# EDGAR Filing Document

**Accession Number:** 0001081402
**File Stem:** 0001193125-25-193556
**Filing Date:** 2025-9
**Character Count:** 381781
**Document Hash:** 4b633eec0020c9c97e03be046127d705
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-193556.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-193556

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09255
- **FILM NUMBER:** 251283423

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4225

**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-CSRS

![LOGO](g857459g0827070628737.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSRS

#### 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: June 30, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g857459i15bff2bcaf4c85f87af2.jpg)

Semi-Annual Shareholder Report

# VT Discovery All Cap Growth Fund

# June 30, 2025

## Class 1
This semi-annual shareholder report contains important information about VT Discovery All Cap Growth Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $39 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $70720268 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 33% |
| Total advisory fees paid | $184640 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 38.5 |
| Consumer discretionary | 15.4 |
| Financials | 13.1 |
| Communication services | 12.8 |
| Health care | 9.6 |
| Industrials | 8.6 |
| Materials | 2.0 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6 |
| NVIDIA Corp. | 7.4 |
| Meta Platforms, Inc. Class A | 6.3 |
| Amazon.com, Inc. | 4.6 |
| Broadcom, Inc. | 4.3 |
| Mastercard, Inc. Class A | 2.2 |
| Oracle Corp. | 2.1 |
| Netflix, Inc. | 2.0 |
| DoorDash, Inc. Class A | 2.0 |
| Booking Holdings, Inc. | 1.9 |

---

## 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

#### SAR0578 06-25
![Image](g857459i15bff2bcaf4c85f87af2.jpg)

Semi-Annual Shareholder Report

# VT Discovery All Cap Growth Fund

# June 30, 2025

## Class 2
This semi-annual shareholder report contains important information about VT Discovery All Cap Growth Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $52 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $70720268 |
| # of portfolio holdings | 68 |
| Portfolio turnover rate | 33% |
| Total advisory fees paid | $184640 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 38.5 |
| Consumer discretionary | 15.4 |
| Financials | 13.1 |
| Communication services | 12.8 |
| Health care | 9.6 |
| Industrials | 8.6 |
| Materials | 2.0 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 8.6 |
| NVIDIA Corp. | 7.4 |
| Meta Platforms, Inc. Class A | 6.3 |
| Amazon.com, Inc. | 4.6 |
| Broadcom, Inc. | 4.3 |
| Mastercard, Inc. Class A | 2.2 |
| Oracle Corp. | 2.1 |
| Netflix, Inc. | 2.0 |
| DoorDash, Inc. Class A | 2.0 |
| Booking Holdings, Inc. | 1.9 |

---

## 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

#### SAR0568 06-25
![Image](g857459i15bff2bcaf4c85f87af2.jpg)

Semi-Annual Shareholder Report

# VT Discovery SMID Cap Growth Fund

# June 30, 2025

## Class 2
This semi-annual shareholder report contains important information about VT Discovery SMID Cap Growth Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $57 | 1.14%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $140959620 |
| # of portfolio holdings | 72 |
| Portfolio turnover rate | 37% |
| Total advisory fees paid | $502796 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 24.7 |
| Information technology | 21 |
| Health care | 19.8 |
| Consumer discretionary | 13.5 |
| Financials | 10.5 |
| Communication services | 3.8 |
| Materials | 2.5 |
| Utilities | 1.8 |
| Real estate | 1.4 |
| Consumer staples | 1 |

---

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

---

| | |
|:---|:---|
| Carpenter Technology Corp. | 2.5 |
| Construction Partners, Inc. Class A | 2.5 |
| Casella Waste Systems, Inc. Class A | 2.4 |
| EMCOR Group, Inc. | 2.3 |
| Equitable Holdings, Inc. | 2.3 |
| Curtiss-Wright Corp. | 2.3 |
| iRhythm Technologies, Inc. | 2.0 |
| Wingstop, Inc. | 2.0 |
| HealthEquity, Inc. | 1.9 |
| TKO Group Holdings, Inc. Class A | 1.9 |

---

## 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

#### SAR3221 06-25
![Image](g857459i15bff2bcaf4c85f87af2.jpg)

# Semi-Annual Shareholder Report

# June 30, 2025

# VT Index Asset Allocation Fund

# Class 2
This semi-annual shareholder report contains important information about VT Index Asset Allocation Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $51 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $67844179 |
| # of portfolio holdings | 613 |
| Portfolio turnover rate | 8% |
| Total advisory fees paid | $166576 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 4.4 |
| Microsoft Corp. | 4.2 |
| Apple, Inc. | 3.5 |
| Amazon.com, Inc. | 2.4 |
| Meta Platforms, Inc. Class A | 1.8 |
| U.S. Treasury Notes, 0.63%, 5-15-2030 | 1.7 |
| U.S. Treasury Notes, 0.50%, 10-31-2027 | 1.7 |
| U.S. Treasury Notes, 1.38%, 10-31-2028 | 1.7 |
| U.S. Treasury Notes, 0.63%, 7-31-2026 | 1.7 |
| Broadcom, Inc. | 1.5 |

---

## VT Index Asset Allocation Fund
Semi-Annual Shareholder Report \| June 30, 2025

## EQUITY SECTOR ALLOCATION (% OF EQUITY INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 33.1 |
| Financials | 14.0 |
| Consumer discretionary | 10.4 |
| Communication services | 9.8 |
| Health care | 9.3 |
| Industrials | 8.6 |
| Consumer staples | 5.5 |
| Energy | 3.0 |
| Utilities | 2.4 |
| Real estate | 2.0 |
| Materials | 1.9 |

---

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

---

| | |
|:---|:---|
| 0-1 year | 0.4 |
| 1-3 years | 35.3 |
| 3-5 years | 27.3 |
| 5-10 years | 16.7 |
| 10-20 years | 20.3 |

---

## 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

#### SAR0360 06-25
![Image](g857459i15bff2bcaf4c85f87af2.jpg)

Semi-Annual Shareholder Report

# VT Opportunity Fund

# June 30, 2025

## Class 1
This semi-annual shareholder report contains important information about VT Opportunity Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $37 | 0.75%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $178695533 |
| # of portfolio holdings | 53 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $538244 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 31.2 |
| Industrials | 15.7 |
| Consumer discretionary | 13.3 |
| Financials | 13.0 |
| Communication services | 9.1 |
| Health care | 5.4 |
| Real estate | 5.3 |
| Materials | 4.3 |
| Consumer staples | 2.7 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.3 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc. Class A | 4.8 |
| Alphabet, Inc. Class C | 4.2 |
| Apple, Inc. | 4.0 |
| Mastercard, Inc. Class A | 3.2 |
| NVIDIA Corp. | 2.9 |
| Texas Instruments, Inc. | 2.8 |
| Salesforce, Inc. | 2.6 |
| Marvell Technology, Inc. | 2.5 |

---

## 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

#### SAR3020 06-25
![Image](g857459i15bff2bcaf4c85f87af2.jpg)

Semi-Annual Shareholder Report

# VT Opportunity Fund

# June 30, 2025

## Class 2
This semi-annual shareholder report contains important information about VT Opportunity Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $50 | 1.00%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $178695533 |
| # of portfolio holdings | 53 |
| Portfolio turnover rate | 18% |
| Total advisory fees paid | $538244 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Information technology | 31.2 |
| Industrials | 15.7 |
| Consumer discretionary | 13.3 |
| Financials | 13.0 |
| Communication services | 9.1 |
| Health care | 5.4 |
| Real estate | 5.3 |
| Materials | 4.3 |
| Consumer staples | 2.7 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 6.3 |
| Microsoft Corp. | 5.7 |
| Meta Platforms, Inc. Class A | 4.8 |
| Alphabet, Inc. Class C | 4.2 |
| Apple, Inc. | 4.0 |
| Mastercard, Inc. Class A | 3.2 |
| NVIDIA Corp. | 2.9 |
| Texas Instruments, Inc. | 2.8 |
| Salesforce, Inc. | 2.6 |
| Marvell Technology, Inc. | 2.5 |

---

## 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

#### SAR3222 06-25
![Image](g857459i15bff2bcaf4c85f87af2.jpg)

Semi-Annual Shareholder Report

# VT Small Cap Growth Fund

# June 30, 2025

## Class 1
This semi-annual shareholder report contains important information about VT Small Cap Growth Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $45 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $292837044 |
| # of portfolio holdings | 76 |
| Portfolio turnover rate | 42% |
| Total advisory fees paid | $1124914 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 29.8 |
| Health care | 27.6 |
| Information technology | 20.7 |
| Consumer discretionary | 9.1 |
| Financials | 6.3 |
| Utilities | 1.8 |
| Communication services | 1.8 |
| Materials | 1.6 |
| Consumer staples | 0.8 |
| Real estate | 0.5 |

---

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

---

| | |
|:---|:---|
| Commvault Systems, Inc. | 2.9 |
| Casella Waste Systems, Inc. Class A | 2.8 |
| iRhythm Technologies, Inc. | 2.4 |
| HealthEquity, Inc. | 2.3 |
| RadNet, Inc. | 2.2 |
| RBC Bearings, Inc. | 2.1 |
| Dutch Bros, Inc. Class A | 2.0 |
| Ensign Group, Inc. | 2.0 |
| Construction Partners, Inc. Class A | 2.0 |
| Applied Industrial Technologies, Inc. | 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

#### SAR3003 06-25
![Image](g857459i15bff2bcaf4c85f87af2.jpg)

Semi-Annual Shareholder Report

# VT Small Cap Growth Fund

# June 30, 2025

## Class 2
This semi-annual shareholder report contains important information about VT Small Cap Growth Fund for the period from January 1, 2025 to June 30, 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 6 months?
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 | $58 | 1.16%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

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.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $292837044 |
| # of portfolio holdings | 76 |
| Portfolio turnover rate | 42% |
| Total advisory fees paid | $1124914 |

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Industrials | 29.8 |
| Health care | 27.6 |
| Information technology | 20.7 |
| Consumer discretionary | 9.1 |
| Financials | 6.3 |
| Utilities | 1.8 |
| Communication services | 1.8 |
| Materials | 1.6 |
| Consumer staples | 0.8 |
| Real estate | 0.5 |

---

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

---

| | |
|:---|:---|
| Commvault Systems, Inc. | 2.9 |
| Casella Waste Systems, Inc. Class A | 2.8 |
| iRhythm Technologies, Inc. | 2.4 |
| HealthEquity, Inc. | 2.3 |
| RadNet, Inc. | 2.2 |
| RBC Bearings, Inc. | 2.1 |
| Dutch Bros, Inc. Class A | 2.0 |
| Ensign Group, Inc. | 2.0 |
| Construction Partners, Inc. Class A | 2.0 |
| Applied Industrial Technologies, Inc. | 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

#### SAR0475 06-25

------

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

Not applicable.

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

Not applicable.

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

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.

------

![](g857459imgfd7d266e1.jpg)

Allspring VT Discovery All Cap Growth Fund

Long Form Financial Statements

Semi-Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_POI-PageBlank-8_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_FS-PageBlank-8_1)** |  |
| [Statement of assets and liabilities](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_FS-PageBlank-8_1) | 6 |
| [Statement of operations](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_FS-PageBlank-8_2) | 7 |
| [Statement of changes in net assets](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_FS-PageBlank-8_3) | 8 |
| [Financial highlights](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_FIHI-PageBlank-8_1) | 9 |
| **[Notes to financial statements](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_NTF-PageBlank-8_1)** | 11 |
| **[Other information](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_1)** | 15 |
| [Item 8. Changes in and disagreements with accountants](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_2) | 16 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_2) | 16 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_2) | 16 |
| [Item 11. Statement regarding basis for board](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_3)['](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_3)[s approval of investment](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_3)<br> [advisory contract](#xx_0a02be67-8d57-4ddb-93f1-1958d69d71c3_OI-PageBlank-8_3)<br>| 17 |

---

Allspring VT Discovery All Cap Growth Fund \| 1

------

Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.47%** |  |  |
| **Communication services: 12.78%** |  |  |
| **Entertainment: 6.53%** |  |  |
| Live Nation Entertainment, Inc.† | 3932 | &nbsp;&nbsp; $594833 |
| Netflix, Inc.† | 1060 | &nbsp;&nbsp; 1419478 |
| Roblox Corp. Class A† | 5680 | &nbsp;&nbsp; 597536 |
| Spotify Technology SA† | 1396 | &nbsp;&nbsp; 1071206 |
| TKO Group Holdings, Inc. Class A | 5124 | &nbsp;&nbsp; 932312 |
|  |  | &nbsp;&nbsp; **4615365** |
| **Interactive media & services: 6.25%** |  |  |
| Meta Platforms, Inc. Class A | 5991 | &nbsp;&nbsp; **4421897** |
| **Consumer discretionary: 15.32%** |  |  |
| **Broadline retail: 5.80%** |  |  |
| Amazon.com, Inc.† | 14878 | &nbsp;&nbsp; 3264084 |
| MercadoLibre, Inc.† | 321 | &nbsp;&nbsp; 838975 |
|  |  | &nbsp;&nbsp; **4103059** |
| **Hotels, restaurants & leisure: 6.03%** |  |  |
| Booking Holdings, Inc. | 233 | &nbsp;&nbsp; 1348893 |
| DoorDash, Inc. Class A† | 5705 | &nbsp;&nbsp; 1406340 |
| Royal Caribbean Cruises Ltd. | 2875 | &nbsp;&nbsp; 900277 |
| Wingstop, Inc. | 1819 | &nbsp;&nbsp; 612530 |
|  |  | &nbsp;&nbsp; **4268040** |
| **Household durables: 1.21%** |  |  |
| Sony Group Corp. ADR | 32828 | &nbsp;&nbsp; **854513** |
| **Specialty retail: 1.88%** |  |  |
| Chewy, Inc. Class A† | 11009 | &nbsp;&nbsp; 469204 |
| O'Reilly Automotive, Inc.† | 9540 | &nbsp;&nbsp; 859840 |
|  |  | &nbsp;&nbsp; **1329044** |
| **Textiles, apparel & luxury goods: 0.40%** |  |  |
| On Holding AG Class A† | 5436 | &nbsp;&nbsp; **282944** |
| **Financials: 13.04%** |  |  |
| **Capital markets: 6.44%** |  |  |
| Coinbase Global, Inc. Class A† | 2170 | &nbsp;&nbsp; 760563 |
| KKR & Co., Inc. | 6692 | &nbsp;&nbsp; 890237 |
| LPL Financial Holdings, Inc. | 1592 | &nbsp;&nbsp; 596952 |
| Robinhood Markets, Inc. Class A† | 11522 | &nbsp;&nbsp; 1078805 |
| Tradeweb Markets, Inc. Class A | 8387 | &nbsp;&nbsp; 1227857 |
|  |  | &nbsp;&nbsp; **4554414** |
| **Financial services: 5.12%** |  |  |
| Equitable Holdings, Inc. | 11840 | &nbsp;&nbsp; 664224 |
| Mastercard, Inc. Class A | 2780 | &nbsp;&nbsp; 1562193 |

---

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

2 \| Allspring VT Discovery All Cap Growth Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Financial services**(continued) |  |  |
| Toast, Inc. Class A† | 13872 | &nbsp;&nbsp; $614391 |
| Visa, Inc. Class A | 2195 | &nbsp;&nbsp; 779335 |
|  |  | &nbsp;&nbsp; **3620143** |
| **Insurance: 1.48%** |  |  |
| Progressive Corp. | 3924 | &nbsp;&nbsp; **1047158** |
| **Health care: 9.52%** |  |  |
| **Biotechnology: 3.04%** |  |  |
| ADMA Biologics, Inc.† | 24847 | &nbsp;&nbsp; 452464 |
| Alnylam Pharmaceuticals, Inc.† | 1595 | &nbsp;&nbsp; 520113 |
| Argenx SE ADR† | 1105 | &nbsp;&nbsp; 609098 |
| Natera, Inc.† | 3373 | &nbsp;&nbsp; 569835 |
|  |  | &nbsp;&nbsp; **2151510** |
| **Health care equipment & supplies: 3.50%** |  |  |
| Boston Scientific Corp.† | 9537 | &nbsp;&nbsp; 1024369 |
| Intuitive Surgical, Inc.† | 1649 | &nbsp;&nbsp; 896083 |
| Penumbra, Inc.† | 2153 | &nbsp;&nbsp; 552525 |
|  |  | &nbsp;&nbsp; **2472977** |
| **Health care providers & services: 0.88%** |  |  |
| RadNet, Inc.† | 10924 | &nbsp;&nbsp; **621685** |
| **Pharmaceuticals: 2.10%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR† | 47556 | &nbsp;&nbsp; 797038 |
| Verona Pharma PLC ADR† | 7277 | &nbsp;&nbsp; 688259 |
|  |  | &nbsp;&nbsp; **1485297** |
| **Industrials: 8.53%** |  |  |
| **Aerospace & defense: 3.64%** |  |  |
| Curtiss-Wright Corp. | 2006 | &nbsp;&nbsp; 980031 |
| General Electric Co. | 3949 | &nbsp;&nbsp; 1016433 |
| Kratos Defense & Security Solutions, Inc.† | 12342 | &nbsp;&nbsp; 573286 |
|  |  | &nbsp;&nbsp; **2569750** |
| **Building products: 1.16%** |  |  |
| Johnson Controls International PLC | 7786 | &nbsp;&nbsp; **822358** |
| **Commercial services & supplies: 1.02%** |  |  |
| Waste Connections, Inc. | 3873 | &nbsp;&nbsp; **723167** |
| **Construction & engineering: 2.17%** |  |  |
| EMCOR Group, Inc. | 1643 | &nbsp;&nbsp; 878824 |
| Quanta Services, Inc. | 1736 | &nbsp;&nbsp; 656347 |
|  |  | &nbsp;&nbsp; **1535171** |
| **Ground transportation: 0.54%** |  |  |
| Saia, Inc.† | 1388 | &nbsp;&nbsp; **380298** |

---

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

Allspring VT Discovery All Cap Growth Fund \| 3

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Information technology: 38.29%** |  |  |
| **Communications equipment: 1.53%** |  |  |
| Arista Networks, Inc.† | 5786 | &nbsp;&nbsp; $591966 |
| Motorola Solutions, Inc. | 1160 | &nbsp;&nbsp; 487733 |
|  |  | &nbsp;&nbsp; **1079699** |
| **Electronic equipment, instruments & components: 0.51%** |  |  |
| Zebra Technologies Corp. Class A† | 1174 | &nbsp;&nbsp; **362015** |
| **IT services: 1.79%** |  |  |
| Cloudflare, Inc. Class A† | 2807 | &nbsp;&nbsp; 549695 |
| Shopify, Inc. Class A† | 6220 | &nbsp;&nbsp; 717477 |
|  |  | &nbsp;&nbsp; **1267172** |
| **Semiconductors & semiconductor equipment: 13.81%** |  |  |
| Broadcom, Inc. | 10974 | &nbsp;&nbsp; 3024983 |
| Monolithic Power Systems, Inc. | 1001 | &nbsp;&nbsp; 732112 |
| NVIDIA Corp. | 32973 | &nbsp;&nbsp; 5209404 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3547 | &nbsp;&nbsp; 803360 |
|  |  | &nbsp;&nbsp; **9769859** |
| **Software: 19.57%** |  |  |
| AppLovin Corp. Class A† | 1735 | &nbsp;&nbsp; 607389 |
| Cadence Design Systems, Inc.† | 2029 | &nbsp;&nbsp; 625236 |
| Commvault Systems, Inc.† | 3202 | &nbsp;&nbsp; 558205 |
| CyberArk Software Ltd.† | 2443 | &nbsp;&nbsp; 994008 |
| Fair Isaac Corp.† | 419 | &nbsp;&nbsp; 765915 |
| Microsoft Corp. | 12196 | &nbsp;&nbsp; 6066412 |
| Monday.com Ltd.† | 1919 | &nbsp;&nbsp; 603487 |
| Oracle Corp. | 6820 | &nbsp;&nbsp; 1491057 |
| Procore Technologies, Inc.† | 7026 | &nbsp;&nbsp; 480719 |
| Samsara, Inc. Class A† | 8314 | &nbsp;&nbsp; 330731 |
| ServiceNow, Inc.† | 1281 | &nbsp;&nbsp; 1316970 |
|  |  | &nbsp;&nbsp; **13840129** |
| **Technology hardware, storage & peripherals: 1.08%** |  |  |
| Apple, Inc. | 3722 | &nbsp;&nbsp; **763643** |
| **Materials: 1.99%** |  |  |
| **Construction materials: 1.10%** |  |  |
| Vulcan Materials Co. | 2991 | &nbsp;&nbsp; **780113** |
| **Metals & mining: 0.89%** |  |  |
| Carpenter Technology Corp. | 2263 | &nbsp;&nbsp; **625448** |
| **Total common stocks (Cost $43,765,038)** |  | &nbsp;&nbsp; **70346868** |

---

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

4 \| Allspring VT Discovery All Cap Growth Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.75%** |  |  |  |  |
| **Investment companies: 0.75%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 530493 | &nbsp;&nbsp; **$530493** |
| **Total short-term investments (Cost $530,493)** |  |  |  | &nbsp;&nbsp; **530493** |
| **Total investments in securities (Cost $44,295,531)** | 100.22<br> %<br>|  |  | &nbsp;&nbsp; 70877361 |
| Other assets and liabilities, net | (0.22)<br>|  |  | &nbsp;&nbsp; (157093)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$70720268** |

---

&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>| $760779 | $10495486 | $(10725772)<br>| $0 | $0 | $530493 | 530493 | $16924 |

