Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 97.45% | ||||||
Communication services: 8.25% | ||||||
Diversified telecommunication services: 0.68% | ||||||
AT&T, Inc. | 97,292 | $1,530,403 | ||||
Lumen Technologies, Inc.† | 109,226 | 216,268 | ||||
Verizon Communications, Inc. | 41,216 | 1,468,526 | ||||
3,215,197 | ||||||
Entertainment: 1.19% | ||||||
AMC Entertainment Holdings, Inc. Class A† | 6,115 | 27,517 | ||||
Electronic Arts, Inc. | 3,247 | 415,616 | ||||
Madison Square Garden Sports Corp. | 1,527 | 269,745 | ||||
Netflix, Inc.† | 5,212 | 2,059,939 | ||||
Playtika Holding Corp.† | 5,403 | 54,192 | ||||
Spotify Technology SA† | 5,831 | 868,236 | ||||
Walt Disney Co.† | 21,762 | 1,914,185 | ||||
5,609,430 | ||||||
Interactive media & services: 5.30% | ||||||
Alphabet, Inc. Class A† | 72,359 | 8,890,750 | ||||
Alphabet, Inc. Class C† | 62,880 | 7,757,506 | ||||
IAC, Inc.† | 1,232 | 68,795 | ||||
Match Group, Inc.† | 11,201 | 386,434 | ||||
Meta Platforms, Inc. Class A† | 27,453 | 7,267,358 | ||||
Pinterest, Inc. Class A† | 6,608 | 158,196 | ||||
TripAdvisor, Inc.† | 24,665 | 383,787 | ||||
24,912,826 | ||||||
Media: 0.87% | ||||||
Altice USA, Inc. Class A† | 134,046 | 343,158 | ||||
Charter Communications, Inc. Class A† | 941 | 306,907 | ||||
Comcast Corp. Class A | 46,442 | 1,827,493 | ||||
Fox Corp. Class A | 11,371 | 354,775 | ||||
Interpublic Group of Cos., Inc. | 8,128 | 302,280 | ||||
Nexstar Media Group, Inc. | 1,106 | 166,918 | ||||
Omnicom Group, Inc. | 5,229 | 461,146 | ||||
Paramount Global Class A | 17,071 | 299,937 | ||||
4,062,614 | ||||||
Wireless telecommunication services: 0.21% | ||||||
T-Mobile U.S., Inc.† | 7,228 | 992,043 | ||||
Consumer discretionary: 9.62% | ||||||
Automobile components: 0.26% | ||||||
BorgWarner, Inc. | 16,041 | 711,097 | ||||
Lear Corp. | 4,286 | 525,721 | ||||
1,236,818 | ||||||
Automobiles: 1.95% | ||||||
Ford Motor Co. | 88,130 | 1,057,560 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Automobiles (continued) | ||||||
General Motors Co. | 29,885 | $968,573 | ||||
Harley-Davidson, Inc. | 17,445 | 542,714 | ||||
Tesla, Inc.† | 26,975 | 5,501,012 | ||||
Thor Industries, Inc. | 14,235 | 1,114,173 | ||||
9,184,032 | ||||||
Broadline retail: 2.53% | ||||||
Amazon.com, Inc.† | 91,725 | 11,060,200 | ||||
Kohl’s Corp. | 2,270 | 41,586 | ||||
Macy’s, Inc. | 33,735 | 458,459 | ||||
Nordstrom, Inc. | 22,202 | 339,691 | ||||
11,899,936 | ||||||
Distributors: 0.13% | ||||||
Genuine Parts Co. | 2,458 | 366,070 | ||||
LKQ Corp. | 4,623 | 243,863 | ||||
609,933 | ||||||
Diversified consumer services: 0.26% | ||||||
Grand Canyon Education, Inc.† | 5,150 | 539,514 | ||||
H&R Block, Inc. | 22,899 | 683,535 | ||||
1,223,049 | ||||||
Hotels, restaurants & leisure: 1.94% | ||||||
Aramark | 13,402 | 529,111 | ||||
Booking Holdings, Inc.† | 398 | 998,491 | ||||
Boyd Gaming Corp. | 3,910 | 249,184 | ||||
Chipotle Mexican Grill, Inc.† | 267 | 554,423 | ||||
Darden Restaurants, Inc. | 4,060 | 643,591 | ||||
Domino’s Pizza, Inc. | 1,716 | 497,383 | ||||
Expedia Group, Inc.† | 287 | 27,469 | ||||
Hilton Worldwide Holdings, Inc. | 992 | 135,031 | ||||
Hyatt Hotels Corp. Class A | 721 | 77,493 | ||||
Marriott International, Inc. Class A | 3,375 | 566,291 | ||||
Marriott Vacations Worldwide Corp. | 2,042 | 251,615 | ||||
McDonald’s Corp. | 7,903 | 2,253,224 | ||||
SIX Flags Entertainment Corp.† | 3,086 | 78,847 | ||||
Starbucks Corp. | 15,568 | 1,520,060 | ||||
Travel & Leisure Co. | 5,036 | 183,663 | ||||
Yum! Brands, Inc. | 4,438 | 571,126 | ||||
9,137,002 | ||||||
Household durables: 0.14% | ||||||
Lennar Corp. Class A | 366 | 39,206 | ||||
NVR, Inc.† | 63 | 349,916 | ||||
PulteGroup, Inc. | 1,651 | 109,098 | ||||
Toll Brothers, Inc. | 2,251 | 152,393 | ||||
650,613 |
See accompanying notes to portfolio of investments
2 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Leisure products: 0.11% | ||||||
Brunswick Corp. | 782 | $59,041 | ||||
Peloton Interactive, Inc. Class A† | 14,010 | 101,993 | ||||
Polaris, Inc. | 3,089 | 332,716 | ||||
493,750 | ||||||
Specialty retail: 1.99% | ||||||
AutoNation, Inc.† | 6,004 | 786,044 | ||||
AutoZone, Inc.† | 118 | 281,647 | ||||
Bath & Body Works, Inc. | 4,017 | 141,559 | ||||
Best Buy Co., Inc. | 8,476 | 615,951 | ||||
Dick’s Sporting Goods, Inc. | 1,055 | 134,523 | ||||
Gap, Inc. | 8,266 | 66,293 | ||||
Home Depot, Inc. | 10,769 | 3,052,473 | ||||
Lithia Motors, Inc. | 312 | 72,783 | ||||
Lowe’s Cos., Inc. | 6,699 | 1,347,370 | ||||
O’Reilly Automotive, Inc.† | 136 | 122,850 | ||||
Penske Automotive Group, Inc. | 4,660 | 644,105 | ||||
