# EDGAR Filing Document

**Accession Number:** 0001087961
**File Stem:** 0001410368-25-010602
**Filing Date:** 2025-9
**Character Count:** 76500
**Document Hash:** b1c65f12eab302bd4853fcdf951fbfff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010602.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001410368-25-010602

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING MASTER TRUST
- **CENTRAL INDEX KEY:** 0001087961

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09689
- **FILM NUMBER:** 251340533

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4255

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO MASTER TRUST
- **DATE OF NAME CHANGE:** 20021209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO CORE TRUST
- **DATE OF NAME CHANGE:** 19990604

## Series and Classes Contracts Data

### Allspring Small Company Value Portfolio (Series ID: S000007553)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000020611 | Small Company Value Portfolio |  |

## Nport-Ex

Portfolio of investments—July 31, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.79%** |  |  |
| **Communication services: 0.69%** |  |  |
| **Diversified telecommunication services: 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp; IDT Corp. Class B | 11490 | &nbsp;&nbsp; **$676876** |
| **Interactive media & services: 0.58%** |  |  |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.† | 112784 | &nbsp;&nbsp; **3701571** |
| **Consumer discretionary: 12.09%** |  |  |
| **Automobile components: 1.67%** |  |  |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 81769 | &nbsp;&nbsp; 7951217 |
| &nbsp;&nbsp;&nbsp; Strattec Security Corp.† | 40800 | &nbsp;&nbsp; 2589168 |
|  |  | &nbsp;&nbsp; **10540385** |
| **Broadline retail: 1.05%** |  |  |
| &nbsp;&nbsp;&nbsp; Dillard's, Inc. Class A | 14188 | &nbsp;&nbsp; **6624803** |
| **Diversified consumer services: 1.17%** |  |  |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 76225 | &nbsp;&nbsp; 636479 |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.† | 4991 | &nbsp;&nbsp; 570322 |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc. Class A | 125419 | &nbsp;&nbsp; 5633821 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.† | 3406 | &nbsp;&nbsp; 574354 |
|  |  | &nbsp;&nbsp; **7414976** |
| **Hotels, restaurants & leisure: 1.62%** |  |  |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. | 107215 | &nbsp;&nbsp; 6852111 |
| &nbsp;&nbsp;&nbsp; Sharplink Gaming, Inc.† | 3200 | &nbsp;&nbsp; 60192 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 39143 | &nbsp;&nbsp; 3366298 |
|  |  | &nbsp;&nbsp; **10278601** |
| **Household durables: 2.75%** |  |  |
| &nbsp;&nbsp;&nbsp; Cavco Industries, Inc.† | 9103 | &nbsp;&nbsp; 3674608 |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 83370 | &nbsp;&nbsp; 4692897 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd.† | 82565 | &nbsp;&nbsp; 1814779 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 41051 | &nbsp;&nbsp; 1476604 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 85597 | &nbsp;&nbsp; 5764102 |
|  |  | &nbsp;&nbsp; **17422990** |
| **Leisure products: 0.59%** |  |  |
| &nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc. Class A | 68264 | &nbsp;&nbsp; 2266365 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. Class A† | 201351 | &nbsp;&nbsp; 1437646 |
|  |  | &nbsp;&nbsp; **3704011** |
| **Specialty retail: 3.24%** |  |  |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. Class A† | 81617 | &nbsp;&nbsp; 7836864 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 208575 | &nbsp;&nbsp; 4058870 |
| &nbsp;&nbsp;&nbsp; RealReal, Inc.† | 326959 | &nbsp;&nbsp; 1719804 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.† | 91850 | &nbsp;&nbsp; 6914468 |
|  |  | &nbsp;&nbsp; **20530006** |

