Portfolio of investments—June 30, 2024 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 84.90% | ||||||
Communication services: 5.46% | ||||||
Interactive media & services: 5.46% | ||||||
Alphabet, Inc. Class A | 450,000 | $81,967,500 | ||||
Consumer discretionary: 0.46% | ||||||
Distributors: 0.46% | ||||||
Genuine Parts Co. | 50,000 | 6,916,000 | ||||
Energy: 9.67% | ||||||
Energy equipment & services: 2.42% | ||||||
Schlumberger NV | 770,000 | 36,328,600 | ||||
Oil, gas & consumable fuels: 7.25% | ||||||
Cheniere Energy, Inc. | 195,000 | 34,091,850 | ||||
EOG Resources, Inc. | 160,000 | 20,139,200 | ||||
ONEOK, Inc. | 260,000 | 21,203,000 | ||||
Targa Resources Corp. | 260,000 | 33,482,800 | ||||
108,916,850 | ||||||
Health care: 6.61% | ||||||
Biotechnology: 2.47% | ||||||
BioMarin Pharmaceutical, Inc.† | 100,000 | 8,233,000 | ||||
Neurocrine Biosciences, Inc.† | 210,000 | 28,910,700 | ||||
37,143,700 | ||||||
Health care equipment & supplies: 0.07% | ||||||
STERIS PLC | 5,000 | 1,097,700 | ||||
Health care providers & services: 2.34% | ||||||
McKesson Corp. | 60,000 | 35,042,400 | ||||
Life sciences tools & services: 1.13% | ||||||
IQVIA Holdings, Inc.† | 80,000 | 16,915,200 | ||||
Pharmaceuticals: 0.60% | ||||||
Eli Lilly & Co. | 10,000 | 9,053,800 | ||||
Industrials: 18.89% | ||||||
Aerospace & defense: 3.30% | ||||||
Curtiss-Wright Corp. | 88,000 | 23,846,240 | ||||
HEICO Corp. | 35,000 | 7,826,350 | ||||
L3Harris Technologies, Inc. | 80,000 | 17,966,400 | ||||
49,638,990 | ||||||
Commercial services & supplies: 2.29% | ||||||
Cintas Corp. | 20,000 | 14,005,200 | ||||
Clean Harbors, Inc.† | 90,000 | 20,353,500 | ||||
34,358,700 |
See accompanying notes to portfolio of investments
Allspring Diversified Capital Builder Fund | 1
Portfolio of investments—June 30, 2024 (unaudited)
Shares | Value | |||||
Electrical equipment: 4.78% | ||||||
AMETEK, Inc. | 145,000 | $24,172,950 | ||||
Eaton Corp. PLC | 35,000 | 10,974,250 | ||||
Emerson Electric Co. | 315,000 | 34,700,400 | ||||
Regal Rexnord Corp. | 15,000 | 2,028,300 | ||||
71,875,900 | ||||||
Machinery: 4.34% | ||||||
Crane Co. | 64,000 | 9,278,720 | ||||
IDEX Corp. | 60,000 | 12,072,000 | ||||
ITT, Inc. | 65,000 | 8,396,700 | ||||
Oshkosh Corp. | 20,000 | 2,164,000 | ||||
Parker-Hannifin Corp. | 15,000 | 7,587,150 | ||||
Timken Co. | 320,000 | 25,641,600 | ||||
65,140,170 | ||||||
Professional services: 4.18% | ||||||
Leidos Holdings, Inc. | 430,000 | 62,728,400 | ||||
Information technology: 40.68% | ||||||
Communications equipment: 1.16% | ||||||
Motorola Solutions, Inc. | 45,000 | 17,372,250 | ||||
Electronic equipment, instruments & components: 6.01% | ||||||
Amphenol Corp. Class A | 640,000 | 43,116,800 | ||||
Crane NXT Co. | 90,000 | 5,527,800 | ||||
Jabil, Inc. | 115,000 | 12,510,850 | ||||
Teledyne Technologies, Inc.† | 75,000 | 29,098,500 | ||||
90,253,950 | ||||||
IT services: 2.07% | ||||||
International Business Machines Corp. | 180,000 | 31,131,000 | ||||
Semiconductors & semiconductor equipment: 20.27% | ||||||
Advanced Micro Devices, Inc.† | 370,000 | 60,017,700 | ||||
Broadcom, Inc. | 55,000 | 88,304,150 | ||||
Marvell Technology, Inc. | 560,000 | 39,144,000 | ||||
Micron Technology, Inc. | 400,000 | 52,612,000 | ||||
NVIDIA Corp. | 510,000 | 63,005,400 | ||||
Synaptics, Inc.† | 15,000 | 1,323,000 | ||||
304,406,250 | ||||||
Software: 11.17% | ||||||
Adobe, Inc.† | 55,000 | 30,554,700 | ||||
ANSYS, Inc.† | 45,000 | 14,467,500 | ||||
Autodesk, Inc.† | 110,000 | 27,219,500 | ||||
Microsoft Corp. | 150,000 | 67,042,500 | ||||
Roper Technologies, Inc. | 3,000 | 1,690,980 | ||||
Synopsys, Inc.† | 45,000 | 26,777,700 | ||||
