NPORT-EX 2 NPORT_WBJ4_58319734_0523.htm EDGAR HTML
Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
 
 
 
 
 
Shares
Value
Common stocks:  97.45%
 
Communication services:  8.25%
 
Diversified telecommunication services:  0.68%
 
AT&T, Inc.
 
97,292
$1,530,403
Lumen Technologies, Inc.†
 
109,226
216,268
Verizon Communications, Inc.
 
41,216
1,468,526
 
 
3,215,197
Entertainment:  1.19%
 
AMC Entertainment Holdings, Inc. Class A†
 
6,115
27,517
Electronic Arts, Inc.
 
3,247
415,616
Madison Square Garden Sports Corp.
 
1,527
269,745
Netflix, Inc.†
 
5,212
2,059,939
Playtika Holding Corp.†
 
5,403
54,192
Spotify Technology SA†
 
5,831
868,236
Walt Disney Co.†
 
21,762
1,914,185
 
 
5,609,430
Interactive media & services:  5.30%
 
Alphabet, Inc. Class A†
 
72,359
8,890,750
Alphabet, Inc. Class C†
 
62,880
7,757,506
IAC, Inc.†
 
1,232
68,795
Match Group, Inc.†
 
11,201
386,434
Meta Platforms, Inc. Class A†
 
27,453
7,267,358
Pinterest, Inc. Class A†
 
6,608
158,196
TripAdvisor, Inc.†
 
24,665
383,787
 
 
24,912,826
Media:  0.87%
 
Altice USA, Inc. Class A†
 
134,046
343,158
Charter Communications, Inc. Class A†
 
941
306,907
Comcast Corp. Class A
 
46,442
1,827,493
Fox Corp. Class A
 
11,371
354,775
Interpublic Group of Cos., Inc.
 
8,128
302,280
Nexstar Media Group, Inc.
 
1,106
166,918
Omnicom Group, Inc.
 
5,229
461,146
Paramount Global Class A
 
17,071
299,937
 
 
4,062,614
Wireless telecommunication services:  0.21%
 
T-Mobile U.S., Inc.†
 
7,228
992,043
Consumer discretionary:  9.62%
 
Automobile components:  0.26%
 
BorgWarner, Inc.
 
16,041
711,097
Lear Corp.
 
4,286
525,721
 
 
1,236,818
Automobiles:  1.95%
 
Ford Motor Co.
 
88,130
1,057,560
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Automobiles (continued)
 
General Motors Co.
 
29,885
$968,573
Harley-Davidson, Inc.
 
17,445
542,714
Tesla, Inc.†
 
26,975
5,501,012
Thor Industries, Inc.
 
14,235
1,114,173
 
 
9,184,032
Broadline retail:  2.53%
 
Amazon.com, Inc.†
 
91,725
11,060,200
Kohl’s Corp.
 
2,270
41,586
Macy’s, Inc.
 
33,735
458,459
Nordstrom, Inc.
 
22,202
339,691
 
 
11,899,936
Distributors:  0.13%
 
Genuine Parts Co.
 
2,458
366,070
LKQ Corp.
 
4,623
243,863
 
 
609,933
Diversified consumer services:  0.26%
 
Grand Canyon Education, Inc.†
 
5,150
539,514
H&R Block, Inc.
 
22,899
683,535
 
 
1,223,049
Hotels, restaurants & leisure:  1.94%
 
Aramark
 
13,402
529,111
Booking Holdings, Inc.†
 
398
998,491
Boyd Gaming Corp.
 
3,910
249,184
Chipotle Mexican Grill, Inc.†
 
267
554,423
Darden Restaurants, Inc.
 
4,060
643,591
Domino’s Pizza, Inc.
 
1,716
497,383
Expedia Group, Inc.†
 
287
27,469
Hilton Worldwide Holdings, Inc.
 
992
135,031
Hyatt Hotels Corp. Class A
 
721
77,493
Marriott International, Inc. Class A
 
3,375
566,291
Marriott Vacations Worldwide Corp.
 
2,042
251,615
McDonald’s Corp.
 
7,903
2,253,224
SIX Flags Entertainment Corp.†
 
3,086
78,847
Starbucks Corp.
 
15,568
1,520,060
Travel & Leisure Co.
 
5,036
183,663
Yum! Brands, Inc.
 
4,438
571,126
 
 
9,137,002
Household durables:  0.14%
 
Lennar Corp. Class A
 
366
39,206
NVR, Inc.†
 
63
349,916
PulteGroup, Inc.
 
1,651
109,098
Toll Brothers, Inc.
 
2,251
152,393
 
 
650,613
See accompanying notes to portfolio of investments
2 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Leisure products:  0.11%
 
Brunswick Corp.
 
782
$59,041
Peloton Interactive, Inc. Class A†
 
14,010
101,993
Polaris, Inc.
 
3,089
332,716
 
 
493,750
Specialty retail:  1.99%
 
AutoNation, Inc.†
 
6,004
786,044
AutoZone, Inc.†
 
118
281,647
Bath & Body Works, Inc.
 
4,017
141,559
Best Buy Co., Inc.
 
8,476
615,951
Dick’s Sporting Goods, Inc.
 
1,055
134,523
Gap, Inc.
 
