Portfolio of investments—August 31, 2023 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 98.97% | ||||||
Communication services: 0.30% | ||||||
Interactive media & services: 0.30% | ||||||
Cargurus, Inc.† | 90,046 | $1,630,733 | ||||
Consumer discretionary: 11.34% | ||||||
Automobile components: 0.97% | ||||||
Patrick Industries, Inc. | 63,054 | 5,273,837 | ||||
Diversified consumer services: 0.53% | ||||||
Carriage Services, Inc. | 93,633 | 2,885,769 | ||||
Hotels, restaurants & leisure: 1.10% | ||||||
Dine Brands Global, Inc. | 13,723 | 751,746 | ||||
Wyndham Hotels & Resorts, Inc. | 69,716 | 5,255,889 | ||||
6,007,635 | ||||||
Household durables: 3.95% | ||||||
Cavco Industries, Inc.† | 17,190 | 4,804,949 | ||||
Century Communities, Inc. | 63,897 | 4,744,352 | ||||
Ethan Allen Interiors, Inc. | 98,473 | 3,090,083 | ||||
GoPro, Inc. Class A† | 73,321 | 266,522 | ||||
Helen of Troy Ltd.† | 31,106 | 3,823,549 | ||||
Meritage Homes Corp. | 34,158 | 4,749,328 | ||||
21,478,783 | ||||||
Leisure products: 1.48% | ||||||
Johnson Outdoors, Inc. Class A | 66,173 | 3,699,732 | ||||
Malibu Boats, Inc. Class A† | 89,882 | 4,364,670 | ||||
8,064,402 | ||||||
Specialty retail: 3.02% | ||||||
American Eagle Outfitters, Inc. | 275,070 | 4,665,187 | ||||
Dick’s Sporting Goods, Inc. | 38,449 | 4,473,157 | ||||
Shoe Carnival, Inc. | 166,250 | 3,845,363 | ||||
Williams-Sonoma, Inc. | 24,471 | 3,455,305 | ||||
16,439,012 | ||||||
Textiles, apparel & luxury goods: 0.29% | ||||||
Figs, Inc. Class A† | 44,185 | 273,063 | ||||
Rocky Brands, Inc. | 73,401 | 1,304,336 | ||||
1,577,399 | ||||||
Consumer staples: 3.01% | ||||||
Beverages: 0.74% | ||||||
Coca-Cola Consolidated, Inc. | 5,746 | 4,015,880 |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 1
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Consumer staples distribution & retail: 1.33% | ||||||
Grocery Outlet Holding Corp.† | 105,799 | $3,263,899 | ||||
Sprouts Farmers Market, Inc.† | 97,966 | 3,996,033 | ||||
7,259,932 | ||||||
Food products: 0.83% | ||||||
Hostess Brands, Inc.† | 158,870 | 4,524,618 | ||||
Personal care products: 0.11% | ||||||
Olaplex Holdings, Inc.† | 209,051 | 566,528 | ||||
Energy: 8.11% | ||||||
Energy equipment & services: 2.68% | ||||||
Helmerich & Payne, Inc. | 181,542 | 7,259,865 | ||||
Patterson-UTI Energy, Inc. | 517,051 | 7,311,101 | ||||
14,570,966 | ||||||
Oil, gas & consumable fuels: 5.43% | ||||||
Callon Petroleum Co.† | 183,739 | 7,208,081 | ||||
Diamondback Energy, Inc. | 58,880 | 8,936,806 | ||||
Murphy Oil Corp. | 199,919 | 9,076,322 | ||||
PBF Energy, Inc. Class A | 11,430 | 535,953 | ||||
W&T Offshore, Inc.† | 938,959 | 3,830,953 | ||||
29,588,115 | ||||||
Financials: 22.72% | ||||||
Banks: 11.96% | ||||||
Ameris Bancorp | 179,916 | 7,331,577 | ||||
Atlantic Union Bankshares Corp. | 240,327 | 7,135,309 | ||||
Axos Financial, Inc.† | 151,950 | 6,547,525 | ||||
Banner Corp. | 99,328 | 4,325,734 | ||||
Customers Bancorp, Inc.† | 194,486 | 6,834,238 | ||||
FB Financial Corp. | 148,791 | 4,520,271 | ||||
Great Southern Bancorp, Inc. | 105,657 | 5,332,509 | ||||
Heritage Financial Corp. | 182,217 | 3,137,777 | ||||
Independent Bank Corp. | 305,634 | 5,834,553 | ||||
OFG Bancorp | 232,757 | 7,019,951 | ||||
Synovus Financial Corp. | 228,306 | 7,068,354 | ||||
65,087,798 | ||||||
Capital markets: 3.26% | ||||||
Donnelley Financial Solutions, Inc.† | 110,335 | 5,436,205 | ||||
