Consolidated portfolio of investments—March 31, 2024 (unaudited)
Consolidated portfolio of investments
Yield | Shares | Value | ||||
Short-term investments: 93.04% | ||||||
Investment companies: 28.13% | ||||||
Allspring Government Money Market Fund Select Class♠∞* | 5.25 % | 34,303,950 | $34,303,950 |
Maturity date | Principal | |||||
U.S. Treasury securities: 64.91% | ||||||
U.S. Treasury Bills☼# | 4.99 | 1-23-2025 | $ | 6,400,000 | 6,147,326 | |
U.S. Treasury Bills☼ | 5.05 | 7-11-2024 | 14,900,000 | 14,684,925 | ||
U.S. Treasury Bills☼# | 5.15 | 6-13-2024 | 6,400,000 | 6,332,314 | ||
U.S. Treasury Bills☼ | 5.18 | 5-23-2024 | 3,000,000 | 2,977,254 | ||
U.S. Treasury Bills☼ | 5.22 | 9-12-2024 | 30,000,000 | 29,302,727 | ||
U.S. Treasury Bills☼ | 5.24 | 7-16-2024 | 20,000,000 | 19,693,336 | ||
79,137,882 | ||||||
Total short-term investments (Cost $113,442,018) | 113,441,832 | |||||
Total investments in securities (Cost $113,442,018) | 93.04 % | 113,441,832 | ||||
Other assets and liabilities, net | 6.96 | 8,480,838 | ||||
Total net assets | 100.00 % | $121,922,670 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
* | A portion of the holding represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
☼ | Zero coupon security. The rate represents the current yield to maturity. |
# | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $5,629,388 | $127,385,044 | $(98,710,482 ) | $0 | $0 | $34,303,950 | 34,303,950 | $307,978 |
Forward foreign currency contracts
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | ||
USD | 1,839,214 | AUD | 2,776,000 | Goldman Sachs International | 4-17-2024 | $29,517 | $0 |
USD | 3,575,216 | AUD | 5,444,000 | Goldman Sachs International | 4-17-2024 | 26,229 | 0 |
BRL | 6,219,000 | USD | 1,245,828 | Goldman Sachs International | 4-17-2024 | 0 | (7,756 ) |
BRL | 12,822,000 | USD | 2,546,620 | Goldman Sachs International | 4-17-2024 | 5,971 | 0 |
USD | 7,077,597 | CAD | 9,526,000 | Goldman Sachs International | 4-17-2024 | 43,360 | 0 |
USD | 13,972,697 | CAD | 18,916,000 | Goldman Sachs International | 4-17-2024 | 4,649 | 0 |
USD | 6,590,474 | CHF | 5,759,000 | Goldman Sachs International | 4-17-2024 | 194,828 | 0 |
USD | 12,969,030 | CHF | 11,450,000 | Goldman Sachs International | 4-17-2024 | 253,256 | 0 |
CLP | 1,054,575,000 | USD | 1,113,125 | Goldman Sachs International | 4-17-2024 | 0 | (37,268 ) |
See accompanying consolidated notes to portfolio of investments
Allspring Alternative Risk Premia Fund | 1
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Forward foreign currency contracts (continued)
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | ||
CLP | 2,017,051,000 | USD | 2,132,009 | Goldman Sachs International | 4-17-2024 | $0 | $(74,251 ) |
USD | 4,100,352 | CZK | 94,683,000 | Goldman Sachs International | 4-17-2024 | 63,852 | 0 |
USD | 7,898,486 | CZK | 183,032,000 | Goldman Sachs International | 4-17-2024 | 95,515 | 0 |
USD | 3,887,703 | EUR | 3,548,000 | Goldman Sachs International | 4-17-2024 | 57,818 | 0 |
USD | 7,661,090 | EUR | 7,029,000 | Goldman Sachs International | 4-17-2024 | 73,643 | 0 |
GBP | 560,000 | USD | 717,013 | Goldman Sachs International | 4-17-2024 | 0 | (10,156 ) |
GBP | 1,127,000 | USD | 1,434,794 | Goldman Sachs International | 4-17-2024 | 0 | (12,243 ) |
HUF | 1,173,390,000 | USD | 3,227,799 | Goldman Sachs International | 4-17-2024 | 0 | (16,428 ) |
HUF | 2,310,783,000 | USD | 6,361,713 | Goldman Sachs International | 4-17-2024 | 0 | (37,490 ) |
