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: July 31
Registrant is making a filing for 10 of its series:
Allspring Disciplined U.S. Core Fund, Allspring Endeavor Select Fund, Allspring Growth Fund, Allspring Classic Value Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Large Company Value Fund, Allspring Low Volatility U.S. Equity Fund, Allspring Omega Growth Fund and Allspring Premier Large Company Growth Fund.
Date of reporting period: January 31, 2022
ITEM 1. REPORT TO STOCKHOLDERS
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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 December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | James M. Tringas, CFA ®‡, Bryant VanCronkhite, CFA ®‡, CPA, Shane Zweck, CFA ®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (EIVAX) | 8-1-2006 | 16.05 | 10.31 | 11.12 | 23.13 | 11.62 | 11.78 | 1.19 | 1.11 | ||
Class C (EIVCX) | 8-1-2006 | 21.20 | 10.82 | 10.94 | 22.20 | 10.82 | 10.94 | 1.94 | 1.86 | ||
Class R (EIVTX)3 | 3-1-2013 | – | – | – | 22.77 | 11.38 | 11.53 | 1.44 | 1.36 | ||
Class R6 (EIVFX)4 | 11-30-2012 | – | – | – | 23.61 | 12.29 | 12.32 | 0.76 | 0.65 | ||
Administrator Class (EIVDX) | 7-30-2010 | – | – | – | 23.32 | 11.82 | 11.98 | 1.11 | 0.95 | ||
Institutional Class (EIVIX) | 8-1-2006 | – | – | – | 23.66 | 12.08 | 12.24 | 0.86 | 0.70 | ||
Russell 1000® Value Index5 | – | – | – | – | 23.37 | 10.48 | 12.28 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 1.36% for Class R, 0.65% for Class R6, 0.95% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 shown for the Class R shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
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 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
General Motors Company | 4.90 |
Microsoft Corporation | 4.55 |
Alphabet Incorporated Class C | 4.33 |
Caterpillar Incorporated | 3.69 |
American International Group Incorporated | 3.69 |
EOG Resources Incorporated | 3.68 |
Salesforce.com Incorporated | 3.67 |
Walmart Incorporated | 3.63 |
The Goldman Sachs Group Incorporated | 3.54 |
D.R. Horton Incorporated | 3.39 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
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1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,032.42 | $5.64 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.66 | $5.60 | 1.10% |
Class C | ||||
Actual | $1,000.00 | $1,028.49 | $9.51 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.83 | $9.45 | 1.86% |
Class R | ||||
Actual | $1,000.00 | $1,031.09 | $6.96 | 1.36% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.35 | $6.92 | 1.36% |
Class R6 | ||||
Actual | $1,000.00 | $1,034.71 | $3.33 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,033.76 | $4.82 | 0.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.47 | $4.79 | 0.94% |
Institutional Class | ||||
Actual | $1,000.00 | $1,034.34 | $3.59 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Shares | Value | ||||
Common stocks: 97.47% | |||||
Communication services: 6.97% | |||||
Interactive media & services: 4.33% | |||||
Alphabet Incorporated Class C † | 14,148 | $ 38,397,248 | |||
Media: 2.64% | |||||
Comcast Corporation Class A | 468,530 | 23,421,815 | |||
Consumer discretionary: 11.17% | |||||
Automobiles: 4.90% | |||||
General Motors Company † | 824,425 | 43,471,930 | |||
Hotels, restaurants & leisure: 2.88% | |||||
Expedia Group Incorporated † | 139,287 | 25,529,914 | |||
Household durables: 3.39% | |||||
D.R. Horton Incorporated | 336,829 | 30,051,883 | |||
Consumer staples: 7.38% | |||||
Beverages: 1.90% | |||||
Keurig Dr. Pepper Incorporated | 444,617 | 16,873,215 | |||
Food & staples retailing: 3.63% | |||||
Walmart Incorporated | 230,115 | 32,172,378 | |||
Food products: 1.85% | |||||
Mondelez International Incorporated Class A | 244,198 | 16,368,594 | |||
Energy: 6.88% | |||||
Oil, gas & consumable fuels: 6.88% | |||||
ConocoPhillips | 320,350 | 28,389,417 | |||
EOG Resources Incorporated | 292,635 | 32,622,950 | |||
61,012,367 | |||||
Financials: 15.14% | |||||
Banks: 5.23% | |||||
Bank of America Corporation | 580,641 | 26,790,776 | |||
JPMorgan Chase & Company | 131,802 | 19,585,777 | |||
46,376,553 | |||||
Capital markets: 6.22% | |||||
Intercontinental Exchange Incorporated | 187,694 | 23,773,322 | |||
The Goldman Sachs Group Incorporated | 88,521 | 31,396,628 | |||
55,169,950 | |||||
Insurance: 3.69% | |||||
American International Group Incorporated | 565,872 | 32,679,108 | |||
Health care: 11.54% | |||||
Health care equipment & supplies: 6.80% | |||||
Abbott Laboratories | 77,427 | 9,868,845 | |||
Medtronic plc | 161,916 | 16,756,687 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
Stryker Corporation | 65,464 | $ 16,238,345 | |||
Teleflex Incorporated | 56,172 | 17,423,993 | |||
60,287,870 | |||||
Health care providers & services: 2.52% | |||||
Cigna Corporation | 97,070 | 22,370,752 | |||
Pharmaceuticals: 2.22% | |||||
Merck & Company Incorporated | 241,688 | 19,692,738 | |||
Industrials: 16.10% | |||||
Aerospace & defense: 2.54% | |||||
Raytheon Technologies Corporation | 249,909 | 22,539,293 | |||
Commercial services & supplies: 2.07% | |||||
Waste Management Incorporated | 122,020 | 18,356,689 | |||
Industrial conglomerates: 2.65% | |||||
Honeywell International Incorporated | 115,131 | 23,541,987 | |||
Machinery: 5.60% | |||||
Caterpillar Incorporated | 162,393 | 32,731,933 | |||
Stanley Black & Decker Incorporated | 96,853 | 16,915,376 | |||
49,647,309 | |||||
Trading companies & distributors: 3.24% | |||||
AerCap Holdings NV † | 455,898 | 28,721,574 | |||
Information technology: 17.76% | |||||
IT services: 7.11% | |||||
Accenture plc Class A | 52,264 | 18,479,505 | |||
Akamai Technologies Incorporated † | 144,237 | 16,522,348 | |||
Fiserv Incorporated † | 124,596 | 13,169,797 | |||
Visa Incorporated Class A | 65,565 | 14,828,836 | |||
63,000,486 | |||||
Semiconductors & semiconductor equipment: 2.43% | |||||
NXP Semiconductors NV | 104,978 | 21,566,680 | |||
Software: 8.22% | |||||
Microsoft Corporation | 129,710 | 40,337,216 | |||
Salesforce.com Incorporated † | 139,986 | 32,564,943 | |||
72,902,159 | |||||
Materials: 1.90% | |||||
Chemicals: 1.15% | |||||
FMC Corporation | 92,333 | 10,190,793 | |||
Containers & packaging: 0.75% | |||||
Avery Dennison Corporation | 32,358 | 6,646,980 |
Shares | Value | ||||
Utilities: 2.63% | |||||
Electric utilities: 2.63% | |||||
NextEra Energy Incorporated | 298,606 | $ 23,327,101 | |||
Total Common stocks (Cost $642,709,804) | 864,317,366 |
Yield | |||||
Short-term investments: 2.65% | |||||
Investment companies: 2.65% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 23,472,012 | 23,472,012 | ||
Total Short-term investments (Cost $23,472,012) | 23,472,012 | ||||
Total investments in securities (Cost $666,181,816) | 100.12% | 887,789,378 | |||
Other assets and liabilities, net | (0.12) | (1,042,219) | |||
Total net assets | 100.00% | $886,747,159 |
† | 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) | 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 | $11,505,493 | $125,804,550 | $(113,838,031) | $0 | $0 | $23,472,012 | 23,472,012 | $1,067 |
Assets | |
Investments in unaffiliated securities, at value (cost $642,709,804) | $ 864,317,366 |
Investments in affiliated securities, at value (cost $23,472,012) | 23,472,012 |
Receivable for dividends | 362,991 |
Receivable for Fund shares sold | 100,823 |
Prepaid expenses and other assets | 233 |
Total assets | 888,253,425 |
Liabilities | |
Payable for Fund shares redeemed | 633,416 |
Management fee payable | 426,920 |
Shareholder servicing fees payable | 167,386 |
Administration fees payable | 115,530 |
Trustees’ fees and expenses payable | 2,162 |
Distribution fees payable | 1,506 |
Accrued expenses and other liabilities | 159,346 |
Total liabilities | 1,506,266 |
Total net assets | $886,747,159 |
Net assets consist of | |
Paid-in capital | $ 638,252,540 |
Total distributable earnings | 248,494,619 |
Total net assets | $886,747,159 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 287,045,731 |
Shares outstanding – Class A1 | 22,584,045 |
Net asset value per share – Class A | $12.71 |
Maximum offering price per share – Class A2 | $13.49 |
Net assets – Class C | $ 2,304,093 |
Shares outstanding – Class C1 | 186,706 |
Net asset value per share – Class C | $12.34 |
Net assets – Class R | $ 106,117 |
Shares outstanding – Class R1 | 8,250 |
Net asset value per share – Class R | $12.86 |
Net assets – Class R6 | $ 45,481,225 |
Shares outstanding – Class R61 | 3,661,442 |
Net asset value per share – Class R6 | $12.42 |
Net assets – Administrator Class | $ 490,338,636 |
Shares outstanding – Administrator Class1 | 36,107,274 |
Net asset value per share – Administrator Class | $13.58 |
Net assets – Institutional Class | $ 61,471,357 |
Shares outstanding – Institutional Class1 | 4,798,604 |
Net asset value per share – Institutional Class | $12.81 |
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 (net of foreign withholdings taxes of $17,448) | $ 6,661,008 |
Income from affiliated securities | 1,067 |
Total investment income | 6,662,075 |
Expenses | |
Management fee | 3,047,524 |
Administration fees | |
Class A | 311,218 |
Class C | 2,504 |
Class R | 112 |
Class R6 | 2,034 |
Administrator Class | 329,073 |
Institutional Class | 42,698 |
Shareholder servicing fees | |
Class A | 358,297 |
Class C | 2,969 |
Class R | 134 |
Administrator Class | 630,756 |
Distribution fees | |
Class C | 8,890 |
Class R | 117 |
Custody and accounting fees | 18,636 |
Professional fees | 21,327 |
Registration fees | 39,824 |
Shareholder report expenses | 13,077 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 14,017 |
Total expenses | 4,852,869 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (262,896) |
Class A | (53,417) |
Class C | (317) |
Class R6 | (2,034) |
Administrator Class | (208,966) |
Institutional Class | (23,862) |
Net expenses | 4,301,377 |
Net investment income | 2,360,698 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 44,953,445 |
Net change in unrealized gains (losses) on investments | (18,240,773) |
Net realized and unrealized gains (losses) on investments | 26,712,672 |
Net increase in net assets resulting from operations | $ 29,073,370 |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment income | $ 2,360,698 | $ 7,480,555 | ||
Payment from affiliate | 0 | 91,336 | ||
Net realized gains on investments | 44,953,445 | 141,881,141 | ||
Net change in unrealized gains (losses) on investments | (18,240,773) | 87,092,988 | ||
Net increase in net assets resulting from operations | 29,073,370 | 236,546,020 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (53,341,156) | (2,978,223) | ||
Class C | (416,230) | 0 | ||
Class R | (18,487) | (777) | ||
Class R6 | (1,180,751) | (209,259) | ||
Administrator Class | (87,453,886) | (5,693,424) | ||
Institutional Class | (12,533,899) | (1,346,136) | ||
Total distributions to shareholders | (154,944,409) | (10,227,819) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 225,430 | 3,095,200 | 440,636 | 5,715,815 |
Class C | 28,809 | 397,293 | 20,672 | 266,040 |
Class R | 345 | 4,964 | 942 | 12,698 |
Class R6 | 3,235,144 | 40,699,179 | 345,499 | 4,430,363 |
Administrator Class | 83,722 | 1,270,512 | 174,108 | 2,515,174 |
Institutional Class | 847,950 | 13,276,245 | 518,647 | 6,693,911 |
58,743,393 | 19,634,001 | |||
Reinvestment of distributions | ||||
Class A | 3,914,851 | 50,679,897 | 224,806 | 2,850,540 |
Class C | 33,272 | 416,230 | 0 | 0 |
Class R | 1,414 | 18,487 | 49 | 634 |
Class R6 | 92,916 | 1,180,751 | 9,761 | 121,435 |
Administrator Class | 5,964,370 | 82,620,134 | 399,009 | 5,342,733 |
Institutional Class | 904,435 | 11,838,887 | 105,062 | 1,339,551 |
146,754,386 | 9,654,893 | |||
Payment for shares redeemed | ||||
Class A | (1,203,148) | (17,250,729) | (2,696,686) | (34,836,613) |
Class C | (36,851) | (511,236) | (259,632) | (3,123,585) |
Class R | (1,046) | (15,951) | (73) | (909) |
Class R6 | (706,123) | (10,871,975) | (351,081) | (4,814,715) |
Administrator Class | (1,493,488) | (22,505,068) | (2,587,756) | (35,964,411) |
Institutional Class | (1,113,626) | (16,179,745) | (3,857,032) | (51,528,718) |
(67,334,704) | (130,268,951) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 138,163,075 | (100,980,057) | ||
Total increase in net assets | 12,292,036 | 125,338,144 | ||
Net assets | ||||
Beginning of period | 874,455,123 | 749,116,979 | ||
