UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09255
Allspring Variable Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: December 31
Registrant is making a filing for 6 of its series: Allspring VT Discovery All Cap Growth Fund, Allspring VT Discovery SMID Cap Growth Fund, Allspring VT Index Asset Allocation Fund, Allspring VT International Equity Fund, Allspring VT Opportunity Fund and Allspring VT Small Cap Growth Fund.
Date of reporting period: December 31, 2023
ITEM 1. REPORT TO STOCKHOLDERS
Discovery All Cap
Growth Fund
2 | |
8 | |
12 | |
13 | |
17 | |
18 | |
19 | |
20 | |
22 | |
26 | |
27 |
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith, CFA, Christopher J. Warner, CFA |
Average annual total returns (%) as of December 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class 1 | 3-6-1997 | 33.50 | 13.80 | 10.68 | 0.84 | 0.75 |
Class 2 | 7-31-2002 | 33.17 | 13.54 | 10.42 | 1.09 | 1.00 |
Russell 3000® Growth Index3 | – | 41.21 | 18.85 | 14.33 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through April 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class 1 shares and 1.00% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Growth of $10,000 investment as of December 31, 20231 |
1 | The chart compares the performance of Class 2 shares for the most recent ten years with the Russell 3000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class 2 shares and reflects all operating expenses of the Fund but does not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Ten largest holdings (%) as of December 31, 20231 | |
Microsoft Corp. | 11.72 |
Amazon.com, Inc. | 6.60 |
Alphabet, Inc. Class A | 6.55 |
Visa, Inc. Class A | 5.10 |
UnitedHealth Group, Inc. | 3.29 |
MercadoLibre, Inc. | 2.14 |
Sherwin-Williams Co. | 2.12 |
ServiceNow, Inc. | 2.05 |
Waste Connections, Inc. | 2.04 |
Chipotle Mexican Grill, Inc. | 2.01 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2023 | Ending account value 12-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class 1 | ||||
Actual | $1,000.00 | $1,095.70 | $3.94 | 0.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75 % |
Class 2 | ||||
Actual | $1,000.00 | $1,094.30 | $5.25 | 1.00 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.06 | $5.06 | 1.00 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 99.39% | ||||||
Communication services: 7.81% | ||||||
Entertainment: 1.26% | ||||||
Spotify Technology SA† | 4,700 | $883,177 | ||||
Interactive media & services: 6.55% | ||||||
Alphabet, Inc. Class A† | 33,000 | 4,609,770 | ||||
Consumer discretionary: 15.32% | ||||||
Automobiles: 1.44% | ||||||
Ferrari NV | 3,000 | 1,015,290 | ||||
Broadline retail: 8.74% | ||||||
Amazon.com, Inc.† | 30,540 | 4,640,248 | ||||
MercadoLibre, Inc.† | 958 | 1,505,535 | ||||
6,145,783 | ||||||
Hotels, restaurants & leisure: 2.01% | ||||||
Chipotle Mexican Grill, Inc.† | 620 | 1,417,915 | ||||
Specialty retail: 1.60% | ||||||
Home Depot, Inc. | 3,251 | 1,126,634 | ||||
Textiles, apparel & luxury goods: 1.53% | ||||||
lululemon athletica, Inc.† | 2,100 | 1,073,709 | ||||
Consumer staples: 0.80% | ||||||
Beverages: 0.80% | ||||||
Celsius Holdings, Inc.† | 10,300 | 561,556 | ||||
Financials: 12.43% | ||||||
Capital markets: 3.09% | ||||||
Intercontinental Exchange, Inc. | 8,500 | 1,091,655 | ||||
Tradeweb Markets, Inc. Class A | 11,900 | 1,081,472 | ||||
2,173,127 | ||||||
Financial services: 7.53% | ||||||
Adyen NV ADR† | 54,300 | 699,384 | ||||
Fiserv, Inc.† | 7,560 | 1,004,270 | ||||
Visa, Inc. Class A | 13,790 | 3,590,227 | ||||
5,293,881 | ||||||
Insurance: 1.81% | ||||||
Progressive Corp. | 8,000 | 1,274,240 | ||||
Health care: 15.05% | ||||||
Biotechnology: 1.39% | ||||||
Exact Sciences Corp.† | 13,200 | 976,536 | ||||
Health care equipment & supplies: 4.50% | ||||||
Align Technology, Inc.† | 2,200 | 602,800 |
Shares | Value | |||||
Health care equipment & supplies(continued) | ||||||
DexCom, Inc.† | 10,200 | $1,265,718 | ||||
Intuitive Surgical, Inc.† | 3,840 | 1,295,462 | ||||
3,163,980 | ||||||
Health care providers & services: 3.29% | ||||||
UnitedHealth Group, Inc. | 4,401 | 2,316,995 | ||||
Health care technology: 1.34% | ||||||
Veeva Systems, Inc. Class A† | 4,900 | 943,348 | ||||
Life sciences tools & services: 2.57% | ||||||
Bio-Techne Corp. | 11,100 | 856,476 | ||||
Danaher Corp. | 4,100 | 948,494 | ||||
1,804,970 | ||||||
Pharmaceuticals: 1.96% | ||||||
Zoetis, Inc. | 7,000 | 1,381,590 | ||||
Industrials: 10.19% | ||||||
Commercial services & supplies: 3.49% | ||||||
Tetra Tech, Inc. | 6,100 | 1,018,273 | ||||
Waste Connections, Inc. | 9,646 | 1,439,858 | ||||
2,458,131 | ||||||
Electrical equipment: 0.94% | ||||||
Vertiv Holdings Co. | 13,700 | 658,011 | ||||
Ground transportation: 1.44% | ||||||
Old Dominion Freight Line, Inc. | 2,500 | 1,013,325 | ||||
Industrial conglomerates: 1.54% | ||||||
General Electric Co. | 8,500 | 1,084,855 | ||||
Machinery: 1.70% | ||||||
RBC Bearings, Inc.† | 4,200 | 1,196,538 | ||||
Professional services: 1.08% | ||||||
Paylocity Holding Corp.† | 4,600 | 758,310 | ||||
Information technology: 34.52% | ||||||
Communications equipment: 2.00% | ||||||
Motorola Solutions, Inc. | 4,500 | 1,408,905 | ||||
Electronic equipment, instruments & components: 2.41% | ||||||
Teledyne Technologies, Inc.† | 2,200 | 981,838 | ||||
Zebra Technologies Corp. Class A† | 2,600 | 710,658 | ||||
1,692,496 | ||||||
IT services: 4.28% | ||||||
Gartner, Inc.† | 2,400 | 1,082,664 |
Shares | Value | |||||
IT services(continued) | ||||||
Globant SA† | 5,700 | $1,356,486 | ||||
MongoDB, Inc.† | 1,400 | 572,390 | ||||
3,011,540 | ||||||
Semiconductors & semiconductor equipment: 4.42% | ||||||
Advanced Micro Devices, Inc.† | 8,200 | 1,208,762 | ||||
Analog Devices, Inc. | 4,500 | 893,520 | ||||
Monolithic Power Systems, Inc. | 1,600 | 1,009,248 | ||||
3,111,530 | ||||||
Software: 21.41% | ||||||
BILL Holdings, Inc.† | 5,200 | 424,268 | ||||
Cadence Design Systems, Inc.† | 4,900 | 1,334,613 | ||||
Crowdstrike Holdings, Inc. Class A† | 4,700 | 1,200,004 | ||||
Datadog, Inc. Class A† | 6,000 | 728,280 | ||||
Microsoft Corp. | 21,923 | 8,243,925 | ||||
ServiceNow, Inc.† | 2,040 | 1,441,239 | ||||
Workday, Inc. Class A† | 3,800 | 1,049,028 | ||||
Zscaler, Inc.† | 2,900 | 642,524 | ||||
15,063,881 | ||||||
Materials: 2.12% | ||||||
Chemicals: 2.12% | ||||||
Sherwin-Williams Co. | 4,770 | 1,487,763 | ||||
Real estate: 1.15% | ||||||
Specialized REITs : 1.15% | ||||||
SBA Communications Corp. | 3,200 | 811,808 | ||||
Total common stocks (Cost $35,526,315) | 69,919,594 |
Yield | ||||||
Short-term investments: 0.44% | ||||||
Investment companies: 0.44% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.28 % | 311,643 | 311,643 | |||
Total short-term investments (Cost $311,643) | 311,643 | |||||
Total investments in securities (Cost $35,837,958) | 99.83 % | 70,231,237 | ||||
Other assets and liabilities, net | 0.17 | 119,887 | ||||
Total net assets | 100.00 % | $70,351,124 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund 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 |
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 | $2,283,520 | $13,478,710 | $(15,450,587 ) | $0 | $0 | $311,643 | 311,643 | $39,156 |
Assets | |
Investments in unaffiliated securities, at value (cost $35,526,315) | $69,919,594 |
Investments in affiliated securities, at value (cost $311,643) | 311,643 |
Receivable for investments sold | 354,916 |
Receivable for dividends | 13,190 |
Receivable for Fund shares sold | 363 |
Prepaid expenses and other assets | 1,860 |
Total assets | 70,601,566 |
Liabilities | |
Payable for investments purchased | 135,069 |
Payable for Fund shares redeemed | 54,741 |
Management fee payable | 24,255 |
Distribution fee payable | 7,535 |
Administration fees payable | 4,854 |
Trustees’ fees and expenses payable | 352 |
Accrued expenses and other liabilities | 23,636 |
Total liabilities | 250,442 |
Total net assets | $70,351,124 |
Net assets consist of | |
Paid-in capital | $32,670,467 |
Total distributable earnings | 37,680,657 |
Total net assets | $70,351,124 |
Computation of net asset value per share | |
Net assets–Class 1 | $32,120,646 |
Shares outstanding–Class 11 | 1,269,870 |
Net asset value per share–Class 1 | $25.29 |
Net assets–Class 2 | $38,230,478 |
Shares outstanding–Class 21 | 1,600,463 |
Net asset value per share–Class 2 | $23.89 |
Investment income | |
Dividends (net of foreign withholdings taxes of $3,416) | $323,121 |
Income from affiliated securities | 39,156 |
Interest | 13 |
Total investment income | 362,290 |
Expenses | |
Management fee | 389,907 |
Administration fees | |
Class 1 | 23,456 |
Class 2 | 28,532 |
Distribution fee | |
Class 2 | 81,426 |
Custody and accounting fees | 3,306 |
Professional fees | 73,465 |
Shareholder report expenses | 20,238 |
Trustees’ fees and expenses | 23,591 |
Other fees and expenses | 3,412 |
Total expenses | 647,333 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (70,725 ) |
Net expenses | 576,608 |
Net investment loss | (214,318 ) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 3,436,065 |
Net change in unrealized gains (losses) on investments | 15,520,585 |
Net realized and unrealized gains (losses) on investments | 18,956,650 |
Net increase in net assets resulting from operations | $18,742,332 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Operations | ||||
Net investment loss | $(214,318 ) | $(294,454 ) | ||
Net realized gains on investments | 3,436,065 | 6,653,356 | ||
Net change in unrealized gains (losses) on investments | 15,520,585 | (44,084,645 ) | ||
Net increase (decrease) in net assets resulting from operations | 18,742,332 | (37,725,743 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class 1 | (2,959,369 ) | (7,399,134 ) | ||
Class 2 | (3,747,752 ) | (9,021,680 ) | ||
Total distributions to shareholders | (6,707,121 ) | (16,420,814 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class 1 | 38,434 | 889,700 | 22,220 | 566,861 |
Class 2 | 47,234 | 1,029,344 | 142,485 | 4,023,820 |
1,919,044 | 4,590,681 | |||
Reinvestment of distributions | ||||
Class 1 | 124,031 | 2,959,369 | 326,384 | 7,399,134 |
Class 2 | 166,124 | 3,747,752 | 417,671 | 9,021,680 |
6,707,121 | 16,420,814 | |||
Payment for shares redeemed | ||||
Class 1 | (173,842 ) | (3,985,196 ) | (187,569 ) | (5,315,386 ) |
Class 2 | (304,527 ) | (6,686,741 ) | (305,040 ) | (10,025,192 ) |
(10,671,937 ) | (15,340,578 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (2,045,772 ) | 5,670,917 | ||
Total increase (decrease) in net assets | 9,989,439 | (48,475,640 ) | ||
Net assets | ||||
Beginning of period | 60,361,685 | 108,837,325 | ||
End of period | $70,351,124 | $60,361,685 |
Year ended December 31 | |||||
Class 1 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $20.88 | $43.70 | $42.28 | $31.89 | $26.27 |
Net investment loss | (0.04 )1 | (0.08 )1 | (0.19 )1 | (0.07 ) | (0.03 )1 |
Net realized and unrealized gains (losses) on investments | 6.88 | (15.54 ) | 6.43 | 13.27 | 9.69 |
Total from investment operations | 6.84 | (15.62 ) | 6.24 | 13.20 | 9.66 |
Distributions to shareholders from | |||||
Net realized gains | (2.43 ) | (7.20 ) | (4.82 ) | (2.81 ) | (4.04 ) |
Net asset value, end of period | $25.29 | $20.88 | $43.70 | $42.28 | $31.89 |
Total return2 | 33.50 % | (37.04 )% | 15.27 % | 43.41 % | 37.39 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.87 % | 0.84 % | 0.78 % | 0.80 % | 0.82 % |
Net expenses | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment loss | (0.19 )% | (0.29 )% | (0.43 )% | (0.27 )% | (0.08 )% |
Supplemental data | |||||
Portfolio turnover rate | 30 % | 22 % | 25 % | 24 % | 31 % |
Net assets, end of period (000s omitted) | $32,121 | $26,748 | $48,949 | $50,122 | $40,001 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Year ended December 31 | |||||
Class 2 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $19.87 | $41.69 | $40.43 | $30.55 | $25.23 |
Net investment loss | (0.10 )1 | (0.14 )1 | (0.28 ) | (0.17 )1 | (0.10 )1 |
Net realized and unrealized gains (losses) on investments | 6.55 | (14.82 ) | 6.14 | 12.73 | 9.29 |
Total from investment operations | 6.45 | (14.96 ) | 5.86 | 12.56 | 9.19 |
Distributions to shareholders from | |||||
Net realized gains | (2.43 ) | (6.86 ) | (4.60 ) | (2.68 ) | (3.87 ) |
Net asset value, end of period | $23.89 | $19.87 | $41.69 | $40.43 | $30.55 |
Total return2 | 33.17 % | (37.20 )% | 14.97 % | 43.18 % | 37.04 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.10 % | 1.04 % | 1.02 % | 1.04 % | 1.06 % |
Net expenses | 1.00 % | 0.98 % | 1.00 % | 1.00 % | 1.00 % |
Net investment loss | (0.44 )% | (0.51 )% | (0.68 )% | (0.52 )% | (0.33 )% |
Supplemental data | |||||
Portfolio turnover rate | 30 % | 22 % | 25 % | 24 % | 31 % |
Net assets, end of period (000s omitted) | $38,230 | $33,614 | $59,888 | $57,850 | $50,843 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Gross unrealized gains | $36,274,120 |
Gross unrealized losses | (1,966,529 ) |
Net unrealized gains | $34,307,591 |
Paid-in capital | Total distributable earnings |
$(214,403 ) | $214,403 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $5,492,947 | $0 | $0 | $5,492,947 |
Consumer discretionary | 10,779,331 | 0 | 0 | 10,779,331 |
Consumer staples | 561,556 | 0 | 0 | 561,556 |
Financials | 8,741,248 | 0 | 0 | 8,741,248 |
Health care | 10,587,419 | 0 | 0 | 10,587,419 |
Industrials | 7,169,170 | 0 | 0 | 7,169,170 |
Information technology | 24,288,352 | 0 | 0 | 24,288,352 |
Materials | 1,487,763 | 0 | 0 | 1,487,763 |
Real estate | 811,808 | 0 | 0 | 811,808 |
Short-term investments | ||||
Investment companies | 311,643 | 0 | 0 | 311,643 |
Total assets | $70,231,237 | $0 | $0 | $70,231,237 |
Average daily net assets | Management fee |
First $500 million | 0.600 % |
Next $500 million | 0.550 |
Next $1 billion | 0.500 |
Next $2 billion | 0.475 |
Next $1 billion | 0.450 |
Next $5 billion | 0.440 |
Over $10 billion | 0.430 |
EXPENSE RATIO CAPS | |
Class 1 | 0.75 % |
Class 2 | 1.00 |
Undistributed long-term gain | Unrealized gains |
$3,374,006 | $34,307,591 |
Allspring Variable Trust:
December 31, 2023.
