Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 80.43% | ||||||
Basic materials: 2.32% | ||||||
Chemicals: 1.43% | ||||||
Celanese U.S. Holdings LLC | 1.40 % | 8-5-2026 | $ | 200,000 | $174,225 | |
Dow Chemical Co. | 2.10 | 11-15-2030 | 750,000 | 623,557 | ||
DuPont de Nemours, Inc. | 5.42 | 11-15-2048 | 140,000 | 137,132 | ||
Eastman Chemical Co. | 4.80 | 9-1-2042 | 140,000 | 121,733 | ||
LYB International Finance III LLC | 3.80 | 10-1-2060 | 150,000 | 98,630 | ||
1,155,277 | ||||||
Mining: 0.89% | ||||||
Freeport-McMoRan, Inc. | 4.25 | 3-1-2030 | 325,000 | 298,124 | ||
Newmont Corp. | 2.60 | 7-15-2032 | 370,000 | 303,830 | ||
Southern Copper Corp. | 5.88 | 4-23-2045 | 115,000 | 116,516 | ||
718,470 | ||||||
Communications: 8.09% | ||||||
Internet: 1.69% | ||||||
Alphabet, Inc. | 2.25 | 8-15-2060 | 385,000 | 229,744 | ||
Amazon.com, Inc. | 1.00 | 5-12-2026 | 615,000 | 557,699 | ||
Amazon.com, Inc. | 3.95 | 4-13-2052 | 280,000 | 239,620 | ||
eBay, Inc. | 4.00 | 7-15-2042 | 175,000 | 139,038 | ||
Meta Platforms, Inc. | 4.45 | 8-15-2052 | 245,000 | 207,276 | ||
1,373,377 | ||||||
Media: 2.99% | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 3.85 | 4-1-2061 | 165,000 | 97,283 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital | 6.48 | 10-23-2045 | 245,000 | 221,731 | ||
Comcast Corp. | 2.35 | 1-15-2027 | 210,000 | 194,340 | ||
Comcast Corp. | 2.89 | 11-1-2051 | 475,000 | 312,784 | ||
Comcast Corp. | 2.99 | 11-1-2063 | 285,000 | 176,660 | ||
Discovery Communications LLC | 3.95 | 3-20-2028 | 400,000 | 370,546 | ||
Discovery Communications LLC | 4.00 | 9-15-2055 | 1,000 | 635 | ||
Paramount Global | 4.85 | 7-1-2042 | 140,000 | 103,400 | ||
Time Warner Cable LLC | 4.50 | 9-15-2042 | 270,000 | 200,097 | ||
Walt Disney Co. | 2.65 | 1-13-2031 | 855,000 | 743,163 | ||
2,420,639 | ||||||
Telecommunications: 3.41% | ||||||
AT&T, Inc. | 3.50 | 9-15-2053 | 360,000 | 249,913 | ||
AT&T, Inc. | 3.65 | 9-15-2059 | 340,000 | 232,863 | ||
AT&T, Inc. | 3.80 | 12-1-2057 | 235,000 | 167,203 | ||
Cisco Systems, Inc. | 2.95 | 2-28-2026 | 340,000 | 327,605 | ||
Corning, Inc. | 5.45 | 11-15-2079 | 215,000 | 190,196 | ||
T-Mobile USA, Inc. | 3.60 | 11-15-2060 | 295,000 | 204,269 | ||
T-Mobile USA, Inc. | 3.75 | 4-15-2027 | 580,000 | 550,999 |
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Telecommunications (continued) | ||||||
Verizon Communications, Inc. | 3.00 % | 11-20-2060 | $ | 370,000 | $226,827 | |
Verizon Communications, Inc. | 3.15 | 3-22-2030 | 680,000 | 608,057 | ||
2,757,932 | ||||||
Consumer, cyclical: 4.24% | ||||||
Airlines: 0.38% | ||||||
American Airlines Pass-Through Trust Series 2016-2 Class AA | 3.20 | 6-15-2028 | 198,582 | 177,902 | ||
United Airlines Pass-Through Trust Series 2013-1 Class A | 4.30 | 8-15-2025 | 132,982 | 127,237 | ||
305,139 | ||||||
Apparel: 0.07% | ||||||
NIKE, Inc. | 3.63 | 5-1-2043 | 70,000 | 58,173 | ||
Auto manufacturers: 0.37% | ||||||
General Motors Co. | 6.25 | 10-2-2043 | 175,000 | 165,674 | ||
General Motors Financial Co., Inc. | 5.65 | 1-17-2029 | 140,000 | 138,561 | ||
304,235 | ||||||
Distribution/wholesale: 0.32% | ||||||
WW Grainger, Inc. | 4.60 | 6-15-2045 | 280,000 | 260,770 | ||
Entertainment: 0.22% | ||||||
Warnermedia Holdings, Inc. | 5.14 | 3-15-2052 | 225,000 | 175,599 | ||
Retail: 2.88% | ||||||
Home Depot, Inc. | 4.88 | 2-15-2044 | 225,000 | 216,616 | ||
Lowe’s Cos., Inc. | 4.45 | 4-1-2062 | 130,000 | 102,035 | ||
