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: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: May 31
Registrant is making a filing for 16 of its series:
Allspring Asset Allocation Fund, Allspring Growth Balanced Fund, Allspring Moderate Balanced Fund, Allspring C&B Large Cap Value Fund, Allspring Diversified Equity Fund, Allspring Emerging Growth Fund, Allspring Index Fund, Allspring Small Company Growth Fund, Allspring Small Company Value Fund, Allspring Core Bond Fund, Allspring Real Return Fund, Allspring Spectrum Income Allocation Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Moderate Growth Fund, Allspring Spectrum Conservative Growth Fund, and Spectrum Aggressive Growth Fund.
Date of reporting period: November 30, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
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Allspring Core Bond Fund | |
11 | |
Financial statements | |
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15 | |
22 | |
Allspring Core Bond Portfolio | |
27 | |
Financial statements | |
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59 |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Maulik Bhansali, CFA®‡, Jarad Vasquez |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (MBFAX) | 10-31-2001 | -6.06 | 2.44 | 2.52 | -1.64 | 3.39 | 2.99 | 0.83 | 0.78 | ||
Class C (MBFCX) | 10-31-2001 | -3.39 | 2.62 | 2.22 | -2.39 | 2.62 | 2.22 | 1.58 | 1.53 | ||
Class R (WTRRX) | 7-9-2010 | – | – | – | -1.71 | 3.18 | 2.76 | 1.08 | 1.03 | ||
Class R4 (MBFRX)3 | 11-30-2012 | – | – | – | -1.37 | 3.68 | 3.28 | 0.60 | 0.52 | ||
Class R6 (WTRIX)4 | 11-30-2012 | – | – | – | -1.23 | 3.83 | 3.42 | 0.45 | 0.37 | ||
Administrator Class (MNTRX) | 6-30-1997 | – | – | – | -1.55 | 3.47 | 3.07 | 0.77 | 0.70 | ||
Institutional Class (MBFIX) | 10-31-2001 | – | – | – | -1.27 | 3.77 | 3.37 | 0.50 | 0.42 | ||
Bloomberg U.S. Aggregate Bond Index5 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 1.03% for Class R, 0.52% for Class R4, 0.37% for Class R6, 0.70% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R4 shares would be higher. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
FNMA, 2.50%, 12-13-2051 | 3.12 |
FNMA, 2.50%, 2-11-2051 | 2.84 |
U.S. Treasury Note, 1.25%, 11-30-2026 | 2.35 |
U.S. Treasury Note, 0.50%, 11-30-2023 | 1.72 |
U.S. Treasury Bond, 1.38%, 11-15-2040 | 1.67 |
U.S. Treasury Note, 1.50%, 9-30-2024 | 1.45 |
U.S. Treasury Bond, 1.13%, 5-15-2040 | 1.42 |
U.S. Treasury Bond, 1.75%, 8-15-2041 | 1.41 |
U.S. Treasury Note, 0.75%, 11-15-2024 | 1.39 |
U.S. Treasury Note, 0.13%, 12-31-2022 | 1.36 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of November 30, 20211 |
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1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,006.91 | $3.92 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.16 | $3.95 | 0.78% |
Class C | ||||
Actual | $1,000.00 | $1,003.29 | $7.68 | 1.53% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.40 | $7.74 | 1.53% |
Class R | ||||
Actual | $1,000.00 | $1,006.24 | $4.63 | 0.92% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.46 | $4.66 | 0.92% |
Class R4 | ||||
Actual | $1,000.00 | $1,008.28 | $2.62 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.46 | $2.64 | 0.52% |
Class R6 | ||||
Actual | $1,000.00 | $1,009.04 | $1.86 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.21 | $1.88 | 0.37% |
Administrator Class | ||||
Actual | $1,000.00 | $1,007.38 | $3.52 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.56 | $3.55 | 0.70% |
Institutional Class | ||||
Actual | $1,000.00 | $1,009.56 | $2.12 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.96 | $2.13 | 0.42% |
Value | |||||
Investment companies: 100.05% | |||||
Affiliated master portfolio: 100.05% | |||||
Allspring Core Bond Portfolio | $5,127,213,213 | ||||
Total Investment companies (Cost $5,114,748,252) | 5,127,213,213 | ||||
Total investments in securities (Cost $5,114,748,252) | 100.05% | 5,127,213,213 | |||
Other assets and liabilities, net | (0.05) | (2,622,483) | |||
Total net assets | 100.00% | $5,124,590,730 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Core Bond Portfolio | 94.49% | 94.18% | $18,478,641 | $2,327,769 | $39,251,978 | $27,584 | $5,127,213,213 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $5,114,748,252) | $ 5,127,213,213 |
Receivable for Fund shares sold | 3,724,000 |
Receivable from manager | 83,483 |
Prepaid expenses and other assets | 90,720 |
Total assets | 5,131,111,416 |
Liabilities | |
Payable for Fund shares redeemed | 5,435,197 |
Dividends payable | 524,312 |
Administration fees payable | 293,237 |
Distribution fees payable | 7,101 |
Trustees’ fees and expenses payable | 655 |
Accrued expenses and other liabilities | 260,184 |
Total liabilities | 6,520,686 |
Total net assets | $5,124,590,730 |
Net assets consist of | |
Paid-in capital | $ 5,086,876,433 |
Total distributable earnings | 37,714,297 |
Total net assets | $5,124,590,730 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 367,087,999 |
Shares outstanding – Class A1 | 27,246,997 |
Net asset value per share – Class A | $13.47 |
Maximum offering price per share – Class A2 | $14.10 |
Net assets – Class C | $ 10,984,226 |
Shares outstanding – Class C1 | 823,880 |
Net asset value per share – Class C | $13.33 |
Net assets – Class R | $ 1,568,531 |
Shares outstanding – Class R1 | 119,444 |
Net asset value per share – Class R | $13.13 |
Net assets – Class R4 | $ 1,829,632 |
Shares outstanding – Class R41 | 139,324 |
Net asset value per share – Class R4 | $13.13 |
Net assets – Class R6 | $ 1,765,026,824 |
Shares outstanding – Class R61 | 134,512,852 |
Net asset value per share – Class R6 | $13.12 |
Net assets – Administrator Class | $ 221,573,196 |
Shares outstanding – Administrator Class1 | 16,868,953 |
Net asset value per share – Administrator Class | $13.13 |
Net assets – Institutional Class | $ 2,756,520,322 |
Shares outstanding – Institutional Class1 | 210,149,958 |
Net asset value per share – Institutional Class | $13.12 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $12,891) | $ 39,251,978 |
Affiliated income allocated from affiliated Master Portfolio | 27,584 |
Expenses allocated from affiliated Master Portfolio | (9,296,250) |
Total investment income | 29,983,312 |
Expenses | |
Management fee | 1,300,081 |
Administration fees | |
Class A | 298,204 |
Class C | 9,627 |
Class R | 1,349 |
Class R4 | 709 |
Class R6 | 279,155 |
Administrator Class | 111,419 |
Institutional Class | 1,109,945 |
Shareholder servicing fees | |
Class A | 465,944 |
Class C | 14,955 |
Class R | 1,583 |
Class R4 | 884 |
Administrator Class | 269,367 |
Distribution fees | |
Class C | 44,845 |
Class R | 1,583 |
Custody and accounting fees | 72,470 |
Professional fees | 18,191 |
Registration fees | 13,012 |
Shareholder report expenses | 6,285 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 33,503 |
Total expenses | 4,063,078 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (925,746) |
Class A | (13,227) |
Class C | (2) |
Class R4 | (301) |
Class R6 | (317,155) |
Administrator Class | (19,171) |
Institutional Class | (480,428) |
Net expenses | 2,307,048 |
Net investment income | 27,676,264 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 18,478,424 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 2,327,986 |
Net realized and unrealized gains (losses) on investments | 20,806,410 |
Net increase in net assets resulting from operations | $48,482,674 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 27,676,264 | $ 68,755,092 | ||
Net realized gains on investments | 18,478,424 | 124,275,417 | ||
Net change in unrealized gains (losses) on investments | 2,327,986 | (163,776,116) | ||
Net increase in net assets resulting from operations | 48,482,674 | 29,254,393 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,455,491) | (18,390,567) | ||
Class C | (3,566) | (826,028) | ||
Class R | (5,356) | (109,006) | ||
Class R4 | (9,201) | (255,450) | ||
Class R6 | (11,071,124) | (147,643,160) | ||
Administrator Class | (955,924) | (13,932,917) | ||
Institutional Class | (15,788,554) | (162,044,711) | ||
Total distributions to shareholders | (29,289,216) | (343,201,839) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,664,077 | 22,498,128 | 12,273,258 | 169,431,477 |
Class C | 52,600 | 704,410 | 429,511 | 6,062,121 |
Class R | 5,278 | 69,540 | 42,683 | 585,880 |
Class R4 | 19,599 | 258,288 | 73,596 | 1,019,265 |
Class R6 | 8,669,906 | 114,360,640 | 41,373,976 | 564,946,588 |
Administrator Class | 1,944,278 | 25,673,562 | 7,772,437 | 107,461,106 |
Institutional Class | 31,243,609 | 412,518,270 | 91,169,096 | 1,242,662,922 |
576,082,838 | 2,092,169,359 | |||
Reinvestment of distributions | ||||
Class A | 100,545 | 1,360,968 | 1,173,633 | 16,238,069 |
Class C | 262 | 3,515 | 58,078 | 794,241 |
Class R | 281 | 3,707 | 5,020 | 67,665 |
Class R4 | 693 | 9,141 | 18,865 | 254,704 |
Class R6 | 670,307 | 8,837,854 | 8,211,303 | 110,794,663 |
Administrator Class | 68,245 | 900,859 | 991,907 | 13,386,686 |
Institutional Class | 1,109,315 | 14,622,137 | 11,300,587 | 152,228,735 |
25,738,181 | 293,764,763 | |||
Payment for shares redeemed | ||||
Class A | (2,137,736) | (28,942,605) | (6,969,911) | (96,545,555) |
Class C | (236,998) | (3,177,776) | (1,472,599) | (20,765,992) |
Class R | (17,177) | (225,850) | (150,925) | (2,094,716) |
Class R4 | (16,948) | (224,737) | (285,459) | (3,858,168) |
Class R6 | (26,074,861) | (344,908,039) | (82,522,155) | (1,114,913,998) |
Administrator Class | (1,550,142) | (20,467,248) | (8,154,991) | (111,662,175) |
Institutional Class | (32,522,983) | (428,860,630) | (63,368,919) | (856,440,756) |
(826,806,885) | (2,206,281,360) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (224,985,866) | 179,652,762 | ||
Total decrease in net assets | (205,792,408) | (134,294,684) | ||
Net assets | ||||
Beginning of period | 5,330,383,138 | 5,464,677,822 | ||
End of period | $5,124,590,730 | $ 5,330,383,138 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.43 | $14.17 | $13.28 | $12.86 | $13.22 | $13.28 |
Net investment income | 0.05 | 0.12 1 | 0.25 | 0.32 | 0.24 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.06) | 0.93 | 0.42 | (0.36) | 0.00 |
Total from investment operations | 0.09 | 0.06 | 1.18 | 0.74 | (0.12) | 0.19 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.15) | (0.26) | (0.32) | (0.24) | (0.19) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.05) | (0.80) | (0.29) | (0.32) | (0.24) | (0.25) |
Net asset value, end of period | $13.47 | $13.43 | $14.17 | $13.28 | $12.86 | $13.22 |
Total return2 | 0.69% | 0.31% | 9.03% | 5.87% | (0.96)% | 1.48% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.82% | 0.82% | 0.82% | 0.83% | 0.83% | 0.83% |
Net expenses | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Net investment income | 0.72% | 0.87% | 1.85% | 2.50% | 1.79% | 1.40% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $367,088 | $370,882 | $299,642 | $302,246 | $320,208 | $360,276 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.29 | $14.03 | $13.15 | $12.74 | $13.09 | $13.15 |
Net investment income (loss) | (0.00) 1 | 0.03 | 0.15 | 0.23 | 0.14 | 0.09 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.07) | 0.92 | 0.40 | (0.35) | 0.00 |
Total from investment operations | 0.04 | (0.04) | 1.07 | 0.63 | (0.21) | 0.09 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 2 | (0.05) | (0.16) | (0.22) | (0.14) | (0.09) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.00) 2 | (0.70) | (0.19) | (0.22) | (0.14) | (0.15) |
Net asset value, end of period | $13.33 | $13.29 | $14.03 | $13.15 | $12.74 | $13.09 |
Total return3 | 0.33% | (0.45)% | 8.22% | 5.04% | (1.65)% | 0.72% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.57% | 1.57% | 1.57% | 1.58% | 1.58% | 1.58% |
Net expenses | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
Net investment income (loss) | (0.04)% | 0.16% | 1.11% | 1.75% | 1.04% | 0.68% |
Supplemental data | ||||||
Portfolio turnover rate4 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $10,984 | $13,399 | $27,971 | $34,494 | $47,843 | $59,049 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.36% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Amount is more than $(0.005) |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.09 | $13.83 | $12.96 | $12.55 | $12.90 | $12.97 |
Net investment income | 0.04 1 | 0.11 1 | 0.22 1 | 0.28 1 | 0.20 1 | 0.15 1 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.06) | 0.90 | 0.41 | (0.35) | (0.01) |
Total from investment operations | 0.08 | 0.05 | 1.12 | 0.69 | (0.15) | 0.14 |
Distributions to shareholders from | ||||||
Net investment income | (0.04) | (0.14) | (0.22) | (0.28) | (0.20) | (0.15) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.04) | (0.79) | (0.25) | (0.28) | (0.20) | (0.21) |
Net asset value, end of period | $13.13 | $13.09 | $13.83 | $12.96 | $12.55 | $12.90 |
Total return2 | 0.62% | 0.22% | 8.80% | 5.61% | (1.19)% | 1.15% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.95% | 0.87% | 1.05% | 1.07% | 1.08% | 1.08% |
Net expenses | 0.92% | 0.86% | 1.02% | 1.03% | 1.03% | 1.03% |
Net investment income | 0.57% | 0.81% | 1.66% | 2.25% | 1.54% | 1.18% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,569 | $1,716 | $3,241 | $8,565 | $12,230 | $13,826 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R4 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.09 | $13.83 | $12.95 | $12.55 | $12.89 | $12.95 |
Net investment income | 0.07 | 0.16 1 | 0.29 1 | 0.35 | 0.26 1 | 0.22 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.06) | 0.91 | 0.40 | (0.34) | 0.00 |
Total from investment operations | 0.11 | 0.10 | 1.20 | 0.75 | (0.08) | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.19) | (0.29) | (0.35) | (0.26) | (0.22) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.07) | (0.84) | (0.32) | (0.35) | (0.26) | (0.28) |
Net asset value, end of period | $13.13 | $13.09 | $13.83 | $12.95 | $12.55 | $12.89 |
Total return2 | 0.83% | 0.55% | 9.34% | 6.07% | (0.61)% | 1.74% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.59% | 0.59% | 0.59% | 0.60% | 0.60% | 0.60% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Net investment income | 0.98% | 1.16% | 2.19% | 2.76% | 2.01% | 1.70% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,830 | $1,780 | $4,549 | $10,805 | $11,680 | $43,205 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.08 | $13.82 | $12.95 | $12.54 | $12.89 | $12.95 |
Net investment income | 0.07 | 0.18 1 | 0.30 | 0.37 | 0.28 | 0.24 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.06) | 0.91 | 0.41 | (0.35) | 0.00 |
Total from investment operations | 0.12 | 0.12 | 1.21 | 0.78 | (0.07) | 0.24 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.21) | (0.31) | (0.37) | (0.28) | (0.24) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.08) | (0.86) | (0.34) | (0.37) | (0.28) | (0.30) |
Net asset value, end of period | $13.12 | $13.08 | $13.82 | $12.95 | $12.54 | $12.89 |
Total return2 | 0.90% | 0.70% | 9.42% | 6.31% | (0.54)% | 1.90% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% | 0.45% |
Net expenses | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Net investment income | 1.13% | 1.29% | 2.26% | 2.92% | 2.24% | 1.87% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,765,027 | $1,978,164 | $2,545,332 | $2,513,644 | $1,360,847 | $797,896 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.09 | $13.83 | $12.96 | $12.56 | $12.90 | $12.97 |
Net investment income | 0.05 | 0.13 | 0.26 | 0.33 1 | 0.24 1 | 0.21 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.06) | 0.90 | 0.40 | (0.34) | (0.02) |
Total from investment operations | 0.10 | 0.07 | 1.16 | 0.73 | (0.10) | 0.19 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.16) | (0.26) | (0.33) | (0.24) | (0.20) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.06) | (0.81) | (0.29) | (0.33) | (0.24) | (0.26) |
Net asset value, end of period | $13.13 | $13.09 | $13.83 | $12.96 | $12.56 | $12.90 |
Total return2 | 0.74% | 0.37% | 9.14% | 5.87% | (0.79)% | 1.48% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.75% | 0.76% | 0.76% | 0.76% | 0.77% | 0.77% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 0.80% | 0.95% | 1.92% | 2.58% | 1.86% | 1.50% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $221,573 | $214,796 | $218,522 | $205,825 | $269,057 | $373,042 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.07 | $13.82 | $12.94 | $12.54 | $12.88 | $12.95 |
Net investment income | 0.07 | 0.17 | 0.29 | 0.36 | 0.28 | 0.23 |
Net realized and unrealized gains (losses) on investments | 0.06 | (0.07) | 0.92 | 0.40 | (0.34) | (0.01) |
Total from investment operations | 0.13 | 0.10 | 1.21 | 0.76 | (0.06) | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.20) | (0.30) | (0.36) | (0.28) | (0.23) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.08) | (0.85) | (0.33) | (0.36) | (0.28) | (0.29) |
Net asset value, end of period | $13.12 | $13.07 | $13.82 | $12.94 | $12.54 | $12.88 |
Total return1 | 0.96% | 0.58% | 9.45% | 6.18% | (0.51)% | 1.77% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.49% | 0.49% | 0.49% | 0.50% | 0.50% | 0.50% |
Net expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Net investment income | 1.08% | 1.22% | 2.21% | 2.86% | 2.16% | 1.82% |
Supplemental data | ||||||
Portfolio turnover rate2 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $2,756,520 | $2,749,647 | $2,365,421 | $2,343,238 | $3,318,290 | $3,166,348 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Returns for periods of less than one year are not annualized. |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $ 0 |
Gross unrealized losses | (2,177,412) |
Net unrealized losses | $(2,177,412) |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation | $5,127,213,213 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R | 0.16 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.78% |
Class C | 1.53 |
Class R | 1.03 |
Class R4 | 0.52 |
Class R6 | 0.37 |
Administrator Class | 0.70 |
Institutional Class | 0.42 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$9,601,517,650 | $1,749,156,683 | $9,466,666,799 | $1,729,005,700 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 26.83% | ||||||
FHLMC ¤ | 0.00% | 9-15-2029 | $ | 10,190,000 | $ 8,953,596 | |
FHLMC ¤ | 0.00 | 12-14-2029 | 6,390,000 | 5,625,225 | ||
FHLMC (1 Month LIBOR +0.35%) ± | 0.44 | 12-15-2048 | 619,557 | 616,144 | ||
FHLMC | 1.75 | 5-15-2043 | 2,107,894 | 2,143,204 | ||
FHLMC | 2.00 | 12-1-2050 | 5,739,596 | 5,767,557 | ||
FHLMC | 2.50 | 1-1-2036 | 14,929,003 | 15,682,987 | ||
FHLMC (12 Month LIBOR +1.64%) ± | 2.82 | 5-1-2049 | 2,691,273 | 2,768,131 | ||
FHLMC | 3.00 | 12-1-2031 | 8,480,464 | 8,941,493 | ||
FHLMC | 3.00 | 1-1-2032 | 1,331,647 | 1,408,180 | ||
FHLMC | 3.00 | 7-1-2033 | 3,364,115 | 3,551,264 | ||
FHLMC | 3.00 | 10-15-2047 | 5,956,989 | 6,112,641 | ||
FHLMC | 3.00 | 5-15-2050 | 4,434,855 | 4,669,057 | ||
FHLMC | 4.00 | 1-1-2035 | 120,009 | 130,582 | ||
FHLMC | 4.00 | 1-1-2036 | 226,474 | 246,911 | ||
FHLMC | 4.00 | 10-1-2036 | 1,196,279 | 1,300,405 | ||
FHLMC | 4.00 | 3-1-2037 | 180,622 | 197,795 | ||
FHLMC | 4.00 | 3-1-2037 | 209,910 | 231,040 | ||
FHLMC | 4.00 | 3-1-2037 | 214,229 | 231,049 | ||
FHLMC | 4.00 | 4-1-2037 | 1,690,536 | 1,849,450 | ||
FHLMC | 4.00 | 4-1-2037 | 1,421,123 | 1,550,820 | ||
FHLMC | 4.00 | 8-1-2038 | 7,229,497 | 7,781,079 | ||
FHLMC | 4.00 | 11-1-2048 | 6,777,264 | 7,385,275 | ||
FHLMC | 4.00 | 7-1-2049 | 10,027,372 | 11,061,857 | ||
FHLMC | 4.50 | 6-1-2039 | 198,106 | 218,319 | ||
FHLMC | 4.50 | 7-1-2039 | 255,419 | 287,401 | ||
FHLMC | 5.00 | 5-1-2048 | 5,344,603 | 6,052,937 | ||
FHLMC | 5.00 | 3-1-2049 | 8,055,112 | 9,024,774 | ||
FHLMC Series 1897 Class K | 7.00 | 9-15-2026 | 191 | 209 | ||
FHLMC Series 264 Class 30 | 3.00 | 7-15-2042 | 7,269,563 | 7,537,618 | ||
FHLMC Series 4426 Class QC | 1.75 | 7-15-2037 | 3,777,382 | 3,830,855 | ||
FHLMC Series 4705 Class A | 4.50 | 9-15-2042 | 536,497 | 541,797 | ||
FHLMC Series 4763 Class CA | 3.00 | 9-15-2038 | 1,043,008 | 1,097,506 | ||
FHLMC Series 4767 Class KA | 3.00 | 3-15-2048 | 2,895,238 | 3,047,336 | ||
FHLMC Series 5091 Class AB | 1.50 | 3-25-2051 | 9,176,821 | 9,059,728 | ||
FHLMC Series 5119 Class AB | 1.50 | 8-25-2049 | 4,756,693 | 4,722,574 | ||
FNMA ¤ | 0.00 | 11-15-2030 | 18,777,000 | 16,170,060 | ||
FNMA | 1.50 | 1-25-2043 | 2,654,717 | 2,638,700 | ||
FNMA | 1.50 | 1-25-2043 | 8,577,150 | 8,582,288 | ||
FNMA | 1.70 | 8-25-2033 | 10,160,060 | 10,356,077 | ||
FNMA | 1.75 | 5-25-2043 | 2,971,996 | 3,015,961 | ||
FNMA | 1.75 | 6-25-2046 | 19,168,168 | 19,153,863 | ||
FNMA | 2.00 | 9-1-2030 | 1,793,432 | 1,840,237 | ||
FNMA | 2.00 | 5-1-2031 | 2,721,849 | 2,792,884 | ||
FNMA | 2.00 | 5-1-2031 | 2,719,050 | 2,790,012 | ||
FNMA %% | 2.00 | 1-16-2036 | 53,800,000 | 55,063,039 | ||
FNMA %% | 2.00 | 12-16-2036 | 17,400,000 | 17,841,117 | ||
FNMA | 2.00 | 6-25-2038 | 10,102,722 | 10,370,920 | ||
FNMA | 2.00 | 4-1-2051 | 11,188,213 | 11,242,755 | ||
FNMA %% | 2.00 | 12-13-2051 | 48,200,000 | 48,237,656 | ||
FNMA (12 Month LIBOR +1.58%) ± | 2.34 | 6-1-2045 | 2,228,251 | 2,312,392 | ||
FNMA | 2.50 | 2-1-2036 | 10,906,574 | 11,488,668 | ||
FNMA | 2.50 | 3-1-2036 | 8,760,858 | 9,236,988 | ||
FNMA | 2.50 | 3-1-2036 | 14,133,381 | 14,887,883 | ||
FNMA | 2.50 | 4-1-2036 | 3,055,554 | 3,221,560 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 2.50% | 5-1-2036 | $ | 10,467,341 | $ 11,036,230 | |
FNMA | 2.50 | 5-1-2036 | 10,788,585 | 11,374,813 | ||
FNMA | 2.50 | 11-25-2044 | 1,867,668 | 1,912,368 | ||
FNMA %% | 2.50 | 2-11-2051 | 151,700,000 | 154,775,481 | ||
FNMA %% | 2.50 | 12-13-2051 | 165,400,000 | 169,560,845 | ||
FNMA %% | 2.50 | 1-13-2052 | 48,800,000 | 49,905,625 | ||
FNMA (12 Month LIBOR +1.59%) ± | 2.70 | 1-1-2046 | 6,576,910 | 6,827,317 | ||
FNMA | 3.00 | 1-1-2043 | 5,690,750 | 6,039,109 | ||
FNMA | 3.00 | 5-25-2048 | 6,945,276 | 7,286,574 | ||
FNMA | 3.00 | 7-25-2049 | 2,616,320 | 2,699,131 | ||
FNMA %% | 3.00 | 2-14-2052 | 16,000,000 | 16,571,076 | ||
FNMA | 3.00 | 12-1-2054 | 24,147,118 | 25,573,127 | ||
FNMA | 3.00 | 2-1-2055 | 2,371,958 | 2,496,552 | ||
FNMA | 3.00 | 7-1-2060 | 31,903,510 | 33,985,757 | ||
FNMA | 3.00 | 7-1-2060 | 24,264,627 | 25,648,346 | ||
FNMA | 4.00 | 9-1-2033 | 1,977,725 | 2,103,621 | ||
FNMA | 4.00 | 12-1-2036 | 233,584 | 254,908 | ||
FNMA | 4.00 | 10-1-2037 | 1,408,911 | 1,520,399 | ||
FNMA | 4.00 | 9-1-2045 | 784,758 | 868,514 | ||
FNMA | 4.00 | 1-1-2046 | 5,464,579 | 6,071,735 | ||
FNMA | 4.00 | 2-1-2047 | 2,797,830 | 3,063,791 | ||
FNMA | 4.00 | 4-1-2047 | 630,450 | 694,709 | ||
FNMA | 4.00 | 4-1-2047 | 515,258 | 571,090 | ||
FNMA | 4.00 | 4-1-2047 | 357,523 | 383,106 | ||
FNMA | 4.00 | 10-1-2047 | 597,077 | 662,044 | ||
FNMA | 4.00 | 10-1-2047 | 510,760 | 562,012 | ||
FNMA | 4.00 | 7-1-2048 | 17,583,829 | 19,249,267 | ||
FNMA | 4.00 | 9-1-2048 | 3,643,066 | 3,960,132 | ||
FNMA | 4.00 | 10-1-2048 | 3,050,956 | 3,326,689 | ||
FNMA | 4.00 | 11-1-2048 | 3,354,954 | 3,665,211 | ||
FNMA | 4.00 | 12-1-2048 | 2,893,973 | 3,211,854 | ||
FNMA | 4.00 | 2-1-2049 | 3,235,202 | 3,547,888 | ||
FNMA | 4.00 | 5-1-2049 | 373,623 | 405,129 | ||
FNMA | 4.00 | 5-1-2049 | 2,505,981 | 2,764,255 | ||
FNMA | 4.00 | 12-1-2049 | 2,797,986 | 3,063,293 | ||
FNMA | 4.00 | 8-1-2059 | 3,308,612 | 3,697,742 | ||
FNMA | 4.50 | 5-1-2034 | 936,588 | 1,030,866 | ||
FNMA | 4.50 | 6-1-2041 | 203,633 | 227,473 | ||
FNMA | 4.50 | 3-1-2043 | 2,627,262 | 2,932,640 | ||
FNMA | 4.50 | 10-1-2045 | 4,037,123 | 4,506,685 | ||
FNMA | 4.50 | 2-1-2046 | 93,450 | 103,539 | ||
FNMA | 4.50 | 7-1-2048 | 4,529,158 | 5,040,979 | ||
FNMA | 4.50 | 8-1-2048 | 5,884,182 | 6,540,395 | ||
FNMA | 4.50 | 10-1-2048 | 5,293,655 | 5,850,040 | ||
FNMA | 4.50 | 11-1-2048 | 1,949,010 | 2,189,231 | ||
FNMA | 4.50 | 1-1-2049 | 9,832,851 | 10,911,278 | ||
FNMA | 4.50 | 2-1-2049 | 5,364,842 | 5,931,445 | ||
FNMA | 4.50 | 6-1-2049 | 4,178,791 | 4,640,225 | ||
FNMA | 4.50 | 7-1-2049 | 4,325,441 | 4,805,463 | ||
FNMA | 4.50 | 8-1-2049 | 4,040,222 | 4,470,917 | ||
FNMA | 4.50 | 4-1-2050 | 2,961,728 | 3,334,690 | ||
FNMA | 5.00 | 7-1-2044 | 264,878 | 294,496 | ||
FNMA | 5.00 | 10-1-2048 | 73,566 | 83,287 | ||
FNMA | 5.00 | 12-1-2048 | 2,932,578 | 3,265,859 | ||
FNMA | 5.00 | 6-1-2049 | 21,793,142 | 24,416,816 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 5.00% | 8-1-2049 | $ | 28,962,408 | $ 32,834,094 | |
FNMA | 5.00 | 8-1-2049 | 13,752,926 | 15,488,321 | ||
FNMA | 5.00 | 11-1-2049 | 4,184,519 | 4,649,873 | ||
FNMA | 5.50 | 12-1-2048 | 3,585,196 | 4,119,405 | ||
FNMA | 5.50 | 6-1-2049 | 9,831,120 | 11,311,736 | ||
FNMA | 6.00 | 4-1-2022 | 165 | 183 | ||
FNMA | 6.00 | 2-1-2029 | 1,623 | 1,807 | ||
FNMA | 6.00 | 3-1-2033 | 21,012 | 24,129 | ||
FNMA | 6.00 | 11-1-2033 | 6,936 | 8,046 | ||
FNMA | 2.50 | 12-1-2035 | 15,326,330 | 16,158,629 | ||
FNMA | 2.50 | 6-1-2036 | 9,803,675 | 10,336,323 | ||
FNMA Series 2017-13 Class PA | 3.00 | 8-25-2046 | 3,173,335 | 3,291,729 | ||
FNMA Series 2017-M7 Class A2 ±± | 2.96 | 2-25-2027 | 1,760,000 | 1,871,860 | ||
FNMA Series 2018-14 Class KC | 3.00 | 3-25-2048 | 3,400,706 | 3,576,942 | ||
FNMA Series 2018-15 Class AB | 3.00 | 3-25-2048 | 1,277,579 | 1,343,202 | ||
FNMA Series 2018-8 Class KL | 2.50 | 3-25-2047 | 3,435,272 | 3,529,318 | ||
FNMA Series 2019-15 Class AB | 3.50 | 5-25-2053 | 7,471,551 | 8,030,939 | ||
FNMA Series 2020-48 Class AB | 2.00 | 7-25-2050 | 5,078,938 | 5,161,914 | ||
FNMA Series 2020-48 Class DA | 2.00 | 7-25-2050 | 11,869,646 | 11,919,143 | ||
FNMA Series 2021-27 Class EC | 1.50 | 5-25-2051 | 13,566,722 | 13,460,952 | ||
FNMA Series 2021-78 Class ND | 1.50 | 11-25-2051 | 7,422,826 | 7,445,170 | ||
FNMA Series 414 Class A35 | 3.50 | 10-25-2042 | 6,727,788 | 7,236,429 | ||
GNMA | 2.50 | 9-20-2051 | 32,239,126 | 33,162,520 | ||
GNMA | 3.00 | 10-20-2051 | 36,257,450 | 37,745,891 | ||
GNMA | 3.50 | 1-20-2048 | 3,294,371 | 3,520,531 | ||
GNMA | 3.50 | 3-20-2049 | 2,274,045 | 2,412,162 | ||
GNMA | 4.00 | 6-20-2047 | 23,567,314 | 25,157,716 | ||
GNMA | 4.00 | 3-20-2048 | 753,019 | 808,779 | ||
GNMA | 4.00 | 4-20-2048 | 1,169,956 | 1,252,830 | ||
GNMA | 4.00 | 4-20-2048 | 1,001,788 | 1,081,828 | ||
GNMA | 4.00 | 4-20-2048 | 908,364 | 984,533 | ||
GNMA | 4.00 | 5-20-2049 | 1,396,650 | 1,488,030 | ||
GNMA | 4.00 | 6-20-2049 | 3,136,784 | 3,334,460 | ||
GNMA | 4.00 | 7-20-2049 | 3,237,929 | 3,492,790 | ||
GNMA | 4.50 | 8-15-2047 | 530,234 | 594,250 | ||
GNMA | 4.50 | 6-20-2048 | 4,044,370 | 4,310,817 | ||
GNMA | 4.50 | 2-20-2049 | 4,352,885 | 4,821,098 | ||
GNMA | 4.50 | 3-20-2049 | 361,905 | 390,845 | ||
GNMA | 4.50 | 4-20-2049 | 473,183 | 505,769 | ||
GNMA | 4.50 | 5-20-2049 | 971,417 | 1,038,736 | ||
GNMA | 4.50 | 5-20-2049 | 589,595 | 630,117 | ||
GNMA | 5.00 | 12-20-2039 | 132,388 | 147,480 | ||
GNMA | 5.00 | 3-20-2048 | 7,112,242 | 7,808,683 | ||
GNMA | 5.00 | 5-20-2048 | 3,304,124 | 3,573,719 | ||
GNMA | 5.00 | 6-20-2048 | 12,454,850 | 13,441,573 | ||
GNMA | 5.00 | 7-20-2048 | 2,200,250 | 2,377,850 | ||
GNMA | 5.00 | 8-20-2048 | 3,494,168 | 3,782,650 | ||
GNMA | 5.00 | 12-20-2048 | 3,482,526 | 3,749,855 | ||
GNMA | 5.00 | 1-20-2049 | 663,598 | 712,191 | ||
GNMA | 5.00 | 1-20-2049 | 3,485,138 | 3,802,129 | ||
GNMA | 5.00 | 2-20-2049 | 483,664 | 533,333 | ||
GNMA | 5.00 | 3-20-2049 | 955,765 | 1,051,234 | ||
GNMA | 2.50 | 7-20-2051 | 32,770,585 | 33,709,201 | ||
GNMA Series 2012-141 Class WA ±± | 4.53 | 11-16-2041 | 999,655 | 1,101,590 | ||
GNMA Series 2017-167 Class BQ | 2.50 | 8-20-2044 | 3,693,983 | 3,780,589 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
GNMA Series 2018-11 Class PC | 2.75% | 12-20-2047 | $ | 4,197,881 | $ 4,281,997 | |
GNMA Series 2019-132 Class NA | 3.50 | 9-20-2049 | 3,643,368 | 3,829,004 | ||
GNMA Series 2021-23 Class MG | 1.50 | 2-20-2051 | 9,719,214 | 9,608,950 | ||
Total Agency securities (Cost $1,448,541,174) | 1,460,611,794 | |||||
Asset-backed securities: 8.00% | ||||||
American Express Credit Account Master Trust Series 2021-1 Class A | 0.90 | 11-16-2026 | 17,380,000 | 17,296,164 | ||
AmeriCredit Automobile Receivables Series 2020-2 Class A2 | 0.60 | 12-18-2023 | 1,545,261 | 1,545,937 | ||
Avis Budget Rental Car Funding LLC Series 2019-3A Class A1 144A | 2.36 | 3-20-2026 | 3,825,000 | 3,928,256 | ||
Avis Budget Rental Car Funding LLC Series 2020-1A Class A 144A | 2.33 | 8-20-2026 | 1,721,000 | 1,773,160 | ||
Avis Budget Rental Car Funding LLC Series 2021 2A Class A 144A | 1.66 | 2-20-2028 | 7,680,000 | 7,649,997 | ||
Blackstone Secured Lending Fund 144A | 2.85 | 9-30-2028 | 4,403,000 | 4,269,921 | ||
Captial One Multi-Asset Execution Trust Series 2021-A2 Class A2 | 1.39 | 7-15-2030 | 9,776,000 | 9,638,287 | ||
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A± | 1.74 | 11-26-2046 | 2,097,912 | 2,121,740 | ||
College Avenue Student Loan Trust Series 2018-A Class A2 144A | 4.13 | 12-26-2047 | 1,654,796 | 1,720,477 | ||
College Avenue Student Loan Trust Series 2019- A Class A2 144A | 3.28 | 12-28-2048 | 2,725,993 | 2,795,942 | ||
College Avenue Student Loan Trust Series 2021-A Class-A2 144A | 1.60 | 7-25-2051 | 3,784,522 | 3,718,184 | ||
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A | 3.19 | 7-15-2031 | 3,524,000 | 3,722,043 | ||
Hertz Vehicle Financing LLC Series 2021-2A Class A 144A | 1.68 | 12-27-2027 | 6,693,000 | 6,673,309 | ||
Hyundai Auto Receivables Trust Series 2021-C Class A4 | 1.03 | 12-15-2027 | 2,976,000 | 2,958,831 | ||
Mercedes Benz Auto Receivables Series 2021-1 Class A3 | 0.46 | 6-15-2026 | 4,523,000 | 4,479,352 | ||
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A± | 1.69 | 10-15-2031 | 2,622,000 | 2,665,341 | ||
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A± | 2.24 | 12-15-2045 | 1,493,457 | 1,532,402 | ||
Navient Student Loan Trust Series 2018-CA Class A2 144A | 3.52 | 6-16-2042 | 600,350 | 609,929 | ||
Navient Student Loan Trust Series 2018-DA Class A2A 144A | 4.00 | 12-15-2059 | 4,273,489 | 4,472,579 | ||
Navient Student Loan Trust Series 2019-A Class A2A 144A | 3.42 | 1-15-2043 | 5,554,014 | 5,666,614 | ||
Navient Student Loan Trust Series 2019-BA Class A2A 144A | 3.39 | 12-15-2059 | 6,718,960 | 6,928,274 | ||
Navient Student Loan Trust Series 2019-CA Class A2 144A | 3.13 | 2-15-2068 | 4,449,209 | 4,548,590 | ||
Navient Student Loan Trust Series 2019-D Class A2A 144A | 3.01 | 12-15-2059 | 8,329,888 | 8,597,376 | ||
Navient Student Loan Trust Series 2019-FA Class A2 144A | 2.60 | 8-15-2068 | 5,121,173 | 5,217,397 | ||
Navient Student Loan Trust Series 2019-GA Class A 144A | 2.40 | 10-15-2068 | 2,530,325 | 2,571,523 | ||
Navient Student Loan Trust Series 2020-BA ClassA2 144A | 2.12 | 1-15-2069 | 3,341,420 | 3,382,152 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
Navient Student Loan Trust Series 2020-GA Class A 144A | 1.17% | 9-16-2069 | $ | 5,786,373 | $ 5,766,653 | |
Navient Student Loan Trust Series 2020-HA Class A 144A | 1.31 | 1-15-2069 | 3,028,985 | 3,019,714 | ||
Navient Student Loan Trust Series 2020-IA Class A1A 144A | 1.33 | 4-15-2069 | 11,207,741 | 11,076,852 | ||
Navient Student Loan Trust Series 2021 Class A 144A | 0.97 | 12-16-2069 | 12,637,555 | 12,459,200 | ||
Navient Student Loan Trust Series 2021-3A Class A1A 144A | 1.77 | 8-25-2070 | 6,785,000 | 6,735,994 | ||
Navient Student Loan Trust Series 2021-A Class A 144A | 0.84 | 5-15-2069 | 1,337,846 | 1,321,606 | ||
Navient Student Loan Trust Series 2021-BA Class A 144A | 0.94 | 7-15-2069 | 1,863,876 | 1,848,411 | ||
Navient Student Loan Trust Series 2021-CA Class A 144A | 1.06 | 10-15-2069 | 7,712,481 | 7,629,823 | ||
Navient Student Loan Trust Series 2021-FA Class A 144A | 1.11 | 2-18-2070 | 13,970,326 | 13,776,719 | ||
Navient Student Loan Trust Series 2021-GA Class A 144A | 1.58 | 4-15-2070 | 6,023,000 | 6,013,240 | ||
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ± | 0.28 | 1-25-2037 | 4,018,026 | 3,961,897 | ||
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ± | 0.30 | 10-27-2036 | 1,985,650 | 1,957,614 | ||
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ± | 0.23 | 10-25-2033 | 16,077,111 | 15,870,933 | ||
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ± | 0.23 | 3-23-2037 | 15,799,914 | 15,558,335 | ||
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ± | 0.25 | 12-24-2035 | 11,898,435 | 11,772,252 | ||
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ± | 0.31 | 3-22-2032 | 2,918,708 | 2,835,351 | ||
Santander Drive Auto Receivables Trust Series 2020-1 Class A3 | 2.03 | 2-15-2024 | 383,552 | 383,788 | ||
Santander Drive Auto Receivables Trust Series 2020-3 Class A3 | 0.52 | 7-15-2024 | 1,703,510 | 1,704,047 | ||
Santander Drive Auto Receivables Trust Series 2020-4 Class A3 | 0.48 | 7-15-2024 | 2,726,237 | 2,726,902 | ||
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A± | 0.87 | 12-15-2032 | 2,868,148 | 2,833,295 | ||
SLM Student Loan Trust Series 2003-10A Class A4 (3 Month LIBOR +0.67%) 144A± | 0.79 | 12-17-2068 | 8,967,000 | 8,968,245 | ||
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ± | 0.18 | 7-25-2022 | 14,681,678 | 14,252,985 | ||
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ± | 0.49 | 3-25-2025 | 1,330,359 | 1,308,688 | ||
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ± | 1.04 | 9-25-2028 | 9,936,137 | 9,847,178 | ||
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ± | 0.79 | 1-25-2029 | 8,366,299 | 8,229,873 | ||
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ± | 0.84 | 5-26-2026 | 2,213,352 | 2,173,567 | ||
SMB Private Education Loan Trust Series 2015-B Class A2A 144A | 2.98 | 7-15-2027 | 73,939 | 74,280 | ||
SMB Private Education Loan Trust Series 2016-A Class A2A 144A | 2.70 | 5-15-2031 | 4,372,169 | 4,441,051 | ||
SMB Private Education Loan Trust Series 2016-B Class A2A 144A | 2.43 | 2-17-2032 | 2,162,458 | 2,196,517 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A± | 1.54% | 2-17-2032 | $ | 1,685,722 | $ 1,706,029 | |
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A± | 1.19 | 9-15-2034 | 1,923,249 | 1,932,270 | ||
SMB Private Education Loan Trust Series 2018-C Class A2A 144A | 3.63 | 11-15-2035 | 2,762,794 | 2,875,385 | ||
SMB Private Education Loan Trust Series 2019-A Class A2A 144A | 3.44 | 7-15-2036 | 10,300,353 | 10,603,774 | ||
SMB Private Education Loan Trust Series 2020-BA Class A1A 144A | 1.29 | 7-15-2053 | 6,597,860 | 6,542,611 | ||
SMB Private Education Loan Trust Series 2020-PTA Class A2A 144A | 1.60 | 9-15-2054 | 6,321,174 | 6,305,307 | ||
SMB Private Education Loan Trust Series 2020-PTB Class A2A 144A | 1.60 | 9-15-2054 | 19,110,522 | 18,895,198 | ||
SMB Private Education Loan Trust Series 2021-A Class APT1 144A | 1.07 | 1-15-2053 | 19,780,374 | 19,252,740 | ||
SMB Private Education Loan Trust Series 2021-B Class A 144A | 1.31 | 7-17-2051 | 8,250,452 | 8,221,564 | ||
SMB Private Education Loan Trust Series 2021-D Class A1A 144A | 1.34 | 3-17-2053 | 12,179,118 | 12,019,423 | ||
SMB Private Education Loan Trust Series 2021-E Class A1A 144A | 1.68 | 2-15-2051 | 8,559,000 | 8,510,171 | ||
SMB Private Education Loan Trust Series 2053 Class 1 (1 Month LIBOR +0.80%) 144A± | 0.89 | 1-15-2053 | 6,986,000 | 6,976,663 | ||
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A | 2.76 | 12-26-2036 | 861,899 | 866,209 | ||
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A± | 0.94 | 7-25-2039 | 171,525 | 171,711 | ||
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A± | 0.79 | 3-26-2040 | 230,158 | 230,389 | ||
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A | 2.65 | 9-25-2040 | 209,207 | 212,629 | ||
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A± | 0.59 | 11-26-2040 | 80,406 | 80,427 | ||
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A | 2.72 | 11-26-2040 | 770,703 | 780,341 | ||
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A | 2.95 | 2-25-2042 | 1,422,065 | 1,444,449 | ||
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A | 3.34 | 8-25-2047 | 3,302,151 | 3,364,454 | ||
SoFi Professional Loan Program LLC Series 2020-C Class AFX 144A | 1.95 | 2-15-2046 | 2,801,284 | 2,826,627 | ||
SoFi Professional Loan Program LLC Series 2021-A Class AFX 144A | 1.03 | 8-17-2043 | 2,325,512 | 2,296,863 | ||
SoFi Professional Loan Program LLC Series 2021-B Class AFX 144A | 1.14 | 2-15-2047 | 5,108,777 | 5,056,399 | ||
Toyota Auto Loan Extended Note Series 2021-1A Class A 144A | 1.07 | 2-27-2034 | 7,837,000 | 7,717,233 | ||
Toyota Auto Receivables Owner Trust Series 2021-D Class A4 | 1.02 | 3-15-2027 | 3,197,000 | 3,176,728 | ||
Triton Container Finance LLC Series 2020-1A Class A 144A | 2.11 | 9-20-2045 | 2,265,596 | 2,249,084 | ||
Total Asset-backed securities (Cost $436,765,289) | 435,543,465 |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 24.97% | ||||||
Communication services: 2.42% | ||||||
Diversified telecommunication services: 1.60% | ||||||
AT&T Incorporated | 2.25% | 2-1-2032 | $ | 1,392,000 | $ 1,343,252 | |
AT&T Incorporated | 3.10 | 2-1-2043 | 856,000 | 826,069 | ||
AT&T Incorporated | 3.50 | 6-1-2041 | 1,807,000 | 1,856,518 | ||
AT&T Incorporated | 3.50 | 9-15-2053 | 7,253,000 | 7,326,374 | ||
AT&T Incorporated | 3.55 | 9-15-2055 | 1,772,000 | 1,781,279 | ||
AT&T Incorporated | 3.65 | 6-1-2051 | 1,357,000 | 1,408,940 | ||
AT&T Incorporated | 3.65 | 9-15-2059 | 3,562,000 | 3,605,568 | ||
AT&T Incorporated | 3.80 | 12-1-2057 | 3,242,000 | 3,385,686 | ||
T-Mobile USA Incorporated | 2.25 | 2-15-2026 | 3,916,000 | 3,868,891 | ||
T-Mobile USA Incorporated 144A | 2.25 | 2-15-2026 | 17,360,000 | 17,151,159 | ||
T-Mobile USA Incorporated | 2.88 | 2-15-2031 | 1,150,000 | 1,112,637 | ||
T-Mobile USA Incorporated 144A | 3.38 | 4-15-2029 | 8,464,000 | 8,516,900 | ||
T-Mobile USA Incorporated 144A | 3.50 | 4-15-2031 | 6,242,000 | 6,344,119 | ||
Verizon Communications Incorporated | 2.55 | 3-21-2031 | 1,617,000 | 1,634,347 | ||
Verizon Communications Incorporated | 2.65 | 11-20-2040 | 7,106,000 | 6,784,311 | ||
Verizon Communications Incorporated | 2.88 | 11-20-2050 | 1,366,000 | 1,330,830 | ||
Verizon Communications Incorporated | 3.40 | 3-22-2041 | 3,415,000 | 3,629,939 | ||
Verizon Communications Incorporated | 3.55 | 3-22-2051 | 3,968,000 | 4,350,943 | ||
Verizon Communications Incorporated | 3.70 | 3-22-2061 | 2,481,000 | 2,740,736 | ||
Verizon Communications Incorporated | 4.33 | 9-21-2028 | 1,176,000 | 1,339,428 | ||
Verizon Communications Incorporated | 1.68 | 10-30-2030 | 3,398,000 | 3,207,040 | ||
Verizon Communications Incorporated 144A | 2.36 | 3-15-2032 | 3,380,000 | 3,345,512 | ||
86,890,478 | ||||||
Entertainment: 0.13% | ||||||
Netflix Incorporated 144A | 3.63 | 6-15-2025 | 3,017,000 | 3,182,935 | ||
Netflix Incorporated | 5.88 | 11-15-2028 | 3,242,000 | 3,880,285 | ||
7,063,220 | ||||||
Media: 0.69% | ||||||
Charter Communications Operating LLC | 2.25 | 1-15-2029 | 8,181,000 | 7,928,967 | ||
Charter Communications Operating LLC | 3.50 | 6-1-2041 | 3,694,000 | 3,617,388 | ||
Charter Communications Operating LLC | 3.50 | 3-1-2042 | 4,119,000 | 3,985,413 | ||
Charter Communications Operating LLC | 3.90 | 6-1-2052 | 3,579,000 | 3,616,188 | ||
Charter Communications Operating LLC | 4.40 | 12-1-2061 | 2,604,000 | 2,713,947 | ||
Charter Communications Operating LLC | 4.46 | 7-23-2022 | 1,617,000 | 1,645,566 | ||
Charter Communications Operating LLC | 4.80 | 3-1-2050 | 3,320,000 | 3,739,632 | ||
Comcast Corporation | 1.50 | 2-15-2031 | 4,392,000 | 4,129,177 | ||
Comcast Corporation | 3.75 | 4-1-2040 | 2,066,000 | 2,327,671 | ||
Discovery Communications LLC | 4.00 | 9-15-2055 | 746,000 | 798,639 | ||
ViacomCBS Incorporated | 4.95 | 1-15-2031 | 942,000 | 1,117,667 | ||
ViacomCBS Incorporated | 4.95 | 5-19-2050 | 1,643,000 | 2,075,150 | ||
37,695,405 | ||||||
Consumer discretionary: 1.70% | ||||||
Automobiles: 0.16% | ||||||
Ford Motor Company | 3.63 | 6-17-2031 | 7,278,000 | 7,423,560 | ||
Ford Motor Company | 4.75 | 1-15-2043 | 1,402,000 | 1,500,140 | ||
8,923,700 |
Interest rate | Maturity date | Principal | Value | |||
Diversified consumer services: 0.15% | ||||||
Sodexo Incorporated 144A | 1.63% | 4-16-2026 | $ | 4,630,000 | $ 4,598,308 | |
Yale University | 0.87 | 4-15-2025 | 830,000 | 827,116 | ||
Yale University | 1.48 | 4-15-2030 | 2,594,000 | 2,543,239 | ||
7,968,663 | ||||||
Hotels, restaurants & leisure: 0.41% | ||||||
GLP Capital LP | 5.30 | 1-15-2029 | 1,712,000 | 1,953,854 | ||
Marriott International Incorporated | 2.85 | 4-15-2031 | 4,167,000 | 4,185,166 | ||
Marriott International Incorporated | 3.50 | 10-15-2032 | 2,550,000 | 2,682,512 | ||
Marriott International Incorporated | 4.63 | 6-15-2030 | 6,027,000 | 6,783,406 | ||
Marriott International Incorporated | 5.75 | 5-1-2025 | 1,043,000 | 1,177,142 | ||
Starbucks Corporation | 1.30 | 5-7-2022 | 2,153,000 | 2,160,666 | ||
Starbucks Corporation | 3.50 | 11-15-2050 | 3,372,000 | 3,642,359 | ||
22,585,105 | ||||||
Internet & direct marketing retail: 0.59% | ||||||
Amazon.com Incorporated | 1.00 | 5-12-2026 | 11,550,000 | 11,413,026 | ||
Amazon.com Incorporated | 1.65 | 5-12-2028 | 5,204,000 | 5,179,402 | ||
Amazon.com Incorporated | 2.10 | 5-12-2031 | 8,127,000 | 8,165,477 | ||
Amazon.com Incorporated | 2.70 | 6-3-2060 | 787,000 | 766,651 | ||
Amazon.com Incorporated | 3.10 | 5-12-2051 | 4,107,000 | 4,438,652 | ||
Amazon.com Incorporated | 3.25 | 5-12-2061 | 1,755,000 | 1,937,484 | ||
31,900,692 | ||||||
Specialty retail: 0.30% | ||||||
Advance Auto Parts Company | 3.90 | 4-15-2030 | 6,751,000 | 7,407,402 | ||
AutoNation Incorporated | 4.75 | 6-1-2030 | 1,701,000 | 1,967,655 | ||
Home Depot Incorporated | 2.38 | 3-15-2051 | 2,705,000 | 2,515,177 | ||
Home Depot Incorporated | 3.13 | 12-15-2049 | 3,285,000 | 3,512,108 | ||
Home Depot Incorporated | 3.30 | 4-15-2040 | 700,000 | 757,504 | ||
16,159,846 | ||||||
Textiles, apparel & luxury goods: 0.09% | ||||||
Tapestry Incorporated %% | 3.05 | 3-15-2032 | 4,706,000 | 4,756,728 | ||
Consumer staples: 0.91% | ||||||
Beverages: 0.50% | ||||||
Anheuser-Busch InBev Worldwide Incorporated | 3.50 | 6-1-2030 | 1,694,000 | 1,852,565 | ||
Anheuser-Busch InBev Worldwide Incorporated | 3.75 | 7-15-2042 | 1,548,000 | 1,692,650 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.38 | 4-15-2038 | 5,032,000 | 5,860,858 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.70 | 2-1-2036 | 4,790,000 | 5,759,975 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.90 | 2-1-2046 | 4,297,000 | 5,454,891 | ||
Molson Coors Beverage Company | 4.20 | 7-15-2046 | 5,879,000 | 6,510,572 | ||
27,131,511 | ||||||
Food & staples retailing: 0.03% | ||||||
Walmart Incorporated | 2.50 | 9-22-2041 | 1,357,000 | 1,389,763 | ||
Personal products: 0.09% | ||||||
Estee Lauder Incorporated | 1.95 | 3-15-2031 | 5,092,000 | 5,083,406 | ||
Tobacco: 0.29% | ||||||
Altria Group Incorporated | 2.35 | 5-6-2025 | 736,000 | 756,378 | ||
Altria Group Incorporated | 2.45 | 2-4-2032 | 1,997,000 | 1,879,932 |
Interest rate | Maturity date | Principal | Value | |||
Tobacco (continued) | ||||||
Altria Group Incorporated | 3.40% | 2-4-2041 | $ | 3,994,000 | $ 3,696,088 | |
BAT Capital Corporation | 2.26 | 3-25-2028 | 908,000 | 887,033 | ||
BAT Capital Corporation | 2.73 | 3-25-2031 | 7,928,000 | 7,668,013 | ||
BAT Capital Corporation | 4.39 | 8-15-2037 | 899,000 | 954,603 | ||
15,842,047 | ||||||
Energy: 0.82% | ||||||
Oil, gas & consumable fuels: 0.82% | ||||||
BP Capital Markets America Incorporated | 2.77 | 11-10-2050 | 2,550,000 | 2,408,357 | ||
BP Capital Markets America Incorporated | 3.38 | 2-8-2061 | 3,960,000 | 4,088,655 | ||
Devon Energy Corporation | 4.75 | 5-15-2042 | 890,000 | 1,017,964 | ||
Devon Energy Corporation | 5.00 | 6-15-2045 | 3,130,000 | 3,773,341 | ||
Diamondback Energy Incorporated | 4.40 | 3-24-2051 | 1,444,000 | 1,637,588 | ||
Enable Midstream Partners | 4.15 | 9-15-2029 | 1,988,000 | 2,140,857 | ||
Enable Midstream Partners | 4.40 | 3-15-2027 | 3,354,000 | 3,625,458 | ||
Enable Midstream Partners | 4.95 | 5-15-2028 | 5,689,000 | 6,338,968 | ||
Enable Midstream Partners | 5.00 | 5-15-2044 | 752,000 | 811,700 | ||
Energy Transfer Operating Partners LP | 5.15 | 3-15-2045 | 1,712,000 | 1,953,062 | ||
Energy Transfer Operating Partners LP | 5.30 | 4-15-2047 | 4,461,000 | 5,156,551 | ||
Energy Transfer Operating Partners LP | 6.00 | 6-15-2048 | 692,000 | 868,616 | ||
Energy Transfer Operating Partners LP | 6.05 | 6-1-2041 | 788,000 | 966,087 | ||
Energy Transfer Operating Partners LP | 6.10 | 2-15-2042 | 882,000 | 1,088,032 | ||
Energy Transfer Operating Partners LP | 6.13 | 12-15-2045 | 1,513,000 | 1,898,332 | ||
Marathon Oil Corporation | 5.20 | 6-1-2045 | 1,089,000 | 1,286,380 | ||
Pioneer Natural Resource | 1.90 | 8-15-2030 | 4,539,000 | 4,298,501 | ||
Sunoco Logistics Partner LP | 5.35 | 5-15-2045 | 1,297,000 | 1,505,752 | ||
44,864,201 | ||||||
Financials: 8.71% | ||||||
Banks: 2.89% | ||||||
Bank of America Corporation (U.S. SOFR +0.41%) ± | 0.52 | 6-14-2024 | 4,637,000 | 4,602,203 | ||
Bank of America Corporation (U.S. SOFR +1.01%) ± | 1.20 | 10-24-2026 | 3,805,000 | 3,725,573 | ||
Bank of America Corporation (U.S. SOFR +1.15%) ± | 1.32 | 6-19-2026 | 7,642,000 | 7,569,096 | ||
Bank of America Corporation (U.S. SOFR +0.91%) ± | 1.66 | 3-11-2027 | 17,083,000 | 16,952,385 | ||
Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73 | 7-22-2027 | 18,245,000 | 18,080,179 | ||
Bank of America Corporation (U.S. SOFR +1.53%) ± | 1.90 | 7-23-2031 | 3,363,000 | 3,215,945 | ||
Bank of America Corporation (U.S. SOFR +1.37%) ± | 1.92 | 10-24-2031 | 2,836,000 | 2,706,670 | ||
Bank of America Corporation (3 Month LIBOR +0.99%) ± | 2.50 | 2-13-2031 | 4,764,000 | 4,772,295 | ||
Bank of America Corporation (U.S. SOFR +2.15%) ± | 2.59 | 4-29-2031 | 5,473,000 | 5,518,373 | ||
Bank of America Corporation (U.S. SOFR +1.32%) ± | 2.69 | 4-22-2032 | 16,711,000 | 16,922,098 | ||
Bank of America Corporation (3 Month LIBOR +0.79%) ± | 3.00 | 12-20-2023 | 6,735,000 | 6,886,739 | ||
Bank of America Corporation (U.S. SOFR +1.65%) ± | 3.48 | 3-13-2052 | 1,677,000 | 1,870,494 | ||
Bank of America Corporation | 3.50 | 4-19-2026 | 866,000 | 932,574 | ||
Bank of America Corporation (3 Month LIBOR +1.06%) ± | 3.56 | 4-23-2027 | 4,184,000 | 4,464,746 | ||
Bank of America Corporation (U.S. SOFR +1.21%) ± | 2.57 | 10-20-2032 | 2,818,000 | 2,830,101 | ||
JPMorgan Chase & Company (U.S. SOFR +0.70%) ± | 1.04 | 2-4-2027 | 16,962,000 | 16,460,234 | ||
JPMorgan Chase & Company (U.S. SOFR +0.80%) ± | 1.05 | 11-19-2026 | 9,458,000 | 9,196,270 | ||
JPMorgan Chase & Company (U.S. SOFR +0.77%) ± | 1.47 | 9-22-2027 | 10,130,000 | 9,936,099 | ||
JPMorgan Chase & Company (U.S. SOFR +1.02%) ± | 2.07 | 6-1-2029 | 8,455,000 | 8,351,501 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
JPMorgan Chase & Company (U.S. SOFR +1.85%) ± | 2.08% | 4-22-2026 | $ | 7,418,000 | $ 7,544,573 | |
JPMorgan Chase & Company (U.S. SOFR +1.89%) ± | 2.18 | 6-1-2028 | 5,196,000 | 5,207,590 | ||
157,745,738 | ||||||
Capital markets: 4.07% | ||||||
Ares Capital Corporation | 3.20 | 11-15-2031 | 5,265,000 | 5,153,384 | ||
Athene Global Funding 144A | 1.73 | 10-2-2026 | 5,083,000 | 4,986,993 | ||
Athene Global Funding 144A | 1.99 | 8-19-2028 | 4,236,000 | 4,108,447 | ||
Athene Global Funding 144A | 2.50 | 3-24-2028 | 5,931,000 | 5,986,199 | ||
Athene Global Funding 144A | 2.65 | 10-4-2031 | 5,594,000 | 5,560,990 | ||
Bain Capital Specialty Finance | 2.55 | 10-13-2026 | 3,470,000 | 3,376,722 | ||
Blackstone Private Equity Funds 144A | 2.35 | 11-22-2024 | 4,349,000 | 4,349,884 | ||
Blackstone Private Equity Funds 144A | 2.63 | 12-15-2026 | 15,562,000 | 15,127,684 | ||
Blackstone Private Equity Funds 144A | 3.25 | 3-15-2027 | 6,088,000 | 6,085,381 | ||
Blue Owl Finance LLC 144A | 4.13 | 10-7-2051 | 728,000 | 750,717 | ||
CNO Global Funding 144A | 1.75 | 10-7-2026 | 5,324,000 | 5,276,672 | ||
Credit Suisse Group AG | 1.25 | 8-7-2026 | 11,017,000 | 10,746,019 | ||
F&G Global Funding 144A | 2.00 | 9-20-2028 | 6,752,000 | 6,586,550 | ||
FS KKR Capital Corporation | 3.13 | 10-12-2028 | 921,000 | 906,914 | ||
GA Global Funding Trust 144A | 0.80 | 9-13-2024 | 5,923,000 | 5,833,871 | ||
GA Global Funding Trust 144A | 1.95 | 9-15-2028 | 7,924,000 | 7,770,916 | ||
GE Capital Funding LLC | 3.45 | 5-15-2025 | 1,960,000 | 2,091,260 | ||
GE Capital Funding LLC | 4.40 | 5-15-2030 | 2,988,000 | 3,550,228 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +0.51%) ± | 0.66 | 9-10-2024 | 8,490,000 | 8,424,318 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +0.49%) ± | 0.93 | 10-21-2024 | 16,988,000 | 16,925,309 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +1.26%) ± | 2.65 | 10-21-2032 | 2,931,000 | 2,937,846 | ||
Golub Capital LLC | 2.50 | 8-24-2026 | 3,851,000 | 3,794,338 | ||
Morgan Stanley (U.S. SOFR +0.51%) ± | 0.79 | 1-22-2025 | 20,974,000 | 20,744,174 | ||
Morgan Stanley (U.S. SOFR +0.53%) ± | 0.79 | 5-30-2025 | 17,680,000 | 17,409,645 | ||
Morgan Stanley (U.S. SOFR +0.75%) ± | 0.86 | 10-21-2025 | 6,112,000 | 6,011,025 | ||
Morgan Stanley (U.S. SOFR +0.72%) ± | 0.99 | 12-10-2026 | 8,628,000 | 8,344,521 | ||
Morgan Stanley (U.S. SOFR +1.18%) ± | 2.24 | 7-21-2032 | 5,032,000 | 4,931,156 | ||
Morgan Stanley (U.S. SOFR +0.56%) ± | 1.16 | 10-21-2025 | 12,743,000 | 12,641,594 | ||
Morgan Stanley (U.S. SOFR +0.86%) ± | 1.51 | 7-20-2027 | 6,596,000 | 6,469,802 | ||
Owl Rock Capital Corporation | 2.88 | 6-11-2028 | 1,772,000 | 1,731,263 | ||
Owl Rock Capital Corporation 144A | 3.13 | 4-13-2027 | 5,775,000 | 5,659,179 | ||
Owl Rock Capital Corporation | 3.40 | 7-15-2026 | 7,274,000 | 7,397,596 | ||
221,670,597 | ||||||
Consumer finance: 1.16% | ||||||
American Express Company | 1.65 | 11-4-2026 | 4,451,000 | 4,442,988 | ||
Bunge Limited Finance Corporation | 1.63 | 8-17-2025 | 2,948,000 | 2,949,063 | ||
Bunge Limited Finance Corporation | 2.75 | 5-14-2031 | 6,311,000 | 6,372,090 | ||
Bunge Limited Finance Corporation | 3.75 | 9-25-2027 | 8,568,000 | 9,331,961 | ||
Ford Motor Credit Company LLC | 2.70 | 8-10-2026 | 7,654,000 | 7,598,509 | ||
Ford Motor Credit Company LLC | 4.00 | 11-13-2030 | 2,630,000 | 2,758,213 | ||
Ford Motor Credit Company LLC | 4.06 | 11-1-2024 | 1,368,000 | 1,426,824 | ||
Hyundai Capital America Company 144A | 0.80 | 1-8-2024 | 4,507,000 | 4,469,745 | ||
Hyundai Capital America Company 144A | 1.25 | 9-18-2023 | 2,637,000 | 2,641,515 | ||
Hyundai Capital America Company 144A | 1.30 | 1-8-2026 | 5,265,000 | 5,124,205 | ||
Hyundai Capital America Company 144A | 1.80 | 10-15-2025 | 4,219,000 | 4,212,970 | ||
Hyundai Capital America Company 144A | 2.00 | 6-15-2028 | 2,559,000 | 2,478,581 |
Interest rate | Maturity date | Principal | Value | |||
Consumer finance (continued) | ||||||
John Deere Capital Corporation | 0.55% | 7-5-2022 | $ | 5,187,000 | $ 5,196,724 | |
John Deere Capital Corporation | 1.20 | 4-6-2023 | 3,994,000 | 4,025,748 | ||
63,029,136 | ||||||
Diversified financial services: 0.16% | ||||||
Jackson Financial Incorporated 144A | 3.13 | 11-23-2031 | 4,326,000 | 4,337,659 | ||
Jackson Financial Incorporated 144A | 4.00 | 11-23-2051 | 2,187,000 | 2,186,847 | ||
The Blackstone Group 144A | 2.85 | 8-5-2051 | 2,189,000 | 2,155,180 | ||
8,679,686 | ||||||
Insurance: 0.43% | ||||||
Alleghany Corporation | 3.25 | 8-15-2051 | 2,559,000 | 2,616,426 | ||
American International Group Incorporated | 3.40 | 6-30-2030 | 1,657,000 | 1,787,865 | ||
American International Group Incorporated | 4.38 | 6-30-2050 | 910,000 | 1,147,966 | ||
Brighthouse Financial Incorporated | 3.85 | 12-22-2051 | 1,681,000 | 1,645,688 | ||
Pricoa Global Funding 1 Company 144A | 1.20 | 9-1-2026 | 7,746,000 | 7,616,812 | ||
SBL Holdings Incorporated 144A | 5.00 | 2-18-2031 | 5,870,000 | 6,159,558 | ||
Stewart Information Services Corporation | 3.60 | 11-15-2031 | 2,286,000 | 2,323,765 | ||
23,298,080 | ||||||
Health care: 2.26% | ||||||
Biotechnology: 0.62% | ||||||
AbbVie Incorporated | 2.30 | 11-21-2022 | 5,282,000 | 5,361,640 | ||
AbbVie Incorporated | 4.05 | 11-21-2039 | 1,962,000 | 2,245,237 | ||
AbbVie Incorporated | 4.25 | 11-21-2049 | 2,689,000 | 3,234,217 | ||
AbbVie Incorporated | 4.30 | 5-14-2036 | 1,228,000 | 1,430,441 | ||
AbbVie Incorporated | 4.45 | 5-14-2046 | 1,245,000 | 1,511,355 | ||
Amgen Incorporated | 1.65 | 8-15-2028 | 6,813,000 | 6,618,846 | ||
Amgen Incorporated | 3.00 | 1-15-2052 | 1,876,000 | 1,831,844 | ||
Gilead Sciences Incorporated | 2.60 | 10-1-2040 | 2,931,000 | 2,800,892 | ||
Gilead Sciences Incorporated | 2.80 | 10-1-2050 | 1,941,000 | 1,885,633 | ||
Gilead Sciences Incorporated | 4.00 | 9-1-2036 | 1,513,000 | 1,731,242 | ||
Regeneron Pharmaceutical Incorporated | 1.75 | 9-15-2030 | 5,619,000 | 5,268,539 | ||
33,919,886 | ||||||
Health care equipment & supplies: 0.04% | ||||||
Danaher Corporation | 2.60 | 10-1-2050 | 2,016,000 | 1,964,258 | ||
Health care providers & services: 1.03% | ||||||
Centene Corporation | 2.45 | 7-15-2028 | 9,216,000 | 9,043,200 | ||
Centene Corporation | 2.50 | 3-1-2031 | 561,000 | 537,536 | ||
Centene Corporation | 3.00 | 10-15-2030 | 1,859,000 | 1,856,021 | ||
CVS Health Corporation | 2.70 | 8-21-2040 | 2,671,000 | 2,556,723 | ||
CVS Health Corporation | 3.00 | 8-15-2026 | 1,824,000 | 1,922,963 | ||
CVS Health Corporation | 3.70 | 3-9-2023 | 621,000 | 642,224 | ||
CVS Health Corporation | 4.30 | 3-25-2028 | 1,323,000 | 1,489,660 | ||
CVS Health Corporation | 4.78 | 3-25-2038 | 2,663,000 | 3,244,753 | ||
CVS Health Corporation | 5.05 | 3-25-2048 | 2,958,000 | 3,908,509 | ||
HCA Incorporated | 3.50 | 9-1-2030 | 2,397,000 | 2,495,217 | ||
HCA Incorporated | 5.38 | 2-1-2025 | 12,207,000 | 13,313,259 | ||
HCA Incorporated | 5.88 | 2-1-2029 | 1,532,000 | 1,798,185 | ||
Humana Incorporated | 1.35 | 2-3-2027 | 3,104,000 | 3,008,957 | ||
UnitedHealth Group Incorporated | 2.30 | 5-15-2031 | 1,885,000 | 1,908,837 |
Interest rate | Maturity date | Principal | Value | |||
Health care providers & services (continued) | ||||||
UnitedHealth Group Incorporated | 2.75% | 5-15-2040 | $ | 1,297,000 | $ 1,306,401 | |
UnitedHealth Group Incorporated | 2.90 | 5-15-2050 | 3,009,000 | 3,077,037 | ||
UnitedHealth Group Incorporated | 3.05 | 5-15-2041 | 882,000 | 919,319 | ||
UnitedHealth Group Incorporated | 3.25 | 5-15-2051 | 2,844,000 | 3,092,587 | ||
56,121,388 | ||||||
Life sciences tools & services: 0.26% | ||||||
Thermo Fisher Scientific Incorporated | 1.22 | 10-18-2024 | 6,795,000 | 6,795,865 | ||
Thermo Fisher Scientific Incorporated | 1.75 | 10-15-2028 | 3,216,000 | 3,161,880 | ||
Thermo Fisher Scientific Incorporated | 2.00 | 10-15-2031 | 2,862,000 | 2,803,017 | ||
Thermo Fisher Scientific Incorporated | 2.80 | 10-15-2041 | 1,357,000 | 1,369,565 | ||
14,130,327 | ||||||
Pharmaceuticals: 0.31% | ||||||
Astrazeneca Finance LLC | 1.75 | 5-28-2028 | 5,974,000 | 5,926,561 | ||
Bristol-Myers Squibb Company | 2.55 | 11-13-2050 | 3,563,000 | 3,392,150 | ||
Pfizer Incorporated | 2.55 | 5-28-2040 | 5,887,000 | 5,863,340 | ||
Pfizer Incorporated | 2.80 | 3-11-2022 | 1,625,000 | 1,635,704 | ||
16,817,755 | ||||||
Industrials: 1.30% | ||||||
Aerospace & defense: 0.70% | ||||||
Howmet Aerospace Incorporated | 3.00 | 1-15-2029 | 5,006,000 | 4,805,760 | ||
Northrop Grumman Corporation | 3.25 | 8-1-2023 | 4,945,000 | 5,139,771 | ||
Northrop Grumman Corporation | 3.25 | 1-15-2028 | 3,052,000 | 3,256,361 | ||
The Boeing Company | 2.20 | 2-4-2026 | 6,415,000 | 6,401,789 | ||
The Boeing Company | 3.25 | 2-1-2028 | 3,631,000 | 3,770,255 | ||
The Boeing Company | 3.25 | 2-1-2035 | 2,075,000 | 2,070,214 | ||
The Boeing Company | 3.63 | 2-1-2031 | 3,648,000 | 3,875,351 | ||
The Boeing Company | 3.75 | 2-1-2050 | 3,709,000 | 3,845,991 | ||
The Boeing Company | 5.15 | 5-1-2030 | 1,694,000 | 1,965,027 | ||
The Boeing Company | 5.71 | 5-1-2040 | 1,031,000 | 1,316,791 | ||
The Boeing Company | 5.81 | 5-1-2050 | 1,141,000 | 1,538,992 | ||
37,986,302 | ||||||
Airlines: 0.33% | ||||||
Delta Air Lines Incorporated 144A | 4.50 | 10-20-2025 | 6,873,000 | 7,205,096 | ||
Delta Air Lines Incorporated 144A | 4.75 | 10-20-2028 | 9,977,000 | 10,932,138 | ||
18,137,234 | ||||||
Construction & engineering: 0.07% | ||||||
Quanta Services Incorporated | 0.95 | 10-1-2024 | 4,107,000 | 4,064,360 | ||
Road & rail: 0.11% | ||||||
Union Pacific Corporation | 2.15 | 2-5-2027 | 2,680,000 | 2,741,814 | ||
Union Pacific Corporation | 2.40 | 2-5-2030 | 3,320,000 | 3,400,355 | ||
6,142,169 | ||||||
Transportation infrastructure: 0.09% | ||||||
Burlington Northern Santa Fe LLC %% | 2.88 | 6-15-2052 | 1,673,000 | 1,693,576 | ||
Crowley Conro LLC | 4.18 | 8-15-2043 | 2,551,075 | 2,983,052 | ||
4,676,628 |
Interest rate | Maturity date | Principal | Value | |||
Information technology: 2.66% | ||||||
Electronic equipment, instruments & components: 0.11% | ||||||
Dell International LLC | 4.90% | 10-1-2026 | $ | 866,000 | $ 978,139 | |
Dell International LLC | 6.10 | 7-15-2027 | 1,720,000 | 2,071,460 | ||
Dell International LLC | 8.35 | 7-15-2046 | 1,816,000 | 3,032,615 | ||
6,082,214 | ||||||
IT services: 0.20% | ||||||
Global Payments Incorporated | 1.50 | 11-15-2024 | 2,523,000 | 2,518,798 | ||
Global Payments Incorporated | 2.15 | 1-15-2027 | 5,043,000 | 5,042,039 | ||
Global Payments Incorporated | 2.90 | 11-15-2031 | 3,361,000 | 3,401,250 | ||
10,962,087 | ||||||
Semiconductors & semiconductor equipment: 0.90% | ||||||
Analog Devices Incorporated | 1.70 | 10-1-2028 | 2,542,000 | 2,539,494 | ||
Analog Devices Incorporated | 2.10 | 10-1-2031 | 3,380,000 | 3,385,715 | ||
Broadcom Incorporated 144A | 2.45 | 2-15-2031 | 2,957,000 | 2,845,859 | ||
Broadcom Incorporated | 3.15 | 11-15-2025 | 2,213,000 | 2,320,293 | ||
Broadcom Incorporated 144A | 3.42 | 4-15-2033 | 9,060,000 | 9,336,139 | ||
Broadcom Incorporated 144A | 3.47 | 4-15-2034 | 4,366,000 | 4,498,827 | ||
