Consolidated portfolio of investments—July 31, 2026 (unaudited)
Consolidated portfolio of investments
 
 
 
 
 
 
Shares
Value
Common stocks:  29.93%
 
Communication services:  1.50%
 
Entertainment:  0.36%
 
Netflix, Inc.†
 
12,555
$900,319
TKO Group Holdings, Inc. Class A
 
3,661
665,607
 
 
1,565,926
Interactive media & services:  0.98%
 
Alphabet, Inc. Class A
 
12,079
4,301,694
Media:  0.16%
 
Fox Corp. Class A
 
11,700
681,291
Consumer discretionary:  1.48%
 
Broadline retail:  0.67%
 
Amazon.com, Inc.†
 
10,801
2,933,335
Household durables:  0.41%
 
PulteGroup, Inc.
 
8,276
1,046,666
Somnigroup International, Inc.
 
11,213
732,545
 
 
1,779,211
Specialty retail:  0.20%
 
Carvana Co. Class A†
 
3,787
236,157
Ulta Beauty, Inc.†
 
1,197
613,858
 
 
850,015
Textiles, apparel & luxury goods:  0.20%
 
Deckers Outdoor Corp.†
 
9,194
890,715
Consumer staples:  0.90%
 
Beverages:  0.52%
 
Keurig Dr Pepper, Inc.
 
36,806
1,145,403
Monster Beverage Corp.†
 
11,533
1,111,550
 
 
2,256,953
Consumer staples distribution & retail:  0.38%
 
Costco Wholesale Corp.
 
1,002
953,794
Dollar General Corp.
 
5,663
719,484
 
 
1,673,278
Energy:  1.19%
 
Energy equipment & services:  0.32%
 
Baker Hughes Co. Class A
 
23,305
1,409,720
Oil, gas & consumable fuels:  0.87%
 
EOG Resources, Inc.
 
8,548
1,271,002
Valero Energy Corp.
 
8,068
2,524,477
 
 
3,795,479
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 1
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
 
 
Shares
Value
Financials:  2.53%
 
Banks:  1.33%
 
Fifth Third Bancorp
 
47,272
$2,670,868
First Citizens BancShares, Inc. Class A
 
701
1,532,842
JPMorgan Chase & Co.
 
4,599
1,617,882
 
 
5,821,592
Capital markets:  0.55%
 
Interactive Brokers Group, Inc. Class A
 
15,087
1,327,505
Virtu Financial, Inc. Class A
 
18,010
1,057,727
 
 
2,385,232
Insurance:  0.29%
 
Arch Capital Group Ltd.†
 
12,434
1,249,990
Mortgage real estate investment trusts (REITs):  0.36%
 
Annaly Capital Management, Inc.
 
69,080
1,569,498
Health care:  2.67%
 
Biotechnology:  0.45%
 
Exelixis, Inc.†
 
17,932
950,934
United Therapeutics Corp.†
 
1,940
1,004,357
 
 
1,955,291
Health care equipment & supplies:  0.58%
 
Alcon AG
 
14,456
996,597
Edwards Lifesciences Corp.†
 
17,964
1,546,161
 
 
2,542,758
Health care providers & services:  0.63%
 
Cencora, Inc.
 
4,635
1,443,061
Labcorp Holdings, Inc.
 
4,312
1,333,270
 
 
2,776,331
Life sciences tools & services:  0.43%
 
Charles River Laboratories International, Inc.†
 
5,208
1,210,912
Waters Corp.†
 
1,773
668,971
 
 
1,879,883
Pharmaceuticals:  0.58%
 
Bristol-Myers Squibb Co.
 
17,676
1,154,420
Eli Lilly & Co.
 
1,187
1,363,673
 
 
2,518,093
Industrials:  3.01%
 
Aerospace & defense:  0.68%
 
Axon Enterprise, Inc.†
 
708
373,654
Carpenter Technology Corp.
 
1,273
661,527
See accompanying consolidated notes to portfolio of investments
2 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
 
 
Shares
Value
Aerospace & defense(continued)
 
L3Harris Technologies, Inc.
 
2,635
$730,053
StandardAero, Inc.†
 
40,299
1,181,164
 
 
2,946,398
Commercial services & supplies:  0.34%
 
Republic Services, Inc. Class A
 
6,933
1,459,743
Construction & engineering:  0.55%
 
Comfort Systems USA, Inc.
 
672
1,162,352
EMCOR Group, Inc.
 
1,573
1,254,357
 
 
2,416,709
Electrical equipment:  0.22%
 
Bloom Energy Corp. Class A†
 
1,400
288,134
Vertiv Holdings Co. Class A
 
2,847
687,750
 
 
975,884
Ground transportation:  0.22%
 
Canadian Pacific Kansas City Ltd.
 
10,800
960,012
Machinery:  0.29%
 
Gates Industrial Corp. Ltd.†
 
44,978
1,258,485
Passenger airlines:  0.24%
 
United Airlines Holdings, Inc.†
 
8,549
1,037,250
Professional services:  0.27%
 
Jacobs Solutions, Inc.
 
4,991
673,436
Leidos Holdings, Inc.
 
4,449
514,304
 
 
1,187,740
Trading companies & distributors:  0.20%
 
AerCap Holdings NV
 
5,873
886,236
Information technology:  7.36%
 
Communications equipment:  0.40%
 
Arista Networks, Inc.†
 
9,685
1,746,690
Electronic equipment, instruments & components:  1.18%
 
Amphenol Corp. Class A
 
8,534
1,371,414
CDW Corp.
 
8,116
1,199,626
Keysight Technologies, Inc.†
 
4,712
1,503,505
TD SYNNEX Corp.
 
4,112
1,051,438
 
 
5,125,983
IT services:  0.80%
 
MongoDB, Inc. Class A†
 
2,301
776,542
Okta, Inc.†
 
12,332
1,750,281
Twilio, Inc. Class A†
 
4,884
963,857
 
 
3,490,680
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 3
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
 
 
Shares
Value
Semiconductors & semiconductor equipment:  3.26%
 
Broadcom, Inc.
 
9,035
$3,517,145
KLA Corp.
 
9,040
1,652,693
Lam Research Corp.
 
3,641
1,066,886
Monolithic Power Systems, Inc.
 
405
577,542
NVIDIA Corp.
 
17,398
3,492,648
ON Semiconductor Corp.†
 
9,293
758,402
Onto Innovation, Inc.†
 
2,482
641,796
Qnity Electronics, Inc.
 
