Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 95.38% | ||||||
Brazil: 3.72% | ||||||
Ambev SA (Consumer staples, Beverages) | 38,400 | $109,070 | ||||
Atacadao SA (Consumer staples, Consumer staples distribution & retail) | 2,000 | 3,733 | ||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 99,300 | 260,713 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 14,800 | 76,723 | ||||
Banco do Brasil SA (Financials, Banks) | 28,100 | 247,141 | ||||
Banco Santander Brasil SA (Financials, Banks) | 10,700 | 60,320 | ||||
BB Seguridade Participacoes SA (Financials, Insurance) | 35,200 | 214,601 | ||||
Centrais Eletricas Brasileiras SA (Utilities, Electric utilities) | 7,800 | 54,272 | ||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Utilities, Water utilities) | 10,600 | 109,796 | ||||
Cia Siderurgica Nacional SA (Materials, Metals & mining) | 13,400 | 32,092 | ||||
CPFL Energia SA (Utilities, Electric utilities) | 14,900 | 88,931 | ||||
Energisa SA (Utilities, Electric utilities) | 11,100 | 96,356 | ||||
Engie Brasil Energia SA (Utilities, Independent power and renewable electricity producers) | 5,000 | 41,423 | ||||
Equatorial Energia SA (Utilities, Electric utilities) | 8,600 | 47,719 | ||||
Hypera SA (Health care, Pharmaceuticals) | 8,500 | 68,391 | ||||
JBS SA (Consumer staples, Food products) | 13,300 | 44,042 | ||||
Klabin SA (Materials, Containers & packaging) | 21,000 | 86,843 | ||||
Localiza Rent a Car SA (Industrials, Ground transportation) | 4,860 | 59,432 | ||||
Lojas Renner SA (Consumer discretionary, Specialty retail) | 9,000 | 34,504 | ||||
Natura & Co. Holding SA (Consumer staples, Personal care products) | 3,300 | 9,035 | ||||
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | 76,100 | 438,153 | ||||
PRIO SA (Energy, Oil, gas & consumable fuels)† | 13,400 | 90,305 | ||||
Raia Drogasil SA (Consumer staples, Consumer staples distribution & retail) | 16,536 | 92,339 | ||||
Rumo SA (Industrials, Ground transportation) | 5,500 | 22,571 | ||||
Sendas Distribuidora S/A (Consumer staples, Consumer staples distribution & retail) | 44,900 | 95,140 | ||||
Suzano SA (Materials, Paper & forest products) | 12,800 | 112,981 | ||||
Telefonica Brasil SA (Communication services, Diversified telecommunication services) | 155 | 1,222 | ||||
TIM SA (Communication services, Wireless telecommunication services) | 1,900 | 5,228 | ||||
Ultrapar Participacoes SA (Energy, Oil, gas & consumable fuels) | 37,500 | 125,141 | ||||
Vale SA (Materials, Metals & mining) | 65,600 | 825,091 | ||||
Vibra Energia SA (Consumer discretionary, Specialty retail) | 38,900 | 123,372 | ||||
WEG SA (Industrials, Electrical equipment) | 25,000 | 185,333 | ||||
3,862,013 | ||||||
Chile: 0.55% | ||||||
Banco de Chile (Financials, Banks) | 1,539,963 | 155,706 | ||||
Banco de Credito e Inversiones SA (Financials, Banks) | 2,881 | 84,687 | ||||
Banco Santander Chile (Financials, Banks) | 746,830 | 32,455 | ||||
Cencosud SA (Consumer staples, Consumer staples distribution & retail) | 56,164 | 106,087 | ||||
Cia Cervecerias Unidas SA (Consumer staples, Beverages) | 7,248 | 53,241 | ||||
Empresas CMPC SA (Materials, Paper & forest products) | 21,260 | 36,352 | ||||
Enel Chile SA (Utilities, Electric utilities) | 1,870,519 | 102,762 | ||||
571,290 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China: 28.41% | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd. Class A (Communication services, Entertainment) | 21,700 | $99,697 | ||||
3peak, Inc. Class A (Information technology, Semiconductors & semiconductor equipment) | 400 | 12,779 | ||||
3SBio, Inc. (Health care, Biotechnology)144A | 189,500 | 191,667 | ||||
Agricultural Bank of China Ltd. Class H (Financials, Banks) | 261,000 | 98,328 | ||||
Airtac International Group (Industrials, Machinery)† | 1,000 | 32,284 | ||||
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail)† | 229,000 | 2,278,170 | ||||
Aluminum Corp. of China Ltd. Class H (Materials, Metals & mining) | 289,334 | 127,846 | ||||
Aluminum Corp. of China Ltd. Class A (Materials, Metals & mining)† | 12,300 | 9,366 | ||||
Amlogic Shanghai Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 588 | 7,430 | ||||
Anhui Conch Cement Co. Ltd. Class H (Materials, Construction materials) | 30,500 | 81,017 | ||||
Anhui Gujing Distillery Co. Ltd. Class B (Consumer staples, Beverages)† | 9,313 | 152,603 | ||||
Anhui Honglu Steel Construction Group Co. Ltd. Class A (Materials, Metals & mining)† | 2,400 | 9,499 | ||||
Anhui Kouzi Distillery Co. Ltd. Class A (Consumer staples, Beverages)† | 500 | 3,807 | ||||
ANTA Sports Products Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 11,800 | 120,480 | ||||
Autobio Diagnostics Co. Ltd. Class A (Health care, Health care equipment & supplies)† | 5,100 | 40,768 | ||||
Avary Holding Shenzhen Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components)† | 5,600 | 20,037 | ||||
AVIC Industry-Finance Holdings Co. Ltd. Class A (Financials, Financial services)† | 33,000 | 17,930 | ||||
AviChina Industry & Technology Co. Ltd. Class H (Industrials, Aerospace & defense) | 4,000 | 1,936 | ||||
Baidu, Inc. Class A (Communication services, Interactive media & services)† | 44,100 | 672,444 | ||||
Bank of Changsha Co. Ltd. Class A (Financials, Banks)† | 26,700 | 30,141 | ||||
Bank of China Ltd. Class H (Financials, Banks) | 1,355,000 | 531,240 | ||||
Bank of Communications Co. Ltd. Class H (Financials, Banks) | 97,000 | 62,557 | ||||
Bank of Jiangsu Co. Ltd. Class A (Financials, Banks)† | 4,200 | 4,387 | ||||
Bank of Suzhou Co. Ltd. Class A (Financials, Banks) | 51,800 | 49,581 | ||||
BeiGene Ltd. (Health care, Biotechnology)† | 15,600 | 265,364 | ||||
Beijing Enterprises Water Group Ltd. (Utilities, Water utilities) | 110,000 | 26,972 | ||||
Beijing Kingsoft Office Software, Inc. Class A (Information technology, Software)† | 252 | 15,323 | ||||
Beijing United Information Technology Co. Ltd. Class A (Industrials, Trading companies & distributors)† | 10,190 | 65,764 | ||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A (Health care, Biotechnology) | 2,925 | 38,290 | ||||
BGI Genomics Co. Ltd. Class A (Health care, Biotechnology) | 2,822 | 23,392 | ||||
Bilibili, Inc. Class Z (Communication services, Entertainment)† | 6,420 | 104,534 | ||||
Bloomage Biotechnology Corp. Ltd. Class A (Health care, Biotechnology)† | 5,749 | 71,284 | ||||
Bosideng International Holdings Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 100,000 | 41,505 | ||||
BYD Co. Ltd. Class H (Consumer discretionary, Automobiles) | 7,500 | 226,424 | ||||
Canmax Technologies Co. Ltd. Class A (Materials, Chemicals) | 7,280 | 34,287 | ||||
CGN Power Co. Ltd. Class H (Utilities, Independent power and renewable electricity producers)144A | 623,000 | 149,575 | ||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. Class A (Consumer discretionary, Automobile components)† | 400 | 5,966 | ||||
China Cinda Asset Management Co. Ltd. Class H (Financials, Capital markets) | 783,000 | 86,995 |
See accompanying notes to portfolio of investments
2 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China (continued) | ||||||
China CITIC Bank Corp. Ltd. Class H (Financials, Banks) | 351,000 | $184,679 | ||||
China Coal Energy Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 121,000 | 91,479 | ||||
China Communications Services Corp. Ltd. Class H (Industrials, Construction & engineering) | 240,000 | 114,016 | ||||
China Construction Bank Corp. Class H (Financials, Banks) | 1,171,000 | 749,217 | ||||
China Feihe Ltd. (Consumer staples, Food products)144A | 81,000 | 47,066 | ||||
China Galaxy Securities Co. Ltd. Class H (Financials, Capital markets)† | 213,500 | 115,060 | ||||
China Gas Holdings Ltd. (Utilities, Gas utilities) | 24,000 | 27,217 | ||||
China Hongqiao Group Ltd. (Materials, Metals & mining) | 48,000 | 34,082 | ||||
China International Capital Corp. Ltd. Class H (Financials, Capital markets)144A† | 52,400 | 95,827 | ||||
China Lesso Group Holdings Ltd. (Industrials, Building products) | 73,000 | 48,198 | ||||
China Life Insurance Co. Ltd. Class H (Financials, Insurance) | 135,000 | 227,918 | ||||
China Longyuan Power Group Corp. Ltd. Class H (Utilities, Independent power and renewable electricity producers) | 15,000 | 16,819 | ||||
China Medical System Holdings Ltd. (Health care, Pharmaceuticals) | 51,000 | 71,643 | ||||
China Meheco Co. Ltd. Class A (Health care, Health care providers & services)† | 20,900 | 40,597 | ||||
China Meidong Auto Holdings Ltd. (Consumer discretionary, Specialty retail) | 12,000 | 15,447 | ||||
China Mengniu Dairy Co. Ltd. (Consumer staples, Food products)† | 12,334 | 47,884 | ||||
China Merchants Bank Co. Ltd. Class H (Financials, Banks)† | 71,000 | 330,045 | ||||
China Merchants Bank Co. Ltd. Class A (Financials, Banks)† | 5,000 | 22,732 | ||||
China Minsheng Banking Corp. Ltd. Class H (Financials, Banks) | 175,000 | 69,281 | ||||
China National Building Material Co. Ltd. Class H (Materials, Construction materials) | 154,000 | 87,124 | ||||
China National Software & Service Co. Ltd. Class A (Information technology, Software) | 8,700 | 74,370 | ||||
China Oilfield Services Ltd. Class H (Energy, Energy equipment & services) | 88,000 | 89,681 | ||||
China Overseas Property Holdings Ltd. (Real estate, Real estate management & development) | 60,000 | 55,016 | ||||
China Pacific Insurance Group Co. Ltd. Class H (Financials, Insurance) | 21,600 | 54,618 | ||||
China Pacific Insurance Group Co. Ltd. Class A (Financials, Insurance)† | 2,400 | 9,408 | ||||
China Petroleum & Chemical Corp. Class H (Energy, Oil, gas & consumable fuels) | 432,000 | 271,984 | ||||
China Railway Group Ltd. Class H (Industrials, Construction & engineering)† | 198,000 | 130,475 | ||||
China Railway Signal & Communication Corp. Ltd. Class A (Information technology, Electronic equipment, instruments & components)† | 17,228 | 14,453 | ||||
China Rare Earth Resources & Technology Co. Ltd. Class A (Materials, Metals & mining)† | 6,900 | 30,302 | ||||
