NPORT-EX 2 NPORT_WBJ2_16426410_0523.htm EDGAR HTML
Portfolio of investments—May 31, 2023 (unaudited)
Portfolio of investments
 
 
 
Interest
rate
Maturity
date
Principal
Value
Corporate bonds and notes:  78.82%
 
Basic materials:  2.75%
 
Chemicals:  1.40%
 
Chemours Co.
5.38
%
5-15-2027
$
200,000
$184,144
Mining:  1.35%
 
Novelis Corp.144A
4.75
1-30-2030
 
200,000
177,499
Communications:  14.64%
 
Advertising:  2.61%
 
Lamar Media Corp.
3.75
2-15-2028
 
200,000
180,004
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
4.63
3-15-2030
 
200,000
163,246
 
 
343,250
Media:  8.97%
 
CCO Holdings LLC/CCO Holdings Capital Corp.144A
4.50
6-1-2033
 
80,000
61,069
CSC Holdings LLC144A
5.50
4-15-2027
 
200,000
163,222
CSC Holdings LLC144A
5.75
1-15-2030
 
200,000
88,086
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.144A
5.88
8-15-2027
 
190,000
167,355
DISH DBS Corp.
5.13
6-1-2029
 
370,000
167,806
DISH DBS Corp.
5.88
11-15-2024
 
240,000
205,559
Gray Television, Inc.144A
4.75
10-15-2030
 
205,000
132,871
Univision Communications, Inc.144A
5.13
2-15-2025
 
200,000
193,096
 
 
1,179,064
Telecommunications:  3.06%
 
Frontier Communications Holdings LLC144A
5.00
5-1-2028
 
200,000
167,509
Level 3 Financing, Inc.144A
3.75
7-15-2029
 
200,000
108,314
Level 3 Financing, Inc.144A
10.50
5-15-2030
 
132,000
125,431
 
 
401,254
Consumer, cyclical:  18.39%
 
Airlines:  2.86%
 
Delta Air Lines, Inc.
3.75
10-28-2029
 
210,000
187,073
United Airlines, Inc.144A
4.38
4-15-2026
 
200,000
189,221
 
 
376,294
Auto manufacturers:  2.93%
 
Allison Transmission, Inc.144A
5.88
6-1-2029
 
200,000
192,868
Ford Motor Co.
4.75
1-15-2043
 
260,000
192,110
 
 
384,978
Auto parts & equipment:  4.20%
 
Adient Global Holdings Ltd.144A
4.88
8-15-2026
 
200,000
189,318
Dana, Inc.
5.63
6-15-2028
 
200,000
183,103
Goodyear Tire & Rubber Co.
5.25
4-30-2031
 
204,999
180,125
 
 
552,546
See accompanying notes to portfolio of investments
Allspring High Yield Corporate Bond Portfolio | 1
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Distribution/wholesale:  2.96%
 
American Builders & Contractors Supply Co., Inc.144A
4.00
%
1-15-2028
$
200,000
$182,424
Openlane, Inc.144A
5.13
6-1-2025
 
200,000
198,082
Wesco Aircraft Holdings, Inc.144A†
8.50
11-15-2024
 
195,000
8,775
 
 
389,281
Leisure time:  1.53%
 
NCL Corp. Ltd.144A
3.63
12-15-2024
 
210,000
200,754
Lodging:  2.52%
 
Hilton Domestic Operating Co., Inc.
4.88
1-15-2030
 
200,000
185,937
MGM Resorts International
4.63
9-1-2026
 
154,000
145,550
 
 
331,487
Retail:  1.39%
 
Ferrellgas LP/Ferrellgas Finance Corp.144A
5.38
4-1-2026
 
200,000
181,920
Consumer, non-cyclical:  12.81%
 
Commercial services:  2.74%
 
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A
6.63
7-15-2026
 
210,000
197,246
Block, Inc.
3.50
6-1-2031
 
200,000
163,357
 
 
360,603
Food:  1.46%
 
Performance Food Group, Inc.144A
5.50
10-15-2027
 
200,000
192,301
Healthcare-products:  1.41%
 
Avantor Funding, Inc.144A
4.63
7-15-2028
 
200,000
184,994
Healthcare-services:  5.78%
 
CHS/Community Health Systems, Inc.144A
4.75
2-15-2031
 
210,000
150,891
DaVita, Inc.144A
4.63
6-1-2030
 
250,000
214,111
Encompass Health Corp.
4.63
4-1-2031
 
220,000
192,118
Tenet Healthcare Corp.
4.88
1-1-2026
 
210,000
203,137
 
 
760,257
Pharmaceuticals:  1.42%
 
Endo Dac/Endo Finance LLC/Endo Finco, Inc.144A†
6.00
6-30-2028
 
145,000
7,975
Organon & Co./Organon Foreign Debt Co.-Issuer BV144A
4.13
4-30-2028
 
200,000
178,048
 
 
186,023
Energy:  11.46%
 
Oil & gas:  5.79%
 
Moss Creek Resources Holdings, Inc.144A
10.50
5-15-2027
 
200,000
192,750
Occidental Petroleum Corp.
7.88
9-15-2031
 
90,000
99,558
Range Resources Corp.
4.88
5-15-2025
 
100,000
98,028
SM Energy Co.
6.75
9-15-2026
 
200,000
193,099
Sunoco LP/Sunoco Finance Corp.
4.50
5-15-2029
 
200,000
178,038
 
 
761,473
See accompanying notes to portfolio of investments
2 | Allspring High Yield Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Oil & gas services:  1.45%
 