End of period | $ 886,747,159 | $ 874,455,123 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.98 | $11.35 | $13.13 | $13.05 | $12.61 | $12.01 |
Net investment income | 0.02 | 0.11 | 0.14 | 0.10 | 0.11 | 0.12 1 |
Payment from affiliate | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.50 | 3.66 | (0.58) | 0.94 | 1.39 | 1.43 |
Total from investment operations | 0.52 | 3.77 | (0.44) | 1.04 | 1.50 | 1.55 |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.14) | (0.10) | (0.12) | (0.06) | (0.14) |
Net realized gains | (2.70) | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (2.79) | (0.14) | (1.34) | (0.96) | (1.06) | (0.95) |
Net asset value, end of period | $12.71 | $14.98 | $11.35 | $13.13 | $13.05 | $12.61 |
Total return3 | 3.24% | 33.49% 4 | (4.25)% | 9.03% | 12.43% | 13.50% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.17% | 1.18% | 1.18% | 1.18% | 1.18% | 1.17% |
Net expenses | 1.10% | 1.09% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment income | 0.41% | 0.77% | 1.20% | 0.81% | 0.83% | 0.95% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $287,046 | $294,248 | $245,977 | $291,111 | $289,683 | $293,599 |
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 | During the year ended July 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. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.59 | $10.99 | $12.75 | $12.69 | $12.31 | $11.74 |
Net investment income (loss) | (0.02) 1 | 0.01 1 | 0.05 1 | 0.00 1,2 | 0.01 1 | 0.02 1 |
Payment from affiliate | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.47 | 3.54 | (0.57) | 0.92 | 1.37 | 1.40 |
Total from investment operations | 0.45 | 3.60 | (0.52) | 0.92 | 1.38 | 1.42 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.02) | 0.00 | (0.04) |
Net realized gains | (2.70) | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (2.70) | 0.00 | (1.24) | (0.86) | (1.00) | (0.85) |
Net asset value, end of period | $12.34 | $14.59 | $10.99 | $12.75 | $12.69 | $12.31 |
Total return3 | 2.85% | 32.76% 4 | (4.99)% | 8.16% | 11.65% | 12.58% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.92% | 1.93% | 1.94% | 1.94% | 1.93% | 1.93% |
Net expenses | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Net investment income (loss) | (0.34)% | 0.05% | 0.44% | 0.03% | 0.08% | 0.20% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $2,304 | $2,356 | $4,401 | $7,370 | $19,874 | $21,727 |
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 | During the year ended July 31, 2021, the Fund received a payment from an affiliate that had an impact of 0.50% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.11 | $11.42 | $13.22 | $13.15 | $12.70 | $12.09 |
Net investment income | 0.01 | 0.07 | 0.11 | 0.06 | 0.05 | 0.08 1 |
Payment from affiliate | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.49 | 3.71 | (0.59) | 0.95 | 1.44 | 1.45 |
Total from investment operations | 0.50 | 3.81 | (0.48) | 1.01 | 1.49 | 1.53 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.12) | (0.08) | (0.10) | (0.04) | (0.11) |
Net realized gains | (2.70) | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (2.75) | (0.12) | (1.32) | (0.94) | (1.04) | (0.92) |
Net asset value, end of period | $12.86 | $15.11 | $11.42 | $13.22 | $13.15 | $12.70 |
Total return2 | 3.11% | 33.51% 3 | (4.56)% | 8.70% | 12.21% | 13.22% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.39% | 1.41% | 1.41% | 1.43% | 1.44% | 1.44% |
Net expenses | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Net investment income | 0.16% | 0.49% | 0.95% | 0.55% | 0.56% | 0.69% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $106 | $114 | $76 | $88 | $74 | $48 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended July 31, 2021, the Fund received a payment from an affiliate that had an impact of 0.23% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.73 | $11.16 | $12.93 | $12.92 | $12.49 | $11.90 |
Net investment income | 0.04 1 | 0.16 | 0.19 1 | 0.16 1 | 0.16 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 0.50 | 3.60 | (0.57) | 1.00 | 1.39 | 1.42 |
Total from investment operations | 0.54 | 3.76 | (0.38) | 1.16 | 1.55 | 1.59 |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.19) | (0.15) | (0.31) | (0.12) | (0.19) |
Net realized gains | (2.70) | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (2.85) | (0.19) | (1.39) | (1.15) | (1.12) | (1.00) |
Net asset value, end of period | $12.42 | $14.73 | $11.16 | $12.93 | $12.92 | $12.49 |
Total return2 | 3.47% | 34.05% | (3.87)% | 10.38% | 12.96% | 14.03% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.75% | 0.76% | 0.76% | 0.76% | 0.75% | 0.75% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 0.55% | 1.22% | 1.67% | 1.27% | 1.29% | 1.40% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $45,481 | $15,313 | $11,552 | $4,231 | $2,578 | $2,397 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.83 | $11.99 | $13.81 | $13.68 | $13.17 | $12.51 |
Net investment income | 0.04 | 0.13 | 0.17 | 0.12 | 0.13 | 0.14 1 |
Payment from affiliate | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.53 | 3.88 | (0.62) | 1.00 | 1.47 | 1.49 |
Total from investment operations | 0.57 | 4.01 | (0.45) | 1.12 | 1.60 | 1.63 |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.17) | (0.13) | (0.15) | (0.09) | (0.16) |
Net realized gains | (2.70) | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (2.82) | (0.17) | (1.37) | (0.99) | (1.09) | (0.97) |
Net asset value, end of period | $13.58 | $15.83 | $11.99 | $13.81 | $13.68 | $13.17 |
Total return3 | 3.38% | 33.75% 4 | (4.15)% | 9.21% | 12.63% | 13.66% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.09% | 1.11% | 1.11% | 1.11% | 1.10% | 1.10% |
Net expenses | 0.94% | 0.92% | 0.93% | 0.95% | 0.95% | 0.95% |
Net investment income | 0.57% | 0.94% | 1.37% | 0.96% | 0.98% | 1.10% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $490,339 | $499,628 | $402,567 | $464,041 | $469,464 | $459,650 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended July 31, 2021, the Fund received a payment from an affiliate that had an impact of 0.03% on total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.10 | $11.44 | $13.22 | $13.14 | $12.68 | $12.08 |
Net investment income | 0.06 1 | 0.16 1 | 0.19 1 | 0.15 1 | 0.22 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 0.49 | 3.70 | (0.58) | 0.94 | 1.35 | 1.43 |
Total from investment operations | 0.55 | 3.86 | (0.39) | 1.09 | 1.57 | 1.60 |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.20) | (0.15) | (0.17) | (0.11) | (0.19) |
Net realized gains | (2.70) | 0.00 | (1.24) | (0.84) | (1.00) | (0.81) |
Total distributions to shareholders | (2.84) | (0.20) | (1.39) | (1.01) | (1.11) | (1.00) |
Net asset value, end of period | $12.81 | $15.10 | $11.44 | $13.22 | $13.14 | $12.68 |
Total return2 | 3.43% | 34.01% | (3.86)% | 9.44% | 12.96% | 13.88% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.85% | 0.86% | 0.86% | 0.86% | 0.85% | 0.85% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 0.82% | 1.22% | 1.59% | 1.22% | 1.24% | 1.36% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 46% | 34% | 27% | 21% | 27% |
Net assets, end of period (000s omitted) | $61,471 | $62,796 | $84,544 | $106,869 | $137,263 | $162,480 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $475,135,446 |
Gross unrealized losses | (13,679,544) |
Net unrealized gains | $461,455,902 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 61,819,063 | $0 | $0 | $ 61,819,063 |
Consumer discretionary | 99,053,727 | 0 | 0 | 99,053,727 |
Consumer staples | 65,414,187 | 0 | 0 | 65,414,187 |
Energy | 61,012,367 | 0 | 0 | 61,012,367 |
Financials | 134,225,611 | 0 | 0 | 134,225,611 |
Health care | 102,351,360 | 0 | 0 | 102,351,360 |
Industrials | 142,806,852 | 0 | 0 | 142,806,852 |
Information technology | 157,469,325 | 0 | 0 | 157,469,325 |
Materials | 16,837,773 | 0 | 0 | 16,837,773 |
Utilities | 23,327,101 | 0 | 0 | 23,327,101 |
Short-term investments | ||||
Investment companies | 23,472,012 | 0 | 0 | 23,472,012 |
Total assets | $887,789,378 | $0 | $0 | $887,789,378 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.11% |
Class C | 1.86 |
Class R | 1.36 |
Class R6 | 0.65 |
Administrator Class | 0.95 |
Institutional Class | 0.70 |
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 |
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/0001193125-22-094873/g295392imgc00fc37d1.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.
SA207/SAR207 01-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g304283img99dadd491.jpg)
Disciplined U.S. Core Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g304283img63a39c482.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. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Justin P. Carr, CFA®‡, Robert M. Wicentowski, CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (EVSAX) | 2-28-1990 | 17.79 | 13.75 | 14.00 | 24.96 | 15.09 | 14.68 | 0.86 | 0.86 | ||
Class C (EVSTX) | 6-30-1999 | 22.97 | 14.25 | 13.82 | 23.97 | 14.25 | 13.82 | 1.61 | 1.61 | ||
Class R (EVSHX)3 | 9-30-2015 | – | – | – | 24.61 | 14.81 | 14.39 | 1.11 | 1.11 | ||
Class R6 (EVSRX)4 | 9-30-2015 | – | – | – | 25.46 | 15.60 | 15.18 | 0.43 | 0.43 | ||
Administrator Class (EVSYX) | 2-21-1995 | – | – | – | 25.10 | 15.23 | 14.83 | 0.78 | 0.74 | ||
Institutional Class (EVSIX) | 7-30-2010 | – | – | – | 25.39 | 15.51 | 15.13 | 0.53 | 0.48 | ||
S&P 500 Index5 | – | – | – | – | 23.29 | 16.78 | 15.43 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.87% for Class A, 1.62% for Class C, 1.12% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 shown for the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
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 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
Apple Incorporated | 7.18 |
Microsoft Corporation | 6.44 |
Amazon.com Incorporated | 3.24 |
Alphabet Incorporated Class C | 2.46 |
Alphabet Incorporated Class A | 2.05 |
Meta Platforms Incorporated Class A | 1.94 |
Tesla Motors Incorporated | 1.75 |
NVIDIA Corporation | 1.59 |
Berkshire Hathaway Incorporated Class B | 1.54 |
Johnson & Johnson | 1.49 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g304283img1c5474fd4.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,045.45 | $4.33 | 0.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.97 | $4.28 | 0.84% |
Class C | ||||
Actual | $1,000.00 | $1,041.40 | $8.18 | 1.59% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.19 | $8.08 | 1.59% |
Class R | ||||
Actual | $1,000.00 | $1,044.23 | $5.62 | 1.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.71 | $5.55 | 1.09% |
Class R6 | ||||
Actual | $1,000.00 | $1,047.64 | $2.12 | 0.41% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.14 | $2.09 | 0.41% |
Administrator Class | ||||
Actual | $1,000.00 | $1,045.99 | $3.82 | 0.74% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.48 | $3.77 | 0.74% |
Institutional Class | ||||
Actual | $1,000.00 | $1,047.06 | $2.48 | 0.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.79 | $2.45 | 0.48% |
Shares | Value | ||||
Common stocks: 98.38% | |||||
Communication services: 9.24% | |||||
Diversified telecommunication services: 0.86% | |||||
AT&T Incorporated | 140,271 | $ 3,576,911 | |||
Verizon Communications Incorporated | 106,585 | 5,673,520 | |||
9,250,431 | |||||
Entertainment: 1.37% | |||||
Activision Blizzard Incorporated | 73,894 | 5,838,365 | |||
Netflix Incorporated † | 11,885 | 5,076,559 | |||
The Walt Disney Company † | 25,993 | 3,716,219 | |||
14,631,143 | |||||
Interactive media & services: 6.45% | |||||
Alphabet Incorporated Class A † | 8,121 | 21,975,994 | |||
Alphabet Incorporated Class C † | 9,733 | 26,415,070 | |||
Meta Platforms Incorporated Class A † | 66,404 | 20,801,717 | |||
69,192,781 | |||||
Media: 0.56% | |||||
Comcast Corporation Class A | 119,318 | 5,964,707 | |||
Consumer discretionary: 11.23% | |||||
Automobiles: 2.29% | |||||
General Motors Company † | 109,129 | 5,754,372 | |||
Tesla Motors Incorporated † | 20,058 | 18,788,730 | |||
24,543,102 | |||||
Hotels, restaurants & leisure: 1.45% | |||||
Chipotle Mexican Grill Incorporated † | 559 | 830,439 | |||
Darden Restaurants Incorporated | 25,667 | 3,590,043 | |||
McDonald's Corporation | 25,031 | 6,494,293 | |||
Royal Caribbean Cruises Limited † | 17,962 | 1,397,623 | |||
Starbucks Corporation | 33,411 | 3,284,970 | |||
15,597,368 | |||||
Household durables: 0.71% | |||||
D.R. Horton Incorporated | 61,375 | 5,475,878 | |||