China Resources Gas Group Ltd. (Utilities, Gas utilities) | 11,400 | 37,488 | ||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 38,000 | 142,188 | ||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals)† | 1,100 | 10,114 | ||||
China Ruyi Holdings Ltd. (Communication services, Entertainment)† | 120,000 | 26,818 | ||||
China Shenhua Energy Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 52,000 | 164,358 | ||||
China Tourism Group Duty Free Corp. Ltd. Class H (Consumer discretionary, Specialty retail)144A† | 3,400 | 54,102 | ||||
China Tower Corp. Ltd. Class H (Communication services, Diversified telecommunication services)144A | 1,418,000 | 155,736 | ||||
China Vanke Co. Ltd. Class H (Real estate, Real estate management & development)† | 103,000 | 136,010 | ||||
China Yangtze Power Co. Ltd. Class A (Utilities, Independent power and renewable electricity producers)† | 14,900 | 47,210 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China (continued) | ||||||
Chinasoft International Ltd. (Information technology, IT services)† | 162,000 | $96,615 | ||||
Chongqing Brewery Co. Ltd. Class A (Consumer staples, Beverages)† | 500 | 6,278 | ||||
Chongqing Changan Automobile Co. Ltd. Class A (Consumer discretionary, Automobiles)† | 7,100 | 11,943 | ||||
Chongqing Zhifei Biological Products Co. Ltd. Class A (Health care, Biotechnology)† | 3,300 | 32,650 | ||||
Chow Tai Fook Jewellery Group Ltd. (Consumer discretionary, Specialty retail)† | 1,600 | 2,832 | ||||
CMOC Group Ltd. Class H (Materials, Metals & mining)† | 156,000 | 81,482 | ||||
COSCO SHIPPING Holdings Co. Ltd. Class H (Industrials, Marine transportation) | 146,175 | 128,806 | ||||
COSCO SHIPPING Ports Ltd. (Industrials, Transportation infrastructure) | 154,000 | 96,957 | ||||
Country Garden Holdings Co. Ltd. (Real estate, Real estate management & development)† | 486,000 | 89,374 | ||||
Country Garden Services Holdings Co. Ltd. (Real estate, Real estate management & development) | 43,000 | 50,026 | ||||
CRRC Corp. Ltd. Class H (Industrials, Machinery) | 265,000 | 164,135 | ||||
Daan Gene Co. Ltd. Class A (Health care, Biotechnology)† | 62,440 | 107,576 | ||||
Daqin Railway Co. Ltd. Class A (Industrials, Ground transportation)† | 56,300 | 60,544 | ||||
Daqo New Energy Corp. ADR (Information technology, Semiconductors & semiconductor equipment)† | 688 | 24,734 | ||||
DaShenLin Pharmaceutical Group Co. Ltd. Class A (Consumer staples, Consumer staples distribution & retail)† | 14,200 | 65,060 | ||||
Datang International Power Generation Co. Ltd. Class A (Utilities, Independent power and renewable electricity producers)† | 87,200 | 45,046 | ||||
Do-Fluoride New Materials Co. Ltd. Class A (Materials, Chemicals) | 3,500 | 9,853 | ||||
Dong-E-E-Jiao Co. Ltd. Class A (Health care, Pharmaceuticals)† | 2,300 | 15,983 | ||||
Dongfang Electric Corp. Ltd. Class A (Industrials, Electrical equipment)† | 17,800 | 45,099 | ||||
Dongfeng Motor Group Co. Ltd. Class H (Consumer discretionary, Automobiles) | 300,000 | 129,878 | ||||
Dongyue Group Ltd. (Materials, Chemicals) | 100,000 | 87,479 | ||||
East Buy Holding Ltd. (Consumer discretionary, Diversified consumer services)144A† | 23,500 | 87,182 | ||||
ENN Energy Holdings Ltd. (Utilities, Gas utilities) | 8,600 | 99,943 | ||||
Everbright Securities Co. Ltd. Class A (Financials, Capital markets)† | 8,200 | 18,283 | ||||
Flat Glass Group Co. Ltd. Class H (Information technology, Semiconductors & semiconductor equipment)† | 20,000 | 56,191 | ||||
Focus Media Information Technology Co. Ltd. Class A (Communication services, Media)† | 14,700 | 13,284 | ||||
Fuyao Glass Industry Group Co. Ltd. Class H (Consumer discretionary, Automobile components)144A | 17,600 | 64,058 | ||||
Ganfeng Lithium Group Co. Ltd. Class H (Materials, Chemicals)144A | 23,600 | 149,337 | ||||
G-bits Network Technology Xiamen Co. Ltd. Class A (Communication services, Entertainment) | 1,500 | 118,209 | ||||
GCL Technology Holdings Ltd. (Information technology, Semiconductors & semiconductor equipment)† | 786,000 | 170,642 | ||||
GD Power Development Co. Ltd. Class A (Utilities, Independent power and renewable electricity producers)† | 136,200 | 78,219 | ||||
GDS Holdings Ltd. Class A (Information technology, IT services)† | 10,100 | 12,460 | ||||
Geely Automobile Holdings Ltd. (Consumer discretionary, Automobiles) | 14,000 | 16,288 | ||||
GF Securities Co. Ltd. Class H (Financials, Capital markets)† | 7,200 | 10,004 | ||||
Great Wall Motor Co. Ltd. Class H (Consumer discretionary, Automobiles) | 105,000 | 107,810 | ||||
Greentown China Holdings Ltd. (Real estate, Real estate management & development) | 60,000 | 56,319 |
See accompanying notes to portfolio of investments
4 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China (continued) | ||||||
Greentown Service Group Co. Ltd. (Real estate, Real estate management & development) | 62,000 | $33,492 | ||||
Guangdong Haid Group Co. Ltd. Class A (Consumer staples, Food products)† | 1,400 | 9,112 | ||||
Guangdong HEC Technology Holding Co. Ltd. Class A (Materials, Metals & mining) | 84,800 | 86,060 | ||||
Guangzhou Automobile Group Co. Ltd. Class H (Consumer discretionary, Automobiles) | 134,400 | 77,065 | ||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A (Health care, Health care providers & services)† | 3,700 | 18,697 | ||||
Guangzhou Great Power Energy & Technology Co. Ltd. Class A (Industrials, Electrical equipment)† | 4,000 | 26,401 | ||||
Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A (Health care, Health care providers & services)† | 3,900 | 37,949 | ||||
Guangzhou Shiyuan Electronic Technology Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components)† | 1,700 | 14,848 | ||||
Haidilao International Holding Ltd. (Consumer discretionary, Hotels, restaurants & leisure)144A† | 29,000 | 61,034 | ||||
Haier Smart Home Co. Ltd. Class H (Consumer discretionary, Household durables)† | 42,000 | 120,415 | ||||
Haitian International Holdings Ltd. (Industrials, Machinery) | 30,000 | 68,119 | ||||
Hangzhou Chang Chuan Technology Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 1,000 | 7,110 | ||||
Hangzhou First Applied Material Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 5,908 | 25,480 | ||||
Hangzhou Oxygen Plant Group Co. Ltd. Class A (Materials, Chemicals) | 13,500 | 67,895 | ||||
Hangzhou Tigermed Consulting Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 21,500 | 161,172 | ||||
Hangzhou Tigermed Consulting Co. Ltd. Class A (Health care, Life sciences tools & services)† | 2,800 | 31,845 | ||||
Heilongjiang Agriculture Co. Ltd. Class A (Consumer staples, Food products) | 14,100 | 26,535 | ||||
Henan Shenhuo Coal & Power Co. Ltd. Class A (Materials, Metals & mining) | 47,800 | 85,987 | ||||
Henan Shuanghui Investment & Development Co. Ltd. Class A (Consumer staples, Food products) | 7,400 | 25,603 | ||||
Hengan International Group Co. Ltd. (Consumer staples, Personal care products) | 12,000 | 51,032 | ||||
Hengdian Group DMEGC Magnetics Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 19,200 | 48,970 | ||||
Hengyi Petrochemical Co. Ltd. Class A (Materials, Chemicals)† | 54,700 | 51,586 | ||||
Hithink RoyalFlush Information Network Co. Ltd. Class A (Financials, Capital markets) | 1,500 | 33,959 | ||||
Huadian Power International Corp. Ltd. Class A (Utilities, Independent power and renewable electricity producers)† | 149,000 | 149,537 | ||||
Huadong Medicine Co. Ltd. Class A (Health care, Health care providers & services)† | 10,500 | 57,552 | ||||
Hualan Biological Engineering, Inc. Class A (Health care, Biotechnology)† | 15,300 | 48,520 | ||||
Huaneng Power International, Inc. Class H (Utilities, Independent power and renewable electricity producers)† | 227,334 | 146,031 | ||||
Hubei Feilihua Quartz Glass Co. Ltd. Class A (Materials, Chemicals) | 5,900 | 39,846 | ||||
Hubei Jumpcan Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals)† | 10,700 | 47,759 | ||||
Hubei Xingfa Chemicals Group Co. Ltd. Class A (Materials, Chemicals)† | 14,000 | 42,151 | ||||
Humanwell Healthcare Group Co. Ltd. Class A (Health care, Pharmaceuticals)† | 21,600 | 79,840 | ||||
Hunan Valin Steel Co. Ltd. Class A (Materials, Metals & mining)† | 33,500 | 22,917 | ||||
Imeik Technology Development Co. Ltd. Class A (Health care, Biotechnology) | 1,400 | 88,796 | ||||
Industrial & Commercial Bank of China Ltd. Class H (Financials, Banks) | 857,000 | 458,573 | ||||
Inner Mongolia ERDOS Resources Co. Ltd. Class A (Materials, Metals & mining)† | 27,100 | 52,831 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 5
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China (continued) | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. Class A (Materials, Chemicals) | 17,600 | $10,875 | ||||
Inner Mongolia Yitai Coal Co. Ltd. Class B (Energy, Oil, gas & consumable fuels)† | 116,200 | 149,898 | ||||
Inner Mongolia Yuan Xing Energy Co. Ltd. Class A (Materials, Chemicals) | 35,900 | 33,654 | ||||
JA Solar Technology Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 1,260 | 6,385 | ||||
JCET Group Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 15,000 | 65,875 | ||||
JD.com, Inc. Class A (Consumer discretionary, Broadline retail) | 30,535 | 490,950 | ||||
Jiangsu Expressway Co. Ltd. Class H (Industrials, Transportation infrastructure) | 168,000 | 162,412 | ||||
Jiangsu Hengli Hydraulic Co. Ltd. Class A (Industrials, Machinery)† | 2,100 | 16,127 | ||||
Jiangsu Pacific Quartz Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 400 | 6,407 | ||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A (Health care, Health care equipment & supplies) | 4,200 | 19,751 | ||||
Jiangsu Zhongtian Technology Co. Ltd. Class A (Industrials, Electrical equipment)† | 7,200 | 14,736 | ||||
Jiangxi Copper Co. Ltd. Class H (Materials, Metals & mining) | 90,000 | 135,395 | ||||
Jiangxi Copper Co. Ltd. Class A (Materials, Metals & mining)† | 12,900 | 33,592 | ||||