IDR | 63,183,686,000 | USD | 4,054,395 | Goldman Sachs International | 4-17-2024 | 0 | (71,066 ) |
IDR | 125,000,000,000 | USD | 7,948,620 | Goldman Sachs International | 4-17-2024 | 0 | (68,167 ) |
USD | 606,781 | JPY | 89,233,000 | Goldman Sachs International | 4-17-2024 | 15,968 | 0 |
USD | 1,160,334 | JPY | 172,391,000 | Goldman Sachs International | 4-17-2024 | 18,931 | 0 |
USD | 4,096,336 | KRW | 5,378,325,000 | Goldman Sachs International | 4-17-2024 | 97,982 | 0 |
USD | 7,966,927 | KRW | 10,621,666,000 | Goldman Sachs International | 4-17-2024 | 70,568 | 0 |
USD | 1,436,976 | MXN | 24,199,000 | Goldman Sachs International | 4-17-2024 | 0 | (15,267 ) |
USD | 2,780,803 | MXN | 46,917,000 | Goldman Sachs International | 4-17-2024 | 0 | (34,803 ) |
NOK | 84,908,000 | USD | 8,112,835 | Goldman Sachs International | 4-17-2024 | 0 | (289,070 ) |
NOK | 170,729,000 | USD | 16,074,435 | Goldman Sachs International | 4-17-2024 | 0 | (342,777 ) |
USD | 8,137,386 | NZD | 13,210,000 | Goldman Sachs International | 4-17-2024 | 244,965 | 0 |
USD | 16,036,916 | NZD | 26,346,000 | Goldman Sachs International | 4-17-2024 | 296,285 | 0 |
PLN | 4,074,000 | USD | 1,040,590 | Goldman Sachs International | 4-17-2024 | 0 | (20,743 ) |
PLN | 8,114,000 | USD | 2,043,960 | Goldman Sachs International | 4-17-2024 | 0 | (12,778 ) |
USD | 2,455,584 | SEK | 25,075,000 | Goldman Sachs International | 4-17-2024 | 111,693 | 0 |
USD | 4,780,459 | SEK | 49,722,000 | Goldman Sachs International | 4-17-2024 | 132,684 | 0 |
ZAR | 76,457,000 | USD | 4,098,609 | Goldman Sachs International | 4-17-2024 | 0 | (66,252 ) |
ZAR | 149,637,000 | USD | 7,869,386 | Goldman Sachs International | 4-17-2024 | 22,499 | 0 |
INR | 334,160,000 | USD | 4,031,561 | Goldman Sachs International | 4-18-2024 | 0 | (26,564 ) |
INR | 664,044,000 | USD | 8,003,134 | Goldman Sachs International | 4-18-2024 | 0 | (44,388 ) |
$1,860,213 | $(1,187,467 ) |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
CAC 40 Index | 19 | 4-19-2024 | $1,664,344 | $1,685,665 | $21,321 | $0 |
Light Sweet Crude Oil Futures** | 10 | 4-22-2024 | 805,760 | 831,700 | 25,940 | 0 |
Henry Hub Natural Gas Futures** | 34 | 4-26-2024 | 644,722 | 599,420 | 0 | (45,302 ) |
Brent Crude Oil Futures** | 23 | 4-30-2024 | 1,963,167 | 2,001,000 | 37,833 | 0 |
NY Harbor ULSD Futures** | 5 | 4-30-2024 | 561,129 | 550,767 | 0 | (10,362 ) |
Number 2 Cotton Futures** | 49 | 5-8-2024 | 2,311,537 | 2,238,810 | 0 | (72,727 ) |
Gas Oil Futures** | 44 | 5-10-2024 | 3,603,916 | 3,555,200 | 0 | (48,716 ) |
LME Lead Futures** | 34 | 5-13-2024 | 1,759,570 | 1,738,752 | 0 | (20,818 ) |
Soybean Futures** | 46 | 5-14-2024 | 2,739,652 | 2,740,450 | 798 | 0 |
Soybean Meal Futures** | 75 | 5-14-2024 | 2,524,638 | 2,532,750 | 8,112 | 0 |
Cocoa Futures** | 29 | 5-15-2024 | 2,058,263 | 2,832,140 | 773,877 | 0 |
C Coffee Futures** | 24 | 5-20-2024 | 1,656,300 | 1,699,650 | 43,350 | 0 |
10-Year Euro BUND Index | 43 | 6-6-2024 | 6,112,739 | 6,187,571 | 74,832 | 0 |
TOPIX Index | 10 | 6-13-2024 | 1,770,815 | 1,829,832 | 59,017 | 0 |
S&P ASX Share Price Index 200 | 18 | 6-20-2024 | 2,264,088 | 2,331,571 | 67,483 | 0 |
S&P/TSX 60 Index | 11 | 6-20-2024 | 2,147,093 | 2,178,642 | 31,549 | 0 |
See accompanying consolidated notes to portfolio of investments
2 | Allspring Alternative Risk Premia Fund
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Futures contracts (continued)