PulteGroup Incorporated | 39,578 | 2,085,365 | |||
7,561,243 | |||||
Internet & direct marketing retail: 3.24% | |||||
Amazon.com Incorporated † | 11,614 | 34,742,933 | |||
Multiline retail: 0.55% | |||||
Target Corporation | 26,943 | 5,939,045 | |||
Specialty retail: 2.03% | |||||
AutoZone Incorporated † | 977 | 1,940,664 | |||
Bath & Body Works Incorporated | 21,559 | 1,208,813 | |||
Best Buy Company Incorporated | 26,055 | 2,586,740 | |||
Lowe's Companies Incorporated | 30,337 | 7,200,487 | |||
The Home Depot Incorporated | 24,189 | 8,876,879 | |||
21,813,583 |
Shares | Value | ||||
Textiles, apparel & luxury goods: 0.96% | |||||
Nike Incorporated Class B | 36,673 | $ 5,430,171 | |||
Tapestry Incorporated | 126,985 | 4,819,081 | |||
10,249,252 | |||||
Consumer staples: 6.02% | |||||
Beverages: 0.59% | |||||
Monster Beverage Corporation † | 20,680 | 1,793,370 | |||
PepsiCo Incorporated | 11,084 | 1,923,296 | |||
The Coca-Cola Company | 42,218 | 2,575,720 | |||
6,292,386 | |||||
Food & staples retailing: 1.64% | |||||
Costco Wholesale Corporation | 11,459 | 5,788,285 | |||
Walmart Incorporated | 84,332 | 11,790,457 | |||
17,578,742 | |||||
Food products: 1.84% | |||||
Archer Daniels Midland Company | 102,743 | 7,705,725 | |||
Bunge Limited | 49,554 | 4,898,908 | |||
Tyson Foods Incorporated Class A | 78,437 | 7,129,139 | |||
19,733,772 | |||||
Household products: 1.21% | |||||
The Procter & Gamble Company | 80,997 | 12,995,969 | |||
Personal products: 0.33% | |||||
The Estee Lauder Companies Incorporated Class A | 11,474 | 3,577,478 | |||
Tobacco: 0.41% | |||||
Philip Morris International Incorporated | 42,228 | 4,343,150 | |||
Energy: 3.28% | |||||
Oil, gas & consumable fuels: 3.28% | |||||
Chevron Corporation | 68,362 | 8,977,981 | |||
Diamondback Energy Incorporated | 49,884 | 6,293,365 | |||
EOG Resources Incorporated | 42,102 | 4,693,531 | |||
Exxon Mobil Corporation | 201,025 | 15,269,859 | |||
35,234,736 | |||||
Financials: 11.53% | |||||
Banks: 4.06% | |||||
Bank of America Corporation | 110,082 | 5,079,183 | |||
Citigroup Incorporated | 86,625 | 5,641,020 | |||
JPMorgan Chase & Company | 103,156 | 15,328,982 | |||
Regions Financial Corporation | 294,860 | 6,764,088 | |||
Signature Bank | 4,629 | 1,410,132 | |||
US Bancorp | 106,897 | 6,220,336 | |||
Zions Bancorporation | 45,393 | 3,078,553 | |||
43,522,294 | |||||
Capital markets: 2.35% | |||||
Bank of New York Mellon Corporation | 60,271 | 3,571,659 | |||
Morgan Stanley | 33,003 | 3,384,128 |
Shares | Value | ||||
Capital markets (continued) | |||||
Northern Trust Corporation | 40,746 | $ 4,752,613 | |||
The Carlyle Group Incorporated | 84,634 | 4,320,566 | |||
The Goldman Sachs Group Incorporated | 25,757 | 9,135,493 | |||
25,164,459 | |||||
Consumer finance: 0.78% | |||||
Capital One Financial Corporation | 46,956 | 6,889,854 | |||
Synchrony Financial | 34,779 | 1,481,238 | |||
8,371,092 | |||||
Diversified financial services: 1.54% | |||||
Berkshire Hathaway Incorporated Class B † | 52,794 | 16,525,578 | |||
Insurance: 2.80% | |||||
Arch Capital Group Limited † | 83,801 | 3,881,662 | |||
Everest Reinsurance Group Limited | 15,534 | 4,402,336 | |||
Fidelity National Financial Incorporated | 73,184 | 3,684,814 | |||
Lincoln National Corporation | 36,474 | 2,552,451 | |||
MetLife Incorporated | 119,380 | 8,005,623 | |||
Old Republic International Corporation | 151,467 | 3,882,099 | |||
The Hartford Financial Services Group Incorporated | 50,239 | 3,610,677 | |||
30,019,662 | |||||
Health care: 13.33% | |||||
Biotechnology: 2.13% | |||||
AbbVie Incorporated | 48,150 | 6,591,254 | |||
Amgen Incorporated | 15,564 | 3,535,207 | |||
Exelixis Incorporated † | 190,300 | 3,444,430 | |||
United Therapeutics Corporation † | 14,988 | 3,025,628 | |||
Vertex Pharmaceuticals Incorporated † | 25,558 | 6,211,872 | |||
22,808,391 | |||||
Health care equipment & supplies: 1.33% | |||||
Abbott Laboratories | 47,670 | 6,076,013 | |||
Baxter International Incorporated | 31,446 | 2,686,746 | |||
Edwards Lifesciences Corporation † | 24,193 | 2,641,876 | |||
Medtronic plc | 27,424 | 2,838,110 | |||
14,242,745 | |||||
Health care providers & services: 4.32% | |||||
AmerisourceBergen Corporation | 51,313 | 6,988,831 | |||
Anthem Incorporated | 18,335 | 8,085,552 | |||
CVS Health Corporation | 83,710 | 8,915,952 | |||
McKesson Corporation | 29,273 | 7,514,965 | |||
Molina Healthcare Incorporated † | 11,727 | 3,406,459 | |||
UnitedHealth Group Incorporated | 24,229 | 11,449,899 | |||
46,361,658 | |||||
Life sciences tools & services: 1.72% | |||||
Danaher Corporation | 35,073 | 10,023,513 | |||
Maravai LifeSciences Holdings Class A † | 51,772 | 1,497,246 | |||
Thermo Fisher Scientific Incorporated | 12,003 | 6,977,344 | |||
18,498,103 |
Shares | Value | ||||
Pharmaceuticals: 3.83% | |||||
Bristol-Myers Squibb Company | 108,877 | $ 7,065,029 | |||
Johnson & Johnson | 92,697 | 15,970,766 | |||
Merck & Company Incorporated | 95,537 | 7,784,355 | |||
Pfizer Incorporated | 194,405 | 10,243,199 | |||
41,063,349 | |||||
Industrials: 7.71% | |||||
Aerospace & defense: 0.98% | |||||
General Dynamics Corporation | 26,795 | 5,683,220 | |||
Lockheed Martin Corporation | 12,432 | 4,837,664 | |||
10,520,884 | |||||
Air freight & logistics: 1.42% | |||||
Expeditors International of Washington Incorporated | 25,649 | 2,936,298 | |||
FedEx Corporation | 27,603 | 6,786,474 | |||
United Parcel Service Incorporated Class B | 27,099 | 5,479,689 | |||
15,202,461 | |||||
Airlines: 0.26% | |||||
Delta Air Lines Incorporated † | 70,989 | 2,817,553 | |||
Building products: 1.01% | |||||
Builders FirstSource Incorporated † | 30,906 | 2,101,299 | |||
Masco Corporation | 92,188 | 5,838,266 | |||
Owens Corning Incorporated | 33,113 | 2,937,123 | |||
10,876,688 | |||||
Commercial services & supplies: 0.30% | |||||
Waste Management Incorporated | 21,249 | 3,196,700 | |||
Construction & engineering: 0.46% | |||||
Quanta Services Incorporated | 47,606 | 4,890,088 | |||
Electrical equipment: 1.33% | |||||
Acuity Brands Incorporated | 24,563 | 4,704,551 | |||
AMETEK Incorporated | 13,512 | 1,848,036 | |||
Eaton Corporation plc | 17,207 | 2,726,105 | |||
Regal-Beloit Corporation | 31,627 | 5,012,247 | |||
14,290,939 | |||||
Industrial conglomerates: 0.11% | |||||
Honeywell International Incorporated | 5,642 | 1,153,676 | |||
Machinery: 1.48% | |||||
Crane Company | 20,882 | 2,161,496 | |||
Cummins Incorporated | 11,740 | 2,593,131 | |||
Deere & Company | 7,196 | 2,708,574 | |||
Parker-Hannifin Corporation | 16,233 | 5,032,392 | |||
Snap-on Incorporated | 16,487 | 3,433,418 | |||
15,929,011 | |||||
Road & rail: 0.36% | |||||
CSX Corporation | 111,803 | 3,825,899 |
Shares | Value | ||||
Information technology: 28.50% | |||||
Communications equipment: 1.02% | |||||
Cisco Systems Incorporated | 196,807 | $ 10,956,246 | |||
Electronic equipment, instruments & components: 0.50% | |||||
Keysight Technologies Incorporated † | 21,225 | 3,583,205 | |||
Zebra Technologies Corporation Class A † | 3,437 | 1,749,845 | |||
5,333,050 | |||||
IT services: 3.58% | |||||
Accenture plc Class A | 19,290 | 6,820,558 | |||
Amdocs Limited | 66,487 | 5,045,698 | |||
Cognizant Technology Solutions Corporation Class A | 9,491 | 810,721 | |||
International Business Machines Corporation | 16,651 | 2,224,074 | |||
MasterCard Incorporated Class A | 15,247 | 5,891,136 | |||
PayPal Holdings Incorporated † | 30,061 | 5,168,688 | |||
Visa Incorporated Class A | 54,753 | 12,383,486 | |||
38,344,361 | |||||
Semiconductors & semiconductor equipment: 6.20% | |||||
Applied Materials Incorporated | 62,317 | 8,610,963 | |||
Broadcom Incorporated | 21,139 | 12,384,917 | |||
Intel Corporation | 108,313 | 5,287,841 | |||
KLA Corporation | 6,679 | 2,599,934 | |||
Lam Research Corporation | 7,370 | 4,347,710 | |||
Micron Technology Incorporated | 30,192 | 2,483,896 | |||
NVIDIA Corporation | 69,774 | 17,084,862 | |||
Qorvo Incorporated † | 26,442 | 3,629,958 | |||
Qualcomm Incorporated | 57,298 | 10,070,696 | |||
66,500,777 | |||||
Software: 9.56% | |||||
Adobe Incorporated † | 12,790 | 6,833,697 | |||
Cadence Design Systems Incorporated † | 7,803 | 1,187,148 | |||
Dolby Laboratories Incorporated Class A | 35,716 | 3,137,651 | |||
Fortinet Incorporated † | 5,599 | 1,664,247 | |||
Intuit Incorporated | 10,784 | 5,987,600 | |||
Microsoft Corporation | 221,987 | 69,033,517 | |||
Oracle Corporation | 93,510 | 7,589,272 | |||
Salesforce.com Incorporated † | 25,905 | 6,026,280 | |||
VMware Incorporated Class A | 8,310 | 1,067,669 | |||
102,527,081 | |||||
Technology hardware, storage & peripherals: 7.64% | |||||
Apple Incorporated | 440,393 | 76,971,889 | |||
HP Incorporated | 134,809 | 4,951,535 | |||
81,923,424 | |||||
Materials: 2.17% | |||||
Chemicals: 1.04% | |||||
Celanese Corporation Series A | 21,230 | 3,305,723 | |||
LyondellBasell Industries NV Class A | 38,008 | 3,676,514 | |||
Westlake Chemical Corporation | 41,915 | 4,134,915 | |||
11,117,152 |
Shares | Value | ||||
Containers & packaging: 0.32% | |||||
Sealed Air Corporation | 50,624 | $ 3,438,382 | |||
Metals & mining: 0.81% | |||||
Cleveland Cliffs Incorporated † | 159,911 | 2,740,875 | |||
Freeport-McMoRan Incorporated | 54,298 | 2,020,972 | |||
Reliance Steel & Aluminum Company | 25,783 | 3,941,705 | |||
8,703,552 | |||||
Real estate: 2.90% | |||||
Equity REITs: 2.90% | |||||
Alexandria Real Estate Equities Incorporated | 29,055 | 5,661,076 | |||
American Tower Corporation | 15,826 | 3,980,239 | |||
Essex Property Trust Incorporated | 1,516 | 504,070 | |||
Gaming and Leisure Properties Incorporated | 61,175 | 2,763,887 | |||
Prologis Incorporated | 33,877 | 5,312,591 | |||
Public Storage Incorporated | 9,307 | 3,336,839 | |||
SBA Communications Corporation | 10,403 | 3,385,552 | |||
Weyerhaeuser Company | 151,305 | 6,117,261 | |||
31,061,515 | |||||
Utilities: 2.47% | |||||
Electric utilities: 0.78% | |||||
NRG Energy Incorporated | 140,761 | 5,620,587 | |||
The Southern Company | 38,906 | 2,703,578 | |||
8,324,165 | |||||
Independent power & renewable electricity producers: 0.58% | |||||
AES Corporation | 281,944 | 6,253,518 | |||
Multi-utilities: 1.11% | |||||
DTE Energy Company | 56,441 | 6,797,190 | |||
Sempra Energy | 37,086 | 5,123,802 | |||
11,920,992 | |||||
Total Common stocks (Cost $539,641,140) | 1,054,927,266 |
Yield | |||||
Short-term investments: 1.49% | |||||
Investment companies: 1.49% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 15,941,562 | 15,941,562 | ||
Total Short-term investments (Cost $15,941,562) | 15,941,562 | ||||
Total investments in securities (Cost $555,582,702) | 99.87% | 1,070,868,828 | |||
Other assets and liabilities, net | 0.13 | 1,397,799 | |||
Total net assets | 100.00% | $1,072,266,627 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
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 | $19,482,368 | $84,162,437 | $(87,703,243) | $0 | $0 | $15,941,562 | 15,941,562 | $2,461 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 66 | 3-18-2022 | $15,511,144 | $14,864,025 | $0 | $(647,119) |
Assets | |
Investments in unaffiliated securities, at value (cost $539,641,140) | $ 1,054,927,266 |
Investments in affiliated securities, at value (cost $15,941,562) | 15,941,562 |
Cash at broker segregated for futures contracts | 1,587,600 |
Receivable for investments sold | 47,612,203 |
Receivable for dividends | 736,802 |
Receivable for Fund shares sold | 422,426 |
Receivable for daily variation margin on open futures contracts | 267,000 |
Prepaid expenses and other assets | 146,344 |
Total assets | 1,121,641,203 |
Liabilities | |
Payable for investments purchased | 48,180,885 |
Payable for Fund shares redeemed | 539,829 |
Management fee payable | 316,919 |
Administration fees payable | 130,514 |
Distribution fees payable | 15,629 |
Trustees’ fees and expenses payable | 14 |
Accrued expenses and other liabilities | 190,786 |
Total liabilities | 49,374,576 |
Total net assets | $1,072,266,627 |
Net assets consist of | |
Paid-in capital | $ 482,484,653 |
Total distributable earnings | 589,781,974 |
Total net assets | $1,072,266,627 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 511,339,931 |
Shares outstanding – Class A1 | 23,286,464 |
Net asset value per share – Class A | $21.96 |
Maximum offering price per share – Class A2 | $23.30 |
Net assets – Class C | $ 25,150,916 |
Shares outstanding – Class C1 | 1,258,126 |
Net asset value per share – Class C | $19.99 |
Net assets – Class R | $ 4,073,048 |