Lowe’s Cos., Inc. | 4.50 | 4-15-2030 | 300,000 | 293,203 | ||
McDonald’s Corp. | 4.60 | 9-9-2032 | 460,000 | 458,175 | ||
Starbucks Corp. | 4.00 | 11-15-2028 | 500,000 | 484,539 | ||
Target Corp. | 3.63 | 4-15-2046 | 250,000 | 201,450 | ||
TJX Cos., Inc. | 3.88 | 4-15-2030 | 600,000 | 575,766 | ||
2,331,784 | ||||||
Consumer, non-cyclical: 14.75% | ||||||
Agriculture: 1.12% | ||||||
Altria Group, Inc. | 4.50 | 5-2-2043 | 175,000 | 137,256 | ||
BAT Capital Corp. | 4.54 | 8-15-2047 | 140,000 | 100,342 | ||
Philip Morris International, Inc. | 3.25 | 11-10-2024 | 210,000 | 204,714 | ||
Philip Morris International, Inc. | 4.50 | 3-20-2042 | 140,000 | 119,006 | ||
Reynolds American, Inc. | 4.45 | 6-12-2025 | 350,000 | 342,411 | ||
903,729 | ||||||
Beverages: 2.73% | ||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 4.90 | 2-1-2046 | 295,000 | 280,160 | ||
Anheuser-Busch InBev Worldwide, Inc. | 4.60 | 6-1-2060 | 105,000 | 93,382 | ||
Anheuser-Busch InBev Worldwide, Inc. | 5.80 | 1-23-2059 | 75,000 | 80,960 | ||
Coca-Cola Co. | 2.75 | 6-1-2060 | 280,000 | 191,250 | ||
Constellation Brands, Inc. | 3.15 | 8-1-2029 | 300,000 | 270,731 |
See accompanying notes to portfolio of investments
2 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Beverages (continued) | ||||||
Keurig Dr Pepper, Inc. | 4.60 % | 5-25-2028 | $ | 700,000 | $692,411 | |
Molson Coors Beverage Co. | 3.00 | 7-15-2026 | 635,000 | 597,925 | ||
2,206,819 | ||||||
Biotechnology: 1.37% | ||||||
Amgen, Inc. | 4.40 | 2-22-2062 | 225,000 | 181,277 | ||
Biogen, Inc. | 2.25 | 5-1-2030 | 700,000 | 586,135 | ||
Gilead Sciences, Inc. | 3.65 | 3-1-2026 | 350,000 | 339,736 | ||
1,107,148 | ||||||
Commercial services: 0.19% | ||||||
Ford Foundation Series 2020 | 2.82 | 6-1-2070 | 260,000 | 155,587 | ||
Cosmetics/Personal Care: 0.19% | ||||||
Estee Lauder Cos., Inc. | 6.00 | 5-15-2037 | 140,000 | 154,717 | ||
Food: 1.61% | ||||||
Kraft Heinz Foods Co. | 5.50 | 6-1-2050 | 180,000 | 177,299 | ||
Kroger Co. | 5.00 | 4-15-2042 | 175,000 | 159,948 | ||
Mondelez International, Inc. | 2.75 | 4-13-2030 | 440,000 | 387,615 | ||
Pilgrim’s Pride Corp. | 3.50 | 3-1-2032 | 370,000 | 295,667 | ||
Tyson Foods, Inc. | 4.35 | 3-1-2029 | 300,000 | 287,017 | ||
1,307,546 | ||||||
Healthcare-products: 1.31% | ||||||
Abbott Laboratories | 6.15 | 11-30-2037 | 166,000 | 186,384 | ||
Boston Scientific Corp. | 1.90 | 6-1-2025 | 835,000 | 789,089 | ||
Stryker Corp. | 4.63 | 3-15-2046 | 95,000 | 86,880 | ||
1,062,353 | ||||||
Healthcare-services: 2.39% | ||||||
Aetna, Inc. | 4.50 | 5-15-2042 | 105,000 | 90,036 | ||
Ascension Health | 3.95 | 11-15-2046 | 95,000 | 79,846 | ||
Baptist Health South Florida Obligated Group Series 2021 | 3.12 | 11-15-2071 | 295,000 | 174,695 | ||
CommonSpirit Health | 4.35 | 11-1-2042 | 175,000 | 149,277 | ||
Elevance Health, Inc. | 5.85 | 1-15-2036 | 200,000 | 208,397 | ||
HCA, Inc.144A | 4.38 | 3-15-2042 | 180,000 | 145,837 | ||
HCA, Inc.144A | 4.63 | 3-15-2052 | 315,000 | 253,688 | ||
Quest Diagnostics, Inc. | 2.95 | 6-30-2030 | 300,000 | 265,000 | ||
UnitedHealth Group, Inc. | 4.20 | 1-15-2047 | 200,000 | 174,201 | ||
UnitedHealth Group, Inc. | 4.25 | 4-15-2047 | 300,000 | 261,536 | ||
UnitedHealth Group, Inc. | 5.88 | 2-15-2053 | 120,000 | 131,208 | ||
1,933,721 | ||||||
Household products/wares: 0.21% | ||||||
Kimberly-Clark Corp. | 6.63 | 8-1-2037 | 140,000 | 166,580 | ||
Pharmaceuticals: 3.63% | ||||||
