Portfolio of investments—August 31, 2023 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 13.44% | ||||||
Consumer staples: 3.21% | ||||||
Beverages: 0.56% | ||||||
PepsiCo, Inc. | 6,864 | $1,221,243 | ||||
Consumer staples distribution & retail: 1.11% | ||||||
Costco Wholesale Corp. | 1,861 | 1,022,210 | ||||
Sysco Corp. | 5,059 | 352,359 | ||||
Walmart, Inc. | 6,468 | 1,051,762 | ||||
2,426,331 | ||||||
Food products: 0.36% | ||||||
Mondelez International, Inc. Class A | 11,031 | 786,069 | ||||
Household products: 1.07% | ||||||
Church & Dwight Co., Inc. | 6,088 | 589,136 | ||||
Clorox Co. | 1,198 | 187,427 | ||||
Procter & Gamble Co. | 10,150 | 1,566,551 | ||||
2,343,114 | ||||||
Personal care products: 0.05% | ||||||
Estee Lauder Cos., Inc. Class A | 692 | 111,087 | ||||
Tobacco: 0.06% | ||||||
Philip Morris International, Inc. | 1,341 | 128,816 | ||||
Energy: 2.16% | ||||||
Energy equipment & services: 0.12% | ||||||
Schlumberger NV | 4,572 | 269,565 | ||||
Oil, gas & consumable fuels: 2.04% | ||||||
Chevron Corp. | 11,996 | 1,932,555 | ||||
EOG Resources, Inc. | 8,480 | 1,090,698 | ||||
Phillips 66 | 12,526 | 1,429,968 | ||||
4,453,221 | ||||||
Materials: 2.94% | ||||||
Chemicals: 1.14% | ||||||
Ashland, Inc. | 3,269 | 283,194 | ||||
Ecolab, Inc. | 1,585 | 291,339 | ||||
Linde PLC | 2,657 | 1,028,365 | ||||
Olin Corp. | 4,789 | 277,858 | ||||
Sherwin-Williams Co. | 978 | 265,742 | ||||
Westlake Corp. | 2,679 | 350,895 | ||||
2,497,393 | ||||||
Construction materials: 0.11% | ||||||
Martin Marietta Materials, Inc. | 522 | 233,026 | ||||
Containers & packaging: 0.14% | ||||||
Crown Holdings, Inc. | 3,209 | 297,346 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 1
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Metals & mining: 1.55% | ||||||
Agnico Eagle Mines Ltd. | 3,300 | $160,083 | ||||
Agnico Eagle Mines Ltd. | 2,401 | 116,585 | ||||
Alamos Gold, Inc. Class A | 12,000 | 154,352 | ||||
AngloGold Ashanti Ltd. ADR | 2,900 | 49,300 | ||||
Artemis Gold, Inc.† | 10,000 | 45,219 | ||||
B2Gold Corp. | 35,000 | 107,756 | ||||
Barrick Gold Corp. | 10,356 | 167,871 | ||||
Centerra Gold, Inc. | 4,500 | 27,009 | ||||
Dundee Precious Metals, Inc. | 9,800 | 63,244 | ||||
Endeavour Mining plc | 7,480 | 154,726 | ||||
Evolution Mining Ltd. | 5,000 | 12,019 | ||||
Franco-Nevada Corp. | 1,300 | 187,284 | ||||
Gold Fields Ltd. ADR | 11,000 | 138,930 | ||||
Kinross Gold Corp. | 25,500 | 129,463 | ||||
Lundin Gold, Inc. | 11,000 | 131,883 | ||||
MAG Silver Corp.† | 5,300 | 60,327 | ||||
Newcrest Mining Ltd. | 7,500 | 126,496 | ||||
Newmont Corp. | 3,490 | 137,576 | ||||
Northern Star Resources Ltd. | 14,000 | 108,039 | ||||
OceanaGold Corp. | 14,000 | 30,255 | ||||
Osisko Gold Royalties Ltd. | 1,500 | 20,049 | ||||
Osisko Mining, Inc.† | 4,000 | 8,348 | ||||
Pan American Silver Corp. | 479 | 7,920 | ||||
Pan American Silver Corp. | 4,500 | 74,475 | ||||
Royal Gold, Inc. | 2,568 | 287,847 | ||||
SilverCrest Metals, Inc.† | 4,000 | 19,805 | ||||
SSR Mining, Inc. | 1,572 | 23,315 | ||||
SSR Mining, Inc. | 4,950 | 73,507 | ||||
Steel Dynamics, Inc. | 4,737 | 504,917 | ||||