Jiangxi Special Electric Motor Co. Ltd. Class A (Industrials, Electrical equipment)† | 23,400 | 38,339 | ||||
Jiumaojiu International Holdings Ltd. (Consumer discretionary, Hotels, restaurants & leisure)144A | 40,000 | 68,451 | ||||
Jizhong Energy Resources Co. Ltd. Class A (Energy, Oil, gas & consumable fuels)† | 41,500 | 42,467 | ||||
Jointown Pharmaceutical Group Co. Ltd. Class A (Health care, Health care providers & services)† | 32,100 | 73,287 | ||||
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. Class A (Consumer staples, Food products)† | 26,500 | 135,588 | ||||
Keda Industrial Group Co. Ltd. Class A (Industrials, Machinery) | 5,100 | 7,617 | ||||
Kingboard Holdings Ltd. (Information technology, Electronic equipment, instruments & components) | 36,500 | 98,353 | ||||
Kuaishou Technology (Communication services, Interactive media & services)144A† | 25,100 | 169,888 | ||||
Kunlun Energy Co. Ltd. (Utilities, Gas utilities) | 144,000 | 114,752 | ||||
Kweichow Moutai Co. Ltd. Class A (Consumer staples, Beverages)† | 700 | 160,496 | ||||
Li Auto, Inc. Class A (Consumer discretionary, Automobiles)† | 14,100 | 203,655 | ||||
Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 21,500 | 115,319 | ||||
Livzon Pharmaceutical Group, Inc. Class A (Health care, Pharmaceuticals)† | 800 | 4,412 | ||||
Longfor Group Holdings Ltd. (Real estate, Real estate management & development)144A | 43,000 | 82,700 | ||||
Luxi Chemical Group Co. Ltd. Class A (Materials, Chemicals)† | 29,800 | 44,379 | ||||
Meihua Holdings Group Co. Ltd. Class A (Consumer staples, Food products) | 65,500 | 82,424 | ||||
Meituan Class B (Consumer discretionary, Hotels, restaurants & leisure)144A† | 68,760 | 967,678 | ||||
Ming Yang Smart Energy Group Ltd. Class A (Industrials, Electrical equipment)† | 9,100 | 22,505 | ||||
NetEase, Inc. (Communication services, Entertainment) | 28,800 | 487,696 | ||||
New Oriental Education & Technology Group, Inc. (Consumer discretionary, Diversified consumer services)† | 23,800 | 90,879 | ||||
Ningbo Deye Technology Co. Ltd. Class A (Industrials, Machinery) | 1,800 | 34,316 | ||||
Ningbo Orient Wires & Cables Co. Ltd. Class A (Industrials, Electrical equipment) | 6,500 | 44,831 | ||||
Nongfu Spring Co. Ltd. Class H (Consumer staples, Beverages)144A | 7,400 | 39,691 | ||||
Offshore Oil Engineering Co. Ltd. Class A (Energy, Energy equipment & services)† | 24,000 | 20,742 | ||||
Pangang Group Vanadium Titanium & Resources Co. Ltd. Class A (Materials, Metals & mining)† | 178,000 | 99,718 |
See accompanying notes to portfolio of investments
6 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China (continued) | ||||||
PDD Holdings, Inc. ADR (Consumer discretionary, Broadline retail)† | 2,468 | $161,210 | ||||
People’s Insurance Co. Group of China Ltd. Class H (Financials, Insurance) | 515,000 | 194,676 | ||||
Perfect World Co. Ltd. Class A (Communication services, Entertainment) | 45,900 | 118,685 | ||||
PetroChina Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 390,000 | 252,016 | ||||
Pharmaron Beijing Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 45,850 | 169,219 | ||||
Pharmaron Beijing Co. Ltd. Class A (Health care, Life sciences tools & services)† | 3,100 | 20,116 | ||||
PICC Property & Casualty Co. Ltd. Class H (Financials, Insurance) | 140,000 | 166,810 | ||||
Ping An Insurance Group Co. of China Ltd. Class H (Financials, Insurance) | 81,000 | 514,108 | ||||
Postal Savings Bank of China Co. Ltd. Class H (Financials, Banks)144A | 134,000 | 84,194 | ||||
Proya Cosmetics Co. Ltd. Class A (Consumer staples, Personal care products) | 1,876 | 31,709 | ||||
Qifu Technology, Inc. ADR (Financials, Consumer finance) | 505 | 6,944 | ||||
Risen Energy Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 17,600 | 57,970 | ||||
Seazen Holdings Co. Ltd. Class A (Real estate, Real estate management & development)† | 22,200 | 43,685 | ||||
Shandong Buchang Pharmaceuticals Co. Ltd. Class A (Health care, Pharmaceuticals)† | 800 | 2,553 | ||||
Shandong Hualu Hengsheng Chemical Co. Ltd. Class A (Materials, Chemicals) | 7,900 | 32,437 | ||||
Shandong Weifang Rainbow Chemical Co. Ltd. Class A (Materials, Chemicals) | 5,500 | 59,170 | ||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health care, Health care equipment & supplies) | 79,600 | 117,716 | ||||
Shanghai Aiko Solar Energy Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 4,700 | 22,804 | ||||
Shanghai Baosight Software Co. Ltd. Class B (Information technology, Software)† | 95,317 | 316,929 | ||||
Shanghai Baosight Software Co. Ltd. Class A (Information technology, Software)† | 5,443 | 40,629 | ||||
Shanghai Fudan Microelectronics Group Co. Ltd. Class H (Information technology, Semiconductors & semiconductor equipment)† | 55,000 | 147,852 | ||||
Shanghai Fudan Microelectronics Group Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 11,969 | 96,164 | ||||
Shanghai Jinjiang International Hotels Co. Ltd. Class A (Consumer discretionary, Hotels, restaurants & leisure)† | 3,200 | 21,120 | ||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B (Real estate, Real estate management & development) | 96,261 | 57,468 | ||||
Shanghai M&G Stationery, Inc. Class A (Industrials, Commercial services & supplies) | 6,200 | 37,107 | ||||
Shanghai Medicilon, Inc. Class A (Health care, Life sciences tools & services) | 4,516 | 82,941 | ||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H (Health care, Health care providers & services)† | 15,400 | 30,680 | ||||
Shanghai RAAS Blood Products Co. Ltd. Class A (Health care, Biotechnology)† | 69,300 | 65,550 | ||||
Shengyi Technology Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 3,600 | 7,733 | ||||
Shenzhen International Holdings Ltd. (Industrials, Transportation infrastructure) | 71,500 | 56,704 | ||||
Shenzhen Kstar Science & Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 13,400 | 73,051 | ||||
Shenzhen New Industries Biomedical Engineering Co. Ltd. Class A (Health care, Health care equipment & supplies)† | 7,000 | 59,030 | ||||
Shenzhen SC New Energy Technology Corp. Class A (Information technology, Semiconductors & semiconductor equipment)† | 2,700 | 36,344 | ||||
Shenzhen YUTO Packaging Technology Co. Ltd. Class A (Materials, Containers & packaging)† | 2,500 | 8,326 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 7
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China (continued) | ||||||
Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 4,100 | $33,196 | ||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals)† | 6,800 | 27,422 | ||||
Sichuan Hebang Biotechnology Co. Ltd. Class A (Materials, Chemicals) | 1,100 | 364 | ||||
Sichuan Kelun Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals) | 23,500 | 102,443 | ||||
Sichuan Yahua Industrial Group Co. Ltd. Class A (Materials, Chemicals)† | 2,000 | 5,062 | ||||
Sieyuan Electric Co. Ltd. Class A (Industrials, Electrical equipment)† | 3,300 | 21,989 | ||||
Silergy Corp. (Information technology, Semiconductors & semiconductor equipment) | 5,000 | 65,170 | ||||
Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) | 64,400 | 210,953 | ||||
Sunny Optical Technology Group Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 3,800 | 35,717 | ||||
Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components)† | 23,000 | 82,263 | ||||
TBEA Co. Ltd. Class A (Industrials, Electrical equipment)† | 3,700 | 11,650 | ||||
Tencent Holdings Ltd. (Communication services, Interactive media & services) | 102,200 | 4,053,831 | ||||
Tianqi Lithium Corp. Class A (Materials, Chemicals)† | 3,200 | 32,404 | ||||
Tingyi Cayman Islands Holding Corp. (Consumer staples, Food products) | 46,000 | 68,967 | ||||
Titan Wind Energy Suzhou Co. Ltd. Class A (Industrials, Electrical equipment)† | 13,200 | 28,911 | ||||
Toly Bread Co. Ltd. Class A (Consumer staples, Food products) | 52,680 | 77,488 | ||||
TongFu Microelectronics Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 10,300 | 35,912 | ||||
Tongling Nonferrous Metals Group Co. Ltd. Class A (Materials, Metals & mining) | 76,300 | 31,145 | ||||
Tongwei Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 10,900 | 52,349 | ||||
Topsports International Holdings Ltd. (Consumer discretionary, Specialty retail)144A | 144,000 | 111,810 | ||||
TravelSky Technology Ltd. Class H (Consumer discretionary, Hotels, restaurants & leisure) | 88,000 | 160,481 | ||||
Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages) | 6,000 | 51,645 | ||||
Tsingtao Brewery Co. Ltd. Class A (Consumer staples, Beverages)† | 1,000 | 13,402 | ||||
Uni-President China Holdings Ltd. (Consumer staples, Food products) | 55,000 | 47,762 | ||||
Vipshop Holdings Ltd. ADR (Consumer discretionary, Broadline retail)† | 9,601 | 137,486 | ||||
Wanda Film Holding Co. Ltd. Class A (Communication services, Entertainment)† | 3,700 | 6,401 | ||||
Wanhua Chemical Group Co. Ltd. Class A (Materials, Chemicals) | 600 | 6,947 | ||||
Weibo Corp. ADR (Communication services, Interactive media & services)† | 1,188 | 16,596 | ||||
Weichai Power Co. Ltd. Class H (Industrials, Machinery)† | 74,000 | 100,551 | ||||
Weihai Guangwei Composites Co. Ltd. Class A (Materials, Chemicals) | 7,840 | 32,323 | ||||
Wuhan DR Laser Technology Corp. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 2,200 | 30,982 | ||||
Wuliangye Yibin Co. Ltd. Class A (Consumer staples, Beverages)† | 1,200 | 27,225 | ||||
WuXi AppTec Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 14,336 | 118,087 | ||||
Wuxi Biologics Cayman, Inc. (Health care, Life sciences tools & services)144A† | 50,500 | 258,290 | ||||
Xiamen C & D, Inc. Class A (Industrials, Trading companies & distributors)† | 17,900 | 29,252 | ||||
Xiaomi Corp. Class B (Information technology, Technology hardware, storage & peripherals)144A† | 132,000 | 174,304 | ||||
Xinjiang Zhongtai Chemical Co. Ltd. Class A (Materials, Chemicals)† | 12,500 | 11,630 | ||||
