Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Common stocks: 98.21% | |||||
Communication services: 7.01% | |||||
Diversified telecommunication services: 0.83% | |||||
AT&T Incorporated | 39,544 | $ 747,777 | |||
Verizon Communications Incorporated | 27,133 | 1,053,032 | |||
1,800,809 | |||||
Entertainment: 0.94% | |||||
Activision Blizzard Incorporated | 8,601 | 655,826 | |||
Netflix Incorporated † | 3,240 | 1,043,701 | |||
The Walt Disney Company † | 3,345 | 333,195 | |||
2,032,722 | |||||
Interactive media & services: 4.49% | |||||
Alphabet Incorporated Class A † | 35,583 | 3,204,605 | |||
Alphabet Incorporated Class C † | 37,848 | 3,417,674 | |||
Meta Platforms Incorporated Class A † | 15,937 | 2,788,019 | |||
Pinterest Incorporated Class A † | 4,344 | 109,078 | |||
TripAdvisor Incorporated | 9,764 | 210,609 | |||
9,729,985 | |||||
Media: 0.75% | |||||
Comcast Corporation Class A | 27,902 | 1,037,117 | |||
Fox Corporation Class A | 7,189 | 251,759 | |||
Interpublic Group of Companies Incorporated | 9,244 | 328,532 | |||
1,617,408 | |||||
Consumer discretionary: 9.92% | |||||
Automobiles: 1.92% | |||||
Ford Motor Company | 68,117 | 822,172 | |||
General Motors Company | 4,687 | 181,574 | |||
Tesla Motors Incorporated † | 15,384 | 3,164,643 | |||
4,168,389 | |||||
Diversified consumer services: 0.30% | |||||
Service Corporation International | 9,468 | 639,374 | |||
Hotels, restaurants & leisure: 1.84% | |||||
Airbnb Incorporated Class A † | 3,935 | 485,107 | |||
Boyd Gaming Corporation | 8,186 | 533,154 | |||
Chipotle Mexican Grill Incorporated † | 132 | 196,823 | |||
Darden Restaurants Incorporated | 6,609 | 945,021 | |||
McDonald's Corporation | 4,918 | 1,297,909 | |||
Starbucks Corporation | 5,231 | 534,033 | |||
3,992,047 | |||||
Household durables: 0.58% | |||||
D.R. Horton Incorporated | 3,423 | 316,559 | |||
Lennar Corporation Class A | 3,308 | 320,016 | |||
PulteGroup Incorporated | 11,287 | 617,060 | |||
1,253,635 |
See accompanying notes to portfolio of
investments
Allspring Disciplined Large Cap
Portfolio | 1
Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Internet & direct marketing retail: 1.92% | |||||
Amazon.com Incorporated † | 44,087 | $ 4,154,318 | |||
Multiline retail: 0.21% | |||||
Target Corporation | 2,705 | 455,793 | |||
Specialty retail: 2.46% | |||||
AutoNation Incorporated † | 2,315 | 316,021 | |||
AutoZone Incorporated † | 278 | 691,258 | |||
Best Buy Company Incorporated | 4,309 | 358,121 | |||
Dick's Sporting Goods Incorporated | 1,816 | 233,592 | |||
Lowe's Companies Incorporated | 4,197 | 863,533 | |||
The Home Depot Incorporated | 6,617 | 1,962,205 | |||
Ulta Beauty Incorporated † | 1,745 | 905,306 | |||
5,330,036 | |||||
Textiles, apparel & luxury goods: 0.69% | |||||
lululemon athletica Incorporated † | 1,913 | 591,500 | |||
Nike Incorporated Class B | 4,684 | 556,412 | |||
Tapestry Incorporated | 4,050 | 176,216 | |||
Under Armour Incorporated Class A † | 15,939 | 158,274 | |||
1,482,402 | |||||
Consumer staples: 5.79% | |||||
Beverages: 0.66% | |||||
Monster Beverage Corporation † | 3,058 | 311,182 | |||
PepsiCo Incorporated | 2,901 | 503,411 | |||
The Coca-Cola Company | 10,151 | 604,086 | |||
1,418,679 | |||||
Food & staples retailing: 2.45% | |||||