Torex Gold Resources, Inc.† | 5,000 | 57,763 | ||||
Triple Flag Precious Metals Corp. | 2,000 | 27,768 | ||||
Wheaton Precious Metals Corp. | 4,200 | 183,206 | ||||
3,397,337 | ||||||
Real estate: 5.13% | ||||||
Health care REITs: 0.30% | ||||||
Welltower, Inc. | 8,003 | 663,289 | ||||
Industrial REITs : 0.84% | ||||||
Prologis, Inc. | 10,749 | 1,335,026 | ||||
Terreno Realty Corp. | 8,163 | 497,045 | ||||
1,832,071 | ||||||
Office REITs : 0.15% | ||||||
Alexandria Real Estate Equities, Inc. | 2,895 | 336,804 | ||||
Residential REITs : 1.22% | ||||||
American Homes 4 Rent Class A | 13,133 | 473,313 | ||||
Apartment Income REIT Corp. | 9,129 | 310,934 | ||||
Camden Property Trust | 3,238 | 348,474 |
See accompanying notes to portfolio of investments
2 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Residential REITs (continued) | ||||||
Invitation Homes, Inc. | 14,392 | $490,623 | ||||
Mid-America Apartment Communities, Inc. | 2,509 | 364,382 | ||||
Sun Communities, Inc. | 5,538 | 677,962 | ||||
2,665,688 | ||||||
Retail REITs : 0.25% | ||||||
Federal Realty Investment Trust | 2,743 | 268,649 | ||||
Simon Property Group, Inc. | 2,465 | 279,753 | ||||
548,402 | ||||||
Specialized REITs : 2.37% | ||||||
American Tower Corp. | 5,673 | 1,028,628 | ||||
Equinix, Inc. | 1,913 | 1,494,780 | ||||
Extra Space Storage, Inc. | 4,782 | 615,348 | ||||
Four Corners Property Trust, Inc. | 18,118 | 455,849 | ||||
Gaming & Leisure Properties, Inc. | 7,247 | 343,508 | ||||
SBA Communications Corp. | 3,079 | 691,328 | ||||
VICI Properties, Inc. | 17,711 | 546,207 | ||||
5,175,648 | ||||||
Total common stocks (Cost $20,183,252) | 29,386,450 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 14.10% | ||||||
Basic materials: 0.39% | ||||||
Chemicals: 0.30% | ||||||
Avient Corp.144A | 5.75 % | 5-15-2025 | $ | 50,000 | 49,335 | |
Celanese U.S. Holdings LLC | 6.05 | 3-15-2025 | 615,000 | 615,515 | ||
664,850 | ||||||
Iron/steel: 0.09% | ||||||
Cleveland-Cliffs, Inc.144A | 6.75 | 3-15-2026 | 195,000 | 195,060 | ||
Communications: 1.14% | ||||||
Internet: 0.37% | ||||||
Gen Digital, Inc.144A | 5.00 | 4-15-2025 | 285,000 | 279,383 | ||
Uber Technologies, Inc.144A | 7.50 | 5-15-2025 | 525,000 | 530,068 | ||
809,451 | ||||||
Media: 0.66% | ||||||
Gray Television, Inc.144A | 5.88 | 7-15-2026 | 460,000 | 420,835 | ||
Sirius XM Radio, Inc.144A | 5.00 | 8-1-2027 | 875,000 | 809,007 | ||
Townsquare Media, Inc.144A | 6.88 | 2-1-2026 | 215,000 | 206,938 | ||
1,436,780 | ||||||
Telecommunications: 0.11% | ||||||
CommScope, Inc.144A | 6.00 | 3-1-2026 | 280,000 | 254,454 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 3
Portfolio of investments—August 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Consumer, cyclical: 3.80% | ||||||
Airlines: 0.75% | ||||||
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class A | 3.90 % | 1-15-2026 | $ | 159,845 | $144,646 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.144A | 5.75 | 1-20-2026 | 655,000 | 606,113 | ||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.144A | 6.50 | 6-20-2027 | 152,000 | 151,470 | ||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.144A | 8.00 | 9-20-2025 | 730,000 | 730,797 | ||
