Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 99.37% | ||||||
Real estate: 99.37% | ||||||
Diversified REITs: 2.70% | ||||||
American Assets Trust, Inc. | 993 | $18,917 | ||||
Broadstone Net Lease, Inc. | 3,295 | 51,666 | ||||
Empire State Realty Trust, Inc. Class A | 2,503 | 15,443 | ||||
Essential Properties Realty Trust, Inc. | 2,710 | 64,850 | ||||
Global Net Lease, Inc. | 1,974 | 18,990 | ||||
WP Carey, Inc. | 4,008 | 277,995 | ||||
447,861 | ||||||
Health care REITs: 10.33% | ||||||
CareTrust REIT, Inc. | 1,893 | 36,724 | ||||
Community Healthcare Trust, Inc. | 447 | 14,661 | ||||
Diversified Healthcare Trust | 4,561 | 6,203 | ||||
Global Medical REIT, Inc. | 1,172 | 10,220 | ||||
Healthcare Realty Trust, Inc. | 7,244 | 134,811 | ||||
Healthpeak Properties, Inc. | 10,407 | 207,724 | ||||
LTC Properties, Inc. | 770 | 24,724 | ||||
Medical Properties Trust, Inc. | 11,400 | 94,050 | ||||
National Health Investors, Inc. | 825 | 42,991 | ||||
Omega Healthcare Investors, Inc. | 4,458 | 132,893 | ||||
Universal Health Realty Income Trust | 241 | 10,527 | ||||
Ventas, Inc. | 7,613 | 328,425 | ||||
Welltower, Inc. | 8,993 | 670,968 | ||||
1,714,921 | ||||||
Hotel & resort REITs: 3.93% | ||||||
Apple Hospitality REIT, Inc. | 4,049 | 58,832 | ||||
Ashford Hospitality Trust, Inc.† | 656 | 2,722 | ||||
Chatham Lodging Trust | 928 | 8,714 | ||||
DiamondRock Hospitality Co. | 3,984 | 31,274 | ||||
Hersha Hospitality Trust Class A | 625 | 3,619 | ||||
Host Hotels & Resorts, Inc. | 13,610 | 225,926 | ||||
Park Hotels & Resorts, Inc. | 4,279 | 55,370 | ||||
Pebblebrook Hotel Trust | 2,502 | 33,927 | ||||
RLJ Lodging Trust | 3,084 | 31,704 | ||||
Ryman Hospitality Properties, Inc. | 1,049 | 96,225 | ||||
Service Properties Trust | 3,149 | 25,853 | ||||
Summit Hotel Properties, Inc. | 2,034 | 13,323 | ||||
Sunstone Hotel Investors, Inc. | 4,004 | 39,519 | ||||
Xenia Hotels & Resorts, Inc. | 2,166 | 25,234 | ||||
652,242 | ||||||
Industrial REITs : 18.70% | ||||||
Americold Realty Trust, Inc. | 5,127 | 150,221 | ||||
EastGroup Properties, Inc. | 829 | 136,462 | ||||
First Industrial Realty Trust, Inc. | 2,514 | 130,678 | ||||
Industrial Logistics Properties Trust | 1,247 | 2,257 | ||||
Innovative Industrial Properties, Inc. | 399 | 26,374 |
See accompanying notes to portfolio of investments
Allspring U.S. REIT Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Industrial REITs (continued) | ||||||
LXP Industrial Trust | 5,248 | $54,264 | ||||
Plymouth Industrial REIT, Inc. | 742 | 16,257 | ||||
Prologis, Inc. | 17,570 | 2,188,343 | ||||
Rexford Industrial Realty, Inc. | 3,599 | 195,930 | ||||
STAG Industrial, Inc. | 3,410 | 118,668 | ||||
Terreno Realty Corp. | 1,387 | 85,065 | ||||
3,104,519 | ||||||
Office REITs : 5.71% | ||||||
Alexandria Real Estate Equities, Inc. | 2,997 | 340,040 | ||||
Boston Properties, Inc. | 2,715 | 132,139 | ||||
Brandywine Realty Trust | 3,265 | 12,733 | ||||
City Office REIT, Inc. | 756 | 3,425 | ||||
Corporate Office Properties Trust | 2,139 | 48,812 | ||||
Cousins Properties, Inc. | 2,883 | 57,429 | ||||
Douglas Emmett, Inc. | 3,345 | 38,802 | ||||
Easterly Government Properties, Inc. | 1,728 | 23,985 | ||||
Equity Commonwealth | 2,085 | 42,638 | ||||
Franklin Street Properties Corp. Class C | 1,748 | 2,517 | ||||
Highwoods Properties, Inc. | 2,001 | 41,381 | ||||
Hudson Pacific Properties, Inc. | 2,442 | 11,404 | ||||
JBG SMITH Properties | 1,883 | 26,663 | ||||
Kilroy Realty Corp. | 2,006 | 54,443 | ||||
Office Properties Income Trust | 923 | 6,683 | ||||
Orion Office REIT, Inc. | 1,077 | 5,977 | ||||
Paramount Group, Inc. | 3,137 | 13,615 | ||||
Piedmont Office Realty Trust, Inc. Class A | 2,349 | 14,634 | ||||
SL Green Realty Corp. | 1,224 | 28,311 | ||||
Vornado Realty Trust | 3,066 | 41,575 | ||||
947,206 | ||||||
Residential REITs : 19.74% | ||||||
American Homes 4 Rent Class A | 5,842 | 200,264 | ||||
Apartment Income REIT Corp. | 2,830 | 98,173 | ||||