Ross Stores, Inc. | 942 | 97,610 | ||||
TJX Cos., Inc. | 14,614 | 1,122,209 | ||||
Tractor Supply Co. | 391 | 81,950 | ||||
Ulta Beauty, Inc.† | 630 | 258,193 | ||||
Victoria’s Secret & Co.† | 8,178 | 166,995 | ||||
Wayfair, Inc. Class A† | 6,003 | 242,041 | ||||
Williams-Sonoma, Inc. | 892 | 101,251 | ||||
9,335,847 | ||||||
Textiles, apparel & luxury goods: 0.31% | ||||||
Carter’s, Inc. | 2,496 | 155,177 | ||||
Deckers Outdoor Corp.† | 259 | 123,025 | ||||
NIKE, Inc. Class B | 7,395 | 778,398 | ||||
Ralph Lauren Corp. | 2,271 | 241,430 | ||||
Tapestry, Inc. | 1,262 | 50,505 | ||||
Under Armour, Inc. Class A† | 11,691 | 84,292 | ||||
1,432,827 | ||||||
Consumer staples: 6.70% | ||||||
Beverages: 1.56% | ||||||
Boston Beer Co., Inc. Class A† | 1,715 | 578,812 | ||||
Brown-Forman Corp. Class A | 1,683 | 105,777 | ||||
Brown-Forman Corp. Class B | 21 | 1,297 | ||||
Coca-Cola Co. | 40,199 | 2,398,272 | ||||
Constellation Brands, Inc. Class A | 744 | 180,770 | ||||
Molson Coors Beverage Co. Class B | 7,763 | 480,142 | ||||
Monster Beverage Corp.† | 6,852 | 401,664 | ||||
PepsiCo, Inc. | 17,541 | 3,198,601 | ||||
7,345,335 | ||||||
Consumer staples distribution & retail: 1.65% | ||||||
BJ’s Wholesale Club Holdings, Inc.† | 6,266 | 392,565 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Consumer staples distribution & retail (continued) | ||||||
Casey’s General Stores, Inc. | 502 | $113,276 | ||||
Costco Wholesale Corp. | 4,708 | 2,408,424 | ||||
Dollar General Corp. | 1,237 | 248,748 | ||||
Kroger Co. | 7,839 | 355,342 | ||||
Performance Food Group Co.† | 5,585 | 308,795 | ||||
Sysco Corp. | 6,066 | 424,317 | ||||
Target Corp. | 4,940 | 646,794 | ||||
U.S. Foods Holding Corp.† | 5,505 | 218,989 | ||||
Walgreens Boots Alliance, Inc. | 6,989 | 212,256 | ||||
Walmart, Inc. | 16,355 | 2,402,059 | ||||
7,731,565 | ||||||
Food products: 1.47% | ||||||
Archer-Daniels-Midland Co. | 7,707 | 544,500 | ||||
Bunge Ltd. | 7,653 | 708,974 | ||||
Campbell Soup Co. | 10,871 | 549,529 | ||||
Conagra Brands, Inc. | 9,476 | 330,428 | ||||
Flowers Foods, Inc. | 19,204 | 479,716 | ||||
General Mills, Inc. | 11,074 | 931,988 | ||||
Hershey Co. | 816 | 211,915 | ||||
Ingredion, Inc. | 3,504 | 366,518 | ||||
J M Smucker Co. | 1,982 | 290,541 | ||||
Kellogg Co. | 4,928 | 329,043 | ||||
Kraft Heinz Co. | 257 | 9,822 | ||||
Lamb Weston Holdings, Inc. | 4,236 | 471,043 | ||||
Mondelez International, Inc. Class A | 8,712 | 639,548 | ||||
Pilgrim’s Pride Corp.† | 14,356 | 318,703 | ||||
Post Holdings, Inc.† | 7,984 | 678,321 | ||||
Tyson Foods, Inc. Class A | 1,015 | 51,400 | ||||
6,911,989 | ||||||
Household products: 1.37% | ||||||
Clorox Co. | 4,992 | 789,635 | ||||
Colgate-Palmolive Co. | 11,043 | 821,378 | ||||
Kimberly-Clark Corp. | 6,340 | 851,335 | ||||
Procter & Gamble Co. | 25,400 | 3,619,500 | ||||
Reynolds Consumer Products, Inc. | 13,207 | 362,400 | ||||
6,444,248 | ||||||
Personal care products: 0.11% | ||||||
Coty, Inc. Class A† | 11,102 | 120,346 | ||||
Estee Lauder Cos., Inc. Class A | 2,176 | 400,449 | ||||
520,795 | ||||||
Tobacco: 0.54% | ||||||
Altria Group, Inc. | 25,292 | 1,123,471 | ||||
Philip Morris International, Inc. | 15,722 | 1,415,137 | ||||
2,538,608 |
See accompanying notes to portfolio of investments
4 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Energy: 3.64% | ||||||
Energy equipment & services: 0.12% | ||||||
Baker Hughes Co. | 3,694 | $100,661 | ||||
NOV, Inc. | 1,540 | 21,668 | ||||
Schlumberger NV | 10,924 | 467,875 | ||||
590,204 | ||||||
Oil, gas & consumable fuels: 3.52% | ||||||
APA Corp. | 7,829 | 248,806 | ||||
Cheniere Energy, Inc. | 3,531 | 493,528 | ||||
Chevron Corp. | 21,893 | 3,297,524 | ||||
ConocoPhillips | 13,461 | 1,336,677 | ||||
Devon Energy Corp. | 5,211 | 240,227 | ||||
EOG Resources, Inc. | 4,056 | 435,168 | ||||
Exxon Mobil Corp. | 50,601 | 5,170,410 | ||||
Hess Corp. | 310 | 39,268 | ||||
HF Sinclair Corp. | 12,431 | 515,141 | ||||
Marathon Petroleum Corp. | 11,455 | 1,201,744 | ||||
Occidental Petroleum Corp. | 8,033 | 463,183 | ||||
ONEOK, Inc. | 1,354 | 76,718 | ||||
Ovintiv, Inc. | 2,961 | 97,920 | ||||
Phillips 66 | 10,432 | 955,675 | ||||
Pioneer Natural Resources Co. | 1,760 | 351,014 | ||||
Range Resources Corp. | 2,782 | 76,143 | ||||
Southwestern Energy Co.† | 67,889 | 323,831 | ||||
Targa Resources Corp. | 840 | 57,162 | ||||
Valero Energy Corp. | 10,742 | 1,149,824 | ||||
16,529,963 | ||||||
Financials: 11.56% | ||||||
Banks: 1.94% | ||||||
Bank of America Corp. | 68,184 | 1,894,833 | ||||
Bank OZK | 8,100 | 280,098 | ||||