---

See accompanying notes to portfolio of investments

Allspring Small Company Value Portfolio \| 1

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer staples: 3.61%** |  |  |
| **Beverages: 0.66%** |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 37280 | &nbsp;&nbsp; **$4166040** |
| **Consumer staples distribution & retail: 1.15%** |  |  |
| &nbsp;&nbsp;&nbsp; Ingles Markets, Inc. Class A | 62666 | &nbsp;&nbsp; 3943572 |
| &nbsp;&nbsp;&nbsp; Village Super Market, Inc. Class A | 97095 | &nbsp;&nbsp; 3340068 |
|  |  | &nbsp;&nbsp; **7283640** |
| **Food products: 1.32%** |  |  |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 4838 | &nbsp;&nbsp; 636390 |
| &nbsp;&nbsp;&nbsp; J.M. Smucker Co. | 59732 | &nbsp;&nbsp; 6411633 |
| &nbsp;&nbsp;&nbsp; Marzetti Co. | 7284 | &nbsp;&nbsp; 1294804 |
|  |  | &nbsp;&nbsp; **8342827** |
| **Household products: 0.48%** |  |  |
| &nbsp;&nbsp;&nbsp; Oil-Dri Corp. of America | 54090 | &nbsp;&nbsp; **3050676** |
| **Energy: 7.71%** |  |  |
| **Energy equipment & services: 0.64%** |  |  |
| &nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc. Class A | 188582 | &nbsp;&nbsp; **4011139** |
| **Oil, gas & consumable fuels: 7.07%** |  |  |
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 300413 | &nbsp;&nbsp; 8648890 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. Class A | 325718 | &nbsp;&nbsp; 7758603 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 153632 | &nbsp;&nbsp; 7663164 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 284112 | &nbsp;&nbsp; 8000594 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. Class A | 57707 | &nbsp;&nbsp; 1304178 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 196194 | &nbsp;&nbsp; 3168533 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. Class A | 580703 | &nbsp;&nbsp; 8222755 |
|  |  | &nbsp;&nbsp; **44766717** |
| **Financials: 27.29%** |  |  |
| **Banks: 17.84%** |  |  |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 146035 | &nbsp;&nbsp; 9981492 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 292114 | &nbsp;&nbsp; 9260014 |
| &nbsp;&nbsp;&nbsp; Banner Corp. | 140016 | &nbsp;&nbsp; 8691493 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.† | 182567 | &nbsp;&nbsp; 11638646 |
| &nbsp;&nbsp;&nbsp; FB Financial Corp. | 185867 | &nbsp;&nbsp; 9062875 |
| &nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 129203 | &nbsp;&nbsp; 7356819 |
| &nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 276145 | &nbsp;&nbsp; 7776243 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 239721 | &nbsp;&nbsp; 7323477 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 85786 | &nbsp;&nbsp; 5715063 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 163586 | &nbsp;&nbsp; 7727803 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 78323 | &nbsp;&nbsp; 8614747 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 82127 | &nbsp;&nbsp; 10510613 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 168693 | &nbsp;&nbsp; 9251124 |
|  |  | &nbsp;&nbsp; **112910409** |
| **Capital markets: 4.34%** |  |  |
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.† | 148946 | &nbsp;&nbsp; 7888180 |

---

See accompanying notes to portfolio of investments

2 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets**(continued) |  |  |
| &nbsp;&nbsp;&nbsp; Galaxy Digital, Inc. Class A† | 2200 | &nbsp;&nbsp; $62513 |
| &nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 30297 | &nbsp;&nbsp; 9553250 |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 87437 | &nbsp;&nbsp; 9978311 |
|  |  | &nbsp;&nbsp; **27482254** |
| **Financial services: 0.93%** |  |  |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. Class A | 67285 | &nbsp;&nbsp; **5891475** |
| **Insurance: 2.90%** |  |  |
| &nbsp;&nbsp;&nbsp; Genworth Financial, Inc. Class A† | 631041 | &nbsp;&nbsp; 4959982 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. | 58477 | &nbsp;&nbsp; 3601598 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | 132477 | &nbsp;&nbsp; 5048699 |
| &nbsp;&nbsp;&nbsp; Unum Group | 66023 | &nbsp;&nbsp; 4741112 |
|  |  | &nbsp;&nbsp; **18351391** |
| **Mortgage real estate investment trusts (REITs): 1.28%** |  |  |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp. | 421607 | &nbsp;&nbsp; 3975754 |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 202016 | &nbsp;&nbsp; 4106985 |
|  |  | &nbsp;&nbsp; **8082739** |
| **Health care: 3.50%** |  |  |
| **Health care equipment & supplies: 0.84%** |  |  |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc.† | 13336 | &nbsp;&nbsp; 1712476 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp.† | 5664 | &nbsp;&nbsp; 614601 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.† | 8390 | &nbsp;&nbsp; 1290298 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.† | 19761 | &nbsp;&nbsp; 1676918 |
|  |  | &nbsp;&nbsp; **5294293** |
| **Health care providers & services: 1.83%** |  |  |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.† | 69337 | &nbsp;&nbsp; 1271641 |
| &nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc.† | 687036 | &nbsp;&nbsp; 5324529 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | 11120 | &nbsp;&nbsp; 1224423 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 4691 | &nbsp;&nbsp; 703650 |
| &nbsp;&nbsp;&nbsp; National HealthCare Corp. | 25295 | &nbsp;&nbsp; 2429079 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.† | 22544 | &nbsp;&nbsp; 661666 |
|  |  | &nbsp;&nbsp; **11614988** |
| **Pharmaceuticals: 0.83%** |  |  |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc.† | 30598 | &nbsp;&nbsp; 555966 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.† | 11859 | &nbsp;&nbsp; 1560407 |
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. Class A | 44006 | &nbsp;&nbsp; 1166159 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.† | 27015 | &nbsp;&nbsp; 1997759 |
|  |  | &nbsp;&nbsp; **5280291** |
| **Industrials: 20.24%** |  |  |
| **Aerospace & defense: 0.99%** |  |  |
| &nbsp;&nbsp;&nbsp; Archer Aviation, Inc. Class A† | 173695 | &nbsp;&nbsp; 1742161 |
| &nbsp;&nbsp;&nbsp; Ducommun, Inc.† | 50110 | &nbsp;&nbsp; 4559008 |
|  |  | &nbsp;&nbsp; **6301169** |