AbbVie, Inc. | 4.85 | 6-15-2044 | 475,000 | 436,532 |
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Pharmaceuticals (continued) | ||||||
AmerisourceBergen Corp. | 4.25 % | 3-1-2045 | $ | 175,000 | $143,883 | |
Bristol-Myers Squibb Co. | 3.90 | 3-15-2062 | 175,000 | 136,624 | ||
Cigna Group | 4.80 | 7-15-2046 | 210,000 | 187,620 | ||
CVS Health Corp. | 5.05 | 3-25-2048 | 585,000 | 528,422 | ||
Eli Lilly & Co. | 2.75 | 6-1-2025 | 70,000 | 67,544 | ||
Johnson & Johnson | 4.38 | 12-5-2033 | 770,000 | 781,684 | ||
Mead Johnson Nutrition Co. | 5.90 | 11-1-2039 | 70,000 | 72,406 | ||
Merck & Co., Inc. | 2.75 | 2-10-2025 | 380,000 | 368,555 | ||
Zoetis, Inc. | 4.70 | 2-1-2043 | 240,000 | 219,992 | ||
2,943,262 | ||||||
Energy: 6.16% | ||||||
Oil & gas: 1.49% | ||||||
BP Capital Markets America, Inc. | 3.94 | 9-21-2028 | 200,000 | 193,655 | ||
ConocoPhillips | 5.90 | 10-15-2032 | 175,000 | 190,319 | ||
Exxon Mobil Corp. | 2.71 | 3-6-2025 | 345,000 | 333,271 | ||
Marathon Petroleum Corp. | 3.80 | 4-1-2028 | 385,000 | 361,774 | ||
Phillips 66 | 4.65 | 11-15-2034 | 140,000 | 130,906 | ||
1,209,925 | ||||||
Oil & gas services: 0.96% | ||||||
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc. | 3.34 | 12-15-2027 | 670,000 | 627,034 | ||
Halliburton Co. | 4.50 | 11-15-2041 | 175,000 | 146,464 | ||
773,498 | ||||||
Pipelines: 3.71% | ||||||
Enbridge Energy Partners LP | 5.50 | 9-15-2040 | 140,000 | 131,252 | ||
Energy Transfer LP | 5.00 | 5-15-2050 | 255,000 | 208,593 | ||
Energy Transfer LP | 5.95 | 10-1-2043 | 140,000 | 128,637 | ||
Enterprise Products Operating LLC | 5.35 | 1-31-2033 | 335,000 | 341,463 | ||
Enterprise Products Operating LLC | 5.70 | 2-15-2042 | 140,000 | 138,915 | ||
Kinder Morgan Energy Partners LP | 5.00 | 8-15-2042 | 175,000 | 148,177 | ||
Kinder Morgan Energy Partners LP | 5.50 | 3-1-2044 | 210,000 | 188,833 | ||
Kinder Morgan Energy Partners LP | 5.80 | 3-15-2035 | 70,000 | 69,330 | ||
ONEOK, Inc. | 4.55 | 7-15-2028 | 500,000 | 480,845 | ||
Plains All American Pipeline LP/PAA Finance Corp. | 3.60 | 11-1-2024 | 210,000 | 203,717 | ||
Sabine Pass Liquefaction LLC | 5.00 | 3-15-2027 | 400,000 | 395,282 | ||
Spectra Energy Partners LP | 3.38 | 10-15-2026 | 300,000 | 283,642 | ||
Williams Cos., Inc. | 6.30 | 4-15-2040 | 273,000 | 282,633 | ||
3,001,319 | ||||||
Financial: 26.04% | ||||||
Banks: 8.58% | ||||||
Bank of America Corp. (U.S. SOFR +1.37%)± | 1.92 | 10-24-2031 | 630,000 | 497,531 | ||
Bank of America Corp. (U.S. SOFR +1.56%)± | 2.97 | 7-21-2052 | 125,000 | 83,129 | ||
Bank of America Corp. (3 Month LIBOR +3.15%)± | 4.08 | 3-20-2051 | 380,000 | 305,830 | ||
Citigroup, Inc. (U.S. SOFR +0.69%)± | 2.01 | 1-25-2026 | 375,000 | 352,793 | ||
Citigroup, Inc. (U.S. SOFR +1.17%)± | 2.56 | 5-1-2032 | 155,000 | 127,241 |
See accompanying notes to portfolio of investments
4 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Citigroup, Inc. (U.S. SOFR 3 Month +1.65%)± | 3.67 % | 7-24-2028 | $ | 325,000 | $305,496 | |
Citigroup, Inc. (U.S. SOFR +1.94%)± | 3.79 | 3-17-2033 | 170,000 | 150,944 | ||
Citizens Financial Group, Inc. (5 Year Treasury Constant Maturity +2.50%)± | 4.30 | 2-11-2031 | 200,000 | 160,487 | ||
Discover Bank | 4.25 | 3-13-2026 | 250,000 | 238,323 | ||
Fifth Third Bancorp | 3.95 | 3-14-2028 | 400,000 | 365,081 | ||
Fifth Third Bank NA | 2.25 | 2-1-2027 | 250,000 | 219,552 | ||
Goldman Sachs Group, Inc. (U.S. SOFR 3 Month +1.16%)± | 3.81 | 4-23-2029 | 415,000 | 386,822 | ||
