NPORT-EX 2 NPORT_WBJ1_59021230_0523.htm EDGAR HTML
Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
 
 
 
Interest
rate
Maturity
date
Principal
Value
Corporate bonds and notes:  80.43%
 
Basic materials:  2.32%
 
Chemicals:  1.43%
 
Celanese U.S. Holdings LLC
1.40
%
8-5-2026
$
200,000
$174,225
Dow Chemical Co.
2.10
11-15-2030
 
750,000
623,557
DuPont de Nemours, Inc.
5.42
11-15-2048
 
140,000
137,132
Eastman Chemical Co.
4.80
9-1-2042
 
140,000
121,733
LYB International Finance III LLC
3.80
10-1-2060
 
150,000
98,630
 
 
1,155,277
Mining:  0.89%
 
Freeport-McMoRan, Inc.
4.25
3-1-2030
 
325,000
298,124
Newmont Corp.
2.60
7-15-2032
 
370,000
303,830
Southern Copper Corp.
5.88
4-23-2045
 
115,000
116,516
 
 
718,470
Communications:  8.09%
 
Internet:  1.69%
 
Alphabet, Inc.
2.25
8-15-2060
 
385,000
229,744
Amazon.com, Inc.
1.00
5-12-2026
 
615,000
557,699
Amazon.com, Inc.
3.95
4-13-2052
 
280,000
239,620
eBay, Inc.
4.00
7-15-2042
 
175,000
139,038
Meta Platforms, Inc.
4.45
8-15-2052
 
245,000
207,276
 
 
1,373,377
Media:  2.99%
 
Charter Communications Operating LLC/Charter Communications
Operating Capital
3.85
4-1-2061
 
165,000
97,283
Charter Communications Operating LLC/Charter Communications
Operating Capital
6.48
10-23-2045
 
245,000
221,731
Comcast Corp.
2.35
1-15-2027
 
210,000
194,340
Comcast Corp.
2.89
11-1-2051
 
475,000
312,784
Comcast Corp.
2.99
11-1-2063
 
285,000
176,660
Discovery Communications LLC
3.95
3-20-2028
 
400,000
370,546
Discovery Communications LLC
4.00
9-15-2055
 
1,000
635
Paramount Global
4.85
7-1-2042
 
140,000
103,400
Time Warner Cable LLC
4.50
9-15-2042
 
270,000
200,097
Walt Disney Co.
2.65
1-13-2031
 
855,000
743,163
 
 
2,420,639
Telecommunications:  3.41%
 
AT&T, Inc.
3.50
9-15-2053
 
360,000
249,913
AT&T, Inc.
3.65
9-15-2059
 
340,000
232,863
AT&T, Inc.
3.80
12-1-2057
 
235,000
167,203
Cisco Systems, Inc.
2.95
2-28-2026
 
340,000
327,605
Corning, Inc.
5.45
11-15-2079
 
215,000
190,196
T-Mobile USA, Inc.
3.60
11-15-2060
 
295,000
204,269
T-Mobile USA, Inc.
3.75
4-15-2027
 
580,000
550,999
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Telecommunications (continued)
 
Verizon Communications, Inc.
3.00
%
11-20-2060
$
370,000
$226,827
Verizon Communications, Inc.
3.15
3-22-2030
 
680,000
608,057
 
 
2,757,932
Consumer, cyclical:  4.24%
 
Airlines:  0.38%
 
American Airlines Pass-Through Trust Series 2016-2 Class AA
3.20
6-15-2028
 
198,582
177,902
United Airlines Pass-Through Trust Series 2013-1 Class A
4.30
8-15-2025
 