Costco Wholesale Corporation | 4,101 | 1,985,622 | |||
Performance Food Group Company † | 16,154 | 914,155 | |||
The Kroger Company | 21,811 | 940,927 | |||
Walmart Incorporated | 10,294 | 1,463,086 | |||
5,303,790 | |||||
Food products: 1.14% | |||||
Archer Daniels Midland Company | 13,533 | 1,077,227 | |||
Bunge Limited | 3,917 | 374,074 | |||
The Hershey Company | 954 | 227,357 | |||
Tyson Foods Incorporated Class A | 13,394 | 793,461 | |||
2,472,119 | |||||
Household products: 0.69% | |||||
The Procter & Gamble Company | 10,895 | 1,498,716 | |||
Tobacco: 0.85% | |||||
Altria Group Incorporated | 14,879 | 690,832 | |||
Philip Morris International Incorporated | 11,930 | 1,160,789 | |||
1,851,621 | |||||
Energy: 4.64% | |||||
Energy equipment & services: 0.18% | |||||
Halliburton Company | 10,744 | 389,255 |
See accompanying notes to portfolio of
investments
2 | Allspring
Disciplined Large Cap Portfolio
Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Oil, gas & consumable fuels: 4.46% | |||||
Chevron Corporation | 16,154 | $ 2,597,079 | |||
ConocoPhillips | 9,428 | 974,384 | |||
EOG Resources Incorporated | 4,674 | 528,255 | |||
EQT Corporation | 7,397 | 245,432 | |||
Exxon Mobil Corporation | 32,989 | 3,625,821 | |||
Marathon Petroleum Corporation | 5,032 | 621,955 | |||
Phillips 66 | 2,793 | 286,450 | |||
Valero Energy Corporation | 5,911 | 778,656 | |||
9,658,032 | |||||
Financials: 11.65% | |||||
Banks: 3.69% | |||||
Bank of America Corporation | 39,288 | 1,347,578 | |||
Bank OZK | 12,642 | 581,911 | |||
Citigroup Incorporated | 11,666 | 591,350 | |||
Citizens Financial Group Incorporated | 10,331 | 431,423 | |||
JPMorgan Chase & Company | 19,579 | 2,806,650 | |||
Popular Incorporated | 7,495 | 535,143 | |||
Regions Financial Corporation | 15,925 | 371,371 | |||
Signature Bank | 2,095 | 241,030 | |||
US Bancorp | 22,575 | 1,077,505 | |||
7,983,961 | |||||
Capital markets: 2.41% | |||||
Bank of New York Mellon Corporation | 16,583 | 843,743 | |||
CME Group Incorporated | 1,942 | 359,969 | |||
Interactive Brokers Group Incorporated Class A | 8,381 | 721,688 | |||
Jefferies Financial Group Incorporated | 18,912 | 714,684 | |||
Northern Trust Corporation | 6,593 | 628,115 | |||
State Street Corporation | 3,791 | 336,186 | |||
The Carlyle Group Incorporated | 7,263 | 249,847 | |||
The Charles Schwab Corporation | 3,158 | 246,071 | |||
The Goldman Sachs Group Incorporated | 3,207 | 1,127,742 | |||
5,228,045 | |||||
Consumer finance: 0.77% | |||||
Capital One Financial Corporation | 8,644 | 942,888 | |||
Discover Financial Services | 2,139 | 239,568 | |||
Synchrony Financial | 13,854 | 494,726 | |||
1,677,182 | |||||
Diversified financial services: 1.88% | |||||
Apollo Global Management Incorporated | 9,064 | 642,638 | |||
Berkshire Hathaway Incorporated Class B † | 11,241 | 3,430,528 | |||
4,073,166 | |||||
Insurance: 2.66% | |||||
Arch Capital Group Limited † | 10,001 | 700,070 | |||
Axis Capital Holdings Limited | 8,977 | 545,083 | |||
Everest Reinsurance Group Limited | 2,224 | 853,949 | |||
MetLife Incorporated | 17,825 | 1,278,587 | |||
Prudential Financial Incorporated | 4,058 | 405,800 | |||
Reinsurance Group of America Incorporated | 2,238 | 323,324 |