BOK Financial Corp. | 1,351 | 109,863 | ||||
Citigroup, Inc. | 19,337 | 857,016 | ||||
Columbia Banking System, Inc. | 2,535 | 50,776 | ||||
Comerica, Inc. | 425 | 15,343 | ||||
Fifth Third Bancorp | 1,577 | 38,274 | ||||
First Horizon Corp. | 19,756 | 203,684 | ||||
Huntington Bancshares, Inc. | 11,221 | 115,689 | ||||
JPMorgan Chase & Co. | 32,965 | 4,473,680 | ||||
PNC Financial Services Group, Inc. | 1,383 | 160,193 | ||||
Popular, Inc. | 2,880 | 164,678 | ||||
Regions Financial Corp. | 10,702 | 184,824 | ||||
Truist Financial Corp. | 8,002 | 243,821 | ||||
U.S. Bancorp | 9,511 | 284,379 | ||||
Zions Bancorp NA | 650 | 17,738 | ||||
9,094,889 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 5
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Capital markets: 2.84% | ||||||
Affiliated Managers Group, Inc. | 3,877 | $539,252 | ||||
Ameriprise Financial, Inc. | 2,609 | 778,708 | ||||
Bank of New York Mellon Corp. | 15,869 | 637,934 | ||||
BlackRock, Inc. | 1,847 | 1,214,495 | ||||
Blackstone, Inc. | 2,521 | 215,899 | ||||
Carlyle Group, Inc. | 1,448 | 39,690 | ||||
Cboe Global Markets, Inc. | 4,805 | 636,278 | ||||
Charles Schwab Corp. | 13,682 | 720,905 | ||||
Evercore, Inc. Class A | 8,440 | 911,098 | ||||
Franklin Resources, Inc. | 9,065 | 217,651 | ||||
Goldman Sachs Group, Inc. | 3,560 | 1,153,084 | ||||
Interactive Brokers Group, Inc. Class A | 2,557 | 197,477 | ||||
Intercontinental Exchange, Inc. | 2,218 | 234,997 | ||||
Invesco Ltd. | 25,886 | 372,241 | ||||
Janus Henderson Group PLC | 13,760 | 361,613 | ||||
Jefferies Financial Group, Inc. | 24,816 | 746,217 | ||||
LPL Financial Holdings, Inc. | 5,156 | 1,004,286 | ||||
Moody’s Corp. | 264 | 83,656 | ||||
Morgan Stanley | 15,054 | 1,230,815 | ||||
MSCI, Inc. | 185 | 87,048 | ||||
Nasdaq, Inc. | 197 | 10,904 | ||||
Northern Trust Corp. | 2,011 | 144,631 | ||||
Raymond James Financial, Inc. | 1,704 | 153,956 | ||||
S&P Global, Inc. | 498 | 182,980 | ||||
SEI Investments Co. | 7,023 | 397,361 | ||||
State Street Corp. | 7,069 | 480,833 | ||||
Stifel Financial Corp. | 2,319 | 128,867 | ||||
T Rowe Price Group, Inc. | 1,781 | 190,852 | ||||
Virtu Financial, Inc. Class A | 15,065 | 264,993 | ||||
13,338,721 | ||||||
Consumer finance: 0.46% | ||||||
American Express Co. | 4,141 | 656,597 | ||||
Capital One Financial Corp. | 2,324 | 242,184 | ||||
Credit Acceptance Corp.† | 316 | 140,835 | ||||
Discover Financial Services | 993 | 102,021 | ||||
OneMain Holdings, Inc. | 10,005 | 378,789 | ||||
SLM Corp. | 20,625 | 314,737 | ||||
Synchrony Financial | 10,960 | 339,322 | ||||
2,174,485 | ||||||
Financial services: 4.21% | ||||||
Berkshire Hathaway, Inc. Class B† | 20,598 | 6,613,606 | ||||
Equitable Holdings, Inc. | 33,636 | 825,428 | ||||
Euronet Worldwide, Inc.† | 1,056 | 117,638 | ||||
Fidelity National Information Services, Inc. | 5,723 | 312,304 | ||||
Fiserv, Inc.† | 6,728 | 754,814 | ||||
Global Payments, Inc. | 727 | 71,021 | ||||
Mastercard, Inc. Class A | 8,474 | 3,093,180 |
See accompanying notes to portfolio of investments
6 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Financial services (continued) | ||||||
MGIC Investment Corp. | 34,957 | $528,550 | ||||
PayPal Holdings, Inc.† | 7,770 | 481,662 | ||||
Rocket Cos., Inc. Class A† | 95,352 | 764,723 | ||||
Shift4 Payments, Inc. Class A† | 1,896 | 118,917 | ||||
UWM Holdings Corp. | 229,005 | 1,174,796 | ||||
Visa, Inc. Class A | 16,867 | 3,728,113 | ||||
Voya Financial, Inc. | 8,273 | 560,909 | ||||
Western Union Co. | 56,172 | 639,799 | ||||
19,785,460 | ||||||
Insurance: 1.95% | ||||||
Aflac, Inc. | 5,409 | 347,312 | ||||
Allstate Corp. | 5,623 | 609,814 | ||||
American Financial Group, Inc. | 2,107 | 236,553 | ||||
American International Group, Inc. | 7,563 | 399,553 | ||||
Aon PLC Class A | 467 | 143,971 | ||||
Arch Capital Group Ltd.† | 3,850 | 268,345 | ||||
Axis Capital Holdings Ltd. | 2,363 | 122,640 | ||||
Brighthouse Financial, Inc.† | 1,736 | 69,891 | ||||
Chubb Ltd. | 2,987 | 554,985 | ||||
Erie Indemnity Co. Class A | 1,544 | 330,570 | ||||
Everest Re Group Ltd. | 788 | 267,936 | ||||
First American Financial Corp. | 780 | 42,845 | ||||
Globe Life, Inc. | 3,820 | 394,148 | ||||
Hanover Insurance Group, Inc. | 153 | 17,053 | ||||
Hartford Financial Services Group, Inc. | 6,367 | 436,267 | ||||
Kemper Corp. | 5,701 | 246,739 | ||||
Lincoln National Corp. | 386 | 8,075 | ||||
Marsh & McLennan Cos., Inc. | 3,184 | 551,405 | ||||
MetLife, Inc. | 10,419 | 516,262 | ||||
Old Republic International Corp. | 5,497 | 134,622 | ||||
