NPORT-EX 2 NPORT_WBGL_95401959_0223.htm
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Common stocks: 97.68%          
Communication services: 5.89%          
Diversified telecommunication services: 0.94%           
AT&T Incorporated           86,894 $  1,643,166
Verizon Communications Incorporated            1,693      65,705
            1,708,871
Entertainment: 1.01%           
The Walt Disney Company †          18,551   1,847,865
Interactive media & services: 2.14%           
Meta Platforms Incorporated Class A †          12,839   2,246,055
TripAdvisor Incorporated           46,094     994,248
Yelp Incorporated           22,128     664,283
            3,904,586
Media: 0.21%           
Comcast Corporation Class A            4,624     171,874
DISH Network Corporation Class A †          19,186     218,912
              390,786
Wireless telecommunication services: 1.59%           
T-Mobile US Incorporated †          20,328   2,890,235
Consumer discretionary: 6.68%          
Automobiles: 1.16%           
General Motors Company           54,681   2,118,342
Distributors: 0.01%           
LKQ Corporation              344      19,708
Diversified consumer services: 0.45%           
H&R Block Incorporated        22,140 814,752
Hotels, restaurants & leisure: 1.47%           
Bloomin' Brands Incorporated        10,074 262,931
Marriott International Incorporated Class A        11,826 2,001,432
MGM Resorts International        9,694 416,939
          2,681,302
Multiline retail: 1.40%           
Target Corporation        15,176 2,557,156
Specialty retail: 1.06%           
Best Buy Company Incorporated        11,034 917,036
O'Reilly Automotive Incorporated †       580 481,458
Signet Jewelers Limited        7,411 530,774
          1,929,268
Textiles, apparel & luxury goods: 1.13%           
Nike Incorporated Class B        6,136 728,895
VF Corporation        53,508 1,328,069
          2,056,964
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio  |  1
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Consumer staples: 7.20%          
Beverages: 0.27%           
Boston Beer Company Incorporated Class A              645 $    208,851
The Coca-Cola Company            4,600     273,746
              482,597
Food & staples retailing: 3.06%           
Costco Wholesale Corporation               91      44,060
The Kroger Company            1,947      83,994
Walmart Incorporated           38,338   5,448,980
            5,577,034
Food products: 1.12%           
Cal-Maine Foods Incorporated            9,339     530,455
Darling Ingredients Incorporated           10,871     687,808
General Mills Incorporated            3,210     255,227
Hain Celestial Group Incorporated            9,337     166,479
Mondelez International Incorporated Class A            6,207     404,572
            2,044,541
Household products: 0.48%           
The Procter & Gamble Company            6,373     876,670
Personal products: 0.66%           
The Estee Lauder Companies Incorporated Class A            4,971   1,208,202
Tobacco: 1.61%           
Altria Group Incorporated           63,254   2,936,883
Energy: 6.29%          
Oil, gas & consumable fuels: 6.29%           
Chevron Corporation        26,022 4,183,557
Delek US Holdings Incorporated        44,283 1,114,603
Exxon Mobil Corporation        29,344 3,225,199
Kinder Morgan Incorporated        18,841 321,427
Phillips 66        16,026 1,643,627
Valero Energy Corporation        7,494 987,185
          11,475,598
Financials: 21.92%          
Banks: 9.58%           
Bank of America Corporation        59,892 2,054,296
Bank of N.T. Butterfield & Son Limited        12,114 437,921
Citigroup Incorporated        70,044 3,550,530
JPMorgan Chase & Company        54,688 7,839,525
PNC Financial Services Group Incorporated        3,288 519,241
US Bancorp        64,346 3,071,235
          17,472,748
Capital markets: 3.02%           
BlackRock Incorporated        248 170,979
CME Group Incorporated        2,162 400,748
See accompanying notes to portfolio of investments
2  |  Allspring Large Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Capital markets (continued)          
Intercontinental Exchange Incorporated            3,573 $    363,731
S&P Global Incorporated           13,401   4,572,421
            5,507,879
Diversified financial services: 5.07%           
Berkshire Hathaway Incorporated Class B †          29,551   9,018,374
Jackson Financial Incorporation Class A            4,835     219,412
            9,237,786
Insurance: 4.11%           
AFLAC Incorporated           46,871   3,194,259
Arthur J. Gallagher & Company           21,647   4,055,565
Brown & Brown Incorporated            1,688      94,646
Reinsurance Group of America Incorporated              991     143,170
