Portfolio of investments—August 31, 2023 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 98.19% | ||||||
Communication services: 2.80% | ||||||
Diversified telecommunication services: 0.27% | ||||||
AT&T, Inc. | 26,828 | $396,786 | ||||
Verizon Communications, Inc. | 2,346 | 82,063 | ||||
478,849 | ||||||
Entertainment: 1.47% | ||||||
Netflix, Inc.† | 1,026 | 444,956 | ||||
Spotify Technology SA† | 2,958 | 455,443 | ||||
Walt Disney Co.† | 20,300 | 1,698,704 | ||||
2,599,103 | ||||||
Interactive media & services: 0.31% | ||||||
Pinterest, Inc. Class A† | 20,060 | 551,450 | ||||
Wireless telecommunication services: 0.75% | ||||||
T-Mobile U.S., Inc.† | 9,776 | 1,331,980 | ||||
Consumer discretionary: 7.04% | ||||||
Automobiles: 0.90% | ||||||
General Motors Co. | 47,442 | 1,589,781 | ||||
Diversified consumer services: 0.17% | ||||||
Duolingo, Inc.† | 556 | 81,821 | ||||
H&R Block, Inc. | 5,408 | 216,212 | ||||
298,033 | ||||||
Hotels, restaurants & leisure: 1.93% | ||||||
Marriott International, Inc. Class A | 2,433 | 495,140 | ||||
McDonald’s Corp. | 9,267 | 2,605,417 | ||||
Starbucks Corp. | 3,347 | 326,132 | ||||
3,426,689 | ||||||
Household durables: 1.29% | ||||||
LGI Homes, Inc.† | 642 | 79,030 | ||||
M/I Homes, Inc.† | 22,599 | 2,218,770 | ||||
2,297,800 | ||||||
Specialty retail: 2.75% | ||||||
Bath & Body Works, Inc. | 46,478 | 1,713,644 | ||||
Best Buy Co., Inc. | 14,767 | 1,128,937 | ||||
ODP Corp.† | 41,465 | 2,045,054 | ||||
4,887,635 | ||||||
Consumer staples: 7.17% | ||||||
Beverages: 0.02% | ||||||
Boston Beer Co., Inc. Class A† | 70 | 25,580 | ||||
Consumer staples distribution & retail: 1.95% | ||||||
Kroger Co. | 2,026 | 93,986 |
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio | 1
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Consumer staples distribution & retail (continued) | ||||||
Target Corp. | 8,808 | $1,114,652 | ||||
Walmart, Inc. | 13,827 | 2,248,409 | ||||
3,457,047 | ||||||
Food products: 3.73% | ||||||
Archer-Daniels-Midland Co. | 27,494 | 2,180,274 | ||||
General Mills, Inc. | 5,782 | 391,210 | ||||
J M Smucker Co. | 8,444 | 1,223,958 | ||||
Mondelez International, Inc. Class A | 30,910 | 2,202,647 | ||||
Tyson Foods, Inc. Class A | 11,790 | 628,053 | ||||
6,626,142 | ||||||
Household products: 0.78% | ||||||
Colgate-Palmolive Co. | 15,879 | 1,166,630 | ||||
Energizer Holdings, Inc. | 6,475 | 222,416 | ||||
1,389,046 | ||||||
Personal care products: 0.01% | ||||||
Herbalife Ltd.† | 1,578 | 23,702 | ||||
Tobacco: 0.68% | ||||||
Altria Group, Inc. | 27,351 | 1,209,461 | ||||
Energy: 8.44% | ||||||
Energy equipment & services: 0.49% | ||||||
ChampionX Corp. | 5,114 | 184,564 | ||||
Schlumberger NV | 11,634 | 685,941 | ||||
870,505 | ||||||
Oil, gas & consumable fuels: 7.95% | ||||||
Chesapeake Energy Corp. | 1,378 | 121,553 | ||||
Chevron Corp. | 25,846 | 4,163,790 | ||||
Exxon Mobil Corp. | 26,368 | 2,931,858 | ||||
Kinder Morgan, Inc. | 17,320 | 298,250 | ||||
Marathon Petroleum Corp. | 1,858 | 265,267 | ||||
ONEOK, Inc. | 830 | 54,116 | ||||
PBF Energy, Inc. Class A | 28,866 | 1,353,527 | ||||
Phillips 66 | 9,712 | 1,108,722 | ||||
