Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 78.82% | ||||||
Basic materials: 2.75% | ||||||
Chemicals: 1.40% | ||||||
Chemours Co. | 5.38 % | 5-15-2027 | $ | 200,000 | $184,144 | |
Mining: 1.35% | ||||||
Novelis Corp.144A | 4.75 | 1-30-2030 | 200,000 | 177,499 | ||
Communications: 14.64% | ||||||
Advertising: 2.61% | ||||||
Lamar Media Corp. | 3.75 | 2-15-2028 | 200,000 | 180,004 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 4.63 | 3-15-2030 | 200,000 | 163,246 | ||
343,250 | ||||||
Media: 8.97% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | 6-1-2033 | 80,000 | 61,069 | ||
CSC Holdings LLC144A | 5.50 | 4-15-2027 | 200,000 | 163,222 | ||
CSC Holdings LLC144A | 5.75 | 1-15-2030 | 200,000 | 88,086 | ||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.144A | 5.88 | 8-15-2027 | 190,000 | 167,355 | ||
DISH DBS Corp. | 5.13 | 6-1-2029 | 370,000 | 167,806 | ||
DISH DBS Corp. | 5.88 | 11-15-2024 | 240,000 | 205,559 | ||
Gray Television, Inc.144A | 4.75 | 10-15-2030 | 205,000 | 132,871 | ||
Univision Communications, Inc.144A | 5.13 | 2-15-2025 | 200,000 | 193,096 | ||
1,179,064 | ||||||
Telecommunications: 3.06% | ||||||
Frontier Communications Holdings LLC144A | 5.00 | 5-1-2028 | 200,000 | 167,509 | ||
Level 3 Financing, Inc.144A | 3.75 | 7-15-2029 | 200,000 | 108,314 | ||
Level 3 Financing, Inc.144A | 10.50 | 5-15-2030 | 132,000 | 125,431 | ||
401,254 | ||||||
Consumer, cyclical: 18.39% | ||||||
Airlines: 2.86% | ||||||
Delta Air Lines, Inc. | 3.75 | 10-28-2029 | 210,000 | 187,073 | ||
United Airlines, Inc.144A | 4.38 | 4-15-2026 | 200,000 | 189,221 | ||
376,294 | ||||||
Auto manufacturers: 2.93% | ||||||
Allison Transmission, Inc.144A | 5.88 | 6-1-2029 | 200,000 | 192,868 | ||
Ford Motor Co. | 4.75 | 1-15-2043 | 260,000 | 192,110 | ||
384,978 | ||||||
Auto parts & equipment: 4.20% | ||||||
Adient Global Holdings Ltd.144A | 4.88 | 8-15-2026 | 200,000 | 189,318 | ||
Dana, Inc. | 5.63 | 6-15-2028 | 200,000 | 183,103 | ||
Goodyear Tire & Rubber Co. | 5.25 | 4-30-2031 | 204,999 | 180,125 | ||
552,546 |
See accompanying notes to portfolio of investments
Allspring High Yield Corporate Bond Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Distribution/wholesale: 2.96% | ||||||
American Builders & Contractors Supply Co., Inc.144A | 4.00 % | 1-15-2028 | $ | 200,000 | $182,424 | |
Openlane, Inc.144A | 5.13 | 6-1-2025 | 200,000 | 198,082 | ||
Wesco Aircraft Holdings, Inc.144A† | 8.50 | 11-15-2024 | 195,000 | 8,775 | ||
389,281 | ||||||
Leisure time: 1.53% | ||||||
NCL Corp. Ltd.144A | 3.63 | 12-15-2024 | 210,000 | 200,754 | ||
Lodging: 2.52% | ||||||
Hilton Domestic Operating Co., Inc. | 4.88 | 1-15-2030 | 200,000 | 185,937 | ||
MGM Resorts International | 4.63 | 9-1-2026 | 154,000 | 145,550 | ||
331,487 | ||||||
Retail: 1.39% | ||||||
Ferrellgas LP/Ferrellgas Finance Corp.144A | 5.38 | 4-1-2026 | 200,000 | 181,920 | ||
Consumer, non-cyclical: 12.81% | ||||||
Commercial services: 2.74% | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A | 6.63 | 7-15-2026 | 210,000 | 197,246 | ||
Block, Inc. | 3.50 | 6-1-2031 | 200,000 | 163,357 | ||