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long (continued) | ||||||
DAX Index | 3 | 6-21-2024 | $1,467,530 | $1,519,236 | $51,706 | $0 |
E-Mini NASDAQ 100 Index | 3 | 6-21-2024 | 1,097,666 | 1,108,500 | 10,834 | 0 |
E-Mini Russell 2000 Index | 12 | 6-21-2024 | 1,245,284 | 1,287,540 | 42,256 | 0 |
E-Mini S&P 500 Index | 7 | 6-21-2024 | 1,825,962 | 1,857,975 | 32,013 | 0 |
Euro STOXX 50 Index | 31 | 6-21-2024 | 1,645,165 | 1,687,267 | 42,102 | 0 |
FTSE 100 Index | 22 | 6-21-2024 | 2,147,606 | 2,218,052 | 70,446 | 0 |
MSCI Emerging Markets Index | 30 | 6-21-2024 | 1,569,959 | 1,573,500 | 3,541 | 0 |
Live Cattle Futures** | 58 | 6-28-2024 | 4,275,466 | 4,181,800 | 0 | (93,666 ) |
Short | ||||||
Number 11 World Sugar Futures** | (17 ) | 4-30-2024 | (409,831 ) | (428,781 ) | 0 | (18,950 ) |
Reformulated Gasoline Blendstock for Oxygen Blending Futures** | (41 ) | 4-30-2024 | (4,582,649 ) | (4,684,873 ) | 0 | (102,224 ) |
LME Copper Futures** | (27 ) | 5-13-2024 | (5,995,154 ) | (5,957,914 ) | 37,240 | 0 |
LME Nickel Futures** | (13 ) | 5-13-2024 | (1,383,029 ) | (1,299,648 ) | 83,381 | 0 |
LME Primary Aluminum Futures** | (51 ) | 5-13-2024 | (2,864,802 ) | (2,959,249 ) | 0 | (94,447 ) |
LME Zinc Futures** | (73 ) | 5-13-2024 | (4,549,489 ) | (4,417,759 ) | 131,730 | 0 |
Corn Futures** | (69 ) | 5-14-2024 | (1,499,007 ) | (1,524,900 ) | 0 | (25,893 ) |
Hard Red Winter Wheat Futures** | (16 ) | 5-14-2024 | (466,731 ) | (468,200 ) | 0 | (1,469 ) |
Soybean Oil Futures** | (7 ) | 5-14-2024 | (198,530 ) | (201,390 ) | 0 | (2,860 ) |
Wheat Futures** | (68 ) | 5-14-2024 | (1,881,671 ) | (1,904,850 ) | 0 | (23,179 ) |
Silver Futures** | (11 ) | 5-29-2024 | (1,351,163 ) | (1,370,380 ) | 0 | (19,217 ) |
Lean Hogs Futures** | (32 ) | 6-14-2024 | (1,311,026 ) | (1,298,560 ) | 12,466 | 0 |
10-Year Australian Bond | (84 ) | 6-17-2024 | (6,319,708 ) | (6,381,197 ) | 0 | (61,489 ) |
10-Year U.S. Treasury Notes | (112 ) | 6-18-2024 | (12,307,964 ) | (12,409,250 ) | 0 | (101,286 ) |
10-Year Canadian Bond | (111 ) | 6-19-2024 | (9,784,075 ) | (9,861,386 ) | 0 | (77,311 ) |
Gold 100 Troy Ounces Futures** | (32 ) | 6-26-2024 | (6,953,422 ) | (7,162,880 ) | 0 | (209,458 ) |
$1,661,827 | $(1,029,374 ) |
** | Represents an investment held in Alt Risk Premia Special Investments (Cayman) Ltd., the consolidated entity. |
See accompanying consolidated notes to portfolio of investments
Allspring Alternative Risk Premia Fund | 3
Consolidated portfolio of investments—March 31, 2024 (unaudited)
OTC swap contracts
Reference asset/index | Counterparty | Payment frequency | Maturity date | Notional amount | Value | Unrealized gains | Unrealized losses |
Synthetic total return swap † | Goldman Sachs International | Monthly | 4-30-2024 | $16,163,585 | $16,766,254 | $602,669 | $0 |
† | The Fund receives or pays the difference between the total return on a portfolio of long and short positions underlying the total return swap and the return on a specified benchmark (either the Federal Funds Effective Rate or the 1D USD-SOFR), plus or minus a spread in a typical range of 20-75 basis points (bps; 100 bps equal 1.00%). The spread is determined based upon the country and/or currency of the individual underlying positions. Certain short positions may be subject to higher market rates. |
The following table represents components of the synthetic total return swap basket as of the end of the period which are in excess of 1% of the notional value of the synthetic total return swap basket.