Shares outstanding – Class R1 | 183,656 |
Net asset value per share – Class R | $22.18 |
Net assets – Class R6 | $ 317,076,316 |
Shares outstanding – Class R61 | 14,005,231 |
Net asset value per share – Class R6 | $22.64 |
Net assets – Administrator Class | $ 52,766,756 |
Shares outstanding – Administrator Class1 | 2,318,854 |
Net asset value per share – Administrator Class | $22.76 |
Net assets – Institutional Class | $ 161,859,660 |
Shares outstanding – Institutional Class1 | 7,229,536 |
Net asset value per share – Institutional Class | $22.39 |
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 | $ 7,759,414 |
Income from affiliated securities | 2,461 |
Total investment income | 7,761,875 |
Expenses | |
Management fee | 1,933,292 |
Administration fees | |
Class A | 552,990 |
Class C | 28,203 |
Class R | 4,286 |
Class R6 | 50,540 |
Administrator Class | 34,412 |
Institutional Class | 107,322 |
Shareholder servicing fees | |
Class A | 658,321 |
Class C | 33,479 |
Class R | 5,103 |
Administrator Class | 65,749 |
Distribution fees | |
Class C | 100,437 |
Class R | 5,064 |
Custody and accounting fees | 28,897 |
Professional fees | 25,812 |
Registration fees | 39,121 |
Shareholder report expenses | 31,956 |
Trustees’ fees and expenses | 11,003 |
Other fees and expenses | 61,965 |
Total expenses | 3,777,952 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (16,635) |
Class A | (3,923) |
Administrator Class | (3,134) |
Institutional Class | (13,758) |
Net expenses | 3,740,502 |
Net investment income | 4,021,373 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 75,896,577 |
Futures contracts | 1,515,181 |
Net realized gains on investments | 77,411,758 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (29,403,804) |
Futures contracts | (715,622) |
Net change in unrealized gains (losses) on investments | (30,119,426) |
Net realized and unrealized gains (losses) on investments | 47,292,332 |
Net increase in net assets resulting from operations | $ 51,313,705 |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment income | $ 4,021,373 | $ 9,224,638 | ||
Net realized gains on investments | 77,411,758 | 81,986,097 | ||
Net change in unrealized gains (losses) on investments | (30,119,426) | 220,705,162 | ||
Net increase in net assets resulting from operations | 51,313,705 | 311,915,897 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (41,800,707) | (40,144,770) | ||
Class C | (2,103,959) | (2,202,870) | ||
Class R | (325,019) | (330,477) | ||
Class R6 | (27,186,743) | (25,321,636) | ||
Administrator Class | (4,249,188) | (4,226,866) | ||
Institutional Class | (13,233,665) | (13,403,739) | ||
Total distributions to shareholders | (88,899,281) | (85,630,358) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 474,807 | 10,889,580 | 1,622,096 | 32,886,449 |
Class C | 25,012 | 516,962 | 39,264 | 713,151 |
Class R | 24,835 | 597,252 | 17,104 | 349,021 |
Class R6 | 94,895 | 2,237,542 | 3,552,924 | 75,931,420 |
Administrator Class | 188,352 | 4,588,441 | 136,923 | 2,833,092 |
Institutional Class | 499,541 | 11,746,569 | 1,077,100 | 22,113,375 |
30,576,346 | 134,826,508 | |||
Reinvestment of distributions | ||||
Class A | 1,721,849 | 39,080,722 | 1,978,592 | 37,660,984 |
Class C | 100,635 | 2,069,063 | 123,928 | 2,147,585 |
Class R | 14,203 | 325,019 | 17,031 | 327,043 |
Class R6 | 1,103,953 | 25,895,916 | 1,222,488 | 23,967,764 |
Administrator Class | 164,015 | 3,859,677 | 190,727 | 3,751,963 |
Institutional Class | 509,416 | 11,813,677 | 620,802 | 12,045,656 |
83,044,074 | 79,900,995 | |||
Payment for shares redeemed | ||||
Class A | (1,818,460) | (42,059,808) | (3,799,753) | (76,614,099) |
Class C | (170,027) | (3,587,862) | (605,272) | (11,024,914) |
Class R | (33,954) | (776,002) | (46,393) | (946,015) |
Class R6 | (1,711,293) | (41,113,800) | (3,781,193) | (78,637,749) |
Administrator Class | (210,634) | (5,043,105) | (847,387) | (17,290,465) |
Institutional Class | (809,596) | (19,230,953) | (2,582,056) | (52,693,521) |
(111,811,530) | (237,206,763) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 1,808,890 | (22,479,260) | ||
Total increase (decrease) in net assets | (35,776,686) | 203,806,279 | ||
Net assets | ||||
Beginning of period | 1,108,043,313 | 904,237,034 | ||
End of period | $1,072,266,627 | $1,108,043,313 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $22.77 | $18.22 | $17.29 | $17.70 | $16.30 | $14.50 |
Net investment income | 0.06 | 0.14 | 0.23 | 0.25 | 0.24 | 0.22 |
Net realized and unrealized gains (losses) on investments | 1.02 | 6.18 | 1.47 | 0.38 | 1.90 | 1.94 |
Total from investment operations | 1.08 | 6.32 | 1.70 | 0.63 | 2.14 | 2.16 |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.33) | (0.33) | (0.19) | (0.15) | (0.15) |
Net realized gains | (1.74) | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.89) | (1.77) | (0.77) | (1.04) | (0.74) | (0.36) |
Net asset value, end of period | $21.96 | $22.77 | $18.22 | $17.29 | $17.70 | $16.30 |
Total return1 | 4.54% | 36.73% | 9.97% | 4.31% | 13.28% | 15.12% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.84% | 0.85% | 0.86% | 0.84% | 0.83% | 0.85% |
Net expenses | 0.84% | 0.85% | 0.85% | 0.84% | 0.83% | 0.85% |
Net investment income | 0.55% | 0.76% | 1.25% | 1.40% | 1.33% | 1.45% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $511,340 | $521,702 | $421,005 | $434,367 | $480,602 | $467,491 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.82 | $16.70 | $15.85 | $16.28 | $15.04 | $13.45 |
Net investment income (loss) | (0.02) | 0.02 | 0.11 | 0.12 | 0.09 | 0.10 |
Net realized and unrealized gains (losses) on investments | 0.93 | 5.64 | 1.32 | 0.35 | 1.76 | 1.79 |
Total from investment operations | 0.91 | 5.66 | 1.43 | 0.47 | 1.85 | 1.89 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.10) | (0.14) | (0.05) | (0.02) | (0.09) |
Net realized gains | (1.74) | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.74) | (1.54) | (0.58) | (0.90) | (0.61) | (0.30) |
Net asset value, end of period | $19.99 | $20.82 | $16.70 | $15.85 | $16.28 | $15.04 |
Total return1 | 4.14% | 35.80% | 9.09% | 3.59% | 12.41% | 14.27% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.59% | 1.60% | 1.60% | 1.59% | 1.58% | 1.60% |
Net expenses | 1.59% | 1.60% | 1.60% | 1.59% | 1.58% | 1.60% |
Net investment income (loss) | (0.19)% | 0.02% | 0.51% | 0.66% | 0.58% | 0.69% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $25,151 | $27,121 | $29,141 | $38,708 | $52,647 | $54,054 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $22.96 | $18.38 | $17.44 | $17.88 | $16.51 | $14.77 |
Net investment income | 0.04 | 0.07 | 0.18 | 0.19 1 | 0.18 1 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 1.02 | 6.25 | 1.49 | 0.41 | 1.94 | 1.99 |
Total from investment operations | 1.06 | 6.32 | 1.67 | 0.60 | 2.12 | 2.16 |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.30) | (0.29) | (0.19) | (0.16) | (0.21) |
Net realized gains | (1.74) | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.84) | (1.74) | (0.73) | (1.04) | (0.75) | (0.42) |
Net asset value, end of period | $22.18 | $22.96 | $18.38 | $17.44 | $17.88 | $16.51 |
Total return2 | 4.42% | 36.38% | 9.68% | 4.07% | 12.97% | 14.86% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.09% | 1.10% | 1.10% | 1.09% | 1.08% | 1.10% |
Net expenses | 1.09% | 1.10% | 1.10% | 1.09% | 1.08% | 1.10% |
Net investment income | 0.30% | 0.51% | 0.97% | 1.15% | 1.04% | 1.10% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $4,073 | $4,101 | $3,507 | $3,126 | $3,298 | $2,001 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $23.46 | $18.72 | $17.76 | $18.17 | $16.71 | $14.86 |
Net investment income | 0.12 1 | 0.24 | 0.31 | 0.32 | 0.30 1 | 0.28 1 |
Net realized and unrealized gains (losses) on investments | 1.05 | 6.36 | 1.51 | 0.40 | 1.97 | 1.99 |
Total from investment operations | 1.17 | 6.60 | 1.82 | 0.72 | 2.27 | 2.27 |
Distributions to shareholders from | ||||||
Net investment income | (0.25) | (0.42) | (0.42) | (0.28) | (0.22) | (0.21) |
Net realized gains | (1.74) | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.99) | (1.86) | (0.86) | (1.13) | (0.81) | (0.42) |
Net asset value, end of period | $22.64 | $23.46 | $18.72 | $17.76 | $18.17 | $16.71 |
Total return2 | 4.76% | 37.35% | 10.39% | 4.77% | 13.78% | 15.56% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.41% | 0.42% | 0.43% | 0.41% | 0.40% | 0.42% |
Net expenses | 0.41% | 0.42% | 0.42% | 0.41% | 0.40% | 0.42% |
Net investment income | 0.98% | 1.18% | 1.70% | 1.84% | 1.71% | 1.77% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $317,076 | $340,631 | $253,223 | $340,606 | $445,678 | $41,770 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $23.55 | $18.78 | $17.80 | $18.17 | $16.71 | $14.85 |
Net investment income | 0.08 1 | 0.19 1 | 0.24 1 | 0.26 1 | 0.25 1 | 0.25 1 |
Net realized and unrealized gains (losses) on investments | 1.05 | 6.37 | 1.53 | 0.41 | 1.97 | 1.98 |
Total from investment operations | 1.13 | 6.56 | 1.77 | 0.67 | 2.22 | 2.23 |
Distributions to shareholders from | ||||||
Net investment income | (0.18) | (0.35) | (0.35) | (0.19) | (0.17) | (0.16) |
Net realized gains | (1.74) | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.92) | (1.79) | (0.79) | (1.04) | (0.76) | (0.37) |
Net asset value, end of period | $22.76 | $23.55 | $18.78 | $17.80 | $18.17 | $16.71 |
Total return2 | 4.60% | 36.93% | 10.08% | 4.43% | 13.40% | 15.24% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.76% | 0.77% | 0.77% | 0.76% | 0.75% | 0.77% |
Net expenses | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Net investment income | 0.65% | 0.89% | 1.37% | 1.50% | 1.42% | 1.60% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $52,767 | $51,271 | $50,655 | $58,808 | $94,058 | $94,294 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $23.22 | $18.54 | $17.57 | $17.98 | $16.55 | $14.72 |
Net investment income | 0.11 1 | 0.23 1 | 0.29 1 | 0.30 1 | 0.28 | 0.27 1 |
Net realized and unrealized gains (losses) on investments | 1.03 | 6.29 | 1.51 | 0.40 | 1.95 | 1.98 |
Total from investment operations | 1.14 | 6.52 | 1.80 | 0.70 | 2.23 | 2.25 |
Distributions to shareholders from | ||||||
Net investment income | (0.23) | (0.40) | (0.39) | (0.26) | (0.21) | (0.21) |
Net realized gains | (1.74) | (1.44) | (0.44) | (0.85) | (0.59) | (0.21) |
Total distributions to shareholders | (1.97) | (1.84) | (0.83) | (1.11) | (0.80) | (0.42) |
Net asset value, end of period | $22.39 | $23.22 | $18.54 | $17.57 | $17.98 | $16.55 |
Total return2 | 4.71% | 37.26% | 10.39% | 4.69% | 13.65% | 15.51% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.51% | 0.52% | 0.52% | 0.51% | 0.50% | 0.52% |
Net expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Net investment income | 0.91% | 1.14% | 1.67% | 1.77% | 1.67% | 1.76% |
Supplemental data | ||||||
Portfolio turnover rate | 17% | 36% | 50% | 63% | 73% | 60% |
Net assets, end of period (000s omitted) | $161,860 | $163,217 | $146,707 | $285,616 | $411,988 | $353,573 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $514,880,278 |
Gross unrealized losses | (2,915,468) |
Net unrealized gains | $511,964,810 |
■ | 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 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: | ||||
Common stocks | ||||
Communication services | $ 99,039,062 | $0 | $0 | $ 99,039,062 |
Consumer discretionary | 120,446,526 | 0 | 0 | 120,446,526 |
Consumer staples | 64,521,497 | 0 | 0 | 64,521,497 |
Energy | 35,234,736 | 0 | 0 | 35,234,736 |
Financials | 123,603,085 | 0 | 0 | 123,603,085 |
Health care | 142,974,246 | 0 | 0 | 142,974,246 |
Industrials | 82,703,899 | 0 | 0 | 82,703,899 |
Information technology | 305,584,939 | 0 | 0 | 305,584,939 |
Materials | 23,259,086 | 0 | 0 | 23,259,086 |
Real estate | 31,061,515 | 0 | 0 | 31,061,515 |
Utilities | 26,498,675 | 0 | 0 | 26,498,675 |
Short-term investments | ||||
Investment companies | 15,941,562 | 0 | 0 | 15,941,562 |
Total assets | $1,070,868,828 | $0 | $0 | $1,070,868,828 |
Liabilities | ||||
Futures contracts | $ 647,119 | $0 | $0 | $ 647,119 |
Total liabilities | $ 647,119 | $0 | $0 | $ 647,119 |
Average daily net assets | Management fee |
First $1 billion | 0.350% |
Next $4 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.87% |
Class C | 1.62 |
Class R | 1.12 |
Class R6 | 0.43 |
Administrator Class | 0.74 |
Institutional Class | 0.48 |
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 |
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.