Primerica, Inc. | 1,263 | 229,891 | ||||
Principal Financial Group, Inc. | 2,732 | 178,837 | ||||
Progressive Corp. | 7,820 | 1,000,256 | ||||
Prudential Financial, Inc. | 3,129 | 246,221 | ||||
Reinsurance Group of America, Inc. | 3,769 | 527,660 | ||||
Travelers Cos., Inc. | 2,527 | 427,670 | ||||
Unum Group† | 17,149 | 745,124 | ||||
Willis Towers Watson PLC | 572 | 125,182 | ||||
9,179,827 | ||||||
Mortgage real estate investment trusts (REITs): 0.16% | ||||||
Rithm Capital Corp. | 90,066 | 733,137 | ||||
Health care: 13.63% | ||||||
Biotechnology: 2.55% | ||||||
AbbVie, Inc. | 23,203 | 3,201,086 | ||||
Amgen, Inc. | 7,598 | 1,676,499 | ||||
Biogen, Inc.† | 3,334 | 988,231 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 7
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Biotechnology (continued) | ||||||
BioMarin Pharmaceutical, Inc.† | 2,534 | $220,306 | ||||
Gilead Sciences, Inc. | 26,197 | 2,015,597 | ||||
Incyte Corp.† | 1,235 | 76,014 | ||||
Moderna, Inc.† | 4,229 | 540,086 | ||||
Natera, Inc.† | 101 | 4,758 | ||||
Neurocrine Biosciences, Inc.† | 2,955 | 264,561 | ||||
Novavax, Inc.† | 61,588 | 495,783 | ||||
Regeneron Pharmaceuticals, Inc.† | 1,249 | 918,715 | ||||
Sarepta Therapeutics, Inc.† | 1,232 | 152,275 | ||||
United Therapeutics Corp.† | 2,282 | 478,627 | ||||
Vertex Pharmaceuticals, Inc.† | 2,897 | 937,382 | ||||
11,969,920 | ||||||
Health care equipment & supplies: 2.68% | ||||||
Abbott Laboratories | 21,241 | 2,166,582 | ||||
Align Technology, Inc.† | 348 | 98,366 | ||||
Becton Dickinson & Co. | 4,133 | 999,194 | ||||
Boston Scientific Corp.† | 17,400 | 895,752 | ||||
Dentsply Sirona, Inc. | 14,443 | 521,681 | ||||
Dexcom, Inc.† | 1,899 | 222,677 | ||||
Edwards Lifesciences Corp.† | 1,149 | 96,780 | ||||
Enovis Corp.† | 9,885 | 521,236 | ||||
Envista Holdings Corp.† | 7,751 | 247,179 | ||||
GE HealthCare Technologies, Inc.† | 8,979 | 713,920 | ||||
Globus Medical, Inc. Class A† | 929 | 50,287 | ||||
Hologic, Inc.† | 6,758 | 533,139 | ||||
ICU Medical, Inc.† | 243 | 42,498 | ||||
IDEXX Laboratories, Inc.† | 1,049 | 487,544 | ||||
Insulet Corp.† | 26 | 7,131 | ||||
Integra LifeSciences Holdings Corp.† | 8,222 | 312,025 | ||||
Intuitive Surgical, Inc.† | 2,324 | 715,420 | ||||
Masimo Corp.† | 1,591 | 257,488 | ||||
Medtronic PLC | 15,441 | 1,277,897 | ||||
QuidelOrtho Corp.† | 2,844 | 242,138 | ||||
ResMed, Inc. | 1,247 | 262,855 | ||||
STERIS PLC | 25 | 4,999 | ||||
Stryker Corp. | 4,071 | 1,121,886 | ||||
Teleflex, Inc. | 531 | 124,652 | ||||
Zimmer Biomet Holdings, Inc. | 5,431 | 691,584 | ||||
12,614,910 | ||||||
Health care providers & services: 2.37% | ||||||
Centene Corp.† | 5,701 | 355,799 | ||||
Chemed Corp. | 62 | 33,094 | ||||
Cigna Group | 6,072 | 1,502,273 | ||||
CVS Health Corp. | 15,321 | 1,042,288 | ||||
Elevance Health, Inc. | 2,801 | 1,254,344 | ||||
Encompass Health Corp. | 1,932 | 119,823 | ||||
HCA Healthcare, Inc. | 1,206 | 318,613 |
See accompanying notes to portfolio of investments
8 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Health care providers & services (continued) | ||||||
Henry Schein, Inc.† | 2,604 | $192,436 | ||||
Humana, Inc. | 1,951 | 979,148 | ||||
Molina Healthcare, Inc.† | 791 | 216,655 | ||||
Quest Diagnostics, Inc. | 1,069 | 141,803 | ||||
UnitedHealth Group, Inc. | 10,130 | 4,935,741 | ||||
Universal Health Services, Inc. Class B | 370 | 48,888 | ||||
11,140,905 | ||||||
Health care technology: 0.17% | ||||||
Teladoc Health, Inc.† | 31,588 | 731,262 | ||||
Veeva Systems, Inc. Class A† | 305 | 50,538 | ||||
781,800 | ||||||
Life sciences tools & services: 1.97% | ||||||
Agilent Technologies, Inc. | 6,710 | 776,146 | ||||
Avantor, Inc.† | 13,498 | 269,150 | ||||
Bio-Rad Laboratories, Inc. Class A† | 1,053 | 393,138 | ||||
Bruker Corp. | 5,397 | 372,933 | ||||
Charles River Laboratories International, Inc.† | 1,280 | 247,526 | ||||
Danaher Corp. | 7,239 | 1,662,219 | ||||
IQVIA Holdings, Inc.† | 3,941 | 776,022 | ||||
Mettler-Toledo International, Inc.† | 504 | 666,223 | ||||
QIAGEN NV† | 5,255 | 237,316 | ||||
Syneos Health, Inc.† | 17,979 | 747,926 | ||||
Thermo Fisher Scientific, Inc. | 4,326 | 2,199,598 | ||||
Waters Corp.† | 2,624 | 659,201 | ||||
West Pharmaceutical Services, Inc. | 795 | 266,031 | ||||
9,273,429 | ||||||
Pharmaceuticals: 3.89% | ||||||
Bristol-Myers Squibb Co. | 29,064 | 1,872,884 | ||||
Eli Lilly & Co. | 9,343 | 4,012,445 | ||||
Johnson & Johnson | 29,050 | 4,504,493 | ||||
Merck & Co., Inc. | 32,135 | 3,548,025 | ||||
Organon & Co. | 21,098 | 409,090 | ||||
Perrigo Co. PLC | 11,859 | 379,014 | ||||