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018# | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR0578 12-23
Discovery SMID Cap
Growth Fund
2 | |
8 | |
12 | |
13 | |
17 | |
18 | |
19 | |
20 | |
21 | |
25 | |
26 |
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith, CFA, Christopher J. Warner, CFA |
Average annual total returns (%) as of December 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class 2 | 5-8-1992 | 20.14 | 9.90 | 7.43 | 1.16 | 1.15 |
Russell 2500TM Growth Index3 | – | 18.93 | 11.43 | 8.78 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through April 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
3 | The Russell 2500TM Growth Index measures the performance of those Russell 2500TM companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Growth of $10,000 investment as of December 31, 20231 |
1 | The chart compares the performance of Class 2 shares for the most recent ten years with the Russell 2500TM Growth Index. The chart assumes a hypothetical investment of $10,000 in Class 2 shares and reflects all operating expenses of the Fund but does not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Ten largest holdings (%) as of December 31, 20231 | |
Casella Waste Systems, Inc. Class A | 2.51 |
Teledyne Technologies, Inc. | 2.22 |
SiteOne Landscape Supply, Inc. | 2.22 |
Globant SA | 2.18 |
Axon Enterprise, Inc. | 2.14 |
Bio-Techne Corp. | 2.09 |
Rexford Industrial Realty, Inc. | 1.98 |
Tetra Tech, Inc. | 1.95 |
Morningstar, Inc. | 1.91 |
Novanta, Inc. | 1.83 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2023 | Ending account value 12-31-2023 | Expenses paid during paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,019.40 | $5.82 | 1.15 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.30 | $5.82 | 1.15 % |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 97.92% | ||||||
Communication services: 4.56% | ||||||
Entertainment: 3.41% | ||||||
Liberty Media Corp.-Liberty Formula One Class C† | 25,300 | $1,597,189 | ||||
Liberty Media Corp.-Liberty Live Class C† | 39,878 | 1,491,039 | ||||
TKO Group Holdings, Inc. | 19,200 | 1,566,336 | ||||
4,654,564 | ||||||
Interactive media & services: 1.15% | ||||||
IAC, Inc.† | 29,872 | 1,564,695 | ||||
Consumer discretionary: 8.88% | ||||||
Broadline retail: 3.00% | ||||||
Global-E Online Ltd.† | 50,089 | 1,985,027 | ||||
MercadoLibre, Inc.† | 1,343 | 2,110,578 | ||||
4,095,605 | ||||||
Hotels, restaurants & leisure: 3.93% | ||||||
Chipotle Mexican Grill, Inc.† | 700 | 1,600,872 | ||||
MGM Resorts International† | 37,300 | 1,666,564 | ||||
Wingstop, Inc. | 8,200 | 2,103,956 | ||||
5,371,392 | ||||||
Specialty retail: 0.85% | ||||||
Wayfair, Inc. Class A† | 18,700 | 1,153,790 | ||||
Textiles, apparel & luxury goods: 1.10% | ||||||
On Holding AG Class A† | 55,800 | 1,504,926 | ||||
Consumer staples: 3.41% | ||||||
Beverages: 1.34% | ||||||
Celsius Holdings, Inc.† | 33,600 | 1,831,872 | ||||
Personal care products: 2.07% | ||||||
BellRing Brands, Inc.† | 21,600 | 1,197,288 | ||||
Coty, Inc. Class A† | 131,100 | 1,628,262 | ||||
2,825,550 | ||||||
Financials: 5.91% | ||||||
Capital markets: 3.08% | ||||||
Morningstar, Inc. | 9,100 | 2,604,784 | ||||
Tradeweb Markets, Inc. Class A | 17,500 | 1,590,400 | ||||
4,195,184 | ||||||
Financial services: 2.83% | ||||||
Jack Henry & Associates, Inc. | 13,600 | 2,222,376 | ||||
StoneCo Ltd. Class A† | 91,219 | 1,644,678 | ||||
3,867,054 |
Shares | Value | |||||
Health care: 18.60% | ||||||
Biotechnology: 5.09% | ||||||
Ascendis Pharma AS ADR† | 8,948 | $1,127,001 | ||||
Exact Sciences Corp.† | 31,600 | 2,337,768 | ||||
Halozyme Therapeutics, Inc.† | 28,900 | 1,068,144 | ||||
Natera, Inc.† | 26,700 | 1,672,488 | ||||
Sarepta Therapeutics, Inc.† | 7,700 | 742,511 | ||||
6,947,912 | ||||||
Health care equipment & supplies: 7.23% | ||||||
DexCom, Inc.† | 16,600 | 2,059,894 | ||||
Inari Medical, Inc.† | 19,900 | 1,291,908 | ||||
Inspire Medical Systems, Inc.† | 8,600 | 1,749,498 | ||||
iRhythm Technologies, Inc.† | 15,500 | 1,659,120 | ||||
Shockwave Medical, Inc.† | 11,552 | 2,201,349 | ||||
TransMedics Group, Inc.† | 11,500 | 907,695 | ||||
9,869,464 | ||||||
Health care providers & services: 2.87% | ||||||
HealthEquity, Inc.† | 29,100 | 1,929,330 | ||||
Option Care Health, Inc.† | 58,800 | 1,980,972 | ||||
3,910,302 | ||||||
Life sciences tools & services: 3.41% | ||||||
Bio-Techne Corp. | 37,100 | 2,862,636 | ||||
Repligen Corp.† | 10,000 | 1,798,000 | ||||
4,660,636 | ||||||
Industrials: 28.03% | ||||||
Aerospace & defense: 2.14% | ||||||
Axon Enterprise, Inc.† | 11,300 | 2,919,129 | ||||
Building products: 1.31% | ||||||
Advanced Drainage Systems, Inc. | 12,714 | 1,788,097 | ||||
Commercial services & supplies: 7.11% | ||||||
Casella Waste Systems, Inc. Class A† | 40,134 | 3,429,852 | ||||
RB Global, Inc. | 22,900 | 1,531,781 | ||||
Rollins, Inc. | 47,900 | 2,091,793 | ||||
Tetra Tech, Inc. | 15,900 | 2,654,187 | ||||
9,707,613 | ||||||
Construction & engineering: 1.28% | ||||||
EMCOR Group, Inc. | 8,100 | 1,744,983 | ||||
Electrical equipment: 1.82% | ||||||
Vertiv Holdings Co. | 51,800 | 2,487,954 |
Shares | Value | |||||
Ground transportation: 2.89% | ||||||
J.B. Hunt Transport Services, Inc. | 9,000 | $1,797,660 | ||||
Saia, Inc.† | 4,900 | 2,147,278 | ||||
3,944,938 | ||||||
Machinery: 2.72% | ||||||
Esab Corp. | 16,300 | 1,411,906 | ||||
RBC Bearings, Inc.† | 8,100 | 2,307,609 | ||||
3,719,515 | ||||||
Professional services: 3.26% | ||||||
Parsons Corp.† | 16,100 | 1,009,631 | ||||
Paylocity Holding Corp.† | 9,600 | 1,582,560 | ||||
WNS Holdings Ltd. ADR† | 29,300 | 1,851,760 | ||||
4,443,951 | ||||||
Trading companies & distributors: 5.50% | ||||||
Applied Industrial Technologies, Inc. | 13,500 | 2,331,315 | ||||
SiteOne Landscape Supply, Inc.† | 18,661 | 3,032,412 | ||||
Watsco, Inc. | 5,000 | 2,142,350 | ||||
7,506,077 | ||||||
Information technology: 24.96% | ||||||
Electronic equipment, instruments & components: 4.05% | ||||||
Novanta, Inc.† | 14,800 | 2,492,468 | ||||
Teledyne Technologies, Inc.† | 6,800 | 3,034,772 | ||||
5,527,240 | ||||||
IT services: 3.44% | ||||||
Globant SA† | 12,500 | 2,974,750 | ||||
MongoDB, Inc.† | 4,200 | 1,717,170 | ||||
4,691,920 | ||||||
Semiconductors & semiconductor equipment: 5.33% | ||||||
Axcelis Technologies, Inc.† | 7,600 | 985,644 | ||||
Entegris, Inc. | 16,000 | 1,917,120 | ||||
Impinj, Inc.† | 17,100 | 1,539,513 | ||||
Monolithic Power Systems, Inc. | 2,100 | 1,324,638 | ||||
Onto Innovation, Inc.† | 9,900 | 1,513,710 | ||||
7,280,625 | ||||||
Software: 12.14% | ||||||
BILL Holdings, Inc.† | 16,466 | 1,343,461 | ||||
CCC Intelligent Solutions Holdings, Inc.† | 180,100 | 2,051,339 | ||||
Clearwater Analytics Holdings, Inc. Class A† | 81,400 | 1,630,442 | ||||
Confluent, Inc. Class A† | 56,100 | 1,312,740 | ||||
Descartes Systems Group, Inc.† | 13,200 | 1,109,592 | ||||
Dynatrace, Inc.† | 36,600 | 2,001,654 | ||||
Fair Isaac Corp.† | 1,100 | 1,280,411 | ||||
HubSpot, Inc.† | 3,400 | 1,973,836 |
Shares | Value | |||||
Software(continued) | ||||||
Tyler Technologies, Inc.† | 4,900 | $2,048,788 | ||||
Zscaler, Inc.† | 8,200 | 1,816,792 | ||||
16,569,055 | ||||||
Materials: 1.59% | ||||||
Metals & mining: 1.59% | ||||||
ATI, Inc.† | 47,900 | 2,178,013 | ||||
Real estate: 1.98% | ||||||
Industrial REITs : 1.98% | ||||||
Rexford Industrial Realty, Inc. | 48,200 | 2,704,020 | ||||
Total common stocks (Cost $114,199,416) | 133,666,076 |
Yield | ||||||
Short-term investments: 2.15% | ||||||
Investment companies: 2.15% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.28 % | 2,933,293 | 2,933,293 | |||
Total short-term investments (Cost $2,933,293) | 2,933,293 | |||||
Total investments in securities (Cost $117,132,709) | 100.07 % | 136,599,369 | ||||
Other assets and liabilities, net | (0.07 ) | (95,544 ) | ||||
Total net assets | 100.00 % | $136,503,825 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund 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 |
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 | $4,203,560 | $33,464,215 | $(34,734,482 ) | $0 | $0 | $2,933,293 | 2,933,293 | $163,340 |
Investments in affiliates no longer held at end of period | ||||||||
Securities Lending Cash Investments LLC | 1,012,703 | 2,067,225 | (3,079,832 ) | (88 ) | (8 ) | 0 | 0 | 6,719 1 |
$(88 ) | $(8 ) | $2,933,293 | $170,059 |
1 | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $114,199,416) | $133,666,076 |
Investments in affiliated securities, at value (cost $2,933,293) | 2,933,293 |
Receivable for Fund shares sold | 73,842 |
Receivable for dividends | 34,249 |
Prepaid expenses and other assets | 1,163 |
Total assets | 136,708,623 |
Liabilities | |
Management fee payable | 81,749 |
Payable for Fund shares redeemed | 70,841 |
Distribution fee payable | 28,762 |
Administration fee payable | 9,287 |
Trustees’ fees and expenses payable | 260 |
Accrued expenses and other liabilities | 13,899 |
Total liabilities | 204,798 |
Total net assets | $136,503,825 |
Net assets consist of | |
Paid-in capital | $134,069,612 |
Total distributable earnings | 2,434,213 |
Total net assets | $136,503,825 |
Computation of net asset value per share | |
Net assets - Class 2 | $136,503,825 |
Shares outstanding - Class 21 | 6,672,520 |
Net asset value per share - Class 2 | $20.46 |
Investment income | |
Dividends (net of foreign withholdings taxes of $6,111) | $452,627 |
Income from affiliated securities | 163,858 |
Interest | 76 |
Total investment income | 616,561 |
Expenses | |
Management fee | 996,899 |
Administration fee - Class 2 | 106,336 |
Distribution fee - Class 2 | 330,428 |
Custody and accounting fees | 8,650 |
Professional fees | 64,475 |
Shareholder report expenses | 12,662 |
Trustees’ fees and expenses | 22,900 |
Other fees and expenses | 5,561 |
Total expenses | 1,547,911 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (26,938 ) |
Net expenses | 1,520,973 |
Net investment loss | (904,412 ) |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (8,866,614 ) |
Affiliated securities | (88 ) |
Net realized losses on investments | (8,866,702 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 34,144,074 |
Affiliated securities | (8 ) |
Net change in unrealized gains (losses) on investments | 34,144,066 |
Net realized and unrealized gains (losses) on investments | 25,277,364 |
Net increase in net assets resulting from operations | $24,372,952 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Operations | ||||
Net investment loss | $(904,412 ) | $(1,349,369 ) | ||
Net realized losses on investments | (8,866,702 ) | (8,063,767 ) | ||
Net change in unrealized gains (losses) on investments | 34,144,066 | (72,996,282 ) | ||
Net increase (decrease) in net assets resulting from operations | 24,372,952 | (82,409,418 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains - Class 2 | 0 | (51,108,273 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold - Class 2 | 281,719 | 5,342,811 | 576,216 | 14,275,381 |
Reinvestment of distributions - Class 2 | 0 | 0 | 2,801,989 | 51,108,273 |
Payment for shares redeemed - Class 2 | (1,080,067 ) | (20,455,322 ) | (1,073,835 ) | (25,445,459 ) |
Net increase (decrease) in net assets resulting from capital share transactions | (15,112,511 ) | 39,938,195 | ||
Total increase (decrease) in net assets | 9,260,441 | (93,579,496 ) | ||
Net assets | ||||
Beginning of period | 127,243,384 | 220,822,880 | ||
End of period | $136,503,825 | $127,243,384 |
Year ended December 31 | |||||
Class 2 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $17.03 | $42.74 | $48.73 | $32.85 | $26.14 |
Net investment loss | (0.13 )1 | (0.18 ) | (0.48 ) | (0.34 ) | (0.25 ) |
Net realized and unrealized gains (losses) on investments | 3.56 | (15.32 ) | (1.89 ) | 19.54 | 10.47 |
Total from investment operations | 3.43 | (15.50 ) | (2.37 ) | 19.20 | 10.22 |
Distributions to shareholders from | |||||
Net realized gains | 0.00 | (10.21 ) | (3.62 ) | (3.32 ) | (3.51 ) |
Net asset value, end of period | $20.46 | $17.03 | $42.74 | $48.73 | $32.85 |
Total return2 | 20.14 % | (37.85 )% | (5.04 )% | 62.65 % | 39.02 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.16 % | 1.16 % | 1.13 % | 1.14 % | 1.16 % |
Net expenses | 1.14 % | 1.15 % | 1.13 % | 1.14 % | 1.15 % |
Net investment loss | (0.68 )% | (0.91 )% | (1.03 )% | (0.93 )% | (0.79 )% |
Supplemental data | |||||
Portfolio turnover rate | 53 % | 51 % | 57 % | 47 % | 71 % |
Net assets, end of period (000s omitted) | $136,504 | $127,243 | $220,823 | $255,954 | $168,489 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Gross unrealized gains | $24,017,123 |
Gross unrealized losses | (5,730,815 ) |
Net unrealized gains | $18,286,308 |
Paid-in capital | Total distributable earnings |
$(912,444 ) | $912,444 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $6,219,259 | $0 | $0 | $6,219,259 |
Consumer discretionary | 12,125,713 | 0 | 0 | 12,125,713 |
Consumer staples | 4,657,422 | 0 | 0 | 4,657,422 |
Financials | 8,062,238 | 0 | 0 | 8,062,238 |
Health care | 25,388,314 | 0 | 0 | 25,388,314 |
Industrials | 38,262,257 | 0 | 0 | 38,262,257 |
Information technology | 34,068,840 | 0 | 0 | 34,068,840 |
Materials | 2,178,013 | 0 | 0 | 2,178,013 |
Real estate | 2,704,020 | 0 | 0 | 2,704,020 |
Short-term investments | ||||
Investment companies | 2,933,293 | 0 | 0 | 2,933,293 |
Total assets | $136,599,369 | $0 | $0 | $136,599,369 |
Average daily net assets | Management fee |
First $500 million | 0.750 % |
Next $500 million | 0.700 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $5 billion | 0.590 |
Over $10 billion | 0.580 |
Unrealized gains | Capital loss carryforward |
$18,286,308 | $(15,852,095 ) |
Allspring Variable Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018# | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR3221 12-23
2 | |
8 | |
12 | |
13 | |
32 | |
33 | |
34 | |
35 | |
36 | |
41 | |
42 |
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA, FRM†, Petros N. Bocray, CFA, FRM, Manjunath Boraiah, John R. Campbell, CFA, Travis L. Keshemberg, CFA, CIPM, FRM, David Kowalske, Jr.††, David Neal, CFA, Nick Toporkov, Ph.D., CFA, Robert M. Wicentowski, CFA, Limin Xiao, Ph.D., CFA |
Average annual total returns (%) as of December 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class 2 | 4-15-1994 | 16.70 | 9.49 | 8.24 | 1.16 | 1.00 |
Index Asset Allocation Blended Index3 | – | 17.04 | 9.81 | 8.89 | – | – |
Bloomberg U.S. Treasury Index4 | – | 4.05 | 0.53 | 1.27 | – | – |
S&P 500 Index5 | – | 26.29 | 15.69 | 12.03 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectus. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through April 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.00% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus. |
3 | Source: Allspring Funds Management, LLC. Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury 20+ Year Index. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. You cannot invest directly in an index. |