See accompanying notes to portfolio of
investments
Allspring Disciplined Large Cap
Portfolio | 3
Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Insurance (continued) | |||||
The Hartford Financial Services Group Incorporated | 11,219 | $ 878,223 | |||
W.R. Berkley Corporation | 11,560 | 765,156 | |||
5,750,192 | |||||
Thrifts & mortgage finance: 0.24% | |||||
MGIC Investment Corporation | 38,186 | 525,439 | |||
Health care: 13.91% | |||||
Biotechnology: 2.69% | |||||
AbbVie Incorporated | 8,630 | 1,328,157 | |||
Biogen Incorporated † | 1,829 | 493,574 | |||
Exelixis Incorporated † | 62,108 | 1,060,805 | |||
Moderna Incorporated † | 3,893 | 540,387 | |||
United Therapeutics Corporation † | 4,180 | 1,028,447 | |||
Vertex Pharmaceuticals Incorporated † | 4,725 | 1,371,620 | |||
5,822,990 | |||||
Health care equipment & supplies: 2.15% | |||||
Abbott Laboratories | 12,655 | 1,287,267 | |||
Align Technology Incorporated † | 548 | 169,606 | |||
Edwards Lifesciences Corporation † | 9,655 | 776,648 | |||
Hologic Incorporated † | 13,207 | 1,051,805 | |||
Intuitive Surgical Incorporated † | 5,303 | 1,216,455 | |||
Medtronic plc | 1,983 | 164,192 | |||
4,665,973 | |||||
Health care providers & services: 3.72% | |||||
AmerisourceBergen Corporation | 7,358 | 1,144,610 | |||
Centene Corporation † | 10,395 | 711,018 | |||
CVS Health Corporation | 16,072 | 1,342,655 | |||
Elevance Health Incorporated | 1,301 | 611,041 | |||
McKesson Corporation | 3,636 | 1,271,909 | |||
Molina Healthcare Incorporated † | 3,204 | 882,157 | |||
UnitedHealth Group Incorporated | 4,409 | 2,098,419 | |||
8,061,809 | |||||
Health care technology: 0.27% | |||||
Veeva Systems Incorporated Class A † | 3,583 | 593,560 | |||
Life sciences tools & services: 1.14% | |||||
Danaher Corporation | 5,218 | 1,291,612 | |||
Thermo Fisher Scientific Incorporated | 2,172 | 1,176,703 | |||
2,468,315 | |||||
Pharmaceuticals: 3.94% | |||||
Bristol-Myers Squibb Company | 20,877 | 1,439,678 | |||
Eli Lilly & Company | 1,967 | 612,170 | |||
Johnson & Johnson | 18,700 | 2,865,962 | |||
Merck & Company Incorporated | 16,394 | 1,741,699 | |||
Nektar Therapeutics † | 91,194 | 125,848 | |||
Pfizer Incorporated | 42,817 | 1,737,086 | |||
8,522,443 |
See accompanying notes to portfolio of
investments
4 | Allspring
Disciplined Large Cap Portfolio
Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Industrials: 9.54% | |||||
Aerospace & defense: 1.05% | |||||
General Dynamics Corporation | 3,121 | $ 711,307 | |||
Lockheed Martin Corporation | 3,308 | 1,568,852 | |||
2,280,159 | |||||
Air freight & logistics: 1.40% | |||||
Expeditors International of Washington Incorporated | 10,718 | 1,120,674 | |||
FedEx Corporation | 3,095 | 628,966 | |||
United Parcel Service Incorporated Class B | 7,040 | 1,284,730 | |||
3,034,370 | |||||
Airlines: 0.37% | |||||
Alaska Air Group Incorporated † | 10,585 | 506,281 | |||
Southwest Airlines Company | 8,526 | 286,303 | |||
792,584 | |||||
Building products: 1.46% | |||||
Builders FirstSource Incorporated † | 8,354 | 708,252 | |||
Carrier Global Corporation | 16,955 | 763,484 | |||
Masco Corporation | 15,302 | 802,284 | |||
Owens Corning Incorporated | 9,077 | 887,640 | |||
3,161,660 | |||||
Commercial services & supplies: 0.66% | |||||