Broadcom Incorporated | 3.88 | 1-15-2027 | 1,280,000 | 1,378,384 | ||
Broadcom Incorporated | 4.15 | 11-15-2030 | 3,009,000 | 3,287,957 | ||
Intel Corporation | 1.60 | 8-12-2028 | 4,262,000 | 4,200,238 | ||
Intel Corporation | 2.00 | 8-12-2031 | 6,648,000 | 6,568,027 | ||
Intel Corporation | 2.80 | 8-12-2041 | 2,723,000 | 2,740,923 | ||
Intel Corporation | 3.20 | 8-12-2061 | 1,377,000 | 1,429,039 | ||
KLA Corporation | 3.30 | 3-1-2050 | 2,300,000 | 2,492,869 | ||
Texas Instruments Incorporated | 1.13 | 9-15-2026 | 1,694,000 | 1,675,279 | ||
48,699,043 | ||||||
Software: 0.77% | ||||||
Oracle Corporation | 2.30 | 3-25-2028 | 1,841,000 | 1,851,232 | ||
Oracle Corporation | 2.80 | 4-1-2027 | 5,170,000 | 5,356,480 | ||
Oracle Corporation | 2.88 | 3-25-2031 | 1,262,000 | 1,291,595 | ||
Oracle Corporation | 3.65 | 3-25-2041 | 1,755,000 | 1,825,823 | ||
Oracle Corporation | 3.95 | 3-25-2051 | 2,429,000 | 2,617,350 | ||
VMware Incorporated | 0.60 | 8-15-2023 | 8,395,000 | 8,345,368 | ||
VMware Incorporated | 1.00 | 8-15-2024 | 5,879,000 | 5,837,151 | ||
VMware Incorporated | 1.40 | 8-15-2026 | 6,717,000 | 6,563,767 | ||
VMware Incorporated | 1.80 | 8-15-2028 | 3,692,000 | 3,596,620 | ||
VMware Incorporated | 3.90 | 8-21-2027 | 683,000 | 744,200 | ||
VMware Incorporated | 4.70 | 5-15-2030 | 3,398,000 | 3,943,082 | ||
41,972,668 | ||||||
Technology hardware, storage & peripherals: 0.68% | ||||||
Apple Incorporated | 1.40 | 8-5-2028 | 6,769,000 | 6,612,851 | ||
Apple Incorporated | 1.70 | 8-5-2031 | 5,075,000 | 4,941,310 | ||
Apple Incorporated | 2.38 | 2-8-2041 | 1,379,000 | 1,350,834 | ||
Apple Incorporated | 2.55 | 8-20-2060 | 3,968,000 | 3,770,139 | ||
Apple Incorporated | 2.65 | 5-11-2050 | 4,176,000 | 4,129,374 | ||
Apple Incorporated | 2.65 | 2-8-2051 | 4,236,000 | 4,196,247 | ||
Apple Incorporated | 2.70 | 8-5-2051 | 3,052,000 | 3,052,101 |
Interest rate | Maturity date | Principal | Value | |||
Technology hardware, storage & peripherals (continued) | ||||||
Apple Incorporated | 2.85% | 8-5-2061 | $ | 3,376,000 | $ 3,401,005 | |
HP Incorporated | 2.20 | 6-17-2025 | 5,447,000 | 5,570,177 | ||
37,024,038 | ||||||
Materials: 0.41% | ||||||
Chemicals: 0.41% | ||||||
Dow Chemical Corporation | 3.60 | 11-15-2050 | 3,389,000 | 3,716,795 | ||
LYB International Finance III Company | 3.38 | 10-1-2040 | 5,066,000 | 5,270,306 | ||
LYB International Finance III Company | 3.63 | 4-1-2051 | 5,023,000 | 5,359,084 | ||
Westlake Chemical Corporation | 3.13 | 8-15-2051 | 6,060,000 | 5,909,076 | ||
Westlake Chemical Corporation | 3.60 | 8-15-2026 | 1,850,000 | 1,998,756 | ||
22,254,017 | ||||||
Real estate: 1.56% | ||||||
Equity REITs: 1.30% | ||||||
Agree LP | 2.00 | 6-15-2028 | 3,692,000 | 3,647,609 | ||
Agree LP | 2.60 | 6-15-2033 | 839,000 | 827,181 | ||
Brixmor Operating Partnership | 2.25 | 4-1-2028 | 1,184,000 | 1,185,984 | ||
Brixmor Operating Partnership | 2.50 | 8-16-2031 | 2,049,000 | 1,995,034 | ||
Crown Castle International Corporation | 1.05 | 7-15-2026 | 5,075,000 | 4,899,233 | ||
Crown Castle International Corporation | 2.10 | 4-1-2031 | 9,380,000 | 8,955,180 | ||
Crown Castle International Corporation | 2.50 | 7-15-2031 | 3,709,000 | 3,661,668 | ||
Crown Castle International Corporation | 2.90 | 4-1-2041 | 2,369,000 | 2,283,785 | ||
Crown Castle International Corporation | 4.00 | 3-1-2027 | 847,000 | 924,127 | ||
Federal Realty Investment Trust | 3.95 | 1-15-2024 | 2,343,000 | 2,469,539 | ||
Healthpeak Properties Incorporated | 2.13 | 12-1-2028 | 1,686,000 | 1,684,211 | ||
Mid-America Apartments LP | 3.95 | 3-15-2029 | 1,703,000 | 1,912,432 | ||
Mid-America Apartments LP | 4.00 | 11-15-2025 | 2,075,000 | 2,262,357 | ||
Mid-America Apartments LP | 4.30 | 10-15-2023 | 1,738,000 | 1,828,809 | ||
Realty Income Corporation | 2.20 | 6-15-2028 | 1,826,000 | 1,842,764 | ||
Realty Income Corporation | 2.85 | 12-15-2032 | 2,488,000 | 2,595,361 | ||
Realty Income Corporation | 3.40 | 1-15-2028 | 1,808,000 | 1,943,633 | ||
Regency Centers LP | 2.95 | 9-15-2029 | 3,683,000 | 3,826,805 | ||
Rexford Industrial Realty Trust Company | 2.15 | 9-1-2031 | 1,876,000 | 1,793,495 | ||
Spirit Realty LP | 2.10 | 3-15-2028 | 3,372,000 | 3,306,447 | ||
Spirit Realty LP | 2.70 | 2-15-2032 | 1,012,000 | 1,009,209 | ||
Spirit Realty LP | 3.40 | 1-15-2030 | 2,040,000 | 2,135,849 | ||
Store Capital Corporation | 2.70 | 12-1-2031 | 1,177,000 | 1,159,604 | ||
Store Capital Corporation | 2.75 | 11-18-2030 | 3,000,000 | 3,016,044 | ||
Store Capital Corporation | 4.50 | 3-15-2028 | 6,398,000 | 7,102,358 | ||
Store Capital Corporation | 4.63 | 3-15-2029 | 2,161,000 | 2,442,064 | ||
70,710,782 | ||||||
Real estate management & development: 0.26% | ||||||
American Campus Communities Company | 2.25 | 1-15-2029 | 2,542,000 | 2,519,248 | ||
Essex Portfolio LP | 1.70 | 3-1-2028 | 4,435,000 | 4,329,532 | ||
Essex Portfolio LP | 2.55 | 6-15-2031 | 1,746,000 | 1,761,124 | ||
Extra Space Storage LP | 2.35 | 3-15-2032 | 1,522,000 | 1,478,328 | ||
Kilroy Realty LP | 2.65 | 11-15-2033 | 2,308,000 | 2,253,089 | ||
Sun Communities Operating LP | 2.30 | 11-1-2028 | 1,694,000 | 1,690,598 | ||
14,031,919 |
Interest rate | Maturity date | Principal | Value | |||
Utilities: 2.22% | ||||||
Electric utilities: 1.54% | ||||||
American Transmission System Incorporated 144A%% | 2.65% | 1-15-2032 | $ | 1,172,000 | $ 1,183,913 | |
Duke Energy Carolinas LLC | 2.55 | 4-15-2031 | 1,712,000 | 1,748,149 | ||
Duke Energy Florida LLC %% | 2.40 | 12-15-2031 | 2,506,000 | 2,521,872 | ||
Duke Energy Progress LLC | 2.50 | 8-15-2050 | 2,542,000 | 2,378,167 | ||
Duke Energy Progress LLC | 2.55 | 6-15-2031 | 6,735,000 | 6,702,416 | ||
Duke Energy Progress LLC | 3.50 | 6-15-2051 | 1,012,000 | 1,060,894 | ||
Entergy Arkansas LLC | 2.65 | 6-15-2051 | 2,265,000 | 2,164,302 | ||
Eversource Energy | 1.40 | 8-15-2026 | 2,559,000 | 2,517,550 | ||
FirstEnergy Corporation 144A | 2.75 | 3-1-2032 | 2,767,000 | 2,820,262 | ||
Interstate Power & Light Company | 3.10 | 11-30-2051 | 212,000 | 216,406 | ||
Interstate Power & Light Company | 3.50 | 9-30-2049 | 1,044,000 | 1,150,705 | ||
ITC Holdings Corporation | 2.70 | 11-15-2022 | 3,424,000 | 3,484,137 | ||
Metropolitan Edison Company 144A | 4.30 | 1-15-2029 | 3,787,000 | 4,216,674 | ||
Mid-American Energy Company | 2.70 | 8-1-2052 | 2,187,000 | 2,189,794 | ||
Mississippi Power Company | 3.10 | 7-30-2051 | 3,026,000 | 3,061,189 | ||
Mississippi Power Company | 3.95 | 3-30-2028 | 4,176,000 | 4,580,630 | ||
Mississippi Power Company | 4.25 | 3-15-2042 | 1,158,000 | 1,366,120 | ||
Northern States Power Company | 3.20 | 4-1-2052 | 1,703,000 | 1,867,340 | ||
NSTAR Electric Company | 3.10 | 6-1-2051 | 1,556,000 | 1,682,786 | ||
Pacific Gas & Electric Company | 2.10 | 8-1-2027 | 3,268,000 | 3,146,310 | ||
Pacific Gas & Electric Company | 3.95 | 12-1-2047 | 3,781,000 | 3,739,813 | ||
Pacific Gas & Electric Company | 4.20 | 6-1-2041 | 1,461,000 | 1,488,346 | ||
Pacific Gas & Electric Company | 4.50 | 7-1-2040 | 865,000 | 905,436 | ||
Pacific Gas & Electric Company | 4.75 | 2-15-2044 | 847,000 | 881,951 | ||
Pacific Gas & Electric Company | 4.95 | 7-1-2050 | 3,409,000 | 3,826,576 | ||
PacifiCorp Electric Service Company | 2.90 | 6-15-2052 | 2,179,000 | 2,168,329 | ||
Pennsylvania Electric Company 144A | 3.25 | 3-15-2028 | 1,435,000 | 1,486,957 | ||
Public Service Company of Colorado | 1.88 | 6-15-2031 | 3,882,000 | 3,763,896 | ||
Public Service Company of Oklahoma | 2.20 | 8-15-2031 | 2,559,000 | 2,493,161 | ||
Public Service Company of Oklahoma | 3.15 | 8-15-2051 | 1,703,000 | 1,736,703 | ||
Public Service Electric and Gas Company | 1.90 | 8-15-2031 | 3,380,000 | 3,332,651 | ||
Public Service Electric and Gas Company | 2.05 | 8-1-2050 | 700,000 | 627,947 | ||
Public Service Electric and Gas Company | 2.70 | 5-1-2050 | 1,703,000 | 1,734,853 | ||
Southern California Edison Company | 4.13 | 3-1-2048 | 1,893,000 | 2,154,259 | ||
Southwestern Electric Power Company | 3.25 | 11-1-2051 | 1,322,000 | 1,331,235 | ||
Trans-Allegheny Interstate Line Company 144A | 3.85 | 6-1-2025 | 1,193,000 | 1,266,953 | ||
Virginia Electric & Power Company | 2.45 | 12-15-2050 | 981,000 | 922,041 | ||
83,920,723 | ||||||
Gas utilities: 0.14% | ||||||
Baltimore Gas & Electric Gas Company | 2.25 | 6-15-2031 | 2,524,000 | 2,517,296 | ||
Piedmont Natural Gas Company | 2.50 | 3-15-2031 | 2,542,000 | 2,532,873 | ||
Southern Company Gas Capital Corporation | 1.75 | 1-15-2031 | 2,663,000 | 2,489,683 | ||
7,539,852 | ||||||
Independent power & renewable electricity producers: 0.06% | ||||||
AES Corporation | 1.38 | 1-15-2026 | 3,648,000 | 3,542,810 | ||
Multi-utilities: 0.48% | ||||||
Black Hills Corporation | 3.88 | 10-15-2049 | 1,522,000 | 1,701,115 | ||
Consumers Energy Company | 2.50 | 5-1-2060 | 1,435,000 | 1,304,813 | ||
Consumers Energy Company | 2.65 | 8-15-2052 | 1,859,000 | 1,841,105 |
Interest rate | Maturity date | Principal | Value | |||
Multi-utilities (continued) | ||||||
Dominion Energy Incorporated | 1.45% | 4-15-2026 | $ | 2,144,000 | $ 2,119,211 | |
Dominion Energy Incorporated | 3.30 | 4-15-2041 | 519,000 | 545,938 | ||
DTE Energy Company | 1.05 | 6-1-2025 | 1,772,000 | 1,741,475 | ||
DTE Energy Company | 2.95 | 3-1-2030 | 2,265,000 | 2,349,977 | ||
DTE Energy Company | 2.95 | 3-1-2050 | 2,945,000 | 3,055,225 | ||
Public Service Enterprise Group | 1.60 | 8-15-2030 | 1,945,000 | 1,815,868 | ||
Public Service Enterprise Group | 2.45 | 11-15-2031 | 3,060,000 | 3,028,872 | ||
WEC Energy Group Incorporated | 0.80 | 3-15-2024 | 4,279,000 | 4,244,596 | ||
WEC Energy Group Incorporated | 1.38 | 10-15-2027 | 2,455,000 | 2,375,876 | ||
26,124,071 | ||||||
Total Corporate bonds and notes (Cost $1,354,188,986) | 1,359,502,533 | |||||
Municipal obligations: 0.44% | ||||||
Nevada: 0.10% | ||||||
Airport revenue: 0.10% | ||||||
Clark County NV Airport Authority Build America Bonds Series C | 6.82 | 7-1-2045 | 3,365,000 | 5,352,456 | ||
New York: 0.14% | ||||||
Airport revenue: 0.14% | ||||||
Port Authority of New York & New Jersey Consolidated Bonds Series 174 | 4.46 | 10-1-2062 | 5,505,000 | 7,539,669 | ||
Ohio: 0.06% | ||||||
Education revenue: 0.06% | ||||||
Ohio State University General Receipts Taxable Bonds Series A | 4.80 | 6-1-2111 | 1,957,000 | 3,118,824 | ||
Texas: 0.14% | ||||||
Education revenue: 0.03% | ||||||
University of Texas Financing System Bond Series B | 2.44 | 8-15-2049 | 1,695,000 | 1,711,849 | ||
Transportation revenue: 0.11% | ||||||
North Texas Tollway Authority | 6.72 | 1-1-2049 | 3,609,000 | 6,198,353 | ||
Total Municipal obligations (Cost $17,165,099) | 23,921,151 | |||||
Non-agency mortgage-backed securities: 5.15% | ||||||
3650R Commercial Mortgage Trust Series 2021-PF1 Class A5 | 2.52 | 11-15-2054 | 2,521,000 | 2,571,247 | ||
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A±± | 3.63 | 3-25-2049 | 539,587 | 542,485 | ||
Angel Oak Mortgage Trust Series 2020-2 Class A1 144A±± | 2.53 | 1-26-2065 | 2,480,956 | 2,512,394 | ||
Angel Oak Mortgage Trust Series 2020-5 Class A1 144A±± | 1.37 | 5-25-2065 | 1,107,769 | 1,110,711 | ||
Angel Oak Mortgage Trust Series 2021-6 Class A1 144A±± | 1.46 | 9-25-2066 | 3,519,998 | 3,494,875 | ||
Barclays Commercial Mortgage Series 2018-C2 Class ASB | 4.24 | 12-15-2051 | 1,159,000 | 1,279,485 | ||
Barclays Commercial Mortgage Series 2019-C3 Class A3 | 3.32 | 5-15-2052 | 585,000 | 627,489 | ||
Barclays Commercial Mortgage Series 2021-C12 Class A5 | 2.69 | 11-15-2054 | 3,383,000 | 3,517,823 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A±± | 2.88% | 7-25-2049 | $ | 3,123,905 | $ 3,141,899 | |
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A±± | 2.72 | 11-25-2059 | 2,519,684 | 2,543,504 | ||
BX Trust Series 2021-VOLT Class A (1 Month LIBOR +0.70%) 144A± | 0.79 | 9-15-2036 | 10,912,000 | 10,857,283 | ||
BX Trust Series 2021-XL2 Class A (1 Month LIBOR +0.69%) 144A± | 0.78 | 10-15-2038 | 5,440,000 | 5,413,401 | ||
CD Commercial Mortgage Trust Series 2019-CD8 Class A4 | 2.91 | 8-15-2057 | 2,221,000 | 2,341,976 | ||
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB | 3.37 | 6-15-2050 | 1,631,000 | 1,715,797 | ||
Colt Funding LLC Series 2021-2 Class A1 144A±± | 0.92 | 8-25-2066 | 4,504,624 | 4,465,618 | ||
Colt Funding LLC Series 2021-4 Class A1 144A±± | 1.40 | 10-25-2066 | 4,555,956 | 4,532,934 | ||
Commercial Mortgage Trust Pass-Through Certificate Series 2012-CR3 Class A3 | 2.82 | 10-15-2045 | 2,478,730 | 2,495,760 | ||
Commercial Mortgage Trust Pass-Through Certificate Series 2015-LC21 Class A4 | 3.71 | 7-10-2048 | 1,629,000 | 1,743,915 | ||
Commercial Mortgage Trust Series 2013-CR10 Class A4 ±± | 4.21 | 8-10-2046 | 89,000 | 93,134 | ||
Commercial Mortgage Trust Series 2013-CR11 Class A4 | 4.26 | 8-10-2050 | 10,048,000 | 10,570,125 | ||
Commercial Mortgage Trust Series 2013-CR6 Class A4 | 3.10 | 3-10-2046 | 8,286,000 | 8,384,997 | ||
Commercial Mortgage Trust Series 2014-UBS4 Class A4 | 3.42 | 8-10-2047 | 4,178,000 | 4,314,596 | ||
Commercial Mortgage Trust Series 2015-LC23 Class A3 | 3.52 | 10-10-2048 | 1,982,000 | 2,091,900 | ||
CSAIL Commercial Mortgage Trust Series 2015-C2 Class A4 | 3.50 | 6-15-2057 | 2,484,176 | 2,629,302 | ||
CSAIL Commercial Mortgage Trust Series 2021-C20 Class A3 | 2.80 | 3-15-2054 | 1,257,000 | 1,313,305 | ||
EQUS 2021-EQAZ Mortgage Trust (1 Month LIBOR +0.75%) 144A± | 0.84 | 10-15-2038 | 4,285,000 | 4,260,944 | ||
Florida Power & Light Company 1st Mortgage Bonds | 2.88 | 12-4-2051 | 838,000 | 868,317 | ||
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5 | 4.24 | 8-10-2046 | 2,275,000 | 2,380,600 | ||
Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class A4 | 4.07 | 1-10-2047 | 5,471,323 | 5,743,881 | ||
Goldman Sachs Mortgage Securities Trust Series 2020-GC47 Class A5 | 2.38 | 5-12-2053 | 3,826,000 | 3,895,964 | ||
Goldman Sachs Mortgage Securities Trust Series 2020-GSA2 Class A4 | 1.72 | 12-12-2053 | 4,416,000 | 4,270,109 | ||
Impact Funding LLC Series 2010-1 Class A1 144A | 5.31 | 1-25-2051 | 5,559,138 | 5,800,515 | ||
JPMDB Commercial Mortgage Securities Series 2013-C12 Class A5 | 3.66 | 7-15-2045 | 3,316,000 | 3,422,545 | ||
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4 | 3.67 | 9-15-2047 | 1,659,938 | 1,734,819 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C16 Class A4 | 4.17 | 12-15-2046 | 4,973,000 | 5,220,356 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3 | 2.91 | 10-15-2048 | 9,226,619 | 9,391,495 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3 Class A3 | 3.39 | 12-15-2049 | 1,080,000 | 1,155,483 | ||
Med Trust Series 2021-MDLN (1 Month LIBOR +0.95%) 144A± | 1.05 | 11-15-2038 | 6,906,000 | 6,912,494 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Mello Warehouse Securitization Trust Series 2020-2 Class A (1 Month LIBOR +0.80%) 144A± | 0.89% | 11-25-2053 | $ | 5,688,000 | $ 5,672,704 | |
Mello Warehouse Securitization Trust Series 2021-1 Class A (1 Month LIBOR +0.70%) 144A± | 0.79 | 2-25-2055 | 1,606,000 | 1,598,104 | ||
Mello Warehouse Securitization Trust Series 2021-2 Class A (1 Month LIBOR +0.75%) 144A± | 0.84 | 4-25-2055 | 4,340,000 | 4,322,351 | ||
MFRA Trust Series 2021-NQM2 Class A1 144A±± | 1.03 | 11-25-2064 | 2,525,946 | 2,510,435 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class A4 | 3.18 | 8-15-2045 | 1,105,478 | 1,110,694 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4 | 3.25 | 2-15-2048 | 800,041 | 839,364 | ||
Morgan Stanley Capital International Trust Series 2020-HR8 Class A3 | 1.79 | 7-15-2053 | 3,163,000 | 3,077,569 | ||
Morgan Stanley Capital International Trust Series 2021-L7 Class A5 | 2.57 | 10-15-2054 | 4,228,000 | 4,334,891 | ||
MSG III Securitization Trust Series 2021-1 Class A (1 Month LIBOR +0.75%) 144A± | 0.84 | 6-25-2054 | 2,680,000 | 2,680,478 | ||
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A±± | 2.49 | 9-25-2059 | 1,406,172 | 1,414,493 | ||
NewRez WareHouse Securitization Series 2021-1 Class A (1 Month LIBOR +0.75%) 144A± | 0.84 | 5-25-2055 | 10,288,000 | 10,259,914 | ||
Oncor Electric Delivery Company 1st Mortgage Bonds 144A | 2.70 | 11-15-2051 | 1,623,000 | 1,605,572 | ||
Peco Energy Company 1st Mortgage Bonds | 2.85 | 9-15-2051 | 3,043,000 | 3,050,592 | ||
Starwood Mortgage Residential Trust Series 2020-1 Class A1 144A±± | 2.28 | 2-25-2050 | 2,636,316 | 2,649,113 | ||
Starwood Mortgage Residential Trust Series 2020-INV1 Class A1 144A±± | 1.03 | 11-25-2055 | 2,322,745 | 2,311,810 | ||
Starwood Mortgage Residential Trust Series 2020-INV3 Class A1 144A±± | 1.49 | 4-25-2065 | 2,766,802 | 2,774,236 | ||
Starwood Mortgage Residential Trust Series 2021-1 Class A1 144A±± | 1.22 | 5-25-2065 | 2,502,874 | 2,497,632 | ||
Starwood Mortgage Residential Trust Series 2021-4 Class A1 144A±± | 1.16 | 8-25-2056 | 5,310,427 | 5,278,182 | ||
Verizon Master Trust Series 2021-1 Class A | 0.50 | 5-20-2027 | 8,833,000 | 8,737,293 | ||
Verizon Master Trust Series 2021-2 Class A | 0.99 | 4-20-2028 | 13,703,000 | 13,657,307 | ||
Verus Securitization Trust Series 2019-2 Class A1 144A±± | 2.91 | 7-25-2059 | 1,691,143 | 1,701,261 | ||
Verus Securitization Trust Series 2019-3 Class A1 144A±± | 2.69 | 11-25-2059 | 1,254,049 | 1,270,345 | ||
Verus Securitization Trust Series 2019-3 Class A1 144A±± | 2.78 | 7-25-2059 | 2,124,367 | 2,133,518 | ||
Verus Securitization Trust Series 2019-4 Class A1 144A±± | 2.64 | 11-25-2059 | 3,180,803 | 3,220,471 | ||
Verus Securitization Trust Series 2020-1 Class A1 144A±± | 2.42 | 1-25-2060 | 773,618 | 777,200 | ||
Verus Securitization Trust Series 2020-2 Class A1 144A±± | 2.23 | 5-25-2060 | 2,917,166 | 2,928,304 | ||
Verus Securitization Trust Series 2020-5 Class A1 144A±± | 1.22 | 5-25-2065 | 1,022,564 | 1,021,133 | ||
Verus Securitization Trust Series 2021-1 Class A1 144A±± | 0.82 | 1-25-2066 | 3,332,271 | 3,301,155 | ||
Verus Securitization Trust Series 2021-2 Class A1 144A±± | 1.03 | 2-25-2066 | 5,889,599 | 5,848,591 | ||
Verus Securitization Trust Series 2021-3 Class A1 144A±± | 1.05 | 6-25-2066 | 4,014,431 | 3,980,980 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Verus Securitization Trust Series 2021-4 Class A1 144A±± | 0.94% | 7-25-2066 | $ | 4,249,374 | $ 4,202,625 | |
Verus Securitization Trust Series 2021-5 Class A1 144A±± | 1.01 | 9-25-2066 | 14,795,617 | 14,585,241 | ||
Verus Securitization Trust Series 2021-7 Class A1 144A±± | 1.83 | 10-25-2066 | 5,967,000 | 5,964,855 | ||
Verus Securitization Trust Series 2021-R1 Class A1 144A±± | 0.82 | 10-25-2063 | 3,569,958 | 3,560,415 | ||
Verus Securitization Trust Series 2021-R3 Class A1 144A±± | 1.02 | 4-25-2064 | 3,419,905 | 3,401,655 | ||
Visio Trust Series 2020-1R Class A1 144A | 1.31 | 11-25-2055 | 2,635,244 | 2,627,036 | ||
Total Non-agency mortgage-backed securities (Cost $281,552,403) | 280,270,996 | |||||
U.S. Treasury securities: 36.34% | ||||||
U.S. Treasury Bond ## | 1.13 | 5-15-2040 | 87,097,000 | 77,250,956 | ||
U.S. Treasury Bond ## | 1.13 | 8-15-2040 | 61,545,000 | 54,414,434 | ||
U.S. Treasury Bond ## | 1.38 | 11-15-2040 | 98,406,000 | 90,741,096 | ||
U.S. Treasury Bond | 1.38 | 8-15-2050 | 30,117,000 | 27,179,416 | ||
U.S. Treasury Bond | 1.63 | 11-15-2050 | 31,350,000 | 30,060,486 | ||
U.S. Treasury Bond ## | 1.75 | 8-15-2041 | 78,366,000 | 76,933,372 | ||
U.S. Treasury Bond | 1.88 | 2-15-2041 | 18,046,000 | 18,104,509 | ||
U.S. Treasury Bond | 2.50 | 2-15-2045 | 15,047,000 | 16,857,930 | ||
U.S. Treasury Note | 0.13 | 5-31-2022 | 41,032,000 | 41,035,263 | ||
U.S. Treasury Note | 0.13 | 9-30-2022 | 29,297,000 | 29,275,256 | ||
U.S. Treasury Note ## | 0.13 | 12-31-2022 | 74,138,000 | 74,007,679 | ||
U.S. Treasury Note | 0.13 | 3-31-2023 | 480,000 | 478,463 | ||
U.S. Treasury Note | 0.13 | 8-31-2023 | 1,796,000 | 1,784,915 | ||
U.S. Treasury Note | 0.13 | 1-15-2024 | 32,633,000 | 32,299,021 | ||
U.S. Treasury Note | 0.25 | 5-15-2024 | 8,542,000 | 8,446,904 | ||
U.S. Treasury Note | 0.25 | 6-15-2024 | 20,963,000 | 20,709,151 | ||
U.S. Treasury Note | 0.25 | 8-31-2025 | 34,276,000 | 33,301,276 | ||
U.S. Treasury Note ## | 0.25 | 10-31-2025 | 61,838,000 | 59,951,458 | ||
U.S. Treasury Note | 0.38 | 10-31-2023 | 11,845,000 | 11,812,611 | ||
U.S. Treasury Note | 0.38 | 4-15-2024 | 45,675,000 | 45,344,927 | ||
U.S. Treasury Note ## | 0.38 | 11-30-2025 | 69,398,000 | 67,519,375 | ||
U.S. Treasury Note | 0.38 | 12-31-2025 | 52,737,000 | 51,264,072 | ||
U.S. Treasury Note | 0.38 | 1-31-2026 | 47,290,000 | 45,911,940 | ||
U.S. Treasury Note | 0.50 | 11-30-2023 | 93,556,000 | 93,457,327 | ||
U.S. Treasury Note ## | 0.50 | 2-28-2026 | 73,816,000 | 71,990,784 | ||
U.S. Treasury Note | 0.50 | 8-31-2027 | 46,306,000 | 44,388,642 | ||
U.S. Treasury Note | 0.75 | 11-15-2024 | 75,545,000 | 75,367,941 | ||
U.S. Treasury Note ## | 0.75 | 5-31-2026 | 52,745,000 | 51,894,075 | ||
U.S. Treasury Note | 0.88 | 6-30-2026 | 14,949,000 | 14,779,656 | ||
U.S. Treasury Note | 0.88 | 9-30-2026 | 10,563,000 | 10,426,836 | ||
U.S. Treasury Note | 1.13 | 10-31-2026 | 27,671,000 | 27,632,088 | ||
U.S. Treasury Note | 1.25 | 11-30-2026 | 127,093,000 | 127,658,960 | ||
U.S. Treasury Note | 1.38 | 10-31-2028 | 64,396,000 | 64,446,309 | ||
U.S. Treasury Note ## | 1.38 | 11-15-2031 | 60,339,000 | 59,971,309 | ||
U.S. Treasury Note ## | 1.50 | 9-30-2024 | 77,635,000 | 79,142,206 | ||
U.S. Treasury Note | 1.50 | 11-30-2024 | 36,672,000 | 37,386,818 | ||
U.S. Treasury Note | 1.50 | 11-30-2028 | 18,387,000 | 18,547,886 | ||
U.S. Treasury Note | 1.75 | 2-28-2022 | 3,579,000 | 3,593,831 | ||
U.S. Treasury Note ## | 1.88 | 2-28-2022 | 62,004,000 | 62,279,980 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Note | 1.88% | 11-15-2051 | $ | 21,052,000 | $ 21,466,461 | |
U.S. Treasury Note | 2.00 | 2-15-2022 | 45,444,000 | 45,626,585 | ||
U.S. Treasury Note | 2.00 | 11-15-2041 | 43,597,000 | 44,686,925 | ||
U.S. Treasury Note | 2.00 | 8-15-2051 | 32,764,000 | 34,310,051 | ||
U.S. Treasury Note | 2.13 | 5-15-2025 | 42,995,000 | 44,708,082 | ||
U.S. Treasury Note | 2.25 | 5-15-2041 | 28,155,000 | 29,967,478 | ||
Total U.S. Treasury securities (Cost $1,984,224,835) | 1,978,414,740 | |||||
Yankee corporate bonds and notes: 5.45% | ||||||
Consumer staples: 0.13% | ||||||
Beverages: 0.13% | ||||||
Bacardi Limited 144A | 4.70 | 5-15-2028 | 1,820,000 | 2,076,974 | ||
Bacardi Limited 144A | 5.30 | 5-15-2048 | 3,757,000 | 5,039,457 | ||
7,116,431 | ||||||
Energy: 0.45% | ||||||
Oil, gas & consumable fuels: 0.45% | ||||||
Aker BP ASA 144A | 4.00 | 1-15-2031 | 2,343,000 | 2,548,858 | ||
Galaxy Pipeline Assets Company 144A | 1.75 | 9-30-2027 | 5,125,190 | 5,145,439 | ||
Galaxy Pipeline Assets Company 144A | 2.16 | 3-31-2034 | 3,823,000 | 3,715,485 | ||
Galaxy Pipeline Assets Company 144A | 2.63 | 3-31-2036 | 2,354,000 | 2,289,962 | ||
Galaxy Pipeline Assets Company 144A | 2.94 | 9-30-2040 | 1,545,000 | 1,523,459 | ||
Oleoducto Central SA 144A | 4.00 | 7-14-2027 | 1,879,000 | 1,871,503 | ||
Petroleos del Peru 144A | 5.63 | 6-19-2047 | 2,568,000 | 2,507,010 | ||
Petroleos Mexicanos Company | 2.38 | 4-15-2025 | 1,270,150 | 1,302,795 | ||
Petroleos Mexicanos Company | 2.46 | 12-15-2025 | 3,629,250 | 3,733,658 | ||
24,638,169 | ||||||
Financials: 3.41% | ||||||
Banks: 1.83% | ||||||
ASB Bank Limited 144A | 2.38 | 10-22-2031 | 4,265,000 | 4,258,334 | ||
Banco de Credito e Inversiones 144A | 2.88 | 10-14-2031 | 3,417,000 | 3,389,664 | ||
Banco Santander SA (1 Year Treasury Constant Maturity +0.90%) ± | 1.72 | 9-14-2027 | 4,400,000 | 4,317,859 | ||
Banco Santander SA (1 Year Treasury Constant Maturity +1.60%) ± | 3.23 | 11-22-2032 | 4,200,000 | 4,184,712 | ||
Barclays plc (1 Year Treasury Constant Maturity +1.05%) ± | 2.28 | 11-24-2027 | 8,392,000 | 8,402,086 | ||
Barclays plc (1 Year Treasury Constant Maturity +1.30%) ± | 2.89 | 11-24-2032 | 2,608,000 | 2,618,414 | ||
Barclays plc (1 Year Treasury Constant Maturity +1.30%) ± | 3.33 | 11-24-2042 | 1,900,000 | 1,921,874 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.55%) ± | 0.95 | 7-19-2025 | 10,076,000 | 9,975,314 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.75%) ± | 1.54 | 7-20-2027 | 9,952,000 | 9,807,669 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.67%) ± | 1.64 | 10-13-2027 | 8,577,000 | 8,481,190 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.95%) ± | 2.31 | 7-20-2032 | 5,205,000 | 5,142,131 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.97%) ± | 2.49 | 10-13-2032 | 3,505,000 | 3,517,446 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Sumitomo Mitsui Financial Group Incorporated | 1.40% | 9-17-2026 | $ | 6,806,000 | $ 6,664,304 | |
Sumitomo Mitsui Financial Group Incorporated | 1.90 | 9-17-2028 | 10,599,000 | 10,367,026 | ||
Toronto Dominion Bank | 1.25 | 9-10-2026 | 8,455,000 | 8,305,898 | ||
Westpac Banking Corporation | 1.95 | 11-20-2028 | 6,804,000 | 6,771,727 | ||
Westpac Banking Corporation (5 Year Treasury Constant Maturity +1.53%) ± | 3.02 | 11-18-2036 | 853,000 | 848,026 | ||
Westpac Banking Corporation | 3.13 | 11-18-2041 | 853,000 | 843,285 | ||
99,816,959 | ||||||
Capital markets: 0.05% | ||||||
Macquarie Group Limited (U.S. SOFR +1.53%) 144A± | 2.87 | 1-14-2033 | 2,200,000 | 2,204,574 | ||
Nomura Holdings Incorporated | 2.61 | 7-14-2031 | 453,000 | 446,495 | ||
2,651,069 | ||||||
Diversified financial services: 1.45% | ||||||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 1.15 | 10-29-2023 | 13,638,000 | 13,596,863 | ||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 1.65 | 10-29-2024 | 13,584,000 | 13,559,500 | ||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 1.75 | 10-29-2024 | 11,078,000 | 11,061,372 | ||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 2.45 | 10-29-2026 | 1,200,000 | 1,203,019 | ||
DH Europe Finance II | 2.05 | 11-15-2022 | 2,697,000 | 2,734,327 | ||
DH Europe Finance II | 2.20 | 11-15-2024 | 4,643,000 | 4,767,706 | ||
GE Capital International Funding Company | 4.42 | 11-15-2035 | 7,287,000 | 8,807,299 | ||
Lundin Energy Finance Company 144A | 2.00 | 7-15-2026 | 9,848,000 | 9,786,086 | ||
Lundin Energy Finance Company 144A | 3.10 | 7-15-2031 | 7,856,000 | 7,938,167 | ||
Trust Fibrauno 144A | 5.25 | 1-30-2026 | 2,605,000 | 2,842,706 | ||
Trust Fibrauno 144A | 6.39 | 1-15-2050 | 2,091,000 | 2,410,923 | ||
78,707,968 | ||||||
Insurance: 0.08% | ||||||
Enstar Group Limited | 3.10 | 9-1-2031 | 4,262,000 | 4,183,940 | ||
Health care: 0.51% | ||||||
Health care equipment & supplies: 0.15% | ||||||
Steris plc | 3.75 | 3-15-2051 | 7,493,000 | 8,284,439 | ||
Pharmaceuticals: 0.36% | ||||||
Astrazeneca plc | 2.13 | 8-6-2050 | 847,000 | 755,793 | ||
Astrazeneca plc « | 3.00 | 5-28-2051 | 1,729,000 | 1,830,359 | ||
Shire Acquisitions Investments Ireland Designated Activity Company | 2.88 | 9-23-2023 | 3,519,000 | 3,631,234 | ||
Takeda Pharmaceutical | 2.05 | 3-31-2030 | 6,397,000 | 6,218,222 | ||
Takeda Pharmaceutical | 3.03 | 7-9-2040 | 1,927,000 | 1,958,668 | ||
Takeda Pharmaceutical | 3.18 | 7-9-2050 | 1,987,000 | 2,031,861 | ||
Takeda Pharmaceutical | 4.40 | 11-26-2023 | 2,956,000 | 3,146,093 | ||
19,572,230 | ||||||
Industrials: 0.52% | ||||||
Road & rail: 0.44% | ||||||
Canadian Pacific Railway Company %% | 1.35 | 12-2-2024 | 12,601,000 | 12,589,441 | ||
Canadian Pacific Railway Company %% | 1.75 | 12-2-2026 | 4,201,000 | 4,203,362 |
Interest rate | Maturity date | Principal | Value | |||
Road & rail (continued) | ||||||
Canadian Pacific Railway Company %% | 2.45% | 12-2-2031 | $ | 3,361,000 | $ 3,402,010 | |
Canadian Pacific Railway Company %% | 3.00 | 12-2-2041 | 1,344,000 | 1,368,366 | ||
Canadian Pacific Railway Company %% | 3.10 | 12-2-2051 | 2,174,000 | 2,235,918 | ||
23,799,097 | ||||||
Transportation infrastructure: 0.08% | ||||||
Adani Ports & Special Company 144A | 3.00 | 2-16-2031 | 1,403,360 | 1,364,150 | ||
Adani Ports & Special Company 144A | 4.20 | 8-4-2027 | 2,984,000 | 3,095,572 | ||
4,459,722 | ||||||
Information technology: 0.21% | ||||||
Semiconductors & semiconductor equipment: 0.21% | ||||||
NXP BV 144A | 3.15 | 5-1-2027 | 1,686,000 | 1,768,809 | ||
NXP BV 144A | 3.25 | 5-11-2041 | 1,850,000 | 1,896,607 | ||
NXP BV 144A | 3.88 | 6-18-2026 | 7,236,000 | 7,841,245 | ||
11,506,661 | ||||||
Materials: 0.13% | ||||||
Metals & mining: 0.13% | ||||||
Teck Resources Limited | 5.20 | 3-1-2042 | 1,997,000 | 2,386,303 | ||
Teck Resources Limited | 6.13 | 10-1-2035 | 1,729,000 | 2,245,577 | ||
Teck Resources Limited | 6.25 | 7-15-2041 | 1,945,000 | 2,566,380 | ||
7,198,260 | ||||||
Real estate: 0.05% | ||||||
Equity REITs: 0.05% | ||||||
Scentre Group Trust 144A | 3.63 | 1-28-2026 | 2,671,000 | 2,868,782 | ||
Utilities: 0.04% | ||||||
Electric utilities: 0.04% | ||||||
Comision Federal de Electricidad 144A | 3.88 | 7-26-2033 | 2,339,000 | 2,232,576 | ||
Total Yankee corporate bonds and notes (Cost $294,779,852) | 297,036,303 | |||||
Yankee government bonds: 1.21% | ||||||
Abu Dhabi Government International Bond 144A | 3.00 | 9-15-2051 | 2,611,000 | 2,596,504 | ||
Italy Government International Bond | 3.88 | 5-6-2051 | 5,372,000 | 5,860,416 | ||
Japan Bank for International Cooperation | 1.75 | 10-17-2024 | 4,732,000 | 4,831,498 | ||
Republic of Colombia | 5.20 | 5-15-2049 | 4,999,000 | 4,653,869 | ||
Republic of Paraguay 144A | 4.95 | 4-28-2031 | 989,000 | 1,087,910 | ||
Republic of Paraguay 144A | 5.40 | 3-30-2050 | 2,899,000 | 3,181,681 | ||
Republic of Peru | 2.39 | 1-23-2026 | 3,536,000 | 3,588,474 | ||
Republic of Peru | 2.78 | 1-23-2031 | 8,360,000 | 8,280,664 | ||
Republic of Peru | 3.00 | 1-15-2034 | 5,948,000 | 5,823,092 | ||
Republic of Peru | 3.60 | 1-15-2072 | 3,742,000 | 3,557,407 | ||
United Mexican States | 3.75 | 4-19-2071 | 4,678,000 | 4,104,945 | ||
United Mexican States | 4.28 | 8-14-2041 | 7,811,000 | 8,040,409 | ||
United Mexican States | 4.50 | 4-22-2029 | 6,226,000 | 6,932,215 | ||
United Mexican States | 4.50 | 1-31-2050 | 846,000 | 880,111 | ||
United Mexican States | 4.75 | 3-8-2044 | 2,076,000 | 2,241,312 | ||
Total Yankee government bonds (Cost $64,974,953) | 65,660,507 |
Yield | Shares | Value | ||||
Short-term investments: 3.80% | ||||||
Investment companies: 3.80% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 0.03% | 206,097,656 | $ 206,097,656 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 848,000 | 848,000 | |||
Total Short-term investments (Cost $206,945,656) | 206,945,656 | |||||
Total investments in securities (Cost $6,089,138,247) | 112.19% | 6,107,907,145 | ||||
Other assets and liabilities, net | (12.19) | (663,687,022) | ||||
Total net assets | 100.00% | $5,444,220,123 |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
## | All or a portion of this security is segregated for when-issued securities. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $270,350,377 | $2,390,887,836 | $(2,455,140,557) | $0 | $0 | $ 206,097,656 | 206,097,656 | $ 15,072 | ||
Securities Lending Cash Investments LLC | 0 | 358,385,103 | (357,537,103) | 0 | 0 | 848,000 | 848,000 | 812 # | ||
$0 | $0 | $206,945,656 | $15,884 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $831,090 of securities loaned), at value (cost $5,882,192,591) | $ 5,900,961,489 |
Investments in affiliated securities, at value (cost $206,945,656) | 206,945,656 |
Cash collateral due from broker | 1,470,000 |
Receivable for investments sold | 548,301,448 |
Receivable for interest | 16,530,349 |
Principal paydown receivable | 146,038 |
Receivable for securities lending income, net | 1,766 |
Prepaid expenses and other assets | 933,354 |
Total assets | 6,675,290,100 |
Liabilities | |
Payable for when-issued transactions | 978,167,971 |
Payable for investments purchased | 168,299,551 |
Overdraft due to custodian bank | 82,215,607 |
Advisory fee payable | 1,538,848 |
Payable upon receipt of securities loaned | 848,000 |
Total liabilities | 1,231,069,977 |
Total net assets | $5,444,220,123 |
Investment income | |
Interest (net of foreign withholding taxes of $13,666) | $ 41,615,722 |
Income from affiliated securities | 29,257 |
Total investment income | 41,644,979 |
Expenses | |
Advisory fee | 9,539,461 |
Custody and accounting fees | 168,764 |
Professional fees | 60,006 |
Interest holder report expenses | 10,980 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 66,973 |
Total expenses | 9,855,846 |
Net investment income | 31,789,133 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 21,098,993 |
Net change in unrealized gains (losses) on investments | 848,698 |
Net realized and unrealized gains (losses) on investments | 21,947,691 |
Net increase in net assets resulting from operations | $53,736,824 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 31,789,133 | $ 77,723,644 |
Net realized gains on investments | 21,098,993 | 129,629,293 |
Net change in unrealized gains (losses) on investments | 848,698 | (171,533,989) |
Net increase in net assets resulting from operations | 53,736,824 | 35,818,948 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 215,150,579 | 1,103,776,459 |
Withdrawals | (466,799,980) | (1,259,318,551) |
Net decrease in net assets resulting from capital transactions | (251,649,401) | (155,542,092) |
Total decrease in net assets | (197,912,577) | (119,723,144) |
Net assets | ||
Beginning of period | 5,642,132,700 | 5,761,855,844 |
End of period | $5,444,220,123 | $ 5,642,132,700 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 0.96% | 0.65% | 9.49% | 6.30% | (0.53)% | 1.89% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.14% | 1.30% | 2.28% | 2.93% | 2.23% | 1.87% |
Supplemental data | ||||||
Portfolio turnover rate | 199% | 457% | 603% | 577% | 542% | 614% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 65,660,516 |
Gross unrealized losses | (46,891,618) |
Net unrealized gains | $ 18,768,898 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $ 0 | $ 1,460,611,794 | $0 | $ 1,460,611,794 |
Asset-backed securities | 0 | 435,543,465 | 0 | 435,543,465 |
Corporate bonds and notes | 0 | 1,359,502,533 | 0 | 1,359,502,533 |
Municipal obligations | 0 | 23,921,151 | 0 | 23,921,151 |
Non-agency mortgage-backed securities | 0 | 280,270,996 | 0 | 280,270,996 |
U.S. Treasury securities | 1,978,414,740 | 0 | 0 | 1,978,414,740 |
Yankee corporate bonds and notes | 0 | 297,036,303 | 0 | 297,036,303 |
Yankee government bonds | 0 | 65,660,507 | 0 | 65,660,507 |
Short-term investments | ||||
Investment companies | 206,945,656 | 0 | 0 | 206,945,656 |
Total assets | $2,185,360,396 | $3,922,546,749 | $0 | $6,107,907,145 |
Average daily net assets | Advisory fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$10,161,411,419 | $1,851,155,342 | $10,018,697,004 | $1,829,829,294 |
Counterparty | Values of securities on loaned | Collateral received1 | Net amount |
Nomura Securities International Incorporated | $831,090 | $(831,090) | $0 |
Shares voted “For” | 222,470,589 |
Shares voted “Against” | 2,536,231 |
Shares voted “Abstain” | 2,681,236 |
Shares voted “For” | 222,578,756 |
Shares voted “Against” | 2,408,143 |
Shares voted “Abstain” | 2,701,157 |
Shares voted “For” | 222,358,286 |
Shares voted “Against” | 2,651,918 |
Shares voted “Abstain” | 2,677,852 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA287/SAR287 11-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks returns that exceed the rate of inflation over the long-term. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Michael Bradshaw, CFA®‡, Christian L. Chan, CFA®‡, Garth B. Newport, CFA®‡, Michael Schueller, CFA®‡, Michal Stanczyk† |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (IPBAX) | 2-28-2003 | 2.57 | 3.85 | 2.27 | 7.40 | 4.81 | 2.74 | 1.26 | 0.78 | ||
Class C (IPBCX) | 2-28-2003 | 5.46 | 4.01 | 1.96 | 6.46 | 4.01 | 1.96 | 2.01 | 1.53 | ||
Class R6 (IPBJX)3 | 10-31-2016 | – | – | – | 7.81 | 5.19 | 3.06 | 0.88 | 0.40 | ||
Administrator Class (IPBIX) | 2-28-2003 | – | – | – | 7.52 | 5.00 | 2.97 | 1.20 | 0.60 | ||
Institutional Class (IPBNX)4 | 10-31-2016 | – | – | – | 7.66 | 5.14 | 3.03 | 0.93 | 0.45 | ||
Bloomberg U.S. TIPS Index5 | – | – | – | – | 6.83 | 5.25 | 3.06 | – | – | ||
CPI 6 | – | – | – | – | 6.81 | 2.86 | 2.08 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had been included, returns for the Institutional Class shares would be higher. |
5 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
6 | The Consumer Price Index (CPI) for All Urban Consumers in U.S. All Items is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Michal Stanczyk became portfolio manager of the Fund on June 30, 2021. |
Ten largest holdings (%) as of November 30, 20211 | |
TIPS, 0.63%, 1-15-2026 | 2.69 |
TIPS, 0.13%, 4-15-2026 | 2.69 |
TIPS, 0.63%, 1-15-2024 | 2.43 |
TIPS, 0.38%, 7-15-2023 | 2.23 |
TIPS, 0.25%, 1-15-2025 | 2.21 |
TIPS, 0.13%, 1-15-2031 | 2.18 |
TIPS, 0.13%, 1-15-2030 | 2.13 |
TIPS, 0.25%, 2-15-2050 | 2.04 |
TIPS, 0.63%, 4-15-2023 | 1.96 |
TIPS, 0.13%, 7-15-2030 | 1.93 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of November 30, 2021 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g445368img4364dcee4.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,036.48 | $3.98 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.16 | $3.95 | 0.78% |
Class C | ||||
Actual | $1,000.00 | $1,031.41 | $7.79 | 1.53% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.40 | $7.74 | 1.53% |
Class R6 | ||||
Actual | $1,000.00 | $1,037.94 | $2.04 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.06 | $2.03 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,037.05 | $3.06 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.06 | $3.04 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,037.75 | $2.30 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.28 | 0.45% |
Value | |||||
Investment companies: 99.86% | |||||
Affiliated master portfolio: 99.86% | |||||
Allspring Real Return Portfolio | $68,552,972 | ||||
Total Investment companies (Cost $60,296,444) | 68,552,972 | ||||
Total investments in securities (Cost $60,296,444) | 99.86% | 68,552,972 | |||
Other assets and liabilities, net | 0.14 | 92,976 | |||
Total net assets | 100.00% | $68,645,948 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Real Return Portfolio | 31.19% | 29.30% | $441,247 | $229,603 | $1,553,845 | $102,768 | $185 | $68,552,972 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $60,296,444) | $ 68,552,972 |
Receivable for Fund shares sold | 201,892 |
Receivable from manager | 20,635 |
Prepaid expenses and other assets | 18,848 |
Total assets | 68,794,347 |
Liabilities | |
Payable for Fund shares redeemed | 112,329 |
Shareholder report expenses payable | 13,269 |
Professional fees payable | 9,005 |
Administration fees payable | 5,297 |
Distribution fee payable | 998 |
Trustees’ fees and expenses payable | 966 |
Accrued expenses and other liabilities | 6,535 |
Total liabilities | 148,399 |
Total net assets | $68,645,948 |
Net assets consist of | |
Paid-in capital | $ 61,651,275 |
Total distributable earnings | 6,994,673 |
Total net assets | $68,645,948 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 16,554,866 |
Shares outstanding – Class A1 | 1,497,411 |
Net asset value per share – Class A | $11.06 |
Maximum offering price per share – Class A2 | $11.58 |
Net assets – Class C | $ 1,655,654 |
Shares outstanding – Class C1 | 152,535 |
Net asset value per share – Class C | $10.85 |
Net assets – Class R6 | $ 12,528,153 |
Shares outstanding – Class R61 | 1,120,624 |
Net asset value per share – Class R6 | $11.18 |
Net assets – Administrator Class | $ 13,143,262 |
Shares outstanding – Administrator Class1 | 1,167,432 |
Net asset value per share – Administrator Class | $11.26 |
Net assets – Institutional Class | $ 24,764,013 |
Shares outstanding – Institutional Class1 | 2,215,424 |
Net asset value per share – Institutional Class | $11.18 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolio | $ 1,553,845 |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,108) | 102,768 |
Affiliated income allocated from affiliated Master Portfolio | 185 |
Expenses allocated from affiliated Master Portfolio | (150,627) |
Waivers allocated from affiliated Master Portfolio | 26,478 |
Total investment income | 1,532,649 |
Expenses | |
Management fee | 15,934 |
Administration fees | |
Class A | 12,264 |
Class C | 1,060 |
Class R6 | 2,429 |
Administrator Class | 5,775 |
Institutional Class | 7,735 |
Shareholder servicing fees | |
Class A | 19,136 |
Class C | 1,650 |
Administrator Class | 14,118 |
Distribution fee | |
Class C | 4,951 |
Custody and accounting fees | 1,480 |
Professional fees | 21,786 |
Registration fees | 5,252 |
Shareholder report expenses | 24,786 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 3,736 |
Total expenses | 152,059 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (85,705) |
Class A | (764) |
Class C | (66) |
Administrator Class | (7,486) |
Institutional Class | (1,928) |
Net expenses | 56,110 |
Net investment income | 1,476,539 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 441,247 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 229,603 |
Net realized and unrealized gains (losses) on investments | 670,850 |
Net increase in net assets resulting from operations | $2,147,389 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,476,539 | $ 1,568,068 | ||
Net realized gains on investments | 441,247 | 277,416 | ||
Net change in unrealized gains (losses) on investments | 229,603 | 3,967,421 | ||
Net increase in net assets resulting from operations | 2,147,389 | 5,812,905 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (366,281) | (268,219) | ||
Class C | (26,113) | (19,136) | ||
Class R6 | (404,842) | (676,727) | ||
Administrator Class | (274,582) | (261,977) | ||
Institutional Class | (483,883) | (233,102) | ||
Total distributions to shareholders | (1,555,701) | (1,459,161) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 308,952 | 3,413,668 | 476,116 | 5,061,849 |
Class C | 57,864 | 627,100 | 26,515 | 273,931 |
Class R6 | 113,839 | 1,268,080 | 2,143,575 | 23,199,949 |
Administrator Class | 343,729 | 3,881,591 | 574,541 | 6,217,286 |
Institutional Class | 1,293,132 | 14,366,158 | 358,193 | 3,851,836 |
23,556,597 | 38,604,851 | |||
Reinvestment of distributions | ||||
Class A | 26,673 | 293,421 | 18,861 | 202,368 |
Class C | 2,385 | 25,779 | 1,759 | 18,532 |
Class R6 | 28,069 | 312,206 | 28,247 | 306,213 |
Administrator Class | 23,378 | 261,635 | 23,163 | 252,526 |
Institutional Class | 43,432 | 483,175 | 21,437 | 232,476 |
1,376,216 | 1,012,115 | |||
Payment for shares redeemed | ||||
Class A | (102,729) | (1,130,050) | (521,552) | (5,567,275) |
Class C | (18,964) | (204,924) | (87,496) | (914,008) |
Class R6 | (2,298,530) | (25,365,420) | (659,480) | (7,182,858) |
Administrator Class | (386,958) | (4,309,374) | (715,288) | (7,756,050) |
Institutional Class | (97,197) | (1,080,996) | (428,493) | (4,604,300) |
(32,090,764) | (26,024,491) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (7,157,951) | 13,592,475 | ||
Total increase (decrease) in net assets | (6,566,263) | 17,946,219 | ||
Net assets | ||||
Beginning of period | 75,212,211 | 57,265,992 | ||
End of period | $ 68,645,948 | $ 75,212,211 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.93 | $10.22 | $9.89 | $9.87 | $9.96 | $9.95 |
Net investment income | 0.24 1 | 0.22 | 0.12 | 0.15 | 0.21 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.70 | 0.42 | 0.09 | (0.09) | 0.03 |
Total from investment operations | 0.39 | 0.92 | 0.54 | 0.24 | 0.12 | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.26) | (0.21) | (0.21) | (0.19) | (0.21) | (0.20) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.26) | (0.21) | (0.21) | (0.22) | (0.21) | (0.21) |
Net asset value, end of period | $11.06 | $10.93 | $10.22 | $9.89 | $9.87 | $9.96 |
Total return2 | 3.65% | 9.10% | 5.48% | 2.56% | 1.25% | 2.23% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.06% | 1.29% | 1.43% | 1.16% | 1.04% | 1.11% |
Net expenses | 0.78% | 0.78% | 0.78% | 0.77% | 0.80% | 0.85% |
Net investment income | 4.35% | 2.09% | 1.79% | 1.95% | 2.15% | 1.92% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $16,555 | $13,825 | $13,196 | $17,716 | $26,133 | $29,678 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.74 | $10.06 | $9.73 | $9.73 | $9.82 | $9.77 |
Net investment income | 0.19 1 | 0.12 1 | 0.11 1 | 0.10 1 | 0.03 | 0.04 |
Net realized and unrealized gains (losses) on investments | 0.14 | 0.71 | 0.35 | 0.07 | 0.02 | 0.10 |
Total from investment operations | 0.33 | 0.83 | 0.46 | 0.17 | 0.05 | 0.14 |
Distributions to shareholders from | ||||||
Net investment income | (0.22) | (0.15) | (0.13) | (0.14) | (0.14) | (0.08) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.22) | (0.15) | (0.13) | (0.17) | (0.14) | (0.09) |
Net asset value, end of period | $10.85 | $10.74 | $10.06 | $9.73 | $9.73 | $9.82 |
Total return2 | 3.14% | 8.27% | 4.77% | 1.79% | 0.53% | 1.44% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.81% | 2.06% | 2.18% | 1.91% | 1.79% | 1.86% |
Net expenses | 1.53% | 1.53% | 1.53% | 1.52% | 1.56% | 1.60% |
Net investment income | 3.53% | 1.17% | 1.09% | 1.08% | 1.39% | 1.23% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $1,656 | $1,195 | $1,714 | $2,553 | $3,517 | $4,580 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.05 | $10.33 | $9.99 | $9.96 | $10.05 | $10.17 |
Net investment income | 0.29 2 | 0.29 | 0.22 | 0.23 2 | 0.22 | 0.10 |
Net realized and unrealized gains (losses) on investments | 0.12 | 0.69 | 0.37 | 0.06 | (0.06) | (0.07) |
Total from investment operations | 0.41 | 0.98 | 0.59 | 0.29 | 0.16 | 0.03 |
Distributions to shareholders from | ||||||
Net investment income | (0.28) | (0.26) | (0.25) | (0.23) | (0.25) | (0.14) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.28) | (0.26) | (0.25) | (0.26) | (0.25) | (0.15) |
Net asset value, end of period | $11.18 | $11.05 | $10.33 | $9.99 | $9.96 | $10.05 |
Total return3 | 3.79% | 9.52% | 5.94% | 2.99% | 1.63% | 0.36% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.67% | 0.85% | 1.05% | 0.82% | 0.66% | 0.69% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.39% | 0.42% | 0.47% |
Net investment income | 5.21% | 2.70% | 2.08% | 2.34% | 2.52% | 1.32% |
Supplemental data | ||||||
Portfolio turnover rate4 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $12,528 | $36,202 | $18,224 | $14,358 | $11,750 | $7,438 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 20171 | 0.44% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.12 | $10.38 | $10.03 | $9.99 | $10.06 | $10.03 |
Net investment income | 0.26 1 | 0.25 1 | 0.20 1 | 0.21 1 | 0.24 1 | 0.22 1 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.71 | 0.36 | 0.06 | (0.09) | 0.02 |
Total from investment operations | 0.41 | 0.96 | 0.56 | 0.27 | 0.15 | 0.24 |
Distributions to shareholders from | ||||||
Net investment income | (0.27) | (0.22) | (0.21) | (0.20) | (0.22) | (0.20) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.27) | (0.22) | (0.21) | (0.23) | (0.22) | (0.21) |
Net asset value, end of period | $11.26 | $11.12 | $10.38 | $10.03 | $9.99 | $10.06 |
Total return2 | 3.70% | 9.31% | 5.67% | 2.78% | 1.50% | 2.46% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.00% | 1.23% | 1.37% | 1.10% | 0.97% | 1.04% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.59% | 0.60% | 0.60% |
Net investment income | 4.57% | 2.26% | 1.92% | 2.15% | 2.39% | 2.20% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $13,143 | $13,203 | $13,544 | $13,562 | $23,331 | $26,100 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.05 | $10.33 | $9.99 | $9.97 | $10.06 | $10.17 |
Net investment income | 0.29 | 0.26 | 0.21 | 0.22 | 0.24 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.12 | 0.71 | 0.37 | 0.05 | (0.08) | (0.10) |
Total from investment operations | 0.41 | 0.97 | 0.58 | 0.27 | 0.16 | 0.04 |
Distributions to shareholders from | ||||||
Net investment income | (0.28) | (0.25) | (0.24) | (0.22) | (0.25) | (0.14) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.28) | (0.25) | (0.24) | (0.25) | (0.25) | (0.15) |
Net asset value, end of period | $11.18 | $11.05 | $10.33 | $9.99 | $9.97 | $10.06 |
Total return2 | 3.78% | 9.46% | 5.88% | 2.84% | 1.57% | 0.41% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.74% | 0.95% | 1.10% | 0.84% | 0.71% | 0.76% |
Net expenses | 0.45% | 0.45% | 0.45% | 0.44% | 0.47% | 0.52% |
Net investment income | 4.49% | 2.37% | 2.09% | 2.20% | 2.62% | 2.24% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $24,764 | $10,787 | $10,587 | $11,094 | $12,110 | $5,229 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 20171 | 0.44% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $8,157,359 |
Gross unrealized losses | 0 |
Net unrealized gains | $8,157,359 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term | $68,552,972 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.78% |
Class C | 1.53 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$3,704,659 | $5,380,772 | $6,413,035 | $5,213,545 |
Shares | Value | |||||
Common stocks: 14.86% | ||||||
Consumer staples: 4.66% | ||||||
Beverages: 0.71% | ||||||
PepsiCo Incorporated | 10,436 | $ 1,667,464 | ||||
Food & staples retailing: 1.64% | ||||||
Costco Wholesale Corporation | 2,807 | 1,514,040 | ||||
Sysco Corporation | 9,963 | 697,809 | ||||
Walmart Incorporated | 11,526 | 1,620,901 | ||||
3,832,750 | ||||||
Food products: 0.59% | ||||||
Mondelez International Incorporated Class A | 13,399 | 789,737 | ||||
Nomad Foods Limited † | 25,058 | 598,636 | ||||
1,388,373 | ||||||
Household products: 1.61% | ||||||
Church & Dwight Company Incorporated | 10,995 | 982,733 | ||||
The Clorox Company | 2,291 | 373,089 | ||||
The Procter & Gamble Company | 16,664 | 2,409,281 | ||||
3,765,103 | ||||||
Tobacco: 0.11% | ||||||
Philip Morris International Incorporated | 3,064 | 263,320 | ||||
Energy: 1.18% | ||||||
Oil, gas & consumable fuels: 1.18% | ||||||
Chevron Corporation | 15,613 | 1,762,239 | ||||
Phillips 66 | 14,305 | 989,477 | ||||
2,751,716 | ||||||
Materials: 3.53% | ||||||
Chemicals: 1.56% | ||||||
Ashland Global Holdings Incorporated | 4,915 | 496,759 | ||||
Ecolab Incorporated | 2,882 | 638,277 | ||||
Linde plc | 5,212 | 1,658,146 | ||||
The Sherwin-Williams Company | 1,085 | 359,395 | ||||
Westlake Chemical Corporation | 5,185 | 481,790 | ||||
3,634,367 | ||||||
Construction materials: 0.23% | ||||||
Martin Marietta Materials Incorporated | 1,344 | 542,317 | ||||
Containers & packaging: 0.19% | ||||||
Crown Holdings Incorporated | 4,258 | 450,496 | ||||
Metals & mining: 1.55% | ||||||
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares | 2,100 | 104,580 | ||||
Alamos Gold Incorporated Class A | 11,000 | 84,129 | ||||
AngloGold Ashanti Limited ADR | 3,000 | 62,820 | ||||
Artemis Gold Incorporated † | 6,000 | 31,328 | ||||
B2Gold Corporation | 29,000 | 114,869 | ||||
Barrick Gold Corporation | 9,456 | 179,569 | ||||
Dundee Precious Metals Incorporated | 7,000 | 44,550 |
Shares | Value | |||||
Metals & mining (continued) | ||||||
Endeavour Mining plc | 6,580 | $ 154,372 | ||||
Evolution Mining Limited | 22,000 | 62,877 | ||||
Franco-Nevada Corporation | 1,200 | 164,559 | ||||
Gold Fields Limited ADR | 16,000 | 181,440 | ||||
Kinross Gold Corporation | 37,500 | 222,514 | ||||
Kirkland Lake Gold Limited | 3,137 | 124,036 | ||||
Lundin Gold Incorporated † | 7,100 | 57,858 | ||||
MAG Silver Corporation † | 3,000 | 49,928 | ||||
Marathon Gold Corporation † | 7,000 | 16,494 | ||||
Newcrest Mining Limited | 6,600 | 109,483 | ||||
Newmont Corporation | 4,790 | 263,067 | ||||
Northern Star Resources Limited | 15,000 | 100,137 | ||||
Pan American Silver Corporation | 4,300 | 109,822 | ||||
Pretium Resources Incorporated † | 4,000 | 54,108 | ||||
Royal Gold Incorporated | 3,712 | 371,311 | ||||
SilverCrest Metals Incorporated † | 6,000 | 50,773 | ||||
Skeena Resources Limited † | 2,000 | 19,163 | ||||
SSR Mining Incorporated | 3,500 | 63,595 | ||||
SSR Mining Incorporated - U.S. Exchange Traded Shares | 1,272 | 23,091 | ||||
Steel Dynamics Incorporated | 8,889 | 531,562 | ||||
Torex Gold Resources Incorporated † | 6,200 | 67,899 | ||||
Triple Flag Precious Metals Corporation | 1,000 | 11,484 | ||||
Wheaton Precious Metals Corporation | 4,700 | 196,543 | ||||
3,627,961 | ||||||
Real estate: 5.49% | ||||||
Equity REITs: 5.49% | ||||||
Alexandria Real Estate Equities Incorporated | 2,806 | 561,396 | ||||
American Homes 4 Rent Class A | 12,675 | 508,141 | ||||
American Tower Corporation | 5,496 | 1,442,590 | ||||
Camden Property Trust | 2,694 | 445,076 | ||||
Duke Realty Corporation | 10,130 | 590,883 | ||||
Equinix Incorporated | 1,644 | 1,335,257 | ||||
Federal Realty Investment Trust | 2,656 | 325,812 | ||||
Four Corners Property Trust Incorporated | 17,549 | 474,174 | ||||
Gaming and Leisure Properties Incorporated | 8,807 | 397,372 | ||||
Healthcare Realty Trust Incorporated | 10,277 | 321,876 | ||||
Host Hotels & Resorts Incorporated † | 16,246 | 255,062 | ||||
Invitation Homes Incorporated | 13,941 | 563,774 | ||||
Life Storage Incorporated | 4,610 | 609,165 | ||||
Mid-America Apartment Communities Incorporated | 2,053 | 423,431 | ||||
Prologis Incorporated | 7,527 | 1,134,695 | ||||
SBA Communications Corporation | 2,838 | 975,704 | ||||
Simon Property Group Incorporated | 2,390 | 365,288 | ||||
Sun Communities Incorporated | 4,151 | 782,796 | ||||
VICI Properties Incorporated | 26,671 | 725,451 | ||||
Welltower Incorporated | 7,754 | 617,373 | ||||
12,855,316 | ||||||
Total Common stocks (Cost $23,957,760) | 34,779,183 |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 12.95% | ||||||
Communication services: 1.46% | ||||||
Diversified telecommunication services: 0.26% | ||||||
CenturyLink Incorporated | 6.75% | 12-1-2023 | $ | 260,000 | $ 280,033 | |
Level 3 Financing Incorporated | 5.38 | 5-1-2025 | 85,000 | 86,788 | ||
Lumen Technologies Incorporated | 7.50 | 4-1-2024 | 215,000 | 233,275 | ||
600,096 | ||||||
Entertainment: 0.19% | ||||||
Live Nation Entertainment Incorporated 144A | 4.88 | 11-1-2024 | 170,000 | 171,161 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 255,000 | 276,410 | ||
447,571 | ||||||
Media: 1.01% | ||||||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 600,000 | 617,571 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 335,000 | 355,938 | ||
Compression Partners LP | 6.88 | 9-1-2027 | 20,000 | 20,512 | ||
CSC Holdings LLC 144A | 5.50 | 4-15-2027 | 200,000 | 205,343 | ||
DISH DBS Corporation | 5.00 | 3-15-2023 | 200,000 | 203,200 | ||
DISH DBS Corporation | 5.88 | 7-15-2022 | 190,000 | 192,375 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 320,000 | 332,000 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 415,000 | 435,190 | ||
2,362,129 | ||||||
Consumer discretionary: 1.44% | ||||||
Auto components: 0.15% | ||||||
Allison Transmission Incorporated 144A | 5.88 | 6-1-2029 | 40,000 | 42,742 | ||
Clarios Global LP 144A | 6.25 | 5-15-2026 | 136,000 | 141,333 | ||
Clarios Global LP 144A | 6.75 | 5-15-2025 | 167,000 | 174,306 | ||
358,381 | ||||||
Automobiles: 0.18% | ||||||
Ford Motor Company | 4.13 | 8-17-2027 | 400,000 | 421,968 | ||
Hotels, restaurants & leisure: 0.57% | ||||||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 285,000 | 324,900 | ||
NCL Corporation Limited 144A | 12.25 | 5-15-2024 | 358,000 | 423,192 | ||
Royal Caribbean Cruises Limited 144A | 9.13 | 6-15-2023 | 325,000 | 344,713 | ||
Royal Caribbean Cruises Limited 144A | 11.50 | 6-1-2025 | 221,000 | 246,720 | ||
1,339,525 | ||||||
Household durables: 0.09% | ||||||
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 205,000 | 210,679 | ||
Internet & direct marketing retail: 0.06% | ||||||
QVC Incorporated | 4.38 | 3-15-2023 | 140,000 | 145,075 | ||
Leisure products: 0.10% | ||||||
SeaWorld Parks & Entertainment Incorporated 144A | 8.75 | 5-1-2025 | 210,000 | 223,650 | ||
Specialty retail: 0.20% | ||||||
Bath & Body Works Incorporated 144A | 9.38 | 7-1-2025 | 259,000 | 314,685 | ||
Penske Automotive Group Incorporated | 3.50 | 9-1-2025 | 140,000 | 141,575 | ||
456,260 |
Interest rate | Maturity date | Principal | Value | |||
Textiles, apparel & luxury goods: 0.09% | ||||||
G-III Apparel Group Limited 144A | 7.88% | 8-15-2025 | $ | 200,000 | $ 212,750 | |
Consumer staples: 0.26% | ||||||
Food products: 0.26% | ||||||
CHS Incorporated 144A | 6.63 | 2-15-2025 | 315,000 | 326,403 | ||
Performance Food Group Incorporated 144A | 6.88 | 5-1-2025 | 280,000 | 293,300 | ||
619,703 | ||||||
Energy: 2.98% | ||||||
Energy equipment & services: 0.33% | ||||||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 650,000 | 659,750 | ||
USA Compression Partners LP | 6.88 | 4-1-2026 | 115,000 | 117,013 | ||
776,763 | ||||||
Oil, gas & consumable fuels: 2.65% | ||||||
Antero Midstream Company 144A | 7.88 | 5-15-2026 | 105,000 | 112,443 | ||
Apache Corporation | 4.63 | 11-15-2025 | 70,000 | 74,025 | ||
Buckeye Partners LP 144A | 4.13 | 3-1-2025 | 35,000 | 35,214 | ||
Buckeye Partners LP | 4.15 | 7-1-2023 | 200,000 | 204,500 | ||
Crestwood Midstream Partners LP | 5.75 | 4-1-2025 | 605,000 | 606,788 | ||
DCP Midstream Operating LP | 5.38 | 7-15-2025 | 455,000 | 485,440 | ||
EnLink Midstream Partners LP | 4.15 | 6-1-2025 | 870,000 | 890,193 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 645,000 | 665,601 | ||
EQT Corporation | 6.63 | 2-1-2025 | 85,000 | 94,872 | ||
Murphy Oil Corporation | 5.75 | 8-15-2025 | 655,000 | 665,665 | ||
New Fortress Energy Incorporated 144A | 6.50 | 9-30-2026 | 220,000 | 207,973 | ||
Occidental Petroleum Corporation | 8.00 | 7-15-2025 | 305,000 | 347,182 | ||
Rockies Express Pipeline LLC 144A | 3.60 | 5-15-2025 | 529,000 | 542,172 | ||
Southwestern Energy Company | 4.10 | 3-15-2022 | 225,000 | 224,420 | ||
Southwestern Energy Company | 6.45 | 1-23-2025 | 127,000 | 137,801 | ||
Southwestern Energy Company | 7.75 | 10-1-2027 | 110,000 | 117,890 | ||