SA203/SAR203 01-22
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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 December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith, CFA®‡, Christopher J. Warner, CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (STAEX) | 12-29-2000 | 0.80 | 19.98 | 15.63 | 6.92 | 21.39 | 16.32 | 1.25 | 1.03 | ||
Class C (WECCX) | 12-29-2000 | 5.05 | 20.45 | 15.42 | 6.05 | 20.45 | 15.42 | 2.00 | 1.78 | ||
Class R6 (WECRX)3 | 9-20-2019 | – | – | – | 7.45 | 21.92 | 16.81 | 0.82 | 0.60 | ||
Administrator Class (WECDX) | 4-8-2005 | – | – | – | 7.07 | 21.62 | 16.56 | 1.17 | 0.94 | ||
Institutional Class (WFCIX) | 4-8-2005 | – | – | – | 7.38 | 21.84 | 16.77 | 0.92 | 0.70 | ||
Russell 1000® Growth Index4 | – | – | – | – | 17.52 | 22.28 | 18.03 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.03% for Class A, 1.78% for Class C, 0.60% for Class R6, 0.94% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 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® 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
Microsoft Corporation | 9.64 |
Amazon.com Incorporated | 8.41 |
Alphabet Incorporated Class A | 7.01 |
Visa Incorporated Class A | 4.65 |
The Home Depot Incorporated | 3.79 |
ServiceNow Incorporated | 3.31 |
The Sherwin-Williams Company | 2.93 |
UnitedHealth Group Incorporated | 2.87 |
Intercontinental Exchange Incorporated | 2.59 |
Waste Connections Incorporated | 2.57 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g300794img8c8b7fd84.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 921.46 | $4.94 | 1.02% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.06 | $5.19 | 1.02% |
Class C | ||||
Actual | $1,000.00 | $ 916.93 | $8.60 | 1.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.23 | $9.05 | 1.78% |
Class R6 | ||||
Actual | $1,000.00 | $ 923.59 | $2.91 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.18 | $3.06 | 0.60% |
Administrator Class | ||||
Actual | $1,000.00 | $ 921.60 | $4.55 | 0.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.47 | $4.79 | 0.94% |
Institutional Class | ||||
Actual | $1,000.00 | $ 923.32 | $3.39 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Shares | Value | ||||
Common stocks: 96.06% | |||||
Communication services: 14.26% | |||||
Entertainment: 4.16% | |||||
Netflix Incorporated † | 10,000 | $ 4,271,400 | |||
Spotify Technology † | 34,400 | 6,751,344 | |||
11,022,744 | |||||
Interactive media & services: 10.10% | |||||
Alphabet Incorporated Class A † | 6,857 | 18,555,522 | |||
Alphabet Incorporated Class C † | 905 | 2,456,143 | |||
Match Group Incorporated † | 50,786 | 5,723,582 | |||
26,735,247 | |||||
Consumer discretionary: 19.71% | |||||
Auto components: 1.43% | |||||
Aptiv plc † | 27,650 | 3,776,437 | |||
Automobiles: 1.47% | |||||
Ferrari NV | 16,900 | 3,903,224 | |||
Hotels, restaurants & leisure: 2.24% | |||||
Chipotle Mexican Grill Incorporated † | 4,000 | 5,942,320 | |||
Internet & direct marketing retail: 10.78% | |||||
Amazon.com Incorporated † | 7,438 | 22,250,554 | |||
MercadoLibre Incorporated † | 5,550 | 6,282,933 | |||
28,533,487 | |||||
Specialty retail: 3.79% | |||||
The Home Depot Incorporated | 27,316 | 10,024,426 | |||
Financials: 6.12% | |||||
Capital markets: 6.12% | |||||
Intercontinental Exchange Incorporated | 54,090 | 6,851,039 | |||
MarketAxess Holdings Incorporated | 11,200 | 3,858,176 | |||
S&P Global Incorporated | 13,241 | 5,497,928 | |||
16,207,143 | |||||
Health care: 9.65% | |||||
Health care equipment & supplies: 6.78% | |||||
DexCom Incorporated † | 13,450 | 5,789,956 | |||
Edwards Lifesciences Corporation † | 51,950 | 5,672,940 | |||
Intuitive Surgical Incorporated † | 22,850 | 6,493,513 | |||
17,956,409 | |||||
Health care providers & services: 2.87% | |||||
UnitedHealth Group Incorporated | 16,047 | 7,583,331 | |||
Industrials: 4.90% | |||||
Commercial services & supplies: 2.57% | |||||
Waste Connections Incorporated | 54,640 | 6,813,608 |
Shares | Value | ||||
Road & rail: 2.33% | |||||
Union Pacific Corporation | 25,200 | $ 6,162,660 | |||
Information technology: 38.49% | |||||
Communications equipment: 1.91% | |||||
Motorola Solutions Incorporated | 21,800 | 5,056,292 | |||
IT services: 12.74% | |||||
Fiserv Incorporated † | 43,594 | 4,607,886 | |||
MongoDB Incorporated † | 14,600 | 5,914,606 | |||
PayPal Holdings Incorporated † | 34,700 | 5,966,318 | |||
Square Incorporated Class A † | 40,300 | 4,928,287 | |||
Visa Incorporated Class A | 54,428 | 12,309,981 | |||
33,727,078 | |||||
Software: 23.84% | |||||
Atlassian Corporation plc Class A † | 15,500 | 5,027,270 | |||
Autodesk Incorporated † | 18,700 | 4,671,073 | |||
Bill.com Holdings Incorporated † | 22,200 | 4,178,262 | |||
Cadence Design Systems Incorporated † | 43,000 | 6,542,020 | |||
Crowdstrike Holdings Incorporated Class A † | 29,500 | 5,328,880 | |||
Microsoft Corporation | 82,034 | 25,510,933 | |||
ServiceNow Incorporated † | 14,980 | 8,774,984 | |||
Unity Software Incorporated † | 29,516 | 3,103,607 | |||
63,137,029 | |||||
Materials: 2.93% | |||||
Chemicals: 2.93% | |||||
The Sherwin-Williams Company | 27,050 | 7,750,096 | |||
Total Common stocks (Cost $117,493,257) | 254,331,531 |
Yield | |||||
Short-term investments: 4.21% | |||||
Investment companies: 4.21% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 11,154,224 | 11,154,224 | ||
Total Short-term investments (Cost $11,154,224) | 11,154,224 | ||||
Total investments in securities (Cost $128,647,481) | 100.27% | 265,485,755 | |||
Other assets and liabilities, net | (0.27) | (707,066) | |||
Total net assets | 100.00% | $264,778,689 |
† | 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) | 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 | $971,857 | $46,379,815 | $(36,197,448) | $0 | $0 | $ 11,154,224 | 11,154,224 | $547 | ||
Securities Lending Cash Investments LLC | 320,350 | 490,175 | (810,525) | 0 | 0 | 0 | 0 | 1 # | ||
$0 | $0 | $11,154,224 | $548 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $117,493,257) | $ 254,331,531 |
Investments in affiliated securities, at value (cost $11,154,224) | 11,154,224 |
Receivable for investments sold | 1,081,414 |
Receivable for Fund shares sold | 184,083 |
Receivable for dividends | 8,693 |
Prepaid expenses and other assets | 145,546 |
Total assets | 266,905,491 |
Liabilities | |
Payable for investments purchased | 1,696,785 |
Payable for Fund shares redeemed | 217,781 |
Management fee payable | 107,455 |
Administration fees payable | 35,763 |
Distribution fee payable | 3,149 |
Trustees’ fees and expenses payable | 583 |
Accrued expenses and other liabilities | 65,286 |
Total liabilities | 2,126,802 |
Total net assets | $264,778,689 |
Net assets consist of | |
Paid-in capital | $ 114,095,649 |
Total distributable earnings | 150,683,040 |
Total net assets | $264,778,689 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 127,836,030 |
Shares outstanding – Class A1 | 14,152,147 |
Net asset value per share – Class A | $9.03 |
Maximum offering price per share – Class A2 | $9.58 |
Net assets – Class C | $ 4,762,145 |
Shares outstanding – Class C1 | 1,328,290 |
Net asset value per share – Class C | $3.59 |
Net assets – Class R6 | $ 41,893,361 |
Shares outstanding – Class R61 | 3,725,284 |
Net asset value per share – Class R6 | $11.25 |
Net assets – Administrator Class | $ 9,274,108 |
Shares outstanding – Administrator Class1 | 896,810 |
Net asset value per share – Administrator Class | $10.34 |
Net assets – Institutional Class | $ 81,013,045 |
Shares outstanding – Institutional Class1 | 7,227,946 |
Net asset value per share – Institutional Class | $11.21 |
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 (net of foreign withholdings taxes of $7,649) | $ 564,741 |
Income from affiliated securities | 568 |
Total investment income | 565,309 |
Expenses | |
Management fee | 1,046,061 |
Administration fees | |
Class A | 151,049 |
Class C | 5,963 |
Class R6 | 6,442 |
Administrator Class | 7,034 |
Institutional Class | 62,122 |
Shareholder servicing fees | |
Class A | 179,820 |
Class C | 7,099 |
Administrator Class | 13,496 |
Distribution fee | |
Class C | 21,296 |
Custody and accounting fees | 9,148 |
Professional fees | 25,087 |
Registration fees | 50,013 |
Shareholder report expenses | 26,019 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 6,844 |
Total expenses | 1,627,155 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (319,994) |
Class A | (5,418) |
Administrator Class | (570) |
Net expenses | 1,301,173 |
Net investment loss | (735,864) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 27,784,104 |
Net change in unrealized gains (losses) on investments | (48,092,809) |
Net realized and unrealized gains (losses) on investments | (20,308,705) |
Net decrease in net assets resulting from operations | $(21,044,569) |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment loss | $ (735,864) | $ (981,684) | ||
Net realized gains on investments | 27,784,104 | 38,305,108 | ||
Net change in unrealized gains (losses) on investments | (48,092,809) | 41,309,796 | ||
Net increase (decrease) in net assets resulting from operations | (21,044,569) | 78,633,220 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (23,155,875) | (10,518,393) | ||
Class C | (1,745,948) | (883,514) | ||
Class R6 | (5,165,574) | (2,734,798) | ||
Administrator Class | (1,537,533) | (764,611) | ||
Institutional Class | (12,444,118) | (6,195,904) | ||
Total distributions to shareholders | (44,049,048) | (21,097,220) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 652,271 | 7,214,083 | 910,566 | 9,439,265 |
Class C | 167,993 | 754,412 | 129,367 | 683,576 |
Class R6 | 707,833 | 8,111,199 | 569,519 | 6,909,745 |
Administrator Class | 34,271 | 451,120 | 153,640 | 1,732,301 |
Institutional Class | 462,285 | 6,080,070 | 1,122,261 | 13,663,932 |
22,610,884 | 32,428,819 | |||
Reinvestment of distributions | ||||
Class A | 2,215,143 | 22,638,765 | 1,050,716 | 10,276,004 |
Class C | 430,036 | 1,745,948 | 181,793 | 883,514 |
Class R6 | 406,418 | 5,165,574 | 232,545 | 2,730,078 |
Administrator Class | 130,906 | 1,531,604 | 69,407 | 760,704 |
Institutional Class | 974,855 | 12,351,415 | 527,036 | 6,176,862 |
43,433,306 | 20,827,162 | |||
Payment for shares redeemed | ||||
Class A | (871,233) | (9,689,390) | (2,729,863) | (28,108,562) |
Class C | (289,647) | (1,483,510) | (575,614) | (3,110,801) |
Class R6 | (666,249) | (9,511,190) | (1,784,268) | (21,244,087) |
Administrator Class | (105,092) | (1,343,826) | (228,663) | (2,633,373) |
Institutional Class | (1,296,040) | (17,745,082) | (2,171,020) | (26,836,883) |
(39,772,998) | (81,933,706) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 26,271,192 | (28,677,725) | ||
Total increase (decrease) in net assets | (38,822,425) | 28,858,275 | ||
Net assets | ||||
Beginning of period | 303,601,114 | 274,742,839 | ||
End of period | $264,778,689 | $303,601,114 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.65 | $9.62 | $8.33 | $9.43 | $9.09 | $8.96 |
Net investment loss | (0.04) 1 | (0.05) 1 | (0.03) 1 | (0.03) 1 | (0.04) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | (0.65) | 2.93 | 2.08 | 0.97 | 2.23 | 1.49 |
Total from investment operations | (0.69) | 2.88 | 2.05 | 0.94 | 2.19 | 1.46 |
Distributions to shareholders from | ||||||
Net realized gains | (1.93) | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Net asset value, end of period | $9.03 | $11.65 | $9.62 | $8.33 | $9.43 | $9.09 |
Total return2 | (7.85)% | 31.66% | 26.57% | 15.37% | 27.35% | 19.39% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.25% | 1.25% | 1.26% | 1.30% | 1.25% | 1.22% |
Net expenses | 1.02% | 1.01% | 1.02% | 1.20% | 1.20% | 1.20% |
Net investment loss | (0.65)% | (0.50)% | (0.30)% | (0.35)% | (0.49)% | (0.33)% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $127,836 | $141,657 | $124,271 | $17,940 | $16,301 | $12,953 |