8,266
66,293
Home Depot, Inc.
 
10,769
3,052,473
Lithia Motors, Inc.
 
312
72,783
Lowe’s Cos., Inc.
 
6,699
1,347,370
O’Reilly Automotive, Inc.†
 
136
122,850
Penske Automotive Group, Inc.
 
4,660
644,105
Ross Stores, Inc.
 
942
97,610
TJX Cos., Inc.
 
14,614
1,122,209
Tractor Supply Co.
 
391
81,950
Ulta Beauty, Inc.†
 
630
258,193
Victoria’s Secret & Co.†
 
8,178
166,995
Wayfair, Inc. Class A†
 
6,003
242,041
Williams-Sonoma, Inc.
 
892
101,251
 
 
9,335,847
Textiles, apparel & luxury goods:  0.31%
 
Carter’s, Inc.
 
2,496
155,177
Deckers Outdoor Corp.†
 
259
123,025
NIKE, Inc. Class B
 
7,395
778,398
Ralph Lauren Corp.
 
2,271
241,430
Tapestry, Inc.
 
1,262
50,505
Under Armour, Inc. Class A†
 
11,691
84,292
 
 
1,432,827
Consumer staples:  6.70%
 
Beverages:  1.56%
 
Boston Beer Co., Inc. Class A†
 
1,715
578,812
Brown-Forman Corp. Class A
 
1,683
105,777
Brown-Forman Corp. Class B
 
21
1,297
Coca-Cola Co.
 
40,199
2,398,272
Constellation Brands, Inc. Class A
 
744
180,770
Molson Coors Beverage Co. Class B
 
7,763
480,142
Monster Beverage Corp.†
 
6,852
401,664
PepsiCo, Inc.
 
17,541
3,198,601
 
 
7,345,335
Consumer staples distribution & retail:  1.65%
 
BJ’s Wholesale Club Holdings, Inc.†
 
6,266
392,565
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Consumer staples distribution & retail (continued)
 
Casey’s General Stores, Inc.
 
502
$113,276
Costco Wholesale Corp.
 
4,708
2,408,424
Dollar General Corp.
 
1,237
248,748
Kroger Co.
 
7,839
355,342
Performance Food Group Co.†
 
5,585
308,795
Sysco Corp.
 
6,066
424,317
Target Corp.
 
4,940
646,794
U.S. Foods Holding Corp.†
 
5,505
218,989
Walgreens Boots Alliance, Inc.
 
6,989
212,256
Walmart, Inc.
 
16,355
2,402,059
 
 
7,731,565
Food products:  1.47%
 
Archer-Daniels-Midland Co.
 
7,707
544,500
Bunge Ltd.
 
7,653
708,974
Campbell Soup Co.
 
10,871
549,529
Conagra Brands, Inc.
 
9,476
330,428
Flowers Foods, Inc.
 
19,204
479,716
General Mills, Inc.
 
11,074
931,988
Hershey Co.
 
816
211,915
Ingredion, Inc.
 
3,504
366,518
J M Smucker Co.
 
1,982
290,541
Kellogg Co.
 
4,928
329,043
Kraft Heinz Co.
 
257
9,822
Lamb Weston Holdings, Inc.
 
4,236
471,043
Mondelez International, Inc. Class A
 
8,712
639,548
Pilgrim’s Pride Corp.†
 
14,356
318,703
Post Holdings, Inc.†
 
7,984
678,321
Tyson Foods, Inc. Class A
 
1,015
51,400
 
 
6,911,989
Household products:  1.37%
 
Clorox Co.
 
4,992
789,635
Colgate-Palmolive Co.
 
11,043
821,378
Kimberly-Clark Corp.
 
6,340
851,335
Procter & Gamble Co.
 
25,400
3,619,500
Reynolds Consumer Products, Inc.
 
13,207
362,400
 
 
6,444,248
Personal care products:  0.11%
 
Coty, Inc. Class A†
 
11,102
120,346
Estee Lauder Cos., Inc. Class A
 
2,176
400,449
 
 
520,795
Tobacco:  0.54%
 
Altria Group, Inc.
 
25,292
1,123,471
Philip Morris International, Inc.
 
15,722
1,415,137
 
 
2,538,608
See accompanying notes to portfolio of investments
4 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Energy:  3.64%
 
Energy equipment & services:  0.12%
 
Baker Hughes Co.
 
3,694
$100,661
NOV, Inc.
 
1,540
21,668
Schlumberger NV
 
10,924
467,875
 
 
590,204
Oil, gas & consumable fuels:  3.52%
 
APA Corp.
 
7,829
248,806
Cheniere Energy, Inc.
 
3,531
493,528
Chevron Corp.
 
21,893
3,297,524
ConocoPhillips
 
13,461
1,336,677
Devon Energy Corp.
 
5,211
240,227
EOG Resources, Inc.
 
4,056
435,168
Exxon Mobil Corp.
 
50,601
5,170,410
Hess Corp.
 
310
39,268
HF Sinclair Corp.
 
12,431
515,141
Marathon Petroleum Corp.
 
11,455
1,201,744
Occidental Petroleum Corp.
 
8,033
463,183
ONEOK, Inc.
 
1,354
76,718
Ovintiv, Inc.
 
