NPORT-EX 2 NPORT_WBG0_46375669_0823.htm EDGAR HTML
Portfolio of investments—August 31, 2023 (unaudited)
Portfolio of investments
 
 
 
 
 
Shares
Value
Common stocks:  13.44%
 
Consumer staples:  3.21%
 
Beverages:  0.56%
 
PepsiCo, Inc.
 
6,864
$1,221,243
Consumer staples distribution & retail:  1.11%
 
Costco Wholesale Corp.
 
1,861
1,022,210
Sysco Corp.
 
5,059
352,359
Walmart, Inc.
 
6,468
1,051,762
 
 
2,426,331
Food products:  0.36%
 
Mondelez International, Inc. Class A
 
11,031
786,069
Household products:  1.07%
 
Church & Dwight Co., Inc.
 
6,088
589,136
Clorox Co.
 
1,198
187,427
Procter & Gamble Co.
 
10,150
1,566,551
 
 
2,343,114
Personal care products:  0.05%
 
Estee Lauder Cos., Inc. Class A
 
692
111,087
Tobacco:  0.06%
 
Philip Morris International, Inc.
 
1,341
128,816
Energy:  2.16%
 
Energy equipment & services:  0.12%
 
Schlumberger NV
 
4,572
269,565
Oil, gas & consumable fuels:  2.04%
 
Chevron Corp.
 
11,996
1,932,555
EOG Resources, Inc.
 
8,480
1,090,698
Phillips 66
 
12,526
1,429,968
 
 
4,453,221
Materials:  2.94%
 
Chemicals:  1.14%
 
Ashland, Inc.
 
3,269
283,194
Ecolab, Inc.
 
1,585
291,339
Linde PLC
 
2,657
1,028,365
Olin Corp.
 
4,789
277,858
Sherwin-Williams Co.
 
978
265,742
Westlake Corp.
 
2,679
350,895
 
 
2,497,393
Construction materials:  0.11%
 
Martin Marietta Materials, Inc.
 
522
233,026
Containers & packaging:  0.14%
 
Crown Holdings, Inc.
 
3,209
297,346
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 1
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Metals & mining:  1.55%
 
Agnico Eagle Mines Ltd.
 
3,300
$160,083
Agnico Eagle Mines Ltd.
 
2,401
116,585
Alamos Gold, Inc. Class A
 
12,000
154,352
AngloGold Ashanti Ltd. ADR
 
2,900
49,300
Artemis Gold, Inc.†
 
10,000
45,219
B2Gold Corp.
 
35,000
107,756
Barrick Gold Corp.
 
10,356
167,871
Centerra Gold, Inc.
 
4,500
27,009
Dundee Precious Metals, Inc.
 
9,800
63,244
Endeavour Mining plc
 
7,480
154,726
Evolution Mining Ltd.
 
5,000
12,019
Franco-Nevada Corp.
 
1,300
187,284
Gold Fields Ltd. ADR
 
11,000
138,930
Kinross Gold Corp.
 
25,500
129,463
Lundin Gold, Inc.
 
11,000
131,883
MAG Silver Corp.†
 
5,300
60,327
Newcrest Mining Ltd.
 
7,500
126,496
Newmont Corp.
 
3,490
137,576
Northern Star Resources Ltd.
 
14,000
108,039
OceanaGold Corp.
 
14,000
30,255
Osisko Gold Royalties Ltd.
 
1,500
20,049
Osisko Mining, Inc.†
 
4,000
8,348
Pan American Silver Corp.
 
479
7,920
Pan American Silver Corp.
 
4,500
74,475
Royal Gold, Inc.
 
2,568
287,847
SilverCrest Metals, Inc.†
 
4,000
19,805
SSR Mining, Inc.
 
1,572
23,315
SSR Mining, Inc.
 
4,950
73,507
Steel Dynamics, Inc.
 
4,737
504,917
Torex Gold Resources, Inc.†
 
5,000
57,763
Triple Flag Precious Metals Corp.
 
2,000
27,768
Wheaton Precious Metals Corp.
 
4,200
183,206
 
 
3,397,337
Real estate:  5.13%
 
Health care REITs:  0.30%
 
Welltower, Inc.
 