Xinyi Solar Holdings Ltd. (Information technology, Semiconductors & semiconductor equipment) | 16,000 | 15,795 | ||||
Yadea Group Holdings Ltd. (Consumer discretionary, Automobiles)144A | 12,000 | 23,907 |
See accompanying notes to portfolio of investments
8 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
China (continued) | ||||||
Yankuang Energy Group Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 32,000 | $81,078 | ||||
Yifeng Pharmacy Chain Co. Ltd. Class A (Consumer staples, Consumer staples distribution & retail) | 7,300 | 50,986 | ||||
Yihai International Holding Ltd. (Consumer staples, Food products)† | 20,000 | 44,340 | ||||
Youngor Group Co. Ltd. Class A (Real estate, Real estate management & development)† | 46,300 | 44,772 | ||||
Youngy Co. Ltd. Class A (Materials, Metals & mining)† | 2,000 | 17,316 | ||||
YTO Express Group Co. Ltd. Class A (Industrials, Air freight & logistics) | 5,200 | 11,265 | ||||
Yunnan Aluminium Co. Ltd. Class A (Materials, Metals & mining)† | 23,600 | 40,195 | ||||
Yunnan Yuntianhua Co. Ltd. Class A (Materials, Chemicals) | 22,700 | 53,232 | ||||
Zangge Mining Co. Ltd. Class A (Materials, Chemicals) | 9,000 | 29,112 | ||||
Zhejiang China Commodities City Group Co. Ltd. Class A (Real estate, Real estate management & development) | 16,900 | 19,578 | ||||
Zhejiang Expressway Co. Ltd. Class H (Industrials, Transportation infrastructure) | 168,000 | 124,437 | ||||
Zhejiang Juhua Co. Ltd. Class A (Materials, Chemicals)† | 26,200 | 48,495 | ||||
Zhejiang Supor Co. Ltd. Class A (Consumer discretionary, Household durables) | 5,100 | 32,096 | ||||
Zhejiang Weixing New Building Materials Co. Ltd. Class A (Industrials, Building products) | 7,500 | 20,385 | ||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals)† | 7,600 | 40,790 | ||||
Zhongsheng Group Holdings Ltd. (Consumer discretionary, Specialty retail) | 8,000 | 29,526 | ||||
Zhuzhou CRRC Times Electric Co. Ltd. (Industrials, Machinery)† | 13,400 | 56,386 | ||||
Zijin Mining Group Co. Ltd. Class H (Materials, Metals & mining) | 78,000 | 105,787 | ||||
ZTE Corp. Class H (Information technology, Communications equipment) | 47,200 | 144,967 | ||||
29,504,374 | ||||||
Colombia: 0.07% | ||||||
Bancolombia SA (Financials, Banks) | 9,173 | 57,305 | ||||
Interconexion Electrica SA ESP (Utilities, Electric utilities) | 3,452 | 13,653 | ||||
70,958 | ||||||
Czech Republic: 0.19% | ||||||
CEZ AS (Utilities, Electric utilities)† | 568 | 25,553 | ||||
Komercni Banka AS (Financials, Banks) | 2,951 | 87,953 | ||||
Moneta Money Bank AS (Financials, Banks)144A | 24,791 | 88,464 | ||||
201,970 | ||||||
Egypt: 0.04% | ||||||
Commercial International Bank Egypt SAE ADR (Financials, Banks) | 39,045 | 44,121 | ||||
Greece: 0.56% | ||||||
Alpha Services & Holdings SA (Financials, Banks)† | 56,691 | 83,957 | ||||
Eurobank Ergasias Services & Holdings SA Class A (Financials, Banks)† | 62,735 | 97,904 | ||||
FF Group (Consumer discretionary, Textiles, apparel & luxury goods)♦† | 3,820 | 0 | ||||
Hellenic Telecommunications Organization SA (Communication services, Diversified telecommunication services) | 1,504 | 23,021 | ||||
JUMBO SA (Consumer discretionary, Specialty retail) | 3,373 | 78,237 | ||||
Motor Oil Hellas Corinth Refineries SA (Energy, Oil, gas & consumable fuels)† | 2,770 | 71,416 | ||||
Mytilineos SA (Industrials, Industrial conglomerates) | 399 | 12,573 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 9
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Greece (continued) | ||||||
National Bank of Greece SA (Financials, Banks)† | 12,003 | $74,414 | ||||
OPAP SA (Consumer discretionary, Hotels, restaurants & leisure)† | 8,165 | 139,467 | ||||
580,989 | ||||||
Hong Kong: 1.09% | ||||||
Beijing Enterprises Holdings Ltd. (Utilities, Gas utilities) | 10,000 | 38,631 | ||||
BYD Electronic International Co. Ltd. (Information technology, Communications equipment) | 13,500 | 39,308 | ||||
China Everbright Environment Group Ltd. (Industrials, Commercial services & supplies) | 6,000 | 2,345 | ||||
China Jinmao Holdings Group Ltd. (Real estate, Real estate management & development) | 470,000 | 67,225 | ||||
China Merchants Port Holdings Co. Ltd. (Industrials, Transportation infrastructure) | 14,000 | 20,310 | ||||
China Overseas Land & Investment Ltd. (Real estate, Real estate management & development) | 43,500 | 88,217 | ||||
China Resources Beer Holdings Co. Ltd. (Consumer staples, Beverages) | 8,000 | 50,470 | ||||
China Resources Pharmaceutical Group Ltd. (Health care, Pharmaceuticals)144A | 136,500 | 130,914 | ||||
China Resources Power Holdings Co. Ltd. (Utilities, Independent power and renewable electricity producers) | 46,000 | 106,211 | ||||
China Taiping Insurance Holdings Co. Ltd. (Financials, Insurance) | 30,600 | 31,888 | ||||
China Traditional Chinese Medicine Holdings Co. Ltd. (Health care, Pharmaceuticals) | 54,000 | 25,998 | ||||
CITIC Ltd. (Industrials, Industrial conglomerates) | 19,000 | 21,935 | ||||
CSPC Pharmaceutical Group Ltd. (Health care, Pharmaceuticals) | 108,000 | 94,063 | ||||
Far East Horizon Ltd. (Financials, Financial services) | 140,000 | 117,286 | ||||
Kingboard Laminates Holdings Ltd. (Information technology, Electronic equipment, instruments & components) | 121,000 | 110,640 | ||||
Lenovo Group Ltd. (Information technology, Technology hardware, storage & peripherals) | 62,000 | 58,275 | ||||
Orient Overseas International Ltd. (Industrials, Marine transportation) | 5,500 | 67,043 | ||||
Yuexiu Property Co. Ltd. (Real estate, Real estate management & development) | 54,400 | 58,913 | ||||
1,129,672 | ||||||
Hungary: 0.35% | ||||||
MOL Hungarian Oil & Gas PLC (Energy, Oil, gas & consumable fuels) | 6,512 | 52,977 | ||||
OTP Bank Nyrt (Financials, Banks) | 4,226 | 131,605 | ||||
Richter Gedeon Nyrt (Health care, Pharmaceuticals) | 7,256 | 182,634 | ||||
367,216 | ||||||
India: 14.54% | ||||||
ABB India Ltd. (Industrials, Electrical equipment) | 2,246 | 112,010 | ||||
Apollo Hospitals Enterprise Ltd. (Health care, Health care providers & services) | 973 | 54,358 | ||||
Asian Paints Ltd. (Materials, Chemicals) | 4,907 | 189,380 | ||||
AU Small Finance Bank Ltd. (Financials, Banks)144A† | 4,825 | 45,310 | ||||
Aurobindo Pharma Ltd. (Health care, Pharmaceuticals) | 3,848 | 30,633 | ||||
Avenue Supermarts Ltd. (Consumer staples, Consumer staples distribution & retail)144A† | 1,454 | 61,007 | ||||
Axis Bank Ltd. (Financials, Banks) | 42,933 | 474,753 | ||||
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 3,056 | 168,704 | ||||
Bajaj Finance Ltd. (Financials, Consumer finance) | 3,066 | 259,040 |
See accompanying notes to portfolio of investments
10 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
India (continued) | ||||||
Bajaj Finserv Ltd. (Financials, Financial services) | 4,366 | $76,576 | ||||
Bajaj Holdings & Investment Ltd. (Financials, Financial services) | 324 | 28,451 | ||||
Bandhan Bank Ltd. (Financials, Banks)144A† | 41,089 | 133,103 | ||||
Bank of Baroda (Financials, Banks) | 106,633 | 238,446 | ||||
Bharat Electronics Ltd. (Industrials, Aerospace & defense)† | 133,737 | 181,292 | ||||
Bharat Forge Ltd. (Consumer discretionary, Automobile components)† | 4,720 | 45,145 | ||||
Bharti Airtel Ltd. (Communication services, Wireless telecommunication services)† | 24,771 | 254,471 | ||||
Britannia Industries Ltd. (Consumer staples, Food products) | 4,639 | 261,133 | ||||
CG Power & Industrial Solutions Ltd. (Industrials, Electrical equipment) | 80,131 | 380,500 | ||||
Cholamandalam Investment & Finance Co. Ltd. (Financials, Consumer finance) | 6,887 | 87,482 | ||||
Cipla Ltd. (Health care, Pharmaceuticals) | 6,133 | 70,651 | ||||
Coal India Ltd. (Energy, Oil, gas & consumable fuels)† | 45,069 | 131,423 | ||||
Colgate-Palmolive India Ltd. (Consumer staples, Personal care products) | 7,767 | 149,408 | ||||
Container Corp. Of India Ltd. (Industrials, Ground transportation)† | 19,236 | 156,003 | ||||
Dabur India Ltd. (Consumer staples, Personal care products)† | 5,697 | 38,245 | ||||
Divi’s Laboratories Ltd. (Health care, Life sciences tools & services)† | 1,699 | 70,718 | ||||
DLF Ltd. (Real estate, Real estate management & development)† | 3,465 | 19,890 | ||||
Dr Reddy’s Laboratories Ltd. (Health care, Pharmaceuticals) | 1,923 | 104,621 | ||||
Eicher Motors Ltd. (Consumer discretionary, Automobiles)† | 3,811 | 169,146 | ||||
GAIL India Ltd. (Utilities, Gas utilities) | 56,280 | 71,292 | ||||
Godrej Consumer Products Ltd. (Consumer staples, Personal care products)† | 8,230 | 105,282 | ||||
Havells India Ltd. (Industrials, Electrical equipment) | 7,470 | 118,097 | ||||
HCL Technologies Ltd. (Information technology, IT services) | 19,967 | 276,365 | ||||
Hero MotoCorp Ltd. (Consumer discretionary, Automobiles) | 7,724 | 257,669 | ||||
Hindalco Industries Ltd. (Materials, Metals & mining)† | 18,308 | 89,823 | ||||
Hindustan Unilever Ltd. (Consumer staples, Personal care products) | 13,656 | 440,315 | ||||
ICICI Bank Ltd. (Financials, Banks)† | 89,361 | 1,025,203 | ||||
Indian Hotels Co. Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 32,166 | 151,515 | ||||
Indian Oil Corp. Ltd. (Energy, Oil, gas & consumable fuels)† | 18,162 | 19,758 | ||||
Indraprastha Gas Ltd. (Utilities, Gas utilities) | 19,810 | 115,079 | ||||
Indus Towers Ltd. (Communication services, Diversified telecommunication services)† | 95,108 | 176,865 | ||||
Info Edge India Ltd. (Communication services, Interactive media & services) | 2,376 | 116,998 | ||||
Infosys Ltd. (Information technology, IT services) | 50,570 | 805,813 | ||||
ITC Ltd. (Consumer staples, Tobacco) | 66,146 | 356,187 | ||||
Jindal Steel & Power Ltd. (Materials, Metals & mining)† | 18,763 | 117,309 | ||||
JSW Steel Ltd. (Materials, Metals & mining) | 848 | 7,137 | ||||
Jubilant Foodworks Ltd. (Consumer discretionary, Hotels, restaurants & leisure)† | 5,310 | 31,020 | ||||
Kotak Mahindra Bank Ltd. (Financials, Banks)† | 9,098 | 221,517 | ||||
