Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Common stocks: 97.68% | |||||
Communication services: 5.89% | |||||
Diversified telecommunication services: 0.94% | |||||
AT&T Incorporated | 86,894 | $ 1,643,166 | |||
Verizon Communications Incorporated | 1,693 | 65,705 | |||
1,708,871 | |||||
Entertainment: 1.01% | |||||
The Walt Disney Company † | 18,551 | 1,847,865 | |||
Interactive media & services: 2.14% | |||||
Meta Platforms Incorporated Class A † | 12,839 | 2,246,055 | |||
TripAdvisor Incorporated | 46,094 | 994,248 | |||
Yelp Incorporated | 22,128 | 664,283 | |||
3,904,586 | |||||
Media: 0.21% | |||||
Comcast Corporation Class A | 4,624 | 171,874 | |||
DISH Network Corporation Class A † | 19,186 | 218,912 | |||
390,786 | |||||
Wireless telecommunication services: 1.59% | |||||
T-Mobile US Incorporated † | 20,328 | 2,890,235 | |||
Consumer discretionary: 6.68% | |||||
Automobiles: 1.16% | |||||
General Motors Company | 54,681 | 2,118,342 | |||
Distributors: 0.01% | |||||
LKQ Corporation | 344 | 19,708 | |||
Diversified consumer services: 0.45% | |||||
H&R Block Incorporated | 22,140 | 814,752 | |||
Hotels, restaurants & leisure: 1.47% | |||||
Bloomin' Brands Incorporated | 10,074 | 262,931 | |||
Marriott International Incorporated Class A | 11,826 | 2,001,432 | |||
MGM Resorts International | 9,694 | 416,939 | |||
2,681,302 | |||||
Multiline retail: 1.40% | |||||
Target Corporation | 15,176 | 2,557,156 | |||
Specialty retail: 1.06% | |||||
Best Buy Company Incorporated | 11,034 | 917,036 | |||
O'Reilly Automotive Incorporated † | 580 | 481,458 | |||
Signet Jewelers Limited | 7,411 | 530,774 | |||
1,929,268 | |||||
Textiles, apparel & luxury goods: 1.13% | |||||
Nike Incorporated Class B | 6,136 | 728,895 | |||
VF Corporation | 53,508 | 1,328,069 | |||
2,056,964 |
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio | 1
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Consumer staples: 7.20% | |||||
Beverages: 0.27% | |||||
Boston Beer Company Incorporated Class A | 645 | $ 208,851 | |||
The Coca-Cola Company | 4,600 | 273,746 | |||
482,597 | |||||
Food & staples retailing: 3.06% | |||||
Costco Wholesale Corporation | 91 | 44,060 | |||
The Kroger Company | 1,947 | 83,994 | |||
Walmart Incorporated | 38,338 | 5,448,980 | |||
5,577,034 | |||||
Food products: 1.12% | |||||
Cal-Maine Foods Incorporated | 9,339 | 530,455 | |||
Darling Ingredients Incorporated | 10,871 | 687,808 | |||
General Mills Incorporated | 3,210 | 255,227 | |||
Hain Celestial Group Incorporated | 9,337 | 166,479 | |||
Mondelez International Incorporated Class A | 6,207 | 404,572 | |||
2,044,541 | |||||
Household products: 0.48% | |||||
The Procter & Gamble Company | 6,373 | 876,670 | |||
Personal products: 0.66% | |||||
The Estee Lauder Companies Incorporated Class A | 4,971 | 1,208,202 | |||
Tobacco: 1.61% | |||||
Altria Group Incorporated | 63,254 | 2,936,883 | |||
Energy: 6.29% | |||||
Oil, gas & consumable fuels: 6.29% | |||||
Chevron Corporation | 26,022 | 4,183,557 | |||
Delek US Holdings Incorporated | 44,283 | 1,114,603 | |||
Exxon Mobil Corporation | 29,344 | 3,225,199 | |||
Kinder Morgan Incorporated | 18,841 | 321,427 | |||
Phillips 66 | 16,026 | 1,643,627 | |||
Valero Energy Corporation | 7,494 | 987,185 | |||
11,475,598 | |||||
Financials: 21.92% | |||||
Banks: 9.58% | |||||
Bank of America Corporation | 59,892 | 2,054,296 | |||
Bank of N.T. Butterfield & Son Limited | 12,114 | 437,921 | |||
Citigroup Incorporated | 70,044 | 3,550,530 | |||
JPMorgan Chase & Company | 54,688 | 7,839,525 | |||
PNC Financial Services Group Incorporated | 3,288 | 519,241 | |||
US Bancorp | 64,346 | 3,071,235 | |||
17,472,748 | |||||
Capital markets: 3.02% | |||||
BlackRock Incorporated | 248 | 170,979 | |||
CME Group Incorporated | 2,162 | 400,748 |
See accompanying notes to portfolio of investments
2 | Allspring Large Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Capital markets (continued) | |||||
Intercontinental Exchange Incorporated | 3,573 | $ 363,731 | |||
S&P Global Incorporated | 13,401 | 4,572,421 | |||
5,507,879 | |||||
Diversified financial services: 5.07% | |||||
Berkshire Hathaway Incorporated Class B † | 29,551 | 9,018,374 | |||