132,982
127,237
 
 
305,139
Apparel:  0.07%
 
NIKE, Inc.
3.63
5-1-2043
 
70,000
58,173
Auto manufacturers:  0.37%
 
General Motors Co.
6.25
10-2-2043
 
175,000
165,674
General Motors Financial Co., Inc.
5.65
1-17-2029
 
140,000
138,561
 
 
304,235
Distribution/wholesale:  0.32%
 
WW Grainger, Inc.
4.60
6-15-2045
 
280,000
260,770
Entertainment:  0.22%
 
Warnermedia Holdings, Inc.
5.14
3-15-2052
 
225,000
175,599
Retail:  2.88%
 
Home Depot, Inc.
4.88
2-15-2044
 
225,000
216,616
Lowe’s Cos., Inc.
4.45
4-1-2062
 
130,000
102,035
Lowe’s Cos., Inc.
4.50
4-15-2030
 
300,000
293,203
McDonald’s Corp.
4.60
9-9-2032
 
460,000
458,175
Starbucks Corp.
4.00
11-15-2028
 
500,000
484,539
Target Corp.
3.63
4-15-2046
 
250,000
201,450
TJX Cos., Inc.
3.88
4-15-2030
 
600,000
575,766
 
 
2,331,784
Consumer, non-cyclical:  14.75%
 
Agriculture:  1.12%
 
Altria Group, Inc.
4.50
5-2-2043
 
175,000
137,256
BAT Capital Corp.
4.54
8-15-2047
 
140,000
100,342
Philip Morris International, Inc.
3.25
11-10-2024
 
210,000
204,714
Philip Morris International, Inc.
4.50
3-20-2042
 
140,000
119,006
Reynolds American, Inc.
4.45
6-12-2025
 
350,000
342,411
 
 
903,729
Beverages:  2.73%
 
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.90
2-1-2046
 
295,000
280,160
Anheuser-Busch InBev Worldwide, Inc.
4.60
6-1-2060
 
105,000
93,382
Anheuser-Busch InBev Worldwide, Inc.
5.80
1-23-2059
 
75,000
80,960
Coca-Cola Co.
2.75
6-1-2060
 
280,000
191,250
Constellation Brands, Inc.
3.15
8-1-2029
 
300,000
270,731
See accompanying notes to portfolio of investments
2 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Beverages (continued)
 
Keurig Dr Pepper, Inc.
4.60
%
5-25-2028
$
700,000
$692,411
Molson Coors Beverage Co.
3.00
7-15-2026
 
635,000
597,925
 
 
2,206,819
Biotechnology:  1.37%
 
Amgen, Inc.
4.40
2-22-2062
 
225,000
181,277
Biogen, Inc.
2.25
5-1-2030
 
700,000
586,135
Gilead Sciences, Inc.
3.65
3-1-2026
 
350,000
339,736
 
 
1,107,148
Commercial services:  0.19%
 
Ford Foundation Series 2020
2.82
6-1-2070
 
260,000
155,587
Cosmetics/Personal Care:  0.19%
 
Estee Lauder Cos., Inc.
6.00
5-15-2037
 
140,000
154,717
Food:  1.61%
 
Kraft Heinz Foods Co.
5.50
6-1-2050
 
180,000
177,299
Kroger Co.
5.00
4-15-2042
 
175,000
159,948
Mondelez International, Inc.
2.75
4-13-2030
 
440,000
387,615
Pilgrim’s Pride Corp.
3.50
3-1-2032
 
370,000
295,667
Tyson Foods, Inc.
4.35
3-1-2029
 
300,000
287,017
 
 
1,307,546
Healthcare-products:  1.31%
 
Abbott Laboratories
6.15
11-30-2037
 
166,000
186,384
Boston Scientific Corp.
1.90
6-1-2025
 
835,000
789,089
Stryker Corp.
4.63
3-15-2046
 
95,000
86,880
 
 
1,062,353
Healthcare-services:  2.39%
 
Aetna, Inc.
4.50
5-15-2042
 
105,000
90,036
Ascension Health
3.95
11-15-2046
 
95,000
79,846
Baptist Health South Florida Obligated Group Series 2021
3.12
11-15-2071
 
295,000
174,695
CommonSpirit Health
4.35
11-1-2042
 
175,000
149,277
Elevance Health, Inc.
5.85
1-15-2036
 
200,000
208,397
HCA, Inc.144A
4.38
3-15-2042
 
180,000
145,837
HCA, Inc.144A
4.63
3-15-2052
 
315,000
253,688
Quest Diagnostics, Inc.
2.95
6-30-2030
 
300,000
265,000
UnitedHealth Group, Inc.
4.20
1-15-2047
 
200,000
174,201
UnitedHealth Group, Inc.
4.25
4-15-2047
 
300,000
261,536
UnitedHealth Group, Inc.
5.88
2-15-2053
 
120,000
131,208
 
 
1,933,721
Household products/wares:  0.21%
 
Kimberly-Clark Corp.
6.63
8-1-2037
 
140,000
166,580
Pharmaceuticals:  3.63%
 
AbbVie, Inc.
4.85
6-15-2044
 
475,000
436,532
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Pharmaceuticals (continued)
 
