Portfolio of investments—September 30, 2022 (unaudited)
Shares | Value | ||||
Common stocks: 99.02% | |||||
Communication services: 0.49% | |||||
Media: 0.49% | |||||
TechTarget Incorporated † | 23,700 | $ 1,403,040 | |||
Consumer discretionary: 10.24% | |||||
Auto components: 1.32% | |||||
Fox Factory Holding Corporation † | 47,210 | 3,733,367 | |||
Hotels, restaurants & leisure: 4.76% | |||||
First Watch Restaurant Group † | 90,304 | 1,307,602 | |||
Hilton Grand Vacations Incorporated † | 110,700 | 3,640,923 | |||
Papa John's International Incorporated | 76,520 | 5,357,165 | |||
Wingstop Incorporated | 25,669 | 3,219,406 | |||
13,525,096 | |||||
Multiline retail: 0.54% | |||||
Ollie's Bargain Outlet Holdings Incorporated † | 29,500 | 1,522,200 | |||
Specialty retail: 2.07% | |||||
Boot Barn Holdings Incorporated † | 21,340 | 1,247,536 | |||
Leslie's Incorporated † | 98,792 | 1,453,230 | |||
Lithia Motors Incorporated Class A | 14,820 | 3,179,631 | |||
5,880,397 | |||||
Textiles, apparel & luxury goods: 1.55% | |||||
Crocs Incorporated † | 24,680 | 1,694,529 | |||
Deckers Outdoor Corporation † | 8,680 | 2,713,455 | |||
4,407,984 | |||||
Consumer staples: 4.30% | |||||
Beverages: 2.00% | |||||
Celsius Holdings Incorporated † | 25,300 | 2,294,204 | |||
Duckhorn Portfolio Incorporated † | 175,165 | 2,527,631 | |||
MGP Ingredients Incorporated | 8,200 | 870,512 | |||
5,692,347 | |||||
Food & staples retailing: 1.73% | |||||
The Chef's Warehouse Incorporated † | 169,370 | 4,906,649 | |||
Food products: 0.57% | |||||
The Simply Good Foods Company † | 50,500 | 1,615,495 | |||
Energy: 2.60% | |||||
Energy equipment & services: 0.99% | |||||
Helmerich & Payne Incorporated | 76,200 | 2,817,114 | |||
Oil, gas & consumable fuels: 1.61% | |||||
Matador Resources Company | 43,000 | 2,103,560 | |||
Viper Energy Partners LP | 85,800 | 2,459,028 | |||
4,562,588 |
See accompanying notes to portfolio of investments
Allspring VT Small Cap Growth Fund | 1
Portfolio of investments—September 30, 2022 (unaudited)
Shares | Value | ||||
Financials: 6.33% | |||||
Capital markets: 1.93% | |||||
Stifel Financial Corporation | 105,635 | $ 5,483,513 | |||
Insurance: 4.40% | |||||
Kinsale Capital Group Incorporated | 48,876 | 12,483,908 | |||
Health care: 28.57% | |||||
Biotechnology: 6.99% | |||||
Apellis Pharmaceuticals Incorporated † | 22,800 | 1,557,240 | |||
Arcutis Biotherapeutics Incorporated † | 168,546 | 3,220,914 | |||
Biohaven Pharmaceutical Holding Company † | 18,480 | 2,793,622 | |||
Cytokinetics Incorporated † | 42,500 | 2,059,125 | |||
Fate Therapeutics Incorporated † | 47,660 | 1,068,061 | |||
Halozyme Therapeutics Incorporated † | 147,640 | 5,837,686 | |||
Immunocore Holdings PLC ADR † | 21,900 | 1,027,986 | |||
Vericel Corporation † | 98,195 | 2,278,124 | |||
19,842,758 | |||||
Health care equipment & supplies: 15.70% | |||||
Axonics Incorporated † | 80,600 | 5,677,464 | |||
Figs Incorporated Class A † | 165,630 | 1,366,448 | |||
Inari Medical Incorporated † | 50,900 | 3,697,376 | |||
Inspire Medical Systems Incorporated † | 27,940 | 4,955,718 | |||
iRhythm Technologies Incorporated † | 42,400 | 5,311,872 | |||
Omnicell Incorporated † | 10,000 | 870,300 | |||
Orthopediatrics Corporation † | 78,501 | 3,622,036 | |||
Outset Medical Incorporated † | 64,368 | 1,025,382 | |||
Shockwave Medical Incorporated † | 38,946 | 10,829,714 | |||
SI-BONE Incorporated † | 161,698 | 2,823,247 | |||
Silk Road Medical Incorporated † | 27,310 | 1,228,950 | |||
