# EDGAR Filing Document

**Accession Number:** 0001081402
**File Stem:** 0001193125-26-097294
**Filing Date:** 2026-3
**Character Count:** 401531
**Document Hash:** 6f9b6580b80148a4f2a30427d7266545
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-097294.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-097294

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0001081402

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09255
- **FILM NUMBER:** 26733068

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4255

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Allspring VARIABLE TRUST
- **DATE OF NAME CHANGE:** 20211206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO VARIABLE TRUST
- **DATE OF NAME CHANGE:** 19990308

## Series and Classes Contracts Data

### Allspring VT Index Asset Allocation Fund (Series ID: S000007215)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019811 | Class 2      |  |

### Allspring VT Discovery SMID Cap Growth Fund (Series ID: S000007218)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019816 | Class 2      |  |

### Allspring VT Opportunity Fund (Series ID: S000007227)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019825 | Class 2      |  |
| C000103128 | Class 1      |  |

### Allspring VT Small Cap Growth Fund (Series ID: S000007228)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000019826 | Class 2      |  |
| C000101966 | Class 1      |  |

### Allspring VT Discovery All Cap Growth Fund (Series ID: S000029416)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000090341 | Class 1      |  |
| C000090342 | Class 2      |  |

?xml version='1.0' encoding='ASCII'? N-CSR/A

![LOGO](g118898g0227070417486.jpg)

### 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 5 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 Opportunity Fund and Allspring VT Small Cap Growth Fund.

#### Date of reporting period: December 31, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g118898g54k28.jpg)

Annual Shareholder Report

# VT Discovery All Cap Growth Fund

# December 31, 2025

# Class 1
This annual shareholder report contains important information about VT Discovery All Cap Growth Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 1 | $81 | 0.75% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
The year 2025 was strong but volatile for U.S. equities. Despite aggressive shifts in government policies, the economy showed resilience—gross domestic product growth remained positive though slowing, inflation eased, and consumer strength persisted. A super cycle of artificial intelligence (AI) investments continued and the arms race for computing power drove high index concentration. This sparked an intense focus on AI capital commitments, prompting concerns about future monetization and a potential bubble. Fueled by rate cuts and policy stimulus, 2025 brought broadening risk appetites. Small-cap, value-oriented, and cyclically sensitive sectors benefited from this trend, with leadership from unprofitable companies later in the year.

The Fund underperformed its benchmark for the period. The portfolio benefited from security selection within industrials and health care. Pharmaceutical companies with blockbuster and innovative treatments, including Eli Lilly & Co. and argenx SE, contributed to returns. In contrast, underweights to select mega-cap tech names, including NVIDIA Corp. and Alphabet, Inc., detracted

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g02u62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **Russell 3000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9163 | $9403 | $9436 |
| **2/29/2016** | $8957 | $9394 | $9433 |
| **3/31/2016** | $9494 | $10034 | $10097 |
| **4/30/2016** | $9554 | $9956 | $10159 |
| **5/31/2016** | $9871 | $10154 | $10341 |
| **6/30/2016** | $9773 | $10114 | $10362 |
| **7/31/2016** | $10231 | $10605 | $10774 |
| **8/31/2016** | $10068 | $10565 | $10801 |
| **9/30/2016** | $10163 | $10612 | $10818 |
| **10/31/2016** | $9959 | $10332 | $10584 |
| **11/30/2016** | $10049 | $10607 | $11058 |
| **12/31/2016** | $10077 | $10739 | $11274 |
| **1/31/2017** | $10599 | $11087 | $11486 |
| **2/28/2017** | $10916 | $11533 | $11913 |
| **3/31/2017** | $11116 | $11667 | $11921 |
| **4/30/2017** | $11575 | $11930 | $12047 |
| **5/31/2017** | $11919 | $12209 | $12171 |
| **6/30/2017** | $11938 | $12209 | $12280 |
| **7/31/2017** | $12224 | $12517 | $12512 |
| **8/31/2017** | $12365 | $12727 | $12536 |
| **9/30/2017** | $12618 | $12933 | $12842 |
| **10/31/2017** | $13101 | $13411 | $13122 |
| **11/30/2017** | $13467 | $13816 | $13521 |
| **12/31/2017** | $13598 | $13917 | $13656 |
| **1/31/2018** | $14842 | $14868 | $14375 |
| **2/28/2018** | $14372 | $14476 | $13846 |
| **3/31/2018** | $14114 | $14123 | $13568 |
| **4/30/2018** | $14194 | $14170 | $13619 |
| **5/31/2018** | $14874 | $14812 | $14004 |
| **6/30/2018** | $15118 | $14953 | $14095 |
| **7/31/2018** | $15584 | $15377 | $14563 |
| **8/31/2018** | $16266 | $16227 | $15074 |
| **9/30/2018** | $16266 | $16281 | $15099 |
| **10/31/2018** | $14637 | $14778 | $13988 |
| **11/30/2018** | $15069 | $14941 | $14268 |
| **12/31/2018** | $13669 | $13622 | $12940 |
| **1/31/2019** | $15142 | $14872 | $14051 |
| **2/28/2019** | $15808 | $15436 | $14545 |
| **3/31/2019** | $16260 | $15826 | $14757 |
| **4/30/2019** | $17082 | $16524 | $15346 |
| **5/31/2019** | $16458 | $15467 | $14353 |
| **6/30/2019** | $17499 | $16538 | $15361 |
| **7/31/2019** | $17844 | $16897 | $15590 |
| **8/31/2019** | $17467 | $16728 | $15272 |
| **9/30/2019** | $17149 | $16721 | $15540 |
| **10/31/2019** | $17497 | $17193 | $15874 |
| **11/30/2019** | $18398 | $17971 | $16478 |
| **12/31/2019** | $18781 | $18505 | $16954 |
| **1/31/2020** | $19293 | $18879 | $16935 |
| **2/29/2020** | $18109 | $17588 | $15549 |
| **3/31/2020** | $15989 | $15757 | $13410 |
| **4/30/2020** | $18610 | $18089 | $15187 |
| **5/31/2020** | $20017 | $19332 | $15999 |
| **6/30/2020** | $20977 | $20167 | $16364 |
| **7/31/2020** | $22340 | $21670 | $17294 |
| **8/31/2020** | $23843 | $23852 | $18546 |
| **9/30/2020** | $23251 | $22761 | $17871 |
| **10/31/2020** | $22913 | $22041 | $17485 |
| **11/30/2020** | $25602 | $24393 | $19613 |
| **12/31/2020** | $26933 | $25585 | $20495 |
| **1/31/2021** | $26423 | $25489 | $20404 |
| **2/28/2021** | $26984 | $25541 | $21042 |
| **3/31/2021** | $26532 | $25890 | $21796 |
| **4/30/2021** | $28423 | $27570 | $22919 |
| **5/31/2021** | $27793 | $27162 | $23024 |
| **6/30/2021** | $29538 | $28837 | $23592 |
| **7/31/2021** | $30577 | $29651 | $23991 |
| **8/31/2021** | $31579 | $30723 | $24675 |
| **9/30/2021** | $29888 | $29037 | $23568 |
| **10/31/2021** | $32154 | $31478 | $25161 |
| **11/30/2021** | $30484 | $31563 | $24778 |
| **12/31/2021** | $31046 | $32199 | $25754 |
| **1/31/2022** | $26883 | $29344 | $24239 |
| **2/28/2022** | $25959 | $28174 | $23628 |
| **3/31/2022** | $26705 | $29220 | $24395 |
| **4/30/2022** | $22734 | $25688 | $22206 |
| **5/31/2022** | $21370 | $25097 | $22176 |
| **6/30/2022** | $19764 | $23134 | $20321 |
| **7/31/2022** | $22213 | $25900 | $22227 |
| **8/31/2022** | $21295 | $24750 | $21397 |
| **9/30/2022** | $19049 | $22355 | $19413 |
| **10/31/2022** | $19807 | $23711 | $21005 |
| **11/30/2022** | $20781 | $24748 | $22102 |
| **12/31/2022** | $19545 | $22872 | $20808 |
| **1/31/2023** | $21108 | $24801 | $22241 |
| **2/28/2023** | $20509 | $24508 | $21721 |
| **3/31/2023** | $21838 | $26040 | $22302 |
| **4/30/2023** | $21969 | $26265 | $22539 |
| **5/31/2023** | $22428 | $27394 | $22627 |
| **6/30/2023** | $23813 | $29288 | $24172 |
| **7/31/2023** | $24287 | $30295 | $25039 |
| **8/31/2023** | $23678 | $29955 | $24555 |
| **9/30/2023** | $22441 | $28309 | $23386 |
| **10/31/2023** | $22173 | $27818 | $22766 |
| **11/30/2023** | $24895 | $30827 | $24888 |
| **12/31/2023** | $26092 | $32298 | $26209 |
| **1/31/2024** | $26607 | $33013 | $26499 |
| **2/29/2024** | $28350 | $35285 | $27933 |
| **3/31/2024** | $28814 | $35923 | $28835 |
| **4/30/2024** | $27360 | $34340 | $27566 |
| **5/31/2024** | $28371 | $36386 | $28868 |
| **6/30/2024** | $29536 | $38724 | $29762 |
| **7/31/2024** | $28836 | $38233 | $30315 |
| **8/31/2024** | $29907 | $38971 | $30975 |
| **9/30/2024** | $30860 | $40047 | $31616 |
| **10/31/2024** | $30535 | $39897 | $31384 |
| **11/30/2024** | $32753 | $42590 | $33471 |
| **12/31/2024** | $31649 | $42781 | $32448 |
| **1/31/2025** | $32861 | $43649 | $33473 |
| **2/28/2025** | $31303 | $42019 | $32831 |
| **3/31/2025** | $28447 | $38504 | $30916 |
| **4/30/2025** | $29301 | $39171 | $30709 |
| **5/31/2025** | $32418 | $42585 | $32655 |
| **6/30/2025** | $35047 | $45262 | $34314 |
| **7/31/2025** | $36262 | $46932 | $35070 |
| **8/31/2025** | $36437 | $47549 | $35881 |
| **9/30/2025** | $37933 | $49976 | $37120 |
| **10/31/2025** | $38155 | $51703 | $37915 |
| **11/30/2025** | $37455 | $50836 | $38019 |
| **12/31/2025** | $36564 | $50545 | $38012 |

---

# VT Discovery All Cap Growth Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 15.53 | 6.31 | 13.84 |
| Russell 3000<sup>®</sup> Growth Index | 18.15 | 14.59 | 17.59 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $52489878 |
| # of portfolio holdings | 61 |
| Portfolio turnover rate | 70% |
| Total advisory fees paid | $375332 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Consumer discretionary | 14.2 |
| Industrials | 14.2 |
| Communication services | 11.7 |
| Health care | 11.6 |
| Financials | 6.8 |
| Consumer staples | 1.6 |
| Utilities | 0.8 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.2 |
| Microsoft Corp. | 7.8 |
| Alphabet, Inc. Class A | 5.6 |
| Broadcom, Inc. | 5.1 |
| Amazon.com, Inc. | 4.6 |
| Eli Lilly & Co. | 3.0 |
| Mastercard, Inc. Class A | 2.1 |
| AppLovin Corp. Class A | 1.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1.7 |
| DoorDash, Inc. Class A | 1.7 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0578 12-25
![Image](g118898g54k28.jpg)

Annual Shareholder Report

# VT Discovery All Cap Growth Fund

# December 31, 2025

# Class 2
This annual shareholder report contains important information about VT Discovery All Cap Growth Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 2 | $108 | 1.00% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
The year 2025 was strong but volatile for U.S. equities. Despite aggressive shifts in government policies, the economy showed resilience—gross domestic product growth remained positive though slowing, inflation eased, and consumer strength persisted. A super cycle of artificial intelligence (AI) investments continued and the arms race for computing power drove high index concentration. This sparked an intense focus on AI capital commitments, prompting concerns about future monetization and a potential bubble. Fueled by rate cuts and policy stimulus, 2025 brought broadening risk appetites. Small-cap, value-oriented, and cyclically sensitive sectors benefited from this trend, with leadership from unprofitable companies later in the year.

The Fund underperformed its benchmark for the period. The portfolio benefited from security selection within industrials and health care. Pharmaceutical companies with blockbuster and innovative treatments, including Eli Lilly & Co. and argenx SE, contributed to returns. In contrast, underweights to select mega-cap tech names, including NVIDIA Corp. and Alphabet, Inc., detracted

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g00r76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **Russell 3000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9161 | $9403 | $9436 |
| **2/29/2016** | $8953 | $9394 | $9433 |
| **3/31/2016** | $9485 | $10034 | $10097 |
| **4/30/2016** | $9547 | $9956 | $10159 |
| **5/31/2016** | $9862 | $10154 | $10341 |
| **6/30/2016** | $9760 | $10114 | $10362 |
| **7/31/2016** | $10216 | $10605 | $10774 |
| **8/31/2016** | $10052 | $10565 | $10801 |
| **9/30/2016** | $10141 | $10612 | $10818 |
| **10/31/2016** | $9939 | $10332 | $10584 |
| **11/30/2016** | $10024 | $10607 | $11058 |
| **12/31/2016** | $10052 | $10739 | $11274 |
| **1/31/2017** | $10569 | $11087 | $11486 |
| **2/28/2017** | $10884 | $11533 | $11913 |
| **3/31/2017** | $11081 | $11667 | $11921 |
| **4/30/2017** | $11533 | $11930 | $12047 |
| **5/31/2017** | $11881 | $12209 | $12171 |
| **6/30/2017** | $11895 | $12209 | $12280 |
| **7/31/2017** | $12172 | $12517 | $12512 |
| **8/31/2017** | $12308 | $12727 | $12536 |
| **9/30/2017** | $12560 | $12933 | $12842 |
| **10/31/2017** | $13040 | $13411 | $13122 |
| **11/30/2017** | $13403 | $13816 | $13521 |
| **12/31/2017** | $13529 | $13917 | $13656 |
| **1/31/2018** | $14761 | $14868 | $14375 |
| **2/28/2018** | $14295 | $14476 | $13846 |
| **3/31/2018** | $14033 | $14123 | $13568 |
| **4/30/2018** | $14111 | $14170 | $13619 |
| **5/31/2018** | $14785 | $14812 | $14004 |
| **6/30/2018** | $15022 | $14953 | $14095 |
| **7/31/2018** | $15486 | $15377 | $14563 |
| **8/31/2018** | $16153 | $16227 | $15074 |
| **9/30/2018** | $16153 | $16281 | $15099 |
| **10/31/2018** | $14535 | $14778 | $13988 |
| **11/30/2018** | $14954 | $14941 | $14268 |
| **12/31/2018** | $13567 | $13622 | $12940 |
| **1/31/2019** | $15024 | $14872 | $14051 |
| **2/28/2019** | $15680 | $15436 | $14545 |
| **3/31/2019** | $16126 | $15826 | $14757 |
| **4/30/2019** | $16938 | $16524 | $15346 |
| **5/31/2019** | $16320 | $15467 | $14353 |
| **6/30/2019** | $17347 | $16538 | $15361 |
| **7/31/2019** | $17680 | $16897 | $15590 |
| **8/31/2019** | $17302 | $16728 | $15272 |
| **9/30/2019** | $16986 | $16721 | $15540 |
| **10/31/2019** | $17327 | $17193 | $15874 |
| **11/30/2019** | $18215 | $17971 | $16478 |
| **12/31/2019** | $18592 | $18505 | $16954 |
| **1/31/2020** | $19098 | $18879 | $16935 |
| **2/29/2020** | $17923 | $17588 | $15549 |
| **3/31/2020** | $15817 | $15757 | $13410 |
| **4/30/2020** | $18410 | $18089 | $15187 |
| **5/31/2020** | $19797 | $19332 | $15999 |
| **6/30/2020** | $20741 | $20167 | $16364 |
| **7/31/2020** | $22086 | $21670 | $17294 |
| **8/31/2020** | $23587 | $23852 | $18546 |
| **9/30/2020** | $23001 | $22761 | $17871 |
| **10/31/2020** | $22659 | $22041 | $17485 |
| **11/30/2020** | $25311 | $24393 | $19613 |
| **12/31/2020** | $26622 | $25585 | $20495 |
| **1/31/2021** | $26115 | $25489 | $20404 |
| **2/28/2021** | $26661 | $25541 | $21042 |
| **3/31/2021** | $26213 | $25890 | $21796 |
| **4/30/2021** | $28070 | $27570 | $22919 |
| **5/31/2021** | $27444 | $27162 | $23024 |
| **6/30/2021** | $29156 | $28837 | $23592 |
| **7/31/2021** | $30181 | $29651 | $23991 |
| **8/31/2021** | $31165 | $30723 | $24675 |
| **9/30/2021** | $29484 | $29037 | $23568 |
| **10/31/2021** | $31716 | $31478 | $25161 |
| **11/30/2021** | $30064 | $31563 | $24778 |
| **12/31/2021** | $30607 | $32199 | $25754 |
| **1/31/2022** | $26503 | $29344 | $24239 |
| **2/28/2022** | $25585 | $28174 | $23628 |
| **3/31/2022** | $26312 | $29220 | $24395 |
| **4/30/2022** | $22399 | $25688 | $22206 |
| **5/31/2022** | $21048 | $25097 | $22176 |
| **6/30/2022** | $19470 | $23134 | $20321 |
| **7/31/2022** | $21872 | $25900 | $22227 |
| **8/31/2022** | $20972 | $24750 | $21397 |
| **9/30/2022** | $18757 | $22355 | $19413 |
| **10/31/2022** | $19492 | $23711 | $21005 |
| **11/30/2022** | $20440 | $24748 | $22102 |
| **12/31/2022** | $19221 | $22872 | $20808 |
| **1/31/2023** | $20759 | $24801 | $22241 |
| **2/28/2023** | $20169 | $24508 | $21721 |
| **3/31/2023** | $21475 | $26040 | $22302 |
| **4/30/2023** | $21591 | $26265 | $22539 |
| **5/31/2023** | $22036 | $27394 | $22627 |
| **6/30/2023** | $23391 | $29288 | $24172 |
| **7/31/2023** | $23861 | $30295 | $25039 |
| **8/31/2023** | $23250 | $29955 | $24555 |
| **9/30/2023** | $22039 | $28309 | $23386 |
| **10/31/2023** | $21761 | $27818 | $22766 |
| **11/30/2023** | $24429 | $30827 | $24888 |
| **12/31/2023** | $25597 | $32298 | $26209 |
| **1/31/2024** | $26100 | $33013 | $26499 |
| **2/29/2024** | $27804 | $35285 | $27933 |
| **3/31/2024** | $28254 | $35923 | $28835 |
| **4/30/2024** | $26818 | $34340 | $27566 |
| **5/31/2024** | $27804 | $36386 | $28868 |
| **6/30/2024** | $28940 | $38724 | $29762 |
| **7/31/2024** | $28244 | $38233 | $30315 |
| **8/31/2024** | $29292 | $38971 | $30975 |
| **9/30/2024** | $30228 | $40047 | $31616 |
| **10/31/2024** | $29901 | $39897 | $31384 |
| **11/30/2024** | $32055 | $42590 | $33471 |
| **12/31/2024** | $30972 | $42781 | $32448 |
| **1/31/2025** | $32156 | $43649 | $33473 |
| **2/28/2025** | $30623 | $42019 | $32831 |
| **3/31/2025** | $27827 | $38504 | $30916 |
| **4/30/2025** | $28650 | $39171 | $30709 |
| **5/31/2025** | $31694 | $42585 | $32655 |
| **6/30/2025** | $34265 | $45262 | $34314 |
| **7/31/2025** | $35444 | $46932 | $35070 |
| **8/31/2025** | $35598 | $47549 | $35881 |
| **9/30/2025** | $37053 | $49976 | $37120 |
| **10/31/2025** | $37276 | $51703 | $37915 |
| **11/30/2025** | $36574 | $50836 | $38019 |
| **12/31/2025** | $35701 | $50545 | $38012 |

---

# VT Discovery All Cap Growth Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 15.27 | 6.04 | 13.57 |
| Russell 3000<sup>®</sup> Growth Index | 18.15 | 14.59 | 17.59 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $52489878 |
| # of portfolio holdings | 61 |
| Portfolio turnover rate | 70% |
| Total advisory fees paid | $375332 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 39.1 |
| Consumer discretionary | 14.2 |
| Industrials | 14.2 |
| Communication services | 11.7 |
| Health care | 11.6 |
| Financials | 6.8 |
| Consumer staples | 1.6 |
| Utilities | 0.8 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 9.2 |
| Microsoft Corp. | 7.8 |
| Alphabet, Inc. Class A | 5.6 |
| Broadcom, Inc. | 5.1 |
| Amazon.com, Inc. | 4.6 |
| Eli Lilly & Co. | 3.0 |
| Mastercard, Inc. Class A | 2.1 |
| AppLovin Corp. Class A | 1.8 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 1.7 |
| DoorDash, Inc. Class A | 1.7 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0568 12-25
![Image](g118898g54k28.jpg)

Annual Shareholder Report

# VT Discovery SMID Cap Growth Fund

# December 31, 2025

# Class 2
This annual shareholder report contains important information about VT Discovery SMID Cap Growth Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 2 | $116 | 1.13% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
The year 2025 was strong but volatile for U.S. equities. Despite aggressive shifts in government policies, the economy showed resilience—gross domestic product growth remained positive though slowing, inflation eased, and consumer strength persisted. A super cycle of artificial intelligence (AI) investments continued and the arms race for computing power drove high index concentration. This sparked an intense focus on AI capital commitments, prompting concerns about future monetization and a potential bubble. Fueled by rate cuts and policy stimulus, 2025 brought broadening risk appetites. Small-cap, value-oriented, and cyclically sensitive sectors benefited from this trend, with leadership from unprofitable companies later in the year.

The Fund underperformed its benchmark. Security selection in financials and communication services benefited the portfolio. Innovative companies with strong demand, including Robinhood Markets, Inc. and Celestica, Inc., contributed. Security selection in information technology (IT) and industrials detracted. We exited Globant SA, as enterprise spend on IT slowed, and data security provider Varonis Systems, Inc., as full-year revenue guidance was reduced.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g06a35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **Russell 2500™ Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $9030 | $9011 | $9436 |
| **2/29/2016** | $8927 | $9038 | $9433 |
| **3/31/2016** | $9596 | $9734 | $10097 |
| **4/30/2016** | $9777 | $9827 | $10159 |
| **5/31/2016** | $10046 | $10071 | $10341 |
| **6/30/2016** | $10085 | $9997 | $10362 |
| **7/31/2016** | $10536 | $10591 | $10774 |
| **8/31/2016** | $10486 | $10664 | $10801 |
| **9/30/2016** | $10590 | $10695 | $10818 |
| **10/31/2016** | $10233 | $10137 | $10584 |
| **11/30/2016** | $10794 | $10876 | $11058 |
| **12/31/2016** | $10765 | $10973 | $11274 |
| **1/31/2017** | $11188 | $11233 | $11486 |
| **2/28/2017** | $11778 | $11573 | $11913 |
| **3/31/2017** | $11828 | $11659 | $11921 |
| **4/30/2017** | $12169 | $11864 | $12047 |
| **5/31/2017** | $12281 | $11869 | $12171 |
| **6/30/2017** | $12435 | $12140 | $12280 |
| **7/31/2017** | $12639 | $12301 | $12512 |
| **8/31/2017** | $12674 | $12325 | $12536 |
| **9/30/2017** | $13103 | $12841 | $12842 |
| **10/31/2017** | $13418 | $13185 | $13122 |
| **11/30/2017** | $13734 | $13619 | $13521 |
| **12/31/2017** | $13900 | $13656 | $13656 |
| **1/31/2018** | $14772 | $14338 | $14375 |
| **2/28/2018** | $14395 | $13868 | $13846 |
| **3/31/2018** | $14338 | $13981 | $13568 |
| **4/30/2018** | $14128 | $13892 | $13619 |
| **5/31/2018** | $14842 | $14631 | $14004 |
| **6/30/2018** | $14995 | $14754 | $14095 |
| **7/31/2018** | $15123 | $15030 | $14563 |
| **8/31/2018** | $16348 | $16046 | $15074 |
| **9/30/2018** | $16235 | $15811 | $15099 |
| **10/31/2018** | $14332 | $13912 | $13988 |
| **11/30/2018** | $14411 | $14175 | $14268 |
| **12/31/2018** | $12918 | $12637 | $12940 |
| **1/31/2019** | $14569 | $14141 | $14051 |
| **2/28/2019** | $15696 | $15073 | $14545 |
| **3/31/2019** | $15894 | $15036 | $14757 |
| **4/30/2019** | $16487 | $15562 | $15346 |
| **5/31/2019** | $16259 | $14528 | $14353 |
| **6/30/2019** | $17599 | $15659 | $15361 |
| **7/31/2019** | $18129 | $15903 | $15590 |
| **8/31/2019** | $17511 | $15451 | $15272 |
| **9/30/2019** | $16839 | $15161 | $15540 |
| **10/31/2019** | $16680 | $15550 | $15874 |
| **11/30/2019** | $17894 | $16609 | $16478 |
| **12/31/2019** | $17959 | $16763 | $16954 |
| **1/31/2020** | $18544 | $16781 | $16935 |
| **2/29/2020** | $17648 | $15643 | $15549 |
| **3/31/2020** | $14816 | $12871 | $13410 |
| **4/30/2020** | $17434 | $14935 | $15187 |
| **5/31/2020** | $19567 | $16494 | $15999 |
| **6/30/2020** | $20141 | $17101 | $16364 |
| **7/31/2020** | $21730 | $18037 | $17294 |
| **8/31/2020** | $23138 | $18849 | $18546 |
| **9/30/2020** | $23252 | $18704 | $17871 |
| **10/31/2020** | $23516 | $18925 | $17485 |
| **11/30/2020** | $26903 | $21682 | $19613 |
| **12/31/2020** | $29211 | $23547 | $20495 |
| **1/31/2021** | $28803 | $24205 | $20404 |
| **2/28/2021** | $29355 | $24965 | $21042 |
| **3/31/2021** | $27484 | $24133 | $21796 |
| **4/30/2021** | $29001 | $24980 | $22919 |
| **5/31/2021** | $27598 | $24286 | $23024 |
| **6/30/2021** | $29726 | $25589 | $23592 |
| **7/31/2021** | $29841 | $25035 | $23991 |
| **8/31/2021** | $31042 | $25662 | $24675 |
| **9/30/2021** | $29185 | $24685 | $23568 |
| **10/31/2021** | $30789 | $25951 | $25161 |
| **11/30/2021** | $27894 | $24614 | $24778 |
| **12/31/2021** | $27738 | $24735 | $25754 |
| **1/31/2022** | $22598 | $21471 | $24239 |
| **2/28/2022** | $22345 | $21536 | $23628 |
| **3/31/2022** | $22507 | $21691 | $24395 |
| **4/30/2022** | $19165 | $19214 | $22206 |
| **5/31/2022** | $17653 | $18748 | $22176 |
| **6/30/2022** | $16816 | $17450 | $20321 |
| **7/31/2022** | $19356 | $19441 | $22227 |
| **8/31/2022** | $18698 | $19072 | $21397 |
| **9/30/2022** | $16936 | $17429 | $19413 |
| **10/31/2022** | $17918 | $18846 | $21005 |
| **11/30/2022** | $18576 | $19406 | $22102 |
| **12/31/2022** | $17240 | $18251 | $20808 |
| **1/31/2023** | $19082 | $20078 | $22241 |
| **2/28/2023** | $18566 | $19761 | $21721 |
| **3/31/2023** | $19153 | $19446 | $22302 |
| **4/30/2023** | $18941 | $19200 | $22539 |
| **5/31/2023** | $19082 | $19179 | $22627 |
| **6/30/2023** | $20317 | $20693 | $24172 |
| **7/31/2023** | $20570 | $21384 | $25039 |
| **8/31/2023** | $19801 | $20514 | $24555 |
| **9/30/2023** | $18647 | $19278 | $23386 |
| **10/31/2023** | $17321 | $17940 | $22766 |
| **11/30/2023** | $19103 | $19530 | $24888 |
| **12/31/2023** | $20712 | $21706 | $26209 |
| **1/31/2024** | $20631 | $21215 | $26499 |
| **2/29/2024** | $22200 | $22935 | $27933 |
| **3/31/2024** | $22889 | $23553 | $28835 |
| **4/30/2024** | $21836 | $21798 | $27566 |
| **5/31/2024** | $22474 | $22682 | $28868 |
| **6/30/2024** | $22474 | $22560 | $29762 |
| **7/31/2024** | $22878 | $23935 | $30315 |
| **8/31/2024** | $23557 | $23749 | $30975 |
| **9/30/2024** | $24296 | $24137 | $31616 |
| **10/31/2024** | $23830 | $24077 | $31384 |
| **11/30/2024** | $26553 | $26942 | $33471 |
| **12/31/2024** | $24468 | $24723 | $32448 |
| **1/31/2025** | $25531 | $25669 | $33473 |
| **2/28/2025** | $24033 | $23960 | $32831 |
| **3/31/2025** | $21856 | $22053 | $30916 |
| **4/30/2025** | $22261 | $21982 | $30709 |
| **5/31/2025** | $23931 | $23422 | $32655 |
| **6/30/2025** | $24984 | $24548 | $34314 |
| **7/31/2025** | $25205 | $25123 | $35070 |
| **8/31/2025** | $26184 | $26442 | $35881 |
| **9/30/2025** | $26031 | $27182 | $37120 |
| **10/31/2025** | $26102 | $27877 | $37915 |
| **11/30/2025** | $26377 | $27498 | $38019 |
| **12/31/2025** | $25786 | $27272 | $38012 |

---

# VT Discovery SMID Cap Growth Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 5.39 | (2.46) | 9.94 |
| Russell 2500™ Growth Index | 10.31 | 2.98 | 10.55 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $139284750 |
| # of portfolio holdings | 70 |
| Portfolio turnover rate | 73% |
| Total advisory fees paid | $1042374 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 27.7 |
| Health care | 24.7 |
| Information technology | 21.9 |
| Consumer discretionary | 11.9 |
| Financials | 6.2 |
| Communication services | 3.7 |
| Utilities | 2.1 |
| Real estate | 1.8 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Guidewire Software, Inc. | 2.3 |
| iRhythm Technologies, Inc. | 2.3 |
| EMCOR Group, Inc. | 2.2 |
| Penumbra, Inc. | 2.2 |
| Casella Waste Systems, Inc. Class A | 2.2 |
| Carpenter Technology Corp. | 2.2 |
| RBC Bearings, Inc. | 2.1 |
| Talen Energy Corp. | 2.1 |
| RadNet, Inc. | 2.0 |
| TKO Group Holdings, Inc. Class A | 2.0 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3221 12-25
![Image](g118898g54k28.jpg)

Annual Shareholder Report

# December 31, 2025

# VT Index Asset Allocation Fund

# Class 2
This annual shareholder report contains important information about VT Index Asset Allocation Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 2 | $106 | 1.00% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
In 2025, U.S. markets were shaped by lingering concerns about inflation and a cooling job market along with heightened tariff uncertainty. Worries over tariffs weighed on equities in the first quarter, but the tariff pause in April, coupled with optimism surrounding artificial intelligence (AI)-driven productivity gains and three rate cuts in the second half of the year, triggered a sustained rally, with the S&P 500 Index finishing at 17.88% and U.S. Treasuries gaining 6.32% for the year.