2,961
97,920
Phillips 66
 
10,432
955,675
Pioneer Natural Resources Co.
 
1,760
351,014
Range Resources Corp.
 
2,782
76,143
Southwestern Energy Co.†
 
67,889
323,831
Targa Resources Corp.
 
840
57,162
Valero Energy Corp.
 
10,742
1,149,824
 
 
16,529,963
Financials:  11.56%
 
Banks:  1.94%
 
Bank of America Corp.
 
68,184
1,894,833
Bank OZK
 
8,100
280,098
BOK Financial Corp.
 
1,351
109,863
Citigroup, Inc.
 
19,337
857,016
Columbia Banking System, Inc.
 
2,535
50,776
Comerica, Inc.
 
425
15,343
Fifth Third Bancorp
 
1,577
38,274
First Horizon Corp.
 
19,756
203,684
Huntington Bancshares, Inc.
 
11,221
115,689
JPMorgan Chase & Co.
 
32,965
4,473,680
PNC Financial Services Group, Inc.
 
1,383
160,193
Popular, Inc.
 
2,880
164,678
Regions Financial Corp.
 
10,702
184,824
Truist Financial Corp.
 
8,002
243,821
U.S. Bancorp
 
9,511
284,379
Zions Bancorp NA
 
650
17,738
 
 
9,094,889
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 5
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Capital markets:  2.84%
 
Affiliated Managers Group, Inc.
 
3,877
$539,252
Ameriprise Financial, Inc.
 
2,609
778,708
Bank of New York Mellon Corp.
 
15,869
637,934
BlackRock, Inc.
 
1,847
1,214,495
Blackstone, Inc.
 
2,521
215,899
Carlyle Group, Inc.
 
1,448
39,690
Cboe Global Markets, Inc.
 
4,805
636,278
Charles Schwab Corp.
 
13,682
720,905
Evercore, Inc. Class A
 
8,440
911,098
Franklin Resources, Inc.
 
9,065
217,651
Goldman Sachs Group, Inc.
 
3,560
1,153,084
Interactive Brokers Group, Inc. Class A
 
2,557
197,477
Intercontinental Exchange, Inc.
 
2,218
234,997
Invesco Ltd.
 
25,886
372,241
Janus Henderson Group PLC
 
13,760
361,613
Jefferies Financial Group, Inc.
 
24,816
746,217
LPL Financial Holdings, Inc.
 
5,156
1,004,286
Moody’s Corp.
 
264
83,656
Morgan Stanley
 
15,054
1,230,815
MSCI, Inc.
 
185
87,048
Nasdaq, Inc.
 
197
10,904
Northern Trust Corp.
 
2,011
144,631
Raymond James Financial, Inc.
 
1,704
153,956
S&P Global, Inc.
 
498
182,980
SEI Investments Co.
 
7,023
397,361
State Street Corp.
 
7,069
480,833
Stifel Financial Corp.
 
2,319
128,867
T Rowe Price Group, Inc.
 
1,781
190,852
Virtu Financial, Inc. Class A
 
15,065
264,993
 
 
13,338,721
Consumer finance:  0.46%
 
American Express Co.
 
4,141
656,597
Capital One Financial Corp.
 
2,324
242,184
Credit Acceptance Corp.†
 
316
140,835
Discover Financial Services
 
993
102,021
OneMain Holdings, Inc.
 
10,005
378,789
SLM Corp.
 
20,625
314,737
Synchrony Financial
 
10,960
339,322
 
 
2,174,485
Financial services:  4.21%
 
Berkshire Hathaway, Inc. Class B†
 
20,598
6,613,606
Equitable Holdings, Inc.
 
33,636
825,428
Euronet Worldwide, Inc.†
 
1,056
117,638
Fidelity National Information Services, Inc.
 
5,723
312,304
Fiserv, Inc.†
 
6,728
754,814
Global Payments, Inc.
 
727
71,021
Mastercard, Inc. Class A
 
8,474
3,093,180
See accompanying notes to portfolio of investments
6 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Financial services (continued)
 
MGIC Investment Corp.
 
34,957
$528,550
PayPal Holdings, Inc.†
 
7,770
481,662
Rocket Cos., Inc. Class A†
 
95,352
764,723
Shift4 Payments, Inc. Class A†
 
1,896
118,917
UWM Holdings Corp.
 
229,005
1,174,796
Visa, Inc. Class A
 
16,867
3,728,113
Voya Financial, Inc.
 
8,273
560,909
Western Union Co.
 
56,172
639,799
 
 
19,785,460
Insurance:  1.95%
 
Aflac, Inc.
 
5,409
347,312
Allstate Corp.
 
5,623
609,814
American Financial Group, Inc.
 
2,107
236,553
American International Group, Inc.
 
7,563
399,553
Aon PLC Class A
 
467
143,971
Arch Capital Group Ltd.†
 
3,850
268,345
Axis Capital Holdings Ltd.
 
2,363
122,640
Brighthouse Financial, Inc.†
 
1,736
69,891
Chubb Ltd.
 
2,987
554,985
Erie Indemnity Co. Class A
 
1,544
330,570
Everest Re Group Ltd.
 
788
267,936
First American Financial Corp.
 
780
42,845
Globe Life, Inc.
 