Larsen & Toubro Ltd. (Industrials, Construction & engineering)† | 9,172 | 244,527 | ||||
LTIMindtree Ltd. (Information technology, IT services)144A† | 1,124 | 67,909 | ||||
Lupin Ltd. (Health care, Pharmaceuticals)† | 3,380 | 32,868 | ||||
Mahindra & Mahindra Ltd. (Consumer discretionary, Automobiles) | 20,318 | 323,931 | ||||
Marico Ltd. (Consumer staples, Food products) | 8,664 | 56,870 | ||||
Maruti Suzuki India Ltd. (Consumer discretionary, Automobiles) | 2,333 | 264,165 | ||||
Mphasis Ltd. (Information technology, IT services) | 1,569 | 36,922 | ||||
MRF Ltd. (Consumer discretionary, Automobile components)† | 111 | 130,427 | ||||
Muthoot Finance Ltd. (Financials, Consumer finance) | 3,444 | 46,437 | ||||
Nestle India Ltd. (Consumer staples, Food products) | 691 | 181,020 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 11
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
India (continued) | ||||||
NTPC Ltd. (Utilities, Independent power and renewable electricity producers)† | 131,841 | $277,046 | ||||
Oil & Natural Gas Corp. Ltd. (Energy, Oil, gas & consumable fuels)† | 49,602 | 92,870 | ||||
Page Industries Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 125 | 58,586 | ||||
Petronet LNG Ltd. (Energy, Oil, gas & consumable fuels)† | 68,619 | 187,323 | ||||
PI Industries Ltd. (Materials, Chemicals) | 2,841 | 124,200 | ||||
Pidilite Industries Ltd. (Materials, Chemicals)† | 1,493 | 47,062 | ||||
Power Grid Corp. of India Ltd. (Utilities, Electric utilities)† | 97,674 | 276,085 | ||||
Reliance Industries Ltd. (Energy, Oil, gas & consumable fuels) | 40,088 | 1,196,798 | ||||
SBI Life Insurance Co. Ltd. (Financials, Insurance)144A | 3,208 | 47,888 | ||||
Shree Cement Ltd. (Materials, Construction materials) | 76 | 23,117 | ||||
Shriram Finance Ltd. (Financials, Consumer finance) | 3,203 | 54,192 | ||||
Siemens Ltd. (Industrials, Industrial conglomerates) | 1,771 | 76,028 | ||||
State Bank of India (Financials, Banks) | 39,181 | 274,611 | ||||
Sun Pharmaceutical Industries Ltd. (Health care, Pharmaceuticals)† | 12,447 | 146,741 | ||||
Tata Consultancy Services Ltd. (Information technology, IT services)† | 14,711 | 584,924 | ||||
Tata Elxsi Ltd. (Information technology, Software)† | 430 | 38,574 | ||||
Tata Motors Ltd. (Consumer discretionary, Automobiles)† | 26,536 | 168,809 | ||||
Tata Steel Ltd. (Materials, Metals & mining) | 108,234 | 138,413 | ||||
Tech Mahindra Ltd. (Information technology, IT services) | 8,514 | 114,802 | ||||
Titan Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 2,811 | 95,926 | ||||
Torrent Pharmaceuticals Ltd. (Health care, Pharmaceuticals) | 4,389 | 97,391 | ||||
Tube Investments of India Ltd. (Consumer discretionary, Automobile components) | 6,932 | 239,883 | ||||
TVS Motor Co. Ltd. (Consumer discretionary, Automobiles) | 9,317 | 146,717 | ||||
UltraTech Cement Ltd. (Materials, Construction materials)† | 1,876 | 178,459 | ||||
UPL Ltd. (Materials, Chemicals)† | 10,040 | 83,141 | ||||
Varun Beverages Ltd. (Consumer staples, Beverages) | 9,492 | 194,408 | ||||
Vedanta Ltd. (Materials, Metals & mining) | 24,690 | 83,054 | ||||
Yes Bank Ltd. (Financials, Banks)† | 898,744 | 175,986 | ||||
15,103,253 | ||||||
Indonesia: 2.04% | ||||||
Adaro Energy Indonesia Tbk PT (Energy, Oil, gas & consumable fuels) | 508,900 | 69,257 | ||||
Aneka Tambang Tbk PT (Materials, Metals & mining) | 309,900 | 39,177 | ||||
Astra International Tbk PT (Consumer discretionary, Industrial conglomerates) | 227,700 | 97,976 | ||||
Bank Central Asia Tbk PT (Financials, Banks) | 789,800 | 476,830 | ||||
Bank Mandiri Persero Tbk PT (Financials, Banks) | 689,900 | 232,421 | ||||
Bank Negara Indonesia Persero Tbk PT (Financials, Banks) | 175,900 | 106,197 | ||||
Bank Rakyat Indonesia Persero Tbk PT (Financials, Banks) | 657,700 | 244,608 | ||||
Charoen Pokphand Indonesia Tbk PT (Consumer staples, Food products) | 98,300 | 32,461 | ||||
Hanson International Tbk PT (Real estate, Real estate management & development)♦† | 10,045,000 | 0 | ||||
Indofood CBP Sukses Makmur Tbk PT (Consumer staples, Food products) | 70,900 | 55,339 | ||||
Indofood Sukses Makmur Tbk PT (Consumer staples, Food products) | 283,400 | 134,232 | ||||
Kalbe Farma Tbk PT (Health care, Pharmaceuticals) | 1,087,400 | 147,260 | ||||
Semen Indonesia Persero Tbk PT (Materials, Construction materials) | 291,800 | 112,905 | ||||
Sumber Alfaria Trijaya Tbk PT (Consumer staples, Consumer staples distribution & retail) | 1,096,300 | 193,077 | ||||
Telkom Indonesia Persero Tbk PT (Communication services, Diversified telecommunication services) | 445,900 | 120,176 |
See accompanying notes to portfolio of investments
12 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Indonesia (continued) | ||||||
Unilever Indonesia Tbk PT (Consumer staples, Household products) | 82,000 | $24,780 | ||||
United Tractors Tbk PT (Energy, Oil, gas & consumable fuels) | 21,700 | 32,174 | ||||
2,118,870 | ||||||
Kuwait: 1.08% | ||||||
Agility Public Warehousing Co. KSC (Industrials, Air freight & logistics)† | 44,921 | 89,243 | ||||
Boubyan Bank KSCP (Financials, Banks) | 6,784 | 13,235 | ||||
Gulf Bank KSCP (Financials, Banks) | 195,396 | 162,645 | ||||
Kuwait Finance House KSCP (Financials, Banks) | 114,757 | 263,805 | ||||
Mabanee Co. KPSC (Real estate, Real estate management & development) | 32,736 | 78,873 | ||||
Mobile Telecommunications Co. KSCP (Communication services, Wireless telecommunication services) | 77,986 | 131,857 | ||||
National Bank of Kuwait SAKP (Financials, Banks) | 127,946 | 382,736 | ||||
1,122,394 | ||||||
Luxembourg: 0.11% | ||||||
Reinet Investments SCA (Financials, Capital markets) | 5,639 | 111,529 | ||||
Malaysia: 2.16% | ||||||
AMMB Holdings Bhd (Financials, Banks) | 255,100 | 201,184 | ||||
CelcomDigi Bhd (Communication services, Wireless telecommunication services) | 169,500 | 164,157 | ||||
CIMB Group Holdings Bhd (Financials, Banks) | 164,700 | 171,997 | ||||
Gamuda Bhd (Industrials, Construction & engineering) | 159,700 | 153,627 | ||||
Genting Bhd (Consumer discretionary, Hotels, restaurants & leisure) | 122,600 | 111,563 | ||||
Genting Malaysia Bhd (Consumer discretionary, Hotels, restaurants & leisure) | 85,100 | 46,279 | ||||
HAP Seng Consolidated Bhd (Industrials, Industrial conglomerates) | 8,800 | 6,902 | ||||
Hong Leong Bank Bhd (Financials, Banks) | 15,500 | 65,016 | ||||
Hong Leong Financial Group Bhd (Financials, Banks) | 16,067 | 60,293 | ||||
IOI Corp. Bhd (Consumer staples, Food products) | 105,800 | 84,585 | ||||
Malayan Banking Bhd (Financials, Banks) | 58,400 | 109,449 | ||||
Maxis Bhd (Communication services, Wireless telecommunication services) | 94,700 | 84,328 | ||||
Nestle Malaysia Bhd (Consumer staples, Food products) | 800 | 23,226 | ||||
Petronas Chemicals Group Bhd (Materials, Chemicals) | 400 | 568 | ||||
Petronas Gas Bhd (Utilities, Gas utilities) | 5,500 | 19,948 | ||||
PPB Group Bhd (Consumer staples, Food products) | 16,000 | 56,367 | ||||
Public Bank Bhd (Financials, Banks) | 186,200 | 153,704 | ||||
QL Resources Bhd (Consumer staples, Food products) | 97,700 | 117,481 | ||||
RHB Bank Bhd (Financials, Banks) | 71,100 | 82,415 | ||||
Sime Darby Bhd (Industrials, Industrial conglomerates) | 307,900 | 138,090 | ||||
Sime Darby Plantation Bhd (Consumer staples, Food products) | 12,000 | 10,972 | ||||
Telekom Malaysia Bhd (Communication services, Diversified telecommunication services) | 145,800 | 161,105 | ||||
Tenaga Nasional Bhd (Utilities, Electric utilities) | 64,800 | 133,517 | ||||
Top Glove Corp. Bhd (Health care, Health care equipment & supplies)† | 344,750 | 85,151 | ||||
2,241,924 | ||||||
Mexico: 2.87% | ||||||
Alfa SAB de CV Class A (Industrials, Industrial conglomerates) | 150,800 | 92,241 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 13
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Mexico (continued) | ||||||
America Movil SAB de CV Series B (Communication services, Wireless telecommunication services) | 305,623 | $323,436 | ||||
Arca Continental SAB de CV (Consumer staples, Beverages) | 9,000 | 90,972 | ||||
Banco del Bajio SA (Financials, Banks)144A | 53,500 | 168,282 | ||||
Cemex SAB de CV (Materials, Construction materials)† | 261,200 | 156,818 | ||||
Coca-Cola Femsa SAB de CV (Consumer staples, Beverages) | 22,700 | 188,168 | ||||
Controladora AXTEL SAB de CV (Communication services, Diversified telecommunication services)† | 150,800 | 2,310 | ||||
Fibra Uno Administracion SA de CV (Real estate, Diversified REITs) | 25,200 | 36,755 | ||||
Fomento Economico Mexicano SAB de CV (Consumer staples, Beverages) | 27,400 | 276,695 | ||||
Gruma SAB de CV Class B (Consumer staples, Food products) | 7,235 | 111,595 | ||||
Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation infrastructure) | 6,300 | 110,988 | ||||
Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation infrastructure) | 5,050 | 141,694 | ||||
Grupo Bimbo SAB de CV Class A (Consumer staples, Food products) | 28,300 | 151,731 | ||||
Grupo Carso SAB de CV (Industrials, Industrial conglomerates) | 2,100 | 12,230 | ||||
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 45,000 | 361,598 | ||||
Grupo Financiero Inbursa SAB de CV Class O (Financials, Banks)† | 42,700 | 94,940 | ||||
Grupo Mexico SAB de CV Class B (Materials, Metals & mining) | 28,600 | 127,567 | ||||
Kimberly-Clark de Mexico SAB de CV Class A (Consumer staples, Household products) | 31,900 | 65,192 | ||||
Orbia Advance Corp. SAB de CV (Materials, Chemicals) | 34,400 | 72,713 | ||||
Promotora y Operadora de Infraestructura SAB de CV (Industrials, Transportation infrastructure) | 12,995 | 126,497 | ||||
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | 70,739 | 269,095 | ||||
2,981,517 | ||||||
Netherlands: 0.18% | ||||||
NEPI Rockcastle NV (Real estate, Real estate management & development)† | 14,140 | 80,772 | ||||
Pepco Group NV (Consumer discretionary, Broadline retail)† | 11,454 | 108,179 | ||||
188,951 | ||||||