Copart Incorporated † | 9,081 | 639,847 | |||
Waste Management Incorporated | 5,302 | 794,028 | |||
1,433,875 | |||||
Electrical equipment: 0.67% | |||||
Acuity Brands Incorporated | 3,703 | 718,234 | |||
AMETEK Incorporated | 2,415 | 341,867 | |||
Regal Rexnord Corporation | 2,475 | 390,159 | |||
1,450,260 | |||||
Industrial conglomerates: 0.11% | |||||
Honeywell International Incorporated | 1,283 | 245,669 | |||
Machinery: 1.71% | |||||
AGCO Corporation | 4,203 | 591,824 | |||
Allison Transmission Holdings Incorporated | 25,524 | 1,212,390 | |||
Cummins Incorporated | 910 | 221,203 | |||
Parker-Hannifin Corporation | 1,880 | 661,478 | |||
Snap-on Incorporated | 2,141 | 532,424 | |||
The Timken Company | 5,661 | 483,732 | |||
3,703,051 | |||||
Road & rail: 1.08% | |||||
CSX Corporation | 20,693 | 630,930 | |||
Ryder System Incorporated | 4,125 | 403,879 | |||
Schneider National Incorporated Class B | 32,360 | 908,022 | |||
Union Pacific Corporation | 1,946 | 403,367 | |||
2,346,198 |
See accompanying notes to portfolio of
investments
Allspring Disciplined Large Cap
Portfolio | 5
Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Trading companies & distributors: 1.03% | |||||
United Rentals Incorporated | 3,138 | $ 1,470,247 | |||
Univar Incorporated † | 5,640 | 195,990 | |||
W.W. Grainger Incorporated | 830 | 554,797 | |||
2,221,034 | |||||
Information technology: 26.86% | |||||
Communications equipment: 1.44% | |||||
Arista Networks Incorporated † | 5,764 | 799,467 | |||
Cisco Systems Incorporated | 43,495 | 2,106,028 | |||
F5 Networks Incorporated † | 1,445 | 206,606 | |||
3,112,101 | |||||
Electronic equipment, instruments & components: 0.51% | |||||
Jabil Circuit Incorporated | 9,098 | 755,407 | |||
Keysight Technologies Incorporated † | 2,253 | 360,390 | |||
1,115,797 | |||||
IT services: 4.33% | |||||
Accenture plc Class A | 5,206 | 1,382,453 | |||
Amdocs Limited | 3,756 | 344,087 | |||
Cognizant Technology Solutions Corporation Class A | 8,744 | 547,637 | |||
EPAM Systems Incorporated † | 1,097 | 337,492 | |||
FleetCor Technologies Incorporated † | 2,679 | 575,422 | |||
MasterCard Incorporated Class A | 6,469 | 2,298,371 | |||
PayPal Holdings Incorporated † | 5,559 | 409,142 | |||
Snowflake Incorporated Class A | 2,492 | 384,715 | |||
Visa Incorporated Class A | 13,436 | 2,955,114 | |||
WEX Incorporated † | 702 | 135,353 | |||
9,369,786 | |||||
Semiconductors & semiconductor equipment: 5.52% | |||||
Advanced Micro Devices Incorporated † | 5,728 | 450,106 | |||
Applied Materials Incorporated | 5,719 | 664,262 | |||
Broadcom Incorporated | 3,920 | 2,329,617 | |||
Cirrus Logic Incorporated † | 2,845 | 292,324 | |||
Enphase Energy Incorporated † | 1,100 | 231,583 | |||
KLA Corporation | 2,777 | 1,053,538 | |||
Lam Research Corporation | 852 | 414,081 | |||
Microchip Technology Incorporated | 16,486 | 1,335,861 | |||
Micron Technology Incorporated | 2,121 | 122,636 | |||
Monolithic Power Systems Incorporated | 645 | 312,367 | |||
NVIDIA Corporation | 13,594 | 3,155,983 | |||
ON Semiconductor Corporation † | 3,858 | 298,648 | |||
Qualcomm Incorporated | 10,482 | 1,294,841 | |||
11,955,847 | |||||
Software: 8.98% | |||||
Adobe Incorporated † | 4,329 | 1,402,380 | |||