1,633,026 | ||||||
Apparel: 0.14% | ||||||
Hanesbrands, Inc.144A | 4.88 | 5-15-2026 | 200,000 | 186,960 | ||
Michael Kors USA, Inc.144A | 4.25 | 11-1-2024 | 110,000 | 108,062 | ||
295,022 | ||||||
Auto manufacturers: 0.17% | ||||||
Ford Motor Credit Co. LLC | 4.13 | 8-17-2027 | 200,000 | 181,474 | ||
Ford Motor Credit Co. LLC | 5.58 | 3-18-2024 | 200,000 | 198,969 | ||
380,443 | ||||||
Auto parts & equipment: 0.10% | ||||||
Adient Global Holdings Ltd.144A | 4.88 | 8-15-2026 | 220,000 | 211,871 | ||
Distribution/wholesale: 0.17% | ||||||
G-III Apparel Group Ltd.144A | 7.88 | 8-15-2025 | 385,000 | 377,300 | ||
Entertainment: 1.09% | ||||||
CCM Merger, Inc.144A | 6.38 | 5-1-2026 | 145,000 | 140,910 | ||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op144A | 5.50 | 5-1-2025 | 375,000 | 372,043 | ||
Churchill Downs, Inc.144A | 5.50 | 4-1-2027 | 360,000 | 346,837 | ||
Cinemark USA, Inc.144A | 5.88 | 3-15-2026 | 105,000 | 100,801 | ||
Cinemark USA, Inc.144A | 8.75 | 5-1-2025 | 252,000 | 254,545 | ||
Live Nation Entertainment, Inc.144A | 4.88 | 11-1-2024 | 190,000 | 186,638 | ||
Live Nation Entertainment, Inc.144A | 6.50 | 5-15-2027 | 335,000 | 335,260 | ||
SeaWorld Parks & Entertainment, Inc.144A | 8.75 | 5-1-2025 | 250,000 | 255,625 | ||
Six Flags Theme Parks, Inc.144A | 7.00 | 7-1-2025 | 380,000 | 379,904 | ||
2,372,563 | ||||||
Food service: 0.27% | ||||||
Aramark Services, Inc.144A | 6.38 | 5-1-2025 | 590,000 | 590,994 | ||
Home builders: 0.24% | ||||||
Tri Pointe Group, Inc./Tri Pointe Homes, Inc. | 5.88 | 6-15-2024 | 535,000 | 533,663 | ||
Housewares: 0.13% | ||||||
Newell Brands, Inc. | 4.70 | 4-1-2026 | 300,000 | 287,432 | ||
Leisure time: 0.08% | ||||||
NCL Corp. Ltd.144A | 8.38 | 2-1-2028 | 165,000 | 170,077 |
See accompanying notes to portfolio of investments
4 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Lodging: 0.46% | ||||||
Hilton Domestic Operating Co., Inc.144A | 5.38 % | 5-1-2025 | $ | 280,000 | $276,948 | |
Las Vegas Sands Corp. | 3.20 | 8-8-2024 | 550,000 | 532,492 | ||
MGM Resorts International | 6.75 | 5-1-2025 | 195,000 | 195,324 | ||
1,004,764 | ||||||
Retail: 0.20% | ||||||
Bath & Body Works, Inc.144A | 9.38 | 7-1-2025 | 294,000 | 307,585 | ||
Penske Automotive Group, Inc. | 3.50 | 9-1-2025 | 140,000 | 133,307 | ||
440,892 | ||||||
Consumer, non-cyclical: 1.49% | ||||||
Commercial services: 0.78% | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A | 6.63 | 7-15-2026 | 310,000 | 294,855 | ||
Block, Inc. | 2.75 | 6-1-2026 | 85,000 | 77,295 | ||
CoreCivic, Inc. | 8.25 | 4-15-2026 | 790,000 | 793,135 | ||
Prime Security Services Borrower LLC/Prime Finance, Inc.144A | 5.75 | 4-15-2026 | 245,000 | 240,429 | ||
Sabre Global, Inc.144A | 9.25 | 4-15-2025 | 43,000 | 42,360 | ||
Sabre Global, Inc.144A | 11.25 | 12-15-2027 | 265,000 | 252,634 | ||
1,700,708 | ||||||
Food: 0.33% | ||||||
Performance Food Group, Inc.144A | 6.88 | 5-1-2025 | 355,000 | 355,525 | ||
U.S. Foods, Inc.144A | 6.25 | 4-15-2025 | 370,000 | 370,969 | ||
726,494 | ||||||
Healthcare-services: 0.38% | ||||||