Tallgrass Energy Partners LP 144A | 7.50 | 10-1-2025 | 360,000 | 381,600 | ||
Western Gas Partners LP | 4.65 | 7-1-2026 | 385,000 | 410,988 | ||
6,204,767 | ||||||
Financials: 1.99% | ||||||
Consumer finance: 0.89% | ||||||
LFS Topco LLC 144A | 5.88 | 10-15-2026 | 75,000 | 77,615 | ||
Navient Corporation | 5.88 | 10-25-2024 | 590,000 | 616,709 | ||
Navient Corporation | 7.25 | 9-25-2023 | 145,000 | 155,875 | ||
OneMain Finance Corporation | 3.50 | 1-15-2027 | 110,000 | 106,150 | ||
PRA Group Incorporated 144A | 7.38 | 9-1-2025 | 200,000 | 212,000 | ||
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 165,000 | 160,778 | ||
Springleaf Finance Corporation | 6.13 | 3-15-2024 | 295,000 | 309,750 | ||
Springleaf Finance Corporation | 8.88 | 6-1-2025 | 414,000 | 444,015 | ||
2,082,892 | ||||||
Diversified financial services: 0.30% | ||||||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 245,000 | 241,019 | ||
United Shore Financial Services LLC 144A | 5.50 | 11-15-2025 | 450,000 | 447,750 | ||
688,769 |
Interest rate | Maturity date | Principal | Value | |||
Insurance: 0.35% | ||||||
Enact Holdings Incorporated 144A | 6.50% | 8-15-2025 | $ | 750,000 | $ 815,471 | |
Mortgage REITs: 0.25% | ||||||
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 495,000 | 513,415 | ||
Starwood Property Trust Incorporated | 5.00 | 12-15-2021 | 77,000 | 77,042 | ||
590,457 | ||||||
Thrifts & mortgage finance: 0.20% | ||||||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 475,000 | 477,423 | ||
Health care: 0.87% | ||||||
Health care providers & services: 0.87% | ||||||
Magellan Health Incorporated | 4.90 | 9-22-2024 | 828,000 | 890,100 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 364,000 | 382,167 | ||
Tenet Healthcare Corporation 144A | 4.88 | 1-1-2026 | 375,000 | 383,438 | ||
Tenet Healthcare Corporation 144A | 7.50 | 4-1-2025 | 220,000 | 231,334 | ||
Vizient Incorporated 144A | 6.25 | 5-15-2027 | 150,000 | 156,375 | ||
2,043,414 | ||||||
Industrials: 2.18% | ||||||
Aerospace & defense: 0.51% | ||||||
Spirit AeroSystems Holdings Incorporated 144A | 5.50 | 1-15-2025 | 525,000 | 540,750 | ||
TransDigm Group Incorporated 144A | 6.25 | 3-15-2026 | 305,000 | 316,438 | ||
TransDigm Group Incorporated | 7.50 | 3-15-2027 | 90,000 | 93,825 | ||
TransDigm Group Incorporated 144A | 8.00 | 12-15-2025 | 231,000 | 243,416 | ||
1,194,429 | ||||||
Airlines: 0.69% | ||||||
American Airlines Group Incorporated 144A | 5.00 | 6-1-2022 | 130,000 | 129,513 | ||
American Airlines Group Incorporated 144A | 5.50 | 4-20-2026 | 385,000 | 393,181 | ||
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 192,594 | 190,979 | ||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 340,000 | 347,436 | ||
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 425,000 | 453,688 | ||
United Airlines Incorporated 144A | 4.38 | 4-15-2026 | 90,000 | 90,358 | ||
1,605,155 | ||||||
Commercial services & supplies: 0.46% | ||||||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 425,000 | 437,533 | ||
Plastipak Holdings Incorporated 144A | 6.25 | 10-15-2025 | 620,000 | 629,734 | ||
1,067,267 | ||||||
Construction & engineering: 0.05% | ||||||
Taylor Morrison Communities Incorporated 144A | 5.88 | 4-15-2023 | 110,000 | 113,988 | ||
Electronic equipment, instruments & components: 0.02% | ||||||
Wesco Distribution Incorporated 144A | 7.13 | 6-15-2025 | 55,000 | 58,098 | ||
Machinery: 0.00% | ||||||
Stevens Holding Company Incorporated 144A | 6.13 | 10-1-2026 | 10,000 | 10,700 | ||
Road & rail: 0.16% | ||||||
Uber Technologies Incorporated 144A | 7.50 | 5-15-2025 | 350,000 | 368,813 |
Interest rate | Maturity date | Principal | Value | |||
Trading companies & distributors: 0.29% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50% | 10-1-2025 | $ | 660,000 | $ 672,652 | |
Information technology: 0.36% | ||||||
IT services: 0.32% | ||||||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 585,000 | 650,813 | ||
Square Incorporated 144A | 2.75 | 6-1-2026 | 85,000 | 84,587 | ||
735,400 | ||||||
Technology hardware, storage & peripherals: 0.04% | ||||||
NCR Corporation 144A | 5.75 | 9-1-2027 | 98,000 | 101,561 | ||
Materials: 0.53% | ||||||
Chemicals: 0.20% | ||||||
Kraton Polymers LLC 144A | 4.25 | 12-15-2025 | 450,000 | 464,625 | ||
Containers & packaging: 0.02% | ||||||
Sealed Air Corporation 144A | 5.13 | 12-1-2024 | 50,000 | 53,250 | ||
Metals & mining: 0.22% | ||||||
Cleveland-Cliffs Incorporated 144A | 6.75 | 3-15-2026 | 195,000 | 205,969 | ||
Cleveland-Cliffs Incorporated 144A | 9.88 | 10-17-2025 | 274,000 | 308,335 | ||
514,304 | ||||||
Paper & forest products: 0.09% | ||||||
Clearwater Paper Corporation 144A | 5.38 | 2-1-2025 | 185,000 | 199,795 | ||
Real estate: 0.40% | ||||||
Equity REITs: 0.40% | ||||||
Service Properties Trust Company | 4.35 | 10-1-2024 | 500,000 | 487,660 | ||
Service Properties Trust Company | 7.50 | 9-15-2025 | 420,000 | 445,786 | ||
933,446 | ||||||
Utilities: 0.48% | ||||||
Electric utilities: 0.04% | ||||||
NextEra Energy Operating Partners LP 144A | 4.25 | 7-15-2024 | 100,000 | 102,299 | ||
Independent power & renewable electricity producers: 0.44% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 196,750 | 209,539 | ||
TerraForm Power Operating LLC 144A | 4.25 | 1-31-2023 | 600,000 | 604,500 | ||
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 200,000 | 205,379 | ||
1,019,418 | ||||||
Total Corporate bonds and notes (Cost $30,175,769) | 30,292,943 | |||||
Loans: 4.06% | ||||||
Communication services: 0.54% | ||||||
Entertainment: 0.05% | ||||||
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ± | 1.88 | 10-17-2026 | 123,384 | 119,889 | ||
Media: 0.40% | ||||||
CSC Holdings LLC (1 Month LIBOR +2.50%) ± | 2.59 | 4-15-2027 | 365,114 | 357,943 | ||
Hubbard Radio LLC (3 Month LIBOR +4.25%) ‡± | 5.25 | 3-28-2025 | 75,000 | 74,906 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
Nexstar Broadcasting Incorporated (1 Month LIBOR +2.50%) ± | 2.59% | 9-18-2026 | $ | 325,000 | $ 322,504 | |
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ± | 2.59 | 1-31-2028 | 175,000 | 172,594 | ||
927,947 | ||||||
Wireless telecommunication services: 0.09% | ||||||
Consolidated Communications Holdings Incorporated (1 Month LIBOR +3.50%) ± | 4.25 | 10-2-2027 | 211,000 | 209,856 | ||
Consumer discretionary: 0.77% | ||||||
Auto components: 0.28% | ||||||
Clarios Global LP (1 Month LIBOR +3.25%) ± | 3.34 | 4-30-2026 | 297,779 | 293,685 | ||
Tenneco Incorporated (3 Month LIBOR +3.00%) ± | 3.09 | 10-1-2025 | 358,477 | 351,487 | ||
645,172 | ||||||
Hotels, restaurants & leisure: 0.12% | ||||||
Carnival Corporation (1 Month LIBOR +3.00%) ± | 3.75 | 6-30-2025 | 79,224 | 77,956 | ||
Wyndham Hotels & Resorts Incorporated (3 Month LIBOR +1.75%) ± | 1.84 | 5-30-2025 | 213,400 | 209,452 | ||
287,408 | ||||||
Household durables: 0.10% | ||||||
Wilsonart LLC (1 Month LIBOR +3.50%) ± | 4.50 | 12-19-2026 | 228,850 | 227,706 | ||
Leisure products: 0.16% | ||||||
SeaWorld Parks & Entertainment Incorporated (1 Month LIBOR +3.00%) ± | 3.50 | 8-25-2028 | 374,023 | 371,686 | ||
Specialty retail: 0.11% | ||||||
Rent-A-Center Incorporated (1 Month LIBOR +3.25%) ± | 3.75 | 2-17-2028 | 199,000 | 196,678 | ||
Sally Beauty Holdings Incorporated (3 Month LIBOR +2.25%) ‡± | 2.35 | 7-5-2024 | 62,605 | 62,057 | ||
258,735 | ||||||
Energy: 0.26% | ||||||
Oil, gas & consumable fuels: 0.26% | ||||||
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ± | 4.75 | 4-14-2028 | 54,863 | 54,771 | ||
Apergy Corporation (1 Month LIBOR +5.00%) ± | 6.00 | 6-3-2027 | 322,753 | 326,358 | ||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ‡<± | 5.50 | 9-29-2028 | 220,000 | 216,700 | ||
597,829 | ||||||
Financials: 0.21% | ||||||
Diversified financial services: 0.21% | ||||||
Claros Mortgage Trust Incorporated (U.S. SOFR +4.50%) ‡<± | 5.00 | 8-9-2026 | 120,000 | 119,700 | ||
Resolute Investment Managers Incorporated (1 Month LIBOR +3.75%) ‡± | 5.25 | 4-30-2024 | 94,751 | 94,277 | ||
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 4.50 | 5-30-2025 | 285,000 | 284,407 | ||
498,384 |
Interest rate | Maturity date | Principal | Value | |||
Health care: 0.67% | ||||||
Health care equipment & supplies: 0.24% | ||||||
Ortho Clinical Diagnostics SA (3 Month LIBOR +3.00%) ± | 3.08% | 6-30-2025 | $ | 220,000 | $ 218,570 | |
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 8-31-2026 | 347,762 | 346,169 | ||
564,739 | ||||||
Health care providers & services: 0.26% | ||||||
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ± | 3.75 | 3-2-2028 | 2,836 | 2,799 | ||
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 3-2-2028 | 60,951 | 60,146 | ||
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 3-2-2028 | 1,924 | 1,899 | ||
Select Medical Corporation (3 Month LIBOR +2.25%) ± | 2.35 | 3-6-2025 | 549,214 | 543,491 | ||
608,335 | ||||||
Health care technology: 0.04% | ||||||
Project Ruby Ultimate Parent Corporation (1 Month LIBOR +3.25%) ± | 4.00 | 3-3-2028 | 89,550 | 88,830 | ||
Pharmaceuticals: 0.13% | ||||||
Bausch Health Companies Incorporated (3 Month LIBOR +3.00%) ± | 3.09 | 6-2-2025 | 314,615 | 311,519 | ||
Industrials: 0.81% | ||||||
Aerospace & defense: 0.03% | ||||||
Spirit AeroSystems Incorporated (1 Month LIBOR +3.75%) ± | 4.25 | 1-15-2025 | 74,438 | 74,298 | ||
Airlines: 0.38% | ||||||
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ± | 5.50 | 4-20-2028 | 365,000 | 374,428 | ||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 6.25 | 6-21-2027 | 210,000 | 218,795 | ||
SkyMiles IP Limited (3 Month LIBOR +3.75%) ± | 4.75 | 10-20-2027 | 215,000 | 225,705 | ||
United Airlines Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 4-21-2028 | 59,700 | 59,451 | ||
878,379 | ||||||
Building products: 0.09% | ||||||
Advanced Drainage Systems Incorporated (1 Month LIBOR +2.25%) ± | 2.38 | 7-31-2026 | 218,000 | 217,183 | ||
Commercial services & supplies: 0.15% | ||||||
Aramark Services Incorporated (1 Month LIBOR +1.75%) ± | 1.84 | 3-11-2025 | 364,323 | 355,579 | ||
Machinery: 0.06% | ||||||
Werner FinCo LP (3 Month LIBOR +4.00%) ‡± | 5.00 | 7-24-2024 | 133,953 | 133,619 | ||
Road & rail: 0.05% | ||||||
Uber Technologies Incorporated (1 Month LIBOR +3.50%) ± | 3.59 | 4-4-2025 | 119,077 | 118,557 | ||
Software: 0.05% | ||||||
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ± | 1.84 | 4-16-2025 | 69,783 | 68,748 | ||
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ± | 1.84 | 4-16-2025 | 56,648 | 55,807 | ||
124,555 |
Interest rate | Maturity date | Principal | Value | |||
Information technology: 0.13% | ||||||
Semiconductors & semiconductor equipment: 0.13% | ||||||
ON Semiconductor Corporation (1 Month LIBOR +2.00%) ± | 2.09% | 9-19-2026 | $ | 308,700 | $ 307,447 | |
Materials: 0.53% | ||||||
Chemicals: 0.04% | ||||||
Ineos US Finance LLC (3 Month LIBOR +2.00%) ± | 2.09 | 4-1-2024 | 107,711 | 106,679 | ||
Containers & packaging: 0.31% | ||||||
Flex Acquisition Company Incorporated (3 Month LIBOR +3.00%) ± | 3.13 | 6-29-2025 | 179,928 | 177,343 | ||
Flex Acquisition Company Incorporated (1 Month LIBOR +3.50%) ± | 4.00 | 2-23-2028 | 324,370 | 321,584 | ||
Graham Packaging Company Incorporated (1 Month LIBOR +3.00%) ± | 3.75 | 8-4-2027 | 218,900 | 217,046 | ||
715,973 | ||||||
Paper & forest products: 0.18% | ||||||
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) <± | 4.00 | 7-30-2027 | 423,938 | 422,280 | ||
Utilities: 0.14% | ||||||
Electric utilities: 0.14% | ||||||
ExGen Renewables IV LLC (1 Month LIBOR +2.50%) ± | 3.50 | 12-15-2027 | 325,000 | 324,594 | ||
Total Loans (Cost $9,557,238) | 9,497,178 | |||||
U.S. Treasury securities: 66.15% | ||||||
TIPS | 0.13 | 1-15-2023 | 398,081 | 414,672 | ||
TIPS | 0.13 | 7-15-2024 | 2,633,742 | 2,826,180 | ||
TIPS | 0.13 | 10-15-2024 | 3,955,559 | 4,248,827 | ||
TIPS | 0.13 | 4-15-2025 | 3,971,431 | 4,272,314 | ||
TIPS | 0.13 | 10-15-2025 | 2,093,058 | 2,267,289 | ||
TIPS | 0.13 | 4-15-2026 | 5,804,690 | 6,293,893 | ||
TIPS | 0.13 | 7-15-2026 | 3,884,831 | 4,237,500 | ||
TIPS | 0.13 | 1-15-2030 | 4,477,536 | 4,983,649 | ||
TIPS | 0.13 | 7-15-2030 | 4,043,806 | 4,528,694 | ||
TIPS | 0.13 | 1-15-2031 | 4,562,348 | 5,102,047 | ||
TIPS | 0.13 | 7-15-2031 | 2,788,683 | 3,130,152 | ||
TIPS | 0.13 | 2-15-2051 | 3,155,292 | 3,784,831 | ||
TIPS | 0.25 | 1-15-2025 | 4,805,825 | 5,179,308 | ||
TIPS | 0.25 | 7-15-2029 | 2,203,556 | 2,476,562 | ||
TIPS | 0.25 | 2-15-2050 | 3,904,708 | 4,783,724 | ||
TIPS | 0.38 | 7-15-2023 | 4,920,739 | 5,220,115 | ||
TIPS | 0.38 | 7-15-2025 | 2,694,925 | 2,943,626 | ||
TIPS | 0.38 | 1-15-2027 | 3,026,054 | 3,345,267 | ||
TIPS | 0.38 | 7-15-2027 | 3,700,224 | 4,127,846 | ||
TIPS | 0.50 | 4-15-2024 | 3,387,656 | 3,635,775 | ||
TIPS | 0.50 | 1-15-2028 | 2,846,643 | 3,202,807 | ||
TIPS | 0.63 | 4-15-2023 | 4,361,788 | 4,599,215 | ||
TIPS | 0.63 | 1-15-2024 | 5,319,228 | 5,703,002 | ||
TIPS | 0.63 | 1-15-2026 | 5,708,211 | 6,305,337 | ||
TIPS | 0.63 | 2-15-2043 | 2,189,173 | 2,763,147 | ||
TIPS | 0.75 | 7-15-2028 | 3,726,107 | 4,295,066 | ||
TIPS | 0.75 | 2-15-2042 | 2,955,749 | 3,790,344 | ||
TIPS | 0.75 | 2-15-2045 | 1,694,755 | 2,212,251 | ||
TIPS | 0.88 | 1-15-2029 | 3,063,281 | 3,565,612 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
TIPS | 0.88% | 2-15-2047 | $ | 1,675,984 | $ 2,293,784 | |
TIPS | 1.00 | 2-15-2046 | 1,655,354 | 2,291,156 | ||
TIPS | 1.00 | 2-15-2048 | 1,273,561 | 1,808,489 | ||
TIPS | 1.00 | 2-15-2049 | 1,455,163 | 2,092,707 | ||
TIPS | 1.38 | 2-15-2044 | 2,389,087 | 3,458,996 | ||
TIPS | 1.75 | 1-15-2028 | 2,507,233 | 3,027,631 | ||
TIPS | 2.00 | 1-15-2026 | 3,109,388 | 3,621,222 | ||
TIPS | 2.13 | 2-15-2040 | 1,319,781 | 2,046,279 | ||
TIPS | 2.13 | 2-15-2041 | 1,684,613 | 2,644,710 | ||
TIPS | 2.38 | 1-15-2025 | 3,201,264 | 3,675,014 | ||
TIPS | 2.38 | 1-15-2027 | 2,305,386 | 2,801,720 | ||
TIPS | 2.50 | 1-15-2029 | 2,414,532 | 3,108,332 | ||
TIPS | 3.38 | 4-15-2032 | 973,520 | 1,446,590 | ||
TIPS | 3.63 | 4-15-2028 | 1,958,695 | 2,625,455 | ||
TIPS | 3.88 | 4-15-2029 | 2,569,444 | 3,603,678 | ||
Total U.S. Treasury securities (Cost $138,744,059) | 154,784,815 | |||||
Yankee corporate bonds and notes: 1.04% | ||||||
Communication services: 0.03% | ||||||
Media: 0.03% | ||||||
Nielsen Holding and Finance BV 144A | 5.00 | 2-1-2025 | 65,000 | 65,813 | ||
Consumer discretionary: 0.10% | ||||||
Auto components: 0.10% | ||||||
Adient Global Holdings Limited 144A | 4.88 | 8-15-2026 | 220,000 | 220,275 | ||
Consumer staples: 0.14% | ||||||
Food products: 0.14% | ||||||
Cooke Omega Investments Incorporated 144A | 8.50 | 12-15-2022 | 330,000 | 337,013 | ||
Energy: 0.24% | ||||||
Oil, gas & consumable fuels: 0.24% | ||||||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 535,000 | 551,665 | ||
Financials: 0.16% | ||||||
Diversified financial services: 0.16% | ||||||
DAE Funding LLC 144A | 2.63 | 3-20-2025 | 370,000 | 371,565 | ||
Health care: 0.13% | ||||||
Pharmaceuticals: 0.13% | ||||||
Teva Pharmaceutical Finance Netherlands III BV « | 6.00 | 4-15-2024 | 295,000 | 306,725 | ||
Industrials: 0.24% | ||||||
Airlines: 0.24% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 180,000 | 221,201 | ||
Carlyle Aviation Elevate Merger Subsidiary Limited 144A | 7.00 | 10-15-2024 | 355,000 | 347,875 | ||
569,076 | ||||||
Total Yankee corporate bonds and notes (Cost $2,425,529) | 2,422,132 |
Yield | Shares | Value | ||||
Short-term investments: 0.89% | ||||||
Investment companies: 0.89% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 0.03% | 1,975,721 | $ 1,975,721 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 107,000 | 107,000 | |||
Total Short-term investments (Cost $2,082,721) | 2,082,721 | |||||
Total investments in securities (Cost $206,943,076) | 99.95% | 233,858,972 | ||||
Other assets and liabilities, net | 0.05 | 123,299 | ||||
Total net assets | 100.00% | $233,982,271 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
‡ | Security is valued using significant unobservable inputs. |
< | All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded. |
## | All or a portion of this security is segregated for unfunded loans. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
TIPS | Treasury inflation-protected securities |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $2,265,095 | $32,953,916 | $(33,243,290) | $0 | $0 | $ 1,975,721 | 1,975,721 | $363 | ||
Securities Lending Cash Investments LLC | 0 | 1,438,725 | (1,331,725) | 0 | 0 | 107,000 | 107,000 | 12 # | ||
$0 | $0 | $2,082,721 | $375 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
2-Year U.S. Treasury Notes | 14 | 3-31-2022 | $ 3,057,382 | $ 3,062,281 | $ 4,899 | $ 0 | |
Short | |||||||
10-Year Ultra Futures | (3) | 3-22-2022 | (432,181) | (440,672) | 0 | (8,491) | |
U.S. Ultra Bond | (36) | 3-22-2022 | (6,953,385) | (7,220,250) | 0 | (266,865) | |
5-Year U.S. Treasury Notes | (63) | 3-31-2022 | (7,590,504) | (7,648,102) | 0 | (57,598) | |
$4,899 | $(332,954) |
Assets | |
Investments in unaffiliated securities (including $104,750 of securities loaned), at value (cost $204,860,355) | $ 231,776,251 |
Investments in affiliated securities, at value (cost $2,082,721) | 2,082,721 |
Cash at broker segregated for futures contracts | 336,000 |
Foreign currency, at value (cost $10,712) | 10,536 |
Receivable for dividends and interest | 849,609 |
Receivable for investments sold | 470,208 |
Receivable for securities lending income, net | 97 |
Prepaid expenses and other assets | 38,470 |
Total assets | 235,563,892 |
Liabilities | |
Payable for investments purchased | 1,129,270 |
Overdraft due to custodian bank | 144,877 |
Payable for daily variation margin on open futures contracts | 136,820 |
Payable upon receipt of securities loaned | 107,000 |
Advisory fee payable | 60,818 |
Accrued expenses and other liabilities | 2,836 |
Total liabilities | 1,581,621 |
Total net assets | $233,982,271 |
Investment income | |
Interest | $ 5,628,064 |
Dividends (net of foreign withholdings taxes of $3,966) | 365,716 |
Income from affiliated securities | 667 |
Total investment income | 5,994,447 |
Expenses | |
Advisory fee | 460,143 |
Custody and accounting fees | 17,869 |
Professional fees | 36,546 |
Interest holder report expenses | 10,195 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 10,138 |
Total expenses | 544,553 |
Less: Fee waivers and/or expense reimbursements | (95,913) |
Net expenses | 448,640 |
Net investment income | 5,545,807 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 1,673,367 |
Futures contracts | (79,187) |
Net realized gains on investments | 1,594,180 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 1,571,680 |
Futures contracts | (336,313) |
Net change in unrealized gains (losses) on investments | 1,235,367 |
Net realized and unrealized gains (losses) on investments | 2,829,547 |
Net increase in net assets resulting from operations | $8,375,354 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 5,545,807 | $ 5,242,820 |
Net realized gains on investments | 1,594,180 | 859,659 |
Net change in unrealized gains (losses) on investments | 1,235,367 | 12,483,180 |
Net increase in net assets resulting from operations | 8,375,354 | 18,585,659 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 27,296,888 | 97,022,259 |
Withdrawals | (41,031,911) | (38,320,850) |
Net increase (decrease) in net assets resulting from capital transactions | (13,735,023) | 58,701,409 |
Total increase (decrease) in net assets | (5,359,669) | 77,287,068 |
Net assets | ||
Beginning of period | 239,341,940 | 162,054,872 |
End of period | $233,982,271 | $239,341,940 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 3.80% | 9.58% | 5.92% | 2.99% | 1.67% | 2.65% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.47% | 0.47% | 0.45% | 0.45% | 0.48% | 0.52% |
Net expenses2 | 0.39% | 0.39% | 0.39% | 0.40% | 0.41% | 0.44% |
Net investment income | 4.82% | 2.57% | 2.16% | 2.29% | 2.40% | 2.36% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 20% | 24% | 39% | 29% | 25% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $27,302,375 |
Gross unrealized losses | (771,565) |
Net unrealized gains | $26,530,810 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Consumer staples | $ 10,917,010 | $ 0 | $ 0 | $ 10,917,010 |
Energy | 2,751,716 | 0 | 0 | 2,751,716 |
Materials | 7,982,644 | 272,497 | 0 | 8,255,141 |
Real estate | 12,855,316 | 0 | 0 | 12,855,316 |
Corporate bonds and notes | 0 | 30,292,943 | 0 | 30,292,943 |
Loans | 0 | 8,795,919 | 701,259 | 9,497,178 |
U.S. Treasury securities | 154,784,815 | 0 | 0 | 154,784,815 |
Yankee corporate bonds and notes | 0 | 2,422,132 | 0 | 2,422,132 |
Short-term investments | ||||
Investment companies | 2,082,721 | 0 | 0 | 2,082,721 |
191,374,222 | 41,783,491 | 701,259 | 233,858,972 | |
Futures contracts | 4,899 | 0 | 0 | 4,899 |
Total assets | $191,379,121 | $41,783,491 | $701,259 | $233,863,871 |
Liabilities | ||||
Futures contracts | $ 332,954 | $ 0 | $ 0 | $ 332,954 |
Total liabilities | $ 332,954 | $ 0 | $ 0 | $ 332,954 |
Average daily net assets | Advisory fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$12,644,595 | $18,365,436 | $21,888,716 | $17,794,663 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Credit Suisse Securities (USA) LLC | $104,750 | $(104,750) | $0 |
Shares voted “For” | 3,422,036 | |
Shares voted “Against” | 53,145 | |
Shares voted “Abstain” | 71,955 |
Shares voted “For” | 3,423,535 | |
Shares voted “Against” | 50,485 | |
Shares voted “Abstain” | 73,116 |
Shares voted “For” | 3,401,523 | |
Shares voted “Against” | 53,736 | |
Shares voted “Abstain” | 91,877 |
Shares voted “For” | 3,397,942 | |
Shares voted “Against” | 75,245 | |
Shares voted “Abstain” | 73,949 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA288/SAR288 11-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Christian L. Chan, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EAAFX) | 7-29-1996 | 7.70 | 8.20 | 6.04 | 14.25 | 9.50 | 6.67 | 1.22 | 1.13 | ||
Class C (EACFX) | 10-3-2002 | 11.57 | 8.80 | 5.94 | 12.57 | 8.80 | 5.94 | 1.97 | 1.88 | ||
Class R (EAXFX) | 10-10-2003 | – | – | – | 13.71 | 9.29 | 6.45 | 1.47 | 1.38 | ||
Administrator Class (EAIFX) | 10-3-2002 | – | – | – | 14.34 | 9.85 | 6.96 | 1.14 | 0.95 | ||
Institutional Class (EAAIX)3 | 11-30-2012 | – | – | – | 14.55 | 9.87 | 7.06 | 0.89 | 0.80 | ||
Asset Allocation Blended Index4 | – | – | – | – | 12.81 | 11.10 | 8.89 | – | – | ||
Bloomberg U.S. Aggregate Bond Index5 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – | ||
MSCI ACWI ex USA Index (Net)6 | – | – | – | – | 9.14 | 9.28 | 6.73 | – | – | ||
Russell 3000® Index7 | – | – | – | – | 26.34 | 17.51 | 15.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.46% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.13% for Class A, 1.88% for Class C, 1.38% for Class R, 0.95% for Administrator Class, and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | Source: Allspring Funds Management, LLC. The Asset Allocation Blended Index is composed 45% Russell 3000® Index, 35% Bloomberg U.S. Aggregate Bond Index and 20% MSCI ACWI ex USA Index (Net). Prior to June 16, 2018, it was comprised of 65% MSCI ACWI Index (Net) and 35% Bloomberg U.S. Aggregate Bond Index. You cannot invest directly in an index. |
5 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
6 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
7 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Managed Fixed Income Portfolio | 22.81 |
Allspring Disciplined U.S. Core Fund Class R6 | 14.04 |
Allspring Large Company Value Portfolio | 11.64 |
Allspring Diversified Large Cap Growth Portfolio | 11.18 |
Allspring Disciplined International Developed Markets Portfolio | 8.51 |
Allspring Core Bond Portfolio | 6.38 |
iShares Core MSCI EAFE ETF | 3.89 |
Allspring Real Return Portfolio | 3.54 |
Allspring C&B Large Cap Value Portfolio | 3.40 |
Allspring Factor Enhanced International Equity Portfolio | 3.17 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 35 | 35 |
Stock Funds | 65 | 67 |
Effective Cash | 0 | (2) |
1 | Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,016.56 | $5.26 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.85 | $5.27 | 1.04% |
Class C | ||||
Actual | $1,000.00 | $1,012.64 | $9.03 | 1.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.09 | $9.05 | 1.79% |
Class R | ||||
Actual | $1,000.00 | $1,015.42 | $6.52 | 1.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $6.53 | 1.29% |
Administrator Class | ||||
Actual | $1,000.00 | $1,017.38 | $4.35 | 0.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.76 | $4.36 | 0.86% |
Institutional Class | ||||
Actual | $1,000.00 | $1,018.29 | $3.59 | 0.71% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.51 | $3.60 | 0.71% |
Shares | Value | ||||
Investment companies: 99.77% | |||||
Affiliated master portfolios: 76.74% | |||||
Allspring C&B Large Cap Value Portfolio | $ 62,099,176 | ||||
Allspring Core Bond Portfolio | 116,524,336 | ||||
Allspring Disciplined International Developed Markets Portfolio | 155,481,509 | ||||
Allspring Diversified Large Cap Growth Portfolio | 204,165,748 | ||||
Allspring Emerging Growth Portfolio | 19,520,738 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 22,478,407 | ||||
Allspring Factor Enhanced International Equity Portfolio | 57,952,150 | ||||
Allspring Large Company Value Portfolio | 212,517,860 | ||||
Allspring Managed Fixed Income Portfolio | 416,671,532 | ||||
Allspring Real Return Portfolio | 64,649,002 | ||||
Allspring Small Company Growth Portfolio | 20,230,910 | ||||
Allspring Small Company Value Portfolio | 49,233,016 | ||||
1,401,524,384 | |||||
Exchange-traded funds: 6.58% | |||||
iShares Core MSCI EAFE ETF | 972,114 | 70,944,880 | |||
iShares Core U.S. Aggregate Bond ETF | 428,633 | 49,194,209 | |||
120,139,089 | |||||
Stock funds: 16.45% | |||||
Allspring Disciplined U.S. Core Fund Class R6 ♠ | 10,409,628 | 256,389,129 | |||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 708,596 | 21,137,416 | |||
Allspring Emerging Markets Equity Income Fund Class R6 ♠ | 1,889,382 | 22,842,626 | |||
300,369,171 | |||||
Total Investment companies (Cost $1,563,870,429) | 1,822,032,644 | ||||
Total investments in securities (Cost $1,563,870,429) | 99.77% | 1,822,032,644 | |||
Other assets and liabilities, net | 0.23 | 4,285,541 | |||
Total net assets | 100.00% | $1,826,318,185 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Disciplined U.S. Core Fund Class R6 | $258,513,675 | $ 0 | $(26,221,827) | $ 5,743,009 | $ 18,354,272 | $ 256,389,129 | ||
Allspring Emerging Markets Equity Fund Class R6 | 23,640,299 | 1,388,553 | 0 | 0 | (3,891,436) | 21,137,416 | ||
Allspring Emerging Markets Equity Income Fund Class R6 | 24,636,790 | 778,357 | (6,266) | 1,274 | (2,567,529) | 22,842,626 | ||
$5,744,283 | $11,895,307 | $300,369,171 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Disciplined U.S. Core Fund Class R6 | 10,409,628 | $ 0 |
Allspring Emerging Markets Equity Fund Class R6 | 708,596 | 0 |
Allspring Emerging Markets Equity Income Fund Class R6 | 1,889,382 | 380,009 |
$380,009 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Allspring C&B Large Cap Value Portfolio | 16.16% | 17.05% | $ 4,242,971 | $ (7,530,390) | $ 0 | $ 546,444 | $ 1,203 | $ 62,099,176 | ||||||
Allspring Core Bond Portfolio | 2.02 | 2.14 | 439,713 | 60,665 | 872,739 | 0 | 615 | 116,524,336 | ||||||
Allspring Disciplined International Developed Markets Portfolio | 81.24 | 86.71 | 4,991,197 | (13,061,776) | 0 | 1,991,787 | 77,621 | 155,481,509 | ||||||
Allspring Diversified Large Cap Growth Portfolio | 72.28 | 80.15 | 23,712,017 | (4,963,193) | 0 | 661,780 | 2,731 | 204,165,748 | ||||||
Allspring Emerging Growth Portfolio | 1.99 | 3.46 | 8,840,652 | (7,459,097) | 0 | 8,364 | 6,172 | 19,520,738 | ||||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 13.38 | 13.11 | 634,632 | (3,560,718) | 0 | 361,341 | 85 | 22,478,407 | ||||||
Allspring Factor Enhanced International Equity Portfolio | 8.72 | 8.40 | 1,669,498 | (4,825,189) | 0 | 760,206 | 208 | 57,952,150 | ||||||
Allspring Large Company Value Portfolio | 76.48 | 85.11 | 11,694,984 | (12,954,661) | 0 | 2,182,762 | 315 | 212,517,860 | ||||||
Allspring Managed Fixed Income Portfolio | 81.98 | 81.93 | 1,264,079 | (551,109) | 5,856,026 | 0 | 2,694 | 416,671,532 | ||||||
Allspring Real Return Portfolio | 27.05 | 27.63 | 452,354 | 406,510 | 1,600,315 | 103,182 | 189 | 64,649,002 | ||||||
Allspring Small Company Growth Portfolio | 1.53 | 1.99 | 3,837,582 | (3,592,043) | 0 | 17,107 | 1,067 | 20,230,910 | ||||||
Allspring Small Company Value Portfolio | 8.40 | 8.17 | 3,965,587 | (3,942,748) | 0 | 429,969 | 1,548 | 49,233,016 | ||||||
$65,745,266 | $(61,973,749) | $8,329,080 | $7,062,942 | $94,448 | $1,401,524,384 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index | 101 | 12-9-2021 | $ 18,356,660 | $ 16,941,301 | $ 0 | $ (1,415,359) | |
Japanese Yen Futures | 512 | 12-13-2021 | 56,263,636 | 56,588,800 | 325,164 | 0 | |
E-Mini Nasdaq 100 Index | 299 | 12-17-2021 | 92,946,391 | 96,579,990 | 3,633,599 | 0 | |
E-Mini S&P 500 Financial Select Sector Index | 151 | 12-17-2021 | 18,671,554 | 17,616,038 | 0 | (1,055,516) | |
MSCI Emerging Markets Index | 284 | 12-17-2021 | 18,379,509 | 17,214,660 | 0 | (1,164,849) | |
Short | |||||||
Euro FX Futures | (904) | 12-13-2021 | (132,848,201) | (127,989,450) | 4,858,751 | 0 | |
E-Mini S&P 500 Index | (284) | 12-17-2021 | (64,853,650) | (64,840,750) | 12,900 | 0 | |
$8,830,414 | $(3,635,724) |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $1,218,342,663) | $ 1,401,524,384 |
Investments in unaffiliated securities, at value (cost $122,353,490) | 120,139,089 |
Investments in affiliated Underlying Funds, at value (cost $223,174,276) | 300,369,171 |
Cash | 965,947 |
Cash at broker segregated for futures contracts | 7,939,102 |
Receivable for Fund shares sold | 329,536 |
Prepaid expenses and other assets | 38,768 |
Total assets | 1,831,305,997 |
Liabilities | |
Payable for Fund shares redeemed | 1,680,036 |
Payable for daily variation margin on open futures contracts | 1,381,054 |
Management fee payable | 615,241 |
Payable for investments purchased | 366,142 |
Shareholder servicing fees payable | 331,020 |
Administration fees payable | 305,669 |
Distribution fees payable | 28,792 |
Trustees’ fees and expenses payable | 3,692 |
Accrued expenses and other liabilities | 276,166 |
Total liabilities | 4,987,812 |
Total net assets | $1,826,318,185 |
Net assets consist of | |
Paid-in capital | $ 1,318,439,919 |
Total distributable earnings | 507,878,266 |
Total net assets | $1,826,318,185 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,491,664,390 |
Shares outstanding – Class A1 | 86,763,763 |
Net asset value per share – Class A | $17.19 |
Maximum offering price per share – Class A2 | $18.24 |
Net assets – Class C | $ 44,233,045 |
Shares outstanding – Class C1 | 2,628,478 |
Net asset value per share – Class C | $16.83 |
Net assets – Class R | $ 3,459,303 |
Shares outstanding – Class R1 | 201,958 |
Net asset value per share – Class R | $17.13 |
Net assets – Administrator Class | $ 23,066,456 |
Shares outstanding – Administrator Class1 | 1,312,912 |
Net asset value per share – Administrator Class | $17.57 |
Net assets – Institutional Class | $ 263,894,991 |
Shares outstanding – Institutional Class1 | 15,285,477 |
Net asset value per share – Institutional Class | $17.26 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $286) | $ 8,329,080 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $433,949) | 7,062,942 |
Dividends from unaffiliated securities | 1,575,994 |
Dividends from affiliated Underlying Funds | 380,009 |
Affiliated income allocated from affiliated Master Portfolios | 94,448 |
Expenses allocated from affiliated Master Portfolios | (3,515,871) |
Waivers allocated from affiliated Master Portfolios | 323,009 |
Total investment income | 14,249,611 |
Expenses | |
Management fee | 2,600,511 |
Administration fees | |
Class A | 1,615,332 |
Class C | 51,434 |
Class R | 3,658 |
Administrator Class | 15,944 |
Institutional Class | 175,033 |
Shareholder servicing fees | |
Class A | 1,923,015 |
Class C | 60,805 |
Class R | 4,272 |
Administrator Class | 30,272 |
Distribution fees | |
Class C | 181,834 |
Class R | 4,222 |
Custody and accounting fees | 22,503 |
Professional fees | 24,239 |
Registration fees | 38,924 |
Shareholder report expenses | 51,625 |
Trustees’ fees and expenses | 10,012 |
Other fees and expenses | 13,377 |
Total expenses | 6,827,012 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (411,343) |
Class A | (81,413) |
Class C | (24) |
Administrator Class | (5,875) |
Institutional Class | (4,003) |
Net expenses | 6,324,354 |
Net investment income | 7,925,257 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | 65,745,266 |
Affiliated Underlying Funds | 5,744,283 |
Unaffiliated securities | 357,608 |
Futures contracts | (2,463,357) |
Net realized gains on investments | 69,383,800 |
Net change in unrealized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | (61,973,749) |
Affiliated Underlying Funds | 11,895,307 |
Unaffiliated securities | (3,244,730) |
Futures contracts | 9,476,664 |
Net change in unrealized gains (losses) on investments | (43,846,508) |
Net realized and unrealized gains (losses) on investments | 25,537,292 |
Net increase in net assets resulting from operations | $ 33,462,549 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 7,925,257 | $ 21,667,464 | ||
Payment from affiliate | 0 | 712,806 | ||
Net realized gains on investments | 69,383,800 | 243,824,414 | ||
Net change in unrealized gains (losses) on investments | (43,846,508) | 192,927,387 | ||
Net increase in net assets resulting from operations | 33,462,549 | 459,132,071 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (55,986,187) | ||
Class C | 0 | (700,025) | ||
Class R | 0 | (109,599) | ||
Administrator Class | 0 | (921,907) | ||
Institutional Class | 0 | (10,355,792) | ||
Total distributions to shareholders | 0 | (68,073,510) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 768,872 | 13,269,367 | 6,250,034 | 93,969,141 |
Class C | 81,991 | 1,382,872 | 279,606 | 4,416,662 |
Class R | 5,571 | 95,826 | 30,203 | 464,911 |
Administrator Class | 25,544 | 446,089 | 127,077 | 2,046,652 |
Institutional Class | 840,136 | 14,491,828 | 1,785,909 | 27,785,977 |
29,685,982 | 128,683,343 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 3,223,356 | 50,235,396 |
Class C | 0 | 0 | 45,235 | 683,050 |
Class R | 0 | 0 | 6,360 | 98,865 |
Administrator Class | 0 | 0 | 53,449 | 850,269 |
Institutional Class | 0 | 0 | 504,693 | 7,879,021 |
0 | 59,746,601 | |||
Payment for shares redeemed | ||||
Class A | (5,302,502) | (91,348,714) | (13,048,794) | (200,591,180) |
Class C | (620,883) | (10,506,323) | (6,233,258) | (89,970,179) |
Class R | (5,761) | (99,535) | (155,015) | (2,300,175) |
Administrator Class | (163,229) | (2,871,950) | (302,421) | (4,691,747) |
Institutional Class | (1,304,586) | (22,552,331) | (3,567,623) | (54,922,613) |
(127,378,853) | (352,475,894) | |||
Net decrease in net assets resulting from capital share transactions | (97,692,871) | (164,045,950) | ||
Total increase (decrease) in net assets | (64,230,322) | 227,012,611 | ||
Net assets | ||||
Beginning of period | 1,890,548,507 | 1,663,535,896 | ||
End of period | $1,826,318,185 | $1,890,548,507 |
Year ended May 31 | Year ended April 30 | |||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $16.90 | $13.57 | $13.12 | $13.49 | $14.33 | $13.62 | $12.71 | |
Net investment income (loss) | 0.07 2 | 0.18 2 | 0.02 | 0.21 2 | 0.15 2 | (0.12) | (0.09) | |
Payment from affiliate | 0.00 | 0.00 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 0.22 | 3.75 | 0.43 | (0.36) | 0.04 | 1.08 | 1.20 | |
Total from investment operations | 0.29 | 3.93 | 0.45 | (0.15) | 0.19 | 0.96 | 1.11 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.41) | 0.00 | (0.06) | (0.06) | (0.25) | (0.20) | |
Net realized gains | 0.00 | (0.19) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | 0.00 | (0.60) | 0.00 | (0.22) | (1.03) | (0.25) | (0.20) | |
Net asset value, end of period | $17.19 | $16.90 | $13.57 | $13.12 | $13.49 | $14.33 | $13.62 | |
Total return4 | 1.72% | 29.45% 5 | 3.43% | (1.26)% | 1.96% | 7.01% | 8.86% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.09% * | 1.14% * | 1.21% * | 1.22% * | 1.18% *,6 | 0.82% 6 | 0.80% 6 | |
Net expenses | 1.04% * | 1.04% * | 1.05% * | 1.05% * | 1.04% *,6 | 0.82% 6 | 0.80% 6 | |
Net investment income (loss) | 0.81% * | 1.19% * | 1.22% * | 1.54% * | 1.08% *,6 | (0.82)% 6 | (0.80)% 6 | |
Supplemental data | ||||||||
Portfolio turnover rate | 62% 7 | 137% 7 | 13% 7 | 109% 7 | 189% 7 | 0% 8 | 0% 8 | |
Net assets, end of period (000s omitted) | $1,491,664 | $1,542,707 | $1,287,856 | $1,253,699 | $1,472,484 | $1,348,107 | $1,413,776 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.40% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | For year ended May 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
6 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
7 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
8 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | |||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $16.60 | $13.01 | $12.58 | $12.99 | $13.87 | $13.17 | $12.28 | |
Net investment income (loss) | 0.01 2 | 0.06 2 | 0.01 2 | 0.11 2 | 0.03 2 | (0.22) 2 | (0.19) 2 | |
Payment from affiliate | 0.00 | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 0.22 | 3.54 | 0.42 | (0.36) | 0.06 | 1.03 | 1.18 | |
Total from investment operations | 0.23 | 3.77 | 0.43 | (0.25) | 0.09 | 0.81 | 0.99 | |
Distributions to shareholders from | ||||||||
Net realized gains | 0.00 | (0.18) | 0.00 | (0.16) | (0.97) | (0.11) | (0.10) | |
Net asset value, end of period | $16.83 | $16.60 | $13.01 | $12.58 | $12.99 | $13.87 | $13.17 | |
Total return3 | 1.39% | 29.19% 4 | 3.42% | (2.02)% | 1.21% | 6.16% | 8.08% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.83% * | 1.89% * | 1.96% * | 1.97% * | 1.92% *,5 | 1.57% 5 | 1.55% 5 | |
Net expenses | 1.79% * | 1.79% * | 1.79% * | 1.80% * | 1.78% *,5 | 1.57% 5 | 1.55% 5 | |
Net investment income (loss) | 0.07% * | 0.43% * | 0.47% * | 0.82% * | 0.23% *,5 | (1.57)% 5 | (1.55)% 5 | |
Supplemental data | ||||||||
Portfolio turnover rate | 62% 6 | 137% 6 | 13% 6 | 109% 6 | 189% 6 | 0% 7 | 0% 7 | |
Net assets, end of period (000s omitted) | $44,233 | $52,586 | $118,081 | $120,029 | $237,096 | $905,336 | $1,232,098 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 20201 | 0.44% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 1.29% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
7 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | |||||||
Class R | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $16.86 | $13.47 | $13.02 | $13.37 | $14.20 | $13.49 | $12.58 | |
Net investment income (loss) | 0.05 2 | 0.14 2 | 0.01 2 | 0.18 2 | 0.11 2 | (0.15) 2 | (0.13) 2 | |
Payment from affiliate | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 0.22 | 3.71 | 0.44 | (0.37) | 0.05 | 1.05 | 1.21 | |
Total from investment operations | 0.27 | 3.92 | 0.45 | 0.19 | 0.16 | 0.90 | 1.08 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.34) | 0.00 | 0.00 | (0.02) | (0.19) | (0.17) | |
Net realized gains | 0.00 | (0.19) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | 0.00 | (0.53) | 0.00 | (0.16) | (0.99) | (0.19) | (0.17) | |
Net asset value, end of period | $17.13 | $16.86 | $13.47 | $13.02 | $13.37 | $14.20 | $13.49 | |
Total return3 | 1.60% | 29.44% 4 | 3.46% | (1.51)% | 1.73% | 6.70% | 8.64% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.33% * | 1.37% * | 1.44% * | 1.47% * | 1.42% *,5 | 1.06% 5 | 1.05% 5 | |
Net expenses | 1.29% * | 1.28% * | 1.27% * | 1.30% * | 1.29% *,5 | 1.06% 5 | 1.05% 5 | |
Net investment income (loss) | 0.56% * | 0.95% * | 0.99% * | 1.32% * | 0.77% *,5 | (1.06)% 5 | (1.05)% 5 | |
Supplemental data | ||||||||
Portfolio turnover rate | 62% 6 | 137% 6 | 13% 6 | 109% 6 | 189% 6 | 0% 7 | 0% 7 | |
Net assets, end of period (000s omitted) | $3,459 | $3,407 | $4,318 | $4,106 | $7,619 | $15,658 | $20,244 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.39% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.51% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
7 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | |||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $17.25 | $13.75 | $13.29 | $13.66 | $14.49 | $13.78 | $12.84 | |
Net investment income (loss) | 0.09 2 | 0.21 2 | 0.02 2 | 0.24 2 | 0.16 2 | (0.09) 2 | (0.08) 2 | |
Payment from affiliate | 0.00 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
Net realized and unrealized gains (losses) on investments | 0.23 | 3.81 | 0.44 | (0.37) | 0.06 | 1.07 | 1.24 | |
Total from investment operations | 0.32 | 4.14 | 0.46 | (0.13) | 0.22 | 0.98 | 1.16 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.45) | 0.00 | (0.08) | (0.08) | (0.27) | (0.22) | |
Net realized gains | 0.00 | (0.19) | 0.00 | (0.16) | (0.97) | 0.00 | 0.00 | |
Total distributions to shareholders | 0.00 | (0.64) | 0.00 | (0.24) | (1.05) | (0.27) | (0.22) | |
Net asset value, end of period | $17.57 | $17.25 | $13.75 | $13.29 | $13.66 | $14.49 | $13.78 | |
Total return3 | 1.86% | 30.62% 4 | 3.46% | (1.08)% | 2.18% | 7.10% | 9.14% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 1.01% * | 1.06% * | 1.13% * | 1.14% * | 1.08% *,5 | 0.73% 5 | 0.72% 5 | |
Net expenses | 0.86% * | 0.87% * | 0.86% * | 0.86% * | 0.86% *,5 | 0.64% 5 | 0.64% 5 | |
Net investment income (loss) | 0.99% * | 1.36% * | 1.40% * | 1.74% * | 1.17% *,5 | (0.64)% 5 | (0.64)% 5 | |
Supplemental data | ||||||||
Portfolio turnover rate | 62% 6 | 137% 6 | 13% 6 | 109% 6 | 189% 6 | 0% 7 | 0% 7 | |
Net assets, end of period (000s omitted) | $23,066 | $25,026 | $21,628 | $21,316 | $31,610 | $69,607 | $92,600 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.44% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.90% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
5 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
7 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Year ended May 31 | Year ended April 30 | |||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 1 | 2020 | 2019 | 2018 | 2017 | |
Net asset value, beginning of period | $16.94 | $13.61 | $13.14 | $13.52 | $14.36 | $13.66 | $12.74 | |
Net investment income (loss) | 0.10 2 | 0.24 | 0.02 2 | 0.26 2 | 0.19 2 | (0.06) 2 | (0.06) 2 | |
Net realized and unrealized gains (losses) on investments | 0.22 | 3.74 | 0.45 | (0.38) | 0.05 | 1.06 | 1.23 | |
Total from investment operations | 0.32 | 3.98 | 0.47 | (0.12) | 0.24 | 1.00 | 1.17 | |
Distributions to shareholders from | ||||||||
Net investment income | 0.00 | (0.46) | 0.00 | (0.10) | (0.11) | (0.30) | (0.25) | |
Net realized gains | 0.00 | (0.19) | 0.00 | (0.16) | 0.97 | 0.00 | 0.00 | |
Total distributions to shareholders | 0.00 | (0.65) | 0.00 | (0.26) | (1.08) | (0.30) | (0.25) | |
Net asset value, end of period | $17.26 | $16.94 | $13.61 | $13.14 | $13.52 | $14.36 | $13.66 | |
Total return3 | 1.89% | 29.76% | 3.58% | (1.01)% | 2.39% | 7.33% | 9.34% | |
Ratios to average net assets (annualized) | ||||||||
Gross expenses | 0.76% * | 0.81% * | 0.88% * | 0.89% * | 0.84% *,4 | 0.49% 4 | 0.47% 4 | |
Net expenses | 0.71% * | 0.71% * | 0.72% * | 0.72% * | 0.69% *,4 | 0.44% 4 | 0.44% 4 | |
Net investment income (loss) | 1.13% * | 1.52% * | 1.55% * | 1.88% * | 1.34% *,4 | (0.44)% 4 | (0.44)% 4 | |
Supplemental data | ||||||||
Portfolio turnover rate | 62% 5 | 137% 5 | 13% 5 | 109% 5 | 189% 6 | 0% 6 | 0% 6 | |
Net assets, end of period (000s omitted) | $263,895 | $266,822 | $231,652 | $227,529 | $311,958 | $572,803 | $672,544 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
6 | Portfolio turnover rate represents the purchase and sales of the Fund’s investment in Asset Allocation Trust and not the underlying investment transactions of Asset Allocation Trust. |
Gross unrealized gains | $269,207,030 |
Gross unrealized losses | (5,850,086) |
Net unrealized gains | $263,356,944 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Investment companies | $ 420,508,260 | $0 | $0 | $ 420,508,260 |
Investments measured at net asset value* | 1,401,524,384 | |||
1,822,032,644 | 0 | 0 | 1,822,032,644 | |
Futures contracts | 8,830,414 | 0 | 0 | 8,830,414 |
Total assets | $1,830,863,058 | $0 | $0 | $1,830,863,058 |
Liabilities | ||||
Futures contracts | $ 3,635,724 | $0 | $0 | $ 3,635,724 |
Total liabilities | $ 3,635,724 | $0 | $0 | $ 3,635,724 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $1,401,524,384. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Allspring Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Large Company Value Portfolio | Seeks long-term capital appreciation |
Allspring Managed Fixed Income Portfolio | Seeks consistent fixed-income returns |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Growth Portfolio | Seeks long-term capital appreciation |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.13% |
Class C | 1.88 |
Class R | 1.38 |
Administrator Class | 0.95 |
Institutional Class | 0.80 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$333,177,420 | $667,543,312 | $329,300,984 | $741,857,022 |
Asset derivatives | Liability derivatives | ||||
Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 3,646,499* | Unrealized losses on futures contracts | $ 3,635,724* | |
Foreign currency risk | Unrealized gains on futures contracts | 5,183,915* | Unrealized losses on futures contracts | 0* | |
$8,830,414 | $3,635,724 |
* | Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2021 is reported separately on the Statement of Assets and Liabilities. |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ (4,426,985) | $ 794,431 |
Interest rate risk | 0 | 272,700 |
Foreign currency risk | 1,797,628 | 8,409,533 |
$(2,463,357) | $9,476,664 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA224/SAR224 11-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Christian L. Chan, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFGBX) | 10-14-1998 | 7.67 | 8.94 | 9.36 | 14.23 | 10.24 | 10.01 | 1.30 | 1.13 | ||
Class C (WFGWX) | 10-1-1998 | 12.21 | 9.41 | 9.19 | 13.21 | 9.41 | 9.19 | 2.05 | 1.88 | ||
Administrator Class (NVGBX) | 11-11-1994 | – | – | – | 14.37 | 10.46 | 10.26 | 1.22 | 0.95 | ||
Growth Balanced Blended Index3 | – | – | – | – | 12.81 | 11.05 | 10.23 | – | – | ||
Bloomberg U.S. Aggregate Bond Index4 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – | ||
MSCI ACWI ex USA Index (Net)5 | – | – | – | – | 9.14 | 9.28 | 6.73 | – | – | ||
Russell 3000® Index6 | – | – | – | – | 26.34 | 17.51 | 15.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.46% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.13% for Class A, 1.88% for Class C, and 0.95% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Source: Allspring Funds Management, LLC. The Growth Balanced Blended Index is composed 45% of the Russell 3000® Index, 35% of the Bloomberg U.S. Aggregate Bond Index, and 20% of the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was composed 35% of the Bloomberg U.S. Aggregate Bond Index, 16.25% of the Russell 1000® Growth Index, 16.25% of the Russell 1000® Value Index, 16.25% of the S&P 500 Index, 9.75% of the MSCI EAFE Index (Net), and 6.50% of the Russell 2000® Index. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
6 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Managed Fixed Income Portfolio | 22.36 |
Allspring Disciplined U.S. Core Fund Class R6 | 13.95 |
Allspring Large Company Value Portfolio | 11.60 |
Allspring Diversified Large Cap Growth Portfolio | 11.11 |
Allspring Disciplined International Developed Markets Portfolio | 8.48 |
Allspring Core Bond Portfolio | 6.93 |
iShares Core MSCI EAFE ETF | 3.86 |
Allspring Real Return Portfolio | 3.55 |
Allspring C&B Large Cap Value Portfolio | 3.39 |
Allspring Factor Enhanced International Equity Portfolio | 3.16 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bonds | 35 | 35 |
Stocks | 65 | 67 |
Effective Cash | 0 | (2) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,016.84 | $5.26 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.85 | $5.27 | 1.04% |
Class C | ||||
Actual | $1,000.00 | $1,012.92 | $9.03 | 1.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.09 | $9.05 | 1.79% |
Administrator Class | ||||
Actual | $1,000.00 | $1,017.64 | $4.35 | 0.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.76 | $4.36 | 0.86% |
Shares | Value | ||||
Investment companies: 99.59% | |||||
Affiliated master portfolios: 76.64% | |||||
Allspring C&B Large Cap Value Portfolio | $ 7,993,119 | ||||
Allspring Core Bond Portfolio | 16,363,515 | ||||
Allspring Disciplined International Developed Markets Portfolio | 20,012,911 | ||||
Allspring Diversified Large Cap Growth Portfolio | 26,213,634 | ||||
Allspring Emerging Growth Porfolio | 2,491,343 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 2,917,952 | ||||
Allspring Factor Enhanced International Equity Portfolio | 7,456,717 | ||||
Allspring Large Company Value Portfolio | 27,384,861 | ||||
Allspring Managed Fixed Income Portfolio | 52,762,287 | ||||
Allspring Real Return Portfolio | 8,375,280 | ||||
Allspring Small Company Growth Portfolio | 2,589,874 | ||||
Allspring Small Company Value Portfolio | 6,311,481 | ||||
180,872,974 | |||||
Exchange-traded funds: 6.58% | |||||
iShares Core MSCI EAFE ETF | 124,881 | 9,113,816 | |||
iShares Core U.S. Aggregate Bond ETF | 55,817 | 6,406,117 | |||
15,519,933 | |||||
Stock funds: 16.37% | |||||
Allspring Disciplined U.S. Core Fund Class R6 ♠ | 1,336,829 | 32,926,088 | |||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 93,136 | 2,778,250 | |||
Allspring Emerging Markets Equity Income Fund Class R6 ♠ | 242,516 | 2,932,015 | |||
38,636,353 | |||||
Total Investment companies (Cost $192,302,827) | 235,029,260 | ||||
Total investments in securities (Cost $192,302,827) | 99.59% | 235,029,260 | |||
Other assets and liabilities, net | 0.41 | 964,678 | |||
Total net assets | 100.00% | $235,993,938 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Disciplined U.S. Core Fund Class R6 | $32,623,137 | $ 0 | $(2,789,241) | $ 222,839 | $ 2,869,353 | $ 32,926,088 | ||
Allspring Emerging Markets Equity Fund Class R6 | 2,962,887 | 317,415 | 0 | 0 | (502,052) | 2,778,250 | ||
Allspring Emerging Markets Equity Income Fund Class R6 | 3,069,290 | 188,414 | 0 | 0 | (325,689) | 2,932,015 | ||
$222,839 | $2,041,612 | $38,636,353 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Disciplined U.S. Core Fund Class R6 | 1,336,829 | $ 0 |
Allspring Emerging Markets Equity Fund Class R6 | 93,136 | 0 |
Allspring Emerging Markets Equity Income Fund Class R6 | 242,516 | 47,978 |
$47,978 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Allspring C&B Large Cap Value Portfolio | 2.05% | 2.19% | $ 543,786 | $ (966,799) | $ 0 | $ 69,770 | $ 154 | $ 7,993,119 | ||||||
Allspring Core Bond Portfolio | 0.28 | 0.30 | 62,735 | 2,554 | 121,364 | 0 | 86 | 16,363,515 | ||||||
Allspring Disciplined International Developed Markets Portfolio | 10.29 | 11.16 | 640,385 | (1,690,482) | 0 | 255,179 | 9,970 | 20,012,911 | ||||||
Allspring Diversified Large Cap Growth Portfolio | 9.05 | 10.29 | 3,039,997 | (664,459) | 0 | 84,760 | 347 | 26,213,634 | ||||||
Allspring Emerging Growth Porfolio | 0.25 | 0.44 | 1,125,376 | (948,903) | 0 | 1,064 | 789 | 2,491,343 | ||||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 1.67 | 1.70 | 82,804 | (454,067) | 0 | 45,855 | 11 | 2,917,952 | ||||||
Allspring Factor Enhanced International Equity Portfolio | 1.11 | 1.08 | 214,972 | (622,267) | 0 | 97,396 | 27 | 7,456,717 | ||||||
Allspring Large Company Value Portfolio | 9.70 | 10.97 | 1,495,766 | (1,663,185) | 0 | 278,999 | 41 | 27,384,861 | ||||||
Allspring Managed Fixed Income Portfolio | 10.14 | 10.37 | 166,025 | (90,918) | 716,133 | 0 | 337 | 52,762,287 | ||||||
Allspring Real Return Portfolio | 3.39 | 3.58 | 58,925 | 50,215 | 204,623 | 13,227 | 24 | 8,375,280 | ||||||
Allspring Small Company Growth Portfolio | 0.19 | 0.25 | 487,291 | (456,403) | 0 | 2,013 | 135 | 2,589,874 | ||||||
Allspring Small Company Value Portfolio | 1.06 | 1.05 | 508,440 | (499,434) | 0 | 55,180 | 199 | 6,311,481 | ||||||
$8,426,502 | $(8,004,148) | $1,042,120 | $903,443 | $12,120 | $180,872,974 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index | 13 | 12-9-2021 | $ 2,362,739 | $ 2,180,564 | $ 0 | $ (182,175) | |
Japanese Yen Futures | 66 | 12-13-2021 | 7,252,734 | 7,294,650 | 41,916 | 0 | |
E-Mini Nasdaq 100 Index | 39 | 12-17-2021 | 12,123,442 | 12,597,390 | 473,948 | 0 | |
E-Mini S&P 500 Financial Select Sector Index | 20 | 12-17-2021 | 2,473,054 | 2,333,250 | 0 | (139,804) | |
MSCI Emerging Markets Index | 35 | 12-17-2021 | 2,265,080 | 2,121,525 | 0 | (143,555) | |
Short | |||||||
Euro FX Futures | (117) | 12-13-2021 | (17,188,257) | (16,565,006) | 623,251 | 0 | |
E-Mini S&P 500 Index | (37) | 12-17-2021 | (8,449,243) | (8,447,563) | 1,680 | 0 | |
$1,140,795 | $(465,534) |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $148,508,366) | $ 180,872,974 |
Investments in unaffiliated securities, at value (cost $15,804,669) | 15,519,933 |
Investments in affiliated Underlying Funds, at value (cost $27,989,792) | 38,636,353 |
Cash | 156,521 |
Cash at broker segregated for futures contracts | 1,145,894 |
Receivable for daily variation margin on open futures contracts | 197,787 |
Receivable for Fund shares sold | 173,706 |
Prepaid expenses and other assets | 42,121 |
Total assets | 236,745,289 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 378,190 |
Payable for Fund shares redeemed | 130,748 |
Shareholder servicing fees payable | 49,827 |
Payable for investments purchased | 44,589 |
Shareholder report expenses payable | 43,231 |
Administration fees payable | 32,174 |
Management fee payable | 25,841 |
Distribution fee payable | 5,630 |
Trustees’ fees and expenses payable | 1,951 |
Accrued expenses and other liabilities | 39,170 |
Total liabilities | 751,351 |
Total net assets | $235,993,938 |
Net assets consist of | |
Paid-in capital | $ 164,244,486 |
Total distributable earnings | 71,749,452 |
Total net assets | $235,993,938 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 82,548,205 |
Shares outstanding – Class A1 | 1,438,778 |
Net asset value per share – Class A | $57.37 |
Maximum offering price per share – Class A2 | $60.87 |
Net assets – Class C | $ 8,834,376 |
Shares outstanding – Class C1 | 181,669 |
Net asset value per share – Class C | $48.63 |
Net assets – Administrator Class | $ 144,611,357 |
Shares outstanding – Administrator Class1 | 2,881,469 |
Net asset value per share – Administrator Class | $50.19 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $40) | $ 1,042,120 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $55,587) | 903,443 |
Dividends from unaffiliated securities | 220,243 |
Dividends from affiliated Underlying Funds | 47,978 |
Affiliated income allocated from affiliated Master Portfolios | 12,120 |
Expenses allocated from affiliated Master Portfolios | (449,836) |
Waivers allocated from affiliated Master Portfolios | 40,859 |
Total investment income | 1,816,927 |
Expenses | |
Management fee | 362,076 |
Administration fees | |
Class A | 88,213 |
Class C | 9,908 |
Administrator Class | 96,159 |
Shareholder servicing fees | |
Class A | 105,015 |
Class C | 11,775 |
Administrator Class | 184,182 |
Distribution fee | |
Class C | 35,326 |
Custody and accounting fees | 7,819 |
Professional fees | 19,185 |
Registration fees | 2,920 |
Shareholder report expenses | 2,646 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 4,767 |
Total expenses | 939,958 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (108,882) |
Class A | (4,189) |
Administrator Class | (79,061) |
Net expenses | 747,826 |
Net investment income | 1,069,101 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | 8,426,502 |
Affiliated Underlying Funds | 222,839 |
Unaffiliated securities | 51,928 |
Futures contracts | (281,576) |
Net realized gains on investments | 8,419,693 |
Net change in unrealized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | (8,004,148) |
Affiliated Underlying Funds | 2,041,612 |
Unaffiliated securities | (416,436) |
Futures contracts | 1,195,435 |
Net change in unrealized gains (losses) on investments | (5,183,537) |
Net realized and unrealized gains (losses) on investments | 3,236,156 |
Net increase in net assets resulting from operations | $ 4,305,257 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,069,101 | $ 2,793,792 | ||
Net realized gains on investments | 8,419,693 | 31,671,306 | ||
Net change in unrealized gains (losses) on investments | (5,183,537) | 22,293,655 | ||
Net increase in net assets resulting from operations | 4,305,257 | 56,758,753 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (4,537,603) | ||
Class C | 0 | (577,341) | ||
Administrator Class | 0 | (9,295,207) | ||
Total distributions to shareholders | 0 | (14,410,151) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 41,551 | 2,394,926 | 101,624 | 5,268,635 |
Class C | 4,914 | 240,998 | 20,044 | 915,152 |
Administrator Class | 59,616 | 2,992,999 | 157,869 | 7,209,637 |
5,628,923 | 13,393,424 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 85,990 | 4,440,603 |
Class C | 0 | 0 | 12,805 | 561,013 |
Administrator Class | 0 | 0 | 205,233 | 9,281,044 |
0 | 14,282,660 | |||
Payment for shares redeemed | ||||
Class A | (76,388) | (4,390,939) | (194,217) | (10,010,832) |
Class C | (23,097) | (1,136,706) | (86,892) | (3,822,827) |
Administrator Class | (139,395) | (7,042,903) | (574,313) | (25,780,552) |
(12,570,548) | (39,614,211) | |||