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. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $5.76 | $5.18 | $4.86 | $6.46 | $6.80 | $7.09 |
Net investment loss | (0.04) 1 | (0.07) 1 | (0.05) 1 | (0.06) 1 | (0.08) 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | (0.20) | 1.50 | 1.13 | 0.50 | 1.59 | 1.11 |
Total from investment operations | (0.24) | 1.43 | 1.08 | 0.44 | 1.51 | 1.04 |
Distributions to shareholders from | ||||||
Net realized gains | (1.93) | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Net asset value, end of period | $3.59 | $5.76 | $5.18 | $4.86 | $6.46 | $6.80 |
Total return2 | (8.05)% | 30.71% | 25.48% | 14.51% | 26.43% | 18.46% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.99% | 2.00% | 2.01% | 2.05% | 2.00% | 1.97% |
Net expenses | 1.78% | 1.78% | 1.79% | 1.95% | 1.95% | 1.95% |
Net investment loss | (1.40)% | (1.26)% | (1.06)% | (1.12)% | (1.22)% | (1.08)% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $4,762 | $5,876 | $6,651 | $2,116 | $3,792 | $3,676 |
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. |
Year ended July 31 | |||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $14.03 | $11.37 | $9.63 |
Net investment income (loss) | (0.02) | (0.01) 2 | 0.01 |
Net realized and unrealized gains (losses) on investments | (0.83) | 3.52 | 2.49 |
Total from investment operations | (0.85) | 3.51 | 2.50 |
Distributions to shareholders from | |||
Net realized gains | (1.93) | (0.85) | (0.76) |
Net asset value, end of period | $11.25 | $14.03 | $11.37 |
Total return3 | (7.64)% | 32.36% | 27.68% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.81% | 0.82% | 0.82% |
Net expenses | 0.60% | 0.60% | 0.60% |
Net investment income (loss) | (0.22)% | (0.09)% | 0.11% |
Supplemental data | |||
Portfolio turnover rate | 13% | 21% | 16% |
Net assets, end of period (000s omitted) | $41,893 | $45,970 | $48,435 |
1 | For the period from September 20, 2019 (commencement of class operations) to July 31, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.07 | $10.66 | $9.15 | $10.12 | $9.62 | $9.38 |
Net investment loss | (0.04) 1 | (0.05) 1 | (0.02) 1 | (0.01) 1 | (0.03) 1 | (0.01) 1 |
Net realized and unrealized gains (losses) on investments | (0.76) | 3.31 | 2.29 | 1.08 | 2.38 | 1.58 |
Total from investment operations | (0.80) | 3.26 | 2.27 | 1.07 | 2.35 | 1.57 |
Distributions to shareholders from | ||||||
Net realized gains | (1.93) | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Net asset value, end of period | $10.34 | $13.07 | $10.66 | $9.15 | $10.12 | $9.62 |
Total return2 | (7.84)% | 32.15% | 26.59% | 15.63% | 27.55% | 19.71% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.17% | 1.18% | 1.21% | 1.16% | 1.14% |
Net expenses | 0.94% | 0.94% | 0.94% | 1.00% | 1.00% | 1.00% |
Net investment loss | (0.56)% | (0.43)% | (0.21)% | (0.16)% | (0.28)% | (0.12)% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $9,274 | $10,934 | $8,979 | $2,590 | $3,068 | $3,695 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.99 | $11.36 | $9.68 | $10.57 | $9.95 | $9.65 |
Net investment income (loss) | (0.02) | (0.02) 1 | 0.01 1 | 0.00 1,2 | (0.01) 1 | 0.00 1,2 |
Net realized and unrealized gains (losses) on investments | (0.83) | 3.50 | 2.43 | 1.15 | 2.49 | 1.64 |
Total from investment operations | (0.85) | 3.48 | 2.44 | 1.15 | 2.48 | 1.64 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) | (0.01) |
Net realized gains | (1.93) | (0.85) | (0.76) | (2.04) | (1.85) | (1.33) |
Total distributions to shareholders | (1.93) | (0.85) | (0.76) | (2.04) | (1.86) | (1.34) |
Net asset value, end of period | $11.21 | $13.99 | $11.36 | $9.68 | $10.57 | $9.95 |
Total return3 | (7.67)% | 32.11% | 26.91% | 15.76% | 28.01% | 19.87% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.91% | 0.92% | 0.93% | 0.97% | 0.92% | 0.89% |
Net expenses | 0.70% | 0.70% | 0.72% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.32)% | (0.19)% | 0.07% | 0.05% | (0.08)% | 0.05% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 21% | 16% | 20% | 36% | 59% |
Net assets, end of period (000s omitted) | $81,013 | $99,164 | $86,407 | $107,670 | $131,655 | $144,199 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $149,042,254 |
Gross unrealized losses | (11,560,927) |
Net unrealized gains | $137,481,327 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 37,757,991 | $0 | $0 | $ 37,757,991 |
Consumer discretionary | 52,179,894 | 0 | 0 | 52,179,894 |
Financials | 16,207,143 | 0 | 0 | 16,207,143 |
Health care | 25,539,740 | 0 | 0 | 25,539,740 |
Industrials | 12,976,268 | 0 | 0 | 12,976,268 |
Information technology | 101,920,399 | 0 | 0 | 101,920,399 |
Materials | 7,750,096 | 0 | 0 | 7,750,096 |
Short-term investments | ||||
Investment companies | 11,154,224 | 0 | 0 | 11,154,224 |
Total assets | $265,485,755 | $0 | $0 | $265,485,755 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
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 | 1.03% |
Class C | 1.78 |
Class R6 | 0.60 |
Administrator Class | 0.94 |
Institutional Class | 0.70 |
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 |
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.
SA205/SAR205 01-22
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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 December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (SGRAX) | 2-24-2000 | -10.61 | 18.01 | 14.02 | -5.16 | 19.41 | 14.70 | 1.16 | 1.16 | ||
Class C (WGFCX) | 12-26-2002 | -6.86 | 18.88 | 14.01 | -5.86 | 18.88 | 14.01 | 1.91 | 1.91 | ||
Class R6 (SGRHX)3 | 9-30-2015 | – | – | – | -4.74 | 19.96 | 15.21 | 0.73 | 0.70 | ||
Administrator Class (SGRKX) | 8-30-2002 | – | – | – | -5.01 | 19.64 | 14.93 | 1.08 | 0.96 | ||
Institutional Class (SGRNX) | 2-24-2000 | – | – | – | -4.78 | 19.90 | 15.17 | 0.83 | 0.75 | ||
Russell 3000® Growth Index4 | – | – | – | – | 15.13 | 21.49 | 17.59 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.16% for Class A, 1.91% for Class C, 0.70% for Class R6, 0.96% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 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 3000® Growth Index measures the performance of those Russell 3000 ® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
Microsoft Corporation | 9.14 |
Amazon.com Incorporated | 8.85 |
Alphabet Incorporated Class A | 7.99 |
Apple Incorporated | 5.07 |
MasterCard Incorporated Class A | 3.23 |
Meta Platforms Incorporated Class A | 3.06 |
Monolithic Power Systems Incorporated | 2.69 |
Dynatrace Incorporated | 2.65 |
MarketAxess Holdings Incorporated | 2.34 |
Natera Incorporated | 2.23 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
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1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 848.01 | $5.36 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.41 | $5.85 | 1.15% |
Class C | ||||
Actual | $1,000.00 | $ 844.99 | $8.79 | 1.89% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.68 | $9.60 | 1.89% |
Class R6 | ||||
Actual | $1,000.00 | $ 850.06 | $3.26 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Administrator Class | ||||
Actual | $1,000.00 | $ 848.90 | $4.47 | 0.96% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.37 | $4.89 | 0.96% |
Institutional Class | ||||
Actual | $1,000.00 | $ 849.91 | $3.50 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Shares | Value | ||||
Common stocks: 99.08% | |||||
Communication services: 13.52% | |||||
Entertainment: 0.00% | |||||
Live Nation Entertainment Incorporated † | 942 | $ 103,158 | |||
Interactive media & services: 13.39% | |||||
Alphabet Incorporated Class A † | 145,543 | 393,849,546 | |||
Alphabet Incorporated Class C † | 13,045 | 35,403,739 | |||
Bumble Incorporated Class A † | 710,362 | 20,962,783 | |||
Meta Platforms Incorporated Class A † | 482,334 | 151,095,949 | |||
ZoomInfo Technologies Incorporated † | 1,117,648 | 59,078,873 | |||
660,390,890 | |||||
Media: 0.13% | |||||
Magnite Incorporated † | 462,650 | 6,278,161 | |||
Consumer discretionary: 17.84% | |||||
Hotels, restaurants & leisure: 2.62% | |||||
Airbnb Incorporated Class A † | 128,000 | 19,708,160 | |||
Chipotle Mexican Grill Incorporated † | 24,038 | 35,710,372 | |||
Papa John's International Incorporated | 444,328 | 54,852,292 | |||
Planet Fitness Incorporated Class A † | 114,176 | 10,120,561 | |||
Wingstop Incorporated | 55,798 | 8,551,044 | |||
128,942,429 | |||||
Internet & direct marketing retail: 9.31% | |||||
Amazon.com Incorporated † | 145,921 | 436,518,294 | |||
CarParts.com Incorporated † | 1,115,146 | 10,259,343 | |||
Fiverr International Limited † | 144,752 | 12,348,793 | |||
459,126,430 | |||||
Specialty retail: 5.62% | |||||
Five Below Incorporated † | 339,669 | 55,705,716 | |||
Floor & Decor Holdings Incorporated Class A † | 589,501 | 64,090,549 | |||
Leslie's Incorporated † | 2,479,114 | 51,639,945 | |||
Petco Health & Wellness Company † | 4,742,538 | 88,922,588 | |||
Ulta Beauty Incorporated † | 46,512 | 16,918,275 | |||
277,277,073 | |||||
Textiles, apparel & luxury goods: 0.29% | |||||
lululemon athletica Incorporated † | 38,139 | 12,729,273 | |||
On Holding AG Class A †« | 57,454 | 1,515,062 | |||
14,244,335 | |||||
Consumer staples: 0.17% | |||||
Personal products: 0.17% | |||||
The Estee Lauder Companies Incorporated Class A | 27,364 | 8,531,822 | |||
Financials: 5.23% | |||||
Capital markets: 5.23% | |||||
Intercontinental Exchange Incorporated | 51,875 | 6,570,488 | |||
LPL Financial Holdings Incorporated | 135,898 | 23,417,943 | |||
MarketAxess Holdings Incorporated | 334,701 | 115,297,800 |
Shares | Value | ||||
Capital markets (continued) | |||||
The Charles Schwab Corporation | 70,897 | $ 6,217,667 | |||
Tradeweb Markets Incorporated Class A | 1,252,891 | 106,207,570 | |||
257,711,468 | |||||
Health care: 14.18% | |||||
Biotechnology: 5.12% | |||||
Biohaven Pharmaceutical Holding Company † | 762,092 | 101,259,164 | |||
Horizon Therapeutics plc † | 302,767 | 28,257,244 | |||
Natera Incorporated † | 1,556,759 | 109,985,023 | |||
Seagen Incorporated † | 95,170 | 12,801,317 | |||
252,302,748 | |||||
Health care equipment & supplies: 4.85% | |||||
Boston Scientific Corporation † | 1,187,953 | 50,963,184 | |||
Edwards Lifesciences Corporation † | 641,889 | 70,094,279 | |||
Figs Incorporated Class A †« | 1,704,826 | 38,324,488 | |||
Insulet Corporation † | 129,431 | 32,098,888 | |||
Outset Medical Incorporated † | 1,287,160 | 47,869,480 | |||
239,350,319 | |||||
Health care technology: 0.82% | |||||
Veeva Systems Incorporated Class A † | 170,804 | 40,401,978 | |||
Life sciences tools & services: 2.08% | |||||
Bio-Techne Corporation | 81,130 | 30,538,143 | |||
Codexis Incorporated † | 285,903 | 5,861,012 | |||
Repligen Corporation † | 333,893 | 66,224,338 | |||
102,623,493 | |||||
Pharmaceuticals: 1.31% | |||||
Catalent Incorporated † | 407,343 | 42,335,158 | |||
Zoetis Incorporated | 110,103 | 21,997,478 | |||
64,332,636 | |||||
Industrials: 5.90% | |||||
Building products: 0.61% | |||||
Johnson Controls International plc | 114,529 | 8,322,822 | |||
The AZEK Company Incorporated † | 658,938 | 21,764,722 | |||
30,087,544 | |||||
Commercial services & supplies: 2.16% | |||||
ACV Auctions Incorporated Class A † | 708,824 | 9,399,003 | |||
Casella Waste Systems Incorporated Class A † | 374,267 | 28,436,807 | |||
Copart Incorporated † | 530,838 | 68,610,812 | |||
106,446,622 | |||||
Electrical equipment: 1.60% | |||||
Generac Holdings Incorporated † | 197,435 | 55,751,695 | |||
Regal-Beloit Corporation | 66,894 | 10,601,361 | |||
Shoals Technologies Group Class A † | 740,814 | 12,490,124 | |||
78,843,180 |
Shares | Value | ||||
Professional services: 0.20% | |||||
Legalzoom.com Incorporated †« | 622,757 | $ 9,889,381 | |||
Road & rail: 1.33% | |||||
Norfolk Southern Corporation | 240,468 | 65,404,891 | |||
Information technology: 40.50% | |||||
IT services: 6.95% | |||||
DigitalOcean Holdings Incorporated † | 315,225 | 18,075,002 | |||