167,752,880 |
See accompanying notes to portfolio of investments
2 | Allspring Diversified Capital Builder Fund
Portfolio of investments—June 30, 2024 (unaudited)
Shares | Value | |||||
Materials: 2.33% | ||||||
Chemicals: 1.01% | ||||||
Westlake Corp. | 105,000 | $15,206,100 | ||||
Containers & packaging: 0.56% | ||||||
AptarGroup, Inc. | 60,000 | 8,448,600 | ||||
Metals & mining: 0.76% | ||||||
ATI, Inc.† | 204,000 | 11,311,800 | ||||
Real estate: 0.48% | ||||||
Specialized REITs : 0.48% | ||||||
Iron Mountain, Inc. | 80,000 | 7,169,600 | ||||
Utilities: 0.32% | ||||||
Independent power and renewable electricity producers: 0.32% | ||||||
Vistra Corp. | 55,000 | 4,728,900 | ||||
Total common stocks (Cost $794,581,878) | 1,274,905,240 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 14.31% | ||||||
Basic materials: 1.17% | ||||||
Iron/steel: 1.17% | ||||||
ATI, Inc. | 7.25 % | 8-15-2030 | $ | 6,532,000 | 6,742,703 | |
Cleveland-Cliffs, Inc.144A | 6.75 | 4-15-2030 | 11,000,000 | 10,883,223 | ||
17,625,926 | ||||||
Consumer, cyclical: 0.36% | ||||||
Retail: 0.36% | ||||||
Genuine Parts Co. | 6.88 | 11-1-2033 | 5,000,000 | 5,490,490 | ||
Consumer, non-cyclical: 4.07% | ||||||
Commercial services: 0.67% | ||||||
AMN Healthcare, Inc.144A | 4.00 | 4-15-2029 | 1,000,000 | 898,114 | ||
AMN Healthcare, Inc.144A | 4.63 | 10-1-2027 | 1,000,000 | 952,582 | ||
Valvoline, Inc.144A | 3.63 | 6-15-2031 | 9,495,000 | 8,179,202 | ||
10,029,898 | ||||||
Food: 0.77% | ||||||
Post Holdings, Inc.144A | 4.50 | 9-15-2031 | 8,435,000 | 7,560,686 | ||
Post Holdings, Inc.144A | 6.25 | 2-15-2032 | 4,000,000 | 4,005,196 | ||
11,565,882 | ||||||
Healthcare-products: 0.33% | ||||||
Hologic, Inc.144A | 3.25 | 2-15-2029 | 5,440,000 | 4,880,275 | ||
Healthcare-services: 1.84% | ||||||
Charles River Laboratories International, Inc.144A | 4.00 | 3-15-2031 | 8,000,000 | 7,135,197 | ||
DaVita, Inc.144A | 4.63 | 6-1-2030 | 10,550,000 | 9,533,290 |
See accompanying notes to portfolio of investments
Allspring Diversified Capital Builder Fund | 3
Portfolio of investments—June 30, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Healthcare-services(continued) | ||||||
Encompass Health Corp. | 4.63 % | 4-1-2031 | $ | 5,500,000 | $5,047,462 | |
IQVIA, Inc.144A | 6.50 | 5-15-2030 | 5,884,000 | 5,972,489 | ||
27,688,438 | ||||||
Household products/wares: 0.46% | ||||||
ACCO Brands Corp.144A | 4.25 | 3-15-2029 | 2,000,000 | 1,788,949 | ||
Spectrum Brands, Inc.144A | 3.88 | 3-15-2031 | 6,200,000 | 5,181,525 | ||
6,970,474 | ||||||
Financial: 1.34% | ||||||
REITS: 1.34% | ||||||
Iron Mountain, Inc.144A | 4.50 | 2-15-2031 | 12,350,000 | 11,148,057 | ||
SBA Communications Corp. | 3.13 | 2-1-2029 | 10,000,000 | 8,915,475 | ||
20,063,532 | ||||||
Industrial: 4.48% | ||||||
Aerospace/defense: 0.83% | ||||||
TransDigm, Inc. | 4.63 | 1-15-2029 | 9,000,000 | 8,397,351 | ||
TransDigm, Inc.144A | 6.63 | 3-1-2032 | 4,000,000 | 4,040,237 | ||
12,437,588 | ||||||
Electronics: 0.54% | ||||||
TTM Technologies, Inc.144A | 4.00 | 3-1-2029 | 8,890,000 | 8,157,286 | ||
Engineering & construction: 0.61% | ||||||
Dycom Industries, Inc.144A | 4.50 | 4-15-2029 | 9,720,000 | 9,096,057 | ||
Environmental control: 0.85% | ||||||
Clean Harbors, Inc.144A | 6.38 | 2-1-2031 | 11,500,000 | 11,529,958 | ||
Stericycle, Inc.144A | 3.88 | 1-15-2029 | 1,310,000 | 1,223,209 | ||
12,753,167 | ||||||
Machinery-diversified: 0.74% | ||||||
Esab Corp.144A | 6.25 | 4-15-2029 | 11,015,000 | 11,081,057 | ||
Packaging & containers: 0.91% | ||||||
Ball Corp. | 2.88 | 8-15-2030 | 7,000,000 | 5,946,688 | ||
Sealed Air Corp.144A | 5.00 | 4-15-2029 | 5,000,000 | 4,758,577 | ||