8,003
663,289
Industrial REITs :  0.84%
 
Prologis, Inc.
 
10,749
1,335,026
Terreno Realty Corp.
 
8,163
497,045
 
 
1,832,071
Office REITs :  0.15%
 
Alexandria Real Estate Equities, Inc.
 
2,895
336,804
Residential REITs :  1.22%
 
American Homes 4 Rent Class A
 
13,133
473,313
Apartment Income REIT Corp.
 
9,129
310,934
Camden Property Trust
 
3,238
348,474
See accompanying notes to portfolio of investments
2 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
 
 
Shares
Value
Residential REITs (continued)
 
Invitation Homes, Inc.
 
14,392
$490,623
Mid-America Apartment Communities, Inc.
 
2,509
364,382
Sun Communities, Inc.
 
5,538
677,962
 
 
2,665,688
Retail REITs :  0.25%
 
Federal Realty Investment Trust
 
2,743
268,649
Simon Property Group, Inc.
 
2,465
279,753
 
 
548,402
Specialized REITs :  2.37%
 
American Tower Corp.
 
5,673
1,028,628
Equinix, Inc.
 
1,913
1,494,780
Extra Space Storage, Inc.
 
4,782
615,348
Four Corners Property Trust, Inc.
 
18,118
455,849
Gaming & Leisure Properties, Inc.
 
7,247
343,508
SBA Communications Corp.
 
3,079
691,328
VICI Properties, Inc.
 
17,711
546,207
 
 
5,175,648
Total common stocks (Cost $20,183,252)
 
29,386,450
 
 
 
Interest
rate
Maturity
date
Principal
 
Corporate bonds and notes:  14.10%
 
Basic materials:  0.39%
 
Chemicals:  0.30%
 
Avient Corp.144A
5.75
%
5-15-2025
$
50,000
49,335
Celanese U.S. Holdings LLC
6.05
3-15-2025
 
615,000
615,515
 
 
664,850
Iron/steel:  0.09%
 
Cleveland-Cliffs, Inc.144A
6.75
3-15-2026
 
195,000
195,060
Communications:  1.14%
 
Internet:  0.37%
 
Gen Digital, Inc.144A
5.00
4-15-2025
 
285,000
279,383
Uber Technologies, Inc.144A
7.50
5-15-2025
 
525,000
530,068
 
 
809,451
Media:  0.66%
 
Gray Television, Inc.144A
5.88
7-15-2026
 
460,000
420,835
Sirius XM Radio, Inc.144A
5.00
8-1-2027
 
875,000
809,007
Townsquare Media, Inc.144A
6.88
2-1-2026
 
215,000
206,938
 
 
1,436,780
Telecommunications:  0.11%
 
CommScope, Inc.144A
6.00
3-1-2026
 
280,000
254,454
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 3
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Consumer, cyclical:  3.80%
 
Airlines:  0.75%
 
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class A
3.90
%
1-15-2026
$
159,845
$144,646
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty
Ltd.144A
5.75
1-20-2026
 
655,000
606,113
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets
Ltd.144A
6.50
6-20-2027
 
152,000
151,470
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.144A
8.00
9-20-2025
 
730,000
730,797
 
 
1,633,026
Apparel:  0.14%
 
Hanesbrands, Inc.144A
4.88
5-15-2026
 
200,000
186,960
Michael Kors USA, Inc.144A
4.25
11-1-2024
 
110,000
108,062
 
 
295,022
Auto manufacturers:  0.17%
 
Ford Motor Credit Co. LLC
4.13
8-17-2027
 
200,000
181,474
Ford Motor Credit Co. LLC
5.58
3-18-2024
 
200,000
198,969
 
 
380,443
Auto parts & equipment:  0.10%
 
Adient Global Holdings Ltd.144A
4.88
8-15-2026
 
220,000
211,871
Distribution/wholesale:  0.17%
 
G-III Apparel Group Ltd.144A
7.88
8-15-2025
 
385,000
377,300
Entertainment:  1.09%
 
CCM Merger, Inc.144A
6.38
5-1-2026
 
145,000
140,910
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management
Corp./Millennium Op144A
5.50
5-1-2025
 
