Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Common stocks: 13.27% | |||||
Consumer staples: 3.13% | |||||
Beverages: 0.54% | |||||
PepsiCo Incorporated | 6,606 | $ 1,146,339 | |||
Food & staples retailing: 1.03% | |||||
Costco Wholesale Corporation | 1,893 | 916,553 | |||
Sysco Corporation | 5,010 | 373,596 | |||
Walmart Incorporated | 6,403 | 910,058 | |||
2,200,207 | |||||
Food products: 0.39% | |||||
Mondelez International Incorporated Class A | 8,121 | 529,327 | |||
Nomad Foods Limited † | 17,181 | 307,884 | |||
837,211 | |||||
Household products: 1.03% | |||||
Church & Dwight Company Incorporated | 6,880 | 576,406 | |||
The Clorox Company | 1,461 | 227,098 | |||
The Procter & Gamble Company | 10,048 | 1,382,203 | |||
2,185,707 | |||||
Personal products: 0.08% | |||||
The Estee Lauder Companies Incorporated Class A | 684 | 166,246 | |||
Tobacco: 0.06% | |||||
Philip Morris International Incorporated | 1,329 | 129,312 | |||
Energy: 1.71% | |||||
Oil, gas & consumable fuels: 1.71% | |||||
Chevron Corporation | 11,506 | 1,849,820 | |||
EOG Resources Incorporated | 5,754 | 650,317 | |||
Phillips 66 | 11,031 | 1,131,339 | |||
3,631,476 | |||||
Materials: 3.10% | |||||
Chemicals: 1.30% | |||||
Ashland Global Holdings Incorporated | 3,238 | 329,564 | |||
Ecolab Incorporated | 1,988 | 316,828 | |||
Linde plc | 3,306 | 1,151,711 | |||
Olin Corporation | 4,738 | 273,620 | |||
The Sherwin-Williams Company | 1,062 | 235,074 | |||
Westlake Chemical Corporation | 3,810 | 453,923 | |||
2,760,720 | |||||
Construction materials: 0.13% | |||||
Martin Marietta Materials Incorporated | 780 | 280,699 | |||
Containers & packaging: 0.13% | |||||
Crown Holdings Incorporated | 3,178 | 274,929 | |||
Metals & mining: 1.54% | |||||
Agnico-Eagle Mines Limited | 2,289 | 105,383 | |||
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares | 2,700 | 124,281 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 1
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Metals & mining (continued) | |||||
Alamos Gold Incorporated Class A | 11,000 | $ 112,136 | |||
AngloGold Ashanti Limited ADR | 2,900 | 48,314 | |||
Artemis Gold Incorporated † | 4,000 | 12,869 | |||
B2Gold Corporation | 32,500 | 110,993 | |||
Barrick Gold Corporation | 10,856 | 174,999 | |||
Dundee Precious Metals Incorporated | 8,800 | 56,495 | |||
Endeavour Mining plc | 7,880 | 164,010 | |||
Evolution Mining Limited | 9,000 | 16,473 | |||
Franco-Nevada Corporation | 1,400 | 178,701 | |||
Gold Fields Limited ADR | 10,500 | 95,445 | |||
Kinross Gold Corporation | 25,500 | 94,188 | |||
Lundin Gold Incorporated | 12,000 | 124,001 | |||
MAG Silver Corporation † | 4,800 | 57,305 | |||
Newcrest Mining Limited | 9,000 | 136,504 | |||
Newmont Corporation | 3,490 | 152,199 | |||
Northern Star Resources Limited | 14,000 | 97,692 | |||
Pan American Silver Corporation « | 2,500 | 37,150 | |||
Royal Gold Incorporated | 2,864 | 340,215 | |||
SilverCrest Metals Incorporated † | 11,000 | 60,139 | |||
SSR Mining Incorporated | 4,950 | 67,568 | |||
SSR Mining Incorporated-U.S. Exchange Traded Shares | 1,572 | 21,509 | |||
Steel Dynamics Incorporated | 4,690 | 591,456 | |||
Torex Gold Resources Incorporated † | 6,400 | 78,798 | |||
Triple Flag Precious Metals Corporation | 2,000 | 27,145 | |||
