NPORT-EX 2 NPORT_WBCW_28323426_0924.htm EDGAR HTML
Portfolio of investments—September 30, 2024 (unaudited)
Portfolio of investments
 
 
 
 
 
 
Shares
Value
Common stocks:  98.67%
 
Communication services:  8.29%
 
Interactive media & services:  8.29%
 
Alphabet, Inc. Class C
 
52,992
$8,859,733
Meta Platforms, Inc. Class A
 
11,707
6,701,555
 
 
15,561,288
Consumer discretionary:  10.16%
 
Broadline retail:  5.12%
 
Amazon.com, Inc.†
 
51,559
9,606,988
Hotels, restaurants & leisure:  1.64%
 
Starbucks Corp.
 
31,536
3,074,445
Specialty retail:  3.40%
 
Burlington Stores, Inc.†
 
9,746
2,567,876
Home Depot, Inc.
 
9,430
3,821,036
 
 
6,388,912
Consumer staples:  3.77%
 
Consumer staples distribution & retail:  2.46%
 
Dollar General Corp.
 
22,496
1,902,487
Sysco Corp.
 
34,859
2,721,093
 
 
4,623,580
Household products:  1.31%
 
Church & Dwight Co., Inc.
 
23,457
2,456,417
Financials:  9.92%
 
Capital markets:  5.23%
 
Charles Schwab Corp.
 
47,297
3,065,319
Intercontinental Exchange, Inc.
 
22,683
3,643,797
S&P Global, Inc.
 
6,013
3,106,436
 
 
9,815,552
Financial services:  3.46%
 
Mastercard, Inc. Class A
 
13,175
6,505,815
Insurance:  1.23%
 
Marsh & McLennan Cos., Inc.
 
10,315
2,301,173
Health care:  9.77%
 
Health care equipment & supplies:  3.03%
 
Align Technology, Inc.†
 
6,149
1,563,814
LivaNova PLC†
 
41,470
2,178,834
Medtronic PLC
 
21,529
1,938,256
 
 
5,680,904
Health care providers & services:  2.23%
 
UnitedHealth Group, Inc.
 
7,165
4,189,232
See accompanying notes to portfolio of investments
Allspring VT Opportunity Fund | 1
Portfolio of investments—September 30, 2024 (unaudited)
 
 
 
 
 
 
Shares
Value
Life sciences tools & services:  4.51%
 
Agilent Technologies, Inc.
 
18,397
$2,731,586
Bio-Rad Laboratories, Inc. Class A†
 
7,117
2,381,206
Thermo Fisher Scientific, Inc.
 
5,431
3,359,454
 
 
8,472,246
Industrials:  16.37%
 
Aerospace & defense:  3.43%
 
HEICO Corp. Class A
 
16,509
3,363,874
Melrose Industries PLC
 
506,692
3,087,012
 
 
6,450,886
Building products:  3.22%
 
AZEK Co., Inc. Class A†
 
41,567
1,945,335
Carlisle Cos., Inc.
 
9,121
4,102,170
 
 
6,047,505
Commercial services & supplies:  1.46%
 
Republic Services, Inc. Class A
 
13,642
2,739,859
Electrical equipment:  2.75%
 
Atkore, Inc.
 
12,327
1,044,590
Regal Rexnord Corp.
 
24,845
4,121,289
 
 
5,165,879
Machinery:  0.81%
 
Ingersoll Rand, Inc.
 
15,466
1,518,143
Professional services:  3.16%
 
Dun & Bradstreet Holdings, Inc.
 
213,420
2,456,464
TransUnion
 
21,934
2,296,490
WNS Holdings Ltd.†
 
22,319
1,176,434
 
 
5,929,388
Trading companies & distributors:  1.54%
 
Air Lease Corp. Class A
 
63,978
2,897,564
Information technology:  24.80%
 
Electronic equipment, instruments & components:  3.60%
 
Amphenol Corp. Class A
 
43,908
2,861,045
Teledyne Technologies, Inc.†
 
8,899
3,894,737
 
 
6,755,782
Semiconductors & semiconductor equipment:  5.27%
 
Marvell Technology, Inc.
 