Sealed Air Corp./Sealed Air Corp. U.S.144A | 6.13 | 2-1-2028 | 3,000,000 | 2,992,766 | ||
13,698,031 | ||||||
Technology: 1.60% | ||||||
Computers: 0.92% | ||||||
Gartner, Inc.144A | 3.63 | 6-15-2029 | 4,350,000 | 3,983,602 | ||
Seagate HDD Cayman | 3.13 | 7-15-2029 | 1,500,000 | 1,284,809 | ||
Seagate HDD Cayman | 4.09 | 6-1-2029 | 3,488,000 | 3,234,810 | ||
Seagate HDD Cayman | 8.50 | 7-15-2031 | 5,000,000 | 5,385,120 | ||
13,888,341 |
See accompanying notes to portfolio of investments
4 | Allspring Diversified Capital Builder Fund
Portfolio of investments—June 30, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Semiconductors: 0.68% | ||||||
Synaptics, Inc.144A | 4.00 % | 6-15-2029 | $ | 11,185,000 | $10,134,899 | |
Utilities: 1.29% | ||||||
Electric: 1.29% | ||||||
NRG Energy, Inc.144A | 5.25 | 6-15-2029 | 1,000,000 | 959,741 | ||
Vistra Operations Co. LLC144A | 4.38 | 5-1-2029 | 12,000,000 | 11,173,587 | ||
Vistra Operations Co. LLC144A | 7.75 | 10-15-2031 | 7,000,000 | 7,289,737 | ||
19,423,065 | ||||||
Total corporate bonds and notes (Cost $225,739,622) | 214,984,406 | |||||
Yankee corporate bonds and notes: 0.39% | ||||||
Basic materials: 0.21% | ||||||
Chemicals: 0.21% | ||||||
Methanex Corp. | 5.25 | 12-15-2029 | 3,293,000 | 3,177,175 | ||
Industrial: 0.18% | ||||||
Electronics: 0.18% | ||||||
Sensata Technologies BV144A | 4.00 | 4-15-2029 | 2,880,000 | 2,644,129 | ||
Total yankee corporate bonds and notes (Cost $6,281,846) | 5,821,304 |
Yield | Shares | |||||
Short-term investments: 0.22% | ||||||
Investment companies: 0.22% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.25 | 3,319,423 | 3,319,423 | |||
Total short-term investments (Cost $3,319,423) | 3,319,423 | |||||
Total investments in securities (Cost $1,029,922,769) | 99.82 % | 1,499,030,373 | ||||
Other assets and liabilities, net | 0.18 | 2,690,586 | ||||
Total net assets | 100.00 % | $1,501,720,959 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The 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. |
Abbreviations: | |
REIT | Real estate investment trust |
See accompanying notes to portfolio of investments
Allspring Diversified Capital Builder Fund | 5
Portfolio of investments—June 30, 2024 (unaudited)
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 | $19,374,619 | $231,867,821 | $(247,923,017 ) | $0 | $0 | $3,319,423 | 3,319,423 | $193,992 |
See accompanying notes to portfolio of investments
6 | Allspring Diversified Capital Builder Fund
Notes to portfolio of investments—June 30, 2024 (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 Funds 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.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
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.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $81,967,500 | $0 | $0 | $81,967,500 |
Consumer discretionary | 6,916,000 | 0 | 0 | 6,916,000 |
Energy | 145,245,450 | 0 | 0 | 145,245,450 |
Health care | 99,252,800 | 0 | 0 | 99,252,800 |
Industrials | 283,742,160 | 0 | 0 | 283,742,160 |
Information technology | 610,916,330 | 0 | 0 | 610,916,330 |
Materials | 34,966,500 | 0 | 0 | 34,966,500 |
Real estate | 7,169,600 | 0 | 0 | 7,169,600 |
Utilities | 4,728,900 | 0 | 0 | 4,728,900 |
Corporate bonds and notes | 0 | 214,984,406 | 0 | 214,984,406 |
Yankee corporate bonds and notes | 0 | 5,821,304 | 0 | 5,821,304 |
Short-term investments | ||||
Investment companies | 3,319,423 | 0 | 0 | 3,319,423 |
Total assets | $1,278,224,663 | $220,805,710 | $0 | $1,499,030,373 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
Allspring Diversified Capital Builder Fund | 7