AmerisourceBergen Corp.
4.25
%
3-1-2045
$
175,000
$143,883
Bristol-Myers Squibb Co.
3.90
3-15-2062
 
175,000
136,624
Cigna Group
4.80
7-15-2046
 
210,000
187,620
CVS Health Corp.
5.05
3-25-2048
 
585,000
528,422
Eli Lilly & Co.
2.75
6-1-2025
 
70,000
67,544
Johnson & Johnson
4.38
12-5-2033
 
770,000
781,684
Mead Johnson Nutrition Co.
5.90
11-1-2039
 
70,000
72,406
Merck & Co., Inc.
2.75
2-10-2025
 
380,000
368,555
Zoetis, Inc.
4.70
2-1-2043
 
240,000
219,992
 
 
2,943,262
Energy:  6.16%
 
Oil & gas:  1.49%
 
BP Capital Markets America, Inc.
3.94
9-21-2028
 
200,000
193,655
ConocoPhillips
5.90
10-15-2032
 
175,000
190,319
Exxon Mobil Corp.
2.71
3-6-2025
 
345,000
333,271
Marathon Petroleum Corp.
3.80
4-1-2028
 
385,000
361,774
Phillips 66
4.65
11-15-2034
 
140,000
130,906
 
 
1,209,925
Oil & gas services:  0.96%
 
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc.
3.34
12-15-2027
 
670,000
627,034
Halliburton Co.
4.50
11-15-2041
 
175,000
146,464
 
 
773,498
Pipelines:  3.71%
 
Enbridge Energy Partners LP
5.50
9-15-2040
 
140,000
131,252
Energy Transfer LP
5.00
5-15-2050
 
255,000
208,593
Energy Transfer LP
5.95
10-1-2043
 
140,000
128,637
Enterprise Products Operating LLC
5.35
1-31-2033
 
335,000
341,463
Enterprise Products Operating LLC
5.70
2-15-2042
 
140,000
138,915
Kinder Morgan Energy Partners LP
5.00
8-15-2042
 
175,000
148,177
Kinder Morgan Energy Partners LP
5.50
3-1-2044
 
210,000
188,833
Kinder Morgan Energy Partners LP
5.80
3-15-2035
 
70,000
69,330
ONEOK, Inc.
4.55
7-15-2028
 
500,000
480,845
Plains All American Pipeline LP/PAA Finance Corp.
3.60
11-1-2024
 
210,000
203,717
Sabine Pass Liquefaction LLC
5.00
3-15-2027
 
400,000
395,282
Spectra Energy Partners LP
3.38
10-15-2026
 
300,000
283,642
Williams Cos., Inc.
6.30
4-15-2040
 
273,000
282,633
 
 
3,001,319
Financial:  26.04%
 
Banks:  8.58%
 
Bank of America Corp. (U.S. SOFR +1.37%)±
1.92
10-24-2031
 
630,000
497,531
Bank of America Corp. (U.S. SOFR +1.56%)±
2.97
7-21-2052
 
125,000
83,129
Bank of America Corp. (3 Month LIBOR +3.15%)±
4.08
3-20-2051
 
380,000
305,830
Citigroup, Inc. (U.S. SOFR +0.69%)±
2.01
1-25-2026
 
375,000
352,793
Citigroup, Inc. (U.S. SOFR +1.17%)±
2.56
5-1-2032
 
155,000
127,241
See accompanying notes to portfolio of investments
4 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Banks (continued)
 
Citigroup, Inc. (U.S. SOFR 3 Month +1.65%)±
3.67
%
7-24-2028
$
325,000
$305,496
Citigroup, Inc. (U.S. SOFR +1.94%)±
3.79
3-17-2033
 
170,000
150,944
Citizens Financial Group, Inc. (5 Year Treasury Constant
Maturity +2.50%)±
4.30
2-11-2031
 