The Fund underperformed its benchmark for the period. During the period, the Fund's passive core remained closely aligned with the 60/40 (stocks/bonds) benchmark. Our short exposure to the S&P 500 within our Tactical Asset Allocation strategy detracted from performance early in the year, as equity markets rebounded amid easing trade tension following the tariff pause in April. We pivoted to a long S&P 500 position during the summer, which contributed to second-half performance.

Looking ahead, the macro environment remains delicately balanced as growth and inflation move into better alignment. We are focused on the U.S. labor market and on Chinese fiscal developments.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g18z25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class 2** | **Index Asset Allocation Blended Index** | **Bloomberg U.S. Aggregate Bond Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 | $10000 |
| **1/31/2016** | $9767 | $9787 | $10138 | $9436 |
| **2/29/2016** | $9767 | $9814 | $10210 | $9433 |
| **3/31/2016** | $10199 | $10220 | $10303 | $10097 |
| **4/30/2016** | $10210 | $10240 | $10343 | $10159 |
| **5/31/2016** | $10308 | $10350 | $10345 | $10341 |
| **6/30/2016** | $10363 | $10457 | $10531 | $10362 |
| **7/31/2016** | $10593 | $10706 | $10598 | $10774 |
| **8/31/2016** | $10588 | $10691 | $10586 | $10801 |
| **9/30/2016** | $10588 | $10687 | $10580 | $10818 |
| **10/31/2016** | $10459 | $10523 | $10499 | $10584 |
| **11/30/2016** | $10644 | $10644 | $10250 | $11058 |
| **12/31/2016** | $10767 | $10766 | $10265 | $11274 |
| **1/31/2017** | $10891 | $10898 | $10285 | $11486 |
| **2/28/2017** | $11155 | $11179 | $10354 | $11913 |
| **3/31/2017** | $11155 | $11185 | $10349 | $11921 |
| **4/30/2017** | $11234 | $11285 | $10428 | $12047 |
| **5/31/2017** | $11329 | $11410 | $10509 | $12171 |
| **6/30/2017** | $11365 | $11445 | $10498 | $12280 |
| **7/31/2017** | $11504 | $11594 | $10543 | $12512 |
| **8/31/2017** | $11533 | $11665 | $10638 | $12536 |
| **9/30/2017** | $11655 | $11770 | $10587 | $12842 |
| **10/31/2017** | $11802 | $11929 | $10593 | $13122 |
| **11/30/2017** | $12009 | $12142 | $10580 | $13521 |
| **12/31/2017** | $12086 | $12238 | $10628 | $13656 |
| **1/31/2018** | $12464 | $12592 | $10506 | $14375 |
| **2/28/2018** | $12145 | $12275 | $10406 | $13846 |
| **3/31/2018** | $11945 | $12134 | $10473 | $13568 |
| **4/30/2018** | $11945 | $12123 | $10395 | $13619 |
| **5/31/2018** | $12164 | $12342 | $10469 | $14004 |
| **6/30/2018** | $12212 | $12388 | $10456 | $14095 |
| **7/31/2018** | $12488 | $12644 | $10459 | $14563 |
| **8/31/2018** | $12780 | $12930 | $10526 | $15074 |
| **9/30/2018** | $12778 | $12926 | $10458 | $15099 |
| **10/31/2018** | $12180 | $12371 | $10376 | $13988 |
| **11/30/2018** | $12384 | $12566 | $10438 | $14268 |
| **12/31/2018** | $11735 | $11994 | $10630 | $12940 |
| **1/31/2019** | $12391 | $12593 | $10742 | $14051 |
| **2/28/2019** | $12608 | $12822 | $10736 | $14545 |
| **3/31/2019** | $12852 | $13069 | $10942 | $14757 |
| **4/30/2019** | $13120 | $13372 | $10945 | $15346 |
| **5/31/2019** | $12769 | $12988 | $11139 | $14353 |
| **6/30/2019** | $13297 | $13585 | $11279 | $15361 |
| **7/31/2019** | $13395 | $13696 | $11304 | $15590 |
| **8/31/2019** | $13443 | $13752 | $11597 | $15272 |
| **9/30/2019** | $13519 | $13860 | $11535 | $15540 |
| **10/31/2019** | $13656 | $14044 | $11570 | $15874 |
| **11/30/2019** | $13909 | $14333 | $11564 | $16478 |
| **12/31/2019** | $14100 | $14560 | $11556 | $16954 |
| **1/31/2020** | $14265 | $14699 | $11778 | $16935 |
| **2/29/2020** | $13716 | $14129 | $11990 | $15549 |
| **3/31/2020** | $12926 | $13245 | $11920 | $13410 |
| **4/30/2020** | $13965 | $14298 | $12132 | $15187 |
| **5/31/2020** | $14378 | $14692 | $12188 | $15999 |
| **6/30/2020** | $14561 | $14873 | $12265 | $16364 |
| **7/31/2020** | $15134 | $15444 | $12448 | $17294 |
| **8/31/2020** | $15718 | $16042 | $12348 | $18546 |
| **9/30/2020** | $15319 | $15686 | $12341 | $17871 |
| **10/31/2020** | $15041 | $15376 | $12286 | $17485 |
| **11/30/2020** | $16069 | $16407 | $12406 | $19613 |
| **12/31/2020** | $16439 | $16771 | $12424 | $20495 |
| **1/31/2021** | $16244 | $16605 | $12334 | $20404 |
| **2/28/2021** | $16439 | $16759 | $12156 | $21042 |
| **3/31/2021** | $16793 | $17096 | $12005 | $21796 |
| **4/30/2021** | $17426 | $17695 | $12099 | $22919 |
| **5/31/2021** | $17502 | $17794 | $12139 | $23024 |
| **6/30/2021** | $17808 | $18089 | $12224 | $23592 |
| **7/31/2021** | $18150 | $18445 | $12361 | $23991 |
| **8/31/2021** | $18498 | $18768 | $12337 | $24675 |
| **9/30/2021** | $17820 | $18163 | $12231 | $23568 |
| **10/31/2021** | $18618 | $18922 | $12227 | $25161 |
| **11/30/2021** | $18568 | $18901 | $12263 | $24778 |
| **12/31/2021** | $19068 | $19370 | $12232 | $25754 |
| **1/31/2022** | $18261 | $18622 | $11968 | $24239 |
| **2/28/2022** | $17845 | $18239 | $11835 | $23628 |
| **3/31/2022** | $17998 | $18418 | $11506 | $24395 |
| **4/30/2022** | $16764 | $17226 | $11069 | $22206 |
| **5/31/2022** | $16789 | $17257 | $11141 | $22176 |
| **6/30/2022** | $15915 | $16342 | $10966 | $20321 |
| **7/31/2022** | $16859 | $17350 | $11234 | $22227 |
| **8/31/2022** | $16263 | $16754 | $10917 | $21397 |
| **9/30/2022** | $15168 | $15596 | $10445 | $19413 |
| **10/31/2022** | $15795 | $16267 | $10310 | $21005 |
| **11/30/2022** | $16478 | $16987 | $10689 | $22102 |
| **12/31/2022** | $15822 | $16364 | $10641 | $20808 |
| **1/31/2023** | $16592 | $17145 | $10968 | $22241 |
| **2/28/2023** | $16126 | $16734 | $10684 | $21721 |
| **3/31/2023** | $16680 | $17296 | $10956 | $22302 |
| **4/30/2023** | $16861 | $17495 | $11022 | $22539 |
| **5/31/2023** | $16813 | $17460 | $10902 | $22627 |
| **6/30/2023** | $17410 | $18099 | $10863 | $24172 |
| **7/31/2023** | $17710 | $18423 | $10856 | $25039 |
| **8/31/2023** | $17493 | $18208 | $10786 | $24555 |
| **9/30/2023** | $16766 | $17527 | $10512 | $23386 |
| **10/31/2023** | $16421 | $17221 | $10346 | $22766 |
| **11/30/2023** | $17675 | $18404 | $10815 | $24888 |
| **12/31/2023** | $18465 | $19153 | $11229 | $26209 |
| **1/31/2024** | $18633 | $19325 | $11198 | $26499 |
| **2/29/2024** | $19127 | $19842 | $11040 | $27933 |
| **3/31/2024** | $19555 | $20276 | $11142 | $28835 |
| **4/30/2024** | $18801 | $19591 | $10860 | $27566 |
| **5/31/2024** | $19536 | $20288 | $11044 | $28868 |
| **6/30/2024** | $20090 | $20806 | $11149 | $29762 |
| **7/31/2024** | $20416 | $21140 | $11409 | $30315 |
| **8/31/2024** | $20851 | $21556 | $11573 | $30975 |
| **9/30/2024** | $21254 | $21936 | $11728 | $31616 |
| **10/31/2024** | $20881 | $21608 | $11437 | $31384 |
| **11/30/2024** | $21776 | $22436 | $11558 | $33471 |
| **12/31/2024** | $21210 | $21977 | $11369 | $32448 |
| **1/31/2025** | $21509 | $22389 | $11430 | $33473 |
| **2/28/2025** | $21520 | $22407 | $11681 | $32831 |
| **3/31/2025** | $20760 | $21670 | $11685 | $30916 |
| **4/30/2025** | $20621 | $21637 | $11731 | $30709 |
| **5/31/2025** | $21253 | $22365 | $11647 | $32655 |
| **6/30/2025** | $21992 | $23160 | $11826 | $34314 |
| **7/31/2025** | $22260 | $23435 | $11795 | $35070 |
| **8/31/2025** | $22613 | $23819 | $11936 | $35881 |
| **9/30/2025** | $23226 | $24422 | $12067 | $37120 |
| **10/31/2025** | $23638 | $24825 | $12142 | $37915 |
| **11/30/2025** | $23721 | $24923 | $12217 | $38019 |
| **12/31/2025** | $23646 | $24899 | $12199 | $38012 |

---

# VT Index Asset Allocation Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 11.48 | 7.54 | 8.99 |
| Index Asset Allocation Blended Index<sup>Footnote Reference\*</sup> | 13.3 | 8.22 | 9.55 |
| Bloomberg U.S. Aggregate Bond Index | 7.3 | (0.36) | 2.01 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;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. |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $68740725 |
| # of portfolio holdings | 608 |
| Portfolio turnover rate | 14% |
| Total advisory fees paid | $334170 |

---

## What did the Fund invest in?

### EQUITY SECTOR ALLOCATION (% OF EQUITY INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 34.4 |
| Financials | 13.4 |
| Communication services | 10.6 |
| Consumer discretionary | 10.4 |
| Health care | 9.6 |
| Industrials | 8.2 |
| Consumer staples | 4.7 |
| Energy | 2.8 |
| Utilities | 2.3 |
| Materials | 1.8 |
| Real estate | 1.8 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.6 |
| Apple, Inc. | 4.1 |
| Microsoft Corp. | 3.6 |
| Amazon.com, Inc. | 2.3 |
| Alphabet, Inc. Class A | 1.8 |
| U.S. Treasury Notes, 4.63%, 11-15-2026 | 1.8 |
| U.S. Treasury Notes, 0.63%, 5-15-2030 | 1.7 |
| U.S. Treasury Bonds, 6.38%, 8-15-2027 | 1.7 |
| U.S. Treasury Notes, 0.50%, 10-31-2027 | 1.7 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.7 |

---

### EFFECTIVE MATURITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)

---

| | |
|:---|:---|
| 0-1 year | 6.6 |
| 1-3 years | 38.9 |
| 3-5 years | 15.4 |
| 5-10 years | 16.1 |
| 10-20 years | 23.0 |

---

Significant fund changes

This is a summary of certain changes and planned changes to the Fund since January 1, 2025.

Effective August 21, 2025, Randy Rennicke, CFA, was added as a portfolio manager of the Fund and effective September 1, 2025, Travis L. Keshemberg, CFA, CIPM, FRM, was no longer a portfolio manager of the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0360 12-25
![Image](g118898g54k28.jpg)

Annual Shareholder Report

# VT Opportunity Fund

# December 31, 2025

# Class 1
This annual shareholder report contains important information about VT Opportunity Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 1 | $78 | 0.75% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
Equity markets ended the year strong as inflation cooled and the Federal Reserve cut rates to support growth. Information technology (IT) led gains as artificial intelligence (AI) optimism persisted, while volatility and momentum trades challenged active managers amid concentrated leadership and rising risks.

The Fund underperformed its benchmark, driven by weak stock selection in IT and materials. Key detractors included Salesforce, Inc. and Marvell Technology, Inc., driven by stagnant revenue estimates and limited AI-related growth despite broader industry tailwinds. Offsetting some of this were contributions from communication services, where our overweight in Alphabet added to returns, supported by AI-driven growth and positive earnings-per-share revisions. Amphenol Corp. benefited from AI infrastructure spending and accretive mergers and acquisitions, while Ulta Beauty, Inc. gained share in beauty.

As we enter 2026, we are guided by valuation discipline and broad diversification, focusing on durable businesses and maintaining a selective, nimble approach to navigate potential volatility and capture growth opportunities as markets present them.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g31k38.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 1** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9404 | $9436 |
| **2/29/2016** | $9408 | $9433 |
| **3/31/2016** | $10196 | $10097 |
| **4/30/2016** | $10280 | $10159 |
| **5/31/2016** | $10452 | $10341 |
| **6/30/2016** | $10288 | $10362 |
| **7/31/2016** | $10731 | $10774 |
| **8/31/2016** | $10795 | $10801 |
| **9/30/2016** | $10859 | $10818 |
| **10/31/2016** | $10680 | $10584 |
| **11/30/2016** | $11247 | $11058 |
| **12/31/2016** | $11252 | $11274 |
| **1/31/2017** | $11677 | $11486 |
| **2/28/2017** | $11897 | $11913 |
| **3/31/2017** | $11902 | $11921 |
| **4/30/2017** | $12066 | $12047 |
| **5/31/2017** | $12254 | $12171 |
| **6/30/2017** | $12258 | $12280 |
| **7/31/2017** | $12429 | $12512 |
| **8/31/2017** | $12404 | $12536 |
| **9/30/2017** | $12720 | $12842 |
| **10/31/2017** | $12996 | $13122 |
| **11/30/2017** | $13368 | $13521 |
| **12/31/2017** | $13584 | $13656 |
| **1/31/2018** | $14257 | $14375 |
| **2/28/2018** | $13795 | $13846 |
| **3/31/2018** | $13529 | $13568 |
| **4/30/2018** | $13619 | $13619 |
| **5/31/2018** | $13935 | $14004 |
| **6/30/2018** | $13996 | $14095 |
| **7/31/2018** | $14509 | $14563 |
| **8/31/2018** | $14720 | $15074 |
| **9/30/2018** | $14725 | $15099 |
| **10/31/2018** | $13704 | $13988 |
| **11/30/2018** | $13987 | $14268 |
| **12/31/2018** | $12643 | $12940 |
| **1/31/2019** | $13848 | $14051 |
| **2/28/2019** | $14254 | $14545 |
| **3/31/2019** | $14559 | $14757 |
| **4/30/2019** | $15165 | $15346 |
| **5/31/2019** | $14237 | $14353 |
| **6/30/2019** | $15176 | $15361 |
| **7/31/2019** | $15604 | $15590 |
| **8/31/2019** | $15366 | $15272 |
| **9/30/2019** | $15548 | $15540 |
| **10/31/2019** | $15661 | $15874 |
| **11/30/2019** | $16294 | $16478 |
| **12/31/2019** | $16664 | $16954 |
| **1/31/2020** | $16545 | $16935 |
| **2/29/2020** | $15347 | $15549 |
| **3/31/2020** | $13044 | $13410 |
| **4/30/2020** | $14676 | $15187 |
| **5/31/2020** | $15730 | $15999 |
| **6/30/2020** | $15855 | $16364 |
| **7/31/2020** | $16611 | $17294 |
| **8/31/2020** | $17927 | $18546 |
| **9/30/2020** | $17399 | $17871 |
| **10/31/2020** | $17146 | $17485 |
| **11/30/2020** | $19272 | $19613 |
| **12/31/2020** | $20218 | $20495 |
| **1/31/2021** | $19690 | $20404 |
| **2/28/2021** | $20287 | $21042 |
| **3/31/2021** | $21110 | $21796 |
| **4/30/2021** | $22618 | $22919 |
| **5/31/2021** | $22605 | $23024 |
| **6/30/2021** | $23119 | $23592 |
| **7/31/2021** | $23998 | $23991 |
| **8/31/2021** | $24577 | $24675 |
| **9/30/2021** | $23369 | $23568 |
| **10/31/2021** | $24555 | $25161 |
| **11/30/2021** | $24092 | $24778 |
| **12/31/2021** | $25286 | $25754 |
| **1/31/2022** | $23412 | $24239 |
| **2/28/2022** | $22566 | $23628 |
| **3/31/2022** | $23159 | $24395 |
| **4/30/2022** | $21387 | $22206 |
| **5/31/2022** | $21018 | $22176 |
| **6/30/2022** | $19478 | $20321 |
| **7/31/2022** | $21636 | $22227 |
| **8/31/2022** | $20697 | $21397 |
| **9/30/2022** | $18720 | $19413 |
| **10/31/2022** | $19876 | $21005 |
| **11/30/2022** | $21131 | $22102 |
| **12/31/2022** | $20074 | $20808 |
| **1/31/2023** | $21907 | $22241 |
| **2/28/2023** | $21293 | $21721 |
| **3/31/2023** | $21780 | $22302 |
| **4/30/2023** | $21844 | $22539 |
| **5/31/2023** | $21916 | $22627 |
| **6/30/2023** | $23568 | $24172 |
| **7/31/2023** | $24323 | $25039 |
| **8/31/2023** | $23950 | $24555 |
| **9/30/2023** | $22450 | $23386 |
| **10/31/2023** | $21440 | $22766 |
| **11/30/2023** | $23941 | $24888 |
| **12/31/2023** | $25461 | $26209 |
| **1/31/2024** | $25608 | $26499 |
| **2/29/2024** | $27050 | $27933 |
| **3/31/2024** | $27726 | $28835 |
| **4/30/2024** | $26128 | $27566 |
| **5/31/2024** | $26687 | $28868 |
| **6/30/2024** | $27010 | $29762 |
| **7/31/2024** | $28022 | $30315 |
| **8/31/2024** | $28558 | $30975 |
| **9/30/2024** | $29040 | $31616 |
| **10/31/2024** | $28624 | $31384 |
| **11/30/2024** | $30408 | $33471 |
| **12/31/2024** | $29368 | $32448 |
| **1/31/2025** | $30539 | $33473 |
| **2/28/2025** | $29324 | $32831 |
| **3/31/2025** | $27343 | $30916 |
| **4/30/2025** | $26653 | $30709 |
| **5/31/2025** | $28230 | $32655 |
| **6/30/2025** | $29850 | $34314 |
| **7/31/2025** | $30458 | $35070 |
| **8/31/2025** | $30984 | $35881 |
| **9/30/2025** | $31156 | $37120 |
| **10/31/2025** | $31437 | $37915 |
| **11/30/2025** | $31315 | $38019 |
| **12/31/2025** | $31425 | $38012 |

---

# VT Opportunity Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 7.0 | 9.22 | 12.13 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $156901825 |
| # of portfolio holdings | 63 |
| Portfolio turnover rate | 30% |
| Total advisory fees paid | $1073893 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 30.7 |
| Industrials | 13.6 |
| Financials | 13.3 |
| Consumer discretionary | 12.7 |
| Communication services | 10.7 |
| Health care | 7.9 |
| Materials | 4.8 |
| Real estate | 4.2 |
| Utilities | 1.1 |
| Consumer staples | 1 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.6 |
| Microsoft Corp. | 6.5 |
| Alphabet, Inc. Class C | 6.2 |
| Apple, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.5 |
| NVIDIA Corp. | 4.0 |
| Mastercard, Inc. Class A | 3.1 |
| Marvell Technology, Inc. | 2.4 |
| Charles Schwab Corp. | 2.4 |
| Texas Instruments, Inc. | 2.2 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since January 1, 2025.

Effective November 13, 2025, Robert Wicentowski, CFA, was added as a portfolio manager of the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3020 12-25
![Image](g118898g54k28.jpg)

Annual Shareholder Report

# VT Opportunity Fund

# December 31, 2025

# Class 2
This annual shareholder report contains important information about VT Opportunity Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 2 | $103 | 1.00% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
Equity markets ended the year strong as inflation cooled and the Federal Reserve cut rates to support growth. Information technology (IT) led gains as artificial intelligence (AI) optimism persisted, while volatility and momentum trades challenged active managers amid concentrated leadership and rising risks.

The Fund underperformed its benchmark, driven by weak stock selection in IT and materials. Key detractors included Salesforce, Inc. and Marvell Technology, Inc., driven by stagnant revenue estimates and limited AI-related growth despite broader industry tailwinds. Offsetting some of this were contributions from communication services, where our overweight in Alphabet added to returns, supported by AI-driven growth and positive earnings-per-share revisions. Amphenol Corp. benefited from AI infrastructure spending and accretive mergers and acquisitions, while Ulta Beauty, Inc. gained share in beauty.

As we enter 2026, we are guided by valuation discipline and broad diversification, focusing on durable businesses and maintaining a selective, nimble approach to navigate potential volatility and capture growth opportunities as markets present them.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g13k34.jpg)

---

| | | |
|:---|:---|:---|
| | **Class 2** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 |
| **1/31/2016** | $9405 | $9436 |
| **2/29/2016** | $9405 | $9433 |
| **3/31/2016** | $10192 | $10097 |
| **4/30/2016** | $10271 | $10159 |
| **5/31/2016** | $10439 | $10341 |
| **6/30/2016** | $10275 | $10362 |
| **7/31/2016** | $10713 | $10774 |
| **8/31/2016** | $10777 | $10801 |
| **9/30/2016** | $10836 | $10818 |
| **10/31/2016** | $10659 | $10584 |
| **11/30/2016** | $11223 | $11058 |
| **12/31/2016** | $11223 | $11274 |
| **1/31/2017** | $11646 | $11486 |
| **2/28/2017** | $11864 | $11913 |
| **3/31/2017** | $11864 | $11921 |
| **4/30/2017** | $12024 | $12047 |
| **5/31/2017** | $12210 | $12171 |
| **6/30/2017** | $12210 | $12280 |
| **7/31/2017** | $12381 | $12512 |
| **8/31/2017** | $12356 | $12536 |
| **9/30/2017** | $12665 | $12842 |
| **10/31/2017** | $12939 | $13122 |
| **11/30/2017** | $13302 | $13521 |
| **12/31/2017** | $13517 | $13656 |
| **1/31/2018** | $14184 | $14375 |
| **2/28/2018** | $13721 | $13846 |
| **3/31/2018** | $13457 | $13568 |
| **4/30/2018** | $13541 | $13619 |
| **5/31/2018** | $13855 | $14004 |
| **6/30/2018** | $13910 | $14095 |
| **7/31/2018** | $14418 | $14563 |
| **8/31/2018** | $14621 | $15074 |
| **9/30/2018** | $14626 | $15099 |
| **10/31/2018** | $13605 | $13988 |
| **11/30/2018** | $13885 | $14268 |
| **12/31/2018** | $12551 | $12940 |
| **1/31/2019** | $13743 | $14051 |
| **2/28/2019** | $14144 | $14545 |
| **3/31/2019** | $14440 | $14757 |
| **4/30/2019** | $15039 | $15346 |
| **5/31/2019** | $14116 | $14353 |
| **6/30/2019** | $15044 | $15361 |
| **7/31/2019** | $15467 | $15590 |
| **8/31/2019** | $15226 | $15272 |
| **9/30/2019** | $15405 | $15540 |
| **10/31/2019** | $15516 | $15874 |
| **11/30/2019** | $16135 | $16478 |
| **12/31/2019** | $16500 | $16954 |
| **1/31/2020** | $16376 | $16935 |
| **2/29/2020** | $15189 | $15549 |
| **3/31/2020** | $12907 | $13410 |
| **4/30/2020** | $14521 | $15187 |
| **5/31/2020** | $15554 | $15999 |
| **6/30/2020** | $15683 | $16364 |
| **7/31/2020** | $16421 | $17294 |
| **8/31/2020** | $17722 | $18546 |
| **9/30/2020** | $17196 | $17871 |
| **10/31/2020** | $16940 | $17485 |
| **11/30/2020** | $19036 | $19613 |
| **12/31/2020** | $19966 | $20495 |
| **1/31/2021** | $19447 | $20404 |
| **2/28/2021** | $20026 | $21042 |
| **3/31/2021** | $20835 | $21796 |
| **4/30/2021** | $22324 | $22919 |
| **5/31/2021** | $22304 | $23024 |
| **6/30/2021** | $22809 | $23592 |
| **7/31/2021** | $23665 | $23991 |
| **8/31/2021** | $24232 | $24675 |
| **9/30/2021** | $23034 | $23568 |
| **10/31/2021** | $24196 | $25161 |
| **11/30/2021** | $23736 | $24778 |
| **12/31/2021** | $24912 | $25754 |
| **1/31/2022** | $23062 | $24239 |
| **2/28/2022** | $22226 | $23628 |
| **3/31/2022** | $22800 | $24395 |
| **4/30/2022** | $21049 | $22206 |
| **5/31/2022** | $20680 | $22176 |
| **6/30/2022** | $19170 | $20321 |
| **7/31/2022** | $21285 | $22227 |
| **8/31/2022** | $20357 | $21397 |
| **9/30/2022** | $18403 | $19413 |
| **10/31/2022** | $19543 | $21005 |
| **11/30/2022** | $20772 | $22102 |
| **12/31/2022** | $19729 | $20808 |
| **1/31/2023** | $21523 | $22241 |
| **2/28/2023** | $20913 | $21721 |
| **3/31/2023** | $21391 | $22302 |
| **4/30/2023** | $21444 | $22539 |
| **5/31/2023** | $21514 | $22627 |
| **6/30/2023** | $23132 | $24172 |
| **7/31/2023** | $23862 | $25039 |
| **8/31/2023** | $23497 | $24555 |
| **9/30/2023** | $22019 | $23386 |
| **10/31/2023** | $21020 | $22766 |
| **11/30/2023** | $23478 | $24888 |
| **12/31/2023** | $24957 | $26209 |
| **1/31/2024** | $25091 | $26499 |
| **2/29/2024** | $26503 | $27933 |
| **3/31/2024** | $27156 | $28835 |
| **4/30/2024** | $25591 | $27566 |
| **5/31/2024** | $26128 | $28868 |
| **6/30/2024** | $26445 | $29762 |
| **7/31/2024** | $27419 | $30315 |
| **8/31/2024** | $27943 | $30975 |
| **9/30/2024** | $28413 | $31616 |
| **10/31/2024** | $27996 | $31384 |
| **11/30/2024** | $29749 | $33471 |
| **12/31/2024** | $28712 | $32448 |
| **1/31/2025** | $29856 | $33473 |
| **2/28/2025** | $28670 | $32831 |
| **3/31/2025** | $26713 | $30916 |
| **4/30/2025** | $26040 | $30709 |
| **5/31/2025** | $27579 | $32655 |
| **6/30/2025** | $29151 | $34314 |
| **7/31/2025** | $29733 | $35070 |
| **8/31/2025** | $30246 | $35881 |
| **9/30/2025** | $30401 | $37120 |
| **10/31/2025** | $30675 | $37915 |
| **11/30/2025** | $30544 | $38019 |
| **12/31/2025** | $30640 | $38012 |

---

# VT Opportunity Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 6.71 | 8.94 | 11.85 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $156901825 |
| # of portfolio holdings | 63 |
| Portfolio turnover rate | 30% |
| Total advisory fees paid | $1073893 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 30.7 |
| Industrials | 13.6 |
| Financials | 13.3 |
| Consumer discretionary | 12.7 |
| Communication services | 10.7 |
| Health care | 7.9 |
| Materials | 4.8 |
| Real estate | 4.2 |
| Utilities | 1.1 |
| Consumer staples | 1 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.6 |
| Microsoft Corp. | 6.5 |
| Alphabet, Inc. Class C | 6.2 |
| Apple, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.5 |
| NVIDIA Corp. | 4.0 |
| Mastercard, Inc. Class A | 3.1 |
| Marvell Technology, Inc. | 2.4 |
| Charles Schwab Corp. | 2.4 |
| Texas Instruments, Inc. | 2.2 |

---

## Significant fund changes
This is a summary of certain changes and planned changes to the Fund since January 1, 2025.

Effective November 13, 2025, Robert Wicentowski, CFA, was added as a portfolio manager of the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3222 12-25
![Image](g118898g54k28.jpg)

Annual Shareholder Report

# VT Small Cap Growth Fund

# December 31, 2025

# Class 1
This annual shareholder report contains important information about VT Small Cap Growth Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 1 | $95 | 0.91% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
The year 2025 was strong but volatile for U.S. equities. Despite aggressive shifts in government policies, the economy showed resilience—gross domestic product growth remained positive though slowing, inflation eased, and consumer strength persisted. A super cycle of artificial intelligence (AI) investments continued and the arms race for computing power drove high index concentration. This sparked an intense focus on AI capital commitments, prompting concerns about future monetization and a potential bubble. Fueled by rate cuts and policy stimulus, 2025 brought broadening risk appetites. Small-cap, value-oriented, and cyclically sensitive sectors benefited from this trend, with leadership from unprofitable companies later in the year.

