NPORT-EX 2 wbax.htm
Portfolio of investments—October 31, 2022 (unaudited)
        Shares Value
Common stocks: 97.03%          
Communication services: 5.40%          
Diversified telecommunication services: 1.23%           
AT&T Incorporated           76,833 $  1,400,666
Verizon Communications Incorporated           35,166   1,314,153
            2,714,819
Entertainment: 0.75%           
The Walt Disney Company †          15,408   1,641,568
Interactive media & services: 2.42%           
Alphabet Incorporated Class A †          26,082   2,465,010
Alphabet Incorporated Class C †          20,389   1,930,023
Meta Platforms Incorporated Class A †          10,043     935,606
            5,330,639
Media: 0.88%           
Comcast Corporation Class A           60,801   1,929,824
Wireless telecommunication services: 0.12%           
T-Mobile US Incorporated †           1,817     275,385
Consumer discretionary: 5.80%          
Auto components: 0.39%           
Gentex Corporation           32,347     856,872
Automobiles: 2.66%           
Ford Motor Company           17,436     233,119
General Motors Company           81,429   3,196,088
Tesla Motors Incorporated †          10,645   2,422,163
          5,851,370
Distributors: 0.28%           
LKQ Corporation        11,030 613,709
Hotels, restaurants & leisure: 0.77%           
Chipotle Mexican Grill Incorporated †       211 316,148
Marriott International Incorporated Class A        7,377 1,181,131
McDonald's Corporation        704 191,953
          1,689,232
Internet & direct marketing retail: 0.13%           
Amazon.com Incorporated †       2,859 292,876
Multiline retail: 1.57%           
Dollar General Corporation        13,598 3,468,170
Consumer staples: 8.18%          
Food & staples retailing: 3.54%           
Costco Wholesale Corporation        4,046 2,029,069
Walmart Incorporated        40,602 5,778,883
          7,807,952
Food products: 2.86%           
Cal-Maine Foods Incorporated        5,648 319,168
See accompanying notes to portfolio of investments
Allspring Large Company Value Fund  |  1
Portfolio of investments—October 31, 2022 (unaudited)
        Shares Value
Food products (continued)          
General Mills Incorporated              300 $     24,474
McCormick & Company Incorporated           18,139   1,426,451
Mondelez International Incorporated Class A           73,493   4,518,350
            6,288,443
Household products: 0.37%           
Colgate-Palmolive Company           10,983     810,985
Personal products: 0.38%           
Herbalife Nutrition Limited †          22,791     484,537
The Estee Lauder Companies Incorporated Class A            1,759     352,662
              837,199
Tobacco: 1.03%           
Altria Group Incorporated            5,027     232,599
Philip Morris International Incorporated           22,211   2,040,080
            2,272,679
Energy: 9.54%          
Energy equipment & services: 0.27%           
Nextier Oilfield Solutions Incorporated †          19,920     200,794
Schlumberger Limited            7,512     390,849
              591,643
Oil, gas & consumable fuels: 9.27%           
Chevron Corporation           40,149   7,262,954
Delek US Holdings Incorporated           74,375   2,205,963
Exxon Mobil Corporation           78,964   8,750,001
Magnolia Oil & Gas Corporation Class A        11,795 302,896
Marathon Petroleum Corporation        1,935 219,855
Pioneer Natural Resources Company        1,735 444,871
SM Energy Company       13,329 599,538
Targa Resources Corporation        5,572 380,958
Valero Energy Corporation        1,973 247,710
          20,414,746
Financials: 20.06%          
Banks: 9.27%           
Bank of America Corporation        196,367 7,077,067
International Bancshares Corporation        4,482 222,307
JPMorgan Chase & Company        29,743 3,744,049
PNC Financial Services Group Incorporated        31,208 5,050,391
Truist Financial Corporation        96,621 4,327,655
          20,421,469
Capital markets: 4.63%           
Bank of New York Mellon Corporation        33,581 1,414,096
BlackRock Incorporated        292 188,606
CME Group Incorporated        1,092 189,244
Intercontinental Exchange Incorporated        4,107 392,506
Moody's Corporation        9,627 2,549,903
S&P Global Incorporated        16,994 5,459,323
          10,193,678
See accompanying notes to portfolio of investments
2  |  Allspring Large Company Value Fund
Portfolio of investments—October 31, 2022 (unaudited)
        Shares Value
Consumer finance: 0.17%           
SLM Corporation           22,614 $    375,166
Diversified financial services: 0.92%           
Berkshire Hathaway Incorporated Class B †           5,810   1,714,473
Jackson Financial Incorporation Class A            8,470     324,909
            2,039,382
Insurance: 4.90%           
