Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Common stocks: 98.97% | |||||
Consumer discretionary: 13.80% | |||||
Auto components: 0.75% | |||||
Patrick Industries Incorporated | 59,718 | $ 4,350,456 | |||
Diversified consumer services: 0.87% | |||||
Carriage Services Incorporated | 149,633 | 5,075,551 | |||
Hotels, restaurants & leisure: 1.86% | |||||
Dine Brands Global Incorporated | 67,514 | 5,176,298 | |||
Wyndham Hotels & Resorts Incorporated | 73,954 | 5,695,937 | |||
10,872,235 | |||||
Household durables: 2.72% | |||||
Cavco Industries Incorporated † | 11,818 | 3,368,130 | |||
Century Communities Incorporated | 68,868 | 4,118,995 | |||
Ethan Allen Interiors Incorporated | 91,033 | 2,690,025 | |||
GoPro Incorporated Class A | 253,840 | 1,317,430 | |||
Meritage Corporation † | 40,321 | 4,404,263 | |||
15,898,843 | |||||
Internet & direct marketing retail: 0.72% | |||||
1-800-Flowers.com Incorporated Class A † | 427,112 | 4,228,409 | |||
Leisure products: 2.24% | |||||
Johnson Outdoors Incorporated Class A | 68,951 | 4,472,162 | |||
Malibu Boats Incorporated Class A † | 97,752 | 5,841,660 | |||
Peloton Interactive Incorporated Class A † | 216,504 | 2,797,232 | |||
13,111,054 | |||||
Multiline retail: 0.41% | |||||
Macy's Incorporated | 115,776 | 2,368,777 | |||
Specialty retail: 3.33% | |||||
American Eagle Outfitters Incorporated † | 267,307 | 3,841,202 | |||
Destination XL Group Incorporated † | 439,217 | 2,626,518 | |||
Dick's Sporting Goods Incorporated | 45,748 | 5,884,565 | |||
Shoe Carnival Incorporated | 216,025 | 5,692,259 | |||
Williams-Sonoma Incorporated | 11,406 | 1,424,838 | |||
19,469,382 | |||||
Textiles, apparel & luxury goods: 0.90% | |||||
Lakeland Industries Incorporated | 64,303 | 975,477 | |||
Rocky Brands Incorporated | 95,033 | 2,529,778 | |||
Under Armour Incorporated Class A † | 173,993 | 1,727,750 | |||
5,233,005 | |||||
Consumer staples: 5.40% | |||||
Beverages: 0.83% | |||||
Coca Cola Bottling Corporation | 8,711 | 4,850,720 |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 1
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Food & staples retailing: 1.28% | |||||
Grocery Outlet Holding Corporation | 134,446 | $ 3,636,764 | |||
Sprouts Farmers Market Incorporated † | 125,998 | 3,816,479 | |||
7,453,243 | |||||
Food products: 3.29% | |||||
Cal-Maine Foods Incorporated | 69,369 | 3,940,159 | |||
Flowers Foods Incorporated | 142,056 | 3,960,521 | |||
Hostess Brands Incorporated † | 168,419 | 4,159,949 | |||
Pilgrim's Pride Corporation † | 120,611 | 2,821,091 | |||
Post Holdings Incorporated | 48,372 | 4,351,545 | |||
19,233,265 | |||||
Energy: 3.66% | |||||
Energy equipment & services: 1.83% | |||||
Helmerich & Payne Incorporated | 128,780 | 5,419,062 | |||
Patterson-UTI Energy Incorporated | 385,609 | 5,282,843 | |||
10,701,905 | |||||
Oil, gas & consumable fuels: 1.83% | |||||
Diamondback Energy Incorporated | 38,259 | 5,378,450 | |||
W&T Offshore Incorporated † | 946,645 | 5,310,678 | |||
10,689,128 | |||||
Financials: 22.66% | |||||
Banks: 11.41% | |||||
Ameris Bancorp | 112,541 | 5,387,338 | |||
Atlantic Union Bankshares Corporation | 155,330 | 5,818,662 | |||
Banner Corporation | 90,820 | 5,719,844 | |||
FB Financial Corporation | 133,042 | 5,014,353 | |||
First Interstate BancSystem Class A | 91,013 | 3,234,602 | |||
Great Southern Bancorp Incorporated | 94,803 | 5,516,587 | |||
Heritage Financial Corporation | 187,463 | 5,224,594 | |||
Independent Bank Corporation | 221,691 | 4,888,287 | |||
OceanFirst Financial Corporation | 226,974 | 5,383,823 | |||