The Fund underperformed its benchmark. Security selection within information technology detracted. We reduced exposure to Commvault Systems, Inc. due to renewed pessimism around potential AI disruption in software and exited Varonis Systems, Inc. after full-year revenue guidance was reduced. Security selection in industrials and consumer discretionary was positive, led by Carpenter Technology Corp. and RBC Bearings, Inc., which benefited from strong demand from aerospace.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g64i23.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 1** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $8759 | $8917 | $9436 |
| **2/29/2016** | $8448 | $8853 | $9433 |
| **3/31/2016** | $9034 | $9532 | $10097 |
| **4/30/2016** | $9391 | $9627 | $10159 |
| **5/31/2016** | $9632 | $9886 | $10341 |
| **6/30/2016** | $9874 | $9841 | $10362 |
| **7/31/2016** | $10696 | $10484 | $10774 |
| **8/31/2016** | $10836 | $10596 | $10801 |
| **9/30/2016** | $10912 | $10748 | $10818 |
| **10/31/2016** | $10175 | $10080 | $10584 |
| **11/30/2016** | $11001 | $10982 | $11058 |
| **12/31/2016** | $10810 | $11132 | $11274 |
| **1/31/2017** | $11357 | $11313 | $11486 |
| **2/28/2017** | $11585 | $11590 | $11913 |
| **3/31/2017** | $11725 | $11727 | $11921 |
| **4/30/2017** | $12030 | $11943 | $12047 |
| **5/31/2017** | $11954 | $11835 | $12171 |
| **6/30/2017** | $12449 | $12242 | $12280 |
| **7/31/2017** | $12629 | $12346 | $12512 |
| **8/31/2017** | $12525 | $12332 | $12536 |
| **9/30/2017** | $13126 | $13003 | $12842 |
| **10/31/2017** | $13401 | $13205 | $13122 |
| **11/30/2017** | $13649 | $13584 | $13521 |
| **12/31/2017** | $13636 | $13599 | $13656 |
| **1/31/2018** | $14433 | $14129 | $14375 |
| **2/28/2018** | $14499 | $13727 | $13846 |
| **3/31/2018** | $14747 | $13912 | $13568 |
| **4/30/2018** | $14773 | $13926 | $13619 |
| **5/31/2018** | $15924 | $14802 | $14004 |
| **6/30/2018** | $16198 | $14918 | $14095 |
| **7/31/2018** | $16272 | $15175 | $14563 |
| **8/31/2018** | $18048 | $16119 | $15074 |
| **9/30/2018** | $17747 | $15742 | $15099 |
| **10/31/2018** | $15685 | $13750 | $13988 |
| **11/30/2018** | $15771 | $13965 | $14268 |
| **12/31/2018** | $13837 | $12334 | $12940 |
| **1/31/2019** | $15241 | $13758 | $14051 |
| **2/28/2019** | $16258 | $14646 | $14545 |
| **3/31/2019** | $16072 | $14448 | $14757 |
| **4/30/2019** | $16816 | $14888 | $15346 |
| **5/31/2019** | $15871 | $13784 | $14353 |
| **6/30/2019** | $17103 | $14845 | $15361 |
| **7/31/2019** | $17120 | $14990 | $15590 |
| **8/31/2019** | $16227 | $14343 | $15272 |
| **9/30/2019** | $15553 | $14226 | $15540 |
| **10/31/2019** | $16008 | $14630 | $15874 |
| **11/30/2019** | $17188 | $15492 | $16478 |
| **12/31/2019** | $17339 | $15847 | $16954 |
| **1/31/2020** | $17828 | $15672 | $16935 |
| **2/29/2020** | $16413 | $14541 | $15549 |
| **3/31/2020** | $13430 | $11764 | $13410 |
| **4/30/2020** | $15823 | $13516 | $15187 |
| **5/31/2020** | $18249 | $14793 | $15999 |
| **6/30/2020** | $19109 | $15362 | $16364 |
| **7/31/2020** | $20359 | $15889 | $17294 |
| **8/31/2020** | $22001 | $16822 | $18546 |
| **9/30/2020** | $21769 | $16461 | $17871 |
| **10/31/2020** | $21859 | $16586 | $17485 |
| **11/30/2020** | $25270 | $19511 | $19613 |
| **12/31/2020** | $27413 | $21335 | $20495 |
| **1/31/2021** | $28055 | $22363 | $20404 |
| **2/28/2021** | $28841 | $23102 | $21042 |
| **3/31/2021** | $27609 | $22375 | $21796 |
| **4/30/2021** | $29431 | $22863 | $22919 |
| **5/31/2021** | $28038 | $22210 | $23024 |
| **6/30/2021** | $29948 | $23251 | $23592 |
| **7/31/2021** | $30008 | $22404 | $23991 |
| **8/31/2021** | $31271 | $22812 | $24675 |
| **9/30/2021** | $30409 | $21937 | $23568 |
| **10/31/2021** | $32634 | $22964 | $25161 |
| **11/30/2021** | $29867 | $21843 | $24778 |
| **12/31/2021** | $29587 | $21939 | $25754 |
| **1/31/2022** | $24716 | $18999 | $24239 |
| **2/28/2022** | $25016 | $19082 | $23628 |
| **3/31/2022** | $25097 | $19169 | $24395 |
| **4/30/2022** | $21428 | $16817 | $22206 |
| **5/31/2022** | $19985 | $16500 | $22176 |
| **6/30/2022** | $18923 | $15478 | $20321 |
| **7/31/2022** | $21010 | $17211 | $22227 |
| **8/31/2022** | $20575 | $17049 | $21397 |
| **9/30/2022** | $18931 | $15516 | $19413 |
| **10/31/2022** | $20358 | $16988 | $21005 |
| **11/30/2022** | $20890 | $17265 | $22102 |
| **12/31/2022** | $19439 | $16157 | $20808 |
| **1/31/2023** | $20938 | $17764 | $22241 |
| **2/28/2023** | $21010 | $17571 | $21721 |
| **3/31/2023** | $20503 | $17138 | $22302 |
| **4/30/2023** | $19922 | $16939 | $22539 |
| **5/31/2023** | $19632 | $16942 | $22627 |
| **6/30/2023** | $21228 | $18347 | $24172 |
| **7/31/2023** | $21494 | $19204 | $25039 |
| **8/31/2023** | $20092 | $18205 | $24555 |
| **9/30/2023** | $18714 | $17004 | $23386 |
| **10/31/2023** | $16949 | $15692 | $22766 |
| **11/30/2023** | $18834 | $17121 | $24888 |
| **12/31/2023** | $20285 | $19171 | $26209 |
| **1/31/2024** | $20188 | $18556 | $26499 |
| **2/29/2024** | $22219 | $20064 | $27933 |
| **3/31/2024** | $22389 | $20625 | $28835 |
| **4/30/2024** | $20890 | $19037 | $27566 |
| **5/31/2024** | $22074 | $20056 | $28868 |
| **6/30/2024** | $22413 | $20023 | $29762 |
| **7/31/2024** | $22775 | $21662 | $30315 |
| **8/31/2024** | $23525 | $21422 | $30975 |
| **9/30/2024** | $23984 | $21707 | $31616 |
| **10/31/2024** | $23428 | $21419 | $31384 |
| **11/30/2024** | $26281 | $24045 | $33471 |
| **12/31/2024** | $24154 | $22077 | $32448 |
| **1/31/2025** | $25072 | $22775 | $33473 |
| **2/28/2025** | $23404 | $21233 | $32831 |
| **3/31/2025** | $21639 | $19623 | $30916 |
| **4/30/2025** | $22002 | $19497 | $30709 |
| **5/31/2025** | $23525 | $20749 | $32655 |
| **6/30/2025** | $24492 | $21971 | $34314 |
| **7/31/2025** | $25131 | $22345 | $35070 |
| **8/31/2025** | $26154 | $23666 | $35881 |
| **9/30/2025** | $26844 | $24650 | $37120 |
| **10/31/2025** | $26895 | $25447 | $37915 |
| **11/30/2025** | $27279 | $25273 | $38019 |
| **12/31/2025** | $26460 | $24949 | $38012 |

---

# VT Small Cap Growth Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 1 | 9.55 | (0.70) | 10.22 |
| Russell 2000<sup>®</sup> Growth Index | 13.01 | 3.18 | 9.57 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $281444029 |
| # of portfolio holdings | 70 |
| Portfolio turnover rate | 71% |
| Total advisory fees paid | $2326044 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 34.7 |
| Health care | 29.4 |
| Information technology | 18.5 |
| Consumer discretionary | 7.3 |
| Financials | 4.7 |
| Utilities | 2.1 |
| Real estate | 1.7 |
| Communication services | 1.4 |
| Energy | 0.2 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| iRhythm Technologies, Inc. | 2.8 |
| RadNet, Inc. | 2.6 |
| Casella Waste Systems, Inc. Class A | 2.5 |
| Fabrinet | 2.5 |
| Construction Partners, Inc. Class A | 2.5 |
| Ensign Group, Inc. | 2.4 |
| RBC Bearings, Inc. | 2.1 |
| Applied Industrial Technologies, Inc. | 2.1 |
| HealthEquity, Inc. | 2.1 |
| Carpenter Technology Corp. | 2.1 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR3003 12-25
![Image](g118898g54k28.jpg)

Annual Shareholder Report

# VT Small Cap Growth Fund

# December 31, 2025

# Class 2
This annual shareholder report contains important information about VT Small Cap Growth Fund for the period from January 1, 2025 to December 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-260-5969.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Class 2 | $121 | 1.16% |

---

The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the 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.

## How did the Fund perform last year and what affected its performance?
The year 2025 was strong but volatile for U.S. equities. Despite aggressive shifts in government policies, the economy showed resilience—gross domestic product growth remained positive though slowing, inflation eased, and consumer strength persisted. A super cycle of artificial intelligence (AI) investments continued and the arms race for computing power drove high index concentration. This sparked an intense focus on AI capital commitments, prompting concerns about future monetization and a potential bubble. Fueled by rate cuts and policy stimulus, 2025 brought broadening risk appetites. Small-cap, value-oriented, and cyclically sensitive sectors benefited from this trend, with leadership from unprofitable companies later in the year.

The Fund underperformed its benchmark. Security selection within information technology detracted. We reduced exposure to Commvault Systems, Inc. due to renewed pessimism around potential AI disruption in software and exited Varonis Systems, Inc. after full-year revenue guidance was reduced. Security selection in industrials and consumer discretionary was positive, led by Carpenter Technology Corp. and RBC Bearings, Inc., which benefited from strong demand from aerospace.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g118898g45v91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class 2** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **12/31/2015** | $10000 | $10000 | $10000 |
| **1/31/2016** | $8762 | $8917 | $9436 |
| **2/29/2016** | $8446 | $8853 | $9433 |
| **3/31/2016** | $9030 | $9532 | $10097 |
| **4/30/2016** | $9381 | $9627 | $10159 |
| **5/31/2016** | $9626 | $9886 | $10341 |
| **6/30/2016** | $9848 | $9841 | $10362 |
| **7/31/2016** | $10671 | $10484 | $10774 |
| **8/31/2016** | $10813 | $10596 | $10801 |
| **9/30/2016** | $10891 | $10748 | $10818 |
| **10/31/2016** | $10154 | $10080 | $10584 |
| **11/30/2016** | $10969 | $10982 | $11058 |
| **12/31/2016** | $10775 | $11132 | $11274 |
| **1/31/2017** | $11318 | $11313 | $11486 |
| **2/28/2017** | $11551 | $11590 | $11913 |
| **3/31/2017** | $11680 | $11727 | $11921 |
| **4/30/2017** | $11978 | $11943 | $12047 |
| **5/31/2017** | $11900 | $11835 | $12171 |
| **6/30/2017** | $12404 | $12242 | $12280 |
| **7/31/2017** | $12575 | $12346 | $12512 |
| **8/31/2017** | $12468 | $12332 | $12536 |
| **9/30/2017** | $13068 | $13003 | $12842 |
| **10/31/2017** | $13334 | $13205 | $13122 |
| **11/30/2017** | $13587 | $13584 | $13521 |
| **12/31/2017** | $13561 | $13599 | $13656 |
| **1/31/2018** | $14347 | $14129 | $14375 |
| **2/28/2018** | $14413 | $13727 | $13846 |
| **3/31/2018** | $14653 | $13912 | $13568 |
| **4/30/2018** | $14680 | $13926 | $13619 |
| **5/31/2018** | $15825 | $14802 | $14004 |
| **6/30/2018** | $16092 | $14918 | $14095 |
| **7/31/2018** | $16167 | $15175 | $14563 |
| **8/31/2018** | $17923 | $16119 | $15074 |
| **9/30/2018** | $17615 | $15742 | $15099 |
| **10/31/2018** | $15567 | $13750 | $13988 |
| **11/30/2018** | $15655 | $13965 | $14268 |
| **12/31/2018** | $13738 | $12334 | $12940 |
| **1/31/2019** | $15114 | $13758 | $14051 |
| **2/28/2019** | $16123 | $14646 | $14545 |
| **3/31/2019** | $15933 | $14448 | $14757 |
| **4/30/2019** | $16679 | $14888 | $15346 |
| **5/31/2019** | $15728 | $13784 | $14353 |
| **6/30/2019** | $16957 | $14845 | $15361 |
| **7/31/2019** | $16959 | $14990 | $15590 |
| **8/31/2019** | $16077 | $14343 | $15272 |
| **9/30/2019** | $15402 | $14226 | $15540 |
| **10/31/2019** | $15852 | $14630 | $15874 |
| **11/30/2019** | $17011 | $15492 | $16478 |
| **12/31/2019** | $17149 | $15847 | $16954 |
| **1/31/2020** | $17634 | $15672 | $16935 |
| **2/29/2020** | $16232 | $14541 | $15549 |
| **3/31/2020** | $13290 | $11764 | $13410 |
| **4/30/2020** | $15644 | $13516 | $15187 |
| **5/31/2020** | $18049 | $14793 | $15999 |
| **6/30/2020** | $18897 | $15362 | $16364 |
| **7/31/2020** | $20129 | $15889 | $17294 |
| **8/31/2020** | $21728 | $16822 | $18546 |
| **9/30/2020** | $21507 | $16461 | $17871 |
| **10/31/2020** | $21599 | $16586 | $17485 |
| **11/30/2020** | $24963 | $19511 | $19613 |
| **12/31/2020** | $27059 | $21335 | $20495 |
| **1/31/2021** | $27684 | $22363 | $20404 |
| **2/28/2021** | $28456 | $23102 | $21042 |
| **3/31/2021** | $27243 | $22375 | $21796 |
| **4/30/2021** | $29026 | $22863 | $22919 |
| **5/31/2021** | $27666 | $22210 | $23024 |
| **6/30/2021** | $29541 | $23251 | $23592 |
| **7/31/2021** | $29583 | $22404 | $23991 |
| **8/31/2021** | $30827 | $22812 | $24675 |
| **9/30/2021** | $29956 | $21937 | $23568 |
| **10/31/2021** | $32134 | $22964 | $25161 |
| **11/30/2021** | $29417 | $21843 | $24778 |
| **12/31/2021** | $29126 | $21939 | $25754 |
| **1/31/2022** | $24334 | $18999 | $24239 |
| **2/28/2022** | $24625 | $19082 | $23628 |
| **3/31/2022** | $24708 | $19169 | $24395 |
| **4/30/2022** | $21077 | $16817 | $22206 |
| **5/31/2022** | $19667 | $16500 | $22176 |
| **6/30/2022** | $18609 | $15478 | $20321 |
| **7/31/2022** | $20644 | $17211 | $22227 |
| **8/31/2022** | $20214 | $17049 | $21397 |
| **9/30/2022** | $18620 | $15516 | $19413 |
| **10/31/2022** | $20011 | $16988 | $21005 |
| **11/30/2022** | $20517 | $17265 | $22102 |
| **12/31/2022** | $19101 | $16157 | $20808 |
| **1/31/2023** | $20543 | $17764 | $22241 |
| **2/28/2023** | $20619 | $17571 | $21721 |
| **3/31/2023** | $20113 | $17138 | $22302 |
| **4/30/2023** | $19556 | $16939 | $22539 |
| **5/31/2023** | $19252 | $16942 | $22627 |
| **6/30/2023** | $20821 | $18347 | $24172 |
| **7/31/2023** | $21099 | $19204 | $25039 |
| **8/31/2023** | $19708 | $18205 | $24555 |
| **9/30/2023** | $18342 | $17004 | $23386 |
| **10/31/2023** | $16621 | $15692 | $22766 |
| **11/30/2023** | $18468 | $17121 | $24888 |
| **12/31/2023** | $19885 | $19171 | $26209 |
| **1/31/2024** | $19758 | $18556 | $26499 |
| **2/29/2024** | $21757 | $20064 | $27933 |
| **3/31/2024** | $21934 | $20625 | $28835 |
| **4/30/2024** | $20442 | $19037 | $27566 |
| **5/31/2024** | $21605 | $20056 | $28868 |
| **6/30/2024** | $21934 | $20023 | $29762 |
| **7/31/2024** | $22288 | $21662 | $30315 |
| **8/31/2024** | $22997 | $21422 | $30975 |
| **9/30/2024** | $23452 | $21707 | $31616 |
| **10/31/2024** | $22896 | $21419 | $31384 |
| **11/30/2024** | $25704 | $24045 | $33471 |
| **12/31/2024** | $23604 | $22077 | $32448 |
| **1/31/2025** | $24489 | $22775 | $33473 |
| **2/28/2025** | $22870 | $21233 | $32831 |
| **3/31/2025** | $21125 | $19623 | $30916 |
| **4/30/2025** | $21479 | $19497 | $30709 |
| **5/31/2025** | $22946 | $20749 | $32655 |
| **6/30/2025** | $23907 | $21971 | $34314 |
| **7/31/2025** | $24526 | $22345 | $35070 |
| **8/31/2025** | $25520 | $23666 | $35881 |
| **9/30/2025** | $26191 | $24650 | $37120 |
| **10/31/2025** | $26218 | $25447 | $37915 |
| **11/30/2025** | $26594 | $25273 | $38019 |
| **12/31/2025** | $25788 | $24949 | $38012 |

---

# VT Small Cap Growth Fund
Annual Shareholder Report \| December 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class 2 | 9.25 | (0.96) | 9.94 |
| Russell 2000<sup>®</sup> Growth Index | 13.01 | 3.18 | 9.57 |
| Russell 3000<sup>®</sup> Index | 17.15 | 13.15 | 14.29 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $281444029 |
| # of portfolio holdings | 70 |
| Portfolio turnover rate | 71% |
| Total advisory fees paid | $2326044 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 34.7 |
| Health care | 29.4 |
| Information technology | 18.5 |
| Consumer discretionary | 7.3 |
| Financials | 4.7 |
| Utilities | 2.1 |
| Real estate | 1.7 |
| Communication services | 1.4 |
| Energy | 0.2 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| iRhythm Technologies, Inc. | 2.8 |
| RadNet, Inc. | 2.6 |
| Casella Waste Systems, Inc. Class A | 2.5 |
| Fabrinet | 2.5 |
| Construction Partners, Inc. Class A | 2.5 |
| Ensign Group, Inc. | 2.4 |
| RBC Bearings, Inc. | 2.1 |
| Applied Industrial Technologies, Inc. | 2.1 |
| HealthEquity, Inc. | 2.1 |
| Carpenter Technology Corp. | 2.1 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### AR0475 12-25

------

<u>ITEM 2. CODE OF ETHICS</u> 

(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.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

The Board of Trustees of Allspring Variable Trust has determined that Jane A. Freeman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Freeman is independent for purposes of Item 3 of Form N-CSR.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

(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<br>December 31, 2025** | **Fiscal year ended<br>December 31, 2024** |
|  Audit fees | $178810 | $174450 |
|  Audit-related fees |  |  |
|  Tax fees <sup>(1)</sup> |  | $14960 |
|  All other fees |  |  |
|  | $178810 | $189410 |

---

<sup>(1)</sup> 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.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![](g118898imgb758fa551.jpg)

Allspring VT

Discovery All Cap

Growth Fund

Long Form Financial Statements

Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_POI-PageBlank-8_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_FS-PageBlank-8_1)** |  |
| [Statement of assets and liabilities](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_FS-PageBlank-8_1) | 6 |
| [Statement of operations](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_FS-PageBlank-8_2) | 7 |
| [Statement of changes in net assets](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_FS-PageBlank-8_3) | 8 |
| [Financial highlights](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_FIHI-PageBlank-8_1) | 9 |
| **[Notes to financial statements](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_NTF-PageBlank-8_1)** | 11 |
| **[Report of independent registered public accounting firm](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_AUD-PageBlank-8_1)** | 16 |
| **[Other information](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_1)** | 17 |
| [Item 8. Changes in and disagreements with accountants](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_2) | 18 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_2) | 18 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_2) | 18 |
| [Item 11. Statement regarding basis for board](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_2)['](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_2)[s approval of investment](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_2)<br> [advisory contract](#xx_6b41ceb5-32d5-4521-b8f6-e2a667a967bf_OI-PageBlank-8_2)<br>| 18 |

---

Allspring VT Discovery All Cap Growth Fund \| 1

------

Portfolio of investments—December 31, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 96.43%** |  |  |
| **Communication services: 11.27%** |  |  |
| **Entertainment: 4.79%** |  |  |
| Live Nation Entertainment, Inc.† | 3622 | &nbsp;&nbsp; $516135 |
| Netflix, Inc.† | 8188 | &nbsp;&nbsp; 767707 |
| Spotify Technology SA† | 829 | &nbsp;&nbsp; 481408 |
| TKO Group Holdings, Inc. Class A | 3579 | &nbsp;&nbsp; 748011 |
|  |  | &nbsp;&nbsp; **2513261** |
| **Interactive media & services: 6.48%** |  |  |
| Alphabet, Inc. Class A | 9373 | &nbsp;&nbsp; 2933749 |
| Reddit, Inc. Class A† | 2039 | &nbsp;&nbsp; 468705 |
|  |  | &nbsp;&nbsp; **3402454** |
| **Consumer discretionary: 13.71%** |  |  |
| **Automobiles: 0.98%** |  |  |
| Ferrari NV | 1398 | &nbsp;&nbsp; **516645** |
| **Broadline retail: 5.91%** |  |  |
| Amazon.com, Inc.† | 10392 | &nbsp;&nbsp; 2398681 |
| MercadoLibre, Inc.† | 350 | &nbsp;&nbsp; 704991 |
|  |  | &nbsp;&nbsp; **3103672** |
| **Hotels, restaurants & leisure: 3.19%** |  |  |
| Booking Holdings, Inc. | 149 | &nbsp;&nbsp; 797944 |
| DoorDash, Inc. Class A† | 3858 | &nbsp;&nbsp; 873760 |
|  |  | &nbsp;&nbsp; **1671704** |
| **Household durables: 1.32%** |  |  |
| Sony Group Corp. ADR | 27018 | &nbsp;&nbsp; **691661** |
| **Specialty retail: 2.31%** |  |  |
| Carvana Co. Class A† | 1434 | &nbsp;&nbsp; 605177 |
| O'Reilly Automotive, Inc.† | 6664 | &nbsp;&nbsp; 607823 |
|  |  | &nbsp;&nbsp; **1213000** |
| **Consumer staples: 1.54%** |  |  |
| **Consumer staples distribution & retail: 1.54%** |  |  |
| Walmart, Inc. | 7239 | &nbsp;&nbsp; **806497** |
| **Financials: 6.55%** |  |  |
| **Capital markets: 2.79%** |  |  |
| Coinbase Global, Inc. Class A† | 1755 | &nbsp;&nbsp; 396876 |
| LPL Financial Holdings, Inc. | 1110 | &nbsp;&nbsp; 396459 |
| Robinhood Markets, Inc. Class A† | 5921 | &nbsp;&nbsp; 669665 |
|  |  | &nbsp;&nbsp; **1463000** |
| **Financial services: 3.76%** |  |  |
| Affirm Holdings, Inc.† | 4420 | &nbsp;&nbsp; 328980 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring VT Discovery All Cap Growth Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services**(continued) |  |  |
| Mastercard, Inc. Class A | 1941 | &nbsp;&nbsp; $1108078 |
| Visa, Inc. Class A | 1532 | &nbsp;&nbsp; 537288 |
|  |  | &nbsp;&nbsp; **1974346** |
| **Health care: 11.18%** |  |  |
| **Biotechnology: 3.80%** |  |  |
| Alnylam Pharmaceuticals, Inc.† | 1113 | &nbsp;&nbsp; 442584 |
| argenx SE ADR† | 660 | &nbsp;&nbsp; 555027 |
| Bridgebio Pharma, Inc.† | 5987 | &nbsp;&nbsp; 457946 |
| Natera, Inc.† | 2355 | &nbsp;&nbsp; 539507 |
|  |  | &nbsp;&nbsp; **1995064** |
| **Health care equipment & supplies: 2.05%** |  |  |
| Boston Scientific Corp.† | 6382 | &nbsp;&nbsp; 608524 |
| Penumbra, Inc.† | 1502 | &nbsp;&nbsp; 466987 |
|  |  | &nbsp;&nbsp; **1075511** |
| **Health care providers & services: 1.12%** |  |  |
| Cencora, Inc. | 1737 | &nbsp;&nbsp; **586672** |
| **Pharmaceuticals: 4.21%** |  |  |
| AstraZeneca PLC ADR | 6691 | &nbsp;&nbsp; 615104 |
| Eli Lilly & Co. | 1486 | &nbsp;&nbsp; 1596974 |
|  |  | &nbsp;&nbsp; **2212078** |
| **Industrials: 13.68%** |  |  |
| **Aerospace & defense: 5.65%** |  |  |
| Axon Enterprise, Inc.† | 704 | &nbsp;&nbsp; 399823 |
| Carpenter Technology Corp. | 2126 | &nbsp;&nbsp; 669350 |
| Curtiss-Wright Corp. | 1138 | &nbsp;&nbsp; 627345 |
| General Electric Co. | 2756 | &nbsp;&nbsp; 848930 |
| Kratos Defense & Security Solutions, Inc.† | 5514 | &nbsp;&nbsp; 418568 |
|  |  | &nbsp;&nbsp; **2964016** |
| **Building products: 2.30%** |  |  |
| Armstrong World Industries, Inc. | 2213 | &nbsp;&nbsp; 422905 |
| Johnson Controls International PLC | 6540 | &nbsp;&nbsp; 783165 |
|  |  | &nbsp;&nbsp; **1206070** |
| **Construction & engineering: 2.70%** |  |  |
| Comfort Systems USA, Inc. | 556 | &nbsp;&nbsp; 518909 |
| Construction Partners, Inc. Class A† | 2409 | &nbsp;&nbsp; 261497 |
| Quanta Services, Inc. | 1514 | &nbsp;&nbsp; 638999 |
|  |  | &nbsp;&nbsp; **1419405** |
| **Electrical equipment: 0.84%** |  |  |
| Vertiv Holdings Co. Class A | 2703 | &nbsp;&nbsp; **437913** |
| **Machinery: 0.72%** |  |  |
| Symbotic, Inc. Class A† | 6378 | &nbsp;&nbsp; **379491** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery All Cap Growth Fund \| 3

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Professional services: 1.47%** |  |  |
| UL Solutions, Inc. Class A | 9807 | &nbsp;&nbsp; **$773380** |
| **Information technology: 37.67%** |  |  |
| **Communications equipment: 1.33%** |  |  |
| Arista Networks, Inc.† | 5318 | &nbsp;&nbsp; **696817** |
| **Electronic equipment, instruments & components: 1.25%** |  |  |
| Amphenol Corp. Class A | 4845 | &nbsp;&nbsp; **654753** |
| **IT services: 3.88%** |  |  |
| Cloudflare, Inc. Class A† | 3068 | &nbsp;&nbsp; 604856 |
| Shopify, Inc. Class A† | 5363 | &nbsp;&nbsp; 863282 |
| Snowflake, Inc.† | 2594 | &nbsp;&nbsp; 569020 |
|  |  | &nbsp;&nbsp; **2037158** |
| **Semiconductors & semiconductor equipment: 18.06%** |  |  |
| Astera Labs, Inc.† | 2436 | &nbsp;&nbsp; 405253 |
| Broadcom, Inc. | 7666 | &nbsp;&nbsp; 2653203 |
| Monolithic Power Systems, Inc. | 772 | &nbsp;&nbsp; 699710 |
| NVIDIA Corp. | 25820 | &nbsp;&nbsp; 4815430 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 2988 | &nbsp;&nbsp; 908023 |
|  |  | &nbsp;&nbsp; **9481619** |
| **Software: 13.15%** |  |  |
| AppLovin Corp. Class A† | 1393 | &nbsp;&nbsp; 938631 |
| Cadence Design Systems, Inc.† | 1415 | &nbsp;&nbsp; 442301 |
| Fair Isaac Corp.† | 340 | &nbsp;&nbsp; 574811 |
| Guidewire Software, Inc.† | 1655 | &nbsp;&nbsp; 332672 |
| Microsoft Corp. | 8432 | &nbsp;&nbsp; 4077884 |
| Oracle Corp. | 2762 | &nbsp;&nbsp; 538341 |
|  |  | &nbsp;&nbsp; **6904640** |
| **Utilities: 0.83%** |  |  |
| **Independent power and renewable electricity producers: 0.83%** |  |  |
| Talen Energy Corp.† | 1156 | &nbsp;&nbsp; **433315** |
| **Total common stocks (Cost $32,074,323)** |  | &nbsp;&nbsp; **50614142** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 3.45%** |  |  |  |  |
| **Investment companies: 3.45%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71<br> %<br>| 1811221 | &nbsp;&nbsp; **1811221** |
| **Total short-term investments (Cost $1,811,221)** |  |  |  | &nbsp;&nbsp; **1811221** |
| **Total investments in securities (Cost $33,885,544)** | 99.88<br> %<br>|  |  | &nbsp;&nbsp; 52425363 |
| Other assets and liabilities, net | 0.12 |  |  | &nbsp;&nbsp; 64515 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$52489878** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.