Goldman Sachs Group, Inc. (U.S. SOFR 3 Month +1.43%)± | 4.41 | 4-23-2039 | 125,000 | 109,530 | ||
Goldman Sachs Group, Inc. | 4.75 | 10-21-2045 | 360,000 | 322,914 | ||
JPMorgan Chase & Co. (U.S. SOFR +2.52%)± | 2.96 | 5-13-2031 | 720,000 | 615,103 | ||
JPMorgan Chase & Co. | 6.40 | 5-15-2038 | 110,000 | 122,895 | ||
KeyBank NA | 3.30 | 6-1-2025 | 250,000 | 227,438 | ||
Morgan Stanley (U.S. SOFR +1.36%)± | 2.48 | 9-16-2036 | 385,000 | 290,584 | ||
Morgan Stanley | 4.30 | 1-27-2045 | 290,000 | 251,199 | ||
Northern Trust Corp. | 3.95 | 10-30-2025 | 175,000 | 169,191 | ||
PNC Bank NA | 3.88 | 4-10-2025 | 250,000 | 239,743 | ||
Santander Holdings USA, Inc. | 4.50 | 7-17-2025 | 350,000 | 338,676 | ||
Truist Bank | 3.30 | 5-15-2026 | 600,000 | 549,012 | ||
U.S. Bancorp Series V | 2.38 | 7-22-2026 | 190,000 | 174,272 | ||
U.S. Bancorp Series W | 3.60 | 9-11-2024 | 350,000 | 340,343 | ||
6,944,129 | ||||||
Diversified financial services: 6.29% | ||||||
Air Lease Corp. | 2.30 | 2-1-2025 | 795,000 | 749,784 | ||
Air Lease Corp. | 3.25 | 3-1-2025 | 200,000 | 190,421 | ||
American Express Co. (U.S. SOFR +1.76%)± | 4.42 | 8-3-2033 | 590,000 | 557,955 | ||
BlackRock, Inc. | 3.25 | 4-30-2029 | 435,000 | 411,094 | ||
Capital One Financial Corp. | 3.75 | 7-28-2026 | 525,000 | 491,696 | ||
Charles Schwab Corp. | 3.63 | 4-1-2025 | 140,000 | 134,980 | ||
Charles Schwab Corp. | 4.63 | 3-22-2030 | 650,000 | 620,843 | ||
Intercontinental Exchange, Inc. | 3.75 | 9-21-2028 | 500,000 | 479,001 | ||
Mastercard, Inc. | 3.50 | 2-26-2028 | 400,000 | 387,653 | ||
Mastercard, Inc. | 3.95 | 2-26-2048 | 140,000 | 123,366 | ||
Synchrony Financial | 3.95 | 12-1-2027 | 150,000 | 129,528 | ||
Visa, Inc. | 2.05 | 4-15-2030 | 475,000 | 410,381 | ||
Visa, Inc. | 2.75 | 9-15-2027 | 300,000 | 282,922 | ||
Western Union Co. | 6.20 | 11-17-2036 | 122,000 | 121,063 | ||
5,090,687 | ||||||
Insurance: 4.34% | ||||||
Allstate Corp. (3 Month LIBOR +2.12%)± | 6.50 | 5-15-2057 | 115,000 | 112,125 | ||
American International Group, Inc. Series A-9 (3 Month LIBOR +2.87%)± | 5.75 | 4-1-2048 | 200,000 | 192,100 | ||
Aon Corp. | 6.25 | 9-30-2040 | 70,000 | 73,932 | ||
Arch Capital Group U.S., Inc. | 5.14 | 11-1-2043 | 147,000 | 134,084 | ||
Berkshire Hathaway Finance Corp. | 5.75 | 1-15-2040 | 240,000 | 265,151 | ||
Berkshire Hathaway, Inc. | 3.13 | 3-15-2026 | 565,000 | 548,889 | ||
Chubb Corp. | 6.00 | 5-11-2037 | 196,000 | 210,968 |
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 5
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Insurance (continued) | ||||||
Chubb INA Holdings, Inc. | 3.35 % | 5-15-2024 | $ | 350,000 | $342,922 | |
Loews Corp. | 4.13 | 5-15-2043 | 140,000 | 114,684 | ||
Marsh & McLennan Cos., Inc. | 3.50 | 6-3-2024 | 200,000 | 195,712 | ||
Marsh & McLennan Cos., Inc. | 4.90 | 3-15-2049 | 110,000 | 100,895 | ||
MetLife, Inc. | 6.38 | 6-15-2034 | 196,000 | 215,790 | ||
Principal Financial Group, Inc. | 3.40 | 5-15-2025 | 140,000 | 134,672 | ||
Progressive Corp. | 6.25 | 12-1-2032 | 252,000 | 277,462 | ||
Prudential Financial, Inc. Series B | 5.75 | 7-15-2033 | 350,000 | 369,989 | ||
Transatlantic Holdings, Inc. | 8.00 | 11-30-2039 | 70,000 | 86,374 | ||
XL Group Ltd. | 5.25 | 12-15-2043 | 140,000 | 138,706 | ||
3,514,455 | ||||||
Investment Companies: 0.82% | ||||||
Ares Capital Corp. | 3.20 | 11-15-2031 | 240,000 | 183,082 | ||
Bain Capital Specialty Finance, Inc. | 2.55 | 10-13-2026 | 185,000 | 157,766 | ||