Jackson Financial Incorporation Class A | 4,835 | 219,412 | |||
9,237,786 | |||||
Insurance: 4.11% | |||||
AFLAC Incorporated | 46,871 | 3,194,259 | |||
Arthur J. Gallagher & Company | 21,647 | 4,055,565 | |||
Brown & Brown Incorporated | 1,688 | 94,646 | |||
Reinsurance Group of America Incorporated | 991 | 143,170 | |||
7,487,640 | |||||
Thrifts & mortgage finance: 0.14% | |||||
MGIC Investment Corporation | 18,629 | 256,335 | |||
Health care: 16.47% | |||||
Biotechnology: 2.20% | |||||
Biogen Incorporated † | 7,732 | 2,086,558 | |||
Exelixis Incorporated † | 43,223 | 738,249 | |||
Incyte Corporation † | 7,834 | 603,061 | |||
Sage Therapeutics Incorporated | 13,670 | 569,219 | |||
3,997,087 | |||||
Health care equipment & supplies: 1.13% | |||||
Boston Scientific Corporation † | 9,549 | 446,129 | |||
Enovis Corporation | 10,932 | 629,902 | |||
Integra LifeSciences Holdings Corporation † | 2,054 | 114,243 | |||
Intuitive Surgical Incorporated † | 989 | 226,867 | |||
Medtronic plc | 7,726 | 639,713 | |||
2,056,854 | |||||
Health care providers & services: 4.14% | |||||
Cigna Corporation | 7,673 | 2,241,283 | |||
Elevance Health Incorporated | 9,512 | 4,467,501 | |||
HCA Healthcare Incorporated | 547 | 133,167 | |||
Humana Incorporated | 1,205 | 596,499 | |||
Patterson Companies Incorporated | 4,205 | 111,517 | |||
7,549,967 | |||||
Life sciences tools & services: 3.62% | |||||
Agilent Technologies Incorporated | 25,117 | 3,565,860 | |||
IQVIA Holdings Incorporated † | 1,324 | 276,014 | |||
Medpace Holdings Incorporated | 840 | 162,859 | |||
Syneos Health Incorporated | 64,619 | 2,598,976 | |||
6,603,709 | |||||
Pharmaceuticals: 5.38% | |||||
Catalent Incorporated † | 11,313 | 771,773 | |||
Corcept Therapeutics Incorporated | 23,102 | 481,215 | |||
Eli Lilly & Company | 1,737 | 540,589 |
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio | 3
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Pharmaceuticals (continued) | |||||
Johnson & Johnson | 29,256 | $ 4,483,775 | |||
Merck & Company Incorporated | 3,194 | 339,331 | |||
Pfizer Incorporated | 38,695 | 1,569,856 | |||
Viatris Incorporated | 73,669 | 839,827 | |||
Zoetis Incorporated | 4,695 | 784,065 | |||
9,810,431 | |||||
Industrials: 8.02% | |||||
Aerospace & defense: 0.29% | |||||
L3Harris Technologies Incorporated | 2,504 | 528,820 | |||
Air freight & logistics: 1.69% | |||||
United Parcel Service Incorporated Class B | 16,858 | 3,076,416 | |||
Building products: 0.03% | |||||
Carrier Global Corporation | 1,478 | 66,554 | |||
Construction & engineering: 1.27% | |||||
Quanta Services Incorporated | 7,826 | 1,263,116 | |||
WillScot Mobile Mini Holdings Corporation † | 20,397 | 1,048,406 | |||
2,311,522 | |||||
Electrical equipment: 0.42% | |||||
EnerSys | 670 | 60,762 | |||
Vertiv Holdings Company | 43,374 | 704,828 | |||
765,590 | |||||
Industrial conglomerates: 2.23% | |||||
3M Company | 37,742 | 4,066,323 | |||
Road & rail: 2.09% | |||||
CSX Corporation | 124,892 | 3,807,957 | |||
Information technology: 8.29% | |||||
Communications equipment: 1.35% | |||||
Cisco Systems Incorporated | 33,294 | 1,612,095 | |||
CommScope Holdings Incorporated | 116,094 | 840,521 | |||
2,452,616 | |||||
Electronic equipment, instruments & components: 0.99% | |||||
Sanmina Corporation † | 6,518 | 394,078 | |||
Vishay Intertechnology Incorporated | 66,153 | 1,404,428 | |||
1,798,506 | |||||
IT services: 1.65% | |||||
FleetCor Technologies Incorporated † | 1,721 | 369,654 | |||
Sabre Corporation | 139,310 | 704,909 | |||
StoneCo Limited Class A † | 45,485 | 387,077 | |||
The Western Union Company | 22,623 | 293,194 | |||
WEX Incorporated † | 6,550 | 1,262,906 | |||
3,017,740 | |||||
Semiconductors & semiconductor equipment: 0.69% | |||||
Skyworks Solutions Incorporated | 11,281 | 1,258,621 |
See accompanying notes to portfolio of investments
4 | Allspring Large Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Software: 3.30% | |||||
Autodesk Incorporated † | 16,959 | $ 3,369,584 | |||
InterDigital Incorporated | 6,817 | 497,573 | |||
LiveRamp Holdings Incorporated | 24,526 | 579,549 | |||
NCR Corporation | 30,636 | 782,137 | |||