4 \| Allspring VT Discovery All Cap Growth Fund

------

Portfolio of investments—December 31, 2025

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> ADR American 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, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $760779 | $22896842 | $(21846400)<br>| $0 | $0 | $1811221 | 1811221 | $35861 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery All Cap Growth Fund \| 5

------

Statement of assets and liabilities—December 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $32,074,323) | $50614142 |
| Investments in affiliated securities, at value (cost $1,811,221) | 1811221 |
| Receivable for investments sold | 156352 |
| Receivable for dividends | 17188 |
| Receivable for Fund shares sold | 2185 |
| Prepaid expenses and other assets | 4049 |
| **Total assets** | **52605137** |
| Liabilities |  |
| Payable for investments purchased | 55065 |
| Payable for Fund shares redeemed | 19353 |
| Management fee payable | 18304 |
| Professional fees payable | 11796 |
| Distribution fee payable | 6752 |
| Administration fees payable | 3725 |
| Trustees' fees and expenses payable | 205 |
| Accrued expenses and other liabilities | 59 |
| **Total liabilities** | **115259** |
| **Total net assets**  | **$52489878** |
| Net assets consist of |  |
| Paid-in capital | $17456010 |
| Total distributable earnings | 35033868 |
| **Total net assets** | **$52489878** |
| Computation of net asset value per share |  |
| Net assets–Class 1 | $19459574 |
| Shares outstanding–Class 1<sup>1</sup> <br>| 846779 |
| Net asset value per share–Class 1 | $22.98 |
| Net assets–Class 2 | $33030304 |
| Shares outstanding–Class 2<sup>1</sup> <br>| 1583340 |
| Net asset value per share–Class 2 | $20.86 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

6 \| Allspring VT Discovery All Cap Growth Fund

------

Statement of operations—year ended December 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $2,256) | $237366 |
| Income from affiliated securities | 35861 |
| Interest | 10 |
| **Total investment income** | **273237** |
| Expenses |  |
| Management fee | 394422 |
| Administration fees |  |
| Class 1 | 25808 |
| Class 2 | 26781 |
| Distribution fee |  |
| Class 2 | 76180 |
| Custody and accounting fees | 5969 |
| Professional fees | 33289 |
| Registration fees | 60 |
| Shareholder report expenses | 18775 |
| Trustees' fees and expenses | 6245 |
| Other fees and expenses | 7087 |
| **Total expenses** | **594616** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (19090)<br>|
| **Net expenses** | **575526** |
| **Net investment loss** | **(302289)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 16811266 |
| Foreign currency and foreign currency translations | 1 |
| **Net realized gains on investments**  | **16811267** |
| **Net change in unrealized gains (losses) on investments** | **(6735933)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **10075334** |
| **Net increase in net assets resulting from operations** | **$9773045** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery All Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(302289)<br>|  | &nbsp;&nbsp; $(311419)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 16811267 |  | &nbsp;&nbsp; 23289383 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (6735933)<br>|  | &nbsp;&nbsp; (9117527)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **9773045** |  | &nbsp;&nbsp; **13860437** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class 1 |  | &nbsp;&nbsp; (11305471)<br>|  | &nbsp;&nbsp; (1558169)<br>|
| Class 2 |  | &nbsp;&nbsp; (11600738)<br>|  | &nbsp;&nbsp; (1815893)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(22906209)**<br>|  | &nbsp;&nbsp; **(3374062)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class 1 | 42990 | &nbsp;&nbsp; 1125187 | &nbsp;&nbsp; 26891 | &nbsp;&nbsp; 737094 |
| Class 2 | 30195 | &nbsp;&nbsp; 714775 | &nbsp;&nbsp; 25029 | &nbsp;&nbsp; 649799 |
|  |  | &nbsp;&nbsp; 1839962 |  | &nbsp;&nbsp; 1386893 |
| Reinvestment of distributions |  |  |  |  |
| Class 1 | 512488 | &nbsp;&nbsp; 11305471 | &nbsp;&nbsp; 58402 | &nbsp;&nbsp; 1558169 |
| Class 2 | 578879 | &nbsp;&nbsp; 11600738 | &nbsp;&nbsp; 72375 | &nbsp;&nbsp; 1815893 |
|  |  | &nbsp;&nbsp; 22906209 |  | &nbsp;&nbsp; 3374062 |
| Payment for shares redeemed |  |  |  |  |
| Class 1 | (870735)<br>| &nbsp;&nbsp; (20589308)<br>| &nbsp;&nbsp; (193127)<br>| &nbsp;&nbsp; (5413184)<br>|
| Class 2 | (292259)<br>| &nbsp;&nbsp; (7311979)<br>| &nbsp;&nbsp; (431342)<br>| &nbsp;&nbsp; (11407112)<br>|
|  |  | &nbsp;&nbsp; (27901287)<br>|  | &nbsp;&nbsp; (16820296)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(3155116)**<br>|  | &nbsp;&nbsp; **(12059341)**<br>|
| **Total decrease in net assets** |  | &nbsp;&nbsp; **(16288280)**<br>|  | &nbsp;&nbsp; **(1572966)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **68778158** |  | &nbsp;&nbsp; **70351124** |
| **End of period** |  | &nbsp;&nbsp; **$52489878** |  | &nbsp;&nbsp; **$68778158** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring VT Discovery All Cap Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 1 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$29.25** | &nbsp;&nbsp; **$25.29** | &nbsp;&nbsp; **$20.88** | &nbsp;&nbsp; **$43.70** | &nbsp;&nbsp; **$42.28** |
| Net investment loss | (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.04 )<sup>1</sup><br>| &nbsp;&nbsp; (0.08 )<sup>1</sup><br>| &nbsp;&nbsp; (0.19 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 4.19 | 5.35 | 6.88 | &nbsp;&nbsp; (15.54)<br>| 6.43 |
| Total from investment operations | 4.11 | 5.27 | 6.84 | &nbsp;&nbsp; (15.62)<br>| 6.24 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (10.38)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp; (4.82)<br>|
| **Net asset value, end of period** | **$22.98** | &nbsp;&nbsp; **$29.25** | &nbsp;&nbsp; **$25.29** | &nbsp;&nbsp; **$20.88** | &nbsp;&nbsp; **$43.70** |
| **Total return**<sup>2</sup> <br>| **15.53%**<br>| **21.35%**<br>| **33.50%**<br>| &nbsp;&nbsp; **(37.04)%**<br>| **15.27%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.79<br> %<br>| 0.82<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.78<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment loss | (0.33)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp; (0.43)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 70<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 25<br> %<br>|
| Net assets, end of period (000s omitted) | $19460 | &nbsp;&nbsp; $33987 | &nbsp;&nbsp; $32121 | &nbsp;&nbsp; $26748 | &nbsp;&nbsp; $48949 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery All Cap Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$27.47** | &nbsp;&nbsp; **$23.89** | &nbsp;&nbsp; **$19.87** | &nbsp;&nbsp; **$41.69** | &nbsp;&nbsp; **$40.43** |
| Net investment loss | (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.15 )<sup>1</sup><br>| &nbsp;&nbsp; (0.10 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14 )<sup>1</sup><br>| &nbsp;&nbsp; (0.28)<br>|
| Net realized and unrealized gains (losses) on investments | 3.91 | 5.04 | 6.55 | &nbsp;&nbsp; (14.82)<br>| 6.14 |
| Total from investment operations | 3.77 | 4.89 | 6.45 | &nbsp;&nbsp; (14.96)<br>| 5.86 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (10.38)<br>| &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (6.86)<br>| &nbsp;&nbsp; (4.60)<br>|
| **Net asset value, end of period** | **$20.86** | &nbsp;&nbsp; **$27.47** | &nbsp;&nbsp; **$23.89** | &nbsp;&nbsp; **$19.87** | &nbsp;&nbsp; **$41.69** |
| **Total return**<sup>2</sup> <br>| **15.27%**<br>| **21.00%**<br>| **33.17%**<br>| &nbsp;&nbsp; **(37.20)%**<br>| **14.97%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.02<br> %<br>| 1.04<br> %<br>| 1.10<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>|
| Net expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>|
| Net investment loss | (0.59)%<br>| &nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp; (0.51)%<br>| &nbsp;&nbsp; (0.68)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 70<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 25<br> %<br>|
| Net assets, end of period (000s omitted) | $33030 | &nbsp;&nbsp; $34791 | &nbsp;&nbsp; $38230 | &nbsp;&nbsp; $33614 | &nbsp;&nbsp; $59888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

10 \| Allspring VT Discovery All Cap Growth Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring VT Discovery All Cap Growth Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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").

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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Allspring VT Discovery All Cap Growth Fund \| 11

------

Notes to financial statements

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $33,994,686 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $18941427 |
| Gross unrealized losses | &nbsp;&nbsp; (510750)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$18430677** |

---

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. 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.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $5915715 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5915715 |
| *Consumer discretionary* | &nbsp;&nbsp; 7196682 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7196682 |
| *Consumer staples* | &nbsp;&nbsp; 806497 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 806497 |
| *Financials* | &nbsp;&nbsp; 3437346 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3437346 |
| *Health care* | &nbsp;&nbsp; 5869325 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5869325 |
| *Industrials* | &nbsp;&nbsp; 7180275 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7180275 |
| *Information technology* | &nbsp;&nbsp; 19774987 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19774987 |
| *Utilities* | &nbsp;&nbsp; 433315 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 433315 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1811221 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1811221 |
| **Total assets** | &nbsp;&nbsp; **$52425363** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$52425363** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At December 31, 2025, the Fund did not have any transfers into/out of Level 3.

12 \| Allspring VT Discovery All Cap Growth Fund

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.600<br> %<br>|
| 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 |

---

For the year ended December 31, 2025, the management fee was equivalent to an annual rate of 0.60% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of each class and generally paid monthly.

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through April 30, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. 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. As of December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class 1 | 0.75<br> %<br>|
| Class 2 | 1.00 |

---

Distribution fee

The Trust has adopted a distribution plan for Class 2 shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class 2 shares and paid to Allspring Funds Distributor, LLC, the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.25% of the average daily net assets of Class 2 shares. Such fees are generally paid on a monthly basis.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended December 31, 2025.

Allspring VT Discovery All Cap Growth Fund \| 13

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2025 were $45,363,462 and $72,966,361, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $262777 | $0 |
| **Long-term capital gain** | 22643432 | 3374062 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $2618001 | &nbsp;&nbsp; $13985931 | &nbsp;&nbsp;&nbsp; $18430677 |

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose

14 \| Allspring VT Discovery All Cap Growth Fund

------

Notes to financial statements

income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Fund's financial statements.

Allspring VT Discovery All Cap Growth Fund \| 15

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Variable Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring VT Discovery All Cap Growth Fund (the Fund), one of the funds constituting Allspring Variable Trust, including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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, 2025, 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.

![](g118898imgbb0eed2b2.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

February 25, 2026

16 \| Allspring VT Discovery All Cap Growth Fund

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 98% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $22,643,432 was designated as a 20% rate gain distribution for the fiscal year ended

December 31, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring VT Discovery All Cap Growth Fund \| 17

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

18 \| Allspring VT Discovery All Cap Growth Fund

------

*This page is intentionally left blank.*

------

*This page is intentionally left blank.*

------

![](g118898imgb758fa551.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-260-5969**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-866-765-0778**

![](g118898img67b053733.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-260-5969*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR0578 12-25**

------

![](g118898img917d9e751.jpg)

Allspring VT

Discovery SMID Cap

Growth Fund

Long Form Financial Statements

Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_POI-PageBlank-11_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_FS-PageBlank-11_1)** |  |
| [Statement of assets and liabilities](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_FS-PageBlank-11_1) | 6 |
| [Statement of operations](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_FS-PageBlank-11_2) | 7 |
| [Statement of changes in net assets](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_FS-PageBlank-11_3) | 8 |
| [Financial highlights](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_FIHI-PageBlank-11_1) | 9 |
| **[Notes to financial statements](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_NTF-PageBlank-11_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_AUD-PageBlank-11_1)** | 14 |
| **[Other information](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_1)** | 15 |
| [Item 8. Changes in and disagreements with accountants](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_2) | 16 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_2) | 16 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_2) | 16 |
| [Item 11. Statement regarding basis for board](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_2)['](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_2)[s approval of investment](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_2)<br> [advisory contract](#xx_103bfaa4-3932-4919-bbd6-19d1dcbf5dd0_OI-PageBlank-11_2)<br>| 16 |

---

Allspring VT Discovery SMID Cap Growth Fund \| 1

------

Portfolio of investments—December 31, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.44%** |  |  |
| **Communication services: 3.63%** |  |  |
| **Entertainment: 3.63%** |  |  |
| Liberty Live Holdings, Inc. Class C† | 26802 | &nbsp;&nbsp; $2228854 |
| TKO Group Holdings, Inc. Class A | 13503 | &nbsp;&nbsp; 2822127 |
|  |  | &nbsp;&nbsp; **5050981** |
| **Consumer discretionary: 11.69%** |  |  |
| **Broadline retail: 1.14%** |  |  |
| MercadoLibre, Inc.† | 785 | &nbsp;&nbsp; **1581194** |
| **Hotels, restaurants & leisure: 5.86%** |  |  |
| Dutch Bros, Inc. Class A† | 36956 | &nbsp;&nbsp; 2262446 |
| Hyatt Hotels Corp. Class A | 14467 | &nbsp;&nbsp; 2319349 |
| Viking Holdings Ltd.† | 30949 | &nbsp;&nbsp; 2210068 |
| Wingstop, Inc. | 5746 | &nbsp;&nbsp; 1370364 |
|  |  | &nbsp;&nbsp; **8162227** |
| **Household durables: 2.15%** |  |  |
| SharkNinja, Inc.† | 12256 | &nbsp;&nbsp; 1371447 |
| Taylor Morrison Home Corp. Class A† | 27613 | &nbsp;&nbsp; 1625577 |
|  |  | &nbsp;&nbsp; **2997024** |
| **Specialty retail: 2.54%** |  |  |
| Burlington Stores, Inc.† | 6876 | &nbsp;&nbsp; 1986133 |
| Chewy, Inc. Class A† | 46966 | &nbsp;&nbsp; 1552226 |
|  |  | &nbsp;&nbsp; **3538359** |
| **Financials: 6.05%** |  |  |
| **Capital markets: 1.94%** |  |  |
| Miami International Holdings, Inc.† | 40563 | &nbsp;&nbsp; 1800186 |
| Robinhood Markets, Inc. Class A† | 8052 | &nbsp;&nbsp; 910681 |
|  |  | &nbsp;&nbsp; **2710867** |
| **Financial services: 4.11%** |  |  |
| Affirm Holdings, Inc.† | 27421 | &nbsp;&nbsp; 2040945 |
| Equitable Holdings, Inc. | 55852 | &nbsp;&nbsp; 2661348 |
| Toast, Inc. Class A† | 28685 | &nbsp;&nbsp; 1018604 |
|  |  | &nbsp;&nbsp; **5720897** |
| **Health care: 24.31%** |  |  |
| **Biotechnology: 6.77%** |  |  |
| Ascendis Pharma AS ADR† | 8371 | &nbsp;&nbsp; 1785032 |
| Bridgebio Pharma, Inc.† | 13558 | &nbsp;&nbsp; 1037051 |
| Insmed, Inc.† | 12678 | &nbsp;&nbsp; 2206479 |
| Natera, Inc.† | 7895 | &nbsp;&nbsp; 1808666 |
| Neurocrine Biosciences, Inc.† | 10331 | &nbsp;&nbsp; 1465246 |
| Vericel Corp.† | 31186 | &nbsp;&nbsp; 1123008 |
|  |  | &nbsp;&nbsp; **9425482** |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring VT Discovery SMID Cap Growth Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies: 5.71%** |  |  |
| Glaukos Corp.† | 15280 | &nbsp;&nbsp; $1725265 |
| iRhythm Technologies, Inc.† | 17866 | &nbsp;&nbsp; 3170143 |
| Penumbra, Inc.† | 9838 | &nbsp;&nbsp; 3058732 |
|  |  | &nbsp;&nbsp; **7954140** |
| **Health care providers & services: 8.20%** |  |  |
| Encompass Health Corp. | 17005 | &nbsp;&nbsp; 1804911 |
| Guardant Health, Inc.† | 26060 | &nbsp;&nbsp; 2661768 |
| HealthEquity, Inc.† | 24814 | &nbsp;&nbsp; 2273211 |
| RadNet, Inc.† | 39646 | &nbsp;&nbsp; 2828742 |
| Tenet Healthcare Corp.† | 9354 | &nbsp;&nbsp; 1858827 |
|  |  | &nbsp;&nbsp; **11427459** |
| **Life sciences tools & services: 1.33%** |  |  |
| Repligen Corp.† | 11349 | &nbsp;&nbsp; **1859647** |
| **Pharmaceuticals: 2.30%** |  |  |
| Corcept Therapeutics, Inc.† | 13867 | &nbsp;&nbsp; 482571 |
| Teva Pharmaceutical Industries Ltd. ADR† | 86994 | &nbsp;&nbsp; 2715083 |
|  |  | &nbsp;&nbsp; **3197654** |
| **Industrials: 27.31%** |  |  |
| **Aerospace & defense: 7.17%** |  |  |
| ATI, Inc.† | 14713 | &nbsp;&nbsp; 1688464 |
| Carpenter Technology Corp. | 9640 | &nbsp;&nbsp; 3035057 |
| Curtiss-Wright Corp. | 4910 | &nbsp;&nbsp; 2706736 |
| Mercury Systems, Inc.† | 34902 | &nbsp;&nbsp; 2548195 |
|  |  | &nbsp;&nbsp; **9978452** |
| **Building products: 2.29%** |  |  |
| AAON, Inc. | 17356 | &nbsp;&nbsp; 1323395 |
| Armstrong World Industries, Inc. | 9761 | &nbsp;&nbsp; 1865327 |
|  |  | &nbsp;&nbsp; **3188722** |
| **Commercial services & supplies: 3.70%** |  |  |
| Casella Waste Systems, Inc. Class A† | 31049 | &nbsp;&nbsp; 3040939 |
| RB Global, Inc. | 20512 | &nbsp;&nbsp; 2110070 |
|  |  | &nbsp;&nbsp; **5151009** |
| **Construction & engineering: 5.27%** |  |  |
| Argan, Inc. | 5349 | &nbsp;&nbsp; 1675949 |
| Construction Partners, Inc. Class A† | 23552 | &nbsp;&nbsp; 2556570 |
| EMCOR Group, Inc. | 5084 | &nbsp;&nbsp; 3110340 |
|  |  | &nbsp;&nbsp; **7342859** |
| **Electrical equipment: 2.03%** |  |  |
| Bloom Energy Corp. Class A† | 23457 | &nbsp;&nbsp; 2038179 |
| Power Solutions International, Inc.† | 13883 | &nbsp;&nbsp; 793274 |
|  |  | &nbsp;&nbsp; **2831453** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery SMID Cap Growth Fund \| 3

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Ground transportation: 1.30%** |  |  |
| Saia, Inc.† | 5534 | &nbsp;&nbsp; **$1806962** |
| **Machinery: 2.06%** |  |  |
| RBC Bearings, Inc.† | 6411 | &nbsp;&nbsp; **2874885** |
| **Professional services: 1.23%** |  |  |
| UL Solutions, Inc. Class A | 21741 | &nbsp;&nbsp; **1714495** |
| **Trading companies & distributors: 2.26%** |  |  |
| Applied Industrial Technologies, Inc. | 7777 | &nbsp;&nbsp; 1996900 |
| SiteOne Landscape Supply, Inc.† | 9244 | &nbsp;&nbsp; 1151433 |
|  |  | &nbsp;&nbsp; **3148333** |
| **Information technology: 21.60%** |  |  |
| **Electronic equipment, instruments & components: 4.92%** |  |  |
| Celestica, Inc.† | 6871 | &nbsp;&nbsp; 2031136 |
| Novanta, Inc.† | 14873 | &nbsp;&nbsp; 1769738 |
| Sanmina Corp.† | 10734 | &nbsp;&nbsp; 1610852 |
| Teledyne Technologies, Inc.† | 2814 | &nbsp;&nbsp; 1437194 |
|  |  | &nbsp;&nbsp; **6848920** |
| **IT services: 1.25%** |  |  |
| MongoDB, Inc. Class A† | 4149 | &nbsp;&nbsp; **1741294** |
| **Semiconductors & semiconductor equipment: 5.64%** |  |  |
| Astera Labs, Inc.† | 16038 | &nbsp;&nbsp; 2668082 |
| Impinj, Inc.† | 7414 | &nbsp;&nbsp; 1290110 |
| Monolithic Power Systems, Inc. | 1743 | &nbsp;&nbsp; 1579785 |
| Rambus, Inc.† | 25257 | &nbsp;&nbsp; 2320866 |
|  |  | &nbsp;&nbsp; **7858843** |
| **Software: 9.79%** |  |  |
| Clearwater Analytics Holdings, Inc. Class A† | 98034 | &nbsp;&nbsp; 2364580 |
| Guidewire Software, Inc.† | 16135 | &nbsp;&nbsp; 3243296 |
| Procore Technologies, Inc.† | 26305 | &nbsp;&nbsp; 1913426 |
| SailPoint, Inc.† | 66880 | &nbsp;&nbsp; 1352982 |
| Samsara, Inc. Class A† | 40748 | &nbsp;&nbsp; 1444517 |
| ServiceTitan, Inc. Class A† | 16000 | &nbsp;&nbsp; 1704000 |
| Tyler Technologies, Inc.† | 3545 | &nbsp;&nbsp; 1609253 |
|  |  | &nbsp;&nbsp; **13632054** |
| **Real estate: 1.80%** |  |  |
| **Real estate management & development: 1.80%** |  |  |
| Jones Lang LaSalle, Inc.† | 7468 | &nbsp;&nbsp; **2512758** |
| **Utilities: 2.05%** |  |  |
| **Independent power and renewable electricity producers: 2.05%** |  |  |
| Talen Energy Corp.† | 7618 | &nbsp;&nbsp; **2855531** |
| **Total common stocks (Cost $109,941,393)** |  | &nbsp;&nbsp; **137112501** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring VT Discovery SMID Cap Growth Fund

------

Portfolio of investments—December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.68%** |  |  |  |  |
| **Investment companies: 1.68%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71<br> %<br>| 2342012 | &nbsp;&nbsp; **$2342012** |
| **Total short-term investments (Cost $2,342,012)** |  |  |  | &nbsp;&nbsp; **2342012** |
| **Total investments in securities (Cost $112,283,405)** | 100.12<br> %<br>|  |  | &nbsp;&nbsp; 139454513 |
| Other assets and liabilities, net | (0.12)<br>|  |  | &nbsp;&nbsp; (169763)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$139284750** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> ADR American 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, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $1090292 | $39978841 | $(38727121)<br>| $0 | $0 | $2342012 | 2342012 | $69553 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery SMID Cap Growth Fund \| 5

------

Statement of assets and liabilities—December 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $109,941,393) | $137112501 |
| Investments in affiliated securities, at value (cost $2,342,012) | 2342012 |
| Receivable for Fund shares sold | 45368 |
| Receivable for dividends | 8980 |
| Prepaid expenses and other assets | 4295 |
| **Total assets** | **139513156** |
| Liabilities |  |
| Management fee payable | 92314 |
| Payable for Fund shares redeemed | 76831 |
| Distribution fee payable | 30921 |
| Professional fees payable | 11944 |
| Administration fee payable | 9949 |
| Trustees' fees and expenses payable | 76 |
| Accrued expenses and other liabilities | 6371 |
| **Total liabilities** | **228406** |
| **Total net assets**  | **$139284750** |
| Net assets consist of |  |
| Paid-in capital | $104220756 |
| Total distributable earnings | 35063994 |
| **Total net assets** | **$139284750** |
| Computation of net asset value per share |  |
| Net assets - Class 2 | $139284750 |
| Shares outstanding - Class 2<sup>1</sup> <br>| 5507788 |
| Net asset value per share - Class 2 | $25.29 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

6 \| Allspring VT Discovery SMID Cap Growth Fund

------

Statement of operations—year ended December 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $3,491) | $270353 |
| Income from affiliated securities | 69553 |
| Interest | 41 |
| **Total investment income** | **339947** |
| Expenses |  |
| Management fee | 1043328 |
| Administration fee - Class 2 | 111288 |
| Distribution fee - Class 2 | 346000 |
| Custody and accounting fees | 7366 |
| Professional fees | 36309 |
| Registration fees | 60 |
| Shareholder report expenses | 14718 |
| Trustees' fees and expenses | 6749 |
| Other fees and expenses | 6168 |
| **Total expenses** | **1571986** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (954)<br>|
| **Net expenses** | **1571032** |
| **Net investment loss** | **(1231085)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **8493992** |
| **Net change in unrealized gains (losses) on investments** | **187810** |
| **Net realized and unrealized gains (losses) on investments** | **8681802** |
| **Net increase in net assets resulting from operations** | **$7450717** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery SMID Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(1231085)<br>|  | &nbsp;&nbsp; $(1220566)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 8493992 |  | &nbsp;&nbsp; 17427706 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 187810 |  | &nbsp;&nbsp; 7516638 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **7450717** |  | &nbsp;&nbsp; **23723778** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains - Class 2 |  | &nbsp;&nbsp; (1005193)<br>|  | &nbsp;&nbsp; 0 |
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold - Class 2 | 269861 | &nbsp;&nbsp; 6125739 | &nbsp;&nbsp; 261059 | &nbsp;&nbsp; 5890232 |
| Reinvestment of distributions - Class 2 | 41012 | &nbsp;&nbsp; 1005193 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Payment for shares redeemed - Class 2 | (776195)<br>| &nbsp;&nbsp; (18640353)<br>| &nbsp;&nbsp; (960469)<br>| &nbsp;&nbsp; (21769188)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(11509421)**<br>|  | &nbsp;&nbsp; **(15878956)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(5063897)**<br>|  | &nbsp;&nbsp; **7844822** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **144348647** |  | &nbsp;&nbsp; **136503825** |
| **End of period** |  | &nbsp;&nbsp; **$139284750** |  | &nbsp;&nbsp; **$144348647** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring VT Discovery SMID Cap Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$24.17** | &nbsp;&nbsp; **$20.46** | &nbsp;&nbsp; **$17.03** | &nbsp;&nbsp; **$42.74** | &nbsp;&nbsp; **$48.73** |
| Net investment loss | (0.22 )<sup>1</sup><br>| &nbsp;&nbsp; (0.19 )<sup>1</sup><br>| &nbsp;&nbsp; (0.13 )<sup>1</sup><br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.48)<br>|
| Net realized and unrealized gains (losses) on investments | 1.52 | 3.90 | 3.56 | &nbsp;&nbsp; (15.32)<br>| &nbsp;&nbsp; (1.89)<br>|
| Total from investment operations | 1.30 | 3.71 | 3.43 | &nbsp;&nbsp; (15.50)<br>| &nbsp;&nbsp; (2.37)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (0.18)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (10.21)<br>| &nbsp;&nbsp; (3.62)<br>|
| **Net asset value, end of period** | **$25.29** | &nbsp;&nbsp; **$24.17** | &nbsp;&nbsp; **$20.46** | &nbsp;&nbsp; **$17.03** | &nbsp;&nbsp; **$42.74** |
| **Total return**<sup>2</sup> <br>| **5.39%**<br>| **18.13%**<br>| **20.14%**<br>| &nbsp;&nbsp; **(37.85)%**<br>| &nbsp;&nbsp; **(5.04)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.13<br> %<br>| 1.15<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 1.13<br> %<br>|
| Net expenses | 1.13<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>|
| Net investment loss | (0.88)%<br>| &nbsp;&nbsp; (0.85)%<br>| &nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp; (0.91)%<br>| &nbsp;&nbsp; (1.03)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 73<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 57<br> %<br>|
| Net assets, end of period (000s omitted) | $139285 | &nbsp;&nbsp; $144349 | &nbsp;&nbsp; $136504 | &nbsp;&nbsp; $127243 | &nbsp;&nbsp; $220823 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

Allspring VT Discovery SMID Cap Growth Fund \| 9

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring VT Discovery SMID Cap Growth Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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.

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, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

10 \| Allspring VT Discovery SMID Cap Growth Fund

------

Notes to financial statements

As of December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $112,853,019 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $32408448 |
| Gross unrealized losses | &nbsp;&nbsp; (5806954)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$26601494** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At December 31, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $(1239554)<br>| &nbsp;&nbsp; $1239554 |

---

3. 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.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $5050981 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5050981 |
| *Consumer discretionary* | &nbsp;&nbsp; 16278804 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 16278804 |
| *Financials* | &nbsp;&nbsp; 8431764 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8431764 |
| *Health care* | &nbsp;&nbsp; 33864382 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33864382 |
| *Industrials* | &nbsp;&nbsp; 38037170 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 38037170 |
| *Information technology* | &nbsp;&nbsp; 30081111 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 30081111 |
| *Real estate* | &nbsp;&nbsp; 2512758 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2512758 |
| *Utilities* | &nbsp;&nbsp; 2855531 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2855531 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2342012 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2342012 |
| **Total assets** | &nbsp;&nbsp; **$139454513** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$139454513** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At December 31, 2025, the Fund did not have any transfers into/out of Level 3.

Allspring VT Discovery SMID Cap Growth Fund \| 11

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.750<br> %<br>|
| 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 |

---

For the year ended December 31, 2025, the management fee was equivalent to an annual rate of 0.75% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fee

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of Class 2 shares and generally paid monthly.

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed through April 30, 2026 to waive fees and/or reimburse management and administration fees to the extent necessary to cap the Fund's expenses at 1.15% for Class 2 shares. 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.

Distribution fee

The Trust has adopted a distribution plan for Class 2 shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class 2 shares and paid to Allspring Funds Distributor, LLC, the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.25% of the average daily net assets of Class 2 shares. Such fees are generally paid on a monthly basis.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2025 were $100,766,122 and $115,755,920, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended December 31, 2025, there were no borrowings by the Fund under the agreement.

12 \| Allspring VT Discovery SMID Cap Growth Fund

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 |
|  | 2025 | 2024 |
| **Long-term capital gain** | $1005193 | $0 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>long-term <br>gain<br>| Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $8462500 | &nbsp;&nbsp; $26601494 |

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the industrial sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Fund's financial statements.

Allspring VT Discovery SMID Cap Growth Fund \| 13

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Variable Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring VT Discovery SMID Cap Growth Fund (the Fund), one of the funds constituting Allspring Variable Trust, including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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, 2025, by correspondence with the custodian and transfer agent. 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.

