Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
Interest rate | Maturity date | Principal | Value | |||
Yankee corporate bonds and notes: 22.17% | ||||||
Azerbaijan: 1.57% | ||||||
State Oil Co. of the Azerbaijan Republic (Energy, Oil & gas) | 6.95 % | 3-18-2030 | $ | 200,000 | $205,632 | |
Chile: 1.60% | ||||||
Corp. Nacional del Cobre de Chile (Basic materials, Mining) | 4.25 | 7-17-2042 | 250,000 | 209,676 | ||
China: 4.45% | ||||||
State Grid Overseas Investment 2014 Ltd. (Utilities, Electric) | 4.13 | 5-7-2024 | 400,000 | 396,074 | ||
State Grid Overseas Investment BVI Ltd. (Utilities, Electric) | 2.88 | 5-18-2026 | 200,000 | 188,875 | ||
584,949 | ||||||
Indonesia: 2.52% | ||||||
Pertamina Persero PT (Energy, Oil & gas) | 5.63 | 5-20-2043 | 200,000 | 189,001 | ||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Utilities, Electric) | 4.00 | 6-30-2050 | 200,000 | 141,699 | ||
330,700 | ||||||
Malaysia: 3.52% | ||||||
Petronas Capital Ltd. (Energy, Oil & gas) | 3.50 | 4-21-2030 | 200,000 | 187,178 | ||
Petronas Capital Ltd. (Energy, Oil & gas) | 4.50 | 3-18-2045 | 300,000 | 275,824 | ||
463,002 | ||||||
Mexico: 1.77% | ||||||
Petroleos Mexicanos (Energy, Oil & gas) | 6.35 | 2-12-2048 | 30,000 | 17,467 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.38 | 1-23-2045 | 30,000 | 17,559 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.50 | 6-2-2041 | 30,000 | 18,492 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.75 | 9-21-2047 | 110,000 | 66,389 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.95 | 1-28-2060 | 90,000 | 53,737 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 7.69 | 1-23-2050 | 90,000 | 58,333 | ||
231,977 | ||||||
Peru: 1.09% | ||||||
Petroleos del Peru SA (Energy, Oil & gas) | 4.75 | 6-19-2032 | 200,000 | 143,222 | ||
Saudi Arabia: 1.39% | ||||||
KSA Sukuk Ltd. (Financial, Diversified financial services) | 2.97 | 10-29-2029 | 200,000 | 182,075 | ||
South Africa: 1.37% | ||||||
Eskom Holdings SOC Ltd. (Utilities, Electric) | 6.35 | 8-10-2028 | 200,000 | 180,548 | ||
United Arab Emirates: 2.89% | ||||||
Abu Dhabi Crude Oil Pipeline LLC (Energy, Pipelines) | 4.60 | 11-2-2047 | 200,000 | 184,796 | ||
MDGH GMTN RSC Ltd. (Financial, Investment Companies) | 3.00 | 4-19-2024 | 200,000 | 195,416 | ||
380,212 | ||||||
Total yankee corporate bonds and notes (Cost $3,330,012) | 2,911,993 | |||||
Yankee government bonds: 74.66% | ||||||
Abu Dhabi | 3.88 | 4-16-2050 | 200,000 | 166,500 |
See accompanying notes to portfolio of investments
Allspring Emerging Markets Bond Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Yankee government bonds (continued) | ||||||
Angolan | 8.25 % | 5-9-2028 | $ | 200,000 | $177,904 | |
Argentinaøø | 0.50 | 7-9-2030 | 100,000 | 26,250 | ||
Argentinaøø | 1.50 | 7-9-2035 | 175,000 | 40,624 | ||
Argentinaøø | 3.50 | 7-9-2041 | 145,000 | 37,323 | ||
Argentinaøø | 3.88 | 1-9-2038 | 215,000 | 61,833 | ||
Bahrain | 6.75 | 9-20-2029 | 200,000 | 195,863 | ||
Bahrain | 7.00 | 10-12-2028 | 200,000 | 202,218 | ||
Brazil | 4.50 | 5-30-2029 | 200,000 | 189,959 | ||
Brazil | 4.63 | 1-13-2028 | 200,000 | 195,410 | ||
Brazil | 5.00 | 1-27-2045 | 200,000 | 154,118 | ||
Chile | 3.13 | 1-21-2026 | 200,000 | 192,694 | ||
Colombia | 4.13 | 5-15-2051 | 200,000 | 116,733 | ||
Colombia | 4.50 | 1-28-2026 | 200,000 | 190,023 | ||
Colombia | 7.38 | 9-18-2037 | 150,000 | 139,072 | ||
Dominican Republic | 5.88 | 1-30-2060 | 200,000 | 148,053 | ||
Dominican Republic | 5.95 | 1-25-2027 | 350,000 | 341,779 | ||
Ecuadorøø | 1.50 | 7-31-2040 | 225,000 | 70,875 | ||
Ecuadorøø | 2.50 | 7-31-2035 | 200,000 | 68,254 | ||
Egypt | 5.88 | 6-11-2025 | 200,000 | 154,036 | ||
Egypt | 8.70 | 3-1-2049 | 200,000 | 102,048 | ||
El Salvador | 7.65 | 6-15-2035 | 150,000 | 79,299 | ||
Ghana† | 6.38 | 2-11-2027 | 200,000 | 80,550 | ||
Guatemala | 4.38 | 6-5-2027 | 200,000 | 189,014 | ||
Hungary | 5.38 | 3-25-2024 | 200,000 | 199,507 | ||
Hungary | 7.63 | 3-29-2041 | 120,000 | 132,678 | ||
Indonesia | 5.13 | 1-15-2045 | 200,000 | 195,000 | ||
Jamaica | 8.00 | 3-15-2039 | 100,000 | 119,558 | ||
Kazakhstan | 6.50 | 7-21-2045 | 200,000 | 206,734 | ||
Lebanon† | 6.60 | 11-27-2026 | 250,000 | 13,825 | ||