IQVIA, Inc.144A | 5.00 | 10-15-2026 | 250,000 | 241,482 | ||
Tenet Healthcare Corp. | 4.88 | 1-1-2026 | 610,000 | 591,323 | ||
832,805 | ||||||
Energy: 2.40% | ||||||
Energy-alternate sources: 0.28% | ||||||
Enviva Partners LP/Enviva Partners Finance Corp.144A | 6.50 | 1-15-2026 | 720,000 | 613,800 | ||
Oil & gas: 0.65% | ||||||
Aethon United BR LP/Aethon United Finance Corp.144A | 8.25 | 2-15-2026 | 145,000 | 145,725 | ||
Antero Resources Corp.144A | 8.38 | 7-15-2026 | 390,000 | 404,623 | ||
EQT Corp. | 6.13 | 2-1-2025 | 405,000 | 404,112 | ||
Murphy Oil Corp. | 5.75 | 8-15-2025 | 200,000 | 197,561 | ||
Nabors Industries, Inc.144A | 7.38 | 5-15-2027 | 140,000 | 136,626 | ||
Range Resources Corp. | 8.25 | 1-15-2029 | 90,000 | 93,434 | ||
Southwestern Energy Co. | 5.70 | 1-23-2025 | 32,000 | 31,688 | ||
1,413,769 | ||||||
Oil & gas services: 0.34% | ||||||
Oceaneering International, Inc. | 4.65 | 11-15-2024 | 650,000 | 636,415 | ||
USA Compression Partners LP/USA Compression Finance Corp. | 6.88 | 4-1-2026 | 115,000 | 113,709 | ||
750,124 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 5
Portfolio of investments—August 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Pipelines: 1.13% | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A | 7.88 % | 5-15-2026 | $ | 105,000 | $106,826 | |
Buckeye Partners LP144A | 4.13 | 3-1-2025 | 35,000 | 33,706 | ||
DCP Midstream Operating LP | 5.38 | 7-15-2025 | 455,000 | 450,457 | ||
EnLink Midstream Partners LP | 4.15 | 6-1-2025 | 232,000 | 224,534 | ||
EQM Midstream Partners LP | 4.00 | 8-1-2024 | 65,000 | 63,419 | ||
Rockies Express Pipeline LLC144A | 3.60 | 5-15-2025 | 529,000 | 498,995 | ||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | 3-1-2027 | 360,000 | 344,966 | ||
Venture Global LNG, Inc.144A | 8.13 | 6-1-2028 | 380,000 | 383,323 | ||
Western Midstream Operating LP | 4.65 | 7-1-2026 | 385,000 | 372,353 | ||
2,478,579 | ||||||
Financial: 2.44% | ||||||
Diversified financial services: 1.40% | ||||||
Enact Holdings, Inc.144A | 6.50 | 8-15-2025 | 810,000 | 802,684 | ||
Nationstar Mortgage Holdings, Inc.144A | 6.00 | 1-15-2027 | 215,000 | 204,787 | ||
Navient Corp. | 5.88 | 10-25-2024 | 590,000 | 581,152 | ||
Navient Corp. | 7.25 | 9-25-2023 | 87,000 | 87,000 | ||
OneMain Finance Corp. | 3.50 | 1-15-2027 | 120,000 | 104,430 | ||
OneMain Finance Corp. | 6.13 | 3-15-2024 | 237,000 | 236,844 | ||
PRA Group, Inc.144A | 7.38 | 9-1-2025 | 290,000 | 283,558 | ||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A | 2.88 | 10-15-2026 | 165,000 | 146,644 | ||
United Wholesale Mortgage LLC144A | 5.50 | 11-15-2025 | 650,000 | 624,770 | ||
3,071,869 | ||||||
REITS: 1.04% | ||||||
HAT Holdings I LLC/HAT Holdings II LLC144A | 3.38 | 6-15-2026 | 130,000 | 116,744 | ||
HAT Holdings I LLC/HAT Holdings II LLC144A | 6.00 | 4-15-2025 | 270,000 | 265,025 | ||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.144A | 5.25 | 10-1-2025 | 475,000 | 456,396 | ||
MPT Operating Partnership LP/MPT Finance Corp. | 5.25 | 8-1-2026 | 450,000 | 382,302 | ||
Service Properties Trust | 4.35 | 10-1-2024 | 95,000 | 91,400 | ||