Blackstone Private Credit Fund | 3.25 | 3-15-2027 | 215,000 | 184,818 | ||
Prospect Capital Corp. | 3.71 | 1-22-2026 | 160,000 | 140,483 | ||
666,149 | ||||||
REITS: 6.01% | ||||||
Alexandria Real Estate Equities, Inc. | 4.70 | 7-1-2030 | 615,000 | 586,923 | ||
Boston Properties LP | 2.75 | 10-1-2026 | 500,000 | 439,191 | ||
Equinix, Inc. | 1.55 | 3-15-2028 | 775,000 | 652,928 | ||
GLP Capital LP/GLP Financing II, Inc. | 5.30 | 1-15-2029 | 120,000 | 114,728 | ||
Healthpeak OP LLC | 6.75 | 2-1-2041 | 95,000 | 98,310 | ||
Kimco Realty OP LLC | 2.80 | 10-1-2026 | 350,000 | 321,536 | ||
Prologis LP | 1.25 | 10-15-2030 | 885,000 | 689,057 | ||
Realty Income Corp. | 4.88 | 6-1-2026 | 119,000 | 118,132 | ||
Simon Property Group LP | 3.30 | 1-15-2026 | 410,000 | 392,454 | ||
Ventas Realty LP | 3.50 | 2-1-2025 | 400,000 | 383,721 | ||
Ventas Realty LP | 4.40 | 1-15-2029 | 485,000 | 457,221 | ||
VICI Properties LP | 5.13 | 5-15-2032 | 210,000 | 196,065 | ||
Welltower OP LLC | 4.00 | 6-1-2025 | 210,000 | 203,647 | ||
Welltower OP LLC | 4.95 | 9-1-2048 | 240,000 | 212,914 | ||
4,866,827 | ||||||
Industrial: 4.92% | ||||||
Aerospace/defense: 0.81% | ||||||
Boeing Co. | 2.60 | 10-30-2025 | 120,000 | 112,672 | ||
Boeing Co. | 5.88 | 2-15-2040 | 186,000 | 185,123 | ||
Boeing Co. | 5.93 | 5-1-2060 | 155,000 | 151,082 | ||
Lockheed Martin Corp. Series B | 6.15 | 9-1-2036 | 122,000 | 135,510 | ||
Northrop Grumman Corp. | 5.05 | 11-15-2040 | 70,000 | 67,998 | ||
652,385 |
See accompanying notes to portfolio of investments
6 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Electronics: 0.39% | ||||||
Honeywell International, Inc. | 3.81 % | 11-21-2047 | $ | 175,000 | $147,672 | |
Keysight Technologies, Inc. | 4.55 | 10-30-2024 | 175,000 | 172,300 | ||
319,972 | ||||||
Machinery-construction & mining: 0.24% | ||||||
Caterpillar Financial Services Corp. | 3.25 | 12-1-2024 | 200,000 | 194,999 | ||
Machinery-diversified: 1.48% | ||||||
Dover Corp. | 5.38 | 10-15-2035 | 140,000 | 143,173 | ||
John Deere Capital Corp. | 0.45 | 6-7-2024 | 810,000 | 772,865 | ||
John Deere Capital Corp. | 0.63 | 9-10-2024 | 190,000 | 180,022 | ||
Rockwell Automation, Inc. | 2.80 | 8-15-2061 | 160,000 | 102,724 | ||
1,198,784 | ||||||
Metal fabricate/hardware: 0.15% | ||||||
Precision Castparts Corp. | 3.90 | 1-15-2043 | 140,000 | 118,517 | ||
Miscellaneous manufacturing: 0.89% | ||||||
Eaton Corp. | 4.15 | 3-15-2033 | 755,000 | 721,793 | ||
Transportation: 0.96% | ||||||
Burlington Northern Santa Fe LLC | 2.88 | 6-15-2052 | 285,000 | 192,691 | ||
CSX Corp. | 4.25 | 11-1-2066 | 140,000 | 113,257 | ||
Norfolk Southern Corp. | 5.10 | 8-1-2118 | 80,000 | 68,010 | ||
Union Pacific Corp. | 3.80 | 4-6-2071 | 230,000 | 174,445 | ||
United Parcel Service, Inc. | 6.20 | 1-15-2038 | 206,000 | 230,447 | ||
778,850 | ||||||
Technology: 6.03% | ||||||
Computers: 1.41% | ||||||
Apple, Inc. | 2.80 | 2-8-2061 | 155,000 | 102,367 | ||
Apple, Inc. | 3.95 | 8-8-2052 | 185,000 | 161,335 | ||
Apple, Inc. | 4.65 | 2-23-2046 | 350,000 | 346,972 | ||
Dell International LLC/EMC Corp. | 6.10 | 7-15-2027 | 230,000 | 239,317 | ||
International Business Machines Corp. | 3.00 | 5-15-2024 | 300,000 | 293,072 | ||
1,143,063 | ||||||
Semiconductors: 2.01% | ||||||
Applied Materials, Inc. | 5.85 | 6-15-2041 | 380,000 | 412,336 | ||
Broadcom, Inc.144A | 3.14 | 11-15-2035 | 170,000 | 129,606 | ||
Broadcom, Inc. | 4.15 | 11-15-2030 | 325,000 | 299,101 | ||