Pfizer, Inc. | 59,327 | 2,255,613 | ||||
Viatris, Inc. | 97,423 | 891,420 | ||||
Zoetis, Inc. | 2,514 | 409,807 | ||||
18,282,791 | ||||||
Industrials: 8.49% | ||||||
Aerospace & defense: 1.43% | ||||||
Boeing Co.† | 4,722 | 971,316 | ||||
BWX Technologies, Inc. | 5,000 | 301,600 | ||||
Curtiss-Wright Corp. | 205 | 32,402 | ||||
General Dynamics Corp. | 3,085 | 629,895 | ||||
Howmet Aerospace, Inc. | 1,852 | 79,173 | ||||
Huntington Ingalls Industries, Inc. | 2,561 | 515,734 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 9
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Aerospace & defense (continued) | ||||||
L3Harris Technologies, Inc. | 1,677 | $295,018 | ||||
Lockheed Martin Corp. | 3,562 | 1,581,564 | ||||
Northrop Grumman Corp. | 2,183 | 950,675 | ||||
Raytheon Technologies Corp. | 14,680 | 1,352,615 | ||||
6,709,992 | ||||||
Air freight & logistics: 0.59% | ||||||
CH Robinson Worldwide, Inc. | 5,385 | 509,098 | ||||
Expeditors International of Washington, Inc. | 4,460 | 491,983 | ||||
FedEx Corp. | 2,174 | 473,888 | ||||
United Parcel Service, Inc. Class B | 7,623 | 1,273,041 | ||||
2,748,010 | ||||||
Building products: 0.55% | ||||||
A O Smith Corp. | 327 | 20,908 | ||||
Builders FirstSource, Inc.† | 6,350 | 736,282 | ||||
Carlisle Cos., Inc. | 405 | 86,038 | ||||
Carrier Global Corp. | 12,105 | 495,094 | ||||
Johnson Controls International PLC | 2,345 | 139,997 | ||||
Masco Corp. | 8,921 | 431,063 | ||||
Owens Corning | 2,093 | 222,549 | ||||
Trane Technologies PLC | 2,886 | 471,082 | ||||
2,603,013 | ||||||
Commercial services & supplies: 0.40% | ||||||
Cintas Corp. | 962 | 454,199 | ||||
Clean Harbors, Inc.† | 1,964 | 275,745 | ||||
MSA Safety, Inc. | 123 | 16,920 | ||||
RB Global, Inc. | 833 | 43,383 | ||||
Republic Services, Inc. | 232 | 32,858 | ||||
Rollins, Inc. | 518 | 20,368 | ||||
Stericycle, Inc.† | 3,235 | 136,355 | ||||
Tetra Tech, Inc. | 1,643 | 225,863 | ||||
Waste Management, Inc. | 4,065 | 658,205 | ||||
1,863,896 | ||||||
Construction & engineering: 0.08% | ||||||
AECOM | 3,243 | 253,116 | ||||
MDU Resources Group, Inc. | 3,485 | 101,692 | ||||
Valmont Industries, Inc. | 81 | 21,244 | ||||
376,052 | ||||||
Electrical equipment: 1.01% | ||||||
Acuity Brands, Inc. | 4,426 | 666,954 | ||||
AMETEK, Inc. | 1,328 | 192,653 | ||||
Eaton Corp. PLC | 5,505 | 968,329 | ||||
Generac Holdings, Inc.† | 750 | 81,690 | ||||
Hubbell, Inc. | 3,619 | 1,022,223 | ||||
nVent Electric PLC | 11,675 | 506,462 |
See accompanying notes to portfolio of investments
10 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Electrical equipment (continued) | ||||||
Regal Rexnord Corp. | 442 | $57,411 | ||||
Rockwell Automation, Inc. | 839 | 233,745 | ||||
Sensata Technologies Holding plc | 3,684 | 152,960 | ||||
Vertiv Holdings Co. | 45,614 | 880,350 | ||||
4,762,777 | ||||||
Ground transportation: 0.93% | ||||||
JB Hunt Transport Services, Inc. | 1,007 | 168,139 | ||||
Landstar System, Inc. | 5,093 | 893,210 | ||||
Old Dominion Freight Line, Inc. | 596 | 185,022 | ||||
Ryder System, Inc. | 5,947 | 468,802 | ||||
Schneider National, Inc. Class B | 28,032 | 726,590 | ||||
Uber Technologies, Inc.† | 11,709 | 444,123 | ||||
U-Haul Holding Co. | 9,958 | 525,484 | ||||
Union Pacific Corp. | 1,960 | 377,339 | ||||
XPO, Inc.† | 12,410 | 582,401 | ||||
4,371,110 | ||||||
Industrial conglomerates: 0.68% | ||||||
3M Co. | 6,070 | 566,392 | ||||
General Electric Co. | 12,767 | 1,296,233 | ||||
Honeywell International, Inc. | 6,845 | 1,311,502 | ||||
3,174,127 | ||||||
Machinery: 1.30% | ||||||
AGCO Corp. | 1,596 | 176,007 | ||||
Allison Transmission Holdings, Inc. | 9,265 | 438,234 | ||||
Caterpillar, Inc. | 5,875 | 1,208,781 | ||||
Crane NXT Co. | 1,073 | 56,472 | ||||
Cummins, Inc. | 1,840 | 376,114 | ||||
Deere & Co. | 2,172 | 751,469 | ||||
Donaldson Co., Inc. | 2,278 | 133,331 | ||||
Esab Corp. | 1,664 | 97,710 | ||||
Flowserve Corp. | 3,907 | 127,173 | ||||
Illinois Tool Works, Inc. | 2,564 | 560,824 | ||||
ITT, Inc. | 1,081 | 82,329 | ||||
Lincoln Electric Holdings, Inc. | 764 | 129,620 | ||||
Oshkosh Corp. | 1,107 | 81,730 | ||||
Otis Worldwide Corp. | 7,986 | 634,967 | ||||
PACCAR, Inc. | 9,291 | 639,035 | ||||
Snap-on, Inc. | 624 | 155,289 | ||||
Timken Co. | 3,873 | 277,113 | ||||
Toro Co. | 1,278 | 125,027 | ||||
Xylem, Inc. | 526 | 52,705 | ||||
6,103,930 | ||||||
Professional services: 1.28% | ||||||
Automatic Data Processing, Inc. | 1,978 | 413,382 | ||||
Booz Allen Hamilton Holding Corp. | 7,759 | 780,400 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 11