            7,487,640
Thrifts & mortgage finance: 0.14%           
MGIC Investment Corporation           18,629     256,335
Health care: 16.47%          
Biotechnology: 2.20%           
Biogen Incorporated †           7,732   2,086,558
Exelixis Incorporated †          43,223     738,249
Incyte Corporation †           7,834     603,061
Sage Therapeutics Incorporated           13,670     569,219
            3,997,087
Health care equipment & supplies: 1.13%           
Boston Scientific Corporation †       9,549 446,129
Enovis Corporation        10,932 629,902
Integra LifeSciences Holdings Corporation †       2,054 114,243
Intuitive Surgical Incorporated †       989 226,867
Medtronic plc        7,726 639,713
          2,056,854
Health care providers & services: 4.14%           
Cigna Corporation        7,673 2,241,283
Elevance Health Incorporated        9,512 4,467,501
HCA Healthcare Incorporated        547 133,167
Humana Incorporated        1,205 596,499
Patterson Companies Incorporated        4,205 111,517
          7,549,967
Life sciences tools & services: 3.62%           
Agilent Technologies Incorporated        25,117 3,565,860
IQVIA Holdings Incorporated †       1,324 276,014
Medpace Holdings Incorporated        840 162,859
Syneos Health Incorporated        64,619 2,598,976
          6,603,709
Pharmaceuticals: 5.38%           
Catalent Incorporated †       11,313 771,773
Corcept Therapeutics Incorporated        23,102 481,215
Eli Lilly & Company        1,737 540,589
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio  |  3
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Pharmaceuticals (continued)          
Johnson & Johnson           29,256 $  4,483,775
Merck & Company Incorporated            3,194     339,331
Pfizer Incorporated           38,695   1,569,856
Viatris Incorporated           73,669     839,827
Zoetis Incorporated            4,695     784,065
            9,810,431
Industrials: 8.02%          
Aerospace & defense: 0.29%           
L3Harris Technologies Incorporated            2,504     528,820
Air freight & logistics: 1.69%           
United Parcel Service Incorporated Class B           16,858   3,076,416
Building products: 0.03%           
Carrier Global Corporation            1,478      66,554
Construction & engineering: 1.27%           
Quanta Services Incorporated            7,826   1,263,116
WillScot Mobile Mini Holdings Corporation †          20,397   1,048,406
            2,311,522
Electrical equipment: 0.42%           
EnerSys              670      60,762
Vertiv Holdings Company           43,374     704,828
              765,590
Industrial conglomerates: 2.23%           
3M Company           37,742   4,066,323
Road & rail: 2.09%           
CSX Corporation        124,892 3,807,957
Information technology: 8.29%          
Communications equipment: 1.35%           
Cisco Systems Incorporated        33,294 1,612,095
CommScope Holdings Incorporated        116,094 840,521
          2,452,616
Electronic equipment, instruments & components: 0.99%           
Sanmina Corporation †       6,518 394,078
Vishay Intertechnology Incorporated        66,153 1,404,428
          1,798,506
IT services: 1.65%           
FleetCor Technologies Incorporated †       1,721 369,654
Sabre Corporation        139,310 704,909
StoneCo Limited Class A †       45,485 387,077
The Western Union Company        22,623 293,194
WEX Incorporated †       6,550 1,262,906
          3,017,740
Semiconductors & semiconductor equipment: 0.69%           
Skyworks Solutions Incorporated        11,281 1,258,621
See accompanying notes to portfolio of investments
4  |  Allspring Large Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Software: 3.30%           
Autodesk Incorporated †          16,959 $  3,369,584
InterDigital Incorporated            6,817     497,573
LiveRamp Holdings Incorporated           24,526     579,549
NCR Corporation           30,636     782,137
Synopsys Incorporated †           2,152     782,812
            6,011,655
Technology hardware, storage & peripherals: 0.31%           
Xerox Holdings Corporation           34,554     569,795
Materials: 4.62%          
Chemicals: 4.23%           
Air Products & Chemicals Incorporated            7,628   2,181,455
Ingevity Corporation            1,186      97,916
Linde plc           15,568   5,423,424
            7,702,795
Containers & packaging: 0.28%           
AptarGroup Incorporated            1,396     162,941
WestRock Company           11,302     354,883
              517,824
Metals & mining: 0.11%           
Alpha Metallurgical Resource Incorporated            1,197     200,785
Real estate: 6.22%          
Equity REITs: 6.22%           
Alexandria Real Estate Equities Incorporated           23,383   3,502,306