Net decrease in net assets resulting from capital share transactions | (6,941,625) | (11,938,127) | ||
Total increase (decrease) in net assets | (2,636,368) | 30,410,475 | ||
Net assets | ||||
Beginning of period | 238,630,306 | 208,219,831 | ||
End of period | $235,993,938 | $238,630,306 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $56.39 | $46.33 | $45.15 | $47.12 | $43.91 | $39.99 |
Net investment income | 0.23 1 | 0.61 1 | 0.65 1 | 0.72 1 | 0.53 | 0.41 |
Net realized and unrealized gains (losses) on investments | 0.75 | 12.62 | 1.80 | (0.60) | 3.13 | 3.93 |
Total from investment operations | 0.98 | 13.23 | 2.45 | 0.12 | 3.66 | 4.34 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.50) | (0.47) | (1.26) | (0.45) | (0.42) |
Net realized gains | 0.00 | (2.67) | (0.80) | (0.83) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (3.17) | (1.27) | (2.09) | (0.45) | (0.42) |
Net asset value, end of period | $57.37 | $56.39 | $46.33 | $45.15 | $47.12 | $43.91 |
Total return2 | 1.74% | 29.31% | 5.31% | 0.53% | 8.34% | 10.93% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.14% | 1.22% | 1.32% | 1.33% | 1.35% | 1.34% |
Net expenses | 1.04% | 1.05% | 1.04% | 1.07% | 1.17% | 1.20% |
Net investment income | 0.80% | 1.18% | 1.40% | 1.55% | 1.27% | 1.10% |
Supplemental data | ||||||
Portfolio turnover rate3 | 58% | 140% | 116% | 149% | 114% | 114% |
Net assets, end of period (000s omitted) | $82,548 | $83,102 | $68,581 | $68,832 | $62,473 | $65,514 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.47% |
Year ended May 31, 2018 | 0.51% |
Year ended May 31, 2017 | 0.50% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $47.98 | $39.81 | $38.95 | $40.86 | $38.14 | $34.82 |
Net investment income | 0.01 1 | 0.19 1 | 0.26 1 | 0.37 1 | 0.14 | 0.13 1 |
Net realized and unrealized gains (losses) on investments | 0.64 | 10.80 | 1.54 | (0.56) | 2.74 | 3.38 |
Total from investment operations | 0.65 | 10.99 | 1.80 | (0.19) | 2.88 | 3.51 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.14) | (0.89) | (0.16) | (0.19) |
Net realized gains | 0.00 | (2.67) | (0.80) | (0.83) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (2.82) | (0.94) | (1.72) | (0.16) | (0.19) |
Net asset value, end of period | $48.63 | $47.98 | $39.81 | $38.95 | $40.86 | $38.14 |
Total return2 | 1.35% | 28.35% | 4.52% | (0.23)% | 7.55% | 10.10% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.89% | 1.97% | 2.07% | 2.08% | 2.10% | 2.09% |
Net expenses | 1.79% | 1.80% | 1.79% | 1.82% | 1.92% | 1.95% |
Net investment income | 0.05% | 0.43% | 0.64% | 0.93% | 0.52% | 0.35% |
Supplemental data | ||||||
Portfolio turnover rate3 | 58% | 140% | 116% | 149% | 114% | 114% |
Net assets, end of period (000s omitted) | $8,834 | $9,588 | $10,108 | $11,434 | $16,649 | $16,463 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.48% |
Year ended May 31, 2018 | 0.51% |
Year ended May 31, 2017 | 0.50% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $49.28 | $40.83 | $39.93 | $42.04 | $39.22 | $35.78 |
Net investment income | 0.28 | 0.68 | 0.84 | 1.05 | 0.75 | 0.50 1 |
Net realized and unrealized gains (losses) on investments | 0.63 | 11.03 | 1.41 | (0.90) | 2.63 | 3.47 |
Total from investment operations | 0.91 | 11.71 | 2.25 | 0.15 | 3.38 | 3.97 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.59) | (0.55) | (1.43) | (0.56) | (0.53) |
Net realized gains | 0.00 | (2.67) | (0.80) | (0.83) | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (3.26) | (1.35) | (2.26) | (0.56) | (0.53) |
Net asset value, end of period | $50.19 | $49.28 | $40.83 | $39.93 | $42.04 | $39.22 |
Total return2 | 1.85% | 29.56% | 5.51% | 0.70% | 8.63% | 11.19% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.06% | 1.14% | 1.24% | 1.25% | 1.27% | 1.26% |
Net expenses | 0.86% | 0.86% | 0.86% | 0.89% | 0.92% | 0.95% |
Net investment income | 0.99% | 1.37% | 1.57% | 1.72% | 1.51% | 1.34% |
Supplemental data | ||||||
Portfolio turnover rate3 | 58% | 140% | 116% | 149% | 114% | 114% |
Net assets, end of period (000s omitted) | $144,611 | $145,940 | $129,531 | $138,788 | $157,889 | $162,693 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.47% |
Year ended May 31, 2018 | 0.51% |
Year ended May 31, 2017 | 0.50% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Gross unrealized gains | $47,140,939 |
Gross unrealized losses | (3,514,860) |
Net unrealized gains | $43,626,079 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Investment companies | $ 54,156,286 | $0 | $0 | $ 54,156,286 |
Investments measured at net asset value* | 180,872,974 | |||
54,156,286 | 0 | 0 | 235,029,260 | |
Futures contracts | 1,140,795 | 0 | 0 | 1,140,795 |
Total assets | $55,297,081 | $0 | $0 | $236,170,055 |
Liabilities | ||||
Futures contracts | $ 465,534 | $0 | $0 | $ 465,534 |
Total liabilities | $ 465,534 | $0 | $0 | $ 465,534 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $180,872,974. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Allspring Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Large Company Value Portfolio | Seeks long-term capital appreciation |
Allspring Managed Fixed Income Portfolio | Seeks consistent fixed-income return |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Growth Portfolio | Seeks long-term capital appreciation |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Advisory fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 1.13% |
Class C | 1.88 |
Administrator Class | 0.95 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$43,941,665 | $91,833,682 | $43,443,259 | $103,172,727 |
Asset derivatives | Liability derivatives | ||||
Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 475,628* | Unrealized losses on futures contracts | $ 465,534* | |
Foreign currency risk | Unrealized gains on futures contracts | 665,167* | Unrealized losses on futures contracts | 0* | |
$1,140,795 | $465,534 |
* | Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. Only the current day’s variation margin as of November 30, 2021 is reported separately on the Statement of Assets and Liabilities. |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ (296,846) | $ 506,434 |
Interest rate risk | (205,659) | 34,186 |
Foreign currency risk | 220,929 | 654,815 |
$(281,576) | $1,195,435 |
Shares voted “For” | 2,517,879 | |
Shares voted “Against” | 34,528 | |
Shares voted “Abstain” | 117,534 |
Shares voted “For” | 2,504,317 | |
Shares voted “Against” | 42,027 | |
Shares voted “Abstain” | 123,597 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA278/SAR278 11-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Christian L. Chan, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFMAX) | 1-30-2004 | 3.07 | 6.54 | 6.83 | 9.35 | 7.81 | 7.47 | 1.29 | 1.15 | ||
Class C (WFBCX) | 1-30-2004 | 7.36 | 7.00 | 6.66 | 8.36 | 7.00 | 6.66 | 2.04 | 1.90 | ||
Administrator Class (NVMBX) | 11-11-1994 | – | – | – | 9.43 | 8.07 | 7.73 | 1.21 | 0.90 | ||
Institutional Class (WFMYX) | 7-31-2018 | – | – | – | 9.73 | 8.15 | 7.77 | 0.96 | 0.80 | ||
Moderate Balanced Blended Index3 | – | – | – | – | 8.65 | 8.39 | 7.40 | – | – | ||
Bloomberg U.S. Aggregate Bond Index4 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – | ||
Bloomberg U.S. Short Treasury 9-12 Months Index5 | – | – | – | – | 0.08 | 1.45 | 0.89 | – | – | ||
MSCI EAFE Index (Net) (USD)6 | – | – | – | – | 10.77 | 9.19 | 7.39 | – | – | ||
Russell 1000® Growth Index7 | – | – | – | – | 30.70 | 25.10 | 19.50 | – | – | ||
Russell 1000® Value Index8 | – | – | – | – | 22.25 | 10.36 | 12.50 | – | – | ||
Russell 2000® Index9 | – | – | – | – | 22.03 | 12.14 | 13.06 | – | – | ||
S&P 500 Index10 | – | – | – | – | 27.92 | 17.90 | 16.16 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.39% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.90% for Administrator Class, and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Source: Allspring Funds Management, LLC. The Moderate Balanced Blended Index is composed 45% of the Bloomberg U.S. Aggregate Bond Index, 15% of the Bloomberg U.S. Short Treasury 9-12 Months Index, 10% of the Russell 1000® Growth Index, 10% of the Russell 1000® Value Index, 10% of the S&P 500 Index, 6% of the MSCI EAFE Index (Net) (USD), and 4% of the Russell 2000® Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg U.S. Short Treasury 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index. |
6 | The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) (USD) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Source: MSCI. MSCI makes no express or implied representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
7 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
8 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
9 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
10 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Managed Fixed Income Portfolio | 29.58 |
Allspring Conservative Income Fund Institutional Class | 14.97 |
Allspring Core Bond Portfolio | 8.62 |
Allspring Disciplined Large Cap Portfolio | 8.37 |
Allspring Diversified Large Cap Growth Portfolio | 7.75 |
Allspring Large Company Value Portfolio | 7.41 |
Allspring Real Return Portfolio | 4.52 |
Allspring C&B Large Cap Value Portfolio | 3.64 |
Allspring Disciplined International Developed Markets Portfolio | 2.88 |
iShares Core U.S. Aggregate Bond ETF | 2.78 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 60 | 60 |
Stock Funds | 40 | 42 |
Effective Cash | 0 | (2) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,014.93 | $5.46 | 1.08% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.65 | $5.47 | 1.08% |
Class C | ||||
Actual | $1,000.00 | $1,010.97 | $9.23 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.89 | $9.25 | 1.83% |
Administrator Class | ||||
Actual | $1,000.00 | $1,016.01 | $4.19 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.91 | $4.20 | 0.83% |
Institutional Class | ||||
Actual | $1,000.00 | $1,016.39 | $3.69 | 0.73% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.41 | $3.70 | 0.73% |
Shares | Value | ||||
Investment companies: 99.59% | |||||
Affiliated master portfolios: 78.36% | |||||
Allspring C&B Large Cap Value Portfolio | $ 4,811,642 | ||||
Allspring Core Bond Portfolio | 11,402,467 | ||||
Allspring Disciplined International Developed Markets Portfolio | 3,817,927 | ||||
Allspring Disciplined Large Cap Portfolio | 11,068,995 | ||||
Allspring Diversified Large Cap Growth Portfolio | 10,251,996 | ||||
Allspring Emerging Growth Portfolio | 1,243,769 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 1,053,960 | ||||
Allspring Factor Enhanced International Equity Portfolio | 1,272,117 | ||||
Allspring Large Company Value Portfolio | 9,803,660 | ||||
Allspring Managed Fixed Income Portfolio | 39,126,042 | ||||
Allspring Real Return Portfolio | 5,980,706 | ||||
Allspring Small Company Growth Portfolio | 1,277,096 | ||||
Allspring Small Company Value Portfolio | 2,549,603 | ||||
103,659,980 | |||||
Bond funds: 14.97% | |||||
Allspring Conservative Income Fund Institutional Class ♠ | 1,980,723 | 19,807,233 | |||
Exchange-traded funds: 4.70% | |||||
iShares Core MSCI EAFE ETF | 34,861 | 2,544,156 | |||
iShares Core U.S. Aggregate Bond ETF | 31,987 | 3,671,148 | |||
6,215,304 | |||||
Stock funds: 1.56% | |||||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 34,190 | 1,019,900 | |||
Allspring Emerging Markets Equity Income Fund Class R6 ♠ | 86,026 | 1,040,052 | |||
2,059,952 | |||||
Total Investment companies (Cost $114,002,243) | 131,742,469 | ||||
Total investments in securities (Cost $114,002,243) | 99.59% | 131,742,469 | |||
Other assets and liabilities, net | 0.41 | 544,998 | |||
Total net assets | 100.00% | $132,287,467 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Conservative Income Fund Institutional Class | $19,585,535 | $1,397,134 | $(1,115,111) | $ (1,206) | $ (59,119) | $ 19,807,233 | ||
Allspring Emerging Markets Equity Fund Class R6 | 1,110,161 | 140,477 | (43,910) | (3,358) | (183,470) | 1,019,900 | ||
Allspring Emerging Markets Equity Income Fund Class R6 | 1,118,530 | 80,425 | (41,319) | (1,287) | (116,297) | 1,040,052 | ||
$(5,851) | $(358,886) | $21,867,185 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Conservative Income Fund Institutional Class | 1,980,723 | $ 45,593 |
Allspring Emerging Markets Equity Fund Class R6 | 34,190 | 0 |
Allspring Emerging Markets Equity Income Fund Class R6 | 86,026 | 17,589 |
$63,182 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Allspring C&B Large Cap Value Portfolio | 1.28% | 1.32% | $ 335,187 | $ (592,703) | $ 0 | $ 42,255 | $ 92 | $ 4,811,642 | ||||||
Allspring Core Bond Portfolio | 0.20 | 0.21 | 47,114 | 8,190 | 84,757 | 0 | 52 | 11,402,467 | ||||||
Allspring Disciplined International Developed Markets Portfolio | 2.01 | 2.13 | 125,971 | (321,316) | 0 | 60,062 | 1,915 | 3,817,927 | ||||||
Allspring Disciplined Large Cap Portfolio | 3.42 | 2.94 | 473,283 | 533,347 | 0 | 74,078 | 25 | 11,068,995 | ||||||
Allspring Diversified Large Cap Growth Portfolio | 3.65 | 4.02 | 1,221,471 | (240,718) | 0 | 28,338 | 133 | 10,251,996 | ||||||
Allspring Emerging Growth Portfolio | 0.14 | 0.22 | 608,711 | (504,511) | 0 | 547 | 395 | 1,243,769 | ||||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 0.62 | 0.61 | 31,023 | (169,153) | 0 | 21,348 | 3 | 1,053,960 | ||||||
Allspring Factor Enhanced International Equity Portfolio | 0.19 | 0.18 | 37,651 | (106,023) | 0 | 20,493 | 4 | 1,272,117 | ||||||
Allspring Large Company Value Portfolio | 3.61 | 3.93 | 552,916 | (609,134) | 0 | 98,970 | 8 | 9,803,660 | ||||||
Allspring Managed Fixed Income Portfolio | 7.88 | 7.69 | 126,708 | (39,468) | 552,257 | 0 | 231 | 39,126,042 | ||||||
Allspring Real Return Portfolio | 2.52 | 2.56 | 43,721 | 38,039 | 150,603 | 9,936 | 14 | 5,980,706 | ||||||
Allspring Small Company Growth Portfolio | 0.10 | 0.13 | 249,782 | (233,277) | 0 | 630 | 68 | 1,277,096 | ||||||
Allspring Small Company Value Portfolio | 0.45 | 0.42 | 214,755 | (214,307) | 0 | 21,539 | 81 | 2,549,603 | ||||||
$4,068,293 | $(2,451,034) | $787,617 | $378,196 | $3,021 | $103,659,980 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index | 8 | 12-9-2021 | $ 1,453,993 | $ 1,341,885 | $ 0 | $ (112,108) | |
Japanese Yen Futures | 37 | 12-13-2021 | 4,065,927 | 4,089,425 | 23,498 | 0 | |
E-Mini Nasdaq 100 Index | 21 | 12-17-2021 | 6,528,007 | 6,783,210 | 255,203 | 0 | |
E-Mini S&P 500 Financial Select Sector Index | 11 | 12-17-2021 | 1,360,180 | 1,283,288 | 0 | (76,892) | |
MSCI Emerging Markets Index | 20 | 12-17-2021 | 1,294,332 | 1,212,300 | 0 | (82,032) | |
Short | |||||||
Euro FX Futures | (65) | 12-13-2021 | (9,555,563) | (9,202,781) | 352,782 | 0 | |
E-Mini S&P 500 Index | (20) | 12-17-2021 | (4,567,159) | (4,566,250) | 909 | 0 | |
$632,392 | $(271,032) |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $86,280,693) | $ 103,659,980 |
Investments in unaffiliated securities, at value (cost $6,287,660) | 6,215,304 |
Investments in affiliated Underlying Funds, at value (cost $21,433,890) | 21,867,185 |
Cash | 11,752 |
Cash at broker segregated for futures contracts | 671,937 |
Receivable for Fund shares sold | 37,059 |
Receivable for daily variation margin on open futures contracts | 17,511 |
Receivable for dividends | 4,961 |
Prepaid expenses and other assets | 94,571 |
Total assets | 132,580,260 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 119,889 |
Payable for Fund shares redeemed | 58,368 |
Shareholder report expenses payable | 28,989 |
Shareholder servicing fees payable | 24,438 |
Administration fees payable | 17,428 |
Payable for investments purchased | 16,902 |
Management fee payable | 9,565 |
Distribution fee payable | 4,307 |
Trustees’ fees and expenses payable | 2,055 |
Accrued expenses and other liabilities | 10,852 |
Total liabilities | 292,793 |
Total net assets | $132,287,467 |
Net assets consist of | |
Paid-in capital | $ 100,386,903 |
Total distributable earnings | 31,900,564 |
Total net assets | $132,287,467 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 38,239,214 |
Shares outstanding – Class A1 | 1,606,769 |
Net asset value per share – Class A | $23.80 |
Maximum offering price per share – Class A2 | $25.25 |
Net assets – Class C | $ 6,873,183 |
Shares outstanding – Class C1 | 298,420 |
Net asset value per share – Class C | $23.03 |
Net assets – Administrator Class | $ 71,620,455 |
Shares outstanding – Administrator Class1 | 2,969,926 |
Net asset value per share – Administrator Class | $24.12 |
Net assets – Institutional Class | $ 15,554,615 |
Shares outstanding – Institutional Class1 | 643,267 |
Net asset value per share – Institutional Class | $24.18 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $29) | $ 787,617 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $13,112) | 378,196 |
Dividends from unaffiliated securities | 90,146 |
Dividends from affiliated Underlying Funds | 63,182 |
Affiliated income allocated from affiliated Master Portfolios | 3,021 |
Expenses allocated from affiliated Master Portfolios | (251,105) |
Waivers allocated from affiliated Master Portfolios | 22,424 |
Total investment income | 1,093,481 |
Expenses | |
Management fee | 207,299 |
Administration fees | |
Class A | 40,985 |
Class C | 7,486 |
Administrator Class | 47,245 |
Institutional Class | 12,578 |
Shareholder servicing fees | |
Class A | 48,792 |
Class C | 8,889 |
Administrator Class | 90,678 |
Distribution fee | |
Class C | 26,667 |
Custody and accounting fees | 6,209 |
Professional fees | 19,684 |
Registration fees | 13,831 |
Shareholder report expenses | 9,047 |
Trustees’ fees and expenses | 9,968 |
Other fees and expenses | 4,619 |
Total expenses | 553,977 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (80,989) |
Class A | (295) |
Administrator Class | (50,246) |
Institutional Class | (2,071) |
Net expenses | 420,376 |
Net investment income | 673,105 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | 4,068,293 |
Affiliated Underlying Funds | (5,851) |
Unaffiliated securities | 42,837 |
Futures contracts | (314,133) |
Net realized gains on investments | 3,791,146 |
Net change in unrealized gains (losses) on | |
Securities transactions allocated from affiliated Master Portfolios | (2,451,034) |
Affiliated Underlying Funds | (358,886) |
Unaffiliated securities | (103,550) |
Futures contracts | 676,165 |
Net change in unrealized gains (losses) on investments | (2,237,305) |
Net realized and unrealized gains (losses) on investments | 1,553,841 |
Net increase in net assets resulting from operations | $ 2,226,946 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 673,105 | $ 1,411,063 | ||
Net realized gains on investments | 3,791,146 | 13,591,055 | ||
Net change in unrealized gains (losses) on investments | (2,237,305) | 7,674,133 | ||
Net increase in net assets resulting from operations | 2,226,946 | 22,676,251 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (2,015,996) | ||
Class C | 0 | (373,639) | ||
Administrator Class | 0 | (4,052,501) | ||
Institutional Class | 0 | (703,391) | ||
Total distributions to shareholders | 0 | (7,145,527) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 81,558 | 1,941,039 | 330,272 | 7,438,398 |
Class C | 42,142 | 971,594 | 49,296 | 1,081,638 |
Administrator Class | 89,416 | 2,157,469 | 264,666 | 6,037,467 |
Institutional Class | 220,600 | 5,286,246 | 285,163 | 6,638,262 |
10,356,348 | 21,195,765 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 87,227 | 1,943,994 |
Class C | 0 | 0 | 17,286 | 372,949 |
Administrator Class | 0 | 0 | 179,103 | 4,041,113 |
Institutional Class | 0 | 0 | 31,036 | 701,932 |
0 | 7,059,988 | |||
Payment for shares redeemed | ||||
Class A | (138,425) | (3,293,797) | (255,197) | (5,746,787) |
Class C | (71,392) | (1,641,853) | (129,801) | (2,834,859) |
Administrator Class | (155,358) | (3,753,360) | (1,129,791) | (25,741,880) |
Institutional Class | (335,426) | (8,134,697) | (54,941) | (1,245,870) |
(16,823,707) | (35,569,396) | |||
Net decrease in net assets resulting from capital share transactions | (6,467,359) | (7,313,643) | ||
Total increase (decrease) in net assets | (4,240,413) | 8,217,081 | ||
Net assets | ||||
Beginning of period | 136,527,880 | 128,310,799 | ||
End of period | $132,287,467 | $136,527,880 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $23.45 | $20.87 | $20.35 | $22.73 | $23.47 | $22.51 |
Net investment income | 0.09 | 0.25 | 0.30 | 0.36 1 | 0.29 | 0.28 |
Net realized and unrealized gains (losses) on investments | 0.26 | 3.62 | 0.86 | 0.11 | 0.97 | 1.34 |
Total from investment operations | 0.35 | 3.87 | 1.16 | 0.47 | 1.26 | 1.62 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.24) | (0.35) | (0.42) | (0.32) | (0.29) |
Net realized gains | 0.00 | (1.05) | (0.29) | (2.43) | (1.68) | (0.37) |
Total distributions to shareholders | 0.00 | (1.29) | (0.64) | (2.85) | (2.00) | (0.66) |
Net asset value, end of period | $23.80 | $23.45 | $20.87 | $20.35 | $22.73 | $23.47 |
Total return2 | 1.49% | 18.90% | 5.65% | 2.68% | 5.38% | 7.33% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.18% | 1.24% | 1.30% | 1.31% | 1.33% | 1.32% |
Net expenses | 1.08% | 1.09% | 1.08% | 1.12% | 1.13% | 1.15% |
Net investment income | 0.83% | 0.93% | 1.43% | 1.65% | 1.42% | 1.25% |
Supplemental data | ||||||
Portfolio turnover rate3 | 56% | 119% | 119% | 191% | 113% | 114% |
Net assets, end of period (000s omitted) | $38,239 | $39,005 | $31,334 | $30,132 | $31,980 | $36,679 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.40% |
Year ended May 31, 2018 | 0.44% |
Year ended May 31, 2017 | 0.46% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $22.78 | $20.30 | $19.80 | $22.20 | $22.97 | $22.05 |
Net investment income | 0.01 1 | 0.04 1 | 0.09 | 0.12 | 0.10 | 0.11 1 |
Net realized and unrealized gains (losses) on investments | 0.24 | 3.55 | 0.88 | 0.18 | 0.95 | 1.32 |
Total from investment operations | 0.25 | 3.59 | 0.97 | 0.30 | 1.05 | 1.43 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.06) | (0.18) | (0.27) | (0.14) | (0.14) |
Net realized gains | 0.00 | (1.05) | (0.29) | (2.43) | (1.68) | (0.37) |
Total distributions to shareholders | 0.00 | (1.11) | (0.47) | (2.70) | (1.82) | (0.51) |
Net asset value, end of period | $23.03 | $22.78 | $20.30 | $19.80 | $22.20 | $22.97 |
Total return2 | 1.10% | 18.01% | 4.89% | 1.90% | 4.56% | 6.56% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.93% | 1.99% | 2.05% | 2.06% | 2.08% | 2.07% |
Net expenses | 1.83% | 1.84% | 1.84% | 1.87% | 1.88% | 1.90% |
Net investment income | 0.08% | 0.19% | 0.69% | 0.89% | 0.66% | 0.50% |
Supplemental data | ||||||
Portfolio turnover rate3 | 56% | 119% | 119% | 191% | 113% | 114% |
Net assets, end of period (000s omitted) | $6,873 | $7,463 | $7,935 | $8,509 | $10,260 | $12,180 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows : |
Six months ended November 30, 2021 (unaudited) | 0.36% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.40% |
Year ended May 31, 2018 | 0.44% |
Year ended May 31, 2017 | 0.46% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $23.73 | $21.10 | $20.56 | $22.94 | $23.68 | $22.70 |
Net investment income | 0.14 | 0.38 | 0.35 1 | 0.41 1 | 0.38 | 0.35 1 |
Net realized and unrealized gains (losses) on investments | 0.25 | 3.59 | 0.88 | 0.12 | 0.94 | 1.35 |
Total from investment operations | 0.39 | 3.97 | 1.23 | 0.53 | 1.32 | 1.70 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.29) | (0.40) | (0.48) | (0.38) | (0.35) |
Net realized gains | 0.00 | (1.05) | (0.29) | (2.43) | (1.68) | (0.37) |
Total distributions to shareholders | 0.00 | (1.34) | (0.69) | (2.91) | (2.06) | (0.72) |
Net asset value, end of period | $24.12 | $23.73 | $21.10 | $20.56 | $22.94 | $23.68 |
Total return2 | 1.64% | 19.19% | 5.94% | 2.95% | 5.59% | 7.62% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.10% | 1.17% | 1.22% | 1.23% | 1.25% | 1.24% |
Net expenses | 0.83% | 0.84% | 0.83% | 0.87% | 0.88% | 0.90% |
Net investment income | 1.08% | 1.21% | 1.69% | 1.88% | 1.67% | 1.49% |
Supplemental data | ||||||
Portfolio turnover rate3 | 56% | 119% | 119% | 191% | 113% | 114% |
Net assets, end of period (000s omitted) | $71,620 | $72,033 | $78,538 | $78,209 | $112,302 | $112,835 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.41% |
Year ended May 31, 2018 | 0.44% |
Year ended May 31, 2017 | 0.46% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $23.78 | $21.14 | $20.60 | $23.24 |
Net investment income | 0.14 | 0.42 | 0.37 2 | 0.37 2 |
Net realized and unrealized gains (losses) on investments | 0.26 | 3.58 | 0.88 | (0.12) |
Total from investment operations | 0.40 | 4.00 | 1.25 | 0.25 |
Distributions to shareholders from | ||||
Net investment income | 0.00 | (0.31) | (0.42) | (0.46) |
Net realized gains | 0.00 | (1.05) | (0.29) | (2.43) |
Total distributions to shareholders | 0.00 | (1.36) | (0.71) | (2.89) |
Net asset value, end of period | $24.18 | $23.78 | $21.14 | $20.60 |
Total return3 | 1.68% | 19.35% | 6.02% | 1.72% |
Ratios to average net assets (annualized)* | ||||
Gross expenses | 0.85% | 0.91% | 0.97% | 0.98% |
Net expenses | 0.73% | 0.74% | 0.74% | 0.75% |
Net investment income | 1.18% | 1.27% | 1.78% | 2.15% |
Supplemental data | ||||
Portfolio turnover rate4 | 56% | 119% | 119% | 191% |
Net assets, end of period (000s omitted) | $15,555 | $18,028 | $10,504 | $8,871 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 20191 | 0.38% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Gross unrealized gains | $19,403,146 |
Gross unrealized losses | (306,104) |
Net unrealized gains | $19,097,042 |
■ | 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) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Investment companies | $ 28,082,489 | $0 | $0 | $ 28,082,489 |
Investments measured at net asset value* | 103,659,980 | |||
28,082,489 | 0 | 0 | 131,742,469 | |
Futures contracts | 632,392 | 0 | 0 | 632,392 |
Total assets | $28,714,881 | $0 | $0 | $132,374,861 |
Liabilities | ||||
Futures contracts | $ 271,032 | $0 | $0 | $ 271,032 |
Total liabilities | $ 271,032 | $0 | $0 | $ 271,032 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $103,659,980. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
Allspring Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Large Company Value Portfolio | Seeks long-term capital appreciation |
Allspring Managed Fixed Income Portfolio | Seeks consistent fixed-income return |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Growth Portfolio | Seeks long-term capital appreciation |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.15% |
Class C | 1.90 |
Administrator Class | 0.90 |
Institutional Class | 0.80 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$32,289,111 | $43,644,590 | $31,916,970 | $45,080,427 |
Asset derivatives | Liability derivatives | ||||
Moderate Balanced | Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | |
Equity risk | Unrealized gains on futures contracts | $ 256,112* | Unrealized losses on futures contracts | $ 271,032* | |
Foreign currency risk | Unrealized gains on futures contracts | 376,280* | Unrealized losses on futures contracts | 0* | |
$632,392 | $271,032 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ (174,315) | $ 270,436 |
Interest rate risk | (265,399) | 35,365 |
Foreign currency risk | 125,581 | 370,364 |
$(314,133) | $676,165 |
Shares voted “For” | 3,547,056 |
Shares voted “Against” | 112,062 |
Shares voted “Abstain” | 179,922 |
Shares voted “For” | 3,527,155 |
Shares voted “Against” | 125,503 |
Shares voted “Abstain” | 186,382 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g243769img9cf00ccb1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA279/SAR279 11-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g239667img6be504ac1.jpg)
■ | Allspring Spectrum Aggressive Growth Fund |
■ | Allspring Spectrum Conservative Growth Fund |
■ | Allspring Spectrum Growth Fund |
■ | Allspring Spectrum Income Allocation Fund |
■ | Allspring Spectrum Moderate Growth Fund |
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Financial highlights | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g239667img9ccfae9a2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g239667img5e342fa43.jpg)
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation with no emphasis on income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WEAFX)3 | 2-10-2017 | 14.60 | 13.65 | 11.28 | 21.59 | 15.01 | 11.94 | 1.03 | 1.02 | ||
Class C (WEACX)4 | 10-1-1997 | 19.68 | 14.19 | 11.54 | 20.68 | 14.19 | 11.54 | 1.78 | 1.77 | ||
Institutional Class (WEAYX)5 | 7-31-2018 | – | – | – | 21.98 | 15.25 | 12.06 | 0.70 | 0.69 | ||
Spectrum Aggressive Growth Blended Index6 | – | – | – | – | 21.00 | 15.05 | 13.18 | – | – | ||
MSCI ACWI ex USA Index (Net)7 | – | – | – | – | 9.14 | 9.28 | 6.73 | – | – | ||
Russell 3000® Index8 | – | – | – | – | 26.34 | 17.51 | 15.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.27% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
6 | Source: Allspring Funds Management, LLC. The Spectrum Aggressive Growth Blended Index is composed 70% of the Russell 3000® Index and 30% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Equity Blended Index was renamed the Spectrum Aggressive Growth Blended Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
7 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
8 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Disciplined Large Cap Portfolio | 28.27 |
Allspring Factor Enhanced International Equity Portfolio | 19.48 |
iShares Core S&P 500 ETF | 13.15 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 11.07 |
Allspring Large Cap Growth Fund Class R6 | 4.01 |
Allspring Endeavor Select Fund Class R6 | 3.93 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 3.26 |
Allspring Emerging Markets Equity Fund Class R6 | 3.09 |
iShares Core S&P Small-Cap ETF | 2.58 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 2.44 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
U.S. Large Cap Equity Funds | 60 | 60 |
U.S. Small Cap Equity Fund | 10 | 10 |
International Equity Funds | 30 | 30 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks a combination of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WMBGX)3 | 2-10-2017 | 3.18 | 6.81 | 5.93 | 9.48 | 8.08 | 6.56 | 1.09 | 1.07 | ||
Class C (WMBFX)4 | 9-30-2004 | 7.68 | 7.32 | 6.18 | 8.68 | 7.32 | 6.18 | 1.84 | 1.82 | ||
Institutional Class (WMBZX)5 | 7-31-2018 | – | – | – | 9.73 | 8.31 | 6.67 | 0.76 | 0.74 | ||
Spectrum Conservative Growth Blended Index6 | – | – | – | – | 7.15 | 8.18 | 7.12 | – | – | ||
Bloomberg U.S. Aggregate Bond Index7 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – | ||
Bloomberg U.S. TIPS Index8 | – | – | – | – | 6.83 | 5.25 | 3.06 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 5.38 | 6.09 | 6.78 | – | – | ||
MSCI ACWI ex USA Index (Net)10 | – | – | – | – | 9.14 | 9.28 | 6.73 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 26.34 | 17.51 | 15.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.32% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
6 | Source: Allspring Funds Management, LLC. Spectrum Conservative Growth Blended Index is composed 41% of the Bloomberg U.S. Aggregate Bond Index, 20% of the Russell 3000® Index, 15% of the Bloomberg U.S. TIPS Index, 15% of ICE BofA U.S. High Yield Constrained Index, and 9% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Moderate Balanced Blended Index, which was composed 60% of the Bloomberg U.S. Aggregate Bond Index, 28% of the Russell 3000® Index, and 12% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Conservative Growth Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
10 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Core Bond Portfolio | 16.46 |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 12.42 |
Allspring Disciplined Large Cap Portfolio | 10.16 |
Allspring Income Plus Fund Institutional Class | 9.24 |
Allspring Strategic Retirement Bond Portfolio | 6.45 |
Allspring Real Return Portfolio | 6.43 |
Allspring Factor Enhanced International Equity Portfolio | 5.11 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.08 |
iShares Core S&P 500 ETF | 3.91 |
Allspring Diversified Income Builder Fund Class R6 | 3.50 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 54 | 54 |
Stock Funds | 28 | 31 |
Inflation Sensitive Funds | 14 | 14 |
Alternative Investment Funds | 4 | 2 |
Effective Cash | 0 | (1) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks capital appreciation with a secondary emphasis on current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WGAFX)3 | 2-10-2017 | 9.52 | 10.82 | 9.67 | 16.20 | 12.14 | 10.32 | 1.09 | 1.05 | ||
Class C (WGCFX)4 | 9-30-2004 | 14.34 | 11.38 | 9.94 | 15.34 | 11.38 | 9.94 | 1.84 | 1.80 | ||
Institutional Class (WGAYX)5 | 7-31-2018 | – | – | – | 16.61 | 12.36 | 10.43 | 0.76 | 0.72 | ||
Spectrum Growth Blended Index6 | – | – | – | – | 13.31 | 11.85 | 10.72 | – | – | ||
Bloomberg U.S. Aggregate Bond Index7 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – | ||
Bloomberg U.S. TIPS Index8 | – | – | – | – | 6.83 | 5.25 | 3.06 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 5.38 | 6.09 | 6.78 | – | – | ||
MSCI ACWI ex USA Index (Net)10 | – | – | – | – | 9.14 | 9.28 | 6.73 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 26.34 | 17.51 | 15.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.30% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
6 | Source: Allspring Funds Management, LLC. Spectrum Growth Blended Index is composed 40% of the Russell 3000® Index, 17% of the MSCI ACWI ex USA Index (Net), 15% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Bloomberg U.S. TIPS Index, and 14% of ICE BofA U.S. High Yield Constrained Index. Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 56% of the Russell 3000® Index, 24% of the MSCI ACWI ex USA Index (Net), and 20% of the Bloomberg U.S. Aggregate Bond Index, was renamed the Spectrum Growth Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
10 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Disciplined Large Cap Portfolio | 18.75 |
Allspring Factor Enhanced International Equity Portfolio | 11.31 |
iShares Core S&P 500 ETF | 7.58 |
Allspring Strategic Retirement Bond Portfolio | 6.48 |
Allspring Real Return Portfolio | 6.47 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 5.92 |
Allspring Income Plus Fund Institutional Class | 5.35 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.10 |
Allspring High Yield Bond Fund Institutional Class | 4.02 |
Allspring Diversified Income Builder Fund Class R6 | 3.52 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 58 | 61 |
Bond Funds | 24 | 25 |
Inflation Sensitive Funds | 15 | 14 |
Alternative Investment Funds | 3 | 1 |
Effective Cash | 0 | (1) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks current income with a secondary emphasis on capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WCAFX)3 | 2-10-2017 | -1.70 | 4.25 | 3.52 | 4.30 | 5.50 | 4.14 | 1.10 | 1.05 | ||
Class C (WCCFX)4 | 9-30-2004 | 2.51 | 4.69 | 3.74 | 3.51 | 4.69 | 3.74 | 1.85 | 1.80 | ||
Institutional Class (WCYFX)5 | 7-31-2018 | – | – | – | 4.66 | 5.70 | 4.24 | 0.77 | 0.72 | ||
Spectrum Income Allocation Blended Index6 | – | – | – | – | 2.70 | 5.83 | 5.04 | – | – | ||
Bloomberg U.S. Aggregate Bond Index7 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – | ||
Bloomberg U.S. TIPS Index8 | – | – | – | – | 6.83 | 5.25 | 3.06 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 5.38 | 6.09 | 6.78 | – | – | ||
MSCI ACWI ex USA Index (Net)10 | – | – | – | – | 9.14 | 9.28 | 6.73 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 26.34 | 17.51 | 15.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.30% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
6 | Source: Allspring Funds Management, LLC. Spectrum Income Allocation Blended Index is composed 65% of the Bloomberg U.S. Aggregate Bond Index, 15% of ICE BofA U.S. High Yield Constrained Index, 10% of the Bloomberg U.S. TIPS Index, 7% of the Russell 3000® Index, and 3% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 80% of Bloomberg U.S. Aggregate Bond Index, 14% of the Russell 3000® Index, and 6% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Income Allocation Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
10 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Core Bond Portfolio | 33.54 |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 22.73 |
Allspring Income Plus Fund Institutional Class | 8.15 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.06 |
Allspring Strategic Retirement Bond Portfolio | 3.99 |
Allspring Real Return Portfolio | 3.96 |
Allspring Disciplined Large Cap Portfolio | 3.78 |
Allspring Global Investment Grade Credit Fund Class R6 | 2.91 |
iShares Core U.S. Aggregate Bond ETF | 2.52 |
Allspring Diversified Income Builder Fund Class R6 | 2.46 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 77 | 77 |
Stock Funds | 10 | 12 |
Inflation Sensitive Funds | 10 | 11 |
Alternative Investment Funds | 3 | 2 |
Effective Cash | 0 | (2) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks a combination of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Christian L. Chan, CFA®‡, Travis L. Keshemberg, CFA®‡, CIPM, FRM |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WGBAX)3 | 2-10-2017 | 6.90 | 9.06 | 8.24 | 13.42 | 10.36 | 8.88 | 1.06 | 1.06 | ||
Class C (WGBFX)4 | 10-1-1997 | 11.62 | 9.59 | 8.50 | 12.62 | 9.59 | 8.50 | 1.81 | 1.81 | ||
Institutional Class (WGBIX)5 | 7-31-2018 | – | – | – | 13.82 | 10.59 | 9.00 | 0.73 | 0.73 | ||
Spectrum Moderate Growth Blended Index6 | – | – | – | – | 10.78 | 10.23 | 9.04 | – | – | ||
Bloomberg U.S. Aggregate Bond Index7 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – | ||
Bloomberg U.S. TIPS Index8 | – | – | – | – | 6.83 | 5.25 | 3.06 | – | – | ||
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 5.38 | 6.09 | 6.78 | – | – | ||
MSCI ACWI ex USA Index (Net)10 | – | – | – | – | 9.14 | 9.28 | 6.73 | – | – | ||
Russell 3000® Index11 | – | – | – | – | 26.34 | 17.51 | 15.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.31% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.75% for Class A, 1.50% for Class C, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
6 | Source: Allspring Funds Management, LLC. Spectrum Moderate Growth Blended Index is composed 32% of the Russell 3000® Index, 26% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Bloomberg U.S. TIPS Index, 14% of ICE BofA U.S. High Yield Constrained Index, and 14% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Balanced Blended Index, which was composed of 42% of the Russell 3000® Index, 40% of the Bloomberg U.S. Aggregate Bond Index, and 18% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Moderate Growth Blended Index. You cannot invest directly in an index. |
7 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
8 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
10 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
11 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20211 | |
Allspring Disciplined Large Cap Portfolio | 16.27 |
Allspring Factor Enhanced International Equity Portfolio | 8.99 |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 7.87 |
Allspring Income Plus Fund Institutional Class | 7.11 |
Allspring Core Bond Portfolio | 6.55 |
Allspring Strategic Retirement Bond Portfolio | 6.44 |
Allspring Real Return Portfolio | 6.43 |
iShares Core S&P 500 ETF | 5.42 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 4.40 |
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 4.13 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 45 | 49 |
Bond Funds | 37 | 37 |
Inflation Sensitive Funds | 14 | 14 |
Alternative Investment Funds | 4 | 2 |
Effective Cash | 0 | (2) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Spectrum Aggressive Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,036.37 | $3.83 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,032.70 | $7.64 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.59 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,038.04 | $2.15 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.96 | $2.13 | 0.42% |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Spectrum Conservative Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,024.52 | $3.81 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,020.87 | $7.60 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.59 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,025.27 | $2.13 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.96 | $2.13 | 0.42% |
Spectrum Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,032.50 | $3.82 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,029.09 | $7.63 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.59 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,034.58 | $2.14 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.96 | $2.13 | 0.42% |
Spectrum Income Allocation Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,017.80 | $3.79 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,013.98 | $7.57 | 1.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.59 | 1.50% |
Institutional Class | ||||
Actual | $1,000.00 | $1,018.93 | $2.13 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.96 | $2.13 | 0.42% |
Spectrum Moderate Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,029.45 | $3.82 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Class C | ||||
Actual | $1,000.00 | $1,026.02 | $7.57 | 1.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.60 | $7.54 | 1.49% |
Institutional Class | ||||
Actual | $1,000.00 | $1,031.59 | $2.09 | 0.41% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.01 | $2.08 | 0.41% |
Shares | Value | ||||
Investment companies: 99.22% | |||||
Affiliated master portfolios: 68.32% | |||||
Allspring Disciplined Large Cap Portfolio | $ 126,021,078 | ||||
Allspring Emerging Growth Portfolio | 8,346,808 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 10,865,271 | ||||
Allspring Factor Enhanced International Equity Portfolio | 86,855,497 | ||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 49,335,771 | ||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 14,530,858 | ||||
Allspring Small Company Value Portfolio | 8,623,315 | ||||
304,578,598 | |||||
Exchange-traded funds: 19.87% | |||||
iShares Core MSCI EAFE ETF | 148,876 | 10,864,971 | |||
iShares Core MSCI Emerging Markets ETF | 126,187 | 7,586,362 | |||
iShares Core S&P 500 ETF | 128,122 | 58,632,471 | |||
iShares Core S&P Small-Cap ETF | 104,158 | 11,489,669 | |||
88,573,473 | |||||
Stock funds: 11.03% | |||||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 462,509 | 13,796,640 | |||
Allspring Endeavor Select Fund Class R6 ♠† | 1,213,451 | 17,522,234 | |||
Allspring Large Cap Growth Fund Class R6 ♠† | 302,024 | 17,885,856 | |||
49,204,730 | |||||
Total Investment companies (Cost $343,174,517) | 442,356,801 |
Yield | |||||
Short-term investments: 0.40% | |||||
Investment companies: 0.40% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 1,768,897 | 1,768,897 | ||
Total Short-term investments (Cost $1,768,897) | 1,768,897 | ||||
Total investments in securities (Cost $344,943,414) | 99.62% | 444,125,698 | |||
Other assets and liabilities, net | 0.38 | 1,704,780 | |||
Total net assets | 100.00% | $445,830,478 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Emerging Markets Equity Fund Class R6 | $14,081,634 | $ 2,501,227 | $ (295,878) | $ (13,085) | $(2,477,258) | $ 13,796,640 | ||
Allspring Endeavor Select Fund Class R6† | 17,434,387 | 1,034,969 | (3,310,049) | 565,713 | 1,797,214 | 17,522,234 | ||
Allspring Large Cap Growth Fund Class R6† | 17,452,406 | 1,179,173 | (2,522,944) | 222,993 | 1,554,228 | 17,885,856 | ||
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | 2,400,000 | 17,897,530 | (18,528,633) | 0 | 0 | 1,768,897 | ||
$775,621 | $ 874,184 | $50,973,627 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Emerging Markets Equity Fund Class R6 | 462,509 | $ 0 |
Allspring Endeavor Select Fund Class R6† | 1,213,451 | 0 |
Allspring Large Cap Growth Fund Class R6† | 302,024 | 0 |
Short-term investments | ||
Allspring Government Money Market Fund Select Class | 1,768,897 | 286 |
$286 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | ||||||
Allspring Disciplined Large Cap Portfolio | 37.76% | 33.49% | $ 5,273,537 | $ 5,377,048 | $ 737,631 | $262 | $ 126,021,078 | |||||
Allspring Emerging Growth Portfolio | 0.88 | 1.48 | 3,905,393 | (3,267,868) | 3,713 | 75 | 8,346,808 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 5.98 | 6.33 | 306,842 | (1,739,167) | 203,589 | 41 | 10,865,271 | |||||
Allspring Factor Enhanced International Equity Portfolio | 12.62 | 12.59 | 2,497,159 | (7,586,543) | 1,291,745 | 140 | 86,855,497 | |||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 5.99 | 6.18 | 3,266,611 | (90,506) | 295,346 | 182 | 49,335,771 | |||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 6.93 | 7.06 | 1,870,849 | (2,199,860) | 75,747 | 52 | 14,530,858 | |||||
Allspring Small Company Value Portfolio | 1.42 | 1.43 | 698,832 | 487,992 | 64,584 | 143 | 8,623,315 | |||||
$17,819,223 | $(9,018,904) | $2,672,355 | $895 | $304,578,598 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
Japanese Yen Futures | 125 | 12-13-2021 | $ 13,736,239 | $ 13,815,625 | $ 79,386 | $ 0 | |
E-Mini Nasdaq 100 Index | 73 | 12-17-2021 | 22,692,597 | 23,579,730 | 887,133 | 0 | |
MSCI Emerging Markets Index | 68 | 12-17-2021 | 4,400,727 | 4,121,820 | 0 | (278,907) | |
Short | |||||||
Euro FX Futures | (222) | 12-13-2021 | (32,624,920) | (31,431,038) | 1,193,882 | 0 | |
E-Mini S&P 500 Index | (100) | 12-17-2021 | (22,835,793) | (22,831,250) | 4,543 | 0 | |
$2,164,944 | $(278,907) |
Shares | Value | ||||
Investment companies: 99.37% | |||||
Affiliated master portfolios: 62.93% | |||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $ 46,574,287 | ||||
Allspring Core Bond Portfolio | 61,721,431 | ||||
Allspring Disciplined Large Cap Portfolio | 38,103,294 | ||||
Allspring Emerging Growth Portfolio | 1,971,967 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 2,521,004 | ||||
Allspring Factor Enhanced International Equity Portfolio | 19,153,361 | ||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 8,669,652 | ||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 3,546,799 | ||||
Allspring High Yield Corporate Bond Portfolio | 3,369,601 | ||||
Allspring Real Return Portfolio | 24,105,925 | ||||
Allspring Small Company Value Portfolio | 2,023,003 | ||||
Allspring Strategic Retirement Bond Portfolio | 24,179,696 | ||||
235,940,020 | |||||
Alternative investment funds: 5.96% | |||||
Allspring Alternative Risk Premia Fund Class R6 ♠† | 850,484 | 7,042,010 | |||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 2,507,999 | 15,298,794 | |||
22,340,804 | |||||
Bond funds: 15.18% | |||||
Allspring Global Investment Grade Credit Fund Class R6 ♠ | 1,034,986 | 10,981,197 | |||
Allspring High Yield Bond Fund Institutional Class ♠ | 3,359,974 | 11,289,513 | |||
Allspring Income Plus Fund Institutional Class ♠ | 3,512,413 | 34,632,395 | |||
56,903,105 | |||||
Exchange-traded funds: 9.05% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 52,735 | 1,407,497 | |||
iShares Core MSCI EAFE ETF | 49,703 | 3,627,325 | |||
iShares Core MSCI Emerging Markets ETF | 32,961 | 1,981,615 | |||
iShares Core S&P 500 ETF | 32,051 | 14,667,499 | |||
iShares Core S&P Small-Cap ETF | 24,520 | 2,704,801 | |||
iShares Core U.S. Aggregate Bond ETF | 83,238 | 9,553,225 | |||
33,941,962 | |||||
Multi-asset funds: 3.50% | |||||
Allspring Diversified Income Builder Fund Class R6 ♠ | 2,088,949 | 13,118,602 | |||
Stock funds: 2.75% | |||||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 100,466 | 2,996,886 | |||
Allspring Endeavor Select Fund Class R6 ♠† | 249,911 | 3,608,721 | |||
Allspring Large Cap Growth Fund Class R6 ♠† | 62,314 | 3,690,212 | |||
10,295,819 | |||||
Total Investment companies (Cost $340,004,463) | 372,540,312 |
Yield | Shares | Value | |||
Short-term investments: 0.32% | |||||
Investment companies: 0.32% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 1,179,726 | $ 1,179,726 | ||
Total Short-term investments (Cost $1,179,726) | 1,179,726 | ||||
Total investments in securities (Cost $341,184,189) | 99.69% | 373,720,038 | |||
Other assets and liabilities, net | 0.31 | 1,179,125 | |||
Total net assets | 100.00% | $374,899,163 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Alternative Risk Premia Fund Class R6† | $ 7,209,326 | $ 291,676 | $ (281,107) | $ (44,439) | $ (133,446) | $ 7,042,010 | ||
Allspring Diversified Income Builder Fund Class R6 | 13,208,671 | 684,148 | (774,200) | 31,241 | (31,258) | 13,118,602 | ||
Allspring Emerging Markets Equity Fund Class R6 | 3,182,955 | 437,873 | (92,104) | (3,474) | (528,364) | 2,996,886 | ||
Allspring Endeavor Select Fund Class R6† | 3,739,462 | 119,521 | (735,947) | 201,482 | 284,203 | 3,608,721 | ||
Allspring Global Investment Grade Credit Fund Class R6 | 10,860,958 | 547,806 | (416,859) | (3,418) | (7,290) | 10,981,197 | ||
Allspring High Yield Bond Fund Institutional Class | 11,133,814 | 928,019 | (668,665) | 300 | (103,955) | 11,289,513 | ||
Allspring Income Plus Fund Institutional Class | 34,142,358 | 3,261,903 | (1,799,391) | 31,384 | (1,003,859) | 34,632,395 | ||
Allspring Large Cap Growth Fund Class R6† | 3,739,344 | 166,564 | (579,808) | 70,473 | 293,639 | 3,690,212 | ||
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | 1,280,700 | 17,968,280 | (18,069,254) | 0 | 0 | 1,179,726 | ||
$283,549 | $(1,230,330) | $88,539,262 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Alternative Risk Premia Fund Class R6† | 850,484 | $ 0 |
Allspring Diversified Income Builder Fund Class R6 | 2,088,949 | 252,862 |
Allspring Emerging Markets Equity Fund Class R6 | 100,466 | 0 |
Allspring Endeavor Select Fund Class R6† | 249,911 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 1,034,986 | 124,781 |
Allspring High Yield Bond Fund Institutional Class | 3,359,974 | 204,765 |
Allspring Income Plus Fund Institutional Class | 3,512,413 | 813,821 |
Allspring Large Cap Growth Fund Class R6† | 62,314 | 0 |
Short-term investments | ||
Allspring Government Money Market Fund Select Class | 1,179,726 | 149 |
$1,396,378 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 7.80% | 8.24% | $ 156,462 | $ 24,416 | $ 267,858 | $ 0 | $ 916 | $ 46,574,287 | ||||||
Allspring Core Bond Portfolio | 1.07 | 1.13 | 379,276 | 4,352 | 448,203 | 0 | 325 | 61,721,431 | ||||||
Allspring Disciplined Large Cap Portfolio | 11.83 | 10.13 | 1,690,795 | 1,813,516 | 0 | 267,799 | 109 | 38,103,294 | ||||||
Allspring Emerging Growth Portfolio | 0.21 | 0.35 | 917,878 | (754,488) | 0 | 849 | 624 | 1,971,967 | ||||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 1.47 | 1.47 | 77,098 | (392,093) | 0 | 39,504 | 9 | 2,521,004 | ||||||
Allspring Factor Enhanced International Equity Portfolio | 2.86 | 2.78 | 598,241 | (1,594,423) | 0 | 249,012 | 68 | 19,153,361 | ||||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 1.09 | 1.09 | 597,284 | 25,232 | 0 | 62,464 | 34 | 8,669,652 | ||||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 1.78 | 1.72 | 466,962 | (511,889) | 0 | 22,811 | 16 | 3,546,799 | ||||||
Allspring High Yield Corporate Bond Portfolio | 6.66 | 6.97 | 48,033 | (100,376) | 83,590 | 0 | 9 | 3,369,601 | ||||||
Allspring Real Return Portfolio | 9.91 | 10.30 | 227,095 | 145,900 | 571,922 | 37,794 | 70 | 24,105,925 | ||||||
Allspring Small Company Value Portfolio | 0.35 | 0.34 | 169,652 | (158,222) | 0 | 17,841 | 64 | 2,023,003 | ||||||
Allspring Strategic Retirement Bond Portfolio | 15.45 | 16.05 | 100,520 | (105,439) | 385,611 | 0 | 21 | 24,179,696 | ||||||
$5,429,296 | $(1,603,514) | $1,757,184 | $698,074 | $2,265 | $235,940,020 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index | 20 | 12-9-2021 | $ 3,634,982 | $ 3,354,713 | $ 0 | $ (280,269) | |
Japanese Yen Futures | 105 | 12-13-2021 | 11,538,441 | 11,605,125 | 66,684 | 0 | |
E-Mini Nasdaq 100 Index | 61 | 12-17-2021 | 18,962,307 | 19,703,610 | 741,303 | 0 | |
E-Mini S&P 500 Financial Select Sector Index | 31 | 12-17-2021 | 3,833,233 | 3,616,538 | 0 | (216,695) | |
E-Mini S&P 500 Index | 25 | 12-17-2021 | 5,702,024 | 5,707,813 | 5,789 | 0 | |
MSCI Emerging Markets Index | 58 | 12-17-2021 | 3,753,562 | 3,515,670 | 0 | (237,892) | |
Short | |||||||
Australian Dollars Futures | (127) | 12-13-2021 | (9,363,641) | (9,043,035) | 320,606 | 0 | |
Euro FX Futures | (185) | 12-13-2021 | (27,182,535) | (26,192,531) | 990,004 | 0 | |
E-Mini S&P 500 Index | (74) | 12-17-2021 | (16,891,563) | (16,895,125) | 0 | (3,562) | |
$2,124,386 | $(738,418) |
Shares | Value | ||||
Investment companies: 99.28% | |||||
Affiliated master portfolios: 58.15% | |||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $ 6,461,485 | ||||
Allspring Core Bond Portfolio | 2,055,962 | ||||
Allspring Disciplined Large Cap Portfolio | 54,292,208 | ||||
Allspring Emerging Growth Portfolio | 3,021,098 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 4,129,420 | ||||
Allspring Factor Enhanced International Equity Portfolio | 32,748,917 | ||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 17,147,998 | ||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 5,330,599 | ||||
Allspring High Yield Corporate Bond Portfolio | 2,610,661 | ||||
Allspring Real Return Portfolio | 18,714,776 | ||||
Allspring Small Company Value Portfolio | 3,093,057 | ||||
Allspring Strategic Retirement Bond Portfolio | 18,755,101 | ||||
168,361,282 | |||||
Alternative investment funds: 5.38% | |||||
Allspring Alternative Risk Premia Fund Class R6 ♠† | 447,044 | 3,701,524 | |||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 1,946,844 | 11,875,746 | |||
15,577,270 | |||||
Bond funds: 12.28% | |||||
Allspring Global Investment Grade Credit Fund Class R6 ♠ | 794,745 | 8,432,246 | |||
Allspring High Yield Bond Fund Institutional Class ♠ | 3,467,293 | 11,650,104 | |||
Allspring Income Plus Fund Institutional Class ♠ | 1,570,170 | 15,481,875 | |||
35,564,225 | |||||
Exchange-traded funds: 14.42% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 40,841 | 1,090,046 | |||
iShares Core MSCI EAFE ETF | 49,832 | 3,636,739 | |||
iShares Core MSCI Emerging Markets ETF | 50,308 | 3,024,517 | |||
iShares Core S&P 500 ETF | 47,964 | 21,949,765 | |||
iShares Core S&P Small-Cap ETF | 43,382 | 4,785,469 | |||
iShares Core U.S. Aggregate Bond ETF | 63,448 | 7,281,927 | |||
41,768,463 | |||||
Multi-asset funds: 3.52% | |||||
Allspring Diversified Income Builder Fund Class R6 ♠ | 1,621,046 | 10,180,169 | |||
Stock funds: 5.53% | |||||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 152,990 | 4,563,685 | |||
Allspring Endeavor Select Fund Class R6 ♠† | 392,485 | 5,667,490 | |||
Allspring Large Cap Growth Fund Class R6 ♠† | 97,741 | 5,788,208 | |||
16,019,383 | |||||
Total Investment companies (Cost $240,349,451) | 287,470,792 |
Yield | Shares | Value | |||
Short-term investments: 0.31% | |||||
Investment companies: 0.31% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 897,180 | $ 897,180 | ||
Total Short-term investments (Cost $897,180) | 897,180 | ||||
Total investments in securities (Cost $241,246,631) | 99.59% | 288,367,972 | |||
Other assets and liabilities, net | 0.41 | 1,176,667 | |||
Total net assets | 100.00% | $289,544,639 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Alternative Risk Premia Fund Class R6† | $ 3,859,909 | $ 36,672 | $ (101,352) | $ (5,159) | $ (88,546) | $ 3,701,524 | ||
Allspring Diversified Income Builder Fund Class R6 | 10,365,802 | 223,239 | (409,557) | 16,801 | (16,116) | 10,180,169 | ||
Allspring Emerging Markets Equity Fund Class R6 | 4,921,422 | 515,650 | (52,664) | (336) | (820,387) | 4,563,685 | ||
Allspring Endeavor Select Fund Class R6† | 5,886,257 | 6,864 | (984,365) | 290,203 | 468,531 | 5,667,490 | ||
Allspring Global Investment Grade Credit Fund Class R6 | 8,208,087 | 296,889 | (64,558) | (2,056) | (6,116) | 8,432,246 | ||
Allspring High Yield Bond Fund Institutional Class | 11,713,687 | 841,045 | (804,061) | 2,213 | (102,780) | 11,650,104 | ||
Allspring Income Plus Fund Institutional Class | 15,484,337 | 1,381,652 | (953,814) | 4,581 | (434,881) | 15,481,875 | ||
Allspring Large Cap Growth Fund Class R6† | 5,882,177 | 41,998 | (704,431) | 98,110 | 470,354 | 5,788,208 | ||
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | 966,950 | 9,231,156 | (9,300,926) | 0 | 0 | 897,180 | ||
$404,357 | $(529,941) | $66,362,481 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Alternative Risk Premia Fund Class R6† | 447,044 | $ 0 |
Allspring Diversified Income Builder Fund Class R6 | 1,621,046 | 196,886 |
Allspring Emerging Markets Equity Fund Class R6 | 152,990 | 0 |
Allspring Endeavor Select Fund Class R6† | 392,485 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 794,745 | 96,236 |
Allspring High Yield Bond Fund Institutional Class | 3,467,293 | 212,884 |
Allspring Income Plus Fund Institutional Class | 1,570,170 | 363,517 |
Allspring Large Cap Growth Fund Class R6† | 97,741 | 0 |
Short-term investments | ||
Allspring Government Money Market Fund Select Class | 897,180 | 108 |
$869,631 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 1.10% | 1.14% | $ 7,238 | $ 5,818 | $ 37,271 | $ 0 | $ 128 | $ 6,461,485 | ||||||
Allspring Core Bond Portfolio | 0.04 | 0.04 | 8,065 | 1,121 | 14,984 | 0 | 11 | 2,055,962 | ||||||
Allspring Disciplined Large Cap Portfolio | 16.86 | 14.43 | 2,272,194 | 2,527,124 | 0 | 380,948 | 154 | 54,292,208 | ||||||
Allspring Emerging Growth Portfolio | 0.32 | 0.54 | 1,392,621 | (1,164,418) | 0 | 1,299 | 955 | 3,021,098 | ||||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 2.47 | 2.41 | 119,266 | (649,540) | 0 | 65,884 | 15 | 4,129,420 | ||||||