Reference asset | Shares | Value | % of swap basket value | |
Long positions | ||||
Common stocks | ||||
Communication services | ||||
Diversified telecommunication services | ||||
Quebecor, Inc. | 18,100 | $396,729 | 2.37 % | |
Entertainment | ||||
Electronic Arts, Inc. | 1,296 | 171,940 | 1.03 | |
Interactive media & services | ||||
Scout24 SE | 5,833 | 439,624 | 2.62 | |
Wireless telecommunication services | ||||
Tele2 AB Class B | 56,298 | 462,312 | 2.76 | |
1,470,605 | ||||
Consumer discretionary | ||||
Broadline retail | ||||
Canadian Tire Corp. Ltd. Class A | 1,900 | 189,502 | 1.13 | |
Etsy, Inc. | 2,496 | 171,525 | 1.02 | |
Next PLC | 1,852 | 215,798 | 1.29 | |
Distributors | ||||
Pool Corp. | 430 | 173,505 | 1.04 | |
Hotels, restaurants & leisure | ||||
Domino’s Pizza, Inc. | 1,334 | 662,838 | 3.95 | |
McDonald’s Holdings Co. Japan Ltd. | 3,900 | 175,188 | 1.04 | |
Household durables | ||||
SEB SA | 1,451 | 185,658 | 1.11 | |
Specialty retail | ||||
Best Buy Co., Inc. | 2,269 | 186,126 | 1.11 | |
1,960,140 | ||||
Consumer staples | ||||
Beverages | ||||
Molson Coors Beverage Co. | 3,153 | 212,040 | 1.26 | |
Consumer staples distribution & retail | ||||
Andersons, Inc. | 4,127 | 236,766 | 1.41 | |
Food products | ||||
John B Sanfilippo & Son, Inc. | 2,658 | 281,535 | 1.68 | |
WH Group Ltd. | 477,500 | 314,799 | 1.88 |
See accompanying consolidated notes to portfolio of investments
4 | Allspring Alternative Risk Premia Fund
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Common stocks (continued) | ||||
Consumer staples (continued) | ||||
Personal care products | ||||
Medifast, Inc. | 4,805 | $184,128 | 1.10 % | |
1,229,268 | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
Ampol Ltd. | 9,885 | 256,310 | 1.53 | |
ARC Resources Ltd. | 17,000 | 303,090 | 1.81 | |
Galp Energia SGPS SA | 19,943 | 329,510 | 1.97 | |
Idemitsu Kosan Co. Ltd. | 31,500 | 214,952 | 1.28 | |
MEG Energy Corp. | 10,000 | 229,596 | 1.37 | |
Parkland Corp. | 12,500 | 398,103 | 2.37 | |
Plains GP Holdings LP Class A | 11,175 | 203,944 | 1.22 | |
World Kinect Corp. | 6,963 | 184,171 | 1.10 | |
2,119,676 | ||||
Financials | ||||
Capital markets | ||||
Brookfield Asset Management Ltd. | 6,700 | 281,444 | 1.68 | |
Cboe Global Markets, Inc. | 1,681 | 308,850 | 1.84 | |
Donnelley Financial Solutions, Inc. | 2,707 | 167,861 | 1.00 | |
Hargreaves Lansdown PLC | 35,044 | 325,539 | 1.94 | |
Intercontinental Exchange, Inc. | 1,343 | 184,568 | 1.10 | |
SEI Investments Co. | 4,538 | 326,282 | 1.95 | |
Financial services | ||||
A-Mark Precious Metals, Inc. | 5,624 | 172,601 | 1.03 | |
Eurazeo SE | 6,402 | 561,177 | 3.35 | |
EXOR NV | 1,531 | 170,210 | 1.01 | |
Helia Group Ltd. | 136,328 | 347,357 | 2.07 | |
Industrivarden AB Class C | 6,412 | 220,502 | 1.31 | |
Insurance | ||||
Erie Indemnity Co. Class A | 535 | 214,840 | 1.28 | |
Medibank Pvt Ltd. | 175,513 | 430,043 | 2.57 | |
3,711,274 | ||||
Health care | ||||
Health care equipment & supplies | ||||
Varex Imaging Corp. | 10,022 | 181,398 | 1.08 | |
Health care providers & services | ||||
Cardinal Health, Inc. | 3,419 | 382,586 | 2.28 | |
Cencora, Inc. | 869 | 211,158 | 1.26 | |
McKesson Corp. | 428 | 229,772 | 1.37 | |
National HealthCare Corp. | 2,098 | 198,282 | 1.18 | |
Pharmaceuticals | ||||
GSK PLC | 11,676 | 251,794 | 1.50 | |
Hikma Pharmaceuticals PLC | 10,691 | 258,876 | 1.54 | |
Orion Oyj Class B | 6,237 | 232,614 | 1.39 | |
Viatris, Inc. | 23,911 | 285,497 | 1.70 | |
2,231,977 |
See accompanying consolidated notes to portfolio of investments
Allspring Alternative Risk Premia Fund | 5
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Common stocks (continued) | ||||
Industrials | ||||
Aerospace & defense | ||||
Huntington Ingalls Industries, Inc. | 1,103 | $321,491 | 1.92 % | |
Air freight & logistics | ||||
CH Robinson Worldwide, Inc. | 5,423 | 412,907 | 2.46 | |
Expeditors International of Washington, Inc. | 3,608 | 438,625 | 2.62 | |