TransMedics Group Incorporated † | 75,459 | 3,149,659 | |||
44,558,166 | |||||
Health care providers & services: 2.30% | |||||
Castle Biosciences Incorporated † | 81,218 | 2,118,165 | |||
HealthEquity Incorporated † | 41,300 | 2,774,121 | |||
Privia Health Group Incorporated † | 47,894 | 1,631,270 | |||
6,523,556 | |||||
Health care technology: 1.09% | |||||
Evolent Health Incorporated Class A † | 86,500 | 3,107,945 | |||
Life sciences tools & services: 0.18% | |||||
Akoya Biosciences Incorporated † | 43,452 | 510,561 | |||
Pharmaceuticals: 2.31% | |||||
Amylyx Pharmaceuticals Incorporated †« | 61,681 | 1,736,320 | |||
Harmony Biosciences Holdings † | 20,500 | 907,945 | |||
Pacira Biosciences Incorporated † | 43,800 | 2,329,722 | |||
Revance Therapeutics Incorporated † | 58,400 | 1,576,800 | |||
6,550,787 |
See accompanying notes to portfolio of investments
2 | Allspring VT Small Cap Growth Fund
Portfolio of investments—September 30, 2022 (unaudited)
Shares | Value | ||||
Industrials: 16.94% | |||||
Building products: 2.38% | |||||
Zurn Water Solutions Corporation | 276,350 | $ 6,770,575 | |||
Commercial services & supplies: 2.87% | |||||
Casella Waste Systems Incorporated Class A † | 106,590 | 8,142,410 | |||
Construction & engineering: 0.44% | |||||
Construction Partners Incorporated Class A † | 47,300 | 1,240,679 | |||
Electrical equipment: 3.69% | |||||
Array Technologies Incorporated † | 101,300 | 1,679,554 | |||
Regal Rexnord Corporation | 50,074 | 7,028,387 | |||
Shoals Technologies Group Class A † | 81,800 | 1,762,790 | |||
10,470,731 | |||||
Machinery: 2.01% | |||||
Chart Industries Incorporated † | 13,400 | 2,470,290 | |||
Evoqua Water Technologies Company † | 97,600 | 3,227,632 | |||
5,697,922 | |||||
Professional services: 2.94% | |||||
ASGN Incorporated † | 92,441 | 8,353,893 | |||
Road & rail: 0.57% | |||||
Saia Incorporated † | 8,592 | 1,632,480 | |||
Trading companies & distributors: 2.04% | |||||
Applied Industrial Technologies Incorporated | 26,300 | 2,703,114 | |||
SiteOne Landscape Supply Incorporated † | 29,570 | 3,079,420 | |||
5,782,534 | |||||
Information technology: 29.55% | |||||
Communications equipment: 2.44% | |||||
Calix Incorporated † | 113,300 | 6,927,162 | |||
Electronic equipment, instruments & components: 2.28% | |||||
Novanta Incorporated † | 56,008 | 6,477,325 | |||
IT services: 8.19% | |||||
BigCommerce Holdings Incorporated Series 1 † | 105,100 | 1,555,480 | |||
DigitalOcean Holdings Incorporated †« | 33,300 | 1,204,461 | |||
Endava plc ADR † | 38,634 | 3,115,059 | |||
EVO Payments Incorporated Class A † | 134,001 | 4,462,233 | |||
ExlService Holdings Incorporated † | 33,200 | 4,892,352 | |||
Flywire Corporation † | 105,600 | 2,424,576 | |||
Perficient Incorporated † | 9,300 | 604,686 | |||
Shift4 Payments Incorporated Class A † | 78,600 | 3,506,346 | |||
WNS Holdings Limited ADR † | 18,000 | 1,473,120 | |||
23,238,313 | |||||
Semiconductors & semiconductor equipment: 5.45% | |||||
Allegro MicroSystems Incorporated † | 182,916 | 3,996,715 | |||
Diodes Incorporated † | 76,890 | 4,990,930 | |||
Semtech Corporation † | 107,950 | 3,174,810 |
See accompanying notes to portfolio of investments
Allspring VT Small Cap Growth Fund | 3
Portfolio of investments—September 30, 2022 (unaudited)
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Silicon Laboratories Incorporated † | 20,870 | $ 2,576,193 | |||
Sitime Corporation † | 9,200 | 724,316 | |||
15,462,964 | |||||
Software: 11.19% | |||||
CyberArk Software Limited † | 25,700 | 3,853,458 | |||