Allspring Factor Enhanced International Equity Portfolio | 4.97 | 4.75 | 950,146 | (2,723,854) | 0 | 428,595 | 118 | 32,748,917 | ||||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 2.16 | 2.15 | 1,130,974 | 43,557 | 0 | 123,130 | 67 | 17,147,998 | ||||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 2.67 | 2.59 | 681,229 | (775,477) | 0 | 33,996 | 24 | 5,330,599 | ||||||
Allspring High Yield Corporate Bond Portfolio | 5.23 | 5.40 | 31,309 | (76,740) | 65,156 | 0 | 7 | 2,610,661 | ||||||
Allspring Real Return Portfolio | 7.80 | 8.00 | 134,038 | 113,787 | 437,192 | 29,502 | 55 | 18,714,776 | ||||||
Allspring Small Company Value Portfolio | 0.53 | 0.51 | 250,151 | (249,704) | 0 | 27,029 | 97 | 3,093,057 | ||||||
Allspring Strategic Retirement Bond Portfolio | 12.15 | 12.45 | 34,880 | (79,099) | 301,827 | 0 | 16 | 18,755,101 | ||||||
$7,012,111 | $(3,027,425) | $856,430 | $1,090,383 | $1,647 | $168,361,282 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index | 16 | 12-9-2021 | $ 2,907,986 | $ 2,683,771 | $ 0 | $ (224,215) | |
Japanese Yen Futures | 81 | 12-13-2021 | 8,901,083 | 8,952,525 | 51,442 | 0 | |
E-Mini Nasdaq 100 Index | 47 | 12-17-2021 | 14,610,302 | 15,181,470 | 571,168 | 0 | |
E-Mini S&P 500 Financial Select Sector Index | 24 | 12-17-2021 | 2,967,664 | 2,799,900 | 0 | (167,764) | |
E-Mini S&P 500 Index | 20 | 12-17-2021 | 4,562,107 | 4,566,250 | 4,143 | 0 | |
MSCI Emerging Markets Index | 45 | 12-17-2021 | 2,912,246 | 2,727,675 | 0 | (184,571) | |
Short | |||||||
Australian Dollars Futures | (101) | 12-13-2021 | (7,446,675) | (7,191,705) | 254,970 | 0 | |
Euro FX Futures | (143) | 12-13-2021 | (21,014,401) | (20,246,119) | 768,282 | 0 | |
E-Mini S&P 500 Index | (54) | 12-17-2021 | (12,326,276) | (12,328,875) | 0 | (2,599) | |
$1,650,005 | $(579,149) |
Shares | Value | ||||
Investment companies: 99.11% | |||||
Affiliated master portfolios: 71.67% | |||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $ 49,662,927 | ||||
Allspring Core Bond Portfolio | 73,286,753 | ||||
Allspring Disciplined Large Cap Portfolio | 8,249,713 | ||||
Allspring Emerging Growth Portfolio | 582,667 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 418,318 | ||||
Allspring Factor Enhanced International Equity Portfolio | 2,707,354 | ||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 1,162,103 | ||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 612,994 | ||||
Allspring High Yield Corporate Bond Portfolio | 1,941,047 | ||||
Allspring Real Return Portfolio | 8,653,940 | ||||
Allspring Small Company Value Portfolio | 590,453 | ||||
Allspring Strategic Retirement Bond Portfolio | 8,716,888 | ||||
156,585,157 | |||||
Alternative investment funds: 5.62% | |||||
Allspring Alternative Risk Premia Fund Class R6 ♠† | 412,029 | 3,411,598 | |||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 1,455,398 | 8,877,927 | |||
12,289,525 | |||||
Bond funds: 13.04% | |||||
Allspring Global Investment Grade Credit Fund Class R6 ♠ | 599,019 | 6,355,589 | |||
Allspring High Yield Bond Fund Institutional Class ♠ | 1,289,395 | 4,332,369 | |||
Allspring Income Plus Fund Institutional Class ♠ | 1,805,150 | 17,798,775 | |||
28,486,733 | |||||
Exchange-traded funds: 5.08% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 30,366 | 810,469 | |||
iShares Core MSCI EAFE ETF | 20,034 | 1,462,081 | |||
iShares Core MSCI Emerging Markets ETF | 3,478 | 209,097 | |||
iShares Core S&P 500 ETF | 6,252 | 2,861,103 | |||
iShares Core S&P Small-Cap ETF | 2,225 | 245,440 | |||
iShares Core U.S. Aggregate Bond ETF | 47,967 | 5,505,172 | |||
11,093,362 | |||||
Multi-asset funds: 2.46% | |||||
Allspring Diversified Income Builder Fund Class R6 ♠ | 857,663 | 5,386,121 | |||
Stock funds: 1.24% | |||||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 20,589 | 614,163 | |||
Allspring Endeavor Select Fund Class R6 ♠† | 71,625 | 1,034,263 | |||
Allspring Large Cap Growth Fund Class R6 ♠† | 17,815 | 1,055,008 | |||
2,703,434 | |||||
Total Investment companies (Cost $207,741,866) | 216,544,332 |
Yield | Shares | Value | |||
Short-term investments: 0.47% | |||||
Investment companies: 0.47% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 1,025,476 | $ 1,025,476 | ||
Total Short-term investments (Cost $1,025,476) | 1,025,476 | ||||
Total investments in securities (Cost $208,767,342) | 99.58% | 217,569,808 | |||
Other assets and liabilities, net | 0.42 | 914,446 | |||
Total net assets | 100.00% | $218,484,254 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Alternative Risk Premia Fund Class R6† | $ 3,465,667 | $ 240,279 | $ (208,323) | $(33,176) | $ (52,849) | $ 3,411,598 | ||
Allspring Diversified Income Builder Fund Class R6 | 5,427,996 | 412,902 | (455,069) | 16,005 | (15,713) | 5,386,121 | ||
Allspring Emerging Markets Equity Fund Class R6 | 653,110 | 111,536 | (41,607) | (2,353) | (106,523) | 614,163 | ||
Allspring Endeavor Select Fund Class R6† | 1,080,857 | 69,982 | (255,137) | 54,616 | 83,945 | 1,034,263 | ||
Allspring Global Investment Grade Credit Fund Class R6 | 6,281,998 | 468,029 | (387,117) | 3,828 | (11,149) | 6,355,589 | ||
Allspring High Yield Bond Fund Institutional Class | 4,315,963 | 410,200 | (353,357) | (460) | (39,977) | 4,332,369 | ||
Allspring Income Plus Fund Institutional Class | 17,700,186 | 1,824,012 | (1,221,234) | 24,857 | (529,046) | 17,798,775 | ||
Allspring Large Cap Growth Fund Class R6† | 1,082,406 | 85,137 | (216,858) | 21,797 | 82,526 | 1,055,008 | ||
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | 1,100,000 | 10,811,892 | (10,886,416) | 0 | 0 | 1,025,476 | ||
$ 85,114 | $(588,786) | $41,013,362 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Alternative Risk Premia Fund Class R6† | 412,029 | $ 0 |
Allspring Diversified Income Builder Fund Class R6 | 857,663 | 104,156 |
Allspring Emerging Markets Equity Fund Class R6 | 20,589 | 0 |
Allspring Endeavor Select Fund Class R6† | 71,625 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 599,019 | 72,184 |
Allspring High Yield Bond Fund Institutional Class | 1,289,395 | 79,203 |
Allspring Income Plus Fund Institutional Class | 1,805,150 | 421,266 |
Allspring Large Cap Growth Fund Class R6† | 17,815 | 0 |
Short-term investments | ||
Allspring Government Money Market Fund Select Class | 1,025,476 | 131 |
$676,940 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 8.37% | 8.78% | $ 53,597 | $ (3,289) | $ 287,725 | $ 0 | $ 978 | $ 49,662,927 | ||||||
Allspring Core Bond Portfolio | 1.28 | 1.35 | 283,774 | (37,164) | 533,930 | 0 | 389 | 73,286,753 | ||||||
Allspring Disciplined Large Cap Portfolio | 2.57 | 2.19 | 348,250 | 394,521 | 0 | 57,671 | 24 | 8,249,713 | ||||||
Allspring Emerging Growth Portfolio | 0.07 | 0.10 | 265,310 | (218,229) | 0 | 249 | 184 | 582,667 | ||||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 0.24 | 0.24 | 2 | (167) | 0 | 7,433 | 2 | 418,318 | ||||||
Allspring Factor Enhanced International Equity Portfolio | 0.40 | 0.39 | 78,530 | (226,420) | 0 | 35,305 | 10 | 2,707,354 | ||||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 0.15 | 0.15 | 78,151 | 2,780 | 0 | 8,400 | 5 | 1,162,103 | ||||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 0.31 | 0.30 | 79,316 | (87,603) | 0 | 3,952 | 3 | 612,994 | ||||||
Allspring High Yield Corporate Bond Portfolio | 3.87 | 4.02 | 23,409 | (58,984) | 48,507 | 0 | 5 | 1,941,047 | ||||||
Allspring Real Return Portfolio | 3.60 | 3.70 | 62,364 | 51,090 | 211,119 | 13,680 | 25 | 8,653,940 | ||||||
Allspring Small Company Value Portfolio | 0.10 | 0.10 | 48,167 | (44,988) | 0 | 5,238 | 19 | 590,453 | ||||||
Allspring Strategic Retirement Bond Portfolio | 5.61 | 5.79 | 16,619 | (42,191) | 139,718 | 0 | 7 | 8,716,888 | ||||||
$1,337,489 | $(270,644) | $1,220,999 | $131,928 | $1,651 | $156,585,157 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index Futures | 11 | 12-9-2021 | $208,714,147 | $208,560,000 | $ 0 | $ (154,147) | |
Japanese Yen Futures | 61 | 12-13-2021 | 6,703,285 | 6,742,025 | 38,740 | 0 | |
E-Mini Nasdaq 100 Index | 36 | 12-17-2021 | 11,190,870 | 11,628,360 | 437,490 | 0 | |
E-Mini S&P 500 Index | 14 | 12-17-2021 | 3,192,615 | 3,196,375 | 3,760 | 0 | |
MSCI Emerging Markets Index | 34 | 12-17-2021 | 2,200,364 | 2,060,910 | 0 | (139,454) | |
S&P E-Mini Financial Select Sector Futures | 18 | 12-17-2021 | 2,225,748 | 2,099,925 | 0 | (125,823) | |
Short | |||||||
Australian Dollar Futures | (73) | 12-13-2021 | (5,382,251) | (5,197,965) | 184,286 | 0 | |
Euro FX Futures | (107) | 12-13-2021 | (15,723,697) | (15,149,194) | 574,503 | 0 | |
E-Mini S&P 500 Index | (47) | 12-17-2021 | (10,728,425) | (10,730,688) | 0 | (2,262) | |
$1,238,779 | $(421,686) |
Shares | Value | ||||
Investment companies: 99.22% | |||||
Affiliated master portfolios: 62.22% | |||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $ 42,781,207 | ||||
Allspring Core Bond Portfolio | 35,651,603 | ||||
Allspring Disciplined Large Cap Portfolio | 88,495,554 | ||||
Allspring Emerging Growth Portfolio | 4,812,566 | ||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 6,188,590 | ||||
Allspring Factor Enhanced International Equity Portfolio | 48,899,847 | ||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 23,927,968 | ||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 7,824,863 | ||||
Allspring High Yield Corporate Bond Portfolio | 4,875,943 | ||||
Allspring Real Return Portfolio | 34,948,889 | ||||
Allspring Small Company Value Portfolio | 4,969,473 | ||||
Allspring Strategic Retirement Bond Portfolio | 35,024,194 | ||||
338,400,697 | |||||
Alternative investment funds: 6.09% | |||||
Allspring Alternative Risk Premia Fund Class R6 ♠† | 1,290,199 | 10,682,846 | |||
PIMCO CommodityRealReturn Strategy Fund Institutional Class | 3,679,612 | 22,445,632 | |||
33,128,478 | |||||
Bond funds: 12.52% | |||||
Allspring Global Investment Grade Credit Fund Class R6 ♠ | 1,489,567 | 15,804,305 | |||
Allspring High Yield Bond Fund Institutional Class ♠ | 4,051,300 | 13,612,368 | |||
Allspring Income Plus Fund Institutional Class ♠ | 3,923,009 | 38,680,864 | |||
68,097,537 | |||||
Exchange-traded funds: 11.16% | |||||
Aberdeen Standard Bloomberg All Commodity Strategy K-1 Free ETF | 77,219 | 2,060,975 | |||
iShares Core MSCI EAFE ETF | 64,661 | 4,718,960 | |||
iShares Core MSCI Emerging Markets ETF | 81,453 | 4,896,954 | |||
iShares Core S&P 500 ETF | 64,436 | 29,487,847 | |||
iShares Core S&P Small-Cap ETF | 52,215 | 5,759,837 | |||
iShares Core U.S. Aggregate Bond ETF | 119,798 | 13,749,216 | |||
60,673,789 | |||||
Multi-asset funds: 3.02% | |||||
Allspring Diversified Income Builder Fund Class R6 ♠ | 2,611,871 | 16,402,550 | |||
Stock funds: 4.21% | |||||
Allspring Emerging Markets Equity Fund Class R6 ♠ | 227,295 | 6,780,210 | |||
Allspring Endeavor Select Fund Class R6 ♠† | 551,874 | 7,969,058 | |||
Allspring Large Cap Growth Fund Class R6 ♠† | 137,364 | 8,134,710 | |||
22,883,978 | |||||
Total Investment companies (Cost $471,337,864) | 539,587,029 |
Yield | Shares | Value | |||
Short-term investments: 0.44% | |||||
Investment companies: 0.44% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 2,399,465 | $ 2,399,465 | ||
Total Short-term investments (Cost $2,399,465) | 2,399,465 | ||||
Total investments in securities (Cost $473,737,329) | 99.66% | 541,986,494 | |||
Other assets and liabilities, net | 0.34 | 1,870,769 | |||
Total net assets | 100.00% | $543,857,263 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |||
Investment companies | ||||||||
Allspring Alternative Risk Premia Fund Class R6† | $11,146,214 | $ 76,931 | $ (269,842) | $ (42,458) | $ (227,999) | $ 10,682,846 | ||
Allspring Diversified Income Builder Fund Class R6 | 16,635,917 | 354,300 | (588,850) | 29,068 | (27,885) | 16,402,550 | ||
Allspring Emerging Markets Equity Fund Class R6 | 7,354,031 | 708,524 | (53,455) | (435) | (1,228,455) | 6,780,210 | ||
Allspring Endeavor Select Fund Class R6† | 8,279,598 | 9,772 | (1,407,036) | 451,247 | 635,477 | 7,969,058 | ||
Allspring Global Investment Grade Credit Fund Class R6 | 15,438,876 | 410,446 | (29,225) | (934) | (14,858) | 15,804,305 | ||
Allspring High Yield Bond Fund Institutional Class | 13,627,279 | 915,139 | (810,055) | (1,396) | (118,599) | 13,612,368 | ||
Allspring Income Plus Fund Institutional Class | 38,626,187 | 3,253,489 | (2,116,470) | 3,179 | (1,085,521) | 38,680,864 | ||
Allspring Large Cap Growth Fund Class R6† | 8,278,161 | 35,803 | (990,184) | 153,535 | 657,395 | 8,134,710 | ||
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | 2,652,130 | 21,298,615 | (21,551,280) | 0 | 0 | 2,399,465 | ||
$591,806 | $(1,410,445) | $120,466,376 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Alternative Risk Premia Fund Class R6† | 1,290,199 | $ 0 |
Allspring Diversified Income Builder Fund Class R6 | 2,611,871 | 316,932 |
Allspring Emerging Markets Equity Fund Class R6 | 227,295 | 0 |
Allspring Endeavor Select Fund Class R6† | 551,874 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 1,489,567 | 180,016 |
Allspring High Yield Bond Fund Institutional Class | 4,051,300 | 249,086 |
Allspring Income Plus Fund Institutional Class | 3,923,009 | 912,397 |
Allspring Large Cap Growth Fund Class R6† | 137,364 | 0 |
Short-term investments | ||
Allspring Government Money Market Fund Select Class | 2,399,465 | 319 |
$1,658,750 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | |||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 7.25% | 7.57% | $ 46,892 | $ 30,323 | $ 247,671 | $ 0 | $ 848 | $ 42,781,207 | ||||||
Allspring Core Bond Portfolio | 0.63 | 0.65 | 139,529 | 11,022 | 260,639 | 0 | 188 | 35,651,603 | ||||||
Allspring Disciplined Large Cap Portfolio | 27.57 | 23.52 | 3,735,331 | 4,192,285 | 0 | 625,856 | 253 | 88,495,554 | ||||||
Allspring Emerging Growth Portfolio | 0.52 | 0.85 | 2,269,908 | (1,887,247) | 0 | 2,109 | 1,533 | 4,812,566 | ||||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 3.71 | 3.61 | 179,041 | (979,252) | 0 | 99,312 | 23 | 6,188,590 | ||||||
Allspring Factor Enhanced International Equity Portfolio | 7.41 | 7.09 | 1,423,062 | (4,080,438) | 0 | 640,292 | 176 | 48,899,847 | ||||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 3.02 | 3.00 | 1,591,640 | 71,853 | 0 | 173,124 | 95 | 23,927,968 | ||||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 3.96 | 3.80 | 1,016,809 | (1,148,824) | 0 | 50,527 | 36 | 7,824,863 | ||||||
Allspring High Yield Corporate Bond Portfolio | 9.76 | 10.09 | 58,612 | (144,321) | 122,043 | 0 | 13 | 4,875,943 | ||||||
Allspring Real Return Portfolio | 14.53 | 14.94 | 250,367 | 212,864 | 826,229 | 55,291 | 102 | 34,948,889 | ||||||
Allspring Small Company Value Portfolio | 0.86 | 0.82 | 407,067 | (401,516) | 0 | 43,801 | 158 | 4,969,473 | ||||||
Allspring Strategic Retirement Bond Portfolio | 22.64 | 23.25 | 64,843 | (150,315) | 564,922 | 0 | 31 | 35,024,194 | ||||||
$11,183,101 | $(4,273,566) | $2,021,504 | $1,690,312 | $3,456 | $338,400,697 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index | 30 | 12-9-2021 | $ 5,452,473 | $ 5,032,070 | $ 0 | $ (420,403) | |
Japanese Yen Futures | 152 | 12-13-2021 | 16,703,267 | 16,799,800 | 96,533 | 0 | |
E-Mini Nasdaq 100 Index | 89 | 12-17-2021 | 27,666,317 | 28,747,890 | 1,081,573 | 0 | |
E-Mini S&P 500 Financial Select Sector Index | 45 | 12-17-2021 | 5,564,370 | 5,249,812 | 0 | (314,558) | |
E-Mini S&P 500 Index | 37 | 12-17-2021 | 8,440,260 | 8,447,563 | 7,303 | 0 | |
MSCI Emerging Markets Index | 84 | 12-17-2021 | 5,436,193 | 5,091,660 | 0 | (344,533) | |
Short | |||||||
Australian Dollars Futures | (189) | 12-13-2021 | (13,934,868) | (13,457,745) | 477,123 | 0 | |
Euro FX Futures | (269) | 12-13-2021 | (39,528,599) | (38,085,356) | 1,443,243 | 0 | |
E-Mini S&P 500 Index | (96) | 12-17-2021 | (21,913,379) | (21,918,000) | 0 | (4,621) | |
$3,105,775 | $(1,084,115) |
Spectrum Aggressive Growth Fund | Spectrum Conservative Growth Fund | |
Assets | ||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 304,578,598 | $ 235,940,020 |
Investments in unaffiliated Underlying Funds, at value (see cost below) | 88,573,473 | 49,240,756 |
Investments in affiliated Underlying Funds, at value (see cost below) | 50,973,627 | 88,539,262 |
Cash | 137,111 | 130,433 |
Cash at broker segregated for futures contracts | 1,774,847 | 2,120,808 |
Receivable for daily variation margin on open futures contracts | 501,470 | 283,118 |
Receivable for investments sold | 391,760 | 0 |
Receivable for Fund shares sold | 294,792 | 36,194 |
Receivable for dividends | 0 | 33,110 |
Prepaid expenses and other assets | 156,430 | 182,745 |
Total assets | 447,382,108 | 376,506,446 |
Liabilities | ||
Payable for Fund shares redeemed | 546,165 | 429,482 |
Payable for daily variation margin on open futures contracts | 490,903 | 589,099 |
Distribution fee payable | 236,037 | 198,833 |
Shareholder servicing fees payable | 94,317 | 74,712 |
Management fee payable | 93,611 | 70,316 |
Administration fees payable | 79,910 | 64,796 |
Payable for investments purchased | 0 | 164,658 |
Accrued expenses and other liabilities | 10,687 | 15,387 |
Total liabilities | 1,551,630 | 1,607,283 |
Total net assets | $445,830,478 | $374,899,163 |
Net assets consist of | ||
Paid-in capital | $ 288,122,554 | $ 313,085,482 |
Total distributable earnings | 157,707,924 | 61,813,681 |
Total net assets | $445,830,478 | $374,899,163 |
Computation of net asset value and offering price per share | ||
Net assets – Class A | $ 71,465,282 | $ 39,996,257 |
Shares outstanding – Class A1 | 3,022,021 | 3,387,067 |
Net asset value per share – Class A | $23.65 | $11.81 |
Maximum offering price per share – Class A2 | $25.09 | $12.53 |
Net assets – Class C | $ 368,101,840 | $ 316,273,309 |
Shares outstanding – Class C1 | 15,752,034 | 26,166,191 |
Net asset value per share – Class C | $23.37 | $12.09 |
Net assets – Institutional Class | $ 6,263,356 | $ 18,629,597 |
Shares outstanding – Institutional Class1 | 263,800 | 1,574,291 |
Net asset value per share – Institutional Class | $23.74 | $11.83 |
Investments in affiliated Master Portfolios, at cost | $ 235,180,313 | $ 214,491,388 |
Investments in unaffiliated Underlying Funds, at cost | $ 71,427,782 | $ 42,461,957 |
Investments in affiliated Underlying Funds, at cost | $ 38,335,319 | $ 84,230,844 |
1 | Each Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Spectrum Growth Fund | Spectrum Income Allocation Fund | Spectrum Moderate Growth Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (see cost below) | $ 168,361,282 | $ 156,585,157 | $ 338,400,697 |
Investments in unaffiliated Underlying Funds, at value (see cost below) | 53,644,209 | 19,971,289 | 83,119,421 |
Investments in affiliated Underlying Funds, at value (see cost below) | 66,362,481 | 41,013,362 | 120,466,376 |
Cash | 116,944 | 53,308 | 116,675 |
Cash at broker segregated for futures contracts | 1,676,862 | 1,325,887 | 3,153,735 |
Receivable for daily variation margin on open futures contracts | 134,155 | 183,638 | 359,693 |
Receivable for Fund shares sold | 83,300 | 26,550 | 66,675 |
Receivable for dividends | 34,172 | 12,776 | 39,915 |
Prepaid expenses and other assets | 141,737 | 136,421 | 287,137 |
Total assets | 290,555,142 | 219,308,388 | 546,010,324 |
Liabilities | |||
Payable for Fund shares redeemed | 137,777 | 153,091 | 454,373 |
Payable for daily variation margin on open futures contracts | 388,793 | 341,941 | 861,995 |
Distribution fee payable | 161,721 | 113,304 | 301,736 |
Shareholder servicing fees payable | 0 | 42,713 | 112,537 |
Management fee payable | 50,950 | 36,131 | 114,807 |
Administration fees payable | 51,369 | 37,354 | 95,712 |
Payable for investments purchased | 152,396 | 66,521 | 157,992 |
Accrued expenses and other liabilities | 67,497 | 30,961 | 51,782 |
Trustees’ fees and expenses payable | 0 | 2,118 | 2,127 |
Total liabilities | 1,010,503 | 824,134 | 2,153,061 |
Total net assets | $289,544,639 | $218,484,254 | $543,857,263 |
Net assets consist of | |||
Paid-in capital | $ 209,473,513 | $ 200,615,142 | $ 417,893,472 |
Total distributable earnings | 80,071,126 | 17,869,112 | 125,963,791 |
Total net assets | $289,544,639 | $218,484,254 | $543,857,263 |
Computation of net asset value and offering price per share | |||
Net assets – Class A | $ 31,642,090 | $ 23,559,431 | $ 55,803,389 |
Shares outstanding – Class A1 | 2,118,891 | 2,238,222 | 3,893,778 |
Net asset value per share – Class A | $14.93 | $10.53 | $14.33 |
Maximum offering price per share – Class A2 | $15.84 | $11.17 | $15.20 |
Net assets – Class C | $ 255,326,500 | $ 181,585,353 | $ 477,170,273 |
Shares outstanding – Class C1 | 16,784,432 | 17,267,145 | 32,714,798 |
Net asset value per share – Class C | $15.21 | $10.52 | $14.59 |
Net assets – Institutional Class | $ 2,576,049 | $ 13,339,470 | $ 10,883,601 |
Shares outstanding – Institutional Class1 | 172,205 | 1,269,602 | 757,639 |
Net asset value per share – Institutional Class | $14.96 | $10.51 | $14.37 |
Investments in affiliated Master Portfolios, at cost | $ 134,041,750 | $ 151,429,164 | $ 287,343,206 |
Investments in unaffiliated Underlying Funds, at cost | $ 45,654,854 | $ 18,090,648 | $ 73,221,879 |
Investments in affiliated Underlying Funds, at cost | $ 61,550,027 | $ 39,247,530 | $ 113,172,244 |
1 | Each Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Spectrum Aggressive Growth Fund | Spectrum Conservative Growth Fund | |
Investment income | ||
Dividends allocated from affiliated Master Portfolios* | $ 2,672,355 | $ 698,074 |
Dividends from unaffiliated Underlying Funds | 756,522 | 3,659,613 |
Affiliated income allocated from affiliated Master Portfolios | 895 | 2,265 |
Dividends from affiliated Underlying Funds | 286 | 1,396,378 |
Interest allocated from affiliated Master Portfolios** | 0 | 1,757,184 |
Expenses allocated from affiliated Master Portfolios | (425,624) | (313,989) |
Waivers allocated from affiliated Master Portfolios | 47,851 | 35,502 |
Total investment income | 3,052,285 | 7,235,027 |
Expenses | ||
Management fee | 577,102 | 475,494 |
Administration fees | ||
Class A | 74,003 | 42,553 |
Class C | 399,609 | 346,721 |
Institutional Class | 6,904 | 6,278 |
Shareholder servicing fees | ||
Class A | 88,099 | 50,658 |
Class C | 475,725 | 412,697 |
Distribution fee | ||
Class C | 1,422,229 | 1,236,658 |
Custody and accounting fees | 23,663 | 34,061 |
Professional fees | 22,407 | 27,927 |
Registration fees | 27,592 | 31,299 |
Shareholder report expenses | 23,847 | 22,282 |
Trustees’ fees and expenses | 9,662 | 9,793 |
Other fees and expenses | 5,475 | 4,477 |
Total expenses | 3,156,317 | 2,700,898 |
Less: Fee waivers and/or expense reimbursements | ||
Fund-level | (15,159) | (51,972) |
Class A | (23) | (49) |
Class C | 0 | (40) |
Institutional Class | (186) | 0 |
Net expenses | 3,140,949 | 2,648,837 |
Net investment income (loss) | (88,664) | 4,586,190 |
Realized and unrealized gains (losses) on investments | ||
Net realized gains (losses) on | ||
Securities transactions allocated from affiliated Master Portfolios | 17,819,223 | 5,429,296 |
Affiliated Underlying Funds | 775,621 | 283,549 |
Unaffiliated Underlying Funds | 477,216 | 69,310 |
Futures contracts | (1,272,805) | (191,196) |
Net realized gains on investments | 17,799,255 | 5,590,959 |
Net change in unrealized gains (losses) on | ||
Securities transactions allocated from affiliated Master Portfolios | (9,018,904) | (1,603,514) |
Affiliated Underlying Funds | 874,184 | (1,230,330) |
Unaffiliated Underlying Funds | 2,906,528 | (1,706,149) |
Futures contracts | 2,833,372 | 2,275,065 |
Net change in unrealized gains (losses) on investments | (2,404,820) | (2,264,928) |
Net realized and unrealized gains (losses) on investments | 15,394,435 | 3,326,031 |
Net increase in net assets resulting from operations | $15,305,771 | $ 7,912,221 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $172,654 | $39,350 |
**Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of | 0 | 56 |
Spectrum Growth Fund | Spectrum Income Allocation Fund | Spectrum Moderate Growth Fund | |
Investment income | |||
Dividends allocated from affiliated Master Portfolios* | $ 1,090,383 | $ 131,928 | $ 1,688,661 |
Dividends from unaffiliated Underlying Funds | 3,003,718 | 2,007,113 | 5,480,771 |
Affiliated income allocated from affiliated Master Portfolios | 1,647 | 1,651 | 3,456 |
Dividends from affiliated Underlying Funds | 869,631 | 676,940 | 1,658,750 |
Interest allocated from affiliated Master Portfolios** | 856,430 | 1,220,999 | 2,021,504 |
Expenses allocated from affiliated Master Portfolios | (235,798) | (200,530) | (459,956) |
Waivers allocated from affiliated Master Portfolios | 34,145 | 15,480 | 60,333 |
Total investment income | 5,620,156 | 3,853,581 | 10,453,519 |
Expenses | |||
Management fee | 372,083 | 276,336 | 696,802 |
Administration fees | |||
Class A | 33,308 | 25,087 | 59,465 |
Class C | 276,470 | 200,496 | 519,003 |
Institutional Class | 1,716 | 4,048 | 4,238 |
Shareholder servicing fees | |||
Class A | 39,652 | 29,865 | 70,792 |
Class C | 329,131 | 238,471 | 617,860 |
Distribution fee | |||
Class C | 984,453 | 714,631 | 1,851,252 |
Custody and accounting fees | 29,292 | 19,836 | 28,655 |
Professional fees | 27,363 | 23,824 | 21,240 |
Registration fees | 32,855 | 28,495 | 18,399 |
Shareholder report expenses | 21,622 | 20,487 | 16,703 |
Trustees’ fees and expenses | 9,662 | 9,798 | 9,792 |
Other fees and expenses | 5,723 | 4,227 | 3,258 |
Total expenses | 2,163,330 | 1,595,601 | 3,917,459 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (63,841) | (59,582) | 0 |
Class A | (102) | (1,195) | 0 |
Class C | (100) | (32) | 0 |
Institutional Class | 0 | 0 | (6) |
Net expenses | 2,099,287 | 1,534,792 | 3,917,453 |
Net investment income | 3,520,869 | 2,318,789 | 6,536,066 |
Realized and unrealized gains (losses) on investments | |||
Net realized gains on | |||
Securities transactions allocated from affiliated Master Portfolios | 7,012,111 | 1,337,489 | 11,183,101 |
Affiliated Underlying Funds | 404,357 | 85,114 | 591,806 |
Unaffiliated Underlying Funds | 48,086 | 63,900 | 86,490 |
Futures contracts | 999,948 | 270,077 | 1,983,385 |
Net realized gains on investments | 8,464,502 | 1,756,580 | 13,844,782 |
Net change in unrealized gains (losses) on | |||
Securities transactions allocated from affiliated Master Portfolios | (3,027,425) | (270,644) | (4,273,566) |
Affiliated Underlying Funds | (529,940) | (588,786) | (1,410,445) |
Unaffiliated Underlying Funds | (771,572) | (1,218,087) | (2,304,456) |
Futures contracts | 1,100,611 | 1,004,695 | 2,049,798 |
Net change in unrealized gains (losses) on investments | (3,228,326) | (1,072,822) | (5,938,669) |
Net realized and unrealized gains (losses) on investments | 5,236,176 | 683,758 | 7,906,113 |
Net increase in net assets resulting from operations | $ 8,757,045 | $ 3,002,547 | $14,442,179 |
*Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of | $66,382 | $5,943 | $99,728 |
**Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of | 0 | 122 | 0 |
Spectrum Aggressive Growth Fund | ||||
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment loss | $ (88,664) | $ (34,813) | ||
Net realized gains on investments | 17,799,255 | 51,993,793 | ||
Net change in unrealized gains (losses) on investments | (2,404,820) | 80,430,813 | ||
Net increase in net assets resulting from operations | 15,305,771 | 132,389,793 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (6,623,108) | ||
Class C | 0 | (39,111,345) | ||
Institutional Class | 0 | (694,018) | ||
Total distributions to shareholders | 0 | (46,428,471) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 394,699 | 9,285,333 | 623,597 | 13,041,652 |
Class C | 145,046 | 3,377,450 | 389,900 | 8,091,779 |
Institutional Class | 518,399 | 11,956,149 | 391,169 | 8,403,353 |
24,618,932 | 29,536,784 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 328,529 | 6,609,807 |
Class C | 0 | 0 | 1,965,541 | 39,056,091 |
Institutional Class | 0 | 0 | 34,207 | 690,909 |
0 | 46,356,807 | |||
Payment for shares redeemed | ||||
Class A | (275,676) | (6,501,745) | (455,030) | (9,574,877) |
Class C | (1,136,150) | (26,501,420) | (3,163,474) | (65,689,559) |
Institutional Class | (602,705) | (14,233,367) | (199,811) | (4,221,401) |
(47,236,532) | (79,485,837) | |||
Net decrease in net assets resulting from capital share transactions | (22,617,600) | (3,592,246) | ||
Total increase (decrease) in net assets | (7,311,829) | 82,369,076 | ||
Net assets | ||||
Beginning of period | 453,142,307 | 370,773,231 | ||
End of period | $445,830,478 | $453,142,307 |
Spectrum Conservative Growth Fund | ||||
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 4,586,190 | $ 1,499,722 | ||
Net realized gains on investments | 5,590,959 | 28,587,125 | ||
Net change in unrealized gains (losses) on investments | (2,264,928) | 24,394,390 | ||
Net increase in net assets resulting from operations | 7,912,221 | 54,481,237 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (701,943) | (2,874,479) | ||
Class C | (3,818,283) | (23,065,495) | ||
Institutional Class | (155,111) | (232,146) | ||
Total distributions to shareholders | (4,675,337) | (26,172,120) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 200,683 | 2,378,805 | 899,699 | 10,314,561 |
Class C | 180,032 | 2,178,151 | 651,887 | 7,621,225 |
Institutional Class | 1,463,889 | 17,445,483 | 392,489 | 4,509,854 |
22,002,439 | 22,445,640 | |||
Reinvestment of distributions | ||||
Class A | 58,861 | 688,380 | 256,759 | 2,862,770 |
Class C | 318,384 | 3,815,419 | 2,023,499 | 23,054,380 |
Institutional Class | 13,139 | 154,582 | 20,581 | 230,089 |
4,658,381 | 26,147,239 | |||
Payment for shares redeemed | ||||
Class A | (312,982) | (3,696,976) | (642,548) | (7,354,896) |
Class C | (2,434,312) | (29,451,626) | (5,048,642) | (59,028,155) |
Institutional Class | (167,409) | (1,983,064) | (393,186) | (4,510,389) |
(35,131,666) | (70,893,440) | |||
Net decrease in net assets resulting from capital share transactions | (8,470,846) | (22,300,561) | ||
Total increase (decrease) in net assets | (5,233,962) | 6,008,556 | ||
Net assets | ||||
Beginning of period | 380,133,125 | 374,124,569 | ||
End of period | $374,899,163 | $380,133,125 |
Spectrum Growth Fund | ||||
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 3,520,869 | $ 663,009 | ||
Net realized gains on investments | 8,464,502 | 29,516,881 | ||
Net change in unrealized gains (losses) on investments | (3,228,326) | 38,470,371 | ||
Net increase in net assets resulting from operations | 8,757,045 | 68,650,261 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (3,243,409) | ||
Class C | 0 | (26,381,409) | ||
Institutional Class | 0 | (222,924) | ||
Total distributions to shareholders | 0 | (29,847,742) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 171,431 | 2,566,365 | 272,532 | 3,728,807 |
Class C | 221,095 | 3,350,631 | 596,433 | 8,374,465 |
Institutional Class | 98,767 | 1,467,041 | 384,979 | 5,297,306 |
7,384,037 | 17,400,578 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 244,354 | 3,224,483 |
Class C | 0 | 0 | 1,960,878 | 26,340,207 |
Institutional Class | 0 | 0 | 16,651 | 220,017 |
0 | 29,784,707 | |||
Payment for shares redeemed | ||||
Class A | (217,402) | (3,229,929) | (327,346) | (4,519,304) |
Class C | (1,459,240) | (22,079,694) | (3,206,938) | (45,083,560) |
Institutional Class | (105,642) | (1,569,750) | (302,532) | (4,187,189) |
(26,879,373) | (53,790,053) | |||
Net decrease in net assets resulting from capital share transactions | (19,495,336) | (6,604,768) | ||
Total increase (decrease) in net assets | (10,738,291) | 32,197,751 | ||
Net assets | ||||
Beginning of period | 300,282,930 | 268,085,179 | ||
End of period | $289,544,639 | $300,282,930 |
Spectrum Income Allocation Fund | ||||
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 2,318,789 | $ 884,589 | ||
Net realized gains on investments | 1,756,580 | 12,427,633 | ||
Net change in unrealized gains (losses) on investments | (1,072,822) | 3,329,187 | ||
Net increase in net assets resulting from operations | 3,002,547 | 16,641,409 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (352,769) | (1,654,082) | ||
Class C | (1,573,938) | (12,372,666) | ||
Institutional Class | (71,094) | (45,632) | ||
Total distributions to shareholders | (1,997,801) | (14,072,380) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 162,024 | 1,709,600 | 655,046 | 6,974,259 |
Class C | 103,938 | 1,094,010 | 388,820 | 4,117,662 |
Institutional Class | 1,183,926 | 12,522,905 | 158,340 | 1,658,872 |
15,326,515 | 12,750,793 | |||
Reinvestment of distributions | ||||
Class A | 33,547 | 352,306 | 158,621 | 1,651,355 |
Class C | 149,708 | 1,570,560 | 1,194,142 | 12,367,736 |
Institutional Class | 6,720 | 70,633 | 4,206 | 43,767 |
1,993,499 | 14,062,858 | |||
Payment for shares redeemed | ||||
Class A | (258,734) | (2,726,837) | (555,818) | (5,851,268) |
Class C | (1,722,956) | (18,146,373) | (3,353,220) | (35,330,536) |
Institutional Class | (29,567) | (311,104) | (122,318) | (1,287,654) |
(21,184,314) | (42,469,458) | |||
Net decrease in net assets resulting from capital share transactions | (3,864,300) | (15,655,807) | ||
Total decrease in net assets | (2,859,554) | (13,086,778) | ||
Net assets | ||||
Beginning of period | 221,343,808 | 234,430,586 | ||
End of period | $218,484,254 | $221,343,808 |
Spectrum Moderate Growth Fund | ||||
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 6,536,066 | $ 1,570,209 | ||
Net realized gains on investments | 13,844,782 | 55,240,630 | ||
Net change in unrealized gains (losses) on investments | (5,938,669) | 51,414,974 | ||
Net increase in net assets resulting from operations | 14,442,179 | 108,225,813 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,511,031) | ||
Class C | 0 | (46,615,891) | ||
Institutional Class | 0 | (150,799) | ||
Total distributions to shareholders | 0 | (52,277,721) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 236,251 | 3,383,266 | 727,816 | 9,730,692 |
Class C | 260,340 | 3,785,933 | 854,810 | 11,731,065 |
Institutional Class | 663,659 | 9,530,136 | 526,569 | 7,041,595 |
16,699,335 | 28,503,352 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 424,298 | 5,499,365 |
Class C | 0 | 0 | 3,533,044 | 46,579,077 |
Institutional Class | 0 | 0 | 11,400 | 148,048 |
0 | 52,226,490 | |||
Payment for shares redeemed | ||||
Class A | (365,535) | (5,224,601) | (780,095) | (10,438,615) |
Class C | (2,693,417) | (39,159,782) | (6,366,969) | (87,080,597) |
Institutional Class | (153,162) | (2,181,483) | (444,706) | (5,953,456) |
(46,565,866) | (103,472,668) | |||
Net decrease in net assets resulting from capital share transactions | (29,866,531) | (22,742,826) | ||
Total increase (decrease) in net assets | (15,424,352) | 33,205,266 | ||
Net assets | ||||
Beginning of period | 559,281,615 | 526,076,349 | ||
End of period | $543,857,263 | $ 559,281,615 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $22.82 | $18.59 | $16.52 | $20.55 | $21.41 | $20.15 |
Net investment income (loss) | 0.07 | 0.14 | 0.19 | 0.17 2 | 0.10 | (0.02) 2 |
Net realized and unrealized gains (losses) on investments | 0.76 | 6.65 | 2.11 | (0.81) | 2.59 | 1.28 |
Total from investment operations | 0.83 | 6.79 | 2.30 | (0.64) | 2.69 | 1.26 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.22) | (0.19) | (0.26) | 0.00 | 0.00 |
Net realized gains | 0.00 | (2.34) | (0.04) | (3.13) | (3.55) | 0.00 |
Total distributions to shareholders | 0.00 | (2.56) | (0.23) | (3.39) | (3.55) | 0.00 |
Net asset value, end of period | $23.65 | $22.82 | $18.59 | $16.52 | $20.55 | $21.41 |
Total return3 | 3.64% | 38.53% | 13.91% | (2.35)% | 12.61% | 6.25% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.76% | 0.77% | 0.77% | 0.76% | 0.75% | 0.75% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income (loss) | 0.57% | 0.63% | 1.08% | 0.97% | 0.75% | (0.30)% |
Supplemental data | ||||||
Portfolio turnover rate4 | 23% | 82% | 71% | 78% | 63% | 30% |
Net assets, end of period (000s omitted) | $71,465 | $66,239 | $44,714 | $42,588 | $3,993 | $1,669 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.16% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 2019 | 0.18% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 20171 | 0.12% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class C1 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $22.63 | $18.45 | $16.39 | $20.33 | $21.36 | $18.25 |
Net investment income (loss) | (0.02) | (0.03) | 0.07 | 0.06 | (0.02) 2 | (0.07) |
Net realized and unrealized gains (losses) on investments | 0.76 | 6.62 | 2.07 | (0.82) | 2.54 | 3.19 |
Total from investment operations | 0.74 | 6.59 | 2.14 | (0.76) | 2.52 | 3.12 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.07) | (0.04) | (0.05) | 0.00 | 0.00 |
Net realized gains | 0.00 | (2.34) | (0.04) | (3.13) | (3.55) | (0.01) |
Total distributions to shareholders | 0.00 | (2.41) | (0.08) | (3.18) | (3.55) | (0.01) |
Net asset value, end of period | $23.37 | $22.63 | $18.45 | $16.39 | $20.33 | $21.36 |
Total return3 | 3.27% | 37.57% | 13.06% | (3.16)% | 11.80% | 17.07% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.51% | 1.52% | 1.52% | 1.51% | 1.50% | 1.50% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | (0.18)% | (0.12)% | 0.33% | 0.32% | (0.10)% | (0.37)% |
Supplemental data | ||||||
Portfolio turnover rate4 | 23% | 82% | 71% | 78% | 63% | 30% |
Net assets, end of period (000s omitted) | $368,102 | $378,941 | $323,778 | $355,837 | $491,304 | $532,454 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.16% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 2019 | 0.18% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 20171 | 0.12% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $22.87 | $18.62 | $16.55 | $21.08 |
Net investment income | 0.15 | 0.22 | 0.29 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.72 | 6.65 | 2.07 | (1.26) |
Total from investment operations | 0.87 | 6.87 | 2.36 | (1.12) |
Distributions to shareholders from | ||||
Net investment income | 0.00 | (0.28) | (0.25) | (0.28) |
Net realized gains | 0.00 | (2.34) | (0.04) | (3.13) |
Total distributions to shareholders | 0.00 | (2.62) | (0.29) | (3.41) |
Net asset value, end of period | $23.74 | $22.87 | $18.62 | $16.55 |
Total return2 | 3.80% | 38.96% | 14.26% | (4.54)% |
Ratios to average net assets (annualized) | ||||
Gross expenses* | 0.43% | 0.43% | 0.44% | 0.43% |
Net expenses* | 0.42% | 0.42% | 0.42% | 0.42% |
Net investment income | 0.88% | 0.96% | 1.40% | 1.40% |
Supplemental data | ||||
Portfolio turnover rate3 | 23% | 82% | 71% | 78% |
Net assets, end of period (000s omitted) | $6,263 | $7,962 | $2,281 | $1,172 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.16% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 20191 | 0.18% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.73 | $10.92 | $10.30 | $10.90 | $11.83 | $11.56 |
Net investment income | 0.18 | 0.14 | 0.15 | 0.19 2 | 0.18 2 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.10 | 1.56 | 0.76 | 0.03 | 0.40 | 0.28 |
Total from investment operations | 0.28 | 1.70 | 0.91 | 0.22 | 0.58 | 0.35 |
Distributions to shareholders from | ||||||
Net investment income | (0.20) | (0.11) | (0.21) | (0.18) | (0.50) | (0.08) |
Net realized gains | 0.00 | (0.78) | (0.08) | (0.64) | (1.01) | 0.00 |
Total distributions to shareholders | (0.20) | (0.89) | (0.29) | (0.82) | (1.51) | (0.08) |
Net asset value, end of period | $11.81 | $11.73 | $10.92 | $10.30 | $10.90 | $11.83 |
Total return3 | 2.45% | 16.04% | 8.95% | 2.40% | 4.87% | 3.06% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.78% | 0.77% | 0.77% | 0.76% | 0.75% | 0.74% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.74% |
Net investment income | 3.05% | 1.07% | 1.47% | 1.81% | 1.58% | 1.03% |
Supplemental data | ||||||
Portfolio turnover rate4 | 60% | 151% | 162% | 155% | 161% | 136% |
Net assets, end of period (000s omitted) | $39,996 | $40,354 | $31,965 | $34,104 | $2,712 | $800 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.15% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.16% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class C1 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.98 | $11.14 | $10.50 | $11.10 | $11.83 | $11.40 |
Net investment income | 0.14 | 0.04 | 0.09 | 0.12 2 | 0.09 | 0.06 |
Net realized and unrealized gains (losses) on investments | 0.11 | 1.61 | 0.77 | 0.02 | 0.41 | 0.80 |
Total from investment operations | 0.25 | 1.65 | 0.88 | 0.14 | 0.50 | 0.86 |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.03) | (0.14) | (0.10) | (0.22) | (0.08) |
Net realized gains | 0.00 | (0.78) | (0.08) | (0.64) | (1.01) | (0.35) |
Total distributions to shareholders | (0.14) | (0.81) | (0.22) | (0.74) | (1.23) | (0.43) |
Net asset value, end of period | $12.09 | $11.98 | $11.14 | $10.50 | $11.10 | $11.83 |
Total return3 | 2.09% | 15.17% | 8.24% | 1.58% | 4.11% | 7.75% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.53% | 1.52% | 1.52% | 1.51% | 1.50% | 1.49% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.49% |
Net investment income | 2.34% | 0.31% | 0.73% | 1.13% | 0.81% | 0.52% |
Supplemental data | ||||||
Portfolio turnover rate4 | 60% | 151% | 162% | 155% | 161% | 136% |
Net assets, end of period (000s omitted) | $316,273 | $336,665 | $339,482 | $393,207 | $559,104 | $707,284 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.15% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 2017 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $11.77 | $10.94 | $10.32 | $11.06 |
Net investment income | 0.23 | 0.17 | 0.20 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.06 | 1.57 | 0.74 | (0.04) |
Total from investment operations | 0.29 | 1.74 | 0.94 | 0.10 |
Distributions to shareholders from | ||||
Net investment income | (0.23) | (0.13) | (0.24) | (0.20) |
Net realized gains | 0.00 | (0.78) | (0.08) | (0.64) |
Total distributions to shareholders | (0.23) | (0.91) | (0.32) | (0.84) |
Net asset value, end of period | $11.83 | $11.77 | $10.94 | $10.32 |
Total return2 | 2.53% | 16.44% | 9.26% | 1.28% |
Ratios to average net assets (annualized) | ||||
Gross expenses* | 0.45% | 0.44% | 0.44% | 0.43% |
Net expenses* | 0.42% | 0.42% | 0.42% | 0.42% |
Net investment income | 2.28% | 1.39% | 1.80% | 1.37% |
Supplemental data | ||||
Portfolio turnover rate3 | 60% | 151% | 162% | 155% |
Net assets, end of period (000s omitted) | $18,630 | $3,114 | $2,678 | $1,817 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.15% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.16% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $14.46 | $12.70 | $11.57 | $13.88 | $14.60 | $13.92 |
Net investment income | 0.22 | 0.13 | 0.15 | 0.14 2 | 0.12 | 0.01 2 |
Net realized and unrealized gains (losses) on investments | 0.25 | 3.24 | 1.17 | (0.30) | 1.39 | 0.67 |
Total from investment operations | 0.47 | 3.37 | 1.32 | (0.16) | 1.51 | 0.68 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.18) | (0.23) | (0.30) | 0.00 |
Net realized gains | 0.00 | (1.48) | (0.01) | (1.92) | (1.93) | 0.00 |
Total distributions to shareholders | 0.00 | (1.61) | (0.19) | (2.15) | (2.23) | 0.00 |
Net asset value, end of period | $14.93 | $14.46 | $12.70 | $11.57 | $13.88 | $14.60 |
Total return3 | 3.25% | 27.87% | 11.34% | (0.38)% | 10.33% | 4.89% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.80% | 0.79% | 0.79% | 0.78% | 0.78% | 0.76% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 3.00% | 0.90% | 1.14% | 1.20% | 1.07% | 0.16% |
Supplemental data | ||||||
Portfolio turnover rate4 | 22% | 97% | 98% | 97% | 93% | 58% |
Net assets, end of period (000s omitted) | $31,642 | $31,295 | $25,089 | $23,420 | $2,009 | $357 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.14% |
Year ended May 31, 2021 | 0.14% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class C1 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.78 | $12.96 | $11.78 | $14.02 | $14.58 | $13.39 |
Net investment income (loss) | 0.18 | 0.02 | 0.06 | 0.08 | 0.04 | (0.01) 2 |
Net realized and unrealized gains (losses) on investments | 0.25 | 3.30 | 1.20 | (0.33) | 1.34 | 1.84 |
Total from investment operations | 0.43 | 3.32 | 1.26 | (0.25) | 1.38 | 1.83 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.02) | (0.07) | (0.07) | (0.01) | 0.00 |
Net realized gains | 0.00 | (1.48) | (0.01) | (1.92) | (1.93) | (0.64) |
Total distributions to shareholders | 0.00 | (1.50) | (0.08) | (1.99) | (1.94) | (0.64) |
Net asset value, end of period | $15.21 | $14.78 | $12.96 | $11.78 | $14.02 | $14.58 |
Total return3 | 2.91% | 26.86% | 10.67% | (1.12)% | 9.45% | 14.05% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.54% | 1.54% | 1.53% | 1.52% | 1.51% | 1.51% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income (loss) | 2.28% | 0.15% | 0.40% | 0.56% | 0.26% | (0.06)% |
Supplemental data | ||||||
Portfolio turnover rate4 | 22% | 97% | 98% | 97% | 93% | 58% |
Net assets, end of period (000s omitted) | $255,327 | $266,399 | $241,980 | $261,722 | $354,185 | $402,997 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 2017 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $14.46 | $12.70 | $11.57 | $14.20 |
Net investment income | 0.26 | 0.22 | 0.16 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.24 | 3.19 | 1.20 | (0.65) |
Total from investment operations | 0.50 | 3.41 | 1.36 | (0.47) |
Distributions to shareholders from | ||||
Net investment income | 0.00 | (0.17) | (0.22) | (0.24) |
Net realized gains | 0.00 | (1.48) | (0.01) | (1.92) |
Total distributions to shareholders | 0.00 | (1.65) | (0.23) | (2.16) |
Net asset value, end of period | $14.96 | $14.46 | $12.70 | $11.57 |
Total return2 | 3.46% | 28.25% | 11.71% | (2.47)% |
Ratios to average net assets (annualized) | ||||
Gross expenses* | 0.46% | 0.46% | 0.46% | 0.45% |
Net expenses* | 0.42% | 0.42% | 0.42% | 0.42% |
Net investment income | 3.41% | 1.24% | 1.44% | 1.84% |
Supplemental data | ||||
Portfolio turnover rate3 | 22% | 97% | 98% | 97% |
Net assets, end of period (000s omitted) | $2,576 | $2,589 | $1,016 | $699 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.13% |
Year ended May 31, 2021 | 0.14% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.17% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $10.50 | $10.40 | $9.82 | $10.05 | $10.52 | $10.34 |
Net investment income | 0.14 | 0.11 | 0.16 | 0.18 | 0.20 | 0.04 |
Net realized and unrealized gains (losses) on investments | 0.05 | 0.71 | 0.59 | 0.18 | 0.02 | 0.18 |
Total from investment operations | 0.19 | 0.82 | 0.75 | 0.36 | 0.22 | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.16) | (0.14) | (0.17) | (0.19) | (0.19) | (0.04) |
Net realized gains | 0.00 | (0.58) | 0.00 | (0.40) | (0.50) | 0.00 |
Total distributions to shareholders | (0.16) | (0.72) | (0.17) | (0.59) | (0.69) | (0.04) |
Net asset value, end of period | $10.53 | $10.50 | $10.40 | $9.82 | $10.05 | $10.52 |
Total return2 | 1.78% | 8.07% | 7.72% | 3.84% | 2.05% | 2.14% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.81% | 0.80% | 0.80% | 0.79% | 0.77% | 0.76% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.76% | 1.04% | 1.61% | 2.15% | 1.81% | 1.34% |
Supplemental data | ||||||
Portfolio turnover rate3 | 102% | 206% | 197% | 183% | 192% | 175% |
Net assets, end of period (000s omitted) | $23,559 | $24,170 | $21,256 | $16,242 | $4,532 | $4,468 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.17% |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 2019 | 0.16% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class C1 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.46 | $10.36 | $9.81 | $10.06 | $10.51 | $10.33 |
Net investment income | 0.11 | 0.03 | 0.09 | 0.14 2 | 0.11 | 0.07 |
Net realized and unrealized gains (losses) on investments | 0.04 | 0.71 | 0.58 | 0.13 | 0.04 | 0.38 |
Total from investment operations | 0.15 | 0.74 | 0.67 | 0.27 | 0.15 | 0.45 |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.06) | (0.12) | (0.12) | (0.10) | (0.10) |
Net realized gains | 0.00 | (0.58) | 0.00 | (0.40) | (0.50) | (0.17) |
Total distributions to shareholders | (0.09) | (0.64) | (0.12) | (0.52) | (0.60) | (0.27) |
Net asset value, end of period | $10.52 | $10.46 | $10.36 | $9.81 | $10.06 | $10.51 |
Total return3 | 1.40% | 7.25% | 6.90% | 2.89% | 1.37% | 4.42% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.55% | 1.55% | 1.55% | 1.54% | 1.52% | 1.50% |
Net expenses* | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Net investment income | 2.02% | 0.30% | 0.89% | 1.41% | 1.05% | 0.72% |
Supplemental data | ||||||
Portfolio turnover rate4 | 102% | 206% | 197% | 183% | 192% | 175% |
Net assets, end of period (000s omitted) | $181,585 | $196,035 | $212,465 | $237,153 | $319,498 | $425,400 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.17% |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 2019 | 0.16% |
Year ended May 31, 2018 | 0.13% |
Year ended May 31, 20171 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.50 | $10.39 | $9.80 | $10.15 |
Net investment income | 0.20 | 0.19 | 0.21 | 0.15 |
Net realized and unrealized gains (losses) on investments | 0.00 | 0.68 | 0.57 | 0.12 |
Total from investment operations | 0.20 | 0.87 | 0.78 | 0.27 |
Distributions to shareholders from | ||||
Net investment income | (0.19) | (0.18) | (0.19) | (0.22) |
Net realized gains | 0.00 | (0.58) | 0.00 | (0.40) |
Total distributions to shareholders | (0.19) | (0.76) | (0.19) | (0.62) |
Net asset value, end of period | $10.51 | $10.50 | $10.39 | $9.80 |
Total return2 | 1.89% | 8.51% | 8.07% | 2.95% |
Ratios to average net assets (annualized) | ||||
Gross expenses* | 0.47% | 0.47% | 0.47% | 0.46% |
Net expenses* | 0.42% | 0.42% | 0.42% | 0.42% |
Net investment income | 1.80% | 1.33% | 1.96% | 1.61% |
Supplemental data | ||||
Portfolio turnover rate3 | 102% | 206% | 197% | 183% |
Net assets, end of period (000s omitted) | $13,339 | $1,139 | $710 | $434 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.17% |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 20191 | 0.16% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $13.92 | $12.64 | $11.64 | $13.27 | $14.24 | $13.68 |
Net investment income | 0.21 | 0.14 | 0.15 | 0.18 2 | 0.19 2 | 0.01 |
Net realized and unrealized gains (losses) on investments | 0.20 | 2.59 | 1.07 | (0.14) | 0.89 | 0.55 |
Total from investment operations | 0.41 | 2.73 | 1.22 | 0.04 | 1.08 | 0.56 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.21) | (0.23) | (0.42) | 0.00 |
Net realized gains | 0.00 | (1.30) | (0.01) | (1.44) | (1.63) | 0.00 |
Total distributions to shareholders | 0.00 | (1.45) | (0.22) | (1.67) | (2.05) | 0.00 |
Net asset value, end of period | $14.33 | $13.92 | $12.64 | $11.64 | $13.27 | $14.24 |
Total return3 | 2.95% | 22.56% | 10.49% | 1.02% | 7.51% | 4.09% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.75% | 0.75% | 0.76% | 0.76% | 0.75% | 0.74% |
Net expenses* | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.74% |
Net investment income | 2.99% | 0.96% | 1.31% | 1.51% | 1.33% | 0.54% |
Supplemental data | ||||||
Portfolio turnover rate4 | 38% | 120% | 131% | 126% | 129% | 102% |
Net assets, end of period (000s omitted) | $55,803 | $56,004 | $46,133 | $46,380 | $3,031 | $1,464 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 20171 | 0.11% |
1 | For the period from February 10, 2017 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||||
Class C1 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.22 | $12.87 | $11.85 | $13.40 | $14.21 | $13.29 |
Net investment income | 0.17 2 | 0.03 | 0.08 | 0.11 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | 0.20 | 2.66 | 1.06 | (0.14) | 0.87 | 1.40 |
Total from investment operations | 0.37 | 2.69 | 1.14 | (0.03) | 0.96 | 1.45 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.04) | (0.11) | (0.08) | (0.14) | 0.00 |
Net realized gains | 0.00 | (1.30) | (0.01) | (1.44) | (1.63) | (0.53) |
Total distributions to shareholders | 0.00 | (1.34) | (0.12) | (1.52) | (1.77) | (0.53) |
Net asset value, end of period | $14.59 | $14.22 | $12.87 | $11.85 | $13.40 | $14.21 |
Total return3 | 2.60% | 21.79% | 9.58% | 0.31% | 6.65% | 11.14% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.49% | 1.50% | 1.51% | 1.50% | 1.50% | 1.49% |
Net expenses* | 1.49% | 1.50% | 1.50% | 1.50% | 1.50% | 1.49% |
Net investment income | 2.27% | 0.21% | 0.57% | 0.84% | 0.56% | 0.30% |
Supplemental data | ||||||
Portfolio turnover rate4 | 38% | 120% | 131% | 126% | 129% | 102% |
Net assets, end of period (000s omitted) | $477,170 | $499,835 | $477,998 | $539,352 | $732,031 | $867,751 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
Year ended May 31, 2018 | 0.12% |
Year ended May 31, 2017 | 0.11% |
1 | Effective at the close of business on February 10, 2017, the Fund’s existing share class, WealthBuilder Portfolio shares, was renamed Class C. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Year ended May 31 | ||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $13.93 | $12.64 | $11.65 | $13.52 |
Net investment income | 0.18 2 | 0.23 | 0.25 | 0.15 |
Net realized and unrealized gains (losses) on investments | 0.26 | 2.55 | 1.01 | (0.33) |
Total from investment operations | 0.44 | 2.78 | 1.26 | (0.18) |
Distributions to shareholders from | ||||
Net investment income | 0.00 | (0.19) | (0.26) | (0.25) |
Net realized gains | 0.00 | (1.30) | (0.01) | (1.44) |
Total distributions to shareholders | 0.00 | (1.49) | (0.27) | (1.69) |
Net asset value, end of period | $14.37 | $13.93 | $12.64 | $11.65 |
Total return3 | 3.16% | 22.99% | 10.78% | (0.62)% |
Ratios to average net assets (annualized) | ||||
Gross expenses* | 0.42% | 0.42% | 0.43% | 0.43% |
Net expenses* | 0.41% | 0.42% | 0.42% | 0.42% |
Net investment income | 2.55% | 1.32% | 1.63% | 1.38% |
Supplemental data | ||||
Portfolio turnover rate4 | 38% | 120% | 131% | 126% |
Net assets, end of period (000s omitted) | $10,884 | $3,443 | $1,945 | $1,067 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2021 (unaudited) | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.16% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Fund name | Former fund name |
Allspring Spectrum Aggressive Growth Fund ("Spectrum Aggressive Growth Fund") | Wells Fargo WealthBuilder Equity Fund |
Allspring Spectrum Conservative Growth Fund ("Spectrum Conservative Growth Fund") | Wells Fargo WealthBuilder Moderate Balanced Fund |
Allspring Spectrum Growth Fund ("Spectrum Growth Fund") | Wells Fargo WealthBuilder Growth Allocation Fund |
Allspring Spectrum Income Allocation Fund ("Spectrum Income Allocation Fund") | Wells Fargo WealthBuilder Conservative Allocation Fund |
Allspring Spectrum Moderate Growth Fund ("Spectrum Moderate Growth Fund") | Wells Fargo WealthBuilder Growth Balanced Fund |
Net investment income | Net realized gains | |
Spectrum Aggressive Growth Fund | Annually | Annually |
Spectrum Conservative Growth Fund | Quarterly | Annually |
Spectrum Growth Fund | Annually | Annually |
Spectrum Income Allocation Fund | Monthly | Annually |
Spectrum Moderate Growth Fund | Annually | Annually |
Tax cost | Gross unrealized gains | Gross unrealized losses | Net unrealized gains | |
Spectrum Aggressive Growth Fund | $333,699,360 | $113,449,963 | $(1,137,588) | $112,312,375 |
Spectrum Conservative Growth Fund | 336,072,905 | 39,368,588 | (335,487) | 39,033,101 |
Spectrum Growth Fund | 236,646,268 | 52,857,666 | (65,106) | 52,792,560 |
Specrtum Income Allocation Fund | 208,920,611 | 9,977,457 | (511,167) | 9,466,290 |
Specrtum Moderate Growth Fund | 464,183,700 | 79,891,551 | (67,097) | 79,824,454 |
■ | 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) |
Spectrum Aggressive Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 137,778,203 | $0 | $0 | $ 137,778,203 |
Short-term investments | ||||
Investment companies | 1,768,897 | 0 | 0 | 1,768,897 |
Investments measured at net asset value* | 304,578,598 | |||
139,547,100 | 0 | 0 | 444,125,698 | |
Futures contracts | 2,164,944 | 0 | 0 | 2,164,944 |
Total assets | $141,712,044 | $0 | $0 | $446,290,642 |
Liabilities | ||||
Futures contracts | $ 278,907 | $0 | $0 | $ 278,907 |
Total liabilities | $ 278,907 | $0 | $0 | $ 278,907 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $304,578,598. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Conservative Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 123,481,690 | $0 | $0 | $ 123,481,690 |
Short-term investments | ||||
Investment companies | 1,179,726 | 0 | 0 | 1,179,726 |
Investments measured at net asset value* | 235,940,020 | |||
137,780,018 | 0 | 0 | 373,720,038 | |
Futures contracts | 2,124,386 | 0 | 0 | 2,124,386 |
Total assets | $139,904,404 | $0 | $0 | $375,844,424 |
Liabilities | ||||
Futures contracts | $ 738,418 | $0 | $0 | $ 738,418 |
Total liabilities | $ 738,418 | $0 | $0 | $ 738,418 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $235,940,020. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 108,929,341 | $0 | $0 | $ 108,929,341 |
Short-term investments | ||||
Investment companies | 897,180 | 0 | 0 | 897,180 |
Investments measured at net asset value* | 168,361,282 | |||
120,006,690 | 0 | 0 | 288,367,972 | |
Futures contracts | 1,650,005 | 0 | 0 | 1,650,005 |
Total assets | $121,656,695 | $0 | $0 | $290,017,977 |
Liabilities | ||||
Futures contracts | $ 579,149 | $0 | $0 | $ 579,149 |
Total liabilities | $ 579,149 | $0 | $0 | $ 579,149 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $168,361,282. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Income Allocation Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 54,573,054 | $0 | $0 | $ 54,573,054 |
Short-term investments | ||||