OFG Bancorp | 202,647 | 6,164,522 | |||
Synovus Financial Corporation | 117,070 | 4,894,697 | |||
Umpqua Holdings Corporation | 216,638 | 3,825,827 | |||
Univest Financial Corporation | 197,329 | 5,564,678 | |||
66,637,814 | |||||
Capital markets: 2.77% | |||||
Donnelley Financial Solutions † | 81,302 | 3,439,888 | |||
Piper Sandler Companies | 45,988 | 6,943,728 | |||
Stifel Financial Corporation | 86,462 | 5,778,255 | |||
16,161,871 | |||||
Diversified financial services: 0.55% | |||||
Jackson Financial Incorporation Class A | 70,206 | 3,185,948 | |||
Insurance: 4.54% | |||||
American Equity Investment Life Holding Company | 130,305 | 5,427,203 | |||
Brighthouse Financial Incorporated † | 82,737 | 4,784,681 | |||
Genworth Financial Incorporated Class A † | 869,021 | 5,414,001 |
See accompanying notes to portfolio of investments
2 | Allspring Small Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Insurance (continued) | |||||
Horace Mann Educators Corporation | 42,551 | $ 1,572,685 | |||
Lincoln National Corporation | 39,805 | 1,262,615 | |||
United Fire Group Incorporated | 78,028 | 2,226,919 | |||
UnumProvident Corporation | 131,355 | 5,851,865 | |||
26,539,969 | |||||
Mortgage REITs: 2.46% | |||||
AGNC Investment Corporation † | 686,475 | 7,461,985 | |||
Annaly Capital Management Incorporated | 335,237 | 6,932,701 | |||
14,394,686 | |||||
Thrifts & mortgage finance: 0.93% | |||||
Axos Financial Incorporated † | 114,195 | 5,411,701 | |||
Health care: 10.22% | |||||
Biotechnology: 1.07% | |||||
Bioxcel Therapeutics Incorporated † | 63,873 | 2,038,826 | |||
Cogent Biosciences Incorporated † | 69,943 | 925,346 | |||
Protagonist Therapeutics Incorporated † | 123,108 | 1,996,812 | |||
Xencor Incorporated † | 39,973 | 1,284,332 | |||
6,245,316 | |||||
Health care equipment & supplies: 3.96% | |||||
Dentsply Sirona Incorporated | 76,410 | 2,908,929 | |||
EDAP TMS SA ADR | 318,894 | 3,753,382 | |||
Heska Corporation † | 13,454 | 1,095,559 | |||
Masimo Corporation † | 21,490 | 3,595,492 | |||
Merit Medical Systems Incorporated † | 60,708 | 4,284,771 | |||
Quidlelothro Corporation † | 37,576 | 3,266,857 | |||
UFP Technologies Incorporated † | 35,771 | 4,210,962 | |||
23,115,952 | |||||
Health care providers & services: 3.67% | |||||
Addus Homecare Corporation † | 40,258 | 4,373,629 | |||
AMN Healthcare Services Incorporated † | 43,258 | 3,893,653 | |||
Fulgent Genetics Incorporated † | 59,174 | 1,940,315 | |||
Option Care Health Incorporated † | 115,995 | 3,557,567 | |||
The Ensign Group Incorporated | 49,109 | 4,394,273 | |||
The Joint Corporation | 94,304 | 1,480,573 | |||
U.S. Physical Therapy Incorporated | 17,640 | 1,787,461 | |||
21,427,471 | |||||
Health care technology: 0.57% | |||||
Veradigm Incorporated † | 200,140 | 3,324,325 | |||
Pharmaceuticals: 0.95% | |||||
Prestige Consumer Healthcare Incorporated † | 74,850 | 4,509,713 | |||
Supernus Pharmaceuticals Incorporated † | 28,178 | 1,059,211 | |||
5,568,924 | |||||
Industrials: 18.84% | |||||
Airlines: 0.46% | |||||
Alaska Air Group Incorporated † | 56,239 | 2,689,911 |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 3
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Building products: 1.88% | |||||
CSW Industrials Incorporated | 32,296 | $ 4,571,822 | |||
UFP Industries Incorporated | 48,399 | 4,139,566 | |||
Zurn Elkay Water Solutions Corporation | 99,380 | 2,285,740 | |||
10,997,128 | |||||
Commercial services & supplies: 1.20% | |||||
ABM Industries Incorporated | 90,787 | 4,394,999 | |||