![](g118898imgce7ea6092.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

February 25, 2026

14 \| Allspring VT Discovery SMID Cap Growth Fund

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, $1,005,193 was designated as a 20% rate gain distribution for the fiscal year ended

December 31, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring VT Discovery SMID Cap Growth Fund \| 15

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

16 \| Allspring VT Discovery SMID Cap Growth Fund

------

![](g118898img917d9e751.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-260-5969**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-866-765-0778**

![](g118898imgff28d2853.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-260-5969*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3221 12-25**

------

![](g118898img6010d2c21.jpg)

Allspring VT Index Asset Allocation Fund

Long Form Financial Statements

Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_POI-PageBlank-10_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_FS-PageBlank-10_1)** |  |
| [Statement of assets and liabilities](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_FS-PageBlank-10_1) | 20 |
| [Statement of operations](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_FS-PageBlank-10_2) | 21 |
| [Statement of changes in net assets](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_FS-PageBlank-10_3) | 22 |
| [Financial highlights](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_FIHI-PageBlank-10_1) | 23 |
| **[Notes to financial statements](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_NTF-PageBlank-10_1)** | 24 |
| **[Report of independent registered public accounting firm](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_AUD-PageBlank-10_1)** | 30 |
| **[Other information](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_1)** | 31 |
| [Item 8. Changes in and disagreements with accountants](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_2) | 32 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_2) | 32 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_2) | 32 |
| [Item 11. Statement regarding basis for board](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_2)['](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_2)[s approval of investment](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_2)<br> [advisory contract](#xx_d241933e-3eff-4c0b-b216-4c1af23a5f17_OI-PageBlank-10_2)<br>| 32 |

---

Allspring VT Index Asset Allocation Fund \| 1

------

Portfolio of investments—December 31, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 59.32%** |  |  |
| **Communication services: 6.27%** |  |  |
| **Diversified telecommunication services: 0.35%** |  |  |
| AT&T, Inc. | 4947 | &nbsp;&nbsp; $122883 |
| Verizon Communications, Inc. | 2942 | &nbsp;&nbsp; 119828 |
|  |  | &nbsp;&nbsp; **242711** |
| **Entertainment: 0.81%** |  |  |
| Electronic Arts, Inc. | 157 | &nbsp;&nbsp; 32080 |
| Live Nation Entertainment, Inc.† | 110 | &nbsp;&nbsp; 15675 |
| Netflix, Inc.† | 2957 | &nbsp;&nbsp; 277248 |
| Take-Two Interactive Software, Inc.† | 121 | &nbsp;&nbsp; 30980 |
| TKO Group Holdings, Inc. Class A | 46 | &nbsp;&nbsp; 9614 |
| Walt Disney Co. | 1246 | &nbsp;&nbsp; 141757 |
| Warner Bros Discovery, Inc.† | 1729 | &nbsp;&nbsp; 49830 |
|  |  | &nbsp;&nbsp; **557184** |
| **Interactive media & services: 4.80%** |  |  |
| Alphabet, Inc. Class A | 4060 | &nbsp;&nbsp; 1270780 |
| Alphabet, Inc. Class C | 3245 | &nbsp;&nbsp; 1018281 |
| Match Group, Inc. | 165 | &nbsp;&nbsp; 5328 |
| Meta Platforms, Inc. Class A | 1520 | &nbsp;&nbsp; 1003337 |
|  |  | &nbsp;&nbsp; **3297726** |
| **Media: 0.21%** |  |  |
| Charter Communications, Inc. Class A† | 61 | &nbsp;&nbsp; 12734 |
| Comcast Corp. Class A | 2536 | &nbsp;&nbsp; 75801 |
| Fox Corp. Class A | 145 | &nbsp;&nbsp; 10595 |
| Fox Corp. Class B | 104 | &nbsp;&nbsp; 6753 |
| News Corp. Class A | 261 | &nbsp;&nbsp; 6817 |
| News Corp. Class B | 86 | &nbsp;&nbsp; 2548 |
| Omnicom Group, Inc. | 223 | &nbsp;&nbsp; 18007 |
| Paramount Skydance Corp. Class B | 217 | &nbsp;&nbsp; 2908 |
| The Trade Desk, Inc. Class A† | 307 | &nbsp;&nbsp; 11654 |
|  |  | &nbsp;&nbsp; **147817** |
| **Wireless telecommunication services: 0.10%** |  |  |
| T-Mobile U.S., Inc. | 336 | &nbsp;&nbsp; **68221** |
| **Consumer discretionary: 6.17%** |  |  |
| **Automobile components: 0.02%** |  |  |
| Aptiv PLC† | 151 | &nbsp;&nbsp; **11490** |
| **Automobiles: 1.41%** |  |  |
| Ford Motor Co. | 2731 | &nbsp;&nbsp; 35831 |
| General Motors Co. | 651 | &nbsp;&nbsp; 52939 |
| Tesla, Inc.† | 1961 | &nbsp;&nbsp; 881901 |
|  |  | &nbsp;&nbsp; **970671** |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Broadline retail: 2.32%** |  |  |
| Amazon.com, Inc.† | 6788 | &nbsp;&nbsp; $1566806 |
| eBay, Inc. | 315 | &nbsp;&nbsp; 27437 |
|  |  | &nbsp;&nbsp; **1594243** |
| **Distributors: 0.02%** |  |  |
| Genuine Parts Co. | 97 | &nbsp;&nbsp; 11927 |
| Pool Corp. | 23 | &nbsp;&nbsp; 5261 |
|  |  | &nbsp;&nbsp; **17188** |
| **Hotels, restaurants & leisure: 1.09%** |  |  |
| Airbnb, Inc. Class A† | 297 | &nbsp;&nbsp; 40309 |
| Booking Holdings, Inc. | 22 | &nbsp;&nbsp; 117817 |
| Carnival Corp.† | 758 | &nbsp;&nbsp; 23149 |
| Chipotle Mexican Grill, Inc. Class A† | 923 | &nbsp;&nbsp; 34151 |
| Darden Restaurants, Inc. | 81 | &nbsp;&nbsp; 14906 |
| Domino's Pizza, Inc. | 22 | &nbsp;&nbsp; 9170 |
| DoorDash, Inc. Class A† | 261 | &nbsp;&nbsp; 59111 |
| Expedia Group, Inc. | 82 | &nbsp;&nbsp; 23231 |
| Hilton Worldwide Holdings, Inc. | 162 | &nbsp;&nbsp; 46535 |
| Las Vegas Sands Corp. | 212 | &nbsp;&nbsp; 13799 |
| Marriott International, Inc. Class A | 155 | &nbsp;&nbsp; 48087 |
| McDonald's Corp. | 497 | &nbsp;&nbsp; 151898 |
| MGM Resorts International† | 143 | &nbsp;&nbsp; 5218 |
| Norwegian Cruise Line Holdings Ltd.† | 318 | &nbsp;&nbsp; 7098 |
| Royal Caribbean Cruises Ltd. | 177 | &nbsp;&nbsp; 49369 |
| Starbucks Corp. | 793 | &nbsp;&nbsp; 66779 |
| Wynn Resorts Ltd. | 59 | &nbsp;&nbsp; 7100 |
| Yum! Brands, Inc. | 194 | &nbsp;&nbsp; 29348 |
|  |  | &nbsp;&nbsp; **747075** |
| **Household durables: 0.14%** |  |  |
| D.R. Horton, Inc. | 191 | &nbsp;&nbsp; 27510 |
| Garmin Ltd. | 114 | &nbsp;&nbsp; 23125 |
| Lennar Corp. Class A | 151 | &nbsp;&nbsp; 15523 |
| NVR, Inc.† | 2 | &nbsp;&nbsp; 14585 |
| PulteGroup, Inc. | 136 | &nbsp;&nbsp; 15947 |
|  |  | &nbsp;&nbsp; **96690** |
| **Leisure products: 0.01%** |  |  |
| Hasbro, Inc. | 93 | &nbsp;&nbsp; **7626** |
| **Specialty retail: 1.01%** |  |  |
| AutoZone, Inc.† | 12 | &nbsp;&nbsp; 40698 |
| Best Buy Co., Inc. | 136 | &nbsp;&nbsp; 9102 |
| Carvana Co. Class A† | 99 | &nbsp;&nbsp; 41780 |
| Home Depot, Inc. | 695 | &nbsp;&nbsp; 239149 |
| Lowe's Cos., Inc. | 391 | &nbsp;&nbsp; 94294 |
| O'Reilly Automotive, Inc.† | 589 | &nbsp;&nbsp; 53723 |
| Ross Stores, Inc. | 227 | &nbsp;&nbsp; 40892 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 3

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| TJX Cos., Inc. | 777 | &nbsp;&nbsp; $119355 |
| Tractor Supply Co. | 369 | &nbsp;&nbsp; 18454 |
| Ulta Beauty, Inc.† | 31 | &nbsp;&nbsp; 18755 |
| Williams-Sonoma, Inc. | 85 | &nbsp;&nbsp; 15180 |
|  |  | &nbsp;&nbsp; **691382** |
| **Textiles, apparel & luxury goods: 0.15%** |  |  |
| Deckers Outdoor Corp.† | 102 | &nbsp;&nbsp; 10574 |
| lululemon athletica, Inc.† | 75 | &nbsp;&nbsp; 15586 |
| NIKE, Inc. Class B | 830 | &nbsp;&nbsp; 52879 |
| Ralph Lauren Corp. Class A | 27 | &nbsp;&nbsp; 9548 |
| Tapestry, Inc. | 143 | &nbsp;&nbsp; 18271 |
|  |  | &nbsp;&nbsp; **106858** |
| **Consumer staples: 2.80%** |  |  |
| **Beverages: 0.60%** |  |  |
| Brown-Forman Corp. Class B | 123 | &nbsp;&nbsp; 3205 |
| Coca-Cola Co. | 2701 | &nbsp;&nbsp; 188827 |
| Constellation Brands, Inc. Class A | 98 | &nbsp;&nbsp; 13520 |
| Keurig Dr Pepper, Inc. | 948 | &nbsp;&nbsp; 26554 |
| Molson Coors Beverage Co. Class B | 118 | &nbsp;&nbsp; 5508 |
| Monster Beverage Corp.† | 498 | &nbsp;&nbsp; 38182 |
| PepsiCo, Inc. | 954 | &nbsp;&nbsp; 136918 |
|  |  | &nbsp;&nbsp; **412714** |
| **Consumer staples distribution & retail: 1.06%** |  |  |
| Costco Wholesale Corp. | 309 | &nbsp;&nbsp; 266463 |
| Dollar General Corp. | 154 | &nbsp;&nbsp; 20447 |
| Dollar Tree, Inc.† | 132 | &nbsp;&nbsp; 16237 |
| Kroger Co. | 425 | &nbsp;&nbsp; 26554 |
| Sysco Corp. | 334 | &nbsp;&nbsp; 24612 |
| Target Corp. | 317 | &nbsp;&nbsp; 30987 |
| Walmart, Inc. | 3060 | &nbsp;&nbsp; 340915 |
|  |  | &nbsp;&nbsp; **726215** |
| **Food products: 0.26%** |  |  |
| Archer-Daniels-Midland Co. | 335 | &nbsp;&nbsp; 19259 |
| Bunge Global SA | 94 | &nbsp;&nbsp; 8374 |
| Campbell's Co. | 137 | &nbsp;&nbsp; 3818 |
| Conagra Brands, Inc. | 334 | &nbsp;&nbsp; 5782 |
| General Mills, Inc. | 372 | &nbsp;&nbsp; 17298 |
| Hershey Co. | 103 | &nbsp;&nbsp; 18744 |
| Hormel Foods Corp. | 203 | &nbsp;&nbsp; 4811 |
| J.M. Smucker Co. | 74 | &nbsp;&nbsp; 7238 |
| Kraft Heinz Co. | 595 | &nbsp;&nbsp; 14429 |
| Lamb Weston Holdings, Inc. | 97 | &nbsp;&nbsp; 4063 |
| McCormick & Co., Inc. | 177 | &nbsp;&nbsp; 12055 |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Food products**(continued) |  |  |
| Mondelez International, Inc. Class A | 900 | &nbsp;&nbsp; $48447 |
| Tyson Foods, Inc. Class A | 197 | &nbsp;&nbsp; 11548 |
|  |  | &nbsp;&nbsp; **175866** |
| **Household products: 0.47%** |  |  |
| Church & Dwight Co., Inc. | 168 | &nbsp;&nbsp; 14087 |
| Clorox Co. | 85 | &nbsp;&nbsp; 8571 |
| Colgate-Palmolive Co. | 562 | &nbsp;&nbsp; 44409 |
| Kimberly-Clark Corp. | 232 | &nbsp;&nbsp; 23406 |
| Procter & Gamble Co. | 1630 | &nbsp;&nbsp; 233595 |
|  |  | &nbsp;&nbsp; **324068** |
| **Personal care products: 0.06%** |  |  |
| Estee Lauder Cos., Inc. Class A | 172 | &nbsp;&nbsp; 18012 |
| Kenvue, Inc. | 1337 | &nbsp;&nbsp; 23063 |
|  |  | &nbsp;&nbsp; **41075** |
| **Tobacco: 0.35%** |  |  |
| Altria Group, Inc. | 1171 | &nbsp;&nbsp; 67520 |
| Philip Morris International, Inc. | 1086 | &nbsp;&nbsp; 174194 |
|  |  | &nbsp;&nbsp; **241714** |
| **Energy: 1.67%** |  |  |
| **Energy equipment & services: 0.13%** |  |  |
| Baker Hughes Co. Class A | 689 | &nbsp;&nbsp; 31377 |
| Halliburton Co. | 587 | &nbsp;&nbsp; 16589 |
| SLB Ltd. | 1042 | &nbsp;&nbsp; 39992 |
|  |  | &nbsp;&nbsp; **87958** |
| **Oil, gas & consumable fuels: 1.54%** |  |  |
| APA Corp. | 247 | &nbsp;&nbsp; 6042 |
| Chevron Corp. | 1321 | &nbsp;&nbsp; 201333 |
| ConocoPhillips | 862 | &nbsp;&nbsp; 80692 |
| Coterra Energy, Inc. | 531 | &nbsp;&nbsp; 13976 |
| Devon Energy Corp. | 438 | &nbsp;&nbsp; 16044 |
| Diamondback Energy, Inc. | 130 | &nbsp;&nbsp; 19543 |
| EOG Resources, Inc. | 379 | &nbsp;&nbsp; 39799 |
| EQT Corp. | 435 | &nbsp;&nbsp; 23316 |
| Expand Energy Corp. | 166 | &nbsp;&nbsp; 18320 |
| Exxon Mobil Corp. | 2943 | &nbsp;&nbsp; 354161 |
| Kinder Morgan, Inc. | 1366 | &nbsp;&nbsp; 37551 |
| Marathon Petroleum Corp. | 210 | &nbsp;&nbsp; 34152 |
| Occidental Petroleum Corp. | 502 | &nbsp;&nbsp; 20642 |
| ONEOK, Inc. | 439 | &nbsp;&nbsp; 32266 |
| Phillips 66 | 281 | &nbsp;&nbsp; 36260 |
| Targa Resources Corp. | 150 | &nbsp;&nbsp; 27675 |
| Texas Pacific Land Corp. | 40 | &nbsp;&nbsp; 11489 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 5

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels**(continued) |  |  |
| Valero Energy Corp. | 213 | &nbsp;&nbsp; $34674 |
| Williams Cos., Inc. | 852 | &nbsp;&nbsp; 51214 |
|  |  | &nbsp;&nbsp; **1059149** |
| **Financials: 7.95%** |  |  |
| **Banks: 2.16%** |  |  |
| Bank of America Corp. | 4688 | &nbsp;&nbsp; 257840 |
| Citigroup, Inc. | 1249 | &nbsp;&nbsp; 145746 |
| Citizens Financial Group, Inc. | 300 | &nbsp;&nbsp; 17523 |
| Fifth Third Bancorp | 461 | &nbsp;&nbsp; 21579 |
| Huntington Bancshares, Inc. | 1097 | &nbsp;&nbsp; 19033 |
| JPMorgan Chase & Co. | 1899 | &nbsp;&nbsp; 611896 |
| KeyCorp | 648 | &nbsp;&nbsp; 13375 |
| M&T Bank Corp. | 107 | &nbsp;&nbsp; 21558 |
| PNC Financial Services Group, Inc. | 274 | &nbsp;&nbsp; 57192 |
| Regions Financial Corp. | 612 | &nbsp;&nbsp; 16585 |
| Truist Financial Corp. | 893 | &nbsp;&nbsp; 43944 |
| U.S. Bancorp | 1085 | &nbsp;&nbsp; 57896 |
| Wells Fargo & Co. | 2190 | &nbsp;&nbsp; 204108 |
|  |  | &nbsp;&nbsp; **1488275** |
| **Capital markets: 2.05%** |  |  |
| Ameriprise Financial, Inc. | 65 | &nbsp;&nbsp; 31872 |
| Ares Management Corp. Class A | 144 | &nbsp;&nbsp; 23275 |
| Bank of New York Mellon Corp. | 487 | &nbsp;&nbsp; 56536 |
| BlackRock, Inc. | 101 | &nbsp;&nbsp; 108104 |
| Blackstone, Inc. | 515 | &nbsp;&nbsp; 79382 |
| Cboe Global Markets, Inc. | 73 | &nbsp;&nbsp; 18323 |
| Charles Schwab Corp. | 1165 | &nbsp;&nbsp; 116395 |
| CME Group, Inc. | 252 | &nbsp;&nbsp; 68816 |
| Coinbase Global, Inc. Class A† | 159 | &nbsp;&nbsp; 35956 |
| FactSet Research Systems, Inc. | 26 | &nbsp;&nbsp; 7545 |
| Franklin Resources, Inc. | 214 | &nbsp;&nbsp; 5113 |
| Goldman Sachs Group, Inc. | 209 | &nbsp;&nbsp; 183711 |
| Interactive Brokers Group, Inc. Class A | 311 | &nbsp;&nbsp; 20000 |
| Intercontinental Exchange, Inc. | 398 | &nbsp;&nbsp; 64460 |
| Invesco Ltd. | 311 | &nbsp;&nbsp; 8170 |
| KKR & Co., Inc. | 479 | &nbsp;&nbsp; 61063 |
| Moody's Corp. | 107 | &nbsp;&nbsp; 54661 |
| Morgan Stanley | 843 | &nbsp;&nbsp; 149658 |
| MSCI, Inc. Class A | 52 | &nbsp;&nbsp; 29834 |
| Nasdaq, Inc. | 315 | &nbsp;&nbsp; 30596 |
| Northern Trust Corp. | 132 | &nbsp;&nbsp; 18030 |
| Raymond James Financial, Inc. | 123 | &nbsp;&nbsp; 19753 |
| Robinhood Markets, Inc. Class A† | 549 | &nbsp;&nbsp; 62092 |
| S&P Global, Inc. | 216 | &nbsp;&nbsp; 112879 |
| State Street Corp. | 195 | &nbsp;&nbsp; 25157 |
| T. Rowe Price Group, Inc. | 152 | &nbsp;&nbsp; 15562 |
|  |  | &nbsp;&nbsp; **1406943** |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer finance: 0.39%** |  |  |
| American Express Co. | 375 | &nbsp;&nbsp; $138731 |
| Capital One Financial Corp. | 444 | &nbsp;&nbsp; 107608 |
| Synchrony Financial | 251 | &nbsp;&nbsp; 20941 |
|  |  | &nbsp;&nbsp; **267280** |
| **Financial services: 2.30%** |  |  |
| Apollo Global Management, Inc. | 324 | &nbsp;&nbsp; 46902 |
| Berkshire Hathaway, Inc. Class B† | 1280 | &nbsp;&nbsp; 643392 |
| Block, Inc.† | 382 | &nbsp;&nbsp; 24864 |
| Corpay, Inc.† | 49 | &nbsp;&nbsp; 14746 |
| Fidelity National Information Services, Inc. | 361 | &nbsp;&nbsp; 23992 |
| Fiserv, Inc.† | 375 | &nbsp;&nbsp; 25189 |
| Global Payments, Inc. | 165 | &nbsp;&nbsp; 12771 |
| Jack Henry & Associates, Inc. | 51 | &nbsp;&nbsp; 9307 |
| Mastercard, Inc. Class A | 572 | &nbsp;&nbsp; 326543 |
| PayPal Holdings, Inc. | 653 | &nbsp;&nbsp; 38122 |
| Visa, Inc. Class A | 1178 | &nbsp;&nbsp; 413136 |
|  |  | &nbsp;&nbsp; **1578964** |
| **Insurance: 1.05%** |  |  |
| Aflac, Inc. | 329 | &nbsp;&nbsp; 36279 |
| Allstate Corp. | 183 | &nbsp;&nbsp; 38091 |
| American International Group, Inc. | 376 | &nbsp;&nbsp; 32167 |
| Aon PLC Class A | 150 | &nbsp;&nbsp; 52932 |
| Arch Capital Group Ltd.† | 252 | &nbsp;&nbsp; 24172 |
| Arthur J Gallagher & Co. | 179 | &nbsp;&nbsp; 46323 |
| Assurant, Inc. | 35 | &nbsp;&nbsp; 8430 |
| Brown & Brown, Inc. | 205 | &nbsp;&nbsp; 16339 |
| Chubb Ltd. | 255 | &nbsp;&nbsp; 79591 |
| Cincinnati Financial Corp. | 109 | &nbsp;&nbsp; 17802 |
| Erie Indemnity Co. Class A | 18 | &nbsp;&nbsp; 5160 |
| Everest Group Ltd. | 29 | &nbsp;&nbsp; 9841 |
| Globe Life, Inc. | 56 | &nbsp;&nbsp; 7832 |
| Hartford Insurance Group, Inc. | 194 | &nbsp;&nbsp; 26733 |
| Loews Corp. | 118 | &nbsp;&nbsp; 12427 |
| Marsh & McLennan Cos., Inc. | 342 | &nbsp;&nbsp; 63448 |
| MetLife, Inc. | 386 | &nbsp;&nbsp; 30471 |
| Principal Financial Group, Inc. | 139 | &nbsp;&nbsp; 12261 |
| Progressive Corp. | 409 | &nbsp;&nbsp; 93137 |
| Prudential Financial, Inc. | 244 | &nbsp;&nbsp; 27543 |
| Travelers Cos., Inc. | 156 | &nbsp;&nbsp; 45249 |
| W.R. Berkley Corp. | 209 | &nbsp;&nbsp; 14655 |
| Willis Towers Watson PLC | 67 | &nbsp;&nbsp; 22016 |
|  |  | &nbsp;&nbsp; **722899** |
| **Health care: 5.69%** |  |  |
| **Biotechnology: 0.99%** |  |  |
| AbbVie, Inc. | 1233 | &nbsp;&nbsp; 281728 |
| Amgen, Inc. | 376 | &nbsp;&nbsp; 123069 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 7

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Biogen, Inc.† | 102 | &nbsp;&nbsp; $17951 |
| Gilead Sciences, Inc. | 866 | &nbsp;&nbsp; 106293 |
| Incyte Corp.† | 115 | &nbsp;&nbsp; 11358 |
| Moderna, Inc.† | 243 | &nbsp;&nbsp; 7166 |
| Regeneron Pharmaceuticals, Inc. | 70 | &nbsp;&nbsp; 54031 |
| Vertex Pharmaceuticals, Inc.† | 177 | &nbsp;&nbsp; 80245 |
|  |  | &nbsp;&nbsp; **681841** |
| **Health care equipment & supplies: 1.21%** |  |  |
| Abbott Laboratories | 1213 | &nbsp;&nbsp; 151977 |
| Align Technology, Inc.† | 47 | &nbsp;&nbsp; 7339 |
| Baxter International, Inc. | 359 | &nbsp;&nbsp; 6860 |
| Becton Dickinson & Co. | 200 | &nbsp;&nbsp; 38814 |
| Boston Scientific Corp.† | 1034 | &nbsp;&nbsp; 98592 |
| Cooper Cos., Inc.† | 139 | &nbsp;&nbsp; 11392 |
| DexCom, Inc.† | 272 | &nbsp;&nbsp; 18052 |
| Edwards Lifesciences Corp.† | 405 | &nbsp;&nbsp; 34526 |
| GE HealthCare Technologies, Inc. | 318 | &nbsp;&nbsp; 26082 |
| Hologic, Inc.† | 155 | &nbsp;&nbsp; 11546 |
| IDEXX Laboratories, Inc.† | 56 | &nbsp;&nbsp; 37886 |
| Insulet Corp.† | 49 | &nbsp;&nbsp; 13928 |
| Intuitive Surgical, Inc.† | 247 | &nbsp;&nbsp; 139891 |
| Medtronic PLC | 895 | &nbsp;&nbsp; 85974 |
| ResMed, Inc. | 102 | &nbsp;&nbsp; 24569 |
| Solventum Corp.† | 103 | &nbsp;&nbsp; 8162 |
| STERIS PLC | 68 | &nbsp;&nbsp; 17239 |
| Stryker Corp. | 240 | &nbsp;&nbsp; 84353 |
| Zimmer Biomet Holdings, Inc. | 138 | &nbsp;&nbsp; 12409 |
|  |  | &nbsp;&nbsp; **829591** |
| **Health care providers & services: 0.98%** |  |  |
| Cardinal Health, Inc. | 166 | &nbsp;&nbsp; 34113 |
| Cencora, Inc. | 135 | &nbsp;&nbsp; 45596 |
| Centene Corp.† | 326 | &nbsp;&nbsp; 13415 |
| Cigna Group | 186 | &nbsp;&nbsp; 51193 |
| CVS Health Corp. | 886 | &nbsp;&nbsp; 70313 |
| DaVita, Inc.† | 25 | &nbsp;&nbsp; 2840 |
| Elevance Health, Inc. | 155 | &nbsp;&nbsp; 54335 |
| HCA Healthcare, Inc. | 111 | &nbsp;&nbsp; 51821 |
| Henry Schein, Inc.† | 70 | &nbsp;&nbsp; 5291 |
| Humana, Inc. | 84 | &nbsp;&nbsp; 21515 |
| Labcorp Holdings, Inc. | 58 | &nbsp;&nbsp; 14551 |
| McKesson Corp. | 86 | &nbsp;&nbsp; 70545 |
| Molina Healthcare, Inc.† | 36 | &nbsp;&nbsp; 6247 |
| Quest Diagnostics, Inc. | 78 | &nbsp;&nbsp; 13535 |
| UnitedHealth Group, Inc. | 632 | &nbsp;&nbsp; 208630 |
| Universal Health Services, Inc. Class B | 39 | &nbsp;&nbsp; 8503 |
|  |  | &nbsp;&nbsp; **672443** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Life sciences tools & services: 0.55%** |  |  |
| Agilent Technologies, Inc. | 198 | &nbsp;&nbsp; $26942 |
| Bio-Techne Corp. | 109 | &nbsp;&nbsp; 6410 |
| Charles River Laboratories International, Inc.† | 34 | &nbsp;&nbsp; 6782 |
| Danaher Corp. | 439 | &nbsp;&nbsp; 100496 |
| IQVIA Holdings, Inc.† | 119 | &nbsp;&nbsp; 26824 |
| Mettler-Toledo International, Inc.† | 14 | &nbsp;&nbsp; 19519 |
| Revvity, Inc. | 79 | &nbsp;&nbsp; 7643 |
| Thermo Fisher Scientific, Inc. | 262 | &nbsp;&nbsp; 151816 |
| Waters Corp.† | 42 | &nbsp;&nbsp; 15953 |
| West Pharmaceutical Services, Inc. | 50 | &nbsp;&nbsp; 13757 |
|  |  | &nbsp;&nbsp; **376142** |
| **Pharmaceuticals: 1.96%** |  |  |
| Bristol-Myers Squibb Co. | 1420 | &nbsp;&nbsp; 76595 |
| Eli Lilly & Co. | 554 | &nbsp;&nbsp; 595373 |
| Johnson & Johnson | 1681 | &nbsp;&nbsp; 347883 |
| Merck & Co., Inc. | 1732 | &nbsp;&nbsp; 182310 |
| Pfizer, Inc. | 3967 | &nbsp;&nbsp; 98778 |
| Viatris, Inc. | 804 | &nbsp;&nbsp; 10010 |
| Zoetis, Inc. | 307 | &nbsp;&nbsp; 38627 |
|  |  | &nbsp;&nbsp; **1349576** |
| **Industrials: 4.84%** |  |  |
| **Aerospace & defense: 1.31%** |  |  |
| Axon Enterprise, Inc.† | 55 | &nbsp;&nbsp; 31236 |
| Boeing Co.† | 546 | &nbsp;&nbsp; 118547 |
| General Dynamics Corp. | 177 | &nbsp;&nbsp; 59589 |
| General Electric Co. | 736 | &nbsp;&nbsp; 226710 |
| Howmet Aerospace, Inc. | 281 | &nbsp;&nbsp; 57611 |
| Huntington Ingalls Industries, Inc. | 27 | &nbsp;&nbsp; 9182 |
| L3Harris Technologies, Inc. | 131 | &nbsp;&nbsp; 38458 |
| Lockheed Martin Corp. | 142 | &nbsp;&nbsp; 68681 |
| Northrop Grumman Corp. | 94 | &nbsp;&nbsp; 53600 |
| RTX Corp. | 936 | &nbsp;&nbsp; 171662 |
| Textron, Inc. | 123 | &nbsp;&nbsp; 10722 |
| TransDigm Group, Inc. | 39 | &nbsp;&nbsp; 51864 |
|  |  | &nbsp;&nbsp; **897862** |
| **Air freight & logistics: 0.18%** |  |  |
| CH Robinson Worldwide, Inc. | 82 | &nbsp;&nbsp; 13182 |
| Expeditors International of Washington, Inc. | 94 | &nbsp;&nbsp; 14007 |
| FedEx Corp. | 151 | &nbsp;&nbsp; 43618 |
| United Parcel Service, Inc. Class B | 516 | &nbsp;&nbsp; 51182 |
|  |  | &nbsp;&nbsp; **121989** |
| **Building products: 0.27%** |  |  |
| A.O. Smith Corp. | 79 | &nbsp;&nbsp; 5283 |
| Allegion PLC | 60 | &nbsp;&nbsp; 9553 |
| Builders FirstSource, Inc.† | 77 | &nbsp;&nbsp; 7923 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 9