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Professional services (continued) | ||||||
CACI International, Inc. Class A† | 1,329 | $397,664 | ||||
FTI Consulting, Inc.† | 3,181 | 598,060 | ||||
Genpact Ltd. | 12,690 | 466,738 | ||||
Jacobs Solutions, Inc. | 3,610 | 395,656 | ||||
KBR, Inc. | 10,209 | 602,535 | ||||
Leidos Holdings, Inc. | 6,033 | 470,936 | ||||
ManpowerGroup, Inc. | 10,902 | 764,993 | ||||
Robert Half International, Inc. | 4,446 | 289,079 | ||||
Science Applications International Corp. | 8,666 | 843,462 | ||||
6,022,905 | ||||||
Trading companies & distributors: 0.24% | ||||||
MSC Industrial Direct Co., Inc. Class A | 2,430 | 218,506 | ||||
Watsco, Inc. | 351 | 113,854 | ||||
WESCO International, Inc. | 2,967 | 407,606 | ||||
WW Grainger, Inc. | 629 | 408,234 | ||||
1,148,200 | ||||||
Information technology: 28.11% | ||||||
Communications equipment: 0.77% | ||||||
Arista Networks, Inc.† | 250 | 41,585 | ||||
Ciena Corp.† | 3,839 | 179,435 | ||||
Cisco Systems, Inc. | 50,627 | 2,514,643 | ||||
Juniper Networks, Inc. | 9,877 | 299,965 | ||||
Motorola Solutions, Inc. | 2,033 | 573,143 | ||||
Ubiquiti, Inc. | 106 | 17,294 | ||||
3,626,065 | ||||||
Electronic equipment, instruments & components: 0.85% | ||||||
Amphenol Corp. Class A | 2,092 | 157,841 | ||||
Arrow Electronics, Inc.† | 6,212 | 786,688 | ||||
Avnet, Inc. | 21,363 | 936,554 | ||||
CDW Corp. | 2,751 | 472,319 | ||||
Jabil, Inc. | 10,711 | 958,849 | ||||
TD SYNNEX Corp. | 5,639 | 504,014 | ||||
Vontier Corp. | 6,383 | 189,192 | ||||
4,005,457 | ||||||
IT services: 1.97% | ||||||
Accenture PLC Class A | 7,542 | 2,307,249 | ||||
Akamai Technologies, Inc.† | 323 | 29,755 | ||||
Amdocs Ltd. | 11,376 | 1,071,278 | ||||
Cognizant Technology Solutions Corp. Class A | 11,149 | 696,701 | ||||
DXC Technology Co.† | 28,438 | 711,803 | ||||
EPAM Systems, Inc.† | 1,509 | 387,239 | ||||
Gartner, Inc.† | 2,607 | 893,836 | ||||
GoDaddy, Inc. Class A† | 4,015 | 294,621 | ||||
International Business Machines Corp. | 15,296 | 1,966,913 | ||||
Kyndryl Holdings, Inc.† | 52,301 | 656,900 |
See accompanying notes to portfolio of investments
12 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
IT services (continued) | ||||||
Thoughtworks Holding, Inc.† | 17,569 | $144,768 | ||||
Wix.com Ltd.† | 854 | 65,092 | ||||
9,226,155 | ||||||
Semiconductors & semiconductor equipment: 6.16% | ||||||
Advanced Micro Devices, Inc.† | 11,796 | 1,394,405 | ||||
Allegro MicroSystems, Inc.† | 3,935 | 154,764 | ||||
Analog Devices, Inc. | 3,686 | 654,965 | ||||
Applied Materials, Inc. | 12,326 | 1,643,056 | ||||
Broadcom, Inc. | 4,770 | 3,853,969 | ||||
Cirrus Logic, Inc.† | 8,847 | 687,235 | ||||
Enphase Energy, Inc.† | 972 | 169,011 | ||||
First Solar, Inc.† | 3,084 | 625,929 | ||||
Intel Corp. | 32,029 | 1,006,992 | ||||
KLA Corp. | 1,958 | 867,374 | ||||
Lam Research Corp. | 2,028 | 1,250,668 | ||||
Lattice Semiconductor Corp.† | 2,447 | 198,966 | ||||
Microchip Technology, Inc. | 10,722 | 806,938 | ||||
Micron Technology, Inc. | 6,653 | 453,735 | ||||
NVIDIA Corp. | 25,269 | 9,560,273 | ||||
ON Semiconductor Corp.† | 8,209 | 686,272 | ||||
Qorvo, Inc.† | 4,390 | 426,971 | ||||
QUALCOMM, Inc. | 15,646 | 1,774,413 | ||||
Skyworks Solutions, Inc. | 3,014 | 311,979 | ||||
Teradyne, Inc. | 6,319 | 633,101 | ||||
Texas Instruments, Inc. | 10,338 | 1,797,571 | ||||
28,958,587 | ||||||
Software: 11.54% | ||||||
Adobe, Inc.† | 5,628 | 2,351,322 | ||||
Alteryx, Inc. Class A† | 8,010 | 311,909 | ||||
ANSYS, Inc.† | 509 | 164,707 | ||||
Atlassian Corp. Class A† | 2,711 | 490,122 | ||||
Autodesk, Inc.† | 2,885 | 575,240 | ||||
Cadence Design Systems, Inc.† | 3,817 | 881,383 | ||||
CCC Intelligent Solutions Holdings, Inc.† | 1,430 | 15,644 | ||||
DocuSign, Inc.† | 7,683 | 433,321 | ||||
Dolby Laboratories, Inc. Class A | 10,857 | 896,028 | ||||
Dropbox, Inc. Class A† | 50,760 | 1,168,495 | ||||
Dynatrace, Inc.† | 453 | 23,098 | ||||
Fair Isaac Corp.† | 1,189 | 936,540 | ||||
Five9, Inc.† | 3,687 | 243,748 | ||||
Fortinet, Inc.† | 12,380 | 845,925 | ||||
Gen Digital, Inc. | 14,784 | 259,311 | ||||
Guidewire Software, Inc.† | 1,145 | 95,012 | ||||
Informatica, Inc. Class A† | 29,767 | 525,685 | ||||
Intuit, Inc. | 2,366 | 991,638 | ||||
Manhattan Associates, Inc.† | 3,147 | 570,929 | ||||
Microsoft Corp. | 88,825 | 29,169,242 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 13
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Software (continued) | ||||||
NCR Corp.† | 37,441 | $887,352 | ||||
New Relic, Inc.† | 7,488 | 527,530 | ||||
Nutanix, Inc. Class A† | 2,409 | 71,355 | ||||