---

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

Allspring VT Discovery All Cap Growth Fund \| 5

------

Statement of assets and liabilities—June 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $43,765,038) | $70346868 |
| Investments in affiliated securities, at value (cost $530,493) | 530493 |
| Receivable for dividends | 17062 |
| Receivable for Fund shares sold | 280 |
| Prepaid expenses and other assets | 661 |
| **Total assets** | **70895364** |
| Liabilities |  |
| Payable for Fund shares redeemed | 86458 |
| Professional fees payable | 34490 |
| Management fee payable | 32583 |
| Distribution fee payable | 6381 |
| Administration fees payable | 4460 |
| Trustees' fees and expenses payable | 4284 |
| Accrued expenses and other liabilities | 6440 |
| **Total liabilities** | **175096** |
| **Total net assets**  | **$70720268** |
| Net assets consist of |  |
| Paid-in capital | $15822188 |
| Total distributable earnings | 54898080 |
| **Total net assets** | **$70720268** |
| Computation of net asset value per share |  |
| Net assets–Class 1 | $35443112 |
| Shares outstanding–Class 1<sup>1</sup> <br>| 1094115 |
| Net asset value per share–Class 1 | $32.39 |
| Net assets–Class 2 | $35277156 |
| Shares outstanding–Class 2<sup>1</sup> <br>| 1160904 |
| Net asset value per share–Class 2 | $30.39 |

---

<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—six months ended June 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $552) | $129478 |
| Income from affiliated securities | 16924 |
| Interest | 2 |
| **Total investment income** | **146404** |
| Expenses |  |
| Management fee | 192338 |
| Administration fees |  |
| Class 1 | 12806 |
| Class 2 | 12839 |
| Distribution fee |  |
| Class 2 | 35918 |
| Custody and accounting fees | 3320 |
| Professional fees | 16062 |
| Registration fees | 38 |
| Shareholder report expenses | 5144 |
| Trustees' fees and expenses | 5955 |
| Other fees and expenses | 3812 |
| **Total expenses** | **288232** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (7698)<br>|
| **Net expenses** | **280534** |
| **Net investment loss** | **(134130)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 5559098 |
| Foreign currency and foreign currency translations | 2 |
| **Net realized gains on investments** | **5559100** |
| **Net change in unrealized gains (losses) on investments** | **1306078** |
| **Net realized and unrealized gains (losses) on investments** | **6865178** |
| **Net increase in net assets resulting from operations** | **$6731048** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> June 30, 2025<br> (unaudited) | <br>Six months ended<br> June 30, 2025<br> (unaudited) | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(134130)<br>|  | &nbsp;&nbsp; $(311419)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 5559100 |  | &nbsp;&nbsp; 23289383 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 1306078 |  | &nbsp;&nbsp; (9117527)<br>|
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **6731048** |  | &nbsp;&nbsp; **13860437** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class 1 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1558169)<br>|
| Class 2 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (1815893)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(3374062)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class 1 | 20841 | &nbsp;&nbsp; 618777 | &nbsp;&nbsp; 26891 | &nbsp;&nbsp; 737094 |
| Class 2 | 20260 | &nbsp;&nbsp; 506117 | &nbsp;&nbsp; 25029 | &nbsp;&nbsp; 649799 |
|  |  | &nbsp;&nbsp; 1124894 |  | &nbsp;&nbsp; 1386893 |
| Reinvestment of distributions |  |  |  |  |
| Class 1 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 58402 | &nbsp;&nbsp; 1558169 |
| Class 2 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 72375 | &nbsp;&nbsp; 1815893 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 3374062 |
| Payment for shares redeemed |  |  |  |  |
| Class 1 | (88762)<br>| &nbsp;&nbsp; (2508189)<br>| &nbsp;&nbsp; (193127)<br>| &nbsp;&nbsp; (5413184)<br>|
| Class 2 | (125881)<br>| &nbsp;&nbsp; (3405643)<br>| &nbsp;&nbsp; (431342)<br>| &nbsp;&nbsp; (11407112)<br>|
|  |  | &nbsp;&nbsp; (5913832)<br>|  | &nbsp;&nbsp; (16820296)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(4788938)**<br>|  | &nbsp;&nbsp; **(12059341)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **1942110** |  | &nbsp;&nbsp; **(1572966)**<br>|
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **68778158** |  | &nbsp;&nbsp; **70351124** |
| **End of period** |  | &nbsp;&nbsp; **$70720268** |  | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 1 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$29.25** | &nbsp;&nbsp; **$25.29** | &nbsp;&nbsp; **$20.88** | &nbsp;&nbsp; **$43.70** | &nbsp;&nbsp; **$42.28** | &nbsp;&nbsp; **$31.89** |
| Net investment loss | (0.04 )<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>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gains (losses) on investments | 3.18 | 5.35 | 6.88 | &nbsp;&nbsp; (15.54)<br>| 6.43 | 13.27 |
| Total from investment operations | 3.14 | 5.27 | 6.84 | &nbsp;&nbsp; (15.62)<br>| 6.24 | 13.20 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (2.81)<br>|
| **Net asset value, end of period** | **$32.39** | &nbsp;&nbsp; **$29.25** | &nbsp;&nbsp; **$25.29** | &nbsp;&nbsp; **$20.88** | &nbsp;&nbsp; **$43.70** | &nbsp;&nbsp; **$42.28** |
| **Total return**<sup>2</sup> <br>| **10.74%**<br>| **21.35%**<br>| **33.50%**<br>| &nbsp;&nbsp; **(37.04)%**<br>| **15.27%**<br>| **43.41%**<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>| 0.80<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment loss | (0.29)%<br>| &nbsp;&nbsp; (0.30)%<br>| &nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp; (0.29)%<br>| &nbsp;&nbsp; (0.43)%<br>| &nbsp;&nbsp; (0.27)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 33<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $35443 | &nbsp;&nbsp; $33987 | &nbsp;&nbsp; $32121 | &nbsp;&nbsp; $26748 | &nbsp;&nbsp; $48949 | &nbsp;&nbsp; $50122 |

---

&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 for periods of less than one year are not annualized. 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$27.47** | &nbsp;&nbsp; **$23.89** | &nbsp;&nbsp; **$19.87** | &nbsp;&nbsp; **$41.69** | &nbsp;&nbsp; **$40.43** | &nbsp;&nbsp; **$30.55** |
| Net investment loss | (0.07 )<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>| &nbsp;&nbsp; (0.17 )<sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | 2.99 | 5.04 | 6.55 | &nbsp;&nbsp; (14.82)<br>| 6.14 | 12.73 |
| Total from investment operations | 2.92 | 4.89 | 6.45 | &nbsp;&nbsp; (14.96)<br>| 5.86 | 12.56 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (6.86)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (2.68)<br>|
| **Net asset value, end of period** | **$30.39** | &nbsp;&nbsp; **$27.47** | &nbsp;&nbsp; **$23.89** | &nbsp;&nbsp; **$19.87** | &nbsp;&nbsp; **$41.69** | &nbsp;&nbsp; **$40.43** |
| **Total return**<sup>2</sup> <br>| **10.63%**<br>| **21.00%**<br>| **33.17%**<br>| &nbsp;&nbsp; **(37.20)%**<br>| **14.97%**<br>| **43.18%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.01<br> %<br>| 1.04<br> %<br>| 1.10<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>| 1.04<br> %<br>|
| Net expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 0.98<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment loss | (0.54)%<br>| &nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp; (0.44)%<br>| &nbsp;&nbsp; (0.51)%<br>| &nbsp;&nbsp; (0.68)%<br>| &nbsp;&nbsp; (0.52)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 33<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp; 24<br> %<br>|
| Net assets, end of period (000s omitted) | $35277 | &nbsp;&nbsp; $34791 | &nbsp;&nbsp; $38230 | &nbsp;&nbsp; $33614 | &nbsp;&nbsp; $59888 | &nbsp;&nbsp; $57850 |

---

&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 for periods of less than one year are not annualized. 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 (unaudited)

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 (unaudited)

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $44,309,523 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $27284672 |
| Gross unrealized losses | &nbsp;&nbsp; (716834)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$26567838** |

---

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 June 30, 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; $9037262 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $9037262 |
| *Consumer discretionary* | &nbsp;&nbsp; 10837600 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 10837600 |
| *Financials* | &nbsp;&nbsp; 9221715 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9221715 |
| *Health care* | &nbsp;&nbsp; 6731469 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6731469 |
| *Industrials* | &nbsp;&nbsp; 6030744 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 6030744 |
| *Information technology* | &nbsp;&nbsp; 27082517 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27082517 |
| *Materials* | &nbsp;&nbsp; 1405561 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1405561 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 530493 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 530493 |
| **Total assets** | &nbsp;&nbsp; **$70877361** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$70877361** |

---

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

At June 30, 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 (unaudited)

&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 six months ended June 30, 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 June 30, 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 six months ended June 30, 2025.

Allspring VT Discovery All Cap Growth Fund \| 13

------

Notes to financial statements (unaudited)

&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 six months ended June 30, 2025 were $21,515,757 and $26,176,892, 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 six months ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. 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.

8. 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.

9. 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 requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

14 \| Allspring VT Discovery All Cap Growth Fund

------

Other information (unaudited)

Other information

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 \| 15

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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.

16 \| Allspring VT Discovery All Cap Growth Fund

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Variable Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring VT Discovery All Cap Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis.

The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring VT Discovery All Cap Growth Fund \| 17

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for the one- and ten-year periods under review, and lower than the average investment performance of the Universe for the three- and five-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the Russell 3000® Growth Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

18 \| Allspring VT Discovery All Cap Growth Fund

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring VT Discovery All Cap Growth Fund \| 19

------

*This page is intentionally left blank.*

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![](g857459imgfd7d266e1.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**

![](g857459img5def0ea82.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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0578 06-25**

------

![](g857459img264134de1.jpg)

Allspring VT Discovery SMID Cap Growth Fund

Long Form Financial Statements

Semi-Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_POI-PageBlank-11_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_FS-PageBlank-11_1)** |  |
| [Statement of assets and liabilities](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_FS-PageBlank-11_1) | 6 |
| [Statement of operations](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_FS-PageBlank-11_2) | 7 |
| [Statement of changes in net assets](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_FS-PageBlank-11_3) | 8 |
| [Financial highlights](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_FIHI-PageBlank-11_1) | 9 |
| **[Notes to financial statements](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_NTF-PageBlank-11_1)** | 10 |
| **[Other information](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_1)** | 14 |
| [Item 8. Changes in and disagreements with accountants](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_2) | 15 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_2) | 15 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_2) | 15 |
| [Item 11. Statement regarding basis for board](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_3)['](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_3)[s approval of investment](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_3)<br> [advisory contract](#xx_19bb1e91-2a7e-4b47-beb2-12c839cde044_OI-PageBlank-11_3)<br>| 16 |

---

Allspring VT Discovery SMID Cap Growth Fund \| 1

------

Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.85%** |  |  |
| **Communication services: 3.76%** |  |  |
| **Entertainment: 3.76%** |  |  |
| Liberty Media Corp.-Liberty Live Class C† | 32050 | &nbsp;&nbsp; $2601178 |
| TKO Group Holdings, Inc. Class A | 14830 | &nbsp;&nbsp; 2698318 |
|  |  | &nbsp;&nbsp; **5299496** |
| **Consumer discretionary: 13.33%** |  |  |
| **Broadline retail: 2.23%** |  |  |
| Global-E Online Ltd.† | 28620 | &nbsp;&nbsp; 959915 |
| MercadoLibre, Inc.† | 834 | &nbsp;&nbsp; 2179767 |
|  |  | &nbsp;&nbsp; **3139682** |
| **Hotels, restaurants & leisure: 6.69%** |  |  |
| DraftKings, Inc. Class A† | 31521 | &nbsp;&nbsp; 1351936 |
| Dutch Bros, Inc. Class A† | 29084 | &nbsp;&nbsp; 1988473 |
| Hyatt Hotels Corp. Class A | 11142 | &nbsp;&nbsp; 1555980 |
| Viking Holdings Ltd.† | 32687 | &nbsp;&nbsp; 1741890 |
| Wingstop, Inc. | 8300 | &nbsp;&nbsp; 2794942 |
|  |  | &nbsp;&nbsp; **9433221** |
| **Household durables: 1.28%** |  |  |
| Taylor Morrison Home Corp. Class A† | 29314 | &nbsp;&nbsp; **1800466** |
| **Specialty retail: 3.13%** |  |  |
| Burlington Stores, Inc.† | 6640 | &nbsp;&nbsp; 1544730 |
| Carvana Co. Class A† | 3901 | &nbsp;&nbsp; 1314481 |
| Chewy, Inc. Class A† | 36423 | &nbsp;&nbsp; 1552348 |
|  |  | &nbsp;&nbsp; **4411559** |
| **Consumer staples: 0.94%** |  |  |
| **Consumer staples distribution & retail: 0.94%** |  |  |
| BJ's Wholesale Club Holdings, Inc.† | 12349 | &nbsp;&nbsp; **1331593** |
| **Financials: 10.35%** |  |  |
| **Capital markets: 4.09%** |  |  |
| Morningstar, Inc. | 7762 | &nbsp;&nbsp; 2436725 |
| Robinhood Markets, Inc. Class A† | 16975 | &nbsp;&nbsp; 1589369 |
| Tradeweb Markets, Inc. Class A | 11882 | &nbsp;&nbsp; 1739525 |
|  |  | &nbsp;&nbsp; **5765619** |
| **Financial services: 5.03%** |  |  |
| Affirm Holdings, Inc.† | 29511 | &nbsp;&nbsp; 2040390 |
| Equitable Holdings, Inc. | 58089 | &nbsp;&nbsp; 3258793 |
| Toast, Inc. Class A† | 40386 | &nbsp;&nbsp; 1788696 |
|  |  | &nbsp;&nbsp; **7087879** |
| **Insurance: 1.23%** |  |  |
| Ryan Specialty Holdings, Inc. Class A | 25625 | &nbsp;&nbsp; **1742244** |

---

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

2 \| Allspring VT Discovery SMID Cap Growth Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care: 19.60%** |  |  |
| **Biotechnology: 6.55%** |  |  |
| ADMA Biologics, Inc.† | 78043 | &nbsp;&nbsp; $1421163 |
| Ascendis Pharma AS ADR† | 8820 | &nbsp;&nbsp; 1522332 |
| Insmed, Inc.† | 16854 | &nbsp;&nbsp; 1696186 |
| Natera, Inc.† | 9955 | &nbsp;&nbsp; 1681798 |
| Neurocrine Biosciences, Inc.† | 11964 | &nbsp;&nbsp; 1503755 |
| Vericel Corp.† | 32998 | &nbsp;&nbsp; 1404065 |
|  |  | &nbsp;&nbsp; **9229299** |
| **Health care equipment & supplies: 4.68%** |  |  |
| Glaukos Corp.† | 13648 | &nbsp;&nbsp; 1409702 |
| iRhythm Technologies, Inc.† | 18569 | &nbsp;&nbsp; 2858883 |
| Penumbra, Inc.† | 9092 | &nbsp;&nbsp; 2333280 |
|  |  | &nbsp;&nbsp; **6601865** |
| **Health care providers & services: 6.25%** |  |  |
| HealthEquity, Inc.† | 25808 | &nbsp;&nbsp; 2703646 |
| Option Care Health, Inc.† | 62720 | &nbsp;&nbsp; 2037146 |
| RadNet, Inc.† | 41234 | &nbsp;&nbsp; 2346627 |
| Tenet Healthcare Corp.† | 9800 | &nbsp;&nbsp; 1724800 |
|  |  | &nbsp;&nbsp; **8812219** |
| **Life sciences tools & services: 1.04%** |  |  |
| Repligen Corp.† | 11810 | &nbsp;&nbsp; **1468928** |
| **Pharmaceuticals: 1.08%** |  |  |
| Teva Pharmaceutical Industries Ltd. ADR† | 90479 | &nbsp;&nbsp; **1516428** |
| **Industrials: 24.44%** |  |  |
| **Aerospace & defense: 3.27%** |  |  |
| ATI, Inc.† | 15830 | &nbsp;&nbsp; 1366762 |
| Curtiss-Wright Corp. | 6645 | &nbsp;&nbsp; 3246415 |
|  |  | &nbsp;&nbsp; **4613177** |
| **Building products: 0.73%** |  |  |
| AAON, Inc. | 14042 | &nbsp;&nbsp; **1035598** |
| **Commercial services & supplies: 5.26%** |  |  |
| Casella Waste Systems, Inc. Class A† | 29931 | &nbsp;&nbsp; 3453439 |
| RB Global, Inc. | 18981 | &nbsp;&nbsp; 2015592 |
| Tetra Tech, Inc. | 54004 | &nbsp;&nbsp; 1941984 |
|  |  | &nbsp;&nbsp; **7411015** |
| **Construction & engineering: 4.88%** |  |  |
| Argan, Inc. | 511 | &nbsp;&nbsp; 112665 |
| Construction Partners, Inc. Class A† | 32718 | &nbsp;&nbsp; 3477269 |
| EMCOR Group, Inc. | 6153 | &nbsp;&nbsp; 3291178 |
|  |  | &nbsp;&nbsp; **6881112** |

---

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

Allspring VT Discovery SMID Cap Growth Fund \| 3

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Ground transportation: 1.13%** |  |  |
| Saia, Inc.† | 5798 | &nbsp;&nbsp; **$1588594** |
| **Machinery: 3.17%** |  |  |
| ESAB Corp. | 15743 | &nbsp;&nbsp; 1897819 |
| RBC Bearings, Inc.† | 6668 | &nbsp;&nbsp; 2565846 |
|  |  | &nbsp;&nbsp; **4463665** |
| **Professional services: 1.40%** |  |  |
| Parsons Corp.† | 27443 | &nbsp;&nbsp; **1969584** |
| **Trading companies & distributors: 4.60%** |  |  |
| Applied Industrial Technologies, Inc. | 9305 | &nbsp;&nbsp; 2162947 |
| Core & Main, Inc. Class A† | 18833 | &nbsp;&nbsp; 1136572 |
| SiteOne Landscape Supply, Inc.† | 12558 | &nbsp;&nbsp; 1518765 |
| Watsco, Inc. | 3765 | &nbsp;&nbsp; 1662699 |
|  |  | &nbsp;&nbsp; **6480983** |
| **Information technology: 20.74%** |  |  |
| **Electronic equipment, instruments & components: 4.28%** |  |  |
| Celestica, Inc.† | 13454 | &nbsp;&nbsp; 2100304 |
| Novanta, Inc.† | 16138 | &nbsp;&nbsp; 2080672 |
| Teledyne Technologies, Inc.† | 3616 | &nbsp;&nbsp; 1852513 |
|  |  | &nbsp;&nbsp; **6033489** |
| **Semiconductors & semiconductor equipment: 3.03%** |  |  |
| Entegris, Inc. | 17127 | &nbsp;&nbsp; 1381293 |
| Impinj, Inc.† | 11664 | &nbsp;&nbsp; 1295520 |
| Monolithic Power Systems, Inc. | 2190 | &nbsp;&nbsp; 1601722 |
|  |  | &nbsp;&nbsp; **4278535** |
| **Software: 13.43%** |  |  |
| Clearwater Analytics Holdings, Inc. Class A† | 98201 | &nbsp;&nbsp; 2153548 |
| Commvault Systems, Inc.† | 14153 | &nbsp;&nbsp; 2467292 |
| CyberArk Software Ltd.† | 5769 | &nbsp;&nbsp; 2347291 |
| Descartes Systems Group, Inc.† | 18109 | &nbsp;&nbsp; 1840689 |
| Monday.com Ltd.† | 6869 | &nbsp;&nbsp; 2160163 |
| Procore Technologies, Inc.† | 33921 | &nbsp;&nbsp; 2320875 |
| Samsara, Inc. Class A† | 43529 | &nbsp;&nbsp; 1731584 |
| Tyler Technologies, Inc.† | 3038 | &nbsp;&nbsp; 1801048 |
| Varonis Systems, Inc. Class B† | 41525 | &nbsp;&nbsp; 2107394 |
|  |  | &nbsp;&nbsp; **18929884** |
| **Materials: 2.50%** |  |  |
| **Metals & mining: 2.50%** |  |  |
| Carpenter Technology Corp. | 12740 | &nbsp;&nbsp; **3521081** |
| **Real estate: 1.41%** |  |  |
| **Real estate management & development: 1.41%** |  |  |
| Jones Lang LaSalle, Inc.† | 7773 | &nbsp;&nbsp; **1988178** |

---

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

4 \| Allspring VT Discovery SMID Cap Growth Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Utilities: 1.78%** |  |  |
| **Independent power and renewable electricity producers: 1.78%** |  |  |
| Talen Energy Corp.† | 8637 | &nbsp;&nbsp; $**2511380** |
| **Total common stocks (Cost $110,155,185)** |  | &nbsp;&nbsp; **139346773** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.52%** |  |  |  |  |
| **Investment companies: 1.52%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 2139779 | &nbsp;&nbsp; **2139779** |
| **Total short-term investments (Cost $2,139,779)** |  |  |  | &nbsp;&nbsp; **2139779** |
| **Total investments in securities (Cost $112,294,964)** | 100.37<br> %<br>|  |  | &nbsp;&nbsp; 141486552 |
| Other assets and liabilities, net | (0.37)<br>|  |  | &nbsp;&nbsp; (526932)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$140959620** |

---

&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 | $19470579 | $(18421092)<br>| $0 | $0 | $2139779 | 2139779 | $38338 |