8,197
1,075,282
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
 
2,437
985,157
Tower Semiconductor Ltd.†
 
2,180
478,881
 
 
14,246,432
Software:  0.75%
 
Microsoft Corp.
 
7,081
3,290,682
Technology hardware, storage & peripherals:  0.97%
 
Apple, Inc.
 
10,599
3,274,137
Sandisk Corp.†
 
388
471,354
Seagate Technology Holdings PLC
 
557
476,864
 
 
4,222,355
Materials:  3.85%
 
Chemicals:  0.59%
 
CF Industries Holdings, Inc.
 
6,168
772,172
RPM International, Inc.
 
17,042
1,824,687
 
 
2,596,859
Construction materials:  0.25%
 
Vulcan Materials Co.
 
4,044
1,086,097
Metals & mining:  3.01%
 
Agnico Eagle Mines Ltd.
 
2,401
348,576
Agnico Eagle Mines Ltd.-U.S. Exchange Traded Shares
 
4,600
668,242
Alamos Gold, Inc. Class A
 
18,500
514,149
AngloGold Ashanti PLC
 
7,000
555,240
Artemis Gold, Inc.†
 
16,500
395,948
Barrick Mining Corp.
 
17,286
634,915
Coeur Mining, Inc.
 
11,003
164,055
Coeur Mining, Inc.-Toronto Stock Exchange
 
11,405
169,792
Discovery Mining Ltd.†
 
28,500
177,890
DPM Metals, Inc.
 
15,600
548,395
Eldorado Gold Corp.
 
5,300
159,962
Endeavour Mining PLC
 
13,080
618,987
Equinox Gold Corp.
 
9,050
81,084
Evolution Mining Ltd.
 
8,000
63,435
Franco-Nevada Corp.
 
1,700
361,671
Freeport-McMoRan, Inc.
 
10,695
669,828
G Mining Ventures Corp.†
 
20,500
624,864
Gold Fields Ltd. ADR
 
13,850
449,017
Hemlo Mining Corp.†
 
45,000
163,070
See accompanying consolidated notes to portfolio of investments
4 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
 
 
Shares
Value
Metals & mining(continued)
 
IAMGOLD Corp.†
 
43,500
$615,644
Kinross Gold Corp.
 
34,000
783,878
Lundin Gold, Inc.
 
8,000
447,922
LunR Royalties Corp.†
 
1,670
22,098
Montage Gold Corp.†
 
32,000
362,036
Newmont Corp.
 
11,425
1,070,637
OceanaGold Corp.
 
16,266
392,190
OR Royalties, Inc.
 
3,700
109,956
Orla Mining Ltd.
 
14,700
131,496
Pan American Silver Corp.
 
1,765
75,996
Pan American Silver Corp.-U.S. Exchange Traded Shares
 
6,100
262,971
Royal Gold, Inc.
 
1,200
238,020
Skeena Resources Ltd.†
 
10,100
267,945
Snowline Gold Corp.†
 
11,500
110,336
Torex Gold Resources, Inc.
 
9,500
365,606
Wheaton Precious Metals Corp.
 
4,600
500,345
 
 
13,126,196
Real estate:  4.63%
 
Health care REITs:  0.62%
 
Omega Healthcare Investors, Inc.
 
9,137
462,606
Welltower, Inc.
 
9,667
2,266,332
 
 
2,728,938
Industrial REITs:  0.79%
 
First Industrial Realty Trust, Inc.
 
9,176
604,148
Prologis, Inc.
 
12,988
1,878,195
Rexford Industrial Realty, Inc.
 
8,369
316,097
Terreno Realty Corp.
 
8,846
633,816
 
 
3,432,256
Real estate management & development:  0.18%
 
CBRE Group, Inc. Class A†
 
5,361
787,048
Residential REITs:  0.79%
 
American Homes 4 Rent Class A
 
14,287
477,471
Camden Property Trust
 
4,516
500,418
Equity LifeStyle Properties, Inc.
 
8,655
563,181
Independence Realty Trust, Inc.
 
22,301
370,866
Invitation Homes, Inc.
 
15,740
467,793
Mid-America Apartment Communities, Inc.
 
4,269
564,959
Sun Communities, Inc.
 
3,950
487,746
 
 
3,432,434
Retail REITs:  0.34%
 
Federal Realty Investment Trust
 
3,130
388,401
Simon Property Group, Inc.
 
4,840
1,110,151
 
 
1,498,552
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 5
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
 
 
Shares
Value
Specialized REITs:  1.91%
 
American Tower Corp.
 
7,697
$1,334,352
Crown Castle, Inc.
 
3,061
233,554
CubeSmart
 
8,457
350,627
Equinix, Inc.
 
1,930
1,967,210
Extra Space Storage, Inc.
 
5,365
794,235
Four Corners Property Trust, Inc.
 
10,275
263,040
Gaming & Leisure Properties, Inc.
 
6,242
279,579
Iron Mountain, Inc.
 
7,042
861,378
SBA Communications Corp. Class A
 
3,404
616,056
VICI Properties, Inc. Class A
 
20,631
543,627
Weyerhaeuser Co.
 
43,031
1,077,066
 
 
8,320,724
Utilities:  0.81%
 
Electric utilities:  0.57%
 
American Electric Power Co., Inc.
 
11,436
1,462,093
FirstEnergy Corp.
 
21,537
1,040,452
 
 
2,502,545
Water utilities:  0.24%
 
American Water Works Co., Inc.
 
7,653
1,026,803
Total common stocks (Cost $100,066,132)
 
130,626,016
 
 
 
Interest
rate
Maturity
date
Principal
 
Corporate bonds and notes:  6.66%
 
Basic materials:  0.25%
 
Chemicals:  0.17%
 
Celanese U.S. Holdings LLC
6.50
%
4-15-2030
$
115,000
116,414
Celanese U.S. Holdings LLC
7.35
11-15-2028
 
60,000
62,248
Chemours Co.144A
5.75
11-15-2028
 
199,000
198,012
SCIH Salt Holdings, Inc.144A
4.88
5-1-2028
 
310,000
309,985
SCIH Salt Holdings, Inc.144A%%
6.63
8-15-2031
 
60,000
59,989
 
 
746,648
Iron/steel:  0.08%
 
Cleveland-Cliffs, Inc.144A
6.88
11-1-2029
 
355,000
358,786
Communications:  0.75%
 
Advertising:  0.04%
 
Clear Channel Outdoor Holdings, Inc.144A
7.13
2-15-2031
 
155,000
159,883
Internet:  0.18%
 
Arches Buyer, Inc.144A
4.25
6-1-2028
 
180,000
174,369
Gen Digital, Inc.144A
6.75
9-30-2027
 
295,000
295,454
Wayfair LLC144A
7.25
10-31-2029
 
300,000
308,936
 
 
778,759
See accompanying consolidated notes to portfolio of investments
6 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Media:  0.43%
 
