NPORT-EX 2 NPORT_WBGY_10426100_0223.htm
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Common stocks: 98.97%          
Consumer discretionary: 13.80%          
Auto components: 0.75%           
Patrick Industries Incorporated           59,718 $  4,350,456
Diversified consumer services: 0.87%           
Carriage Services Incorporated          149,633   5,075,551
Hotels, restaurants & leisure: 1.86%           
Dine Brands Global Incorporated                   67,514   5,176,298
Wyndham Hotels & Resorts Incorporated           73,954   5,695,937
           10,872,235
Household durables: 2.72%           
Cavco Industries Incorporated †                  11,818   3,368,130
Century Communities Incorporated                   68,868   4,118,995
Ethan Allen Interiors Incorporated                   91,033   2,690,025
GoPro Incorporated Class A                  253,840   1,317,430
Meritage Corporation †          40,321   4,404,263
           15,898,843
Internet & direct marketing retail: 0.72%           
1-800-Flowers.com Incorporated Class A †         427,112   4,228,409
Leisure products: 2.24%           
Johnson Outdoors Incorporated Class A                   68,951   4,472,162
Malibu Boats Incorporated Class A †                  97,752   5,841,660
Peloton Interactive Incorporated Class A †         216,504   2,797,232
           13,111,054
Multiline retail: 0.41%           
Macy's Incorporated        115,776 2,368,777
Specialty retail: 3.33%           
American Eagle Outfitters Incorporated †       267,307 3,841,202
Destination XL Group Incorporated †       439,217 2,626,518
Dick's Sporting Goods Incorporated        45,748 5,884,565
Shoe Carnival Incorporated        216,025 5,692,259
Williams-Sonoma Incorporated        11,406 1,424,838
          19,469,382
Textiles, apparel & luxury goods: 0.90%           
Lakeland Industries Incorporated        64,303 975,477
Rocky Brands Incorporated        95,033 2,529,778
Under Armour Incorporated Class A †       173,993 1,727,750
          5,233,005
Consumer staples: 5.40%          
Beverages: 0.83%           
Coca Cola Bottling Corporation        8,711 4,850,720
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio  |  1
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Food & staples retailing: 1.28%           
Grocery Outlet Holding Corporation                  134,446 $  3,636,764
Sprouts Farmers Market Incorporated †         125,998   3,816,479
            7,453,243
Food products: 3.29%           
Cal-Maine Foods Incorporated                   69,369   3,940,159
Flowers Foods Incorporated                  142,056   3,960,521
Hostess Brands Incorporated †                 168,419   4,159,949
Pilgrim's Pride Corporation †                 120,611   2,821,091
Post Holdings Incorporated           48,372   4,351,545
           19,233,265
Energy: 3.66%          
Energy equipment & services: 1.83%           
Helmerich & Payne Incorporated                  128,780   5,419,062
Patterson-UTI Energy Incorporated          385,609   5,282,843
           10,701,905
Oil, gas & consumable fuels: 1.83%           
Diamondback Energy Incorporated                   38,259   5,378,450
W&T Offshore Incorporated †         946,645   5,310,678
           10,689,128
Financials: 22.66%          
Banks: 11.41%           
Ameris Bancorp                  112,541   5,387,338
Atlantic Union Bankshares Corporation                  155,330   5,818,662
Banner Corporation        90,820 5,719,844
FB Financial Corporation        133,042 5,014,353
First Interstate BancSystem Class A        91,013 3,234,602
Great Southern Bancorp Incorporated        94,803 5,516,587
Heritage Financial Corporation        187,463 5,224,594
Independent Bank Corporation        221,691 4,888,287
OceanFirst Financial Corporation        226,974 5,383,823
OFG Bancorp        202,647 6,164,522
Synovus Financial Corporation        117,070 4,894,697
Umpqua Holdings Corporation        216,638 3,825,827
Univest Financial Corporation        197,329 5,564,678
          66,637,814
Capital markets: 2.77%           
Donnelley Financial Solutions †       81,302 3,439,888
Piper Sandler Companies        45,988 6,943,728
Stifel Financial Corporation        86,462 5,778,255
          16,161,871
Diversified financial services: 0.55%           
Jackson Financial Incorporation Class A        70,206 3,185,948
Insurance: 4.54%           
American Equity Investment Life Holding Company        130,305 5,427,203
Brighthouse Financial Incorporated †       82,737 4,784,681
Genworth Financial Incorporated Class A †       869,021 5,414,001
See accompanying notes to portfolio of investments
2  |  Allspring Small Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Insurance (continued)          
Horace Mann Educators Corporation                   42,551 $  1,572,685
Lincoln National Corporation                   39,805   1,262,615
United Fire Group Incorporated                   78,028   2,226,919
UnumProvident Corporation          131,355   5,851,865
           26,539,969
Mortgage REITs: 2.46%           
AGNC Investment Corporation †                 686,475   7,461,985
Annaly Capital Management Incorporated          335,237   6,932,701
           14,394,686
Thrifts & mortgage finance: 0.93%           
Axos Financial Incorporated †         114,195   5,411,701
Health care: 10.22%          
Biotechnology: 1.07%           
Bioxcel Therapeutics Incorporated †                  63,873   2,038,826
Cogent Biosciences Incorporated †                  69,943     925,346
Protagonist Therapeutics Incorporated †                 123,108   1,996,812