---

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

Allspring VT Discovery SMID Cap Growth Fund \| 5

------

Statement of assets and liabilities—June 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $110,155,185) | $139346773 |
| Investments in affiliated securities, at value (cost $2,139,779) | 2139779 |
| Receivable for investments sold | 636494 |
| Receivable for Fund shares sold | 13687 |
| Receivable for dividends | 11447 |
| Prepaid expenses and other assets | 256 |
| **Total assets** | **142148436** |
| Liabilities |  |
| Payable for investments purchased | 873094 |
| Payable for Fund shares redeemed | 154225 |
| Management fee payable | 85241 |
| Distribution fee payable | 28181 |
| Administration fee payable | 9093 |
| Trustees' fees and expenses payable | 4286 |
| Accrued expenses and other liabilities | 34696 |
| **Total liabilities** | **1188816** |
| **Total net assets**  | **$140959620** |
| Net assets consist of |  |
| Paid-in capital | $110603857 |
| Total distributable earnings | 30355763 |
| **Total net assets** | **$140959620** |
| Computation of net asset value per share |  |
| Net assets - Class 2 | $140959620 |
| Shares outstanding - Class 2<sup>1</sup> <br>| 5710915 |
| Net asset value per share - Class 2 | $24.68 |

---

<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—six months ended June 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $1,811) | $134265 |
| Income from affiliated securities | 38338 |
| Interest | 39 |
| **Total investment income** | **172642** |
| Expenses |  |
| Management fee | 502796 |
| Administration fee - Class 2 | 53632 |
| Distribution fee - Class 2 | 166471 |
| Custody and accounting fees | 4281 |
| Professional fees | 17547 |
| Registration fees | 38 |
| Shareholder report expenses | 6324 |
| Trustees' fees and expenses | 6329 |
| Other fees and expenses | 3502 |
| **Total expenses** | **760920** |
| **Net investment loss** | **(588278)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments** | **1356835** |
| **Net change in unrealized gains (losses) on investments** | **2208290** |
| **Net realized and unrealized gains (losses) on investments** | **3565125** |
| **Net increase in net assets resulting from operations** | **$2976847** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> June 30, 2025<br> (unaudited) | <br>Six months ended<br> June 30, 2025<br> (unaudited) | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(588278)<br>|  | &nbsp;&nbsp; $(1220566)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 1356835 |  | &nbsp;&nbsp; 17427706 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 2208290 |  | &nbsp;&nbsp; 7516638 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **2976847** |  | &nbsp;&nbsp; **23723778** |
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold - Class 2 | 198410 | &nbsp;&nbsp; 4324226 | &nbsp;&nbsp; 261059 | &nbsp;&nbsp; 5890232 |
| Payment for shares redeemed - Class 2 | (460605)<br>| &nbsp;&nbsp; (10690100)<br>| &nbsp;&nbsp; (960469)<br>| &nbsp;&nbsp; (21769188)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(6365874)**<br>|  | &nbsp;&nbsp; **(15878956)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(3389027)**<br>|  | &nbsp;&nbsp; **7844822** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **144348647** |  | &nbsp;&nbsp; **136503825** |
| **End of period** |  | &nbsp;&nbsp; **$140959620** |  | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$24.17** | &nbsp;&nbsp; **$20.46** | &nbsp;&nbsp; **$17.03** | &nbsp;&nbsp; **$42.74** | &nbsp;&nbsp; **$48.73** | &nbsp;&nbsp; **$32.85** |
| Net investment loss | (0.10 )<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>| &nbsp;&nbsp; (0.34)<br>|
| Net realized and unrealized gains (losses) on investments | 0.61 | 3.90 | 3.56 | &nbsp;&nbsp; (15.32)<br>| &nbsp;&nbsp; (1.89)<br>| 19.54 |
| Total from investment operations | 0.51 | 3.71 | 3.43 | &nbsp;&nbsp; (15.50)<br>| &nbsp;&nbsp; (2.37)<br>| 19.20 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (10.21)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.32)<br>|
| **Net asset value, end of period** | **$24.68** | &nbsp;&nbsp; **$24.17** | &nbsp;&nbsp; **$20.46** | &nbsp;&nbsp; **$17.03** | &nbsp;&nbsp; **$42.74** | &nbsp;&nbsp; **$48.73** |
| **Total return**<sup>2</sup> <br>| **2.11%**<br>| **18.13%**<br>| **20.14%**<br>| &nbsp;&nbsp; **(37.85)%**<br>| &nbsp;&nbsp; **(5.04)%**<br>| **62.65%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.14<br> %<br>| 1.15<br> %<br>| 1.16<br> %<br>| 1.16<br> %<br>| 1.13<br> %<br>| 1.14<br> %<br>|
| Net expenses | 1.14<br> %<br>| 1.14<br> %<br>| 1.14<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>| 1.14<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>| &nbsp;&nbsp; (0.93)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 37<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 47<br> %<br>|
| Net assets, end of period (000s omitted) | $140960 | &nbsp;&nbsp; $144349 | &nbsp;&nbsp; $136504 | &nbsp;&nbsp; $127243 | &nbsp;&nbsp; $220823 | &nbsp;&nbsp; $255954 |

---

&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 for periods of less than one year are not annualized. 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

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Notes to financial statements (unaudited)

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

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Notes to financial statements (unaudited)

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $112,904,424 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $31529287 |
| Gross unrealized losses | &nbsp;&nbsp; (2947159)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$28582128** |

---

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 June 30, 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; $5299496 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5299496 |
| *Consumer discretionary* | &nbsp;&nbsp; 18784928 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18784928 |
| *Consumer staples* | &nbsp;&nbsp; 1331593 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1331593 |
| *Financials* | &nbsp;&nbsp; 14595742 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14595742 |
| *Health care* | &nbsp;&nbsp; 27628739 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27628739 |
| *Industrials* | &nbsp;&nbsp; 34443728 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 34443728 |
| *Information technology* | &nbsp;&nbsp; 29241908 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 29241908 |
| *Materials* | &nbsp;&nbsp; 3521081 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3521081 |
| *Real estate* | &nbsp;&nbsp; 1988178 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1988178 |
| *Utilities* | &nbsp;&nbsp; 2511380 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2511380 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 2139779 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2139779 |
| **Total assets** | &nbsp;&nbsp; **$141486552** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$141486552** |

---

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

At June 30, 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

Allspring VT Discovery SMID Cap Growth Fund \| 11

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Notes to financial statements (unaudited)

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 six months ended June 30, 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 six months ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2025 were $49,554,690 and $57,193,538, 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 six months ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. 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.

12 \| Allspring VT Discovery SMID Cap Growth Fund

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Notes to financial statements (unaudited)

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

8. 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 requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

9. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

Allspring VT Discovery SMID Cap Growth Fund \| 13

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Other information (unaudited)

Other information

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**.

14 \| Allspring VT Discovery SMID Cap Growth Fund

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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.

Allspring VT Discovery SMID Cap Growth Fund \| 15

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Variable Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring VT Discovery SMID Cap Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

16 \| Allspring VT Discovery SMID Cap Growth Fund

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for the one-year period under review, but lower for all other periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Russell 2500 Growth Index, for the one-year period under review, in range of the investment performance of its benchmark index for the ten-year period under review, and lower than the investment performance of its benchmark index for the three- and five-year periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected the Fund's investment performance.

The Board also received and considered information regarding the Fund's net operating expense ratio and its various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered this ratio in comparison to the median ratios of funds in an expense group that was determined by Broadridge to be similar to the Fund (the "Group"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Group and an explanation of how funds comprising expense group and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratio of the Fund was in range of the median net operating expense ratio of the expense Group.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rate payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rate payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which includes, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rate"). The Board also reviewed and considered the contractual investment sub-advisory fee rate that is payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rate with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rate of the Fund was in range of the sum of the average rates for the Fund's expense Group.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring VT Discovery SMID Cap Growth Fund \| 17

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Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

18 \| Allspring VT Discovery SMID Cap Growth Fund

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![](g857459img264134de1.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**

![](g857459img90931c972.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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3221 06-25**

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![](g857459img6e002f901.jpg)

Allspring VT Index Asset Allocation Fund

Long Form Financial Statements

Semi-Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_POI-PageBlank-10_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_FS-PageBlank-10_1)** |  |
| [Statement of assets and liabilities](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_FS-PageBlank-10_1) | 20 |
| [Statement of operations](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_FS-PageBlank-10_2) | 21 |
| [Statement of changes in net assets](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_FS-PageBlank-10_3) | 22 |
| [Financial highlights](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_FIHI-PageBlank-10_1) | 23 |
| **[Notes to financial statements](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_NTF-PageBlank-10_1)** | 24 |
| **[Other information](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_1)** | 29 |
| [Item 8. Changes in and disagreements with accountants](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_2) | 30 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_2) | 30 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_2) | 30 |
| [Item 11. Statement regarding basis for board](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_3)['](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_3)[s approval of investment](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_3)<br> [advisory contract](#xx_fa178d23-cd9a-4535-81c3-c063daefb741_OI-PageBlank-10_3)<br>| 31 |

---

Allspring VT Index Asset Allocation Fund \| 1

------

Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 59.73%** |  |  |
| **Communication services: 5.85%** |  |  |
| **Diversified telecommunication services: 0.44%** |  |  |
| AT&T, Inc. | 5554 | &nbsp;&nbsp; $160733 |
| Verizon Communications, Inc. | 3254 | &nbsp;&nbsp; 140800 |
|  |  | &nbsp;&nbsp; **301533** |
| **Entertainment: 1.06%** |  |  |
| Electronic Arts, Inc. | 176 | &nbsp;&nbsp; 28107 |
| Live Nation Entertainment, Inc.† | 122 | &nbsp;&nbsp; 18456 |
| Netflix, Inc.† | 329 | &nbsp;&nbsp; 440574 |
| Take-Two Interactive Software, Inc.† | 131 | &nbsp;&nbsp; 31813 |
| TKO Group Holdings, Inc. Class A | 52 | &nbsp;&nbsp; 9461 |
| Walt Disney Co. | 1388 | &nbsp;&nbsp; 172126 |
| Warner Bros Discovery, Inc.† | 1738 | &nbsp;&nbsp; 19918 |
|  |  | &nbsp;&nbsp; **720455** |
| **Interactive media & services: 3.95%** |  |  |
| Alphabet, Inc. Class A | 4493 | &nbsp;&nbsp; 791802 |
| Alphabet, Inc. Class C | 3624 | &nbsp;&nbsp; 642861 |
| Match Group, Inc. | 189 | &nbsp;&nbsp; 5838 |
| Meta Platforms, Inc. Class A | 1676 | &nbsp;&nbsp; 1237039 |
|  |  | &nbsp;&nbsp; **2677540** |
| **Media: 0.27%** |  |  |
| Charter Communications, Inc. Class A† | 74 | &nbsp;&nbsp; 30252 |
| Comcast Corp. Class A | 2875 | &nbsp;&nbsp; 102609 |
| Fox Corp. Class A | 165 | &nbsp;&nbsp; 9247 |
| Fox Corp. Class B | 102 | &nbsp;&nbsp; 5266 |
| Interpublic Group of Cos., Inc. | 285 | &nbsp;&nbsp; 6977 |
| News Corp. Class A | 291 | &nbsp;&nbsp; 8648 |
| News Corp. Class B | 86 | &nbsp;&nbsp; 2951 |
| Omnicom Group, Inc. | 151 | &nbsp;&nbsp; 10863 |
| Paramount Global Class B | 495 | &nbsp;&nbsp; 6385 |
|  |  | &nbsp;&nbsp; **183198** |
| **Wireless telecommunication services: 0.13%** |  |  |
| T-Mobile U.S., Inc. | 368 | &nbsp;&nbsp; **87680** |
| **Consumer discretionary: 6.19%** |  |  |
| **Automobile components: 0.02%** |  |  |
| Aptiv PLC† | 168 | &nbsp;&nbsp; **11461** |
| **Automobiles: 1.11%** |  |  |
| Ford Motor Co. | 3015 | &nbsp;&nbsp; 32713 |
| General Motors Co. | 742 | &nbsp;&nbsp; 36514 |
| Tesla, Inc.† | 2163 | &nbsp;&nbsp; 687098 |
|  |  | &nbsp;&nbsp; **756325** |

---

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

2 \| Allspring VT Index Asset Allocation Fund

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Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Broadline retail: 2.40%** |  |  |
| Amazon.com, Inc.† | 7294 | &nbsp;&nbsp; $1600231 |
| eBay, Inc. | 356 | &nbsp;&nbsp; 26508 |
|  |  | &nbsp;&nbsp; **1626739** |
| **Distributors: 0.04%** |  |  |
| Genuine Parts Co. | 107 | &nbsp;&nbsp; 12980 |
| LKQ Corp. | 199 | &nbsp;&nbsp; 7365 |
| Pool Corp. | 29 | &nbsp;&nbsp; 8453 |
|  |  | &nbsp;&nbsp; **28798** |
| **Hotels, restaurants & leisure: 1.25%** |  |  |
| Airbnb, Inc. Class A† | 333 | &nbsp;&nbsp; 44069 |
| Booking Holdings, Inc. | 25 | &nbsp;&nbsp; 144731 |
| Caesars Entertainment, Inc.† | 161 | &nbsp;&nbsp; 4571 |
| Carnival Corp.† | 810 | &nbsp;&nbsp; 22777 |
| Chipotle Mexican Grill, Inc. Class A† | 1040 | &nbsp;&nbsp; 58396 |
| Darden Restaurants, Inc. | 90 | &nbsp;&nbsp; 19617 |
| Domino's Pizza, Inc. | 26 | &nbsp;&nbsp; 11716 |
| DoorDash, Inc. Class A† | 265 | &nbsp;&nbsp; 65325 |
| Expedia Group, Inc. | 94 | &nbsp;&nbsp; 15856 |
| Hilton Worldwide Holdings, Inc. | 183 | &nbsp;&nbsp; 48740 |
| Las Vegas Sands Corp. | 262 | &nbsp;&nbsp; 11400 |
| Marriott International, Inc. Class A | 175 | &nbsp;&nbsp; 47812 |
| McDonald's Corp. | 552 | &nbsp;&nbsp; 161278 |
| MGM Resorts International† | 160 | &nbsp;&nbsp; 5502 |
| Norwegian Cruise Line Holdings Ltd.† | 345 | &nbsp;&nbsp; 6997 |
| Royal Caribbean Cruises Ltd. | 193 | &nbsp;&nbsp; 60436 |
| Starbucks Corp. | 877 | &nbsp;&nbsp; 80359 |
| Wynn Resorts Ltd. | 68 | &nbsp;&nbsp; 6369 |
| Yum! Brands, Inc. | 215 | &nbsp;&nbsp; 31859 |
|  |  | &nbsp;&nbsp; **847810** |
| **Household durables: 0.16%** |  |  |
| D.R. Horton, Inc. | 213 | &nbsp;&nbsp; 27460 |
| Garmin Ltd. | 119 | &nbsp;&nbsp; 24838 |
| Lennar Corp. Class A | 179 | &nbsp;&nbsp; 19799 |
| Mohawk Industries, Inc.† | 40 | &nbsp;&nbsp; 4194 |
| NVR, Inc.† | 2 | &nbsp;&nbsp; 14771 |
| PulteGroup, Inc. | 155 | &nbsp;&nbsp; 16346 |
|  |  | &nbsp;&nbsp; **107408** |
| **Leisure products: 0.01%** |  |  |
| Hasbro, Inc. | 102 | &nbsp;&nbsp; **7530** |
| **Specialty retail: 1.02%** |  |  |
| AutoZone, Inc.† | 13 | &nbsp;&nbsp; 48259 |
| Best Buy Co., Inc. | 149 | &nbsp;&nbsp; 10002 |
| CarMax, Inc.† | 118 | &nbsp;&nbsp; 7931 |
| Home Depot, Inc. | 767 | &nbsp;&nbsp; 281213 |

---

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

Allspring VT Index Asset Allocation Fund \| 3

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Specialty retail**(continued) |  |  |
| Lowe's Cos., Inc. | 432 | &nbsp;&nbsp; $95848 |
| O'Reilly Automotive, Inc.† | 660 | &nbsp;&nbsp; 59486 |
| Ross Stores, Inc. | 254 | &nbsp;&nbsp; 32405 |
| TJX Cos., Inc. | 862 | &nbsp;&nbsp; 106448 |
| Tractor Supply Co. | 409 | &nbsp;&nbsp; 21583 |
| Ulta Beauty, Inc.† | 35 | &nbsp;&nbsp; 16374 |
| Williams-Sonoma, Inc. | 95 | &nbsp;&nbsp; 15520 |
|  |  | &nbsp;&nbsp; **695069** |
| **Textiles, apparel & luxury goods: 0.18%** |  |  |
| Deckers Outdoor Corp.† | 117 | &nbsp;&nbsp; 12059 |
| lululemon athletica, Inc.† | 85 | &nbsp;&nbsp; 20194 |
| NIKE, Inc. Class B | 909 | &nbsp;&nbsp; 64575 |
| Ralph Lauren Corp. Class A | 31 | &nbsp;&nbsp; 8503 |
| Tapestry, Inc. | 160 | &nbsp;&nbsp; 14050 |
|  |  | &nbsp;&nbsp; **119381** |
| **Consumer staples: 3.29%** |  |  |
| **Beverages: 0.66%** |  |  |
| Brown-Forman Corp. Class B | 141 | &nbsp;&nbsp; 3794 |
| Coca-Cola Co. | 2990 | &nbsp;&nbsp; 211543 |
| Constellation Brands, Inc. Class A | 118 | &nbsp;&nbsp; 19196 |
| Keurig Dr Pepper, Inc. | 1048 | &nbsp;&nbsp; 34647 |
| Molson Coors Beverage Co. Class B | 132 | &nbsp;&nbsp; 6348 |
| Monster Beverage Corp.† | 542 | &nbsp;&nbsp; 33951 |
| PepsiCo, Inc. | 1058 | &nbsp;&nbsp; 139698 |
|  |  | &nbsp;&nbsp; **449177** |
| **Consumer staples distribution & retail: 1.18%** |  |  |
| Costco Wholesale Corp. | 342 | &nbsp;&nbsp; 338559 |
| Dollar General Corp. | 170 | &nbsp;&nbsp; 19445 |
| Dollar Tree, Inc.† | 152 | &nbsp;&nbsp; 15054 |
| Kroger Co. | 473 | &nbsp;&nbsp; 33928 |
| Sysco Corp. | 374 | &nbsp;&nbsp; 28327 |
| Target Corp. | 351 | &nbsp;&nbsp; 34626 |
| Walgreens Boots Alliance, Inc. | 554 | &nbsp;&nbsp; 6360 |
| Walmart, Inc. | 3335 | &nbsp;&nbsp; 326096 |
|  |  | &nbsp;&nbsp; **802395** |
| **Food products: 0.34%** |  |  |
| Archer-Daniels-Midland Co. | 371 | &nbsp;&nbsp; 19581 |
| Bunge Global SA | 104 | &nbsp;&nbsp; 8349 |
| Campbell's Co. | 152 | &nbsp;&nbsp; 4659 |
| Conagra Brands, Inc. | 368 | &nbsp;&nbsp; 7533 |
| General Mills, Inc. | 423 | &nbsp;&nbsp; 21916 |
| Hershey Co. | 114 | &nbsp;&nbsp; 18918 |
| Hormel Foods Corp. | 225 | &nbsp;&nbsp; 6806 |
| J.M. Smucker Co. | 82 | &nbsp;&nbsp; 8052 |
| Kellanova | 208 | &nbsp;&nbsp; 16542 |

---

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

4 \| Allspring VT Index Asset Allocation Fund

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Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Food products**(continued) |  |  |
| Kraft Heinz Co. | 667 | &nbsp;&nbsp; $17222 |
| Lamb Weston Holdings, Inc. | 109 | &nbsp;&nbsp; 5652 |
| McCormick & Co., Inc. | 195 | &nbsp;&nbsp; 14785 |
| Mondelez International, Inc. Class A | 999 | &nbsp;&nbsp; 67373 |
| Tyson Foods, Inc. Class A | 221 | &nbsp;&nbsp; 12363 |
|  |  | &nbsp;&nbsp; **229751** |
| **Household products: 0.60%** |  |  |
| Church & Dwight Co., Inc. | 190 | &nbsp;&nbsp; 18261 |
| Clorox Co. | 95 | &nbsp;&nbsp; 11407 |
| Colgate-Palmolive Co. | 626 | &nbsp;&nbsp; 56903 |
| Kimberly-Clark Corp. | 256 | &nbsp;&nbsp; 33004 |
| Procter & Gamble Co. | 1810 | &nbsp;&nbsp; 288369 |
|  |  | &nbsp;&nbsp; **407944** |
| **Personal care products: 0.07%** |  |  |
| Estee Lauder Cos., Inc. Class A | 181 | &nbsp;&nbsp; 14625 |
| Kenvue, Inc. | 1482 | &nbsp;&nbsp; 31018 |
|  |  | &nbsp;&nbsp; **45643** |
| **Tobacco: 0.44%** |  |  |
| Altria Group, Inc. | 1300 | &nbsp;&nbsp; 76219 |
| Philip Morris International, Inc. | 1202 | &nbsp;&nbsp; 218920 |
|  |  | &nbsp;&nbsp; **295139** |
| **Energy: 1.78%** |  |  |
| **Energy equipment & services: 0.12%** |  |  |
| Baker Hughes Co. Class A | 765 | &nbsp;&nbsp; 29330 |
| Halliburton Co. | 664 | &nbsp;&nbsp; 13533 |
| Schlumberger NV | 1050 | &nbsp;&nbsp; 35490 |
|  |  | &nbsp;&nbsp; **78353** |
| **Oil, gas & consumable fuels: 1.66%** |  |  |
| APA Corp. | 279 | &nbsp;&nbsp; 5103 |
| Chevron Corp. | 1254 | &nbsp;&nbsp; 179560 |
| ConocoPhillips | 974 | &nbsp;&nbsp; 87407 |
| Coterra Energy, Inc. | 589 | &nbsp;&nbsp; 14949 |
| Devon Energy Corp. | 496 | &nbsp;&nbsp; 15778 |
| Diamondback Energy, Inc. | 144 | &nbsp;&nbsp; 19786 |
| EOG Resources, Inc. | 421 | &nbsp;&nbsp; 50356 |
| EQT Corp. | 462 | &nbsp;&nbsp; 26944 |
| Expand Energy Corp. | 167 | &nbsp;&nbsp; 19529 |
| Exxon Mobil Corp. | 3327 | &nbsp;&nbsp; 358650 |
| Hess Corp. | 214 | &nbsp;&nbsp; 29647 |
| Kinder Morgan, Inc. | 1492 | &nbsp;&nbsp; 43865 |
| Marathon Petroleum Corp. | 237 | &nbsp;&nbsp; 39368 |
| Occidental Petroleum Corp. | 547 | &nbsp;&nbsp; 22979 |
| ONEOK, Inc. | 482 | &nbsp;&nbsp; 39346 |
| Phillips 66 | 315 | &nbsp;&nbsp; 37579 |

