mini Russell 2000 Index
28
9-18-2026
4,168,521
4,113,200
0
(55,321
)
Euro STOXX 50 Index
426
9-18-2026
30,790,632
31,306,842
516,210
0
FTSE 100 Index
79
9-18-2026
11,150,479
11,568,216
417,737
0
MSCI Emerging Markets Index
209
9-18-2026
18,768,017
17,162,035
0
(1,605,982
)
Long Gilt Futures
163
9-28-2026
19,008,691
19,000,414
0
(8,277
)
See accompanying consolidated notes to portfolio of investments
4 | Allspring Macro Strategies Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
Futures contracts (continued)
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long (continued)
Silver Futures**
3
9-28-2026
$1,071,351
$866,790
$0
$(204,561
)
5-Year U.S. Treasury Notes
3
9-30-2026
320,797
317,930
0
(2,867
)
Number 11 World Sugar Futures**
263
9-30-2026
4,148,107
4,318,250
170,143
0
Lean Hogs Futures**
158
10-14-2026
5,293,841
5,362,520
68,679
0
Brent Crude Oil Futures**
202
10-30-2026
15,309,671
16,610,460
1,300,789
0
Live Cattle Futures**
22
10-30-2026
2,045,283
1,999,800
0
(45,483
)
Soybean Futures**
285
11-13-2026
16,503,200
16,921,875
418,675
0
Number 2 Cotton Futures**
160
12-8-2026
6,264,760
6,543,200
278,440
0
Corn Futures**
114
12-14-2026
2,648,343
2,644,800
0
(3,543
)
Soybean Meal Futures**
119
12-14-2026
3,659,560
3,822,280
162,720
0
Cocoa Futures**
27
12-15-2026
1,442,561
1,494,720
52,159
0
Gold 100 Troy Ounces Futures**
8
12-29-2026
3,316,019
3,285,600
0
(30,419
)
Brent Crude Oil Futures**
250
10-31-2028
18,269,057
17,830,000
0
(439,057
)
Short
Henry Hub Natural Gas Futures**
(36
)
8-27-2026
(1,128,406
)
(988,920
)
139,486
0
10-Year Japanese Bond
(62
)
9-14-2026
(49,618,965
)
(49,516,609
)
102,356
0
LME Copper Futures**
(13
)
9-14-2026
(4,323,868
)
(4,495,117
)
0
(171,249
)
LME Lead Futures**
(173
)
9-14-2026
(8,178,818
)
(8,042,813
)
136,005
0
LME Primary Aluminum Futures**
(126
)
9-14-2026
(9,709,018
)
(10,043,492
)
0
(334,474
)
LME Zinc Futures**
(8
)
9-14-2026
(685,686
)
(733,034
)
0
(47,348
)
10-Year Australian Bond
(209
)
9-15-2026
(16,015,191
)
(15,900,686
)
114,505
0
S&P ASX Share Price Index 200
(117
)
9-17-2026
(18,123,556
)
(18,406,271
)
0
(282,715
)
E-Mini NASDAQ 100 Index
(24
)
9-18-2026
(13,443,788
)
(13,634,040
)
0
(190,252
)
E-Mini S&P 500 Index
(26
)
9-18-2026
(9,799,941
)
(9,775,025
)
24,916
0
10-Year U.S. Treasury Notes
(347
)
9-21-2026
(37,994,317
)
(37,476,000
)
518,317
0
Ultra U.S. Treasury Bond
(165
)
9-21-2026
(18,645,047
)
(18,098,438
)
546,609
0
Brent Crude Oil Futures**
(89
)
9-30-2026
(7,981,960
)
(7,527,620
)
454,340
0
Soybean Oil Futures**
(3
)
12-14-2026
(120,638
)
(120,420
)
218
0
C Coffee Futures**
(10
)
12-18-2026
(1,150,837
)
(1,179,938
)
0
(29,101
)
Brent Crude Oil Futures**
(248
)
10-29-2027
(18,640,473
)
(18,317,280
)
323,193
0
 
$12,188,416
$(7,566,244
)
 
**
Represents an investment held in Macro Strategies Special Investments (Cayman) Ltd., the consolidated entity.
See accompanying consolidated notes to portfolio of investments
Allspring Macro Strategies Portfolio | 5
Notes to consolidated portfolio of investments—July 31, 2026 (unaudited)
Notes to consolidated portfolio of investments
Investment in subsidiary
The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Macro Strategies Special Investments (Cayman) Ltd. (the “Subsidiary”), a wholly owned subsidiary incorporated on November 21, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of July 31, 2026, the Subsidiary had $44,106,181 of investments in affiliates and cash at broker segregated for futures contacts representing 100.81% of its net assets. As of July 31, 2026, the Portfolio held $43,752,794 in the Subsidiary, representing 27.20% of the Portfolio’s net assets prior to consolidation. The consolidated net assets of the Portfolio includes the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary.
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.
Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.
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 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.
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.
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 and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against,
6 | Allspring Macro Strategies Portfolio
Notes to consolidated portfolio of investments—July 31, 2026 (unaudited)
changes in interest rates, security values, commodity prices and foreign exchange rates and is subject to interest rate risk, equity price risk, commodity price risk and foreign currency risk changes in commodity prices and is subject to commodity 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 received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable). 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.  
Inflation-indexed bonds and TIPS
The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows: 
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring Macro Strategies Portfolio | 7
Notes to consolidated portfolio of investments—July 31, 2026 (unaudited)
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of July 31, 2026: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Real estate
$23,355,857
$0
$0
$23,355,857
U.S. Treasury securities
81,325,055
0
0
81,325,055
Short-term investments
Investment companies
48,992,460
0
0
48,992,460
 
153,673,372
0
0
153,673,372
Forward foreign currency contracts
0
2,584,085
0
2,584,085
Futures contracts
12,188,416
0
0
12,188,416
Total assets
$165,861,788
$2,584,085
$0
$168,445,873
Liabilities
Forward foreign currency contracts
$0
$2,392,502
$0
$2,392,502
Futures contracts
7,566,244
0
0
7,566,244
Total liabilities
$7,566,244
$2,392,502
$0
$9,958,746
Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Consolidated portfolio of investments. 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 Consolidated portfolio of investments.
As of July 31, 2026, $51,089,678 was segregated as cash collateral for these open futures contracts.  The Portfolio also had $240,000 segregated as cash collateral for open forward foreign currency contracts.
At July 31, 2026, the Portfolio did not have any transfers into/out of Level 3.
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