360,603 | ||||||
Food: 1.46% | ||||||
Performance Food Group, Inc.144A | 5.50 | 10-15-2027 | 200,000 | 192,301 | ||
Healthcare-products: 1.41% | ||||||
Avantor Funding, Inc.144A | 4.63 | 7-15-2028 | 200,000 | 184,994 | ||
Healthcare-services: 5.78% | ||||||
CHS/Community Health Systems, Inc.144A | 4.75 | 2-15-2031 | 210,000 | 150,891 | ||
DaVita, Inc.144A | 4.63 | 6-1-2030 | 250,000 | 214,111 | ||
Encompass Health Corp. | 4.63 | 4-1-2031 | 220,000 | 192,118 | ||
Tenet Healthcare Corp. | 4.88 | 1-1-2026 | 210,000 | 203,137 | ||
760,257 | ||||||
Pharmaceuticals: 1.42% | ||||||
Endo Dac/Endo Finance LLC/Endo Finco, Inc.144A† | 6.00 | 6-30-2028 | 145,000 | 7,975 | ||
Organon & Co./Organon Foreign Debt Co.-Issuer BV144A | 4.13 | 4-30-2028 | 200,000 | 178,048 | ||
186,023 | ||||||
Energy: 11.46% | ||||||
Oil & gas: 5.79% | ||||||
Moss Creek Resources Holdings, Inc.144A | 10.50 | 5-15-2027 | 200,000 | 192,750 | ||
Occidental Petroleum Corp. | 7.88 | 9-15-2031 | 90,000 | 99,558 | ||
Range Resources Corp. | 4.88 | 5-15-2025 | 100,000 | 98,028 | ||
SM Energy Co. | 6.75 | 9-15-2026 | 200,000 | 193,099 | ||
Sunoco LP/Sunoco Finance Corp. | 4.50 | 5-15-2029 | 200,000 | 178,038 | ||
761,473 |
See accompanying notes to portfolio of investments
2 | Allspring High Yield Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Oil & gas services: 1.45% | ||||||
USA Compression Partners LP/USA Compression Finance Corp. | 6.88 % | 4-1-2026 | $ | 200,000 | $190,208 | |
Pipelines: 4.22% | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A | 5.75 | 1-15-2028 | 200,000 | 190,749 | ||
Buckeye Partners LP144A | 4.50 | 3-1-2028 | 200,000 | 175,969 | ||
EQM Midstream Partners LP | 5.50 | 7-15-2028 | 200,000 | 187,475 | ||
554,193 | ||||||
Financial: 10.30% | ||||||
Diversified financial services: 2.57% | ||||||
Navient Corp. | 5.50 | 3-15-2029 | 200,000 | 165,500 | ||
OneMain Finance Corp. | 5.38 | 11-15-2029 | 210,000 | 171,658 | ||
337,158 | ||||||
Insurance: 2.94% | ||||||
Acrisure LLC/Acrisure Finance, Inc.144A | 7.00 | 11-15-2025 | 200,000 | 189,505 | ||
HUB International Ltd.144A | 7.00 | 5-1-2026 | 200,000 | 196,999 | ||
386,504 | ||||||
Investment Companies: 1.14% | ||||||
Compass Group Diversified Holdings LLC144A | 5.25 | 4-15-2029 | 170,000 | 150,130 | ||
Real estate: 1.24% | ||||||
Howard Hughes Corp.144A | 4.13 | 2-1-2029 | 200,000 | 163,544 | ||
REITS: 2.41% | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | 5.00 | 10-15-2027 | 200,000 | 164,257 | ||
Service Properties Trust | 4.38 | 2-15-2030 | 210,000 | 152,431 | ||
316,688 | ||||||
Industrial: 4.48% | ||||||
Aerospace/defense: 3.18% | ||||||
TransDigm, Inc. | 6.38 | 6-15-2026 | 200,000 | 197,566 | ||
Triumph Group, Inc. | 7.75 | 8-15-2025 | 230,000 | 220,183 | ||
417,749 | ||||||
Electrical components & equipment: 1.30% | ||||||
Energizer Holdings, Inc.144A | 4.38 | 3-31-2029 | 200,000 | 171,250 | ||
Technology: 2.82% | ||||||
Computers: 1.30% | ||||||
Seagate HDD Cayman | 4.13 | 1-15-2031 | 210,000 | 171,146 | ||
Software: 1.52% | ||||||
Cloud Software Group, Inc. | 9.00 | 9-30-2029 | 235,000 | 199,750 |