Investment companies | 1,025,476 | 0 | 0 | 1,025,476 |
Investments measured at net asset value* | 156,585,157 | |||
60,984,651 | 0 | 0 | 217,569,808 | |
Futures contracts | 1,238,779 | 0 | 0 | 1,238,779 |
Total assets | $62,223,430 | $0 | $0 | $218,808,587 |
Liabilities | ||||
Futures contracts | $ 421,686 | $0 | $0 | $ 421,686 |
Total liabilities | $ 421,686 | $0 | $0 | $ 421,686 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $156,585,157. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Moderate Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $ 184,783,782 | $0 | $0 | $ 184,783,782 |
Short-term investments | ||||
Investment companies | 2,399,465 | 0 | 0 | 2,399,465 |
Investments measured at net asset value* | 338,400,697 | |||
203,585,797 | 0 | 0 | 541,986,494 | |
Futures contracts | 3,105,775 | 0 | 0 | 3,105,775 |
Total assets | $206,691,572 | $0 | $0 | $545,092,269 |
Liabilities | ||||
Futures contracts | $ 1,084,115 | $0 | $0 | $ 1,084,115 |
Total liabilities | $ 1,084,115 | $0 | $0 | $ 1,084,115 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $338,400,697. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | Seeks to replicate the total return of the Bloomberg U.S. Aggregate ex-Corporate Index, before fee and expenses |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portoflio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Seeks long-term capital appreciation |
Allspring High Yield Corporate Bond Portfolio | Seeks to replicate the total return of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index, before fees and expenses |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Allspring Strategic Retirement Bond Portfolio | Seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and 50% to the Bloomberg U.S. Intermediate Government Bond Index, before fees and expenses |
Average daily net assets | Management fee |
First $1 billion | 0.250% |
Next $4 billion | 0.225 |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.75% |
Class C | 1.50 |
Institutional Class | 0.42 |
Front-end sales charges | Contingent deferred sales charges | ||
Class A | Class C | ||
Spectrum Aggressive Growth Fund | $ 2,734 | $ 1,149 | |
Spectrum Conservative Growth Fund | 2,335 | 188 | |
Spectrum Growth Fund | 2,005 | 313 | |
Spectrum Income Allocation Fund | 689 | 289 | |
Spectrum Moderate Growth Fund | 1,809 | 2,197 |
Purchases at cost | Sales proceeds | ||||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | ||
Spectrum Aggressive Growth Fund | $ 0 | $102,189,492 | $ 0 | $106,412,521 | |
Specrtum Conservative Growth Fund | 81,487,243 | 147,824,091 | 81,133,998 | 143,019,428 | |
Spectrum Growth Fund | 6,775,150 | 55,364,161 | 7,319,382 | 55,274,427 | |
Spectrum Income Allocation Fund | 92,729,675 | 135,321,891 | 91,689,957 | 132,517,402 | |
Spectrum Moderate Growth Fund | 57,442,309 | 152,097,586 | 57,809,752 | 146,672,985 |
Average notional balance | ||
Long futures | Short futures | |
Spectrum Aggressive Growth Fund | $38,547,670 | $46,565,414 |
Spectrum Conservative Growth Fund | 54,314,138 | 42,316,751 |
Specrtum Growth Fund | 43,973,257 | 33,934,712 |
Spectrum Income Allocation Fund | 32,231,119 | 28,503,909 |
Spectrum Moderate Growth Fund | 83,438,807 | 63,714,925 |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 891,676* | Unrealized losses on futures contracts | $ 278,907* | |
Foreign currency risk | Unrealized gains on futures contracts | 1,273,268* | Unrealized losses on futures contracts | 0* | |
$2,164,944 | $278,907 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ (1,699,104) | $ 1,579,898 |
Foreign currency risk | 426,299 | 1,253,474 |
$(1,272,805) | $2,833,372 |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 747,092* | Unrealized losses on futures contracts | $ 738,418* | |
Foreign currency risk | Unrealized gains on futures contracts | 1,377,294* | Unrealized losses on futures contracts | 0* | |
$2,124,386 | $738,418 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ (916,369) | $ 914,607 |
Interest rate risk | 165,839 | 0 |
Foreign currency risk | 559,334 | 1,360,458 |
$(191,196) | $2,275,065 |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 575,311* | Unrealized losses on futures contracts | $ 579,149* | |
Foreign currency risk | Unrealized gains on futures contracts | 1,074,694* | Unrealized losses on futures contracts | 0* | |
$1,650,005 | $579,149 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 441,146 | $ 39,113 |
Interest rate risk | 121,024 | 0 |
Foreign currency risk | 437,778 | 1,061,498 |
$999,948 | $1,100,611 |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 441,250* | Unrealized losses on futures contracts | $ 421,686* | |
Foreign currency risk | Unrealized gains on futures contracts | 797,529* | Unrealized losses on futures contracts | 0* | |
$1,238,779 | $421,686 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 54,203 | $ 193,765 |
Interest rate risk | (109,335) | 23,184 |
Foreign currency risk | 325,209 | 787,746 |
$ 270,077 | $1,004,695 |
Asset derivatives | Liability derivatives | ||||
Statements of Assets and Liabilities location | Fair value | Statements of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 1,088,876* | Unrealized losses on futures contracts | $ 1,084,115* | |
Foreign currency risk | Unrealized gains on futures contracts | 2,016,899* | Unrealized losses on futures contracts | 0* | |
$3,105,775 | $1,084,115 |
Amount of realized gains (losses) on derivatives | Change in unrealized gains (losses) on derivatives | |
Equity risk | $ 932,094 | $ 57,585 |
Interest rate risk | 232,019 | 0 |
Foreign currency risk | 819,272 | 1,992,213 |
$1,983,385 | $2,049,798 |
Meeting Date | Shares voted “For” | Shares voted “Against” | Shares voted “Abstain” | Shares voted “Uninstructed” | ||||
Spectrum Aggressive Growth Fund | November 24, 2021 | 8,256,245 | 608,010 | 1,006,254 | N/A | |||
Spectrum Conservative Growth Fund | October 15, 2021 | 13,420,237 | 767,681 | 1,863,905 | N/A | |||
Spectrum Growth Fund | January 27, 2022 | 7,642,340 | 474,507 | 1,405,628 | 334,319 | |||
Spectrum Income Allocation Fund | October 15, 2021 | 8,927,394 | 689,451 | 1,132,486 | N/A | |||
Spectrum Moderate Growth Fund | October 29, 2021 | 16,126,462 | 1,132,089 | 2,362,045 | 421,342 |
Meeting Date | Shares voted “For” | Shares voted “Against” | Shares voted “Abstain” | Shares voted “Uninstructed” | ||||
Spectrum Aggressive Growth Fund | November 24, 2021 | 8,175,274 | 667,581 | 1,027,653 | N/A | |||
Spectrum Conservative Growth Fund | October 15, 2021 | 13,316,142 | 779,821 | 1,955,860 | N/A | |||
Spectrum Growth Fund | January 27, 2022 | 7,557,511 | 521,070 | 1,443,894 | 334,319 | |||
Spectrum Income Allocation Fund | October 15, 2021 | 8,721,534 | 799,772 | 1,228,025 | N/A | |||
Spectrum Moderate Growth Fund | October 29, 2021 | 16,005,209 | 1,184,538 | 2,430,849 | 421,342 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g239667img6be504ac1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Funds' website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SWBP/SAR102 11-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g233062img33a0fec01.jpg)
C&B Large Cap Value Fund
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Allspring C&B Large Cap Value Portfolio | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g233062imgdf22f3762.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g233062img4e74b8593.jpg)
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Andrew B. Armstrong, CFA®‡, Wesley Lim, CFA®‡, Steve Lyons, CFA®‡, Michael M. Meyer, CFA®‡, Edward W. O'Connor, CFA®‡, R. James O'Neil, CFA®‡, Mehul Trivedi, CFA®‡, William Weber, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (CBEAX) | 7-26-2004 | 13.29 | 10.05 | 11.50 | 20.18 | 11.36 | 12.17 | 1.25 | 1.08 | ||
Class C (CBECX) | 7-26-2004 | 18.28 | 10.51 | 11.32 | 19.28 | 10.51 | 11.32 | 2.00 | 1.83 | ||
Class R6 (CBEJX)3 | 10-31-2016 | – | – | – | 20.68 | 11.84 | 12.59 | 0.82 | 0.65 | ||
Administrator Class (CBLLX) | 7-26-2004 | – | – | – | 20.33 | 11.46 | 12.33 | 1.17 | 1.00 | ||
Institutional Class (CBLSX) | 7-26-2004 | – | – | – | 20.56 | 11.72 | 12.59 | 0.92 | 0.75 | ||
Russell 1000® Value Index4 | – | – | – | – | 22.25 | 10.36 | 12.50 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.65% for Class R6, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
Arrow Electronics Incorporated | 3.85 |
Arch Capital Group Limited | 3.25 |
AerCap Holdings NV | 3.17 |
Fidelity National Financial Incorporated | 2.93 |
Leidos Holdings Incorporated | 2.87 |
Brookfield Asset Management Incorporated Class A | 2.79 |
State Street Corporation | 2.77 |
Johnson & Johnson | 2.68 |
US Bancorp | 2.67 |
Gildan Activewear Incorporated | 2.56 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g233062imgc2e13bc94.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $ 952.80 | $5.24 | 1.07% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.70 | $5.42 | 1.07% |
Class C | ||||
Actual | $1,000.00 | $ 948.73 | $8.94 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.89 | $9.25 | 1.83% |
Class R6 | ||||
Actual | $1,000.00 | $ 954.76 | $3.19 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.81 | $3.29 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $ 953.49 | $4.85 | 0.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.10 | $5.01 | 0.99% |
Institutional Class | ||||
Actual | $1,000.00 | $ 954.18 | $3.67 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Value | |||||
Investment companies: 100.04% | |||||
Affiliated master portfolio: 100.04% | |||||
Allspring C&B Large Cap Value Portfolio | $289,259,996 | ||||
Total Investment companies (Cost $212,213,043) | 289,259,996 | ||||
Total investments in securities (Cost $212,213,043) | 100.04% | 289,259,996 | |||
Other assets and liabilities, net | (0.04) | (110,851) | |||
Total net assets | 100.00% | $289,149,145 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring C&B Large Cap Value Portfolio | 76.92% | 79.43% | $19,898,996 | $(35,405,131) | $2,488,992 | $5,637 | $289,259,996 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $212,213,043) | $ 289,259,996 |
Receivable for Fund shares sold | 108,005 |
Receivable from manager | 15,777 |
Prepaid expenses and other assets | 9,383 |
Total assets | 289,393,161 |
Liabilities | |
Payable for Fund shares redeemed | 148,618 |
Administration fees payable | 36,042 |
Shareholder servicing fees payable | 24,040 |
Professional fees payable | 13,612 |
Distribution fee payable | 2,871 |
Trustees’ fees and expenses payable | 1,954 |
Accrued expenses and other liabilities | 16,879 |
Total liabilities | 244,016 |
Total net assets | $289,149,145 |
Net assets consist of | |
Paid-in capital | $ 173,051,642 |
Total distributable earnings | 116,097,503 |
Total net assets | $289,149,145 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 99,833,067 |
Shares outstanding – Class A1 | 6,105,806 |
Net asset value per share – Class A | $16.35 |
Maximum offering price per share – Class A2 | $17.35 |
Net assets – Class C | $ 4,331,110 |
Shares outstanding – Class C1 | 268,995 |
Net asset value per share – Class C | $16.10 |
Net assets – Class R6 | $ 45,866,598 |
Shares outstanding – Class R61 | 2,786,660 |
Net asset value per share – Class R6 | $16.46 |
Net assets – Administrator Class | $ 6,461,626 |
Shares outstanding – Administrator Class1 | 394,124 |
Net asset value per share – Administrator Class | $16.39 |
Net assets – Institutional Class | $ 132,656,744 |
Shares outstanding – Institutional Class1 | 8,064,203 |
Net asset value per share – Institutional Class | $16.45 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $49,461) | $ 2,488,992 |
Affiliated income allocated from affiliated Master Portfolio | 5,637 |
Expenses allocated from affiliated Master Portfolio | (1,053,940) |
Waivers allocated from affiliated Master Portfolio | 70,182 |
Total investment income | 1,510,871 |
Expenses | |
Management fee | 76,848 |
Administration fees | |
Class A | 108,026 |
Class C | 4,855 |
Class R6 | 7,013 |
Administrator Class | 3,991 |
Institutional Class | 95,548 |
Shareholder servicing fees | |
Class A | 128,602 |
Class C | 5,772 |
Administrator Class | 7,670 |
Distribution fee | |
Class C | 17,316 |
Custody and accounting fees | 3,895 |
Professional fees | 17,914 |
Registration fees | 5,170 |
Shareholder report expenses | 3,920 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 3,784 |
Total expenses | 500,291 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (150,988) |
Class A | (5,130) |
Administrator Class | (306) |
Net expenses | 343,867 |
Net investment income | 1,167,004 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 19,898,996 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (35,405,131) |
Net realized and unrealized gains (losses) on investments | (15,506,135) |
Net decrease in net assets resulting from operations | $(14,339,131) |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,167,004 | $ 2,415,023 | ||
Net realized gains on investments | 19,898,996 | 25,510,777 | ||
Net change in unrealized gains (losses) on investments | (35,405,131) | 89,716,793 | ||
Net increase (decrease) in net assets resulting from operations | (14,339,131) | 117,642,593 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (4,170,269) | ||
Class C | 0 | (154,865) | ||
Class R6 | 0 | (2,183,532) | ||
Administrator Class | 0 | (299,002) | ||
Institutional Class | 0 | (6,446,162) | ||
Total distributions to shareholders | 0 | (13,253,830) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 467,500 | 7,945,482 | 610,000 | 8,963,843 |
Class C | 20,902 | 348,411 | 68,098 | 996,267 |
Class R6 | 202,148 | 3,473,235 | 281,375 | 4,009,424 |
Administrator Class | 51,100 | 882,850 | 19,784 | 279,674 |
Institutional Class | 585,138 | 9,979,605 | 3,644,970 | 49,931,868 |
22,629,583 | 64,181,076 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 291,093 | 4,115,619 |
Class C | 0 | 0 | 11,107 | 154,614 |
Class R6 | 0 | 0 | 24,172 | 343,838 |
Administrator Class | 0 | 0 | 13,379 | 189,677 |
Institutional Class | 0 | 0 | 451,083 | 6,414,372 |
0 | 11,218,120 | |||
Payment for shares redeemed | ||||
Class A | (323,507) | (5,506,935) | (1,092,566) | (14,863,709) |
Class C | (30,030) | (505,128) | (115,785) | (1,529,367) |
Class R6 | (158,780) | (2,718,702) | (844,970) | (11,496,464) |
Administrator Class | (4,568) | (78,012) | (221,462) | (3,119,176) |
Institutional Class | (1,588,158) | (26,994,852) | (3,426,687) | (47,236,282) |
(35,803,629) | (78,244,998) | |||
Net decrease in net assets resulting from capital share transactions | (13,174,046) | (2,845,802) | ||
Total increase (decrease) in net assets | (27,513,177) | 101,542,961 | ||
Net assets | ||||
Beginning of period | 316,662,322 | 215,119,361 | ||
End of period | $289,149,145 | $316,662,322 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.16 | $11.49 | $13.01 | $13.91 | $14.54 | $12.55 |
Net investment income | 0.05 | 0.10 | 0.12 | 0.11 | 0.09 1 | 0.08 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.29 | (0.33) | 0.02 | 0.87 | 2.23 |
Total from investment operations | (0.81) | 6.39 | (0.21) | 0.13 | 0.96 | 2.31 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.13) | (0.12) | (0.06) | (0.08) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.72) | (1.31) | (1.03) | (1.59) | (0.32) |
Net asset value, end of period | $16.35 | $17.16 | $11.49 | $13.01 | $13.91 | $14.54 |
Total return2 | (4.72)% | 56.98% | (3.61)% | 1.33% | 6.29% | 18.62% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.18% | 1.24% | 1.27% | 1.23% | 1.21% | 1.24% |
Net expenses | 1.07% | 1.07% | 1.07% | 1.08% | 1.10% | 1.15% |
Net investment income | 0.55% | 0.73% | 0.92% | 0.83% | 0.58% | 0.62% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $99,833 | $102,332 | $70,680 | $79,172 | $85,707 | $83,016 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.97 | $11.36 | $12.87 | $13.75 | $14.44 | $12.48 |
Net investment income (loss) | (0.02) | (0.03) | 0.02 1 | 0.01 1 | (0.02) 1 | (0.02) |
Net realized and unrealized gains (losses) on investments | (0.85) | 6.25 | (0.35) | 0.03 | 0.86 | 2.22 |
Total from investment operations | (0.87) | 6.22 | (0.33) | 0.04 | 0.84 | 2.20 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.61) | (1.18) | (0.92) | (1.53) | (0.24) |
Net asset value, end of period | $16.10 | $16.97 | $11.36 | $12.87 | $13.75 | $14.44 |
Total return2 | (5.13)% | 55.94% | (4.41)% | 0.61% | 5.46% | 17.73% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.93% | 1.99% | 2.02% | 1.97% | 1.96% | 1.99% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.83% | 1.85% | 1.90% |
Net investment income (loss) | (0.21)% | (0.04)% | 0.16% | 0.07% | (0.16)% | (0.13)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $4,331 | $4,719 | $3,576 | $5,098 | $11,031 | $8,043 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $17.24 | $11.53 | $13.06 | $13.97 | $14.59 | $12.73 |
Net investment income | 0.08 | 0.16 2 | 0.18 2 | 0.18 2 | 0.18 2 | 0.16 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.32 | (0.33) | 0.00 3 | 0.85 | 2.06 |
Total from investment operations | (0.78) | 6.48 | (0.15) | 0.18 | 1.03 | 2.22 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.16) | (0.20) | (0.18) | (0.12) | (0.12) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.77) | (1.38) | (1.09) | (1.65) | (0.36) |
Net asset value, end of period | $16.46 | $17.24 | $11.53 | $13.06 | $13.97 | $14.59 |
Total return4 | (4.52)% | 57.75% | (3.25)% | 1.74% | 6.76% | 17.65% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.75% | 0.82% | 0.84% | 0.79% | 0.77% | 0.81% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.70% |
Net investment income | 0.97% | 1.14% | 1.33% | 1.27% | 1.28% | 1.04% |
Supplemental data | ||||||
Portfolio turnover rate5 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $45,867 | $47,301 | $37,859 | $68,366 | $110,665 | $3,532 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.65% |
Year ended May 31, 20171 | 0.68% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.20 | $11.51 | $13.03 | $13.92 | $14.56 | $12.54 |
Net investment income | 0.05 1 | 0.11 1 | 0.13 1 | 0.12 1 | 0.10 1 | 0.10 1 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.30 | (0.33) | 0.02 | 0.87 | 2.24 |
Total from investment operations | (0.81) | 6.41 | (0.20) | 0.14 | 0.97 | 2.34 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.14) | (0.12) | (0.08) | (0.08) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.72) | (1.32) | (1.03) | (1.61) | (0.32) |
Net asset value, end of period | $16.39 | $17.20 | $11.51 | $13.03 | $13.92 | $14.56 |
Total return2 | (4.71)% | 57.12% | (3.56)% | 1.44% | 6.36% | 18.82% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.10% | 1.17% | 1.19% | 1.15% | 1.13% | 1.16% |
Net expenses | 0.99% | 0.99% | 0.99% | 1.00% | 1.00% | 1.00% |
Net investment income | 0.62% | 0.81% | 1.00% | 0.90% | 0.69% | 0.77% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $6,462 | $5,980 | $6,167 | $9,274 | $12,742 | $11,467 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.24 | $11.53 | $13.05 | $13.96 | $14.58 | $12.58 |
Net investment income | 0.07 | 0.15 | 0.16 | 0.14 | 0.13 1 | 0.14 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.32 | (0.33) | 0.02 | 0.89 | 2.22 |
Total from investment operations | (0.79) | 6.47 | (0.17) | 0.16 | 1.02 | 2.36 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.17) | (0.16) | (0.11) | (0.12) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.76) | (1.35) | (1.07) | (1.64) | (0.36) |
Net asset value, end of period | $16.45 | $17.24 | $11.53 | $13.05 | $13.96 | $14.58 |
Total return2 | (4.58)% | 57.58% | (3.33)% | 1.64% | 6.68% | 19.05% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.85% | 0.91% | 0.94% | 0.90% | 0.88% | 0.91% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.77% | 0.80% |
Net investment income | 0.88% | 1.05% | 1.25% | 1.17% | 0.87% | 0.96% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $132,657 | $156,330 | $96,838 | $108,613 | $135,082 | $220,257 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $74,865,473 |
Gross unrealized losses | 0 |
Net unrealized gains | $74,865,473 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal | $289,259,996 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.08% |
Class C | 1.83 |
Class R6 | 0.65 |
Administrator Class | 1.00 |
Institutional Class | 0.75 |
Shares | Value | ||||
Common stocks: 99.37% | |||||
Communication services: 6.59% | |||||
Diversified telecommunication services: 2.39% | |||||
Verizon Communications Incorporated | 173,100 | $ 8,701,737 | |||
Entertainment: 2.22% | |||||
Activision Blizzard Incorporated | 138,100 | 8,092,660 | |||
Media: 1.98% | |||||
Omnicom Group Incorporated | 106,800 | 7,188,708 | |||
Consumer discretionary: 6.15% | |||||
Household durables: 1.81% | |||||
Whirlpool Corporation | 30,300 | 6,597,522 | |||
Textiles, apparel & luxury goods: 4.34% | |||||
Gildan Activewear Incorporated | 229,800 | 9,320,688 | |||
HanesBrands Incorporated | 401,400 | 6,482,610 | |||
15,803,298 | |||||
Consumer staples: 6.98% | |||||
Food products: 3.10% | |||||
General Mills Incorporated | 121,900 | 7,529,763 | |||
Ingredion Incorporated | 40,260 | 3,749,414 | |||
11,279,177 | |||||
Personal products: 2.04% | |||||
Unilever plc ADR | 145,900 | 7,419,015 | |||
Tobacco: 1.84% | |||||
Philip Morris International Incorporated | 78,200 | 6,720,508 | |||
Energy: 2.83% | |||||
Energy equipment & services: 0.95% | |||||
Schlumberger Limited | 120,700 | 3,461,676 | |||
Oil, gas & consumable fuels: 1.88% | |||||
The Williams Companies Incorporated | 255,900 | 6,855,561 | |||
Financials: 33.50% | |||||
Banks: 5.83% | |||||
JPMorgan Chase & Company | 40,800 | 6,480,264 | |||
PNC Financial Services Group Incorporated | 25,400 | 5,003,800 | |||
US Bancorp | 175,900 | 9,734,306 | |||
21,218,370 | |||||
Capital markets: 10.33% | |||||
Brookfield Asset Management Incorporated Class A | 180,900 | 10,161,153 | |||
London Stock Exchange Group plc ADR | 399,300 | 8,724,705 | |||
State Street Corporation | 113,420 | 10,090,977 | |||
The Charles Schwab Corporation | 111,500 | 8,628,985 | |||
37,605,820 |
Shares | Value | ||||
Diversified financial services: 2.43% | |||||
Berkshire Hathaway Incorporated Class B † | 32,050 | $ 8,867,915 | |||
Insurance: 14.91% | |||||
Alleghany Corporation † | 10,800 | 6,986,304 | |||
Arch Capital Group Limited † | 292,600 | 11,815,188 | |||
Chubb Limited | 40,650 | 7,295,456 | |||
Fidelity National Financial Incorporated | 218,400 | 10,681,944 | |||
Globe Life Incorporated | 61,700 | 5,339,518 | |||
Progressive Corporation | 79,597 | 7,397,745 | |||
The Allstate Corporation | 44,000 | 4,783,680 | |||
54,299,835 | |||||
Health care: 14.26% | |||||
Health care equipment & supplies: 6.63% | |||||
Becton Dickinson & Company | 38,240 | 9,068,234 | |||
Dentsply Sirona Incorporated | 156,670 | 7,636,096 | |||
Medtronic plc | 69,600 | 7,426,320 | |||
24,130,650 | |||||
Health care providers & services: 4.95% | |||||
HCA Healthcare Incorporated | 30,050 | 6,778,980 | |||
Laboratory Corporation of America Holdings † | 13,850 | 3,951,821 | |||
UnitedHealth Group Incorporated | 16,420 | 7,294,092 | |||
18,024,893 | |||||
Pharmaceuticals: 2.68% | |||||
Johnson & Johnson | 62,650 | 9,769,015 | |||
Industrials: 18.63% | |||||
Air freight & logistics: 1.41% | |||||
United Parcel Service Incorporated Class B | 25,800 | 5,117,946 | |||
Commercial services & supplies: 2.29% | |||||
IAA Incorporated † | 172,940 | 8,353,002 | |||
Electrical equipment: 1.46% | |||||
AMETEK Incorporated | 39,000 | 5,323,500 | |||
Industrial conglomerates: 1.04% | |||||
3M Company | 22,150 | 3,766,386 | |||
Machinery: 6.39% | |||||
Colfax Corporation † | 156,580 | 7,271,575 | |||
PACCAR Incorporated | 62,900 | 5,247,118 | |||
Stanley Black & Decker Incorporated | 37,310 | 6,520,296 | |||
Woodward Incorporated | 40,050 | 4,237,290 | |||
23,276,279 | |||||
Professional services: 2.87% | |||||
Leidos Holdings Incorporated | 118,970 | 10,458,653 | |||
Trading companies & distributors: 3.17% | |||||
AerCap Holdings NV † | 205,800 | 11,533,032 |
Shares | Value | ||||
Information technology: 7.09% | |||||
Electronic equipment, instruments & components: 5.57% | |||||
Arrow Electronics Incorporated † | 115,070 | $ 13,998,262 | |||
TE Connectivity Limited | 40,760 | 6,274,187 | |||
20,272,449 | |||||
IT services: 1.52% | |||||
Amdocs Limited | 79,600 | 5,557,672 | |||
Materials: 1.10% | |||||
Metals & mining: 1.10% | |||||
Reliance Steel & Aluminum Company | 26,990 | 4,011,524 | |||
Utilities: 2.24% | |||||
Gas utilities: 2.24% | |||||
Atmos Energy Corporation | 90,360 | 8,161,315 | |||
Total Common stocks (Cost $257,852,773) | 361,868,118 |
Yield | |||||
Short-term investments: 0.81% | |||||
Investment companies: 0.81% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 2,942,989 | 2,942,989 | ||
Total Short-term investments (Cost $2,942,989) | 2,942,989 | ||||
Total investments in securities (Cost $260,795,762) | 100.18% | 364,811,107 | |||
Other assets and liabilities, net | (0.18) | (645,696) | |||
Total net assets | 100.00% | $364,165,411 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $20,061,602 | $39,632,766 | $(56,751,379) | $0 | $0 | $ 2,942,989 | 2,942,989 | $ 1,225 | ||
Securities Lending Cash Investments LLC | 0 | 38,169,930 | (38,169,930) | 0 | 0 | 0 | 0 | 182 # | ||
$0 | $0 | $2,942,989 | $1,407 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $257,852,773) | $ 361,868,118 |
Investments in affiliated securities, at value (cost $2,942,989) | 2,942,989 |
Receivable for dividends | 481,735 |
Receivable for securities lending income, net | 1,432 |
Prepaid expenses and other assets | 21,934 |
Total assets | 365,316,208 |
Liabilities | |
Payable for investments purchased | 959,827 |
Advisory fee payable | 190,970 |
Total liabilities | 1,150,797 |
Total net assets | $364,165,411 |
Investment income | |
Dividends (net of foreign withholdings taxes of $63,238) | $ 3,166,864 |
Income from affiliated securities | 7,120 |
Total investment income | 3,173,984 |
Expenses | |
Advisory fee | 1,269,928 |
Custody and accounting fees | 10,025 |
Professional fees | 26,762 |
Interest holder report expenses | 9,318 |
Trustees’ fees and expenses | 10,582 |
Other fees and expenses | 12,896 |
Total expenses | 1,339,511 |
Less: Fee waivers and/or expense reimbursements | (89,120) |
Net expenses | 1,250,391 |
Net investment income | 1,923,593 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 25,173,657 |
Net change in unrealized gains (losses) on investments | (44,977,471) |
Net realized and unrealized gains (losses) on investments | (19,803,814) |
Net decrease in net assets resulting from operations | $(17,880,221) |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 1,923,593 | $ 3,900,892 |
Net realized gains on investments | 25,173,657 | 33,139,971 |
Net change in unrealized gains (losses) on investments | (44,977,471) | 117,846,464 |
Net increase (decrease) in net assets resulting from operations | (17,880,221) | 154,887,327 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 9,133,030 | 49,283,346 |
Withdrawals | (38,486,268) | (79,684,157) |
Net decrease in net assets resulting from capital transactions | (29,353,238) | (30,400,811) |
Total increase (decrease) in net assets | (47,233,459) | 124,486,516 |
Net assets | ||
Beginning of period | 411,398,870 | 286,912,354 |
End of period | $364,165,411 | $411,398,870 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | (4.56)% | 57.96% | (3.40)% | 1.80% | 6.65% | 19.17% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69% | 0.68% | 0.68% | 0.67% | 0.67% | 0.68% |
Net expenses2 | 0.64% | 0.64% | 0.64% | 0.65% | 0.66% | 0.68% |
Net investment income | 0.98% | 1.16% | 1.36% | 1.27% | 1.02% | 1.09% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 38% | 33% | 47% | 42% | 89% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $112,216,210 |
Gross unrealized losses | (8,200,865) |
Net unrealized gains | $104,015,345 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 23,983,105 | $0 | $0 | $ 23,983,105 |
Consumer discretionary | 22,400,820 | 0 | 0 | 22,400,820 |
Consumer staples | 25,418,700 | 0 | 0 | 25,418,700 |
Energy | 10,317,237 | 0 | 0 | 10,317,237 |
Financials | 121,991,940 | 0 | 0 | 121,991,940 |
Health care | 51,924,558 | 0 | 0 | 51,924,558 |
Industrials | 67,828,798 | 0 | 0 | 67,828,798 |
Information technology | 25,830,121 | 0 | 0 | 25,830,121 |
Materials | 4,011,524 | 0 | 0 | 4,011,524 |
Utilities | 8,161,315 | 0 | 0 | 8,161,315 |
Short-term investments | ||||
Investment companies | 2,942,989 | 0 | 0 | 2,942,989 |
Total assets | $364,811,107 | $0 | $0 | $364,811,107 |
Average daily net assets | Advisory fee |
First $500 million | 0.650% |
Next $500 million | 0.625 |
Next $1 billion | 0.600 |
Next $2 billion | 0.575 |
Next $4 billion | 0.550 |
Next $4 billion | 0.525 |
Next $4 billion | 0.500 |
Over $16 billion | 0.475 |
Shares voted “For” | 9,404,683 | |
Shares voted “Against” | 299,815 | |
Shares voted “Abstain” | 310,847 |
Shares voted “For” | 9,396,637 | |
Shares voted “Against” | 303,383 | |
Shares voted “Abstain” | 315,325 |
Shares voted “For” | 9,468,456 | |
Shares voted “Against” | 189,464 | |
Shares voted “Abstain” | 357,425 |
Shares voted “For” | 9,142,103 | |
Shares voted “Against” | 587,255 | |
Shares voted “Abstain” | 285,987 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA280/SAR280 11-21
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term total capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Aldo Ceccarelli, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (NVDAX) | 5-2-1996 | 16.98 | 13.64 | 12.36 | 24.12 | 14.99 | 13.02 | 1.31 | 1.25 | ||
Class C (WFDEX) | 10-1-1998 | 22.22 | 14.15 | 12.19 | 23.22 | 14.15 | 12.19 | 2.06 | 2.00 | ||
Administrator Class (NVDEX) | 11-11-1994 | – | – | – | 24.34 | 15.26 | 13.30 | 1.23 | 1.00 | ||
Diversified Equity Blended Index3 | – | – | – | – | 24.11 | 15.94 | 14.52 | – | – | ||
MSCI EAFE Index (Net) (USD)4 | – | – | – | – | 10.77 | 9.19 | 7.39 | – | – | ||
Russell 1000® Growth Index5 | – | – | – | – | 30.70 | 25.10 | 19.50 | – | – | ||
Russell 1000® Value Index6 | – | – | – | – | 22.25 | 10.36 | 12.50 | – | – | ||
Russell 2000® Index7 | – | – | – | – | 22.03 | 12.14 | 13.06 | – | – | ||
S&P 500 Index8 | – | – | – | – | 27.92 | 17.90 | 16.16 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.45% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.25% for Class A, 2.00% for Class C, and 1.00% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Source: Allspring Funds Management, LLC. The Diversified Equity Blended Index is composed 25% of the S&P 500 Index, 25% of the Russell 1000® Growth Index, 25% of the Russell 1000® Value Index, 15% of the MSCI EAFE Index (Net) (USD), and 10% of the Russell 2000® Index. You cannot invest directly in an index. |
4 | The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (Net) (USD) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Source: MSCI. MSCI makes no express or implied representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
5 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
6 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
7 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
8 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
Holdings (%) as of November 30, 20211 | |
Allspring Disciplined Large Cap Portfolio | 28.49 |
Allspring Index Portfolio | 25.48 |
Allspring Factor Enhanced International Equity Portfolio | 17.86 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 11.14 |
Allspring Diversified Large Cap Growth Portfolio | 8.02 |
Allspring Small Company Value Portfolio | 3.38 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 3.36 |
Allspring Emerging Growth Portfolio | 2.33 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2021 | ||
Neutral allocation | Effective allocation1 | |
U.S. Large Cap Stock Funds | 75 | 72 |
International Stock Funds | 15 | 18 |
U.S. Small Cap Stock Funds | 10 | 10 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,047.67 | $5.70 | 1.11% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.50 | $5.62 | 1.11% |
Class C | ||||
Actual | $1,000.00 | $1,044.33 | $9.53 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.74 | $9.40 | 1.86% |
Administrator Class | ||||
Actual | $1,000.00 | $1,048.46 | $5.08 | 0.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.10 | $5.01 | 0.99% |
Value | |||||
Investment companies: 100.06% | |||||
Affiliated master portfolios: 100.06% | |||||
Allspring Disciplined Large Cap Portfolio | $ 50,043,610 | ||||
Allspring Diversified Large Cap Growth Portfolio | 14,091,377 | ||||
Allspring Emerging Growth Portfolio | 4,098,595 | ||||
Allspring Factor Enhanced International Equity Portfolio | 31,359,459 | ||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 19,567,260 | ||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 5,903,514 | ||||
Allspring Index Portfolio | 44,745,410 | ||||
Allspring Small Company Value Portfolio | 5,938,976 | ||||
Total Investment companies (Cost $136,314,125) | 175,748,201 | ||||
Total investments in securities (Cost $136,314,125) | 100.06% | 175,748,201 | |||
Other assets and liabilities, net | (0.06) | (113,099) | |||
Total net assets | 100.00% | $175,635,102 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated income allocated from affiliated Master Portfolios | Value, end of period | ||||||
Allspring C&B Large Cap Value Portfolio | 3.60% | 0.00% | $ 136,911 | $ (470,732) | $ 39,068 | $ 31 | $ 0 | |||||
Allspring Disciplined International Developed Markets Portfolio | 6.46 | 0.00 | 260,578 | (359,817) | 29,526 | 1,141 | 0 | |||||
Allspring Disciplined Large Cap Portfolio | 0.00 | 13.30 | 927,705 | 976,866 | 250,156 | 71 | 50,043,610 | |||||
Allspring Diversified Large Cap Growth Portfolio | 15.01 | 5.53 | 2,022,946 | 1,744,255 | 65,549 | 394 | 14,091,377 | |||||
Allspring Emerging Growth Portfolio | 0.42 | 0.73 | 1,861,933 | (1,570,002) | 1,731 | 1,298 | 4,098,595 | |||||
Allspring Factor Enhanced International Equity Portfolio | 1.85 | 4.54 | 513,132 | (1,936,563) | 355,690 | 91 | 31,359,459 | |||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 0.00 | 2.45 | 618,901 | (121,117) | 102,305 | 52 | 19,567,260 | |||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 0.00 | 2.87 | 203,394 | (164,282) | 28,795 | 16 | 5,903,514 | |||||
Allspring Index Portfolio | 3.36 | 3.24 | 1,348,263 | 2,341,939 | 303,866 | 120 | 44,745,410 | |||||
Allspring Large Company Value Portfolio | 10.22 | 0.00 | 629,995 | (890,230) | 95,349 | 16 | 0 | |||||
Allspring Small Company Growth Portfolio | 0.31 | 0.00 | 138,385 | (112,978) | 21,772 | 84 | 0 | |||||
Allspring Small Company Value Portfolio | 1.42 | 0.99 | 602,676 | (715,641) | 55,004 | 202 | 5,938,976 | |||||
$9,264,819 | $(1,278,302) | $1,348,811 | $3,516 | $175,748,201 |
Assets | |
Investments in affiliated Master Portfolios, at value (cost $136,314,125) | $ 175,748,201 |
Receivable for Fund shares sold | 1,153 |
Prepaid expenses and other assets | 26,755 |
Total assets | 175,776,109 |
Liabilities | |
Management fee payable | 44,062 |
Shareholder servicing fees payable | 37,454 |
Administration fees payable | 24,520 |
Payable for Fund shares redeemed | 22,838 |
Trustees’ fees and expenses payable | 3,024 |
Distribution fee payable | 1,097 |
Accrued expenses and other liabilities | 8,012 |
Total liabilities | 141,007 |
Total net assets | $175,635,102 |
Net assets consist of | |
Paid-in capital | $ 114,129,379 |
Total distributable earnings | 61,505,723 |
Total net assets | $175,635,102 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 72,135,886 |
Shares outstanding – Class A1 | 2,544,170 |
Net asset value per share – Class A | $28.35 |
Maximum offering price per share – Class A2 | $30.08 |
Net assets – Class C | $ 1,715,921 |
Shares outstanding – Class C1 | 72,848 |
Net asset value per share – Class C | $23.55 |
Net assets – Administrator Class | $ 101,783,295 |
Shares outstanding – Administrator Class1 | 3,563,564 |
Net asset value per share – Administrator Class | $28.56 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $54,561) | $ 1,348,811 |
Affiliated income allocated from affiliated Master Portfolios | 3,516 |
Expenses allocated from affiliated Master Portfolios | (288,309) |
Waivers allocated from affiliated Master Portfolios | 23,026 |
Total investment income | 1,087,044 |
Expenses | |
Management fee | 267,245 |
Administration fees | |
Class A | 76,968 |
Class C | 1,826 |
Administrator Class | 67,029 |
Shareholder servicing fees | |
Class A | 91,629 |
Class C | 2,174 |
Administrator Class | 128,902 |
Distribution fee | |
Class C | 6,514 |
Custody and accounting fees | 423 |
Professional fees | 18,285 |
Registration fees | 6,156 |
Shareholder report expenses | 4,481 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 3,902 |
Total expenses | 685,501 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (10,216) |
Class A | (424) |
Administrator Class | (10,430) |
Net expenses | 664,431 |
Net investment income | 422,613 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolios | 9,264,819 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolios | (1,278,302) |
Net realized and unrealized gains (losses) on investments | 7,986,517 |
Net increase in net assets resulting from operations | $ 8,409,130 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 422,613 | $ 723,021 | ||
Net realized gains on investments | 9,264,819 | 27,737,789 | ||
Net change in unrealized gains (losses) on investments | (1,278,302) | 28,940,981 | ||
Net increase in net assets resulting from operations | 8,409,130 | 57,401,791 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,170,073) | ||
Class C | 0 | (146,977) | ||
Administrator Class | 0 | (7,647,442) | ||
Total distributions to shareholders | 0 | (12,964,492) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 21,804 | 615,042 | 43,959 | 1,047,373 |
Class C | 434 | 10,109 | 8,854 | 180,223 |
Administrator Class | 42,500 | 1,194,021 | 189,208 | 4,532,096 |
1,819,172 | 5,759,692 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 220,012 | 5,137,750 |
Class C | 0 | 0 | 7,549 | 146,977 |
Administrator Class | 0 | 0 | 322,033 | 7,579,820 |
0 | 12,864,547 | |||
Payment for shares redeemed | ||||
Class A | (138,640) | (3,900,389) | (366,549) | (8,702,717) |
Class C | (2,889) | (68,574) | (17,006) | (343,155) |
Administrator Class | (179,349) | (5,054,030) | (842,396) | (20,041,824) |
(9,022,993) | (29,087,696) | |||
Net decrease in net assets resulting from capital share transactions | (7,203,821) | (10,463,457) | ||
Total increase in net assets | 1,205,309 | 33,973,842 | ||
Net assets | ||||
Beginning of period | 174,429,793 | 140,455,951 | ||
End of period | $175,635,102 | $174,429,793 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $27.05 | $20.40 | $21.36 | $26.48 | $29.37 | $27.30 |
Net investment income | 0.06 1 | 0.08 1 | 0.11 1 | 0.18 1 | 0.16 1 | 0.13 |
Net realized and unrealized gains (losses) on investments | 1.24 | 8.56 | 1.18 | (0.55) | 3.93 | 3.94 |
Total from investment operations | 1.30 | 8.64 | 1.29 | (0.37) | 4.09 | 4.07 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.07) | (0.17) | (0.13) | (0.17) | (0.22) |
Net realized gains | 0.00 | (1.92) | (2.08) | (4.62) | (6.81) | (1.78) |
Total distributions to shareholders | 0.00 | (1.99) | (2.25) | (4.75) | (6.98) | (2.00) |
Net asset value, end of period | $28.35 | $27.05 | $20.40 | $21.36 | $26.48 | $29.37 |
Total return2 | 4.77% | 44.02% | 5.27% | (0.57)% | 14.68% | 15.59% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.11% | 1.31% | 1.39% | 1.37% | 1.38% | 1.40% |
Net expenses | 1.11% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income | 0.41% | 0.32% | 0.52% | 0.75% | 0.55% | 0.63% |
Supplemental data | ||||||
Portfolio turnover rate3 | 26% | 122% | 81% | 91% | 70% | 90% |
Net assets, end of period (000s omitted) | $72,136 | $71,971 | $56,387 | $61,692 | $69,766 | $68,678 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.30% |
Year ended May 31, 2021 | 0.45% |
Year ended May 31, 2020 | 0.51% |
Year ended May 31, 2019 | 0.50% |
Year ended May 31, 2018 | 0.53% |
Year ended May 31, 2017 | 0.57% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying each affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the respective affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $22.55 | $17.35 | $18.45 | $23.58 | $26.86 | $25.12 |
Net investment loss | (0.04) 1 | (0.09) 1 | (0.04) 1 | (0.01) 1 | (0.05) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | 1.04 | 7.21 | 1.03 | (0.50) | 3.58 | 3.57 |
Total from investment operations | 1.00 | 7.12 | 0.99 | (0.51) | 3.53 | 3.54 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.01) | 0.00 | (0.00) 2 | (0.02) |
Net realized gains | 0.00 | (1.92) | (2.08) | (4.62) | (6.81) | (1.78) |
Total distributions to shareholders | 0.00 | (1.92) | (2.09) | (4.62) | (6.81) | (1.80) |
Net asset value, end of period | $23.55 | $22.55 | $17.35 | $18.45 | $23.58 | $26.86 |
Total return3 | 4.43% | 42.88% | 4.53% | (1.34)% | 13.89% | 14.71% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.86% | 2.06% | 2.14% | 2.11% | 2.13% | 2.15% |
Net expenses | 1.86% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Net investment loss | (0.34)% | (0.43)% | (0.23)% | (0.04)% | (0.21)% | (0.13)% |
Supplemental data | ||||||
Portfolio turnover rate4 | 26% | 122% | 81% | 91% | 70% | 90% |
Net assets, end of period (000s omitted) | $1,716 | $1,698 | $1,317 | $1,425 | $2,245 | $2,355 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.30% |
Year ended May 31, 2021 | 0.45% |
Year ended May 31, 2020 | 0.51% |
Year ended May 31, 2019 | 0.50% |
Year ended May 31, 2018 | 0.53% |
Year ended May 31, 2017 | 0.57% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying each affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the respective affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $27.23 | $20.53 | $21.47 | $26.60 | $29.46 | $27.38 |
Net investment income | 0.08 1 | 0.14 1 | 0.17 | 0.24 1 | 0.23 1 | 0.24 1 |
Net realized and unrealized gains (losses) on investments | 1.25 | 8.61 | 1.20 | (0.57) | 3.95 | 3.91 |
Total from investment operations | 1.33 | 8.75 | 1.37 | (0.33) | 4.18 | 4.15 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13) | (0.23) | (0.18) | (0.23) | (0.29) |
Net realized gains | 0.00 | (1.92) | (2.08) | (4.62) | (6.81) | (1.78) |
Total distributions to shareholders | 0.00 | (2.05) | (2.31) | (4.80) | (7.04) | (2.07) |
Net asset value, end of period | $28.56 | $27.23 | $20.53 | $21.47 | $26.60 | $29.46 |
Total return2 | 4.85% | 44.30% | 5.59% | (0.35)% | 14.99% | 15.86% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.03% | 1.23% | 1.31% | 1.29% | 1.30% | 1.32% |
Net expenses | 0.99% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income | 0.53% | 0.57% | 0.77% | 1.00% | 0.79% | 0.87% |
Supplemental data | ||||||
Portfolio turnover rate3 | 26% | 122% | 81% | 91% | 70% | 90% |
Net assets, end of period (000s omitted) | $101,783 | $100,760 | $82,752 | $87,665 | $98,668 | $119,893 |
* | Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.30% |
Year ended May 31, 2021 | 0.45% |
Year ended May 31, 2020 | 0.51% |
Year ended May 31, 2019 | 0.50% |
Year ended May 31, 2018 | 0.53% |
Year ended May 31, 2017 | 0.57% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying each affiliated Master Portfolio’s percentage of the Fund’s total investment in securities by the respective affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $32,572,370 |
Gross unrealized losses | 0 |
Net unrealized gains | $32,572,370 |
Affiliated Master Portfolio | Investment objective |
Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
Allspring Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Seeks long-term capital appreciation |
Allspring Index Portfolio | Seeks to replicate the total return of the S&P 500 Index, before fees and expenses |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300% |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 1.25% |
Class C | 2.00 |
Administrator Class | 1.00 |
Shares voted “For” | 3,942,239 |
Shares voted “Against” | 124,252 |
Shares voted “Abstain” | 231,137 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g449184img660726a61.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA281/SAR281 11-21
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Allspring Emerging Growth Portfolio | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g270521img47cfb05c2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g270521imgca17f3ce3.jpg)
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, David Nazaret, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WEMAX) | 3-31-2008 | 10.92 | 20.29 | 15.31 | 17.69 | 21.72 | 16.00 | 1.35 | 1.28 | ||
Class C (WEMCX) | 3-31-2008 | 15.86 | 20.83 | 15.14 | 16.86 | 20.83 | 15.14 | 2.10 | 2.03 | ||
Class R6 (WEGRX)3 | 7-31-2018 | – | – | – | 18.19 | 22.28 | 16.54 | 0.92 | 0.85 | ||
Administrator Class (WFGDX) | 1-31-2007 | – | – | – | 17.82 | 21.84 | 16.16 | 1.27 | 1.20 | ||
Institutional Class (WEMIX) | 3-31-2008 | – | – | – | 18.20 | 22.20 | 16.50 | 1.02 | 0.90 | ||
Russell 2000® Growth Index4 | – | – | – | – | 11.95 | 14.74 | 14.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.85% for Class R6, 1.20% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
ASGN Incorporated | 3.48 |
Rapid7 Incorporated | 3.30 |
SPS Commerce Incorporated | 2.87 |
Shockwave Medical Incorporated | 2.83 |
Boot Barn Holdings Incorporated | 2.74 |
Crocs Incorporated | 2.71 |
Sprout Social Incorporated Class A | 2.63 |
Codexis Incorporated | 2.53 |
Workiva Incorporated | 2.51 |
Novanta Incorporated | 2.31 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g270521imgf4f9e47d4.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,062.05 | $ 6.56 | 1.27% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.70 | $ 6.43 | 1.27% |
Class C | ||||
Actual | $1,000.00 | $1,058.33 | $10.47 | 2.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.89 | $10.25 | 2.03% |
Class R6 | ||||
Actual | $1,000.00 | $1,063.95 | $ 4.40 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $ 4.31 | 0.85% |
Administrator Class | ||||
Actual | $1,000.00 | $1,062.70 | $ 6.21 | 1.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $ 6.07 | 1.20% |
Institutional Class | ||||
Actual | $1,000.00 | $1,064.23 | $ 4.66 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.56 | $ 4.56 | 0.90% |
Value | |||||
Investment companies: 99.79% | |||||
Affiliated master portfolio: 99.79% | |||||
Allspring Emerging Growth Portfolio | $518,157,292 | ||||
Total Investment companies (Cost $298,639,817) | 518,157,292 | ||||
Total investments in securities (Cost $298,639,817) | 99.79% | 518,157,292 | |||
Other assets and liabilities, net | 0.21 | 1,076,254 | |||
Total net assets | 100.00% | $519,233,546 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Securities lending income allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Emerging Growth Portfolio | 95.20% | 91.83% | $250,263,414 | $(175,003,562) | $301,687 | $173,697 | $1,021 | $518,157,292 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $298,639,817) | $ 518,157,292 |
Receivable for Fund shares sold | 1,716,564 |
Receivable from manager | 26,962 |
Prepaid expenses and other assets | 41,068 |
Total assets | 519,941,886 |
Liabilities | |
Payable for Fund shares redeemed | 495,671 |
Administration fees payable | 74,218 |
Shareholder servicing fees payable | 56,035 |
Shareholder report expenses payable | 52,428 |
Trustees’ fees and expenses payable | 2,931 |
Distribution fee payable | 1,522 |
Accrued expenses and other liabilities | 25,535 |
Total liabilities | 708,340 |
Total net assets | $519,233,546 |
Net assets consist of | |
Paid-in capital | $ (18,156,507) |
Total distributable earnings | 537,390,053 |
Total net assets | $519,233,546 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 218,391,096 |
Shares outstanding – Class A1 | 11,390,777 |
Net asset value per share – Class A | $19.17 |
Maximum offering price per share – Class A2 | $20.34 |
Net assets – Class C | $ 2,256,678 |
Shares outstanding – Class C1 | 148,057 |
Net asset value per share – Class C | $15.24 |
Net assets – Class R6 | $ 22,910,601 |
Shares outstanding – Class R61 | 1,043,065 |
Net asset value per share – Class R6 | $21.96 |
Net assets – Administrator Class | $ 29,403,311 |
Shares outstanding – Administrator Class1 | 1,458,041 |
Net asset value per share – Administrator Class | $20.17 |
Net assets – Institutional Class | $ 246,271,860 |
Shares outstanding – Institutional Class1 | 11,261,818 |
Net asset value per share – Institutional Class | $21.87 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio | $ 301,687 |
Securities lending income allocated from affiliated Master Portfolio | 173,697 |
Affiliated income allocated from affiliated Master Portfolio | 1,021 |
Expenses allocated from affiliated Master Portfolio | (2,976,005) |
Total investment income | (2,499,600) |
Expenses | |
Management fee | 183,374 |
Administration fees | |
Class A | 238,896 |
Class C | 2,514 |
Class R6 | 3,545 |
Administrator Class | 19,925 |
Institutional Class | 292,043 |
Shareholder servicing fees | |
Class A | 284,400 |
Class C | 2,993 |
Administrator Class | 38,250 |
Distribution fee | |
Class C | 8,978 |
Custody and accounting fees | 6,755 |
Professional fees | 19,390 |
Registration fees | 32,399 |
Shareholder report expenses | 4,917 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 3,886 |
Total expenses | 1,152,232 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (254,514) |
Class A | (13,888) |
Institutional Class | (89,614) |
Net expenses | 794,216 |
Net investment loss | (3,293,816) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 250,263,414 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (175,003,562) |
Net realized and unrealized gains (losses) on investments | 75,259,852 |
Net increase in net assets resulting from operations | $ 71,966,036 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment loss | $ (3,293,816) | $ (6,987,906) | ||
Net realized gains on investments | 250,263,414 | 164,596,232 | ||
Net change in unrealized gains (losses) on investments | (175,003,562) | 172,105,999 | ||
Net increase in net assets resulting from operations | 71,966,036 | 329,714,325 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (40,824,693) | ||
Class C | 0 | (488,552) | ||
Class R6 | 0 | (4,264,478) | ||
Administrator Class | 0 | (5,278,969) | ||
Institutional Class | 0 | (104,301,425) | ||
Total distributions to shareholders | 0 | (155,158,117) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 141,556 | 2,780,841 | 594,602 | 10,958,344 |
Class C | 13,870 | 215,104 | 67,936 | 1,035,606 |
Class R6 | 197,273 | 4,647,257 | 203,245 | 4,206,281 |
Administrator Class | 47,460 | 976,328 | 354,817 | 6,842,617 |
Institutional Class | 2,042,244 | 45,741,214 | 8,415,847 | 166,124,291 |
54,360,744 | 189,167,139 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 2,332,324 | 38,903,166 |
Class C | 0 | 0 | 36,568 | 488,552 |
Class R6 | 0 | 0 | 68,148 | 1,296,851 |
Administrator Class | 0 | 0 | 299,668 | 5,253,185 |
Institutional Class | 0 | 0 | 5,494,647 | 104,178,513 |
0 | 150,120,267 | |||
Payment for shares redeemed | ||||
Class A | (430,719) | (8,463,044) | (1,365,780) | (24,392,486) |
Class C | (28,082) | (436,029) | (71,196) | (1,109,781) |
Class R6 | (207,156) | (4,825,842) | (409,558) | (8,565,269) |
Administrator Class | (103,096) | (2,094,375) | (528,979) | (9,983,853) |
Institutional Class | (22,338,472) | (503,478,220) | (11,301,966) | (220,272,610) |
(519,297,510) | (264,323,999) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (464,936,766) | 74,963,407 | ||
Total increase (decrease) in net assets | (392,970,730) | 249,519,615 | ||
Net assets | ||||
Beginning of period | 912,204,276 | 662,684,661 | ||
End of period | $ 519,233,546 | $ 912,204,276 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.05 | $14.71 | $13.51 | $17.04 | $14.57 | $12.55 |
Net investment loss | (0.11) 1 | (0.20) 1 | (0.17) | (0.16) 1 | (0.15) | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 1.23 | 7.69 | 2.13 | (0.19) | 4.57 | 2.96 |
Total from investment operations | 1.12 | 7.49 | 1.96 | (0.35) | 4.42 | 2.86 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $19.17 | $18.05 | $14.71 | $13.51 | $17.04 | $14.57 |
Total return2 | 6.20% | 53.22% | 14.97% | (0.84)% | 32.91% | 23.39% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.35% | 1.35% | 1.36% | 1.35% | 1.36% | 1.36% |
Net expenses | 1.27% | 1.27% | 1.27% | 1.29% | 1.35% | 1.35% |
Net investment loss | (1.13)% | (1.12)% | (1.08)% | (1.06)% | (1.01)% | (0.72)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $218,391 | $210,838 | $148,866 | $145,898 | $153,526 | $129,724 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.41 | $12.40 | $11.58 | $15.19 | $13.28 | $11.58 |
Net investment loss | (0.15) 1 | (0.28) 1 | (0.21) 1 | (0.25) 1 | (0.25) 1 | (0.19) 1 |
Net realized and unrealized gains (losses) on investments | 0.98 | 6.44 | 1.79 | (0.18) | 4.11 | 2.73 |
Total from investment operations | 0.83 | 6.16 | 1.58 | (0.43) | 3.86 | 2.54 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $15.24 | $14.41 | $12.40 | $11.58 | $15.19 | $13.28 |
Total return2 | 5.76% | 52.19% | 14.16% | (1.55)% | 31.82% | 22.56% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.10% | 2.10% | 2.11% | 2.10% | 2.11% | 2.11% |
Net expenses | 2.03% | 2.03% | 2.03% | 2.04% | 2.10% | 2.10% |
Net investment loss | (1.89)% | (1.89)% | (1.84)% | (1.78)% | (1.76)% | (1.46)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $2,257 | $2,338 | $1,599 | $1,761 | $4,190 | $3,328 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $20.64 | $16.34 | $14.86 | $18.70 |
Net investment loss | (0.08) | (0.14) | (0.10) 2 | (0.07) 2 |
Net realized and unrealized gains (losses) on investments | 1.40 | 8.59 | 2.34 | (0.59) |
Total from investment operations | 1.32 | 8.45 | 2.24 | (0.66) |
Distributions to shareholders from | ||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) |
Net asset value, end of period | $21.96 | $20.64 | $16.34 | $14.86 |
Total return3 | 6.40% | 53.85% | 15.51% | (2.35)% |
Ratios to average net assets (annualized)* | ||||
Gross expenses | 0.92% | 0.92% | 0.93% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.71)% | (0.68)% | (0.67)% | (0.51)% |
Supplemental data | ||||
Portfolio turnover rate4 | 28% | 48% | 55% | 71% |
Net assets, end of period (000s omitted) | $22,911 | $21,729 | $19,458 | $22 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 20191 | 0.81% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.98 | $15.31 | $14.02 | $17.54 | $14.93 | $12.82 |
Net investment loss | (0.11) 1 | (0.20) 1 | (0.14) 1 | (0.15) 1 | (0.14) 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | 1.30 | 8.02 | 2.19 | (0.19) | 4.70 | 3.02 |
Total from investment operations | 1.19 | 7.82 | 2.05 | (0.34) | 4.56 | 2.95 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $20.17 | $18.98 | $15.31 | $14.02 | $17.54 | $14.93 |
Total return2 | 6.27% | 53.31% | 15.07% | (0.75)% | 33.06% | 23.60% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.27% | 1.27% | 1.28% | 1.27% | 1.28% | 1.26% |
Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment loss | (1.06)% | (1.05)% | (1.01)% | (0.94)% | (0.86)% | (0.48)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $29,403 | $28,730 | $21,250 | $23,549 | $52,335 | $50,865 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.55 | $16.29 | $14.83 | $18.30 | $15.46 | $13.20 |
Net investment loss | (0.09) 1 | (0.15) | (0.11) 1 | (0.13) | (0.09) | (0.04) 1 |
Net realized and unrealized gains (losses) on investments | 1.41 | 8.56 | 2.33 | (0.16) | 4.88 | 3.14 |
Total from investment operations | 1.32 | 8.41 | 2.22 | (0.29) | 4.79 | 3.10 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $21.87 | $20.55 | $16.29 | $14.83 | $18.30 | $15.46 |
Total return2 | 6.42% | 53.75% | 15.40% | (0.42)% | 33.44% | 24.08% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.01% | 1.02% | 1.03% | 1.02% | 1.03% | 1.03% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment loss | (0.78)% | (0.75)% | (0.71)% | (0.67)% | (0.56)% | (0.24)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $246,272 | $648,569 | $471,512 | $578,073 | $606,729 | $534,846 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $219,517,475 |
Gross unrealized losses | (749,454) |
Net unrealized gains | $218,768,021 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Emerging Growth Portfolio | Seek long-term capital appreciation | $518,157,292 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.28% |
Class C | 2.03 |
Class R6 | 0.85 |
Administrator Class | 1.20 |
Institutional Class | 0.90 |
Date | Value of securities issued | Cash paid | Realized gains (losses) | % of the Fund |
8-27-2021 | $348,404,897 | $1,817,058 | $193,594,260 | 39.45% |
Shares | Value | ||||
Common stocks: 98.26% | |||||
Communication services: 1.58% | |||||
Interactive media & services: 0.85% | |||||
Eventbrite Incorporated Class A † | 316,060 | $ 4,772,506 | |||
Media: 0.73% | |||||
Magnite Incorporated † | 92,350 | 1,628,131 | |||
TechTarget Incorporated † | 25,900 | 2,502,717 | |||
4,130,848 | |||||
Consumer discretionary: 15.78% | |||||
Auto components: 2.08% | |||||
Fox Factory Holding Corporation † | 66,718 | 11,727,023 | |||
Hotels, restaurants & leisure: 3.96% | |||||
Bally's Corporation † | 89,576 | 3,434,344 | |||
F45 Training Holdings Incorporated †« | 122,845 | 1,307,071 | |||
Papa John's International Incorporated | 84,665 | 10,322,357 | |||