---

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

Allspring VT Index Asset Allocation Fund \| 5

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Oil, gas & consumable fuels**(continued) |  |  |
| Targa Resources Corp. | 167 | &nbsp;&nbsp; $29071 |
| Texas Pacific Land Corp. | 15 | &nbsp;&nbsp; 15846 |
| Valero Energy Corp. | 242 | &nbsp;&nbsp; 32530 |
| Williams Cos., Inc. | 943 | &nbsp;&nbsp; 59230 |
|  |  | &nbsp;&nbsp; **1127523** |
| **Financials: 8.38%** |  |  |
| **Banks: 2.14%** |  |  |
| Bank of America Corp. | 5058 | &nbsp;&nbsp; 239344 |
| Citigroup, Inc. | 1442 | &nbsp;&nbsp; 122743 |
| Citizens Financial Group, Inc. | 335 | &nbsp;&nbsp; 14991 |
| Fifth Third Bancorp | 515 | &nbsp;&nbsp; 21182 |
| Huntington Bancshares, Inc. | 1125 | &nbsp;&nbsp; 18855 |
| JPMorgan Chase & Co. | 2145 | &nbsp;&nbsp; 621857 |
| KeyCorp | 761 | &nbsp;&nbsp; 13257 |
| M&T Bank Corp. | 124 | &nbsp;&nbsp; 24055 |
| PNC Financial Services Group, Inc. | 305 | &nbsp;&nbsp; 56858 |
| Regions Financial Corp. | 694 | &nbsp;&nbsp; 16323 |
| Truist Financial Corp. | 1011 | &nbsp;&nbsp; 43463 |
| U.S. Bancorp | 1203 | &nbsp;&nbsp; 54436 |
| Wells Fargo & Co. | 2512 | &nbsp;&nbsp; 201261 |
|  |  | &nbsp;&nbsp; **1448625** |
| **Capital markets: 2.03%** |  |  |
| Ameriprise Financial, Inc. | 74 | &nbsp;&nbsp; 39496 |
| Bank of New York Mellon Corp. | 552 | &nbsp;&nbsp; 50293 |
| BlackRock, Inc. | 112 | &nbsp;&nbsp; 117516 |
| Blackstone, Inc. | 563 | &nbsp;&nbsp; 84214 |
| Cboe Global Markets, Inc. | 81 | &nbsp;&nbsp; 18890 |
| Charles Schwab Corp. | 1318 | &nbsp;&nbsp; 120254 |
| CME Group, Inc. | 278 | &nbsp;&nbsp; 76622 |
| Coinbase Global, Inc. Class A† | 163 | &nbsp;&nbsp; 57130 |
| FactSet Research Systems, Inc. | 29 | &nbsp;&nbsp; 12971 |
| Franklin Resources, Inc. | 239 | &nbsp;&nbsp; 5700 |
| Goldman Sachs Group, Inc. | 237 | &nbsp;&nbsp; 167737 |
| Intercontinental Exchange, Inc. | 443 | &nbsp;&nbsp; 81277 |
| Invesco Ltd. | 345 | &nbsp;&nbsp; 5441 |
| KKR & Co., Inc. | 523 | &nbsp;&nbsp; 69575 |
| MarketAxess Holdings, Inc. | 29 | &nbsp;&nbsp; 6477 |
| Moody's Corp. | 119 | &nbsp;&nbsp; 59689 |
| Morgan Stanley | 954 | &nbsp;&nbsp; 134380 |
| MSCI, Inc. Class A | 60 | &nbsp;&nbsp; 34604 |
| Nasdaq, Inc. | 319 | &nbsp;&nbsp; 28525 |
| Northern Trust Corp. | 150 | &nbsp;&nbsp; 19019 |
| Raymond James Financial, Inc. | 140 | &nbsp;&nbsp; 21472 |
| S&P Global, Inc. | 242 | &nbsp;&nbsp; 127604 |
| State Street Corp. | 220 | &nbsp;&nbsp; 23395 |
| T. Rowe Price Group, Inc. | 170 | &nbsp;&nbsp; 16405 |
|  |  | &nbsp;&nbsp; **1378686** |

---

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

6 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Consumer finance: 0.38%** |  |  |
| American Express Co. | 427 | &nbsp;&nbsp; $136204 |
| Capital One Financial Corp. | 494 | &nbsp;&nbsp; 105103 |
| Synchrony Financial | 294 | &nbsp;&nbsp; 19622 |
|  |  | &nbsp;&nbsp; **260929** |
| **Financial services: 2.60%** |  |  |
| Apollo Global Management, Inc. | 349 | &nbsp;&nbsp; 49513 |
| Berkshire Hathaway, Inc. Class B† | 1415 | &nbsp;&nbsp; 687365 |
| Corpay, Inc.† | 54 | &nbsp;&nbsp; 17918 |
| Fidelity National Information Services, Inc. | 406 | &nbsp;&nbsp; 33052 |
| Fiserv, Inc.† | 428 | &nbsp;&nbsp; 73791 |
| Global Payments, Inc. | 188 | &nbsp;&nbsp; 15048 |
| Jack Henry & Associates, Inc. | 56 | &nbsp;&nbsp; 10090 |
| Mastercard, Inc. Class A | 626 | &nbsp;&nbsp; 351774 |
| PayPal Holdings, Inc.† | 751 | &nbsp;&nbsp; 55814 |
| Visa, Inc. Class A | 1321 | &nbsp;&nbsp; 469021 |
|  |  | &nbsp;&nbsp; **1763386** |
| **Insurance: 1.23%** |  |  |
| Aflac, Inc. | 376 | &nbsp;&nbsp; 39653 |
| Allstate Corp. | 204 | &nbsp;&nbsp; 41067 |
| American International Group, Inc. | 445 | &nbsp;&nbsp; 38088 |
| Aon PLC Class A | 167 | &nbsp;&nbsp; 59579 |
| Arch Capital Group Ltd. | 288 | &nbsp;&nbsp; 26222 |
| Arthur J Gallagher & Co. | 198 | &nbsp;&nbsp; 63384 |
| Assurant, Inc. | 39 | &nbsp;&nbsp; 7702 |
| Brown & Brown, Inc. | 216 | &nbsp;&nbsp; 23948 |
| Chubb Ltd. | 288 | &nbsp;&nbsp; 83439 |
| Cincinnati Financial Corp. | 121 | &nbsp;&nbsp; 18019 |
| Erie Indemnity Co. Class A | 19 | &nbsp;&nbsp; 6589 |
| Everest Group Ltd. | 33 | &nbsp;&nbsp; 11215 |
| Globe Life, Inc. | 64 | &nbsp;&nbsp; 7955 |
| Hartford Insurance Group, Inc. | 219 | &nbsp;&nbsp; 27785 |
| Loews Corp. | 134 | &nbsp;&nbsp; 12282 |
| Marsh & McLennan Cos., Inc. | 380 | &nbsp;&nbsp; 83083 |
| MetLife, Inc. | 435 | &nbsp;&nbsp; 34983 |
| Principal Financial Group, Inc. | 159 | &nbsp;&nbsp; 12629 |
| Progressive Corp. | 453 | &nbsp;&nbsp; 120888 |
| Prudential Financial, Inc. | 273 | &nbsp;&nbsp; 29331 |
| Travelers Cos., Inc. | 175 | &nbsp;&nbsp; 46819 |
| W.R. Berkley Corp. | 231 | &nbsp;&nbsp; 16972 |
| Willis Towers Watson PLC | 77 | &nbsp;&nbsp; 23601 |
|  |  | &nbsp;&nbsp; **835233** |
| **Health care: 5.56%** |  |  |
| **Biotechnology: 0.94%** |  |  |
| AbbVie, Inc. | 1364 | &nbsp;&nbsp; 253186 |
| Amgen, Inc. | 415 | &nbsp;&nbsp; 115872 |
| Biogen, Inc.† | 113 | &nbsp;&nbsp; 14192 |

---

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

Allspring VT Index Asset Allocation Fund \| 7

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Biotechnology**(continued) |  |  |
| Gilead Sciences, Inc. | 960 | &nbsp;&nbsp; $106435 |
| Incyte Corp.† | 124 | &nbsp;&nbsp; 8444 |
| Moderna, Inc.† | 263 | &nbsp;&nbsp; 7256 |
| Regeneron Pharmaceuticals, Inc. | 80 | &nbsp;&nbsp; 42000 |
| Vertex Pharmaceuticals, Inc.† | 198 | &nbsp;&nbsp; 88150 |
|  |  | &nbsp;&nbsp; **635535** |
| **Health care equipment & supplies: 1.38%** |  |  |
| Abbott Laboratories | 1343 | &nbsp;&nbsp; 182661 |
| Align Technology, Inc.† | 53 | &nbsp;&nbsp; 10034 |
| Baxter International, Inc. | 396 | &nbsp;&nbsp; 11991 |
| Becton Dickinson & Co. | 221 | &nbsp;&nbsp; 38067 |
| Boston Scientific Corp.† | 1142 | &nbsp;&nbsp; 122662 |
| Cooper Cos., Inc.† | 154 | &nbsp;&nbsp; 10959 |
| DexCom, Inc.† | 303 | &nbsp;&nbsp; 26449 |
| Edwards Lifesciences Corp.† | 453 | &nbsp;&nbsp; 35429 |
| GE HealthCare Technologies, Inc. | 353 | &nbsp;&nbsp; 26147 |
| Hologic, Inc.† | 172 | &nbsp;&nbsp; 11207 |
| IDEXX Laboratories, Inc.† | 62 | &nbsp;&nbsp; 33253 |
| Insulet Corp.† | 54 | &nbsp;&nbsp; 16966 |
| Intuitive Surgical, Inc.† | 277 | &nbsp;&nbsp; 150525 |
| Medtronic PLC | 990 | &nbsp;&nbsp; 86298 |
| ResMed, Inc. | 113 | &nbsp;&nbsp; 29154 |
| Solventum Corp.† | 107 | &nbsp;&nbsp; 8115 |
| STERIS PLC | 76 | &nbsp;&nbsp; 18257 |
| Stryker Corp. | 266 | &nbsp;&nbsp; 105238 |
| Zimmer Biomet Holdings, Inc. | 153 | &nbsp;&nbsp; 13955 |
|  |  | &nbsp;&nbsp; **937367** |
| **Health care providers & services: 1.06%** |  |  |
| Cardinal Health, Inc. | 184 | &nbsp;&nbsp; 30912 |
| Cencora, Inc. | 133 | &nbsp;&nbsp; 39880 |
| Centene Corp.† | 384 | &nbsp;&nbsp; 20844 |
| Cigna Group | 206 | &nbsp;&nbsp; 68099 |
| CVS Health Corp. | 976 | &nbsp;&nbsp; 67324 |
| DaVita, Inc.† | 32 | &nbsp;&nbsp; 4558 |
| Elevance Health, Inc. | 174 | &nbsp;&nbsp; 67679 |
| HCA Healthcare, Inc. | 134 | &nbsp;&nbsp; 51335 |
| Henry Schein, Inc.† | 94 | &nbsp;&nbsp; 6867 |
| Humana, Inc. | 93 | &nbsp;&nbsp; 22737 |
| Labcorp Holdings, Inc. | 65 | &nbsp;&nbsp; 17063 |
| McKesson Corp. | 97 | &nbsp;&nbsp; 71080 |
| Molina Healthcare, Inc.† | 42 | &nbsp;&nbsp; 12512 |
| Quest Diagnostics, Inc. | 86 | &nbsp;&nbsp; 15448 |
| UnitedHealth Group, Inc. | 700 | &nbsp;&nbsp; 218379 |
| Universal Health Services, Inc. Class B | 44 | &nbsp;&nbsp; 7971 |
|  |  | &nbsp;&nbsp; **722688** |

---

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

8 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Life sciences tools & services: 0.48%** |  |  |
| Agilent Technologies, Inc. | 220 | &nbsp;&nbsp; $25962 |
| Bio-Techne Corp. | 121 | &nbsp;&nbsp; 6225 |
| Charles River Laboratories International, Inc.† | 38 | &nbsp;&nbsp; 5766 |
| Danaher Corp. | 492 | &nbsp;&nbsp; 97190 |
| IQVIA Holdings, Inc.† | 127 | &nbsp;&nbsp; 20014 |
| Mettler-Toledo International, Inc.† | 16 | &nbsp;&nbsp; 18795 |
| Revvity, Inc. | 91 | &nbsp;&nbsp; 8802 |
| Thermo Fisher Scientific, Inc. | 291 | &nbsp;&nbsp; 117989 |
| Waters Corp.† | 46 | &nbsp;&nbsp; 16056 |
| West Pharmaceutical Services, Inc. | 55 | &nbsp;&nbsp; 12034 |
|  |  | &nbsp;&nbsp; **328833** |
| **Pharmaceuticals: 1.70%** |  |  |
| Bristol-Myers Squibb Co. | 1571 | &nbsp;&nbsp; 72722 |
| Eli Lilly & Co. | 607 | &nbsp;&nbsp; 473175 |
| Johnson & Johnson | 1857 | &nbsp;&nbsp; 283657 |
| Merck & Co., Inc. | 1938 | &nbsp;&nbsp; 153412 |
| Pfizer, Inc. | 4389 | &nbsp;&nbsp; 106389 |
| Viatris, Inc. | 906 | &nbsp;&nbsp; 8090 |
| Zoetis, Inc. | 344 | &nbsp;&nbsp; 53647 |
|  |  | &nbsp;&nbsp; **1151092** |
| **Industrials: 5.13%** |  |  |
| **Aerospace & defense: 1.32%** |  |  |
| Axon Enterprise, Inc.† | 57 | &nbsp;&nbsp; 47193 |
| Boeing Co.† | 582 | &nbsp;&nbsp; 121946 |
| General Dynamics Corp. | 194 | &nbsp;&nbsp; 56582 |
| General Electric Co. | 823 | &nbsp;&nbsp; 211832 |
| Howmet Aerospace, Inc. | 312 | &nbsp;&nbsp; 58073 |
| Huntington Ingalls Industries, Inc. | 30 | &nbsp;&nbsp; 7244 |
| L3Harris Technologies, Inc. | 144 | &nbsp;&nbsp; 36121 |
| Lockheed Martin Corp. | 161 | &nbsp;&nbsp; 74565 |
| Northrop Grumman Corp. | 104 | &nbsp;&nbsp; 51998 |
| RTX Corp. | 1031 | &nbsp;&nbsp; 150547 |
| Textron, Inc. | 139 | &nbsp;&nbsp; 11160 |
| TransDigm Group, Inc. | 43 | &nbsp;&nbsp; 65387 |
|  |  | &nbsp;&nbsp; **892648** |
| **Air freight & logistics: 0.17%** |  |  |
| CH Robinson Worldwide, Inc. | 92 | &nbsp;&nbsp; 8827 |
| Expeditors International of Washington, Inc. | 106 | &nbsp;&nbsp; 12111 |
| FedEx Corp. | 170 | &nbsp;&nbsp; 38643 |
| United Parcel Service, Inc. Class B | 566 | &nbsp;&nbsp; 57132 |
|  |  | &nbsp;&nbsp; **116713** |
| **Building products: 0.33%** |  |  |
| A.O. Smith Corp. | 90 | &nbsp;&nbsp; 5901 |
| Allegion PLC | 66 | &nbsp;&nbsp; 9512 |
| Builders FirstSource, Inc.† | 85 | &nbsp;&nbsp; 9919 |

---

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

Allspring VT Index Asset Allocation Fund \| 9

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Building products**(continued) |  |  |
| Carrier Global Corp. | 615 | &nbsp;&nbsp; $45012 |
| Johnson Controls International PLC | 508 | &nbsp;&nbsp; 53655 |
| Lennox International, Inc. | 25 | &nbsp;&nbsp; 14331 |
| Masco Corp. | 163 | &nbsp;&nbsp; 10491 |
| Trane Technologies PLC | 172 | &nbsp;&nbsp; 75234 |
|  |  | &nbsp;&nbsp; **224055** |
| **Commercial services & supplies: 0.34%** |  |  |
| Cintas Corp. | 265 | &nbsp;&nbsp; 59061 |
| Copart, Inc.† | 679 | &nbsp;&nbsp; 33319 |
| Republic Services, Inc. Class A | 157 | &nbsp;&nbsp; 38718 |
| Rollins, Inc. | 217 | &nbsp;&nbsp; 12243 |
| Veralto Corp. | 191 | &nbsp;&nbsp; 19281 |
| Waste Management, Inc. | 283 | &nbsp;&nbsp; 64756 |
|  |  | &nbsp;&nbsp; **227378** |
| **Construction & engineering: 0.06%** |  |  |
| Quanta Services, Inc. | 114 | &nbsp;&nbsp; **43101** |
| **Electrical equipment: 0.53%** |  |  |
| AMETEK, Inc. | 178 | &nbsp;&nbsp; 32211 |
| Eaton Corp. PLC | 302 | &nbsp;&nbsp; 107811 |
| Emerson Electric Co. | 434 | &nbsp;&nbsp; 57865 |
| GE Vernova, Inc. | 211 | &nbsp;&nbsp; 111650 |
| Generac Holdings, Inc.† | 46 | &nbsp;&nbsp; 6588 |
| Hubbell, Inc. Class B | 41 | &nbsp;&nbsp; 16745 |
| Rockwell Automation, Inc. | 87 | &nbsp;&nbsp; 28899 |
|  |  | &nbsp;&nbsp; **361769** |
| **Ground transportation: 0.56%** |  |  |
| CSX Corp. | 1450 | &nbsp;&nbsp; 47314 |
| J.B. Hunt Transport Services, Inc. | 60 | &nbsp;&nbsp; 8616 |
| Norfolk Southern Corp. | 174 | &nbsp;&nbsp; 44539 |
| Old Dominion Freight Line, Inc. | 144 | &nbsp;&nbsp; 23371 |
| Uber Technologies, Inc.† | 1614 | &nbsp;&nbsp; 150586 |
| Union Pacific Corp. | 461 | &nbsp;&nbsp; 106067 |
|  |  | &nbsp;&nbsp; **380493** |
| **Industrial conglomerates: 0.26%** |  |  |
| 3M Co. | 415 | &nbsp;&nbsp; 63180 |
| Honeywell International, Inc. | 496 | &nbsp;&nbsp; 115508 |
|  |  | &nbsp;&nbsp; **178688** |
| **Machinery: 0.93%** |  |  |
| Caterpillar, Inc. | 363 | &nbsp;&nbsp; 140920 |
| Cummins, Inc. | 106 | &nbsp;&nbsp; 34715 |
| Deere & Co. | 195 | &nbsp;&nbsp; 99156 |
| Dover Corp. | 106 | &nbsp;&nbsp; 19422 |
| Fortive Corp. | 267 | &nbsp;&nbsp; 13919 |

---

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

10 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Machinery**(continued) |  |  |
| IDEX Corp. | 58 | &nbsp;&nbsp; $10183 |
| Illinois Tool Works, Inc. | 206 | &nbsp;&nbsp; 50933 |
| Ingersoll Rand, Inc. | 311 | &nbsp;&nbsp; 25869 |
| Nordson Corp. | 42 | &nbsp;&nbsp; 9004 |
| Otis Worldwide Corp. | 305 | &nbsp;&nbsp; 30201 |
| PACCAR, Inc. | 405 | &nbsp;&nbsp; 38499 |
| Parker-Hannifin Corp. | 99 | &nbsp;&nbsp; 69149 |
| Pentair PLC | 127 | &nbsp;&nbsp; 13038 |
| Snap-on, Inc. | 40 | &nbsp;&nbsp; 12447 |
| Stanley Black & Decker, Inc. | 119 | &nbsp;&nbsp; 8062 |
| Westinghouse Air Brake Technologies Corp. | 132 | &nbsp;&nbsp; 27634 |
| Xylem, Inc. | 188 | &nbsp;&nbsp; 24320 |
|  |  | &nbsp;&nbsp; **627471** |
| **Passenger airlines: 0.09%** |  |  |
| Delta Air Lines, Inc. | 504 | &nbsp;&nbsp; 24787 |
| Southwest Airlines Co. | 440 | &nbsp;&nbsp; 14273 |
| United Airlines Holdings, Inc.† | 252 | &nbsp;&nbsp; 20067 |
|  |  | &nbsp;&nbsp; **59127** |
| **Professional services: 0.38%** |  |  |
| Automatic Data Processing, Inc. | 313 | &nbsp;&nbsp; 96529 |
| Broadridge Financial Solutions, Inc. | 91 | &nbsp;&nbsp; 22116 |
| Dayforce, Inc.† | 123 | &nbsp;&nbsp; 6813 |
| Equifax, Inc. | 96 | &nbsp;&nbsp; 24899 |
| Jacobs Solutions, Inc. | 93 | &nbsp;&nbsp; 12225 |
| Leidos Holdings, Inc. | 99 | &nbsp;&nbsp; 15618 |
| Paychex, Inc. | 247 | &nbsp;&nbsp; 35929 |
| Paycom Software, Inc. | 38 | &nbsp;&nbsp; 8793 |
| Verisk Analytics, Inc. Class A | 108 | &nbsp;&nbsp; 33642 |
|  |  | &nbsp;&nbsp; **256564** |
| **Trading companies & distributors: 0.16%** |  |  |
| Fastenal Co. | 886 | &nbsp;&nbsp; 37212 |
| United Rentals, Inc. | 50 | &nbsp;&nbsp; 37670 |
| WW Grainger, Inc. | 34 | &nbsp;&nbsp; 35368 |
|  |  | &nbsp;&nbsp; **110250** |
| **Information technology: 19.78%** |  |  |
| **Communications equipment: 0.55%** |  |  |
| Arista Networks, Inc.† | 795 | &nbsp;&nbsp; 81337 |
| Cisco Systems, Inc. | 3071 | &nbsp;&nbsp; 213066 |
| F5, Inc.† | 44 | &nbsp;&nbsp; 12950 |
| Juniper Networks, Inc. | 256 | &nbsp;&nbsp; 10222 |
| Motorola Solutions, Inc. | 129 | &nbsp;&nbsp; 54239 |
|  |  | &nbsp;&nbsp; **371814** |
| **Electronic equipment, instruments & components: 0.40%** |  |  |
| Amphenol Corp. Class A | 934 | &nbsp;&nbsp; 92233 |