5 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
† | Mr. Acharya has announced his intention to retire from Allspring Global Investments, LLC on February 15, 2024 but will continue to serve as a portfolio manager of the Fund until that date. |
†† | Mr. Kowalske became a portfolio manager of the Fund effective January 16, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Growth of $10,000 investment as of December 31, 20231 |
1 | The chart compares the performance of Class 2 shares for the most recent ten years with the Index Asset Allocation Blended Index, Bloomberg U.S. Treasury Index and S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class 2 shares and reflects all operating expenses of the Fund but does not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Ten largest holdings (%) as of December 31, 20231 | |
Apple, Inc. | 4.18 |
Microsoft Corp. | 4.15 |
Amazon.com, Inc. | 2.05 |
NVIDIA Corp. | 1.81 |
U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.68 |
U.S. Treasury Bonds, 6.88%, 8-15-2025 | 1.63 |
U.S. Treasury Bonds, 6.00%, 2-15-2026 | 1.60 |
Alphabet, Inc. Class A | 1.23 |
U.S. Treasury Notes, 1.38%, 11-15-2031 | 1.17 |
Meta Platforms, Inc. Class A | 1.17 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Allocation (%) as of December 31, 2023 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 60 | 68 |
Bond Funds | 40 | 46 |
Effective Cash | 0 | (14 ) |
1 | Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2023 | Ending account value 12-31-2023 | Expenses paid during paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,060.60 | $5.17 | 1.00 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.06 | $5.06 | 1.00 % |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 59.43% | ||||||
Communication services: 5.10% | ||||||
Diversified telecommunication services: 0.41% | ||||||
AT&T, Inc. | 7,072 | $118,668 | ||||
Verizon Communications, Inc. | 4,159 | 156,795 | ||||
275,463 | ||||||
Entertainment: 0.71% | ||||||
Electronic Arts, Inc. | 242 | 33,108 | ||||
Live Nation Entertainment, Inc.† | 140 | 13,104 | ||||
Netflix, Inc.† | 433 | 210,819 | ||||
Take-Two Interactive Software, Inc.† | 156 | 25,108 | ||||
Walt Disney Co. | 1,810 | 163,425 | ||||
Warner Bros Discovery, Inc.† | 2,195 | 24,979 | ||||
470,543 | ||||||
Interactive media & services: 3.45% | ||||||
Alphabet, Inc. Class A† | 5,854 | 817,745 | ||||
Alphabet, Inc. Class C† | 4,927 | 694,362 | ||||
Match Group, Inc.† | 269 | 9,819 | ||||
Meta Platforms, Inc. Class A† | 2,196 | 777,296 | ||||
2,299,222 | ||||||
Media: 0.41% | ||||||
Charter Communications, Inc. Class A† | 99 | 38,479 | ||||
Comcast Corp. Class A | 3,972 | 174,172 | ||||
Fox Corp. Class A | 245 | 7,269 | ||||
Fox Corp. Class B | 130 | 3,594 | ||||
Interpublic Group of Cos., Inc. | 379 | 12,371 | ||||
News Corp. Class A | 376 | 9,231 | ||||
News Corp. Class B | 114 | 2,932 | ||||
Omnicom Group, Inc. | 196 | 16,956 | ||||
Paramount Global Class B | 477 | 7,055 | ||||
272,059 | ||||||
Wireless telecommunication services: 0.12% | ||||||
T-Mobile U.S., Inc. | 503 | 80,646 | ||||
Consumer discretionary: 6.45% | ||||||
Automobile components: 0.05% | ||||||
Aptiv PLC† | 280 | 25,122 | ||||
BorgWarner, Inc. | 233 | 8,353 | ||||
33,475 | ||||||
Automobiles: 1.16% | ||||||
Ford Motor Co. | 3,889 | 47,407 | ||||
General Motors Co. | 1,355 | 48,672 | ||||
Tesla, Inc.† | 2,736 | 679,841 | ||||
775,920 |
Shares | Value | |||||
Broadline retail: 2.10% | ||||||
Amazon.com, Inc.† | 8,995 | $1,366,700 | ||||
eBay, Inc. | 513 | 22,377 | ||||
Etsy, Inc.† | 118 | 9,564 | ||||
1,398,641 | ||||||
Distributors: 0.07% | ||||||
Genuine Parts Co. | 139 | 19,252 | ||||
LKQ Corp. | 265 | 12,664 | ||||
Pool Corp. | 38 | 15,151 | ||||
47,067 | ||||||
Hotels, restaurants & leisure: 1.29% | ||||||
Airbnb, Inc. Class A† | 430 | 58,540 | ||||
Booking Holdings, Inc.† | 35 | 124,153 | ||||
Caesars Entertainment, Inc.† | 213 | 9,985 | ||||
Carnival Corp.† | 997 | 18,484 | ||||
Chipotle Mexican Grill, Inc.† | 27 | 61,748 | ||||
Darden Restaurants, Inc. | 119 | 19,552 | ||||
Domino’s Pizza, Inc. | 35 | 14,428 | ||||
Expedia Group, Inc.† | 132 | 20,036 | ||||
Hilton Worldwide Holdings, Inc. | 254 | 46,251 | ||||
Las Vegas Sands Corp. | 365 | 17,962 | ||||
Marriott International, Inc. Class A | 244 | 55,024 | ||||
McDonald’s Corp. | 717 | 212,598 | ||||
MGM Resorts International† | 270 | 12,064 | ||||
Norwegian Cruise Line Holdings Ltd.† | 421 | 8,437 | ||||
Royal Caribbean Cruises Ltd.† | 233 | 30,171 | ||||
Starbucks Corp. | 1,130 | 108,491 | ||||
Wynn Resorts Ltd. | 95 | 8,655 | ||||
Yum! Brands, Inc. | 277 | 36,193 | ||||
862,772 | ||||||
Household durables: 0.24% | ||||||
D.R. Horton, Inc. | 298 | 45,290 | ||||
Garmin Ltd. | 151 | 19,409 | ||||
Lennar Corp. Class A | 247 | 36,813 | ||||
Mohawk Industries, Inc.† | 52 | 5,382 | ||||
NVR, Inc.† | 3 | 21,001 | ||||
PulteGroup, Inc. | 213 | 21,986 | ||||
Whirlpool Corp. | 54 | 6,576 | ||||
156,457 | ||||||
Leisure products: 0.01% | ||||||
Hasbro, Inc. | 129 | 6,587 | ||||
Specialty retail: 1.21% | ||||||
AutoZone, Inc.† | 17 | 43,955 | ||||
Bath & Body Works, Inc. | 225 | 9,711 | ||||
Best Buy Co., Inc. | 192 | 15,030 |
Shares | Value | |||||
Specialty retail(continued) | ||||||
CarMax, Inc.† | 157 | $12,048 | ||||
Home Depot, Inc. | 989 | 342,738 | ||||
Lowe’s Cos., Inc. | 571 | 127,076 | ||||
O’Reilly Automotive, Inc.† | 59 | 56,055 | ||||
Ross Stores, Inc. | 335 | 46,361 | ||||
TJX Cos., Inc. | 1,132 | 106,193 | ||||
Tractor Supply Co. | 107 | 23,008 | ||||
Ulta Beauty, Inc.† | 49 | 24,009 | ||||
806,184 | ||||||
Textiles, apparel & luxury goods: 0.32% | ||||||
lululemon athletica, Inc.† | 114 | 58,287 | ||||
NIKE, Inc. Class B | 1,211 | 131,478 | ||||
Ralph Lauren Corp. | 39 | 5,624 | ||||
Tapestry, Inc. | 227 | 8,356 | ||||
VF Corp. | 327 | 6,148 | ||||
209,893 | ||||||
Consumer staples: 3.66% | ||||||
Beverages: 0.89% | ||||||
Brown-Forman Corp. Class B | 181 | 10,335 | ||||
Coca-Cola Co. | 3,849 | 226,822 | ||||
Constellation Brands, Inc. Class A | 160 | 38,680 | ||||
Keurig Dr Pepper, Inc. | 996 | 33,187 | ||||
Molson Coors Beverage Co. Class B | 183 | 11,201 | ||||
Monster Beverage Corp.† | 731 | 42,113 | ||||
PepsiCo, Inc. | 1,360 | 230,982 | ||||
593,320 | ||||||
Consumer staples distribution & retail: 1.08% | ||||||
Costco Wholesale Corp. | 438 | 289,115 | ||||
Dollar General Corp. | 217 | 29,501 | ||||
Dollar Tree, Inc.† | 207 | 29,405 | ||||
Kroger Co. | 655 | 29,940 | ||||
Sysco Corp. | 499 | 36,492 | ||||
Target Corp. | 457 | 65,086 | ||||
Walgreens Boots Alliance, Inc. | 709 | 18,512 | ||||
Walmart, Inc. | 1,411 | 222,444 | ||||
720,495 | ||||||
Food products: 0.53% | ||||||
Archer-Daniels-Midland Co. | 528 | 38,132 | ||||
Bunge Global SA | 144 | 14,537 | ||||
Campbell Soup Co. | 194 | 8,387 | ||||
Conagra Brands, Inc. | 473 | 13,556 | ||||
General Mills, Inc. | 575 | 37,455 | ||||
Hershey Co. | 148 | 27,593 | ||||
Hormel Foods Corp. | 286 | 9,183 | ||||
J M Smucker Co. | 105 | 13,270 |
Shares | Value | |||||
Food products(continued) | ||||||
Kellanova | 261 | $14,593 | ||||
Kraft Heinz Co. | 789 | 29,177 | ||||
Lamb Weston Holdings, Inc. | 143 | 15,457 | ||||
McCormick & Co., Inc. | 249 | 17,037 | ||||
Mondelez International, Inc. Class A | 1,346 | 97,491 | ||||
Tyson Foods, Inc. Class A | 282 | 15,157 | ||||
351,025 | ||||||
Household products: 0.73% | ||||||
Church & Dwight Co., Inc. | 244 | 23,073 | ||||
Clorox Co. | 123 | 17,538 | ||||
Colgate-Palmolive Co. | 814 | 64,884 | ||||
Kimberly-Clark Corp. | 334 | 40,584 | ||||
Procter & Gamble Co. | 2,331 | 341,585 | ||||
487,664 | ||||||
Personal care products: 0.11% | ||||||
Estee Lauder Cos., Inc. Class A | 230 | 33,637 | ||||
Kenvue, Inc. | 1,705 | 36,709 | ||||
70,346 | ||||||
Tobacco: 0.32% | ||||||
Altria Group, Inc. | 1,749 | 70,555 | ||||
Philip Morris International, Inc. | 1,536 | 144,507 | ||||
215,062 | ||||||
Energy: 2.31% | ||||||
Energy equipment & services: 0.21% | ||||||
Baker Hughes Co. | 995 | 34,009 | ||||
Halliburton Co. | 885 | 31,993 | ||||
Schlumberger NV | 1,413 | 73,532 | ||||
139,534 | ||||||
Oil, gas & consumable fuels: 2.10% | ||||||
APA Corp. | 303 | 10,872 | ||||
Chevron Corp. | 1,737 | 259,091 | ||||
ConocoPhillips | 1,175 | 136,382 | ||||
Coterra Energy, Inc. | 744 | 18,987 | ||||
Devon Energy Corp. | 634 | 28,720 | ||||
Diamondback Energy, Inc. | 177 | 27,449 | ||||
EOG Resources, Inc. | 577 | 69,788 | ||||
EQT Corp. | 407 | 15,735 | ||||
Exxon Mobil Corp. | 3,962 | 396,121 | ||||
Hess Corp. | 273 | 39,356 | ||||
Kinder Morgan, Inc. | 1,913 | 33,745 | ||||
Marathon Oil Corp. | 579 | 13,989 | ||||
Marathon Petroleum Corp. | 376 | 55,783 | ||||
Occidental Petroleum Corp. | 653 | 38,991 | ||||
ONEOK, Inc. | 576 | 40,447 |
Shares | Value | |||||
Oil, gas & consumable fuels(continued) | ||||||
Phillips 66 | 435 | $57,916 | ||||
Pioneer Natural Resources Co. | 231 | 51,947 | ||||
Targa Resources Corp. | 221 | 19,198 | ||||
Valero Energy Corp. | 337 | 43,810 | ||||
Williams Cos., Inc. | 1,203 | 41,900 | ||||
1,400,227 | ||||||
Financials: 7.71% | ||||||
Banks: 1.94% | ||||||
Bank of America Corp. | 6,810 | 229,293 | ||||
Citigroup, Inc. | 1,893 | 97,376 | ||||
Citizens Financial Group, Inc. | 461 | 15,278 | ||||
Comerica, Inc. | 130 | 7,255 | ||||
Fifth Third Bancorp | 674 | 23,246 | ||||
Huntington Bancshares, Inc. | 1,432 | 18,215 | ||||
JPMorgan Chase & Co. | 2,860 | 486,486 | ||||
KeyCorp | 926 | 13,334 | ||||
M&T Bank Corp. | 164 | 22,481 | ||||
PNC Financial Services Group, Inc. | 394 | 61,011 | ||||
Regions Financial Corp. | 920 | 17,830 | ||||
Truist Financial Corp. | 1,319 | 48,698 | ||||
U.S. Bancorp | 1,540 | 66,651 | ||||
Wells Fargo & Co. | 3,592 | 176,798 | ||||
Zions Bancorp NA | 147 | 6,449 | ||||
1,290,401 | ||||||
Capital markets: 1.78% | ||||||
Ameriprise Financial, Inc. | 100 | 37,983 | ||||
Bank of New York Mellon Corp. | 761 | 39,610 | ||||
BlackRock, Inc. | 138 | 112,028 | ||||
Blackstone, Inc. | 703 | 92,037 | ||||
Cboe Global Markets, Inc. | 104 | 18,570 | ||||
Charles Schwab Corp. | 1,472 | 101,274 | ||||
CME Group, Inc. | 356 | 74,974 | ||||
FactSet Research Systems, Inc. | 38 | 18,128 | ||||
Franklin Resources, Inc. | 279 | 8,311 | ||||
Goldman Sachs Group, Inc. | 323 | 124,604 | ||||
Intercontinental Exchange, Inc. | 566 | 72,691 | ||||
Invesco Ltd. | 445 | 7,939 | ||||
MarketAxess Holdings, Inc. | 37 | 10,835 | ||||
Moody’s Corp. | 156 | 60,927 | ||||
Morgan Stanley | 1,250 | 116,563 | ||||
MSCI, Inc. | 78 | 44,121 | ||||
Nasdaq, Inc. | 337 | 19,593 | ||||
Northern Trust Corp. | 205 | 17,298 | ||||
Raymond James Financial, Inc. | 186 | 20,739 | ||||
S&P Global, Inc. | 320 | 140,966 |
Shares | Value | |||||
Capital markets(continued) | ||||||
State Street Corp. | 305 | $23,625 | ||||
T Rowe Price Group, Inc. | 221 | 23,800 | ||||
1,186,616 | ||||||
Consumer finance: 0.30% | ||||||
American Express Co. | 569 | 106,596 | ||||
Capital One Financial Corp. | 377 | 49,432 | ||||
Discover Financial Services | 247 | 27,763 | ||||
Synchrony Financial | 409 | 15,620 | ||||
199,411 | ||||||
Financial services: 2.47% | ||||||
Berkshire Hathaway, Inc. Class B† | 1,800 | 641,988 | ||||
Fidelity National Information Services, Inc. | 586 | 35,201 | ||||
Fiserv, Inc.† | 594 | 78,907 | ||||
FleetCor Technologies, Inc.† | 71 | 20,065 | ||||
Global Payments, Inc. | 258 | 32,766 | ||||
Jack Henry & Associates, Inc. | 72 | 11,765 | ||||
Mastercard, Inc. Class A | 819 | 349,312 | ||||
PayPal Holdings, Inc.† | 1,066 | 65,463 | ||||
Visa, Inc. Class A | 1,577 | 410,572 | ||||
1,646,039 | ||||||
Insurance: 1.22% | ||||||
Aflac, Inc. | 526 | 43,395 | ||||
Allstate Corp. | 259 | 36,255 | ||||
American International Group, Inc. | 694 | 47,019 | ||||
Aon PLC Class A | 198 | 57,622 | ||||
Arch Capital Group Ltd.† | 369 | 27,406 | ||||
Arthur J Gallagher & Co. | 214 | 48,124 | ||||
Assurant, Inc. | 52 | 8,762 | ||||
Brown & Brown, Inc. | 234 | 16,640 | ||||
Chubb Ltd. | 404 | 91,304 | ||||
Cincinnati Financial Corp. | 155 | 16,036 | ||||
Everest Group Ltd. | 43 | 15,204 | ||||
Globe Life, Inc. | 85 | 10,346 | ||||
Hartford Financial Services Group, Inc. | 298 | 23,953 | ||||
Loews Corp. | 181 | 12,596 | ||||
Marsh & McLennan Cos., Inc. | 488 | 92,461 | ||||
MetLife, Inc. | 615 | 40,670 | ||||
Principal Financial Group, Inc. | 217 | 17,071 | ||||
Progressive Corp. | 579 | 92,223 | ||||
Prudential Financial, Inc. | 357 | 37,025 | ||||
Travelers Cos., Inc. | 226 | 43,051 | ||||
W R Berkley Corp. | 202 | 14,285 | ||||
Willis Towers Watson PLC | 102 | 24,602 | ||||
816,050 |
Shares | Value | |||||
Health care: 7.50% | ||||||
Biotechnology: 1.20% | ||||||
AbbVie, Inc. | 1,746 | $270,578 | ||||
Amgen, Inc. | 529 | 152,362 | ||||
Biogen, Inc.† | 143 | 37,004 | ||||
Gilead Sciences, Inc. | 1,233 | 99,885 | ||||
Incyte Corp.† | 184 | 11,553 | ||||
Moderna, Inc.† | 328 | 32,620 | ||||
Regeneron Pharmaceuticals, Inc.† | 106 | 93,099 | ||||
Vertex Pharmaceuticals, Inc.† | 255 | 103,757 | ||||
800,858 | ||||||
Health care equipment & supplies: 1.53% | ||||||
Abbott Laboratories | 1,717 | 188,990 | ||||
Align Technology, Inc.† | 70 | 19,180 | ||||
Baxter International, Inc. | 502 | 19,407 | ||||
Becton Dickinson & Co. | 287 | 69,979 | ||||
Boston Scientific Corp.† | 1,448 | 83,709 | ||||
Cooper Cos., Inc. | 49 | 18,544 | ||||
Dentsply Sirona, Inc. | 210 | 7,474 | ||||
DexCom, Inc.† | 382 | 47,402 | ||||
Edwards Lifesciences Corp.† | 600 | 45,750 | ||||
GE HealthCare Technologies, Inc. | 387 | 29,923 | ||||
Hologic, Inc.† | 242 | 17,291 | ||||
IDEXX Laboratories, Inc.† | 82 | 45,514 | ||||
Insulet Corp.† | 69 | 14,972 | ||||
Intuitive Surgical, Inc.† | 348 | 117,401 | ||||
Medtronic PLC | 1,316 | 108,412 | ||||
ResMed, Inc. | 145 | 24,943 | ||||
STERIS PLC | 98 | 21,545 | ||||
Stryker Corp. | 334 | 100,020 | ||||
Teleflex, Inc. | 46 | 11,470 | ||||
Zimmer Biomet Holdings, Inc. | 207 | 25,192 | ||||
1,017,118 | ||||||
Health care providers & services: 1.69% | ||||||
Cardinal Health, Inc. | 244 | 24,595 | ||||
Cencora, Inc. | 165 | 33,888 | ||||
Centene Corp.† | 528 | 39,183 | ||||
Cigna Group | 289 | 86,541 | ||||
CVS Health Corp. | 1,270 | 100,279 | ||||
DaVita, Inc.† | 53 | 5,552 | ||||
Elevance Health, Inc. | 232 | 109,402 | ||||
HCA Healthcare, Inc. | 196 | 53,053 | ||||
Henry Schein, Inc.† | 129 | 9,767 | ||||
Humana, Inc. | 122 | 55,853 | ||||
Laboratory Corp. of America Holdings | 84 | 19,092 | ||||
McKesson Corp. | 132 | 61,113 | ||||
Molina Healthcare, Inc.† | 58 | 20,956 | ||||
Quest Diagnostics, Inc. | 111 | 15,305 |
Shares | Value | |||||
Health care providers & services(continued) | ||||||
UnitedHealth Group, Inc. | 915 | $481,720 | ||||
Universal Health Services, Inc. Class B | 60 | 9,147 | ||||
1,125,446 | ||||||
Life sciences tools & services: 0.86% | ||||||
Agilent Technologies, Inc. | 289 | 40,179 | ||||
Bio-Rad Laboratories, Inc. Class A† | 21 | 6,781 | ||||
Bio-Techne Corp. | 156 | 12,037 | ||||
Charles River Laboratories International, Inc.† | 51 | 12,056 | ||||
Danaher Corp. | 651 | 150,602 | ||||