Building products | ||||
A O Smith Corp. | 2,002 | 179,099 | 1.07 | |
Builders FirstSource, Inc. | 807 | 168,300 | 1.00 | |
Fortune Brands Innovations, Inc. | 2,553 | 216,162 | 1.29 | |
Masco Corp. | 2,616 | 206,350 | 1.23 | |
Commercial services & supplies | ||||
TOPPAN, Inc. | 7,600 | 189,573 | 1.13 | |
Veralto Corp. | 2,571 | 227,945 | 1.36 | |
Construction & engineering | ||||
ACS Actividades de Construccion Y Servicios SA | 5,052 | 211,364 | 1.26 | |
Ground transportation | ||||
Odakyu Electric Railway Co. Ltd. | 12,400 | 170,502 | 1.02 | |
TFI International, Inc. | 1,700 | 271,086 | 1.62 | |
Industrial conglomerates | ||||
DCC PLC | 4,880 | 354,775 | 2.11 | |
Machinery | ||||
Otis Worldwide Corp. | 2,361 | 234,376 | 1.40 | |
Schindler Holding AG | 810 | 202,436 | 1.20 | |
Marine transportation | ||||
SITC International Holdings Co. Ltd. | 118,000 | 215,590 | 1.29 | |
Professional services | ||||
Adecco Group AG | 4,923 | 194,660 | 1.16 | |
Barrett Business Services, Inc. | 1,963 | 248,751 | 1.48 | |
Kelly Services, Inc. Class A | 9,900 | 247,896 | 1.48 | |
Kforce, Inc. | 4,966 | 350,202 | 2.09 | |
Robert Half International, Inc. | 2,674 | 211,995 | 1.26 | |
Verisk Analytics, Inc. | 1,587 | 374,104 | 2.23 | |
Trading companies & distributors | ||||
FTAI Aviation Ltd. | 2,759 | 185,681 | 1.11 | |
Hanwa Co. Ltd. | 6,200 | 241,234 | 1.44 | |
Watsco, Inc. | 486 | 209,937 | 1.25 | |
6,285,041 | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Azbil Corp. | 8,800 | 242,352 | 1.44 | |
CDW Corp. | 792 | 202,578 | 1.21 | |
PC Connection, Inc. | 3,524 | 232,337 | 1.39 | |
IT services | ||||
Akamai Technologies, Inc. | 1,901 | 206,753 | 1.23 | |
Hackett Group, Inc. | 7,320 | 177,876 | 1.06 | |
Otsuka Corp. | 9,400 | 198,768 | 1.19 | |
SCSK Corp. | 10,700 | 198,407 | 1.19 | |
VeriSign, Inc. | 1,356 | 256,976 | 1.53 |
See accompanying consolidated notes to portfolio of investments
6 | Allspring Alternative Risk Premia Fund
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Reference asset | Shares | Value | % of swap basket value | |
Long positions (continued) | ||||
Common stocks (continued) | ||||
Information technology (continued) | ||||
Semiconductors & semiconductor equipment | ||||
BE Semiconductor Industries NV | 1,292 | $197,791 | 1.18 % | |
Teradyne, Inc. | 1,755 | 198,017 | 1.18 | |
Software | ||||
Check Point Software Technologies Ltd. | 1,227 | 201,240 | 1.20 | |
Dropbox, Inc. Class A | 21,938 | 533,093 | 3.18 | |
Fair Isaac Corp. | 202 | 252,421 | 1.51 | |
Manhattan Associates, Inc. | 1,692 | 423,389 | 2.53 | |
Tyler Technologies, Inc. | 438 | 186,154 | 1.11 | |
3,708,152 | ||||
Materials | ||||
Chemicals | ||||
Clariant AG | 17,104 | 231,189 | 1.38 | |
NewMarket Corp. | 325 | 206,252 | 1.23 | |
RPM International, Inc. | 1,657 | 197,100 | 1.17 | |
Umicore SA | 16,893 | 364,409 | 2.17 | |
Metals & mining | ||||
BlueScope Steel Ltd. | 26,773 | 416,102 | 2.48 | |
Cleveland-Cliffs, Inc. | 8,115 | 184,535 | 1.10 | |
Deterra Royalties Ltd. | 113,313 | 364,033 | 2.17 | |
JFE Holdings, Inc. | 10,400 | 171,650 | 1.02 | |
Kinross Gold Corp. | 53,200 | 326,376 | 1.95 | |
Olympic Steel, Inc. | 3,571 | 253,113 | 1.51 | |
Reliance Steel & Aluminum Co. | 781 | 260,995 | 1.56 | |
2,975,754 | ||||
Real estate | ||||
Diversified REITs | ||||
Stockland | 97,395 | 307,817 | 1.84 | |
Real estate management & development | ||||
Daito Trust Construction Co. Ltd. | 2,300 | 261,633 | 1.56 | |
Hulic Co. Ltd. | 16,800 | 172,017 | 1.03 | |
Retail REITs | ||||
RioCan REIT | 14,900 | 203,169 | 1.21 | |
944,636 | ||||
Utilities | ||||
Electric utilities | ||||
BKW AG | 2,032 | 311,836 | 1.86 | |
CLP Holdings Ltd. | 24,000 | 191,187 | 1.14 | |
NRG Energy, Inc. | 6,760 | 457,585 | 2.73 | |
Origin Energy Ltd. | 64,263 | 385,268 | 2.30 | |
Gas utilities | ||||
Enagas SA | 18,351 | 272,519 | 1.63 | |
Multi-utilities | ||||
Centrica PLC | 306,336 | 493,548 | 2.94 | |
Sembcorp Industries Ltd. | 48,700 | 194,764 | 1.16 | |