200,000
160,487
Discover Bank
4.25
3-13-2026
 
250,000
238,323
Fifth Third Bancorp
3.95
3-14-2028
 
400,000
365,081
Fifth Third Bank NA
2.25
2-1-2027
 
250,000
219,552
Goldman Sachs Group, Inc. (U.S. SOFR 3 Month +1.16%)±
3.81
4-23-2029
 
415,000
386,822
Goldman Sachs Group, Inc. (U.S. SOFR 3 Month +1.43%)±
4.41
4-23-2039
 
125,000
109,530
Goldman Sachs Group, Inc.
4.75
10-21-2045
 
360,000
322,914
JPMorgan Chase & Co. (U.S. SOFR +2.52%)±
2.96
5-13-2031
 
720,000
615,103
JPMorgan Chase & Co.
6.40
5-15-2038
 
110,000
122,895
KeyBank NA
3.30
6-1-2025
 
250,000
227,438
Morgan Stanley (U.S. SOFR +1.36%)±
2.48
9-16-2036
 
385,000
290,584
Morgan Stanley
4.30
1-27-2045
 
290,000
251,199
Northern Trust Corp.
3.95
10-30-2025
 
175,000
169,191
PNC Bank NA
3.88
4-10-2025
 
250,000
239,743
Santander Holdings USA, Inc.
4.50
7-17-2025
 
350,000
338,676
Truist Bank
3.30
5-15-2026
 
600,000
549,012
U.S. Bancorp Series V
2.38
7-22-2026
 
190,000
174,272
U.S. Bancorp Series W
3.60
9-11-2024
 
350,000
340,343
 
 
6,944,129
Diversified financial services:  6.29%
 
Air Lease Corp.
2.30
2-1-2025
 
795,000
749,784
Air Lease Corp.
3.25
3-1-2025
 
200,000
190,421
American Express Co. (U.S. SOFR +1.76%)±
4.42
8-3-2033
 
590,000
557,955
BlackRock, Inc.
3.25
4-30-2029
 
435,000
411,094
Capital One Financial Corp.
3.75
7-28-2026
 
525,000
491,696
Charles Schwab Corp.
3.63
4-1-2025
 
140,000
134,980
Charles Schwab Corp.
4.63
3-22-2030
 
650,000
620,843
Intercontinental Exchange, Inc.
3.75
9-21-2028
 
500,000
479,001
Mastercard, Inc.
3.50
2-26-2028
 
400,000
387,653
Mastercard, Inc.
3.95
2-26-2048
 
140,000
123,366
Synchrony Financial
3.95
12-1-2027
 
150,000
129,528
Visa, Inc.
2.05
4-15-2030
 
475,000
410,381
Visa, Inc.
2.75
9-15-2027
 
300,000
282,922
Western Union Co.
6.20
11-17-2036
 
122,000
121,063
 
 
5,090,687
Insurance:  4.34%
 
Allstate Corp. (3 Month LIBOR +2.12%)±
6.50
5-15-2057
 
115,000
112,125
American International Group, Inc. Series A-9 (3 Month LIBOR +2.87%)±
5.75
4-1-2048
 
200,000
192,100
Aon Corp.
6.25
9-30-2040
 
70,000
73,932
Arch Capital Group U.S., Inc.
5.14
11-1-2043
 
147,000
134,084
Berkshire Hathaway Finance Corp.
5.75
1-15-2040
 
240,000
265,151
Berkshire Hathaway, Inc.
3.13
3-15-2026
 
565,000
548,889
Chubb Corp.
6.00
5-11-2037
 
196,000
210,968
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 5
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Insurance (continued)
 
Chubb INA Holdings, Inc.
3.35
%
5-15-2024
$
350,000
$342,922
Loews Corp.
4.13
5-15-2043
 