375,000
372,043
Churchill Downs, Inc.144A
5.50
4-1-2027
 
360,000
346,837
Cinemark USA, Inc.144A
5.88
3-15-2026
 
105,000
100,801
Cinemark USA, Inc.144A
8.75
5-1-2025
 
252,000
254,545
Live Nation Entertainment, Inc.144A
4.88
11-1-2024
 
190,000
186,638
Live Nation Entertainment, Inc.144A
6.50
5-15-2027
 
335,000
335,260
SeaWorld Parks & Entertainment, Inc.144A
8.75
5-1-2025
 
250,000
255,625
Six Flags Theme Parks, Inc.144A
7.00
7-1-2025
 
380,000
379,904
 
 
2,372,563
Food service:  0.27%
 
Aramark Services, Inc.144A
6.38
5-1-2025
 
590,000
590,994
Home builders:  0.24%
 
Tri Pointe Group, Inc./Tri Pointe Homes, Inc.
5.88
6-15-2024
 
535,000
533,663
Housewares:  0.13%
 
Newell Brands, Inc.
4.70
4-1-2026
 
300,000
287,432
Leisure time:  0.08%
 
NCL Corp. Ltd.144A
8.38
2-1-2028
 
165,000
170,077
See accompanying notes to portfolio of investments
4 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Lodging:  0.46%
 
Hilton Domestic Operating Co., Inc.144A
5.38
%
5-1-2025
$
280,000
$276,948
Las Vegas Sands Corp.
3.20
8-8-2024
 
550,000
532,492
MGM Resorts International
6.75
5-1-2025
 
195,000
195,324
 
 
1,004,764
Retail:  0.20%
 
Bath & Body Works, Inc.144A
9.38
7-1-2025
 
294,000
307,585
Penske Automotive Group, Inc.
3.50
9-1-2025
 
140,000
133,307
 
 
440,892
Consumer, non-cyclical:  1.49%
 
Commercial services:  0.78%
 
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A
6.63
7-15-2026
 
310,000
294,855
Block, Inc.
2.75
6-1-2026
 
85,000
77,295
CoreCivic, Inc.
8.25
4-15-2026
 
790,000
793,135
Prime Security Services Borrower LLC/Prime Finance, Inc.144A
5.75
4-15-2026
 
245,000
240,429
Sabre Global, Inc.144A
9.25
4-15-2025
 
43,000
42,360
Sabre Global, Inc.144A
11.25
12-15-2027
 
265,000
252,634
 
 
1,700,708
Food:  0.33%
 
Performance Food Group, Inc.144A
6.88
5-1-2025
 
355,000
355,525
U.S. Foods, Inc.144A
6.25
4-15-2025
 
370,000
370,969
 
 
726,494
Healthcare-services:  0.38%
 
IQVIA, Inc.144A
5.00
10-15-2026
 
250,000
241,482
Tenet Healthcare Corp.
4.88
1-1-2026
 
610,000
591,323
 
 
832,805
Energy:  2.40%
 
Energy-alternate sources:  0.28%
 
Enviva Partners LP/Enviva Partners Finance Corp.144A
6.50
1-15-2026
 
720,000
613,800
Oil & gas:  0.65%
 
Aethon United BR LP/Aethon United Finance Corp.144A
8.25
2-15-2026
 
145,000
145,725
Antero Resources Corp.144A
8.38
7-15-2026
 
390,000
404,623
EQT Corp.
6.13
2-1-2025
 
405,000
404,112
Murphy Oil Corp.
5.75
8-15-2025
 
200,000
197,561
Nabors Industries, Inc.144A
7.38
5-15-2027
 
140,000
136,626
Range Resources Corp.
8.25
1-15-2029
 
90,000
93,434
Southwestern Energy Co.
5.70
1-23-2025
 
32,000
31,688
 
 
1,413,769
Oil & gas services:  0.34%
 
Oceaneering International, Inc.
4.65
11-15-2024
 
650,000
636,415
USA Compression Partners LP/USA Compression Finance Corp.
6.88
4-1-2026
 
115,000
113,709
 
 
750,124
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 5
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Pipelines:  1.13%
 