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products**(continued) |  |  |
| Carrier Global Corp. | 552 | &nbsp;&nbsp; $29168 |
| Johnson Controls International PLC | 426 | &nbsp;&nbsp; 51013 |
| Lennox International, Inc. | 22 | &nbsp;&nbsp; 10683 |
| Masco Corp. | 145 | &nbsp;&nbsp; 9202 |
| Trane Technologies PLC | 155 | &nbsp;&nbsp; 60326 |
|  |  | &nbsp;&nbsp; **183151** |
| **Commercial services & supplies: 0.27%** |  |  |
| Cintas Corp. | 238 | &nbsp;&nbsp; 44761 |
| Copart, Inc.† | 621 | &nbsp;&nbsp; 24312 |
| Republic Services, Inc. Class A | 140 | &nbsp;&nbsp; 29670 |
| Rollins, Inc. | 205 | &nbsp;&nbsp; 12304 |
| Veralto Corp. | 173 | &nbsp;&nbsp; 17262 |
| Waste Management, Inc. | 259 | &nbsp;&nbsp; 56905 |
|  |  | &nbsp;&nbsp; **185214** |
| **Construction & engineering: 0.13%** |  |  |
| Comfort Systems USA, Inc. | 25 | &nbsp;&nbsp; 23332 |
| EMCOR Group, Inc. | 31 | &nbsp;&nbsp; 18966 |
| Quanta Services, Inc. | 104 | &nbsp;&nbsp; 43894 |
|  |  | &nbsp;&nbsp; **86192** |
| **Electrical equipment: 0.50%** |  |  |
| AMETEK, Inc. | 161 | &nbsp;&nbsp; 33055 |
| Eaton Corp. PLC | 271 | &nbsp;&nbsp; 86316 |
| Emerson Electric Co. | 392 | &nbsp;&nbsp; 52026 |
| GE Vernova, Inc. | 189 | &nbsp;&nbsp; 123525 |
| Generac Holdings, Inc.† | 41 | &nbsp;&nbsp; 5591 |
| Hubbell, Inc. Class B | 37 | &nbsp;&nbsp; 16432 |
| Rockwell Automation, Inc. | 78 | &nbsp;&nbsp; 30348 |
|  |  | &nbsp;&nbsp; **347293** |
| **Ground transportation: 0.49%** |  |  |
| CSX Corp. | 1299 | &nbsp;&nbsp; 47089 |
| J.B. Hunt Transport Services, Inc. | 52 | &nbsp;&nbsp; 10106 |
| Norfolk Southern Corp. | 157 | &nbsp;&nbsp; 45329 |
| Old Dominion Freight Line, Inc. | 128 | &nbsp;&nbsp; 20070 |
| Uber Technologies, Inc.† | 1450 | &nbsp;&nbsp; 118480 |
| Union Pacific Corp. | 414 | &nbsp;&nbsp; 95766 |
|  |  | &nbsp;&nbsp; **336840** |
| **Industrial conglomerates: 0.21%** |  |  |
| 3M Co. | 371 | &nbsp;&nbsp; 59397 |
| Honeywell International, Inc. | 443 | &nbsp;&nbsp; 86425 |
|  |  | &nbsp;&nbsp; **145822** |
| **Machinery: 0.95%** |  |  |
| Caterpillar, Inc. | 327 | &nbsp;&nbsp; 187328 |
| Cummins, Inc. | 96 | &nbsp;&nbsp; 49003 |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery**(continued) |  |  |
| Deere & Co. | 175 | &nbsp;&nbsp; $81475 |
| Dover Corp. | 96 | &nbsp;&nbsp; 18743 |
| Fortive Corp. | 222 | &nbsp;&nbsp; 12257 |
| IDEX Corp. | 52 | &nbsp;&nbsp; 9253 |
| Illinois Tool Works, Inc. | 184 | &nbsp;&nbsp; 45319 |
| Ingersoll Rand, Inc. | 251 | &nbsp;&nbsp; 19884 |
| Nordson Corp. | 37 | &nbsp;&nbsp; 8896 |
| Otis Worldwide Corp. | 272 | &nbsp;&nbsp; 23759 |
| PACCAR, Inc. | 366 | &nbsp;&nbsp; 40081 |
| Parker-Hannifin Corp. | 88 | &nbsp;&nbsp; 77348 |
| Pentair PLC | 114 | &nbsp;&nbsp; 11872 |
| Snap-on, Inc. | 36 | &nbsp;&nbsp; 12406 |
| Stanley Black & Decker, Inc. | 108 | &nbsp;&nbsp; 8022 |
| Westinghouse Air Brake Technologies Corp. | 119 | &nbsp;&nbsp; 25400 |
| Xylem, Inc. | 170 | &nbsp;&nbsp; 23151 |
|  |  | &nbsp;&nbsp; **654197** |
| **Passenger airlines: 0.10%** |  |  |
| Delta Air Lines, Inc. | 453 | &nbsp;&nbsp; 31438 |
| Southwest Airlines Co. | 361 | &nbsp;&nbsp; 14920 |
| United Airlines Holdings, Inc.† | 226 | &nbsp;&nbsp; 25272 |
|  |  | &nbsp;&nbsp; **71630** |
| **Professional services: 0.29%** |  |  |
| Automatic Data Processing, Inc. | 282 | &nbsp;&nbsp; 72539 |
| Broadridge Financial Solutions, Inc. | 81 | &nbsp;&nbsp; 18077 |
| Dayforce, Inc.† | 112 | &nbsp;&nbsp; 7746 |
| Equifax, Inc. | 85 | &nbsp;&nbsp; 18443 |
| Jacobs Solutions, Inc. | 83 | &nbsp;&nbsp; 10994 |
| Leidos Holdings, Inc. | 89 | &nbsp;&nbsp; 16055 |
| Paychex, Inc. | 226 | &nbsp;&nbsp; 25353 |
| Paycom Software, Inc. | 34 | &nbsp;&nbsp; 5418 |
| Verisk Analytics, Inc. Class A | 97 | &nbsp;&nbsp; 21698 |
|  |  | &nbsp;&nbsp; **196323** |
| **Trading companies & distributors: 0.14%** |  |  |
| Fastenal Co. | 801 | &nbsp;&nbsp; 32144 |
| United Rentals, Inc. | 44 | &nbsp;&nbsp; 35610 |
| WW Grainger, Inc. | 31 | &nbsp;&nbsp; 31281 |
|  |  | &nbsp;&nbsp; **99035** |
| **Information technology: 20.42%** |  |  |
| **Communications equipment: 0.52%** |  |  |
| Arista Networks, Inc.† | 721 | &nbsp;&nbsp; 94473 |
| Cisco Systems, Inc. | 2750 | &nbsp;&nbsp; 211833 |
| F5, Inc.† | 40 | &nbsp;&nbsp; 10210 |
| Motorola Solutions, Inc. | 116 | &nbsp;&nbsp; 44465 |
|  |  | &nbsp;&nbsp; **360981** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 11

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components: 0.44%** |  |  |
| Amphenol Corp. Class A | 854 | &nbsp;&nbsp; $115410 |
| CDW Corp. | 91 | &nbsp;&nbsp; 12394 |
| Corning, Inc. | 544 | &nbsp;&nbsp; 47633 |
| Jabil, Inc. | 75 | &nbsp;&nbsp; 17101 |
| Keysight Technologies, Inc.† | 120 | &nbsp;&nbsp; 24383 |
| TE Connectivity PLC | 205 | &nbsp;&nbsp; 46639 |
| Teledyne Technologies, Inc.† | 33 | &nbsp;&nbsp; 16854 |
| Trimble, Inc.† | 166 | &nbsp;&nbsp; 13006 |
| Zebra Technologies Corp. Class A† | 35 | &nbsp;&nbsp; 8499 |
|  |  | &nbsp;&nbsp; **301919** |
| **IT services: 0.57%** |  |  |
| Accenture PLC Class A | 433 | &nbsp;&nbsp; 116174 |
| Akamai Technologies, Inc.† | 100 | &nbsp;&nbsp; 8725 |
| Cognizant Technology Solutions Corp. Class A | 337 | &nbsp;&nbsp; 27971 |
| EPAM Systems, Inc.† | 39 | &nbsp;&nbsp; 7990 |
| Gartner, Inc.† | 50 | &nbsp;&nbsp; 12614 |
| GoDaddy, Inc. Class A† | 94 | &nbsp;&nbsp; 11664 |
| International Business Machines Corp. | 652 | &nbsp;&nbsp; 193129 |
| VeriSign, Inc. | 58 | &nbsp;&nbsp; 14091 |
|  |  | &nbsp;&nbsp; **392358** |
| **Semiconductors & semiconductor equipment: 8.42%** |  |  |
| Advanced Micro Devices, Inc.† | 1136 | &nbsp;&nbsp; 243286 |
| Analog Devices, Inc. | 343 | &nbsp;&nbsp; 93022 |
| Applied Materials, Inc. | 556 | &nbsp;&nbsp; 142886 |
| Broadcom, Inc. | 3295 | &nbsp;&nbsp; 1140399 |
| First Solar, Inc.† | 75 | &nbsp;&nbsp; 19592 |
| Intel Corp.† | 3129 | &nbsp;&nbsp; 115460 |
| KLA Corp. | 92 | &nbsp;&nbsp; 111787 |
| Lam Research Corp. | 876 | &nbsp;&nbsp; 149954 |
| Microchip Technology, Inc. | 377 | &nbsp;&nbsp; 24022 |
| Micron Technology, Inc. | 783 | &nbsp;&nbsp; 223476 |
| Monolithic Power Systems, Inc. | 33 | &nbsp;&nbsp; 29910 |
| NVIDIA Corp. | 16956 | &nbsp;&nbsp; 3162294 |
| NXP Semiconductors NV | 176 | &nbsp;&nbsp; 38203 |
| ON Semiconductor Corp.† | 281 | &nbsp;&nbsp; 15216 |
| Qnity Electronics, Inc. | 146 | &nbsp;&nbsp; 11921 |
| QUALCOMM, Inc. | 747 | &nbsp;&nbsp; 127774 |
| Skyworks Solutions, Inc. | 104 | &nbsp;&nbsp; 6595 |
| Teradyne, Inc. | 109 | &nbsp;&nbsp; 21098 |
| Texas Instruments, Inc. | 634 | &nbsp;&nbsp; 109993 |
|  |  | &nbsp;&nbsp; **5786888** |
| **Software: 6.11%** |  |  |
| Adobe, Inc.† | 292 | &nbsp;&nbsp; 102197 |
| AppLovin Corp. Class A† | 189 | &nbsp;&nbsp; 127352 |
| Autodesk, Inc.† | 149 | &nbsp;&nbsp; 44105 |
| Cadence Design Systems, Inc.† | 190 | &nbsp;&nbsp; 59390 |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Crowdstrike Holdings, Inc. Class A† | 175 | &nbsp;&nbsp; $82033 |
| Datadog, Inc. Class A† | 227 | &nbsp;&nbsp; 30870 |
| Fair Isaac Corp.† | 17 | &nbsp;&nbsp; 28741 |
| Fortinet, Inc.† | 441 | &nbsp;&nbsp; 35020 |
| Gen Digital, Inc. | 392 | &nbsp;&nbsp; 10658 |
| Intuit, Inc. | 195 | &nbsp;&nbsp; 129172 |
| Microsoft Corp. | 5186 | &nbsp;&nbsp; 2508053 |
| Oracle Corp. | 1174 | &nbsp;&nbsp; 228824 |
| Palantir Technologies, Inc. Class A† | 1594 | &nbsp;&nbsp; 283333 |
| Palo Alto Networks, Inc.† | 477 | &nbsp;&nbsp; 87863 |
| PTC, Inc.† | 84 | &nbsp;&nbsp; 14634 |
| Roper Technologies, Inc. | 75 | &nbsp;&nbsp; 33385 |
| Salesforce, Inc. | 664 | &nbsp;&nbsp; 175900 |
| ServiceNow, Inc.† | 724 | &nbsp;&nbsp; 110910 |
| Synopsys, Inc.† | 130 | &nbsp;&nbsp; 61064 |
| Tyler Technologies, Inc.† | 30 | &nbsp;&nbsp; 13619 |
| Workday, Inc. Class A† | 151 | &nbsp;&nbsp; 32432 |
|  |  | &nbsp;&nbsp; **4199555** |
| **Technology hardware, storage & peripherals: 4.36%** |  |  |
| Apple, Inc. | 10310 | &nbsp;&nbsp; 2802877 |
| Dell Technologies, Inc. Class C | 210 | &nbsp;&nbsp; 26435 |
| Hewlett Packard Enterprise Co. | 921 | &nbsp;&nbsp; 22122 |
| HP, Inc. | 652 | &nbsp;&nbsp; 14527 |
| NetApp, Inc. | 139 | &nbsp;&nbsp; 14885 |
| Sandisk Corp.† | 97 | &nbsp;&nbsp; 23026 |
| Seagate Technology Holdings PLC | 152 | &nbsp;&nbsp; 41859 |
| Super Micro Computer, Inc.† | 350 | &nbsp;&nbsp; 10244 |
| Western Digital Corp. | 239 | &nbsp;&nbsp; 41173 |
|  |  | &nbsp;&nbsp; **2997148** |
| **Materials: 1.09%** |  |  |
| **Chemicals: 0.57%** |  |  |
| Air Products & Chemicals, Inc. | 155 | &nbsp;&nbsp; 38288 |
| Albemarle Corp. | 82 | &nbsp;&nbsp; 11598 |
| CF Industries Holdings, Inc. | 109 | &nbsp;&nbsp; 8430 |
| Corteva, Inc. | 471 | &nbsp;&nbsp; 31571 |
| Dow, Inc. | 496 | &nbsp;&nbsp; 11597 |
| DuPont de Nemours, Inc. | 292 | &nbsp;&nbsp; 11738 |
| Ecolab, Inc. | 178 | &nbsp;&nbsp; 46729 |
| International Flavors & Fragrances, Inc. | 179 | &nbsp;&nbsp; 12063 |
| Linde PLC | 326 | &nbsp;&nbsp; 139003 |
| LyondellBasell Industries NV Class A | 180 | &nbsp;&nbsp; 7794 |
| Mosaic Co. | 221 | &nbsp;&nbsp; 5324 |
| PPG Industries, Inc. | 157 | &nbsp;&nbsp; 16086 |
| Sherwin-Williams Co. | 161 | &nbsp;&nbsp; 52169 |
|  |  | &nbsp;&nbsp; **392390** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 13

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Construction materials: 0.16%** |  |  |
| CRH PLC | 468 | &nbsp;&nbsp; $58407 |
| Martin Marietta Materials, Inc. | 42 | &nbsp;&nbsp; 26152 |
| Vulcan Materials Co. | 92 | &nbsp;&nbsp; 26240 |
|  |  | &nbsp;&nbsp; **110799** |
| **Containers & packaging: 0.11%** |  |  |
| Amcor PLC | 1611 | &nbsp;&nbsp; 13436 |
| Avery Dennison Corp. | 54 | &nbsp;&nbsp; 9822 |
| Ball Corp. | 187 | &nbsp;&nbsp; 9905 |
| International Paper Co. | 368 | &nbsp;&nbsp; 14495 |
| Packaging Corp. of America | 62 | &nbsp;&nbsp; 12786 |
| Smurfit WestRock PLC | 364 | &nbsp;&nbsp; 14076 |
|  |  | &nbsp;&nbsp; **74520** |
| **Metals & mining: 0.25%** |  |  |
| Freeport-McMoRan, Inc. | 1002 | &nbsp;&nbsp; 50891 |
| Newmont Corp. | 761 | &nbsp;&nbsp; 75986 |
| Nucor Corp. | 160 | &nbsp;&nbsp; 26098 |
| Steel Dynamics, Inc. | 96 | &nbsp;&nbsp; 16267 |
|  |  | &nbsp;&nbsp; **169242** |
| **Real estate: 1.09%** |  |  |
| **Health care REITs: 0.19%** |  |  |
| Alexandria Real Estate Equities, Inc. | 109 | &nbsp;&nbsp; 5334 |
| Healthpeak Properties, Inc. | 485 | &nbsp;&nbsp; 7799 |
| Ventas, Inc. | 328 | &nbsp;&nbsp; 25381 |
| Welltower, Inc. | 479 | &nbsp;&nbsp; 88907 |
|  |  | &nbsp;&nbsp; **127421** |
| **Hotel & resort REITs: 0.01%** |  |  |
| Host Hotels & Resorts, Inc. | 446 | &nbsp;&nbsp; **7908** |
| **Industrial REITs: 0.12%** |  |  |
| Prologis, Inc. | 648 | &nbsp;&nbsp; **82724** |
| **Office REITs: 0.01%** |  |  |
| BXP, Inc. | 103 | &nbsp;&nbsp; **6950** |
| **Real estate management & development: 0.08%** |  |  |
| CBRE Group, Inc. Class A† | 205 | &nbsp;&nbsp; 32962 |
| CoStar Group, Inc.† | 296 | &nbsp;&nbsp; 19903 |
|  |  | &nbsp;&nbsp; **52865** |
| **Residential REITs: 0.12%** |  |  |
| AvalonBay Communities, Inc. | 99 | &nbsp;&nbsp; 17950 |
| Camden Property Trust | 74 | &nbsp;&nbsp; 8146 |
| Equity Residential | 242 | &nbsp;&nbsp; 15256 |
| Essex Property Trust, Inc. | 45 | &nbsp;&nbsp; 11775 |
| Invitation Homes, Inc. | 394 | &nbsp;&nbsp; 10949 |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Residential REITs**(continued) |  |  |
| Mid-America Apartment Communities, Inc. | 82 | &nbsp;&nbsp; $11390 |
| UDR, Inc. | 210 | &nbsp;&nbsp; 7703 |
|  |  | &nbsp;&nbsp; **83169** |
| **Retail REITs: 0.15%** |  |  |
| Federal Realty Investment Trust | 55 | &nbsp;&nbsp; 5544 |
| Kimco Realty Corp. | 473 | &nbsp;&nbsp; 9588 |
| Realty Income Corp. | 642 | &nbsp;&nbsp; 36190 |
| Regency Centers Corp. | 115 | &nbsp;&nbsp; 7938 |
| Simon Property Group, Inc. | 228 | &nbsp;&nbsp; 42205 |
|  |  | &nbsp;&nbsp; **101465** |
| **Specialized REITs: 0.41%** |  |  |
| American Tower Corp. | 327 | &nbsp;&nbsp; 57411 |
| Crown Castle, Inc. | 304 | &nbsp;&nbsp; 27016 |
| Digital Realty Trust, Inc. | 225 | &nbsp;&nbsp; 34810 |
| Equinix, Inc. | 69 | &nbsp;&nbsp; 52865 |
| Extra Space Storage, Inc. | 148 | &nbsp;&nbsp; 19273 |
| Iron Mountain, Inc. | 206 | &nbsp;&nbsp; 17088 |
| Public Storage | 110 | &nbsp;&nbsp; 28545 |
| SBA Communications Corp. Class A | 74 | &nbsp;&nbsp; 14314 |
| VICI Properties, Inc. Class A | 746 | &nbsp;&nbsp; 20977 |
| Weyerhaeuser Co. | 503 | &nbsp;&nbsp; 11916 |
|  |  | &nbsp;&nbsp; **284215** |
| **Utilities: 1.33%** |  |  |
| **Electric utilities: 0.88%** |  |  |
| Alliant Energy Corp. | 179 | &nbsp;&nbsp; 11637 |
| American Electric Power Co., Inc. | 373 | &nbsp;&nbsp; 43011 |
| Constellation Energy Corp. | 218 | &nbsp;&nbsp; 77013 |
| Duke Energy Corp. | 543 | &nbsp;&nbsp; 63645 |
| Edison International | 268 | &nbsp;&nbsp; 16085 |
| Entergy Corp. | 312 | &nbsp;&nbsp; 28838 |
| Evergy, Inc. | 161 | &nbsp;&nbsp; 11671 |
| Eversource Energy | 262 | &nbsp;&nbsp; 17640 |
| Exelon Corp. | 705 | &nbsp;&nbsp; 30731 |
| FirstEnergy Corp. | 363 | &nbsp;&nbsp; 16252 |
| NextEra Energy, Inc. | 1453 | &nbsp;&nbsp; 116647 |
| NRG Energy, Inc. | 134 | &nbsp;&nbsp; 21338 |
| PG&E Corp. | 1534 | &nbsp;&nbsp; 24651 |
| Pinnacle West Capital Corp. | 84 | &nbsp;&nbsp; 7451 |
| PPL Corp. | 516 | &nbsp;&nbsp; 18070 |
| Southern Co. | 768 | &nbsp;&nbsp; 66970 |
| Xcel Energy, Inc. | 413 | &nbsp;&nbsp; 30504 |
|  |  | &nbsp;&nbsp; **602154** |
| **Gas utilities: 0.03%** |  |  |
| Atmos Energy Corp. | 112 | &nbsp;&nbsp; **18775** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 15

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Independent power and renewable electricity producers: 0.06%** |  |  |
| AES Corp. | 497 | &nbsp;&nbsp; $7127 |
| Vistra Corp. | 222 | &nbsp;&nbsp; 35815 |
|  |  | &nbsp;&nbsp; **42942** |
| **Multi-utilities: 0.34%** |  |  |
| Ameren Corp. | 189 | &nbsp;&nbsp; 18874 |
| CenterPoint Energy, Inc. | 456 | &nbsp;&nbsp; 17483 |
| CMS Energy Corp. | 212 | &nbsp;&nbsp; 14825 |
| Consolidated Edison, Inc. | 252 | &nbsp;&nbsp; 25029 |
| Dominion Energy, Inc. | 596 | &nbsp;&nbsp; 34920 |
| DTE Energy Co. | 145 | &nbsp;&nbsp; 18702 |
| NiSource, Inc. | 333 | &nbsp;&nbsp; 13906 |
| Public Service Enterprise Group, Inc. | 348 | &nbsp;&nbsp; 27944 |
| Sempra | 455 | &nbsp;&nbsp; 40172 |
| WEC Energy Group, Inc. | 227 | &nbsp;&nbsp; 23939 |
|  |  | &nbsp;&nbsp; **235794** |
| **Water utilities: 0.02%** |  |  |
| American Water Works Co., Inc. | 136 | &nbsp;&nbsp; **17748** |
| **Total common stocks (Cost $16,589,772)** |  | &nbsp;&nbsp; **40775073** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **U.S. Treasury securities: 35.61%** |  |  |  |  |
| U.S. Treasury Bonds | 1.13<br> %<br>| &nbsp;&nbsp; 5-15-2040 | $1060000 | &nbsp;&nbsp; 672562 |
| U.S. Treasury Bonds | 1.63 | &nbsp;&nbsp; 11-15-2050 | 87000 | &nbsp;&nbsp; 45675 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 2-15-2041 | 664000 | &nbsp;&nbsp; 463866 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 2-15-2051 | 221000 | &nbsp;&nbsp; 123501 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 11-15-2051 | 175000 | &nbsp;&nbsp; 96729 |
| U.S. Treasury Bonds | 2.00 | &nbsp;&nbsp; 8-15-2051 | 129000 | &nbsp;&nbsp; 73898 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 5-15-2041 | 201000 | &nbsp;&nbsp; 147837 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 8-15-2049 | 108000 | &nbsp;&nbsp; 67732 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 2-15-2052 | 615000 | &nbsp;&nbsp; 373132 |
| U.S. Treasury Bonds | 2.38 | &nbsp;&nbsp; 5-15-2051 | 224000 | &nbsp;&nbsp; 141164 |
| U.S. Treasury Bonds | 2.50 | &nbsp;&nbsp; 5-15-2046 | 105000 | &nbsp;&nbsp; 72827 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 8-15-2047 | 101000 | &nbsp;&nbsp; 72160 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 11-15-2047 | 100000 | &nbsp;&nbsp; 71238 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 8-15-2045 | 5000 | &nbsp;&nbsp; 3750 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 11-15-2046 | 154000 | &nbsp;&nbsp; 113719 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 11-15-2044 | 64000 | &nbsp;&nbsp; 49495 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 11-15-2045 | 115000 | &nbsp;&nbsp; 87872 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2047 | 106000 | &nbsp;&nbsp; 79802 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 5-15-2047 | 104000 | &nbsp;&nbsp; 78097 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2048 | 114000 | &nbsp;&nbsp; 84832 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 8-15-2048 | 121000 | &nbsp;&nbsp; 89592 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2049 | 140000 | &nbsp;&nbsp; 103130 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 11-15-2041 | 37000 | &nbsp;&nbsp; 30599 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 5-15-2048 | 123000 | &nbsp;&nbsp; 93418 |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Bonds | 3.38<br> %<br>| &nbsp;&nbsp; 5-15-2044 | $110000 | &nbsp;&nbsp; $90784 |
| U.S. Treasury Bonds | 3.38 | &nbsp;&nbsp; 11-15-2048 | 300000 | &nbsp;&nbsp; 237363 |
| U.S. Treasury Bonds | 3.50 | &nbsp;&nbsp; 2-15-2039 | 29000 | &nbsp;&nbsp; 26424 |
| U.S. Treasury Bonds | 3.75 | &nbsp;&nbsp; 8-15-2041 | 36000 | &nbsp;&nbsp; 32445 |
| U.S. Treasury Bonds | 3.88 | &nbsp;&nbsp; 8-15-2040 | 37000 | &nbsp;&nbsp; 34267 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 5-15-2039 | 31000 | &nbsp;&nbsp; 30368 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 11-15-2040 | 40000 | &nbsp;&nbsp; 38594 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 2-15-2054 | 200000 | &nbsp;&nbsp; 180812 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 2-15-2038 | 33000 | &nbsp;&nbsp; 33293 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 11-15-2039 | 275000 | &nbsp;&nbsp; 271294 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2040 | 35000 | &nbsp;&nbsp; 34405 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2041 | 123000 | &nbsp;&nbsp; 119848 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 2-15-2036 | 26000 | &nbsp;&nbsp; 26835 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 5-15-2038 | 21000 | &nbsp;&nbsp; 21395 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 8-15-2039 | 33000 | &nbsp;&nbsp; 33057 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 11-15-2054 | 200000 | &nbsp;&nbsp; 188641 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2040 | 138000 | &nbsp;&nbsp; 139499 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 11-15-2045 | 390000 | &nbsp;&nbsp; 381103 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2055 | 120000 | &nbsp;&nbsp; 115589 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2037 | 103000 | &nbsp;&nbsp; 107884 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2041 | 44000 | &nbsp;&nbsp; 44780 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 11-15-2053 | 290000 | &nbsp;&nbsp; 284687 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 5-15-2055 | 90000 | &nbsp;&nbsp; 88439 |
| U.S. Treasury Bonds | 5.00 | &nbsp;&nbsp; 5-15-2037 | 102000 | &nbsp;&nbsp; 109164 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 11-15-2028 | 45000 | &nbsp;&nbsp; 47088 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 2-15-2029 | 273000 | &nbsp;&nbsp; 287119 |
| U.S. Treasury Bonds | 5.38 | &nbsp;&nbsp; 2-15-2031 | 31000 | &nbsp;&nbsp; 33329 |
| U.S. Treasury Bonds | 5.50 | &nbsp;&nbsp; 8-15-2028 | 35000 | &nbsp;&nbsp; 36728 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 11-15-2027 | 49000 | &nbsp;&nbsp; 51320 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 8-15-2029 | 85000 | &nbsp;&nbsp; 92188 |
| U.S. Treasury Bonds | 6.25 | &nbsp;&nbsp; 5-15-2030 | 871000 | &nbsp;&nbsp; 960312 |
| U.S. Treasury Bonds | 6.38 | &nbsp;&nbsp; 8-15-2027 | 1131000 | &nbsp;&nbsp; 1182160 |
| U.S. Treasury Bonds | 6.50 | &nbsp;&nbsp; 11-15-2026 | 28000 | &nbsp;&nbsp; 28713 |
| U.S. Treasury Bonds | 6.63 | &nbsp;&nbsp; 2-15-2027 | 108000 | &nbsp;&nbsp; 111877 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 7-31-2027 | 500000 | &nbsp;&nbsp; 476289 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 9-30-2027 | 155000 | &nbsp;&nbsp; 146917 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 5-31-2027 | 291000 | &nbsp;&nbsp; 279121 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 8-31-2027 | 142000 | &nbsp;&nbsp; 135211 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 10-31-2027 | 1243000 | &nbsp;&nbsp; 1177791 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 3-31-2027 | 81000 | &nbsp;&nbsp; 78200 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 11-30-2027 | 574000 | &nbsp;&nbsp; 543955 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 5-15-2030 | 1353000 | &nbsp;&nbsp; 1187310 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 8-15-2030 | 1052000 | &nbsp;&nbsp; 915404 |
| U.S. Treasury Notes | 0.88 | &nbsp;&nbsp; 11-15-2030 | 132000 | &nbsp;&nbsp; 115392 |
| U.S. Treasury Notes | 1.00 | &nbsp;&nbsp; 7-31-2028 | 315000 | &nbsp;&nbsp; 295559 |
| U.S. Treasury Notes | 1.13 | &nbsp;&nbsp; 2-28-2027 | 127000 | &nbsp;&nbsp; 123577 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 4-30-2028 | 25000 | &nbsp;&nbsp; 23750 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 9-30-2028 | 785000 | &nbsp;&nbsp; 738421 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 17

------

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Notes | 1.25<br> %<br>| &nbsp;&nbsp; 8-15-2031 | $1051000 | &nbsp;&nbsp; $915643 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 10-31-2028 | 1245000 | &nbsp;&nbsp; 1172926 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 11-15-2031 | 940000 | &nbsp;&nbsp; 818791 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 1-31-2027 | 98000 | &nbsp;&nbsp; 95906 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 11-30-2028 | 380000 | &nbsp;&nbsp; 358655 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 2-15-2030 | 209000 | &nbsp;&nbsp; 191970 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 11-30-2026 | 97000 | &nbsp;&nbsp; 95340 |
| U.S. Treasury Notes | 1.75 | &nbsp;&nbsp; 12-31-2026 | 99000 | &nbsp;&nbsp; 97301 |
| U.S. Treasury Notes | 2.00 | &nbsp;&nbsp; 11-15-2026 | 170000 | &nbsp;&nbsp; 167754 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 2-15-2027 | 196000 | &nbsp;&nbsp; 193290 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 8-15-2027 | 81000 | &nbsp;&nbsp; 79424 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 11-15-2027 | 99000 | &nbsp;&nbsp; 96803 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2027 | 164000 | &nbsp;&nbsp; 161527 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 3-31-2029 | 200000 | &nbsp;&nbsp; 192687 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2029 | 90000 | &nbsp;&nbsp; 86534 |
| U.S. Treasury Notes | 2.63 | &nbsp;&nbsp; 2-15-2029 | 181000 | &nbsp;&nbsp; 175994 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 2-15-2028 | 189000 | &nbsp;&nbsp; 186150 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 8-15-2032 | 680000 | &nbsp;&nbsp; 633861 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 5-15-2028 | 178000 | &nbsp;&nbsp; 175462 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 8-15-2028 | 190000 | &nbsp;&nbsp; 186950 |
| U.S. Treasury Notes | 3.13 | &nbsp;&nbsp; 11-15-2028 | 226000 | &nbsp;&nbsp; 223475 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 9-30-2027 | 690000 | &nbsp;&nbsp; 690135 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 2-15-2033 | 115000 | &nbsp;&nbsp; 111761 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 8-15-2033 | 460000 | &nbsp;&nbsp; 456173 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 11-15-2032 | 110000 | &nbsp;&nbsp; 111259 |
| U.S. Treasury Notes | 4.38 | &nbsp;&nbsp; 5-15-2034 | 300000 | &nbsp;&nbsp; 306574 |
| U.S. Treasury Notes | 4.50 | &nbsp;&nbsp; 11-15-2033 | 200000 | &nbsp;&nbsp; 206508 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 11-15-2026 | 1220000 | &nbsp;&nbsp; 1230901 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 2-15-2035 | 80000 | &nbsp;&nbsp; 83041 |
| **Total U.S. Treasury securities (Cost $25,576,379)** |  |  |  | &nbsp;&nbsp; **24478123** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 2.73%** |  |  |  |  |
| **Investment companies: 2.73%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71 | 1876704 | &nbsp;&nbsp; **1876704** |
| **Total short-term investments (Cost $1,876,704)** |  |  |  | &nbsp;&nbsp; **1876704** |
| **Total investments in securities (Cost $44,042,855)** | 97.66<br> %<br>|  |  | &nbsp;&nbsp; 67129900 |
| Other assets and liabilities, net | 2.34 |  |  | &nbsp;&nbsp; 1610825 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$68740725** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> REIT Real estate investment trust

The accompanying notes are an integral part of these financial statements.