140,000
114,684
Marsh & McLennan Cos., Inc.
3.50
6-3-2024
 
200,000
195,712
Marsh & McLennan Cos., Inc.
4.90
3-15-2049
 
110,000
100,895
MetLife, Inc.
6.38
6-15-2034
 
196,000
215,790
Principal Financial Group, Inc.
3.40
5-15-2025
 
140,000
134,672
Progressive Corp.
6.25
12-1-2032
 
252,000
277,462
Prudential Financial, Inc. Series B
5.75
7-15-2033
 
350,000
369,989
Transatlantic Holdings, Inc.
8.00
11-30-2039
 
70,000
86,374
XL Group Ltd.
5.25
12-15-2043
 
140,000
138,706
 
 
3,514,455
Investment Companies:  0.82%
 
Ares Capital Corp.
3.20
11-15-2031
 
240,000
183,082
Bain Capital Specialty Finance, Inc.
2.55
10-13-2026
 
185,000
157,766
Blackstone Private Credit Fund
3.25
3-15-2027
 
215,000
184,818
Prospect Capital Corp.
3.71
1-22-2026
 
160,000
140,483
 
 
666,149
REITS:  6.01%
 
Alexandria Real Estate Equities, Inc.
4.70
7-1-2030
 
615,000
586,923
Boston Properties LP
2.75
10-1-2026
 
500,000
439,191
Equinix, Inc.
1.55
3-15-2028
 
775,000
652,928
GLP Capital LP/GLP Financing II, Inc.
5.30
1-15-2029
 
120,000
114,728
Healthpeak OP LLC
6.75
2-1-2041
 
95,000
98,310
Kimco Realty OP LLC
2.80
10-1-2026
 
350,000
321,536
Prologis LP
1.25
10-15-2030
 
885,000
689,057
Realty Income Corp.
4.88
6-1-2026
 
119,000
118,132
Simon Property Group LP
3.30
1-15-2026
 
410,000
392,454
Ventas Realty LP
3.50
2-1-2025
 
400,000
383,721
Ventas Realty LP
4.40
1-15-2029
 
485,000
457,221
VICI Properties LP
5.13
5-15-2032
 
210,000
196,065
Welltower OP LLC
4.00
6-1-2025
 
210,000
203,647
Welltower OP LLC
4.95
9-1-2048
 
240,000
212,914
 
 
4,866,827
Industrial:  4.92%
 
Aerospace/defense:  0.81%
 
Boeing Co.
2.60
10-30-2025
 
120,000
112,672
Boeing Co.
5.88
2-15-2040
 
186,000
185,123
Boeing Co.
5.93
5-1-2060
 
155,000
151,082
Lockheed Martin Corp. Series B
6.15
9-1-2036
 
122,000
135,510
Northrop Grumman Corp.
5.05
11-15-2040
 
70,000
67,998
 
 
652,385
See accompanying notes to portfolio of investments
6 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Electronics:  0.39%
 
Honeywell International, Inc.
3.81
%
11-21-2047
$
175,000
$147,672
Keysight Technologies, Inc.
4.55
10-30-2024
 