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.00
%
2-1-2028
$
235,000
$232,002
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.13
5-1-2027
 
174,000
173,639
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.38
6-1-2029
 
220,000
213,656
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A
5.88
8-15-2027
 
38,000
37,910
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A
10.00
2-15-2031
 
215,000
224,661
Discovery Global Holdings, Inc.
4.05
3-15-2029
 
515,000
505,838
Sirius XM Radio LLC144A
5.00
8-1-2027
 
481,000
480,304
 
 
1,868,010
Telecommunications:  0.10%
 
APLD ComputeCo LLC144A
9.25
12-15-2030
 
80,000
85,020
Viasat, Inc.144A
5.63
4-15-2027
 
190,000
189,585
WULF Compute LLC144A
7.75
10-15-2030
 
160,000
166,235
 
 
440,840
Consumer, cyclical:  1.70%
 
Airlines:  0.07%
 
American Airlines, Inc.144A
7.25
2-15-2028
 
310,000
312,590
Apparel:  0.04%
 
Crocs, Inc.144A
4.25
3-15-2029
 
180,000
173,136
Auto manufacturers:  0.16%
 
Ford Motor Credit Co. LLC
4.13
8-17-2027
 
300,000
297,662
Nissan Motor Acceptance Co. LLC144A
5.63
9-29-2028
 
150,000
149,108
Nissan Motor Acceptance Co. LLC144A
6.95
9-15-2026
 
165,000
165,237
Nissan Motor Acceptance Co. LLC144A
7.05
9-15-2028
 
75,000
76,530
 
 
688,537
Auto parts & equipment:  0.18%
 
Adient Global Holdings Ltd.144A
8.25
4-15-2031
 
125,000
129,972
American Axle & Manufacturing, Inc.
5.00
10-1-2029
 
355,000
343,003
Goodyear Tire & Rubber Co.
4.88
3-15-2027
 
305,000
304,535
ZF North America Capital, Inc.144A
6.88
4-14-2028
 
20,000
20,360
 
 
797,870
Distribution/wholesale:  0.02%
 
RB Global Holdings, Inc.144A
7.75
3-15-2031
 
110,000
113,515
Entertainment:  0.32%
 
Churchill Downs, Inc.144A
5.50
4-1-2027
 
430,000
430,234
Cinemark USA, Inc.144A
5.25
7-15-2028
 
375,000
372,344
Live Nation Entertainment, Inc.144A
6.50
5-15-2027
 
290,000
290,137
SeaWorld Parks & Entertainment, Inc.144A
5.25
8-15-2029
 
240,000
233,805
Six Flags Entertainment Corp./Canada’s Wonderland Co./Magnum
Management Corp.
5.25
7-15-2029
 
65,000
62,247
 
 
1,388,767
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 7
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Home builders:  0.11%
 
K Hovnanian Enterprises, Inc.144A
8.00
%
4-1-2031
$
55,000
$56,063
Taylor Morrison Communities, Inc.144A
5.75
1-15-2028
 
290,000
292,561
Tri Pointe Homes, Inc.
5.70
6-15-2028
 
130,000
130,048
 
 
478,672
Housewares:  0.06%
 
Central Garden & Pet Co.
5.13
2-1-2028
 
40,000
39,960
Newell Brands, Inc.144A
8.50
6-1-2028
 
205,000
213,966
 
 
253,926
Leisure time:  0.13%
 
Carnival Corp. Ltd.144A
5.13
5-1-2029
 
155,000
153,800
NCL Corp. Ltd.144A
5.88
1-15-2031
 
330,000
315,388
VOC Escrow Ltd.144A
5.00
2-15-2028
 
120,000
119,627
 
 
588,815
Lodging:  0.01%
 
Hilton Domestic Operating Co., Inc.144A
5.50
9-15-2031
 
35,000
34,678
Retail:  0.60%
 
Advance Auto Parts, Inc.
1.75
10-1-2027
 
115,000
110,417
Advance Auto Parts, Inc.144A
7.00
8-1-2030
 
360,000
368,869
Bath & Body Works, Inc.144A
6.63
10-1-2030
 
235,000
238,799
Carvana Co.144A
9.00
6-1-2030
 
140,000
144,302
Carvana Co.144A
9.00
6-1-2031
 
295,000
324,476
FirstCash, Inc.144A
4.63
9-1-2028
 
260,000
255,195
Gap, Inc.144A
3.63
10-1-2029
 
180,000
169,333
Group 1 Automotive, Inc.144A
6.38
1-15-2030
 
170,000
170,783
Kohl’s Corp.144A
10.00
6-1-2030
 
175,000
189,019
Lithia Motors, Inc.144A
4.63
12-15-2027
 
85,000
84,591
Macy’s Retail Holdings LLC144A
5.88
3-15-2030
 
185,000
183,667
Nordstrom, Inc.
4.00
3-15-2027
 
55,000
54,165
Nordstrom, Inc.
4.38
4-1-2030
 
55,000
52,565
QXO Building Products, Inc.144A
6.50
7-15-2031
 
65,000
65,263
Victoria’s Secret & Co.144A
4.63
7-15-2029
 
200,000
194,241
 
 
2,605,685
Consumer, non-cyclical:  0.82%
 
Commercial services:  0.32%
 
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A
6.88
6-15-2030
 
85,000
86,854
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas
Luxco 4 Sarl144A
4.63
6-1-2028
 
125,000
123,290
CoreCivic, Inc.
8.25
4-15-2029
 
325,000
337,410
GEO Group, Inc.
8.63
4-15-2029
 
455,000
474,334
GEO Group, Inc.
10.25
4-15-2031
 
95,000
102,448
Herc Holdings, Inc.144A
7.00
6-15-2030
 
265,000
273,286
 
 
1,397,622
See accompanying consolidated notes to portfolio of investments
8 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Cosmetics/Personal Care:  0.05%
 