---

See accompanying notes to portfolio of investments

Allspring Small Company Value Portfolio \| 3

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products: 1.23%** |  |  |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 36863 | &nbsp;&nbsp; $3612574 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 94114 | &nbsp;&nbsp; 4164545 |
|  |  | &nbsp;&nbsp; **7777119** |
| **Commercial services & supplies: 1.96%** |  |  |
| &nbsp;&nbsp;&nbsp; Brady Corp. Class A | 40809 | &nbsp;&nbsp; 2879891 |
| &nbsp;&nbsp;&nbsp; Brink's Co. | 31151 | &nbsp;&nbsp; 2720729 |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.† | 160806 | &nbsp;&nbsp; 2092086 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 418531 | &nbsp;&nbsp; 4754512 |
|  |  | &nbsp;&nbsp; **12447218** |
| **Construction & engineering: 2.29%** |  |  |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.† | 227492 | &nbsp;&nbsp; 2520611 |
| &nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.† | 13545 | &nbsp;&nbsp; 1855665 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc.† | 40915 | &nbsp;&nbsp; 7917053 |
| &nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.† | 52560 | &nbsp;&nbsp; 2195957 |
|  |  | &nbsp;&nbsp; **14489286** |
| **Electrical equipment: 2.43%** |  |  |
| &nbsp;&nbsp;&nbsp; Atkore, Inc. | 94483 | &nbsp;&nbsp; 7277081 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.† | 28692 | &nbsp;&nbsp; 5586045 |
| &nbsp;&nbsp;&nbsp; NuScale Power Corp.† | 49954 | &nbsp;&nbsp; 2508190 |
|  |  | &nbsp;&nbsp; **15371316** |
| **Ground transportation: 1.21%** |  |  |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 104648 | &nbsp;&nbsp; **7652908** |
| **Machinery: 5.77%** |  |  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 25042 | &nbsp;&nbsp; 2255533 |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 142737 | &nbsp;&nbsp; 5553897 |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp.† | 50123 | &nbsp;&nbsp; 2245009 |
| &nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 15820 | &nbsp;&nbsp; 3064334 |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | 17960 | &nbsp;&nbsp; 2273197 |
| &nbsp;&nbsp;&nbsp; Kadant, Inc. | 9772 | &nbsp;&nbsp; 3251828 |
| &nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 76539 | &nbsp;&nbsp; 3118964 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. Class A | 128863 | &nbsp;&nbsp; 3190648 |
| &nbsp;&nbsp;&nbsp; Standex International Corp. | 19955 | &nbsp;&nbsp; 3287387 |
| &nbsp;&nbsp;&nbsp; Timken Co. | 56093 | &nbsp;&nbsp; 4268116 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. Class A | 15243 | &nbsp;&nbsp; 3998544 |
|  |  | &nbsp;&nbsp; **36507457** |
| **Marine transportation: 1.03%** |  |  |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 60850 | &nbsp;&nbsp; **6497563** |
| **Passenger airlines: 0.79%** |  |  |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc.† | 43094 | &nbsp;&nbsp; **4997180** |
| **Professional services: 1.11%** |  |  |
| &nbsp;&nbsp;&nbsp; CBIZ, Inc.† | 20778 | &nbsp;&nbsp; 1269951 |