2,306,707 |
See accompanying consolidated notes to portfolio of investments
Allspring Alternative Risk Premia Fund | 7
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Reference asset | Shares | Value | % of swap basket value | |
Short positions | ||||
Common stocks | ||||
Communication services | ||||
Diversified telecommunication services | ||||
Cellnex Telecom SA | (7,574 ) | $(267,770 ) | (1.60 )% | |
Entertainment | ||||
Warner Bros Discovery, Inc. | (27,835 ) | (243,000 ) | (1.45 ) | |
Media | ||||
Trade Desk, Inc. Class A | (2,652 ) | (231,838 ) | (1.38 ) | |
(742,608 ) | ||||
Consumer discretionary | ||||
Automobile components | ||||
Aptiv PLC | (3,208 ) | (255,518 ) | (1.53 ) | |
Broadline retail | ||||
Rakuten Group, Inc. | (47,900 ) | (270,857 ) | (1.62 ) | |
Hotels, restaurants & leisure | ||||
Churchill Downs, Inc. | (3,065 ) | (379,294 ) | (2.26 ) | |
Flutter Entertainment PLC | (1,596 ) | (318,072 ) | (1.90 ) | |
Las Vegas Sands Corp. | (3,656 ) | (189,015 ) | (1.13 ) | |
Oriental Land Co. Ltd. | (7,200 ) | (230,059 ) | (1.37 ) | |
Wynn Resorts Ltd. | (2,016 ) | (206,096 ) | (1.23 ) | |
Household durables | ||||
Sony Group Corp. | (4,800 ) | (409,988 ) | (2.45 ) | |
Specialty retail | ||||
Avolta AG | (4,612 ) | (191,926 ) | (1.14 ) | |
Five Below, Inc. | (1,546 ) | (280,414 ) | (1.67 ) | |
Floor & Decor Holdings, Inc. Class A | (2,565 ) | (332,475 ) | (1.98 ) | |
Textiles, apparel & luxury goods | ||||
Hermes International | (80 ) | (204,205 ) | (1.22 ) | |
LVMH Moet Hennessy Louis Vuitton SE | (240 ) | (215,865 ) | (1.29 ) | |
(3,483,784 ) | ||||
Consumer staples | ||||
Consumer staples distribution & retail | ||||
Lawson, Inc. | (3,400 ) | (232,125 ) | (1.39 ) | |
Seven & i Holdings Co. Ltd. | (29,800 ) | (433,082 ) | (2.58 ) | |
(665,207 ) | ||||
Energy | ||||
Oil, gas & consumable fuels | ||||
Aker BP ASA | (8,758 ) | (219,664 ) | (1.31 ) | |
Enbridge, Inc. | (7,600 ) | (274,645 ) | (1.64 ) | |
Matador Resources Co | (4,153 ) | (277,296 ) | (1.65 ) | |
Permian Resources Corp. | (15,622 ) | (275,884 ) | (1.65 ) | |
Shell PLC | (6,806 ) | (225,492 ) | (1.34 ) | |
Sitio Royalties Corp. | (9,143 ) | (226,015 ) | (1.35 ) | |
TC Energy Corp. | (7,600 ) | (305,448 ) | (1.82 ) | |
Woodside Energy Group Ltd. | (19,944 ) | (396,393 ) | (2.36 ) | |
(2,200,837 ) | ||||
Financials | ||||
Capital markets | ||||
Coinbase Global, Inc. Class A | (804 ) | (213,156 ) | (1.27 ) | |
Deutsche Boerse AG | (1,412 ) | (288,901 ) | (1.72 ) |
See accompanying consolidated notes to portfolio of investments
8 | Allspring Alternative Risk Premia Fund
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Reference asset | Shares | Value | % of swap basket value | |
Short positions (continued) | ||||
Common stocks (continued) | ||||
Financials (continued) | ||||
Capital markets (continued) | ||||
EQT AB | (14,156 ) | $(447,797 ) | (2.67 )% | |
UBS Group AG | (5,486 ) | (168,744 ) | (1.01 ) | |
Financial services | ||||
Apollo Global Management, Inc. | (2,198 ) | (247,165 ) | (1.47 ) | |
Block, Inc. | (2,299 ) | (194,450 ) | (1.16 ) | |
WEX, Inc. | (941 ) | (223,516 ) | (1.33 ) | |
Insurance | ||||
Beazley PLC | (30,001 ) | (251,997 ) | (1.50 ) | |
Prudential PLC | (18,954 ) | (177,746 ) | (1.06 ) | |
(2,213,472 ) | ||||
Health care | ||||
Biotechnology | ||||
CSL Ltd. | (2,126 ) | (398,887 ) | (2.38 ) | |
Health care providers & services | ||||
Ramsay Health Care Ltd. | (7,607 ) | (280,126 ) | (1.67 ) | |
UnitedHealth Group, Inc. | (539 ) | (266,643 ) | (1.59 ) | |
Pharmaceuticals | ||||
Daiichi Sankyo Co. Ltd. | (7,200 ) | (228,204 ) | (1.36 ) | |
Pfizer, Inc. | (8,549 ) | (237,235 ) | (1.41 ) | |
(1,411,095 ) | ||||
Industrials | ||||
Aerospace & defense | ||||
Airbus SE | (965 ) | (177,735 ) | (1.06 ) | |
Building products | ||||
Daikin Industries Ltd. | (2,100 ) | (285,910 ) | (1.70 ) | |
Zurn Elkay Water Solutions Corp. | (5,687 ) | (190,344 ) | (1.14 ) | |
Commercial services & supplies | ||||