MasterCard Incorporated Class A | 411,637 | 159,048,304 | |||
MongoDB Incorporated † | 192,348 | 77,922,098 | |||
PayPal Holdings Incorporated † | 185,896 | 31,962,958 | |||
Thoughtworks Holding Incorporated † | 1,151,081 | 24,656,155 | |||
Toast Incorporated Class A †« | 218,598 | 5,001,522 | |||
Twilio Incorporated Class A † | 65,285 | 13,456,544 | |||
Visa Incorporated Class A | 54,843 | 12,403,841 | |||
342,526,424 | |||||
Semiconductors & semiconductor equipment: 7.21% | |||||
Allegro MicroSystems Incorporated † | 2,121,126 | 60,197,556 | |||
Enphase Energy Incorporated † | 90,051 | 12,649,464 | |||
Microchip Technology Incorporated | 1,240,552 | 96,117,969 | |||
Monolithic Power Systems Incorporated | 329,060 | 132,588,146 | |||
NVIDIA Corporation | 194,840 | 47,708,522 | |||
Qualcomm Incorporated | 36,471 | 6,410,143 | |||
355,671,800 | |||||
Software: 21.27% | |||||
Avalara Incorporated † | 626,735 | 68,702,691 | |||
Crowdstrike Holdings Incorporated Class A † | 109,202 | 19,726,249 | |||
Dynatrace Incorporated † | 2,378,687 | 130,494,769 | |||
Freshworks Incorporated Class A †« | 616,143 | 13,401,110 | |||
Jamf Holding Corporation † | 1,238,109 | 40,931,884 | |||
Microsoft Corporation | 1,448,492 | 450,452,042 | |||
Nutanix Incorporated Class A † | 652,904 | 17,850,395 | |||
Olo Incorporated Class A † | 1,768,709 | 31,040,843 | |||
Paycor HCM Incorporated † | 1,160,274 | 30,097,508 | |||
Procore Technologies Incorporated † | 299,751 | 18,752,423 | |||
Rapid7 Incorporated † | 1,034,868 | 99,688,834 | |||
Salesforce.com Incorporated † | 33,393 | 7,768,214 | |||
ServiceNow Incorporated † | 72,688 | 42,579,177 | |||
The Trade Desk Incorporated † | 106,050 | 7,374,717 | |||
Unity Software Incorporated † | 328,847 | 34,578,262 | |||
Workiva Incorporated † | 216,175 | 25,569,179 | |||
Zendesk Incorporated † | 100,034 | 9,854,349 | |||
1,048,862,646 | |||||
Technology hardware, storage & peripherals: 5.07% | |||||
Apple Incorporated | 1,431,560 | 250,208,057 | |||
Materials: 1.74% | |||||
Chemicals: 1.74% | |||||
Linde plc | 269,817 | 85,985,282 | |||
Total Common stocks (Cost $2,367,234,440) | 4,885,542,767 |
Yield | Shares | Value | |||
Short-term investments: 1.84% | |||||
Investment companies: 1.84% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 27,956,747 | $ 27,956,747 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.07 | 62,852,902 | 62,852,902 | ||
Total Short-term investments (Cost $90,809,649) | 90,809,649 | ||||
Total investments in securities (Cost $2,458,044,089) | 100.92% | 4,976,352,416 | |||
Other assets and liabilities, net | (0.92) | (45,262,036) | |||
Total net assets | 100.00% | $4,931,090,380 |
† | 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 Fund 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. |
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 | $22,495,141 | $485,494,998 | $(480,033,392) | $0 | $0 | $ 27,956,747 | 27,956,747 | $ 3,198 | ||
Securities Lending Cash Investments LLC | 46,765,061 | 248,858,842 | (232,771,001) | 0 | 0 | 62,852,902 | 62,852,902 | 11,111 # | ||
$0 | $0 | $90,809,649 | $14,309 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $61,318,358 of securities loaned), at value (cost $2,367,234,440) | $ 4,885,542,767 |
Investments in affiliated securities, at value (cost $90,809,649) | 90,809,649 |
Receivable for investments sold | 43,536,496 |
Receivable for Fund shares sold | 2,291,571 |
Receivable for dividends | 256,260 |
Receivable for securities lending income, net | 26,751 |
Prepaid expenses and other assets | 39,909 |
Total assets | 5,022,503,403 |
Liabilities | |
Payable upon receipt of securities loaned | 62,852,402 |
Payable for investments purchased | 11,115,585 |
Overdraft due to custodian bank | 7,039,197 |
Payable for Fund shares redeemed | 5,852,147 |
Management fee payable | 2,823,529 |
Administration fees payable | 703,543 |
Distribution fee payable | 18,878 |
Trustees’ fees and expenses payable | 1,332 |
Accrued expenses and other liabilities | 1,006,410 |
Total liabilities | 91,413,023 |
Total net assets | $4,931,090,380 |
Net assets consist of | |
Paid-in capital | $ 2,284,494,033 |
Total distributable earnings | 2,646,596,347 |
Total net assets | $4,931,090,380 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 2,450,481,549 |
Shares outstanding – Class A1 | 76,169,640 |
Net asset value per share – Class A | $32.17 |
Maximum offering price per share – Class A2 | $34.13 |
Net assets – Class C | $ 28,212,051 |
Shares outstanding – Class C1 | 1,573,796 |
Net asset value per share – Class C | $17.93 |
Net assets – Class R6 | $ 420,945,752 |
Shares outstanding – Class R61 | 8,797,581 |
Net asset value per share – Class R6 | $47.85 |
Net assets – Administrator Class | $ 503,366,067 |
Shares outstanding – Administrator Class1 | 12,216,710 |
Net asset value per share – Administrator Class | $41.20 |
Net assets – Institutional Class | $ 1,528,084,961 |
Shares outstanding – Institutional Class1 | 32,131,744 |
Net asset value per share – Institutional Class | $47.56 |
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 | $ 6,780,310 |
Income from affiliated securities | 220,371 |
Total investment income | 7,000,681 |
Expenses | |
Management fee | 20,518,466 |
Administration fees | |
Class A | 3,113,049 |
Class C | 39,374 |
Class R6 | 75,596 |
Administrator Class | 400,994 |
Institutional Class | 1,207,849 |
Shareholder servicing fees | |
Class A | 3,706,011 |
Class C | 46,303 |
Administrator Class | 769,880 |
Distribution fee | |
Class C | 138,893 |
Custody and accounting fees | 73,757 |
Professional fees | 24,744 |
Registration fees | 53,487 |
Shareholder report expenses | 54,188 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 34,807 |
Total expenses | 30,267,060 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (560,229) |
Class A | (116,165) |
Class C | (1) |
Class R6 | (30,941) |
Administrator Class | (175,809) |
Institutional Class | (345,829) |
Net expenses | 29,038,086 |
Net investment loss | (22,037,405) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 433,656,913 |
Net change in unrealized gains (losses) on investments | (1,304,615,069) |
Net realized and unrealized gains (losses) on investments | (870,958,156) |
Net decrease in net assets resulting from operations | $ (892,995,561) |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment loss | $ (22,037,405) | $ (38,092,952) | ||
Payment from affiliate | 0 | 2,016,641 | ||
Net realized gains on investments | 433,656,913 | 1,014,295,332 | ||
Net change in unrealized gains (losses) on investments | (1,304,615,069) | 757,318,098 | ||
Net increase (decrease) in net assets resulting from operations | (892,995,561) | 1,735,537,119 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (569,285,399) | (358,619,034) | ||
Class C | (10,976,765) | (7,818,137) | ||
Class R6 | (69,584,122) | (42,602,746) | ||
Administrator Class | (96,628,241) | (66,234,491) | ||
Institutional Class | (256,416,897) | (166,987,346) | ||
Total distributions to shareholders | (1,002,891,424) | (642,261,754) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 993,662 | 39,783,128 | 4,159,750 | 181,613,411 |
Class C | 95,842 | 2,284,622 | 248,087 | 7,153,866 |
Class R6 | 410,211 | 24,776,569 | 2,633,504 | 157,076,681 |
Administrator Class | 442,977 | 22,793,941 | 1,768,270 | 92,055,009 |
Institutional Class | 1,628,545 | 94,726,973 | 5,133,176 | 306,552,959 |
184,365,233 | 744,451,926 | |||
Reinvestment of distributions | ||||
Class A | 14,811,926 | 547,893,129 | 8,547,067 | 345,130,553 |
Class C | 485,764 | 10,021,324 | 276,129 | 7,240,102 |
Class R6 | 1,149,664 | 63,197,038 | 712,832 | 39,868,693 |
Administrator Class | 2,018,217 | 95,582,762 | 1,326,828 | 65,545,322 |
Institutional Class | 4,557,462 | 249,019,631 | 2,893,642 | 161,089,029 |
965,713,884 | 618,873,699 | |||
Payment for shares redeemed | ||||
Class A | (5,136,684) | (212,303,203) | (8,500,042) | (369,809,329) |
Class C | (356,670) | (8,743,803) | (3,352,942) | (102,896,097) |
Class R6 | (690,377) | (42,017,567) | (2,784,658) | (162,067,725) |
Administrator Class | (1,457,877) | (73,724,137) | (3,627,405) | (192,491,936) |
Institutional Class | (4,117,189) | (242,394,549) | (8,323,049) | (489,126,072) |
(579,183,259) | (1,316,391,159) | |||
Net increase in net assets resulting from capital share transactions | 570,895,858 | 46,934,466 | ||
Total increase (decrease) in net assets | (1,324,991,127) | 1,140,209,831 | ||
Net assets | ||||
Beginning of period | 6,256,081,507 | 5,115,871,676 | ||
End of period | $ 4,931,090,380 | $ 6,256,081,507 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $47.16 | $39.86 | $35.56 | $38.67 | $40.38 | $42.28 |
Net investment loss | (0.20) 1 | (0.32) | (0.19) | (0.13) | (0.12) | (0.19) 1 |
Payment from affiliate | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (5.80) | 13.52 | 8.77 | 3.73 | 9.49 | 5.61 |
Total from investment operations | (6.00) | 13.20 | 8.58 | 3.60 | 9.37 | 5.42 |
Distributions to shareholders from | ||||||
Net realized gains | (8.99) | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $32.17 | $47.16 | $39.86 | $35.56 | $38.67 | $40.38 |
Total return3 | (15.20)% | 35.61% 4 | 27.08% | 13.55% | 27.66% | 15.95% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.15% | 1.16% | 1.17% | 1.18% | 1.18% | 1.17% |
Net expenses | 1.15% | 1.14% | 1.14% | 1.16% | 1.16% | 1.16% |
Net investment loss | (0.91)% | (0.83)% | (0.59)% | (0.45)% | (0.45)% | (0.49)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $2,450,482 | $3,088,763 | $2,443,132 | $2,116,542 | $2,142,855 | $1,950,551 |
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 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.01% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $30.47 | $27.32 | $25.87 | $30.33 | $34.05 | $37.07 |
Net investment loss | (0.22) 1 | (0.45) 1 | (0.32) 1 | (0.31) 1 | (0.33) | (0.41) 1 |
Payment from affiliate | 0.00 | 1.32 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (3.33) | 8.18 | 6.05 | 2.56 | 7.69 | 4.71 |
Total from investment operations | (3.55) | 9.05 | 5.73 | 2.25 | 7.36 | 4.30 |
Distributions to shareholders from | ||||||
Net realized gains | (8.99) | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $17.93 | $30.47 | $27.32 | $25.87 | $30.33 | $34.05 |
Total return2 | (15.50)% | 36.64% 3 | 26.11% | 12.68% | 26.73% | 15.05% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.89% | 1.91% | 1.92% | 1.93% | 1.93% | 1.92% |
Net expenses | 1.89% | 1.91% | 1.91% | 1.91% | 1.91% | 1.91% |
Net investment loss | (1.65)% | (1.57)% | (1.35)% | (1.19)% | (1.19)% | (1.23)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $28,212 | $41,094 | $114,123 | $156,056 | $185,346 | $205,607 |
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 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 5.92% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $65.50 | $53.17 | $45.84 | $47.53 | $47.13 | $47.90 |
Net investment income (loss) | (0.14) 1 | (0.23) | (0.07) | 0.00 1,2 | (0.01) 1 | (0.02) 1 |
Net realized and unrealized gains (losses) on investments | (8.52) | 18.46 | 11.68 | 5.02 | 11.49 | 6.57 |
Total from investment operations | (8.66) | 18.23 | 11.61 | 5.02 | 11.48 | 6.55 |
Distributions to shareholders from | ||||||
Net realized gains | (8.99) | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $47.85 | $65.50 | $53.17 | $45.84 | $47.53 | $47.13 |
Total return3 | (14.99)% | 36.19% | 27.65% | 14.06% | 28.26% | 16.49% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.72% | 0.73% | 0.74% | 0.75% | 0.75% | 0.74% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income (loss) | (0.47)% | (0.40)% | (0.15)% | 0.00% | (0.02)% | (0.05)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $420,946 | $519,293 | $391,705 | $337,260 | $242,838 | $49,454 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $57.75 | $47.60 | $41.58 | $43.89 | $44.40 | $45.66 |