Edgewell Personal Care Co.144A
5.50
%
6-1-2028
$
240,000
$239,317
Food:  0.12%
 
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC144A
3.50
3-15-2029
 
250,000
235,286
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC144A
6.50
2-15-2028
 
100,000
100,623
Post Holdings, Inc.144A
4.63
4-15-2030
 
90,000
86,693
Post Holdings, Inc.144A
6.25
2-15-2032
 
85,000
85,343
 
 
507,945
Healthcare-services:  0.17%
 
IQVIA, Inc.144A
5.00
10-15-2026
 
125,000
124,935
Molina Healthcare, Inc.144A
4.38
6-15-2028
 
230,000
225,110
Star Parent, Inc.144A
9.00
10-1-2030
 
220,000
231,025
Tenet Healthcare Corp.
4.63
6-15-2028
 
70,000
69,302
Tenet Healthcare Corp.
6.13
10-1-2028
 
101,000
101,064
 
 
751,436
Pharmaceuticals:  0.16%
 
AdaptHealth LLC144A
4.63
8-1-2029
 
260,000
250,671
AdaptHealth LLC144A
5.13
3-1-2030
 
85,000
81,963
AdaptHealth LLC144A
6.13
8-1-2028
 
130,000
130,000
Organon & Co./Organon Foreign Debt Co-Issuer BV144A
4.13
4-30-2028
 
220,000
216,505
 
 
679,139
Energy:  0.74%
 
Energy-alternate sources:  0.07%
 
TerraForm Power Operating LLC144A
5.00
1-31-2028
 
285,000
281,974
Oil & gas:  0.19%
 
Aethon United BR LP/Aethon United Finance Corp.144A
7.50
10-1-2029
 
235,000
243,813
Hilcorp Energy I LP/Hilcorp Finance Co.144A
6.25
11-1-2028
 
255,000
255,755
Nabors Industries, Inc.144A
9.13
1-31-2030
 
127,000
132,777
SM Energy Co.144A
8.63
11-1-2030
 
205,000
215,196
 
 
847,541
Oil & gas services:  0.01%
 
USA Compression Partners LP/USA Compression Finance
Corp.144A
7.13
3-15-2029
 
25,000
25,538
Pipelines:  0.47%
 
Antero Midstream Partners LP/Antero Midstream Finance
Corp.144A
5.75
1-15-2028
 
135,000
134,896
Buckeye Partners LP144A
6.88
7-1-2029
 
185,000
189,205
Energy Transfer LP Series H (5 Year Treasury Constant
Maturity+5.69%)ʊ±
6.50
8-17-2026
 
20,000
19,995
Excelerate Energy LP144A
8.00
5-15-2030
 
255,000
267,159
Hess Midstream Operations LP144A
5.88
3-1-2028
 
180,000
180,914
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 9
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Pipelines(continued)
 
Kinetik Holdings LP144A
6.63
%
12-15-2028
$
400,000
$406,622
Prairie Acquiror LP144A
9.00
8-1-2029
 
70,000
72,206
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A
5.50
1-15-2028
 
220,000
219,740
Venture Global LNG, Inc.144A
7.00
1-15-2030
 
365,000
370,806
Venture Global LNG, Inc.144A
9.50
2-1-2029
 
180,000
192,676
 
 
2,054,219
Financial:  1.53%
 
Banks:  0.22%
 
Bank of America Corp. Series RR (5 Year Treasury Constant
Maturity+2.76%)ʊ±
4.38
1-27-2027
 
305,000
303,145
Bank of New York Mellon Corp. Series I (5 Year Treasury Constant
Maturity+2.63%)ʊ±
3.75
12-20-2026
 
75,000
74,488
Citigroup, Inc. Series T (U.S. SOFR 3 Month+4.78%)ʊ±
6.25
8-15-2026
 
255,000
254,525
Citigroup, Inc. Series Z (5 Year Treasury Constant
Maturity+3.21%)ʊ±
7.38
5-15-2028
 
65,000
66,512
Huntington Bancshares, Inc. Series G (7 Year Treasury Constant
Maturity+4.05%)ʊ±
4.45
10-15-2027
 
255,000
251,002
 
 
949,672
Diversified financial services:  0.78%
 
Azorra Finance Ltd.144A
7.75
4-15-2030
 
325,000
336,376
Capital One Financial Corp. Series O (U.S. SOFR 3 Month+3.34%)ʊ±
5.50
10-30-2027
 
180,000
179,034
Encore Capital Group, Inc.144A
8.50
5-15-2030
 
210,000
222,340
Global Aircraft Leasing Co. Ltd.144A
8.75
9-1-2027
 
275,000
279,379
Jefferson Capital Holdings LLC144A
6.00
8-15-2026
 
230,000
229,529
Jefferson Capital Holdings LLC144A
8.25
5-15-2030
 
140,000
146,187
Jefferson Capital Holdings LLC144A
9.50
2-15-2029
 
55,000
57,340
Navient Corp.
4.88
3-15-2028
 
160,000
156,389
Navient Corp.
5.00
3-15-2027
 
145,000
144,353
OneMain Finance Corp.
5.38
11-15-2029
 
420,000
410,458
PRA Group, Inc.144A
8.38
2-1-2028
 
250,000
253,202
Rocket Cos., Inc.144A
6.13
8-1-2030
 
275,000
277,229
Rocket Cos., Inc.144A
6.50
8-1-2029
 
90,000
91,182
SLM Corp.
6.50
1-31-2030
 
100,000
101,147
United Wholesale Mortgage LLC144A
5.50
4-15-2029
 
75,000
70,045
United Wholesale Mortgage LLC144A
5.75
6-15-2027
 
445,000
441,375
 
 
3,395,565
Insurance:  0.15%
 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A
6.75
4-15-2028
 
290,000
291,308
AmWINS Group, Inc.144A
6.38
2-15-2029
 
200,000
200,809
HUB International Ltd.144A
7.25
6-15-2030
 
180,000
185,340
 
 
677,457
REITs:  0.38%
 
Blackstone Mortgage Trust, Inc.144A
3.75
1-15-2027
 
130,000
128,588
Brandywine Operating Partnership LP
3.95
11-15-2027
 
135,000
131,814
See accompanying consolidated notes to portfolio of investments
10 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
REITs(continued)
 
Brandywine Operating Partnership LP
8.88
%
4-12-2029
$
70,000
$73,366
Iron Mountain, Inc.144A
5.25
3-15-2028
 
360,000
358,699
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
4.25
2-1-2027
 
65,000
64,663
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
4.75
6-15-2029
 