Oracle Corp. | 22,708 | 2,405,686 | ||||
Palantir Technologies, Inc. Class A† | 15,644 | 230,123 | ||||
Palo Alto Networks, Inc.† | 2,479 | 528,994 | ||||
Pegasystems, Inc. | 15,739 | 761,138 | ||||
PTC, Inc.† | 4,275 | 574,560 | ||||
RingCentral, Inc. Class A† | 18,691 | 648,578 | ||||
Roper Technologies, Inc. | 854 | 387,904 | ||||
Salesforce, Inc.† | 9,690 | 2,164,552 | ||||
ServiceNow, Inc.† | 1,449 | 789,386 | ||||
Smartsheet, Inc. Class A† | 2,743 | 135,998 | ||||
Splunk, Inc.† | 3,712 | 368,565 | ||||
Synopsys, Inc.† | 2,088 | 949,957 | ||||
Teradata Corp.† | 26,711 | 1,251,677 | ||||
Workday, Inc. Class A† | 390 | 82,676 | ||||
Zoom Video Communications, Inc. Class A† | 7,555 | 507,167 | ||||
54,222,497 | ||||||
Technology hardware, storage & peripherals: 6.82% | ||||||
Apple, Inc. | 177,331 | 31,431,920 | ||||
Hewlett Packard Enterprise Co. | 10,421 | 150,271 | ||||
HP, Inc. | 15,651 | 454,818 | ||||
32,037,009 | ||||||
Materials: 2.16% | ||||||
Chemicals: 1.13% | ||||||
Air Products & Chemicals, Inc. | 929 | 250,031 | ||||
Axalta Coating Systems Ltd.† | 8,337 | 241,856 | ||||
CF Industries Holdings, Inc. | 1,744 | 107,273 | ||||
Chemours Co. | 14,549 | 385,403 | ||||
Corteva, Inc. | 3,559 | 190,371 | ||||
Dow, Inc. | 10,082 | 491,800 | ||||
Eastman Chemical Co. | 2,197 | 169,367 | ||||
Huntsman Corp. | 7,074 | 168,008 | ||||
Linde PLC | 4,905 | 1,734,702 | ||||
LyondellBasell Industries NV Class A | 6,910 | 591,081 | ||||
Mosaic Co. | 2,194 | 70,120 | ||||
Olin Corp. | 10,657 | 504,183 | ||||
RPM International, Inc. | 2,521 | 201,151 | ||||
Sherwin-Williams Co. | 1,028 | 234,158 | ||||
5,339,504 | ||||||
Construction materials: 0.11% | ||||||
Eagle Materials, Inc. | 3,146 | 512,578 | ||||
Containers & packaging: 0.30% | ||||||
Amcor PLC | 4,534 | 43,708 |
See accompanying notes to portfolio of investments
14 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Containers & packaging (continued) | ||||||
Berry Global Group, Inc. | 9,449 | $540,577 | ||||
Crown Holdings, Inc. | 1,044 | 79,584 | ||||
Graphic Packaging Holding Co. | 8,315 | 198,729 | ||||
International Paper Co. | 8,348 | 245,765 | ||||
Silgan Holdings, Inc. | 6,451 | 290,230 | ||||
1,398,593 | ||||||
Metals & mining: 0.62% | ||||||
Alcoa Corp. | 1,983 | 62,901 | ||||
Cleveland-Cliffs, Inc.† | 19,877 | 275,893 | ||||
Freeport-McMoRan, Inc. | 3,252 | 111,674 | ||||
Nucor Corp. | 4,827 | 637,454 | ||||
Reliance Steel & Aluminum Co. | 3,593 | 843,205 | ||||
Steel Dynamics, Inc. | 7,865 | 722,793 | ||||
U.S. Steel Corp. | 12,696 | 265,600 | ||||
2,919,520 | ||||||
Real estate: 2.70% | ||||||
Diversified REITs: 0.01% | ||||||
WP Carey, Inc. | 675 | 46,818 | ||||
Health care REITs: 0.18% | ||||||
Medical Properties Trust, Inc. | 42,045 | 346,871 | ||||
Omega Healthcare Investors, Inc. | 10,156 | 302,750 | ||||
Ventas, Inc. | 1,927 | 83,131 | ||||
Welltower, Inc. | 1,224 | 91,323 | ||||
824,075 | ||||||
Hotel & resort REITs: 0.36% | ||||||
Host Hotels & Resorts, Inc. | 55,226 | 916,751 | ||||
Park Hotels & Resorts, Inc. | 58,020 | 750,779 | ||||
1,667,530 | ||||||
Industrial REITs : 0.31% | ||||||
Americold Realty Trust, Inc. | 26,862 | 787,057 | ||||
Prologis, Inc. | 5,546 | 690,754 | ||||
1,477,811 | ||||||
Real estate management & development: 0.17% | ||||||
CBRE Group, Inc. Class A† | 6,975 | 522,567 | ||||
Jones Lang LaSalle, Inc.† | 1,501 | 210,651 | ||||
Zillow Group, Inc. Class A† | 1,461 | 65,438 | ||||
798,656 | ||||||
Residential REITs : 0.06% | ||||||
Equity LifeStyle Properties, Inc. | 3,319 | 209,661 | ||||
Mid-America Apartment Communities, Inc. | 617 | 90,736 | ||||
300,397 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 15
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Retail REITs : 0.36% | ||||||
Brixmor Property Group, Inc. | 17,617 | $352,869 | ||||
Federal Realty Investment Trust | 1,128 | 99,490 | ||||
NNN REIT, Inc. | 7,143 | 303,863 | ||||
Regency Centers Corp. | 2,708 | 152,379 | ||||
Simon Property Group, Inc. | 7,275 | 764,966 | ||||
1,673,567 | ||||||
Specialized REITs : 1.25% | ||||||
American Tower Corp. | 3,755 | 692,572 | ||||
Crown Castle, Inc. | 4,152 | 470,048 | ||||
CubeSmart | 1,820 | 80,881 | ||||
Digital Realty Trust, Inc. | 1,299 | 133,096 | ||||
EPR Properties | 6,737 | 281,000 | ||||
Equinix, Inc. | 1,169 | 871,548 | ||||
Extra Space Storage, Inc. | 621 | 89,592 | ||||
Gaming & Leisure Properties, Inc. | 6,988 | 336,402 | ||||
Iron Mountain, Inc. | 12,750 | 681,105 | ||||
Lamar Advertising Co. Class A | 3,901 | 350,622 | ||||
Public Storage | 1,244 | 352,425 | ||||