---

See accompanying notes to portfolio of investments

4 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Professional services**(continued) |  |  |
| &nbsp;&nbsp;&nbsp; Korn Ferry | 67351 | &nbsp;&nbsp; $4773166 |
| &nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.† | 204543 | &nbsp;&nbsp; 1018624 |
|  |  | &nbsp;&nbsp; **7061741** |
| **Trading companies & distributors: 1.43%** |  |  |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 43328 | &nbsp;&nbsp; 3631320 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 20851 | &nbsp;&nbsp; 3183739 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. Class A | 41058 | &nbsp;&nbsp; 2222880 |
|  |  | &nbsp;&nbsp; **9037939** |
| **Information technology: 10.67%** |  |  |
| **Communications equipment: 0.62%** |  |  |
| &nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.† | 172423 | &nbsp;&nbsp; **3943314** |
| **Electronic equipment, instruments & components: 4.78%** |  |  |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 63455 | &nbsp;&nbsp; 7846211 |
| &nbsp;&nbsp;&nbsp; ePlus, Inc.† | 63632 | &nbsp;&nbsp; 4122081 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.† | 29585 | &nbsp;&nbsp; 3508189 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc.† | 7916 | &nbsp;&nbsp; 1749515 |
| &nbsp;&nbsp;&nbsp; PC Connection, Inc. | 65852 | &nbsp;&nbsp; 4055825 |
| &nbsp;&nbsp;&nbsp; Sanmina Corp.† | 77550 | &nbsp;&nbsp; 8998902 |
|  |  | &nbsp;&nbsp; **30280723** |
| **IT services: 1.20%** |  |  |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc.† | 10240 | &nbsp;&nbsp; 1614950 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.† | 158026 | &nbsp;&nbsp; 5968642 |
|  |  | &nbsp;&nbsp; **7583592** |
| **Semiconductors & semiconductor equipment: 1.35%** |  |  |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.† | 55425 | &nbsp;&nbsp; 5581852 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc.† | 27955 | &nbsp;&nbsp; 794201 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.† | 23056 | &nbsp;&nbsp; 2184556 |
|  |  | &nbsp;&nbsp; **8560609** |
| **Software: 2.72%** |  |  |
| &nbsp;&nbsp;&nbsp; Bit Digital, Inc.† | 358217 | &nbsp;&nbsp; 1042412 |
| &nbsp;&nbsp;&nbsp; BitMine Immersion Technologies, Inc.† | 1800 | &nbsp;&nbsp; 62352 |
| &nbsp;&nbsp;&nbsp; Cleanspark, Inc.† | 456601 | &nbsp;&nbsp; 5191553 |
| &nbsp;&nbsp;&nbsp; Digital Turbine, Inc.† | 240838 | &nbsp;&nbsp; 1312567 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.† | 80646 | &nbsp;&nbsp; 2646802 |
| &nbsp;&nbsp;&nbsp; Riot Platforms, Inc.† | 516505 | &nbsp;&nbsp; 6926332 |
|  |  | &nbsp;&nbsp; **17182018** |
| **Materials: 5.71%** |  |  |
| **Chemicals: 2.28%** |  |  |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 16481 | &nbsp;&nbsp; 1189599 |
| &nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.† | 70014 | &nbsp;&nbsp; 1165033 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 199329 | &nbsp;&nbsp; 4704164 |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | 16832 | &nbsp;&nbsp; 2748329 |

---

See accompanying notes to portfolio of investments

Allspring Small Company Value Portfolio \| 5

------

Portfolio of investments—July 31, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Chemicals**(continued) |  |  |
| &nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.† | 26993 | &nbsp;&nbsp; $898327 |
| &nbsp;&nbsp;&nbsp; NewMarket Corp. | 5415 | &nbsp;&nbsp; 3720105 |
|  |  | &nbsp;&nbsp; **14425557** |
| **Construction materials: 1.57%** |  |  |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 33505 | &nbsp;&nbsp; 7514836 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.† | 29027 | &nbsp;&nbsp; 2394147 |
|  |  | &nbsp;&nbsp; **9908983** |
| **Metals & mining: 1.86%** |  |  |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.† | 329908 | &nbsp;&nbsp; 2866901 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 21111 | &nbsp;&nbsp; 1632091 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp.† | 48027 | &nbsp;&nbsp; 2953661 |
| &nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 142491 | &nbsp;&nbsp; 4348825 |
|  |  | &nbsp;&nbsp; **11801478** |
| **Real estate: 3.57%** |  |  |
| **Industrial REITs: 0.54%** |  |  |
| &nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 99379 | &nbsp;&nbsp; **3411681** |
| **Office REITs: 0.98%** |  |  |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | 390656 | &nbsp;&nbsp; 957107 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust | 137421 | &nbsp;&nbsp; 5279715 |
|  |  | &nbsp;&nbsp; **6236822** |
| **Retail REITs: 1.15%** |  |  |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 144551 | &nbsp;&nbsp; 3777118 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. | 116715 | &nbsp;&nbsp; 3503784 |
|  |  | &nbsp;&nbsp; **7280902** |
| **Specialized REITs: 0.90%** |  |  |
| &nbsp;&nbsp;&nbsp; CubeSmart | 64813 | &nbsp;&nbsp; 2521874 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 77700 | &nbsp;&nbsp; 3177153 |
|  |  | &nbsp;&nbsp; **5699027** |
| **Utilities: 2.71%** |  |  |
| **Electric utilities: 2.71%** |  |  |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 68994 | &nbsp;&nbsp; 8647018 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 93641 | &nbsp;&nbsp; 8485747 |
|  |  | &nbsp;&nbsp; **17132765** |
| **Total common stocks (Cost $484,194,209)** |  | &nbsp;&nbsp; **619011465** |
| **Investment companies: 1.31%** |  |  |
| **Exchange-traded funds: 1.31%** |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF | 96699 | &nbsp;&nbsp; **8283236** |
| **Total investment companies (Cost $8,489,393)** |  | &nbsp;&nbsp; **8283236** |