Wheaton Precious Metals Corporation | 4,400 | 183,320 | |||
Yamana Gold Incorporated | 3,000 | 15,346 | |||
3,284,634 | |||||
Real estate: 5.33% | |||||
Equity REITs: 5.33% | |||||
Alexandria Real Estate Equities Incorporated | 2,844 | 425,974 | |||
American Homes 4 Rent Class A | 12,898 | 400,096 | |||
American Tower Corporation | 5,571 | 1,103,114 | |||
Apartment Income REIT Corporation | 8,965 | 338,877 | |||
Camden Property Trust | 3,180 | 364,937 | |||
Equinix Incorporated | 1,879 | 1,293,259 | |||
Federal Realty Investment Trust | 2,694 | 287,665 | |||
Four Corners Property Trust Incorporated | 17,794 | 483,107 | |||
Gaming and Leisure Properties Incorporated | 7,117 | 383,464 | |||
Invitation Homes Incorporated | 14,134 | 441,829 | |||
Life Storage Incorporated | 5,247 | 632,368 | |||
Mid-America Apartment Communities Incorporated | 2,464 | 394,486 | |||
Prologis Incorporated | 10,557 | 1,302,734 | |||
SBA Communications Corporation | 2,879 | 746,669 | |||
Simon Property Group Incorporated | 2,421 | 295,580 | |||
Sun Communities Incorporated | 5,439 | 778,538 | |||
Terreno Realty Corporation | 8,016 | 498,675 | |||
VICI Properties Incorporated | 17,394 | 583,221 | |||
Welltower Incorporated | 7,860 | 582,583 | |||
11,337,176 | |||||
Total Common stocks (Cost $19,497,724) | 28,234,656 |
See accompanying notes to portfolio of investments
2 | Allspring Real Return Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Corporate bonds and notes: 14.07% | |||||
Communication services: 0.91% | |||||
Entertainment: 0.24% | |||||
Live Nation Entertainment Incorporated 144A | 4.88% | 11-1-2024 | $ 190,000 | $ 184,300 | |
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 335,000 | 329,389 | |
513,689 | |||||
Media: 0.67% | |||||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 420,000 | 428,485 | |
DISH DBS Corporation | 5.00 | 3-15-2023 | 200,000 | 199,500 | |
Gray Television Incorporated 144A | 5.88 | 7-15-2026 | 460,000 | ��� 415,465 | |
Sirius XM Radio Incorporated 144A | 5.00 | 8-1-2027 | 200,000 | 183,500 | |
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 215,000 | 196,999 | |
1,423,949 | |||||
Consumer discretionary: 2.53% | |||||
Auto components: 0.22% | |||||
Clarios Global LP 144A | 6.25 | 5-15-2026 | 201,000 | 197,282 | |
Clarios Global LP 144A | 6.75 | 5-15-2025 | 282,000 | 280,345 | |
477,627 | |||||
Commercial services & supplies: 0.11% | |||||
Prime Security Services Borrower LLC 144A | 5.75 | 4-15-2026 | 245,000 | 236,731 | |
Hotels, restaurants & leisure: 1.47% | |||||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 285,000 | 294,969 | |
CCM Merger Incorporated 144A | 6.38 | 5-1-2026 | 145,000 | 139,147 | |
Cedar Fair LP 144A | 5.50 | 5-1-2025 | 375,000 | 370,421 | |
Hilton Domestic Operating Company Incorporated 144A | 5.38 | 5-1-2025 | 280,000 | 276,485 | |
Las Vegas Sands Corporation | 3.20 | 8-8-2024 | 550,000 | 529,305 | |
MGM Resorts International | 6.75 | 5-1-2025 | 195,000 | 195,481 | |
NCL Corporation limited 144A | 8.38 | 2-1-2028 | 165,000 | 167,636 | |
Royal Caribbean Cruises Limited 144A | 5.38 | 7-15-2027 | 320,000 | 281,259 | |
Royal Caribbean Cruises Limited 144A | 11.50 | 6-1-2025 | 221,000 | 235,392 | |
SeaWorld Parks & Entertainment Incorporated 144A | 8.75 | 5-1-2025 | 250,000 | 255,190 | |