Apartment Investment & Management Co. Class A | 2,885 | 23,397 | ||||
AvalonBay Communities, Inc. | 2,663 | 463,309 | ||||
Camden Property Trust | 2,096 | 218,969 | ||||
Centerspace | 286 | 16,820 | ||||
Elme Communities | 1,664 | 25,143 | ||||
Equity LifeStyle Properties, Inc. | 3,329 | 210,293 | ||||
Equity Residential | 6,482 | 394,105 | ||||
Essex Property Trust, Inc. | 1,229 | 265,538 | ||||
Independence Realty Trust, Inc. | 4,259 | 73,553 | ||||
Invitation Homes, Inc. | 11,055 | 374,543 | ||||
Mid-America Apartment Communities, Inc. | 2,198 | 323,238 | ||||
NexPoint Residential Trust, Inc. | 432 | 17,729 | ||||
Sun Communities, Inc. | 2,358 | 298,593 | ||||
UDR, Inc. | 5,886 | 233,498 |
See accompanying notes to portfolio of investments
2 | Allspring U.S. REIT Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
Shares | Value | |||||
Residential REITs (continued) | ||||||
UMH Properties, Inc. | 1,022 | $15,545 | ||||
Veris Residential, Inc.† | 1,508 | 24,369 | ||||
3,277,079 | ||||||
Retail REITs : 16.28% | ||||||
Acadia Realty Trust | 1,807 | 23,256 | ||||
Agree Realty Corp. | 1,685 | 108,666 | ||||
Brixmor Property Group, Inc. | 5,708 | 114,331 | ||||
Federal Realty Investment Trust | 1,392 | 122,774 | ||||
Getty Realty Corp. | 808 | 27,690 | ||||
Kimco Realty Corp. | 11,772 | 216,369 | ||||
Kite Realty Group Trust | 4,170 | 81,065 | ||||
Macerich Co. | 4,096 | 39,486 | ||||
Necessity Retail REIT, Inc. | 2,554 | 16,320 | ||||
NETSTREIT Corp. | 1,044 | 18,218 | ||||
NNN REIT, Inc. | 3,453 | 146,891 | ||||
Realty Income Corp. | 11,937 | 709,535 | ||||
Regency Centers Corp. | 2,930 | 164,871 | ||||
Retail Opportunity Investments Corp. | 2,370 | 28,914 | ||||
RPT Realty | 1,622 | 15,117 | ||||
Simon Property Group, Inc. | 6,222 | 654,243 | ||||
SITE Centers Corp. | 3,490 | 41,601 | ||||
Spirit Realty Capital, Inc. | 2,657 | 103,782 | ||||
Tanger Factory Outlet Centers, Inc. | 1,985 | 40,435 | ||||
Urban Edge Properties | 2,235 | 29,793 | ||||
2,703,357 | ||||||
Specialized REITs : 21.98% | ||||||
CubeSmart | 4,274 | 189,937 | ||||
Digital Realty Trust, Inc. | 5,472 | 560,661 | ||||
EPR Properties | 1,427 | 59,520 | ||||
Equinix, Inc. | 1,762 | 1,313,659 | ||||
Extra Space Storage, Inc. | 2,550 | 367,888 | ||||
Four Corners Property Trust, Inc. | 1,596 | 41,017 | ||||
Life Storage, Inc. | 1,618 | 206,117 | ||||
National Storage Affiliates Trust | 1,608 | 58,869 | ||||
Public Storage | 3,009 | 852,450 | ||||
3,650,118 | ||||||
Total common stocks (Cost $15,860,710) | 16,497,303 |
See accompanying notes to portfolio of investments
Allspring U.S. REIT Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
Yield | Shares | Value | ||||
Short-term investments: 0.62% | ||||||
Investment companies: 0.62% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.01 % | 103,301 | $103,301 | |||
Total short-term investments (Cost $103,301) | 103,301 | |||||
Total investments in securities (Cost $15,964,011) | 99.99 % | 16,600,604 | ||||
Other assets and liabilities, net | 0.01 | 2,203 | ||||
Total net assets | 100.00 % | $16,602,807 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
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 | $218,495 | $1,493,571 | $(1,608,765 ) | $0 | $0 | $103,301 | 103,301 | $1,800 |
See accompanying notes to portfolio of investments
4 | Allspring U.S. REIT Portfolio
Notes to portfolio of investments—May 31, 2023 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Portfolio’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of May 31, 2023:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Real estate | $16,497,303 | $0 | $0 | $16,497,303 |
Short-term investments | ||||
Investment companies | 103,301 | 0 | 0 | 103,301 |
Total assets | $16,600,604 | $0 | $0 | $16,600,604 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the three months ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.
Allspring U.S. REIT Portfolio | 5