220,000
214,253
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK
Finance Co-Issuer144A
5.88
10-1-2028
 
255,000
254,656
Starwood Property Trust, Inc.144A
5.25
10-15-2028
 
65,000
64,421
Starwood Property Trust, Inc.144A
5.88
8-15-2029
 
275,000
275,461
XHR LP144A
6.63
5-15-2030
 
95,000
97,027
 
 
1,662,948
Industrial:  0.36%
 
Aerospace/defense:  0.08%
 
TransDigm, Inc.144A
6.38
3-1-2029
 
350,000
354,211
Electrical components & equipment:  0.09%
 
Energizer Holdings, Inc.144A
4.75
6-15-2028
 
165,000
163,303
WESCO Distribution, Inc.144A
6.38
3-15-2029
 
240,000
243,386
 
 
406,689
Machinery-diversified:  0.05%
 
TK Elevator U.S. Newco, Inc.144A
5.25
7-15-2027
 
200,000
199,975
Packaging & containers:  0.04%
 
Clydesdale Acquisition Holdings, Inc.144A
6.63
4-15-2029
 
190,000
188,854
Trucking & leasing:  0.10%
 
FTAI Aviation Investors LLC144A
5.50
5-1-2028
 
430,000
428,571
Technology:  0.27%
 
Computers:  0.02%
 
Diebold Nixdorf, Inc.144A
7.75
3-31-2030
 
105,000
109,002
Software:  0.25%
 
Cloud Software Group LLC144A
6.50
3-31-2029
 
425,000
415,295
Fair Isaac Corp.144A
4.00
6-15-2028
 
110,000
106,302
Rocket Software, Inc.144A
9.00
11-28-2028
 
140,000
138,570
SS&C Technologies, Inc.144A
5.50
9-30-2027
 
410,000
409,436
 
 
1,069,603
Utilities:  0.24%
 
Electric:  0.24%
 
NRG Energy, Inc.144A
5.75
7-15-2029
 
35,000
34,980
Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A
4.50
8-15-2028
 
305,000
297,837
PG&E Corp.
5.00
7-1-2028
 
175,000
173,348
Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ±
7.00
12-15-2026
 
70,000
70,374
Vistra Corp. Series C (5 Year Treasury Constant
Maturity+5.05%)144Aʊ±
8.88
1-15-2029
 
30,000
31,786
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 11
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Electric(continued)
 
Vistra Operations Co. LLC144A
5.00
%
7-31-2027
$
150,000
$149,950
XPLR Infrastructure Operating Partners LP144A
4.50
9-15-2027
 
285,000
281,722
 
 
1,039,997
Total corporate bonds and notes (Cost $28,978,435)
 
29,056,392
 
 
 
 
 
Shares
 
Investment companies:  1.64%
 
Exchange-traded funds:  1.64%
 
iShares MSCI South Korea ETF
 
45,634
7,169,101
Total investment companies (Cost $9,004,573)
 
7,169,101
 
 
 
 
 
Principal
 
Loans:  0.16%
 
Basic materials:  0.02%
 
Chemicals:  0.02%
 
Chemours Co. (U.S. SOFR 1 Month+3.50%)±
7.23
10-15-2032
$
74,812
74,508
Communications:  0.06%
 
Media:  0.06%
 
Discovery Global Holdings, Inc. (U.S. SOFR 1 Month+2.50%)±
6.23
6-3-2033
 
264,808
264,975
Consumer, cyclical:  0.02%
 
Airlines:  0.02%
 
Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)±
7.48
4-1-2031
 
68,602
68,645
Consumer, non-cyclical:  0.02%
 
Healthcare-products:  0.00%
 
Bausch & Lomb Corp. (U.S. SOFR 1 Month+3.75%)±
7.48
1-15-2031
 
9,925
9,950
Healthcare-services:  0.02%
 
Star Parent, Inc. (U.S. SOFR 3 Month+3.50%)±
7.23
9-27-2030
 
84,783
85,058
Financial:  0.03%
 
Diversified financial services:  0.03%
 
Jane Street Group LLC (U.S. SOFR 3 Month+2.00%)±
5.67
12-15-2031
 
104,447
103,987
Insurance:  0.00%
 
Asurion LLC (U.S. SOFR 3 Month+4.25%)±
8.17
8-19-2028
 
13,579
13,585
Industrial:  0.01%
 
Packaging & containers:  0.01%
 
Clydesdale Acquisition Holdings, Inc. (U.S. SOFR 1 Month+3.18%)±
6.91
4-13-2029
 
65,000
63,407
Total loans (Cost $683,565)
 
684,115
U.S. Treasury securities:  18.70%
 
TIPS
0.13
1-15-2030
 
5,470,080
5,108,267
TIPS
0.13
7-15-2030
 
4,940,195
4,585,893
TIPS
0.13
1-15-2031
 
4,325,059
3,964,674
See accompanying consolidated notes to portfolio of investments
12 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
U.S. Treasury securities(continued)
 