Pioneer Natural Resources Co. | 2,512 | 597,680 | ||||
Valero Energy Corp. | 13,752 | 1,786,385 | ||||
Williams Cos., Inc. | 41,588 | 1,436,034 | ||||
14,117,182 | ||||||
Financials: 21.96% | ||||||
Banks: 4.92% | ||||||
Bank of America Corp. | 101,508 | 2,910,234 | ||||
Bank of NT Butterfield & Son Ltd. | 11,871 | 345,684 | ||||
Citigroup, Inc. | 35,745 | 1,475,911 |
See accompanying notes to portfolio of investments
2 | Allspring Large Company Value Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Banks (continued) | ||||||
JPMorgan Chase & Co. | 26,836 | $3,926,912 | ||||
U.S. Bancorp | 1,802 | 65,827 | ||||
8,724,568 | ||||||
Capital markets: 4.58% | ||||||
BlackRock, Inc. | 1,456 | 1,019,986 | ||||
Charles Schwab Corp. | 14,957 | 884,706 | ||||
CME Group, Inc. | 14,200 | 2,878,056 | ||||
Goldman Sachs Group, Inc. | 2,247 | 736,364 | ||||
Intercontinental Exchange, Inc. | 3,410 | 402,346 | ||||
KKR & Co., Inc. | 3,336 | 209,534 | ||||
Morgan Stanley | 3,718 | 316,588 | ||||
S&P Global, Inc. | 4,302 | 1,681,480 | ||||
8,129,060 | ||||||
Consumer finance: 1.19% | ||||||
PROG Holdings, Inc.† | 61,496 | 2,109,313 | ||||
Financial services: 6.28% | ||||||
Berkshire Hathaway, Inc. Class B† | 25,390 | 9,145,478 | ||||
Corebridge Financial, Inc. | 10,094 | 179,976 | ||||
StoneCo Ltd. Class A† | 148,903 | 1,825,551 | ||||
11,151,005 | ||||||
Insurance: 4.99% | ||||||
Aflac, Inc. | 14,005 | 1,044,353 | ||||
American International Group, Inc. | 27,475 | 1,607,837 | ||||
Aon PLC Class A | 228 | 76,013 | ||||
Arthur J Gallagher & Co. | 18,125 | 4,177,450 | ||||
Progressive Corp. | 14,668 | 1,957,738 | ||||
8,863,391 | ||||||
Health care: 16.05% | ||||||
Biotechnology: 3.78% | ||||||
Acadia Pharmaceuticals, Inc.† | 13,453 | 363,500 | ||||
Alkermes PLC† | 37,333 | 1,089,750 | ||||
Amgen, Inc. | 583 | 149,446 | ||||
Catalyst Pharmaceuticals, Inc.† | 15,770 | 221,411 | ||||
Exelixis, Inc.† | 20,058 | 449,099 | ||||
Gilead Sciences, Inc. | 5,828 | 445,726 | ||||
Incyte Corp.† | 48,529 | 3,131,576 | ||||
Neurocrine Biosciences, Inc.† | 2,195 | 239,014 | ||||
TG Therapeutics, Inc.† | 17,319 | 181,330 | ||||
Veracyte, Inc.† | 16,391 | 432,722 | ||||
6,703,574 | ||||||
Health care equipment & supplies: 2.41% | ||||||
Baxter International, Inc. | 589 | 23,914 | ||||
DexCom, Inc.† | 3,781 | 381,805 |
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio | 3
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Health care equipment & supplies (continued) | ||||||
Integra LifeSciences Holdings Corp.† | 26,384 | $1,122,375 | ||||
Intuitive Surgical, Inc.† | 5,839 | 1,825,739 | ||||
Medtronic PLC | 11,260 | 917,690 | ||||
4,271,523 | ||||||
Health care providers & services: 3.91% | ||||||
Cigna Group | 3,992 | 1,102,830 | ||||
CVS Health Corp. | 15,171 | 988,694 | ||||
Elevance Health, Inc. | 3,885 | 1,717,209 | ||||
Humana, Inc. | 5,667 | 2,616,057 | ||||
Progyny, Inc.† | 13,926 | 519,997 | ||||
6,944,787 | ||||||
Life sciences tools & services: 1.81% | ||||||
Avantor, Inc.† | 65,311 | 1,413,983 | ||||
Charles River Laboratories International, Inc.† | 2,330 | 481,890 | ||||
Danaher Corp. | 3,245 | 859,925 | ||||