---

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

Allspring VT Index Asset Allocation Fund \| 11

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components**(continued) |  |  |
| CDW Corp. | 102 | &nbsp;&nbsp; $18216 |
| Corning, Inc. | 595 | &nbsp;&nbsp; 31291 |
| Jabil, Inc. | 83 | &nbsp;&nbsp; 18102 |
| Keysight Technologies, Inc.† | 133 | &nbsp;&nbsp; 21793 |
| Ralliant Corp.† | 89 | &nbsp;&nbsp; 4316 |
| TE Connectivity PLC | 229 | &nbsp;&nbsp; 38626 |
| Teledyne Technologies, Inc.† | 36 | &nbsp;&nbsp; 18443 |
| Trimble, Inc.† | 184 | &nbsp;&nbsp; 13980 |
| Zebra Technologies Corp. Class A† | 39 | &nbsp;&nbsp; 12026 |
|  |  | &nbsp;&nbsp; **269026** |
| **IT services: 0.68%** |  |  |
| Accenture PLC Class A | 483 | &nbsp;&nbsp; 144364 |
| Akamai Technologies, Inc.† | 113 | &nbsp;&nbsp; 9013 |
| Cognizant Technology Solutions Corp. Class A | 381 | &nbsp;&nbsp; 29729 |
| EPAM Systems, Inc.† | 44 | &nbsp;&nbsp; 7780 |
| Gartner, Inc.† | 59 | &nbsp;&nbsp; 23849 |
| GoDaddy, Inc. Class A† | 110 | &nbsp;&nbsp; 19807 |
| International Business Machines Corp. | 717 | &nbsp;&nbsp; 211357 |
| VeriSign, Inc. | 62 | &nbsp;&nbsp; 17906 |
|  |  | &nbsp;&nbsp; **463805** |
| **Semiconductors & semiconductor equipment: 7.61%** |  |  |
| Advanced Micro Devices, Inc.† | 1252 | &nbsp;&nbsp; 177659 |
| Analog Devices, Inc. | 383 | &nbsp;&nbsp; 91162 |
| Applied Materials, Inc. | 627 | &nbsp;&nbsp; 114785 |
| Broadcom, Inc. | 3630 | &nbsp;&nbsp; 1000609 |
| Enphase Energy, Inc.† | 101 | &nbsp;&nbsp; 4005 |
| First Solar, Inc.† | 83 | &nbsp;&nbsp; 13740 |
| Intel Corp. | 3367 | &nbsp;&nbsp; 75421 |
| KLA Corp. | 102 | &nbsp;&nbsp; 91365 |
| Lam Research Corp. | 987 | &nbsp;&nbsp; 96075 |
| Microchip Technology, Inc. | 415 | &nbsp;&nbsp; 29203 |
| Micron Technology, Inc. | 863 | &nbsp;&nbsp; 106365 |
| Monolithic Power Systems, Inc. | 37 | &nbsp;&nbsp; 27061 |
| NVIDIA Corp. | 18825 | &nbsp;&nbsp; 2974162 |
| NXP Semiconductors NV | 195 | &nbsp;&nbsp; 42605 |
| ON Semiconductor Corp.† | 323 | &nbsp;&nbsp; 16928 |
| QUALCOMM, Inc. | 847 | &nbsp;&nbsp; 134893 |
| Skyworks Solutions, Inc. | 116 | &nbsp;&nbsp; 8644 |
| Teradyne, Inc. | 124 | &nbsp;&nbsp; 11150 |
| Texas Instruments, Inc. | 701 | &nbsp;&nbsp; 145542 |
|  |  | &nbsp;&nbsp; **5161374** |
| **Software: 6.84%** |  |  |
| Adobe, Inc.† | 329 | &nbsp;&nbsp; 127283 |
| ANSYS, Inc.† | 69 | &nbsp;&nbsp; 24234 |
| Autodesk, Inc.† | 165 | &nbsp;&nbsp; 51079 |
| Cadence Design Systems, Inc.† | 211 | &nbsp;&nbsp; 65020 |

---

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

12 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Crowdstrike Holdings, Inc. Class A† | 192 | &nbsp;&nbsp; $97788 |
| Fair Isaac Corp.† | 19 | &nbsp;&nbsp; 34731 |
| Fortinet, Inc.† | 490 | &nbsp;&nbsp; 51803 |
| Gen Digital, Inc. | 421 | &nbsp;&nbsp; 12377 |
| Intuit, Inc. | 216 | &nbsp;&nbsp; 170128 |
| Microsoft Corp. | 5737 | &nbsp;&nbsp; 2853641 |
| Oracle Corp. | 1255 | &nbsp;&nbsp; 274381 |
| Palantir Technologies, Inc. Class A† | 1642 | &nbsp;&nbsp; 223837 |
| Palo Alto Networks, Inc.† | 511 | &nbsp;&nbsp; 104571 |
| PTC, Inc.† | 93 | &nbsp;&nbsp; 16028 |
| Roper Technologies, Inc. | 83 | &nbsp;&nbsp; 47048 |
| Salesforce, Inc. | 741 | &nbsp;&nbsp; 202063 |
| ServiceNow, Inc.† | 160 | &nbsp;&nbsp; 164493 |
| Synopsys, Inc.† | 119 | &nbsp;&nbsp; 61009 |
| Tyler Technologies, Inc.† | 33 | &nbsp;&nbsp; 19564 |
| Workday, Inc. Class A† | 167 | &nbsp;&nbsp; 40080 |
|  |  | &nbsp;&nbsp; **4641158** |
| **Technology hardware, storage & peripherals: 3.70%** |  |  |
| Apple, Inc. | 11529 | &nbsp;&nbsp; 2365405 |
| Dell Technologies, Inc. Class C | 231 | &nbsp;&nbsp; 28321 |
| Hewlett Packard Enterprise Co. | 1014 | &nbsp;&nbsp; 20736 |
| HP, Inc. | 728 | &nbsp;&nbsp; 17807 |
| NetApp, Inc. | 157 | &nbsp;&nbsp; 16728 |
| Seagate Technology Holdings PLC | 164 | &nbsp;&nbsp; 23670 |
| Super Micro Computer, Inc.† | 396 | &nbsp;&nbsp; 19408 |
| Western Digital Corp. | 269 | &nbsp;&nbsp; 17213 |
|  |  | &nbsp;&nbsp; **2509288** |
| **Materials: 1.12%** |  |  |
| **Chemicals: 0.72%** |  |  |
| Air Products & Chemicals, Inc. | 172 | &nbsp;&nbsp; 48514 |
| Albemarle Corp. | 91 | &nbsp;&nbsp; 5703 |
| CF Industries Holdings, Inc. | 125 | &nbsp;&nbsp; 11500 |
| Corteva, Inc. | 527 | &nbsp;&nbsp; 39277 |
| Dow, Inc. | 546 | &nbsp;&nbsp; 14458 |
| DuPont de Nemours, Inc. | 323 | &nbsp;&nbsp; 22155 |
| Eastman Chemical Co. | 89 | &nbsp;&nbsp; 6645 |
| Ecolab, Inc. | 195 | &nbsp;&nbsp; 52541 |
| International Flavors & Fragrances, Inc. | 197 | &nbsp;&nbsp; 14490 |
| Linde PLC | 363 | &nbsp;&nbsp; 170312 |
| LyondellBasell Industries NV Class A | 198 | &nbsp;&nbsp; 11456 |
| Mosaic Co. | 245 | &nbsp;&nbsp; 8938 |
| PPG Industries, Inc. | 175 | &nbsp;&nbsp; 19906 |
| Sherwin-Williams Co. | 178 | &nbsp;&nbsp; 61118 |
|  |  | &nbsp;&nbsp; **487013** |

---

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

Allspring VT Index Asset Allocation Fund \| 13

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Construction materials: 0.07%** |  |  |
| Martin Marietta Materials, Inc. | 47 | &nbsp;&nbsp; $25801 |
| Vulcan Materials Co. | 102 | &nbsp;&nbsp; 26604 |
|  |  | &nbsp;&nbsp; **52405** |
| **Containers & packaging: 0.13%** |  |  |
| Amcor PLC | 1769 | &nbsp;&nbsp; 16257 |
| Avery Dennison Corp. | 60 | &nbsp;&nbsp; 10528 |
| Ball Corp. | 214 | &nbsp;&nbsp; 12003 |
| International Paper Co. | 407 | &nbsp;&nbsp; 19060 |
| Packaging Corp. of America | 69 | &nbsp;&nbsp; 13003 |
| Smurfit WestRock PLC | 383 | &nbsp;&nbsp; 16527 |
|  |  | &nbsp;&nbsp; **87378** |
| **Metals & mining: 0.20%** |  |  |
| Freeport-McMoRan, Inc. | 1109 | &nbsp;&nbsp; 48075 |
| Newmont Corp. | 859 | &nbsp;&nbsp; 50045 |
| Nucor Corp. | 178 | &nbsp;&nbsp; 23058 |
| Steel Dynamics, Inc. | 107 | &nbsp;&nbsp; 13697 |
|  |  | &nbsp;&nbsp; **134875** |
| **Real estate: 1.22%** |  |  |
| **Health care REITs: 0.17%** |  |  |
| Alexandria Real Estate Equities, Inc. | 119 | &nbsp;&nbsp; 8643 |
| Healthpeak Properties, Inc. | 536 | &nbsp;&nbsp; 9385 |
| Ventas, Inc. | 348 | &nbsp;&nbsp; 21976 |
| Welltower, Inc. | 480 | &nbsp;&nbsp; 73791 |
|  |  | &nbsp;&nbsp; **113795** |
| **Hotel & resort REITs: 0.01%** |  |  |
| Host Hotels & Resorts, Inc. | 535 | &nbsp;&nbsp; **8217** |
| **Industrial REITs: 0.11%** |  |  |
| Prologis, Inc. | 716 | &nbsp;&nbsp; **75266** |
| **Office REITs: 0.01%** |  |  |
| BXP, Inc. | 112 | &nbsp;&nbsp; **7557** |
| **Real estate management & development: 0.09%** |  |  |
| CBRE Group, Inc. Class A† | 227 | &nbsp;&nbsp; 31807 |
| CoStar Group, Inc.† | 326 | &nbsp;&nbsp; 26211 |
|  |  | &nbsp;&nbsp; **58018** |
| **Residential REITs: 0.15%** |  |  |
| AvalonBay Communities, Inc. | 110 | &nbsp;&nbsp; 22385 |
| Camden Property Trust | 82 | &nbsp;&nbsp; 9241 |
| Equity Residential | 264 | &nbsp;&nbsp; 17817 |
| Essex Property Trust, Inc. | 50 | &nbsp;&nbsp; 14170 |
| Invitation Homes, Inc. | 440 | &nbsp;&nbsp; 14432 |

---

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

14 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Residential REITs**(continued) |  |  |
| Mid-America Apartment Communities, Inc. | 90 | &nbsp;&nbsp; $13321 |
| UDR, Inc. | 233 | &nbsp;&nbsp; 9513 |
|  |  | &nbsp;&nbsp; **100879** |
| **Retail REITs: 0.15%** |  |  |
| Federal Realty Investment Trust | 60 | &nbsp;&nbsp; 5699 |
| Kimco Realty Corp. | 522 | &nbsp;&nbsp; 10973 |
| Realty Income Corp. | 697 | &nbsp;&nbsp; 40154 |
| Regency Centers Corp. | 126 | &nbsp;&nbsp; 8975 |
| Simon Property Group, Inc. | 237 | &nbsp;&nbsp; 38100 |
|  |  | &nbsp;&nbsp; **103901** |
| **Specialized REITs: 0.53%** |  |  |
| American Tower Corp. | 361 | &nbsp;&nbsp; 79788 |
| Crown Castle, Inc. | 336 | &nbsp;&nbsp; 34517 |
| Digital Realty Trust, Inc. | 244 | &nbsp;&nbsp; 42537 |
| Equinix, Inc. | 76 | &nbsp;&nbsp; 60456 |
| Extra Space Storage, Inc. | 164 | &nbsp;&nbsp; 24180 |
| Iron Mountain, Inc. | 228 | &nbsp;&nbsp; 23386 |
| Public Storage | 122 | &nbsp;&nbsp; 35797 |
| SBA Communications Corp. Class A | 83 | &nbsp;&nbsp; 19492 |
| VICI Properties, Inc. Class A | 816 | &nbsp;&nbsp; 26602 |
| Weyerhaeuser Co. | 560 | &nbsp;&nbsp; 14386 |
|  |  | &nbsp;&nbsp; **361141** |
| **Utilities: 1.43%** |  |  |
| **Electric utilities: 0.92%** |  |  |
| Alliant Energy Corp. | 198 | &nbsp;&nbsp; 11973 |
| American Electric Power Co., Inc. | 412 | &nbsp;&nbsp; 42749 |
| Constellation Energy Corp. | 242 | &nbsp;&nbsp; 78108 |
| Duke Energy Corp. | 600 | &nbsp;&nbsp; 70800 |
| Edison International | 297 | &nbsp;&nbsp; 15325 |
| Entergy Corp. | 345 | &nbsp;&nbsp; 28677 |
| Evergy, Inc. | 178 | &nbsp;&nbsp; 12270 |
| Eversource Energy | 284 | &nbsp;&nbsp; 18068 |
| Exelon Corp. | 779 | &nbsp;&nbsp; 33824 |
| FirstEnergy Corp. | 397 | &nbsp;&nbsp; 15983 |
| NextEra Energy, Inc. | 1589 | &nbsp;&nbsp; 110308 |
| NRG Energy, Inc. | 151 | &nbsp;&nbsp; 24248 |
| PG&E Corp. | 1696 | &nbsp;&nbsp; 23642 |
| Pinnacle West Capital Corp. | 92 | &nbsp;&nbsp; 8231 |
| PPL Corp. | 571 | &nbsp;&nbsp; 19351 |
| Southern Co. | 848 | &nbsp;&nbsp; 77872 |
| Xcel Energy, Inc. | 445 | &nbsp;&nbsp; 30305 |
|  |  | &nbsp;&nbsp; **621734** |
| **Gas utilities: 0.03%** |  |  |
| Atmos Energy Corp. | 123 | &nbsp;&nbsp; **18955** |

---

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

Allspring VT Index Asset Allocation Fund \| 15

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Independent power and renewable electricity producers: 0.08%** |  |  |
| AES Corp. | 550 | &nbsp;&nbsp; $5786 |
| Vistra Corp. | 262 | &nbsp;&nbsp; 50778 |
|  |  | &nbsp;&nbsp; **56564** |
| **Multi-utilities: 0.37%** |  |  |
| Ameren Corp. | 209 | &nbsp;&nbsp; 20072 |
| CenterPoint Energy, Inc. | 504 | &nbsp;&nbsp; 18517 |
| CMS Energy Corp. | 231 | &nbsp;&nbsp; 16004 |
| Consolidated Edison, Inc. | 278 | &nbsp;&nbsp; 27897 |
| Dominion Energy, Inc. | 658 | &nbsp;&nbsp; 37190 |
| DTE Energy Co. | 160 | &nbsp;&nbsp; 21194 |
| NiSource, Inc. | 363 | &nbsp;&nbsp; 14644 |
| Public Service Enterprise Group, Inc. | 385 | &nbsp;&nbsp; 32409 |
| Sempra | 503 | &nbsp;&nbsp; 38112 |
| WEC Energy Group, Inc. | 246 | &nbsp;&nbsp; 25633 |
|  |  | &nbsp;&nbsp; **251672** |
| **Water utilities: 0.03%** |  |  |
| American Water Works Co., Inc. | 151 | &nbsp;&nbsp; **21006** |
| **Total common stocks (Cost $17,248,832)** |  | &nbsp;&nbsp; **40524324** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **U.S. Treasury securities: 35.48%** |  |  |  |  |
| U.S. Treasury Bonds | 1.13<br> %<br>| &nbsp;&nbsp; 5-15-2040 | $1060000 | &nbsp;&nbsp; 659022 |
| U.S. Treasury Bonds | 1.63 | &nbsp;&nbsp; 11-15-2050 | 87000 | &nbsp;&nbsp; 45835 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 2-15-2041 | 664000 | &nbsp;&nbsp; 456707 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 2-15-2051 | 221000 | &nbsp;&nbsp; 124140 |
| U.S. Treasury Bonds | 1.88 | &nbsp;&nbsp; 11-15-2051 | 175000 | &nbsp;&nbsp; 97357 |
| U.S. Treasury Bonds | 2.00 | &nbsp;&nbsp; 8-15-2051 | 129000 | &nbsp;&nbsp; 74372 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 5-15-2041 | 201000 | &nbsp;&nbsp; 145976 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 8-15-2049 | 108000 | &nbsp;&nbsp; 67749 |
| U.S. Treasury Bonds | 2.25 | &nbsp;&nbsp; 2-15-2052 | 615000 | &nbsp;&nbsp; 375654 |
| U.S. Treasury Bonds | 2.38 | &nbsp;&nbsp; 5-15-2051 | 224000 | &nbsp;&nbsp; 142039 |
| U.S. Treasury Bonds | 2.50 | &nbsp;&nbsp; 5-15-2046 | 105000 | &nbsp;&nbsp; 72520 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 8-15-2047 | 101000 | &nbsp;&nbsp; 71986 |
| U.S. Treasury Bonds | 2.75 | &nbsp;&nbsp; 11-15-2047 | 100000 | &nbsp;&nbsp; 71109 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 8-15-2045 | 115000 | &nbsp;&nbsp; 85985 |
| U.S. Treasury Bonds | 2.88 | &nbsp;&nbsp; 11-15-2046 | 154000 | &nbsp;&nbsp; 113382 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 11-15-2044 | 64000 | &nbsp;&nbsp; 49283 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 11-15-2045 | 115000 | &nbsp;&nbsp; 87611 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2047 | 106000 | &nbsp;&nbsp; 79579 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 5-15-2047 | 104000 | &nbsp;&nbsp; 77882 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2048 | 114000 | &nbsp;&nbsp; 84703 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 8-15-2048 | 121000 | &nbsp;&nbsp; 89488 |
| U.S. Treasury Bonds | 3.00 | &nbsp;&nbsp; 2-15-2049 | 140000 | &nbsp;&nbsp; 103152 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 11-15-2041 | 37000 | &nbsp;&nbsp; 30344 |
| U.S. Treasury Bonds | 3.13 | &nbsp;&nbsp; 5-15-2048 | 123000 | &nbsp;&nbsp; 93321 |