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A
7.88
%
5-15-2026
$
105,000
$106,826
Buckeye Partners LP144A
4.13
3-1-2025
 
35,000
33,706
DCP Midstream Operating LP
5.38
7-15-2025
 
455,000
450,457
EnLink Midstream Partners LP
4.15
6-1-2025
 
232,000
224,534
EQM Midstream Partners LP
4.00
8-1-2024
 
65,000
63,419
Rockies Express Pipeline LLC144A
3.60
5-15-2025
 
529,000
498,995
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A
6.00
3-1-2027
 
360,000
344,966
Venture Global LNG, Inc.144A
8.13
6-1-2028
 
380,000
383,323
Western Midstream Operating LP
4.65
7-1-2026
 
385,000
372,353
 
 
2,478,579
Financial:  2.44%
 
Diversified financial services:  1.40%
 
Enact Holdings, Inc.144A
6.50
8-15-2025
 
810,000
802,684
Nationstar Mortgage Holdings, Inc.144A
6.00
1-15-2027
 
215,000
204,787
Navient Corp.
5.88
10-25-2024
 
590,000
581,152
Navient Corp.
7.25
9-25-2023
 
87,000
87,000
OneMain Finance Corp.
3.50
1-15-2027
 
120,000
104,430
OneMain Finance Corp.
6.13
3-15-2024
 
237,000
236,844
PRA Group, Inc.144A
7.38
9-1-2025
 
290,000
283,558
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A
2.88
10-15-2026
 
165,000
146,644
United Wholesale Mortgage LLC144A
5.50
11-15-2025
 
650,000
624,770
 
 
3,071,869
REITS:  1.04%
 
HAT Holdings I LLC/HAT Holdings II LLC144A
3.38
6-15-2026
 
130,000
116,744
HAT Holdings I LLC/HAT Holdings II LLC144A
6.00
4-15-2025
 
270,000
265,025
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
5.25
10-1-2025
 
475,000
456,396
MPT Operating Partnership LP/MPT Finance Corp.
5.25
8-1-2026
 
450,000
382,302
Service Properties Trust
4.35
10-1-2024
 
95,000
91,400
Service Properties Trust
7.50
9-15-2025
 
210,000
207,489
Starwood Property Trust, Inc.144A
3.75
12-31-2024
 
110,000
105,737
Starwood Property Trust, Inc.
4.75
3-15-2025
 
495,000
478,536
Starwood Property Trust, Inc.144A
5.50
11-1-2023
 
150,000
149,452
Vornado Realty LP
2.15
6-1-2026
 
20,000
17,288
 
 
2,270,369
Industrial:  1.58%
 
Aerospace/defense:  0.49%
 
Spirit AeroSystems, Inc.144A
7.50
4-15-2025
 
405,000
399,981
TransDigm, Inc.144A
6.25
3-15-2026
 
670,000
663,614
 
 
1,063,595
Electrical components & equipment:  0.26%
 
WESCO Distribution, Inc.144A
7.13
6-15-2025
 
575,000
577,540
See accompanying notes to portfolio of investments
6 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Environmental control:  0.10%
 
Stericycle, Inc.144A
5.38
%
7-15-2024
$
215,000
$214,245
Packaging & containers:  0.34%
 
Clearwater Paper Corp.144A
5.38
2-1-2025
 
415,000
402,337
Sealed Air Corp.144A
5.13
12-1-2024
 
50,000
49,313
Sealed Air Corp.144A
5.50
9-15-2025
 
300,000
296,713
 
 
748,363
Trucking & leasing:  0.39%
 
DAE Funding LLC144A
2.63
3-20-2025
 
370,000
348,263
Fortress Transportation & Infrastructure Investors LLC144A
6.50
10-1-2025
 
505,000
498,652
 
 
846,915
Technology:  0.05%
 
Computers:  0.05%
 
NCR Corp.144A
5.75
9-1-2027
 
98,000
98,948
Utilities:  0.81%
 
Electric:  0.81%
 
NextEra Energy Operating Partners LP144A
4.25
7-15-2024
 
755,000
740,781
NSG Holdings LLC/NSG Holdings, Inc.144A
7.75
12-15-2025
 
231,502
230,344
Vistra Operations Co. LLC144A
5.63
2-15-2027
 
825,000
794,236
 
 
1,765,361
Total corporate bonds and notes (Cost $31,822,025)
 
