NPORT-EX 2 NPORT_WBJW_82624398_0523.htm EDGAR HTML
Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
 
 
 
Interest
rate
Maturity
date
Principal
Value
Yankee corporate bonds and notes:  22.17%
 
Azerbaijan:  1.57%
 
State Oil Co. of the Azerbaijan Republic (Energy, Oil & gas)
6.95
%
3-18-2030
$
200,000
$205,632
Chile:  1.60%
 
Corp. Nacional del Cobre de Chile (Basic materials, Mining)
4.25
7-17-2042
 
250,000
209,676
China:  4.45%
 
State Grid Overseas Investment 2014 Ltd. (Utilities, Electric)
4.13
5-7-2024
 
400,000
396,074
State Grid Overseas Investment BVI Ltd. (Utilities, Electric)
2.88
5-18-2026
 
200,000
188,875
 
 
584,949
Indonesia:  2.52%
 
Pertamina Persero PT (Energy, Oil & gas)
5.63
5-20-2043
 
200,000
189,001
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Utilities,
Electric)
4.00
6-30-2050
 
200,000
141,699
 
 
330,700
Malaysia:  3.52%
 
Petronas Capital Ltd. (Energy, Oil & gas)
3.50
4-21-2030
 
200,000
187,178
Petronas Capital Ltd. (Energy, Oil & gas)
4.50
3-18-2045
 
300,000
275,824
 
 
463,002
Mexico:  1.77%
 
Petroleos Mexicanos (Energy, Oil & gas)
6.35
2-12-2048
 
30,000
17,467
Petroleos Mexicanos (Energy, Oil & gas)
6.38
1-23-2045
 
30,000
17,559
Petroleos Mexicanos (Energy, Oil & gas)
6.50
6-2-2041
 
30,000
18,492
Petroleos Mexicanos (Energy, Oil & gas)
6.75
9-21-2047
 
110,000
66,389
Petroleos Mexicanos (Energy, Oil & gas)
6.95
1-28-2060
 
90,000
53,737
Petroleos Mexicanos (Energy, Oil & gas)
7.69
1-23-2050
 
90,000
58,333
 
 
231,977
Peru:  1.09%
 
Petroleos del Peru SA (Energy, Oil & gas)
4.75
6-19-2032
 
200,000
143,222
Saudi Arabia:  1.39%
 
KSA Sukuk Ltd. (Financial, Diversified financial services)
2.97
10-29-2029
 
200,000
182,075
South Africa:  1.37%
 
Eskom Holdings SOC Ltd. (Utilities, Electric)
6.35
8-10-2028
 
200,000
180,548
United Arab Emirates:  2.89%
 
Abu Dhabi Crude Oil Pipeline LLC (Energy, Pipelines)
4.60
11-2-2047
 
200,000
184,796
MDGH GMTN RSC Ltd. (Financial, Investment Companies)
3.00
4-19-2024
 
200,000
195,416
 
 
380,212
Total yankee corporate bonds and notes (Cost $3,330,012)
 
2,911,993
Yankee government bonds:  74.66%
 
Abu Dhabi
3.88
4-16-2050
 
200,000
166,500
See accompanying notes to portfolio of investments
Allspring Emerging Markets Bond Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Yankee government bonds (continued)
 