Six Flags Entertainment Company 144A | 7.00 | 7-1-2025 | 380,000 | 384,028 | |
3,129,313 | |||||
Household durables: 0.09% | |||||
Newell Brands Incorporated | 4.45 | 4-1-2026 | 195,000 | 184,334 | |
Internet & direct marketing retail: 0.19% | |||||
QVC Incorporated | 4.85 | 4-1-2024 | 430,000 | 403,667 | |
Specialty retail: 0.21% | |||||
Bath & Body Works Incorporated 144A | 9.38 | 7-1-2025 | 294,000 | 310,905 | |
Penske Automotive Group Incorporated | 3.50 | 9-1-2025 | 140,000 | 130,907 | |
441,812 | |||||
Textiles, apparel & luxury goods: 0.24% | |||||
G-III Apparel Group Limited 144A | 7.88 | 8-15-2025 | 435,000 | 409,988 | |
Michael Kors USA Incorporated 144A | 4.25 | 11-1-2024 | 110,000 | 105,463 | |
515,451 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 3
Portfolio of investments—February 28, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Consumer staples: 0.34% | |||||
Food products: 0.34% | |||||
Performance Food Group Incorporated 144A | 6.88% | 5-1-2025 | $ 355,000 | $ 355,765 | |
US Foods Incorporated 144A | 6.25 | 4-15-2025 | 370,000 | 368,647 | |
724,412 | |||||
Energy: 2.58% | |||||
Energy equipment & services: 0.34% | |||||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 650,000 | 625,677 | |
USA Compression Partners LP | 6.88 | 4-1-2026 | 115,000 | 110,215 | |
735,892 | |||||
Oil, gas & consumable fuels: 2.24% | |||||
Aethon United 144A | 8.25 | 2-15-2026 | 90,000 | 86,565 | |
Antero Midstream Company 144A | 7.88 | 5-15-2026 | 105,000 | 106,045 | |
Antero Resources Corporation 144A | 8.38 | 7-15-2026 | 390,000 | 403,185 | |
Buckeye Partners LP 144A | 4.13 | 3-1-2025 | 35,000 | 32,812 | |
Crestwood Midstream Partners LP | 5.75 | 4-1-2025 | 605,000 | 586,827 | |
DCP Midstream Operating LP | 5.38 | 7-15-2025 | 455,000 | 449,388 | |
EnLink Midstream Partners LP | 4.15 | 6-1-2025 | 232,000 | 222,471 | |
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 720,000 | 674,971 | |
EQM Midsteram Partners LP | 4.00 | 8-1-2024 | 65,000 | 62,092 | |
EQT Corporation | 6.13 | 2-1-2025 | 405,000 | 405,559 | |
Murphy Oil Corporation | 5.75 | 8-15-2025 | 200,000 | 197,969 | |
Range Resources Corporation | 4.88 | 5-15-2025 | 225,000 | 219,509 | |
Range Resources Corporation | 8.25 | 1-15-2029 | 90,000 | 92,363 | |
Rockies Express Pipeline LLC 144A | 3.60 | 5-15-2025 | 529,000 | 489,156 | |
Southwestern Energy Company | 5.70 | 1-23-2025 | 32,000 | 31,706 | |
Tallgrass Energy Partners LP 144A | 6.00 | 3-1-2027 | 360,000 | 334,256 | |
Western Gas Partners LP | 4.65 | 7-1-2026 | 385,000 | 365,750 | |
4,760,624 | |||||
Financials: 2.71% | |||||
Consumer finance: 1.05% | |||||
Ford Motor Credit Company LLC | 5.58 | 3-18-2024 | 400,000 | 397,200 | |
LFS TopCo LLC 144A | 5.88 | 10-15-2026 | 215,000 | 185,157 | |
Navient Corporation | 5.88 | 10-25-2024 | 590,000 | 573,515 | |
Navient Corporation | 7.25 | 9-25-2023 | 87,000 | 87,252 | |
OneMain Finance Corporation | 3.50 | 1-15-2027 | 120,000 | 100,784 | |
OneMain Finance Corporation | 6.13 | 3-15-2024 | 475,000 | 468,341 | |
PRA Group Incorporated 144A | 7.38 | 9-1-2025 | 290,000 | 289,045 | |
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 165,000 | 142,377 | |
2,243,671 | |||||
Diversified financial services: 0.51% | |||||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 245,000 | 212,538 | |