30,832,126
Loans:  1.18%
 
Communications:  0.19%
 
Media:  0.19%
 
DirecTV Financing LLC (U.S. SOFR 1 Month+5.00%)±
10.45
8-2-2027
 
310,000
306,054
Gray Television, Inc. (U.S. SOFR 1 Month+2.50%)±
7.93
1-2-2026
 
100,000
99,333
 
 
405,387
Consumer, cyclical:  0.49%
 
Airlines:  0.25%
 
Mileage Plus Holdings LLC (3 Month LIBOR+5.25%)±
10.76
6-21-2027
 
340,000
354,178
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)±
9.08
10-20-2027
 
182,750
190,038
 
 
544,216
Entertainment:  0.22%
 
Live Nation Entertainment, Inc. (U.S. SOFR 1 Month+1.75%)±
7.16
10-19-2026
 
121,181
120,696
SeaWorld Parks & Entertainment, Inc. (U.S. SOFR 1 Month+3.00%)±
8.45
8-25-2028
 
367,478
366,743
 
 
487,439
Leisure time:  0.02%
 
Carnival Corp. (U.S. SOFR 3 Month+3.00%)±
8.32
8-8-2027
 
50,000
49,913
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 7
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Consumer, non-cyclical:  0.14%
 
Commercial services:  0.14%
 
Geo Group, Inc. (U.S. SOFR 1 Month+7.13%)±
12.46
%
3-23-2027
$
299,908
$304,455
Energy:  0.06%
 
Pipelines:  0.06%
 
GIP II Blue Holding LP (U.S. SOFR 1 Month+4.50%)±
9.95
9-29-2028
 
139,262
139,532
Financial:  0.12%
 
Insurance:  0.12%
 
Asurion LLC (3 Month LIBOR+3.25%)±
8.79
12-23-2026
 
265,000
257,381
Industrial:  0.00%
 
Machinery-diversified:  0.00%
 
Vertical U.S. Newco, Inc. (U.S. SOFR 6 Month+3.50%)±
9.38
7-30-2027
 
849
847
Technology:  0.05%
 
Software:  0.05%
 
SS&C European Holdings Sarl (U.S. SOFR 1 Month+1.75%)±
7.20
4-16-2025
 
52,960
52,955
SS&C Technologies, Inc. (U.S. SOFR 1 Month+1.75%)±
7.20
4-16-2025
 
56,086
56,080
 
 
109,035
Utilities:  0.13%
 
Electric:  0.13%
 
ExGen Renewables IV LLC (U.S. SOFR 3 Month+2.50%)±
8.18
12-15-2027
 
289,242
287,194
Total loans (Cost $2,590,039)
 
2,585,399
U.S. Treasury securities:  67.45%
 
TIPS
0.13
7-15-2024
 
963,623
937,775
TIPS
0.13
10-15-2024
 
4,399,596
4,253,258
TIPS
0.13
4-15-2025
 
9,141,637
8,718,747
TIPS
0.13
10-15-2025
 
2,328,025
2,210,146
TIPS
0.13
4-15-2026
 
6,456,370
6,055,243
TIPS
0.13
7-15-2026
 
4,320,952
4,057,602
TIPS
0.13
10-15-2026
 
3,349,350
3,132,067
TIPS
0.13
4-15-2027
 
3,782,390
3,497,603
TIPS
0.13
1-15-2030
 
4,980,192
4,430,523
TIPS
0.13
7-15-2030
 
4,497,784
3,985,810
TIPS
0.13
1-15-2031
 
5,074,543
4,444,686
TIPS
0.13
7-15-2031
 
3,101,758
2,704,770
TIPS
0.13
1-15-2032
 
5,832,968
5,026,093
TIPS
0.13
2-15-2051
 
3,140,397
1,918,525
TIPS
0.13
2-15-2052
 
1,912,380
1,154,170
TIPS
0.25
7-15-2029
 
2,450,937
2,224,560
TIPS
0.25
2-15-2050
 
4,343,066
2,794,491
TIPS
0.38
7-15-2025
 
2,997,475
2,872,892
TIPS
0.38
1-15-2027
 
3,365,762
3,151,030
TIPS
0.38
7-15-2027
 
4,115,628
3,849,278
TIPS
0.50
1-15-2028
 
3,166,208
2,950,263
TIPS
0.63
1-15-2026
 
5,065,104
4,829,903
See accompanying notes to portfolio of investments
8 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
U.S. Treasury securities (continued)
 