---

See accompanying notes to portfolio of investments

6 \| Allspring Small Company Value Portfolio

------

Portfolio of investments—July 31, 2025 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.02%** |  |  |  |  |
| **Investment companies: 1.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 6447759 | &nbsp;&nbsp; **$6447759** |
| **Total short-term investments (Cost $6,447,759)** |  |  |  | &nbsp;&nbsp; **6447759** |
| **Total investments in securities (Cost $499,131,361)** | 100.12<br> %<br>|  |  | &nbsp;&nbsp; 633742460 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | (0.12)<br>|  |  | &nbsp;&nbsp; (742969)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$632999491** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> 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, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class<br>| $6270725 | $18064608 | $(17887574)<br>| $0 | $0 | $6447759 | 6447759 | $62601 |

---

See accompanying notes to portfolio of investments

Allspring Small Company Value Portfolio \| 7

------

Notes to portfolio of investments—July 31, 2025 (unaudited)

Notes to portfolio of investments

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Fair valuation measurements

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the 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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $4378447 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $4378447 |
| *Consumer discretionary* | &nbsp;&nbsp; 76515772 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 76515772 |
| *Consumer staples* | &nbsp;&nbsp; 22843183 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 22843183 |
| *Energy* | &nbsp;&nbsp; 48777856 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 48777856 |
| *Financials* | &nbsp;&nbsp; 172718268 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 172718268 |
| *Health care* | &nbsp;&nbsp; 22189572 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 22189572 |
| *Industrials* | &nbsp;&nbsp; 128140896 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 128140896 |
| *Information technology* | &nbsp;&nbsp; 67550256 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 67550256 |
| *Materials* | &nbsp;&nbsp; 36136018 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 36136018 |
| *Real estate* | &nbsp;&nbsp; 22628432 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 22628432 |
| *Utilities* | &nbsp;&nbsp; 17132765 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 17132765 |
| **Investment companies** | &nbsp;&nbsp; 8283236 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 8283236 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 6447759 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 6447759 |
| **Total assets** | &nbsp;&nbsp; **$633742460** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$633742460** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At July 31, 2025, the Portfolio did not have any transfers into/out of Level 3.

8 \| Allspring Small Company Value Portfolio

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ALLSPRING MASTER TRUST

- **b. Investment Company Act file number:** 811-09689

- **c. CIK number of Registrant:** 0001087961

- **d. LEI of Registrant:** 549300RK07I40T8DF120

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1415 Vantage Park Drive

  - **City:** Charlotte

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 28203

  - **Telephone number:** 833-568-4255

**Item A.2. Information about the Series.**

- **a. Name of Series:** Allspring Small Company Value Portfolio

- **b. EDGAR series identifier (if any):** S000007553

- **c. LEI of Series:** 549300KI79XTV85VYS50

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $633457988.48

**Total Liabilities:** $483017.31

**Net Assets:** $632974971.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000020611 | 4.32%                | 3.89%                | 0.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7199492.46             | $32383333.65                               |
| Month 2  | $1572692.30              | $21701097.77                               |
| Month 3  | $22355160.47             | $-20416935.05                              |