---

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

16 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $90479 |
| U.S. Treasury Bonds | 3.38 | &nbsp;&nbsp; 11-15-2048 | 300000 | &nbsp;&nbsp; 237316 |
| U.S. Treasury Bonds | 3.50 | &nbsp;&nbsp; 2-15-2039 | 29000 | &nbsp;&nbsp; 26185 |
| U.S. Treasury Bonds | 3.75 | &nbsp;&nbsp; 8-15-2041 | 36000 | &nbsp;&nbsp; 32252 |
| U.S. Treasury Bonds | 3.88 | &nbsp;&nbsp; 8-15-2040 | 37000 | &nbsp;&nbsp; 34039 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 5-15-2039 | 31000 | &nbsp;&nbsp; 30180 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 11-15-2040 | 40000 | &nbsp;&nbsp; 38344 |
| U.S. Treasury Bonds | 4.25 | &nbsp;&nbsp; 2-15-2054 | 200000 | &nbsp;&nbsp; 182437 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 2-15-2038 | 33000 | &nbsp;&nbsp; 32963 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 11-15-2039 | 35000 | &nbsp;&nbsp; 34310 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2040 | 35000 | &nbsp;&nbsp; 34208 |
| U.S. Treasury Bonds | 4.38 | &nbsp;&nbsp; 5-15-2041 | 33000 | &nbsp;&nbsp; 31980 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 2-15-2036 | 26000 | &nbsp;&nbsp; 26677 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 5-15-2038 | 21000 | &nbsp;&nbsp; 21248 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 8-15-2039 | 33000 | &nbsp;&nbsp; 32876 |
| U.S. Treasury Bonds | 4.50 | &nbsp;&nbsp; 11-15-2054 | 200000 | &nbsp;&nbsp; 190594 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2040 | 138000 | &nbsp;&nbsp; 138803 |
| U.S. Treasury Bonds | 4.63 | &nbsp;&nbsp; 2-15-2055 | 120000 | &nbsp;&nbsp; 116812 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2037 | 103000 | &nbsp;&nbsp; 107277 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 2-15-2041 | 44000 | &nbsp;&nbsp; 44572 |
| U.S. Treasury Bonds | 4.75 | &nbsp;&nbsp; 11-15-2053 | 290000 | &nbsp;&nbsp; 287372 |
| U.S. Treasury Bonds | 5.00 | &nbsp;&nbsp; 5-15-2037 | 102000 | &nbsp;&nbsp; 108455 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 11-15-2028 | 45000 | &nbsp;&nbsp; 47148 |
| U.S. Treasury Bonds | 5.25 | &nbsp;&nbsp; 2-15-2029 | 273000 | &nbsp;&nbsp; 287823 |
| U.S. Treasury Bonds | 5.38 | &nbsp;&nbsp; 2-15-2031 | 31000 | &nbsp;&nbsp; 33344 |
| U.S. Treasury Bonds | 5.50 | &nbsp;&nbsp; 8-15-2028 | 35000 | &nbsp;&nbsp; 36898 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 11-15-2027 | 49000 | &nbsp;&nbsp; 51682 |
| U.S. Treasury Bonds | 6.13 | &nbsp;&nbsp; 8-15-2029 | 85000 | &nbsp;&nbsp; 92647 |
| U.S. Treasury Bonds | 6.25 | &nbsp;&nbsp; 5-15-2030 | 871000 | &nbsp;&nbsp; 965177 |
| U.S. Treasury Bonds | 6.38 | &nbsp;&nbsp; 8-15-2027 | 861000 | &nbsp;&nbsp; 907783 |
| U.S. Treasury Bonds | 6.50 | &nbsp;&nbsp; 11-15-2026 | 28000 | &nbsp;&nbsp; 29104 |
| U.S. Treasury Bonds | 6.63 | &nbsp;&nbsp; 2-15-2027 | 108000 | &nbsp;&nbsp; 113147 |
| U.S. Treasury Bonds | 6.75 | &nbsp;&nbsp; 8-15-2026 | 360000 | &nbsp;&nbsp; 371391 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 7-31-2027 | 500000 | &nbsp;&nbsp; 466641 |
| U.S. Treasury Notes | 0.38 | &nbsp;&nbsp; 9-30-2027 | 155000 | &nbsp;&nbsp; 143920 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 5-31-2027 | 291000 | &nbsp;&nbsp; 273733 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 8-31-2027 | 142000 | &nbsp;&nbsp; 132565 |
| U.S. Treasury Notes | 0.50 | &nbsp;&nbsp; 10-31-2027 | 1243000 | &nbsp;&nbsp; 1154436 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 7-31-2026 | 1190000 | &nbsp;&nbsp; 1148025 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 3-31-2027 | 81000 | &nbsp;&nbsp; 76729 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 11-30-2027 | 574000 | &nbsp;&nbsp; 533573 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 5-15-2030 | 1353000 | &nbsp;&nbsp; 1164109 |
| U.S. Treasury Notes | 0.63 | &nbsp;&nbsp; 8-15-2030 | 1052000 | &nbsp;&nbsp; 897200 |
| U.S. Treasury Notes | 0.88 | &nbsp;&nbsp; 11-15-2030 | 132000 | &nbsp;&nbsp; 113226 |
| U.S. Treasury Notes | 1.00 | &nbsp;&nbsp; 7-31-2028 | 315000 | &nbsp;&nbsp; 290403 |
| U.S. Treasury Notes | 1.13 | &nbsp;&nbsp; 2-28-2027 | 127000 | &nbsp;&nbsp; 121558 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 4-30-2028 | 25000 | &nbsp;&nbsp; 23366 |
| U.S. Treasury Notes | 1.25 | &nbsp;&nbsp; 9-30-2028 | 785000 | &nbsp;&nbsp; 726278 |

---

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

Allspring VT Index Asset Allocation Fund \| 17

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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; $899098 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 8-31-2026 | 95000 | &nbsp;&nbsp; 92232 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 10-31-2028 | 1245000 | &nbsp;&nbsp; 1154397 |
| U.S. Treasury Notes | 1.38 | &nbsp;&nbsp; 11-15-2031 | 940000 | &nbsp;&nbsp; 804251 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 8-15-2026 | 102000 | &nbsp;&nbsp; 99263 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 1-31-2027 | 98000 | &nbsp;&nbsp; 94528 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 11-30-2028 | 380000 | &nbsp;&nbsp; 353177 |
| U.S. Treasury Notes | 1.50 | &nbsp;&nbsp; 2-15-2030 | 209000 | &nbsp;&nbsp; 189129 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 10-31-2026 | 94000 | &nbsp;&nbsp; 91264 |
| U.S. Treasury Notes | 1.63 | &nbsp;&nbsp; 11-30-2026 | 97000 | &nbsp;&nbsp; 94045 |
| U.S. Treasury Notes | 1.75 | &nbsp;&nbsp; 12-31-2026 | 99000 | &nbsp;&nbsp; 96015 |
| U.S. Treasury Notes | 1.88 | &nbsp;&nbsp; 6-30-2026 | 98000 | &nbsp;&nbsp; 95969 |
| U.S. Treasury Notes | 1.88 | &nbsp;&nbsp; 7-31-2026 | 99000 | &nbsp;&nbsp; 96803 |
| U.S. Treasury Notes | 2.00 | &nbsp;&nbsp; 11-15-2026 | 170000 | &nbsp;&nbsp; 165757 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 2-15-2027 | 196000 | &nbsp;&nbsp; 191222 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 8-15-2027 | 101000 | &nbsp;&nbsp; 97970 |
| U.S. Treasury Notes | 2.25 | &nbsp;&nbsp; 11-15-2027 | 99000 | &nbsp;&nbsp; 95732 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2027 | 164000 | &nbsp;&nbsp; 159945 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 3-31-2029 | 200000 | &nbsp;&nbsp; 190562 |
| U.S. Treasury Notes | 2.38 | &nbsp;&nbsp; 5-15-2029 | 90000 | &nbsp;&nbsp; 85612 |
| U.S. Treasury Notes | 2.63 | &nbsp;&nbsp; 2-15-2029 | 181000 | &nbsp;&nbsp; 174304 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 2-15-2028 | 189000 | &nbsp;&nbsp; 184504 |
| U.S. Treasury Notes | 2.75 | &nbsp;&nbsp; 8-15-2032 | 680000 | &nbsp;&nbsp; 627300 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 5-15-2028 | 178000 | &nbsp;&nbsp; 174030 |
| U.S. Treasury Notes | 2.88 | &nbsp;&nbsp; 8-15-2028 | 190000 | &nbsp;&nbsp; 185324 |
| U.S. Treasury Notes | 3.13 | &nbsp;&nbsp; 11-15-2028 | 226000 | &nbsp;&nbsp; 221780 |
| U.S. Treasury Notes | 3.50 | &nbsp;&nbsp; 2-15-2033 | 115000 | &nbsp;&nbsp; 110858 |
| U.S. Treasury Notes | 3.88 | &nbsp;&nbsp; 8-15-2033 | 460000 | &nbsp;&nbsp; 452992 |
| U.S. Treasury Notes | 4.13 | &nbsp;&nbsp; 11-15-2032 | 110000 | &nbsp;&nbsp; 110761 |
| U.S. Treasury Notes | 4.38 | &nbsp;&nbsp; 5-15-2034 | 300000 | &nbsp;&nbsp; 304676 |
| U.S. Treasury Notes | 4.50 | &nbsp;&nbsp; 11-15-2033 | 200000 | &nbsp;&nbsp; 205437 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 11-15-2026 | 700000 | &nbsp;&nbsp; 706781 |
| U.S. Treasury Notes | 4.63 | &nbsp;&nbsp; 2-15-2035 | 80000 | &nbsp;&nbsp; 82538 |
| **Total U.S. Treasury securities (Cost $25,300,493)** |  |  |  | &nbsp;&nbsp; **24068737** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 4.50%** |  |  |  |  |
| **Investment companies: 4.50%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26 | 3056094 | &nbsp;&nbsp; **3056094** |
| **Total short-term investments (Cost $3,056,094)** |  |  |  | &nbsp;&nbsp; **3056094** |
| **Total investments in securities (Cost $45,605,419)** | 99.71<br> %<br>|  |  | &nbsp;&nbsp; 67649155 |
| Other assets and liabilities, net | 0.29 |  |  | &nbsp;&nbsp; 195024 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$67844179** |

---

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

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

18 \| Allspring VT Index Asset Allocation Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

† 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 <br> Class<br>| $1711390 | $9126544 | $(7781840)<br>| $0 | $0 | $3056094 | 3056094 | $44145 |

---

**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; 9-19-2025 | &nbsp;&nbsp; $2787567 | &nbsp;&nbsp; $2803125 | &nbsp;&nbsp; $15558 | &nbsp;&nbsp; $0 |
| E-Mini S&P 500 Index | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 2760044 | &nbsp;&nbsp; 2814188 | &nbsp;&nbsp; 54144 | &nbsp;&nbsp; 0 |
| Micro E-Mini S&P 500 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 9-19-2025 | &nbsp;&nbsp; 211159 | &nbsp;&nbsp; 218881 | &nbsp;&nbsp; 7722 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$77424** | &nbsp;&nbsp; **$0** |

---

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

Allspring VT Index Asset Allocation Fund \| 19

------

Statement of assets and liabilities—June 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $42,549,325) | $64593061 |
| Investments in affiliated securities, at value (cost $3,056,094) | 3056094 |
| Cash | 49 |
| Cash at broker segregated for futures contracts | 337531 |
| Receivable for investments sold | 720290 |
| Receivable for dividends and interest | 192720 |
| Receivable for daily variation margin on open futures contracts | 22362 |
| Receivable for Fund shares sold | 228 |
| Prepaid expenses and other assets | 13704 |
| **Total assets** | **68936039** |
| Liabilities |  |
| Payable for investments purchased | 973467 |
| Payable for Fund shares redeemed | 34720 |
| Management fee payable | 27259 |
| Distribution fee payable | 13309 |
| Trustees' fees and expenses payable | 4395 |
| Administration fee payable | 4379 |
| Accrued expenses and other liabilities | 34331 |
| **Total liabilities** | **1091860** |
| **Total net assets**  | **$67844179** |
| Net assets consist of |  |
| Paid-in capital | $39238827 |
| Total distributable earnings | 28605352 |
| **Total net assets** | **$67844179** |
| Computation of net asset value per share |  |
| Net assets - Class 2 | $67844179 |
| Shares outstanding - Class 2<sup>1</sup> <br>| 3316424 |
| Net asset value per share - Class 2 | $20.46 |

---

<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—six months ended June 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $432439 |
| Dividends (net of foreign withholdings taxes of $62) | 270852 |
| Income from affiliated securities | 44145 |
| **Total investment income** | **747436** |
| Expenses |  |
| Management fee | 199412 |
| Administration fee - Class 2 | 26588 |
| Distribution fee - Class 2 | 81001 |
| Custody and accounting fees | 10086 |
| Professional fees | 20859 |
| Registration fees | 38 |
| Shareholder report expenses | 4617 |
| Trustees' fees and expenses | 6032 |
| Other fees and expenses | 16556 |
| **Total expenses** | **365189** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (32836)<br>|
| **Net expenses** | **332353** |
| **Net investment income** | **415083** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | 2827398 |
| Futures contracts | (1077553)<br>|
| **Net realized gains on investments** | **1749845** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (133192)<br>|
| Futures contracts | 333808 |
| **Net change in unrealized gains (losses) on investments** | **200616** |
| **Net realized and unrealized gains (losses) on investments** | **1950461** |
| **Net increase in net assets resulting from operations** | **$2365544** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> June 30, 2025<br> (unaudited) | <br>Six months ended<br> June 30, 2025<br> (unaudited) | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $415083 |  | &nbsp;&nbsp; $826509 |
| Net realized gains on investments |  | &nbsp;&nbsp; 1749845 |  | &nbsp;&nbsp; 6564516 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 200616 |  | &nbsp;&nbsp; 2208839 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **2365544** |  | &nbsp;&nbsp; **9599864** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains - Class 2 |  | &nbsp;&nbsp; (433895)<br>|  | &nbsp;&nbsp; (5323760)<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold - Class 2 | 26985 | &nbsp;&nbsp; 537068 | &nbsp;&nbsp; 64130 | &nbsp;&nbsp; 1247657 |
| Reinvestment of distributions - Class 2 | 21838 | &nbsp;&nbsp; 433895 | &nbsp;&nbsp; 275558 | &nbsp;&nbsp; 5323760 |
| Payment for shares redeemed - Class 2 | (251193)<br>| &nbsp;&nbsp; (4927234)<br>| &nbsp;&nbsp; (388658)<br>| &nbsp;&nbsp; (7620810)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(3956271)**<br>|  | &nbsp;&nbsp; **(1049393)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(2024622)**<br>|  | &nbsp;&nbsp; **3226711** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **69868801** |  | &nbsp;&nbsp; **66642090** |
| **End of period** |  | &nbsp;&nbsp; **$67844179** |  | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$19.86** | &nbsp;&nbsp; **$18.68** | &nbsp;&nbsp; **$16.66** | &nbsp;&nbsp; **$22.91** | &nbsp;&nbsp; **$21.88** | &nbsp;&nbsp; **$20.55** |
| Net investment income | 0.12 <br><sup>1</sup><br>| 0.23 <br><sup>1</sup><br>| 0.19 <br><sup>1</sup><br>| 0.14 | 0.10 | 0.16 |
| Net realized and unrealized gains (losses) on investments | 0.61 | 2.49 | 2.55 | &nbsp;&nbsp; (3.95)<br>| 3.25 | 3.04 |
| Total from investment operations | 0.73 | 2.72 | 2.74 | &nbsp;&nbsp; (3.81)<br>| 3.35 | 3.20 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (1.70)<br>|
| Total distributions to shareholders | (0.13)<br>| &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (1.87)<br>|
| **Net asset value, end of period** | **$20.46** | &nbsp;&nbsp; **$19.86** | &nbsp;&nbsp; **$18.68** | &nbsp;&nbsp; **$16.66** | &nbsp;&nbsp; **$22.91** | &nbsp;&nbsp; **$21.88** |
| **Total return**<sup>2</sup> <br>| **3.69%**<br>| **14.87%**<br>| **16.70%**<br>| &nbsp;&nbsp; **(17.02)%**<br>| **16.00%**<br>| **16.59%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.10<br> %<br>| 1.12<br> %<br>| 1.14<br> %<br>| 1.15<br> %<br>| 1.13<br> %<br>| 1.14<br> %<br>|
| Net expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income | 1.25<br> %<br>| 1.19<br> %<br>| 1.09<br> %<br>| 0.72<br> %<br>| 0.46<br> %<br>| 0.78<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 8<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (000s omitted) | $67844 | &nbsp;&nbsp; $69869 | &nbsp;&nbsp; $66642 | &nbsp;&nbsp; $62528 | &nbsp;&nbsp; $83069 | &nbsp;&nbsp; $78791 |

---

&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 for periods of less than one year are not annualized. 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 (unaudited)

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

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Notes to financial statements (unaudited)

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $46,696,606 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $24175658 |
| Gross unrealized losses | &nbsp;&nbsp; (3145685)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$21029973** |

---

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

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 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; $3970406 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $3970406 |
| *Consumer discretionary* | &nbsp;&nbsp; 4200521 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4200521 |
| *Consumer staples* | &nbsp;&nbsp; 2230049 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2230049 |
| *Energy* | &nbsp;&nbsp; 1205876 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1205876 |
| *Financials* | &nbsp;&nbsp; 5686859 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5686859 |
| *Health care* | &nbsp;&nbsp; 3775515 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3775515 |
| *Industrials* | &nbsp;&nbsp; 3478257 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3478257 |
| *Information technology* | &nbsp;&nbsp; 13416465 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 13416465 |
| *Materials* | &nbsp;&nbsp; 761671 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 761671 |
| *Real estate* | &nbsp;&nbsp; 828774 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 828774 |
| *Utilities* | &nbsp;&nbsp; 969931 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 969931 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 24068737 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24068737 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3056094 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3056094 |
|  | &nbsp;&nbsp; 67649155 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 67649155 |
| **Futures contracts** | &nbsp;&nbsp; 77424 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 77424 |
| **Total assets** | &nbsp;&nbsp; **$67726579** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$67726579** |

---

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 June 30, 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 six months ended June 30, 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.

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Notes to financial statements (unaudited)

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 six months ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended June 30, 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; $3931240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1346828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5784425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4644447 |

---

6. DERIVATIVE TRANSACTIONS

During the six months ended June 30, 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 $5,214,207 in long futures contracts and $1,435,054 in short futures contracts during the six months ended June 30, 2025.

The fair value of derivative instruments as of June 30, 2025 by primary risk type 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; $15,558 <br>\*<br>| $61,866 <br>\*<br>| $77424 |

---

&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 June 30, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the six months ended June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | 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; $(435494)<br>| $(642059)<br>| $(1077553)<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; $89488 | $244320 | $333808 |

---

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.

Allspring VT Index Asset Allocation Fund \| 27

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Notes to financial statements (unaudited)

For the six months ended June 30, 2025, there were no borrowings by the Fund under the agreement.

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. 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 requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

11. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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

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Other information (unaudited)

Other information

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 \| 29

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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.

30 \| Allspring VT Index Asset Allocation Fund

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Variable Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring VT Index Asset Allocation Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring VT Index Asset Allocation Fund \| 31

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was higher than the investment performance of its benchmark index, the Index Asset Allocation Blended Index, for the one-year period under review, in range of the investment performance of its benchmark index for the five-year period under review, and lower than the investment performance of its benchmark index for the three- and ten-year periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratio and its various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered this ratio in comparison to the median ratios of funds in an expense group that was determined by Broadridge to be similar to the Fund (the "Group"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Group and an explanation of how funds comprising expense group and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratio of the Fund was lower than the median net operating expense ratio of the expense Group.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rate payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rate payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which includes, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rate"). The Board also reviewed and considered the contractual investment sub-advisory fee rate that is payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rate with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rate of the Fund was equal to the sum of the average rates for the Fund's expense Group.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

32 \| Allspring VT Index Asset Allocation Fund

------

Other information (unaudited)

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring VT Index Asset Allocation Fund \| 33

------

![](g857459img6e002f901.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**

![](g857459img9b5e7d892.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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS0360 06-25**

------

![](g857459img1931ae621.jpg)

Allspring VT Opportunity Fund

Long Form Financial Statements

Semi-Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_POI-PageBlank-13_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_FS-PageBlank-13_1)** |  |
| [Statement of assets and liabilities](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_FS-PageBlank-13_1) | 6 |
| [Statement of operations](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_FS-PageBlank-13_2) | 7 |
| [Statement of changes in net assets](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_FS-PageBlank-13_3) | 8 |
| [Financial highlights](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_FIHI-PageBlank-13_1) | 9 |
| **[Notes to financial statements](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_NTF-PageBlank-13_1)** | 11 |
| **[Other information](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_3)['](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_3)[s approval of investment](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_3)<br> [advisory contract](#xx_9959e617-ac1a-41ae-8bca-e52e5c68fbe7_OI-PageBlank-13_3)<br>| 18 |

---

Allspring VT Opportunity Fund \| 1

------

Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 98.98%** |  |  |
| **Communication services: 9.04%** |  |  |
| **Interactive media & services: 9.04%** |  |  |
| Alphabet, Inc. Class C | 42634 | &nbsp;&nbsp; $7562845 |
| Meta Platforms, Inc. Class A | 11636 | &nbsp;&nbsp; 8588415 |
|  |  | &nbsp;&nbsp; **16151260** |
| **Consumer discretionary: 13.17%** |  |  |
| **Broadline retail: 6.32%** |  |  |
| Amazon.com, Inc.† | 51485 | &nbsp;&nbsp; **11295294** |
| **Hotels, restaurants & leisure: 2.50%** |  |  |
| DraftKings, Inc. Class A† | 49439 | &nbsp;&nbsp; 2120439 |
| Starbucks Corp. | 25623 | &nbsp;&nbsp; 2347835 |
|  |  | &nbsp;&nbsp; **4468274** |
| **Specialty retail: 4.35%** |  |  |
| Burlington Stores, Inc.† | 9837 | &nbsp;&nbsp; 2288480 |
| Home Depot, Inc. | 9016 | &nbsp;&nbsp; 3305626 |
| Ulta Beauty, Inc.† | 4666 | &nbsp;&nbsp; 2182848 |
|  |  | &nbsp;&nbsp; **7776954** |
| **Consumer staples: 2.62%** |  |  |
| **Consumer staples distribution & retail: 1.41%** |  |  |
| Sysco Corp. | 33329 | &nbsp;&nbsp; **2524339** |
| **Household products: 1.21%** |  |  |
| Church & Dwight Co., Inc. | 22428 | &nbsp;&nbsp; **2155555** |
| **Financials: 12.89%** |  |  |
| **Capital markets: 6.14%** |  |  |
| Charles Schwab Corp. | 45222 | &nbsp;&nbsp; 4126055 |
| Intercontinental Exchange, Inc. | 20758 | &nbsp;&nbsp; 3808470 |
| S&P Global, Inc. | 5751 | &nbsp;&nbsp; 3032445 |
|  |  | &nbsp;&nbsp; **10966970** |
| **Consumer finance: 1.23%** |  |  |
| Capital One Financial Corp. | 10354 | &nbsp;&nbsp; **2202917** |
| **Financial services: 3.23%** |  |  |
| Mastercard, Inc. Class A | 10272 | &nbsp;&nbsp; **5772248** |
| **Insurance: 2.29%** |  |  |
| Marsh & McLennan Cos., Inc. | 7887 | &nbsp;&nbsp; 1724414 |
| Unum Group | 29227 | &nbsp;&nbsp; 2360372 |
|  |  | &nbsp;&nbsp; **4084786** |
| **Health care: 5.39%** |  |  |
| **Health care equipment & supplies: 1.13%** |  |  |
| Medtronic PLC | 23068 | &nbsp;&nbsp; **2010838** |