Piper Sandler Cos., | 46,481 | 6,924,739 | ||||
Stifel Financial Corp. | 83,135 | 5,405,438 | ||||
17,766,382 | ||||||
Financial services: 1.69% | ||||||
Cass Information Systems, Inc. | 33,991 | 1,303,215 | ||||
Euronet Worldwide, Inc.† | 11,720 | 1,023,859 |
See accompanying notes to portfolio of investments
2 | Allspring Small Company Value Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Financial services (continued) | ||||||
Jackson Financial, Inc. Class A | 60,236 | $2,264,874 | ||||
WEX, Inc.† | 23,406 | 4,591,789 | ||||
9,183,737 | ||||||
Insurance: 3.36% | ||||||
American Equity Investment Life Holding Co.† | 64,669 | 3,471,432 | ||||
Brighthouse Financial, Inc.† | 48,745 | 2,420,677 | ||||
Genworth Financial, Inc. Class A† | 771,203 | 4,465,265 | ||||
Unum Group | 161,539 | 7,946,103 | ||||
18,303,477 | ||||||
Mortgage real estate investment trusts (REITs): 2.45% | ||||||
AGNC Investment Corp. | 665,238 | 6,592,509 | ||||
Annaly Capital Management, Inc. | 334,326 | 6,776,788 | ||||
13,369,297 | ||||||
Health care: 5.44% | ||||||
Biotechnology: 0.09% | ||||||
CRISPR Therapeutics AG† | 10,049 | 502,551 | ||||
Health care equipment & supplies: 1.99% | ||||||
Dentsply Sirona, Inc. | 36,030 | 1,336,353 | ||||
EDAP TMS SA ADR† | 279,221 | 2,247,729 | ||||
Masimo Corp.† | 6,939 | 792,989 | ||||
Merit Medical Systems, Inc.† | 32,233 | 2,104,170 | ||||
QuidelOrtho Corp.† | 12,322 | 1,014,840 | ||||
UFP Technologies, Inc.† | 18,885 | 3,318,283 | ||||
10,814,364 | ||||||
Health care providers & services: 2.75% | ||||||
Addus HomeCare Corp.† | 27,449 | 2,407,277 | ||||
AMN Healthcare Services, Inc.† | 25,111 | 2,219,310 | ||||
Ensign Group, Inc. | 28,322 | 2,838,431 | ||||
Fulgent Genetics, Inc.† | 56,363 | 1,846,452 | ||||
Option Care Health, Inc.† | 80,111 | 2,790,266 | ||||
Quipt Home Medical Corp.† | 28,498 | 168,423 | ||||
U.S. Physical Therapy, Inc. | 26,743 | 2,696,497 | ||||
14,966,656 | ||||||
Health care technology: 0.14% | ||||||
Renalytix PLC† | 264,028 | 765,681 | ||||
Pharmaceuticals: 0.47% | ||||||
Prestige Consumer Healthcare, Inc.† | 44,059 | 2,569,962 | ||||
Industrials: 23.05% | ||||||
Building products: 2.86% | ||||||
CSW Industrials, Inc. | 26,065 | 4,682,056 |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 3
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Building products (continued) | ||||||
UFP Industries, Inc. | 54,974 | $5,736,537 | ||||
Zurn Elkay Water Solutions Corp. Class C | 174,583 | 5,171,148 | ||||
15,589,741 | ||||||
Commercial services & supplies: 1.04% | ||||||
ABM Industries, Inc. | 100,300 | 4,555,626 | ||||
ACCO Brands Corp. | 206,866 | 1,102,596 | ||||
5,658,222 | ||||||
Construction & engineering: 3.71% | ||||||
Comfort Systems USA, Inc. | 28,164 | 5,198,229 | ||||
MYR Group, Inc.† | 39,770 | 5,650,124 | ||||
Sterling Infrastructure, Inc.† | 113,206 | 9,368,929 | ||||
20,217,282 | ||||||
Electrical equipment: 1.99% | ||||||
Atkore, Inc.† | 28,395 | 4,371,978 | ||||
Generac Holdings, Inc.† | 9,793 | 1,163,507 | ||||
Regal Rexnord Corp. | 32,549 | 5,279,122 | ||||
10,814,607 | ||||||
Ground transportation: 0.92% | ||||||
ArcBest Corp. | 47,597 | 5,025,767 | ||||
Machinery: 6.31% | ||||||
Federal Signal Corp. | 82,189 | 5,009,420 | ||||
Hillenbrand, Inc. | 104,313 | 5,052,922 | ||||
Hillman Solutions Corp.† | 201,445 | 1,823,077 | ||||
Kadant, Inc. | 25,001 | 5,493,720 | ||||
Miller Industries, Inc. | 99,027 | 3,961,080 | ||||