AFLAC Incorporated           18,805   1,224,394
Arch Capital Group Limited †          11,214     644,805
Arthur J. Gallagher & Company           25,388   4,749,587
Chubb Limited            1,935     415,812
MetLife Incorporated           44,064   3,225,925
Reinsurance Group of America Incorporated            3,674     540,703
           10,801,226
Thrifts & mortgage finance: 0.17%           
Essent Group Limited            9,326     369,115
Health care: 17.43%          
Biotechnology: 3.43%           
Amicus Therapeutics Incorporated †          93,986     939,860
Biogen Incorporated †             953     270,118
Exelixis Incorporated †          13,532     224,361
Incyte Corporation †           4,612     342,856
Neurocrine Biosciences Incorporated †           7,654     881,128
Sage Therapeutics Incorporated †          36,098   1,359,451
Vertex Pharmaceuticals Incorporated †       11,343 3,539,016
          7,556,790
Health care equipment & supplies: 3.31%           
Baxter International Incorporated        1,122 60,981
Intuitive Surgical Incorporated †       18,440 4,544,907
Medtronic plc        30,615 2,673,914
          7,279,802
Health care providers & services: 4.66%           
Cigna Corporation        10,981 3,547,522
Elevance Health Incorporated        2,864 1,565,949
HCA Healthcare Incorporated        3,997 869,228
Humana Incorporated        7,685 4,288,845
          10,271,544
Life sciences tools & services: 2.15%           
Agilent Technologies Incorporated        3,082 426,395
Qiagen NV †       60,969 2,655,810
Syneos Health Incorporated †       32,768 1,650,852
          4,733,057
Pharmaceuticals: 3.88%           
Bristol-Myers Squibb Company        13,816 1,070,326
Eli Lilly & Company        1,612 583,689
Intra-Cellular Therapies Incorporated †       23,894 1,091,239
Johnson & Johnson        4,897 851,931
Pfizer Incorporated        75,779 3,527,512
See accompanying notes to portfolio of investments
Allspring Large Company Value Fund  |  3
Portfolio of investments—October 31, 2022 (unaudited)
        Shares Value
Pharmaceuticals (continued)          
Supernus Pharmaceuticals Incorporated †          28,938 $    991,705
Zoetis Incorporated            2,889     435,603
            8,552,005
Industrials: 8.01%          
Aerospace & defense: 0.40%           
General Dynamics Corporation            3,508     876,298
Air freight & logistics: 2.18%           
FedEx Corporation            7,489   1,200,337
United Parcel Service Incorporated Class B           21,495   3,606,216
            4,806,553
Construction & engineering: 0.04%           
EMCOR Group Incorporated              637      89,881
Electrical equipment: 0.10%           
Bloom Energy Corporation Class A †          11,395     213,200
Industrial conglomerates: 0.53%           
3M Company            5,745     722,664
Honeywell International Incorporated            2,194     447,620
            1,170,284
Machinery: 1.97%           
Allison Transmission Holdings Incorporated            1,950      82,388
Mueller Industries Incorporated           62,798   3,933,667
Terex Corporation            7,942     321,969
            4,338,024
Professional services: 0.90%           
Korn Ferry International        30,747 1,709,226
Verisk Analytics Incorporated        1,507 275,525
          1,984,751
Road & rail: 1.89%           
Norfolk Southern Corporation        18,281 4,169,348
Information technology: 8.55%          
Communications equipment: 0.65%           
Cisco Systems Incorporated        31,734 1,441,676
Electronic equipment, instruments & components: 1.98%           
Amphenol Corporation Class A        13,296 1,008,236
Sanmina Corporation †       43,207 2,421,752
Vishay Intertechnology Incorporated        44,575 932,063
          4,362,051
IT services: 0.45%           
International Business Machines Corporation        2,571 355,544
PayPal Holdings Incorporated †       6,294 526,053
Visa Incorporated Class A        533 110,416
          992,013
See accompanying notes to portfolio of investments
4  |  Allspring Large Company Value Fund
Portfolio of investments—October 31, 2022 (unaudited)
        Shares Value
Semiconductors & semiconductor equipment: 1.36%           
Intel Corporation           30,623 $    870,612
Marvell Technology Incorporated           1,548      61,425
Skyworks Solutions Incorporated           23,865   2,052,629
            2,984,666
Software: 2.95%           
Adobe Incorporated †           8,411   2,678,904
ANSYS Incorporated †           1,710     378,184
Autodesk Incorporated †           3,679     788,410
Cadence Design Systems Incorporated †             144      21,800
The Trade Desk Incorporated †          40,514   2,156,965
XPERI Incorporated †          33,943     474,184
            6,498,447