Xencor Incorporated †          39,973   1,284,332
            6,245,316
Health care equipment & supplies: 3.96%           
Dentsply Sirona Incorporated                   76,410   2,908,929
EDAP TMS SA ADR                  318,894   3,753,382
Heska Corporation †                  13,454   1,095,559
Masimo Corporation †                  21,490   3,595,492
Merit Medical Systems Incorporated †       60,708 4,284,771
Quidlelothro Corporation †       37,576 3,266,857
UFP Technologies Incorporated †       35,771 4,210,962
          23,115,952
Health care providers & services: 3.67%           
Addus Homecare Corporation †       40,258 4,373,629
AMN Healthcare Services Incorporated †       43,258 3,893,653
Fulgent Genetics Incorporated †       59,174 1,940,315
Option Care Health Incorporated †       115,995 3,557,567
The Ensign Group Incorporated        49,109 4,394,273
The Joint Corporation        94,304 1,480,573
U.S. Physical Therapy Incorporated        17,640 1,787,461
          21,427,471
Health care technology: 0.57%           
Veradigm Incorporated †       200,140 3,324,325
Pharmaceuticals: 0.95%           
Prestige Consumer Healthcare Incorporated †       74,850 4,509,713
Supernus Pharmaceuticals Incorporated †       28,178 1,059,211
          5,568,924
Industrials: 18.84%          
Airlines: 0.46%           
Alaska Air Group Incorporated †       56,239 2,689,911
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio  |  3
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Building products: 1.88%           
CSW Industrials Incorporated                   32,296 $  4,571,822
UFP Industries Incorporated                   48,399   4,139,566
Zurn Elkay Water Solutions Corporation           99,380   2,285,740
           10,997,128
Commercial services & supplies: 1.20%           
ABM Industries Incorporated                   90,787   4,394,999
ACCO Brands Corporation          464,131   2,631,623
            7,026,622
Construction & engineering: 3.80%           
Comfort Systems Incorporated                   37,520   5,456,909
MYR Group Incorporated †                  73,713   8,890,525
Sterling Construction Company Incorporated †         204,155   7,851,801
           22,199,235
Diversified consumer services: 0.41%           
ADT Incorporated †         320,595   2,417,286
Electrical equipment: 1.85%           
Atkore Incorporated †                  25,814   3,769,360
Generac Holdings Incorporated †                  21,973   2,636,980
Regal Rexnord Corporation           27,813   4,384,441
           10,790,781
Machinery: 5.89%           
Federal Signal Corporation                  137,696   7,266,218
Hillenbrand Incorporated                  123,880   5,839,703
Kadant Incorporated        26,621 5,714,464
Miller Industries Incorporated        96,355 2,679,633
Standex International Corporation        33,470 3,871,810
The Shyft Group Incorporated        144,898 3,757,205
The Timken Company        61,528 5,257,568
          34,386,601
Professional services: 1.89%           
Barrett Business Services Incorporated        24,319 2,334,138
CBIZ Incorporated †       124,677 6,245,071
First Advantage Corporation        169,353 2,457,312
          11,036,521
Road & rail: 0.80%           
Arcbest Corporation        48,359 4,652,136
Trading companies & distributors: 0.66%           
Boise Cascade Company        55,512 3,836,434
Information technology: 11.44%          
Communications equipment: 0.87%           
Aviat Networks Incorporated †       64,025 2,274,808
Harmonic Incorporated †       82,896 1,093,398
Silicom Limited        45,338 1,727,831
          5,096,037
See accompanying notes to portfolio of investments
4  |  Allspring Small Company Value Portfolio
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Electronic equipment, instruments & components: 5.10%           
ePlus Incorporated †                  80,163 $  4,342,430
Insight Enterprises Incorporated †                  55,014   7,367,475
Methode Electronics Incorporated                  112,971   5,505,077
PC Connection Incorporated                   79,294   3,473,077
Richardson Electric Limited †                 155,916   3,271,118
Sanmina Corporation †          96,385   5,827,437
           29,786,614
IT services: 2.37%           
Cass Information Systems Incorporated                   52,860   2,555,781
EPAM Systems Incorporated †                  10,359   3,186,946
Hackett Group Incorporated                   78,204   1,457,723
TTEC Holdings Incorporated                   52,310   2,106,001
WEX Incorporated †          23,399   4,511,561
           13,818,012
Semiconductors & semiconductor equipment: 2.67%           
Cirrus Logic Incorporated †                  30,484   3,132,231
Diodes Incorporated †                  27,820   2,550,816
FormFactor Incorporated †                 104,697   3,151,380
Ichor Holdings Limited †                  77,504   2,553,757
Onto Innovation Incorporated †                  34,158   2,817,010
Synaptics Incorporated †          12,003   1,411,673
           15,616,867
Software: 0.43%           
Verint Systems Incorporated †       67,322 2,516,496
Materials: 6.96%          
Chemicals: 4.31%           
Advansix Incorporated        142,897 5,880,212
Hawkins Incorporated        154,942 6,301,491
Hudson Technologies Incorporated †       198,200 2,007,766
Ingevity Corporation        56,008 4,624,020
Minerals Technologies Incorporated        56,623 3,439,847
Stepan Company        27,975 2,911,918
          25,165,254
Construction materials: 1.13%           
Eagle Materials Incorporated        47,217 6,625,489