3,820
394,148
Hanover Insurance Group, Inc.
 
153
17,053
Hartford Financial Services Group, Inc.
 
6,367
436,267
Kemper Corp.
 
5,701
246,739
Lincoln National Corp.
 
386
8,075
Marsh & McLennan Cos., Inc.
 
3,184
551,405
MetLife, Inc.
 
10,419
516,262
Old Republic International Corp.
 
5,497
134,622
Primerica, Inc.
 
1,263
229,891
Principal Financial Group, Inc.
 
2,732
178,837
Progressive Corp.
 
7,820
1,000,256
Prudential Financial, Inc.
 
3,129
246,221
Reinsurance Group of America, Inc.
 
3,769
527,660
Travelers Cos., Inc.
 
2,527
427,670
Unum Group†
 
17,149
745,124
Willis Towers Watson PLC
 
572
125,182
 
 
9,179,827
Mortgage real estate investment trusts (REITs):  0.16%
 
Rithm Capital Corp.
 
90,066
733,137
Health care:  13.63%
 
Biotechnology:  2.55%
 
AbbVie, Inc.
 
23,203
3,201,086
Amgen, Inc.
 
7,598
1,676,499
Biogen, Inc.†
 
3,334
988,231
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 7
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Biotechnology (continued)
 
BioMarin Pharmaceutical, Inc.†
 
2,534
$220,306
Gilead Sciences, Inc.
 
26,197
2,015,597
Incyte Corp.†
 
1,235
76,014
Moderna, Inc.†
 
4,229
540,086
Natera, Inc.†
 
101
4,758
Neurocrine Biosciences, Inc.†
 
2,955
264,561
Novavax, Inc.†
 
61,588
495,783
Regeneron Pharmaceuticals, Inc.†
 
1,249
918,715
Sarepta Therapeutics, Inc.†
 
1,232
152,275
United Therapeutics Corp.†
 
2,282
478,627
Vertex Pharmaceuticals, Inc.†
 
2,897
937,382
 
 
11,969,920
Health care equipment & supplies:  2.68%
 
Abbott Laboratories
 
21,241
2,166,582
Align Technology, Inc.†
 
348
98,366
Becton Dickinson & Co.
 
4,133
999,194
Boston Scientific Corp.†
 
17,400
895,752
Dentsply Sirona, Inc.
 
14,443
521,681
Dexcom, Inc.†
 
1,899
222,677
Edwards Lifesciences Corp.†
 
1,149
96,780
Enovis Corp.†
 
9,885
521,236
Envista Holdings Corp.†
 
7,751
247,179
GE HealthCare Technologies, Inc.†
 
8,979
713,920
Globus Medical, Inc. Class A†
 
929
50,287
Hologic, Inc.†
 
6,758
533,139
ICU Medical, Inc.†
 
243
42,498
IDEXX Laboratories, Inc.†
 
1,049
487,544
Insulet Corp.†
 
26
7,131
Integra LifeSciences Holdings Corp.†
 
8,222
312,025
Intuitive Surgical, Inc.†
 
2,324
715,420
Masimo Corp.†
 
1,591
257,488
Medtronic PLC
 
15,441
1,277,897
QuidelOrtho Corp.†
 
2,844
242,138
ResMed, Inc.
 
1,247
262,855
STERIS PLC
 
25
4,999
Stryker Corp.
 
4,071
1,121,886
Teleflex, Inc.
 
531
124,652
Zimmer Biomet Holdings, Inc.
 
5,431
691,584
 
 
12,614,910
Health care providers & services:  2.37%
 
Centene Corp.†
 
5,701
355,799
Chemed Corp.
 
62
33,094
Cigna Group
 
6,072
1,502,273
CVS Health Corp.
 
15,321
1,042,288
Elevance Health, Inc.
 
2,801
1,254,344
Encompass Health Corp.
 
1,932
119,823
HCA Healthcare, Inc.
 
1,206
318,613
See accompanying notes to portfolio of investments
8 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Health care providers & services (continued)
 
Henry Schein, Inc.†
 
2,604
$192,436
Humana, Inc.
 
1,951
979,148
Molina Healthcare, Inc.†
 
791
216,655
Quest Diagnostics, Inc.
 
1,069
141,803
UnitedHealth Group, Inc.
 
10,130
4,935,741
Universal Health Services, Inc. Class B
 
370
48,888
 
 
11,140,905
Health care technology:  0.17%
 
Teladoc Health, Inc.†
 
31,588
731,262
Veeva Systems, Inc. Class A†
 
305
50,538
 
 
781,800
Life sciences tools & services:  1.97%
 
Agilent Technologies, Inc.
 
6,710
776,146
Avantor, Inc.†
 
13,498
269,150
Bio-Rad Laboratories, Inc. Class A†
 
1,053
393,138
Bruker Corp.
 
5,397
372,933
Charles River Laboratories International, Inc.†
 
1,280
247,526
Danaher Corp.
 
7,239
1,662,219
IQVIA Holdings, Inc.†
 
3,941
776,022
Mettler-Toledo International, Inc.†
 
504
666,223
QIAGEN NV†
 
5,255
237,316
Syneos Health, Inc.†
 
17,979
747,926
Thermo Fisher Scientific, Inc.
 