Service Properties Trust | 7.50 | 9-15-2025 | 210,000 | 207,489 | ||
Starwood Property Trust, Inc.144A | 3.75 | 12-31-2024 | 110,000 | 105,737 | ||
Starwood Property Trust, Inc. | 4.75 | 3-15-2025 | 495,000 | 478,536 | ||
Starwood Property Trust, Inc.144A | 5.50 | 11-1-2023 | 150,000 | 149,452 | ||
Vornado Realty LP | 2.15 | 6-1-2026 | 20,000 | 17,288 | ||
2,270,369 | ||||||
Industrial: 1.58% | ||||||
Aerospace/defense: 0.49% | ||||||
Spirit AeroSystems, Inc.144A | 7.50 | 4-15-2025 | 405,000 | 399,981 | ||
TransDigm, Inc.144A | 6.25 | 3-15-2026 | 670,000 | 663,614 | ||
1,063,595 | ||||||
Electrical components & equipment: 0.26% | ||||||
WESCO Distribution, Inc.144A | 7.13 | 6-15-2025 | 575,000 | 577,540 |
See accompanying notes to portfolio of investments
6 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Environmental control: 0.10% | ||||||
Stericycle, Inc.144A | 5.38 % | 7-15-2024 | $ | 215,000 | $214,245 | |
Packaging & containers: 0.34% | ||||||
Clearwater Paper Corp.144A | 5.38 | 2-1-2025 | 415,000 | 402,337 | ||
Sealed Air Corp.144A | 5.13 | 12-1-2024 | 50,000 | 49,313 | ||
Sealed Air Corp.144A | 5.50 | 9-15-2025 | 300,000 | 296,713 | ||
748,363 | ||||||
Trucking & leasing: 0.39% | ||||||
DAE Funding LLC144A | 2.63 | 3-20-2025 | 370,000 | 348,263 | ||
Fortress Transportation & Infrastructure Investors LLC144A | 6.50 | 10-1-2025 | 505,000 | 498,652 | ||
846,915 | ||||||
Technology: 0.05% | ||||||
Computers: 0.05% | ||||||
NCR Corp.144A | 5.75 | 9-1-2027 | 98,000 | 98,948 | ||
Utilities: 0.81% | ||||||
Electric: 0.81% | ||||||
NextEra Energy Operating Partners LP144A | 4.25 | 7-15-2024 | 755,000 | 740,781 | ||
NSG Holdings LLC/NSG Holdings, Inc.144A | 7.75 | 12-15-2025 | 231,502 | 230,344 | ||
Vistra Operations Co. LLC144A | 5.63 | 2-15-2027 | 825,000 | 794,236 | ||
1,765,361 | ||||||
Total corporate bonds and notes (Cost $31,822,025) | 30,832,126 | |||||
Loans: 1.18% | ||||||
Communications: 0.19% | ||||||
Media: 0.19% | ||||||
DirecTV Financing LLC (U.S. SOFR 1 Month+5.00%)± | 10.45 | 8-2-2027 | 310,000 | 306,054 | ||
Gray Television, Inc. (U.S. SOFR 1 Month+2.50%)± | 7.93 | 1-2-2026 | 100,000 | 99,333 | ||
405,387 | ||||||
Consumer, cyclical: 0.49% | ||||||
Airlines: 0.25% | ||||||
Mileage Plus Holdings LLC (3 Month LIBOR+5.25%)± | 10.76 | 6-21-2027 | 340,000 | 354,178 | ||
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 9.08 | 10-20-2027 | 182,750 | 190,038 | ||
544,216 | ||||||
Entertainment: 0.22% | ||||||
Live Nation Entertainment, Inc. (U.S. SOFR 1 Month+1.75%)± | 7.16 | 10-19-2026 | 121,181 | 120,696 | ||
SeaWorld Parks & Entertainment, Inc. (U.S. SOFR 1 Month+3.00%)± | 8.45 | 8-25-2028 | 367,478 | 366,743 | ||
487,439 | ||||||
Leisure time: 0.02% | ||||||
Carnival Corp. (U.S. SOFR 3 Month+3.00%)± | 8.32 | 8-8-2027 | 50,000 | 49,913 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 7
Portfolio of investments—August 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Consumer, non-cyclical: 0.14% | ||||||
Commercial services: 0.14% | ||||||
Geo Group, Inc. (U.S. SOFR 1 Month+7.13%)± | 12.46 % | 3-23-2027 | $ | 299,908 | $304,455 | |