TIPS
0.13
%
7-15-2031
$
1,837,823
$1,672,718
TIPS
0.13
1-15-2032
 
3,154,994
2,829,421
TIPS
0.13
2-15-2051
 
1,943,445
963,260
TIPS
0.25
7-15-2029
 
1,211,731
1,150,407
TIPS
0.25
2-15-2050
 
208,536
110,507
TIPS
0.38
7-15-2027
 
3,417,726
3,351,992
TIPS
0.50
1-15-2028
 
4,856,494
4,720,387
TIPS
0.63
2-15-2043
 
495,536
345,995
TIPS
0.75
2-15-2042
 
148,294
108,806
TIPS
0.88
1-15-2029
 
3,178,309
3,077,627
TIPS
1.00
2-15-2048
 
1,555,872
1,051,155
TIPS
1.00
2-15-2049
 
1,617,930
1,077,127
TIPS
1.38
7-15-2033
 
5,003,511
4,738,029
TIPS
1.38
2-15-2044
 
1,552,792
1,213,809
TIPS
1.50
2-15-2053
 
1,347,088
966,208
TIPS
1.63
10-15-2027
 
4,654,765
4,613,990
TIPS
1.75
1-15-2034
 
1,951,261
1,880,376
TIPS
1.88
7-15-2034
 
3,769,652
3,658,899
TIPS
2.13
1-15-2035
 
6,158,324
6,047,694
TIPS
2.13
2-15-2040
 
1,488,307
1,393,379
TIPS
2.13
2-15-2041
 
2,058,025
1,901,385
TIPS
2.13
2-15-2054
 
1,037,239
857,817
TIPS
2.50
1-15-2029
 
874,003
879,569
TIPS
3.88
4-15-2029
 
122,299
127,445
U.S. Treasury Inflation-Indexed Bonds
1.00
2-15-2046
 
1,824,305
1,275,607
U.S. Treasury Inflation-Indexed Bonds
2.38
2-15-2055
 
1,003,505
875,273
U.S. Treasury Inflation-Indexed Bonds
2.38
2-15-2056
 
697,903
609,234
U.S. Treasury Inflation-Indexed Bonds
3.38
4-15-2032
 
1,396,972
1,485,903
U.S. Treasury Inflation-Indexed Notes
1.25
4-15-2031
 
4,636,145
4,450,951
U.S. Treasury Inflation-Indexed Notes
1.88
1-15-2036
 
2,392,477
2,279,278
U.S. Treasury Inflation-Indexed Notes
2.13
4-15-2029
 
8,260,467
8,233,132
Total U.S. Treasury securities (Cost $87,671,201)
 
81,606,214
Yankee corporate bonds and notes:  0.65%
 
Basic materials:  0.04%
 
Mining:  0.04%
 
Alumina Pty. Ltd.144A
6.13
3-15-2030
 
170,000
171,414
Communications:  0.07%
 
Internet:  0.07%
 
Rakuten Group, Inc.144A
11.25
2-15-2027
 
295,000
303,302
Consumer, cyclical:  0.23%
 
Airlines:  0.07%
 
Latam Airlines Group SA144A
7.63
1-7-2031
 
180,000
183,825
Latam Airlines Group SA144A
7.88
4-15-2030
 
145,000
149,517
 
 
333,342
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 13
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Auto manufacturers:  0.02%
 
Nissan Motor Co. Ltd.144A
4.35
%
9-17-2027
$
75,000
$73,748
Auto parts & equipment:  0.04%
 
Forvia SE144A
8.00
6-15-2030
 
155,000
162,901
Leisure time:  0.10%
 
Royal Caribbean Cruises Ltd.144A
5.38
7-15-2027
 
455,000
455,814
Consumer, non-cyclical:  0.11%
 
Cosmetics/Personal Care:  0.05%
 
Perrigo Finance Unlimited Co.
5.15
6-15-2030
 
210,000
198,556
Healthcare-products:  0.06%
 
Bausch & Lomb Corp.144A
8.38
10-1-2028
 
275,000
281,875
Energy:  0.03%
 
Oil & gas:  0.01%
 
Borr IHC Ltd./Borr Finance LLC144A
10.00
11-15-2028
 
36,686
38,410
Pipelines:  0.02%
 
Enbridge, Inc. (5 Year Treasury Constant Maturity+3.71%)±
7.38
1-15-2083
 
100,000
102,030
Financial:  0.11%
 
Banks:  0.03%
 
Banco Mercantil del Norte SA (5 Year Treasury Constant
Maturity+4.64%)144Aʊ±
5.88
1-24-2027
 
120,000
119,418
Diversified financial services:  0.08%
 
GGAM Finance Ltd.144A
6.88
4-15-2029
 
110,000
111,788
goeasy Ltd.144A
9.25
12-1-2028
 
90,000
88,938
Macquarie AirFinance Holdings Ltd.144A
6.40
3-26-2029
 
140,000
143,707
 
 
344,433
Industrial:  0.05%
 
Packaging & containers:  0.05%
 
Trivium Packaging Finance BV144A
8.25
7-15-2030
 
220,000
232,559
Utilities:  0.01%
 
Electric:  0.01%
 
Algonquin Power & Utilities Corp. (5 Year Treasury Constant
Maturity+3.25%)±
4.75
1-18-2082
 
40,000
39,628
Total yankee corporate bonds and notes (Cost $2,846,966)
 
2,857,430
See accompanying consolidated notes to portfolio of investments
14 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
 
 
 
Yield
 
Shares
Value
Short-term investments:  34.05%
 
Investment companies:  34.05%
 
Allspring Government Money Market Fund Select Class♠∞*##
3.59
%
 
148,586,414
$148,586,414
Total short-term investments (Cost $148,586,414)
 
148,586,414
Total investments in securities (Cost $377,837,286)
91.79
%
 
400,585,682
Other assets and liabilities, net
8.21
 
35,813,517
Total net assets
100.00
%
 
$436,399,199
 
†
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.
%%
The security is purchased on a when-issued basis.
ʊ
Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
±
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.
*
A portion of the holding represents an investment held in Real Return Special Investments (Cayman) Ltd., the consolidated entity.
##
All or a portion of this security is segregated as collateral for when-issued securities.
 