TIPS
0.63
%
7-15-2032
$
5,381,301
$4,829,770
TIPS
0.63
2-15-2043
 
2,434,935
1,896,903
TIPS
0.75
7-15-2028
 
4,144,412
3,907,403
TIPS
0.75
2-15-2042
 
3,287,567
2,663,186
TIPS
0.75
2-15-2045
 
1,885,025
1,470,504
TIPS
0.88
1-15-2029
 
3,407,180
3,208,672
TIPS
0.88
2-15-2047
 
1,864,135
1,464,948
TIPS
1.00
2-15-2046
 
1,841,197
1,501,366
TIPS
1.00
2-15-2048
 
1,416,537
1,138,237
TIPS
1.00
2-15-2049
 
1,618,527
1,292,830
TIPS
1.13
1-15-2033
 
4,398,853
4,101,243
TIPS
1.25
4-15-2028
 
1,876,550
1,806,399
TIPS
1.38
7-15-2033
 
4,274,190
4,090,951
TIPS
1.38
2-15-2044
 
2,657,290
2,372,773
TIPS
1.50
2-15-2053
 
1,226,452
1,099,016
TIPS
1.63
10-15-2027
 
4,237,915
4,157,254
TIPS
1.75
1-15-2028
 
2,788,700
2,740,742
TIPS
2.00
1-15-2026
 
3,458,452
3,403,536
TIPS
2.13
2-15-2040
 
1,467,939
1,504,370
TIPS
2.13
2-15-2041
 
1,873,720
1,921,441
TIPS
2.38
1-15-2025
 
3,560,656
3,519,799
TIPS
2.38
1-15-2027
 
2,564,196
2,564,947
TIPS
2.50
1-15-2029
 
2,685,596
2,746,520
TIPS
3.38
4-15-2032
 
1,082,813
1,200,928
TIPS
3.63
4-15-2028
 
3,857,320
4,108,724
TIPS
3.88
4-15-2029
 
2,857,901
3,126,332
U.S. Treasury Notes
3.38
5-15-2033
 
530,000
499,277
Total U.S. Treasury securities (Cost $164,866,949)
 
147,537,506
Yankee corporate bonds and notes:  2.19%
 
Basic materials:  0.11%
 
Mining:  0.11%
 
Constellium SE144A
5.88
2-15-2026
 
250,000
245,320
Communications:  0.16%
 
Media:  0.16%
 
Videotron Ltd.144A
5.38
6-15-2024
 
360,000
357,283
Consumer, cyclical:  0.93%
 
Airlines:  0.46%
 
Air Canada Pass-Through Trust Series 2020-1 Class C144A
10.50
7-15-2026
 
370,000
401,395
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A
5.50
4-20-2026
 
618,750
607,169
 
 
1,008,564
Auto parts & equipment:  0.22%
 
Clarios Global LP144A
6.75
5-15-2025
 
282,000
281,892
Clarios Global LP/Clarios U.S. Finance Co.144A
6.25
5-15-2026
 
201,000
199,065
 
 
480,957
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 9
Portfolio of investments—August 31, 2023 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Leisure time:  0.25%
 
Royal Caribbean Cruises Ltd.144A
5.38
%
7-15-2027
$
485,000
$456,393
Royal Caribbean Cruises Ltd.144A
11.50
6-1-2025
 