4,326
2,199,598
Waters Corp.†
 
2,624
659,201
West Pharmaceutical Services, Inc.
 
795
266,031
 
 
9,273,429
Pharmaceuticals:  3.89%
 
Bristol-Myers Squibb Co.
 
29,064
1,872,884
Eli Lilly & Co.
 
9,343
4,012,445
Johnson & Johnson
 
29,050
4,504,493
Merck & Co., Inc.
 
32,135
3,548,025
Organon & Co.
 
21,098
409,090
Perrigo Co. PLC
 
11,859
379,014
Pfizer, Inc.
 
59,327
2,255,613
Viatris, Inc.
 
97,423
891,420
Zoetis, Inc.
 
2,514
409,807
 
 
18,282,791
Industrials:  8.49%
 
Aerospace & defense:  1.43%
 
Boeing Co.†
 
4,722
971,316
BWX Technologies, Inc.
 
5,000
301,600
Curtiss-Wright Corp.
 
205
32,402
General Dynamics Corp.
 
3,085
629,895
Howmet Aerospace, Inc.
 
1,852
79,173
Huntington Ingalls Industries, Inc.
 
2,561
515,734
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 9
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Aerospace & defense (continued)
 
L3Harris Technologies, Inc.
 
1,677
$295,018
Lockheed Martin Corp.
 
3,562
1,581,564
Northrop Grumman Corp.
 
2,183
950,675
Raytheon Technologies Corp.
 
14,680
1,352,615
 
 
6,709,992
Air freight & logistics:  0.59%
 
CH Robinson Worldwide, Inc.
 
5,385
509,098
Expeditors International of Washington, Inc.
 
4,460
491,983
FedEx Corp.
 
2,174
473,888
United Parcel Service, Inc. Class B
 
7,623
1,273,041
 
 
2,748,010
Building products:  0.55%
 
A O Smith Corp.
 
327
20,908
Builders FirstSource, Inc.†
 
6,350
736,282
Carlisle Cos., Inc.
 
405
86,038
Carrier Global Corp.
 
12,105
495,094
Johnson Controls International PLC
 
2,345
139,997
Masco Corp.
 
8,921
431,063
Owens Corning
 
2,093
222,549
Trane Technologies PLC
 
2,886
471,082
 
 
2,603,013
Commercial services & supplies:  0.40%
 
Cintas Corp.
 
962
454,199
Clean Harbors, Inc.†
 
1,964
275,745
MSA Safety, Inc.
 
123
16,920
RB Global, Inc.
 
833
43,383
Republic Services, Inc.
 
232
32,858
Rollins, Inc.
 
518
20,368
Stericycle, Inc.†
 
3,235
136,355
Tetra Tech, Inc.
 
1,643
225,863
Waste Management, Inc.
 
4,065
658,205
 
 
1,863,896
Construction & engineering:  0.08%
 
AECOM
 
3,243
253,116
MDU Resources Group, Inc.
 
3,485
101,692
Valmont Industries, Inc.
 
81
21,244
 
 
376,052
Electrical equipment:  1.01%
 
Acuity Brands, Inc.
 
4,426
666,954
AMETEK, Inc.
 
1,328
192,653
Eaton Corp. PLC
 
5,505
968,329
Generac Holdings, Inc.†
 
750
81,690
Hubbell, Inc.
 
3,619
1,022,223
nVent Electric PLC
 
11,675
506,462
See accompanying notes to portfolio of investments
10 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Electrical equipment (continued)
 
Regal Rexnord Corp.
 
442
$57,411
Rockwell Automation, Inc.
 
839
233,745
Sensata Technologies Holding plc
 
3,684
152,960
Vertiv Holdings Co.
 
45,614
880,350
 
 
4,762,777
Ground transportation:  0.93%
 
JB Hunt Transport Services, Inc.
 
1,007
168,139
Landstar System, Inc.
 
5,093
893,210
Old Dominion Freight Line, Inc.
 
596
185,022
Ryder System, Inc.
 
5,947
468,802
Schneider National, Inc. Class B
 
28,032
726,590
Uber Technologies, Inc.†
 
11,709
444,123
U-Haul Holding Co.
 
9,958
525,484
Union Pacific Corp.
 
1,960
377,339
XPO, Inc.†
 
12,410
582,401
 
 
4,371,110
Industrial conglomerates:  0.68%
 
3M Co.
 
6,070
566,392
General Electric Co.
 
12,767
1,296,233
Honeywell International, Inc.
 
6,845
1,311,502
 
 
3,174,127
Machinery:  1.30%
 
AGCO Corp.
 
1,596
176,007
Allison Transmission Holdings, Inc.
 
9,265
438,234
Caterpillar, Inc.
 
5,875
1,208,781
Crane NXT Co.
 
1,073
56,472
Cummins, Inc.
 
1,840
376,114
Deere & Co.
 
2,172
751,469
Donaldson Co., Inc.
 
2,278
133,331
Esab Corp.
 
1,664
97,710
Flowserve Corp.
 
3,907
127,173
Illinois Tool Works, Inc.
 
2,564
560,824
ITT, Inc.
 
1,081
82,329
Lincoln Electric Holdings, Inc.
 
764
129,620
Oshkosh Corp.
 