Hat Holdings LLC 144A | 6.00 | 4-15-2025 | 270,000 | 260,218 | |
United Wholesale Mortgage LLC 144A | 5.50 | 11-15-2025 | 650,000 | 603,850 | |
1,076,606 | |||||
Insurance: 0.25% | |||||
Tri Pointe Homes Incorporated | 5.88 | 6-15-2024 | 535,000 | 528,313 |
See accompanying notes to portfolio of investments
4 | Allspring Real Return Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Mortgage REITs: 0.34% | |||||
Starwood Property Trust Incorporated 144A | 3.75% | 12-31-2024 | $ 110,000 | $ 103,526 | |
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 495,000 | 472,364 | |
Starwood Property Trust Incorporated 144A | 5.50 | 11-1-2023 | 150,000 | 148,555 | |
724,445 | |||||
Thrifts & mortgage finance: 0.56% | |||||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 750,000 | 737,063 | |
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 475,000 | 443,845 | |
1,180,908 | |||||
Health care: 0.39% | |||||
Health care providers & services: 0.28% | |||||
Tenet Healthcare Corporation | 4.63 | 7-15-2024 | 235,000 | 231,181 | |
Tenet Healthcare Corporation | 4.88 | 1-1-2026 | 375,000 | 357,145 | |
588,326 | |||||
Health care technology: 0.11% | |||||
IQVIA Incorporated 144A | 5.00 | 10-15-2026 | 250,000 | 238,750 | |
Industrials: 2.10% | |||||
Aerospace & defense: 0.31% | |||||
TransDigm Group Incorporated 144A | 6.25 | 3-15-2026 | 670,000 | 661,120 | |
Airlines: 0.64% | |||||
American Airlines Group Incorporated 144A | 5.50 | 4-20-2026 | 170,000 | 165,452 | |
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 170,031 | 153,279 | |
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 340,000 | 316,171 | |
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 171,000 | 171,000 | |
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 545,000 | 547,044 | |
1,352,946 | |||||
Commercial services & supplies: 0.67% | |||||
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 310,000 | 294,426 | |
Aramark Services Incorporated 144A | 6.38 | 5-1-2025 | 590,000 | 586,159 | |
CoreCivic Incorporated | 8.25 | 4-15-2026 | 335,000 | 339,144 | |
Stericycle Incorporated 144A | 5.38 | 7-15-2024 | 215,000 | 211,844 | |
1,431,573 | |||||
Road & rail: 0.25% | |||||
Uber Technologies Incorporated 144A | 7.50 | 5-15-2025 | 525,000 | 530,322 | |
Trading companies & distributors: 0.23% | |||||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 505,000 | 492,563 | |
Information technology: 0.77% | |||||
Electronic equipment, instruments & components: 0.27% | |||||
Wesco Distribution Incorporated 144A | 7.13 | 6-15-2025 | 575,000 | 580,213 | |
IT services: 0.32% | |||||
Block Incorporated | 2.75 | 6-1-2026 | 85,000 | 75,844 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 5
Portfolio of investments—February 28, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
IT services (continued) | |||||
Sabre GLBL Incorporated 144A | 9.25% | 4-15-2025 | $ 385,000 | $ 378,971 | |
Sabre GLBL Incorporated 144A | 11.25 | 12-15-2027 | 230,000 | 229,855 | |
684,670 | |||||
Software: 0.18% | |||||
NCR Corporation 144A | 5.75 | 9-1-2027 | 98,000 | 94,985 | |
NortonLifeLock Incorporated 144A | 5.00 | 4-15-2025 | 285,000 | 276,838 | |
371,823 | |||||
Materials: 0.71% | |||||
Chemicals: 0.31% | |||||
Avient Corporation 144A | 5.75 | 5-15-2025 | 50,000 | 49,007 | |