Illumina, Inc.† | 157 | 21,861 | ||||
IQVIA Holdings, Inc.† | 181 | 41,880 | ||||
Mettler-Toledo International, Inc.† | 21 | 25,472 | ||||
Revvity, Inc. | 122 | 13,336 | ||||
Thermo Fisher Scientific, Inc. | 382 | 202,762 | ||||
Waters Corp.† | 58 | 19,095 | ||||
West Pharmaceutical Services, Inc. | 73 | 25,705 | ||||
571,766 | ||||||
Pharmaceuticals: 2.22% | ||||||
Bristol-Myers Squibb Co. | 2,013 | 103,287 | ||||
Catalent, Inc.† | 178 | 7,998 | ||||
Eli Lilly & Co. | 789 | 459,924 | ||||
Johnson & Johnson | 2,381 | 373,198 | ||||
Merck & Co., Inc. | 2,507 | 273,313 | ||||
Pfizer, Inc. | 5,585 | 160,792 | ||||
Viatris, Inc. | 1,187 | 12,855 | ||||
Zoetis, Inc. | 454 | 89,606 | ||||
1,480,973 | ||||||
Industrials: 5.23% | ||||||
Aerospace & defense: 0.97% | ||||||
Axon Enterprise, Inc.† | 70 | 18,083 | ||||
Boeing Co.† | 563 | 146,752 | ||||
General Dynamics Corp. | 224 | 58,166 | ||||
Howmet Aerospace, Inc. | 387 | 20,944 | ||||
Huntington Ingalls Industries, Inc. | 39 | 10,126 | ||||
L3Harris Technologies, Inc. | 187 | 39,386 | ||||
Lockheed Martin Corp. | 218 | 98,806 | ||||
Northrop Grumman Corp. | 140 | 65,540 | ||||
RTX Corp. | 1,422 | 119,647 | ||||
Textron, Inc. | 194 | 15,602 | ||||
TransDigm Group, Inc. | 55 | 55,638 | ||||
648,690 | ||||||
Air freight & logistics: 0.30% | ||||||
CH Robinson Worldwide, Inc. | 115 | 9,935 | ||||
Expeditors International of Washington, Inc. | 144 | 18,317 |
Shares | Value | |||||
Air freight & logistics(continued) | ||||||
FedEx Corp. | 229 | $57,930 | ||||
United Parcel Service, Inc. Class B | 715 | 112,419 | ||||
198,601 | ||||||
Building products: 0.30% | ||||||
A O Smith Corp. | 121 | 9,975 | ||||
Allegion PLC | 87 | 11,022 | ||||
Builders FirstSource, Inc.† | 122 | 20,367 | ||||
Carrier Global Corp. | 830 | 47,683 | ||||
Johnson Controls International PLC | 673 | 38,792 | ||||
Masco Corp. | 222 | 14,870 | ||||
Trane Technologies PLC | 226 | 55,121 | ||||
197,830 | ||||||
Commercial services & supplies: 0.33% | ||||||
Cintas Corp. | 86 | 51,829 | ||||
Copart, Inc.† | 864 | 42,336 | ||||
Republic Services, Inc. | 202 | 33,312 | ||||
Rollins, Inc. | 278 | 12,140 | ||||
Veralto Corp. | 217 | 17,851 | ||||
Waste Management, Inc. | 363 | 65,013 | ||||
222,481 | ||||||
Construction & engineering: 0.04% | ||||||
Quanta Services, Inc. | 144 | 31,075 | ||||
Electrical equipment: 0.37% | ||||||
AMETEK, Inc. | 228 | 37,595 | ||||
Eaton Corp. PLC | 395 | 95,124 | ||||
Emerson Electric Co. | 564 | 54,894 | ||||
Generac Holdings, Inc.† | 61 | 7,884 | ||||
Hubbell, Inc. | 53 | 17,433 | ||||
Rockwell Automation, Inc. | 113 | 35,084 | ||||
248,014 | ||||||
Ground transportation: 0.67% | ||||||
CSX Corp. | 1,955 | 67,780 | ||||
J.B. Hunt Transport Services, Inc. | 81 | 16,179 | ||||
Norfolk Southern Corp. | 224 | 52,949 | ||||
Old Dominion Freight Line, Inc. | 89 | 36,074 | ||||
Uber Technologies, Inc.† | 2,036 | 125,357 | ||||
Union Pacific Corp. | 603 | 148,109 | ||||
446,448 | ||||||
Industrial conglomerates: 0.50% | ||||||
3M Co. | 546 | 59,689 | ||||
General Electric Co. | 1,077 | 137,457 | ||||
Honeywell International, Inc. | 652 | 136,731 | ||||
333,877 |
Shares | Value | |||||
Machinery: 1.06% | ||||||
Caterpillar, Inc. | 505 | $149,313 | ||||
Cummins, Inc. | 140 | 33,540 | ||||
Deere & Co. | 265 | 105,966 | ||||
Dover Corp. | 138 | 21,226 | ||||
Fortive Corp. | 348 | 25,623 | ||||
IDEX Corp. | 75 | 16,283 | ||||
Illinois Tool Works, Inc. | 271 | 70,986 | ||||
Ingersoll Rand, Inc. | 400 | 30,936 | ||||
Nordson Corp. | 54 | 14,265 | ||||
Otis Worldwide Corp. | 405 | 36,235 | ||||
PACCAR, Inc. | 517 | 50,485 | ||||
Parker-Hannifin Corp. | 127 | 58,509 | ||||
Pentair PLC | 164 | 11,924 | ||||
Snap-on, Inc. | 52 | 15,020 | ||||
Stanley Black & Decker, Inc. | 152 | 14,911 | ||||
Westinghouse Air Brake Technologies Corp. | 177 | 22,461 | ||||
Xylem, Inc. | 238 | 27,218 | ||||
704,901 | ||||||
Passenger airlines: 0.10% | ||||||
American Airlines Group, Inc.† | 646 | 8,876 | ||||
Delta Air Lines, Inc. | 636 | 25,587 | ||||
Southwest Airlines Co. | 590 | 17,039 | ||||
United Airlines Holdings, Inc.† | 324 | 13,368 | ||||
64,870 | ||||||
Professional services: 0.42% | ||||||
Automatic Data Processing, Inc. | 407 | 94,819 | ||||
Broadridge Financial Solutions, Inc. | 116 | 23,867 | ||||
Ceridian HCM Holding, Inc.† | 154 | 10,336 | ||||
Equifax, Inc. | 122 | 30,169 | ||||
Jacobs Solutions, Inc. | 125 | 16,225 | ||||
Leidos Holdings, Inc. | 136 | 14,721 | ||||
Paychex, Inc. | 318 | 37,877 | ||||
Paycom Software, Inc. | 49 | 10,129 | ||||
Robert Half, Inc. | 105 | 9,232 | ||||
Verisk Analytics, Inc. | 143 | 34,157 | ||||
281,532 | ||||||
Trading companies & distributors: 0.17% | ||||||
Fastenal Co. | 565 | 36,595 | ||||
United Rentals, Inc. | 67 | 38,419 | ||||
WW Grainger, Inc. | 44 | 36,462 | ||||
111,476 | ||||||
Information technology: 17.15% | ||||||
Communications equipment: 0.50% | ||||||
Arista Networks, Inc.† | 249 | 58,642 | ||||
Cisco Systems, Inc. | 4,007 | 202,434 |
Shares | Value | |||||
Communications equipment(continued) | ||||||
F5, Inc.† | 59 | $10,560 | ||||
Juniper Networks, Inc. | 315 | 9,286 | ||||
Motorola Solutions, Inc. | 164 | 51,347 | ||||
332,269 | ||||||
Electronic equipment, instruments & components: 0.37% | ||||||
Amphenol Corp. Class A | 592 | 58,685 | ||||
CDW Corp. | 133 | 30,233 | ||||
Corning, Inc. | 760 | 23,142 | ||||
Jabil, Inc. | 127 | 16,180 | ||||
Keysight Technologies, Inc.† | 176 | 28,000 | ||||
TE Connectivity Ltd. | 307 | 43,133 | ||||
Teledyne Technologies, Inc.† | 47 | 20,976 | ||||
Trimble, Inc.† | 246 | 13,087 | ||||
Zebra Technologies Corp. Class A† | 51 | 13,940 | ||||
247,376 | ||||||
IT services: 0.74% | ||||||
Accenture PLC Class A | 621 | 217,915 | ||||
Akamai Technologies, Inc.† | 149 | 17,634 | ||||
Cognizant Technology Solutions Corp. Class A | 496 | 37,463 | ||||
EPAM Systems, Inc.† | 57 | 16,948 | ||||
Gartner, Inc.† | 77 | 34,735 | ||||
International Business Machines Corp. | 903 | 147,686 | ||||
VeriSign, Inc.† | 88 | 18,125 | ||||
490,506 | ||||||
Semiconductors & semiconductor equipment: 4.81% | ||||||
Advanced Micro Devices, Inc.† | 1,598 | 235,561 | ||||
Analog Devices, Inc. | 493 | 97,890 | ||||
Applied Materials, Inc. | 827 | 134,032 | ||||
Broadcom, Inc. | 434 | 484,452 | ||||
Enphase Energy, Inc.† | 135 | 17,839 | ||||
First Solar, Inc.† | 106 | 18,262 | ||||
Intel Corp. | 4,170 | 209,543 | ||||
KLA Corp. | 134 | 77,894 | ||||
Lam Research Corp. | 130 | 101,824 | ||||
Microchip Technology, Inc. | 535 | 48,246 | ||||
Micron Technology, Inc. | 1,086 | 92,679 | ||||
Monolithic Power Systems, Inc. | 47 | 29,647 | ||||
NVIDIA Corp. | 2,443 | 1,209,822 | ||||
NXP Semiconductors NV | 255 | 58,568 | ||||
ON Semiconductor Corp.† | 426 | 35,584 | ||||
Qorvo, Inc.† | 96 | 10,811 | ||||
QUALCOMM, Inc. | 1,101 | 159,238 | ||||
Skyworks Solutions, Inc. | 158 | 17,762 | ||||
Teradyne, Inc. | 151 | 16,387 | ||||
Texas Instruments, Inc. | 898 | 153,073 | ||||
3,209,114 |
Shares | Value | |||||
Software: 6.40% | ||||||
Adobe, Inc.† | 450 | $268,470 | ||||
ANSYS, Inc.† | 86 | 31,208 | ||||
Autodesk, Inc.† | 211 | 51,374 | ||||
Cadence Design Systems, Inc.† | 269 | 73,268 | ||||
Fair Isaac Corp.† | 24 | 27,936 | ||||
Fortinet, Inc.† | 630 | 36,874 | ||||
Gen Digital, Inc. | 558 | 12,734 | ||||
Intuit, Inc. | 277 | 173,133 | ||||
Microsoft Corp. | 7,352 | 2,764,646 | ||||
Oracle Corp. | 1,572 | 165,736 | ||||
Palo Alto Networks, Inc.† | 307 | 90,528 | ||||
PTC, Inc.† | 118 | 20,645 | ||||
Roper Technologies, Inc. | 106 | 57,788 | ||||
Salesforce, Inc.† | 962 | 253,141 | ||||
ServiceNow, Inc.† | 203 | 143,417 | ||||
Synopsys, Inc.† | 150 | 77,237 | ||||
Tyler Technologies, Inc.† | 42 | 17,561 | ||||
4,265,696 | ||||||
Technology hardware, storage & peripherals: 4.33% | ||||||
Apple, Inc. | 14,461 | 2,784,176 | ||||
Hewlett Packard Enterprise Co. | 1,269 | 21,548 | ||||
HP, Inc. | 860 | 25,877 | ||||
NetApp, Inc. | 207 | 18,249 | ||||
Seagate Technology Holdings PLC | 192 | 16,391 | ||||
Western Digital Corp.† | 321 | 16,811 | ||||
2,883,052 | ||||||
Materials: 1.43% | ||||||
Chemicals: 0.96% | ||||||
Air Products & Chemicals, Inc. | 220 | 60,236 | ||||
Albemarle Corp. | 116 | 16,760 | ||||
Celanese Corp. | 99 | 15,382 | ||||
CF Industries Holdings, Inc. | 189 | 15,025 | ||||
Corteva, Inc. | 697 | 33,400 | ||||
Dow, Inc. | 694 | 38,059 | ||||
DuPont de Nemours, Inc. | 425 | 32,695 | ||||
Eastman Chemical Co. | 117 | 10,509 | ||||
Ecolab, Inc. | 251 | 49,786 | ||||
FMC Corp. | 123 | 7,755 | ||||
International Flavors & Fragrances, Inc. | 253 | 20,485 | ||||
Linde PLC | 480 | 197,141 | ||||
LyondellBasell Industries NV Class A | 253 | 24,055 | ||||
Mosaic Co. | 323 | 11,541 | ||||
PPG Industries, Inc. | 233 | 34,845 | ||||
Sherwin-Williams Co. | 233 | 72,673 | ||||
640,347 |
Shares | Value | |||||
Construction materials: 0.09% | ||||||
Martin Marietta Materials, Inc. | 61 | $30,434 | ||||
Vulcan Materials Co. | 131 | 29,738 | ||||
60,172 | ||||||
Containers & packaging: 0.13% | ||||||
Amcor PLC | 1,430 | 13,785 | ||||
Avery Dennison Corp. | 80 | 16,173 | ||||
Ball Corp. | 312 | 17,946 | ||||
International Paper Co. | 342 | 12,364 | ||||
Packaging Corp. of America | 89 | 14,499 | ||||
Westrock Co. | 254 | 10,546 | ||||
85,313 | ||||||
Metals & mining: 0.25% | ||||||
Freeport-McMoRan, Inc. | 1,418 | 60,364 | ||||
Newmont Corp.-U.S. Exchange Traded Shares | 1,140 | 47,184 | ||||
Nucor Corp. | 243 | 42,292 | ||||
Steel Dynamics, Inc. | 150 | 17,715 | ||||
167,555 | ||||||
Real estate: 1.50% | ||||||
Health care REITs: 0.12% | ||||||
Healthpeak Properties, Inc. | 541 | 10,712 | ||||
Ventas, Inc. | 398 | 19,836 | ||||
Welltower, Inc. | 547 | 49,323 | ||||
79,871 | ||||||
Hotel & resort REITs: 0.02% | ||||||
Host Hotels & Resorts, Inc. | 698 | 13,590 | ||||
Industrial REITs : 0.18% | ||||||
Prologis, Inc. | 914 | 121,836 | ||||
Office REITs : 0.04% | ||||||
Alexandria Real Estate Equities, Inc. | 155 | 19,650 | ||||
Boston Properties, Inc. | 143 | 10,034 | ||||
29,684 | ||||||
Real estate management & development: 0.10% | ||||||
CBRE Group, Inc. Class A† | 301 | 28,020 | ||||
CoStar Group, Inc.† | 404 | 35,305 | ||||
63,325 | ||||||
Residential REITs : 0.18% | ||||||
AvalonBay Communities, Inc. | 140 | 26,211 | ||||
Camden Property Trust | 106 | 10,525 | ||||
Equity Residential | 342 | 20,917 | ||||
Essex Property Trust, Inc. | 63 | 15,620 | ||||
Invitation Homes, Inc. | 569 | 19,408 |
Shares | Value | |||||
Residential REITs (continued) | ||||||
Mid-America Apartment Communities, Inc. | 115 | $15,463 | ||||
UDR, Inc. | 299 | 11,449 | ||||
119,593 | ||||||
Retail REITs : 0.18% | ||||||
Federal Realty Investment Trust | 73 | 7,522 | ||||
Kimco Realty Corp. | 658 | 14,022 | ||||
Realty Income Corp. | 716 | 41,113 | ||||
Regency Centers Corp. | 162 | 10,854 | ||||
Simon Property Group, Inc. | 323 | 46,073 | ||||
119,584 | ||||||
Specialized REITs : 0.68% | ||||||
American Tower Corp. | 461 | 99,521 | ||||
Crown Castle, Inc. | 429 | 49,417 | ||||
Digital Realty Trust, Inc. | 300 | 40,374 | ||||
Equinix, Inc. | 93 | 74,901 | ||||
Extra Space Storage, Inc. | 209 | 33,509 | ||||
Iron Mountain, Inc. | 289 | 20,224 | ||||
Public Storage | 157 | 47,885 | ||||
SBA Communications Corp. | 107 | 27,145 | ||||
VICI Properties, Inc. | 1,023 | 32,613 | ||||
Weyerhaeuser Co. | 722 | 25,104 | ||||
450,693 | ||||||
Utilities: 1.39% | ||||||
Electric utilities: 0.92% | ||||||
Alliant Energy Corp. | 252 | 12,928 | ||||
American Electric Power Co., Inc. | 520 | 42,234 | ||||
Constellation Energy Corp. | 316 | 36,937 | ||||
Duke Energy Corp. | 762 | 73,945 | ||||
Edison International | 379 | 27,095 | ||||
Entergy Corp. | 209 | 21,149 | ||||
Evergy, Inc. | 227 | 11,849 | ||||
Eversource Energy | 346 | 21,355 | ||||
Exelon Corp. | 985 | 35,362 | ||||
FirstEnergy Corp. | 511 | 18,733 | ||||
NextEra Energy, Inc. | 2,029 | 123,241 | ||||
NRG Energy, Inc. | 223 | 11,529 | ||||
PG&E Corp. | 2,110 | 38,043 | ||||
Pinnacle West Capital Corp. | 112 | 8,046 | ||||
PPL Corp. | 729 | 19,756 | ||||
Southern Co. | 1,079 | 75,660 | ||||
Xcel Energy, Inc. | 546 | 33,803 | ||||
611,665 | ||||||
Gas utilities: 0.02% | ||||||
Atmos Energy Corp. | 147 | 17,037 |
Shares | Value | |||||
Independent power and renewable electricity producers: 0.02% | ||||||
AES Corp. | 662 | $12,743 | ||||
Multi-utilities: 0.39% | ||||||
Ameren Corp. | 260 | 18,808 | ||||
CenterPoint Energy, Inc. | 624 | 17,828 | ||||
CMS Energy Corp. | 289 | 16,782 | ||||
Consolidated Edison, Inc. | 341 | 31,021 | ||||
Dominion Energy, Inc. | 828 | 38,916 | ||||
DTE Energy Co. | 204 | 22,493 | ||||
NiSource, Inc. | 409 | 10,859 | ||||
Public Service Enterprise Group, Inc. | 493 | 30,147 | ||||
Sempra | 623 | 46,557 | ||||
WEC Energy Group, Inc. | 312 | 26,261 | ||||
259,672 | ||||||
Water utilities: 0.04% | ||||||
American Water Works Co., Inc. | 193 | 25,474 | ||||
Total common stocks (Cost $18,580,847) | 39,603,242 |
Interest rate | Maturity date | Principal | ||||
U.S. Treasury securities: 34.71% | ||||||
U.S. Treasury Bonds | 1.13 % | 5-15-2040 | $ | 1,060,000 | 683,120 | |
U.S. Treasury Bonds | 1.38 | 11-15-2040 | 87,000 | 57,722 | ||
U.S. Treasury Bonds | 1.38 | 8-15-2050 | 151,000 | 84,141 | ||
U.S. Treasury Bonds | 1.63 | 11-15-2050 | 87,000 | 51,833 | ||
U.S. Treasury Bonds | 1.88 | 2-15-2041 | 208,000 | 149,541 | ||
U.S. Treasury Bonds | 1.88 | 2-15-2051 | 221,000 | 140,136 | ||
U.S. Treasury Bonds | 1.88 | 11-15-2051 | 105,000 | 66,380 | ||
U.S. Treasury Bonds | 2.00 | 8-15-2051 | 629,000 | 410,742 | ||
U.S. Treasury Bonds | 2.25 | 5-15-2041 | 201,000 | 153,098 | ||
U.S. Treasury Bonds | 2.25 | 8-15-2046 | 106,000 | 75,364 | ||
U.S. Treasury Bonds | 2.25 | 8-15-2049 | 108,000 | 75,406 | ||
U.S. Treasury Bonds | 2.25 | 2-15-2052 | 615,000 | 426,320 | ||
U.S. Treasury Bonds | 2.38 | 5-15-2051 | 224,000 | 159,845 | ||
U.S. Treasury Bonds | 2.50 | 2-15-2046 | 106,000 | 79,537 | ||
U.S. Treasury Bonds | 2.50 | 5-15-2046 | 105,000 | 78,615 | ||
U.S. Treasury Bonds | 2.75 | 8-15-2047 | 101,000 | 78,646 | ||
U.S. Treasury Bonds | 2.75 | 11-15-2047 | 100,000 | 77,836 | ||
U.S. Treasury Bonds | 2.88 | 8-15-2045 | 115,000 | 92,728 | ||
U.S. Treasury Bonds | 2.88 | 11-15-2046 | 154,000 | 123,314 | ||
U.S. Treasury Bonds | 3.00 | 11-15-2044 | 114,000 | 94,348 | ||
U.S. Treasury Bonds | 3.00 | 5-15-2045 | 116,000 | 95,700 | ||
U.S. Treasury Bonds | 3.00 | 11-15-2045 | 115,000 | 94,614 | ||
U.S. Treasury Bonds | 3.00 | 2-15-2047 | 106,000 | 86,659 | ||
U.S. Treasury Bonds | 3.00 | 5-15-2047 | 104,000 | 84,943 | ||
U.S. Treasury Bonds | 3.00 | 2-15-2048 | 114,000 | 92,897 | ||
U.S. Treasury Bonds | 3.00 | 8-15-2048 | 121,000 | 98,492 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Bonds | 3.00 % | 2-15-2049 | $ | 140,000 | $113,920 | |
U.S. Treasury Bonds | 3.13 | 11-15-2041 | 37,000 | 32,173 | ||
U.S. Treasury Bonds | 3.13 | 5-15-2048 | 123,000 | 102,474 | ||
U.S. Treasury Bonds | 3.38 | 5-15-2044 | 110,000 | 96,985 | ||
U.S. Treasury Bonds | 3.38 | 11-15-2048 | 135,000 | 117,629 | ||
U.S. Treasury Bonds | 3.50 | 2-15-2039 | 29,000 | 27,465 | ||
U.S. Treasury Bonds | 3.75 | 8-15-2041 | 36,000 | 34,253 | ||
U.S. Treasury Bonds | 3.88 | 8-15-2040 | 37,000 | 36,062 | ||
U.S. Treasury Bonds | 4.25 | 5-15-2039 | 31,000 | 31,932 | ||
U.S. Treasury Bonds | 4.25 | 11-15-2040 | 40,000 | 40,772 | ||
U.S. Treasury Bonds | 4.38 | 2-15-2038 | 133,000 | 139,754 | ||
U.S. Treasury Bonds | 4.38 | 11-15-2039 | 35,000 | 36,459 | ||
U.S. Treasury Bonds | 4.38 | 5-15-2040 | 35,000 | 36,341 | ||
U.S. Treasury Bonds | 4.38 | 5-15-2041 | 33,000 | 34,016 | ||
U.S. Treasury Bonds | 4.50 | 2-15-2036 | 26,000 | 27,729 | ||
U.S. Treasury Bonds | 4.50 | 5-15-2038 | 21,000 | 22,314 | ||
U.S. Treasury Bonds | 4.50 | 8-15-2039 | 33,000 | 34,921 | ||
U.S. Treasury Bonds | 4.63 | 2-15-2040 | 38,000 | 40,690 | ||
U.S. Treasury Bonds | 4.75 | 2-15-2037 | 103,000 | 112,700 | ||
U.S. Treasury Bonds | 4.75 | 2-15-2041 | 44,000 | 47,570 | ||
U.S. Treasury Bonds | 5.00 | 5-15-2037 | 102,000 | 114,069 | ||
U.S. Treasury Bonds | 5.25 | 11-15-2028 | 45,000 | 47,709 | ||
U.S. Treasury Bonds | 5.25 | 2-15-2029 | 33,000 | 35,078 | ||
U.S. Treasury Bonds | 5.38 | 2-15-2031 | 31,000 | 33,970 | ||
U.S. Treasury Bonds | 5.50 | 8-15-2028 | 35,000 | 37,414 | ||
U.S. Treasury Bonds | 6.00 | 2-15-2026 | 1,027,000 | 1,063,146 | ||
U.S. Treasury Bonds | 6.13 | 11-15-2027 | 49,000 | 52,840 | ||
U.S. Treasury Bonds | 6.13 | 8-15-2029 | 25,000 | 27,739 | ||
U.S. Treasury Bonds | 6.25 | 5-15-2030 | 21,000 | 23,738 | ||
U.S. Treasury Bonds | 6.38 | 8-15-2027 | 21,000 | 22,687 | ||
U.S. Treasury Bonds | 6.50 | 11-15-2026 | 28,000 | 29,835 | ||
U.S. Treasury Bonds | 6.63 | 2-15-2027 | 108,000 | 116,345 | ||
U.S. Treasury Bonds | 6.75 | 8-15-2026 | 21,000 | 22,385 | ||
U.S. Treasury Bonds | 6.88 | 8-15-2025 | 1,046,000 | 1,086,737 | ||
U.S. Treasury Notes | 0.25 | 5-31-2025 | 132,000 | 124,312 | ||
U.S. Treasury Notes | 0.25 | 6-30-2025 | 142,000 | 133,375 | ||
U.S. Treasury Notes | 0.25 | 7-31-2025 | 147,000 | 137,669 | ||
U.S. Treasury Notes | 0.25 | 8-31-2025 | 153,000 | 142,834 | ||
U.S. Treasury Notes | 0.25 | 10-31-2025 | 176,000 | 163,481 | ||
U.S. Treasury Notes | 0.38 | 11-30-2025 | 306,000 | 284,162 | ||
U.S. Treasury Notes | 0.38 | 9-30-2027 | 155,000 | 135,946 | ||
U.S. Treasury Notes | 0.50 | 3-31-2025 | 120,000 | 114,098 | ||
U.S. Treasury Notes | 0.50 | 2-28-2026 | 193,000 | 178,352 | ||
U.S. Treasury Notes | 0.50 | 5-31-2027 | 291,000 | 259,104 | ||
U.S. Treasury Notes | 0.50 | 8-31-2027 | 142,000 | 125,459 | ||
U.S. Treasury Notes | 0.50 | 10-31-2027 | 783,000 | 688,336 | ||
U.S. Treasury Notes | 0.63 | 3-31-2027 | 81,000 | 72,796 | ||
U.S. Treasury Notes | 0.63 | 11-30-2027 | 574,000 | 505,905 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Notes | 0.63 % | 5-15-2030 | $ | 613,000 | $500,936 | |
U.S. Treasury Notes | 0.63 | 8-15-2030 | 222,000 | 180,071 | ||
U.S. Treasury Notes | 0.75 | 4-30-2026 | 194,000 | 179,480 | ||
U.S. Treasury Notes | 0.75 | 5-31-2026 | 194,000 | 179,079 | ||
U.S. Treasury Notes | 0.88 | 11-15-2030 | 132,000 | 108,441 | ||
U.S. Treasury Notes | 1.00 | 7-31-2028 | 315,000 | 277,065 | ||
U.S. Treasury Notes | 1.13 | 2-28-2025 | 118,000 | 113,340 | ||
U.S. Treasury Notes | 1.13 | 2-28-2027 | 127,000 | 116,329 | ||
U.S. Treasury Notes | 1.25 | 4-30-2028 | 25,000 | 22,380 | ||
U.S. Treasury Notes | 1.25 | 9-30-2028 | 785,000 | 695,706 | ||
U.S. Treasury Notes | 1.25 | 8-15-2031 | 351,000 | 290,439 | ||
U.S. Treasury Notes | 1.38 | 1-31-2025 | 105,000 | 101,304 | ||
U.S. Treasury Notes | 1.38 | 8-31-2026 | 95,000 | 88,558 | ||
U.S. Treasury Notes | 1.38 | 10-31-2028 | 1,255,000 | 1,116,999 | ||
U.S. Treasury Notes | 1.38 | 11-15-2031 | 940,000 | 780,420 | ||
U.S. Treasury Notes | 1.50 | 11-30-2024 | 372,000 | 360,811 | ||
U.S. Treasury Notes | 1.50 | 8-15-2026 | 102,000 | 95,466 | ||
U.S. Treasury Notes | 1.50 | 1-31-2027 | 98,000 | 90,968 | ||
U.S. Treasury Notes | 1.50 | 2-15-2030 | 209,000 | 182,083 | ||
U.S. Treasury Notes | 1.63 | 2-15-2026 | 168,000 | 159,200 | ||
U.S. Treasury Notes | 1.63 | 5-15-2026 | 105,000 | 99,069 | ||
U.S. Treasury Notes | 1.63 | 10-31-2026 | 94,000 | 88,004 | ||
U.S. Treasury Notes | 1.63 | 11-30-2026 | 97,000 | 90,657 | ||
U.S. Treasury Notes | 1.63 | 8-15-2029 | 157,000 | 139,687 | ||
U.S. Treasury Notes | 1.75 | 12-31-2026 | 99,000 | 92,754 | ||
U.S. Treasury Notes | 1.75 | 11-15-2029 | 178,000 | 158,858 | ||
U.S. Treasury Notes | 1.88 | 6-30-2026 | 98,000 | 92,935 | ||
U.S. Treasury Notes | 1.88 | 7-31-2026 | 99,000 | 93,652 | ||
U.S. Treasury Notes | 2.00 | 2-15-2025 | 289,000 | 280,499 | ||
U.S. Treasury Notes | 2.00 | 8-15-2025 | 220,000 | 211,707 | ||
U.S. Treasury Notes | 2.00 | 11-15-2026 | 170,000 | 160,716 | ||
U.S. Treasury Notes | 2.13 | 11-30-2024 | 119,000 | 116,104 | ||
U.S. Treasury Notes | 2.13 | 5-15-2025 | 234,000 | 226,532 | ||
U.S. Treasury Notes | 2.13 | 5-31-2026 | 97,000 | 92,608 | ||
U.S. Treasury Notes | 2.25 | 11-15-2024 | 290,000 | 283,509 | ||
U.S. Treasury Notes | 2.25 | 11-15-2025 | 219,000 | 210,924 | ||
U.S. Treasury Notes | 2.25 | 3-31-2026 | 99,000 | 94,970 | ||
U.S. Treasury Notes | 2.25 | 2-15-2027 | 196,000 | 186,062 | ||
U.S. Treasury Notes | 2.25 | 8-15-2027 | 101,000 | 95,256 | ||
U.S. Treasury Notes | 2.25 | 11-15-2027 | 99,000 | 93,083 | ||
U.S. Treasury Notes | 2.38 | 4-30-2026 | 98,000 | 94,183 | ||
U.S. Treasury Notes | 2.38 | 5-15-2027 | 164,000 | 155,768 | ||
U.S. Treasury Notes | 2.38 | 5-15-2029 | 90,000 | 83,419 | ||
U.S. Treasury Notes | 2.50 | 1-31-2025 | 116,000 | 113,281 | ||
U.S. Treasury Notes | 2.50 | 2-28-2026 | 97,000 | 93,613 | ||
U.S. Treasury Notes | 2.63 | 3-31-2025 | 114,000 | 111,301 | ||
U.S. Treasury Notes | 2.63 | 1-31-2026 | 95,000 | 92,013 | ||
U.S. Treasury Notes | 2.63 | 2-15-2029 | 181,000 | 170,409 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Notes | 2.75 % | 2-28-2025 | $ | 121,000 | $118,405 | |
U.S. Treasury Notes | 2.75 | 6-30-2025 | 119,000 | 116,085 | ||
U.S. Treasury Notes | 2.75 | 8-31-2025 | 122,000 | 118,764 | ||
U.S. Treasury Notes | 2.75 | 2-15-2028 | 189,000 | 180,665 | ||
U.S. Treasury Notes | 2.75 | 8-15-2032 | 680,000 | 622,731 | ||
U.S. Treasury Notes | 2.88 | 4-30-2025 | 114,000 | 111,511 | ||
U.S. Treasury Notes | 2.88 | 5-31-2025 | 117,000 | 114,335 | ||
U.S. Treasury Notes | 2.88 | 6-15-2025 | 100,000 | 97,734 | ||
U.S. Treasury Notes | 2.88 | 7-31-2025 | 118,000 | 115,184 | ||
U.S. Treasury Notes | 2.88 | 11-30-2025 | 96,000 | 93,517 | ||
U.S. Treasury Notes | 2.88 | 5-15-2028 | 178,000 | 170,685 | ||
U.S. Treasury Notes | 2.88 | 8-15-2028 | 190,000 | 181,829 | ||
U.S. Treasury Notes | 3.00 | 10-31-2025 | 76,000 | 74,231 | ||
U.S. Treasury Notes | 3.13 | 11-15-2028 | 226,000 | 218,320 | ||
U.S. Treasury Notes | 3.50 | 2-15-2033 | 115,000 | 111,519 | ||
U.S. Treasury Notes | 3.88 | 8-15-2033 | 460,000 | 459,425 | ||
U.S. Treasury Notes | 4.13 | 11-15-2032 | 110,000 | 111,813 | ||
Total U.S. Treasury securities (Cost $24,857,515) | 23,135,058 |
Yield | Shares | |||||
Short-term investments: 4.31% | ||||||
Investment companies: 4.31% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.28 | 2,872,731 | 2,872,731 | |||
Total short-term investments (Cost $2,872,731) | 2,872,731 | |||||
Total investments in securities (Cost $46,311,093) | 98.45 % | 65,611,031 | ||||
Other assets and liabilities, net | 1.55 | 1,031,059 | ||||
Total net assets | 100.00 % | $66,642,090 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
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 | $2,238,925 | $13,103,417 | $(12,469,611 ) | $0 | $0 | $2,872,731 | 2,872,731 | $97,653 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 24 | 3-15-2024 | $5,592,418 | $5,784,000 | $191,582 | $0 |
Micro E-Mini S&P 500 | 20 | 3-15-2024 | 465,143 | 482,000 | 16,857 | 0 |
10-Year U.S. Treasury Notes | 40 | 3-19-2024 | 4,352,483 | 4,515,625 | 163,142 | 0 |
U.S. Long Term Bond | 2 | 3-19-2024 | 231,548 | 249,875 | 18,327 | 0 |
Ultra Long Term U.S. Treasury Bond | 3 | 3-19-2024 | 395,382 | 400,781 | 5,399 | 0 |
2-Year U.S. Treasury Notes | 2 | 3-28-2024 | 408,404 | 411,828 | 3,424 | 0 |
5-Year U.S. Treasury Notes | 7 | 3-28-2024 | 748,378 | 761,414 | 13,036 | 0 |
$411,767 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $43,438,362) | $62,738,300 |
Investments in affiliated securities, at value (cost $2,872,731) | 2,872,731 |
Cash | 215 |
Cash at broker segregated for futures contracts | 446,731 |
Receivable for investments sold | 466,620 |
Receivable for dividends and interest | 222,314 |
Receivable for daily variation margin on open futures contracts | 852 |
Receivable for Fund shares sold | 552 |
Prepaid expenses and other assets | 18,094 |
Total assets | 66,766,409 |
Liabilities | |
Payable for Fund shares redeemed | 49,114 |
Management fee payable | 24,709 |
Payable for daily variation margin on open futures contracts | 16,895 |
Distribution fee payable | 14,066 |
Custody and accounting fees payable | 10,564 |
Administration fee payable | 4,613 |
Payable for investments purchased | 810 |
Trustees’ fees and expenses payable | 265 |
Accrued expenses and other liabilities | 3,283 |
Total liabilities | 124,319 |
Total net assets | $66,642,090 |
Net assets consist of | |
Paid-in capital | $44,244,491 |
Total distributable earnings | 22,397,599 |
Total net assets | $66,642,090 |
Computation of net asset value per share | |
Net assets - Class 2 | $66,642,090 |
Shares outstanding - Class 21 | 3,567,764 |
Net asset value per share - Class 2 | $18.68 |
Investment income | |
Dividends (net of foreign withholdings taxes of $174) | $660,457 |
Interest | 581,891 |
Income from affiliated securities | 97,653 |
Total investment income | 1,340,001 |
Expenses | |
Management fee | 384,671 |
Administration fee - Class 2 | 51,290 |
Distribution fee - Class 2 | 156,712 |
Custody and accounting fees | 8,981 |
Professional fees | 68,041 |
Shareholder report expenses | 14,819 |
Trustees’ fees and expenses | 24,847 |
Other fees and expenses | 23,158 |
Total expenses | 732,519 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (91,383 ) |
Net expenses | 641,136 |
Net investment income | 698,865 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 4,080,929 |
Futures contracts | (152,638 ) |
Net realized gains on investments | 3,928,291 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 4,854,583 |
Futures contracts | 452,664 |
Net change in unrealized gains (losses) on investments | 5,307,247 |
Net realized and unrealized gains (losses) on investments | 9,235,538 |
Net increase in net assets resulting from operations | $9,934,403 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Operations | ||||
Net investment income | $698,865 | $499,771 | ||
Net realized gains on investments | 3,928,291 | 1,953,790 | ||
Net change in unrealized gains (losses) on investments | 5,307,247 | (16,170,071 ) | ||
Net increase (decrease) in net assets resulting from operations | 9,934,403 | (13,716,510 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains - Class 2 | (2,620,046 ) | (8,395,776 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold - Class 2 | 43,882 | 772,754 | 49,560 | 962,547 |
Reinvestment of distributions - Class 2 | 146,868 | 2,620,046 | 483,089 | 8,395,776 |
Payment for shares redeemed - Class 2 | (375,390 ) | (6,592,835 ) | (406,491 ) | (7,787,408 ) |
Net increase (decrease) in net assets resulting from capital share transactions | (3,200,035 ) | 1,570,915 | ||
Total increase (decrease) in net assets | 4,114,322 | (20,541,371 ) | ||
Net assets | ||||
Beginning of period | 62,527,768 | 83,069,139 | ||
End of period | $66,642,090 | $62,527,768 |
Year ended December 31 | |||||
Class 2 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $16.66 | $22.91 | $21.88 | $20.55 | $18.42 |
Net investment income | 0.19 1 | 0.14 | 0.10 | 0.16 | 0.22 |
Net realized and unrealized gains (losses) on investments | 2.55 | (3.95 ) | 3.25 | 3.04 | 3.42 |
Total from investment operations | 2.74 | (3.81 ) | 3.35 | 3.20 | 3.64 |
Distributions to shareholders from | |||||
Net investment income | (0.17 ) | (0.12 ) | (0.13 ) | (0.17 ) | (0.22 ) |
Net realized gains | (0.55 ) | (2.32 ) | (2.19 ) | (1.70 ) | (1.29 ) |
Total distributions to shareholders | (0.72 ) | (2.44 ) | (2.32 ) | (1.87 ) | (1.51 ) |
Net asset value, end of period | $18.68 | $16.66 | $22.91 | $21.88 | $20.55 |
Total return2 | 16.70 % | (17.02 )% | 16.00 % | 16.59 % | 20.16 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.14 % | 1.15 % | 1.13 % | 1.14 % | 1.05 % |
Net expenses | 1.00 % | 1.00 % | 1.00 % | 1.00 % | 1.00 % |
Net investment income | 1.09 % | 0.72 % | 0.46 % | 0.78 % | 1.07 % |
Supplemental data | |||||
Portfolio turnover rate | 13 % | 9 % | 7 % | 21 % | 4 % |
Net assets, end of period (000s omitted) | $66,642 | $62,528 | $83,069 | $78,791 | $72,193 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Gross unrealized gains | $20,336,510 |
Gross unrealized losses | (2,497,036 ) |
Net unrealized gains | $17,839,474 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $3,397,933 | $0 | $0 | $3,397,933 |
Consumer discretionary | 4,296,996 | 0 | 0 | 4,296,996 |
Consumer staples | 2,437,912 | 0 | 0 | 2,437,912 |
Energy | 1,539,761 | 0 | 0 | 1,539,761 |
Financials | 5,138,517 | 0 | 0 | 5,138,517 |
Health care | 4,996,161 | 0 | 0 | 4,996,161 |
Industrials | 3,489,795 | 0 | 0 | 3,489,795 |
Information technology | 11,428,013 | 0 | 0 | 11,428,013 |
Materials | 953,387 | 0 | 0 | 953,387 |
Real estate | 998,176 | 0 | 0 | 998,176 |
Utilities | 926,591 | 0 | 0 | 926,591 |
U.S. Treasury securities | 23,135,058 | 0 | 0 | 23,135,058 |
Short-term investments | ||||
Investment companies | 2,872,731 | 0 | 0 | 2,872,731 |
65,611,031 | 0 | 0 | 65,611,031 | |
Futures contracts | 411,767 | 0 | 0 | 411,767 |
Total assets | $66,022,798 | $0 | $0 | $66,022,798 |
Average daily net assets | Management fee |
First $500 million | 0.600 % |
Next $500 million | 0.550 |
Next $2 billion | 0.500 |
Next $2 billion | 0.475 |
Next $5 billion | 0.440 |
Over $10 billion | 0.430 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$7,249,167 | $879,003 | $7,051,114 | $7,018,382 |
Interest rate risk | Equity risk | Total | |
Asset derivatives | |||
Futures contracts | $203,328 * | $208,439 * | $411,767 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of December 31, 2023 is reported separately on the Statement of Assets and Liabilities. |
Interest rate risk | Equity risk | Total | |
Net realized gains (losses) on derivatives | |||
Futures contracts | $(202,280 ) | $49,642 | $(152,638 ) |
Net change in unrealized gains (losses) on derivatives | |||
Futures contracts | $240,095 | $212,569 | $452,664 |
Year ended December 31 | ||
2023 | 2022 | |
Ordinary income | $617,567 | $935,859 |
Long-term capital gain | 2,002,479 | 7,459,917 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$198,892 | $4,359,233 | $17,839,474 |
Allspring Variable Trust:
December 31, 2023.
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018# | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR0360 12-23
2 | |
8 | |
12 | |
13 | |
16 | |
17 | |
18 | |
19 | |
21 | |
26 | |
27 |
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
At a meeting held October 19, 2023, the Board of Trustees of the Fund approved the Fund’s liquidation. The Fund will be closed to new direct investors and additional investments from existing shareholders effective at the close of business on April 26, 2024. The liquidation of the Fund is expected to occur on April 30, 2024. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Jonathan Drexel, CFA†, Paige Henderson, CFA, CFP† |
Average annual total returns (%) as of December 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class 1 | 8-17-1998 | 15.80 ♠ | 5.93 | 3.31 | 1.24 | 0.70 |
Class 2 | 7-31-2002 | 15.56 ♠ | 5.69 | 3.05 | 1.49 | 0.95 |
MSCI ACWI ex USA Index (Net)3 | – | 15.62 | 7.08 | 3.83 | – | – |
MSCI EAFE Index (Net)4 | – | 18.24 | 8.16 | 4.28 | – | – |
♠ | Total return differs from the return in the Financial Highlights in this report. The total return presented is calculated based on the Net Asset Value (NAV) at which the shareholder transactions were processed. The NAV and total return presented in the Financial Highlights reflects certain adjustments made to the net assets of the Fund that are necessary under U.S. generally accepted accounting principles. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through April 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.69% for Class 1 shares and 0.94% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
4 | The MSCI Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. You cannot invest directly in an index. |
† | Mr. Drexel and Ms. Henderson became portfolio managers of the Fund on October 20, 2023. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Growth of $10,000 investment as of December 31, 20231 |
1 | The chart compares the performance of Class 2 shares for the most recent ten years with the MSCI ACWI ex USA Index (Net) and MSCI EAFE Index (Net). The chart assumes a hypothetical investment of $10,000 in Class 2 shares and reflects all operating expenses of the Fund but does not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Ten largest holdings (%) as of December 31, 20231 | |
BAE Systems PLC | 2.98 |
Samsung Electronics Co. Ltd. | 2.96 |
AXA SA | 2.88 |
Vinci SA | 2.78 |
Deutsche Boerse AG | 2.72 |
LVMH Moet Hennessy Louis Vuitton SE | 2.50 |
ING Groep NV | 2.48 |
Coca-Cola Europacific Partners PLC | 2.48 |
Toyota Motor Corp. | 2.45 |
Siemens AG | 2.44 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Geographic allocation as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2023 | Ending account value 12-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class 1 | ||||
Actual | $1,000.00 | $1,050.50 | $3.55 | 0.69 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.61 | $3.50 | 0.69 % |
Class 2 | ||||
Actual | $1,000.00 | $1,051.70 | $4.83 | 0.94 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.36 | $4.76 | 0.94 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 96.49% | ||||||
Canada: 3.55% | ||||||
Restaurant Brands International, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 17,736 | $1,385,714 | ||||
TC Energy Corp. (Energy, Oil, gas & consumable fuels) | 20,215 | 790,204 | ||||
2,175,918 | ||||||
Finland: 2.15% | ||||||
Nordea Bank Abp (Financials, Banks) | 106,138 | 1,315,362 | ||||
France: 21.58% | ||||||
Air Liquide SA (Materials, Chemicals) | 7,467 | 1,451,792 | ||||
AXA SA (Financials, Insurance) | 54,134 | 1,762,359 | ||||
Capgemini SE (Information technology, IT services) | 4,806 | 1,001,429 | ||||
L’Oreal SA (Consumer staples, Personal care products) | 2,441 | 1,214,386 | ||||
LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | 1,893 | 1,533,061 | ||||
Sanofi SA (Health care, Pharmaceuticals) | 11,925 | 1,181,655 | ||||
Schneider Electric SE (Industrials, Electrical equipment) | 3,469 | 696,145 | ||||
TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 19,826 | 1,348,234 | ||||
Veolia Environnement SA (Utilities, Multi-utilities) | 42,032 | 1,325,219 | ||||
Vinci SA (Industrials, Construction & engineering) | 13,564 | 1,702,541 | ||||
13,216,821 | ||||||
Germany: 13.62% | ||||||
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 6,262 | 1,273,086 | ||||
Allianz SE (Financials, Insurance) | 2,989 | 798,364 | ||||
Deutsche Boerse AG (Financials, Capital markets) | 8,085 | 1,664,594 | ||||
Deutsche Post AG (Industrials, Air freight & logistics) | 18,470 | 914,592 | ||||
Deutsche Telekom AG (Communication services, Diversified telecommunication services) | 43,374 | 1,041,450 | ||||
SAP SE (Information technology, Software) | 7,514 | 1,156,998 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 7,955 | 1,492,224 | ||||
8,341,308 | ||||||
Hong Kong: 1.55% | ||||||
AIA Group Ltd. (Financials, Insurance) | 108,600 | 946,434 | ||||
Israel: 0.85% | ||||||
Check Point Software Technologies Ltd. (Information technology, Software)† | 3,414 | 521,625 | ||||
Japan: 16.08% | ||||||
Asahi Group Holdings Ltd. (Consumer staples, Beverages) | 26,900 | 1,003,122 | ||||
FUJIFILM Holdings Corp. (Information technology, Technology hardware, storage & peripherals) | 14,500 | 871,337 | ||||
Nintendo Co. Ltd. (Communication services, Entertainment) | 24,200 | 1,263,034 | ||||
ORIX Corp. (Financials, Financial services) | 75,500 | 1,422,185 | ||||
Seven & i Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 32,800 | 1,301,532 | ||||
Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | 27,800 | 1,356,482 |
Shares | Value | |||||
Japan(continued) | ||||||
Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor equipment) | 6,300 | $1,128,415 | ||||
Toyota Motor Corp. (Consumer discretionary, Automobiles) | 81,700 | 1,501,020 | ||||
9,847,127 | ||||||
Mexico: 0.77% | ||||||
America Movil SAB de CV Series B (Communication services, Wireless telecommunication services) | 506,400 | 469,391 | ||||
Netherlands: 4.79% | ||||||
Airbus SE (Industrials, Aerospace & defense) | 9,160 | 1,413,481 | ||||
ING Groep NV (Financials, Banks) | 101,898 | 1,521,544 | ||||
2,935,025 | ||||||
South Korea: 3.89% | ||||||
Samsung Electronics Co. Ltd. GDR (Information technology, Technology hardware, storage & peripherals) | 1,209 | 1,811,082 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 14,735 | 572,452 | ||||
2,383,534 | ||||||
Switzerland: 7.04% | ||||||
Nestle SA (Consumer staples, Food products) | 11,644 | 1,349,987 | ||||
Novartis AG (Health care, Pharmaceuticals) | 13,179 | 1,329,887 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 3,554 | 1,033,177 | ||||
TE Connectivity Ltd. (Information technology, Electronic equipment, instruments & components) | 4,234 | 594,877 | ||||
4,307,928 | ||||||
United Kingdom: 19.89% | ||||||
AstraZeneca PLC (Health care, Pharmaceuticals) | 9,893 | 1,336,672 | ||||
BAE Systems PLC (Industrials, Aerospace & defense) | 129,077 | 1,827,084 | ||||
Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) | 22,724 | 1,516,600 | ||||
Diageo PLC (Consumer staples, Beverages) | 33,786 | 1,229,946 | ||||
National Grid PLC (Utilities, Multi-utilities) | 53,277 | 718,483 | ||||
Reckitt Benckiser Group PLC (Consumer staples, Household products) | 15,762 | 1,088,934 | ||||
Rio Tinto PLC (Materials, Metals & mining) | 12,310 | 916,665 | ||||
Shell PLC (Energy, Oil, gas & consumable fuels) | 37,488 | 1,228,768 | ||||
Smith & Nephew PLC (Health care, Health care equipment & supplies) | 79,769 | 1,096,592 | ||||
Unilever PLC (Consumer staples, Personal care products) | 25,166 | 1,218,958 | ||||
12,178,702 | ||||||
United States: 0.73% | ||||||
EOG Resources, Inc. (Energy, Oil, gas & consumable fuels) | 3,686 | 445,822 | ||||
Total common stocks (Cost $52,869,380) | 59,084,997 |
Shares | Value | |||||
Investment companies: 2.24% | ||||||
United States: 2.24% | ||||||
iShares MSCI EAFE ETF | 18,243 | $1,374,610 | ||||
Total investment companies (Cost $1,251,257) | 1,374,610 |
Yield | ||||||
Short-term investments: 1.98% | ||||||
Investment companies: 1.98% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.28 % | 1,213,056 | 1,213,056 | |||
Total short-term investments (Cost $1,213,056) | 1,213,056 | |||||
Total investments in securities (Cost $55,333,693) | 100.71 % | 61,672,663 | ||||
Other assets and liabilities, net | (0.71 ) | (437,474 ) | ||||
Total net assets | 100.00 % | $61,235,189 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
GDR | Global depositary receipt |
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 | $1,439,313 | $28,252,108 | $(28,478,365 ) | $0 | $0 | $1,213,056 | 1,213,056 | $71,247 |
Investments in affiliates no longer held at end of period | ||||||||
Securities Lending Cash Investments LLC | 1,372,447 | 1,891,300 | (3,263,629 ) | (118 ) | 0 | 0 | 0 | 1,777 1 |
$(118 ) | $0 | $1,213,056 | $73,024 |
1 | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $54,120,637) | $60,459,607 |
Investments in affiliated securities, at value (cost $1,213,056) | 1,213,056 |
Foreign currency, at value (cost $27,337) | 27,702 |
Receivable for dividends | 68,266 |
Receivable for Fund shares sold | 2,199 |
Prepaid expenses and other assets | 1,491 |
Total assets | 61,772,321 |
Liabilities | |
Payable for investments purchased | 457,140 |
Custody and accounting fees payable | 33,975 |
Payable for Fund shares redeemed | 22,208 |
Distribution fee payable | 10,297 |
Management fee payable | 7,095 |
Administration fees payable | 4,219 |
Trustees’ fees and expenses payable | 257 |
Accrued expenses and other liabilities | 1,941 |
Total liabilities | 537,132 |
Total net assets | $61,235,189 |
Net assets consist of | |
Paid-in capital | $58,761,845 |
Total distributable earnings | 2,473,344 |
Total net assets | $61,235,189 |
Computation of net asset value per share | |
Net assets–Class 1 | $13,433,112 |
Shares outstanding–Class 11 | 7,107,608 |
Net asset value per share–Class 1 | $1.89 |
Net assets–Class 2 | $47,802,077 |
Shares outstanding–Class 21 | 24,367,571 |
Net asset value per share–Class 2 | $1.96 |
Investment income | |
Dividends (net of foreign withholdings taxes of $347,760) | $1,339,742 |
Income from non-cash dividends | 125,128 |
Income from affiliated securities | 71,528 |
Interest | 1,906 |
Total investment income | 1,538,304 |
Expenses | |
Management fee | 481,914 |
Administration fees | |
Class 1 | 10,407 |
Class 2 | 37,784 |
Distribution fee | |
Class 2 | 118,009 |
Custody and accounting fees | 50,251 |
Professional fees | 123,361 |
Shareholder report expenses | 5,200 |
Trustees’ fees and expenses | 21,764 |
Other fees and expenses | 5,901 |
Total expenses | 854,591 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (320,863 ) |
Net expenses | 533,728 |
Net investment income | 1,004,576 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (1,845,982 ) |
Affiliated securities | (118 ) |
Foreign currency and foreign currency translations | (16,660 ) |
Net realized losses on investments | (1,862,760 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 9,364,504 |
Foreign currency and foreign currency translations | 17,788 |
Net change in unrealized gains (losses) on investments | 9,382,292 |
Net realized and unrealized gains (losses) on investments | 7,519,532 |
Net increase in net assets resulting from operations | $8,524,108 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Operations | ||||
Net investment income | $1,004,576 | $1,218,499 | ||
Net realized gains (losses) on investments | (1,862,760 ) | 49,447 | ||
Net change in unrealized gains (losses) on investments | 9,382,292 | (9,529,985 ) | ||
Net increase (decrease) in net assets resulting from operations | 8,524,108 | (8,262,039 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class 1 | (228,415 ) | (541,184 ) | ||
Class 2 | (684,440 ) | (1,784,190 ) | ||
Total distributions to shareholders | (912,855 ) | (2,325,374 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class 1 | 587,721 | 1,053,303 | 333,410 | 598,170 |
Class 2 | 358,386 | 663,517 | 733,332 | 1,309,787 |
1,716,820 | 1,907,957 | |||
Reinvestment of distributions | ||||
Class 1 | 124,139 | 228,415 | 342,521 | 541,184 |
Class 2 | 356,479 | 684,440 | 1,087,921 | 1,784,190 |
912,855 | 2,325,374 | |||
Payment for shares redeemed | ||||
Class 1 | (1,116,518 ) | (1,975,552 ) | (1,347,073 ) | (2,306,169 ) |
Class 2 | (3,296,773 ) | (6,102,325 ) | (2,880,110 ) | (5,031,532 ) |
(8,077,877 ) | (7,337,701 ) | |||
Net decrease in net assets resulting from capital share transactions | (5,448,202 ) | (3,104,370 ) | ||
Total increase (decrease) in net assets | 2,163,051 | (13,691,783 ) | ||
Net assets | ||||
Beginning of period | 59,072,138 | 72,763,921 | ||
End of period | $61,235,189 | $59,072,138 |
Year ended December 31 | |||||
Class 1 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.67 | $1.96 | $1.85 | $1.83 | $2.85 |
Net investment income | 0.03 1 | 0.04 | 0.04 | 0.03 1 | 0.06 1 |
Net realized and unrealized gains (losses) on investments | 0.22 | (0.26 ) | 0.10 | 0.04 | 0.34 |
Total from investment operations | 0.25 | (0.22 ) | 0.14 | 0.07 | 0.40 |
Distributions to shareholders from | |||||
Net investment income | (0.03 ) | (0.07 ) | (0.03 ) | (0.05 ) | (0.13 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (1.29 ) |
Total distributions to shareholders | (0.03 ) | (0.07 ) | (0.03 ) | (0.05 ) | (1.42 ) |
Net asset value, end of period | $1.89 | $1.67 | $1.96 | $1.85 | $1.83 |
Total return2 | 15.12 % | (10.95 )% | 7.39 % | 4.31 % | 16.14 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.22 % | 1.22 % | 1.13 % | 1.13 % | 1.13 % |
Net expenses | 0.69 % | 0.69 % | 0.69 % | 0.69 % | 0.69 % |
Net investment income | 1.86 % | 2.15 % | 2.07 % | 1.59 % | 2.55 % |
Supplemental data | |||||
Portfolio turnover rate | 134 % | 63 % | 65 % | 80 % | 48 % |
Net assets, end of period (000s omitted) | $13,433 | $12,509 | $16,019 | $17,459 | $19,872 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Year ended December 31 | |||||
Class 2 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $1.73 | $2.03 | $1.91 | $1.89 | $2.89 |
Net investment income | 0.03 1 | 0.04 | 0.04 | 0.03 1 | 0.05 1 |
Net realized and unrealized gains (losses) on investments | 0.23 | (0.27 ) | 0.10 | 0.03 | 0.36 |
Total from investment operations | 0.26 | (0.23 ) | 0.14 | 0.06 | 0.41 |
Distributions to shareholders from | |||||
Net investment income | (0.03 ) | (0.07 ) | (0.02 ) | (0.04 ) | (0.12 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (1.29 ) |
Total distributions to shareholders | (0.03 ) | (0.07 ) | (0.02 ) | (0.04 ) | (1.41 ) |
Net asset value, end of period | $1.96 | $1.73 | $2.03 | $1.91 | $1.89 |
Total return2 | 14.89 % | (11.37 )% | 7.43 % | 3.83 % | 16.10 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.47 % | 1.47 % | 1.38 % | 1.38 % | 1.38 % |
Net expenses | 0.94 % | 0.94 % | 0.94 % | 0.94 % | 0.94 % |
Net investment income | 1.62 % | 1.90 % | 1.83 % | 1.34 % | 2.30 % |
Supplemental data | |||||
Portfolio turnover rate | 134 % | 63 % | 65 % | 80 % | 48 % |
Net assets, end of period (000s omitted) | $47,802 | $46,563 | $56,744 | $57,167 | $61,907 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Gross unrealized gains | $6,142,371 |
Gross unrealized losses | (58,735 ) |
Net unrealized gains | $6,083,636 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Canada | $2,175,918 | $0 | $0 | $2,175,918 |
Finland | 1,315,362 | 0 | 0 | 1,315,362 |
France | 13,216,821 | 0 | 0 | 13,216,821 |
Germany | 8,341,308 | 0 | 0 | 8,341,308 |
Hong Kong | 946,434 | 0 | 0 | 946,434 |
Israel | 521,625 | 0 | 0 | 521,625 |
Japan | 9,847,127 | 0 | 0 | 9,847,127 |
Mexico | 469,391 | 0 | 0 | 469,391 |
Netherlands | 2,935,025 | 0 | 0 | 2,935,025 |
South Korea | 1,811,082 | 572,452 | 0 | 2,383,534 |
Switzerland | 4,307,928 | 0 | 0 | 4,307,928 |
United Kingdom | 12,178,702 | 0 | 0 | 12,178,702 |
United States | 445,822 | 0 | 0 | 445,822 |
Investment companies | 1,374,610 | 0 | 0 | 1,374,610 |
Short-term investments | ||||
Investment companies | 1,213,056 | 0 | 0 | 1,213,056 |
Total assets | $61,100,211 | $572,452 | $0 | $61,672,663 |
Average daily net assets | Management fee |
First $500 million | 0.800 % |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $5 billion | 0.640 |
Over $10 billion | 0.630 |
EXPENSE RATIO CAPS | |
Class 1 | 0.69 % |
Class 2 | 0.94 |
Undistributed ordinary income | Unrealized gains | Capital loss carryforward |
$1,108,778 | $6,084,189 | $(4,715,574 ) |
Allspring Variable Trust:
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$203,037 | $0.0065 | 100 % |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018# | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR3008 12-23
2 | |
8 | |
12 | |
13 | |
17 | |
18 | |
19 | |
20 | |
22 | |
27 | |
28 |
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio manager | Christopher G. Miller, CFA |
Average annual total returns (%) as of December 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class 1 | 8-26-2011 | 26.83 | 15.03 | 10.60 | 0.87 | 0.75 |
Class 2 | 5-8-1992 | 26.50 | 14.74 | 10.32 | 1.12 | 1.00 |
Russell 3000® Index3 | – | 25.96 | 15.16 | 11.48 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through April 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class 1 shares and 1.00% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Growth of $10,000 investment as of December 31, 20231 |
1 | The chart compares the performance of Class 2 shares for the most recent ten years with the Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class 2 shares and reflects all operating expenses of the Fund but does not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Ten largest holdings (%) as of December 31, 20231 | |
Apple, Inc. | 5.25 |
Amazon.com, Inc. | 4.60 |
Alphabet, Inc. Class C | 4.38 |
Salesforce, Inc. | 4.09 |
Mastercard, Inc. Class A | 3.55 |
Texas Instruments, Inc. | 2.76 |
Meta Platforms, Inc. Class A | 2.59 |
Splunk, Inc. | 2.27 |
Teledyne Technologies, Inc. | 2.22 |
Regal Rexnord Corp. | 2.16 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2023 | Ending account value 12-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class 1 | ||||
Actual | $1,000.00 | $1,080.30 | $3.91 | 0.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75 % |
Class 2 | ||||
Actual | $1,000.00 | $1,078.90 | $5.21 | 1.00 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.06 | $5.06 | 1.00 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 96.64% | ||||||
Communication services: 6.97% | ||||||
Interactive media & services: 6.97% | ||||||
Alphabet, Inc. Class C† | 56,470 | $7,958,317 | ||||
Meta Platforms, Inc. Class A† | 13,264 | 4,694,926 | ||||
12,653,243 | ||||||
Consumer discretionary: 8.58% | ||||||
Broadline retail: 4.60% | ||||||
Amazon.com, Inc.† | 54,941 | 8,347,736 | ||||
Specialty retail: 3.98% | ||||||
Burlington Stores, Inc.† | 18,638 | 3,624,718 | ||||
Home Depot, Inc. | 10,394 | 3,602,041 | ||||
7,226,759 | ||||||
Consumer staples: 4.45% | ||||||
Consumer staples distribution & retail: 3.15% | ||||||
Dollar General Corp. | 23,973 | 3,259,129 | ||||
Sysco Corp. | 33,512 | 2,450,733 | ||||
5,709,862 | ||||||
Household products: 1.30% | ||||||
Church & Dwight Co., Inc. | 24,997 | 2,363,716 | ||||
Financials: 10.30% | ||||||
Capital markets: 5.31% | ||||||
Charles Schwab Corp. | 50,401 | 3,467,589 | ||||
Intercontinental Exchange, Inc. | 25,113 | 3,225,262 | ||||
S&P Global, Inc. | 6,679 | 2,942,233 | ||||
9,635,084 | ||||||
Financial services: 3.55% | ||||||
Mastercard, Inc. Class A | 15,112 | 6,445,419 | ||||
Insurance: 1.44% | ||||||
Marsh & McLennan Cos., Inc. | 13,827 | 2,619,802 | ||||
Health care: 10.71% | ||||||
Health care equipment & supplies: 4.14% | ||||||
Align Technology, Inc.† | 5,897 | 1,615,778 | ||||
Boston Scientific Corp.† | 33,094 | 1,913,164 | ||||
LivaNova PLC† | 40,402 | 2,090,400 | ||||
Medtronic PLC | 22,943 | 1,890,044 | ||||
7,509,386 | ||||||
Health care providers & services: 1.86% | ||||||
UnitedHealth Group, Inc. | 6,417 | 3,378,358 | ||||
Life sciences tools & services: 4.71% | ||||||
Agilent Technologies, Inc. | 22,559 | 3,136,378 |
Shares | Value | |||||
Life sciences tools & services(continued) | ||||||
Bio-Rad Laboratories, Inc. Class A† | 7,241 | $2,338,046 | ||||
Thermo Fisher Scientific, Inc. | 5,786 | 3,071,151 | ||||
8,545,575 | ||||||
Industrials: 16.91% | ||||||
Aerospace & defense: 4.08% | ||||||
HEICO Corp. Class A | 25,854 | 3,682,644 | ||||
Melrose Industries PLC | 338,560 | 2,448,590 | ||||
MTU Aero Engines AG | 5,899 | 1,271,507 | ||||
7,402,741 | ||||||
Building products: 2.79% | ||||||
AZEK Co., Inc.† | 50,047 | 1,914,298 | ||||
Carlisle Cos., Inc. | 10,082 | 3,149,919 | ||||
5,064,217 | ||||||
Commercial services & supplies: 1.70% | ||||||
Republic Services, Inc. | 18,755 | 3,092,887 | ||||
Electrical equipment: 2.16% | ||||||
Regal Rexnord Corp. | 26,477 | 3,919,125 | ||||
Machinery: 2.18% | ||||||
Fortive Corp. | 28,704 | 2,113,475 | ||||
Ingersoll Rand, Inc. | 23,855 | 1,844,946 | ||||
3,958,421 | ||||||
Professional services: 2.54% | ||||||
Dun & Bradstreet Holdings, Inc. | 188,416 | 2,204,467 | ||||
TransUnion | 35,060 | 2,408,973 | ||||
4,613,440 | ||||||
Trading companies & distributors: 1.46% | ||||||
Air Lease Corp. | 63,066 | 2,644,988 | ||||
Information technology: 24.50% | ||||||
Electronic equipment, instruments & components: 4.07% | ||||||
Amphenol Corp. Class A | 33,879 | 3,358,425 | ||||
Teledyne Technologies, Inc.† | 9,020 | 4,025,536 | ||||
7,383,961 | ||||||
Semiconductors & semiconductor equipment: 4.75% | ||||||
Marvell Technology, Inc. | 59,896 | 3,612,328 | ||||
Texas Instruments, Inc. | 29,394 | 5,010,501 | ||||
8,622,829 | ||||||
Software: 10.43% | ||||||
Palo Alto Networks, Inc.† | 6,231 | 1,837,397 | ||||
Salesforce, Inc.† | 28,219 | 7,425,548 | ||||
ServiceNow, Inc.† | 3,733 | 2,637,327 |
Shares | Value | |||||
Software(continued) | ||||||
Splunk, Inc.† | 26,984 | $4,111,012 | ||||
Workday, Inc. Class A† | 10,578 | 2,920,163 | ||||
18,931,447 | ||||||
Technology hardware, storage & peripherals: 5.25% | ||||||
Apple, Inc. | 49,497 | 9,529,658 | ||||
Materials: 4.68% | ||||||
Chemicals: 4.68% | ||||||
Ashland, Inc. | 34,786 | 2,932,808 | ||||
Olin Corp. | 60,118 | 3,243,366 | ||||
Sherwin-Williams Co. | 7,401 | 2,308,372 | ||||
8,484,546 | ||||||
Real estate: 9.54% | ||||||
Industrial REITs : 1.86% | ||||||
Prologis, Inc. | 25,293 | 3,371,557 | ||||
Real estate management & development: 1.48% | ||||||
CoStar Group, Inc.† | 30,840 | 2,695,107 | ||||
Residential REITs : 1.84% | ||||||
Sun Communities, Inc. | 24,954 | 3,335,102 | ||||
Specialized REITs : 4.36% | ||||||
American Tower Corp. | 15,644 | 3,377,227 | ||||
Equinix, Inc. | 1,960 | 1,578,564 | ||||
VICI Properties, Inc. | 92,653 | 2,953,778 | ||||
7,909,569 | ||||||
Total common stocks (Cost $122,719,745) | 175,394,535 |
Yield | ||||||
Short-term investments: 3.44% | ||||||
Investment companies: 3.44% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.28 % | 6,246,648 | 6,246,648 | |||
Total short-term investments (Cost $6,246,648) | 6,246,648 | |||||
Total investments in securities (Cost $128,966,393) | 100.08 % | 181,641,183 | ||||
Other assets and liabilities, net | (0.08 ) | (152,258 ) | ||||
Total net assets | 100.00 % | $181,488,925 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
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 | $2,607,162 | $33,201,706 | $(29,562,220 ) | $0 | $0 | $6,246,648 | 6,246,648 | $187,232 |
Assets | |
Investments in unaffiliated securities, at value (cost $122,719,745) | $175,394,535 |
Investments in affiliated securities, at value (cost $6,246,648) | 6,246,648 |
Receivable for dividends | 214,028 |
Receivable for Fund shares sold | 15,201 |
Prepaid expenses and other assets | 585 |
Total assets | 181,870,997 |
Liabilities | |
Payable for Fund shares redeemed | 211,727 |
Management fee payable | 95,264 |
Distribution fee payable | 32,807 |
Administration fees payable | 12,471 |
Trustees’ fees and expenses payable | 207 |
Accrued expenses and other liabilities | 29,596 |
Total liabilities | 382,072 |
Total net assets | $181,488,925 |
Net assets consist of | |
Paid-in capital | $110,299,073 |
Total distributable earnings | 71,189,852 |
Total net assets | $181,488,925 |
Computation of net asset value per share | |
Net assets–Class 1 | $28,678,678 |
Shares outstanding–Class 11 | 1,104,749 |
Net asset value per share–Class 1 | $25.96 |
Net assets–Class 2 | $152,810,247 |
Shares outstanding–Class 21 | 5,879,563 |
Net asset value per share–Class 2 | $25.99 |
Investment income | |
Dividends (net of foreign withholdings taxes of $5,401) | $1,632,883 |
Income from affiliated securities | 187,232 |
Interest | 47 |
Total investment income | 1,820,162 |
Expenses | |
Management fee | 1,183,881 |
Administration fees | |
Class 1 | 21,314 |
Class 2 | 113,987 |
Distribution fee | |
Class 2 | 355,871 |
Custody and accounting fees | 14,835 |
Professional fees | 71,271 |
Shareholder report expenses | 6,874 |
Trustees’ fees and expenses | 6,598 |
Other fees and expenses | 3,995 |
Total expenses | 1,778,626 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (153,974 ) |
Net expenses | 1,624,652 |
Net investment income | 195,510 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 18,735,125 |
Foreign currency and foreign currency translations | (2,578 ) |
Net realized gains on investments | 18,732,547 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 21,187,012 |
Foreign currency and foreign currency translations | 231 |
Net change in unrealized gains (losses) on investments | 21,187,243 |
Net realized and unrealized gains (losses) on investments | 39,919,790 |
Net increase in net assets resulting from operations | $40,115,300 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Operations | ||||
Net investment income (loss) | $195,510 | $(176,464 ) | ||
Net realized gains on investments | 18,732,547 | 14,366,380 | ||
Net change in unrealized gains (losses) on investments | 21,187,243 | (58,993,467 ) | ||
Net increase (decrease) in net assets resulting from operations | 40,115,300 | (44,803,551 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class 1 | (2,254,598 ) | (5,397,089 ) | ||
Class 2 | (12,074,905 ) | (28,508,608 ) | ||
Total distributions to shareholders | (14,329,503 ) | (33,905,697 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class 1 | 36,442 | 881,984 | 19,855 | 524,201 |
Class 2 | 101,673 | 2,474,192 | 65,477 | 1,762,168 |
3,356,176 | 2,286,369 | |||
Reinvestment of distributions | ||||
Class 1 | 91,539 | 2,254,598 | 235,167 | 5,397,089 |
Class 2 | 489,060 | 12,074,905 | 1,236,279 | 28,508,608 |
14,329,503 | 33,905,697 | |||
Payment for shares redeemed | ||||
Class 1 | (154,109 ) | (3,734,017 ) | (107,448 ) | (2,803,006 ) |
Class 2 | (727,868 ) | (17,668,441 ) | (599,805 ) | (16,380,805 ) |
(21,402,458 ) | (19,183,811 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (3,716,779 ) | 17,008,255 | ||
Total increase (decrease) in net assets | 22,069,018 | (61,700,993 ) | ||
Net assets | ||||
Beginning of period | 159,419,907 | 221,120,900 | ||
End of period | $181,488,925 | $159,419,907 |
Year ended December 31 | |||||
Class 1 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $22.24 | $34.96 | $29.48 | $26.56 | $22.76 |
Net investment income (loss) | 0.08 1 | 0.03 | (0.01 ) | 0.09 | 0.17 |
Net realized and unrealized gains (losses) on investments | 5.77 | (7.06 ) | 7.25 | 5.03 | 6.84 |
Total from investment operations | 5.85 | (7.03 ) | 7.24 | 5.12 | 7.01 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.08 ) | (0.19 ) | (0.15 ) |
Net realized gains | (2.13 ) | (5.69 ) | (1.68 ) | (2.01 ) | (3.06 ) |
Total distributions to shareholders | (2.13 ) | (5.69 ) | (1.76 ) | (2.20 ) | (3.21 ) |
Net asset value, end of period | $25.96 | $22.24 | $34.96 | $29.48 | $26.56 |
Total return2 | 26.83 % | (20.61 )% | 25.06 % | 21.32 % | 31.81 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.84 % | 0.87 % | 0.84 % | 0.86 % | 0.85 % |
Net expenses | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income (loss) | 0.33 % | 0.11 % | (0.02 )% | 0.31 % | 0.67 % |
Supplemental data | |||||
Portfolio turnover rate | 24 % | 26 % | 27 % | 42 % | 25 % |
Net assets, end of period (000s omitted) | $28,679 | $25,149 | $34,376 | $32,066 | $30,811 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Year ended December 31 | |||||
Class 2 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $22.32 | $35.14 | $29.63 | $26.68 | $22.85 |
Net investment income (loss) | 0.02 1 | (0.03 ) | (0.09 ) | 0.03 | 0.11 |
Net realized and unrealized gains (losses) on investments | 5.78 | (7.10 ) | 7.29 | 5.05 | 6.86 |
Total from investment operations | 5.80 | (7.13 ) | 7.20 | 5.08 | 6.97 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.01 ) | (0.12 ) | (0.08 ) |
Net realized gains | (2.13 ) | (5.69 ) | (1.68 ) | (2.01 ) | (3.06 ) |
Total distributions to shareholders | (2.13 ) | (5.69 ) | (1.69 ) | (2.13 ) | (3.14 ) |
Net asset value, end of period | $25.99 | $22.32 | $35.14 | $29.63 | $26.68 |
Total return2 | 26.50 % | (20.81 )% | 24.78 % | 21.00 % | 31.46 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.09 % | 1.12 % | 1.10 % | 1.11 % | 1.10 % |
Net expenses | 1.00 % | 1.00 % | 1.00 % | 1.00 % | 1.00 % |
Net investment income (loss) | 0.08 % | (0.14 )% | (0.27 )% | 0.06 % | 0.42 % |
Supplemental data | |||||
Portfolio turnover rate | 24 % | 26 % | 27 % | 42 % | 25 % |
Net assets, end of period (000s omitted) | $152,810 | $134,271 | $186,745 | $167,338 | $158,216 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Gross unrealized gains | $56,093,750 |
Gross unrealized losses | (3,559,544 ) |
Net unrealized gains | $52,534,206 |
Paid-in capital | Total distributable earnings |
$(48,259 ) | $48,259 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $12,653,243 | $0 | $0 | $12,653,243 |
Consumer discretionary | 15,574,495 | 0 | 0 | 15,574,495 |
Consumer staples | 8,073,578 | 0 | 0 | 8,073,578 |
Financials | 18,700,305 | 0 | 0 | 18,700,305 |
Health care | 19,433,319 | 0 | 0 | 19,433,319 |
Industrials | 30,695,819 | 0 | 0 | 30,695,819 |
Information technology | 44,467,895 | 0 | 0 | 44,467,895 |
Materials | 8,484,546 | 0 | 0 | 8,484,546 |
Real estate | 17,311,335 | 0 | 0 | 17,311,335 |
Short-term investments | ||||
Investment companies | 6,246,648 | 0 | 0 | 6,246,648 |
Total assets | $181,641,183 | $0 | $0 | $181,641,183 |
Average daily net assets | Management fee |
First $500 million | 0.700 % |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $5 billion | 0.590 |
Over $10 billion | 0.580 |
EXPENSE RATIO CAPS | |
Class 1 | 0.75 % |
Class 2 | 1.00 |
Year ended December 31 | ||
2023 | 2022 | |
Ordinary income | $0 | $4,301,723 |
Long-term capital gain | 14,329,503 | 29,603,974 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$352,560 | $18,306,845 | $52,534,289 |
Allspring Variable Trust:
December 31, 2023.
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018# | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR3020 12-23
2 | |
8 | |
12 | |
13 | |
18 | |
19 | |
20 | |
21 | |
23 | |
27 | |
28 |
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Robert Gruendyke, CFA, David Nazaret, CFA, Thomas C. Ognar, CFA |
Average annual total returns (%) as of December 31, 2023 | ||||||
Expense ratios1 (%) | ||||||
Inception date | 1 year | 5 year | 10 year | Gross | Net2 | |
Class 1 | 7-16-2010 | 4.35 | 7.95 | 6.86 | 0.94 | 0.94 |
Class 2 | 5-1-1995 | 4.11 | 7.68 | 6.60 | 1.19 | 1.19 |
Russell 2000® Growth Index3 | – | 18.66 | 9.22 | 7.16 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through April 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.95% for Class 1 shares and 1.20% for Class 2 shares. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Growth of $10,000 investment as of December 31, 20231 |
1 | The chart compares the performance of Class 2 shares for the most recent ten years with the Russell 2000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class 2 shares and reflects all operating expenses of the Fund but does not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Ten largest holdings (%) as of December 31, 20231 | |
TransMedics Group, Inc. | 3.25 |
SPS Commerce, Inc. | 3.17 |
CyberArk Software Ltd. | 3.12 |
SPX Technologies, Inc. | 3.05 |
Casella Waste Systems, Inc. Class A | 2.57 |
e.l.f. Beauty, Inc. | 2.55 |
Five9, Inc. | 2.39 |
BellRing Brands, Inc. | 2.34 |
Applied Industrial Technologies, Inc. | 2.20 |
Kinsale Capital Group, Inc. | 1.83 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of December 31, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 7-1-2023 | Ending account value 12-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class 1 | ||||
Actual | $1,000.00 | $955.60 | $4.51 | 0.92 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.46 | $4.66 | 0.92 % |
Class 2 | ||||
Actual | $1,000.00 | $955.00 | $5.73 | 1.17 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $5.92 | 1.17 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 98.86% | ||||||
Communication services: 0.40% | ||||||
Entertainment: 0.20% | ||||||
Madison Square Garden Entertainment Corp.† | 19,033 | $605,059 | ||||
Media: 0.20% | ||||||
Thryv Holdings, Inc.† | 28,701 | 584,065 | ||||
Consumer discretionary: 9.40% | ||||||
Automobile components: 0.96% | ||||||
Fox Factory Holding Corp.† | 6,586 | 444,423 | ||||
Modine Manufacturing Co.† | 26,600 | 1,588,020 | ||||
Visteon Corp.† | 6,359 | 794,239 | ||||
2,826,682 | ||||||
Diversified consumer services: 3.85% | ||||||
Bright Horizons Family Solutions, Inc.† | 51,255 | 4,830,271 | ||||
Duolingo, Inc.† | 19,600 | 4,446,260 | ||||
Rover Group, Inc.† | 99,400 | 1,081,472 | ||||
Udemy, Inc.† | 65,700 | 967,761 | ||||
11,325,764 | ||||||
Hotels, restaurants & leisure: 2.55% | ||||||
Dutch Bros, Inc. Class A† | 56,700 | 1,795,689 | ||||
First Watch Restaurant Group, Inc.† | 154,912 | 3,113,731 | ||||
Hilton Grand Vacations, Inc.† | 14,102 | 566,619 | ||||
Wingstop, Inc. | 7,876 | 2,020,824 | ||||
7,496,863 | ||||||
Specialty retail: 2.04% | ||||||
American Eagle Outfitters, Inc. | 41,600 | 880,256 | ||||
Boot Barn Holdings, Inc.† | 67,020 | 5,144,455 | ||||
6,024,711 | ||||||
Consumer staples: 7.96% | ||||||
Beverages: 1.61% | ||||||
Celsius Holdings, Inc.† | 28,200 | 1,537,464 | ||||
MGP Ingredients, Inc. | 18,767 | 1,848,925 | ||||
Vita Coco Co., Inc.† | 52,900 | 1,356,885 | ||||
4,743,274 | ||||||
Consumer staples distribution & retail : 0.41% | ||||||
Chefs’ Warehouse, Inc.† | 40,570 | 1,193,975 | ||||
Food products: 1.05% | ||||||
Freshpet, Inc.† | 28,700 | 2,490,012 | ||||
Simply Good Foods Co.† | 15,038 | 595,505 | ||||
3,085,517 |
Shares | Value | |||||
Personal care products: 4.89% | ||||||
BellRing Brands, Inc.† | 124,400 | $6,895,492 | ||||
e.l.f. Beauty, Inc.† | 51,897 | 7,490,813 | ||||
14,386,305 | ||||||
Energy: 1.67% | ||||||
Energy equipment & services: 0.43% | ||||||
Helmerich & Payne, Inc. | 35,100 | 1,271,322 | ||||
Oil, gas & consumable fuels: 1.24% | ||||||
Matador Resources Co. | 30,600 | 1,739,916 | ||||
Viper Energy, Inc. | 60,500 | 1,898,490 | ||||
3,638,406 | ||||||
Financials: 5.02% | ||||||
Financial services: 0.20% | ||||||
Flywire Corp.† | 25,802 | 597,316 | ||||
Insurance: 4.82% | ||||||
Goosehead Insurance, Inc. Class A† | 60,987 | 4,622,814 | ||||
Kinsale Capital Group, Inc. | 16,048 | 5,374,636 | ||||
Skyward Specialty Insurance Group, Inc.† | 123,395 | 4,180,623 | ||||
14,178,073 | ||||||
Health care: 15.89% | ||||||
Biotechnology: 3.79% | ||||||
Apellis Pharmaceuticals, Inc.† | 18,414 | 1,102,262 | ||||
Immunocore Holdings PLC ADR† | 26,732 | 1,826,330 | ||||
Immunovant, Inc.† | 13,500 | 568,755 | ||||
Krystal Biotech, Inc.† | 18,230 | 2,261,614 | ||||
Vaxcyte, Inc.† | 7,200 | 452,160 | ||||
Vericel Corp.† | 138,266 | 4,923,652 | ||||
11,134,773 | ||||||
Health care equipment & supplies: 7.80% | ||||||
Glaukos Corp.† | 23,100 | 1,836,219 | ||||
Inari Medical, Inc.† | 29,235 | 1,897,936 | ||||
PROCEPT BioRobotics Corp.† | 51,271 | 2,148,768 | ||||
RxSight, Inc.† | 60,664 | 2,445,972 | ||||
Shockwave Medical, Inc.† | 10,144 | 1,933,041 | ||||
SI-BONE, Inc.† | 148,624 | 3,119,618 | ||||
TransMedics Group, Inc.† | 121,332 | 9,576,735 | ||||
22,958,289 | ||||||
Health care providers & services: 3.28% | ||||||
Ensign Group, Inc. | 12,800 | 1,436,288 | ||||
HealthEquity, Inc.† | 54,600 | 3,619,980 | ||||
RadNet, Inc.† | 132,199 | 4,596,559 | ||||
9,652,827 |
Shares | Value | |||||
Pharmaceuticals: 1.02% | ||||||
Cymabay Therapeutics, Inc.† | 25,400 | $599,948 | ||||
Ligand Pharmaceuticals, Inc.† | 8,300 | 592,786 | ||||
Structure Therapeutics, Inc. ADR† | 15,200 | 619,552 | ||||
Tarsus Pharmaceuticals, Inc.† | 58,800 | 1,190,700 | ||||
3,002,986 | ||||||
Industrials: 22.03% | ||||||
Aerospace & defense: 1.27% | ||||||
AeroVironment, Inc.† | 6,400 | 806,656 | ||||
Hexcel Corp. | 39,803 | 2,935,471 | ||||
3,742,127 | ||||||
Building products: 2.46% | ||||||
AZEK Co., Inc.† | 67,573 | 2,584,667 | ||||
Zurn Elkay Water Solutions Corp. | 158,377 | 4,657,868 | ||||
7,242,535 | ||||||
Commercial services & supplies: 3.30% | ||||||
Casella Waste Systems, Inc. Class A† | 88,559 | 7,568,252 | ||||
Cimpress PLC† | 26,628 | 2,131,571 | ||||
9,699,823 | ||||||
Construction & engineering: 2.52% | ||||||
Comfort Systems USA, Inc. | 24,400 | 5,018,348 | ||||
Construction Partners, Inc. Class A† | 55,189 | 2,401,825 | ||||
7,420,173 | ||||||
Electrical equipment: 0.89% | ||||||
NEXTracker, Inc. Class A† | 21,979 | 1,029,716 | ||||
Shoals Technologies Group, Inc. Class A† | 101,856 | 1,582,843 | ||||
2,612,559 | ||||||
Ground transportation: 2.48% | ||||||
ArcBest Corp. | 31,928 | 3,838,065 | ||||
Marten Transport Ltd. | 120,893 | 2,536,335 | ||||
Saia, Inc.† | 2,103 | 921,577 | ||||
7,295,977 | ||||||
Machinery: 3.67% | ||||||
ESCO Technologies, Inc. | 15,600 | 1,825,668 | ||||
SPX Technologies, Inc.† | 88,926 | 8,982,415 | ||||
10,808,083 | ||||||
Professional services: 1.90% | ||||||
ASGN, Inc.† | 30,641 | 2,946,745 | ||||
Paycor HCM, Inc.† | 122,471 | 2,644,149 | ||||
5,590,894 |
Shares | Value | |||||
Trading companies & distributors: 3.54% | ||||||
Applied Industrial Technologies, Inc. | 37,365 | $6,452,562 | ||||
SiteOne Landscape Supply, Inc.† | 24,301 | 3,948,912 | ||||
10,401,474 | ||||||
Information technology: 35.13% | ||||||
Communications equipment: 1.22% | ||||||
Calix, Inc.† | 73,879 | 3,227,773 | ||||
Extreme Networks, Inc.† | 19,990 | 352,624 | ||||
3,580,397 | ||||||
Electronic equipment, instruments & components: 2.05% | ||||||
Fabrinet† | 12,400 | 2,360,092 | ||||
Novanta, Inc.† | 21,757 | 3,664,097 | ||||
6,024,189 | ||||||
IT services: 2.54% | ||||||
Globant SA† | 11,600 | 2,760,568 | ||||
Wix.com Ltd.† | 38,400 | 4,723,968 | ||||
7,484,536 | ||||||
Semiconductors & semiconductor equipment: 6.91% | ||||||
ACM Research, Inc. Class A† | 138,500 | 2,706,290 | ||||
Allegro MicroSystems, Inc.† | 94,416 | 2,857,972 | ||||
Credo Technology Group Holding Ltd.† | 68,600 | 1,335,642 | ||||
Diodes, Inc.† | 56,925 | 4,583,601 | ||||
Onto Innovation, Inc.† | 12,000 | 1,834,800 | ||||
PDF Solutions, Inc.† | 21,127 | 679,022 | ||||
Silicon Laboratories, Inc.† | 17,592 | 2,326,894 | ||||
SiTime Corp.† | 32,855 | 4,010,938 | ||||
20,335,159 | ||||||
Software: 22.41% | ||||||
Appfolio, Inc. Class A† | 6,500 | 1,126,060 | ||||
BILL Holdings, Inc.† | 16,000 | 1,305,440 | ||||
Braze, Inc. Class A† | 95,644 | 5,081,566 | ||||
Clearwater Analytics Holdings, Inc. Class A† | 217,207 | 4,350,656 | ||||
CyberArk Software Ltd.† | 41,840 | 9,165,052 | ||||
Descartes Systems Group, Inc.† | 34,400 | 2,891,664 | ||||
DoubleVerify Holdings, Inc.† | 56,200 | 2,067,036 | ||||
EngageSmart, Inc.† | 52,261 | 1,196,777 | ||||
Five9, Inc.† | 89,267 | 7,024,420 | ||||
JFrog Ltd.† | 154,020 | 5,330,632 | ||||
PowerSchool Holdings, Inc. Class A† | 128,685 | 3,031,819 | ||||
PROS Holdings, Inc.† | 22,300 | 865,017 | ||||
Sprout Social, Inc. Class A† | 83,969 | 5,159,055 | ||||
SPS Commerce, Inc.† | 48,190 | 9,341,150 | ||||
Varonis Systems, Inc.† | 91,400 | 4,138,592 | ||||
Workiva, Inc.† | 38,200 | 3,878,446 | ||||
65,953,382 |
Shares | Value | |||||
Materials: 1.36% | ||||||
Metals & mining: 1.36% | ||||||
ATI, Inc.† | 88,091 | $4,005,498 | ||||
Total common stocks (Cost $241,906,260) | 290,903,013 |
Yield | ||||||
Short-term investments: 1.20% | ||||||
Investment companies: 1.20% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.28 % | 3,515,301 | 3,515,301 | |||
Total short-term investments (Cost $3,515,301) | 3,515,301 | |||||
Total investments in securities (Cost $245,421,561) | 100.06 % | 294,418,314 | ||||
Other assets and liabilities, net | (0.06 ) | (173,939 ) | ||||
Total net assets | 100.00 % | $294,244,375 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund 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 |
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 | $4,239,144 | $110,994,404 | $(111,718,247 ) | $0 | $0 | $3,515,301 | 3,515,301 | $314,295 |
Investments in affiliates no longer held at end of period | ||||||||
Securities Lending Cash Investments LLC | 2,138,297 | 9,115,875 | (11,254,178 ) | 78 | (72 ) | 0 | 0 | 7,951 1 |
$78 | $(72 ) | $3,515,301 | $322,246 |
1 | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $241,906,260) | $290,903,013 |
Investments in affiliated securities, at value (cost $3,515,301) | 3,515,301 |
Receivable for investments sold | 521,505 |
Receivable for Fund shares sold | 101,232 |
Receivable for dividends | 20,835 |
Prepaid expenses and other assets | 4,328 |
Total assets | 295,066,214 |
Liabilities | |
Payable for investments purchased | 267,686 |
Payable for Fund shares redeemed | 251,095 |
Management fee payable | 201,775 |
Distribution fee payable | 58,234 |
Administration fees payable | 20,178 |
Trustees’ fees and expenses payable | 263 |
Accrued expenses and other liabilities | 22,608 |
Total liabilities | 821,839 |
Total net assets | $294,244,375 |
Net assets consist of | |
Paid-in capital | $274,207,611 |
Total distributable earnings | 20,036,764 |
Total net assets | $294,244,375 |
Computation of net asset value per share | |
Net assets–Class 1 | $20,725,339 |
Shares outstanding–Class 11 | 2,468,867 |
Net asset value per share–Class 1 | $8.39 |
Net assets–Class 2 | $273,519,036 |
Shares outstanding–Class 21 | 34,802,966 |
Net asset value per share–Class 2 | $7.86 |
Investment income | |
Dividends | $554,693 |
Income from affiliated securities | 314,957 |
Interest | 9,636 |
Total investment income | 879,286 |
Expenses | |
Management fee | 2,316,137 |
Administration fees | |
Class 1 | 16,221 |
Class 2 | 215,393 |
Distribution fee | |
Class 2 | 669,781 |
Custody and accounting fees | 11,113 |
Professional fees | 62,664 |
Shareholder report expenses | 2,353 |
Trustees’ fees and expenses | 24,178 |
Other fees and expenses | 6,181 |
Total expenses | 3,324,021 |
Net investment loss | (2,444,735 ) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (12,819,432 ) |
Affiliated securities | 78 |
Net realized losses on investments | (12,819,354 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 26,845,899 |
Affiliated securities | (72 ) |
Net change in unrealized gains (losses) on investments | 26,845,827 |
Net realized and unrealized gains (losses) on investments | 14,026,473 |
Net increase in net assets resulting from operations | $11,581,738 |
Year ended December 31, 2023 | Year ended December 31, 2022 | |||
Operations | ||||
Net investment loss | $(2,444,735 ) | $(2,758,598 ) | ||
Net realized losses on investments | (12,819,354 ) | (16,006,885 ) | ||
Net change in unrealized gains (losses) on investments | 26,845,827 | (135,569,670 ) | ||
Net increase (decrease) in net assets resulting from operations | 11,581,738 | (154,335,153 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class 1 | 0 | (4,061,029 ) | ||
Class 2 | 0 | (51,742,025 ) | ||
Total distributions to shareholders | 0 | (55,803,054 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class 1 | 347,558 | 2,847,502 | 354,012 | 3,588,220 |
Class 2 | 3,538,113 | 27,133,202 | 3,506,997 | 35,910,165 |
29,980,704 | 39,498,385 | |||
Reinvestment of distributions | ||||
Class 1 | 0 | 0 | 484,032 | 4,061,029 |
Class 2 | 0 | 0 | 6,566,247 | 51,742,025 |
0 | 55,803,054 | |||
Payment for shares redeemed | ||||
Class 1 | (384,992 ) | (3,186,427 ) | (717,144 ) | (6,701,122 ) |
Class 2 | (3,829,547 ) | (29,230,267 ) | (4,508,339 ) | (43,250,183 ) |
(32,416,694 ) | (49,951,305 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (2,435,990 ) | 45,350,134 | ||
Total increase (decrease) in net assets | 9,145,748 | (164,788,073 ) | ||
Net assets | ||||
Beginning of period | 285,098,627 | 449,886,700 | ||
End of period | $294,244,375 | $285,098,627 |
Year ended December 31 | |||||
Class 1 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $8.04 | $14.76 | $15.35 | $10.29 | $9.66 |
Net investment loss | (0.05 )1 | (0.07 )1 | (0.12 )1 | (0.09 ) | (0.07 )1 |
Net realized and unrealized gains (losses) on investments | 0.40 | (4.92 ) | 1.26 | 5.80 | 2.51 |
Total from investment operations | 0.35 | (4.99 ) | 1.14 | 5.71 | 2.44 |
Distributions to shareholders from | |||||
Net realized gains | 0.00 | (1.73 ) | (1.73 ) | (0.65 ) | (1.81 ) |
Net asset value, end of period | $8.39 | $8.04 | $14.76 | $15.35 | $10.29 |
Total return2 | 4.35 % | (34.30 )% | 7.93 % | 58.09 % | 25.31 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.92 % | 0.94 % | 0.92 % | 0.93 % | 0.93 % |
Net expenses | 0.92 % | 0.94 % | 0.92 % | 0.93 % | 0.93 % |
Net investment loss | (0.61 )% | (0.63 )% | (0.78 )% | (0.76 )% | (0.69 )% |
Supplemental data | |||||
Portfolio turnover rate | 95 % | 61 % | 46 % | 51 % | 62 % |
Net assets, end of period (000s omitted) | $20,725 | $20,160 | $35,204 | $35,128 | $22,925 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Year ended December 31 | |||||
Class 2 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $7.55 | $14.04 | $14.72 | $9.91 | $9.38 |
Net investment loss | (0.07 )1 | (0.09 )1 | (0.14 ) | (0.11 ) | (0.09 ) |
Net realized and unrealized gains (losses) on investments | 0.38 | (4.67 ) | 1.19 | 5.57 | 2.43 |
Total from investment operations | 0.31 | (4.76 ) | 1.05 | 5.46 | 2.34 |
Distributions to shareholders from | |||||
Net realized gains | 0.00 | (1.73 ) | (1.73 ) | (0.65 ) | (1.81 ) |
Net asset value, end of period | $7.86 | $7.55 | $14.04 | $14.72 | $9.91 |
Total return2 | 4.11 % | (34.42 )% | 7.64 % | 57.78 % | 24.83 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17 % | 1.19 % | 1.17 % | 1.18 % | 1.18 % |
Net expenses | 1.17 % | 1.19 % | 1.17 % | 1.18 % | 1.18 % |
Net investment loss | (0.86 )% | (0.87 )% | (1.03 )% | (1.00 )% | (0.95 )% |
Supplemental data | |||||
Portfolio turnover rate | 95 % | 61 % | 46 % | 51 % | 62 % |
Net assets, end of period (000s omitted) | $273,519 | $264,938 | $414,683 | $392,316 | $269,657 |
1 | Calculated based upon average shares outstanding |
2 | Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. |
Gross unrealized gains | $54,554,006 |
Gross unrealized losses | (6,082,259 ) |
Net unrealized gains | $48,471,747 |
Paid-in capital | Total distributable earnings |
$(2,516,646 ) | $2,516,646 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $1,189,124 | $0 | $0 | $1,189,124 |
Consumer discretionary | 27,674,020 | 0 | 0 | 27,674,020 |
Consumer staples | 23,409,071 | 0 | 0 | 23,409,071 |
Energy | 4,909,728 | 0 | 0 | 4,909,728 |
Financials | 14,775,389 | 0 | 0 | 14,775,389 |
Health care | 46,748,875 | 0 | 0 | 46,748,875 |
Industrials | 64,813,645 | 0 | 0 | 64,813,645 |
Information technology | 103,377,663 | 0 | 0 | 103,377,663 |
Materials | 4,005,498 | 0 | 0 | 4,005,498 |
Short-term investments | ||||
Investment companies | 3,515,301 | 0 | 0 | 3,515,301 |
Total assets | $294,418,314 | $0 | $0 | $294,418,314 |
Average daily net assets | Management fee |
First $500 million | 0.800 % |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $1 billion | 0.675 |
Next $2 billion | 0.650 |
Next $5 billion | 0.640 |
Over $10 billion | 0.630 |
EXPENSE RATIO CAPS | |
Class 1 | 0.95 % |
Class 2 | 1.20 |
Unrealized gains | Capital loss carryforward |
$48,471,747 | $(28,434,363 ) |
Allspring Variable Trust:
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018# | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
AR3003 12-23
ITEM 2. CODE OF ETHICS
(a) As of the end of the period, covered by the report, Allspring Variable Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Allspring Variable Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the registrant by the registrant’s principal accountant. These fees were billed to the registrant and were approved by the registrant’s audit committee.
Fiscal year ended December 31, 2023 | Fiscal year ended December 31, 2022 | |||||||
Audit fees | $ | 208,230 | $ | 203,150 | ||||
Audit-related fees | — | 14,050 | ||||||
Tax fees (1) | $ | 18,350 | $ | 17,920 | ||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 226,580 | $ | 235,120 |
(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e)(1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Variable Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(e)(2) Not applicable.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for each series of Allspring Variable Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that Allspring Variable Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) Code of Ethics.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Variable Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: February 26, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Variable Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: February 26, 2024 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: February 26, 2024 |