---

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

2 \| Allspring VT Opportunity Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care providers & services: 1.00%** |  |  |
| UnitedHealth Group, Inc. | 5742 | &nbsp;&nbsp; **$1791332** |
| **Life sciences tools & services: 3.26%** |  |  |
| Agilent Technologies, Inc. | 17590 | &nbsp;&nbsp; 2075796 |
| Bio-Rad Laboratories, Inc. Class A† | 6804 | &nbsp;&nbsp; 1641941 |
| Thermo Fisher Scientific, Inc. | 5194 | &nbsp;&nbsp; 2105959 |
|  |  | &nbsp;&nbsp; **5823696** |
| **Industrials: 15.51%** |  |  |
| **Aerospace & defense: 5.16%** |  |  |
| BWX Technologies, Inc. | 15717 | &nbsp;&nbsp; 2264191 |
| HEICO Corp. Class A | 14194 | &nbsp;&nbsp; 3672697 |
| Melrose Industries PLC | 450908 | &nbsp;&nbsp; 3285327 |
|  |  | &nbsp;&nbsp; **9222215** |
| **Building products: 2.12%** |  |  |
| Carlisle Cos., Inc. | 10166 | &nbsp;&nbsp; **3795985** |
| **Commercial services & supplies: 1.80%** |  |  |
| Republic Services, Inc. Class A | 13043 | &nbsp;&nbsp; **3216534** |
| **Electrical equipment: 2.05%** |  |  |
| Regal Rexnord Corp. | 25326 | &nbsp;&nbsp; **3671257** |
| **Professional services: 2.13%** |  |  |
| TransUnion | 22882 | &nbsp;&nbsp; 2013616 |
| WNS Holdings Ltd.† | 28271 | &nbsp;&nbsp; 1787858 |
|  |  | &nbsp;&nbsp; **3801474** |
| **Trading companies & distributors: 2.25%** |  |  |
| Air Lease Corp. Class A | 68684 | &nbsp;&nbsp; **4017327** |
| **Information technology: 30.91%** |  |  |
| **Electronic equipment, instruments & components: 3.77%** |  |  |
| Amphenol Corp. Class A | 32995 | &nbsp;&nbsp; 3258256 |
| Teledyne Technologies, Inc.† | 6793 | &nbsp;&nbsp; 3480122 |
|  |  | &nbsp;&nbsp; **6738378** |
| **Semiconductors & semiconductor equipment: 9.57%** |  |  |
| Marvell Technology, Inc. | 58699 | &nbsp;&nbsp; 4543302 |
| NVIDIA Corp. | 32910 | &nbsp;&nbsp; 5199451 |
| ON Semiconductor Corp.† | 45843 | &nbsp;&nbsp; 2402632 |
| Texas Instruments, Inc. | 23864 | &nbsp;&nbsp; 4954644 |
|  |  | &nbsp;&nbsp; **17100029** |
| **Software: 13.55%** |  |  |
| Dynatrace, Inc.† | 44481 | &nbsp;&nbsp; 2455796 |
| Microsoft Corp. | 20465 | &nbsp;&nbsp; 10179496 |
| QXO, Inc.† | 132189 | &nbsp;&nbsp; 2847351 |
| Salesforce, Inc. | 16797 | &nbsp;&nbsp; 4580374 |

---

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

Allspring VT Opportunity Fund \| 3

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| ServiceNow, Inc.† | 1369 | &nbsp;&nbsp; $1407441 |
| Workday, Inc. Class A† | 11417 | &nbsp;&nbsp; 2740080 |
|  |  | &nbsp;&nbsp; **24210538** |
| **Technology hardware, storage & peripherals: 4.02%** |  |  |
| Apple, Inc. | 35030 | &nbsp;&nbsp; **7187105** |
| **Materials: 4.20%** |  |  |
| **Chemicals: 2.83%** |  |  |
| Ashland, Inc. | 34111 | &nbsp;&nbsp; 1715101 |
| Sherwin-Williams Co. | 4561 | &nbsp;&nbsp; 1566065 |
| Westlake Corp. | 23482 | &nbsp;&nbsp; 1782988 |
|  |  | &nbsp;&nbsp; **5064154** |
| **Containers & packaging: 1.37%** |  |  |
| International Paper Co. | 52231 | &nbsp;&nbsp; **2445978** |
| **Real estate: 5.25%** |  |  |
| **Industrial REITs: 1.33%** |  |  |
| Prologis, Inc. | 22587 | &nbsp;&nbsp; **2374345** |
| **Real estate management & development: 0.97%** |  |  |
| CoStar Group, Inc.† | 21647 | &nbsp;&nbsp; **1740419** |
| **Residential REITs: 1.40%** |  |  |
| Sun Communities, Inc. | 19787 | &nbsp;&nbsp; **2502858** |
| **Specialized REITs: 1.55%** |  |  |
| American Tower Corp. | 12514 | &nbsp;&nbsp; **2765844** |
| **Total common stocks (Cost $120,454,210)** |  | &nbsp;&nbsp; **176878903** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.08%** |  |  |  |  |
| **Investment companies: 1.08%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 1925274 | &nbsp;&nbsp; **1925274** |
| **Total short-term investments (Cost $1,925,274)** |  |  |  | &nbsp;&nbsp; **1925274** |
| **Total investments in securities (Cost $122,379,484)** | 100.06<br> %<br>|  |  | &nbsp;&nbsp; 178804177 |
| Other assets and liabilities, net | (0.06)<br>|  |  | &nbsp;&nbsp; (108644)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$178695533** |

---

&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.

4 \| Allspring VT Opportunity Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <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>| $3098907 | $12581720 | $(13755353)<br>| $0 | $0 | $1925274 | 1925274 | $61779 |

---

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

Allspring VT Opportunity Fund \| 5

------

Statement of assets and liabilities—June 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $120,454,210) | $176878903 |
| Investments in affiliated securities, at value (cost $1,925,274) | 1925274 |
| Receivable for dividends | 135539 |
| Receivable for Fund shares sold | 3133 |
| Prepaid expenses and other assets | 23 |
| **Total assets** | **178942872** |
| Liabilities |  |
| Management fee payable | 89869 |
| Payable for Fund shares redeemed | 73134 |
| Distribution fee payable | 30138 |
| Professional fees payable | 29770 |
| Administration fees payable | 11434 |
| Trustees' fees and expenses payable | 4038 |
| Accrued expenses and other liabilities | 8956 |
| **Total liabilities** | **247339** |
| **Total net assets**  | **$178695533** |
| Net assets consist of |  |
| Paid-in capital | $97696453 |
| Total distributable earnings | 80999080 |
| **Total net assets** | **$178695533** |
| Computation of net asset value per share |  |
| Net assets–Class 1 | $27307932 |
| Shares outstanding–Class 1<sup>1</sup> <br>| 1001381 |
| Net asset value per share–Class 1 | $27.27 |
| Net assets–Class 2 | $151387601 |
| Shares outstanding–Class 2<sup>1</sup> <br>| 5551332 |
| Net asset value per share–Class 2 | $27.27 |

---

<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—six months ended June 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $968622 |
| Income from affiliated securities | 61779 |
| Interest | 21 |
| **Total investment income** | **1030422** |
| Expenses |  |
| Management fee | 601838 |
| Administration fees |  |
| Class 1 | 10711 |
| Class 2 | 58070 |
| Distribution fee |  |
| Class 2 | 181148 |
| Custody and accounting fees | 4772 |
| Professional fees | 21001 |
| Registration fees | 38 |
| Shareholder report expenses | 5216 |
| Trustees' fees and expenses | 6371 |
| Other fees and expenses | 725 |
| **Total expenses** | **889890** |
| Less: Fee waivers and/or expense reimbursements |  |
| Fund-level | (63594)<br>|
| **Net expenses** | **826296** |
| **Net investment income** | **204126** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains on |  |
| Unaffiliated securities | 5774228 |
| Foreign currency and foreign currency translations | 215 |
| **Net realized gains on investments** | **5774443** |
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities | (3480594)<br>|
| Foreign currency and foreign currency translations | 1278 |
| **Net change in unrealized gains (losses) on investments** | **(3479316)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **2295127** |
| **Net increase in net assets resulting from operations** | **$2499253** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> June 30, 2025<br> (unaudited) | <br>Six months ended<br> June 30, 2025<br> (unaudited) | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; $204126 |  | &nbsp;&nbsp; $204389 |
| Net realized gains on investments |  | &nbsp;&nbsp; 5774443 |  | &nbsp;&nbsp; 18535352 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (3479316)<br>|  | &nbsp;&nbsp; 7229884 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **2499253** |  | &nbsp;&nbsp; **25969625** |
| Distributions to shareholders from |  |  |  |  |
| Net investment income and net realized gains |  |  |  |  |
| Class 1 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (2945041)<br>|
| Class 2 |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; (15714609)<br>|
| **Total distributions to shareholders** |  | &nbsp;&nbsp; **0** |  | &nbsp;&nbsp; **(18659650)**<br>|
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class 1 | 14354 | &nbsp;&nbsp; 336233 | &nbsp;&nbsp; 19646 | &nbsp;&nbsp; 531403 |
| Class 2 | 58452 | &nbsp;&nbsp; 1498295 | &nbsp;&nbsp; 107408 | &nbsp;&nbsp; 2870948 |
|  |  | &nbsp;&nbsp; 1834528 |  | &nbsp;&nbsp; 3402351 |
| Reinvestment of distributions |  |  |  |  |
| Class 1 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 117473 | &nbsp;&nbsp; 2945041 |
| Class 2 | 0 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 625333 | &nbsp;&nbsp; 15714609 |
|  |  | &nbsp;&nbsp; 0 |  | &nbsp;&nbsp; 18659650 |
| Payment for shares redeemed |  |  |  |  |
| Class 1 | (92055)<br>| &nbsp;&nbsp; (2363991)<br>| &nbsp;&nbsp; (162786)<br>| &nbsp;&nbsp; (4405706)<br>|
| Class 2 | (330447)<br>| &nbsp;&nbsp; (8625732)<br>| &nbsp;&nbsp; (788977)<br>| &nbsp;&nbsp; (21103720)<br>|
|  |  | &nbsp;&nbsp; (10989723)<br>|  | &nbsp;&nbsp; (25509426)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(9155195)**<br>|  | &nbsp;&nbsp; **(3447425)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(6655942)**<br>|  | &nbsp;&nbsp; **3862550** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **185351475** |  | &nbsp;&nbsp; **181488925** |
| **End of period** |  | &nbsp;&nbsp; **$178695533** |  | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 1 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$26.83** | &nbsp;&nbsp; **$25.96** | &nbsp;&nbsp; **$22.24** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$29.48** | &nbsp;&nbsp; **$26.56** |
| Net investment income (loss) | 0.06 <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>| 0.09 |
| Net realized and unrealized gains (losses) on investments | 0.38 | 3.69 | 5.77 | &nbsp;&nbsp; (7.06)<br>| 7.25 | 5.03 |
| Total from investment operations | 0.44 | 3.78 | 5.85 | &nbsp;&nbsp; (7.03)<br>| 7.24 | 5.12 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.08)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (2.20)<br>|
| **Net asset value, end of period** | **$27.27** | &nbsp;&nbsp; **$26.83** | &nbsp;&nbsp; **$25.96** | &nbsp;&nbsp; **$22.24** | &nbsp;&nbsp; **$34.96** | &nbsp;&nbsp; **$29.48** |
| **Total return**<sup>2</sup> <br>| **1.64%**<br>| **15.35%**<br>| **26.83%**<br>| &nbsp;&nbsp; **(20.61)%**<br>| **25.06%**<br>| **21.32%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 0.82<br> %<br>| 0.83<br> %<br>| 0.84<br> %<br>| 0.87<br> %<br>| 0.84<br> %<br>| 0.86<br> %<br>|
| Net expenses | 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>| 0.75<br> %<br>|
| Net investment income (loss) | 0.45<br> %<br>| 0.32<br> %<br>| 0.33<br> %<br>| 0.11<br> %<br>| &nbsp;&nbsp; (0.02)%<br>| 0.31<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 42<br> %<br>|
| Net assets, end of period (000s omitted) | $27308 | &nbsp;&nbsp; $28946 | &nbsp;&nbsp; $28679 | &nbsp;&nbsp; $25149 | &nbsp;&nbsp; $34376 | &nbsp;&nbsp; $32066 |

---

&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 for periods of less than one year are not annualized. 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

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Financial highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$26.86** | &nbsp;&nbsp; **$25.99** | &nbsp;&nbsp; **$22.32** | &nbsp;&nbsp; **$35.14** | &nbsp;&nbsp; **$29.63** | &nbsp;&nbsp; **$26.68** |
| Net investment income (loss) | 0.03 <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>| 0.03 |
| Net realized and unrealized gains (losses) on investments | 0.38 | 3.69 | 5.78 | &nbsp;&nbsp; (7.10)<br>| 7.29 | 5.05 |
| Total from investment operations | 0.41 | 3.71 | 5.80 | &nbsp;&nbsp; (7.13)<br>| 7.20 | 5.08 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net investment income | 0.00 | &nbsp;&nbsp; (0.01)<br>| 0.00 | 0.00 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>|
| Net realized gains | 0.00 | &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.01)<br>|
| Total distributions to shareholders | 0.00 | &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (5.69)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (2.13)<br>|
| **Net asset value, end of period** | **$27.27** | &nbsp;&nbsp; **$26.86** | &nbsp;&nbsp; **$25.99** | &nbsp;&nbsp; **$22.32** | &nbsp;&nbsp; **$35.14** | &nbsp;&nbsp; **$29.63** |
| **Total return**<sup>2</sup> <br>| **1.53%**<br>| **15.05%**<br>| **26.50%**<br>| &nbsp;&nbsp; **(20.81)%**<br>| **24.78%**<br>| **21.00%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| Gross expenses | 1.07<br> %<br>| 1.08<br> %<br>| 1.09<br> %<br>| 1.12<br> %<br>| 1.10<br> %<br>| 1.11<br> %<br>|
| Net expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>| 1.00<br> %<br>|
| Net investment income (loss) | 0.20<br> %<br>| 0.07<br> %<br>| 0.08<br> %<br>| &nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp; (0.27)%<br>| 0.06<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 42<br> %<br>|
| Net assets, end of period (000s omitted) | $151388 | &nbsp;&nbsp; $156405 | &nbsp;&nbsp; $152810 | &nbsp;&nbsp; $134271 | &nbsp;&nbsp; $186745 | &nbsp;&nbsp; $167338 |

---

&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 for periods of less than one year are not annualized. 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

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Notes to financial statements (unaudited)

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 June 30, 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

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Notes to financial statements (unaudited)

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 June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $122,545,278 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $60496559 |
| Gross unrealized losses | &nbsp;&nbsp; (4237660)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$56258899** |

---

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

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of June 30, 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; $16151260 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $16151260 |
| *Consumer discretionary* | &nbsp;&nbsp; 23540522 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23540522 |
| *Consumer staples* | &nbsp;&nbsp; 4679894 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4679894 |
| *Financials* | &nbsp;&nbsp; 23026921 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23026921 |
| *Health care* | &nbsp;&nbsp; 9625866 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9625866 |
| *Industrials* | &nbsp;&nbsp; 27724792 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27724792 |
| *Information technology* | &nbsp;&nbsp; 55236050 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 55236050 |
| *Materials* | &nbsp;&nbsp; 7510132 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7510132 |
| *Real estate* | &nbsp;&nbsp; 9383466 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9383466 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 1925274 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1925274 |
| **Total assets** | &nbsp;&nbsp; **$178804177** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$178804177** |

---

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

At June 30, 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 six months ended June 30, 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 waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain

Allspring VT Opportunity Fund \| 13

------

Notes to financial statements (unaudited)

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 June 30, 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 six months ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2025 were $31,304,887 and $39,076,213, 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 six months ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. 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.

8. 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.

9. 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 requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has

14 \| Allspring VT Opportunity Fund

------

Notes to financial statements (unaudited)

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. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

Allspring VT Opportunity Fund \| 15

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Other information (unaudited)

Other information

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 Opportunity Fund

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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.

Allspring VT Opportunity Fund \| 17

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Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Variable Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring VT Opportunity Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

18 \| Allspring VT Opportunity Fund

------

Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for the five- and ten-year periods under review, and lower than the average investment performance of the Universe for the one- and three-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the Russell 3000® Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance. The Board also took note of the Fund's outperformance relative to the Universe over the longer time periods under review.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

Allspring VT Opportunity Fund \| 19

------

Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

20 \| Allspring VT Opportunity Fund

------

![](g857459img1931ae621.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**

![](g857459img059e9ce92.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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3020 06-25**

------

![](g857459img1b35022e1.jpg)

Allspring VT Small Cap Growth Fund

Long Form Financial Statements

Semi-Annual Report

June 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_POI-PageBlank-14_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_FS-PageBlank-14_1)** |  |
| [Statement of assets and liabilities](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_FS-PageBlank-14_1) | 6 |
| [Statement of operations](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_FS-PageBlank-14_2) | 7 |
| [Statement of changes in net assets](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_FS-PageBlank-14_3) | 8 |
| [Financial highlights](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_FIHI-PageBlank-14_1) | 9 |
| **[Notes to financial statements](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_NTF-PageBlank-14_1)** | 11 |
| **[Other information](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_1)** | 15 |
| [Item 8. Changes in and disagreements with accountants](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_2) | 16 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_2) | 16 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_2) | 16 |
| [Item 11. Statement regarding basis for board](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_3)['](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_3)[s approval of investment](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_3)<br> [advisory contract](#xx_fda05838-8816-473f-96fb-0e8e93d70df2_OI-PageBlank-14_3)<br>| 17 |

---

Allspring VT Small Cap Growth Fund \| 1

------

Portfolio of investments—June 30, 2025 (unaudited)

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.46%** |  |  |
| **Communication services: 1.72%** |  |  |
| **Entertainment: 1.72%** |  |  |
| Liberty Media Corp.-Liberty Live Class C† | 61910 | &nbsp;&nbsp; **$5024615** |
| **Consumer discretionary: 8.92%** |  |  |
| **Automobile components: 1.05%** |  |  |
| Modine Manufacturing Co.† | 31350 | &nbsp;&nbsp; **3087975** |
| **Diversified consumer services: 1.22%** |  |  |
| Adtalem Global Education, Inc.† | 28161 | &nbsp;&nbsp; **3582924** |
| **Hotels, restaurants & leisure: 5.32%** |  |  |
| Dutch Bros, Inc. Class A† | 87738 | &nbsp;&nbsp; 5998647 |
| First Watch Restaurant Group, Inc.† | 151053 | &nbsp;&nbsp; 2422890 |
| Genius Sports Ltd.† | 282826 | &nbsp;&nbsp; 2941391 |
| Wingstop, Inc. | 12511 | &nbsp;&nbsp; 4212954 |
|  |  | &nbsp;&nbsp; **15575882** |
| **Household durables: 1.33%** |  |  |
| Taylor Morrison Home Corp. Class A† | 63313 | &nbsp;&nbsp; **3888684** |
| **Consumer staples: 0.80%** |  |  |
| **Personal care products: 0.80%** |  |  |
| Oddity Tech Ltd. Class A† | 30955 | &nbsp;&nbsp; **2336174** |
| **Financials: 6.11%** |  |  |
| **Capital markets: 1.26%** |  |  |
| Hamilton Lane, Inc. Class A | 25952 | &nbsp;&nbsp; **3688298** |
| **Financial services: 1.72%** |  |  |
| Shift4 Payments, Inc. Class A† | 50748 | &nbsp;&nbsp; **5029635** |
| **Insurance: 3.13%** |  |  |
| Palomar Holdings, Inc.† | 26971 | &nbsp;&nbsp; 4160277 |
| Skyward Specialty Insurance Group, Inc.† | 86865 | &nbsp;&nbsp; 5019928 |
|  |  | &nbsp;&nbsp; **9180205** |
| **Health care: 26.89%** |  |  |
| **Biotechnology: 6.79%** |  |  |
| ADMA Biologics, Inc.† | 196472 | &nbsp;&nbsp; 3577755 |
| ARS Pharmaceuticals, Inc.† | 128506 | &nbsp;&nbsp; 2242430 |
| Ascendis Pharma AS ADR† | 19322 | &nbsp;&nbsp; 3334977 |
| CareDx, Inc.† | 142967 | &nbsp;&nbsp; 2793575 |
| Soleno Therapeutics, Inc.† | 34594 | &nbsp;&nbsp; 2898286 |
| Vericel Corp.† | 118582 | &nbsp;&nbsp; 5045664 |
|  |  | &nbsp;&nbsp; **19892687** |
| **Health care equipment & supplies: 4.72%** |  |  |
| Glaukos Corp.† | 15675 | &nbsp;&nbsp; 1619071 |
| Inspire Medical Systems, Inc.† | 17338 | &nbsp;&nbsp; 2249952 |