18 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—December 31, 2025

**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, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $1711390 | $13872776 | $(13707462)<br>| $0 | $0 | $1876704 | 1876704 | $95856 |

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 10-Year U.S. Treasury Notes | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; $2816940 | &nbsp;&nbsp; $2810938 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $(6002)<br>|
| E-Mini S&P 500 Index | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 8266489 | &nbsp;&nbsp; 8271000 | &nbsp;&nbsp; 4511 | &nbsp;&nbsp; 0 |
| Micro E-Mini S&P 500 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3-20-2026 | &nbsp;&nbsp; 482412 | &nbsp;&nbsp; 482475 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$4574** | &nbsp;&nbsp; **$(6002)**<br>|

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 19

------

Statement of assets and liabilities—December 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $42,166,151) | $65253196 |
| Investments in affiliated securities, at value (cost $1,876,704) | 1876704 |
| Cash | 150 |
| Cash at broker segregated for futures contracts | 684531 |
| Receivable for investments sold | 923794 |
| Receivable for dividends and interest | 197520 |
| Prepaid expenses and other assets | 14968 |
| **Total assets** | **68950863** |
| Liabilities |  |
| Payable for Fund shares redeemed | 82614 |
| Payable for daily variation margin on open futures contracts | 68301 |
| Management fee payable | 26152 |
| Distribution fee payable | 14906 |
| Professional fees payable | 12448 |
| Administration fee payable | 4872 |
| Trustees' fees and expenses payable | 278 |
| Accrued expenses and other liabilities | 567 |
| **Total liabilities** | **210138** |
| **Total net assets**  | **$68740725** |
| Net assets consist of |  |
| Paid-in capital | $41346611 |
| Total distributable earnings | 27394114 |
| **Total net assets** | **$68740725** |
| Computation of net asset value per share |  |
| Net assets - Class 2 | $68740725 |
| Shares outstanding - Class 2<sup>1</sup> <br>| 3436983 |
| Net asset value per share - Class 2 | $20.00 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

20 \| Allspring VT Index Asset Allocation Fund

------

Statement of operations—year ended December 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $883356 |
| Dividends (net of foreign withholdings taxes of $118) | 521349 |
| Income from affiliated securities | 95856 |
| **Total investment income** | **1500561** |
| Expenses |  |
| Management fee | 408698 |
| Administration fee - Class 2 | 54493 |
| Distribution fee - Class 2 | 166264 |
| Custody and accounting fees | 24036 |
| Professional fees | 44437 |
| Registration fees | 60 |
| Shareholder report expenses | 14055 |
| Trustees' fees and expenses | 6278 |
| Other fees and expenses | 37370 |
| **Total expenses** | **755691** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (74528)<br>|
| **Net expenses** | **681163** |
| **Net investment income** | **819398** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 5954212 |
| Futures contracts | (580837)<br>|
| **Net realized gains on investments**  | **5373375** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | 910117 |
| Futures contracts | 254956 |
| **Net change in unrealized gains (losses) on investments** | **1165073** |
| **Net realized and unrealized gains (losses) on investments** | **6538448** |
| **Net increase in net assets resulting from operations** | **$7357846** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 21

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $819398 |  | &nbsp;&nbsp; $826509 |
| Net realized gains on investments |  | &nbsp;&nbsp; 5373375 |  | &nbsp;&nbsp; 6564516 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 1165073 |  | &nbsp;&nbsp; 2208839 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **7357846** |  | &nbsp;&nbsp; **9599864** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains - Class 2 |  | &nbsp;&nbsp; (6637435)<br>|  | &nbsp;&nbsp; (5323760)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold - Class 2 | 51853 | &nbsp;&nbsp; 1017050 | &nbsp;&nbsp; 64130 | &nbsp;&nbsp; 1247657 |
| Reinvestment of distributions - Class 2 | 351023 | &nbsp;&nbsp; 6637435 | &nbsp;&nbsp; 275558 | &nbsp;&nbsp; 5323760 |
| Payment for shares redeemed - Class 2 | (484687)<br>| &nbsp;&nbsp; (9502972)<br>| &nbsp;&nbsp; (388658)<br>| &nbsp;&nbsp; (7620810)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(1848487)**<br>|  | &nbsp;&nbsp; **(1049393)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(1128076)**<br>|  | &nbsp;&nbsp; **3226711** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **69868801** |  | &nbsp;&nbsp; **66642090** |
| **End of period** |  | &nbsp;&nbsp; **$68740725** |  | &nbsp;&nbsp; **$69868801** |

---

The accompanying notes are an integral part of these financial statements.

22 \| Allspring VT Index Asset Allocation Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$19.86** | &nbsp;&nbsp; **$18.68** | &nbsp;&nbsp; **$16.66** | &nbsp;&nbsp; **$22.91** | &nbsp;&nbsp; **$21.88** |
| Net investment income | 0.24 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.14 | 0.10 |
| Net realized and unrealized gains (losses) on investments | 1.90 | 2.49 | 2.55 | &nbsp;&nbsp; (3.95)<br>| 3.25 |
| Total from investment operations | 2.14 | 2.72 | 2.74 | &nbsp;&nbsp; (3.81)<br>| 3.35 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.25)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.13)<br>|
| Net realized gains | (1.75)<br>| &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.19)<br>|
| Total distributions to shareholders | (2.00)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp; (2.32)<br>|
| **Net asset value, end of period** | **$20.00** | &nbsp;&nbsp; **$19.86** | &nbsp;&nbsp; **$18.68** | &nbsp;&nbsp; **$16.66** | &nbsp;&nbsp; **$22.91** |
| **Total return**<sup>2</sup> <br>| **11.48%**<br>| **14.87%**<br>| **16.70%**<br>| &nbsp;&nbsp; **(17.02)%**<br>| **16.00%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.11<br> %<br>| 1.12<br> %<br>| 1.14<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>|
| Net expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income | 1.20<br> %<br>| 1.19<br> %<br>| 1.09<br> %<br>| 0.72<br> %<br>| 0.46<br> %<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 14<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 7<br> %<br>|
| Net assets, end of period (000s omitted) | $68741 | &nbsp;&nbsp; $69869 | &nbsp;&nbsp; $66642 | &nbsp;&nbsp; $62528 | &nbsp;&nbsp; $83069 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

Allspring VT Index Asset Allocation Fund \| 23

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring VT Index Asset Allocation Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and security values and is subject to interest rate risk and equity price risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has

24 \| Allspring VT Index Asset Allocation Fund

------

Notes to financial statements

been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $45,671,177 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $23631971 |
| Gross unrealized losses | &nbsp;&nbsp; (2174676)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$21457295** |

---

3. 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 Index Asset Allocation Fund \| 25

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $4313659 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $4313659 |
| *Consumer discretionary* | &nbsp;&nbsp; 4243223 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4243223 |
| *Consumer staples* | &nbsp;&nbsp; 1921652 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1921652 |
| *Energy* | &nbsp;&nbsp; 1147107 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1147107 |
| *Financials* | &nbsp;&nbsp; 5464361 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5464361 |
| *Health care* | &nbsp;&nbsp; 3909593 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3909593 |
| *Industrials* | &nbsp;&nbsp; 3325548 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3325548 |
| *Information technology* | &nbsp;&nbsp; 14038849 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14038849 |
| *Materials* | &nbsp;&nbsp; 746951 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 746951 |
| *Real estate* | &nbsp;&nbsp; 746717 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 746717 |
| *Utilities* | &nbsp;&nbsp; 917413 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 917413 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 24478123 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24478123 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1876704 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1876704 |
|  | &nbsp;&nbsp; 67129900 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 67129900 |
| **Futures contracts** | &nbsp;&nbsp; 4574 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4574 |
| **Total assets** | &nbsp;&nbsp; **$67134474** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$67134474** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Futures contracts** | &nbsp;&nbsp; $6002 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $6002 |
| **Total liabilities** | &nbsp;&nbsp; **$6002** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$6002** |

---

Futures contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the table following the Portfolio of investments. For futures contracts, the current day's variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At December 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.600<br> %<br>|
| 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 |

---

For the year ended December 31, 2025, the management fee was equivalent to an annual rate of 0.60% of the Fund's average daily net assets.

26 \| Allspring VT Index Asset Allocation Fund

------

Notes to financial statements

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fee

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of Class 2 shares and generally paid monthly.

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed through April 30, 2026 to waive fees and/or reimburse management and administration fees to the extent necessary to cap the Fund's expenses at 1.00% for Class 2 shares. 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.

Distribution fee

The Trust has adopted a distribution plan for Class 2 shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class 2 shares and paid to Allspring Funds Distributor, LLC, the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.25% of the average daily net assets of Class 2 shares. Such fees are generally paid on a monthly basis.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6962338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2036868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9142807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9103330 |

---

6. DERIVATIVE TRANSACTIONS

During the year ended December 31, 2025, the Fund entered into futures contracts to manage market exposure to certain asset classes consistent with an active asset allocation strategy. The Fund had an average notional amount of $7,947,595 in long futures contracts and $931,234 in short futures contracts during the year ended December 31, 2025.

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of December 31, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Futures contracts | &nbsp;&nbsp; $0 | $4,574 <br>\*<br>| $4574 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Futures contracts | &nbsp;&nbsp; $6,002 <br>\*<br>| $0 | $6002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the year ended December 31, 2025 was as follows:

Allspring VT Index Asset Allocation Fund \| 27

------

Notes to financial statements

---

| | | | |
|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Equity <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(444612)<br>| $(136225)<br>| $(580837)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $67928 | $187028 | $254956 |

---

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended December 31, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $1094460 | $964490 |
| **Long-term capital gain** | 5542975 | 4359270 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $141671 | &nbsp;&nbsp; $5795153 | &nbsp;&nbsp;&nbsp; $21457295 |

---

9. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

10. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

11. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

28 \| Allspring VT Index Asset Allocation Fund

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Fund's financial statements.

Allspring VT Index Asset Allocation Fund \| 29

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Variable Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring VT Index Asset Allocation Fund (the Fund), one of the funds constituting Allspring Variable Trust, including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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, 2025, by correspondence with the custodian, transfer agent and broker. 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.

![](g118898imgbe3426082.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

February 25, 2026

30 \| Allspring VT Index Asset Allocation Fund

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 46% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $5,542,975 was designated as a 20% rate gain distribution for the fiscal year ended

December 31, 2025.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 54% of ordinary income dividends qualify as interest dividends for the fiscal year ended December 31, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring VT Index Asset Allocation Fund \| 31

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

32 \| Allspring VT Index Asset Allocation Fund

------

![](g118898img6010d2c21.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-260-5969**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-866-765-0778**

![](g118898img0e6d34a83.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-222-8222*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR0360 12-25**

------

![](g118898imgca1e827c1.jpg)

Allspring VT Opportunity Fund

Long Form Financial Statements

Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_POI-PageBlank-13_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_FS-PageBlank-13_1)** |  |
| [Statement of assets and liabilities](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_FS-PageBlank-13_1) | 6 |
| [Statement of operations](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_FS-PageBlank-13_2) | 7 |
| [Statement of changes in net assets](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_FS-PageBlank-13_3) | 8 |
| [Financial highlights](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_FIHI-PageBlank-13_1) | 9 |
| **[Notes to financial statements](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_NTF-PageBlank-13_1)** | 11 |
| **[Report of independent registered public accounting firm](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_AUD-PageBlank-13_1)** | 16 |
| **[Other information](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_1)** | 17 |
| [Item 8. Changes in and disagreements with accountants](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_2) | 18 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_2) | 18 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_2) | 18 |
| [Item 11. Statement regarding basis for board](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_2)['](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_2)[s approval of investment](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_2)<br> [advisory contract](#xx_5d0df316-aeec-4ff7-8335-e6f25a0c6a4b_OI-PageBlank-13_2)<br>| 18 |

---

Allspring VT Opportunity Fund \| 1

------

Portfolio of investments—December 31, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.94%** |  |  |
| **Communication services: 10.66%** |  |  |
| **Interactive media & services: 10.66%** |  |  |
| Alphabet, Inc. Class C | 30950 | &nbsp;&nbsp; $9712110 |
| Meta Platforms, Inc. Class A | 10624 | &nbsp;&nbsp; 7012796 |
|  |  | &nbsp;&nbsp; **16724906** |
| **Consumer discretionary: 12.73%** |  |  |
| **Broadline retail: 6.56%** |  |  |
| Amazon.com, Inc.† | 44573 | &nbsp;&nbsp; **10288340** |
| **Hotels, restaurants & leisure: 2.13%** |  |  |
| DraftKings, Inc. Class A† | 42801 | &nbsp;&nbsp; 1474923 |
| Starbucks Corp. | 22182 | &nbsp;&nbsp; 1867946 |
|  |  | &nbsp;&nbsp; **3342869** |
| **Specialty retail: 4.04%** |  |  |
| Burlington Stores, Inc.† | 6934 | &nbsp;&nbsp; 2002886 |
| Home Depot, Inc. | 7862 | &nbsp;&nbsp; 2705314 |
| Ulta Beauty, Inc.† | 2698 | &nbsp;&nbsp; 1632317 |
|  |  | &nbsp;&nbsp; **6340517** |
| **Consumer staples: 0.99%** |  |  |
| **Household products: 0.99%** |  |  |
| Church & Dwight Co., Inc. | 18559 | &nbsp;&nbsp; **1556172** |
| **Financials: 13.27%** |  |  |
| **Banks: 1.03%** |  |  |
| Citigroup, Inc. | 7196 | &nbsp;&nbsp; 839701 |
| Wells Fargo & Co. | 8378 | &nbsp;&nbsp; 780830 |
|  |  | &nbsp;&nbsp; **1620531** |
| **Capital markets: 5.58%** |  |  |
| Charles Schwab Corp. | 36967 | &nbsp;&nbsp; 3693373 |
| Intercontinental Exchange, Inc. | 16877 | &nbsp;&nbsp; 2733399 |
| S&P Global, Inc. | 4440 | &nbsp;&nbsp; 2320300 |
|  |  | &nbsp;&nbsp; **8747072** |
| **Consumer finance: 1.34%** |  |  |
| Capital One Financial Corp. | 8640 | &nbsp;&nbsp; **2093990** |
| **Financial services: 3.06%** |  |  |
| Mastercard, Inc. Class A | 8419 | &nbsp;&nbsp; **4806239** |
| **Insurance: 2.26%** |  |  |
| Marsh & McLennan Cos., Inc. | 8042 | &nbsp;&nbsp; 1491952 |
| Unum Group | 26503 | &nbsp;&nbsp; 2053982 |
|  |  | &nbsp;&nbsp; **3545934** |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring VT Opportunity Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care: 7.89%** |  |  |
| **Biotechnology: 0.65%** |  |  |
| Gilead Sciences, Inc. | 5133 | &nbsp;&nbsp; $630024 |
| Incyte Corp.† | 4002 | &nbsp;&nbsp; 395278 |
|  |  | &nbsp;&nbsp; **1025302** |
| **Health care equipment & supplies: 1.16%** |  |  |
| Medtronic PLC | 18932 | &nbsp;&nbsp; **1818608** |
| **Health care providers & services: 1.60%** |  |  |
| McKesson Corp. | 1146 | &nbsp;&nbsp; 940052 |
| UnitedHealth Group, Inc. | 4756 | &nbsp;&nbsp; 1570003 |
|  |  | &nbsp;&nbsp; **2510055** |
| **Life sciences tools & services: 3.88%** |  |  |
| Agilent Technologies, Inc. | 14429 | &nbsp;&nbsp; 1963354 |
| Bio-Rad Laboratories, Inc. Class A† | 5478 | &nbsp;&nbsp; 1659779 |
| Thermo Fisher Scientific, Inc. | 4239 | &nbsp;&nbsp; 2456289 |
|  |  | &nbsp;&nbsp; **6079422** |
| **Pharmaceuticals: 0.60%** |  |  |
| Eli Lilly & Co. | 882 | &nbsp;&nbsp; **947868** |
| **Industrials: 13.59%** |  |  |
| **Aerospace & defense: 4.51%** |  |  |
| BWX Technologies, Inc. | 10294 | &nbsp;&nbsp; 1779215 |
| HEICO Corp. Class A | 10016 | &nbsp;&nbsp; 2528339 |
| Melrose Industries PLC | 348566 | &nbsp;&nbsp; 2764596 |
|  |  | &nbsp;&nbsp; **7072150** |
| **Building products: 2.45%** |  |  |
| Carlisle Cos., Inc. | 7328 | &nbsp;&nbsp; 2343934 |
| Trane Technologies PLC | 3848 | &nbsp;&nbsp; 1497642 |
|  |  | &nbsp;&nbsp; **3841576** |
| **Commercial services & supplies: 1.46%** |  |  |
| Republic Services, Inc. Class A | 10793 | &nbsp;&nbsp; **2287361** |
| **Electrical equipment: 2.49%** |  |  |
| Regal Rexnord Corp. | 21925 | &nbsp;&nbsp; 3076516 |
| Vertiv Holdings Co. Class A | 5135 | &nbsp;&nbsp; 831921 |
|  |  | &nbsp;&nbsp; **3908437** |
| **Professional services: 0.95%** |  |  |
| TransUnion | 17455 | &nbsp;&nbsp; **1496766** |
| **Trading companies & distributors: 1.73%** |  |  |
| QXO, Inc.† | 141212 | &nbsp;&nbsp; **2723979** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Opportunity Fund \| 3

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Information technology: 30.71%** |  |  |
| **Electronic equipment, instruments & components: 3.33%** |  |  |
| Amphenol Corp. Class A | 17775 | &nbsp;&nbsp; $2402113 |
| Teledyne Technologies, Inc.† | 5516 | &nbsp;&nbsp; 2817187 |
|  |  | &nbsp;&nbsp; **5219300** |
| **IT services: 0.15%** |  |  |
| MongoDB, Inc. Class A† | 557 | &nbsp;&nbsp; **233767** |
| **Semiconductors & semiconductor equipment: 10.70%** |  |  |
| Broadcom, Inc. | 4090 | &nbsp;&nbsp; 1415549 |
| Marvell Technology, Inc. | 44038 | &nbsp;&nbsp; 3742349 |
| NVIDIA Corp. | 33373 | &nbsp;&nbsp; 6224064 |
| ON Semiconductor Corp.† | 37479 | &nbsp;&nbsp; 2029488 |
| Texas Instruments, Inc. | 19495 | &nbsp;&nbsp; 3382188 |
|  |  | &nbsp;&nbsp; **16793638** |
| **Software: 11.60%** |  |  |
| AppLovin Corp. Class A† | 339 | &nbsp;&nbsp; 228425 |
| Dynatrace, Inc.† | 42376 | &nbsp;&nbsp; 1836576 |
| Microsoft Corp. | 20936 | &nbsp;&nbsp; 10125068 |
| Salesforce, Inc. | 12578 | &nbsp;&nbsp; 3332038 |
| ServiceNow, Inc.† | 4323 | &nbsp;&nbsp; 662241 |
| Workday, Inc. Class A† | 9408 | &nbsp;&nbsp; 2020650 |
|  |  | &nbsp;&nbsp; **18204998** |
| **Technology hardware, storage & peripherals: 4.93%** |  |  |
| Apple, Inc. | 28436 | &nbsp;&nbsp; **7730611** |
| **Materials: 4.84%** |  |  |
| **Chemicals: 3.13%** |  |  |
| Ashland, Inc. | 19557 | &nbsp;&nbsp; 1147409 |
| Sherwin-Williams Co. | 6275 | &nbsp;&nbsp; 2033289 |
| Westlake Corp. | 23365 | &nbsp;&nbsp; 1727608 |
|  |  | &nbsp;&nbsp; **4908306** |
| **Containers & packaging: 1.31%** |  |  |
| International Paper Co. | 52210 | &nbsp;&nbsp; **2056552** |
| **Metals & mining: 0.40%** |  |  |
| Newmont Corp. | 6257 | &nbsp;&nbsp; **624761** |
| **Real estate: 4.17%** |  |  |
| **Industrial REITs: 1.52%** |  |  |
| Prologis, Inc. | 18615 | &nbsp;&nbsp; **2376391** |
| **Real estate management & development: 0.56%** |  |  |
| CoStar Group, Inc.† | 13103 | &nbsp;&nbsp; **881046** |
| **Residential REITs: 1.05%** |  |  |
| Sun Communities, Inc. | 13306 | &nbsp;&nbsp; **1648746** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring VT Opportunity Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialized REITs: 1.04%** |  |  |
| American Tower Corp. | 9302 | &nbsp;&nbsp; **$1633152** |
| **Utilities: 1.09%** |  |  |
| **Electric utilities: 1.09%** |  |  |
| Xcel Energy, Inc. | 23209 | &nbsp;&nbsp; **1714217** |
| **Total common stocks (Cost $110,529,208)** |  | &nbsp;&nbsp; **156803579** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.05%** |  |  |  |  |
| **Investment companies: 0.05%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71<br> %<br>| 82668 | &nbsp;&nbsp; **82668** |
| **Total short-term investments (Cost $82,668)** |  |  |  | &nbsp;&nbsp; **82668** |
| **Total investments in securities (Cost $110,611,876)** | 99.99<br> %<br>|  |  | &nbsp;&nbsp; 156886247 |
| Other assets and liabilities, net | 0.01 |  |  | &nbsp;&nbsp; 15578 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$156901825** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> 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, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $3098907 | $24672347 | $(27688586)<br>| $0 | $0 | $82668 | 82668 | $91429 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Opportunity Fund \| 5

------

Statement of assets and liabilities—December 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $110,529,208) | $156803579 |
| Investments in affiliated securities, at value (cost $82,668) | 82668 |
| Cash | 3674 |
| Receivable for dividends | 113406 |
| Receivable for Fund shares sold | 106798 |
| Prepaid expenses and other assets | 4086 |
| **Total assets** | **157114211** |
| Liabilities |  |
| Payable for Fund shares redeemed | 81053 |
| Management fee payable | 70911 |
| Distribution fee payable | 32056 |
| Professional fees payable | 12098 |
| Administration fees payable | 11070 |
| Trustees' fees and expenses payable | 38 |
| Accrued expenses and other liabilities | 5160 |
| **Total liabilities** | **212386** |
| **Total net assets**  | **$156901825** |
| Net assets consist of |  |
| Paid-in capital | $86127850 |
| Total distributable earnings | 70773975 |
| **Total net assets** | **$156901825** |
| Computation of net asset value per share |  |
| Net assets–Class 1 | $11320382 |
| Shares outstanding–Class 1<sup>1</sup> <br>| 441051 |
| Net asset value per share–Class 1 | $25.67 |
| Net assets–Class 2 | $145581443 |
| Shares outstanding–Class 2<sup>1</sup> <br>| 5664477 |
| Net asset value per share–Class 2 | $25.70 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

6 \| Allspring VT Opportunity Fund

------

Statement of operations—year ended December 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $1688772 |
| Income from affiliated securities | 91429 |
| Interest | 117 |
| **Total investment income** | **1780318** |
| Expenses |  |
| Management fee | 1220073 |
| Administration fees |  |
| Class 1 | 20243 |
| Class 2 | 119194 |
| Distribution fee |  |
| Class 2 | 371996 |
| Custody and accounting fees | 8445 |
| Professional fees | 43408 |
| Registration fees | 60 |
| Shareholder report expenses | 32277 |
| Trustees' fees and expenses | 7129 |
| Other fees and expenses | 3058 |
| **Total expenses** | **1825883** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (146180)<br>|
| **Net expenses** | **1679703** |
| **Net investment income** | **100615** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 24566791 |
| Foreign currency and foreign currency translations | 931 |
| **Net realized gains on investments**  | **24567722** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (13630916)<br>|
| Foreign currency and foreign currency translations | 1253 |
| **Net change in unrealized gains (losses) on investments** | **(13629663)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **10938059** |
| **Net increase in net assets resulting from operations** | **$11038674** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Opportunity Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $100615 |  | &nbsp;&nbsp; $204389 |
| Net realized gains on investments |  | &nbsp;&nbsp; 24567722 |  | &nbsp;&nbsp; 18535352 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (13629663)<br>|  | &nbsp;&nbsp; 7229884 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **11038674** |  | &nbsp;&nbsp; **25969625** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class 1 |  | &nbsp;&nbsp; (2912518)<br>|  | &nbsp;&nbsp; (2945041)<br>|
| Class 2 |  | &nbsp;&nbsp; (15852008)<br>|  | &nbsp;&nbsp; (15714609)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(18764526)**<br>|  | &nbsp;&nbsp; **(18659650)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class 1 | 18816 | &nbsp;&nbsp; 449565 | &nbsp;&nbsp; 19646 | &nbsp;&nbsp; 531403 |
| Class 2 | 98481 | &nbsp;&nbsp; 2512754 | &nbsp;&nbsp; 107408 | &nbsp;&nbsp; 2870948 |
|  |  | &nbsp;&nbsp; 2962319 |  | &nbsp;&nbsp; 3402351 |
| Reinvestment of distributions |  |  |  |  |
| Class 1 | 117535 | &nbsp;&nbsp; 2912518 | &nbsp;&nbsp; 117473 | &nbsp;&nbsp; 2945041 |
| Class 2 | 637908 | &nbsp;&nbsp; 15852008 | &nbsp;&nbsp; 625333 | &nbsp;&nbsp; 15714609 |
|  |  | &nbsp;&nbsp; 18764526 |  | &nbsp;&nbsp; 18659650 |
| Payment for shares redeemed |  |  |  |  |
| Class 1 | (774382)<br>| &nbsp;&nbsp; (19497099)<br>| &nbsp;&nbsp; (162786)<br>| &nbsp;&nbsp; (4405706)<br>|
| Class 2 | (895239)<br>| &nbsp;&nbsp; (22953544)<br>| &nbsp;&nbsp; (788977)<br>| &nbsp;&nbsp; (21103720)<br>|
|  |  | &nbsp;&nbsp; (42450643)<br>|  | &nbsp;&nbsp; (25509426)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(20723798)**<br>|  | &nbsp;&nbsp; **(3447425)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(28449650)**<br>|  | &nbsp;&nbsp; **3862550** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **185351475** |  | &nbsp;&nbsp; **181488925** |
| **End of period** |  | &nbsp;&nbsp; **$156901825** |  | &nbsp;&nbsp; **$185351475** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring VT Opportunity Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 1 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$26.83** | &nbsp;&nbsp; **$25.96** | &nbsp;&nbsp; **$22.24** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$29.48** |
| Net investment income (loss) | 0.07 <br><sup>1</sup><br>| 0.09 <br><sup>1</sup><br>| 0.08 <br><sup>1</sup><br>| 0.03 | &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gains (losses) on investments | 1.70 | 3.69 | 5.77 | &nbsp;&nbsp; (7.06)<br>| 7.25 |
| Total from investment operations | 1.77 | 3.78 | 5.85 | &nbsp;&nbsp; (7.03)<br>| 7.24 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.08)<br>| &nbsp;&nbsp; (0.08)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>|
| Net realized gains | (2.85)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.68)<br>|
| Total distributions to shareholders | (2.93)<br>| &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.76)<br>|
| **Net asset value, end of period** | **$25.67** | &nbsp;&nbsp; **$26.83** | &nbsp;&nbsp; **$25.96** | &nbsp;&nbsp; **$22.24** | &nbsp;&nbsp; **$34.96** |
| **Total return**<sup>2</sup> <br>| **7.00%**<br>| **15.35%**<br>| **26.83%**<br>| &nbsp;&nbsp; **(20.61)%**<br>| **25.06%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.83<br> %<br>| 0.83<br> %<br>| 0.84<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) | 0.27<br> %<br>| 0.32<br> %<br>| 0.33<br> %<br>| 0.11<br> %<br>| &nbsp;&nbsp; (0.02)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 27<br> %<br>|
| Net assets, end of period (000s omitted) | $11320 | &nbsp;&nbsp; $28946 | &nbsp;&nbsp; $28679 | &nbsp;&nbsp; $25149 | &nbsp;&nbsp; $34376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

Allspring VT Opportunity Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$26.86** | &nbsp;&nbsp; **$25.99** | &nbsp;&nbsp; **$22.32** | &nbsp;&nbsp; **$35.14** | &nbsp;&nbsp; **$29.63** |
| Net investment income (loss) | 0.01 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| 0.02 <br><sup>1</sup><br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gains (losses) on investments | 1.69 | 3.69 | 5.78 | &nbsp;&nbsp; (7.10)<br>| 7.29 |
| Total from investment operations | 1.70 | 3.71 | 5.80 | &nbsp;&nbsp; (7.13)<br>| 7.20 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net investment income | (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>|
| Net realized gains | (2.85)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.68)<br>|
| Total distributions to shareholders | (2.86)<br>| &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.69)<br>|
| **Net asset value, end of period** | **$25.70** | &nbsp;&nbsp; **$26.86** | &nbsp;&nbsp; **$25.99** | &nbsp;&nbsp; **$22.32** | &nbsp;&nbsp; **$35.14** |
| **Total return**<sup>2</sup> <br>| **6.71%**<br>| **15.05%**<br>| **26.50%**<br>| &nbsp;&nbsp; **(20.81)%**<br>| **24.78%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.08<br> %<br>| 1.08<br> %<br>| 1.09<br> %<br>| 1.12<br> %<br>| 1.10<br> %<br>|
| Net expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) | 0.02<br> %<br>| 0.07<br> %<br>| 0.08<br> %<br>| &nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp; (0.27)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 30<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 27<br> %<br>|
| Net assets, end of period (000s omitted) | $145581 | &nbsp;&nbsp; $156405 | &nbsp;&nbsp; $152810 | &nbsp;&nbsp; $134271 | &nbsp;&nbsp; $186745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

10 \| Allspring VT Opportunity Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring VT Opportunity Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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 December 31, 2025, 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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Allspring VT Opportunity Fund \| 11

------

Notes to financial statements

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $111,115,851 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $50174912 |
| Gross unrealized losses | &nbsp;&nbsp; (4404516)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$45770396** |

---

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. 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.