Driven Brands Holdings, Inc. | (11,411 ) | (180,180 ) | (1.08 ) | |
RB Global, Inc. | (2,800 ) | (213,263 ) | (1.27 ) | |
Rentokil Initial PLC | (58,797 ) | (350,052 ) | (2.09 ) | |
Construction & engineering | ||||
Vinci SA | (1,733 ) | (222,039 ) | (1.32 ) | |
Electrical equipment | ||||
Regal Rexnord Corp. | (1,664 ) | (299,686 ) | (1.79 ) | |
Ground transportation | ||||
Canadian Pacific Kansas City Ltd. | (6,100 ) | (537,834 ) | (3.21 ) | |
Machinery | ||||
Chart Industries, Inc. | (1,133 ) | (186,628 ) | (1.11 ) | |
Trading companies & distributors | ||||
AerCap Holdings NV | (2,129 ) | (185,031 ) | (1.11 ) | |
Ashtead Group PLC | (6,201 ) | (441,420 ) | (2.63 ) | |
Herc Holdings, Inc. | (1,216 ) | (204,653 ) | (1.22 ) | |
Transportation infrastructure | ||||
Atlas Arteria Ltd. | (79,510 ) | (276,162 ) | (1.65 ) | |
(3,750,937 ) |
See accompanying consolidated notes to portfolio of investments
Allspring Alternative Risk Premia Fund | 9
Consolidated portfolio of investments—March 31, 2024 (unaudited)
Reference asset | Shares | Value | % of swap basket value | |
Short positions (continued) | ||||
Common stocks (continued) | ||||
Information technology | ||||
Electronic equipment, instruments & components | ||||
Hexagon AB Class B | (22,504 ) | $(266,373 ) | (1.59 )% | |
Keyence Corp. | (700 ) | (324,105 ) | (1.93 ) | |
IT services | ||||
NEXTDC Ltd. | (15,773 ) | (182,854 ) | (1.09 ) | |
NTT Data Group Corp. | (26,100 ) | (412,845 ) | (2.46 ) | |
Snowflake, Inc. Class A | (1,312 ) | (212,019 ) | (1.26 ) | |
Semiconductors & semiconductor equipment | ||||
Advanced Micro Devices, Inc. | (1,075 ) | (194,027 ) | (1.16 ) | |
MKS Instruments Inc | (2,394 ) | (318,402 ) | (1.90 ) | |
Software | ||||
Aspen Technology, Inc. | (939 ) | (200,270 ) | (1.20 ) | |
WiseTech Global Ltd. | (2,923 ) | (178,954 ) | (1.07 ) | |
(2,289,849 ) | ||||
Materials | ||||
Chemicals | ||||
Corteva, Inc. | (4,212 ) | (242,906 ) | (1.45 ) | |
DSM-Firmenich AG | (4,533 ) | (515,451 ) | (3.07 ) | |
Sika AG | (1,061 ) | (316,000 ) | (1.88 ) | |
Containers & packaging | ||||
SIG Group AG | (10,761 ) | (238,643 ) | (1.42 ) | |
Metals & mining | ||||
De Grey Mining Ltd. | (283,813 ) | (233,958 ) | (1.40 ) | |
Ivanhoe Mines Ltd. Class A | (35,300 ) | (421,135 ) | (2.51 ) | |
MP Materials Corp. | (11,730 ) | (167,739 ) | (1.00 ) | |
(2,135,832 ) | ||||
Real estate | ||||
Industrial REITs | ||||
Prologis, Inc. | (2,254 ) | (293,516 ) | (1.75 ) | |
Rexford Industrial Realty, Inc. | (4,176 ) | (210,053 ) | (1.25 ) | |
Real estate management & development | ||||
Wharf Real Estate Investment Co. Ltd. | (71,000 ) | (230,864 ) | (1.38 ) | |
Retail REITs | ||||
Realty Income Corp. | (4,348 ) | (235,227 ) | (1.40 ) | |
(969,660 ) | ||||
Utilities | ||||
Electric utilities | ||||
NextEra Energy, Inc. | (3,554 ) | (227,136 ) | (1.35 ) | |
(227,136 ) |
Abbreviations: | |
REIT | Real estate investment trust |
See accompanying consolidated notes to portfolio of investments
10 | Allspring Alternative Risk Premia Fund
Notes to consolidated portfolio of investments—March 31, 2024 (unaudited)
Notes to consolidated portfolio of investments
The Fund invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Alt Risk Premia Special Investments (Cayman) Ltd. (the “Subsidiary”), a wholly owned subsidiary incorporated on October 2, 2018 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of March 31, 2024, the Subsidiary had $5,411,684 of investments in affiliates and cash at broker segregated for futures contacts representing 100.81% of its net assets. As of March 31, 2024, the Fund held $5,368,246 in the Subsidiary, representing 4.61% of the Fund’s net assets prior to consolidation. The consolidated net assets of the Fund includes the Subsidiary. The Consolidated Portfolio of Investments includes positions of the Fund 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 Fund 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.