---

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

2 \| Allspring VT Small Cap Growth Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies**(continued) |  |  |
| iRhythm Technologies, Inc.† | 44810 | &nbsp;&nbsp; $6898947 |
| Lantheus Holdings, Inc.† | 14024 | &nbsp;&nbsp; 1148005 |
| PROCEPT BioRobotics Corp.† | 33005 | &nbsp;&nbsp; 1901088 |
|  |  | &nbsp;&nbsp; **13817063** |
| **Health care providers & services: 9.95%** |  |  |
| Alignment Healthcare, Inc.† | 266510 | &nbsp;&nbsp; 3731140 |
| Castle Biosciences, Inc.† | 70422 | &nbsp;&nbsp; 1438017 |
| Ensign Group, Inc. | 38827 | &nbsp;&nbsp; 5989453 |
| HealthEquity, Inc.† | 65044 | &nbsp;&nbsp; 6814010 |
| Option Care Health, Inc.† | 145390 | &nbsp;&nbsp; 4722267 |
| RadNet, Inc.† | 113034 | &nbsp;&nbsp; 6432765 |
|  |  | &nbsp;&nbsp; **29127652** |
| **Life sciences tools & services: 0.94%** |  |  |
| Repligen Corp.† | 22158 | &nbsp;&nbsp; **2756012** |
| **Pharmaceuticals: 4.49%** |  |  |
| Corcept Therapeutics, Inc.† | 36106 | &nbsp;&nbsp; 2650181 |
| Ligand Pharmaceuticals, Inc.† | 33227 | &nbsp;&nbsp; 3777245 |
| Tarsus Pharmaceuticals, Inc.† | 57675 | &nbsp;&nbsp; 2336414 |
| Verona Pharma PLC ADR† | 46517 | &nbsp;&nbsp; 4399578 |
|  |  | &nbsp;&nbsp; **13163418** |
| **Industrials: 29.04%** |  |  |
| **Aerospace & defense: 6.20%** |  |  |
| AAR Corp.† | 34537 | &nbsp;&nbsp; 2375800 |
| ATI, Inc.† | 44909 | &nbsp;&nbsp; 3877443 |
| Kratos Defense & Security Solutions, Inc.† | 75370 | &nbsp;&nbsp; 3500937 |
| Leonardo DRS, Inc. | 91083 | &nbsp;&nbsp; 4233538 |
| Mercury Systems, Inc.† | 77256 | &nbsp;&nbsp; 4161008 |
|  |  | &nbsp;&nbsp; **18148726** |
| **Building products: 0.93%** |  |  |
| AAON, Inc. | 37072 | &nbsp;&nbsp; **2734060** |
| **Commercial services & supplies: 4.31%** |  |  |
| Casella Waste Systems, Inc. Class A† | 72145 | &nbsp;&nbsp; 8324090 |
| CECO Environmental Corp.† | 152109 | &nbsp;&nbsp; 4306206 |
|  |  | &nbsp;&nbsp; **12630296** |
| **Construction & engineering: 3.49%** |  |  |
| Argan, Inc. | 19445 | &nbsp;&nbsp; 4287234 |
| Construction Partners, Inc. Class A† | 55733 | &nbsp;&nbsp; 5923303 |
|  |  | &nbsp;&nbsp; **10210537** |

---

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

Allspring VT Small Cap Growth Fund \| 3

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electrical equipment: 2.23%** |  |  |
| American Superconductor Corp.† | 110590 | &nbsp;&nbsp; $4057547 |
| Bloom Energy Corp. Class A† | 103084 | &nbsp;&nbsp; 2465769 |
|  |  | &nbsp;&nbsp; **6523316** |
| **Ground transportation: 1.12%** |  |  |
| Saia, Inc.† | 11954 | &nbsp;&nbsp; **3275276** |
| **Machinery: 3.59%** |  |  |
| ESAB Corp. | 35126 | &nbsp;&nbsp; 4234439 |
| RBC Bearings, Inc.† | 16298 | &nbsp;&nbsp; 6271471 |
|  |  | &nbsp;&nbsp; **10505910** |
| **Marine transportation: 1.18%** |  |  |
| Kirby Corp.† | 30510 | &nbsp;&nbsp; **3460139** |
| **Professional services: 1.18%** |  |  |
| Parsons Corp.† | 48266 | &nbsp;&nbsp; **3464051** |
| **Trading companies & distributors: 4.81%** |  |  |
| Applied Industrial Technologies, Inc. | 25027 | &nbsp;&nbsp; 5817526 |
| Core & Main, Inc. Class A† | 31215 | &nbsp;&nbsp; 1883825 |
| SiteOne Landscape Supply, Inc.† | 24778 | &nbsp;&nbsp; 2996651 |
| Xometry, Inc. Class A† | 100088 | &nbsp;&nbsp; 3381974 |
|  |  | &nbsp;&nbsp; **14079976** |
| **Information technology: 20.22%** |  |  |
| **Electronic equipment, instruments & components: 3.63%** |  |  |
| Celestica, Inc.† | 10632 | &nbsp;&nbsp; 1659762 |
| Fabrinet† | 13818 | &nbsp;&nbsp; 4071888 |
| Mirion Technologies, Inc. Class A† | 226982 | &nbsp;&nbsp; 4886922 |
|  |  | &nbsp;&nbsp; **10618572** |
| **IT services: 1.50%** |  |  |
| TSS, Inc.† | 53300 | &nbsp;&nbsp; 1536639 |
| Wix.com Ltd.† | 18016 | &nbsp;&nbsp; 2854816 |
|  |  | &nbsp;&nbsp; **4391455** |
| **Semiconductors & semiconductor equipment: 2.45%** |  |  |
| Credo Technology Group Holding Ltd.† | 32035 | &nbsp;&nbsp; 2966121 |
| Impinj, Inc.† | 23902 | &nbsp;&nbsp; 2654795 |
| Rambus, Inc.† | 24324 | &nbsp;&nbsp; 1557222 |
|  |  | &nbsp;&nbsp; **7178138** |
| **Software: 12.64%** |  |  |
| Alkami Technology, Inc.† | 80377 | &nbsp;&nbsp; 2422563 |
| CCC Intelligent Solutions Holdings, Inc.† | 373355 | &nbsp;&nbsp; 3513270 |
| Clearwater Analytics Holdings, Inc. Class A† | 225573 | &nbsp;&nbsp; 4946816 |
| Commvault Systems, Inc.† | 48729 | &nbsp;&nbsp; 8494927 |
| CyberArk Software Ltd.† | 12562 | &nbsp;&nbsp; 5111226 |
| Descartes Systems Group, Inc.† | 36298 | &nbsp;&nbsp; 3689510 |

---

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

4 \| Allspring VT Small Cap Growth Fund

------

Portfolio of investments—June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Pegasystems, Inc. | 67744 | &nbsp;&nbsp; $3666983 |
| Varonis Systems, Inc. Class B† | 101840 | &nbsp;&nbsp; 5168380 |
|  |  | &nbsp;&nbsp; **37013675** |
| **Materials: 1.52%** |  |  |
| **Metals & mining: 1.52%** |  |  |
| Carpenter Technology Corp. | 16115 | &nbsp;&nbsp; **4453864** |
| **Real estate: 0.50%** |  |  |
| **Real estate management & development: 0.50%** |  |  |
| Cushman & Wakefield PLC† | 131899 | &nbsp;&nbsp; **1460122** |
| **Utilities: 1.74%** |  |  |
| **Independent power and renewable electricity producers: 1.74%** |  |  |
| Talen Energy Corp.† | 17481 | &nbsp;&nbsp; **5082950** |
| **Total common stocks (Cost $236,746,664)** |  | &nbsp;&nbsp; **285382287** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 3.25%** |  |  |  |  |
| **Investment companies: 3.25%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.26<br> %<br>| 9525011 | &nbsp;&nbsp; **9525011** |
| **Total short-term investments (Cost $9,525,011)** |  |  |  | &nbsp;&nbsp; **9525011** |
| **Total investments in securities (Cost $246,271,675)** | 100.71<br> %<br>|  |  | &nbsp;&nbsp; 294907298 |
| Other assets and liabilities, net | (0.71)<br>|  |  | &nbsp;&nbsp; (2070254)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$292837044** |

---

&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 | $62247963 | $(57652401)<br>| $0 | $0 | $9525011 | 9525011 | $161848 |

---

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

Allspring VT Small Cap Growth Fund \| 5

------

Statement of assets and liabilities—June 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $236,746,664) | $285382287 |
| Investments in affiliated securities, at value (cost $9,525,011) | 9525011 |
| Receivable for dividends | 40955 |
| Receivable for Fund shares sold | 21707 |
| Prepaid expenses and other assets | 1332 |
| **Total assets** | **294971292** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1158409 |
| Payable for investments purchased | 670793 |
| Management fee payable | 190105 |
| Distribution fee payable | 53953 |
| Administration fees payable | 19010 |
| Trustees' fees and expenses payable | 3729 |
| Accrued expenses and other liabilities | 38249 |
| **Total liabilities** | **2134248** |
| **Total net assets**  | **$292837044** |
| Net assets consist of |  |
| Paid-in capital | $211942968 |
| Total distributable earnings | 80894076 |
| **Total net assets** | **$292837044** |
| Computation of net asset value per share |  |
| Net assets–Class 1 | $25627335 |
| Shares outstanding–Class 1<sup>1</sup> <br>| 2530468 |
| Net asset value per share–Class 1 | $10.13 |
| Net assets–Class 2 | $267209709 |
| Shares outstanding–Class 2<sup>1</sup> <br>| 28287566 |
| Net asset value per share–Class 2 | $9.45 |

---

<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—six months ended June 30, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Income from affiliated securities | $161848 |
| Dividends | 136713 |
| Interest | 219 |
| **Total investment income** | **298780** |
| Expenses |  |
| Management fee | 1124914 |
| Administration fees |  |
| Class 1 | 9503 |
| Class 2 | 102988 |
| Distribution fee |  |
| Class 2 | 319477 |
| Custody and accounting fees | 5926 |
| Professional fees | 19906 |
| Registration fees | 38 |
| Shareholder report expenses | 6358 |
| Trustees' fees and expenses | 6843 |
| Other fees and expenses | 2589 |
| **Total expenses** | **1598542** |
| **Net investment loss** | **(1299762)**<br>|
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments** | **16652207** |
| **Net change in unrealized gains (losses) on investments** | **(11597593)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **5054614** |
| **Net increase in net assets resulting from operations** | **$3754852** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>Six months ended<br> June 30, 2025<br> (unaudited) | <br>Six months ended<br> June 30, 2025<br> (unaudited) | Year ended<br> December 31, 2024 | Year ended<br> December 31, 2024 |
| Operations |  |  |  |  |
| Net investment loss |  | &nbsp;&nbsp; $(1299762)<br>|  | &nbsp;&nbsp; $(3045502)<br>|
| Net realized gains on investments |  | &nbsp;&nbsp; 16652207 |  | &nbsp;&nbsp; 45865937 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; (11597593)<br>|  | &nbsp;&nbsp; 11236463 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **3754852** |  | &nbsp;&nbsp; **54056898** |
| Capital share transactions | Shares |  | &nbsp;&nbsp; Shares |  |
| Proceeds from shares sold |  |  |  |  |
| Class 1 | 175052 | &nbsp;&nbsp; 1688921 | &nbsp;&nbsp; 353691 | &nbsp;&nbsp; 3344824 |
| Class 2 | 931646 | &nbsp;&nbsp; 8000122 | &nbsp;&nbsp; 1711570 | &nbsp;&nbsp; 15043191 |
|  |  | &nbsp;&nbsp; 9689043 |  | &nbsp;&nbsp; 18388015 |
| Payment for shares redeemed |  |  |  |  |
| Class 1 | (121272)<br>| &nbsp;&nbsp; (1175507)<br>| &nbsp;&nbsp; (345870)<br>| &nbsp;&nbsp; (3209481)<br>|
| Class 2 | (2939634)<br>| &nbsp;&nbsp; (26933352)<br>| &nbsp;&nbsp; (6218982)<br>| &nbsp;&nbsp; (55977799)<br>|
|  |  | &nbsp;&nbsp; (28108859)<br>|  | &nbsp;&nbsp; (59187280)<br>|
| **Net decrease in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **(18419816)**<br>|  | &nbsp;&nbsp; **(40799265)**<br>|
| **Total increase (decrease) in net assets** |  | &nbsp;&nbsp; **(14664964)**<br>|  | &nbsp;&nbsp; **13257633** |
| Net assets |  |  |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **307502008** |  | &nbsp;&nbsp; **294244375** |
| **End of period** |  | &nbsp;&nbsp; **$292837044** |  | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 1 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.99** | &nbsp;&nbsp; **$8.39** | &nbsp;&nbsp; **$8.04** | &nbsp;&nbsp; **$14.76** | &nbsp;&nbsp; **$15.35** | &nbsp;&nbsp; **$10.29** |
| Net investment loss | (0.03 )<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>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gains (losses) on investments | 0.17 | 1.67 | 0.40 | &nbsp;&nbsp; (4.92)<br>| 1.26 | 5.80 |
| Total from investment operations | 0.14 | 1.60 | 0.35 | &nbsp;&nbsp; (4.99)<br>| 1.14 | 5.71 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of period** | **$10.13** | &nbsp;&nbsp; **$9.99** | &nbsp;&nbsp; **$8.39** | &nbsp;&nbsp; **$8.04** | &nbsp;&nbsp; **$14.76** | &nbsp;&nbsp; **$15.35** |
| **Total return**<sup>2</sup> <br>| **1.40%**<br>| **19.07%**<br>| **4.35%**<br>| &nbsp;&nbsp; **(34.30)%**<br>| **7.93%**<br>| **58.09%**<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>| 0.93<br> %<br>|
| Net expenses | 0.91<br> %<br>| 0.92<br> %<br>| 0.92<br> %<br>| 0.94<br> %<br>| 0.92<br> %<br>| 0.93<br> %<br>|
| Net investment loss | (0.70)%<br>| &nbsp;&nbsp; (0.74)%<br>| &nbsp;&nbsp; (0.61)%<br>| &nbsp;&nbsp; (0.63)%<br>| &nbsp;&nbsp; (0.78)%<br>| &nbsp;&nbsp; (0.76)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 42<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $25627 | &nbsp;&nbsp; $24752 | &nbsp;&nbsp; $20725 | &nbsp;&nbsp; $20160 | &nbsp;&nbsp; $35204 | &nbsp;&nbsp; $35128 |

---

&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 for periods of less than one year are not annualized. 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>June 30, 2025 <br>(unaudited) | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 | Year ended December 31 |
| Class 2 | Six months ended <br>June 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.33** | &nbsp;&nbsp; **$7.86** | &nbsp;&nbsp; **$7.55** | &nbsp;&nbsp; **$14.04** | &nbsp;&nbsp; **$14.72** | &nbsp;&nbsp; **$9.91** |
| Net investment loss | (0.04 )<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>| &nbsp;&nbsp; (0.11)<br>|
| Net realized and unrealized gains (losses) on investments | 0.16 | 1.56 | 0.38 | &nbsp;&nbsp; (4.67)<br>| 1.19 | 5.57 |
| Total from investment operations | 0.12 | 1.47 | 0.31 | &nbsp;&nbsp; (4.76)<br>| 1.05 | 5.46 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| Net realized gains | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Net asset value, end of period** | **$9.45** | &nbsp;&nbsp; **$9.33** | &nbsp;&nbsp; **$7.86** | &nbsp;&nbsp; **$7.55** | &nbsp;&nbsp; **$14.04** | &nbsp;&nbsp; **$14.72** |
| **Total return**<sup>2</sup> <br>| **1.29%**<br>| **18.70%**<br>| **4.11%**<br>| &nbsp;&nbsp; **(34.42)%**<br>| **7.64%**<br>| **57.78%**<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>| 1.18<br> %<br>|
| Net expenses | 1.16<br> %<br>| 1.17<br> %<br>| 1.17<br> %<br>| 1.19<br> %<br>| 1.17<br> %<br>| 1.18<br> %<br>|
| Net investment loss | (0.95)%<br>| &nbsp;&nbsp; (0.99)%<br>| &nbsp;&nbsp; (0.86)%<br>| &nbsp;&nbsp; (0.87)%<br>| &nbsp;&nbsp; (1.03)%<br>| &nbsp;&nbsp; (1.00)%<br>|
| **Supplemental data** |  |  |  |  |  |  |
| Portfolio turnover rate | 42<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| Net assets, end of period (000s omitted) | $267210 | &nbsp;&nbsp; $282750 | &nbsp;&nbsp; $273519 | &nbsp;&nbsp; $264938 | &nbsp;&nbsp; $414683 | &nbsp;&nbsp; $392316 |

---

&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 for periods of less than one year are not annualized. 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

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Notes to financial statements (unaudited)

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 (unaudited)

As of June 30, 2025, the aggregate cost of all investments for federal income tax purposes was $246,360,794 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $58047733 |
| Gross unrealized losses | &nbsp;&nbsp; (9501229)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$48546504** |

---

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 June 30, 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; $5024615 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $5024615 |
| *Consumer discretionary* | &nbsp;&nbsp; 26135465 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 26135465 |
| *Consumer staples* | &nbsp;&nbsp; 2336174 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2336174 |
| *Financials* | &nbsp;&nbsp; 17898138 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 17898138 |
| *Health care* | &nbsp;&nbsp; 78756832 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 78756832 |
| *Industrials* | &nbsp;&nbsp; 85032287 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 85032287 |
| *Information technology* | &nbsp;&nbsp; 59201840 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 59201840 |
| *Materials* | &nbsp;&nbsp; 4453864 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4453864 |
| *Real estate* | &nbsp;&nbsp; 1460122 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1460122 |
| *Utilities* | &nbsp;&nbsp; 5082950 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5082950 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 9525011 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9525011 |
| **Total assets** | &nbsp;&nbsp; **$294907298** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$294907298** |

---

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

At June 30, 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

12 \| Allspring VT Small Cap Growth Fund

------

Notes to financial statements (unaudited)

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 six months ended June 30, 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 June 30, 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 six months ended June 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended June 30, 2025 were $116,247,215 and $139,109,939, 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

Allspring VT Small Cap Growth Fund \| 13

------

Notes to financial statements (unaudited)

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 six months ended June 30, 2025, there were no borrowings by the Fund under the agreement.

7. 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.

8. 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.

9. 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 requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

10. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

14 \| Allspring VT Small Cap Growth Fund

------

Other information (unaudited)

Other information

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 Small 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.

16 \| Allspring VT Small Cap Growth Fund

------

Other information (unaudited)

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

Board consideration of investment management and sub-advisory agreements:

Under the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board") of Allspring Variable Trust (the "Trust") must determine annually whether to approve the continuation of the Trust's investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 27-29, 2025 (the "Meeting"), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), reviewed and approved for the Allspring VT Small Cap Growth Fund (the "Fund"): (i) an investment management agreement (the "Management Agreement") with Allspring Funds Management, LLC ("Allspring Funds Management"); and (ii) an investment sub-advisory agreement (the "Sub-Advisory Agreement") with Allspring Global Investments, LLC (the "Sub-Adviser"), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the "Advisory Agreements."

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2025, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board's annual contract renewal process earlier in 2025. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

*Nature, extent, and quality of services*

The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.\* In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.

The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.

The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments' risk management functions, which included information about Allspring Funds Management's business continuity plan and Allspring Global Investments' business resiliency and disaster recovery plans, their approaches to data privacy and cybersecurity, and Allspring Funds Management's role as administrator of the Fund's liquidity risk management program and as the Fund's

\*

The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is "Allspring Global Investments."

Allspring VT Small Cap Growth Fund \| 17

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Other information (unaudited)

valuation designee. The Board also received and considered information about Allspring Funds Management's derivatives and investment risk management oversight services, and its intermediary and vendor oversight program.

*Fund investment performance and expenses*

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2024. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. ("Broadridge") to be similar to the Fund (the "Universe"), and in comparison to the Fund's benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund was higher than the average investment performance of the Universe for the one-year period under review and lower for all other periods under review. The Board also noted that the investment performance of the Fund was higher than its benchmark index, the Russell 2000® Growth Index, for the one- and ten-year periods under review, in range of its benchmark index for the five-year period under review and lower than its benchmark index for the three-year period under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund's investment performance.

The Board also received and considered information regarding the Fund's net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the "Groups"). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class.

The Board received information concerning, and discussed factors contributing to, the net operating expense ratios of the Fund relative to the expense Groups for each share class. The Board took note of the explanations for the net operating expense ratios of the Fund.

The Board took into account the Fund's investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

*Investment management and sub-advisory fee rates*

The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the "Management Rates"). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.

Among other information reviewed by the Board was a comparison of the Fund's Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of the average rates for the expense Groups for each share class.

The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management's on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.

18 \| Allspring VT Small Cap Growth Fund

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Other information (unaudited)

*Profitability*

The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser's profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.

Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses and changes to such methodologies from the prior year. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, asset class, and age of fund.

Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

*Economies of scale*

The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund's management fee structure, which operate generally to reduce the Fund's expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Allspring Funds Management's arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

*Other benefits to Allspring Funds Management and the Sub-Adviser*

The Board received and considered information regarding potential "fall-out" or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management's and the Sub-Adviser's business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

*Conclusion*

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.

Allspring VT Small Cap Growth Fund \| 19

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![](g857459img1b35022e1.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**

![](g857459img2ffb730f2.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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRS3003 06-25**

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<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.

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<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 CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

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

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END 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 CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

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

Not applicable.

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<u>ITEM 19. EXHIBITS</u> 

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d857459dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d857459dex99906cert.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. |

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#### 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.

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| | |
|:---|:---|
| Allspring Variable Trust | Allspring Variable Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: August 22, 2025 | Date: August 22, 2025 |

---

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: August 22, 2025 | Date: August 22, 2025 |
| By: | /s/Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: August 22, 2025 | Date: August 22, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g857459g0827070628737.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS 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

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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.

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| | |
|:---|:---|
| Date: August 22, 2025 | Date: August 22, 2025 |
|  | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Variable Trust |

---

------

![LOGO](g857459g0827070628737.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS 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 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: August 22, 2025 | Date: August 22, 2025 |
|  | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Variable Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g857459g0827070628737.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-CSRS for the six months ended June 30, 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: August 22, 2025

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

---

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-CSRS with the Securities and Exchange Commission.

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![LOGO](g857459g0827070628737.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-CSRS for the six months ended June 30, 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: August 22, 2025

---

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

---

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-CSRS with the Securities and Exchange Commission.