Celanese US Holding LLC | 6.05 | 3-15-2025 | 615,000 | 612,724 | |
661,731 | |||||
Containers & packaging: 0.16% | |||||
Sealed Air Corporation 144A | 5.13 | 12-1-2024 | 50,000 | 49,123 | |
Sealed Air Corporation 144A | 5.50 | 9-15-2025 | 300,000 | 295,182 | |
344,305 | |||||
Metals & mining: 0.09% | |||||
Cleveland-Cliffs Incorporated 144A | 6.75 | 3-15-2026 | 195,000 | 196,975 | |
Paper & forest products: 0.15% | |||||
Clearwater Paper Corporation 144A | 5.38 | 2-1-2025 | 315,000 | 305,440 | |
Real estate: 0.14% | |||||
Equity REITs: 0.14% | |||||
Service Properties Trust Company | 4.35 | 10-1-2024 | 95,000 | 90,934 | |
Service Properties Trust Company | 7.50 | 9-15-2025 | 210,000 | 208,148 | |
299,082 | |||||
Utilities: 0.89% | |||||
Electric utilities: 0.35% | |||||
NextEra Energy Operating Partners LP 144A | 4.25 | 7-15-2024 | 755,000 | 729,519 | |
Independent power & renewable electricity producers: 0.54% | |||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 380,291 | 372,685 | |
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 825,000 | 781,787 | |
1,154,472 | |||||
Total Corporate bonds and notes (Cost $31,274,198) | 29,925,274 | ||||
Loans: 1.33% | |||||
Communication services: 0.11% | |||||
Entertainment: 0.05% | |||||
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ± | 6.41 | 10-17-2026 | 121,810 | 119,627 |
See accompanying notes to portfolio of investments
6 | Allspring Real Return Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Media: 0.06% | |||||
Gray Television Incorporated (3 Month LIBOR +2.50%) <± | 7.07% | 1-2-2026 | $ 100,000 | $ 98,583 | |
Hubbard Radio LLC (1 Month LIBOR +4.25%) ± | 8.89 | 3-28-2025 | 25,387 | 22,488 | |
121,071 | |||||
Consumer discretionary: 0.34% | |||||
Auto components: 0.06% | |||||
Clarios Global LP (1 Month LIBOR +3.25%) ± | 7.88 | 4-30-2026 | 118,779 | 118,056 | |
Hotels, restaurants & leisure: 0.28% | |||||
Carnival Corporation (1 Month LIBOR +3.00%) ± | 7.63 | 6-30-2025 | 78,221 | 76,832 | |
SeaWorld Parks & Entertainment Incorporated (1 Month LIBOR +3.00%) ± | 7.69 | 8-25-2028 | 369,348 | 367,808 | |
Wyndham Hotels & Resorts Incorporated (3 Month LIBOR +1.75%) ± | 6.38 | 5-30-2025 | 157,300 | 156,963 | |
601,603 | |||||
Energy: 0.08% | |||||
Oil, gas & consumable fuels: 0.08% | |||||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 9.23 | 9-29-2028 | 170,498 | 169,767 | |
Financials: 0.26% | |||||
Diversified financial services: 0.20% | |||||
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ‡± | 8.98 | 4-30-2024 | 92,988 | 72,996 | |
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 8.13 | 5-30-2025 | 361,938 | 356,056 | |
429,052 | |||||
Mortgage REITs: 0.06% | |||||
Claros Mortgage Trust Incorporated (U.S. SOFR 1 Month +4.50%) ‡± | 9.16 | 8-9-2026 | 118,800 | 117,463 | |
Industrials: 0.34% | |||||
Airlines: 0.29% | |||||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 10.00 | 6-21-2027 | 382,500 | 397,896 | |
SkyMiles IP Limited (3 Month LIBOR +3.75%) ± | 8.56 | 10-20-2027 | 204,250 | 211,272 | |
609,168 | |||||
Machinery: 0.00% | |||||
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) ± | 8.60 | 7-30-2027 | 853 | 833 | |
Road & rail: 0.05% | |||||
Uber Technologies Incorporated (1 Month LIBOR +3.50%) ± | 8.45 | 4-4-2025 | 117,538 | 117,410 | |
Information technology: 0.06% | |||||