Atlassian Corporation Class A † | 1,413 | 232,198 | |||
Cadence Design Systems Incorporated † | 2,933 | 565,893 | |||
Confluent Incorporated Class A † | 10,405 | 253,778 | |||
Datadog Incorporated Class A † | 6,030 | 461,416 | |||
Dropbox Incorporated Class A † | 25,926 | 528,890 | |||
Fortinet Incorporated † | 15,888 | 944,383 |
See accompanying notes to portfolio of
investments
6 | Allspring
Disciplined Large Cap Portfolio
Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Software (continued) | |||||
Intuit Incorporated | 891 | $ 362,797 | |||
Microsoft Corporation | 43,969 | 10,966,749 | |||
Oracle Corporation | 3,401 | 297,247 | |||
Paycom Software Incorporated † | 440 | 127,186 | |||
Salesforce.com Incorporated † | 5,222 | 854,371 | |||
SentinelOne Incorporated Class A † | 7,212 | 115,320 | |||
ServiceNow Incorporated † | 710 | 306,841 | |||
Synopsys Incorporated † | 2,223 | 808,638 | |||
The Trade Desk Incorporated Class A † | 5,040 | 282,038 | |||
VMware Incorporated Class A † | 4,705 | 518,162 | |||
Zoom Video Communications Incorporated † | 5,746 | 428,594 | |||
19,456,881 | |||||
Technology hardware, storage & peripherals: 6.08% | |||||
Apple Incorporated | 88,041 | 12,978,124 | |||
Pure Storage Incorporated Class A † | 7,018 | 200,294 | |||
13,178,418 | |||||
Materials: 2.93% | |||||
Chemicals: 1.62% | |||||
Celanese Corporation Series A | 2,963 | 344,389 | |||
CF Industries Holdings Incorporated | 12,337 | 1,059,625 | |||
Dow Incorporated | 5,156 | 294,923 | |||
LyondellBasell Industries NV Class A | 8,783 | 843,080 | |||
Olin Corporation | 3,156 | 182,259 | |||
Westlake Chemical Corporation | 6,593 | 785,490 | |||
3,509,766 | |||||
Containers & packaging: 0.14% | |||||
Packaging Corporation of America | 2,249 | 307,483 | |||
Metals & mining: 1.08% | |||||
Cleveland-Cliffs Incorporated † | 17,984 | 383,599 | |||
Nucor Corporation | 2,417 | 404,702 | |||
Reliance Steel & Aluminum Company | 2,994 | 742,033 | |||
Steel Dynamics Incorporated | 6,389 | 805,717 | |||
2,336,051 | |||||
Paper & forest products: 0.09% | |||||
Louisiana-Pacific Corporation | 3,406 | 199,285 | |||
Real estate: 3.17% | |||||
Equity REITs: 3.17% | |||||
Alexandria Real Estate Equities Incorporated | 2,583 | 386,882 | |||
AvalonBay Communities Incorporated | 3,025 | 521,873 | |||
Brixmor Property Group Incorporated | 10,453 | 236,656 | |||
CubeSmart | 9,853 | 462,992 | |||
Equity Residential | 8,540 | 533,921 | |||
Extra Space Storage Incorporated | 6,304 | 1,037,954 | |||
Gaming and Leisure Properties Incorporated | 8,008 | 431,471 | |||
Host Hotels & Resorts Incorporated | 11,965 | 201,012 | |||
National Retail Properties Incorporated | 7,074 | 320,594 | |||
Prologis Incorporated | 9,180 | 1,132,812 | |||
Public Storage Incorporated | 1,832 | 547,676 |
See accompanying notes to portfolio of
investments
Allspring Disciplined Large Cap
Portfolio | 7
Portfolio of investments—February 28, 2023
(unaudited)
Shares | Value | ||||
Equity REITs (continued) | |||||
SBA Communications Corporation | 1,390 | $ 360,497 | |||
Simon Property Group Incorporated | 5,745 | 701,407 | |||
6,875,747 | |||||
Utilities: 2.79% | |||||
Electric utilities: 0.89% | |||||
American Electric Power Company Incorporated | 6,761 | 594,765 | |||