Shyft Group, Inc. | 120,905 | 1,895,790 | ||||
Standex International Corp. | 47,369 | 7,277,300 | ||||
Timken Co. | 49,884 | 3,812,135 | ||||
34,325,444 | ||||||
Marine transportation: 0.83% | ||||||
Matson, Inc. | 51,418 | 4,518,614 | ||||
Passenger airlines: 0.82% | ||||||
Alaska Air Group, Inc.† | 106,523 | 4,470,770 | ||||
Professional services: 1.29% | ||||||
CBIZ, Inc.† | 85,293 | 4,785,790 | ||||
First Advantage Corp. | 160,084 | 2,233,172 | ||||
7,018,962 | ||||||
Trading companies & distributors: 3.28% | ||||||
Air Lease Corp. | 98,482 | 4,014,126 | ||||
Boise Cascade Co. | 76,203 | 8,334,322 |
See accompanying notes to portfolio of investments
4 | Allspring Small Company Value Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Trading companies & distributors (continued) | ||||||
Hudson Technologies, Inc.† | 193,905 | $2,338,494 | ||||
McGrath RentCorp | 31,476 | 3,182,224 | ||||
17,869,166 | ||||||
Information technology: 9.80% | ||||||
Communications equipment: 0.64% | ||||||
Aviat Networks, Inc.† | 72,217 | 2,544,927 | ||||
Harmonic, Inc.† | 87,817 | 937,886 | ||||
3,482,813 | ||||||
Electronic equipment, instruments & components: 4.29% | ||||||
Belden, Inc. | 46,811 | 4,395,553 | ||||
ePlus, Inc.† | 73,599 | 4,885,501 | ||||
Insight Enterprises, Inc.† | 23,526 | 3,766,277 | ||||
Methode Electronics, Inc. | 51,251 | 1,652,845 | ||||
PC Connection, Inc. | 77,323 | 4,107,398 | ||||
Richardson Electronics Ltd. | 43,963 | 553,494 | ||||
Sanmina Corp.† | 71,581 | 3,987,062 | ||||
23,348,130 | ||||||
IT services: 1.84% | ||||||
EPAM Systems, Inc.† | 17,984 | 4,657,676 | ||||
Hackett Group, Inc. | 75,476 | 1,778,970 | ||||
Kyndryl Holdings, Inc.† | 213,140 | 3,597,803 | ||||
10,034,449 | ||||||
Semiconductors & semiconductor equipment: 2.12% | ||||||
Cirrus Logic, Inc.† | 25,575 | 2,098,173 | ||||
Diodes, Inc.† | 26,212 | 2,145,452 | ||||
FormFactor, Inc.† | 60,094 | 2,122,520 | ||||
Ichor Holdings Ltd.† | 64,243 | 2,353,221 | ||||
Onto Innovation, Inc.† | 20,137 | 2,798,640 | ||||
11,518,006 | ||||||
Software: 0.91% | ||||||
Digital Turbine, Inc.† | 23,911 | 213,047 | ||||
Everbridge, Inc.† | 56,261 | 1,395,836 | ||||
Mitek Systems, Inc.† | 203,336 | 2,271,263 | ||||
Verint Systems, Inc.† | 32,906 | 1,065,825 | ||||
4,945,971 | ||||||
Materials: 6.46% | ||||||
Chemicals: 2.94% | ||||||
AdvanSix, Inc. | 150,872 | 4,990,846 | ||||
Hawkins, Inc. | 107,642 | 6,694,256 | ||||
Ingevity Corp.† | 30,385 | 1,637,448 | ||||
Koppers Holdings, Inc. | 7,129 | 272,969 |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 5
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Chemicals (continued) | ||||||
Minerals Technologies, Inc. | 35,686 | $2,180,414 | ||||
Stepan Co. | 2,480 | 216,430 | ||||
15,992,363 | ||||||
Construction materials: 2.02% | ||||||
Eagle Materials, Inc. | 37,214 | 7,045,354 | ||||
Knife River Corp.† | 76,554 | 3,939,469 | ||||
10,984,823 | ||||||
Containers & packaging: 0.41% | ||||||
Greif, Inc. Class A | 30,948 | 2,246,515 | ||||
Metals & mining: 1.09% | ||||||
Materion Corp. | 4,527 | 492,493 | ||||
Schnitzer Steel Industries, Inc. Class A | 147,411 | 4,894,045 | ||||
Worthington Industries, Inc. | 7,167 | 539,460 | ||||
5,925,998 | ||||||
Real estate: 6.81% | ||||||
Diversified REITs: 0.85% | ||||||
Armada Hoffler Properties, Inc. | 318,950 | 3,632,841 | ||||
One Liberty Properties, Inc. | 51,248 | 1,007,023 | ||||
4,639,864 | ||||||