Intel Corp. | 2.60 | 5-19-2026 | 220,000 | 208,291 | ||
Intel Corp. | 4.25 | 12-15-2042 | 175,000 | 148,077 | ||
Intel Corp. | 5.70 | 2-10-2053 | 185,000 | 182,752 | ||
QUALCOMM, Inc. | 1.65 | 5-20-2032 | 315,000 | 246,990 | ||
1,627,153 | ||||||
Software: 2.61% | ||||||
Fiserv, Inc. | 3.85 | 6-1-2025 | 210,000 | 204,616 |
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 7
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Software (continued) | ||||||
Microsoft Corp. | 2.68 % | 6-1-2060 | $ | 355,000 | $237,321 | |
Microsoft Corp. | 3.04 | 3-17-2062 | 180,000 | 130,419 | ||
Microsoft Corp. | 5.20 | 6-1-2039 | 77,000 | 83,294 | ||
Oracle Corp. | 3.40 | 7-8-2024 | 110,000 | 107,540 | ||
Oracle Corp. | 3.85 | 4-1-2060 | 215,000 | 144,968 | ||
Oracle Corp. | 3.95 | 3-25-2051 | 460,000 | 337,368 | ||
Salesforce, Inc. | 3.05 | 7-15-2061 | 245,000 | 161,399 | ||
Salesforce, Inc. | 3.70 | 4-11-2028 | 200,000 | 194,935 | ||
VMware, Inc. | 4.65 | 5-15-2027 | 520,000 | 509,946 | ||
2,111,806 | ||||||
Utilities: 7.88% | ||||||
Electric: 7.79% | ||||||
Ameren Illinois Co. | 3.70 | 12-1-2047 | 165,000 | 132,078 | ||
Appalachian Power Co. | 3.40 | 6-1-2025 | 175,000 | 168,521 | ||
Appalachian Power Co. | 4.45 | 6-1-2045 | 175,000 | 145,438 | ||
Appalachian Power Co. | 7.00 | 4-1-2038 | 70,000 | 79,141 | ||
Arizona Public Service Co. | 3.15 | 5-15-2025 | 105,000 | 100,600 | ||
Arizona Public Service Co. | 4.50 | 4-1-2042 | 70,000 | 58,748 | ||
CenterPoint Energy Houston Electric LLC | 4.50 | 4-1-2044 | 175,000 | 156,749 | ||
Commonwealth Edison Co. | 3.80 | 10-1-2042 | 70,000 | 57,495 | ||
Consolidated Edison Co. of New York, Inc. Series A | 4.13 | 5-15-2049 | 370,000 | 299,507 | ||
Consumers Energy Co. | 4.05 | 5-15-2048 | 290,000 | 243,958 | ||
Dominion Energy, Inc. Series B | 5.95 | 6-15-2035 | 157,000 | 163,424 | ||
Duke Energy Florida LLC | 5.65 | 4-1-2040 | 87,000 | 89,593 | ||
Duke Energy Indiana LLC Series WWW | 4.90 | 7-15-2043 | 105,000 | 98,960 | ||
Duke Energy Progress LLC | 4.10 | 3-15-2043 | 210,000 | 176,671 | ||
Entergy Arkansas LLC | 4.20 | 4-1-2049 | 280,000 | 232,584 | ||
Entergy Louisiana LLC | 5.59 | 10-1-2024 | 84,000 | 84,342 | ||
Evergy Kansas Central, Inc. | 4.10 | 4-1-2043 | 210,000 | 174,421 | ||
Exelon Corp. | 4.95 | 6-15-2035 | 140,000 | 135,127 | ||
Florida Power & Light Co. | 5.96 | 4-1-2039 | 175,000 | 188,156 | ||
MidAmerican Energy Co. | 3.65 | 4-15-2029 | 685,000 | 650,854 | ||
National Rural Utilities Cooperative Finance Corp. | 4.02 | 11-1-2032 | 140,000 | 130,133 | ||
NSTAR Electric Co. | 5.50 | 3-15-2040 | 70,000 | 70,891 | ||
Oglethorpe Power Corp. | 5.95 | 11-1-2039 | 105,000 | 103,690 | ||
Oncor Electric Delivery Co. LLC | 7.00 | 5-1-2032 | 122,000 | 139,394 | ||
Pacific Gas & Electric Co. | 2.50 | 2-1-2031 | 410,000 | 323,135 | ||
PECO Energy Co. | 2.85 | 9-15-2051 | 160,000 | 105,031 | ||
PPL Capital Funding, Inc. | 3.10 | 5-15-2026 | 100,000 | 95,033 | ||
PPL Electric Utilities Corp. | 4.75 | 7-15-2043 | 105,000 | 97,793 | ||
Progress Energy, Inc. | 7.75 | 3-1-2031 | 365,000 | 415,629 | ||
Public Service Electric & Gas Co. | 3.80 | 1-1-2043 | 140,000 | 115,121 | ||
Public Service Electric & Gas Co. | 3.95 | 5-1-2042 | 70,000 | 58,511 | ||
Public Service Electric & Gas Co. Series E | 5.80 | 5-1-2037 | 70,000 | 74,171 | ||
Sempra Energy | 3.25 | 6-15-2027 | 300,000 | 279,967 | ||
Southern California Edison Co. Series 2005E | 5.35 | 7-15-2035 | 126,000 | 124,241 | ||