Peru: 0.26% | ||||||
Credicorp Ltd. (Financials, Banks) | 2,075 | 268,609 | ||||
Philippines: 0.93% | ||||||
ACEN Corp. (Utilities, Independent power and renewable electricity producers)† | 5,790 | 604 | ||||
Bank of the Philippine Islands (Financials, Banks) | 90,777 | 161,559 | ||||
BDO Unibank, Inc. (Financials, Banks) | 71,294 | 172,649 | ||||
Energy Development Corp. (Utilities, Independent power and renewable electricity producers)♦† | 231,800 | 0 | ||||
International Container Terminal Services, Inc. (Industrials, Transportation infrastructure) | 11,210 | 38,924 | ||||
Jollibee Foods Corp. (Consumer discretionary, Hotels, restaurants & leisure) | 45,730 | 191,845 | ||||
Manila Electric Co. (Utilities, Electric utilities) | 14,030 | 81,692 | ||||
Metropolitan Bank & Trust Co. (Financials, Banks) | 136,477 | 139,976 |
See accompanying notes to portfolio of investments
14 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Philippines (continued) | ||||||
PLDT, Inc. (Communication services, Wireless telecommunication services) | 2,295 | $49,038 | ||||
Universal Robina Corp. (Consumer staples, Food products) | 52,470 | 131,362 | ||||
967,649 | ||||||
Poland: 1.03% | ||||||
Bank Polska Kasa Opieki SA (Financials, Banks) | 4,557 | 103,574 | ||||
CD Projekt SA (Communication services, Entertainment) | 5,809 | 166,238 | ||||
Cyfrowy Polsat SA (Communication services, Media) | 7,861 | 28,668 | ||||
Dino Polska SA (Consumer staples, Consumer staples distribution & retail)144A† | 645 | 63,370 | ||||
KGHM Polska Miedz SA (Materials, Metals & mining) | 1,703 | 42,060 | ||||
mBank SA (Financials, Banks)† | 368 | 30,655 | ||||
PGE Polska Grupa Energetyczna SA (Utilities, Electric utilities)† | 75,072 | 119,046 | ||||
Polski Koncern Naftowy ORLEN SA (Energy, Oil, gas & consumable fuels)† | 8,555 | 121,582 | ||||
Powszechna Kasa Oszczednosci Bank Polski SA (Financials, Banks) | 18,080 | 136,949 | ||||
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)† | 15,558 | 141,724 | ||||
Santander Bank Polska SA (Financials, Banks) | 1,408 | 111,903 | ||||
1,065,769 | ||||||
Russia: 0.00% | ||||||
Alrosa PJSC (Acquired 5-6-2021, cost $89,583) (Materials, Metals & mining)♦†˃ | 52,390 | 0 | ||||
Gazprom PJSC (Acquired 1-29-2019, cost $384,585) (Energy, Oil, gas & consumable fuels)♦†˃ | 143,160 | 0 | ||||
Inter RAO UES PJSC (Acquired 5-7-2020, cost $59,563) (Utilities, Electric utilities)♦†˃ | 862,002 | 0 | ||||
LUKOIL PJSC (Acquired 3-18-2020, cost $576,228) (Energy, Oil, gas & consumable fuels)♦†˃ | 8,545 | 0 | ||||
Magnit PJSC (Acquired 4-29-2013, cost $106,474) (Consumer staples, Consumer staples distribution & retail)♦†˃ | 1,476 | 0 | ||||
Magnit PJSC GDR (Acquired 7-8-2021, cost $58) (Consumer staples, Consumer staples distribution & retail)♦†˃ | 4 | 0 | ||||
MMC Norilsk Nickel PJSC (Acquired 6-6-2017, cost $349,985) (Materials, Metals & mining)♦†˃ | 1,210 | 0 | ||||
Mobile TeleSystems PJSC (Acquired 10-9-2020, cost $54,568) (Communication services, Wireless telecommunication services)♦†˃ | 12,728 | 0 | ||||
Novolipetsk Steel PJSC (Acquired 5-7-2020, cost $58,368) (Materials, Metals & mining)♦†˃ | 28,410 | 0 | ||||
PhosAgro PJSC (Acquired 4-8-2021, cost $50,199) (Materials, Chemicals)♦†˃ | 912 | 0 | ||||
PhosAgro PJSC (Acquired 4-8-2021, cost $323) (Materials, Chemicals)♦†˃ | 18 | 0 | ||||
PhosAgro PJSC GDR (Acquired 4-8-2021, cost $0) (Materials, Chemicals)♦†˃ | 2 | 0 | ||||
Polyus PJSC (Acquired 10-15-2021, cost $135,672) (Materials, Metals & mining)♦†˃ | 772 | 0 | ||||
Rosneft Oil Co. PJSC (Acquired 1-31-2020, cost $125,766) (Energy, Oil, gas & consumable fuels)♦†˃ | 17,010 | 0 | ||||
Sberbank of Russia PJSC (Acquired 7-31-2019, cost $713,153) (Financials, Banks)♦†˃ | 194,870 | 0 | ||||
Severstal PAO (Acquired 7-5-2020, cost $62,518) (Materials, Metals & mining)♦†˃ | 4,920 | 0 | ||||
Tatneft PJSC (Acquired 5-7-2020, cost $171,025) (Energy, Oil, gas & consumable fuels)♦†˃ | 28,052 | 0 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 15
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Russia (continued) | ||||||
TCS Group Holding PLC GDR (Acquired 3-30-2021, cost $149,438) (Financials, Banks)♦†˃ | 2,546 | $0 | ||||
VTB Bank PJSC (Acquired 7-2-2018, cost $13,240) (Financials, Banks)♦†˃ | 17,390,000 | 0 | ||||
0 | ||||||
South Africa: 2.90% | ||||||
Absa Group Ltd. (Financials, Banks) | 20,610 | 160,783 | ||||
African Rainbow Minerals Ltd. (Materials, Metals & mining) | 6,601 | 69,044 | ||||
Anglo American Platinum Ltd. (Materials, Metals & mining) | 1,915 | 110,299 | ||||
AngloGold Ashanti Ltd. (Materials, Metals & mining) | 2,308 | 56,522 | ||||
Bid Corp. Ltd. (Consumer staples, Consumer staples distribution & retail) | 6,420 | 136,746 | ||||
Bidvest Group Ltd. (Industrials, Industrial conglomerates) | 4,054 | 48,894 | ||||
Capitec Bank Holdings Ltd. (Financials, Banks) | 867 | 59,357 | ||||
Clicks Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 2,807 | 33,382 | ||||
Exxaro Resources Ltd. (Energy, Oil, gas & consumable fuels) | 8,236 | 66,903 | ||||
FirstRand Ltd. (Financials, Financial services) | 53,214 | 162,648 | ||||
Foschini Group Ltd. (Consumer discretionary, Specialty retail) | 5,720 | 24,314 | ||||
Gold Fields Ltd. (Materials, Metals & mining) | 10,244 | 156,631 | ||||
Harmony Gold Mining Co. Ltd. (Materials, Metals & mining)† | 7,846 | 37,247 | ||||
Impala Platinum Holdings Ltd. (Materials, Metals & mining) | 9,745 | 78,271 | ||||
Kumba Iron Ore Ltd. (Materials, Metals & mining) | 4,639 | 101,996 | ||||
Mr Price Group Ltd. (Consumer discretionary, Specialty retail) | 3,288 | 20,688 | ||||
MTN Group Ltd. (Communication services, Wireless telecommunication services) | 22,731 | 140,602 | ||||
MultiChoice Group (Communication services, Media) | 10,848 | 53,957 | ||||
Naspers Ltd. Class N (Consumer discretionary, Broadline retail) | 3,528 | 532,604 | ||||
Nedbank Group Ltd. (Financials, Banks) | 13,641 | 144,007 | ||||
Old Mutual Ltd. (Financials, Insurance) | 118,573 | 64,161 | ||||
OUTsurance Group Ltd. (Financials, Insurance) | 34,690 | 55,680 | ||||
Remgro Ltd. (Financials, Financial services) | 15,629 | 104,004 | ||||
Sanlam Ltd. (Financials, Insurance) | 6,897 | 18,153 | ||||
Sasol Ltd. (Materials, Chemicals) | 8,614 | 100,920 | ||||
Shoprite Holdings Ltd. (Consumer staples, Consumer staples distribution & retail) | 2,087 | 20,660 | ||||
Sibanye Stillwater Ltd. (Materials, Metals & mining) | 31,185 | 55,368 | ||||
Standard Bank Group Ltd. (Financials, Banks) | 20,852 | 160,249 | ||||
Woolworths Holdings Ltd. (Consumer discretionary, Broadline retail) | 78,082 | 235,607 | ||||
3,009,697 | ||||||
South Korea: 12.60% | ||||||
Amorepacific Corp. (Consumer staples, Personal care products) | 42 | 3,307 | ||||
BGF retail Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 1,581 | 226,802 | ||||
Celltrion, Inc. (Health care, Biotechnology) | 1,681 | 216,956 | ||||
Cheil Worldwide, Inc. (Communication services, Media) | 8,696 | 120,096 | ||||
CJ CheilJedang Corp. (Consumer staples, Food products) | 99 | 23,123 | ||||
CJ Corp. (Industrials, Industrial conglomerates) | 1,656 | 110,546 | ||||
Coway Co. Ltd. (Consumer discretionary, Household durables) | 250 | 9,070 | ||||
DB Insurance Co. Ltd. (Financials, Insurance) | 2,919 | 162,747 | ||||
Doosan Bobcat, Inc. (Industrials, Machinery) | 2,597 | 104,682 | ||||
Doosan Enerbility Co. Ltd. (Industrials, Electrical equipment)† | 4,945 | 59,910 | ||||
Ecopro BM Co. Ltd. (Industrials, Electrical equipment) | 416 | 78,044 |
See accompanying notes to portfolio of investments
16 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
South Korea (continued) | ||||||
E-MART, Inc. (Consumer staples, Consumer staples distribution & retail) | 647 | $41,094 | ||||
F&F Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 578 | 56,352 | ||||
GS Holdings Corp. (Industrials, Industrial conglomerates) | 6,548 | 189,940 | ||||
Hana Financial Group, Inc. (Financials, Banks) | 4,697 | 146,687 | ||||
Hankook Tire & Technology Co. Ltd. (Consumer discretionary, Automobile components) | 5,248 | 136,414 | ||||
Hanmi Pharm Co. Ltd. (Health care, Pharmaceuticals) | 322 | 70,963 | ||||
Hanwha Solutions Corp. (Materials, Chemicals)† | 280 | 9,441 | ||||
HMM Co. Ltd. (Industrials, Marine transportation) | 7,074 | 94,604 | ||||
Hotel Shilla Co. Ltd. (Consumer discretionary, Specialty retail) | 1,905 | 110,805 | ||||
Hyundai Engineering & Construction Co. Ltd. (Industrials, Construction & engineering) | 1,692 | 48,826 | ||||
Hyundai Glovis Co. Ltd. (Industrials, Air freight & logistics) | 1,017 | 129,496 | ||||
Hyundai Mobis Co. Ltd. (Consumer discretionary, Automobile components) | 992 | 166,672 | ||||
Hyundai Motor Co. (Consumer discretionary, Automobiles) | 1,986 | 299,265 | ||||
Hyundai Steel Co. (Materials, Metals & mining) | 4,390 | 107,827 | ||||
Industrial Bank of Korea (Financials, Banks) | 17,447 | 134,213 | ||||
Kakao Corp. (Communication services, Interactive media & services) | 3,419 | 144,771 | ||||
Kakao Games Corp. (Communication services, Entertainment)† | 483 | 14,138 | ||||
Kangwon Land, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 2,321 | 31,879 | ||||
KB Financial Group, Inc. (Financials, Banks) | 7,995 | 289,139 | ||||
Kia Corp. (Consumer discretionary, Automobiles) | 5,196 | 336,287 | ||||
Korea Aerospace Industries Ltd. (Industrials, Aerospace & defense) | 942 | 36,552 | ||||
Korea Investment Holdings Co. Ltd. (Financials, Capital markets) | 3,406 | 142,168 | ||||
Korea Zinc Co. Ltd. (Materials, Metals & mining) | 76 | 27,514 | ||||
Korean Air Lines Co. Ltd. (Industrials, Passenger airlines) | 2,977 | 49,570 | ||||
Krafton, Inc. (Communication services, Entertainment)† | 664 | 94,603 | ||||
KT&G Corp. (Consumer staples, Tobacco) | 2,175 | 136,998 | ||||
Kumho Petrochemical Co. Ltd. (Materials, Chemicals) | 1,609 | 153,838 | ||||
LG Chem Ltd. (Materials, Chemicals) | 645 | 336,775 | ||||
LG Corp. (Industrials, Industrial conglomerates) | 1,590 | 103,025 | ||||