1,107
81,730
Otis Worldwide Corp.
 
7,986
634,967
PACCAR, Inc.
 
9,291
639,035
Snap-on, Inc.
 
624
155,289
Timken Co.
 
3,873
277,113
Toro Co.
 
1,278
125,027
Xylem, Inc.
 
526
52,705
 
 
6,103,930
Professional services:  1.28%
 
Automatic Data Processing, Inc.
 
1,978
413,382
Booz Allen Hamilton Holding Corp.
 
7,759
780,400
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 11
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Professional services (continued)
 
CACI International, Inc. Class A†
 
1,329
$397,664
FTI Consulting, Inc.†
 
3,181
598,060
Genpact Ltd.
 
12,690
466,738
Jacobs Solutions, Inc.
 
3,610
395,656
KBR, Inc.
 
10,209
602,535
Leidos Holdings, Inc.
 
6,033
470,936
ManpowerGroup, Inc.
 
10,902
764,993
Robert Half International, Inc.
 
4,446
289,079
Science Applications International Corp.
 
8,666
843,462
 
 
6,022,905
Trading companies & distributors:  0.24%
 
MSC Industrial Direct Co., Inc. Class A
 
2,430
218,506
Watsco, Inc.
 
351
113,854
WESCO International, Inc.
 
2,967
407,606
WW Grainger, Inc.
 
629
408,234
 
 
1,148,200
Information technology:  28.11%
 
Communications equipment:  0.77%
 
Arista Networks, Inc.†
 
250
41,585
Ciena Corp.†
 
3,839
179,435
Cisco Systems, Inc.
 
50,627
2,514,643
Juniper Networks, Inc.
 
9,877
299,965
Motorola Solutions, Inc.
 
2,033
573,143
Ubiquiti, Inc.
 
106
17,294
 
 
3,626,065
Electronic equipment, instruments & components:  0.85%
 
Amphenol Corp. Class A
 
2,092
157,841
Arrow Electronics, Inc.†
 
6,212
786,688
Avnet, Inc.
 
21,363
936,554
CDW Corp.
 
2,751
472,319
Jabil, Inc.
 
10,711
958,849
TD SYNNEX Corp.
 
5,639
504,014
Vontier Corp.
 
6,383
189,192
 
 
4,005,457
IT services:  1.97%
 
Accenture PLC Class A
 
7,542
2,307,249
Akamai Technologies, Inc.†
 
323
29,755
Amdocs Ltd.
 
11,376
1,071,278
Cognizant Technology Solutions Corp. Class A
 
11,149
696,701
DXC Technology Co.†
 
28,438
711,803
EPAM Systems, Inc.†
 
1,509
387,239
Gartner, Inc.†
 
2,607
893,836
GoDaddy, Inc. Class A†
 
4,015
294,621
International Business Machines Corp.
 
15,296
1,966,913
Kyndryl Holdings, Inc.†
 
52,301
656,900
See accompanying notes to portfolio of investments
12 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
IT services (continued)
 
Thoughtworks Holding, Inc.†
 
17,569
$144,768
Wix.com Ltd.†
 
854
65,092
 
 
9,226,155
Semiconductors & semiconductor equipment:  6.16%
 
Advanced Micro Devices, Inc.†
 
11,796
1,394,405
Allegro MicroSystems, Inc.†
 
3,935
154,764
Analog Devices, Inc.
 
3,686
654,965
Applied Materials, Inc.
 
12,326
1,643,056
Broadcom, Inc.
 
4,770
3,853,969
Cirrus Logic, Inc.†
 
8,847
687,235
Enphase Energy, Inc.†
 
972
169,011
First Solar, Inc.†
 
3,084
625,929
Intel Corp.
 
32,029
1,006,992
KLA Corp.
 
1,958
867,374
Lam Research Corp.
 
2,028
1,250,668
Lattice Semiconductor Corp.†
 
2,447
198,966
Microchip Technology, Inc.
 
10,722
806,938
Micron Technology, Inc.
 
6,653
453,735
NVIDIA Corp.
 
25,269
9,560,273
ON Semiconductor Corp.†
 
8,209
686,272
Qorvo, Inc.†
 
4,390
426,971
QUALCOMM, Inc.
 
15,646
1,774,413
Skyworks Solutions, Inc.
 
3,014
311,979
Teradyne, Inc.
 
6,319
633,101
Texas Instruments, Inc.
 
10,338
1,797,571
 
 
28,958,587
Software:  11.54%
 
Adobe, Inc.†
 
5,628
2,351,322
Alteryx, Inc. Class A†
 
8,010
311,909
ANSYS, Inc.†
 
509
164,707
Atlassian Corp. Class A†
 
2,711
490,122
Autodesk, Inc.†
 
2,885
575,240
Cadence Design Systems, Inc.†
 
3,817
881,383
CCC Intelligent Solutions Holdings, Inc.†
 
1,430
15,644
DocuSign, Inc.†
 
7,683
433,321
Dolby Laboratories, Inc. Class A
 
10,857
896,028
Dropbox, Inc. Class A†
 
50,760
1,168,495
Dynatrace, Inc.†
 
453
23,098
Fair Isaac Corp.†
 
1,189
936,540
Five9, Inc.†
 
3,687
243,748
Fortinet, Inc.†
 
12,380
845,925
Gen Digital, Inc.
 