Energy: 0.06% | ||||||
Pipelines: 0.06% | ||||||
GIP II Blue Holding LP (U.S. SOFR 1 Month+4.50%)± | 9.95 | 9-29-2028 | 139,262 | 139,532 | ||
Financial: 0.12% | ||||||
Insurance: 0.12% | ||||||
Asurion LLC (3 Month LIBOR+3.25%)± | 8.79 | 12-23-2026 | 265,000 | 257,381 | ||
Industrial: 0.00% | ||||||
Machinery-diversified: 0.00% | ||||||
Vertical U.S. Newco, Inc. (U.S. SOFR 6 Month+3.50%)± | 9.38 | 7-30-2027 | 849 | 847 | ||
Technology: 0.05% | ||||||
Software: 0.05% | ||||||
SS&C European Holdings Sarl (U.S. SOFR 1 Month+1.75%)± | 7.20 | 4-16-2025 | 52,960 | 52,955 | ||
SS&C Technologies, Inc. (U.S. SOFR 1 Month+1.75%)± | 7.20 | 4-16-2025 | 56,086 | 56,080 | ||
109,035 | ||||||
Utilities: 0.13% | ||||||
Electric: 0.13% | ||||||
ExGen Renewables IV LLC (U.S. SOFR 3 Month+2.50%)± | 8.18 | 12-15-2027 | 289,242 | 287,194 | ||
Total loans (Cost $2,590,039) | 2,585,399 | |||||
U.S. Treasury securities: 67.45% | ||||||
TIPS | 0.13 | 7-15-2024 | 963,623 | 937,775 | ||
TIPS | 0.13 | 10-15-2024 | 4,399,596 | 4,253,258 | ||
TIPS | 0.13 | 4-15-2025 | 9,141,637 | 8,718,747 | ||
TIPS | 0.13 | 10-15-2025 | 2,328,025 | 2,210,146 | ||
TIPS | 0.13 | 4-15-2026 | 6,456,370 | 6,055,243 | ||
TIPS | 0.13 | 7-15-2026 | 4,320,952 | 4,057,602 | ||
TIPS | 0.13 | 10-15-2026 | 3,349,350 | 3,132,067 | ||
TIPS | 0.13 | 4-15-2027 | 3,782,390 | 3,497,603 | ||
TIPS | 0.13 | 1-15-2030 | 4,980,192 | 4,430,523 | ||
TIPS | 0.13 | 7-15-2030 | 4,497,784 | 3,985,810 | ||
TIPS | 0.13 | 1-15-2031 | 5,074,543 | 4,444,686 | ||
TIPS | 0.13 | 7-15-2031 | 3,101,758 | 2,704,770 | ||
TIPS | 0.13 | 1-15-2032 | 5,832,968 | 5,026,093 | ||
TIPS | 0.13 | 2-15-2051 | 3,140,397 | 1,918,525 | ||
TIPS | 0.13 | 2-15-2052 | 1,912,380 | 1,154,170 | ||
TIPS | 0.25 | 7-15-2029 | 2,450,937 | 2,224,560 | ||
TIPS | 0.25 | 2-15-2050 | 4,343,066 | 2,794,491 | ||
TIPS | 0.38 | 7-15-2025 | 2,997,475 | 2,872,892 | ||
TIPS | 0.38 | 1-15-2027 | 3,365,762 | 3,151,030 | ||
TIPS | 0.38 | 7-15-2027 | 4,115,628 | 3,849,278 | ||
TIPS | 0.50 | 1-15-2028 | 3,166,208 | 2,950,263 | ||
TIPS | 0.63 | 1-15-2026 | 5,065,104 | 4,829,903 |
See accompanying notes to portfolio of investments
8 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
TIPS | 0.63 % | 7-15-2032 | $ | 5,381,301 | $4,829,770 | |
TIPS | 0.63 | 2-15-2043 | 2,434,935 | 1,896,903 | ||
TIPS | 0.75 | 7-15-2028 | 4,144,412 | 3,907,403 | ||
TIPS | 0.75 | 2-15-2042 | 3,287,567 | 2,663,186 | ||
TIPS | 0.75 | 2-15-2045 | 1,885,025 | 1,470,504 | ||
TIPS | 0.88 | 1-15-2029 | 3,407,180 | 3,208,672 | ||
TIPS | 0.88 | 2-15-2047 | 1,864,135 | 1,464,948 | ||
TIPS | 1.00 | 2-15-2046 | 1,841,197 | 1,501,366 | ||
TIPS | 1.00 | 2-15-2048 | 1,416,537 | 1,138,237 | ||
TIPS | 1.00 | 2-15-2049 | 1,618,527 | 1,292,830 | ||
TIPS | 1.13 | 1-15-2033 | 4,398,853 | 4,101,243 | ||
TIPS | 1.25 | 4-15-2028 | 1,876,550 | 1,806,399 | ||
TIPS | 1.38 | 7-15-2033 | 4,274,190 | 4,090,951 | ||
TIPS | 1.38 | 2-15-2044 | 2,657,290 | 2,372,773 | ||
TIPS | 1.50 | 2-15-2053 | 1,226,452 | 1,099,016 | ||
TIPS | 1.63 | 10-15-2027 | 4,237,915 | 4,157,254 | ||
TIPS | 1.75 | 1-15-2028 | 2,788,700 | 2,740,742 | ||