ACCO Brands Corporation | 464,131 | 2,631,623 | |||
7,026,622 | |||||
Construction & engineering: 3.80% | |||||
Comfort Systems Incorporated | 37,520 | 5,456,909 | |||
MYR Group Incorporated † | 73,713 | 8,890,525 | |||
Sterling Construction Company Incorporated † | 204,155 | 7,851,801 | |||
22,199,235 | |||||
Diversified consumer services: 0.41% | |||||
ADT Incorporated † | 320,595 | 2,417,286 | |||
Electrical equipment: 1.85% | |||||
Atkore Incorporated † | 25,814 | 3,769,360 | |||
Generac Holdings Incorporated † | 21,973 | 2,636,980 | |||
Regal Rexnord Corporation | 27,813 | 4,384,441 | |||
10,790,781 | |||||
Machinery: 5.89% | |||||
Federal Signal Corporation | 137,696 | 7,266,218 | |||
Hillenbrand Incorporated | 123,880 | 5,839,703 | |||
Kadant Incorporated | 26,621 | 5,714,464 | |||
Miller Industries Incorporated | 96,355 | 2,679,633 | |||
Standex International Corporation | 33,470 | 3,871,810 | |||
The Shyft Group Incorporated | 144,898 | 3,757,205 | |||
The Timken Company | 61,528 | 5,257,568 | |||
34,386,601 | |||||
Professional services: 1.89% | |||||
Barrett Business Services Incorporated | 24,319 | 2,334,138 | |||
CBIZ Incorporated † | 124,677 | 6,245,071 | |||
First Advantage Corporation | 169,353 | 2,457,312 | |||
11,036,521 | |||||
Road & rail: 0.80% | |||||
Arcbest Corporation | 48,359 | 4,652,136 | |||
Trading companies & distributors: 0.66% | |||||
Boise Cascade Company | 55,512 | 3,836,434 | |||
Information technology: 11.44% | |||||
Communications equipment: 0.87% | |||||
Aviat Networks Incorporated † | 64,025 | 2,274,808 | |||
Harmonic Incorporated † | 82,896 | 1,093,398 | |||
Silicom Limited | 45,338 | 1,727,831 | |||
5,096,037 |
See accompanying notes to portfolio of investments
4 | Allspring Small Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Electronic equipment, instruments & components: 5.10% | |||||
ePlus Incorporated † | 80,163 | $ 4,342,430 | |||
Insight Enterprises Incorporated † | 55,014 | 7,367,475 | |||
Methode Electronics Incorporated | 112,971 | 5,505,077 | |||
PC Connection Incorporated | 79,294 | 3,473,077 | |||
Richardson Electric Limited † | 155,916 | 3,271,118 | |||
Sanmina Corporation † | 96,385 | 5,827,437 | |||
29,786,614 | |||||
IT services: 2.37% | |||||
Cass Information Systems Incorporated | 52,860 | 2,555,781 | |||
EPAM Systems Incorporated † | 10,359 | 3,186,946 | |||
Hackett Group Incorporated | 78,204 | 1,457,723 | |||
TTEC Holdings Incorporated | 52,310 | 2,106,001 | |||
WEX Incorporated † | 23,399 | 4,511,561 | |||
13,818,012 | |||||
Semiconductors & semiconductor equipment: 2.67% | |||||
Cirrus Logic Incorporated † | 30,484 | 3,132,231 | |||
Diodes Incorporated † | 27,820 | 2,550,816 | |||
FormFactor Incorporated † | 104,697 | 3,151,380 | |||
Ichor Holdings Limited † | 77,504 | 2,553,757 | |||
Onto Innovation Incorporated † | 34,158 | 2,817,010 | |||
Synaptics Incorporated † | 12,003 | 1,411,673 | |||
15,616,867 | |||||
Software: 0.43% | |||||
Verint Systems Incorporated † | 67,322 | 2,516,496 | |||
Materials: 6.96% | |||||
Chemicals: 4.31% | |||||
Advansix Incorporated | 142,897 | 5,880,212 | |||
Hawkins Incorporated | 154,942 | 6,301,491 | |||
Hudson Technologies Incorporated † | 198,200 | 2,007,766 | |||
Ingevity Corporation | 56,008 | 4,624,020 | |||
Minerals Technologies Incorporated | 56,623 | 3,439,847 | |||
Stepan Company | 27,975 | 2,911,918 | |||
25,165,254 | |||||
Construction materials: 1.13% | |||||
Eagle Materials Incorporated | 47,217 | 6,625,489 | |||
Containers & packaging: 0.61% | |||||