14,784
259,311
Guidewire Software, Inc.†
 
1,145
95,012
Informatica, Inc. Class A†
 
29,767
525,685
Intuit, Inc.
 
2,366
991,638
Manhattan Associates, Inc.†
 
3,147
570,929
Microsoft Corp.
 
88,825
29,169,242
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 13
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Software (continued)
 
NCR Corp.†
 
37,441
$887,352
New Relic, Inc.†
 
7,488
527,530
Nutanix, Inc. Class A†
 
2,409
71,355
Oracle Corp.
 
22,708
2,405,686
Palantir Technologies, Inc. Class A†
 
15,644
230,123
Palo Alto Networks, Inc.†
 
2,479
528,994
Pegasystems, Inc.
 
15,739
761,138
PTC, Inc.†
 
4,275
574,560
RingCentral, Inc. Class A†
 
18,691
648,578
Roper Technologies, Inc.
 
854
387,904
Salesforce, Inc.†
 
9,690
2,164,552
ServiceNow, Inc.†
 
1,449
789,386
Smartsheet, Inc. Class A†
 
2,743
135,998
Splunk, Inc.†
 
3,712
368,565
Synopsys, Inc.†
 
2,088
949,957
Teradata Corp.†
 
26,711
1,251,677
Workday, Inc. Class A†
 
390
82,676
Zoom Video Communications, Inc. Class A†
 
7,555
507,167
 
 
54,222,497
Technology hardware, storage & peripherals:  6.82%
 
Apple, Inc.
 
177,331
31,431,920
Hewlett Packard Enterprise Co.
 
10,421
150,271
HP, Inc.
 
15,651
454,818
 
 
32,037,009
Materials:  2.16%
 
Chemicals:  1.13%
 
Air Products & Chemicals, Inc.
 
929
250,031
Axalta Coating Systems Ltd.†
 
8,337
241,856
CF Industries Holdings, Inc.
 
1,744
107,273
Chemours Co.
 
14,549
385,403
Corteva, Inc.
 
3,559
190,371
Dow, Inc.
 
10,082
491,800
Eastman Chemical Co.
 
2,197
169,367
Huntsman Corp.
 
7,074
168,008
Linde PLC
 
4,905
1,734,702
LyondellBasell Industries NV Class A
 
6,910
591,081
Mosaic Co.
 
2,194
70,120
Olin Corp.
 
10,657
504,183
RPM International, Inc.
 
2,521
201,151
Sherwin-Williams Co.
 
1,028
234,158
 
 
5,339,504
Construction materials:  0.11%
 
Eagle Materials, Inc.
 
3,146
512,578
Containers & packaging:  0.30%
 
Amcor PLC
 
4,534
43,708
See accompanying notes to portfolio of investments
14 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Containers & packaging (continued)
 
Berry Global Group, Inc.
 
9,449
$540,577
Crown Holdings, Inc.
 
1,044
79,584
Graphic Packaging Holding Co.
 
8,315
198,729
International Paper Co.
 
8,348
245,765
Silgan Holdings, Inc.
 
6,451
290,230
 
 
1,398,593
Metals & mining:  0.62%
 
Alcoa Corp.
 
1,983
62,901
Cleveland-Cliffs, Inc.†
 
19,877
275,893
Freeport-McMoRan, Inc.
 
3,252
111,674
Nucor Corp.
 
4,827
637,454
Reliance Steel & Aluminum Co.
 
3,593
843,205
Steel Dynamics, Inc.
 
7,865
722,793
U.S. Steel Corp.
 
12,696
265,600
 
 
2,919,520
Real estate:  2.70%
 
Diversified REITs:  0.01%
 
WP Carey, Inc.
 
675
46,818
Health care REITs:  0.18%
 
Medical Properties Trust, Inc.
 
42,045
346,871
Omega Healthcare Investors, Inc.
 
10,156
302,750
Ventas, Inc.
 
1,927
83,131
Welltower, Inc.
 
1,224
91,323
 
 
824,075
Hotel & resort REITs:  0.36%
 
Host Hotels & Resorts, Inc.
 
55,226
916,751
Park Hotels & Resorts, Inc.
 
58,020
750,779
 
 
1,667,530
Industrial REITs :  0.31%
 
Americold Realty Trust, Inc.
 
26,862
787,057
Prologis, Inc.
 
5,546
690,754
 
 
1,477,811
Real estate management & development:  0.17%
 
CBRE Group, Inc. Class A†
 
6,975
522,567
Jones Lang LaSalle, Inc.†
 
1,501
210,651
Zillow Group, Inc. Class A†
 
1,461
65,438
 
 
798,656
Residential REITs :  0.06%
 
Equity LifeStyle Properties, Inc.
 
3,319
209,661
Mid-America Apartment Communities, Inc.
 
617
90,736
 
 
300,397
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 15
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Retail REITs :  0.36%
 
Brixmor Property Group, Inc.
 
17,617
$352,869
Federal Realty Investment Trust
 
1,128
99,490
NNN REIT, Inc.
 
7,143
303,863
Regency Centers Corp.
 
2,708
152,379
Simon Property Group, Inc.
 