12 \| Allspring VT Opportunity Fund

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $16724906 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $16724906 |
| *Consumer discretionary* | &nbsp;&nbsp; 19971726 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 19971726 |
| *Consumer staples* | &nbsp;&nbsp; 1556172 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1556172 |
| *Financials* | &nbsp;&nbsp; 20813766 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20813766 |
| *Health care* | &nbsp;&nbsp; 12381255 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12381255 |
| *Industrials* | &nbsp;&nbsp; 21330269 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 21330269 |
| *Information technology* | &nbsp;&nbsp; 48182314 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 48182314 |
| *Materials* | &nbsp;&nbsp; 7589619 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7589619 |
| *Real estate* | &nbsp;&nbsp; 6539335 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6539335 |
| *Utilities* | &nbsp;&nbsp; 1714217 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1714217 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 82668 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 82668 |
| **Total assets** | &nbsp;&nbsp; **$156886247** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$156886247** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At December 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.700<br> %<br>|
| 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 |

---

For the year ended December 31, 2025, the management fee was equivalent to an annual rate of 0.70% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of each class and generally paid monthly.

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will

Allspring VT Opportunity Fund \| 13

------

Notes to financial statements

waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through April 30, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. 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. As of December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class 1 | 0.75<br> %<br>|
| Class 2 | 1.00 |

---

Distribution fee

The Trust has adopted a distribution plan for Class 2 shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class 2 shares and paid to Allspring Funds Distributor, LLC, the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.25% of the average daily net assets of Class 2 shares. Such fees are generally paid on a monthly basis.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended December 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2025 were $51,231,576 and $87,609,252, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 |
|  | 2025 | 2024 |
| **Ordinary income** | $1310977 | $352716 |
| **Long-term capital gain** | 17453549 | 18306934 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Undistributed <br>long-term <br>gain<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $2089987 | &nbsp;&nbsp; $22915893 | &nbsp;&nbsp;&nbsp; $45771120 |

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts

14 \| Allspring VT Opportunity Fund

------

Notes to financial statements

indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring VT Opportunity Fund \| 15

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Variable Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring VT Opportunity Fund (the Fund), one of the funds constituting Allspring Variable Trust, including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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, 2025, by correspondence with the custodian and transfer agent. 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.

![](g118898img64c320b82.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

February 25, 2026

16 \| Allspring VT Opportunity Fund

------

Other information (unaudited)

Other information

Tax information

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 99% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended December 31, 2025.

Pursuant to Section 852 of the Internal Revenue Code, $17,453,549 was designated as a 20% rate gain distribution for the fiscal year ended

December 31, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring VT Opportunity Fund \| 17

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

18 \| Allspring VT Opportunity Fund

------

*This page is intentionally left blank.*

------

*This page is intentionally left blank.*

------

![](g118898imgca1e827c1.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-260-5969**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-866-765-0778**

![](g118898img8760e9603.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-260-5969*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3020 12-25**

------

![](g118898img73d269f71.jpg)

Allspring VT Small Cap Growth Fund

Long Form Financial Statements

Annual Report

December 31, 2025

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_POI-PageBlank-14_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_FS-PageBlank-14_1)** |  |
| [Statement of assets and liabilities](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_FS-PageBlank-14_1) | 6 |
| [Statement of operations](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_FS-PageBlank-14_2) | 7 |
| [Statement of changes in net assets](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_FS-PageBlank-14_3) | 8 |
| [Financial highlights](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_FIHI-PageBlank-14_1) | 9 |
| **[Notes to financial statements](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_NTF-PageBlank-14_1)** | 11 |
| **[Report of independent registered public accounting firm](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_AUD-PageBlank-14_1)** | 15 |
| **[Other information](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_2)['](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_2)[s approval of investment](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_2)<br> [advisory contract](#xx_f89226b2-2540-4b69-945f-a65cd3c04219_OI-PageBlank-14_2)<br>| 17 |

---

Allspring VT Small Cap Growth Fund \| 1

------

Portfolio of investments—December 31, 2025

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.93%** |  |  |
| **Communication services: 1.41%** |  |  |
| **Entertainment: 1.41%** |  |  |
| Liberty Live Holdings, Inc. Class C† | 47742 | &nbsp;&nbsp; **$3970225** |
| **Consumer discretionary: 7.18%** |  |  |
| **Diversified consumer services: 1.02%** |  |  |
| Adtalem Global Education, Inc.† | 27732 | &nbsp;&nbsp; **2869430** |
| **Hotels, restaurants & leisure: 4.83%** |  |  |
| Dutch Bros, Inc. Class A† | 88529 | &nbsp;&nbsp; 5419745 |
| First Watch Restaurant Group, Inc.† | 152158 | &nbsp;&nbsp; 2294543 |
| Genius Sports Ltd.† | 305983 | &nbsp;&nbsp; 3371933 |
| Wingstop, Inc. | 10515 | &nbsp;&nbsp; 2507722 |
|  |  | &nbsp;&nbsp; **13593943** |
| **Household durables: 1.33%** |  |  |
| Taylor Morrison Home Corp. Class A† | 63465 | &nbsp;&nbsp; **3736185** |
| **Energy: 0.23%** |  |  |
| **Oil, gas & consumable fuels: 0.23%** |  |  |
| Centrus Energy Corp. Class A† | 2736 | &nbsp;&nbsp; **664191** |
| **Financials: 4.68%** |  |  |
| **Capital markets: 2.59%** |  |  |
| Hamilton Lane, Inc. Class A | 19874 | &nbsp;&nbsp; 2669277 |
| Miami International Holdings, Inc.† | 103946 | &nbsp;&nbsp; 4613123 |
|  |  | &nbsp;&nbsp; **7282400** |
| **Financial services: 0.78%** |  |  |
| Shift4 Payments, Inc. Class A† | 34713 | &nbsp;&nbsp; **2185878** |
| **Insurance: 1.31%** |  |  |
| Skyward Specialty Insurance Group, Inc.† | 72318 | &nbsp;&nbsp; **3696173** |
| **Health care: 29.12%** |  |  |
| **Biotechnology: 4.49%** |  |  |
| ADMA Biologics, Inc.† | 199405 | &nbsp;&nbsp; 3637147 |
| Ascendis Pharma AS ADR† | 19462 | &nbsp;&nbsp; 4150077 |
| Bridgebio Pharma, Inc.† | 30407 | &nbsp;&nbsp; 2325832 |
| Vericel Corp.† | 70120 | &nbsp;&nbsp; 2525021 |
|  |  | &nbsp;&nbsp; **12638077** |
| **Health care equipment & supplies: 6.24%** |  |  |
| Glaukos Corp.† | 40812 | &nbsp;&nbsp; 4608083 |
| iRhythm Technologies, Inc.† | 45131 | &nbsp;&nbsp; 8008045 |
| Penumbra, Inc.† | 15908 | &nbsp;&nbsp; 4945956 |
|  |  | &nbsp;&nbsp; **17562084** |
| **Health care providers & services: 13.09%** |  |  |
| Alignment Healthcare, Inc.† | 271323 | &nbsp;&nbsp; 5358629 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring VT Small Cap Growth Fund

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services**(continued) |  |  |
| BrightSpring Health Services, Inc.† | 98679 | &nbsp;&nbsp; $3695529 |
| Castle Biosciences, Inc.† | 71143 | &nbsp;&nbsp; 2767463 |
| Ensign Group, Inc. | 39109 | &nbsp;&nbsp; 6812788 |
| Guardant Health, Inc.† | 46681 | &nbsp;&nbsp; 4767997 |
| HealthEquity, Inc.† | 65699 | &nbsp;&nbsp; 6018685 |
| RadNet, Inc.† | 103740 | &nbsp;&nbsp; 7401849 |
|  |  | &nbsp;&nbsp; **36822940** |
| **Life sciences tools & services: 1.60%** |  |  |
| Repligen Corp.† | 27536 | &nbsp;&nbsp; **4512049** |
| **Pharmaceuticals: 3.70%** |  |  |
| Corcept Therapeutics, Inc.† | 36088 | &nbsp;&nbsp; 1255862 |
| Ligand Pharmaceuticals, Inc.† | 23249 | &nbsp;&nbsp; 4395688 |
| Tarsus Pharmaceuticals, Inc.† | 58269 | &nbsp;&nbsp; 4771066 |
|  |  | &nbsp;&nbsp; **10422616** |
| **Industrials: 34.29%** |  |  |
| **Aerospace & defense: 7.80%** |  |  |
| AAR Corp.† | 48344 | &nbsp;&nbsp; 4002400 |
| ATI, Inc.† | 34861 | &nbsp;&nbsp; 4000648 |
| Carpenter Technology Corp. | 18852 | &nbsp;&nbsp; 5935364 |
| Kratos Defense & Security Solutions, Inc.† | 34583 | &nbsp;&nbsp; 2625195 |
| Mercury Systems, Inc.† | 73861 | &nbsp;&nbsp; 5392592 |
|  |  | &nbsp;&nbsp; **21956199** |
| **Building products: 4.37%** |  |  |
| AAON, Inc. | 37419 | &nbsp;&nbsp; 2853199 |
| Armstrong World Industries, Inc. | 23240 | &nbsp;&nbsp; 4441164 |
| Modine Manufacturing Co.† | 37399 | &nbsp;&nbsp; 4993140 |
|  |  | &nbsp;&nbsp; **12287503** |
| **Commercial services & supplies: 2.53%** |  |  |
| Casella Waste Systems, Inc. Class A† | 72826 | &nbsp;&nbsp; **7132578** |
| **Construction & engineering: 4.33%** |  |  |
| Argan, Inc. | 10300 | &nbsp;&nbsp; 3227196 |
| Construction Partners, Inc. Class A† | 63655 | &nbsp;&nbsp; 6909750 |
| Legence Corp. Class A† | 47535 | &nbsp;&nbsp; 2045907 |
|  |  | &nbsp;&nbsp; **12182853** |
| **Electrical equipment: 2.99%** |  |  |
| American Superconductor Corp.† | 83064 | &nbsp;&nbsp; 2390582 |
| Bloom Energy Corp. Class A† | 44982 | &nbsp;&nbsp; 3908486 |
| Power Solutions International, Inc.† | 37094 | &nbsp;&nbsp; 2119551 |
|  |  | &nbsp;&nbsp; **8418619** |
| **Ground transportation: 1.40%** |  |  |
| Saia, Inc.† | 12043 | &nbsp;&nbsp; **3932280** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Small Cap Growth Fund \| 3

------

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery: 3.99%** |  |  |
| CECO Environmental Corp.† | 86865 | &nbsp;&nbsp; $5198871 |
| RBC Bearings, Inc.† | 13433 | &nbsp;&nbsp; 6023760 |
|  |  | &nbsp;&nbsp; **11222631** |
| **Marine transportation: 1.20%** |  |  |
| Kirby Corp.† | 30687 | &nbsp;&nbsp; **3381094** |
| **Professional services: 0.51%** |  |  |
| Andersen Group, Inc. Class A† | 55880 | &nbsp;&nbsp; **1448968** |
| **Trading companies & distributors: 5.17%** |  |  |
| Applied Industrial Technologies, Inc. | 23448 | &nbsp;&nbsp; 6020743 |
| SiteOne Landscape Supply, Inc.† | 25244 | &nbsp;&nbsp; 3144393 |
| Xometry, Inc. Class A† | 90333 | &nbsp;&nbsp; 5372103 |
|  |  | &nbsp;&nbsp; **14537239** |
| **Information technology: 18.32%** |  |  |
| **Electronic equipment, instruments & components: 6.56%** |  |  |
| Celestica, Inc.† | 7137 | &nbsp;&nbsp; 2109769 |
| Fabrinet† | 15573 | &nbsp;&nbsp; 7090075 |
| Frequency Electronics, Inc.† | 25395 | &nbsp;&nbsp; 1367267 |
| Mirion Technologies, Inc. Class A† | 228613 | &nbsp;&nbsp; 5354116 |
| Sanmina Corp.† | 16812 | &nbsp;&nbsp; 2522977 |
|  |  | &nbsp;&nbsp; **18444204** |
| **Semiconductors & semiconductor equipment: 5.71%** |  |  |
| Credo Technology Group Holding Ltd.† | 32511 | &nbsp;&nbsp; 4678008 |
| Impinj, Inc.† | 17901 | &nbsp;&nbsp; 3114953 |
| Rambus, Inc.† | 34940 | &nbsp;&nbsp; 3210637 |
| Semtech Corp.† | 68780 | &nbsp;&nbsp; 5068398 |
|  |  | &nbsp;&nbsp; **16071996** |
| **Software: 6.05%** |  |  |
| Commvault Systems, Inc.† | 40696 | &nbsp;&nbsp; 5101651 |
| Pegasystems, Inc. | 75308 | &nbsp;&nbsp; 4497394 |
| Procore Technologies, Inc.† | 41167 | &nbsp;&nbsp; 2994488 |
| SailPoint, Inc.† | 113936 | &nbsp;&nbsp; 2304925 |
| ServiceTitan, Inc. Class A† | 20059 | &nbsp;&nbsp; 2136283 |
|  |  | &nbsp;&nbsp; **17034741** |
| **Real estate: 1.67%** |  |  |
| **Real estate management & development: 1.67%** |  |  |
| Cushman & Wakefield Ltd.† | 290432 | &nbsp;&nbsp; **4702094** |
| **Utilities: 2.03%** |  |  |
| **Independent power and renewable electricity producers: 2.03%** |  |  |
| Talen Energy Corp.† | 15270 | &nbsp;&nbsp; **5723807** |
| **Total common stocks (Cost $219,074,621)** |  | &nbsp;&nbsp; **278432997** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring VT Small Cap Growth Fund

------

Portfolio of investments—December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 1.17%** |  |  |  |  |
| **Investment companies: 1.17%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 3.71<br> %<br>| 3283985 | &nbsp;&nbsp; **$3283985** |
| **Total short-term investments (Cost $3,283,985)** |  |  |  | &nbsp;&nbsp; **3283985** |
| **Total investments in securities (Cost $222,358,606)** | 100.10<br> %<br>|  |  | &nbsp;&nbsp; 281716982 |
| Other assets and liabilities, net | (0.10)<br>|  |  | &nbsp;&nbsp; (272953)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$281444029** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> ADR American 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, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $4929449 | $115153913 | $(116799377)<br>| $0 | $0 | $3283985 | 3283985 | $241908 |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Small Cap Growth Fund \| 5

------

Statement of assets and liabilities—December 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $219,074,621) | $278432997 |
| Investments in affiliated securities, at value (cost $3,283,985) | 3283985 |
| Receivable for investments sold | 40071 |
| Receivable for Fund shares sold | 37095 |
| Receivable for dividends | 35641 |
| Prepaid expenses and other assets | 5156 |
| **Total assets** | **281834945** |
| Liabilities |  |
| Management fee payable | 200637 |
| Payable for Fund shares redeemed | 104661 |
| Distribution fee payable | 56772 |
| Administration fees payable | 20241 |
| Trustees' fees and expenses payable | 8 |
| Accrued expenses and other liabilities | 8597 |
| **Total liabilities** | **390916** |
| **Total net assets**  | **$281444029** |
| Net assets consist of |  |
| Paid-in capital | $192036174 |
| Total distributable earnings | 89407855 |
| **Total net assets** | **$281444029** |
| Computation of net asset value per share |  |
| Net assets–Class 1 | $27699112 |
| Shares outstanding–Class 1<sup>1</sup> <br>| 2676012 |
| Net asset value per share–Class 1 | $10.35 |
| Net assets–Class 2 | $253744917 |
| Shares outstanding–Class 2<sup>1</sup> <br>| 26426016 |
| Net asset value per share–Class 2 | $9.60 |

---

<sup>1</sup> The Fund has an unlimited number of authorized shares.

The accompanying notes are an integral part of these financial statements.

6 \| Allspring VT Small Cap Growth Fund

------

Statement of operations—year ended December 31, 2025

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $256589 |
| Income from affiliated securities | 241908 |
| Interest | 219 |
| **Total investment income** | **498716** |
| Expenses |  |
| Management fee | 2327816 |
| Administration fees |  |
| Class 1 | 20569 |
| Class 2 | 212212 |
| Distribution fee |  |
| Class 2 | 659846 |
| Custody and accounting fees | 10820 |
| Professional fees | 41298 |
| Registration fees | 60 |
| Shareholder report expenses | 23110 |
| Trustees' fees and expenses | 8314 |
| Other fees and expenses | 6323 |
| **Total expenses** | **3310368** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (1772)<br>|
| **Net expenses** | **3308596** |
| **Net investment loss** | **(2809880)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **30139281** |
| **Net change in unrealized gains (losses) on investments** | **(874840)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **29264441** |
| **Net increase in net assets resulting from operations** | **$26454561** |

---

The accompanying notes are an integral part of these financial statements.

Allspring VT Small Cap Growth Fund \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2025 | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(2809880)<br>|  | &nbsp;&nbsp; $(3045502)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 30139281 |  | &nbsp;&nbsp; 45865937 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (874840)<br>|  | &nbsp;&nbsp; 11236463 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **26454561** |  | &nbsp;&nbsp; **54056898** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class 1 |  | &nbsp;&nbsp; (1402434)<br>|  | &nbsp;&nbsp; 0 |
| Class 2 |  | &nbsp;&nbsp; (15593447)<br>|  | &nbsp;&nbsp; 0 |
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **(16995881)**<br>|  | &nbsp;&nbsp; **0** |
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class 1 | 304834 | &nbsp;&nbsp; 3015714 | &nbsp;&nbsp; 353691 | &nbsp;&nbsp; 3344824 |
| Class 2 | 1186349 | &nbsp;&nbsp; 10425764 | &nbsp;&nbsp; 1711570 | &nbsp;&nbsp; 15043191 |
|  |  | &nbsp;&nbsp; 13441478 |  | &nbsp;&nbsp; 18388015 |
| Reinvestment of distributions |  |  |  |  |
| Class 1 | 145180 | &nbsp;&nbsp; 1402434 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
| Class 2 | 1738400 | &nbsp;&nbsp; 15593447 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 16995881 |  | &nbsp;&nbsp; 0 |
| Payment for shares redeemed |  |  |  |  |
| Class 1 | (250690)<br>| &nbsp;&nbsp; (2496018)<br>| &nbsp;&nbsp; (345870)<br>| &nbsp;&nbsp; (3209481)<br>|
| Class 2 | (6794287)<br>| &nbsp;&nbsp; (63458000)<br>| &nbsp;&nbsp; (6218982)<br>| &nbsp;&nbsp; (55977799)<br>|
|  |  | &nbsp;&nbsp; (65954018)<br>|  | &nbsp;&nbsp; (59187280)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(35516659)**<br>|  | &nbsp;&nbsp; **(40799265)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(26057979)**<br>|  | &nbsp;&nbsp; **13257633** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **307502008** |  | &nbsp;&nbsp; **294244375** |
| **End of period** |  | &nbsp;&nbsp; **$281444029** |  | &nbsp;&nbsp; **$307502008** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring VT Small Cap Growth Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 1 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.99** | &nbsp;&nbsp; **$8.39** | &nbsp;&nbsp; **$8.04** | &nbsp;&nbsp; **$14.76** | &nbsp;&nbsp; **$15.35** |
| Net investment loss | (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.05 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.12 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.98 | 1.67 | 0.40 | &nbsp;&nbsp; (4.92)<br>| 1.26 |
| Total from investment operations | 0.91 | 1.60 | 0.35 | &nbsp;&nbsp; (4.99)<br>| 1.14 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (0.55)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (1.73)<br>|
| **Net asset value, end of period** | **$10.35** | &nbsp;&nbsp; **$9.99** | &nbsp;&nbsp; **$8.39** | &nbsp;&nbsp; **$8.04** | &nbsp;&nbsp; **$14.76** |
| **Total return**<sup>2</sup> <br>| **9.55%**<br>| **19.07%**<br>| **4.35%**<br>| &nbsp;&nbsp; **(34.30)%**<br>| **7.93%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 0.91<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>|
| Net expenses | 0.91<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>|
| Net investment loss | (0.74)%<br>| &nbsp;&nbsp; (0.74)%<br>| &nbsp;&nbsp; (0.61)%<br>| &nbsp;&nbsp; (0.63)%<br>| &nbsp;&nbsp; (0.78)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 71<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $27699 | &nbsp;&nbsp; $24752 | &nbsp;&nbsp; $20725 | &nbsp;&nbsp; $20160 | &nbsp;&nbsp; $35204 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

Allspring VT Small Cap Growth Fund \| 9

------

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$9.33** | &nbsp;&nbsp; **$7.86** | &nbsp;&nbsp; **$7.55** | &nbsp;&nbsp; **$14.04** | &nbsp;&nbsp; **$14.72** |
| Net investment loss | (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.07 )<sup>1</sup><br>| &nbsp;&nbsp; (0.09 )<sup>1</sup><br>| &nbsp;&nbsp; (0.14)<br>|
| Net realized and unrealized gains (losses) on investments | 0.91 | 1.56 | 0.38 | &nbsp;&nbsp; (4.67)<br>| 1.19 |
| Total from investment operations | 0.82 | 1.47 | 0.31 | &nbsp;&nbsp; (4.76)<br>| 1.05 |
| **Distributions to shareholders from** |  |  |  |  |  |
| Net realized gains | (0.55)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (1.73)<br>|
| **Net asset value, end of period** | **$9.60** | &nbsp;&nbsp; **$9.33** | &nbsp;&nbsp; **$7.86** | &nbsp;&nbsp; **$7.55** | &nbsp;&nbsp; **$14.04** |
| **Total return**<sup>2</sup> <br>| **9.25%**<br>| **18.70%**<br>| **4.11%**<br>| &nbsp;&nbsp; **(34.42)%**<br>| **7.64%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |
| Gross expenses | 1.16<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.19<br> %<br>| 1.17<br> %<br>|
| Net expenses | 1.16<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.19<br> %<br>| 1.17<br> %<br>|
| Net investment loss | (0.99)%<br>| &nbsp;&nbsp; (0.99)%<br>| &nbsp;&nbsp; (0.86)%<br>| &nbsp;&nbsp; (0.87)%<br>| &nbsp;&nbsp; (1.03)%<br>|
| **Supplemental data** |  |  |  |  |  |
| Portfolio turnover rate | 71<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 46<br> %<br>|
| Net assets, end of period (000s omitted) | $253745 | &nbsp;&nbsp; $282750 | &nbsp;&nbsp; $273519 | &nbsp;&nbsp; $264938 | &nbsp;&nbsp; $414683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns do not reflect fees and expenses charged pursuant to the terms of variable life insurance policies and variable annuity contracts. 

The accompanying notes are an integral part of these financial statements.

10 \| Allspring VT Small Cap Growth Fund

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Variable Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services* – *Investment Companies*. These financial statements report on the Allspring VT Small Cap Growth Fund (the "Fund") which is a diversified series of the Trust. The Trust offers shares of the Fund to separate accounts of various life insurance companies as funding vehicles for certain variable annuity contracts and variable life insurance policies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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.

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, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Allspring VT Small Cap Growth Fund \| 11

------

Notes to financial statements

As of December 31, 2025, the aggregate cost of all investments for federal income tax purposes was $222,492,589 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $68900859 |
| Gross unrealized losses | &nbsp;&nbsp; (9676466)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$59224393** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassification is due to net operating losses. At December 31, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $(2809951)<br>| &nbsp;&nbsp; $2809951 |

---

Class allocations

The separate classes of shares offered by the Fund differ principally in distribution fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.&nbsp;&nbsp;&nbsp;&nbsp;

3. 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.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $3970225 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $3970225 |
| *Consumer discretionary* | &nbsp;&nbsp; 20199558 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20199558 |
| *Energy* | &nbsp;&nbsp; 664191 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 664191 |
| *Financials* | &nbsp;&nbsp; 13164451 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13164451 |
| *Health care* | &nbsp;&nbsp; 81957766 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 81957766 |
| *Industrials* | &nbsp;&nbsp; 96499964 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 96499964 |
| *Information technology* | &nbsp;&nbsp; 51550941 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 51550941 |
| *Real estate* | &nbsp;&nbsp; 4702094 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4702094 |
| *Utilities* | &nbsp;&nbsp; 5723807 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5723807 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3283985 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3283985 |
| **Total assets** | &nbsp;&nbsp; **$281716982** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$281716982** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

12 \| Allspring VT Small Cap Growth Fund

------

Notes to financial statements

At December 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund's operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund's average daily net assets:

---

| | |
|:---|:---|
| Average daily net assets | Management fee |
| First $500 million | 0.800<br> %<br>|
| 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 |

---

For the year ended December 31, 2025, the management fee was equivalent to an annual rate of 0.80% of the Fund's average daily net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fees

Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee of 0.08% which is calculated based on the average daily net assets of each class and generally paid monthly.

Waivers and/or expense reimbursements

Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through April 30, 2026 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's expenses. 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. As of December 31, 2025, the contractual caps are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | EXPENSE RATIO CAPS |
| Class 1 | 0.95<br> %<br>|
| Class 2 | 1.20 |

---

Distribution fee

The Trust has adopted a distribution plan for Class 2 shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class 2 shares and paid to Allspring Funds Distributor, LLC, the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.25% of the average daily net assets of Class 2 shares. Such fees are generally paid on a monthly basis.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended December 31, 2025.

Allspring VT Small Cap Growth Fund \| 13

------

Notes to financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended December 31, 2025 were $204,138,941 and $258,151,462, respectively.

6. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the year ended December 31, 2025, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid were as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended December 31 | Year ended December 31 |
|  | 2025 | 2024 |
| **Long-term capital gain** | $16995881 | $0 |

---

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>long-term <br>gain<br>| Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $30183953 | &nbsp;&nbsp; $59224393 |

---

8. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in industrials and health care sectors. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

14 \| Allspring VT Small Cap Growth Fund

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Variable Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring VT Small Cap Growth Fund (the Fund), one of the funds constituting Allspring Variable Trust, including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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, 2025, by correspondence with the custodian and transfer agent. 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.

![](g118898img1ced63572.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

February 25, 2026

Allspring VT Small Cap Growth Fund \| 15

------

Other information (unaudited)

Other information

Tax information

Pursuant to Section 852 of the Internal Revenue Code, $16,995,881 was designated as a 20% rate gain distribution for the fiscal year ended

December 31, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

16 \| Allspring VT Small Cap Growth Fund

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

Allspring VT Small Cap Growth Fund \| 17

------

![](g118898img73d269f71.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds

P.O. Box 219967

Kansas City, MO 64121-9967

Website: **allspringglobal.com**

Individual investors: **1-800-260-5969**

Retail investment professionals: **1-888-877-9275**

Institutional investment professionals: **1-866-765-0778**

![](g118898imgb72e98d83.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-800-260-5969*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSR3003 12-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

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.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(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.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

(a)(1) [Code of Ethics.](d118898dex99code.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d118898dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d118898dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### 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 | Allspring Variable Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: March 6, 2026 | Date: March 6, 2026 |

---

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 | Allspring Variable Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: March 6, 2026 | Date: March 6, 2026 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: March 6, 2026 | Date: March 6, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

------

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

------

**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

------

**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g118898g0227070417825.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring VT Discovery All Cap Growth Fund, Allspring VT Discovery SMID Cap Growth Fund, Allspring VT Index Asset Allocation Fund, Allspring VT Opportunity Fund and Allspring VT Small Cap Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

---

| |
|:---|
| Date: March 6, 2026 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Variable Trust |

---

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![LOGO](g118898g0227070417825.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring VT Discovery All Cap Growth Fund, Allspring VT Discovery SMID Cap Growth Fund, Allspring VT Index Asset Allocation Fund, Allspring VT Opportunity Fund and Allspring VT Small Cap Growth Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

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| |
|:---|
| Date: March 6, 2026 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Variable Trust |

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## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g118898g0227070417825.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Variable Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 6, 2026

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| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Funds Trust |

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This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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![LOGO](g118898g0227070417825.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Variable Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: March 6, 2026

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| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Funds Trust |

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This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.