Software: 0.06% | |||||
SS&C Technologies Incorporated Term Loan B3 (1 Month LIBOR +1.75%) ± | 6.38 | 4-16-2025 | 61,303 | 61,163 | |
SS&C Technologies Incorporated Term Loan B4 (1 Month LIBOR +1.75%) ± | 6.38 | 4-16-2025 | 54,363 | 54,238 | |
115,401 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 7
Portfolio of investments—February 28, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Utilities: 0.14% | |||||
Electric utilities: 0.14% | |||||
ExGen Renewables IV LLC (1 Month LIBOR +2.50%) ± | 7.46% | 12-15-2027 | $ 306,706 | $ 305,651 | |
Total Loans (Cost $2,860,722) | 2,825,102 | ||||
U.S. Treasury securities: 68.42% | |||||
TIPS | 0.13 | 7-15-2024 | 2,850,205 | 2,788,970 | |
TIPS | 0.13 | 10-15-2024 | 4,280,678 | 4,164,966 | |
TIPS | 0.13 | 4-15-2025 | 4,297,858 | 4,128,294 | |
TIPS | 0.13 | 10-15-2025 | 2,265,080 | 2,170,341 | |
TIPS | 0.13 | 4-15-2026 | 6,281,823 | 5,942,764 | |
TIPS | 0.13 | 7-15-2026 | 4,204,130 | 3,985,302 | |
TIPS | 0.13 | 10-15-2026 | 3,258,780 | 3,076,906 | |
TIPS | 0.13 | 4-15-2027 | 5,257,089 | 4,913,016 | |
TIPS | 0.13 | 1-15-2030 | 4,845,582 | 4,389,100 | |
TIPS | 0.13 | 7-15-2030 | 4,376,182 | 3,952,011 | |
TIPS | 0.13 | 1-15-2031 | 4,937,369 | 4,420,424 | |
TIPS | 0.13 | 7-15-2031 | 3,017,910 | 2,691,864 | |
TIPS | 0.13 | 1-15-2032 | 5,675,240 | 5,012,464 | |
TIPS | 0.13 | 2-15-2051 | 3,055,495 | 2,045,779 | |
TIPS | 0.13 | 2-15-2052 | 1,860,676 | 1,242,110 | |
TIPS | 0.25 | 1-15-2025 | 5,200,863 | 5,032,902 | |
TIPS | 0.25 | 7-15-2029 | 2,384,684 | 2,199,560 | |
TIPS | 0.25 | 2-15-2050 | 4,225,653 | 2,963,941 | |
TIPS | 0.38 | 7-15-2025 | 2,916,438 | 2,823,704 | |
TIPS | 0.38 | 1-15-2027 | 3,274,779 | 3,103,109 | |
TIPS | 0.38 | 7-15-2027 | 4,004,352 | 3,789,939 | |
TIPS | 0.50 | 4-15-2024 | 3,666,106 | 3,603,274 | |
TIPS | 0.50 | 1-15-2028 | 3,080,627 | 2,908,666 | |
TIPS | 0.63 | 1-15-2026 | 4,928,173 | 4,757,275 | |
TIPS | 0.63 | 7-15-2032 | 5,235,803 | 4,839,743 | |
TIPS | 0.63 | 2-15-2043 | 2,369,095 | 1,954,041 | |
TIPS | 0.75 | 7-15-2028 | 4,032,359 | 3,858,542 | |
TIPS | 0.75 | 2-15-2042 | 3,198,689 | 2,732,068 | |
TIPS | 0.75 | 2-15-2045 | 1,834,057 | 1,523,198 | |
TIPS | 0.88 | 1-15-2029 | 3,315,051 | 3,173,902 | |
TIPS | 0.88 | 2-15-2047 | 1,813,749 | 1,524,877 | |
TIPS | 1.00 | 2-15-2046 | 1,791,418 | 1,559,898 | |
TIPS | 1.00 | 2-15-2048 | 1,378,248 | 1,188,604 | |
TIPS | 1.00 | 2-15-2049 | 1,574,766 | 1,356,882 | |
TIPS | 1.13 | 1-15-2033 | 3,288,417 | 3,170,539 | |
TIPS | 1.38 | 2-15-2044 | 2,585,449 | 2,448,879 | |
TIPS | 1.63 | 10-15-2027 | 4,123,353 | 4,121,219 | |
TIPS | 1.75 | 1-15-2028 | 2,713,306 | 2,719,400 | |
TIPS | 2.00 | 1-15-2026 | 3,364,943 | 3,373,946 | |
TIPS | 2.13 | 2-15-2040 | 1,428,253 | 1,538,794 | |
TIPS | 2.13 | 2-15-2041 | 1,823,067 | 1,964,283 | |
TIPS | 2.38 | 1-15-2025 | 3,464,384 | 3,486,758 | |
TIPS | 2.38 | 1-15-2027 | 2,494,871 | 2,548,325 | |
TIPS | 2.50 | 1-15-2029 | 2,612,982 | 2,734,087 | |
TIPS | 3.38 | 4-15-2032 | 1,053,536 | 1,211,128 | |
TIPS | 3.63 | 4-15-2028 | 2,119,691 | 2,315,679 |
See accompanying notes to portfolio of investments
8 | Allspring Real Return Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
TIPS | 3.88% | 4-15-2029 | $2,780,639 | $ 3,134,881 | |
U.S. Treasury Note | 4.13 | 11-15-2032 | 925,000 | 939,742 | |