Abbreviations:
ADR
American depositary receipt
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
$143,823,899
$155,238,939
$(150,476,424
)
$0
$0
$148,586,414
148,586,414
$1,444,329
Forward foreign currency contracts 
Currency to be
received
Currency to be
delivered
Counterparty
Settlement
date
Unrealized
gains
Unrealized
losses
MXN
31,943,000
USD
1,824,011
Morgan Stanley, Inc.
9-15-2026
$13,829
$0
USD
204,018
MXN
3,594,000
Morgan Stanley, Inc.
9-15-2026
0
(2,763
)
AUD
1,736,000
USD
1,211,830
Morgan Stanley, Inc.
9-16-2026
8,787
0
AUD
344,000
USD
237,313
Morgan Stanley, Inc.
9-16-2026
4,561
0
BRL
8,160,000
USD
1,551,567
Morgan Stanley, Inc.
9-16-2026
41,472
0
BRL
834,000
USD
158,056
Morgan Stanley, Inc.
9-16-2026
4,762
0
USD
4,203,130
CAD
5,862,000
Morgan Stanley, Inc.
9-16-2026
13,717
0
USD
49,377
CAD
70,000
Morgan Stanley, Inc.
9-16-2026
0
(651
)
USD
2,962,924
CHF
2,347,000
Morgan Stanley, Inc.
9-16-2026
46,232
0
USD
72,092
CHF
58,000
Morgan Stanley, Inc.
9-16-2026
13
0
CLP
1,001,860,000
USD
1,102,945
Morgan Stanley, Inc.
9-16-2026
0
(25,042
)
CLP
110,331,000
USD
118,977
Morgan Stanley, Inc.
9-16-2026
0
(272
)
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 15
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
Forward foreign currency contracts (continued)
Currency to be
received
Currency to be
delivered
Counterparty
Settlement
date
Unrealized
gains
Unrealized
losses
CZK
7,802,000
USD
371,725
Morgan Stanley, Inc.
9-16-2026
$0
$(111
)
USD
2,191,847
CZK
46,718,000
Morgan Stanley, Inc.
9-16-2026
0
(33,358
)
USD
3,055,447
EUR
2,642,000
Morgan Stanley, Inc.
9-16-2026
3,641
0
EUR
28,000
USD
31,948
Morgan Stanley, Inc.
9-16-2026
395
0
GBP
180,000
USD
240,063
Morgan Stanley, Inc.
9-16-2026
2,527
0
USD
3,143,498
GBP
2,375,000
Morgan Stanley, Inc.
9-16-2026
0
(57,337
)
HUF
6,987,000
USD
22,571
Morgan Stanley, Inc.
9-16-2026
0
(530
)
HUF
41,569,000
USD
133,043
Morgan Stanley, Inc.
9-16-2026
0
(1,909
)
USD
993,785
IDR
17,970,113,000
Morgan Stanley, Inc.
9-16-2026
0
(671
)
USD
1,933,591
IDR
34,993,942,000
Morgan Stanley, Inc.
9-16-2026
0
(2,954
)
USD
5,378,496
INR
519,751,000
Morgan Stanley, Inc.
9-16-2026
0
(48,890
)
INR
6,109,000
USD
63,930
Morgan Stanley, Inc.
9-16-2026
0
(138
)
USD
2,880,119
JPY
458,815,000
Morgan Stanley, Inc.
9-16-2026
0
(13,322
)
USD
88,468
JPY
14,308,000
Morgan Stanley, Inc.
9-16-2026
0
(1,763
)
USD
593,067
KRW
905,742,000
Morgan Stanley, Inc.
9-16-2026
0
(42,580
)
KRW
100,083,000
USD
64,487
Morgan Stanley, Inc.
9-16-2026
5,751
0
NOK
6,395,000
USD
670,457
Morgan Stanley, Inc.
9-16-2026
3,876
0
NOK
4,337,000
USD
436,387
Morgan Stanley, Inc.
9-16-2026
20,936
0
NZD
584,000
USD
338,537
Morgan Stanley, Inc.
9-16-2026
5,913
0
USD
2,147,239
NZD
3,779,000
Morgan Stanley, Inc.
9-16-2026
0
(81,663
)
PLN
6,284,000
USD
1,700,701
Morgan Stanley, Inc.
9-16-2026
0
(18,634
)
USD
2,655,041
PLN
10,027,000
Morgan Stanley, Inc.
9-16-2026
0
(28,931
)
SEK
4,417,000
USD
465,128
Morgan Stanley, Inc.
9-16-2026
0
(211
)
USD
1,915,304
SEK
18,607,000
Morgan Stanley, Inc.
9-16-2026
0
(43,199
)
ZAR
28,575,000
USD
1,720,247
Morgan Stanley, Inc.
9-16-2026
3,549
0
USD
408,503
ZAR
6,731,000
Morgan Stanley, Inc.
9-16-2026
2,453
0
 
 
 
 
$182,414
$(404,929
)
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
CAC 40 Index
10
8-21-2026
$970,217
$982,599
$12,382
$0
NY Harbor ULSD Futures**
36
8-31-2026
4,865,460
6,192,396
1,326,936
0
Reformulated Gasoline Blendstock for Oxygen Blending
Futures**
35
8-31-2026
4,120,982
4,577,874
456,892
0
10-Year Euro BUND Index
379
9-8-2026
55,067,676
54,350,765
0
(716,911
)
2-Year Euro SCHATZ
738
9-8-2026
89,958,144
89,744,796
0
(213,348
)
Gas Oil Futures**
31
9-10-2026
2,796,210
3,814,550
1,018,340
0
Nikkei 225 Index
66
9-10-2026
27,190,458
26,432,356
0
(758,102
)
TOPIX Index
3
9-10-2026
747,889
751,673
3,784
0
Hard Red Winter Wheat Futures**
129
9-14-2026
4,130,173
4,563,375
433,202
0
LME Copper Futures**
12
9-14-2026
4,023,648
4,149,339
125,691
0
LME Lead Futures**
11
9-14-2026
530,567
511,393
0
(19,174
)
LME Nickel Futures**
14
9-14-2026
1,368,634
1,442,398
73,764
0
LME Primary Aluminum Futures**
51
9-14-2026
4,113,003
4,065,223
0
(47,780
)
LME Zinc Futures**
25
9-14-2026
2,227,995
2,290,731
62,736
0
U.S. Dollar Index
220
9-14-2026
22,306,734
21,953,580
0
(353,154
)
Wheat Futures**
47
9-14-2026
1,419,470
1,502,238
82,768
0
10-Year Australian Bond
715
9-15-2026
54,750,098
54,397,085
0
(353,013
)
3-Year Australian Bond
2,589
9-15-2026
190,165,620
189,816,017
0
(349,603
)
See accompanying consolidated notes to portfolio of investments
16 | Allspring Real Return Portfolio
Consolidated portfolio of investments—July 31, 2026 (unaudited)
 