Synopsys Incorporated † | 2,152 | 782,812 | |||
6,011,655 | |||||
Technology hardware, storage & peripherals: 0.31% | |||||
Xerox Holdings Corporation | 34,554 | 569,795 | |||
Materials: 4.62% | |||||
Chemicals: 4.23% | |||||
Air Products & Chemicals Incorporated | 7,628 | 2,181,455 | |||
Ingevity Corporation | 1,186 | 97,916 | |||
Linde plc | 15,568 | 5,423,424 | |||
7,702,795 | |||||
Containers & packaging: 0.28% | |||||
AptarGroup Incorporated | 1,396 | 162,941 | |||
WestRock Company | 11,302 | 354,883 | |||
517,824 | |||||
Metals & mining: 0.11% | |||||
Alpha Metallurgical Resource Incorporated | 1,197 | 200,785 | |||
Real estate: 6.22% | |||||
Equity REITs: 6.22% | |||||
Alexandria Real Estate Equities Incorporated | 23,383 | 3,502,306 | |||
American Homes 4 Rent Class A | 27,734 | 860,309 | |||
Equinix Incorporated | 417 | 287,009 | |||
Prologis Incorporated | 17,062 | 2,105,451 | |||
Realty Income Corporation | 63,624 | 4,068,755 | |||
Rexford Industrial Realty Incorporated | 3,351 | 202,601 | |||
Weyerhaeuser Company | 10,184 | 318,250 | |||
11,344,681 | |||||
Utilities: 6.08% | |||||
Electric utilities: 4.26% | |||||
Duke Energy Corporation | 28,972 | 2,730,901 | |||
NextEra Energy Incorporated | 71,030 | 5,045,261 | |||
7,776,162 | |||||
Gas utilities: 1.50% | |||||
Atmos Energy Corporation | 15,892 | 1,792,777 | |||
Brookfield Infrastructure Corporation Class A | 21,875 | 945,219 | |||
2,737,996 | |||||
Independent power & renewable electricity producers: 0.15% | |||||
Vistra Energy Corporation | 12,301 | 270,499 |
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio | 5
Portfolio of investments—February 28, 2023 (unaudited)
Shares | Value | ||||
Multi-utilities: 0.17% | |||||
Public Service Enterprise Group Incorporated | 5,001 | $ 302,210 | |||
Total Common stocks (Cost $175,879,573) | 178,086,863 |
Yield | |||||
Short-term investments: 1.83% | |||||
Investment companies: 1.83% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.39% | 3,340,192 | 3,340,192 | ||
Total Short-term investments (Cost $3,340,192) | 3,340,192 | ||||
Total investments in securities (Cost $179,219,765) | 99.51% | 181,427,055 | |||
Other assets and liabilities, net | 0.49 | 885,926 | |||
Total net assets | 100.00% | $182,312,981 |
† | 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 |
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 | $4,485,592 | $29,978,804 | $(31,124,204) | $0 | $0 | $3,340,192 | 3,340,192 | $75,272 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 0 | 1,089,725 | (1,089,725) | 0 | 0 | 0 | 0 | 860# | ||
$0 | $0 | $3,340,192 | $76,132 |
# | Amount shown represents income before fees and rebates. |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 19 | 3-17-2023 | $3,737,939 | $3,776,725 | $38,786 | $0 |
See accompanying notes to portfolio of investments
6 | Allspring Large Company 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 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. 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.
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
Allspring Large Company Value Portfolio | 7
Notes to portfolio of investments—February 28, 2023 (unaudited)
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.
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 | $10,742,343 | $0 | $0 | $10,742,343 |
Consumer discretionary | 12,177,492 | 0 | 0 | 12,177,492 |
Consumer staples | 13,125,927 | 0 | 0 | 13,125,927 |
Energy | 11,475,598 | 0 | 0 | 11,475,598 |
Financials | 39,962,388 | 0 | 0 | 39,962,388 |
Health care | 30,018,048 | 0 | 0 | 30,018,048 |
Industrials | 14,623,182 | 0 | 0 | 14,623,182 |
Information technology | 15,108,933 | 0 | 0 | 15,108,933 |
Materials | 8,421,404 | 0 | 0 | 8,421,404 |
Real estate | 11,344,681 | 0 | 0 | 11,344,681 |
Utilities | 11,086,867 | 0 | 0 | 11,086,867 |
Short-term investments | ||||
Investment companies | 3,340,192 | 0 | 0 | 3,340,192 |
181,427,055 | 0 | 0 | 181,427,055 | |
Futures contracts | 38,786 | 0 | 0 | 38,786 |
Total assets | $181,465,841 | $0 | $0 | $181,465,841 |
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, $425,635 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.
8 | Allspring Large Company Value Portfolio