Total U.S. Treasury securities (Cost $159,509,578) | 145,526,096 | ||||
Yankee corporate bonds and notes: 1.97% | |||||
Communication services: 0.17% | |||||
Media: 0.17% | |||||
Videotron Limited 144A | 5.38 | 6-15-2024 | 360,000 | 356,101 | |
Consumer discretionary: 0.10% | |||||
Auto components: 0.10% | |||||
Adient Global Holdings Limited 144A | 4.88 | 8-15-2026 | 220,000 | 203,601 | |
Energy: 0.26% | |||||
Oil, gas & consumable fuels: 0.26% | |||||
NorthRiver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 580,000 | 546,179 | |
Financials: 0.46% | |||||
Diversified financial services: 0.46% | |||||
DAE Funding LLC 144A | 2.63 | 3-20-2025 | 370,000 | 346,155 | |
FMG Resources Proprietary Limited 144A | 5.13 | 5-15-2024 | 300,000 | 296,250 | |
New Red Finance Incorporated 144A | 5.75 | 4-15-2025 | 335,000 | 332,908 | |
975,313 | |||||
Health care: 0.29% | |||||
Pharmaceuticals: 0.29% | |||||
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 625,000 | 623,688 | |
Industrials: 0.27% | |||||
Airlines: 0.14% | |||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 290,000 | 308,850 | |
Trading companies & distributors: 0.13% | |||||
Fly Leasing Limited 144A | 7.00 | 10-15-2024 | 315,000 | 273,290 | |
Materials: 0.42% | |||||
Chemicals: 0.19% | |||||
Park Aerospace Holdings Company 144A | 5.50 | 2-15-2024 | 415,000 | 410,047 | |
Containers & packaging: 0.09% | |||||
Ardagh Packaging Finance plc 144A | 5.25 | 4-30-2025 | 200,000 | 193,350 | |
Metals & mining: 0.14% | |||||
Constellium SE 144A | 5.88 | 2-15-2026 | 300,000 | 292,952 | |
Total Yankee corporate bonds and notes (Cost $4,372,582) | 4,183,371 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 9
Portfolio of investments—February 28, 2023 (unaudited)
Yield | Shares | Value | |||
Short-term investments: 0.42% | |||||
Investment companies: 0.42% | |||||
Allspring Government Money Market Fund Select Class ♠∞## | 4.39% | 851,037 | $ 851,037 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 4.54 | 36,664 | 36,664 | ||
Total Short-term investments (Cost $887,700) | 887,701 | ||||
Total investments in securities (Cost $218,402,504) | 99.48% | 211,582,200 | |||
Other assets and liabilities, net | 0.52 | 1,115,624 | |||
Total net assets | 100.00% | $212,697,824 |
† | 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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
< | All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded. |
‡ | Security is valued using significant unobservable inputs. |
## | All or a portion of this security is segregated for unfunded loans. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
TIPS | Treasury Inflation-Protected Securities |
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 | $2,766,670 | $48,815,530 | $(50,731,163) | $ 0 | $0 | $851,037 | 851,037 | $47,448 | ||
Securities Lending Cash Investments LLC | 0 | 3,610,893 | (3,574,193) | (37) | 1 | 36,664 | 36,664 | 9,303# | ||
$(37) | $1 | $887,701 | $56,751 |
# | Amount shown represents income before fees and rebates. |
See accompanying notes to portfolio of investments
10 | Allspring Real Return Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
10-Year U.S. Ultra Treasury Notes | 12 | 6-21-2023 | $1,409,623 | $1,406,250 | $3,373 | $0 | |