USA Compression Partners LP/USA Compression Finance Corp.
6.88
%
4-1-2026
$
200,000
$190,208
Pipelines:  4.22%
 
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A
5.75
1-15-2028
 
200,000
190,749
Buckeye Partners LP144A
4.50
3-1-2028
 
200,000
175,969
EQM Midstream Partners LP
5.50
7-15-2028
 
200,000
187,475
 
 
554,193
Financial:  10.30%
 
Diversified financial services:  2.57%
 
Navient Corp.
5.50
3-15-2029
 
200,000
165,500
OneMain Finance Corp.
5.38
11-15-2029
 
210,000
171,658
 
 
337,158
Insurance:  2.94%
 
Acrisure LLC/Acrisure Finance, Inc.144A
7.00
11-15-2025
 
200,000
189,505
HUB International Ltd.144A
7.00
5-1-2026
 
200,000
196,999
 
 
386,504
Investment Companies:  1.14%
 
Compass Group Diversified Holdings LLC144A
5.25
4-15-2029
 
170,000
150,130
Real estate:  1.24%
 
Howard Hughes Corp.144A
4.13
2-1-2029
 
200,000
163,544
REITS:  2.41%
 
MPT Operating Partnership LP/MPT Finance Corp.
5.00
10-15-2027
 
200,000
164,257
Service Properties Trust
4.38
2-15-2030
 
210,000
152,431
 
 
316,688
Industrial:  4.48%
 
Aerospace/defense:  3.18%
 
TransDigm, Inc.
6.38
6-15-2026
 
200,000
197,566
Triumph Group, Inc.
7.75
8-15-2025
 
230,000
220,183
 
 
417,749
Electrical components & equipment:  1.30%
 
Energizer Holdings, Inc.144A
4.38
3-31-2029
 
200,000
171,250
Technology:  2.82%
 
Computers:  1.30%
 
Seagate HDD Cayman
4.13
1-15-2031
 
210,000
171,146
Software:  1.52%
 
Cloud Software Group, Inc.
9.00
9-30-2029
 
235,000
199,750
See accompanying notes to portfolio of investments
Allspring High Yield Corporate Bond Portfolio | 3
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Utilities:  1.17%
 
Electric:  1.17%
 
Calpine Corp.144A
5.00
%
2-1-2031
$
190,000
$153,330
Total corporate bonds and notes (Cost $11,947,710)
 
10,359,772
Yankee corporate bonds and notes:  16.18%
 
Communications:  6.39%
 
Media:  2.73%
 
Videotron Ltd.144A
5.13
4-15-2027
 
200,000
192,924
Ziggo BV144A
4.88
1-15-2030
 
200,000
166,437
 
 
359,361
Telecommunications:  3.66%
 
Altice France Holding SA144A
6.00
2-15-2028
 
210,000
103,947
VEON Holdings BV144A
4.00
4-9-2025
 
210,000
174,300
Vodafone Group PLC (USD Swap Semi Annual (vs. 3 Month LIBOR) 5
Year +4.87%)±
7.00
4-4-2079
 
200,000
202,360
 
 
480,607
Consumer, cyclical:  6.90%
 
Leisure time:  2.71%
 
Carnival Corp.144A
5.75
3-1-2027
 
195,000
166,927
Royal Caribbean Cruises Ltd.144A
5.50
4-1-2028
 
205,000
188,327
 
 
355,254
Lodging:  1.49%
 
MGM China Holdings Ltd.144A
5.38
5-15-2024
 
200,000
196,190
Retail:  2.70%
 
1011778 BC ULC/New Red Finance, Inc.144A
3.88
1-15-2028
 
200,000
183,410
1011778 BC ULC/New Red Finance, Inc.144A
4.00
10-15-2030
 
200,000
171,695
 
 
355,105
Industrial:  1.53%
 
Aerospace/defense:  1.53%
 
Bombardier, Inc.144A
7.13
6-15-2026
 
205,000
201,037
Utilities:  1.36%
 
Electric:  1.36%
 
Atlantica Sustainable Infrastructure PLC144A
4.13
6-15-2028
 
200,000
178,936
Total yankee corporate bonds and notes (Cost $2,423,539)
 
2,126,490
See accompanying notes to portfolio of investments
4 | Allspring High Yield Corporate Bond Portfolio
Portfolio of investments—May 31, 2023 (unaudited)
 
 
 
 
Yield
 
Shares
Value
Short-term investments:  3.58%
 
Investment companies:  3.58%
 
Allspring Government Money Market Fund Select Class♠∞
5.01
%
 
471,289
$471,289
Total short-term investments (Cost $471,289)
 
471,289
Total investments in securities (Cost $14,842,538)
98.58
%
 
12,957,551
Other assets and liabilities, net
1.42
 
186,056
Total net assets
100.00
%
 
$13,143,607
 
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.
†
Non-income-earning security
±
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
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
$87,750
$1,192,823
$(809,284
)
$0
$0
$471,289
471,289
$2,615
See accompanying notes to portfolio of investments
Allspring High Yield Corporate Bond Portfolio | 5
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
$10,359,772
$0
$10,359,772
Yankee corporate bonds and notes
0
2,126,490
0
2,126,490
Short-term investments
Investment companies
471,289
0
0
471,289
Total assets
$471,289
$12,486,262
$0
$12,957,551
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.
6 | Allspring High Yield Corporate Bond Portfolio