TIPS | 2.00 | 1-15-2026 | 3,458,452 | 3,403,536 | ||
TIPS | 2.13 | 2-15-2040 | 1,467,939 | 1,504,370 | ||
TIPS | 2.13 | 2-15-2041 | 1,873,720 | 1,921,441 | ||
TIPS | 2.38 | 1-15-2025 | 3,560,656 | 3,519,799 | ||
TIPS | 2.38 | 1-15-2027 | 2,564,196 | 2,564,947 | ||
TIPS | 2.50 | 1-15-2029 | 2,685,596 | 2,746,520 | ||
TIPS | 3.38 | 4-15-2032 | 1,082,813 | 1,200,928 | ||
TIPS | 3.63 | 4-15-2028 | 3,857,320 | 4,108,724 | ||
TIPS | 3.88 | 4-15-2029 | 2,857,901 | 3,126,332 | ||
U.S. Treasury Notes | 3.38 | 5-15-2033 | 530,000 | 499,277 | ||
Total U.S. Treasury securities (Cost $164,866,949) | 147,537,506 | |||||
Yankee corporate bonds and notes: 2.19% | ||||||
Basic materials: 0.11% | ||||||
Mining: 0.11% | ||||||
Constellium SE144A | 5.88 | 2-15-2026 | 250,000 | 245,320 | ||
Communications: 0.16% | ||||||
Media: 0.16% | ||||||
Videotron Ltd.144A | 5.38 | 6-15-2024 | 360,000 | 357,283 | ||
Consumer, cyclical: 0.93% | ||||||
Airlines: 0.46% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | 7-15-2026 | 370,000 | 401,395 | ||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | 4-20-2026 | 618,750 | 607,169 | ||
1,008,564 | ||||||
Auto parts & equipment: 0.22% | ||||||
Clarios Global LP144A | 6.75 | 5-15-2025 | 282,000 | 281,892 | ||
Clarios Global LP/Clarios U.S. Finance Co.144A | 6.25 | 5-15-2026 | 201,000 | 199,065 | ||
480,957 |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 9
Portfolio of investments—August 31, 2023 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Leisure time: 0.25% | ||||||
Royal Caribbean Cruises Ltd.144A | 5.38 % | 7-15-2027 | $ | 485,000 | $456,393 | |
Royal Caribbean Cruises Ltd.144A | 11.50 | 6-1-2025 | 79,000 | 83,431 | ||
539,824 | ||||||
Consumer, non-cyclical: 0.17% | ||||||
Pharmaceuticals: 0.17% | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 379,000 | 376,633 | ||
Energy: 0.25% | ||||||
Pipelines: 0.25% | ||||||
Northriver Midstream Finance LP144A | 5.63 | 2-15-2026 | 580,000 | 557,525 | ||
Financial: 0.11% | ||||||
Diversified financial services: 0.11% | ||||||
Macquarie Airfinance Holdings Ltd.144A | 8.38 | 5-1-2028 | 225,000 | 229,729 | ||
Industrial: 0.23% | ||||||
Packaging & containers: 0.23% | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC144A | 6.00 | 6-15-2027 | 305,000 | 297,410 | ||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.144A | 5.25 | 4-30-2025 | 200,000 | 195,395 | ||
492,805 | ||||||
Utilities: 0.23% | ||||||
Electric: 0.23% | ||||||
Drax Finco PLC144A | 6.63 | 11-1-2025 | 520,000 | 509,987 | ||
Total yankee corporate bonds and notes (Cost $4,860,063) | 4,798,627 |
Yield | Shares | |||||
Short-term investments: 1.08% | ||||||
Investment companies: 1.08% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 | 2,370,049 | 2,370,049 | |||
Total short-term investments (Cost $2,370,049) | 2,370,049 | |||||
Total investments in securities (Cost $226,692,377) | 99.44 % | 217,510,157 | ||||
Other assets and liabilities, net | 0.56 | 1,224,597 | ||||
Total net assets | 100.00 % | $218,734,754 |
† | 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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