### Schedule of Portfolio Investments

| Name                              | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ligand Pharmaceuticals Inc        | Ligand Pharmaceuticals Inc        | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      9838 | NS      | $1294484.04   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp               | Peabody Energy Corp               | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |    196194 | NS      | $3168533.10   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                  | EPAM Systems Inc                  | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     10240 | NS      | $1614950.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                 | Piper Sandler Cos                 | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |     30297 | NS      | $9553250.04   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bit Digital Inc                   | Bit Digital Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    358217 | NS      | $1042411.47   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp             | Stifel Financial Corp             | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     87437 | NS      | $9978310.44   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                        | Cabot Corp                        | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     16481 | NS      | $1189598.58   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp               | Meritage Homes Corp               | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     85597 | NS      | $5764101.98   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The              | Marzetti Company/The              | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |      7284 | NS      | $1294803.84   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc       | AMN Healthcare Services Inc       | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     69337 | NS      | $1271640.58   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                        | Tanger Inc                        | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |    116715 | NS      | $3503784.30   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc             | Jackson Financial Inc             | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |     67285 | NS      | $5891474.60   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer Aviation Inc               | Archer Aviation Inc               | CUSIP: 03945R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    173695 | NS      | $1742160.85   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc  | Prestige Consumer Healthcare Inc  | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27015 | NS      | $1997759.25   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc        | Coca-Cola Consolidated Inc        | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |     37280 | NS      | $4166040.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp              | AGNC Investment Corp              | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               |  | US        |    421607 | NS      | $3975754.01   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSPRING GOVERNMENT MONEY MAR    | ALLSPRING GOVERNMENT MONEY MAR    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   6447759 | NS      | $6447758.58   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN          | Miller Industries Inc/TN          | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     76539 | NS      | $3118964.25   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living Inc       | Brookdale Senior Living Inc       | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    687036 | NS      | $5324529.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc             | Customers Bancorp Inc             | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |    182567 | NS      | $11638646.25  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp            | Permian Resources Corp            | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    580703 | NS      | $8222754.48   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc             | LiveRamp Holdings Inc             | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |     80646 | NS      | $2646801.72   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Southern Bancorp Inc        | Great Southern Bancorp Inc        | CUSIP: 390905107<br>LEI: 5493000ZL7DLNMN1AB26 | Long             | EC               | CORP              | US        |    133916 | NS      | $7625177.04   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc | Atmus Filtration Technologies Inc | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    134547 | NS      | $5235223.77   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp               | WSFS Financial Corp               | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |    168693 | NS      | $9251124.12   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                     | H&R Block Inc                     | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     10516 | NS      | $571439.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc         | Merit Medical Systems Inc         | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     19761 | NS      | $1676918.46   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                        | Belden Inc                        | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     63455 | NS      | $7846210.75   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                  | Cirrus Logic Inc                  | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |     55425 | NS      | $5581851.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                       | Hawkins Inc                       | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |     16832 | NS      | $2748328.96   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc         | Prosperity Bancshares Inc         | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90321 | NS      | $6017185.02   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp                    | Blue Bird Corp                    | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     50123 | NS      | $2245009.17   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd                 | Helen of Troy Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     82565 | NS      | $1814778.70   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| IDT Corp                          | IDT Corp                          | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |     11490 | NS      | $676875.90    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp              | Kaiser Aluminum Corp              | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21111 | NS      | $1632091.41   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                         | CubeSmart                         | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |     64813 | NS      | $2521873.83   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp            | Synovus Financial Corp            | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |    170235 | NS      | $8041901.40   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                    | Ameris Bancorp                    | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    146035 | NS      | $9981492.25   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp             | Lincoln National Corp             | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |    115007 | NS      | $4382916.77   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                       | Kemper Corp                       | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     58477 | NS      | $3601598.43   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp           | Wintrust Financial Corp           | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     82127 | NS      | $10510613.46  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings Inc | Allison Transmission Holdings Inc | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     17877 | NS      | $1610181.39   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                    | Dorian LPG Ltd                    | CUSIP: 000000000<br>LEI: 549300WP1W2WGMC7F395 | Long             | EC               | CORP              | MH        |    300413 | NS      | $8648890.27   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The        | Cheesecake Factory Inc/The        | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |    107215 | NS      | $6852110.65   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The                | J M Smucker Co/The                | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     59732 | NS      | $6411632.88   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                    | Brink's Co/The                    | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     31151 | NS      | $2720728.34   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                  | Knife River Corp                  | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29027 | NS      | $2394146.96   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                        | Kadant Inc                        | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |      9772 | NS      | $3251828.44   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc              | Generac Holdings Inc              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     28692 | NS      | $5586045.48   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI          | Independent Bank Corp/MI          | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    247652 | NS      | $7565768.60   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                     | Ingredion Inc                     | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      4838 | NS      | $636390.52    