175,000
172,300
 
 
319,972
Machinery-construction & mining:  0.24%
 
Caterpillar Financial Services Corp.
3.25
12-1-2024
 
200,000
194,999
Machinery-diversified:  1.48%
 
Dover Corp.
5.38
10-15-2035
 
140,000
143,173
John Deere Capital Corp.
0.45
6-7-2024
 
810,000
772,865
John Deere Capital Corp.
0.63
9-10-2024
 
190,000
180,022
Rockwell Automation, Inc.
2.80
8-15-2061
 
160,000
102,724
 
 
1,198,784
Metal fabricate/hardware:  0.15%
 
Precision Castparts Corp.
3.90
1-15-2043
 
140,000
118,517
Miscellaneous manufacturing:  0.89%
 
Eaton Corp.
4.15
3-15-2033
 
755,000
721,793
Transportation:  0.96%
 
Burlington Northern Santa Fe LLC
2.88
6-15-2052
 
285,000
192,691
CSX Corp.
4.25
11-1-2066
 
140,000
113,257
Norfolk Southern Corp.
5.10
8-1-2118
 
80,000
68,010
Union Pacific Corp.
3.80
4-6-2071
 
230,000
174,445
United Parcel Service, Inc.
6.20
1-15-2038
 
206,000
230,447
 
 
778,850
Technology:  6.03%
 
Computers:  1.41%
 
Apple, Inc.
2.80
2-8-2061
 
155,000
102,367
Apple, Inc.
3.95
8-8-2052
 
185,000
161,335
Apple, Inc.
4.65
2-23-2046
 
350,000
346,972
Dell International LLC/EMC Corp.
6.10
7-15-2027
 
230,000
239,317
International Business Machines Corp.
3.00
5-15-2024
 
300,000
293,072
 
 
1,143,063
Semiconductors:  2.01%
 
Applied Materials, Inc.
5.85
6-15-2041
 
380,000
412,336
Broadcom, Inc.144A
3.14
11-15-2035
 
170,000
129,606
Broadcom, Inc.
4.15
11-15-2030
 
325,000
299,101
Intel Corp.
2.60
5-19-2026
 
220,000
208,291
Intel Corp.
4.25
12-15-2042
 
175,000
148,077
Intel Corp.
5.70
2-10-2053
 
185,000
182,752
QUALCOMM, Inc.
1.65
5-20-2032
 
315,000
246,990
 
 
1,627,153
Software:  2.61%
 
Fiserv, Inc.
3.85
6-1-2025
 
210,000
204,616
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 7
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Software (continued)
 
Microsoft Corp.
2.68
%
6-1-2060
$
355,000
$237,321
Microsoft Corp.
3.04
3-17-2062
 
180,000
130,419
Microsoft Corp.
5.20
6-1-2039
 
77,000
83,294
Oracle Corp.
3.40
7-8-2024
 
110,000
107,540
Oracle Corp.
3.85
4-1-2060
 
215,000
144,968
Oracle Corp.
3.95
3-25-2051
 
460,000
337,368
Salesforce, Inc.
3.05
7-15-2061
 
245,000
161,399
Salesforce, Inc.
3.70
4-11-2028
 
200,000
194,935
VMware, Inc.
4.65
5-15-2027
 
520,000
509,946
 
 
2,111,806
Utilities:  7.88%
 
Electric:  7.79%
 
Ameren Illinois Co.
3.70
12-1-2047
 
165,000
132,078
Appalachian Power Co.
3.40
6-1-2025
 
175,000
168,521
Appalachian Power Co.
4.45
6-1-2045
 
175,000
145,438
Appalachian Power Co.
7.00
4-1-2038
 
70,000
79,141
Arizona Public Service Co.
3.15
5-15-2025
 
105,000
100,600
Arizona Public Service Co.
4.50
4-1-2042
 
70,000
58,748
CenterPoint Energy Houston Electric LLC
4.50
4-1-2044
 
175,000
156,749
Commonwealth Edison Co.
3.80
10-1-2042
 
70,000
57,495
Consolidated Edison Co. of New York, Inc. Series A
4.13
5-15-2049
 
370,000
299,507
Consumers Energy Co.
4.05
5-15-2048
 
290,000
243,958
Dominion Energy, Inc. Series B
5.95
6-15-2035
 
157,000
163,424
Duke Energy Florida LLC
5.65
4-1-2040
 
87,000
89,593
Duke Energy Indiana LLC Series WWW
4.90
7-15-2043
 
105,000
98,960
Duke Energy Progress LLC
4.10
3-15-2043
 
210,000
176,671
Entergy Arkansas LLC
4.20
4-1-2049
 
280,000
232,584
Entergy Louisiana LLC
5.59
10-1-2024
 
84,000
84,342
Evergy Kansas Central, Inc.
4.10
4-1-2043
 
210,000
174,421
Exelon Corp.
4.95
6-15-2035
 
140,000
135,127
Florida Power & Light Co.
5.96
4-1-2039
 
175,000
188,156
MidAmerican Energy Co.
3.65
4-15-2029
 
685,000
650,854
National Rural Utilities Cooperative Finance Corp.
4.02
11-1-2032
 