See accompanying notes to portfolio of investments
Allspring High Yield Corporate Bond Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Utilities: 1.17% | ||||||
Electric: 1.17% | ||||||
Calpine Corp.144A | 5.00 % | 2-1-2031 | $ | 190,000 | $153,330 | |
Total corporate bonds and notes (Cost $11,947,710) | 10,359,772 | |||||
Yankee corporate bonds and notes: 16.18% | ||||||
Communications: 6.39% | ||||||
Media: 2.73% | ||||||
Videotron Ltd.144A | 5.13 | 4-15-2027 | 200,000 | 192,924 | ||
Ziggo BV144A | 4.88 | 1-15-2030 | 200,000 | 166,437 | ||
359,361 | ||||||
Telecommunications: 3.66% | ||||||
Altice France Holding SA144A | 6.00 | 2-15-2028 | 210,000 | 103,947 | ||
VEON Holdings BV144A | 4.00 | 4-9-2025 | 210,000 | 174,300 | ||
Vodafone Group PLC (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.87%)± | 7.00 | 4-4-2079 | 200,000 | 202,360 | ||
480,607 | ||||||
Consumer, cyclical: 6.90% | ||||||
Leisure time: 2.71% | ||||||
Carnival Corp.144A | 5.75 | 3-1-2027 | 195,000 | 166,927 | ||
Royal Caribbean Cruises Ltd.144A | 5.50 | 4-1-2028 | 205,000 | 188,327 | ||
355,254 | ||||||
Lodging: 1.49% | ||||||
MGM China Holdings Ltd.144A | 5.38 | 5-15-2024 | 200,000 | 196,190 | ||
Retail: 2.70% | ||||||
1011778 BC ULC/New Red Finance, Inc.144A | 3.88 | 1-15-2028 | 200,000 | 183,410 | ||
1011778 BC ULC/New Red Finance, Inc.144A | 4.00 | 10-15-2030 | 200,000 | 171,695 | ||
355,105 | ||||||
Industrial: 1.53% | ||||||
Aerospace/defense: 1.53% | ||||||
Bombardier, Inc.144A | 7.13 | 6-15-2026 | 205,000 | 201,037 | ||
Utilities: 1.36% | ||||||
Electric: 1.36% | ||||||
Atlantica Sustainable Infrastructure PLC144A | 4.13 | 6-15-2028 | 200,000 | 178,936 | ||
Total yankee corporate bonds and notes (Cost $2,423,539) | 2,126,490 |
See accompanying notes to portfolio of investments
4 | Allspring High Yield Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Yield | Shares | Value | ||||
Short-term investments: 3.58% | ||||||
Investment companies: 3.58% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.01 % | 471,289 | $471,289 | |||
Total short-term investments (Cost $471,289) | 471,289 | |||||
Total investments in securities (Cost $14,842,538) | 98.58 % | 12,957,551 | ||||
Other assets and liabilities, net | 1.42 | 186,056 | ||||
Total net assets | 100.00 % | $13,143,607 |
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. |
† | Non-income-earning security |
± | 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 |
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 | $87,750 | $1,192,823 | $(809,284 ) | $0 | $0 | $471,289 | 471,289 | $2,615 |
See accompanying notes to portfolio of investments
Allspring High Yield Corporate Bond Portfolio | 5
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 | $10,359,772 | $0 | $10,359,772 |
Yankee corporate bonds and notes | 0 | 2,126,490 | 0 | 2,126,490 |
Short-term investments | ||||
Investment companies | 471,289 | 0 | 0 | 471,289 |
Total assets | $471,289 | $12,486,262 | $0 | $12,957,551 |
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.
6 | Allspring High Yield Corporate Bond Portfolio