Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Common stocks: 98.28% | |||||
Communication services: 10.75% | |||||
Diversified telecommunication services: 1.99% | |||||
Verizon Communications Incorporated | 139,900 | $ 5,429,519 | |||
Entertainment: 3.98% | |||||
Activision Blizzard Incorporated | 77,450 | 5,905,563 | |||
Warner Music Group Corporation Class A | 157,500 | 4,970,700 | |||
10,876,263 | |||||
Interactive media & services: 1.72% | |||||
Alphabet Incorporated Class A † | 52,250 | 4,705,635 | |||
Media: 3.06% | |||||
Omnicom Group Incorporated | 92,450 | 8,373,197 | |||
Consumer discretionary: 8.55% | |||||
Household durables: 1.36% | |||||
Whirlpool Corporation | 26,900 | 3,711,662 | |||
Leisure products: 2.07% | |||||
Hasbro Incorporated | 102,920 | 5,661,629 | |||
Specialty retail: 2.05% | |||||
CarMax Incorporated † | 80,920 | 5,586,717 | |||
Textiles, apparel & luxury goods: 3.07% | |||||
Gildan Activewear Incorporated | 181,400 | 5,759,450 | |||
HanesBrands Incorporated | 462,700 | 2,628,136 | |||
8,387,586 | |||||
Consumer staples: 6.96% | |||||
Food products: 2.70% | |||||
Ingredion Incorporated | 29,960 | 2,978,024 | |||
The Kraft Heinz Company | 113,380 | 4,415,017 | |||
7,393,041 | |||||
Personal products: 2.45% | |||||
Unilever plc ADR | 133,850 | 6,683,131 | |||
Tobacco: 1.81% | |||||
Philip Morris International Incorporated | 50,900 | 4,952,570 | |||
Energy: 3.83% | |||||
Oil, gas & consumable fuels: 3.83% | |||||
EOG Resources Incorporated | 42,310 | 4,781,876 | |||
The Williams Companies Incorporated | 188,700 | 5,679,870 | |||
10,461,746 | |||||
Financials: 31.31% | |||||
Banks: 6.05% | |||||
JPMorgan Chase & Company | 46,650 | 6,687,278 |
See accompanying notes to portfolio of investments
Allspring C&B Large Cap Value Portfolio | 1
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Banks (continued) | |||||
PNC Financial Services Group Incorporated | 25,450 | $ 4,019,064 | |||
US Bancorp | 122,100 | 5,827,833 | |||
16,534,175 | |||||
Capital markets: 10.90% | |||||
Brookfield Corporation † | 209,660 | 6,971,195 | |||
London Stock Exchange Group plc ADR | 295,800 | 6,673,248 | |||
State Street Corporation | 107,420 | 9,526,006 | |||
The Charles Schwab Corporation | 85,050 | 6,627,096 | |||
29,797,545 | |||||
Consumer finance: 1.20% | |||||
Synchrony Financial | 91,500 | 3,267,465 | |||
Diversified financial services: 2.39% | |||||
Berkshire Hathaway Incorporated Class B † | 21,380 | 6,524,748 | |||
Insurance: 10.77% | |||||
Arch Capital Group Limited † | 77,730 | 5,441,100 | |||
Chubb Limited | 23,550 | 4,969,521 | |||
Fidelity National Financial Incorporated † | 162,100 | 6,461,306 | |||
Globe Life Incorporated | 45,800 | 5,573,402 | |||
Progressive Corporation | 23,097 | 3,314,881 | |||
The Allstate Corporation | 28,560 | 3,677,957 | |||
29,438,167 | |||||
Health care: 13.46% | |||||
Health care equipment & supplies: 6.73% | |||||
Becton Dickinson & Company | 19,920 | 4,672,236 | |||
Dentsply Sirona Incorporated | 171,840 | 6,541,949 | |||
Medtronic plc | 86,800 | 7,187,040 | |||
18,401,225 | |||||
Health care providers & services: 4.32% | |||||
HCA Healthcare Incorporated | 25,700 | 6,256,665 | |||
Laboratory Corporation of America Holdings | 23,130 | 5,536,397 | |||
11,793,062 | |||||