Rayonier, Inc. | 12,038 | 352,954 | ||||
SBA Communications Corp. | 635 | 140,830 | ||||
VICI Properties, Inc. | 8,126 | 251,337 | ||||
Weyerhaeuser Co. | 28,044 | 803,741 | ||||
5,888,153 | ||||||
Utilities: 2.59% | ||||||
Electric utilities: 1.54% | ||||||
American Electric Power Co., Inc. | 4,910 | 408,119 | ||||
Constellation Energy Corp. | 11,121 | 934,386 | ||||
Duke Energy Corp. | 5,369 | 479,398 | ||||
Edison International | 5,506 | 371,765 | ||||
Entergy Corp. | 3,122 | 306,580 | ||||
Evergy, Inc. | 254 | 14,694 | ||||
Eversource Energy | 2,041 | 141,298 | ||||
Exelon Corp. | 16,249 | 644,273 | ||||
FirstEnergy Corp. | 5,848 | 218,657 | ||||
Hawaiian Electric Industries, Inc. | 14,038 | 504,105 | ||||
NextEra Energy, Inc. | 14,101 | 1,035,859 | ||||
NRG Energy, Inc. | 2,559 | 86,469 | ||||
OGE Energy Corp. | 3,628 | 127,996 | ||||
PG&E Corp.† | 27,200 | 460,768 | ||||
Pinnacle West Capital Corp. | 1,752 | 135,395 | ||||
PPL Corp. | 12,589 | 329,832 | ||||
Southern Co. | 9,910 | 691,223 | ||||
Xcel Energy, Inc. | 5,443 | 355,373 | ||||
7,246,190 | ||||||
Gas utilities: 0.08% | ||||||
UGI Corp. | 12,169 | 340,367 |
See accompanying notes to portfolio of investments
16 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Independent power and renewable electricity producers: 0.08% | ||||||
AES Corp. | 13,863 | $273,655 | ||||
Vistra Corp. | 4,739 | 113,594 | ||||
387,249 | ||||||
Multi-utilities: 0.79% | ||||||
Ameren Corp. | 2,100 | 170,247 | ||||
CenterPoint Energy, Inc. | 14,094 | 397,592 | ||||
CMS Energy Corp. | 6,909 | 400,584 | ||||
Consolidated Edison, Inc. | 7,002 | 653,287 | ||||
Dominion Energy, Inc. | 1,983 | 99,705 | ||||
DTE Energy Co. | 5,283 | 568,451 | ||||
NiSource, Inc. | 8,015 | 215,523 | ||||
Public Service Enterprise Group, Inc. | 6,567 | 392,378 | ||||
Sempra Energy | 2,892 | 415,089 | ||||
WEC Energy Group, Inc. | 4,674 | 408,274 | ||||
3,721,130 | ||||||
Water utilities: 0.10% | ||||||
American Water Works Co., Inc. | 2,382 | 344,080 | ||||
Essential Utilities, Inc. | 2,756 | 112,279 | ||||
456,359 | ||||||
Total common stocks (Cost $372,707,646) | 457,937,177 |
Yield | ||||||
Short-term investments: 1.98% | ||||||
Investment companies: 1.98% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.01 % | 9,299,435 | 9,299,435 | |||
Total short-term investments (Cost $9,299,435) | 9,299,435 | |||||
Total investments in securities (Cost $382,007,081) | 99.43 % | 467,236,612 | ||||
Other assets and liabilities, net | 0.57 | 2,659,321 | ||||
Total net assets | 100.00 % | $469,895,933 |
† | 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
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 17
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 | $15,693,994 | $17,176,964 | $(23,571,523 ) | $0 | $0 | $9,299,435 | 9,299,435 | $125,729 |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 50 | 6-16-2023 | $10,375,678 | $10,476,250 | $100,572 | $0 |
See accompanying notes to portfolio of investments
18 | Allspring Factor Enhanced U.S. Large Cap Equity 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 Fund 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 a futures contract, 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 received 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.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 19
Notes to portfolio of investments—May 31, 2023 (unaudited)
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: | ||||
Common stocks | ||||
Communication services | $38,792,110 | $0 | $0 | $38,792,110 |
Consumer discretionary | 45,203,807 | 0 | 0 | 45,203,807 |
Consumer staples | 31,492,540 | 0 | 0 | 31,492,540 |
Energy | 17,120,167 | 0 | 0 | 17,120,167 |
Financials | 54,306,519 | 0 | 0 | 54,306,519 |
Health care | 64,063,755 | 0 | 0 | 64,063,755 |
Industrials | 39,884,012 | 0 | 0 | 39,884,012 |
Information technology | 132,075,770 | 0 | 0 | 132,075,770 |
Materials | 10,170,195 | 0 | 0 | 10,170,195 |
Real estate | 12,677,007 | 0 | 0 | 12,677,007 |
Utilities | 12,151,295 | 0 | 0 | 12,151,295 |
Short-term investments | ||||
Investment companies | 9,299,435 | 0 | 0 | 9,299,435 |
467,236,612 | 0 | 0 | 467,236,612 | |
Futures contracts | 100,572 | 0 | 0 | 100,572 |
Total assets | $467,337,184 | $0 | $0 | $467,337,184 |
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 May 31, 2023, $2,000,000 was segregated as cash collateral for these open futures contracts.
For the three months ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.
20 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio