Portfolio of investments—September 30, 2023 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 98.93% | ||||||
Australia: 1.51% | ||||||
Qantas Airways Ltd. (Industrials, Passenger airlines)† | 266,850 | $888,739 | ||||
Brazil: 3.82% | ||||||
3R Petroleum Oleo E Gas SA (Energy, Oil, gas & consumable fuels)† | 177,100 | 1,112,655 | ||||
CPFL Energia SA (Utilities, Electric utilities) | 169,000 | 1,130,018 | ||||
2,242,673 | ||||||
Canada: 7.13% | ||||||
Gildan Activewear, Inc. (Consumer discretionary, Textiles, apparel & luxury goods) | 31,900 | 894,116 | ||||
Quebecor, Inc. Class B (Communication services, Diversified telecommunication services) | 71,752 | 1,537,788 | ||||
SNC-Lavalin Group, Inc. (Industrials, Construction & engineering) | 52,600 | 1,754,689 | ||||
4,186,593 | ||||||
China: 6.78% | ||||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 190,000 | 756,996 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | 197,200 | 719,372 | ||||
LONGi Green Energy Technology Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 152,218 | 571,086 | ||||
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 199,598 | 1,522,623 | ||||
Oppein Home Group, Inc. Class A (Consumer discretionary, Household durables) | 31,440 | 414,372 | ||||
3,984,449 | ||||||
Denmark: 2.86% | ||||||
Danske Bank AS (Financials, Banks) | 72,072 | 1,679,087 | ||||
France: 13.01% | ||||||
Cie de Saint-Gobain SA (Industrials, Building products) | 4,035 | 242,650 | ||||
Orange SA (Communication services, Diversified telecommunication services) | 150,206 | 1,724,625 | ||||
Sanofi (Health care, Pharmaceuticals) | 18,015 | 1,932,825 | ||||
Sodexo SA (Consumer discretionary, Hotels, restaurants & leisure) | 12,581 | 1,297,139 | ||||
TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 25,835 | 1,701,939 | ||||
Worldline SA (Financials, Financial services)144A† | 26,514 | 747,051 | ||||
7,646,229 | ||||||
Germany: 5.68% | ||||||
Fresenius SE & Co. KGaA (Health care, Health care providers & services) | 48,876 | 1,522,321 | ||||
Rheinmetall AG (Industrials, Aerospace & defense) | 6,075 | 1,566,519 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 1,715 | 245,977 | ||||
3,334,817 | ||||||
Ireland: 2.66% | ||||||
Greencore Group PLC (Consumer staples, Food products)† | 62,186 | 57,588 | ||||
ICON PLC (Health care, Life sciences tools & services)† | 6,101 | 1,502,371 | ||||
1,559,959 | ||||||
Israel: 2.88% | ||||||
Check Point Software Technologies Ltd. (Information technology, Software)† | 12,697 | 1,692,256 |
See accompanying notes to portfolio of investments
Allspring VT International Equity Fund | 1
Portfolio of investments—September 30, 2023 (unaudited)
Shares | Value | |||||
Italy: 3.71% | ||||||
Prysmian SpA (Industrials, Electrical equipment) | 34,660 | $1,397,980 | ||||
UniCredit SpA (Financials, Banks) | 32,637 | 784,309 | ||||
2,182,289 | ||||||
Japan: 16.20% | ||||||
Asahi Group Holdings Ltd. (Consumer staples, Beverages) | 35,900 | 1,342,887 | ||||
Dai-ichi Life Holdings, Inc. (Financials, Insurance) | 14,200 | 294,281 | ||||
FUJIFILM Holdings Corp. (Information technology, Technology hardware, storage & peripherals) | 24,600 | 1,425,233 | ||||
Hitachi Ltd. (Industrials, Industrial conglomerates) | 22,100 | 1,371,637 | ||||
Mitsubishi UFJ Financial Group, Inc. (Financials, Banks) | 171,600 | 1,456,602 | ||||
ORIX Corp. (Financials, Financial services) | 73,500 | 1,373,699 | ||||
Resonac Holdings Corp. (Materials, Chemicals) | 93,500 | 1,567,301 | ||||
Takeda Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 22,100 | 686,336 | ||||
9,517,976 | ||||||
Luxembourg: 2.47% | ||||||
Samsonite International SA (Consumer discretionary, Textiles, apparel & luxury goods)144A† | 423,200 | 1,453,729 | ||||
Mexico: 2.22% | ||||||
America Movil SAB de CV Series B (Communication services, Wireless telecommunication services) | 1,512,100 | 1,305,816 | ||||
Netherlands: 5.87% | ||||||
ING Groep NV (Financials, Banks) | 134,742 | 1,787,823 | ||||
NN Group NV (Financials, Insurance) | 51,694 | 1,663,652 | ||||
3,451,475 | ||||||
South Korea: 4.51% | ||||||
Samsung Electronics Co. Ltd. GDR (Information technology, Technology hardware, storage & peripherals) | 1,377 | 1,735,020 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 23,674 | 912,018 | ||||
2,647,038 | ||||||
Switzerland: 0.05% | ||||||
Siemens Energy AG (Industrials, Electrical equipment)† | 2,465 | 32,264 | ||||
Thailand: 3.90% | ||||||