Health care REITs: 0.35% | ||||||
Global Medical REIT, Inc. | 196,338 | 1,900,552 | ||||
Industrial REITs : 2.52% | ||||||
LXP Industrial Trust | 234,484 | 2,302,633 | ||||
Plymouth Industrial REIT, Inc. | 229,830 | 5,265,405 | ||||
STAG Industrial, Inc. | 167,853 | 6,131,670 | ||||
13,699,708 | ||||||
Office REITs : 1.30% | ||||||
Douglas Emmett, Inc. | 200,802 | 2,744,963 | ||||
Vornado Realty Trust† | 180,034 | 4,324,417 | ||||
7,069,380 | ||||||
Retail REITs : 1.03% | ||||||
Agree Realty Corp. | 52,073 | 3,219,153 | ||||
Retail Opportunity Investments Corp. | 177,549 | 2,389,809 | ||||
5,608,962 | ||||||
Specialized REITs : 0.76% | ||||||
PotlatchDeltic Corp. | 88,047 | 4,161,101 | ||||
Utilities: 1.93% | ||||||
Electric utilities: 1.16% | ||||||
IDACORP, Inc. | 21,942 | 2,102,921 |
See accompanying notes to portfolio of investments
6 | Allspring Small Company Value Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Electric utilities (continued) | ||||||
Pinnacle West Capital Corp. | 27,566 | $2,130,025 | ||||
Portland General Electric Co. | 47,109 | 2,066,201 | ||||
6,299,147 | ||||||
Water utilities: 0.77% | ||||||
California Water Service Group | 43,249 | 2,173,262 | ||||
Middlesex Water Co. | 26,968 | 2,029,612 | ||||
4,202,874 | ||||||
Total common stocks (Cost $401,263,435) | 538,782,745 |
Expiration date | ||||||
Warrants: 0.00% | ||||||
Energy: 0.00% | ||||||
Energy equipment & services: 0.00% | ||||||
Parker Drilling Co.♦† | 9-25-2024 | 8,457 | 212 | |||
Total warrants (Cost $0) | 212 |
Yield | ||||||
Short-term investments: 0.80% | ||||||
Investment companies: 0.80% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 4,359,971 | 4,359,971 | |||
Total short-term investments (Cost $4,359,971) | 4,359,971 | |||||
Total investments in securities (Cost $405,623,406) | 99.77 % | 543,142,928 | ||||
Other assets and liabilities, net | 0.23 | 1,230,991 | ||||
Total net assets | 100.00 % | $544,373,919 |
† | Non-income-earning security. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
♠ | 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 |
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 | $4,743,595 | $21,894,202 | $(22,277,826 ) | $0 | $0 | $4,359,971 | 4,359,971 | $62,031 |
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio | 7
Notes to portfolio of investments—August 31, 2023 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Portfolio may deviate from this calculation time under unusual or unexpected circumstances.
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 August 31, 2023:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $1,630,733 | $0 | $0 | $1,630,733 |
Consumer discretionary | 61,726,837 | 0 | 0 | 61,726,837 |
Consumer staples | 16,366,958 | 0 | 0 | 16,366,958 |
Energy | 44,159,081 | 0 | 0 | 44,159,081 |
Financials | 123,710,691 | 0 | 0 | 123,710,691 |
Health care | 29,619,214 | 0 | 0 | 29,619,214 |
Industrials | 125,508,575 | 0 | 0 | 125,508,575 |
Information technology | 53,329,369 | 0 | 0 | 53,329,369 |
Materials | 35,149,699 | 0 | 0 | 35,149,699 |
Real estate | 37,079,567 | 0 | 0 | 37,079,567 |
Utilities | 10,502,021 | 0 | 0 | 10,502,021 |
Warrants | ||||
Energy | 0 | 212 | 0 | 212 |
Short-term investments | ||||
Investment companies | 4,359,971 | 0 | 0 | 4,359,971 |
Total assets | $543,142,716 | $212 | $0 | $543,142,928 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
8 | Allspring Small Company Value Portfolio