U.S. Ultra Treasury Bonds | 12 | 6-21-2023 | 1,634,479 | 1,620,750 | 13,729 | 0 | |
Short | |||||||
2-Year U.S. Treasury Notes | (14) | 6-30-2023 | (2,860,616) | (2,852,172) | 0 | (8,444) | |
$17,102 | $(8,444) |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 11
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.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Equity securities and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee established by Allspring Funds Management, LLC ("Allspring Funds Management").
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On February 28, 2023, such fair value pricing was not used in pricing foreign securities.
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, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Portfolio are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
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
12 | Allspring Real Return Portfolio
Notes to portfolio of investments—February 28, 2023 (unaudited)
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.
When-issued transactions
The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.
As of February 28, 2023, the Portfolio had unfunded loan commitments of $851,037.
Futures contracts
Futures contracts are agreements between the Portfolio and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Portfolio may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Portfolio and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Portfolio since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.
Upon entering into futures contracts, the Portfolio is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable). Should the Portfolio fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Portfolio’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.
Inflation-indexed bonds and TIPS
The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index
Allspring Real Return Portfolio | 13
Notes to portfolio of investments—February 28, 2023 (unaudited)
measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
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 staples | $6,665,022 | $0 | $0 | $6,665,022 |
Energy | 3,631,476 | 0 | 0 | 3,631,476 |
Materials | 6,600,982 | 0 | 0 | 6,600,982 |
Real estate | 11,337,176 | 0 | 0 | 11,337,176 |
Corporate bonds and notes | 0 | 29,925,274 | 0 | 29,925,274 |
Loans | 0 | 2,634,643 | 190,459 | 2,825,102 |
U.S. Treasury securities | 145,526,096 | 0 | 0 | 145,526,096 |
Yankee corporate bonds and notes | 0 | 4,183,371 | 0 | 4,183,371 |
Short-term investments | ||||
Investment companies | 887,701 | 0 | 0 | 887,701 |
174,648,453 | 36,743,288 | 190,459 | 211,582,200 | |
Futures contracts | 13,729 | 0 | 0 | 13,729 |
Total assets | $174,662,182 | $36,743,288 | $190,459 | $211,595,929 |
Liabilities | ||||
Futures contracts | $5,071 | $0 | $0 | $5,071 |
Total liabilities | $5,071 | $0 | $0 | $5,071 |
14 | Allspring Real Return Portfolio
Notes to portfolio of investments—February 28, 2023 (unaudited)
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the 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 Portfolio of Investments.
As of February 28, 2023, $335,998 was segregated as cash collateral for open futures contracts.
For the nine months ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
Allspring Real Return Portfolio | 15