American Homes 4 Rent Class A        27,734 860,309
Equinix Incorporated        417 287,009
Prologis Incorporated        17,062 2,105,451
Realty Income Corporation        63,624 4,068,755
Rexford Industrial Realty Incorporated        3,351 202,601
Weyerhaeuser Company        10,184 318,250
          11,344,681
Utilities: 6.08%          
Electric utilities: 4.26%           
Duke Energy Corporation        28,972 2,730,901
NextEra Energy Incorporated        71,030 5,045,261
          7,776,162
Gas utilities: 1.50%           
Atmos Energy Corporation        15,892 1,792,777
Brookfield Infrastructure Corporation Class A        21,875 945,219
          2,737,996
Independent power & renewable electricity producers: 0.15%           
Vistra Energy Corporation        12,301 270,499
See accompanying notes to portfolio of investments
Allspring Large Company Value Portfolio  |  5
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Multi-utilities: 0.17%           
Public Service Enterprise Group Incorporated            5,001 $    302,210
Total Common stocks (Cost $175,879,573)         178,086,863
    
    Yield      
Short-term investments: 1.83%          
Investment companies: 1.83%          
Allspring Government Money Market Fund Select Class ♠∞   4.39%   3,340,192   3,340,192
Total Short-term investments (Cost $3,340,192)           3,340,192
Total investments in securities (Cost $179,219,765) 99.51%       181,427,055
Other assets and liabilities, net 0.49           885,926
Total net assets 100.00%       $182,312,981
    
† Non-income-earning security
♠ The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940.
∞ The rate represents the 7-day annualized yield at period end.
    
Abbreviations:
REIT Real estate investment trust
Investments in affiliates
An affiliated investment is an investment in which the Portfolio owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Portfolio and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Portfolio at the end of the period were as follows:
  Value,
beginning of
period 		Purchases Sales
proceeds 		Net
realized
gains
(losses) 		  Net
change in
unrealized
gains
(losses) 		  Value,
end of
period 		Shares,
end
of period 		Income
from
affiliated
securities
Short-term investments                  
Allspring Government Money Market Fund Select Class $4,485,592 $29,978,804 $(31,124,204) $0   $0   $3,340,192 3,340,192 $75,272
Investments in affiliates no longer
held at end of period 		                   
Securities Lending Cash Investments LLC         0  1,089,725  (1,089,725) 0   0           0         0    860#
        $0   $0   $3,340,192   $76,132
    
# Amount shown represents income before fees and rebates.
Futures contracts
Description Number of
contracts 		Expiration
date 		Notional
cost 		Notional
value 		Unrealized
gains 		Unrealized
losses
Long            
E-Mini S&P 500 Index 19 3-17-2023 $3,737,939 $3,776,725 $38,786 $0
See accompanying notes to portfolio of investments
6  |  Allspring Large Company Value Portfolio
Notes to portfolio of investments—February 28, 2023 (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 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. 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.
Securities lending
The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments.
In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.
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 futures contracts, 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 from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or
Allspring Large Company Value Portfolio  |  7
Notes to portfolio of investments—February 28, 2023 (unaudited)
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.
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of February 28, 2023:
  Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Common stocks        
Communication services $10,742,343 $0 $0 $10,742,343
Consumer discretionary 12,177,492 0 0 12,177,492
Consumer staples 13,125,927 0 0 13,125,927
Energy 11,475,598 0 0 11,475,598
Financials 39,962,388 0 0 39,962,388
Health care 30,018,048 0 0 30,018,048
Industrials 14,623,182 0 0 14,623,182
Information technology 15,108,933 0 0 15,108,933
Materials 8,421,404 0 0 8,421,404
Real estate 11,344,681 0 0 11,344,681
Utilities 11,086,867 0 0 11,086,867
Short-term investments        
Investment companies 3,340,192 0 0 3,340,192
  181,427,055 0 0 181,427,055
Futures contracts 38,786 0 0 38,786
Total assets $181,465,841 $0 $0 $181,465,841
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 February 28, 2023, $425,635 was segregated as cash collateral for open futures contracts.
For the nine months ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
8  |  Allspring Large Company Value Portfolio