58,315
4,205,678
Texas Instruments, Inc.
 
27,583
5,697,820
 
 
9,903,498
Software:  10.28%
 
Dynatrace, Inc.†
 
46,521
2,487,478
Palo Alto Networks, Inc.†
 
5,032
1,719,938
See accompanying notes to portfolio of investments
2 | Allspring VT Opportunity Fund
Portfolio of investments—September 30, 2024 (unaudited)
 
 
 
 
 
 
Shares
Value
Software(continued)
 
QXO, Inc.†
 
144,780
$2,283,180
Salesforce, Inc.
 
27,295
7,470,914
ServiceNow, Inc.†
 
2,598
2,323,625
Workday, Inc. Class A†
 
12,365
3,022,130
 
 
19,307,265
Technology hardware, storage & peripherals:  5.65%
 
Apple, Inc.
 
45,543
10,611,519
Materials:  6.50%
 
Chemicals:  5.25%
 
Ashland, Inc.
 
32,643
2,838,962
Olin Corp.
 
56,416
2,706,840
Sherwin-Williams Co.
 
6,378
2,434,291
Westlake Corp.
 
12,469
1,873,966
 
 
9,854,059
Containers & packaging:  1.25%
 
International Paper Co.
 
48,309
2,359,894
Real estate:  9.09%
 
Industrial REITs :  1.75%
 
Prologis, Inc.
 
26,088
3,294,393
Real estate management & development:  1.45%
 
CoStar Group, Inc.†
 
36,096
2,723,082
Residential REITs :  2.82%
 
Mid-America Apartment Communities, Inc.
 
13,405
2,130,055
Sun Communities, Inc.
 
23,416
3,164,672
 
 
5,294,727
Specialized REITs :  3.07%
 
American Tower Corp.
 
16,202
3,767,937
Equinix, Inc.
 
2,240
1,988,291
 
 
5,756,228
Total common stocks (Cost $123,669,429)
 
185,286,223
 
 
 
Yield
 
 
 
Short-term investments:  1.47%
 
Investment companies:  1.47%
 
Allspring Government Money Market Fund Select Class♠∞
4.86
%
 
2,754,217
2,754,217
Total short-term investments (Cost $2,754,217)
 
2,754,217
Total investments in securities (Cost $126,423,646)
100.14
%
 
188,040,440
Other assets and liabilities, net
(0.14
)
 
(253,603
)
Total net assets
100.00
%
 
$187,786,837
 
See accompanying notes to portfolio of investments
Allspring VT Opportunity Fund | 3
Portfolio of investments—September 30, 2024 (unaudited)
 
 
†
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
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows: 
 
Value,
beginning of
period
Purchases
Sales
proceeds
Net
realized
gains
(losses)
Net
change in
unrealized
gains
(losses)
Value,
end of
period
Shares,
end
of period
Income
from
affiliated
securities
Short-term investments
Allspring Government Money Market Fund Select
Class
$6,246,648
$24,243,702
$(27,736,133
)
$0
$0
$2,754,217
2,754,217
$157,197
See accompanying notes to portfolio of investments
4 | Allspring VT Opportunity Fund
Notes to portfolio of investments—September 30, 2024 (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, 2024, such fair value pricing was not used in pricing 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.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments.  The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement.  The inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring VT Opportunity Fund | 5
Notes to portfolio of investments—September 30, 2024 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2024: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Common stocks
Communication services
$15,561,288
$0
$0
$15,561,288
Consumer discretionary
19,070,345
0
0
19,070,345
Consumer staples
7,079,997
0
0
7,079,997
Financials
18,622,540
0
0
18,622,540
Health care
18,342,382
0
0
18,342,382
Industrials
30,749,224
0
0
30,749,224
Information technology
46,578,064
0
0
46,578,064
Materials
12,213,953
0
0
12,213,953
Real estate
17,068,430
0
0
17,068,430
Short-term investments
Investment companies
2,754,217
0
0
2,754,217
Total assets
$188,040,440
$0
$0
$188,040,440
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At September 30, 2024, the Fund did not have any transfers into/out of Level 3.
6 | Allspring VT Opportunity Fund