 
Futures contracts (continued)
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long (continued)
S&P ASX Share Price Index 200
11
9-17-2026
$1,686,083
$1,730,504
$44,421
$0
S&P/TSX 60 Index
7
9-17-2026
2,051,728
2,081,749
30,021
0
10-Year Canadian Bond
737
9-18-2026
62,894,295
62,446,667
0
(447,628
)
DAX Index
2
9-18-2026
1,447,814
1,482,374
34,560
0
E-Mini NASDAQ 100 Index
2
9-18-2026
1,227,813
1,136,170
0
(91,643
)
E-Mini Russell 2000 Index
6
9-18-2026
893,783
881,400
0
(12,383
)
E-Mini S&P 500 Index
4
9-18-2026
1,499,820
1,503,850
4,030
0
Euro STOXX 50 Index
385
9-18-2026
27,821,359
28,293,742
472,383
0
FTSE 100 Index
16
9-18-2026
2,258,325
2,342,930
84,605
0
MSCI Emerging Markets Index
216
9-18-2026
19,627,958
17,736,840
0
(1,891,118
)
Long Gilt Futures
220
9-28-2026
26,154,954
25,644,730
0
(510,224
)
Lean Hogs Futures**
85
10-14-2026
2,847,952
2,884,900
36,948
0
Brent Crude Oil Futures**
203
10-30-2026
15,351,668
16,692,690
1,341,022
0
Soybean Futures**
130
11-13-2026
7,525,202
7,718,750
193,548
0
Corn Futures**
152
12-14-2026
3,531,121
3,526,400
0
(4,721
)
Soybean Meal Futures**
1
12-14-2026
30,753
32,120
1,367
0
Soybean Oil Futures**
21
12-14-2026
822,411
842,940
20,529
0
Cocoa Futures**
27
12-15-2026
1,442,562
1,494,720
52,158
0
C Coffee Futures**
7
12-18-2026
806,276
825,956
19,680
0
Gold 100 Troy Ounces Futures**
3
12-29-2026
1,243,507
1,232,100
0
(11,407
)
Brent Crude Oil Futures**
268
10-31-2028
19,600,093
19,113,760
0
(486,333
)
Short
Light Sweet Crude Oil Futures**
(3
)
8-20-2026
(206,785
)
(254,010
)
0
(47,225
)
Henry Hub Natural Gas Futures**
(13
)
8-27-2026
(407,479
)
(357,110
)
50,369
0
10-Year Euro BUND Index
(46
)
9-8-2026
(6,655,560
)
(6,596,663
)
58,897
0
10-Year Japanese Bond
(13
)
9-14-2026
(10,403,813
)
(10,382,515
)
21,298
0
LME Copper Futures**
(3
)
9-14-2026
(981,545
)
(1,037,335
)
0
(55,790
)
LME Lead Futures**
(20
)
9-14-2026
(959,333
)
(929,805
)
29,528
0
LME Primary Aluminum Futures**
(8
)
9-14-2026
(624,770
)
(637,682
)
0
(12,912
)
10-Year Australian Bond
(959
)
9-15-2026
(73,390,329
)
(72,960,565
)
429,764
0
S&P ASX Share Price Index 200
(173
)
9-17-2026
(26,798,080
)
(27,216,111
)
0
(418,031
)
E-Mini NASDAQ 100 Index
(35
)
9-18-2026
(19,605,524
)
(19,882,975
)
0
(277,451
)
10-Year U.S. Treasury Notes
(71
)
9-21-2026
(7,751,252
)
(7,668,000
)
83,252
0
Ultra U.S. Treasury Bond
(141
)
9-21-2026
(15,933,040
)
(15,465,937
)
467,103
0
Long Gilt Futures
(29
)
9-28-2026
(3,438,835
)
(3,380,442
)
58,393
0
Silver Futures**
(1
)
9-28-2026
(304,619
)
(288,930
)
15,689
0
Brent Crude Oil Futures**
(122
)
9-30-2026
(10,941,563
)
(10,318,760
)
622,803
0
Brent Crude Oil Futures**
(265
)
10-29-2027
(19,939,294
)
(19,572,900
)
366,394
0
 
$8,135,257
$(7,077,951
)
 
**
Represents an investment held in Real Return Special Investments (Cayman) Ltd., the consolidated entity.
See accompanying consolidated notes to portfolio of investments
Allspring Real Return Portfolio | 17
Notes to consolidated portfolio of investments—July 31, 2026 (unaudited)
Notes to consolidated portfolio of investments
Investment in subsidiary
The Portfolio invests in direct or indirect investments in various derivatives, including commodity-linked derivatives, through Real Return Special Investments (Cayman) Ltd (the “Subsidiary”), a wholly owned subsidiary incorporated on June 27, 2023 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of July 31, 2026, the Subsidiary had $60,144,513 of investments in affiliates and cash at broker segregated for futures contacts representing 99.57% of its net assets. As of July 31, 2026, the Portfolio held $60,406,453 in the Subsidiary, representing 16.06% of the Portfolio net assets prior to consolidation. The consolidated net assets of the Portfolio includes the Subsidiary. The Consolidated portfolio of investments includes positions of the Portfolio and the Subsidiary.
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, exchange-traded funds 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 July 31, 2026, such fair value pricing was used in pricing certain foreign securities.
Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.
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.
When-issued transactions
The Portfolio may purchase securities on a forward commitment or when-issued basis. The Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on
18 | Allspring Real Return Portfolio
Notes to consolidated portfolio of investments—July 31, 2026 (unaudited)
a when-issued basis are marked-to-market daily and the Portfolio begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
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.
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Portfolio enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Portfolio from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Portfolio is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Portfolio’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Portfolio and the counterparty.
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 interest rates, security values, commodity prices and foreign exchange rates and is subject to interest rate risk, equity price risk, commodity price risk and foreign currency 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
Allspring Real Return Portfolio | 19
Notes to consolidated portfolio of investments—July 31, 2026 (unaudited)
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 July 31, 2026: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$6,548,911
$0
$0
$6,548,911
Consumer discretionary
6,453,276
0
0
6,453,276
Consumer staples
3,930,231
0
0
3,930,231
Energy
5,205,199
0
0
5,205,199
Financials
11,026,312
0
0
11,026,312
Health care
11,672,356
0
0
11,672,356
Industrials
13,128,457
0
0
13,128,457
Information technology
32,122,822
0
0
32,122,822
Materials
16,745,717
63,435
0
16,809,152
Real estate
20,199,952
0
0
20,199,952
Utilities
3,529,348
0
0
3,529,348
Corporate bonds and notes
0
29,056,392
0
29,056,392
Investment companies
7,169,101
0
0
7,169,101
Loans
0
684,115
0
684,115
U.S. Treasury securities
81,606,214
0
0
81,606,214
Yankee corporate bonds and notes
0
2,857,430
0
2,857,430
Short-term investments
Investment companies
148,586,414
0
0
148,586,414
 
367,924,310
32,661,372
0
400,585,682
Forward foreign currency contracts
0
182,414
0
182,414
Futures contracts
8,135,257
0
0
8,135,257
Total assets
$376,059,567
$32,843,786
$0
$408,903,353
Liabilities
Forward foreign currency contracts
$0
$404,929
$0
$404,929
Futures contracts
7,077,951
0
0
7,077,951
Total liabilities
$7,077,951
$404,929
$0
$7,482,880
Futures contracts and forward foreign currency contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Consolidated 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 Consolidated portfolio of investments.
As of July 31, 2026, $34,034,800 was segregated as cash collateral for these open futures contracts. 
At July 31, 2026, the Portfolio did not have any transfers into/out of Level 3.
20 | Allspring Real Return Portfolio