Southern California Edison Co. | 5.50 | 3-15-2040 | 140,000 | 135,890 |
See accompanying notes to portfolio of investments
8 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Electric (continued) | ||||||
Southern California Edison Co. Series 2004B | 6.00 % | 1-15-2034 | $ | 70,000 | $73,461 | |
Southern Co. | 4.40 | 7-1-2046 | 185,000 | 154,349 | ||
Union Electric Co. | 8.45 | 3-15-2039 | 56,000 | 71,674 | ||
Virginia Electric & Power Co. Series A | 3.10 | 5-15-2025 | 70,000 | 67,332 | ||
Virginia Electric & Power Co. | 4.45 | 2-15-2044 | 105,000 | 89,873 | ||
Virginia Electric & Power Co. Series B | 6.00 | 1-15-2036 | 70,000 | 73,707 | ||
Wisconsin Electric Power Co. | 5.63 | 5-15-2033 | 70,000 | 73,296 | ||
6,308,689 | ||||||
Gas: 0.09% | ||||||
Southern California Gas Co. Series MM | 5.13 | 11-15-2040 | 70,000 | 67,649 | ||
Total corporate bonds and notes (Cost $71,815,629) | 65,113,506 | |||||
Yankee corporate bonds and notes: 16.36% | ||||||
Basic materials: 0.81% | ||||||
Chemicals: 0.15% | ||||||
Nutrien Ltd. | 6.13 | 1-15-2041 | 115,000 | 116,693 | ||
Iron/steel: 0.66% | ||||||
ArcelorMittal SA | 4.55 | 3-11-2026 | 245,000 | 239,619 | ||
Vale Overseas Ltd. | 3.75 | 7-8-2030 | 335,000 | 296,481 | ||
536,100 | ||||||
Communications: 1.93% | ||||||
Internet: 0.95% | ||||||
Alibaba Group Holding Ltd. | 3.40 | 12-6-2027 | 200,000 | 187,188 | ||
Alibaba Group Holding Ltd. | 3.60 | 11-28-2024 | 600,000 | 583,541 | ||
770,729 | ||||||
Telecommunications: 0.98% | ||||||
America Movil SAB de CV | 4.38 | 4-22-2049 | 100,000 | 87,090 | ||
Bell Telephone Co. of Canada or Bell Canada | 4.46 | 4-1-2048 | 150,000 | 128,490 | ||
Rogers Communications, Inc. | 3.63 | 12-15-2025 | 235,000 | 224,141 | ||
Rogers Communications, Inc.144A | 4.55 | 3-15-2052 | 200,000 | 158,825 | ||
Vodafone Group PLC | 4.38 | 2-19-2043 | 230,000 | 189,485 | ||
788,031 | ||||||
Consumer, non-cyclical: 1.29% | ||||||
Beverages: 0.16% | ||||||
Diageo Capital PLC | 5.88 | 9-30-2036 | 122,000 | 132,410 | ||
Food: 0.18% | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.144A | 5.75 | 4-1-2033 | 155,000 | 144,545 | ||
Healthcare-products: 0.12% | ||||||
DH Europe Finance II Sarl | 3.40 | 11-15-2049 | 125,000 | 96,176 |
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 9
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Pharmaceuticals: 0.83% | ||||||
AstraZeneca PLC | 3.38 % | 11-16-2025 | $ | 500,000 | $484,517 | |
AstraZeneca PLC | 4.38 | 11-16-2045 | 200,000 | 184,782 | ||
669,299 | ||||||
Energy: 1.31% | ||||||
Oil & gas: 1.05% | ||||||
Canadian Natural Resources Ltd. | 4.95 | 6-1-2047 | 110,000 | 96,410 | ||
Cenovus Energy, Inc. | 6.80 | 9-15-2037 | 70,000 | 72,786 | ||
Shell International Finance BV | 3.25 | 5-11-2025 | 350,000 | 340,922 | ||
Shell International Finance BV | 3.75 | 9-12-2046 | 145,000 | 116,341 | ||
Shell International Finance BV | 4.00 | 5-10-2046 | 175,000 | 146,641 | ||
TotalEnergies Capital International SA | 3.39 | 6-29-2060 | 105,000 | 75,365 | ||
848,465 | ||||||
Pipelines: 0.26% | ||||||
TransCanada PipeLines Ltd. | 6.10 | 6-1-2040 | 210,000 | 212,567 | ||
Financial: 9.93% | ||||||
Banks: 9.09% | ||||||
Banco Santander SA (1 Year Treasury Constant Maturity +0.90%)± | 1.72 | 9-14-2027 | 600,000 | 524,161 | ||
Bank of Nova Scotia | 4.50 | 12-16-2025 | 500,000 | 487,039 | ||
Barclays PLC (3 Month LIBOR +1.90%)± | 4.97 | 5-16-2029 | 300,000 | 286,308 | ||