Wingstop Incorporated | 45,378 | 7,287,707 | |||
22,351,479 | |||||
Internet & direct marketing retail: 0.83% | |||||
CarParts.com Incorporated † | 136,120 | 1,683,804 | |||
Fiverr International Limited † | 21,156 | 2,996,113 | |||
4,679,917 | |||||
Leisure products: 1.39% | |||||
YETI Holdings Incorporated † | 84,940 | 7,828,070 | |||
Specialty retail: 4.02% | |||||
Boot Barn Holdings Incorporated † | 126,450 | 15,469,893 | |||
Leslie's Incorporated † | 199,514 | 4,181,813 | |||
Lithia Motors Incorporated Class A | 10,442 | 3,042,068 | |||
22,693,774 | |||||
Textiles, apparel & luxury goods: 3.50% | |||||
Crocs Incorporated † | 93,575 | 15,348,172 | |||
Deckers Outdoor Corporation † | 10,903 | 4,420,076 | |||
19,768,248 | |||||
Consumer staples: 3.35% | |||||
Beverages: 0.98% | |||||
Celsius Holdings Incorporated † | 81,085 | 5,547,025 | |||
Food & staples retailing: 1.10% | |||||
The Chef's Warehouse Incorporated † | 199,595 | 6,201,417 | |||
Food products: 1.27% | |||||
Freshpet Incorporated † | 43,318 | 4,679,210 | |||
Vital Farms Incorporated † | 145,271 | 2,456,533 | |||
7,135,743 |
Shares | Value | ||||
Financials: 4.89% | |||||
Capital markets: 1.86% | |||||
Assetmark Financial Holdings † | 20,544 | $ 520,996 | |||
Bakkt Holdings Incorporated †« | 57,995 | 905,302 | |||
Stifel Financial Corporation | 127,866 | 9,079,765 | |||
10,506,063 | |||||
Insurance: 3.03% | |||||
Goosehead Insurance Incorporated Class A | 33,296 | 4,372,431 | |||
Kinsale Capital Group Incorporated | 61,193 | 12,728,144 | |||
17,100,575 | |||||
Health care: 24.42% | |||||
Biotechnology: 6.00% | |||||
Arcutis Biotherapeutics Incorporated † | 183,756 | 3,044,837 | |||
Biohaven Pharmaceutical Holding Company † | 23,416 | 2,628,212 | |||
CareDx Incorporated † | 72,578 | 3,131,015 | |||
Cytokinetics Incorporated † | 51,500 | 2,026,010 | |||
Fate Therapeutics Incorporated † | 57,367 | 3,155,759 | |||
Halozyme Therapeutics Incorporated † | 177,240 | 5,827,651 | |||
Natera Incorporated † | 51,868 | 4,743,847 | |||
Vericel Corporation † | 250,133 | 9,307,449 | |||
33,864,780 | |||||
Health care equipment & supplies: 9.58% | |||||
Axonics Modulation Technologies Incorporated † | 140,350 | 7,636,444 | |||
Figs Incorporated Class A †« | 118,103 | 3,925,744 | |||
Nyxoah SA † | 39,070 | 820,470 | |||
Orthopediatrics Corporation † | 104,481 | 5,820,637 | |||
Outset Medical Incorporated † | 70,511 | 3,342,221 | |||
Pulmonx Corporation † | 92,744 | 2,995,631 | |||
Shockwave Medical Incorporated † | 88,925 | 16,027,842 | |||
SI-BONE Incorporated † | 222,393 | 4,281,065 | |||
Silk Road Medical Incorporated † | 39,824 | 1,616,058 | |||
Tandem Diabetes Care Incorporated † | 33,510 | 4,306,705 | |||
Vapotherm Incorporated † | 149,077 | 3,279,694 | |||
54,052,511 | |||||
Health care providers & services: 1.76% | |||||
Accolade Incorporated † | 76,350 | 1,959,905 | |||
Castle Biosciences Incorporated † | 135,756 | 5,610,795 | |||
Privia Health Group Incorporated † | 101,327 | 2,340,654 | |||
9,911,354 | |||||
Health care technology: 3.38% | |||||
CVRx Incorporated † | 74,188 | 859,097 | |||
Inspire Medical Systems Incorporated † | �� | 41,599 | 9,287,809 | ||
Phreesia Incorporated † | 154,098 | 8,888,373 | |||
19,035,279 | |||||
Life sciences tools & services: 3.70% | |||||
Akoya Biosciences Incorporated † | 142,046 | 1,843,757 | |||
Alpha Teknova Incorporated † | 59,668 | 1,334,176 |
Shares | Value | ||||
Life sciences tools & services (continued) | |||||
Codexis Incorporated † | 411,927 | $ 14,297,986 | |||
Neogenomics Incorporated † | 99,744 | 3,417,229 | |||
20,893,148 | |||||
Industrials: 14.31% | |||||
Building products: 2.10% | |||||
The AZEK Company Incorporated † | 74,597 | 2,925,694 | |||
Zurn Water Solutions Corporation | 254,384 | 8,916,159 | |||
11,841,853 | |||||
Commercial services & supplies: 2.68% | |||||
ACV Auctions Incorporated Class A † | 198,305 | 4,200,100 | |||
Casella Waste Systems Incorporated Class A † | 128,941 | 10,931,618 | |||
15,131,718 | |||||
Construction & engineering: 0.66% | |||||
Construction Partners Incorporated Class A † | 107,285 | 3,705,624 | |||
Electrical equipment: 1.59% | |||||
Regal-Beloit Corporation | 56,717 | 8,966,958 | |||
Professional services: 3.51% | |||||
ASGN Incorporated † | 161,901 | 19,700,110 | |||
Legalzoom.com Incorporated †« | 7,111 | 128,069 | |||
19,828,179 | |||||
Road & rail: 1.95% | |||||
Saia Incorporated † | 33,211 | 10,998,819 | |||
Trading companies & distributors: 1.82% | |||||
SiteOne Landscape Supply Incorporated † | 42,727 | 10,269,862 | |||
Information technology: 33.22% | |||||
Electronic equipment, instruments & components: 2.72% | |||||
Novanta Incorporated † | 81,002 | 13,077,773 | |||
Par Technology Corporation †« | 43,520 | 2,279,142 | |||
15,356,915 | |||||
IT services: 4.78% | |||||
BigCommerce Holdings Incorporated Series 1 † | 148,710 | 6,732,102 | |||
DigitalOcean Holdings Incorporated † | 53,950 | 5,438,700 | |||
Endava plc ADR † | 57,514 | 9,003,242 | |||
EVO Payments Incorporated Class A † | 174,617 | 3,717,596 | |||
Paymentus Holdings Incorporated A †« | 69,730 | 2,061,219 | |||
26,952,859 | |||||
Semiconductors & semiconductor equipment: 5.73% | |||||
Allegro MicroSystems Incorporated † | 221,212 | 6,908,451 | |||
Diodes Incorporated † | 92,586 | 9,846,521 | |||
Semtech Corporation † | 116,756 | 10,002,487 | |||
Silicon Laboratories Incorporated † | 16,274 | 3,194,098 | |||
Skywater Technology Incorporated †« | 128,398 | 2,402,327 | |||
32,353,884 |
Shares | Value | ||||
Software: 19.99% | |||||
8x8 Incorporated † | 161,185 | $ 3,473,537 | |||
Alkami Technology Incorporated † | 175,622 | 5,038,595 | |||
CyberArk Software Limited † | 58,860 | 10,173,951 | |||
Domo Incorporated Class B † | 58,500 | 4,232,475 | |||
Everbridge Incorporated † | 32,551 | 3,691,934 | |||
Jamf Holding Corporation † | 176,618 | 5,692,398 | |||
Olo Incorporated Class A † | 101,349 | 2,489,131 | |||
Paycor HCM Incorporated † | 183,895 | 5,413,869 | |||
Q2 Holdings Incorporated † | 86,705 | 6,962,412 | |||
Rapid7 Incorporated † | 150,375 | 18,655,523 | |||
SimilarWeb Limited †« | 94,700 | 1,643,992 | |||
Sprout Social Incorporated Class A † | 133,196 | 14,875,329 | |||
SPS Commerce Incorporated † | 115,196 | 16,241,484 | |||
Workiva Incorporated † | 101,720 | 14,186,888 | |||
112,771,518 | |||||
Utilities: 0.71% | |||||
Independent power & renewable electricity producers: 0.71% | |||||
Sunnova Energy International Incorporated † | 108,872 | 4,024,998 | |||
Total Common stocks (Cost $311,142,999) | 554,402,947 |
Investment companies: 1.21% | |||||
Exchange-traded funds: 1.21% | |||||
iShares Russell 2000 Growth ETF « | 23,400 | 6,834,906 | |||
Total Investment companies (Cost $7,477,816) | 6,834,906 |
Yield | |||||
Short-term investments: 3.94% | |||||
Investment companies: 3.94% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 3,624,668 | 3,624,668 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 18,623,216 | 18,623,216 | ||
Total Short-term investments (Cost $22,247,884) | 22,247,884 | ||||
Total investments in securities (Cost $340,868,699) | 103.41% | 583,485,737 | |||
Other assets and liabilities, net | (3.41) | (19,238,893) | |||
Total net assets | 100.00% | $564,246,844 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $9,477,635 | $ 89,180,624 | $ (95,033,591) | $0 | $0 | $ 3,624,668 | 3,624,668 | $ 1,093 | ||
Securities Lending Cash Investments LLC | 3,883,200 | 119,094,272 | (104,354,256) | 0 | 0 | 18,623,216 | 18,623,216 | 1,810 # | ||
$0 | $0 | $22,247,884 | $2,903 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $18,183,893 of securities loaned), at value (cost $318,620,815) | $ 561,237,853 |
Investments in affiliated securities, at value (cost $22,247,884) | 22,247,884 |
Receivable for securities lending income, net | 122,329 |
Receivable for dividends | 41,491 |
Prepaid expenses and other assets | 10,929 |
Total assets | 583,660,486 |
Liabilities | |
Payable upon receipt of securities loaned | 18,623,216 |
Advisory fee payable | 402,497 |
Payable for investments purchased | 367,610 |
Accrued expenses and other liabilities | 20,319 |
Total liabilities | 19,413,642 |
Total net assets | $564,246,844 |
Investment income | |
Dividends | $ 321,726 |
Securities lending income (including from affiliate), net | 188,228 |
Income from affiliated securities | 1,093 |
Total investment income | 511,047 |
Expenses | |
Advisory fee | 3,092,830 |
Custody and accounting fees | 33,132 |
Professional fees | 25,304 |
Interest holder report expenses | 4,748 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 11,543 |
Total expenses | 3,177,219 |
Net investment loss | (2,666,172) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 271,451,909 |
Net change in unrealized gains (losses) on investments | (192,758,630) |
Net realized and unrealized gains (losses) on investments | 78,693,279 |
Net increase in net assets resulting from operations | $ 76,027,107 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment loss | $ (2,666,172) | $ (5,761,179) |
Net realized gains on investments | 271,451,909 | 181,278,904 |
Net change in unrealized gains (losses) on investments | (192,758,630) | 176,777,300 |
Net increase in net assets resulting from operations | 76,027,107 | 352,295,025 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 27,581,657 | 97,803,647 |
Withdrawals | (496,884,083) | (215,997,204) |
Net decrease in net assets resulting from capital transactions | (469,302,426) | (118,193,557) |
Total increase (decrease) in net assets | (393,275,319) | 234,101,468 |
Net assets | ||
Beginning of period | 957,522,163 | 723,420,695 |
End of period | $ 564,246,844 | $ 957,522,163 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 6.47% | 53.94% | 15.49% | (0.28)% | 33.60% | 23.97% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Net expenses | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Net investment loss | (0.68)% | (0.66)% | (0.62)% | (0.57)% | (0.47)% | (0.15)% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 48% | 55% | 71% | 47% | 115% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $269,154,469 |
Gross unrealized losses | (23,016,273) |
Net unrealized gains | $246,138,196 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 8,903,354 | $0 | $0 | $ 8,903,354 |
Consumer discretionary | 89,048,511 | 0 | 0 | 89,048,511 |
Consumer staples | 18,884,185 | 0 | 0 | 18,884,185 |
Financials | 27,606,638 | 0 | 0 | 27,606,638 |
Health care | 137,757,072 | 0 | 0 | 137,757,072 |
Industrials | 80,743,013 | 0 | 0 | 80,743,013 |
Information technology | 187,435,176 | 0 | 0 | 187,435,176 |
Utilities | 4,024,998 | 0 | 0 | 4,024,998 |
Investment companies | 6,834,906 | 0 | 0 | 6,834,906 |
Short-term investments | ||||
Investment companies | 22,247,884 | 0 | 0 | 22,247,884 |
Total assets | $583,485,737 | $0 | $0 | $583,485,737 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 438,346 | $ (438,346) | $0 |
Barclays Capital Incorporated | 258,024 | (258,024) | 0 |
BNP Paribas Securities Corporation | 2,228,094 | (2,228,094) | 0 |
Citigroup Global Markets Incorporated | 327,908 | (327,908) | 0 |
JPMorgan Securities LLC | 7,310,570 | (7,310,570) | 0 |
Morgan Stanley & Company LLC | 7,494,991 | (7,494,991) | 0 |
National Financial Services LLC | 125,960 | (125,960) | 0 |
Shares voted “For” | 29,098,947 | |
Shares voted “Against” | 399,064 | |
Shares voted “Abstain” | 634,441 |
Shares voted “For” | 29,089,406 | |
Shares voted “Against” | 387,365 | |
Shares voted “Abstain” | 655,681 |
Shares voted “For” | 29,046,393 | |
Shares voted “Against” | 447,364 | |
Shares voted “Abstain” | 638,695 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g270521imge2085dc61.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA282/SAR282 11-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g205661img8d14071c1.jpg)
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Allspring Index Fund | |
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Allspring Index Portfolio | |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g205661img8795013c2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g205661img857a75163.jpg)
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks to replicate the total returns of the S&P 500 Index, before fees and expenses. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | John R. Campbell, CFA®‡, David Neal, CFA®‡, Robert M. Wicentowski, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFILX) | 11-4-1998 | 20.03 | 15.93 | 14.88 | 27.34 | 17.31 | 15.57 | 0.66 | 0.45 | ||
Class C (WFINX) | 4-30-1999 | 25.39 | 16.46 | 14.72 | 26.39 | 16.46 | 14.72 | 1.41 | 1.20 | ||
Administrator Class (WFIOX) | 2-14-1985 | – | – | – | 27.59 | 17.54 | 15.85 | 0.43 | 0.25 | ||
S&P 500 Index3 | – | – | – | – | 27.92 | 17.90 | 16.16 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class A, 1.20% for Class C and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
Apple Incorporated | 6.56 |
Microsoft Corporation | 6.28 |
Amazon.com Incorporated | 3.86 |
Tesla Motors Incorporated | 2.35 |
Alphabet Incorporated Class A | 2.16 |
NVIDIA Corporation | 2.06 |
Alphabet Incorporated Class C | 2.03 |
Facebook Incorporated Class A | 1.95 |
Berkshire Hathaway Incorporated Class B | 1.30 |
JPMorgan Chase & Company | 1.20 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g205661imgb43597a64.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,091.29 | $2.31 | 0.44% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.86 | $2.23 | 0.44% |
Class C | ||||
Actual | $1,000.00 | $1,087.32 | $6.28 | 1.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $6.07 | 1.20% |
Administrator Class | ||||
Actual | $1,000.00 | $1,092.39 | $1.31 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.82 | $1.27 | 0.25% |
Value | |||||
Investment companies: 100.07% | |||||
Affiliated master portfolio: 100.07% | |||||
Allspring Index Portfolio | $1,334,494,181 | ||||
Total Investment companies (Cost $119,011,332) | 1,334,494,181 | ||||
Total investments in securities (Cost $119,011,332) | 100.07% | �� | 1,334,494,181 | ||
Other assets and liabilities, net | (0.07) | (879,445) | |||
Total net assets | 100.00% | $1,333,614,736 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Index Portfolio | 96.64% | 96.76% | $42,154,925 | $65,680,878 | $8,840,590 | $59,693 | $1,334,494,181 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $119,011,332) | $ 1,334,494,181 |
Receivable for Fund shares sold | 467,438 |
Receivable from manager | 127,545 |
Total assets | 1,335,089,164 |
Liabilities | |
Payable for Fund shares redeemed | 925,681 |
Shareholder servicing fees payable | 221,439 |
Administration fees payable | 206,382 |
Distribution fee payable | 8,119 |
Trustees’ fees and expenses payable | 2,966 |
Accrued expenses and other liabilities | 109,841 |
Total liabilities | 1,474,428 |
Total net assets | $1,333,614,736 |
Net assets consist of | |
Paid-in capital | $ 5,192,136 |
Total distributable earnings | 1,328,422,600 |
Total net assets | $1,333,614,736 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 882,187,192 |
Shares outstanding – Class A1 | 16,113,242 |
Net asset value per share – Class A | $54.75 |
Maximum offering price per share – Class A2 | $58.09 |
Net assets – Class C | $ 12,797,618 |
Shares outstanding – Class C1 | 229,938 |
Net asset value per share – Class C | $55.66 |
Net assets – Administrator Class | $ 438,629,926 |
Shares outstanding – Administrator Class1 | 7,810,633 |
Net asset value per share – Administrator Class | $56.16 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $42,718) | $ 8,840,590 |
Affiliated income allocated from affiliated Master Portfolio | 59,693 |
Expenses allocated from affiliated Master Portfolio | (708,177) |
Total investment income | 8,192,106 |
Expenses | |
Management fee | 329,078 |
Administration fees | |
Class A | 914,754 |
Class C | 13,406 |
Administrator Class | 281,028 |
Shareholder servicing fees | |
Class A | 1,088,993 |
Class C | 15,888 |
Administrator Class | 193,104 |
Distribution fee | |
Class C | 47,547 |
Custody and accounting fees | 1,925 |
Professional fees | 15,714 |
Registration fees | 3,657 |
Shareholder report expenses | 5,961 |
Trustees’ fees and expenses | 9,968 |
Other fees and expenses | 554 |
Total expenses | 2,921,577 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (865,129) |
Class A | (217,204) |
Class C | (2,547) |
Administrator Class | (712) |
Net expenses | 1,835,985 |
Net investment income | 6,356,121 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 42,154,925 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 65,680,878 |
Net realized and unrealized gains (losses) on investments | 107,835,803 |
Net increase in net assets resulting from operations | $114,191,924 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 6,356,121 | $ 13,016,141 | ||
Net realized gains on investments | 42,154,925 | 101,189,274 | ||
Net change in unrealized gains (losses) on investments | 65,680,878 | 267,094,800 | ||
Net increase in net assets resulting from operations | 114,191,924 | 381,300,215 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (99,506,178) | ||
Class C | 0 | (1,661,488) | ||
Administrator Class | 0 | (50,898,614) | ||
Total distributions to shareholders | 0 | (152,066,280) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 184,441 | 9,825,473 | 543,966 | 25,097,626 |
Class C | 12,256 | 664,186 | 12,993 | 609,026 |
Administrator Class | 230,505 | 12,543,116 | 1,009,053 | 47,555,074 |
23,032,775 | 73,261,726 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 2,188,868 | 96,461,288 |
Class C | 0 | 0 | 31,396 | 1,403,441 |
Administrator Class | 0 | 0 | 1,056,266 | 47,713,951 |
0 | 145,578,680 | |||
Payment for shares redeemed | ||||
Class A | (731,527) | (38,746,447) | (2,068,334) | (95,239,910) |
Class C | (27,088) | (1,457,586) | (183,902) | (8,615,422) |
Administrator Class | (478,581) | (25,992,665) | (2,159,572) | (101,444,640) |
(66,196,698) | (205,299,972) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (43,163,923) | 13,540,434 | ||
Total increase in net assets | 71,028,001 | 242,774,369 | ||
Net assets | ||||
Beginning of period | 1,262,586,735 | 1,019,812,366 | ||
End of period | $1,333,614,736 | $1,262,586,735 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.17 | $41.27 | $49.48 | $63.35 | $66.85 | $62.85 |
Net investment income | 0.24 | 0.48 | 0.65 | 0.82 | 0.99 1 | 1.05 |
Net realized and unrealized gains (losses) on investments | 4.34 | 14.92 | 5.82 | 0.54 | 7.99 | 9.09 |
Total from investment operations | 4.58 | 15.40 | 6.47 | 1.36 | 8.98 | 10.14 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.57) | (0.67) | (0.90) | (1.02) | (1.16) |
Net realized gains | 0.00 | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | 0.00 | (6.50) | (14.68) | (15.23) | (12.48) | (6.14) |
Net asset value, end of period | $54.75 | $50.17 | $41.27 | $49.48 | $63.35 | $66.85 |
Total return2 | 9.13% | 39.71% | 12.02% | 3.32% | 13.87% | 16.94% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.62% | 0.65% | 0.67% | 0.65% | 0.63% | 0.62% |
Net expenses | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% | 0.45% |
Net investment income | 0.91% | 1.08% | 1.47% | 1.51% | 1.49% | 1.68% |
Supplemental data | ||||||
Portfolio turnover rate3 | 1% | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $882,187 | $835,781 | $660,101 | $676,511 | $702,866 | $684,004 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $51.19 | $41.90 | $50.02 | $63.67 | $67.11 | $63.12 |
Net investment income | 0.17 | 0.16 1 | 0.30 | 0.46 1 | 0.50 1 | 0.66 |
Net realized and unrealized gains (losses) on investments | 4.30 | 15.21 | 5.84 | 0.52 | 8.00 | 9.02 |
Total from investment operations | 4.47 | 15.37 | 6.14 | 0.98 | 8.50 | 9.68 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.25) | (0.30) | (0.48) | (0.71) |
Net realized gains | 0.00 | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | 0.00 | (6.08) | (14.26) | (14.63) | (11.94) | (5.69) |
Net asset value, end of period | $55.66 | $51.19 | $41.90 | $50.02 | $63.67 | $67.11 |
Total return2 | 8.73% | 38.83% | 11.17% | 2.54% | 13.02% | 16.07% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.37% | 1.40% | 1.42% | 1.39% | 1.38% | 1.37% |
Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment income | 0.15% | 0.34% | 0.72% | 0.77% | 0.72% | 0.93% |
Supplemental data | ||||||
Portfolio turnover rate3 | 1% | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $12,798 | $12,530 | $16,103 | $19,146 | $66,117 | $67,691 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $51.41 | $42.15 | $50.24 | $64.04 | $67.43 | $63.33 |
Net investment income | 0.34 | 0.58 | 0.81 | 1.02 1 | 1.26 | 1.41 |
Net realized and unrealized gains (losses) on investments | 4.41 | 15.26 | 5.85 | 0.48 | 7.94 | 8.94 |
Total from investment operations | 4.75 | 15.84 | 6.66 | 1.50 | 9.20 | 10.35 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.65) | (0.74) | (0.97) | (1.13) | (1.27) |
Net realized gains | 0.00 | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | 0.00 | (6.58) | (14.75) | (15.30) | (12.59) | (6.25) |
Net asset value, end of period | $56.16 | $51.41 | $42.15 | $50.24 | $64.04 | $67.43 |
Total return2 | 9.24% | 39.97% | 12.25% | 3.52% | 14.10% | 17.18% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.38% | 0.42% | 0.44% | 0.41% | 0.40% | 0.39% |
Net expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
Net investment income | 1.10% | 1.28% | 1.67% | 1.72% | 1.70% | 1.88% |
Supplemental data | ||||||
Portfolio turnover rate3 | 1% | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $438,630 | $414,276 | $343,609 | $460,934 | $829,004 | $1,151,522 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $1,210,548,309 |
Gross unrealized losses | 0 |
Net unrealized gains | $1,210,548,309 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Index Portfolio | Seeks to replicate the total return of the S&P 500 Index, before fees and expenses | $1,334,494,181 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 0.45% |
Class C | 1.20 |
Administrator Class | 0.25 |
Shares | Value | ||||
Common stocks: 97.82% | |||||
Communication services: 10.13% | |||||
Diversified telecommunication services: 0.97% | |||||
AT&T Incorporated | 248,570 | $ 5,674,853 | |||
Lumen Technologies Incorporated | 34,629 | 427,322 | |||
Verizon Communications Incorporated | 144,133 | 7,245,566 | |||
13,347,741 | |||||
Entertainment: 1.67% | |||||
Activision Blizzard Incorporated | 27,075 | 1,586,595 | |||
Electronic Arts Incorporated | 9,907 | 1,230,648 | |||
Live Nation Entertainment Incorporated † | 4,587 | 489,204 | |||
Netflix Incorporated † | 15,408 | 9,890,395 | |||
Take-Two Interactive Software Incorporated † | 4,056 | 672,809 | |||
The Walt Disney Company † | 63,261 | 9,166,519 | |||
23,036,170 | |||||
Interactive media & services: 6.31% | |||||
Alphabet Incorporated Class A † | 10,482 | 29,747,383 | |||
Alphabet Incorporated Class C † | 9,809 | 27,946,233 | |||
Facebook Incorporated Class A † | 82,989 | 26,926,611 | |||
Match Group Incorporated † | 9,637 | 1,252,714 | |||
Twitter Incorporated † | 27,780 | 1,220,653 | |||
87,093,594 | |||||
Media: 1.02% | |||||
Charter Communications Incorporated Class A † | 4,416 | 2,853,972 | |||
Comcast Corporation Class A | 159,457 | 7,969,661 | |||
Discovery Incorporated Class A †« | 5,887 | 136,990 | |||
Discovery Incorporated Class C † | 10,574 | 240,136 | |||
DISH Network Corporation Class A † | 8,666 | 270,813 | |||
Fox Corporation Class A | 11,259 | 402,059 | |||
Fox Corporation Class B | 5,163 | 173,477 | |||
Interpublic Group of Companies Incorporated | 13,703 | 454,803 | |||
News Corporation Class A | 13,620 | 294,464 | |||
News Corporation Class B | 4,239 | 91,350 | |||
Omnicom Group Incorporated | 7,464 | 502,402 | |||
ViacomCBS Incorporated Class B | 21,091 | 652,766 | |||
14,042,893 | |||||
Wireless telecommunication services: 0.16% | |||||
T-Mobile US Incorporated † | 20,420 | 2,221,900 | |||
Consumer discretionary: 12.88% | |||||
Auto components: 0.14% | |||||
Aptiv plc † | 9,417 | 1,510,016 | |||
BorgWarner Incorporated | 8,348 | 361,301 | |||
1,871,317 | |||||
Automobiles: 2.75% | |||||
Ford Motor Company | 136,606 | 2,621,469 |
Shares | Value | ||||
Automobiles (continued) | |||||
General Motors Company † | 50,540 | $ 2,924,750 | |||
Tesla Motors Incorporated † | 28,249 | 32,338,325 | |||
37,884,544 | |||||
Distributors: 0.14% | |||||
Genuine Parts Company | 4,986 | 636,912 | |||
LKQ Corporation | 9,412 | 526,131 | |||
Pool Corporation | 1,396 | 773,552 | |||
1,936,595 | |||||
Hotels, restaurants & leisure: 1.82% | |||||
Booking Holdings Incorporated † | 1,429 | 3,003,544 | |||
Caesars Entertainment Incorporated † | 7,430 | 669,220 | |||
Carnival Corporation † | 27,800 | 489,836 | |||
Chipotle Mexican Grill Incorporated † | 978 | 1,607,255 | |||
Darden Restaurants Incorporated | 4,537 | 625,879 | |||
Domino's Pizza Incorporated | 1,283 | 672,472 | |||
Expedia Group Incorporated † | 5,058 | 814,793 | |||
Hilton Worldwide Holdings Incorporated † | 9,702 | 1,310,449 | |||
Las Vegas Sands Corporation † | 11,969 | 426,336 | |||
Marriott International Incorporated Class A † | 9,523 | 1,405,214 | |||
McDonald's Corporation | 25,999 | 6,359,355 | |||
MGM Resorts International | 13,924 | 551,112 | |||
Norwegian Cruise Line Holdings Limited †« | 12,882 | 251,328 | |||
Penn National Gaming Incorporated † | 5,782 | 296,212 | |||
Royal Caribbean Cruises Limited † | 7,803 | 544,805 | |||
Starbucks Corporation | 41,049 | 4,500,612 | |||
Wynn Resorts Limited † | 3,665 | 296,902 | |||
Yum! Brands Incorporated | 10,293 | 1,264,392 | |||
25,089,716 | |||||
Household durables: 0.37% | |||||
D.R. Horton Incorporated | 11,347 | 1,108,602 | |||
Garmin Limited | 5,289 | 706,293 | |||
Leggett & Platt Incorporated | 4,641 | 187,450 | |||
Lennar Corporation Class A | 9,563 | 1,004,593 | |||
Mohawk Industries Incorporated † | 1,947 | 326,843 | |||
Newell Rubbermaid Incorporated | 13,181 | 282,996 | |||
NVR Incorporated † | 117 | 611,365 | |||
PulteGroup Incorporated | 9,035 | 452,021 | |||
Whirlpool Corporation | 2,183 | 475,326 | |||
5,155,489 | |||||
Internet & direct marketing retail: 4.05% | |||||
Amazon.com Incorporated † | 15,163 | 53,177,702 | |||
eBay Incorporated | 22,631 | 1,526,687 | |||
Etsy Incorporated † | 4,407 | 1,210,074 | |||
55,914,463 | |||||
Leisure products: 0.03% | |||||
Hasbro Incorporated | 4,506 | 436,676 | |||
Multiline retail: 0.52% | |||||
Dollar General Corporation | 8,223 | 1,819,750 |
Shares | Value | ||||
Multiline retail (continued) | |||||
Dollar Tree Incorporated † | 8,075 | $ 1,080,677 | |||
Target Corporation | 17,223 | 4,199,656 | |||
7,100,083 | |||||
Specialty retail: 2.36% | |||||
Advance Auto Parts Incorporated | 2,278 | 502,800 | |||
AutoZone Incorporated † | 750 | 1,362,803 | |||
Bath & Body Works Incorporated | 9,217 | 692,473 | |||
Best Buy Company Incorporated | 7,848 | 838,637 | |||
CarMax Incorporated † | 5,672 | 801,170 | |||
Lowe's Companies Incorporated | 24,609 | 6,019,115 | |||
O'Reilly Automotive Incorporated † | 2,400 | 1,531,584 | |||
Ross Stores Incorporated | 12,433 | 1,356,316 | |||
The Gap Incorporated | 7,493 | 123,859 | |||
The Home Depot Incorporated | 37,016 | 14,828,980 | |||
The TJX Companies Incorporated | 42,002 | 2,914,939 | |||
Tractor Supply Company | 3,981 | 897,039 | |||
Ulta Beauty Incorporated † | 1,906 | 731,809 | |||
32,601,524 | |||||
Textiles, apparel & luxury goods: 0.70% | |||||
HanesBrands Incorporated | 12,155 | 196,303 | |||
Nike Incorporated Class B | 44,495 | 7,530,334 | |||
PVH Corporation | 2,484 | 265,242 | |||
Ralph Lauren Corporation | 1,693 | 196,456 | |||
Tapestry Incorporated | 9,708 | 389,485 | |||
Under Armour Incorporated Class A † | 6,567 | 154,916 | |||
Under Armour Incorporated Class C † | 7,255 | 145,608 | |||
VF Corporation | 11,345 | 813,777 | |||
9,692,121 | |||||
Consumer staples: 5.46% | |||||
Beverages: 1.30% | |||||
Brown-Forman Corporation Class B | 6,361 | 447,560 | |||
Constellation Brands Incorporated Class A | 5,857 | 1,319,758 | |||
Molson Coors Brewing Company Class B | 6,559 | 291,482 | |||
Monster Beverage Corporation † | 13,073 | 1,095,256 | |||
PepsiCo Incorporated | 48,117 | 7,688,134 | |||
The Coca-Cola Company | 135,250 | 7,093,863 | |||
17,936,053 | |||||
Food & staples retailing: 1.35% | |||||
Costco Wholesale Corporation | 15,390 | 8,301,058 | |||
Sysco Corporation | 17,810 | 1,247,412 | |||
The Kroger Company | 23,673 | 983,140 | |||
Walgreens Boots Alliance Incorporated | 24,994 | 1,119,731 | |||
Walmart Incorporated | 49,752 | 6,996,624 | |||
18,647,965 | |||||
Food products: 0.81% | |||||
Archer Daniels Midland Company | 19,474 | 1,211,478 | |||
Campbell Soup Company | 7,069 | 285,093 | |||
ConAgra Foods Incorporated | 16,722 | 510,857 | |||
General Mills Incorporated | 21,107 | 1,303,779 |
Shares | Value | ||||
Food products (continued) | |||||
Hormel Foods Corporation | 9,813 | $ 406,258 | |||
Kellogg Company | 8,900 | 544,502 | |||
Lamb Weston Holdings Incorporated | 5,052 | 262,300 | |||
McCormick & Company Incorporated | 8,675 | 744,489 | |||
Mondelez International Incorporated Class A | 48,663 | 2,868,197 | |||
The Hershey Company | 5,063 | 898,632 | |||
The J.M. Smucker Company | 3,772 | 477,045 | |||
The Kraft Heinz Company | 24,716 | 830,705 | |||
Tyson Foods Incorporated Class A | 10,264 | 810,445 | |||
11,153,780 | |||||
Household products: 1.26% | |||||
Church & Dwight Company Incorporated | 8,548 | 764,020 | |||
Colgate-Palmolive Company | 29,366 | 2,203,037 | |||
Kimberly-Clark Corporation | 11,724 | 1,527,754 | |||
The Clorox Company | 4,276 | 696,347 | |||
The Procter & Gamble Company | 84,508 | 12,218,167 | |||
17,409,325 | |||||
Personal products: 0.20% | |||||
The Estee Lauder Companies Incorporated Class A | 8,073 | 2,680,801 | |||
Tobacco: 0.54% | |||||
Altria Group Incorporated | 64,199 | 2,737,445 | |||
Philip Morris International Incorporated | 54,259 | 4,663,018 | |||
7,400,463 | |||||
Energy: 2.65% | |||||
Energy equipment & services: 0.20% | |||||
Baker Hughes Incorporated | 28,843 | 673,196 | |||
Halliburton Company | 31,002 | 669,333 | |||
Schlumberger Limited | 48,685 | 1,396,286 | |||
2,738,815 | |||||
Oil, gas & consumable fuels: 2.45% | |||||
APA Corporation | 13,160 | 339,133 | |||
Cabot Oil & Gas Corporation | 28,283 | 567,923 | |||
Chevron Corporation | 67,327 | 7,599,198 | |||
ConocoPhillips | 46,618 | 3,269,320 | |||
Devon Energy Corporation | 21,919 | 921,913 | |||
Diamondback Energy Incorporated | 5,925 | 632,375 | |||
EOG Resources Incorporated | 20,326 | 1,768,362 | |||
Exxon Mobil Corporation | 147,386 | 8,819,578 | |||
Hess Corporation | 9,595 | 715,019 | |||
Kinder Morgan Incorporated | 67,859 | 1,049,100 | |||
Marathon Oil Corporation | 27,447 | 425,154 | |||
Marathon Petroleum Corporation | 22,218 | 1,351,965 | |||
Occidental Petroleum Corporation | 30,881 | 915,622 | |||
ONEOK Incorporated | 15,515 | 928,418 | |||
Phillips 66 | 15,248 | 1,054,704 | |||
Pioneer Natural Resources Company | 7,899 | 1,408,550 | |||
The Williams Companies Incorporated | 42,297 | 1,133,137 | |||
Valero Energy Corporation | 14,233 | 952,757 | |||
33,852,228 |
Shares | Value | ||||
Financials: 10.60% | |||||
Banks: 4.05% | |||||
Bank of America Corporation | 257,799 | $ 11,464,322 | |||
Citigroup Incorporated | 70,560 | 4,494,672 | |||
Citizens Financial Group Incorporated | 14,834 | 701,203 | |||
Comerica Incorporated | 4,662 | 384,755 | |||
Fifth Third Bancorp | 24,046 | 1,013,539 | |||
First Republic Bank | 6,138 | 1,286,893 | |||
Huntington Bancshares Incorporated | 51,404 | 762,835 | |||
JPMorgan Chase & Company | 104,029 | 16,522,926 | |||
KeyCorp | 33,295 | 747,140 | |||
M&T Bank Corporation | 4,480 | 656,813 | |||
People's United Financial Incorporated | 14,899 | 253,879 | |||
PNC Financial Services Group Incorporated | 14,796 | 2,914,812 | |||
Regions Financial Corporation | 33,231 | 756,005 | |||
SVB Financial Group † | 2,042 | 1,413,738 | |||
Truist Financial Corporation | 46,470 | 2,756,136 | |||
US Bancorp | 46,970 | 2,599,320 | |||
Wells Fargo & Company | 142,959 | 6,830,581 | |||
Zions Bancorporation | 5,642 | 355,897 | |||
55,915,466 | |||||
Capital markets: 2.91% | |||||
Ameriprise Financial Incorporated | 3,960 | 1,146,816 | |||
Bank of New York Mellon Corporation | 27,646 | 1,514,724 | |||
BlackRock Incorporated | 4,981 | 4,505,862 | |||
Cboe Global Markets Incorporated | 3,712 | 478,625 | |||
CME Group Incorporated | 12,503 | 2,757,162 | |||
Franklin Resources Incorporated | 9,803 | 317,617 | |||
Intercontinental Exchange Incorporated | 19,606 | 2,562,896 | |||
Invesco Limited | 11,886 | 265,414 | |||
MarketAxess Holdings Incorporated | 1,323 | 466,609 | |||
Moody's Corporation | 5,640 | 2,203,210 | |||
Morgan Stanley | 50,816 | 4,818,373 | |||
MSCI Incorporated | 2,870 | 1,806,522 | |||
Northern Trust Corporation | 7,255 | 839,404 | |||
Raymond James Financial Incorporated | 6,448 | 633,774 | |||
S&P Global Incorporated | 8,390 | 3,823,575 | |||
State Street Corporation | 12,729 | 1,132,499 | |||
T. Rowe Price Group Incorporated | 7,901 | 1,579,805 | |||
The Charles Schwab Corporation | 52,263 | 4,044,634 | |||
The Goldman Sachs Group Incorporated | 11,736 | 4,471,299 | |||
The NASDAQ Incorporated | 4,075 | 828,162 | |||
40,196,982 | |||||
Consumer finance: 0.55% | |||||
American Express Company | 22,402 | 3,411,825 | |||
Capital One Financial Corporation | 15,531 | 2,182,571 | |||
Discover Financial Services | 10,426 | 1,124,444 | |||
Synchrony Financial | 19,833 | 888,320 | |||
7,607,160 | |||||
Diversified financial services: 1.30% | |||||
Berkshire Hathaway Incorporated Class B † | 64,533 | 17,855,636 |
Shares | Value | ||||
Insurance: 1.79% | |||||
AFLAC Incorporated | 21,483 | $ 1,163,090 | |||
American International Group Incorporated | 29,773 | 1,566,060 | |||
Aon plc Class A | 7,859 | 2,324,456 | |||
Arthur J. Gallagher & Company | 7,198 | 1,172,554 | |||
Assurant Incorporated | 2,048 | 311,501 | |||
Brown & Brown Incorporated | 8,137 | 524,104 | |||
Chubb Limited | 15,274 | 2,741,225 | |||
Cincinnati Financial Corporation | 5,219 | 594,444 | |||
Everest Reinsurance Group Limited | 1,388 | 355,855 | |||
Globe Life Incorporated | 3,258 | 281,947 | |||
Lincoln National Corporation | 6,150 | 407,930 | |||
Loews Corporation | 7,076 | 378,283 | |||
Marsh & McLennan Companies Incorporated | 17,638 | 2,892,985 | |||
MetLife Incorporated | 25,357 | 1,487,442 | |||
Principal Financial Group Incorporated | 8,690 | 595,960 | |||
Progressive Corporation | 20,372 | 1,893,374 | |||
Prudential Financial Incorporated | 13,466 | 1,377,033 | |||
The Allstate Corporation | 10,294 | 1,119,164 | |||
The Hartford Financial Services Group Incorporated | 12,087 | 798,951 | |||
The Travelers Companies Incorporated | 8,686 | 1,276,408 | |||
W.R. Berkley Corporation | 4,883 | 374,233 | |||
Willis Towers Watson plc | 4,492 | 1,014,473 | |||
24,651,472 | |||||
Health care: 12.44% | |||||
Biotechnology: 1.74% | |||||
AbbVie Incorporated | 61,522 | 7,092,256 | |||
Amgen Incorporated | 19,769 | 3,931,659 | |||
Biogen Incorporated † | 5,188 | 1,223,019 | |||
Gilead Sciences Incorporated | 43,650 | 3,008,795 | |||
Incyte Corporation † | 6,535 | 442,550 | |||
Moderna Incorporated † | 12,226 | 4,308,809 | |||
Regeneron Pharmaceuticals Incorporated † | 3,659 | 2,329,063 | |||
Vertex Pharmaceuticals Incorporated † | 9,032 | 1,688,442 | |||
24,024,593 | |||||
Health care equipment & supplies: 2.86% | |||||
Abbott Laboratories | 61,718 | 7,762,273 | |||
ABIOMED Incorporated † | 1,580 | 497,352 | |||
Align Technology Incorporated † | 2,558 | 1,564,294 | |||
Baxter International Incorporated | 17,404 | 1,297,816 | |||
Becton Dickinson & Company | 9,998 | 2,370,926 | |||
Boston Scientific Corporation † | 49,570 | 1,887,130 | |||
Dentsply Sirona Incorporated | 7,609 | 370,863 | |||
DexCom Incorporated † | 3,368 | 1,894,803 | |||
Edwards Lifesciences Corporation † | 21,700 | 2,328,627 | |||
Hologic Incorporated † | 8,825 | 659,492 | |||
IDEXX Laboratories Incorporated † | 2,962 | 1,801,103 | |||
Intuitive Surgical Incorporated † | 12,418 | 4,027,654 | |||
Medtronic plc | 46,786 | 4,992,066 | |||
ResMed Incorporated | 5,066 | 1,291,070 | |||
STERIS plc | 3,473 | 758,955 | |||
Stryker Corporation | 11,684 | 2,764,785 | |||
Teleflex Incorporated | 1,629 | 484,497 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
The Cooper Companies Incorporated | 1,715 | $ 645,646 | |||
West Pharmaceutical Services Incorporated | 2,575 | 1,139,850 | |||
Zimmer Biomet Holdings Incorporated | 7,271 | 869,612 | |||
39,408,814 | |||||
Health care providers & services: 2.49% | |||||
AmerisourceBergen Corporation | 5,208 | 602,826 | |||
Anthem Incorporated | 8,488 | 3,448,080 | |||
Cardinal Health Incorporated | 10,101 | 466,969 | |||
Centene Corporation † | 20,298 | 1,449,480 | |||
Cigna Corporation | 11,840 | 2,272,096 | |||
CVS Health Corporation | 45,939 | 4,091,327 | |||
DaVita HealthCare Partners Incorporated † | 2,335 | 220,658 | |||
HCA Healthcare Incorporated | 8,582 | 1,936,013 | |||
Henry Schein Incorporated † | 4,863 | 345,565 | |||
Humana Incorporated | 4,474 | 1,877,783 | |||
Laboratory Corporation of America Holdings † | 3,366 | 960,421 | |||
McKesson Corporation | 5,385 | 1,167,253 | |||
Quest Diagnostics Incorporated | 4,254 | 632,485 | |||
UnitedHealth Group Incorporated | 32,826 | 14,581,966 | |||
Universal Health Services Incorporated Class B | 2,641 | 313,566 | |||
34,366,488 | |||||
Health care technology: 0.05% | |||||
Cerner Corporation | 10,290 | 724,931 | |||
Life sciences tools & services: 1.85% | |||||
Agilent Technologies Incorporated | 10,564 | 1,594,108 | |||
Bio-Rad Laboratories Incorporated Class A † | 748 | 563,394 | |||
Bio-Techne Corporation | 1,354 | 639,129 | |||
Charles River Laboratories International Incorporated † | 1,755 | 642,102 | |||
Danaher Corporation | 22,120 | 7,114,677 | |||
Illumina Incorporated † | 5,107 | 1,865,740 | |||
IQVIA Holdings Incorporated † | 6,671 | 1,728,656 | |||
Mettler-Toledo International Incorporated † | 805 | 1,218,875 | |||
PerkinElmer Incorporated | 3,903 | 710,970 | |||
Thermo Fisher Scientific Incorporated | 13,696 | 8,667,240 | |||
Waters Corporation † | 2,136 | 700,758 | |||
25,445,649 | |||||
Pharmaceuticals: 3.45% | |||||
Bristol-Myers Squibb Company | 77,360 | 4,148,817 | |||
Catalent Incorporated † | 5,930 | 762,954 | |||
Eli Lilly & Company | 27,641 | 6,856,074 | |||
Johnson & Johnson | 91,646 | 14,290,361 | |||
Merck & Company Incorporated | 88,127 | 6,601,594 | |||
Organon & Company | 8,826 | 257,984 | |||
Pfizer Incorporated | 195,190 | 10,487,559 | |||
Viatris Incorporated | 42,100 | 518,251 | |||
Zoetis Incorporated | 16,500 | 3,663,660 | |||
47,587,254 | |||||
Industrials: 7.63% | |||||
Aerospace & defense: 1.30% | |||||
General Dynamics Corporation | 8,077 | 1,526,311 |
Shares | Value | ||||
Aerospace & defense (continued) | |||||
Howmet Aerospace Incorporated | 13,439 | $ 378,039 | |||
Huntington Ingalls Industries Incorporated | 1,397 | 247,981 | |||
L3Harris Technologies Incorporated | 6,996 | 1,462,724 | |||
Lockheed Martin Corporation | 8,580 | 2,859,886 | |||
Northrop Grumman Corporation | 5,240 | 1,827,712 | |||
Raytheon Technologies Corporation | 52,495 | 4,247,895 | |||
Textron Incorporated | 7,803 | 552,452 | |||
The Boeing Company † | 19,182 | 3,795,159 | |||
TransDigm Group Incorporated † | 1,823 | 1,053,785 | |||
17,951,944 | |||||
Air freight & logistics: 0.59% | |||||
C.H. Robinson Worldwide Incorporated | 4,585 | 435,988 | |||
Expeditors International of Washington Incorporated | 5,915 | 719,382 | |||
FedEx Corporation | 8,563 | 1,972,658 | |||
United Parcel Service Incorporated Class B | 25,354 | 5,029,473 | |||
8,157,501 | |||||
Airlines: 0.20% | |||||
Alaska Air Group Incorporated † | 4,360 | 211,765 | |||
American Airlines Group Incorporated † | 22,540 | 398,733 | |||
Delta Air Lines Incorporated † | 22,278 | 806,464 | |||
Southwest Airlines Company † | 20,597 | 914,507 | |||
United Airlines Holdings Incorporated † | 11,266 | 476,101 | |||
2,807,570 | |||||
Building products: 0.50% | |||||
A.O. Smith Corporation | 4,637 | 366,555 | |||
Allegion plc | 3,123 | 386,128 | |||
Carrier Global Corporation | 30,208 | 1,634,857 | |||
Fortune Brands Home & Security Incorporated | 4,800 | 482,544 | |||
Johnson Controls International plc | 24,795 | 1,853,674 | |||
Masco Corporation | 8,605 | 567,070 | |||
Trane Technologies plc | 8,272 | 1,543,969 | |||
6,834,797 | |||||
Commercial services & supplies: 0.42% | |||||
Cintas Corporation | 3,047 | 1,286,413 | |||
Copart Incorporated † | 7,413 | 1,076,071 | |||
Republic Services Incorporated | 7,315 | 967,482 | |||
Rollins Incorporated | 7,880 | 262,246 | |||
Waste Management Incorporated | 13,487 | 2,166,956 | |||
5,759,168 | |||||
Construction & engineering: 0.04% | |||||
Quanta Services Incorporated | 4,844 | 551,150 | |||
Electrical equipment: 0.54% | |||||
AMETEK Incorporated | 8,049 | 1,098,689 | |||
Eaton Corporation plc | 13,877 | 2,248,907 | |||
Emerson Electric Company | 20,812 | 1,828,126 | |||
Generac Holdings Incorporated † | 2,197 | 925,464 | |||
Rockwell Automation Incorporated | 4,039 | 1,357,912 | |||
7,459,098 |
Shares | Value | ||||
Industrial conglomerates: 0.99% | |||||
3M Company | 20,145 | $ 3,425,456 | |||
General Electric Company | 38,214 | 3,629,948 | |||
Honeywell International Incorporated | 24,035 | 4,860,838 | |||
Roper Technologies Incorporated | 3,670 | 1,703,431 | |||
13,619,673 | |||||
Machinery: 1.48% | |||||
Caterpillar Incorporated | 19,060 | 3,685,251 | |||
Cummins Incorporated | 4,999 | 1,048,540 | |||
Deere & Company | 9,882 | 3,414,626 | |||
Dover Corporation | 5,012 | 821,216 | |||
Fortive Corporation | 12,477 | 921,676 | |||
IDEX Corporation | 2,646 | 594,265 | |||
Illinois Tool Works Incorporated | 9,978 | 2,316,393 | |||
Ingersoll Rand Incorporated | 14,106 | 822,944 | |||
Otis Worldwide Corporation | 14,858 | 1,194,583 | |||
PACCAR Incorporated | 12,086 | 1,008,214 | |||
Parker-Hannifin Corporation | 4,493 | 1,357,156 | |||
Pentair plc | 5,774 | 425,486 | |||
Snap-on Incorporated | 1,879 | 386,905 | |||
Stanley Black & Decker Incorporated | 5,673 | 991,413 | |||
Wabtec Corporation | 6,581 | 584,195 | |||
Xylem Incorporated | 6,272 | 759,602 | |||
20,332,465 | |||||
Professional services: 0.43% | |||||
Equifax Incorporated | 4,242 | 1,182,033 | |||
IHS Markit Limited | 13,877 | 1,773,758 | |||
Jacobs Engineering Group Incorporated | 4,537 | 646,795 | |||
Leidos Holdings Incorporated | 4,928 | 433,220 | |||
Nielsen Holdings plc | 12,491 | 239,328 | |||
Robert Half International Incorporated | 3,898 | 433,341 | |||
Verisk Analytics Incorporated | 5,617 | 1,263,095 | |||
5,971,570 | |||||
Road & rail: 0.94% | |||||
CSX Corporation | 78,487 | 2,720,359 | |||
J.B. Hunt Transport Services Incorporated | 2,930 | 560,099 | |||
Kansas City Southern | 3,167 | 921,122 | |||
Norfolk Southern Corporation | 8,598 | 2,280,791 | |||
Old Dominion Freight Line Incorporated | 3,266 | 1,159,985 | |||
Union Pacific Corporation | 22,703 | 5,349,735 | |||
12,992,091 | |||||
Trading companies & distributors: 0.20% | |||||
Fastenal Company | 20,009 | 1,183,933 | |||
United Rentals Incorporated † | 2,520 | 853,625 | |||
W.W. Grainger Incorporated | 1,523 | 733,187 | |||
2,770,745 | |||||
Information technology: 28.71% | |||||
Communications equipment: 0.82% | |||||
Arista Networks Incorporated † | 7,800 | 967,668 | |||
Cisco Systems Incorporated | 146,712 | 8,045,686 |
Shares | Value | ||||
Communications equipment (continued) | |||||
F5 Networks Incorporated † | 2,100 | $ 477,918 | |||
Juniper Networks Incorporated | 11,320 | 352,392 | |||
Motorola Solutions Incorporated | 5,895 | 1,492,496 | |||
11,336,160 | |||||
Electronic equipment, instruments & components: 0.67% | |||||
Amphenol Corporation Class A | 20,825 | 1,678,079 | |||
CDW Corporation of Delaware | 4,787 | 906,466 | |||
Corning Incorporated | 26,759 | 992,491 | |||
IPG Photonics Corporation † | 1,248 | 204,909 | |||
Keysight Technologies Incorporated † | 6,414 | 1,247,395 | |||
TE Connectivity Limited | 11,419 | 1,757,727 | |||
Teledyne Technologies Incorporated † | 1,623 | 674,016 | |||
Trimble Incorporated † | 8,760 | 752,221 | |||
Zebra Technologies Corporation Class A † | 1,859 | 1,094,542 | |||
9,307,846 | |||||
IT services: 4.07% | |||||
Accenture plc Class A | 22,077 | 7,890,320 | |||
Akamai Technologies Incorporated † | 5,669 | 638,896 | |||
Automatic Data Processing Incorporated | 14,729 | 3,400,779 | |||
Broadridge Financial Solutions Incorporated | 4,044 | 681,697 | |||
Cognizant Technology Solutions Corporation Class A | 18,298 | 1,426,878 | |||
DXC Technology Company † | 8,770 | 263,012 | |||
Fidelity National Information Services Incorporated | 21,504 | 2,247,168 | |||
Fiserv Incorporated † | 20,748 | 2,002,597 | |||
FleetCor Technologies Incorporated † | 2,876 | 595,706 | |||
Gartner Incorporated † | 2,912 | 909,272 | |||
Global Payments Incorporated | 10,226 | 1,217,303 | |||
International Business Machines Corporation | 31,204 | 3,653,988 | |||
Jack Henry & Associates Incorporated | 2,586 | 392,115 | |||
MasterCard Incorporated Class A | 30,328 | 9,550,894 | |||
Paychex Incorporated | 11,149 | 1,328,961 | |||
PayPal Holdings Incorporated † | 40,907 | 7,563,295 | |||
The Western Union Company | 14,146 | 223,790 | |||
VeriSign Incorporated † | 3,388 | 812,815 | |||
Visa Incorporated Class A | 58,753 | 11,384,569 | |||
56,184,055 | |||||
Semiconductors & semiconductor equipment: 6.53% | |||||
Advanced Micro Devices Incorporated † | 42,228 | 6,687,648 | |||
Analog Devices Incorporated | 18,726 | 3,375,362 | |||
Applied Materials Incorporated | 31,819 | 4,683,439 | |||
Broadcom Incorporated | 14,283 | 7,908,211 | |||
Enphase Energy Incorporated † | 4,687 | 1,171,750 | |||
Intel Corporation | 141,239 | 6,948,959 | |||
KLA Corporation | 5,317 | 2,170,027 | |||
Lam Research Corporation | 4,961 | 3,372,736 | |||
Microchip Technology Incorporated | 19,080 | 1,591,844 | |||
Micron Technology Incorporated | 39,192 | 3,292,128 | |||
Monolithic Power Systems Incorporated | 1,503 | 831,850 | |||
NVIDIA Corporation | 86,756 | 28,348,391 | |||
NXP Semiconductors NV | 9,230 | 2,061,613 | |||
Qorvo Incorporated † | 3,869 | 565,764 | |||
Qualcomm Incorporated | 39,270 | 7,090,591 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Skyworks Solutions Incorporated | 5,749 | $ 871,893 | |||
Teradyne Incorporated | 5,743 | 877,932 | |||
Texas Instruments Incorporated | 32,140 | 6,182,772 | |||
Xilinx Incorporated | 8,615 | 1,968,097 | |||
90,001,007 | |||||
Software: 9.76% | |||||
Adobe Incorporated † | 16,585 | 11,109,462 | |||
ANSYS Incorporated † | 3,038 | 1,189,316 | |||
Autodesk Incorporated † | 7,659 | 1,946,841 | |||
Cadence Design Systems Incorporated † | 9,636 | 1,710,005 | |||
Ceridian HCM Holding Incorporated † | 4,696 | 513,742 | |||
Citrix Systems Incorporated | 4,325 | 347,860 | |||
Fortinet Incorporated † | 4,719 | 1,567,227 | |||
Intuit Incorporated | 9,513 | 6,205,330 | |||
Microsoft Corporation | 261,621 | 86,489,286 | |||
NortonLifeLock Incorporated | 20,236 | 502,865 | |||
Oracle Corporation | 57,348 | 5,203,758 | |||
Paycom Software Incorporated † | 1,674 | 732,342 | |||
PTC Incorporated † | 3,678 | 403,035 | |||
Salesforce.com Incorporated † | 33,823 | 9,638,202 | |||
ServiceNow Incorporated † | 6,897 | 4,467,187 | |||
Synopsys Incorporated † | 5,312 | 1,811,392 | |||
Tyler Technologies Incorporated † | 1,422 | 737,990 | |||
134,575,840 | |||||
Technology hardware, storage & peripherals: 6.86% | |||||
Apple Incorporated | 546,702 | 90,369,841 | |||
Hewlett Packard Enterprise Company | 45,464 | 652,408 | |||
HP Incorporated | 41,820 | 1,475,410 | |||
NetApp Incorporated | 7,799 | 693,175 | |||
Seagate Technology Holdings plc | 7,290 | 748,464 | |||
Western Digital Corporation † | 10,669 | 617,095 | |||
94,556,393 | |||||
Materials: 2.44% | |||||
Chemicals: 1.69% | |||||
Air Products & Chemicals Incorporated | 7,707 | 2,215,300 | |||
Albemarle Corporation | 4,071 | 1,084,881 | |||
Celanese Corporation Series A | 3,868 | 585,460 | |||
CF Industries Holdings Incorporated | 7,488 | 453,698 | |||
Corteva Incorporated | 25,560 | 1,150,200 | |||
Dow Incorporated | 25,963 | 1,426,148 | |||
DuPont de Nemours Incorporated | 18,210 | 1,346,812 | |||
Eastman Chemical Company | 4,727 | 492,979 | |||
Ecolab Incorporated | 8,665 | 1,919,038 | |||
FMC Corporation | 4,480 | 448,851 | |||
International Flavors & Fragrances Incorporated | 8,671 | 1,232,756 | |||
Linde plc | 17,978 | 5,719,521 | |||
LyondellBasell Industries NV Class A | 9,200 | 801,596 | |||
PPG Industries Incorporated | 8,263 | 1,273,907 | |||
The Mosaic Company | 12,895 | 441,267 | |||
The Sherwin-Williams Company | 8,433 | 2,793,347 | |||
23,385,761 |
Shares | Value | ||||
Construction materials: 0.13% | |||||
Martin Marietta Materials Incorporated | 2,172 | $ 876,424 | |||
Vulcan Materials Company | 4,619 | 885,185 | |||
1,761,609 | |||||
Containers & packaging: 0.29% | |||||
Amcor plc | 53,676 | 607,612 | |||
Avery Dennison Corporation | 2,885 | 591,627 | |||
Ball Corporation | 11,371 | 1,062,620 | |||
International Paper Company | 13,606 | 619,345 | |||
Packaging Corporation of America | 3,307 | 431,861 | |||
Sealed Air Corporation | 5,218 | 324,142 | |||
WestRock Company | 9,295 | 403,310 | |||
4,040,517 | |||||
Metals & mining: 0.33% | |||||
Freeport-McMoRan Incorporated | 51,109 | 1,895,122 | |||
Newmont Corporation | 27,821 | 1,527,929 | |||
Nucor Corporation | 10,225 | 1,086,509 | |||
4,509,560 | |||||
Real estate: 2.56% | |||||
Equity REITs: 2.48% | |||||
Alexandria Real Estate Equities Incorporated | 4,827 | 965,738 | |||
American Tower Corporation | 15,845 | 4,158,996 | |||
AvalonBay Communities Incorporated | 4,861 | 1,161,147 | |||
Boston Properties Incorporated | 4,948 | 533,592 | |||
Crown Castle International Corporation | 15,046 | 2,733,106 | |||
Digital Realty Trust Incorporated | 9,838 | 1,650,226 | |||
Duke Realty Corporation | 13,171 | 768,264 | |||
Equinix Incorporated | 3,125 | 2,538,125 | |||
Equity Residential | 11,863 | 1,012,033 | |||
Essex Property Trust Incorporated | 2,264 | 768,492 | |||
Extra Space Storage Incorporated | 4,658 | 931,600 | |||
Federal Realty Investment Trust | 2,437 | 298,947 | |||
Healthpeak Properties Incorporated | 18,763 | 616,552 | |||
Host Hotels & Resorts Incorporated † | 24,856 | 390,239 | |||
Iron Mountain Incorporated | 10,077 | 457,899 | |||
Kimco Realty Corporation | 21,359 | 478,869 | |||
Mid-America Apartment Communities Incorporated | 4,039 | 833,044 | |||
Prologis Incorporated | 25,736 | 3,879,702 | |||
Public Storage Incorporated | 5,307 | 1,737,406 | |||
Realty Income Corporation | 19,180 | 1,302,706 | |||
Regency Centers Corporation | 5,323 | 369,097 | |||
SBA Communications Corporation | 3,814 | 1,311,253 | |||
Simon Property Group Incorporated | 11,440 | 1,748,490 | |||
UDR Incorporated | 9,714 | 551,075 | |||
Ventas Incorporated | 13,698 | 642,710 | |||
Vornado Realty Trust | 5,535 | 222,175 | |||
Welltower Incorporated | 14,711 | 1,171,290 | |||
Weyerhaeuser Company | 26,103 | 981,734 | |||
34,214,507 | |||||
Real estate management & development: 0.08% | |||||
CBRE Group Incorporated Class A † | 11,688 | 1,117,022 |
Shares | Value | ||||
Utilities: 2.32% | |||||
Electric utilities: 1.50% | |||||
Alliant Energy Corporation | 8,712 | $ 477,330 | |||
American Electric Power Company Incorporated | 17,416 | 1,411,567 | |||
Duke Energy Corporation | 26,783 | 2,598,219 | |||
Edison International | 13,219 | 862,936 | |||
Entergy Corporation | 6,996 | 701,979 | |||
Evergy Incorporated | 7,983 | 505,324 | |||
Eversource Energy | 11,963 | 984,196 | |||
Exelon Corporation | 34,042 | 1,795,035 | |||
FirstEnergy Corporation | 18,945 | 713,469 | |||
NextEra Energy Incorporated | 68,296 | 5,926,727 | |||
NRG Energy Incorporated | 8,522 | 306,962 | |||
Pinnacle West Capital Corporation | 3,926 | 255,386 | |||
PPL Corporation | 26,793 | 745,649 | |||
The Southern Company | 36,862 | 2,252,268 | |||
Xcel Energy Incorporated | 18,745 | 1,194,619 | |||
20,731,666 | |||||
Gas utilities: 0.03% | |||||
Atmos Energy Corporation | 4,553 | 411,227 | |||
Independent power & renewable electricity producers: 0.04% | |||||
AES Corporation | 23,198 | 542,369 | |||
Multi-utilities: 0.67% | |||||
Ameren Corporation | 8,952 | 730,394 | |||
CenterPoint Energy Incorporated | 20,641 | 534,808 | |||
CMS Energy Corporation | 10,084 | 593,443 | |||
Consolidated Edison Incorporated | 12,303 | 955,205 | |||
Dominion Energy Incorporated | 28,146 | 2,003,995 | |||
DTE Energy Company | 6,745 | 730,753 | |||
NiSource Incorporated | 13,661 | 334,831 | |||
Public Service Enterprise Group Incorporated | 17,601 | 1,099,886 | |||
Sempra Energy | 11,117 | 1,332,595 | |||
WEC Energy Group Incorporated | 10,981 | 954,578 | |||
9,270,488 | |||||
Water utilities: 0.08% | |||||
American Water Works Company Incorporated | 6,319 | 1,065,194 | |||
Total Common stocks (Cost $291,040,100) | 1,349,247,694 |
Yield | |||||
Short-term investments: 1.94% | |||||
Investment companies: 1.94% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 26,342,178 | 26,342,178 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 391,200 | 391,200 | ||
Total Short-term investments (Cost $26,733,378) | 26,733,378 | ||||
Total investments in securities (Cost $317,773,478) | 99.76% | 1,375,981,072 | |||
Other assets and liabilities, net | 0.24 | 3,258,518 | |||
Total net assets | 100.00% | $1,379,239,590 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Common Stocks | ||||||||||
Wells Fargo & Company* | $ 6,988,518 | $ 10,147 | $ (311,851) | $ 133,986 | $ 9,781 | $ 6,830,581 | 142,959 | $ 24,088 | ||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | 14,730,757 | 53,766,184 | (42,154,763) | 0 | 0 | 26,342,178 | 26,342,178 | 3,051 | ||
Securities Lending Cash Investments LLC | 182,600 | 2,440,725 | (2,232,125) | 0 | 0 | 391,200 | 391,200 | 28 # | ||
$133,986 | $9,781 | $33,563,959 | $27,167 |
* | No longer an affiliate of the Fund at the end of the period. |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 131 | 12-17-2021 | $28,732,155 | $29,908,938 | $1,176,783 | $0 |
Assets | |
Investments in unaffiliated securities (including $381,929 of securities loaned), at value (cost $291,040,100) | $ 1,349,247,694 |
Investments in affiliated securities, at value (cost $26,733,378) | 26,733,378 |
Cash at broker segregated for futures contracts | 2,475,002 |
Receivable for dividends | 1,717,008 |
Receivable for securities lending income, net | 92 |
Prepaid expenses and other assets | 131,410 |
Total assets | 1,380,304,584 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 555,113 |
Payable upon receipt of securities loaned | 391,200 |
Advisory fee payable | 107,651 |
Accrued expenses and other liabilities | 11,030 |
Total liabilities | 1,064,994 |
Total net assets | $1,379,239,590 |
Investment income | |
Dividends (net of foreign withholdings taxes of $44,181) | $ 9,177,426 |
Income from affiliated securities | 27,718 |
Total investment income | 9,205,144 |
Expenses | |
Advisory fee | 635,983 |
Custody and accounting fees | 32,431 |
Professional fees | 31,016 |
Interest holder report expenses | 5,683 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 17,610 |
Total expenses | 732,385 |
Net investment income | 8,472,759 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 40,085,830 |
Futures contracts | 3,513,398 |
Net realized gains on investments | 43,599,228 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 67,941,119 |
Futures contracts | (14,982) |
Net change in unrealized gains (losses) on investments | 67,926,137 |
Net realized and unrealized gains (losses) on investments | 111,525,365 |
Net increase in net assets resulting from operations | $119,998,124 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 8,472,759 | $ 16,723,882 |
Net realized gains on investments | 43,599,228 | 104,436,025 |
Net change in unrealized gains (losses) on investments | 67,926,137 | 276,635,342 |
Net increase in net assets resulting from operations | 119,998,124 | 397,795,249 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 2,126,891 | 13,277,558 |
Withdrawals | (49,681,149) | (159,782,351) |
Net decrease in net assets resulting from capital transactions | (47,554,258) | (146,504,793) |
Total increase in net assets | 72,443,866 | 251,290,456 |
Net assets | ||
Beginning of period | 1,306,795,724 | 1,055,505,268 |
End of period | $1,379,239,590 | $1,306,795,724 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 9.31% | 40.16% | 12.74% | 3.67% | 14.27% | 17.36% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.11% | 0.11% | 0.12% | 0.11% | 0.10% | 0.10% |
Net expenses | 0.11% | 0.11% | 0.12% | 0.11% | 0.10% | 0.10% |
Net investment income | 1.24% | 1.41% | 1.80% | 1.86% | 1.84% | 2.03% |
Supplemental data | ||||||
Portfolio turnover rate | 1% | 4% | 3% | 4% | 3% | 9% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,063,505,350 |
Gross unrealized losses | (4,747,998) |
Net unrealized gains | $1,058,757,352 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 139,742,298 | $0 | $0 | $ 139,742,298 |
Consumer discretionary | 177,682,528 | 0 | 0 | 177,682,528 |
Consumer staples | 75,228,387 | 0 | 0 | 75,228,387 |
Energy | 36,591,043 | 0 | 0 | 36,591,043 |
Financials | 146,226,716 | 0 | 0 | 146,226,716 |
Health care | 171,557,729 | 0 | 0 | 171,557,729 |
Industrials | 105,207,772 | 0 | 0 | 105,207,772 |
Information technology | 395,961,301 | 0 | 0 | 395,961,301 |
Materials | 33,697,447 | 0 | 0 | 33,697,447 |