Pharmaceuticals: 2.41% | |||||
Johnson & Johnson | 42,900 | 6,574,854 | |||
Industrials: 11.30% | |||||
Aerospace & defense: 1.18% | |||||
Woodward Incorporated | 32,639 | 3,231,261 | |||
Commercial services & supplies: 2.07% | |||||
IAA Incorporated † | 138,480 | 5,665,217 | |||
Electrical equipment: 1.94% | |||||
AMETEK Incorporated | 37,340 | 5,285,850 |
See accompanying notes to portfolio of investments
2 | Allspring C&B Large Cap Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Machinery: 2.76% | |||||
ESAB Corporation | 40,793 | $ 2,392,509 | |||
Stanley Black & Decker Incorporated | 60,110 | 5,146,017 | |||
7,538,526 | |||||
Trading companies & distributors: 3.35% | |||||
AerCap Holdings NV † | 146,600 | 9,153,703 | |||
Information technology: 8.73% | |||||
Electronic equipment, instruments & components: 6.06% | |||||
Arrow Electronics Incorporated † | 78,180 | 9,224,458 | |||
TE Connectivity Limited | 57,485 | 7,318,990 | |||
16,543,448 | |||||
Software: 2.67% | |||||
Open Text Corporation | 212,340 | 7,300,249 | |||
Real estate: 1.89% | |||||
Real estate management & development: 1.89% | |||||
CBRE Group Incorporated Class A † | 60,590 | 5,158,633 | |||
Utilities: 1.50% | |||||
Gas utilities: 1.50% | |||||
Atmos Energy Corporation | 36,400 | 4,106,284 | |||
Total Common stocks (Cost $209,626,284) | 268,537,108 |
Yield | |||||
Short-term investments: 1.50% | |||||
Investment companies: 1.50% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.39% | 4,112,203 | 4,112,203 | ||
Total Short-term investments (Cost $4,112,203) | 4,112,203 | ||||
Total investments in securities (Cost $213,738,487) | 99.78% | 272,649,311 | |||
Other assets and liabilities, net | 0.22 | 599,136 | |||
Total net assets | 100.00% | $273,248,447 |
† | Non-income-earning security |
♠ | 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 |
See accompanying notes to portfolio of investments
Allspring C&B Large Cap Value Portfolio | 3
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 | $12,217,232 | $69,485,090 | $(77,590,119) | $ 0 | $0 | $4,112,203 | 4,112,203 | $124,782 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 0 | 7,758,270 | (7,758,254) | (16) | 0 | 0 | 0 | 5,118# | ||
$(16) | $0 | $4,112,203 | $129,900 |
# | Amount shown represents income before fees and rebates. |
See accompanying notes to portfolio of investments
4 | Allspring C&B Large Cap Value Portfolio
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) |
Allspring C&B Large Cap Value Portfolio | 5
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 | ||||
Communication services | $29,384,614 | $0 | $0 | $29,384,614 |
Consumer discretionary | 23,347,594 | 0 | 0 | 23,347,594 |
Consumer staples | 19,028,742 | 0 | 0 | 19,028,742 |
Energy | 10,461,746 | 0 | 0 | 10,461,746 |
Financials | 85,562,100 | 0 | 0 | 85,562,100 |
Health care | 36,769,141 | 0 | 0 | 36,769,141 |
Industrials | 30,874,557 | 0 | 0 | 30,874,557 |
Information technology | 23,843,697 | 0 | 0 | 23,843,697 |
Real estate | 5,158,633 | 0 | 0 | 5,158,633 |
Utilities | 4,106,284 | 0 | 0 | 4,106,284 |
Short-term investments | ||||
Investment companies | 4,112,203 | 0 | 0 | 4,112,203 |
Total assets | $272,649,311 | $0 | $0 | $272,649,311 |
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.
6 | Allspring C&B Large Cap Value Portfolio