See accompanying notes to portfolio of investments
10 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Abbreviations: | |
ADR | American depositary receipt |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
TIPS | Treasury Inflation-Protected Securities |
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 | $2,535,841 | $31,598,484 | $(31,764,276 ) | $0 | $0 | $2,370,049 | 2,370,049 | $34,029 |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
Ultra 10-Year U.S. Treasury Notes | 4 | 12-19-2023 | $460,288 | $464,438 | $4,150 | $0 |
2-Year U.S. Treasury Notes | 37 | 12-29-2023 | 7,518,575 | 7,540,773 | 22,198 | 0 |
Short | ||||||
Ultra Long Term U.S. Treasury Bond | (12 ) | 12-19-2023 | (1,532,041 ) | (1,553,625 ) | 0 | (21,584 ) |
5-Year U.S. Treasury Notes | (13 ) | 12-29-2023 | (1,380,769 ) | (1,389,984 ) | 0 | (9,215 ) |
$26,348 | $(30,799 ) |
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 11
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.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
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 August 31, 2023, such fair value pricing was not used in pricing 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 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 Portfolio 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.
Loans
The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.
Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.
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,
12 | Allspring Real Return Portfolio
Notes to portfolio of investments—August 31, 2023 (unaudited)
changes in interest rates and is subject to interest rate 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.
Inflation-indexed bonds and TIPS
The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.
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 Real Return Portfolio | 13
Notes to portfolio of investments—August 31, 2023 (unaudited)
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 | ||||
Consumer staples | $7,016,660 | $0 | $0 | $7,016,660 |
Energy | 4,722,786 | 0 | 0 | 4,722,786 |
Materials | 6,425,102 | 0 | 0 | 6,425,102 |
Real estate | 11,221,902 | 0 | 0 | 11,221,902 |
Corporate bonds and notes | 0 | 30,832,126 | 0 | 30,832,126 |
Loans | 0 | 2,585,399 | 0 | 2,585,399 |
U.S. Treasury securities | 147,537,506 | 0 | 0 | 147,537,506 |
Yankee corporate bonds and notes | 0 | 4,798,627 | 0 | 4,798,627 |
Short-term investments | ||||
Investment companies | 2,370,049 | 0 | 0 | 2,370,049 |
179,294,005 | 38,216,152 | 0 | 217,510,157 | |
Futures contracts | 26,348 | 0 | 0 | 26,348 |
Total assets | $179,320,353 | $38,216,152 | $0 | $217,536,505 |
Liabilities | ||||
Futures contracts | $30,799 | $0 | $0 | $30,799 |
Total liabilities | $30,799 | $0 | $0 | $30,799 |
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables 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 August 31, 2023, $336,000 was segregated as cash collateral for these open futures contracts.
For the three months ended August 31, 2023, the Portfolio did not have any transfers into/out of Level 3.
14 | Allspring Real Return Portfolio