Real estate | 35,331,529 | 0 | 0 | 35,331,529 |
Utilities | 32,020,944 | 0 | 0 | 32,020,944 |
Short-term investments | ||||
Investment companies | 26,733,378 | 0 | 0 | 26,733,378 |
Total assets | $1,375,981,072 | $0 | $0 | $1,375,981,072 |
Liabilities | ||||
Futures contracts | $ 1,176,783 | $0 | $0 | $ 1,176,783 |
Total liabilities | $ 1,176,783 | $0 | $0 | $ 1,176,783 |
Average daily net assets | Advisory fee |
First $500 million | 0.100% |
Next $500 million | 0.100 |
Next $2 billion | 0.075 |
Next $2 billion | 0.075 |
Over $5 billion | 0.050 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas Securities Corporation | $246,684 | $(246,684) | $0 |
Citigroup Global Markets Incorporated | 135,245 | (135,245) | 0 |
Shares voted “For” | 11,082,401 |
Shares voted “Against” | 728,519 |
Shares voted “Abstain” | 1,117,729 |
Shares voted “For” | 11,051,440 |
Shares voted “Against” | 727,175 |
Shares voted “Abstain” | 1,150,034 |
Shares voted “For” | 10,990,940 |
Shares voted “Against” | 782,586 |
Shares voted “Abstain” | 1,155,123 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g205661img8d14071c1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA283/SAR283 11-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206536imgf569d27a1.jpg)
Small Company Growth Fund
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Allspring Small Company Growth Fund | |
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Allspring Small Company Growth Portfolio | |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206536img4e477b9b2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206536img23b148093.jpg)
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | William A. Grierson, CFA®‡, Daniel J. Hagen, CFA®‡, Paul E. von Kuster, CFA®‡, Ryan H. Smith, CFA®‡, Samuel D. Smith, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFSAX) | 1-30-2004 | 13.26 | 13.96 | 13.63 | 20.17 | 15.32 | 14.31 | 1.34 | 1.29 | ||
Class C (WSMCX) | 1-30-2004 | 18.29 | 14.48 | 13.47 | 19.29 | 14.48 | 13.47 | 2.09 | 2.04 | ||
Class R6 (WSCRX)3 | 10-31-2014 | – | – | – | 20.69 | 15.82 | 14.82 | 0.91 | 0.86 | ||
Administrator Class (NVSCX) | 11-11-1994 | – | – | – | 20.29 | 15.45 | 14.49 | 1.26 | 1.19 | ||
Institutional Class (WSCGX) | 3-31-2008 | – | – | – | 20.59 | 15.74 | 14.77 | 1.01 | 0.94 | ||
Russell 2000® Growth Index4 | – | – | – | – | 11.95 | 14.74 | 14.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.29% for Class A, 2.04% for Class C, 0.86% for Class R6, 1.19% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
ICON plc ADR | 2.10 |
Syneos Health Incorporated | 1.72 |
Avantor Incorporated | 1.57 |
ASGN Incorporated | 1.57 |
Omnicell Incorporated | 1.50 |
Ciena Corporation | 1.44 |
SS&C Technologies Holdings Incorporated | 1.39 |
Element Solutions Incorporated | 1.36 |
Triumph Bancorp Incorporated | 1.34 |
International Game Technology plc | 1.31 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206536img146218f04.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,003.74 | $ 6.48 | 1.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $ 6.53 | 1.29% |
Class C | ||||
Actual | $1,000.00 | $1,000.00 | $10.23 | 2.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.84 | $10.30 | 2.04% |
Class R6 | ||||
Actual | $1,000.00 | $1,005.89 | $ 4.32 | 0.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.76 | $ 4.36 | 0.86% |
Administrator Class | ||||
Actual | $1,000.00 | $1,004.16 | $ 5.98 | 1.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.10 | $ 6.02 | 1.19% |
Institutional Class | ||||
Actual | $1,000.00 | $1,005.47 | $ 4.73 | 0.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.36 | $ 4.76 | 0.94% |
Value | |||||
Investment companies: 100.02% | |||||
Affiliated master portfolio: 100.02% | |||||
Allspring Small Company Growth Portfolio | $992,296,788 | ||||
Total Investment companies (Cost $658,348,180) | 992,296,788 | ||||
Total investments in securities (Cost $658,348,180) | 100.02% | 992,296,788 | |||
Other assets and liabilities, net | (0.02) | (219,917) | |||
Total net assets | 100.00% | $992,076,871 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Small Company Growth Portfolio | 97.88% | 97.63% | $207,951,506 | $(196,784,511) | $2,305,653 | $57,441 | $992,296,788 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $658,348,180) | $ 992,296,788 |
Receivable for Fund shares sold | 854,874 |
Receivable from manager | 11,203 |
Total assets | 993,162,865 |
Liabilities | |
Payable for Fund shares redeemed | 888,694 |
Administration fees payable | 90,413 |
Distribution fee payable | 4,977 |
Trustees’ fees and expenses payable | 2,957 |
Accrued expenses and other liabilities | 98,953 |
Total liabilities | 1,085,994 |
Total net assets | $992,076,871 |
Net assets consist of | |
Paid-in capital | $ 250,951,240 |
Total distributable earnings | 741,125,631 |
Total net assets | $992,076,871 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 44,503,760 |
Shares outstanding – Class A1 | 721,611 |
Net asset value per share – Class A | $61.67 |
Maximum offering price per share – Class A2 | $65.43 |
Net assets – Class C | $ 7,486,418 |
Shares outstanding – Class C1 | 147,814 |
Net asset value per share – Class C | $50.65 |
Net assets – Class R6 | $ 287,516,242 |
Shares outstanding – Class R61 | 4,206,526 |
Net asset value per share – Class R6 | $68.35 |
Net assets – Administrator Class | $ 57,493,793 |
Shares outstanding – Administrator Class1 | 881,061 |
Net asset value per share – Administrator Class | $65.26 |
Net assets – Institutional Class | $ 595,076,658 |
Shares outstanding – Institutional Class1 | 8,752,197 |
Net asset value per share – Institutional Class | $67.99 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio | $ 2,305,653 |
Affiliated income allocated from affiliated Master Portfolio | 57,441 |
Expenses allocated from affiliated Master Portfolio | (4,498,332) |
Total investment income | (2,135,238) |
Expenses | |
Management fee | 279,599 |
Administration fees | |
Class A | 47,591 |
Class C | 9,013 |
Class R6 | 50,338 |
Administrator Class | 39,434 |
Institutional Class | 434,351 |
Shareholder servicing fees | |
Class A | 56,619 |
Class C | 10,713 |
Administrator Class | 75,785 |
Distribution fee | |
Class C | 32,045 |
Custody and accounting fees | 11,488 |
Professional fees | 19,113 |
Registration fees | 5,646 |
Shareholder report expenses | 31,390 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 6,102 |
Total expenses | 1,119,194 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (220,422) |
Class A | (301) |
Class C | (1) |
Administrator Class | (6,050) |
Institutional Class | (66,641) |
Net expenses | 825,779 |
Net investment loss | (2,961,017) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 207,951,506 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (196,784,511) |
Net realized and unrealized gains (losses) on investments | 11,166,995 |
Net increase in net assets resulting from operations | $ 8,205,978 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment loss | $ (2,961,017) | $ (6,950,209) | ||
Net realized gains on investments | 207,951,506 | 376,204,644 | ||
Net change in unrealized gains (losses) on investments | (196,784,511) | 243,393,279 | ||
Net increase in net assets resulting from operations | 8,205,978 | 612,647,714 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,976,918) | ||
Class C | 0 | (1,628,455) | ||
Class R6 | 0 | (56,097,914) | ||
Administrator Class | 0 | (8,234,181) | ||
Institutional Class | 0 | (121,915,798) | ||
Total distributions to shareholders | 0 | (193,853,266) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 112,208 | 7,246,853 | 191,250 | 10,831,002 |
Class C | 1,818 | 92,690 | 11,378 | 530,387 |
Class R6 | 260,962 | 18,211,489 | 1,135,839 | 70,387,361 |
Administrator Class | 46,330 | 3,113,347 | 140,592 | 8,368,325 |
Institutional Class | 1,423,197 | 100,258,385 | 2,938,525 | 180,832,983 |
128,922,764 | 270,950,058 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 99,100 | 5,314,718 |
Class C | 0 | 0 | 34,708 | 1,539,630 |
Class R6 | 0 | 0 | 860,364 | 50,924,923 |
Administrator Class | 0 | 0 | 144,949 | 8,217,170 |
Institutional Class | 0 | 0 | 1,402,732 | 82,663,012 |
0 | 148,659,453 | |||
Payment for shares redeemed | ||||
Class A | (110,742) | (7,076,147) | (353,897) | (19,407,294) |
Class C | (36,322) | (1,896,552) | (98,121) | (4,589,705) |
Class R6 | (2,048,632) | (142,209,326) | (5,125,700) | (309,662,461) |
Administrator Class | (120,791) | (8,064,265) | (474,181) | (27,971,851) |
Institutional Class | (4,793,447) | (328,451,405) | (7,943,243) | (491,545,106) |
(487,697,695) | (853,176,417) | |||
Net decrease in net assets resulting from capital share transactions | (358,774,931) | (433,566,906) | ||
Total decrease in net assets | (350,568,953) | (14,772,458) | ||
Net assets | ||||
Beginning of period | 1,342,645,824 | 1,357,418,282 | ||
End of period | $ 992,076,871 | $1,342,645,824 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $61.44 | $46.62 | $48.98 | $56.66 | $44.26 | $37.69 |
Net investment loss | (0.35) | (0.47) 1 | (0.34) 1 | (0.36) | (0.35) 1 | (0.28) 1 |
Net realized and unrealized gains (losses) on investments | 0.58 | 24.27 | 2.49 | (3.22) | 12.75 | 6.85 |
Total from investment operations | 0.23 | 23.80 | 2.15 | (3.58) | 12.40 | 6.57 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $61.67 | $61.44 | $46.62 | $48.98 | $56.66 | $44.26 |
Total return2 | 0.37% | 53.84% | 3.70% | (6.13)% | 28.02% | 17.43% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.33% | 1.33% | 1.32% | 1.31% | 1.32% | 1.33% |
Net expenses | 1.29% | 1.29% | 1.32% | 1.31% | 1.32% | 1.33% |
Net investment loss | (1.14)% | (0.85)% | (0.69)% | (0.63)% | (0.71)% | (0.68)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $44,504 | $44,249 | $36,534 | $64,182 | $76,065 | $76,087 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.65 | $39.84 | $42.75 | $50.38 | $39.65 | $34.02 |
Net investment loss | (0.45) 1 | (0.75) 1 | (0.61) 1 | (0.66) 1 | (0.64) 1 | (0.54) 1 |
Net realized and unrealized gains (losses) on investments | 0.45 | 20.54 | 2.21 | (2.87) | 11.37 | 6.17 |
Total from investment operations | 0.00 | 19.79 | 1.60 | (3.53) | 10.73 | 5.63 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $50.65 | $50.65 | $39.84 | $42.75 | $50.38 | $39.65 |
Total return2 | 0.00% | 52.86% | 2.92% | (6.82)% | 27.06% | 16.55% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.08% | 2.08% | 2.07% | 2.06% | 2.07% | 2.08% |
Net expenses | 2.04% | 2.04% | 2.07% | 2.06% | 2.07% | 2.08% |
Net investment loss | (1.73)% | (1.60)% | (1.44)% | (1.38)% | (1.47)% | (1.43)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $7,486 | $9,235 | $9,336 | $13,968 | $19,979 | $22,410 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $67.95 | $50.64 | $52.65 | $60.31 | $46.91 | $39.77 |
Net investment loss | (0.16) 1 | (0.17) | (0.14) 1 | (0.12) | (0.14) | (0.11) |
Net realized and unrealized gains (losses) on investments | 0.56 | 26.46 | 2.64 | (3.44) | 13.54 | 7.25 |
Total from investment operations | 0.40 | 26.29 | 2.50 | (3.56) | 13.40 | 7.14 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $68.35 | $67.95 | $50.64 | $52.65 | $60.31 | $46.91 |
Total return2 | 0.59% | 54.53% | 4.12% | (5.73)% | 28.59% | 17.95% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.90% | 0.90% | 0.90% | 0.88% | 0.89% | 0.90% |
Net expenses | 0.86% | 0.86% | 0.89% | 0.88% | 0.89% | 0.90% |
Net investment loss | (0.46)% | (0.41)% | (0.27)% | (0.20)% | (0.29)% | (0.25)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $287,516 | $407,311 | $462,050 | $564,516 | $618,523 | $418,111 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $64.98 | $48.87 | $51.10 | $58.85 | $45.91 | $39.05 |
Net investment loss | (0.34) 1 | (0.44) 1 | (0.29) 1 | (0.29) 1 | (0.30) 1 | (0.24) 1 |
Net realized and unrealized gains (losses) on investments | 0.62 | 25.53 | 2.57 | (3.36) | 13.24 | 7.10 |
Total from investment operations | 0.28 | 25.09 | 2.28 | (3.65) | 12.94 | 6.86 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $65.26 | $64.98 | $48.87 | $51.10 | $58.85 | $45.91 |
Total return2 | 0.42% | 54.02% | 3.80% | (6.02)% | 28.19% | 17.57% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.25% | 1.25% | 1.24% | 1.23% | 1.24% | 1.25% |
Net expenses | 1.19% | 1.19% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment loss | (1.00)% | (0.74)% | (0.57)% | (0.51)% | (0.60)% | (0.55)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $57,494 | $62,092 | $55,917 | $87,850 | $114,429 | $130,311 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $67.62 | $50.47 | $52.51 | $60.20 | $46.85 | $39.75 |
Net investment loss | (0.16) 1 | (0.29) | (0.17) 1 | (0.15) | (0.19) | (0.15) |
Net realized and unrealized gains (losses) on investments | 0.53 | 26.42 | 2.64 | (3.44) | 13.54 | 7.25 |
Total from investment operations | 0.37 | 26.13 | 2.47 | (3.59) | 13.35 | 7.10 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $67.99 | $67.62 | $50.47 | $52.51 | $60.20 | $46.85 |
Total return2 | 0.55% | 54.39% | 4.07% | (5.77)% | 28.50% | 17.86% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.00% | 1.00% | 1.00% | 0.98% | 0.99% | 1.00% |
Net expenses | 0.94% | 0.94% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment loss | (0.46)% | (0.49)% | (0.32)% | (0.26)% | (0.35)% | (0.31)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $595,077 | $819,760 | $793,581 | $1,047,883 | $1,169,555 | $1,014,847 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $322,548,317 |
Gross unrealized losses | 0 |
Net unrealized gains | $322,548,317 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Small Company Growth Portfolio | Seek long-term capital appreciation | $992,296,788 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.29% |
Class C | 2.04 |
Class R6 | 0.86 |
Administrator Class | 1.19 |
Institutional Class | 0.94 |
Shares | Value | ||||
Common stocks: 96.20% | |||||
Communication services: 1.12% | |||||
Entertainment: 1.12% | |||||
Lions Gate Entertainment Class B † | 350,517 | $ 4,784,557 | |||
Zynga Incorporated Class A † | 1,096,312 | 6,610,761 | |||
11,395,318 | |||||
Consumer discretionary: 9.92% | |||||
Auto components: 0.80% | |||||
Fox Factory Holding Corporation † | 46,150 | 8,111,786 | |||
Hotels, restaurants & leisure: 2.12% | |||||
International Game Technology plc | 493,551 | 13,335,748 | |||
Papa John's International Incorporated | 67,079 | 8,178,272 | |||
21,514,020 | |||||
Household durables: 1.39% | |||||
Skyline Champion Corporation † | 144,173 | 11,281,537 | |||
Traeger Incorporated †« | 224,455 | 2,897,714 | |||
14,179,251 | |||||
Leisure products: 1.52% | |||||
Callaway Golf Company † | 263,121 | 7,093,742 | |||
Hayward Holdings Incorporated † | 340,434 | 8,333,824 | |||
15,427,566 | |||||
Multiline retail: 0.74% | |||||
Ollie's Bargain Outlet Holdings Incorporated † | 121,944 | 7,547,114 | |||
Specialty retail: 3.35% | |||||
American Eagle Outfitters Incorporated | 309,314 | 8,008,139 | |||
Burlington Stores Incorporated † | 28,905 | 8,472,923 | |||
Five Below Incorporated † | 34,342 | 6,986,536 | |||
Monro Muffler Brake Incorporated | 77,147 | 4,321,775 | |||
Sleep Number Corporation † | 78,348 | 6,250,603 | |||
34,039,976 | |||||
Consumer staples: 2.91% | |||||
Beverages: 0.20% | |||||
Zevia PBC Class A † | 260,461 | 1,992,527 | |||
Food & staples retailing: 1.01% | |||||
Performance Food Group Company † | 253,727 | 10,227,735 | |||
Food products: 0.65% | |||||
Lamb Weston Holdings Incorporated | 128,090 | 6,650,433 | |||
Personal products: 1.05% | |||||
e.l.f. Beauty Incorporated † | 354,472 | 10,676,697 | |||
Financials: 10.67% | |||||
Banks: 1.34% | |||||
Triumph Bancorp Incorporated † | 106,677 | 13,585,316 |
Shares | Value | ||||
Capital markets: 3.98% | |||||
Evercore Partners Incorporated Class A | 63,235 | $ 8,770,695 | |||
Focus Financial Partners Class A † | 146,102 | 8,991,117 | |||
Open Lending Corporation Class A † | 155,052 | 3,603,408 | |||
Stifel Financial Corporation | 162,654 | 11,550,061 | |||
VIRTU Financial Incorporated Class A | 267,152 | 7,528,343 | |||
40,443,624 | |||||
Insurance: 4.49% | |||||
BRP Group Incorporated Class A † | 324,660 | 12,025,406 | |||
Goosehead Insurance Incorporated Class A | 99,107 | 13,014,731 | |||
Palomar Holdings Incorporated † | 134,990 | 9,865,069 | |||
Ryan Specialty Group Holdings Incorporated † | 281,651 | 10,778,784 | |||
45,683,990 | |||||
Thrifts & mortgage finance: 0.86% | |||||
Essent Group Limited | 209,688 | 8,718,827 | |||
Health care: 24.46% | |||||
Biotechnology: 5.02% | |||||
Amicus Therapeutics Incorporated † | 521,166 | 5,581,688 | |||
Arena Pharmaceuticals Incorporated † | 70,353 | 3,833,535 | |||
Avid Bioservices Incorporated † | 267,689 | 8,180,576 | |||
Blueprint Medicines Corporation † | 72,733 | 6,996,915 | |||
Cytokinetics Incorporated † | 141,098 | 5,550,795 | |||
Insmed Incorporated † | 208,522 | 5,738,525 | |||
Ionis Pharmaceuticals Incorporated † | 82,134 | 2,176,551 | |||
Iovance Biotherapeutics Incorporated † | 125,200 | 2,343,744 | |||
Mirati Therapeutics Incorporated † | 25,017 | 3,421,575 | |||
Neurocrine Biosciences Incorporated † | 57,553 | 4,791,287 | |||
Turning Point Therapeutics Incorporated † | 62,473 | 2,377,722 | |||
50,992,913 | |||||
Health care equipment & supplies: 5.81% | |||||
Atricure Incorporated † | 145,688 | 9,236,619 | |||
Axonics Modulation Technologies Incorporated † | 179,796 | 9,782,700 | |||
Cerus Corporation † | 774,848 | 5,338,703 | |||
Conmed Corporation | 77,840 | 10,232,846 | |||
Haemonetics Corporation † | 105,737 | 5,419,021 | |||
Novocure Limited † | 24,910 | 2,332,572 | |||
Silk Road Medical Incorporated † | 213,534 | 8,665,210 | |||
Tactile Systems Technology Class I † | 202,424 | 3,947,268 | |||
ViewRay Incorporated † | 798,262 | 4,103,067 | |||
59,058,006 | |||||
Health care providers & services: 3.21% | |||||
AMN Healthcare Services Incorporated † | 97,847 | 11,155,536 | |||
HealthEquity Incorporated † | 127,837 | 6,990,127 | |||
Oak Street Health Incorporated †« | 169,593 | 5,248,903 | |||
Privia Health Group Incorporated † | 185,549 | 4,286,182 | |||
U.S. Physical Therapy Incorporated | 57,468 | 4,941,099 | |||
32,621,847 | |||||
Health care technology: 3.80% | |||||
Allscripts Healthcare Solutions Incorporated † | 466,763 | 7,762,269 |
Shares | Value | ||||
Health care technology (continued) | |||||
Evolent Health Incorporated Class A † | 284,238 | $ 7,390,188 | |||
Omnicell Incorporated † | 86,376 | 15,288,552 | |||
Phreesia Incorporated † | 142,655 | 8,228,340 | |||
38,669,349 | |||||
Life sciences tools & services: 5.85% | |||||
Adaptive Biotechnologies Corporation † | 180,587 | 4,711,515 | |||
Avantor Incorporated † | 403,584 | 15,933,496 | |||
ICON plc ADR † | 78,949 | 21,353,336 | |||
Syneos Health Incorporated † | 179,801 | 17,469,465 | |||
59,467,812 | |||||
Pharmaceuticals: 0.77% | |||||
Axsome Therapeutics Incorporated †« | 70,597 | 2,438,420 | |||
Pacira Pharmaceuticals Incorporated † | 102,634 | 5,400,601 | |||
7,839,021 | |||||
Industrials: 19.96% | |||||
Aerospace & defense: 1.25% | |||||
Kratos Defense & Security Solutions Incorporated † | 311,605 | 6,141,735 | |||
Mercury Systems Incorporated † | 133,107 | 6,515,588 | |||
12,657,323 | |||||
Airlines: 0.68% | |||||
Sun Country Airlines Holding † | 253,323 | 6,948,650 | |||
Building products: 3.60% | |||||
A.O. Smith Corporation | 54,654 | 4,320,401 | |||
Advanced Drainage Systems Incorporated | 82,336 | 10,185,787 | |||
Masonite International Corporation † | 89,533 | 9,580,031 | |||
PGT Incorporated † | 258,486 | 5,309,302 | |||
The AZEK Company Incorporated † | 183,833 | 7,209,930 | |||
36,605,451 | |||||
Commercial services & supplies: 0.96% | |||||
IAA Incorporated † | 110,774 | 5,350,384 | |||
KAR Auction Services Incorporated † | 291,289 | 4,366,422 | |||
9,716,806 | |||||
Construction & engineering: 0.60% | |||||
Dycom Industries Incorporated † | 65,139 | 6,089,194 | |||
Electrical equipment: 0.80% | |||||
Atkore International Incorporated † | 76,378 | 8,134,257 | |||
Machinery: 3.00% | |||||
Chart Industries Incorporated † | 48,671 | 8,495,523 | |||
SPX Corporation † | 191,942 | 11,161,427 | |||
Wabash National Corporation | 335,155 | 5,597,089 | |||
Woodward Incorporated | 49,877 | 5,276,987 | |||
30,531,026 | |||||
Professional services: 6.10% | |||||
ASGN Incorporated † | 130,768 | 15,911,850 |
Shares | Value | ||||
Professional services (continued) | |||||
Clarivate plc † | 327,721 | $ 7,649,008 | |||
FTI Consulting Incorporated † | 59,255 | 8,656,563 | |||
ICF International Incorporated | 112,405 | 10,874,060 | |||
KBR Incorporated | 252,788 | 11,122,672 | |||
Sterling Check Corporation † | 326,298 | 7,756,103 | |||
61,970,256 | |||||
Road & rail: 1.46% | |||||
Knight-Swift Transportation Holdings Incorporated | 142,495 | 8,157,839 | |||
Schneider National Incorporated Class B | 271,937 | 6,689,650 | |||
14,847,489 | |||||
Trading companies & distributors: 1.51% | |||||
Boise Cascade Company | 116,366 | 7,544,008 | |||
Core & Main Incorporated † | 293,869 | 7,825,731 | |||
15,369,739 | |||||
Information technology: 23.33% | |||||
Communications equipment: 2.51% | |||||
Ciena Corporation † | 242,658 | 14,615,291 | |||
Lumentum Holdings Incorporated † | 125,486 | 10,888,420 | |||
25,503,711 | |||||
Electronic equipment, instruments & components: 1.18% | |||||
Itron Incorporated † | 86,082 | 5,329,337 | |||
Par Technology Corporation †« | 126,470 | 6,623,234 | |||
11,952,571 | |||||
IT services: 2.48% | |||||
EVO Payments Incorporated Class A † | 286,950 | 6,109,166 | |||
LiveRamp Holdings Incorporated † | 169,224 | 7,941,682 | |||
Verra Mobility Corporation † | 500,594 | 7,203,548 | |||
WEX Incorporated † | 31,284 | 3,954,923 | |||
25,209,319 | |||||
Semiconductors & semiconductor equipment: 5.24% | |||||
CMC Materials Incorporated | 50,490 | 6,705,072 | |||
FormFactor Incorporated † | 132,549 | 5,556,454 | |||
Onto Innovation Incorporated † | 91,410 | 8,607,166 | |||
Silicon Motion Technology Corporation ADR | 128,867 | 8,895,689 | |||
Synaptics Incorporated † | 45,319 | 12,790,835 | |||
Teradyne Incorporated | 70,232 | 10,736,366 | |||
53,291,582 | |||||
Software: 11.92% | |||||
Black Knight Incorporated † | 155,500 | 11,113,585 | |||
Box Incorporated Class A † | 458,831 | 10,741,234 | |||
CyberArk Software Limited † | 59,530 | 10,289,761 | |||
Doubleverify Holdings Incorporated † | 109,611 | 3,384,788 | |||
Jamf Holding Corporation † | 273,923 | 8,828,538 | |||
Mimecast Limited † | 111,607 | 9,040,167 | |||
Nutanix Incorporated Class A † | 266,966 | 8,868,611 | |||
Pagerduty Incorporated † | 282,896 | 10,028,663 | |||
PTC Incorporated † | 111,407 | 12,207,979 |
Shares | Value | ||||
Software (continued) | |||||
Sprout Social Incorporated Class A † | 61,373 | $ 6,854,137 | |||
SS&C Technologies Holdings Incorporated | 184,502 | 14,083,038 | |||
Zendesk Incorporated † | 60,759 | 6,204,101 | |||
Zuora Incorporated † | 480,222 | 9,513,198 | |||
121,157,800 | |||||
Materials: 2.79% | |||||
Chemicals: 2.07% | |||||
Element Solutions Incorporated | 603,904 | 13,811,284 | |||
Orion Engineered Carbons SA † | 410,126 | 7,197,711 | |||
21,008,995 | |||||
Metals & mining: 0.72% | |||||
Steel Dynamics Incorporated | 122,225 | 7,309,055 | |||
Real estate: 1.04% | |||||
Equity REITs: 0.72% | |||||
Ryman Hospitality Properties Incorporated † | 94,547 | 7,317,938 | |||
Real estate management & development: 0.32% | |||||
Compass Incorporated Class A †« | 342,861 | 3,277,751 | |||
Total Common stocks (Cost $589,401,350) | 977,742,041 |
Expiration date | |||||
Rights: 0.00% | |||||
Communication services: 0.00% | |||||
Media: 0.00% | |||||
Media General Incorporated ♦† | 12-31-2021 | 347,897 | 0 | ||
Total Rights (Cost $0) | 0 |
Yield | |||||
Short-term investments: 5.17% | |||||
Investment companies: 5.17% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 36,582,556 | 36,582,556 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 15,956,833 | 15,956,833 | ||
Total Short-term investments (Cost $52,539,389) | 52,539,389 | ||||
Total investments in securities (Cost $641,940,739) | 101.37% | 1,030,281,430 | |||
Other assets and liabilities, net | (1.37) | (13,886,763) | |||
Total net assets | 100.00% | $1,016,394,667 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $40,275,255 | $197,459,065 | $(201,151,764) | $0 | $0 | $ 36,582,556 | 36,582,556 | $ 4,249 | ||
Securities Lending Cash Investments LLC | 21,935,055 | 129,473,795 | (135,452,017) | 0 | 0 | 15,956,833 | 15,956,833 | 2,474 # | ||
$0 | $0 | $52,539,389 | $6,723 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $15,508,431 of securities loaned), at value (cost $589,401,350) | $ 977,742,041 |
Investments in affiliated securities, at value (cost $52,539,389) | 52,539,389 |
Receivable for investments sold | 1,970,110 |
Receivable for dividends | 757,587 |
Receivable for securities lending income, net | 4,791 |
Prepaid expenses and other assets | 37,606 |
Total assets | 1,033,051,524 |
Liabilities | |
Payable upon receipt of securities loaned | 15,956,833 |
Advisory fee payable | 692,880 |
Accrued expenses and other liabilities | 7,144 |
Total liabilities | 16,656,857 |
Total net assets | $1,016,394,667 |
Investment income | |
Dividends | $ 2,347,903 |
Income from affiliated securities | 58,796 |
Total investment income | 2,406,699 |
Expenses | |
Advisory fee | 4,486,153 |
Custody and accounting fees | 41,148 |
Professional fees | 32,306 |
Interest holder report expenses | 11,742 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 24,485 |
Total expenses | 4,605,496 |
Net investment loss | (2,198,797) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 212,663,542 |
Net change in unrealized gains (losses) on investments | (201,183,961) |
Net realized and unrealized gains (losses) on investments | 11,479,581 |
Net increase in net assets resulting from operations | $ 9,280,784 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment loss | $ (2,198,797) | $ (4,920,462) |
Net realized gains on investments | 212,663,542 | 383,642,418 |
Net change in unrealized gains (losses) on investments | (201,183,961) | 248,333,561 |
Net increase in net assets resulting from operations | 9,280,784 | 627,055,517 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 47,121,064 | 27,183,074 |
Withdrawals | (418,298,101) | (661,328,291) |
Net decrease in net assets resulting from capital transactions | (371,177,037) | (634,145,217) |
Total decrease in net assets | (361,896,253) | (7,089,700) |
Net assets | ||
Beginning of period | 1,378,290,920 | 1,385,380,620 |
End of period | $1,016,394,667 | $1,378,290,920 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 0.62% | 54.64% | 4.08% | (5.64)% | 28.74% | 18.15% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.80% | 0.79% | 0.78% | 0.78% | 0.78% | 0.79% |
Net expenses | 0.80% | 0.79% | 0.78% | 0.78% | 0.78% | 0.79% |
Net investment loss | (0.38)% | (0.34)% | (0.16)% | (0.09)% | (0.18)% | (0.14)% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 44% | 41% | 54% | 37% | 82% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $422,625,083 |
Gross unrealized losses | (53,064,248) |
Net unrealized gains | $369,560,835 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 11,395,318 | $0 | $0 | $ 11,395,318 |
Consumer discretionary | 100,819,713 | 0 | 0 | 100,819,713 |
Consumer staples | 29,547,392 | 0 | 0 | 29,547,392 |
Financials | 108,431,757 | 0 | 0 | 108,431,757 |
Health care | 248,648,948 | 0 | 0 | 248,648,948 |
Industrials | 202,870,191 | 0 | 0 | 202,870,191 |
Information technology | 237,114,983 | 0 | 0 | 237,114,983 |
Materials | 28,318,050 | 0 | 0 | 28,318,050 |
Real estate | 10,595,689 | 0 | 0 | 10,595,689 |
Rights | ||||
Communication services | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 52,539,389 | 0 | 0 | 52,539,389 |
Total assets | $1,030,281,430 | $0 | $0 | $1,030,281,430 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BMO Capital Markets Corporation | $5,331,200 | $(5,331,200) | $0 |
BNP Paribas Securities Corporation | 4,861,195 | (4,861,195) | 0 |
Credit Suisse Securities (USA) LLC | 2,992,000 | (2,992,000) | 0 |
Morgan Stanley & Co. LLC | 2,300,780 | (2,300,780) | 0 |
UBS Securities LLC | 23,256 | (23,256) | 0 |
Shares voted “For” | 9,908,243 |
Shares voted “Against” | 99,861 |
Shares voted “Abstain” | 107,942 |
Shares voted “Uninstructed” | 216,349 |
Shares voted “For” | 9,901,468 |
Shares voted “Against” | 71,819 |
Shares voted “Abstain” | 142,759 |
Shares voted “Uninstructed" | 216,349 |
Shares voted “For” | 9,929,920 |
Shares voted “Against” | 76,875 |
Shares voted “Abstain” | 109,251 |
Shares voted “Uninstructed” | 216,349 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206536imgf569d27a1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA285/SAR285 11-21
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206603imgcf6f6c661.jpg)
Small Company Value Fund
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Allspring Small Company Value Fund | |
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Allspring Small Company Value Portfolio | |
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Financial statements | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206603imgaa4385bf2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206603imgec097af83.jpg)
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Jeff Goverman, Garth R. Nisbet, CFA®‡, Craig Pieringer, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (SCVAX) | 1-31-2002 | 32.34 | 8.94 | 11.13 | 40.41 | 10.24 | 11.79 | 1.35 | 1.15 | ||
Class C (SCVFX) | 8-30-2002 | 38.38 | 9.45 | 10.97 | 39.38 | 9.45 | 10.97 | 2.10 | 1.90 | ||
Class R6 (SCVJX)3 | 10-31-2016 | – | – | – | 40.92 | 10.70 | 12.16 | 0.92 | 0.75 | ||
Administrator Class (SCVIX) | 1-31-2002 | – | – | – | 40.50 | 10.35 | 11.96 | 1.27 | 1.05 | ||
Institutional Class (SCVNX) | 7-30-2010 | – | – | – | 40.77 | 10.58 | 12.19 | 1.02 | 0.85 | ||
Russell 2000® Value Index4 | – | – | – | – | 33.01 | 9.08 | 11.76 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.03% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
Lexington Corporate Properties Trust | 1.52 |
Piper Jaffray Companies Incorporated | 1.45 |
STAG Industrial Incorporated | 1.40 |
Arcbest Corporation | 1.37 |
Customers Bancorp Incorporated | 1.35 |
Comfort Systems Incorporated | 1.35 |
Centerspace REIT | 1.33 |
Regal-Beloit Corporation | 1.31 |
Diamondback Energy Incorporated | 1.23 |
Kadant Incorporated | 1.22 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206603img9dd795214.jpg)
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,002.96 | $5.72 | 1.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.35 | $5.77 | 1.14% |
Class C | ||||
Actual | $1,000.00 | $ 999.39 | $9.52 | 1.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.54 | $9.60 | 1.90% |
Class R6 | ||||
Actual | $1,000.00 | $1,004.96 | $3.77 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Administrator Class | ||||
Actual | $1,000.00 | $1,003.69 | $5.27 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.80 | $5.32 | 1.05% |
Institutional Class | ||||
Actual | $1,000.00 | $1,004.46 | $4.27 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 | 0.85% |
Value | |||||
Investment companies: 100.03% | |||||
Affiliated master portfolio: 100.03% | |||||
Allspring Small Company Value Portfolio | $519,434,761 | ||||
Total Investment companies (Cost $389,487,298) | 519,434,761 | ||||
Total investments in securities (Cost $389,487,298) | 100.03% | 519,434,761 | |||
Other assets and liabilities, net | (0.03) | (132,163) | |||
Total net assets | 100.00% | $519,302,598 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Small Company Value Portfolio | 85.41% | 86.18% | $42,393,871 | $(42,498,214) | $4,390,601 | $519,434,761 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $389,487,298) | $ 519,434,761 |
Receivable for Fund shares sold | 429,458 |
Receivable from manager | 54,399 |
Prepaid expenses and other assets | 156,754 |
Total assets | 520,075,372 |
Liabilities | |
Payable for Fund shares redeemed | 566,586 |
Shareholder servicing fees payable | 95,401 |
Administration fees payable | 86,708 |
Trustees’ fees and expenses payable | 3,289 |
Distribution fee payable | 1,920 |
Accrued expenses and other liabilities | 18,870 |
Total liabilities | 772,774 |
Total net assets | $519,302,598 |
Net assets consist of | |
Paid-in capital | $ 365,413,164 |
Total distributable earnings | 153,889,434 |
Total net assets | $519,302,598 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 398,911,801 |
Shares outstanding – Class A1 | 10,713,356 |
Net asset value per share – Class A | $37.23 |
Maximum offering price per share – Class A2 | $39.50 |
Net assets – Class C | $ 3,161,072 |
Shares outstanding – Class C1 | 96,768 |
Net asset value per share – Class C | $32.67 |
Net assets – Class R6 | $ 10,277,090 |
Shares outstanding – Class R61 | 266,765 |
Net asset value per share – Class R6 | $38.52 |
Net assets – Administrator Class | $ 31,705,708 |
Shares outstanding – Administrator Class1 | 831,660 |
Net asset value per share – Administrator Class | $38.12 |
Net assets – Institutional Class | $ 75,246,927 |
Shares outstanding – Institutional Class1 | 1,964,451 |
Net asset value per share – Institutional Class | $38.30 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $4,059) | $ 4,390,601 |
Affiliated income allocated from affiliated Master Portfolio | 15,819 |
Expenses allocated from affiliated Master Portfolio | (2,170,028) |
Waivers allocated from affiliated Master Portfolio | 225,979 |
Total investment income | 2,462,371 |
Expenses | |
Management fee | 131,417 |
Administration fees | |
Class A | 428,092 |
Class C | 3,264 |
Class R6 | 1,403 |
Administrator Class | 20,869 |
Institutional Class | 47,705 |
Shareholder servicing fees | |
Class A | 509,633 |
Class C | 3,872 |
Administrator Class | 40,122 |
Distribution fee | |
Class C | 11,614 |
Custody and accounting fees | 8,715 |
Professional fees | 26,004 |
Registration fees | 25,565 |
Shareholder report expenses | 42,496 |
Trustees’ fees and expenses | 9,968 |
Other fees and expenses | 64,983 |
Total expenses | 1,375,722 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (364,200) |
Class A | (81,319) |
Class C | (310) |
Administrator Class | (8,005) |
Net expenses | 921,888 |
Net investment income | 1,540,483 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 42,393,871 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (42,498,214) |
Net realized and unrealized gains (losses) on investments | (104,343) |
Net increase in net assets resulting from operations | $ 1,436,140 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,540,483 | $ 1,435,966 | ||
Net realized gains on investments | 42,393,871 | 29,216,420 | ||
Net change in unrealized gains (losses) on investments | (42,498,214) | 204,433,580 | ||
Net increase in net assets resulting from operations | 1,436,140 | 235,085,966 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (1,293,657) | ||
Class R6 | 0 | (57,563) | ||
Administrator Class | 0 | (111,552) | ||
Institutional Class | 0 | (291,793) | ||
Total distributions to shareholders | 0 | (1,754,565) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 312,261 | 11,772,002 | 941,668 | 26,856,731 |
Class C | 13,959 | 480,144 | 13,195 | 384,992 |
Class R6 | 54,301 | 2,140,644 | 191,063 | 5,140,970 |
Administrator Class | 227,179 | 8,736,857 | 324,601 | 9,607,503 |
Institutional Class | 391,586 | 15,018,881 | 788,867 | 24,838,642 |
38,148,528 | 66,828,838 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 44,468 | 1,263,434 |
Class R6 | 0 | 0 | 1,957 | 57,318 |
Administrator Class | 0 | 0 | 3,678 | 106,887 |
Institutional Class | 0 | 0 | 9,851 | 287,148 |
0 | 1,714,787 | |||
Payment for shares redeemed | ||||
Class A | (753,906) | (27,978,319) | (2,387,672) | (63,689,654) |
Class C | (20,839) | (681,310) | (149,932) | (3,213,714) |
Class R6 | (22,561) | (852,223) | (258,998) | (7,165,322) |
Administrator Class | (256,984) | (9,916,812) | (194,898) | (5,830,131) |
Institutional Class | (318,867) | (12,106,154) | (472,719) | (13,399,558) |
(51,534,818) | (93,298,379) | |||
Net decrease in net assets resulting from capital share transactions | (13,386,290) | (24,754,754) | ||
Total increase (decrease) in net assets | (11,950,150) | 208,576,647 | ||
Net assets | ||||
Beginning of period | 531,252,748 | 322,676,101 | ||
End of period | $519,302,598 | $531,252,748 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $37.11 | $20.91 | $24.22 | $28.60 | $24.01 | $20.22 |
Net investment income | 0.10 | 0.09 | 0.18 1 | 0.09 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | 0.02 | 16.22 | (3.35) | (4.31) | 4.58 | 3.75 |
Total from investment operations | 0.12 | 16.31 | (3.17) | (4.22) | 4.67 | 3.80 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.14) | (0.16) | (0.08) | (0.01) |
Net asset value, end of period | $37.23 | $37.11 | $20.91 | $24.22 | $28.60 | $24.01 |
Total return2 | 0.32% | 77.80% | (13.25)% | (14.72)% | 19.48% | 18.86% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.32% | 1.32% | 1.32% | 1.49% | 1.47% | 1.47% |
Net expenses | 1.14% | 1.14% | 1.13% | 1.15% | 1.33% | 1.35% |
Net investment income | 0.54% | 0.33% | 0.74% | 0.38% | 0.46% | 0.20% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $398,912 | $414,013 | $262,574 | $11,902 | $15,665 | $16,280 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $32.69 | $18.43 | $21.48 | $25.38 | $21.40 | $18.15 |
Net investment income (loss) | (0.04) 1 | (0.07) 1 | 0.01 1 | (0.08) 1 | (0.07) 1 | (0.11) 1 |
Net realized and unrealized gains (losses) on investments | 0.02 | 14.33 | (3.00) | (3.82) | 4.05 | 3.36 |
Total from investment operations | (0.02) | 14.26 | (2.99) | (3.90) | 3.98 | 3.25 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.06) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $32.67 | $32.69 | $18.43 | $21.48 | $25.38 | $21.40 |
Total return2 | (0.06)% | 76.80% | (13.98)% | (15.37)% | 18.60% | 17.97% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.06% | 2.06% | 2.08% | 2.22% | 2.21% | 2.22% |
Net expenses | 1.90% | 1.90% | 1.90% | 1.90% | 2.08% | 2.10% |
Net investment income (loss) | (0.24)% | (0.29)% | 0.02% | (0.35)% | (0.29)% | (0.54)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $3,161 | $3,388 | $4,431 | $1,099 | $1,980 | $1,962 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $38.33 | $21.56 | $24.92 | $29.44 | $24.69 | $21.37 |
Net investment income | 0.18 2 | 0.20 | 0.31 | 0.21 2 | 0.29 2 | 0.08 |
Net realized and unrealized gains (losses) on investments | 0.01 | 16.78 | (3.50) | (4.45) | 4.65 | 3.33 |
Total from investment operations | 0.19 | 16.98 | (3.19) | (4.24) | 4.94 | 3.41 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.21) | (0.17) | (0.28) | (0.19) | (0.09) |
Net asset value, end of period | $38.52 | $38.33 | $21.56 | $24.92 | $29.44 | $24.69 |
Total return3 | 0.50% | 78.63% | (12.97)% | (14.38)% | 20.03% | 15.95% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.89% | 0.89% | 0.90% | 1.09% | 1.03% | 1.02% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.88% | 0.90% |
Net investment income | 0.94% | 0.73% | 1.22% | 0.77% | 1.04% | 0.58% |
Supplemental data | ||||||
Portfolio turnover rate4 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $10,277 | $9,007 | $6,491 | $731 | $322 | $29 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 20171 | 0.83% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $37.98 | $21.40 | $24.80 | $29.23 | $24.53 | $20.66 |
Net investment income | 0.12 1 | 0.10 1 | 0.21 1 | 0.14 1 | 0.20 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | 0.02 | 16.62 | (3.43) | (4.43) | 4.63 | 3.83 |
Total from investment operations | 0.14 | 16.72 | (3.22) | (4.29) | 4.83 | 3.91 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.14) | (0.18) | (0.14) | (0.13) | (0.04) |
Net asset value, end of period | $38.12 | $37.98 | $21.40 | $24.80 | $29.23 | $24.53 |
Total return2 | 0.37% | 77.91% | (13.18)% | (14.65)% | 19.71% | 19.00% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.24% | 1.24% | 1.32% | 1.35% | 1.38% | 1.39% |
Net expenses | 1.05% | 1.05% | 1.05% | 1.05% | 1.19% | 1.20% |
Net investment income | 0.63% | 0.35% | 0.82% | 0.49% | 0.59% | 0.36% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $31,706 | $32,721 | $15,581 | $13,905 | $60,379 | $57,591 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $38.13 | $21.46 | $24.86 | $29.40 | $24.68 | $20.77 |
Net investment income | 0.16 1 | 0.15 1 | 0.25 | 0.19 1 | 0.21 | 0.11 |
Net realized and unrealized gains (losses) on investments | 0.01 | 16.70 | (3.43) | (4.45) | 4.69 | 3.89 |
Total from investment operations | 0.17 | 16.85 | (3.18) | (4.26) | 4.90 | 4.00 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.18) | (0.22) | (0.28) | (0.18) | (0.09) |
Net asset value, end of period | $38.30 | $38.13 | $21.46 | $24.86 | $29.40 | $24.68 |
Total return2 | 0.45% | 78.39% | (13.03)% | (14.46)% | 19.90% | 13.70% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.99% | 0.99% | 1.07% | 1.14% | 1.14% | 1.14% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.99% | 1.00% |
Net investment income | 0.83% | 0.52% | 1.04% | 0.68% | 0.78% | 0.55% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $75,247 | $72,123 | $33,600 | $33,116 | $60,973 | $52,072 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $114,884,037 |
Gross unrealized losses | 0 |
Net unrealized gains | $114,884,037 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Small Company Value Portfolio | Seek long-term capital appreciation | $519,434,761 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.15% |
Class C | 1.90 |
Class R6 | 0.75 |
Administrator Class | 1.05 |
Institutional Class | 0.85 |
Shares | Value | ||||
Common stocks: 98.78% | |||||
Consumer discretionary: 10.98% | |||||
Auto components: 2.01% | |||||
Dana Incorporated | 185,423 | $ 3,986,595 | |||
Patrick Industries Incorporated | 62,974 | 5,023,436 | |||
Standard Motor Products Incorporated | 61,670 | 3,085,967 | |||
12,095,998 | |||||
Diversified consumer services: 0.10% | |||||
H&R Block Incorporated | 26,653 | 631,143 | |||
Hotels, restaurants & leisure: 1.12% | |||||
Dine Brands Global Incorporated † | 59,747 | 4,291,030 | |||
Wyndham Hotels & Resorts Incorporated | 30,734 | 2,442,738 | |||
6,733,768 | |||||
Household durables: 1.11% | |||||
GoPro Incorporated Class A † | 162,832 | 1,628,320 | |||
Green Brick Partners Incorporated † | 59,778 | 1,491,461 | |||
Hooker Furniture Corporation | 110,503 | 2,623,341 | |||
iRobot Corporation †« | 12,399 | 941,208 | |||
6,684,330 | |||||
Leisure products: 1.66% | |||||
Johnson Outdoors Incorporated Class A | 48,169 | 5,011,503 | |||
Malibu Boats Incorporated Class A † | 71,663 | 4,978,429 | |||
9,989,932 | |||||
Multiline retail: 0.61% | |||||
Big Lots Stores Incorporated | 66,028 | 2,864,295 | |||
Nordstrom Incorporated † | 40,029 | 847,414 | |||
3,711,709 | |||||
Specialty retail: 3.35% | |||||
American Eagle Outfitters Incorporated | 154,831 | 4,008,575 | |||
Bed Bath & Beyond Incorporated † | 145,629 | 2,669,380 | |||
Destination XL Group Incorporated † | 212,841 | 1,521,813 | |||
Dick's Sporting Goods Incorporated | 50,586 | 5,946,890 | |||
Shoe Carnival Incorporated | 154,269 | 6,031,918 | |||
20,178,576 | |||||
Textiles, apparel & luxury goods: 1.02% | |||||
Lakeland Industries Incorporated † | 133,606 | 2,557,219 | |||
Rocky Brands Incorporated | 101,002 | 3,588,601 | |||
6,145,820 | |||||
Consumer staples: 0.52% | |||||
Food & staples retailing: 0.52% | |||||
Grocery Outlet Holding Corporation † | 108,801 | 3,150,877 |
Shares | Value | ||||
Energy: 5.51% | |||||
Energy equipment & services: 2.01% | |||||
Helmerich & Payne Incorporated | 269,602 | $ 6,052,565 | |||
Patterson-UTI Energy Incorporated | 862,030 | 6,085,932 | |||
12,138,497 | |||||
Oil, gas & consumable fuels: 3.50% | |||||
Diamondback Energy Incorporated | 69,492 | 7,416,881 | |||
Marathon Oil Corporation | 199,647 | 3,092,532 | |||
Southwestern Energy Company † | 1,226,449 | 5,494,492 | |||
W&T Offshore Incorporated † | 1,478,501 | 5,086,043 | |||
21,089,948 | |||||
Financials: 24.19% | |||||
Banks: 15.87% | |||||
Ameris Bancorp | 137,774 | 6,705,461 | |||
Atlantic Union Bankshares Corporation | 185,517 | 6,031,158 | |||
Banc of California Incorporated | 244,261 | 4,785,073 | |||
Banner Corporation | 107,261 | 6,143,910 | |||
Customers Bancorp Incorporated † | 141,619 | 8,162,919 | |||
FB Financial Corporation | 131,094 | 5,623,933 | |||
First Foundation Incorporated | 249,848 | 6,351,136 | |||
First Interstate BancSystem Class A | 129,617 | 5,288,374 | |||
Great Southern Bancorp Incorporated | 78,989 | 4,394,158 | |||
Heritage Financial Corporation | 196,785 | 4,610,673 | |||
Independent Bank Corporation | 174,631 | 3,937,929 | |||
OceanFirst Financial Corporation | 230,443 | 4,749,430 | |||
OFG Bancorp | 210,933 | 5,083,485 | |||
Synovus Financial Corporation | 160,839 | 7,284,398 | |||
Umpqua Holdings Corporation | 321,639 | 6,130,439 | |||
Univest Corporation of Pennsylvania | 176,019 | 4,852,844 | |||
Western Alliance Bancorp | 50,223 | 5,513,481 | |||
95,648,801 | |||||
Capital markets: 1.75% | |||||
Piper Jaffray Companies Incorporated | 52,764 | 8,745,633 | |||
Sculptor Capital Management Incorporated | 98,228 | 1,779,891 | |||
10,525,524 | |||||
Diversified financial services: 0.31% | |||||
A-Mark Precious Metals Incorporated | 27,108 | 1,877,229 | |||
Insurance: 1.97% | |||||
American Equity Investment Life Holding Company | 178,086 | 5,989,032 | |||
Horace Mann Educators Corporation | 87,102 | 3,228,871 | |||
United Fire Group Incorporated | 128,297 | 2,683,973 | |||
11,901,876 | |||||
Mortgage REITs: 1.61% | |||||
AGNC Investment Corporation | 314,682 | 4,811,488 | |||
Annaly Capital Management Incorporated | 605,674 | 4,905,959 | |||
9,717,447 |
Shares | Value | ||||
Thrifts & mortgage finance: 2.68% | |||||
Axos Financial Incorporated † | 119,886 | $ 6,786,746 | |||
Homestreet Incorporated | 46,391 | 2,290,324 | |||
Walker & Dunlop Incorporated | 50,172 | 7,058,699 | |||
16,135,769 | |||||
Health care: 9.25% | |||||
Biotechnology: 1.22% | |||||
Chemocentryx Incorporated † | 56,425 | 2,047,099 | |||
Eagle Pharmaceuticals Incorporated † | 74,287 | 3,542,004 | |||
Global Blood Therapeutics Incorporated † | 52,656 | 1,488,059 | |||
Immunovant Incorporated † | 33,453 | 257,588 | |||
7,334,750 | |||||
Health care equipment & supplies: 2.84% | |||||
AngioDynamics Incorporated † | 233,206 | 6,005,055 | |||
ICU Medical Incorporated † | 20,101 | 4,547,047 | |||
Integer Holdings Corporation † | 46,099 | 3,675,934 | |||
Merit Medical Systems Incorporated † | 46,065 | 2,895,646 | |||
17,123,682 | |||||
Health care providers & services: 4.48% | |||||
Addus Homecare Corporation † | 43,148 | 3,763,369 | |||
AMN Healthcare Services Incorporated † | 36,444 | 4,154,980 | |||
Brookdale Senior Living Incorporated † | 436,407 | 2,557,345 | |||
LHC Group Incorporated † | 13,979 | 1,603,671 | |||
Option Care Health Incorporated † | 97,171 | 2,459,398 | |||
Premier Incorporated Class A | 152,891 | 5,667,669 | |||
The Ensign Group Incorporated | 56,055 | 4,278,678 | |||
U.S. Physical Therapy Incorporated | 29,107 | 2,502,620 | |||
26,987,730 | |||||
Health care technology: 0.53% | |||||
Computer Programs & Systems Incorporated † | 108,137 | 3,186,797 | |||
Pharmaceuticals: 0.18% | |||||
Phibro Animal Health Corporation Class A | 57,372 | 1,123,917 | |||
Industrials: 17.44% | |||||
Air freight & logistics: 0.54% | |||||
Radiant Logistics Incorporated † | 429,422 | 3,237,842 | |||
Airlines: 0.56% | |||||
Alaska Air Group Incorporated † | 69,986 | 3,399,220 | |||
Building products: 1.68% | |||||
CSW Industrials Incorporated | 29,475 | 3,542,895 | |||
Zurn Water Solutions Corporation | 187,454 | 6,570,263 | |||
10,113,158 | |||||
Commercial services & supplies: 0.92% | |||||
ABM Industries Incorporated | 81,687 | 3,675,915 | |||
Herman Miller Incorporated | 48,741 | 1,849,234 | |||
5,525,149 |
Shares | Value | ||||
Construction & engineering: 4.40% | |||||
Comfort Systems Incorporated | 85,830 | $ 8,142,692 | |||
Great Lakes Dredge & Dock Company † | 335,945 | 4,965,267 | |||
MYR Group Incorporated † | 64,139 | 7,100,829 | |||
Northwest Pipe Company † | 51,280 | 1,475,838 | |||
Sterling Construction Company Incorporated † | 187,625 | 4,835,096 | |||
26,519,722 | |||||
Electrical equipment: 1.77% | |||||
Atkore International Incorporated † | 25,982 | 2,767,083 | |||
Regal-Beloit Corporation | 49,957 | 7,898,202 | |||
10,665,285 | |||||
Machinery: 4.91% | |||||
Columbus McKinnon Corporation | 82,180 | 3,650,436 | |||
Federal Signal Corporation | 118,104 | 5,011,153 | |||
Hillenbrand Incorporated | 109,047 | 4,863,496 | |||
Kadant Incorporated | 31,339 | 7,347,742 | |||
Miller Industries Incorporated | 85,709 | 2,803,541 | |||
The Shyft Group Incorporated | 121,569 | 5,909,469 | |||
29,585,837 | |||||
Professional services: 1.29% | |||||
CBIZ Incorporated † | 155,416 | 5,599,638 | |||
Kelly Services Incorporated Class A | 66,528 | 1,121,662 | |||
Mastech Digital Incorporated † | 59,937 | 1,057,888 | |||
7,779,188 | |||||
Road & rail: 1.37% | |||||
Arcbest Corporation | 80,264 | 8,273,613 | |||
Information technology: 8.84% | |||||
Electronic equipment, instruments & components: 3.58% | |||||
ePlus Incorporated † | 35,429 | 3,737,405 | |||
Insight Enterprises Incorporated † | 62,713 | 6,184,756 | |||
Methode Electronics Incorporated | 126,641 | 5,631,725 | |||
PC Connection Incorporated | 56,476 | 2,475,908 | |||
Sanmina Corporation † | 96,667 | 3,532,212 | |||
21,562,006 | |||||
IT services: 1.22% | |||||
BM Technologies Incorporated † | 43,806 | 527,862 | |||
Conduent Incorporated † | 421,028 | 2,121,981 | |||
TTEC Holdings Incorporated | 30,797 | 2,598,959 | |||
Unisys Corporation † | 117,853 | 2,140,210 | |||
7,389,012 | |||||
Semiconductors & semiconductor equipment: 3.48% | |||||
Cirrus Logic Incorporated † | 43,629 | 3,498,173 | |||
Diodes Incorporated † | 42,685 | 4,539,550 | |||
FormFactor Incorporated † | 99,387 | 4,166,303 | |||
Ichor Holdings Limited † | 82,206 | 3,936,845 | |||
Onto Innovation Incorporated † | 51,132 | 4,814,589 | |||
20,955,460 |
Shares | Value | ||||
Software: 0.56% | |||||
NCR Corporation † | 86,974 | $ 3,383,289 | |||
Materials: 7.78% | |||||
Chemicals: 4.90% | |||||
Advansix Incorporated | 158,131 | 7,161,753 | |||
Hawkins Incorporated | 142,578 | 4,730,738 | |||
Ingevity Corporation † | 55,475 | 3,989,207 | |||
Intrepid Potash Incorporated † | 63,961 | 2,628,797 | |||
Minerals Technologies Incorporated | 93,180 | 6,119,131 | |||
Stepan Company | 43,568 | 4,910,549 | |||
29,540,175 | |||||
Construction materials: 0.99% | |||||
Eagle Materials Incorporated | 38,727 | 5,972,478 | |||
Containers & packaging: 0.69% | |||||
UFP Technologies Incorporated † | 61,632 | 4,121,332 | |||
Metals & mining: 1.20% | |||||
Schnitzer Steel Industries Incorporated Class A | 150,462 | 7,237,222 | |||
Real estate: 14.27% | |||||
Equity REITs: 14.27% | |||||
Agree Realty Corporation | 87,241 | 5,894,002 | |||
American Campus Communities Incorporated | 130,902 | 6,772,869 | |||
Armada Hoffler Properties Incorporated | 349,124 | 4,870,280 | |||
Centerspace REIT | 78,347 | 8,006,280 | |||
Global Medical REIT Incorporated | 354,449 | 5,791,697 | |||
Independence Realty Trust Incorporated | 213,284 | 5,225,458 | |||
Lexington Corporate Properties Trust | 610,486 | 9,187,814 | |||
Monmouth Real Estate Investment Corporation | 306,663 | 6,369,391 | |||
One Liberty Properties Incorporated | 154,638 | 5,030,374 | |||
Outfront Media Incorporated | 186,999 | 4,673,105 | |||
PotlatchDeltic Corporation | 63,912 | 3,460,196 | |||
Retail Opportunity Investment Corporation | 245,845 | 4,317,038 | |||
RLJ Lodging Trust | 265,964 | 3,348,487 | |||
STAG Industrial Incorporated | 193,220 | 8,420,528 | |||
Summit Hotel Properties Incorporated † | 522,702 | 4,678,183 | |||
86,045,702 | |||||
Total Common stocks (Cost $424,609,907) | 595,419,810 |
Expiration date | |||||
Warrants: 0.00% | |||||
Energy: 0.00% | |||||
Energy equipment & services: 0.00% | |||||
Parker Drilling Company † | 9-16-2024 | 8,457 | 0 | ||
Total Warrants (Cost $0) | 0 |
Yield | Shares | Value | |||
Short-term investments: 1.30% | |||||
Investment companies: 1.30% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 6,987,351 | $ 6,987,351 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 826,529 | 826,529 | ||
Total Short-term investments (Cost $7,813,880) | 7,813,880 | ||||
Total investments in securities (Cost $432,423,787) | 100.08% | 603,233,690 | |||
Other assets and liabilities, net | (0.08) | (466,551) | |||
Total net assets | 100.00% | $602,767,139 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $5,823,369 | $37,179,672 | $(36,015,690) | $0 | $0 | $ 6,987,351 | 6,987,351 | $ 716 | ||
Securities Lending Cash Investments LLC | 1,657,815 | 56,114,366 | (56,945,652) | 0 | 0 | 826,529 | 826,529 | 422 # | ||
$0 | $0 | $7,813,880 | $1,138 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $810,154 of securities loaned), at value (cost $424,609,907) | $ 595,419,810 |
Investments in affiliated securities, at value (cost $7,813,880) | 7,813,880 |
Receivable for dividends | 671,160 |
Receivable for securities lending income, net | 3,496 |
Prepaid expenses and other assets | 70,687 |
Total assets | 603,979,033 |
Liabilities | |
Payable upon receipt of securities loaned | 826,529 |
Advisory fee payable | 375,695 |
Accrued expenses and other liabilities | 9,670 |
Total liabilities | 1,211,894 |
Total net assets | $602,767,139 |
Investment income | |
Dividends (net of foreign withholdings taxes of $4,745) | $ 5,122,978 |
Income from affiliated securities | 18,460 |
Total investment income | 5,141,438 |
Expenses | |
Advisory fee | 2,439,356 |
Custody and accounting fees | 26,850 |
Professional fees | 31,126 |
Interest holder report expenses | 16,545 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 9,597 |
Total expenses | 2,533,136 |
Less: Fee waivers and/or expense reimbursements | (263,786) |
Net expenses | 2,269,350 |
Net investment income | 2,872,088 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 47,589,144 |
Net change in unrealized gains (losses) on investments | (49,453,171) |
Net realized and unrealized gains (losses) on investments | (1,864,027) |
Net increase in net assets resulting from operations | $ 1,008,061 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 2,872,088 | $ 3,476,701 |
Net realized gains on investments | 47,589,144 | 37,164,709 |
Net change in unrealized gains (losses) on investments | (49,453,171) | 242,793,164 |
Net increase in net assets resulting from operations | 1,008,061 | 283,434,574 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 15,809,544 | 44,706,834 |
Withdrawals | (34,073,132) | (109,788,132) |
Net decrease in net assets resulting from capital transactions | (18,263,588) | (65,081,298) |
Total increase (decrease) in net assets | (17,255,527) | 218,353,276 |
Net assets | ||
Beginning of period | 620,022,666 | 401,669,390 |
End of period | $602,767,139 | $ 620,022,666 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 0.23% | 78.76% | (13.74)% | (14.51)% | 20.10% | 19.44% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.83% | 0.83% | 0.82% | 0.86% | 0.85% | 0.84% |
Net expenses2 | 0.74% | 0.74% | 0.74% | 0.75% | 0.84% | 0.84% |
Net investment income | 0.94% | 0.71% | 1.15% | 0.80% | 0.87% | 0.72% |
Supplemental data | ||||||
Portfolio turnover rate | 34% | 62% | 78% | 168% | 144% | 110% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $179,281,201 |
Gross unrealized losses | (20,314,904) |
Net unrealized gains | $158,966,297 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Consumer discretionary | $ 66,171,276 | $0 | $0 | $ 66,171,276 |
Consumer staples | 3,150,877 | 0 | 0 | 3,150,877 |
Energy | 33,228,445 | 0 | 0 | 33,228,445 |
Financials | 145,806,646 | 0 | 0 | 145,806,646 |
Health care | 55,756,876 | 0 | 0 | 55,756,876 |
Industrials | 105,099,014 | 0 | 0 | 105,099,014 |
Information technology | 53,289,767 | 0 | 0 | 53,289,767 |
Materials | 46,871,207 | 0 | 0 | 46,871,207 |
Real estate | 86,045,702 | 0 | 0 | 86,045,702 |
Warrants | ||||
Energy | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 7,813,880 | 0 | 0 | 7,813,880 |
Total assets | $603,233,690 | $0 | $0 | $603,233,690 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
National Financial Services LLC | $810,154 | $(810,154) | $0 |
Shares voted “For” | 4,908,036 | |
Shares voted “Against” | 660,279 | |
Shares voted “Abstain” | 1,372,226 | |
Shares voted “Uninstructed” | 243,892 |
Shares voted “For” | 4,893,380 | |
Shares voted “Against” | 678,697 | |
Shares voted “Abstain” | 1,368,464 | |
Shares voted “Uninstructed” | 243,892 |
Shares voted “For” | 4,872,860 | |
Shares voted “Against” | 699,122 | |
Shares voted “Abstain” | 1,368,559 | |
Shares voted “Uninstructed” | 243,892 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-028064/g206603imgcf6f6c661.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA286/SAR286 11-21
ITEM 2. | CODE OF ETHICS |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Allspring Funds 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 controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | ||
/s/Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: | January 27, 2022 |
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 Funds Trust | ||
By: | ||
/s/Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: | January 27, 2022 | |
By: | ||
/s/Jeremy DePalma | ||
Jeremy DePalma | ||
Treasurer | ||
Date: | January 27, 2022 |