Medpace Holdings, Inc.† | 1,695 | 458,108 | ||||
3,213,906 | ||||||
Pharmaceuticals: 4.14% | ||||||
Bristol-Myers Squibb Co. | 16,619 | 1,024,561 | ||||
Johnson & Johnson | 1,459 | 235,891 | ||||
Merck & Co., Inc. | 41,321 | 4,503,163 | ||||
Organon & Co. | 22,591 | 496,098 | ||||
Pfizer, Inc. | 26,051 | 921,685 | ||||
Viatris, Inc. | 16,515 | 177,536 | ||||
7,358,934 | ||||||
Industrials: 13.19% | ||||||
Aerospace & defense: 2.86% | ||||||
Boeing Co.† | 3,096 | 693,597 | ||||
General Dynamics Corp. | 7,511 | 1,702,293 | ||||
TransDigm Group, Inc.† | 2,961 | 2,676,300 | ||||
5,072,190 | ||||||
Air freight & logistics: 0.39% | ||||||
FedEx Corp. | 2,677 | 698,750 | ||||
Building products: 0.24% | ||||||
Carrier Global Corp. | 7,380 | 423,981 | ||||
Construction & engineering: 0.43% | ||||||
Fluor Corp.† | 20,340 | 711,697 | ||||
Quanta Services, Inc. | 265 | 55,615 | ||||
767,312 | ||||||
Electrical equipment: 0.15% | ||||||
EnerSys | 2,432 | 255,311 |
See accompanying notes to portfolio of investments
4 | Allspring Large Company Value Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Ground transportation: 0.96% | ||||||
CSX Corp. | 43,018 | $1,299,144 | ||||
Uber Technologies, Inc.† | 8,431 | 398,196 | ||||
1,697,340 | ||||||
Industrial conglomerates: 2.48% | ||||||
3M Co. | 2,729 | 291,103 | ||||
General Electric Co. | 35,931 | 4,112,662 | ||||
4,403,765 | ||||||
Machinery: 3.32% | ||||||
Deere & Co. | 4,282 | 1,759,645 | ||||
PACCAR, Inc. | 47,537 | 3,911,820 | ||||
Terex Corp. | 3,255 | 197,285 | ||||
Xylem, Inc. | 231 | 23,918 | ||||
5,892,668 | ||||||
Passenger airlines: 2.26% | ||||||
Alaska Air Group, Inc.† | 46,167 | 1,937,629 | ||||
Delta Air Lines, Inc. | 45,077 | 1,932,902 | ||||
United Airlines Holdings, Inc.† | 2,947 | 146,790 | ||||
4,017,321 | ||||||
Professional services: 0.10% | ||||||
Automatic Data Processing, Inc. | 677 | 172,371 | ||||
Information technology: 9.26% | ||||||
Communications equipment: 0.60% | ||||||
Cisco Systems, Inc. | 18,629 | 1,068,373 | ||||
IT services: 2.01% | ||||||
Cognizant Technology Solutions Corp. Class A | 1,994 | 142,790 | ||||
DXC Technology Co.† | 20,900 | 433,466 | ||||
International Business Machines Corp. | 20,309 | 2,981,971 | ||||
3,558,227 | ||||||
Semiconductors & semiconductor equipment: 5.51% | ||||||
Analog Devices, Inc. | 220 | 39,992 | ||||
Diodes, Inc.† | 10,693 | 875,222 | ||||
KLA Corp. | 1,356 | 680,536 | ||||
Lam Research Corp. | 3,254 | 2,285,610 | ||||
Marvell Technology, Inc. | 6,392 | 372,334 | ||||
Microchip Technology, Inc. | 42,091 | 3,444,727 | ||||
QUALCOMM, Inc. | 14,012 | 1,604,794 | ||||
Skyworks Solutions, Inc. | 4,426 | 481,283 | ||||
9,784,498 | ||||||
Software: 1.14% | ||||||
Appfolio, Inc. Class A† | 8,097 | 1,560,859 |
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio | 5
Portfolio of investments—August 31, 2023 (unaudited)
Shares | Value | |||||
Software (continued) | ||||||
Gen Digital, Inc. | 3,605 | $73,001 | ||||
LiveRamp Holdings, Inc.† | 12,295 | 397,620 | ||||
2,031,480 | ||||||
Materials: 5.68% | ||||||
Chemicals: 3.47% | ||||||
Air Products & Chemicals, Inc. | 6,741 | 1,991,898 | ||||