Technology hardware, storage & peripherals: 1.16%           
Hewlett Packard Enterprise Company           27,277     389,243
Super Micro Computer Incorporated †          31,139   2,166,963
            2,556,206
Materials: 3.28%          
Chemicals: 2.99%           
Air Products & Chemicals Incorporated           12,880   3,225,152
Ingevity Corporation †          21,356   1,436,618
Linde plc            6,494   1,930,991
            6,592,761
Metals & mining: 0.29%           
Alpha Metallurgical Resource Incorporated        1,194 201,607
Newmont Corporation        2,165 91,623
SSR Mining Incorporated        24,300 335,340
          628,570
Real estate: 4.48%          
Equity REITs: 4.48%           
Agree Realty Corporation        6,365 437,276
American Homes 4 Rent Class A        14,038 448,374
Equinix Incorporated        2,678 1,516,926
Invitation Homes Incorporated        35,870 1,136,720
Prologis Incorporated        10,699 1,184,914
Realty Income Corporation        78,198 4,869,389
Weyerhaeuser Company        8,771 271,287
          9,864,886
Utilities: 6.30%          
Electric utilities: 4.66%           
Duke Energy Corporation        40,054 3,732,232
NextEra Energy Incorporated        71,213 5,519,008
Otter Tail Corporation        10,910 735,552
The Southern Company        4,298 281,433
          10,268,225
See accompanying notes to portfolio of investments
Allspring Large Company Value Fund  |  5
Portfolio of investments—October 31, 2022 (unaudited)
        Shares Value
Gas utilities: 1.64%           
Atmos Energy Corporation           33,888 $  3,610,766
Total Common stocks (Cost $205,773,994)         213,729,951
    
    Yield      
Short-term investments: 2.63%          
Investment companies: 2.63%          
Allspring Government Money Market Fund Select Class ♠∞   2.94%   5,791,000   5,791,000
Total Short-term investments (Cost $5,791,000)           5,791,000
Total investments in securities (Cost $211,564,994) 99.66%       219,520,951
Other assets and liabilities, net 0.34           756,337
Total net assets 100.00%       $220,277,288
    
† Non-income-earning security
♠ The issuer of the security is an affiliated person of the Fund 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 Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund 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 $6,030,286 $5,742,170 $(5,981,456) $0 $0 $5,791,000 5,791,000 $34,679
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		Unrealized
losses
Long            
E-Mini S&P 500 Index 31 12-16-2022 $6,232,040 $6,018,650 $0 $(213,390)
See accompanying notes to portfolio of investments
6  |  Allspring Large Company Value Fund
Notes to portfolio of investments—October 31, 2022 (unaudited)
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, exchange-traded funds 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. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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 Fund 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 Fund 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 Fund 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 Fund 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 futures contracts, the Fund 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 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 Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’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 Fund’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 Fund’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 Fund’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 Large Company Value Fund  |  7
Notes to portfolio of investments—October 31, 2022 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2022:
  Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Common stocks        
Communication services $11,892,235 $0 $0 $11,892,235
Consumer discretionary 12,772,229 0 0 12,772,229
Consumer staples 18,017,258 0 0 18,017,258
Energy 21,006,389 0 0 21,006,389
Financials 44,200,036 0 0 44,200,036
Health care 38,393,198 0 0 38,393,198
Industrials 17,648,339 0 0 17,648,339
Information technology 18,835,059 0 0 18,835,059
Materials 7,221,331 0 0 7,221,331
Real estate 9,864,886 0 0 9,864,886
Utilities 13,878,991 0 0 13,878,991
Short-term investments        
Investment companies 5,791,000 0 0 5,791,000
Total assets $219,520,951 $0 $0 $219,520,951
Liabilities        
Futures contracts $213,390 $0 $0 $213,390
Total liabilities $213,390 $0 $0 $213,390
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 October 31, 2022, $890,480 was segregated as cash collateral for open futures contracts.
For the three months ended October 31, 2022, the Fund did not have any transfers into/out of Level 3.
8  |  Allspring Large Company Value Fund