140,000
130,133
NSTAR Electric Co.
5.50
3-15-2040
 
70,000
70,891
Oglethorpe Power Corp.
5.95
11-1-2039
 
105,000
103,690
Oncor Electric Delivery Co. LLC
7.00
5-1-2032
 
122,000
139,394
Pacific Gas & Electric Co.
2.50
2-1-2031
 
410,000
323,135
PECO Energy Co.
2.85
9-15-2051
 
160,000
105,031
PPL Capital Funding, Inc.
3.10
5-15-2026
 
100,000
95,033
PPL Electric Utilities Corp.
4.75
7-15-2043
 
105,000
97,793
Progress Energy, Inc.
7.75
3-1-2031
 
365,000
415,629
Public Service Electric & Gas Co.
3.80
1-1-2043
 
140,000
115,121
Public Service Electric & Gas Co.
3.95
5-1-2042
 
70,000
58,511
Public Service Electric & Gas Co. Series E
5.80
5-1-2037
 
70,000
74,171
Sempra Energy
3.25
6-15-2027
 
300,000
279,967
Southern California Edison Co. Series 2005E
5.35
7-15-2035
 
126,000
124,241
Southern California Edison Co.
5.50
3-15-2040
 
140,000
135,890
See accompanying notes to portfolio of investments
8 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Electric (continued)
 
Southern California Edison Co. Series 2004B
6.00
%
1-15-2034
$
70,000
$73,461
Southern Co.
4.40
7-1-2046
 
185,000
154,349
Union Electric Co.
8.45
3-15-2039
 
56,000
71,674
Virginia Electric & Power Co. Series A
3.10
5-15-2025
 
70,000
67,332
Virginia Electric & Power Co.
4.45
2-15-2044
 
105,000
89,873
Virginia Electric & Power Co. Series B
6.00
1-15-2036
 
70,000
73,707
Wisconsin Electric Power Co.
5.63
5-15-2033
 
70,000
73,296
 
 
6,308,689
Gas:  0.09%
 
Southern California Gas Co. Series MM
5.13
11-15-2040
 
70,000
67,649
Total corporate bonds and notes (Cost $71,815,629)
 
65,113,506
Yankee corporate bonds and notes:  16.36%
 
Basic materials:  0.81%
 
Chemicals:  0.15%
 
Nutrien Ltd.
6.13
1-15-2041
 
115,000
116,693
Iron/steel:  0.66%
 
ArcelorMittal SA
4.55
3-11-2026
 
245,000
239,619
Vale Overseas Ltd.
3.75
7-8-2030
 
335,000
296,481
 
 
536,100
Communications:  1.93%
 
Internet:  0.95%
 
Alibaba Group Holding Ltd.
3.40
12-6-2027
 
200,000
187,188
Alibaba Group Holding Ltd.
3.60
11-28-2024
 
600,000
583,541
 
 
770,729
Telecommunications:  0.98%
 
America Movil SAB de CV
4.38
4-22-2049
 
100,000
87,090
Bell Telephone Co. of Canada or Bell Canada
4.46
4-1-2048
 
150,000
128,490
Rogers Communications, Inc.
3.63
12-15-2025
 
235,000
224,141
Rogers Communications, Inc.144A
4.55
3-15-2052
 
200,000
158,825
Vodafone Group PLC
4.38
2-19-2043
 
230,000
189,485
 
 
788,031
Consumer, non-cyclical:  1.29%
 
Beverages:  0.16%
 
Diageo Capital PLC
5.88
9-30-2036
 
122,000
132,410
Food:  0.18%
 
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.144A
5.75
4-1-2033
 
155,000
144,545
Healthcare-products:  0.12%
 
DH Europe Finance II Sarl
3.40
11-15-2049
 
125,000
96,176
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 9
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Pharmaceuticals:  0.83%
 
AstraZeneca PLC
3.38
%
11-16-2025
$
500,000
$484,517
AstraZeneca PLC
4.38
11-16-2045
 
200,000
184,782
 
 
669,299
Energy:  1.31%
 
Oil & gas:  1.05%
 
Canadian Natural Resources Ltd.
4.95
6-1-2047
 
110,000
96,410
Cenovus Energy, Inc.
6.80
9-15-2037
 
70,000
72,786
Shell International Finance BV
3.25
5-11-2025
 
350,000
340,922
Shell International Finance BV
3.75
9-12-2046
 
145,000
116,341
Shell International Finance BV
4.00
5-10-2046
 
175,000
146,641
TotalEnergies Capital International SA
3.39
6-29-2060
 
105,000
75,365
 
 
848,465
Pipelines:  0.26%
 
TransCanada PipeLines Ltd.
6.10
6-1-2040
 
210,000
212,567
Financial:  9.93%
 
Banks:  9.09%
 
Banco Santander SA (1 Year Treasury Constant Maturity +0.90%)±
1.72
9-14-2027
 
600,000
524,161
Bank of Nova Scotia
4.50
12-16-2025
 
500,000
487,039
Barclays PLC (3 Month LIBOR +1.90%)±
4.97
5-16-2029
 
300,000
286,308
Barclays PLC (1 Year Treasury Constant Maturity +2.30%)±
5.30
8-9-2026
 