Lebanon† | 7.05 | 11-2-2035 | 200,000 | 10,902 | ||
Mexico | 3.25 | 4-16-2030 | 200,000 | 178,288 | ||
Mexico | 4.75 | 3-8-2044 | 80,000 | 67,421 | ||
Mexico | 5.55 | 1-21-2045 | 100,000 | 93,945 | ||
Mexico | 6.05 | 1-11-2040 | 20,000 | 20,187 | ||
Mexico | 6.75 | 9-27-2034 | 130,000 | 142,011 | ||
Nigeria | 7.63 | 11-21-2025 | 200,000 | 190,940 | ||
Nigeria | 7.63 | 11-28-2047 | 200,000 | 130,804 | ||
Oman | 4.75 | 6-15-2026 | 200,000 | 193,990 | ||
Oman | 6.50 | 3-8-2047 | 200,000 | 182,309 | ||
Pakistan | 8.25 | 9-30-2025 | 200,000 | 85,300 | ||
Panama | 3.87 | 7-23-2060 | 200,000 | 129,760 | ||
Panama | 4.50 | 5-15-2047 | 350,000 | 274,709 | ||
Paraguay | 5.00 | 4-15-2026 | 75,000 | 73,787 | ||
Peru | 2.78 | 12-1-2060 | 160,000 | 92,462 | ||
Peru | 3.55 | 3-10-2051 | 40,000 | 28,765 | ||
Peru | 4.13 | 8-25-2027 | 70,000 | 68,605 | ||
Peru | 5.63 | 11-18-2050 | 100,000 | 99,903 | ||
Perusahaan Penerbit SBSN Indonesia III | 4.45 | 2-20-2029 | 200,000 | 198,747 |
See accompanying notes to portfolio of investments
2 | Allspring Emerging Markets Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Yankee government bonds (continued) | ||||||
Philippines | 2.65 % | 12-10-2045 | $ | 200,000 | $134,954 | |
Philippines | 3.70 | 2-2-2042 | 200,000 | 164,000 | ||
Philippines | 5.50 | 3-30-2026 | 200,000 | 204,702 | ||
Poland | 5.50 | 4-4-2053 | 20,000 | 20,090 | ||
Qatar | 4.00 | 3-14-2029 | 200,000 | 197,504 | ||
Qatar | 4.63 | 6-2-2046 | 450,000 | 426,878 | ||
Republic of Kenya | 6.88 | 6-24-2024 | 200,000 | 183,704 | ||
Republic of Poland | 4.00 | 1-22-2024 | 40,000 | 39,642 | ||
Republic of Poland | 5.50 | 11-16-2027 | 70,000 | 72,380 | ||
Republic of South Africa | 6.25 | 3-8-2041 | 300,000 | 234,000 | ||
Romania | 4.00 | 2-14-2051 | 270,000 | 183,600 | ||
Romania | 4.88 | 1-22-2024 | 60,000 | 59,707 | ||
Romania | 5.13 | 6-15-2048 | 140,000 | 114,450 | ||
Saudi | 3.63 | 3-4-2028 | 200,000 | 192,037 | ||
Saudi | 4.50 | 10-26-2046 | 200,000 | 174,238 | ||
Sri Lanka† | 6.35 | 6-28-2024 | 200,000 | 72,647 | ||
Turkey | 4.88 | 10-9-2026 | 200,000 | 174,000 | ||
Turkey | 5.60 | 11-14-2024 | 200,000 | 189,375 | ||
Turkey | 7.38 | 2-5-2025 | 180,000 | 174,150 | ||
Uruguay | 4.98 | 4-20-2055 | 100,000 | 96,074 | ||
Uruguay | 5.10 | 6-18-2050 | 225,000 | 220,859 | ||
Venezuela† | 6.00 | 12-9-2020 | 225,000 | 12,375 | ||
Venezuela† | 7.00 | 3-31-2038 | 200,000 | 15,000 | ||
Total yankee government bonds (Cost $12,384,543) | 9,806,935 |
Yield | Shares | |||||
Short-term investments: 1.75% | ||||||
Investment companies: 1.75% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.01 | 230,108 | 230,108 | |||
Total short-term investments (Cost $230,108) | 230,108 | |||||
Total investments in securities (Cost $15,944,663) | 98.58 % | 12,949,036 | ||||
Other assets and liabilities, net | 1.42 | 186,286 | ||||
Total net assets | 100.00 % | $13,135,322 |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
† | 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. |
See accompanying notes to portfolio of investments
Allspring Emerging Markets Bond Portfolio | 3
Portfolio of investments—May 31, 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 | $216,710 | $683,582 | $(670,184 ) | $0 | $0 | $230,108 | 230,108 | $1,682 |
See accompanying notes to portfolio of investments
4 | Allspring Emerging Markets Bond Portfolio
Notes to portfolio of investments—May 31, 2023 (unaudited)
Notes to portfolio of investments
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.
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 any of 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.
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.
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 May 31, 2023:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Yankee corporate bonds and notes | $0 | $2,911,993 | $0 | $2,911,993 |
Yankee government bonds | 0 | 9,806,935 | 0 | 9,806,935 |
Short-term investments | ||||
Investment companies | 230,108 | 0 | 0 | 230,108 |
Total assets | $230,108 | $12,718,928 | $0 | $12,949,036 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the three months ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.
Allspring Emerging Markets Bond Portfolio | 5