LG Electronics, Inc. (Consumer discretionary, Household durables) | 1,565 | 144,797 | ||||
LG H&H Co. Ltd. (Consumer staples, Personal care products) | 198 | 78,618 | ||||
LG Innotek Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 619 | 143,178 | ||||
LG Uplus Corp. (Communication services, Diversified telecommunication services) | 14,363 | 121,635 | ||||
Lotte Chemical Corp. (Materials, Chemicals) | 215 | 27,036 | ||||
Lotte Shopping Co. Ltd. (Consumer discretionary, Broadline retail) | 2,292 | 138,150 | ||||
Meritz Financial Group, Inc. (Financials, Financial services) | 1,725 | 58,421 | ||||
Mirae Asset Securities Co. Ltd. (Financials, Capital markets) | 24,288 | 133,586 | ||||
NAVER Corp. (Communication services, Interactive media & services)† | 1,924 | 289,198 | ||||
NCSoft Corp. (Communication services, Entertainment) | 803 | 194,208 | ||||
NH Investment & Securities Co. Ltd. Class C (Financials, Capital markets) | 19,171 | 144,297 | ||||
Orion Corp. (Consumer staples, Food products) | 1,133 | 110,291 | ||||
Pan Ocean Co. Ltd. (Industrials, Marine transportation) | 26,698 | 94,743 | ||||
POSCO Holdings, Inc. (Materials, Metals & mining) | 1,165 | 315,992 | ||||
S-1 Corp. (Industrials, Commercial services & supplies) | 2,786 | 113,980 | ||||
Samsung C&T Corp. (Industrials, Industrial conglomerates) | 1,574 | 131,162 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 17
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
South Korea (continued) | ||||||
Samsung Electro-Mechanics Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 1,287 | $143,027 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 73,484 | 3,953,104 | ||||
Samsung Engineering Co. Ltd. (Industrials, Construction & engineering)† | 2,011 | 42,879 | ||||
Samsung Fire & Marine Insurance Co. Ltd. (Financials, Insurance) | 905 | 153,760 | ||||
Samsung Life Insurance Co. Ltd. (Financials, Insurance) | 1,638 | 81,823 | ||||
Samsung SDI Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 724 | 391,661 | ||||
Samsung SDS Co. Ltd. (Information technology, IT services) | 567 | 53,101 | ||||
Samsung Securities Co. Ltd. (Financials, Capital markets) | 4,789 | 132,602 | ||||
SD Biosensor, Inc. (Health care, Health care equipment & supplies) | 583 | 7,437 | ||||
Shinhan Financial Group Co. Ltd. (Financials, Banks) | 10,893 | 287,662 | ||||
SK Bioscience Co. Ltd. (Health care, Biotechnology)† | 988 | 61,710 | ||||
SK Hynix, Inc. (Information technology, Semiconductors & semiconductor equipment) | 7,195 | 588,719 | ||||
SK, Inc. (Industrials, Industrial conglomerates) | 322 | 40,709 | ||||
S-Oil Corp. (Energy, Oil, gas & consumable fuels) | 891 | 48,469 | ||||
Woori Financial Group, Inc. (Financials, Banks) | 8,443 | 76,208 | ||||
Yuhan Corp. (Health care, Pharmaceuticals) | 647 | 28,907 | ||||
13,086,209 | ||||||
Taiwan: 16.28% | ||||||
Accton Technology Corp. (Information technology, Communications equipment)† | 16,000 | 183,809 | ||||
Acer, Inc. (Information technology, Technology hardware, storage & peripherals) | 76,000 | 76,303 | ||||
Advantech Co. Ltd. (Information technology, Technology hardware, storage & peripherals)† | 3,000 | 39,736 | ||||
ASE Technology Holding Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 89,000 | 322,952 | ||||
Asia Cement Corp. (Materials, Construction materials)† | 46,500 | 66,510 | ||||
Asustek Computer, Inc. (Information technology, Technology hardware, storage & peripherals)† | 6,000 | 59,556 | ||||
AUO Corp. (Information technology, Electronic equipment, instruments & components)† | 96,000 | 54,987 | ||||
Catcher Technology Co. Ltd. (Information technology, Technology hardware, storage & peripherals)† | 24,000 | 144,887 | ||||
Cathay Financial Holding Co. Ltd. (Financials, Insurance)† | 66,000 | 95,153 | ||||
Chailease Holding Co. Ltd. (Financials, Financial services)† | 19,814 | 130,578 | ||||
Cheng Shin Rubber Industry Co. Ltd. (Consumer discretionary, Automobile components) | 34,000 | 43,154 | ||||
China Airlines Ltd. (Industrials, Passenger airlines)† | 138,000 | 99,702 | ||||
China Steel Corp. (Materials, Metals & mining)† | 89,000 | 83,996 | ||||
Chunghwa Telecom Co. Ltd. (Communication services, Diversified telecommunication services)† | 41,000 | 168,123 | ||||
Compal Electronics, Inc. (Information technology, Technology hardware, storage & peripherals) | 130,000 | 117,826 | ||||
CTBC Financial Holding Co. Ltd. (Financials, Banks)† | 216,000 | 170,818 | ||||
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components)† | 32,000 | 329,607 |
See accompanying notes to portfolio of investments
18 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Taiwan (continued) | ||||||
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components)† | 13,000 | $87,576 | ||||
E.Sun Financial Holding Co. Ltd. (Financials, Banks)† | 18,614 | 15,690 | ||||
Eclat Textile Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 8,667 | 132,286 | ||||
eMemory Technology, Inc. (Information technology, Semiconductors & semiconductor equipment)† | 2,000 | 119,762 | ||||
Eva Airways Corp. (Industrials, Passenger airlines)† | 183,000 | 202,192 | ||||
Evergreen Marine Corp. Taiwan Ltd. (Industrials, Marine transportation) | 20,800 | 103,568 | ||||
Far Eastern New Century Corp. (Industrials, Industrial conglomerates)† | 111,000 | 116,681 | ||||
Far EasTone Telecommunications Co. Ltd. (Communication services, Wireless telecommunication services) | 29,000 | 72,388 | ||||
Feng TAY Enterprise Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods)† | 19,000 | 118,103 | ||||
First Financial Holding Co. Ltd. (Financials, Banks)† | 89,020 | 81,408 | ||||
Formosa Chemicals & Fibre Corp. (Materials, Chemicals) | 31,000 | 69,007 | ||||
Formosa Plastics Corp. (Materials, Chemicals) | 53,000 | 162,307 | ||||
Fubon Financial Holding Co. Ltd. (Financials, Insurance)† | 95,570 | 189,103 | ||||
Giant Manufacturing Co. Ltd. (Consumer discretionary, Leisure products)† | 7,000 | 46,929 | ||||
Globalwafers Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 2,000 | 32,805 | ||||
Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, instruments & components)† | 204,400 | 708,440 | ||||
Hua Nan Financial Holdings Co. Ltd. Class C (Financials, Banks)† | 74,134 | 53,681 | ||||
Inventec Corp. (Information technology, Technology hardware, storage & peripherals)† | 123,000 | 147,508 | ||||
Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 3,000 | 221,137 | ||||
Lite-On Technology Corp. (Information technology, Technology hardware, storage & peripherals) | 44,000 | 127,443 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment)† | 27,000 | 666,927 | ||||
Mega Financial Holding Co. Ltd. (Financials, Banks)† | 59,875 | 69,759 | ||||
Micro-Star International Co. Ltd. (Information technology, Technology hardware, storage & peripherals)† | 41,000 | 221,495 | ||||
momo.com, Inc. (Consumer discretionary, Broadline retail) | 5,000 | 113,742 | ||||
Nan Ya Plastics Corp. (Materials, Chemicals) | 54,000 | 136,549 | ||||
Nan Ya Printed Circuit Board Corp. (Information technology, Electronic equipment, instruments & components) | 4,000 | 39,444 | ||||
Nien Made Enterprise Co. Ltd. (Consumer discretionary, Household durables)† | 12,000 | 137,662 | ||||
Novatek Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment)† | 17,000 | 235,408 | ||||
Pegatron Corp. (Information technology, Technology hardware, storage & peripherals) | 65,000 | 159,287 | ||||
Pharmally International Holding Co. Ltd. (Health care, Pharmaceuticals)♦† | 2,064 | 0 | ||||
Pou Chen Corp. (Consumer discretionary, Textiles, apparel & luxury goods)† | 272,000 | 280,166 | ||||
Powerchip Semiconductor Manufacturing Corp. (Information technology, Semiconductors & semiconductor equipment) | 44,000 | 44,247 | ||||
President Chain Store Corp. (Consumer staples, Consumer staples distribution & retail) | 14,000 | 127,345 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 19
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Taiwan (continued) | ||||||
Quanta Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | 32,000 | $121,325 | ||||
Realtek Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment)† | 12,000 | 149,182 | ||||
Ruentex Development Co. Ltd. (Real estate, Real estate management & development)† | 106,000 | 120,394 | ||||
Shanghai Commercial & Savings Bank Ltd. (Financials, Banks)† | 74,000 | 108,733 | ||||
SinoPac Financial Holdings Co. Ltd. (Financials, Banks)† | 191,094 | 107,589 | ||||
Synnex Technology International Corp. (Information technology, Electronic equipment, instruments & components) | 67,000 | 139,331 | ||||
Taishin Financial Holding Co. Ltd. (Financials, Banks)† | 24,000 | 14,332 | ||||
Taiwan Business Bank (Financials, Banks)† | 72,000 | 33,039 | ||||
Taiwan High Speed Rail Corp. (Industrials, Transportation infrastructure)† | 10,000 | 10,593 | ||||
Taiwan Mobile Co. Ltd. (Communication services, Wireless telecommunication services)† | 15,000 | 50,525 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 395,000 | 7,173,053 | ||||
Unimicron Technology Corp. (Information technology, Electronic equipment, instruments & components)† | 11,000 | 64,616 | ||||
Uni-President Enterprises Corp. (Consumer staples, Food products)† | 84,000 | 203,114 | ||||
United Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment)† | 224,000 | 377,616 | ||||
Vanguard International Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment)† | 18,000 | 54,420 | ||||
Voltronic Power Technology Corp. (Industrials, Electrical equipment)† | 2,000 | 126,271 | ||||
Walsin Lihwa Corp. (Industrials, Electrical equipment) | 81,000 | 121,787 | ||||
Win Semiconductors Corp. (Information technology, Semiconductors & semiconductor equipment) | 12,000 | 62,289 | ||||
Winbond Electronics Corp. (Information technology, Semiconductors & semiconductor equipment)† | 74,000 | 64,180 | ||||
Wiwynn Corp. (Information technology, Technology hardware, storage & peripherals) | 2,000 | 75,502 | ||||