400,000
394,208
Cooperatieve Rabobank UA
3.75
7-21-2026
 
280,000
262,913
Deutsche Bank AG
1.69
3-19-2026
 
150,000
134,015
HSBC Holdings PLC (U.S. SOFR +1.19%)±
2.80
5-24-2032
 
600,000
486,794
HSBC Holdings PLC (3 Month LIBOR +1.53%)±
4.58
6-19-2029
 
400,000
379,364
ING Groep NV (U.S. SOFR +1.83%)±
4.02
3-28-2028
 
200,000
189,449
ING Groep NV
4.55
10-2-2028
 
500,000
484,475
Lloyds Banking Group PLC (1 Year Treasury Constant Maturity +3.75%)±
7.95
11-15-2033
 
200,000
218,528
National Australia Bank Ltd.
2.50
7-12-2026
 
800,000
747,366
Royal Bank of Canada
4.65
1-27-2026
 
700,000
688,626
Sumitomo Mitsui Financial Group, Inc.
3.01
10-19-2026
 
655,000
610,631
Toronto-Dominion Bank (USD Swap Semi Annual (vs. 3 Month LIBOR) 5
Year +2.21%)±
3.63
9-15-2031
 
790,000
739,434
Westpac Banking Corp.
2.15
6-3-2031
 
305,000
255,025
Westpac Banking Corp.
2.85
5-13-2026
 
500,000
474,205
 
 
7,362,541
Diversified financial services:  0.84%
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.00
10-29-2028
 
300,000
260,110
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.30
1-30-2032
 
150,000
121,908
Brookfield Finance, Inc.
3.63
2-15-2052
 
155,000
103,395
Brookfield Finance, Inc.
4.25
6-2-2026
 
200,000
192,860
 
 
678,273
See accompanying notes to portfolio of investments
10 | Allspring Investment Grade Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Industrial:  0.75%
 
Miscellaneous manufacturing:  0.65%
 
GE Capital International Funding Co. Unlimited Co.
3.37
%
11-15-2025
$
550,000
$527,262
Transportation:  0.10%
 
Canadian National Railway Co.
3.65
2-3-2048
 
100,000
80,735
Technology:  0.34%
 
Semiconductors:  0.34%
 
NXP BV/NXP Funding LLC/NXP USA, Inc.
5.00
1-15-2033
 
290,000
279,407
Total yankee corporate bonds and notes (Cost $14,161,752)
 
13,243,233
 
 
 
Yield
 
Shares
 
Short-term investments:  2.26%
 
Investment companies:  2.26%
 
Allspring Government Money Market Fund Select Class♠∞
5.01
 
1,830,361
1,830,361
Total short-term investments (Cost $1,830,361)
 
1,830,361
Total investments in securities (Cost $87,807,742)
99.05
%
 
80,187,100
Other assets and liabilities, net
0.95
 
770,101
Total net assets
100.00
%
 
$80,957,201
 
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.
 
Abbreviations:
LIBOR
London Interbank Offered Rate
REIT
Real estate investment trust
SOFR
Secured Overnight Financing Rate
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
$733,533
$4,310,618
$(3,213,790
)
$0
$0
$1,830,361
1,830,361
$7,875
See accompanying notes to portfolio of investments
Allspring Investment Grade Corporate Bond Portfolio | 11
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.
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:
Corporate bonds and notes
$0
$65,113,506
$0
$65,113,506
Yankee corporate bonds and notes
0
13,243,233
0
13,243,233
Short-term investments
Investment companies
1,830,361
0
0
1,830,361
Total assets
$1,830,361
$78,356,739
$0
$80,187,100
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.
12 | Allspring Investment Grade Corporate Bond Portfolio