79,000
83,431
 
 
539,824
Consumer, non-cyclical:  0.17%
 
Pharmaceuticals:  0.17%
 
Teva Pharmaceutical Finance Netherlands III BV
6.00
4-15-2024
 
379,000
376,633
Energy:  0.25%
 
Pipelines:  0.25%
 
Northriver Midstream Finance LP144A
5.63
2-15-2026
 
580,000
557,525
Financial:  0.11%
 
Diversified financial services:  0.11%
 
Macquarie Airfinance Holdings Ltd.144A
8.38
5-1-2028
 
225,000
229,729
Industrial:  0.23%
 
Packaging & containers:  0.23%
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC144A
6.00
6-15-2027
 
305,000
297,410
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.144A
5.25
4-30-2025
 
200,000
195,395
 
 
492,805
Utilities:  0.23%
 
Electric:  0.23%
 
Drax Finco PLC144A
6.63
11-1-2025
 
520,000
509,987
Total yankee corporate bonds and notes (Cost $4,860,063)
 
4,798,627
 
 
 
Yield
 
Shares
 
Short-term investments:  1.08%
 
Investment companies:  1.08%
 
Allspring Government Money Market Fund Select Class♠∞
5.26
 
2,370,049
2,370,049
Total short-term investments (Cost $2,370,049)
 
2,370,049
Total investments in securities (Cost $226,692,377)
99.44
%
 
217,510,157
Other assets and liabilities, net
0.56
 
1,224,597
Total net assets
100.00
%
 
$218,734,754
 
†
Non-income-earning security.
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.
 
See accompanying notes to portfolio of investments
10 | Allspring Real Return Portfolio
Portfolio of investments—August 31, 2023 (unaudited)
 
Abbreviations:
ADR
American depositary receipt
LIBOR
London Interbank Offered Rate
REIT
Real estate investment trust
SOFR
Secured Overnight Financing Rate
TIPS
Treasury Inflation-Protected Securities
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
$2,535,841
$31,598,484
$(31,764,276
)
$0
$0
$2,370,049
2,370,049
$34,029
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
Ultra 10-Year U.S. Treasury Notes
4
12-19-2023
$460,288
$464,438
$4,150
$0
2-Year U.S. Treasury Notes
37
12-29-2023
7,518,575
7,540,773
22,198
0
Short
Ultra Long Term U.S. Treasury Bond
(12
)
12-19-2023
(1,532,041
)
(1,553,625
)
0
(21,584
)
5-Year U.S. Treasury Notes
(13
)
12-29-2023
(1,380,769
)
(1,389,984
)
0
(9,215
)
 
$26,348
$(30,799
)
See accompanying notes to portfolio of investments
Allspring Real Return Portfolio | 11
Notes to portfolio of investments—August 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.
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.
The values of securities 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 at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On August 31, 2023, such fair value pricing was not used in pricing foreign securities.
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, 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.
Loans
The Portfolio may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Portfolio purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio assumes the credit risk of both the borrower and the lender that is selling the participation. When the Portfolio purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.
Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.
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,
12 | Allspring Real Return Portfolio
Notes to portfolio of investments—August 31, 2023 (unaudited)
changes in interest rates and is subject to interest rate 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. 
Inflation-indexed bonds and TIPS
The Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.
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 Real Return Portfolio | 13
Notes to portfolio of investments—August 31, 2023 (unaudited)
The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities as of August 31, 2023: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Consumer staples
$7,016,660
$0
$0
$7,016,660
Energy
4,722,786
0
0
4,722,786
Materials
6,425,102
0
0
6,425,102
Real estate
11,221,902
0
0
11,221,902
Corporate bonds and notes
0
30,832,126
0
30,832,126
Loans
0
2,585,399
0
2,585,399
U.S. Treasury securities
147,537,506
0
0
147,537,506
Yankee corporate bonds and notes
0
4,798,627
0
4,798,627
Short-term investments
Investment companies
2,370,049
0
0
2,370,049
 
179,294,005
38,216,152
0
217,510,157
Futures contracts
26,348
0
0
26,348
Total assets
$179,320,353
$38,216,152
$0
$217,536,505
Liabilities
Futures contracts
$30,799
$0
$0
$30,799
Total liabilities
$30,799
$0
$0
$30,799
Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables 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 August 31, 2023, $336,000 was segregated as cash collateral for these open futures contracts. 
For the three months ended August 31, 2023, the Portfolio did not have any transfers into/out of Level 3.
14 | Allspring Real Return Portfolio