Barclays PLC (1 Year Treasury Constant Maturity +2.30%)± | 5.30 | 8-9-2026 | 400,000 | 394,208 | ||
Cooperatieve Rabobank UA | 3.75 | 7-21-2026 | 280,000 | 262,913 | ||
Deutsche Bank AG | 1.69 | 3-19-2026 | 150,000 | 134,015 | ||
HSBC Holdings PLC (U.S. SOFR +1.19%)± | 2.80 | 5-24-2032 | 600,000 | 486,794 | ||
HSBC Holdings PLC (3 Month LIBOR +1.53%)± | 4.58 | 6-19-2029 | 400,000 | 379,364 | ||
ING Groep NV (U.S. SOFR +1.83%)± | 4.02 | 3-28-2028 | 200,000 | 189,449 | ||
ING Groep NV | 4.55 | 10-2-2028 | 500,000 | 484,475 | ||
Lloyds Banking Group PLC (1 Year Treasury Constant Maturity +3.75%)± | 7.95 | 11-15-2033 | 200,000 | 218,528 | ||
National Australia Bank Ltd. | 2.50 | 7-12-2026 | 800,000 | 747,366 | ||
Royal Bank of Canada | 4.65 | 1-27-2026 | 700,000 | 688,626 | ||
Sumitomo Mitsui Financial Group, Inc. | 3.01 | 10-19-2026 | 655,000 | 610,631 | ||
Toronto-Dominion Bank (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +2.21%)± | 3.63 | 9-15-2031 | 790,000 | 739,434 | ||
Westpac Banking Corp. | 2.15 | 6-3-2031 | 305,000 | 255,025 | ||
Westpac Banking Corp. | 2.85 | 5-13-2026 | 500,000 | 474,205 | ||
7,362,541 | ||||||
Diversified financial services: 0.84% | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 3.00 | 10-29-2028 | 300,000 | 260,110 | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 3.30 | 1-30-2032 | 150,000 | 121,908 | ||
Brookfield Finance, Inc. | 3.63 | 2-15-2052 | 155,000 | 103,395 | ||
Brookfield Finance, Inc. | 4.25 | 6-2-2026 | 200,000 | 192,860 | ||
678,273 |
See accompanying notes to portfolio of investments
10 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Industrial: 0.75% | ||||||
Miscellaneous manufacturing: 0.65% | ||||||
GE Capital International Funding Co. Unlimited Co. | 3.37 % | 11-15-2025 | $ | 550,000 | $527,262 | |
Transportation: 0.10% | ||||||
Canadian National Railway Co. | 3.65 | 2-3-2048 | 100,000 | 80,735 | ||
Technology: 0.34% | ||||||
Semiconductors: 0.34% | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 5.00 | 1-15-2033 | 290,000 | 279,407 | ||
Total yankee corporate bonds and notes (Cost $14,161,752) | 13,243,233 |
Yield | Shares | |||||
Short-term investments: 2.26% | ||||||
Investment companies: 2.26% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.01 | 1,830,361 | 1,830,361 | |||
Total short-term investments (Cost $1,830,361) | 1,830,361 | |||||
Total investments in securities (Cost $87,807,742) | 99.05 % | 80,187,100 | ||||
Other assets and liabilities, net | 0.95 | 770,101 | ||||
Total net assets | 100.00 % | $80,957,201 |
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. |
♠ | 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: | |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
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 | $733,533 | $4,310,618 | $(3,213,790 ) | $0 | $0 | $1,830,361 | 1,830,361 | $7,875 |
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 11
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.
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: | ||||
Corporate bonds and notes | $0 | $65,113,506 | $0 | $65,113,506 |
Yankee corporate bonds and notes | 0 | 13,243,233 | 0 | 13,243,233 |
Short-term investments | ||||
Investment companies | 1,830,361 | 0 | 0 | 1,830,361 |
Total assets | $1,830,361 | $78,356,739 | $0 | $80,187,100 |
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.
12 | Allspring Investment Grade Corporate Bond Portfolio