Chemours Co. | 948 | 32,251 | ||||
Linde PLC | 10,691 | 4,137,845 | ||||
6,161,994 | ||||||
Metals & mining: 2.21% | ||||||
Freeport-McMoRan, Inc. | 95,570 | 3,814,198 | ||||
Newmont Corp. | 2,528 | 99,654 | ||||
3,913,852 | ||||||
Real estate: 2.99% | ||||||
Industrial REITs : 2.68% | ||||||
Prologis, Inc. | 38,281 | 4,754,500 | ||||
Residential REITs : 0.15% | ||||||
American Homes 4 Rent Class A | 7,295 | 262,912 | ||||
Specialized REITs : 0.16% | ||||||
Weyerhaeuser Co. | 8,844 | 289,641 | ||||
Utilities: 3.61% | ||||||
Electric utilities: 3.61% | ||||||
Duke Energy Corp. | 37,028 | 3,288,086 | ||||
MGE Energy, Inc. | 348 | 25,206 | ||||
NextEra Energy, Inc. | 36,526 | 2,439,937 | ||||
Southern Co. | 9,641 | 652,985 | ||||
6,406,214 | ||||||
Total common stocks (Cost $169,697,607) | 174,282,746 |
Yield | ||||||
Short-term investments: 1.48% | ||||||
Investment companies: 1.48% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 2,626,164 | 2,626,164 | |||
Total short-term investments (Cost $2,626,164) | 2,626,164 | |||||
Total investments in securities (Cost $172,323,771) | 99.67 % | 176,908,910 | ||||
Other assets and liabilities, net | 0.33 | 583,899 | ||||
Total net assets | 100.00 % | $177,492,809 |
† | 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. |
See accompanying notes to portfolio of investments
6 | Allspring Large Company Value Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
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 | $5,543,508 | $9,101,214 | $(12,018,558 ) | $0 | $0 | $2,626,164 | 2,626,164 | $41,900 |
Futures contracts
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 12 | 9-15-2023 | $2,698,945 | $2,709,600 | $10,655 | $0 |
See accompanying notes to portfolio of investments
Allspring Large 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 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.
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.
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.
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.
8 | Allspring Large Company Value Portfolio
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 | ||||
Communication services | $4,961,382 | $0 | $0 | $4,961,382 |
Consumer discretionary | 12,499,938 | 0 | 0 | 12,499,938 |
Consumer staples | 12,730,978 | 0 | 0 | 12,730,978 |
Energy | 14,987,687 | 0 | 0 | 14,987,687 |
Financials | 38,977,337 | 0 | 0 | 38,977,337 |
Health care | 28,492,724 | 0 | 0 | 28,492,724 |
Industrials | 23,401,009 | 0 | 0 | 23,401,009 |
Information technology | 16,442,578 | 0 | 0 | 16,442,578 |
Materials | 10,075,846 | 0 | 0 | 10,075,846 |
Real estate | 5,307,053 | 0 | 0 | 5,307,053 |
Utilities | 6,406,214 | 0 | 0 | 6,406,214 |
Short-term investments | ||||
Investment companies | 2,626,164 | 0 | 0 | 2,626,164 |
176,908,910 | 0 | 0 | 176,908,910 | |
Futures contracts | 10,655 | 0 | 0 | 10,655 |
Total assets | $176,919,565 | $0 | $0 | $176,919,565 |
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following each 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, $275,000 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.
Allspring Large Company Value Portfolio | 9