Minor International PCL (Consumer discretionary, Hotels, restaurants & leisure) | 963,600 | 826,982 | ||||
SCB X PCL (Financials, Banks) | 519,300 | 1,461,813 | ||||
2,288,795 | ||||||
United Kingdom: 9.93% | ||||||
ConvaTec Group PLC (Health care, Health care equipment & supplies)144A | 389,047 | 1,033,845 | ||||
Informa PLC (Communication services, Media) | 201,523 | 1,845,070 | ||||
Nomad Foods Ltd. (Consumer staples, Food products)† | 59,720 | 908,938 | ||||
Shell PLC (Energy, Oil, gas & consumable fuels) | 64,426 | 2,048,477 | ||||
5,836,330 |
See accompanying notes to portfolio of investments
2 | Allspring VT International Equity Fund
Portfolio of investments—September 30, 2023 (unaudited)
Shares | Value | |||||
United States: 3.74% | ||||||
Axalta Coating Systems Ltd. (Materials, Chemicals)† | 26,336 | $708,438 | ||||
Baker Hughes Co. (Energy, Energy equipment & services) | 28,417 | 1,003,689 | ||||
Gentex Corp. (Consumer discretionary, Automobile components) | 14,997 | 488,002 | ||||
2,200,129 | ||||||
Total common stocks (Cost $57,701,005) | 58,130,643 |
Yield | ||||||
Short-term investments: 2.70% | ||||||
Investment companies: 2.70% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.27 % | 1,584,711 | 1,584,711 | |||
Total short-term investments (Cost $1,584,711) | 1,584,711 | |||||
Total investments in securities (Cost $59,285,716) | 101.63 % | 59,715,354 | ||||
Other assets and liabilities, net | (1.63 ) | (959,620 ) | ||||
Total net assets | 100.00 % | $58,755,734 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The 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 |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $1,439,313 | $19,120,469 | $(18,975,071 ) | $0 | $0 | $1,584,711 | 1,584,711 | $50,627 |
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 | $1,584,711 | $52,404 |
1 | Amount shown represents income before fees and rebates. |
See accompanying notes to portfolio of investments
Allspring VT International Equity Fund | 3
Notes to portfolio of investments—September 30, 2023 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2023, such fair value pricing was used in pricing certain foreign securities.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Securities lending
During the period, the Fund participated in a program to lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities were on loan, the Fund received interest or dividends on those securities. Cash collateral received in connection with its securities lending transactions was invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”), an affiliated non-registered investment company. Interests in the non-registered investment company that were redeemable at net asset value were fair valued normally at net asset value. Effective at the close of business on March 29, 2023, the Fund is no longer participating in the securities lending program and the Securities Lending Fund was liquidated. Securities Lending Fund was managed by Allspring Funds Management and was subadvised by Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in
4 | Allspring VT International Equity Fund
Notes to portfolio of investments—September 30, 2023 (unaudited)
active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2023:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $888,739 | $0 | $0 | $888,739 |
Brazil | 2,242,673 | 0 | 0 | 2,242,673 |
Canada | 4,186,593 | 0 | 0 | 4,186,593 |
China | 756,996 | 3,227,453 | 0 | 3,984,449 |
Denmark | 1,679,087 | 0 | 0 | 1,679,087 |
France | 7,646,229 | 0 | 0 | 7,646,229 |
Germany | 3,334,817 | 0 | 0 | 3,334,817 |
Ireland | 1,559,959 | 0 | 0 | 1,559,959 |
Israel | 1,692,256 | 0 | 0 | 1,692,256 |
Italy | 2,182,289 | 0 | 0 | 2,182,289 |
Japan | 9,517,976 | 0 | 0 | 9,517,976 |
Luxembourg | 1,453,729 | 0 | 0 | 1,453,729 |
Mexico | 1,305,816 | 0 | 0 | 1,305,816 |
Netherlands | 3,451,475 | 0 | 0 | 3,451,475 |
South Korea | 1,735,020 | 912,018 | 0 | 2,647,038 |
Switzerland | 32,264 | 0 | 0 | 32,264 |
Thailand | 2,288,795 | 0 | 0 | 2,288,795 |
United Kingdom | 5,836,330 | 0 | 0 | 5,836,330 |
United States | 2,200,129 | 0 | 0 | 2,200,129 |
Short-term investments | ||||
Investment companies | 1,584,711 | 0 | 0 | 1,584,711 |
Total assets | $55,575,883 | $4,139,471 | $0 | $59,715,354 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the nine months ended September 30, 2023, the Fund did not have any transfers into/out of Level 3.
Allspring VT International Equity Fund | 5