7,275
764,966
 
 
1,673,567
Specialized REITs :  1.25%
 
American Tower Corp.
 
3,755
692,572
Crown Castle, Inc.
 
4,152
470,048
CubeSmart
 
1,820
80,881
Digital Realty Trust, Inc.
 
1,299
133,096
EPR Properties
 
6,737
281,000
Equinix, Inc.
 
1,169
871,548
Extra Space Storage, Inc.
 
621
89,592
Gaming & Leisure Properties, Inc.
 
6,988
336,402
Iron Mountain, Inc.
 
12,750
681,105
Lamar Advertising Co. Class A
 
3,901
350,622
Public Storage
 
1,244
352,425
Rayonier, Inc.
 
12,038
352,954
SBA Communications Corp.
 
635
140,830
VICI Properties, Inc.
 
8,126
251,337
Weyerhaeuser Co.
 
28,044
803,741
 
 
5,888,153
Utilities:  2.59%
 
Electric utilities:  1.54%
 
American Electric Power Co., Inc.
 
4,910
408,119
Constellation Energy Corp.
 
11,121
934,386
Duke Energy Corp.
 
5,369
479,398
Edison International
 
5,506
371,765
Entergy Corp.
 
3,122
306,580
Evergy, Inc.
 
254
14,694
Eversource Energy
 
2,041
141,298
Exelon Corp.
 
16,249
644,273
FirstEnergy Corp.
 
5,848
218,657
Hawaiian Electric Industries, Inc.
 
14,038
504,105
NextEra Energy, Inc.
 
14,101
1,035,859
NRG Energy, Inc.
 
2,559
86,469
OGE Energy Corp.
 
3,628
127,996
PG&E Corp.†
 
27,200
460,768
Pinnacle West Capital Corp.
 
1,752
135,395
PPL Corp.
 
12,589
329,832
Southern Co.
 
9,910
691,223
Xcel Energy, Inc.
 
5,443
355,373
 
 
7,246,190
Gas utilities:  0.08%
 
UGI Corp.
 
12,169
340,367
See accompanying notes to portfolio of investments
16 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Independent power and renewable electricity producers:  0.08%
 
AES Corp.
 
13,863
$273,655
Vistra Corp.
 
4,739
113,594
 
 
387,249
Multi-utilities:  0.79%
 
Ameren Corp.
 
2,100
170,247
CenterPoint Energy, Inc.
 
14,094
397,592
CMS Energy Corp.
 
6,909
400,584
Consolidated Edison, Inc.
 
7,002
653,287
Dominion Energy, Inc.
 
1,983
99,705
DTE Energy Co.
 
5,283
568,451
NiSource, Inc.
 
8,015
215,523
Public Service Enterprise Group, Inc.
 
6,567
392,378
Sempra Energy
 
2,892
415,089
WEC Energy Group, Inc.
 
4,674
408,274
 
 
3,721,130
Water utilities:  0.10%
 
American Water Works Co., Inc.
 
2,382
344,080
Essential Utilities, Inc.
 
2,756
112,279
 
 
456,359
Total common stocks (Cost $372,707,646)
 
457,937,177
 
 
 
Yield
 
 
 
Short-term investments:  1.98%
 
Investment companies:  1.98%
 
Allspring Government Money Market Fund Select Class♠∞
5.01
%
 
9,299,435
9,299,435
Total short-term investments (Cost $9,299,435)
 
9,299,435
Total investments in securities (Cost $382,007,081)
99.43
%
 
467,236,612
Other assets and liabilities, net
0.57
 
2,659,321
Total net assets
100.00
%
 
$469,895,933
 
†
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
See accompanying notes to portfolio of investments
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 17
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
$15,693,994
$17,176,964
$(23,571,523
)
$0
$0
$9,299,435
9,299,435
$125,729
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
E-Mini S&P 500 Index
50
6-16-2023
$10,375,678
$10,476,250
$100,572
$0
See accompanying notes to portfolio of investments
18 | Allspring Factor Enhanced U.S. Large Cap Equity 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 Fund 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.
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 19
Notes to portfolio of investments—May 31, 2023 (unaudited)
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:
Common stocks
Communication services
$38,792,110
$0
$0
$38,792,110
Consumer discretionary
45,203,807
0
0
45,203,807
Consumer staples
31,492,540
0
0
31,492,540
Energy
17,120,167
0
0
17,120,167
Financials
54,306,519
0
0
54,306,519
Health care
64,063,755
0
0
64,063,755
Industrials
39,884,012
0
0
39,884,012
Information technology
132,075,770
0
0
132,075,770
Materials
10,170,195
0
0
10,170,195
Real estate
12,677,007
0
0
12,677,007
Utilities
12,151,295
0
0
12,151,295
Short-term investments
Investment companies
9,299,435
0
0
9,299,435
 
467,236,612
0
0
467,236,612
Futures contracts
100,572
0
0
100,572
Total assets
$467,337,184
$0
$0
$467,337,184
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 May 31, 2023, $2,000,000 was segregated as cash collateral for these open futures contracts.
For the three months ended May 31, 2023, the Portfolio did not have any transfers into/out of Level 3.
20 | Allspring Factor Enhanced U.S. Large Cap Equity Portfolio