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc           | Century Communities Inc           | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |     83370 | NS      | $4692897.30   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                | UMB Financial Corp                | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     78323 | NS      | $8614746.77   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc             | Worthington Steel Inc             | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |    142491 | NS      | $4348825.32   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc      | Watts Water Technologies Inc      | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |     13834 | NS      | $3628934.88   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Strattec Security Corp            | Strattec Security Corp            | CUSIP: 863111100<br>LEI: 549300Z394OP8S8TSR40 | Long             | EC               | CORP              | US        |     40154 | NS      | $2548172.84   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp        | Pinnacle West Capital Corp        | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     93641 | NS      | $8485747.42   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp                | NuScale Power Corp                | CUSIP: 67079K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49954 | NS      | $2508190.34   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp        | Standex International Corp        | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |     19955 | NS      | $3287386.70   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                      | La-Z-Boy Inc                      | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     41051 | NS      | $1476604.47   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc          | Aris Water Solutions Inc          | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    188582 | NS      | $4011139.14   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc              | Cavco Industries Inc              | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9103 | NS      | $3674608.01   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| RealReal Inc/The                  | RealReal Inc/The                  | CUSIP: 88339P101<br>LEI: 549300O00VUGT4H1PE90 | Long             | EC               | CORP              | US        |    326959 | NS      | $1719804.34   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc            | Patrick Industries Inc            | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     81769 | NS      | $7951217.56   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corp   | Zurn Elkay Water Solutions Corp   | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |     86253 | NS      | $3816695.25   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc        | Brixmor Property Group Inc        | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |    144551 | NS      | $3777117.63   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                          | Lyft Inc                          | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     40690 | NS      | $572101.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                    | Cleanspark Inc                    | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |    456601 | NS      | $5191553.37   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc                | Ingles Markets Inc                | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     62666 | NS      | $3943571.38   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc      | Adtalem Global Education Inc      | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      4991 | NS      | $570321.57    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Group Inc                     | MYR Group Inc                     | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     40915 | NS      | $7917052.50   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc       | Applied Optoelectronics Inc       | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |    172423 | NS      | $3943314.01   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                      | Sanmina Corp                      | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     77550 | NS      | $8998902.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc               | Eagle Materials Inc               | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |     33505 | NS      | $7514836.45   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TTEC Holdings Inc                 | TTEC Holdings Inc                 | CUSIP: 89854H102<br>LEI: GTJS1N8S8I28A7L4WG97 | Long             | EC               | CORP              | US        |    204543 | NS      | $1018624.14   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                | Riot Platforms Inc                | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |    516505 | NS      | $6926332.05   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ePlus Inc                         | ePlus Inc                         | CUSIP: 294268107<br>LEI: 529900FFY8AAFJ21NE91 | Long             | EC               | CORP              | US        |     63632 | NS      | $4122080.96   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                 | FB Financial Corp                 | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |    185867 | NS      | $9062874.92   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                    | PBF Energy Inc                    | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |     57707 | NS      | $1304178.20   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corp                         | GATX Corp                         | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |     20851 | NS      | $3183739.19   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                    | NewMarket Corp                    | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      5415 | NS      | $3720105.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc             | ESCO Technologies Inc             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |     15820 | NS      | $3064334.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                  | Coeur Mining Inc                  | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    356693 | NS      | $3099662.17   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR            | Home BancShares Inc/AR            | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    287523 | NS      | $8096647.68   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                        | Matson Inc                        | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |     60850 | NS      | $6497563.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                      | Cargurus Inc                      | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |    112784 | NS      | $3701570.88   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc     | Hudson Pacific Properties Inc     | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               |  | US        |    390656 | NS      | $957107.20    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc              | Kyndryl Holdings Inc              | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |    158026 | NS      | $5968642.02   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                        | Unum Group                        | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |     66023 | NS      | $4741111.63   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                 | PC Connection Inc                 | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |     65852 | NS      | $4055824.68   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc        | Mueller Water Products Inc        | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    107749 | NS      | $2667865.24   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| National HealthCare Corp          | National HealthCare Corp          | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |     25295 | NS      | $2429078.85   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                     | Dillard's Inc                     | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |     14188 | NS      | $6624802.84   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc            | Northern Oil & Gas Inc            | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    284112 | NS      | $8000593.92   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                   | OSI Systems Inc                   | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |      7916 | NS      | $1749515.16   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc        | Grand Canyon Education Inc        | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      3406 | NS      | $574353.78    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                       | Banner Corp                       | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140016 | NS      | $8691493.20   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust              | Vornado Realty Trust              | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |    137421 | NS      | $5279714.82   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc              | Rush Enterprises Inc              | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |     35588 | NS      | $1926734.32   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The              | Ensign Group Inc/The              | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      4691 | NS      | $703650.