Containers & packaging: 0.61%           
Greif Incorporated Class A        50,125 3,561,381
Metals & mining: 0.91%           
Schnitzer Steel Industries Incorporated Class A        161,650 5,284,339
Real estate: 5.99%          
Equity REITs: 5.99%           
Agree Realty Corporation        79,157 5,602,732
Armada Hoffler Properties Incorporated        227,566 2,917,396
Global Medical REIT Incorporated †       301,596 3,034,056
LXP Industrial Trust        330,201 3,443,996
One Liberty Properties Incorporated        99,163 2,246,042
Outfront Media Incorporated        172,365 3,007,769
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio  |  5
Portfolio of investments—February 28, 2023 (unaudited)
        Shares Value
Equity REITs (continued)          
PotlatchDeltic Corporation                   72,179 $  3,331,783
Retail Opportunity Investment Corporation                  190,695   2,713,590
STAG Industrial Incorporated                  181,102   6,092,271
Summit Hotel Properties Incorporated          353,380   2,615,012
           35,004,647
Total Common stocks (Cost $438,341,183)         578,057,741
    
      Expiration
date 		   
Warrants: 0.00%          
Energy: 0.00%          
Energy equipment & services: 0.00%          
Parker Drilling Company ♦†     9-16-2024     8,457         211
Total Warrants (Cost $0)                 211
    
    Yield      
Short-term investments: 1.17%          
Investment companies: 1.17%          
Allspring Government Money Market Fund Select Class ♠∞   4.39%   6,843,586   6,843,586
Total Short-term investments (Cost $6,843,586)           6,843,586
Total investments in securities (Cost $445,184,769) 100.14%       584,901,538
Other assets and liabilities, net (0.14)          (844,129)
Total net assets 100.00%       $584,057,409
    
† Non-income-earning security
♦ The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee.
♠ 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:
ADR American depositary receipt
REIT Real estate investment trust
See accompanying notes to portfolio of investments
6  |  Allspring Small Company Value Portfolio
Portfolio of investments—February 28, 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 $5,144,446 $67,055,687 $(65,356,547) $   0   $0   $6,843,586 6,843,586 $114,660
Investments in affiliates no longer
held at end of period 		                   
Securities Lending Cash Investments LLC 8,022,300 73,268,132 (81,290,232) (200)   0           0         0 107,340#
        $(200)   $0   $6,843,586   $222,000
    
# Amount shown represents income before fees and rebates.
See accompanying notes to portfolio of investments
Allspring Small Company Value Portfolio  |  7
Notes to portfolio of investments—February 28, 2023 (unaudited)
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.
Equity securities 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. Interests in non-registered investment companies that are redeemable at net asset value are fair valued normally 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.
Securities lending
The Portfolio may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Portfolio receives interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the "Securities Lending Fund"), an affiliated non-registered investment company. Investments in Securities Lending Fund are valued at the evaluated bid price provided by an independent pricing service. The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940 and is managed by Allspring Funds Management and is subadvised by Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC. Allspring Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Securities Lending Fund increase. All of the fees received by Allspring Funds Management are paid to Allspring Investments for its services as subadviser. The Securities Lending Fund seeks to provide a positive return compared to the daily Fed Funds Open Rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments.
In a securities lending transaction, the net asset value of the Portfolio is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolio fluctuates from time to time. The Portfolio has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Portfolio may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allow the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Portfolio or pay the Portfolio the market value of the loaned securities. The Portfolio bears the risk of loss with respect to depreciation of its investment of the cash collateral.
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)
8  |  Allspring Small Company Value Portfolio
Notes to portfolio of investments—February 28, 2023 (unaudited)
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 February 28, 2023:
  Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Common stocks        
Consumer discretionary $80,607,712 $0 $0 $80,607,712
Consumer staples 31,537,228 0 0 31,537,228
Energy 21,391,033 0 0 21,391,033
Financials 132,331,989 0 0 132,331,989
Health care 59,681,988 0 0 59,681,988
Industrials 110,032,655 0 0 110,032,655
Information technology 66,834,026 0 0 66,834,026
Materials 40,636,463 0 0 40,636,463
Real estate 35,004,647 0 0 35,004,647
Warrants        
Energy 0 211 0 211
Short-term investments        
Investment companies 6,843,586 0 0 6,843,586
Total assets $584,901,327 $211 $0 $584,901,538
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the nine months ended February 28, 2023, the Portfolio did not have any transfers into/out of Level 3.
Allspring Small Company Value Portfolio  |  9