Angolan
8.25
%
5-9-2028
$
200,000
$177,904
Argentinaøø
0.50
7-9-2030
 
100,000
26,250
Argentinaøø
1.50
7-9-2035
 
175,000
40,624
Argentinaøø
3.50
7-9-2041
 
145,000
37,323
Argentinaøø
3.88
1-9-2038
 
215,000
61,833
Bahrain
6.75
9-20-2029
 
200,000
195,863
Bahrain
7.00
10-12-2028
 
200,000
202,218
Brazil
4.50
5-30-2029
 
200,000
189,959
Brazil
4.63
1-13-2028
 
200,000
195,410
Brazil
5.00
1-27-2045
 
200,000
154,118
Chile
3.13
1-21-2026
 
200,000
192,694
Colombia
4.13
5-15-2051
 
200,000
116,733
Colombia
4.50
1-28-2026
 
200,000
190,023
Colombia
7.38
9-18-2037
 
150,000
139,072
Dominican Republic
5.88
1-30-2060
 
200,000
148,053
Dominican Republic
5.95
1-25-2027
 
350,000
341,779
Ecuadorøø
1.50
7-31-2040
 
225,000
70,875
Ecuadorøø
2.50
7-31-2035
 
200,000
68,254
Egypt
5.88
6-11-2025
 
200,000
154,036
Egypt
8.70
3-1-2049
 
200,000
102,048
El Salvador
7.65
6-15-2035
 
150,000
79,299
Ghana†
6.38
2-11-2027
 
200,000
80,550
Guatemala
4.38
6-5-2027
 
200,000
189,014
Hungary
5.38
3-25-2024
 
200,000
199,507
Hungary
7.63
3-29-2041
 
120,000
132,678
Indonesia
5.13
1-15-2045
 
200,000
195,000
Jamaica
8.00
3-15-2039
 
100,000
119,558
Kazakhstan
6.50
7-21-2045
 
200,000
206,734
Lebanon†
6.60
11-27-2026
 
250,000
13,825
Lebanon†
7.05
11-2-2035
 
200,000
10,902
Mexico
3.25
4-16-2030
 
200,000
178,288
Mexico
4.75
3-8-2044
 
80,000
67,421
Mexico
5.55
1-21-2045
 
100,000
93,945
Mexico
6.05
1-11-2040
 
20,000
20,187
Mexico
6.75
9-27-2034
 
130,000
142,011
Nigeria
7.63
11-21-2025
 
200,000
190,940
Nigeria
7.63
11-28-2047
 
200,000
130,804
Oman
4.75
6-15-2026
 
200,000
193,990
Oman
6.50
3-8-2047
 
200,000
182,309
Pakistan
8.25
9-30-2025
 
200,000
85,300
Panama
3.87
7-23-2060
 
200,000
129,760
Panama
4.50
5-15-2047
 
350,000
274,709
Paraguay
5.00
4-15-2026
 
75,000
73,787
Peru
2.78
12-1-2060
 
160,000
92,462
Peru
3.55
3-10-2051
 
40,000
28,765
Peru
4.13
8-25-2027
 
70,000
68,605
Peru
5.63
11-18-2050
 
100,000
99,903
Perusahaan Penerbit SBSN Indonesia III
4.45
2-20-2029
 
200,000
198,747
See accompanying notes to portfolio of investments
2 | Allspring Emerging Markets Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Yankee government bonds (continued)
 
Philippines
2.65
%
12-10-2045
$
200,000
$134,954
Philippines
3.70
2-2-2042
 
200,000
164,000
Philippines
5.50
3-30-2026
 
200,000
204,702
Poland
5.50
4-4-2053
 
20,000
20,090
Qatar
4.00
3-14-2029
 
200,000
197,504
Qatar
4.63
6-2-2046
 
450,000
426,878
Republic of Kenya
6.88
6-24-2024
 
200,000
183,704
Republic of Poland
4.00
1-22-2024
 
40,000
39,642
Republic of Poland
5.50
11-16-2027
 
70,000
72,380
Republic of South Africa
6.25
3-8-2041
 
300,000
234,000
Romania
4.00
2-14-2051
 
270,000
183,600
Romania
4.88
1-22-2024
 
60,000
59,707
Romania
5.13
6-15-2048
 
140,000
114,450
Saudi
3.63
3-4-2028
 
200,000
192,037
Saudi
4.50
10-26-2046
 
200,000
174,238
Sri Lanka†
6.35
6-28-2024
 
200,000
72,647
Turkey
4.88
10-9-2026
 
200,000
174,000
Turkey
5.60
11-14-2024
 
200,000
189,375
Turkey
7.38
2-5-2025
 
180,000
174,150
Uruguay
4.98
4-20-2055
 
100,000
96,074
Uruguay
5.10
6-18-2050
 
225,000
220,859
Venezuela†
6.00
12-9-2020
 
225,000
12,375
Venezuela†
7.00
3-31-2038
 
200,000
15,000
Total yankee government bonds (Cost $12,384,543)
 
9,806,935
 
 
 
Yield
 
Shares
 
Short-term investments:  1.75%
 
Investment companies:  1.75%
 
Allspring Government Money Market Fund Select Class♠∞
5.01
 
230,108
230,108
Total short-term investments (Cost $230,108)
 
230,108
Total investments in securities (Cost $15,944,663)
98.58
%
 
12,949,036
Other assets and liabilities, net
1.42
 
186,286
Total net assets
100.00
%
 
$13,135,322
 
øø
The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end.
†
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
Allspring Emerging Markets Bond Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
 
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
$216,710
$683,582
$(670,184
)
$0
$0
$230,108
230,108
$1,682
See accompanying notes to portfolio of investments
4 | Allspring Emerging Markets Bond Portfolio
Notes to portfolio of investments—May 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.
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 any of 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.
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.
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 May 31, 2023: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Yankee corporate bonds and notes
$0
$2,911,993
$0
$2,911,993
Yankee government bonds
0
9,806,935
0
9,806,935
Short-term investments
Investment companies
230,108
0
0
230,108
Total assets
$230,108
$12,718,928
$0
$12,949,036
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the three months ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.
Allspring Emerging Markets Bond Portfolio | 5