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Molding Technologies Inc     | Core Molding Technologies Inc     | CUSIP: 218683100<br>LEI: 549300ZY2MFRXCKVIJ28 | Long             | EC               | CORP              | US        |     70014 | NS      | $1165032.96   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                      | Innoviva Inc                      | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     30598 | NS      | $555965.66    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                 | MP Materials Corp                 | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     48027 | NS      | $2953660.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America           | Oil-Dri Corp of America           | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |     54090 | NS      | $3050676.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                    | FormFactor Inc                    | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |     64265 | NS      | $1825768.65   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                        | Korn Ferry                        | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     67351 | NS      | $4773165.37   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                      | Ducommun Inc                      | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     50110 | NS      | $4559007.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp               | PotlatchDeltic Corp               | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               |  | US        |     77700 | NS      | $3177153.00   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp    | Atlantic Union Bankshares Corp    | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    292114 | NS      | $9260013.80   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc           | Insight Enterprises Inc           | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |     29585 | NS      | $3508189.30   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                      | ArcBest Corp                      | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |    104648 | NS      | $7652908.24   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                | UFP Industries Inc                | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     36863 | NS      | $3612574.00   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc            | Option Care Health Inc            | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     22544 | NS      | $661666.40    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp           | Magnolia Oil & Gas Corp           | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    325718 | NS      | $7758602.76   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pitney Bowes Inc                  | Pitney Bowes Inc                  | CUSIP: 724479100<br>LEI: 549300N2O26NW4ST6W55 | Long             | EC               | CORP              | US        |    418531 | NS      | $4754512.16   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services Inc             | Carriage Services Inc             | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125419 | NS      | $5633821.48   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co            | Abercrombie & Fitch Co            | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     81617 | NS      | $7836864.34   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrepid Potash Inc               | Intrepid Potash Inc               | CUSIP: 46121Y201<br>LEI: 549300OZ696E2PRRTO45 | Long             | EC               | CORP              | US        |     26993 | NS      | $898327.04    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                       | IDACORP Inc                       | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     68994 | NS      | $8647018.02   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                          | CBIZ Inc                          | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |     20778 | NS      | $1269951.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                           | ADT Inc                           | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76225 | NS      | $636478.75    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Biotech ETF              | SPDR S&P Biotech ETF              | CUSIP: 78464A870<br>LEI: 549300Y3ODFMPD5XXL58 | Long             | EC               | RF                | US        |     88972 | NS      | $7621341.52   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                       | Masimo Corp                       | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |      8390 | NS      | $1290298.10   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Peloton Interactive Inc           | Peloton Interactive Inc           | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Long             | EC               | CORP              | US        |    201351 | NS      | $1437646.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co              | Matador Resources Co              | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    153632 | NS      | $7663164.16   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc | Donnelley Financial Solutions Inc | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |    148946 | NS      | $7888180.16   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc           | NWPX Infrastructure Inc           | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     52560 | NS      | $2195956.80   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                   | ICU Medical Inc                   | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |     13336 | NS      | $1712475.76   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                       | SkyWest Inc                       | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |     43094 | NS      | $4997180.24   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc          | Village Super Market Inc          | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     97095 | NS      | $3340068.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp             | Integer Holdings Corp             | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      5664 | NS      | $614600.64    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc     | Healthcare Services Group Inc     | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |    160806 | NS      | $2092086.06   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corp    | Great Lakes Dredge & Dock Corp    | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |    227492 | NS      | $2520611.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc               | STAG Industrial Inc               | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     99379 | NS      | $3411681.07   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                        | Brady Corp                        | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |     40809 | NS      | $2879891.13   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc              | Limbach Holdings Inc              | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     13545 | NS      | $1855665.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp               | Federal Signal Corp               | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     17960 | NS      | $2273197.20   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                       | Gap Inc/The                       | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |    208575 | NS      | $4058869.50   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc              | Urban Outfitters Inc              | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     91850 | NS      | $6914468.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp             | Encompass Health Corp             | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     11120 | NS      | $1224423.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp         | Phibro Animal Health Corp         | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     44006 | NS      | $1166159.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc      | Wyndham Hotels & Resorts Inc      | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     39143 | NS      | $3366298.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Turbine Inc               | Digital Turbine Inc               | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |    240838 | NS      | $1312567.10   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc            | Genworth Financial Inc            | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    631041 | NS      | $4959982.26   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                        | Atkore Inc                        | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |     94483 | NS      | $7277080.66   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                  | Boise Cascade Co                  | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |     43328 | NS      | $3631319.68   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc               | Onto Innovation Inc               | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     23056 | NS      | $2184556.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Outdoors Inc              | Johnson Outdoors Inc              | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68264 | NS      | $2266364.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc             | Element Solutions Inc             | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |    193429 | NS      | $4564924.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc     | Annaly Capital Management Inc     | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               |  | US        |    202016 | NS      | $4106985.28   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                     | Timken Co/The                     | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     56093 | NS      | $4268116.37   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-28

**Name of Applicant:** ALLSPRING MASTER TRUST

**Signature:** Jeremy DePalma

**Name of Signer:** Jeremy DePalma

**Title:** Treasurer