EXPENSIFY Incorporated Class A † | 43,285 | 644,081 | |||
Jamf Holding Corporation † | 124,558 | 2,760,205 | |||
Paycor HCM Incorporated † | 163,661 | 4,837,819 | |||
Rapid7 Incorporated † | 56,818 | 2,437,492 | |||
Sprout Social Incorporated Class A † | 33,739 | 2,047,283 | |||
SPS Commerce Incorporated † | 83,474 | 10,369,975 | |||
Verint Systems Incorporated | 41,700 | 1,400,286 | |||
Workiva Incorporated † | 43,900 | 3,415,420 | |||
31,766,019 | |||||
Total Common stocks (Cost $262,516,771) | 281,090,478 |
Yield | |||||
Short-term investments: 2.70% | |||||
Investment companies: 2.70% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 5,930,971 | 5,930,971 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 1,735,520 | 1,735,520 | ||
Total Short-term investments (Cost $7,666,491) | 7,666,491 | ||||
Total investments in securities (Cost $270,183,262) | 101.72% | 288,756,969 | |||
Other assets and liabilities, net | (1.72) | (4,882,500) | |||
Total net assets | 100.00% | $283,874,469 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
See accompanying notes to portfolio of investments
4 | Allspring VT Small Cap Growth Fund
Portfolio of investments—September 30, 2022 (unaudited)
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund 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 | $6,232,112 | $85,564,342 | $(85,865,483) | $0 | $0 | $5,930,971 | 5,930,971 | $41,024 | ||
Securities Lending Cash Investments LLC | 11,274,475 | 83,539,726 | (93,078,681) | 0 | 0 | 1,735,520 | 1,735,520 | 68,341# | ||
$0 | $0 | $7,666,491 | $109,365 |
# | Amount shown represents income before fees and rebates. |
See accompanying notes to portfolio of investments
Allspring VT Small Cap Growth Fund | 5
Notes to portfolio of investments—September 30, 2022 (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 Fund 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 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 Fund 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 Fund 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 Fund 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 Fund fluctuates from time to time. The Fund 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 Fund 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 Fund or pay the Fund the market value of the loaned securities. The Fund 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 Fund’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 Fund’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 Fund’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.
6 | Allspring VT Small Cap Growth Fund
Notes to portfolio of investments—September 30, 2022 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2022:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $1,403,040 | $0 | $0 | $1,403,040 |
Consumer discretionary | 29,069,044 | 0 | 0 | 29,069,044 |
Consumer staples | 12,214,491 | 0 | 0 | 12,214,491 |
Energy | 7,379,702 | 0 | 0 | 7,379,702 |
Financials | 17,967,421 | 0 | 0 | 17,967,421 |
Health care | 81,093,773 | 0 | 0 | 81,093,773 |
Industrials | 48,091,224 | 0 | 0 | 48,091,224 |
Information technology | 83,871,783 | 0 | 0 | 83,871,783 |
Short-term investments | ||||
Investment companies | 7,666,491 | 0 | 0 | 7,666,491 |
Total assets | $288,756,969 | $0 | $0 | $288,756,969 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the nine months ended September 30, 2022, the Fund did not have any transfers into/out of Level 3.
Allspring VT Small Cap Growth Fund | 7