WPG Holdings Ltd. (Information technology, Electronic equipment, instruments & components)† | 89,440 | 154,852 | ||||
Yageo Corp. (Information technology, Electronic equipment, instruments & components)† | 5,000 | 82,662 | ||||
Yang Ming Marine Transport Corp. (Industrials, Marine transportation)† | 2,000 | 3,957 | ||||
Yuanta Financial Holding Co. Ltd. (Financials, Financial services)† | 106,856 | 82,939 | ||||
Zhen Ding Technology Holding Ltd. (Information technology, Electronic equipment, instruments & components) | 47,000 | 177,431 | ||||
16,907,474 | ||||||
Thailand: 2.11% | ||||||
Advanced Info Service PCL (Communication services, Wireless telecommunication services) | 16,500 | 100,043 | ||||
Asset World Corp. PCL (Consumer discretionary, Hotels, restaurants & leisure) | 377,100 | 53,314 | ||||
Bangkok Dusit Medical Services PCL (Health care, Health care providers & services) | 216,200 | 175,507 | ||||
Berli Jucker PCL (Consumer staples, Consumer staples distribution & retail) | 40,700 | 42,396 | ||||
Bumrungrad Hospital PCL (Health care, Health care providers & services) | 33,400 | 214,029 | ||||
Carabao Group PCL (Consumer staples, Beverages) | 14,700 | 28,091 |
See accompanying notes to portfolio of investments
20 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Thailand (continued) | ||||||
Central Pattana PCL (Real estate, Real estate management & development) | 17,500 | $33,944 | ||||
Central Retail Corp. PCL (Consumer discretionary, Broadline retail) | 94,300 | 113,810 | ||||
Charoen Pokphand Foods PCL (Consumer staples, Food products) | 44,000 | 25,414 | ||||
Delta Electronics Thailand PCL (Information technology, Electronic equipment, instruments & components) | 27,000 | 76,810 | ||||
Electricity Generating PCL (Utilities, Independent power and renewable electricity producers) | 24,100 | 100,070 | ||||
Global Power Synergy PCL (Utilities, Independent power and renewable electricity producers) | 2,200 | 3,698 | ||||
Home Product Center PCL (Consumer discretionary, Specialty retail) | 143,900 | 57,064 | ||||
Indorama Ventures PCL (Materials, Chemicals) | 54,600 | 49,815 | ||||
Intouch Holdings PCL (Communication services, Wireless telecommunication services) | 39,500 | 84,846 | ||||
Kasikornbank PCL (Financials, Banks) | 11,400 | 42,423 | ||||
Krung Thai Bank PCL (Financials, Banks) | 433,700 | 236,790 | ||||
Krungthai Card PCL (Financials, Consumer finance) | 61,300 | 89,836 | ||||
Land & Houses PCL (Real estate, Real estate management & development) | 563,000 | 137,514 | ||||
Minor International PCL (Consumer discretionary, Hotels, restaurants & leisure) | 68,100 | 66,045 | ||||
Osotspa PCL (Consumer staples, Beverages) | 75,100 | 62,583 | ||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 14,100 | 56,522 | ||||
PTT Oil & Retail Business PCL (Consumer discretionary, Specialty retail) | 60,300 | 34,655 | ||||
Ratch Group PCL (Utilities, Independent power and renewable electricity producers) | 53,100 | 55,313 | ||||
Siam Cement PCL (Materials, Construction materials) | 3,000 | 27,500 | ||||
Srisawad Corp. PCL (Financials, Consumer finance) | 106,700 | 170,935 | ||||
Thai Oil PCL (Energy, Oil, gas & consumable fuels) | 10,400 | 12,925 | ||||
Thai Union Group PCL (Consumer staples, Food products) | 85,400 | 36,074 | ||||
2,187,966 | ||||||
Turkey: 0.82% | ||||||
Akbank TAS (Financials, Banks) | 189,983 | 144,752 | ||||
Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials, Aerospace & defense) | 12,688 | 29,063 | ||||
BIM Birlesik Magazalar AS (Consumer staples, Consumer staples distribution & retail) | 18,589 | 126,395 | ||||
Haci Omer Sabanci Holding AS (Financials, Banks) | 81,500 | 151,705 | ||||
Koza Altin Isletmeleri AS (Materials, Metals & mining) | 21,931 | 24,345 | ||||
Pegasus Hava Tasimaciligi AS (Industrials, Passenger airlines)† | 1,409 | 31,174 | ||||
Turk Hava Yollari AO (Industrials, Passenger airlines)† | 10,662 | 73,935 | ||||
Turkcell Iletisim Hizmetleri AS (Communication services, Wireless telecommunication services) | 29,943 | 48,372 | ||||
Turkiye Is Bankasi AS Class C (Financials, Banks) | 175,932 | 94,596 | ||||
Yapi ve Kredi Bankasi AS (Financials, Banks) | 251,600 | 123,756 | ||||
848,093 | ||||||
United States: 0.49% | ||||||
Parade Technologies Ltd. (Information technology, Semiconductors & semiconductor equipment) | 3,000 | 99,585 | ||||
Yum China Holdings, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 7,272 | 410,577 | ||||
510,162 | ||||||
Total common stocks (Cost $99,078,437) | 99,052,669 |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 21
Portfolio of investments—May 31, 2023 (unaudited)
Dividend rate | Shares | Value | ||||
Preferred stocks: 3.12% | ||||||
Brazil: 2.06% | ||||||
Banco Bradesco SA (Financials, Banks) | 0.00 % | 98,494 | $301,114 | |||
Centrais Eletricas Brasileiras SA Class B (Utilities, Electric utilities) | 1.49 | 17,600 | 136,684 | |||
Cia Energetica de Minas Gerais (Utilities, Electric utilities) | 0.02 | 97,887 | 225,746 | |||
Gerdau SA (Materials, Metals & mining) | 0.10 | 43,715 | 206,542 | |||
Itau Unibanco Holding SA (Financials, Banks) | 0.00 | 98,470 | 511,051 | |||
Itausa SA (Financials, Banks) | 0.01 | 140,945 | 243,924 | |||
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | 0.01 | 99,500 | 512,278 | |||
2,137,339 | ||||||
Chile: 0.20% | ||||||
Sociedad Quimica y Minera de Chile SA Class B (Materials, Chemicals) | 3.22 | 3,272 | 210,861 | |||
Colombia: 0.08% | ||||||
Bancolombia SA (Financials, Banks) | 0.19 | 14,107 | 82,296 | |||
South Korea: 0.78% | ||||||
Hyundai Motor Co. (Consumer discretionary, Automobiles) | 4.77 | 1,506 | 119,595 | |||
Hyundai Motor Co. (Consumer discretionary, Automobiles) | 4.81 | 1,252 | 99,518 | |||
LG Chem Ltd. (Materials, Chemicals) | 7.93 | 115 | 31,279 | |||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 0.29 | 12,531 | 553,262 | |||
803,654 | ||||||
Total preferred stocks (Cost $3,262,918) | 3,234,150 |
Yield | ||||||
Short-term investments: 1.59% | ||||||
Investment companies: 1.59% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.01 | 1,652,439 | 1,652,439 | |||
Total short-term investments (Cost $1,652,439) | 1,652,439 | |||||
Total investments in securities (Cost $103,993,794) | 100.09 % | 103,939,258 | ||||
Other assets and liabilities, net | (0.09 ) | (91,306 ) | ||||
Total net assets | 100.00 % | $103,847,952 |
† | Non-income-earning security |
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. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $3,100,746), representing 0.00% of its net assets as of 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: | |
ADR | American depositary receipt |
GDR | Global depositary receipt |
REIT | Real estate investment trust |
See accompanying notes to portfolio of investments
22 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
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 | $5,201,225 | $4,195,899 | $(7,744,685 ) | $0 | $0 | $1,652,439 | 1,652,439 | $44,906 |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
U.S. MSCI Emerging Markets EM Index | 39 | 6-16-2023 | $1,888,154 | $1,865,760 | $0 | $(22,394 ) |
See accompanying notes to portfolio of investments
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 23
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 Funds 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.
The values of securities 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 [at Allspring Funds Management,LLC (“Allspring Funds Management”)].
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On May 31,2023,, such fair value pricing was used in pricing certain foreign securities. On May 31, 2023, such fair value pricing was used in pricing certain foreign securities.
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, 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 Fund 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.
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.
24 | Allspring Factor Enhanced Emerging Markets Equity Portfolio
Notes to portfolio of investments—May 31, 2023 (unaudited)
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 Emerging Markets Equity Portfolio | 25
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 | ||||
Brazil | $3,862,013 | $0 | $0 | $3,862,013 |
Chile | 571,290 | 0 | 0 | 571,290 |
China | 29,504,374 | 0 | 0 | 29,504,374 |
Colombia | 70,958 | 0 | 0 | 70,958 |
Czech Republic | 201,970 | 0 | 0 | 201,970 |
Egypt | 44,121 | 0 | 0 | 44,121 |
Greece | 580,989 | 0 | 0 | 580,989 |
Hong Kong | 1,129,672 | 0 | 0 | 1,129,672 |
Hungary | 367,216 | 0 | 0 | 367,216 |
India | 15,103,253 | 0 | 0 | 15,103,253 |
Indonesia | 2,118,870 | 0 | 0 | 2,118,870 |
Kuwait | 1,122,394 | 0 | 0 | 1,122,394 |
Luxembourg | 111,529 | 0 | 0 | 111,529 |
Malaysia | 2,241,924 | 0 | 0 | 2,241,924 |
Mexico | 2,981,517 | 0 | 0 | 2,981,517 |
Netherlands | 188,951 | 0 | 0 | 188,951 |
Peru | 268,609 | 0 | 0 | 268,609 |
Philippines | 967,649 | 0 | 0 | 967,649 |
Poland | 1,065,769 | 0 | 0 | 1,065,769 |
Russia | 0 | 0 | 0 | 0 |
South Africa | 3,009,697 | 0 | 0 | 3,009,697 |
South Korea | 13,086,209 | 0 | 0 | 13,086,209 |
Taiwan | 16,907,474 | 0 | 0 | 16,907,474 |
Thailand | 2,187,966 | 0 | 0 | 2,187,966 |
Turkey | 848,093 | 0 | 0 | 848,093 |
United States | 510,162 | 0 | 0 | 510,162 |
Preferred stocks | ||||
Brazil | 2,137,339 | 0 | 0 | 2,137,339 |
Chile | 210,861 | 0 | 0 | 210,861 |
Colombia | 82,296 | 0 | 0 | 82,296 |
South Korea | 803,654 | 0 | 0 | 803,654 |
Short-term investments | ||||
Investment companies | 1,652,439 | 0 | 0 | 1,652,439 |
Total assets | $103,939,258 | $0 | $0 | $103,939,258 |
Liabilities | ||||
Futures contracts | $22,394 | $0 | $0 | $22,394 |
Total liabilities | $22,394 | $0 | $0 | $22,394 |
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, $272,831 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.
26 | Allspring Factor Enhanced Emerging Markets Equity Portfolio