Avangrid Incorporated | 10,141 | 395,803 | |||
NextEra Energy Incorporated | 5,596 | 397,484 | |||
The Southern Company | 8,547 | 538,974 | |||
1,927,026 | |||||
Gas utilities: 0.76% | |||||
National Fuel Gas Company | 14,196 | 813,147 | |||
UGI Corporation | 21,955 | 817,385 | |||
1,630,532 | |||||
Independent power & renewable electricity producers: 0.48% | |||||
AES Corporation | 24,030 | 593,060 | |||
Brookfield Renewable Corporation Class A | 8,953 | 249,341 | |||
Vistra Energy Corporation | 9,176 | 201,780 | |||
1,044,181 | |||||
Multi-utilities: 0.66% | |||||
Consolidated Edison Incorporated | 1,921 | 171,641 | |||
DTE Energy Company | 6,728 | 738,129 | |||
Sempra Energy | 3,490 | 523,360 | |||
1,433,130 | |||||
Total Common stocks (Cost $153,928,164) | 212,743,096 |
Yield | |||||
Short-term investments: 1.42% | |||||
Investment companies: 1.42% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.39% | 3,065,113 | 3,065,113 | ||
Total Short-term investments (Cost $3,065,113) | 3,065,113 | ||||
Total investments in securities (Cost $156,993,277) | 99.63% | 215,808,209 | |||
Other assets and liabilities, net | 0.37 | 809,486 | |||
Total net assets | 100.00% | $216,617,695 |
† | 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: | |
REIT | Real estate investment trust |
See accompanying notes to portfolio of
investments
8 | Allspring
Disciplined Large Cap 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 | $6,635,991 | $44,513,315 | $(48,084,193) | $0 | $0 | $3,065,113 | 3,065,113 | $89,957 |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 17 | 3-17-2023 | $3,485,000 | $3,379,175 | $0 | $(105,825) |
See accompanying notes to portfolio of
investments
Allspring Disciplined Large Cap
Portfolio | 9
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 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.
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.
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 security values and is subject to equity price 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.
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.
10 | Allspring
Disciplined Large Cap Portfolio
Notes to portfolio of investments—February
28, 2023 (unaudited)
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 | $15,180,924 | $0 | $0 | $15,180,924 |
Consumer discretionary | 21,475,994 | 0 | 0 | 21,475,994 |
Consumer staples | 12,544,925 | 0 | 0 | 12,544,925 |
Energy | 10,047,287 | 0 | 0 | 10,047,287 |
Financials | 25,237,985 | 0 | 0 | 25,237,985 |
Health care | 30,135,090 | 0 | 0 | 30,135,090 |
Industrials | 20,668,860 | 0 | 0 | 20,668,860 |
Information technology | 58,188,830 | 0 | 0 | 58,188,830 |
Materials | 6,352,585 | 0 | 0 | 6,352,585 |
Real estate | 6,875,747 | 0 | 0 | 6,875,747 |
Utilities | 6,034,869 | 0 | 0 | 6,034,869 |
Short-term investments | ||||
Investment companies | 3,065,113 | 0 | 0 | 3,065,113 |
Total assets | $215,808,209 | $0 | $0 | $215,808,209 |
Liabilities | ||||
Futures contracts | $105,825 | $0 | $0 | $105,825 |
Total liabilities | $105,825 | $0 | $0 | $105,825 |
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, $602,784
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 Disciplined Large Cap
Portfolio | 11