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, LLC (“Allspring Funds Management”).
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.
Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
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 Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund 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 Fund 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 Fund’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 Fund and the counterparty.
Futures contracts
Futures contracts are agreements between the Fund and the Subsidiary 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 Fund and the Subsidiary may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, commodity prices and is subject to interest rate risk, equity price risk, commodity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of
Allspring Alternative Risk Premia Fund | 11
Notes to consolidated portfolio of investments—March 31, 2024 (unaudited)
securities held by the Fund and the Subsidiary 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 Fund and the Subsidiary 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 Fund and the Subsidiary are 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 Fund and the Subsidiary fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s and the Subsidiary’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.
Swap contracts
Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter (“OTC”) market (“OTC swaps”) or centrally cleared with a central clearinghouse.
For OTC swaps, any upfront premiums paid and any upfront fees received are amortized over the term of the contract. The daily fluctuations in market value are recorded as unrealized gains or losses on OTC swaps . Payments received or paid are recorded as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return basket swaps
The Fund may enter into total return basket swap contracts to obtain exposure to a custom basket of long and short securities without owning such securities. The Fund has the ability to trade in and out of the long and short positions within the swap and receives the economic benefits and risks equivalent to direct investments in these positions. Under the terms of the contract, the Fund and the counterparty exchange periodic payments based on the total return of reference assets within a basket for a specified interest rate. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. To the extent the total return of the reference assets exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from, or make a payment to, the counterparty. Positions within the swap are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses on swap contracts. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
The Fund may enter into total return basket swap contracts to obtain exposure to a custom basket of long and short securities without owning such securities. The Fund has the ability to trade in and out of the long and short positions within the swap and receives the economic benefits and risks equivalent to direct investments in these positions. Under the terms of the contract, the Fund and the counterparty exchange periodic payments based on the total return of reference assets within a basket for a specified interest rate. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. To the extent the total return of the reference assets exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from, or make a payment to, the counterparty. Positions within the swap are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses on swap contracts. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
The Fund is exposed to risks if the counterparty defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the reference securities in the basket. In addition to counterparty credit risk, the Fund is subject to liquidity risk if there is no market for the contracts and is exposed to the market risk associated with the reference securities in the basket.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
12 | Allspring Alternative Risk Premia Fund
Notes to consolidated portfolio of investments—March 31, 2024 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Short-term investments | ||||
Investment companies | $34,303,950 | $0 | $0 | $34,303,950 |
U.S. Treasury securities | 79,137,882 | 0 | 0 | 79,137,882 |
113,441,832 | 0 | 0 | 113,441,832 | |
Forward foreign currency contracts | 0 | 1,860,213 | 0 | 1,860,213 |
Futures contracts | 1,661,827 | 0 | 0 | 1,661,827 |
Swap contracts | 0 | 602,669 | 0 | 602,669 |
Total assets | $115,103,659 | $2,462,882 | $0 | $117,566,541 |
Liabilities | ||||
Forward foreign currency contracts | $0 | $1,187,467 | $0 | $1,187,467 |
Futures contracts | 1,029,374 | 0 | 0 | 1,029,374 |
Total liabilities | $1,029,374 | $1,187,467 | $0 | $2,216,841 |
Futures contracts, forward foreign currency contracts and swap 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 March 31, 2024, $7,885,297 was segregated as cash collateral for these open futures contracts. The Fund also received $760,000 as cash collateral for open forward foreign currency contracts.
At March 31, 2024, the Fund did not have any transfers into/out of Level 3.
Allspring Alternative Risk Premia Fund | 13