Greif Incorporated Class A | 50,125 | 3,561,381 | |||
Metals & mining: 0.91% | |||||
Schnitzer Steel Industries Incorporated Class A | 161,650 | 5,284,339 | |||
Real estate: 5.99% | |||||
Equity REITs: 5.99% | |||||
Agree Realty Corporation | 79,157 | 5,602,732 | |||
Armada Hoffler Properties Incorporated | 227,566 | 2,917,396 | |||
Global Medical REIT Incorporated † | 301,596 | 3,034,056 | |||
LXP Industrial Trust | 330,201 | 3,443,996 | |||
One Liberty Properties Incorporated | 99,163 | 2,246,042 | |||
Outfront Media Incorporated | 172,365 | 3,007,769 |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 5
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Equity REITs (continued) | |||||
PotlatchDeltic Corporation | 72,179 | $ 3,331,783 | |||
Retail Opportunity Investment Corporation | 190,695 | 2,713,590 | |||
STAG Industrial Incorporated | 181,102 | 6,092,271 | |||
Summit Hotel Properties Incorporated | 353,380 | 2,615,012 | |||
35,004,647 | |||||
Total Common stocks (Cost $438,341,183) | 578,057,741 |
Expiration date | |||||
Warrants: 0.00% | |||||
Energy: 0.00% | |||||
Energy equipment & services: 0.00% | |||||
Parker Drilling Company ♦† | 9-16-2024 | 8,457 | 211 | ||
Total Warrants (Cost $0) | 211 |
Yield | |||||
Short-term investments: 1.17% | |||||
Investment companies: 1.17% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.39% | 6,843,586 | 6,843,586 | ||
Total Short-term investments (Cost $6,843,586) | 6,843,586 | ||||
Total investments in securities (Cost $445,184,769) | 100.14% | 584,901,538 | |||
Other assets and liabilities, net | (0.14) | (844,129) | |||
Total net assets | 100.00% | $584,057,409 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
See accompanying notes to portfolio of investments
6 | Allspring Small Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $5,144,446 | $67,055,687 | $(65,356,547) | $ 0 | $0 | $6,843,586 | 6,843,586 | $114,660 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 8,022,300 | 73,268,132 | (81,290,232) | (200) | 0 | 0 | 0 | 107,340# | ||
$(200) | $0 | $6,843,586 | $222,000 |
# | Amount shown represents income before fees and rebates. |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 7
Notes to portfolio of investments—February 28, 2023 (unaudited)
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.
Securities lending
The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments.
In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.
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) |
8 | Allspring Small Company Value Portfolio
Notes to portfolio of investments—February 28, 2023 (unaudited)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of February 28, 2023:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Consumer discretionary | $80,607,712 | $0 | $0 | $80,607,712 |
Consumer staples | 31,537,228 | 0 | 0 | 31,537,228 |
Energy | 21,391,033 | 0 | 0 | 21,391,033 |
Financials | 132,331,989 | 0 | 0 | 132,331,989 |
Health care | 59,681,988 | 0 | 0 | 59,681,988 |
Industrials | 110,032,655 | 0 | 0 | 110,032,655 |
Information technology | 66,834,026 | 0 | 0 | 66,834,026 |
Materials | 40,636,463 | 0 | 0 | 40,636,463 |
Real estate | 35,004,647 | 0 | 0 | 35,004,647 |
Warrants | ||||
Energy | 0 | 211 | 0 | 211 |
Short-term investments | ||||
Investment companies | 6,843,586 | 0 | 0 | 6,843,586 |
Total assets | $584,901,327 | $211 | $0 | $584,901,538 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the nine months ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
Allspring Small Company Value Portfolio | 9