Net investment loss | (0.20) 1 | (0.29) | (0.16) 1 | (0.10) 1 | (0.11) 1 | (0.11) 1 |
Net realized and unrealized gains (losses) on investments | (7.36) | 16.34 | 10.46 | 4.50 | 10.68 | 6.17 |
Total from investment operations | (7.56) | 16.05 | 10.30 | 4.40 | 10.57 | 6.06 |
Distributions to shareholders from | ||||||
Net realized gains | (8.99) | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $41.20 | $57.75 | $47.60 | $41.58 | $43.89 | $44.40 |
Total return2 | (15.11)% | 35.82% | 27.31% | 13.78% | 27.90% | 16.20% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.07% | 1.08% | 1.09% | 1.10% | 1.10% | 1.09% |
Net expenses | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Net investment loss | (0.73)% | (0.65)% | (0.40)% | (0.25)% | (0.24)% | (0.27)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $503,366 | $647,618 | $559,109 | $561,900 | $564,391 | $637,987 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $65.17 | $52.96 | $45.70 | $47.43 | $47.07 | $47.87 |
Net investment loss | (0.16) 1 | (0.26) 1 | (0.09) 1 | (0.01) 1 | (0.02) 1 | (0.04) 1 |
Net realized and unrealized gains (losses) on investments | (8.46) | 18.37 | 11.63 | 4.99 | 11.46 | 6.56 |
Total from investment operations | (8.62) | 18.11 | 11.54 | 4.98 | 11.44 | 6.52 |
Distributions to shareholders from | ||||||
Net realized gains | (8.99) | (5.90) | (4.28) | (6.71) | (11.08) | (7.32) |
Net asset value, end of period | $47.56 | $65.17 | $52.96 | $45.70 | $47.43 | $47.07 |
Total return2 | (15.01)% | 36.10% | 27.58% | 14.00% | 28.21% | 16.44% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.82% | 0.83% | 0.84% | 0.85% | 0.85% | 0.84% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment loss | (0.52)% | (0.44)% | (0.20)% | (0.03)% | (0.03)% | (0.08)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 36% | 37% | 39% | 37% | 42% |
Net assets, end of period (000s omitted) | $1,528,085 | $1,959,313 | $1,607,803 | $1,503,753 | $1,614,575 | $1,655,724 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $2,685,271,060 |
Gross unrealized losses | (180,879,050) |
Net unrealized gains | $2,504,392,010 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 666,772,209 | $0 | $0 | $ 666,772,209 |
Consumer discretionary | 879,590,267 | 0 | 0 | 879,590,267 |
Consumer staples | 8,531,822 | 0 | 0 | 8,531,822 |
Financials | 257,711,468 | 0 | 0 | 257,711,468 |
Health care | 699,011,174 | 0 | 0 | 699,011,174 |
Industrials | 290,671,618 | 0 | 0 | 290,671,618 |
Information technology | 1,997,268,927 | 0 | 0 | 1,997,268,927 |
Materials | 85,985,282 | 0 | 0 | 85,985,282 |
Short-term investments | ||||
Investment companies | 90,809,649 | 0 | 0 | 90,809,649 |
Total assets | $4,976,352,416 | $0 | $0 | $4,976,352,416 |
Average daily net assets | Management fee |
First $500 million | 0.800% |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $3 billion | 0.640 |
Next $2 billion | 0.615 |
Next $2 billion | 0.605 |
Next $4 billion | 0.580 |
Over $16 billion | 0.555 |
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 | 1.16% |
Class C | 1.91 |
Class R6 | 0.70 |
Administrator Class | 0.96 |
Institutional Class | 0.75 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 3,952,240 | $ (3,952,240) | $0 |
Barclays Capital Incorporated | 2,459,533 | (2,459,533) | 0 |
BNP Paribas Securities Corporation | 8,596,672 | (8,596,672) | 0 |
Citigroup Global Markets Incorporated | 2,861,473 | (2,861,473) | 0 |
Credit Suisse Securities (USA) LLC | 1,329,800 | (1,329,800) | 0 |
JPMorgan Securities LLC | 17,767,993 | (17,767,993) | 0 |
Morgan Stanley & Co. LLC | 12,545,305 | (12,545,305) | 0 |
National Financial Services LLC | 11,805,342 | (11,805,342) | 0 |
Shares voted “For” | 46,197,474 | |
Shares voted “Against” | 3,542,123 | |
Shares voted “Abstain” | 8,123,780 | |
Shares voted “Uninstructed” | 1,465,489 |
Shares voted “For” | 45,905,417 | |
Shares voted “Against” | 3,723,152 | |
Shares voted “Abstain” | 8,234,808 | |
Shares voted “Uninstructed” | 1,465,489 |
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 |
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/0001193125-22-094873/g299467img84d4b9991.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.
SA206/SAR206 01-22
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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 December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | John R. Campbell, CFA®‡, Vince Fioramonti, CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (EGOAX) | 12-17-2007 | 17.60 | 12.53 | 13.23 | 24.74 | 13.88 | 13.90 | 1.23 | 1.08 | ||
Class C (EGOCX) | 12-17-2007 | 22.83 | 13.03 | 13.05 | 23.83 | 13.03 | 13.05 | 1.98 | 1.83 | ||
Class R (EGOHX)3 | 9-30-2015 | – | – | – | 24.54 | 13.61 | 13.63 | 1.48 | 1.33 | ||
Class R6 (EGORX)4 | 9-30-2015 | – | – | – | 25.35 | 14.39 | 14.75 | 0.80 | 0.65 | ||
Administrator Class (WFLLX) | 7-16-2010 | – | – | – | 24.91 | 14.02 | 14.09 | 1.15 | 0.97 | ||
Institutional Class (EGOIX) | 12-17-2007 | – | – | – | 25.28 | 14.34 | 14.41 | 0.90 | 0.67 | ||
S&P 500 Index5 | – | – | – | – | 23.29 | 16.78 | 15.43 | – | – |
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 November 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, 1.33% for Class R, 0.65% for Class R6, 0.97% for Administrator Class, and 0.67% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 shown for the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
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 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
Apple Incorporated | 6.43 |
Microsoft Corporation | 5.50 |
Alphabet Incorporated Class C | 3.75 |
ConocoPhillips | 2.66 |
Devon Energy Corporation | 2.46 |
Amazon.com Incorporated | 2.28 |
Costco Wholesale Corporation | 2.24 |
Weyerhaeuser Company | 2.14 |
Pfizer Incorporated | 2.10 |
CVS Health Corporation | 2.08 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g235961img265865a04.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,038.76 | $5.50 | 1.07% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.81 | $5.45 | 1.07% |
Class C | ||||
Actual | $1,000.00 | $1,034.94 | $9.39 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.98 | $9.30 | 1.83% |
Class R | ||||
Actual | $1,000.00 | $1,038.35 | $6.83 | 1.33% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.50 | $6.77 | 1.33% |
Class R6 | ||||
Actual | $1,000.00 | $1,041.37 | $3.34 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,039.83 | $4.99 | 0.97% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.32 | $4.94 | 0.97% |
Institutional Class | ||||
Actual | $1,000.00 | $1,041.00 | $3.45 | 0.67% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.83 | $3.41 | 0.67% |
Shares | Value | ||||
Common stocks: 98.89% | |||||
Communication services: 6.61% | |||||
Entertainment: 1.70% | |||||
Activision Blizzard Incorporated | 113,109 | $ 8,936,742 | |||
Interactive media & services: 3.75% | |||||
Alphabet Incorporated Class C † | 7,278 | 19,752,275 | |||
Media: 1.16% | |||||
Discovery Incorporated Class A †« | 218,064 | 6,086,166 | |||
Consumer discretionary: 12.68% | |||||
Household durables: 3.44% | |||||
Lennar Corporation Class A | 95,919 | 9,218,775 | |||
PulteGroup Incorporated | 168,138 | 8,859,191 | |||
18,077,966 | |||||
Internet & direct marketing retail: 2.28% | |||||
Amazon.com Incorporated † | 4,002 | 11,971,863 | |||
Leisure products: 1.40% | |||||
The Brunswick Corporation | 81,211 | 7,373,147 | |||
Multiline retail: 1.72% | |||||
Target Corporation | 41,092 | 9,057,910 | |||
Specialty retail: 3.84% | |||||
O'Reilly Automotive Incorporated † | 15,521 | 10,115,812 | |||
The Home Depot Incorporated | 27,485 | 10,086,445 | |||
20,202,257 | |||||
Consumer staples: 2.24% | |||||
Food & staples retailing: 2.24% | |||||
Costco Wholesale Corporation | 23,312 | 11,775,591 | |||
Energy: 6.64% | |||||
Oil, gas & consumable fuels: 6.64% | |||||
Chevron Corporation | 61,095 | 8,023,606 | |||
ConocoPhillips | 157,872 | 13,990,617 | |||
Devon Energy Corporation | 255,594 | 12,925,389 | |||
34,939,612 | |||||
Financials: 13.03% | |||||
Banks: 5.72% | |||||
Citigroup Incorporated | 139,269 | 9,069,197 | |||
Citizens Financial Group Incorporated | 196,852 | 10,131,972 | |||
JPMorgan Chase & Company | 73,366 | 10,902,188 | |||
30,103,357 | |||||
Capital markets: 5.31% | |||||
BlackRock Incorporated | 11,841 | 9,744,433 |
Shares | Value | ||||
Capital markets (continued) | |||||
Evercore Partners Incorporated Class A | 68,568 | $ 8,558,658 | |||
The Goldman Sachs Group Incorporated | 27,150 | 9,629,562 | |||
27,932,653 | |||||
Insurance: 2.00% | |||||
Fidelity National Financial Incorporated | 209,307 | 10,538,607 | |||
Health care: 16.78% | |||||
Biotechnology: 4.61% | |||||
AbbVie Incorporated | 56,716 | 7,763,853 | |||
Regeneron Pharmaceuticals Incorporated † | 12,722 | 7,742,482 | |||
United Therapeutics Corporation † | 43,302 | 8,741,375 | |||
24,247,710 | |||||
Health care equipment & supplies: 1.29% | |||||
Hologic Incorporated † | 96,845 | 6,802,393 | |||
Health care providers & services: 5.77% | |||||
Anthem Incorporated | 23,110 | 10,191,279 | |||
CVS Health Corporation | 102,554 | 10,923,027 | |||
Laboratory Corporation of America Holdings † | 33,998 | 9,225,697 | |||
30,340,003 | |||||
Life sciences tools & services: 1.70% | |||||
Danaher Corporation | 31,341 | 8,956,944 | |||
Pharmaceuticals: 3.41% | |||||
Bristol-Myers Squibb Company | 106,585 | 6,916,301 | |||
Pfizer Incorporated | 209,556 | 11,041,506 | |||
17,957,807 | |||||
Industrials: 7.03% | |||||
Building products: 1.72% | |||||
Masco Corporation | 142,966 | 9,054,037 | |||
Construction & engineering: 1.80% | |||||
EMCOR Group Incorporated | 79,483 | 9,475,168 | |||
Machinery: 1.49% | |||||
Cummins Incorporated | 35,554 | 7,853,168 | |||
Road & rail: 2.02% | |||||
J.B. Hunt Transport Services Incorporated | 55,044 | 10,598,172 | |||
Information technology: 28.22% | |||||
Electronic equipment, instruments & components: 3.26% | |||||
CDW Corporation of Delaware | 47,384 | 8,957,945 | |||
Zebra Technologies Corporation Class A † | 16,047 | 8,169,849 | |||
17,127,794 | |||||
IT services: 3.35% | |||||
Cognizant Technology Solutions Corporation Class A | 100,789 | 8,609,396 | |||
MasterCard Incorporated Class A | 23,288 | 8,998,017 | |||
17,607,413 |
Shares | Value | ||||
Semiconductors & semiconductor equipment: 4.65% | |||||
Applied Materials Incorporated | 72,376 | $ 10,000,916 | |||
Intel Corporation | 138,491 | 6,761,131 | |||
Qorvo Incorporated † | 56,200 | 7,715,136 | |||
24,477,183 | |||||
Software: 10.53% | |||||
Adobe Incorporated † | 16,715 | 8,930,825 | |||
Fortinet Incorporated † | 29,889 | 8,884,206 | |||
Microsoft Corporation | 93,067 | 28,941,976 | |||
Oracle Corporation | 106,725 | 8,661,801 | |||
55,418,808 | |||||
Technology hardware, storage & peripherals: 6.43% | |||||
Apple Incorporated | 193,627 | 33,842,123 | |||
Materials: 3.52% | |||||
Metals & mining: 3.52% | |||||
Nucor Corporation | 87,484 | 8,870,878 | |||
Reliance Steel & Aluminum Company | 63,240 | 9,668,131 | |||
18,539,009 | |||||
Real estate: 2.14% | |||||
Equity REITs: 2.14% | |||||
Weyerhaeuser Company | 277,665 | 11,225,996 | |||
Total Common stocks (Cost $335,718,278) | 520,271,874 |
Yield | |||||
Short-term investments: 2.19% | |||||
Investment companies: 2.19% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 5,502,310 | 5,502,310 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.07 | 6,026,500 | 6,026,500 | ||
Total Short-term investments (Cost $11,528,810) | 11,528,810 | ||||
Total investments in securities (Cost $347,247,088) | 101.08% | 531,800,684 | |||
Other assets and liabilities, net | (1.08) | (5,659,274) | |||
Total net assets | 100.00% | $526,141,410 |
† | 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 Fund 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 | $4,053,285 | $31,843,178 | $(30,394,153) | $0 | $0 | $ 5,502,310 | 5,502,310 | $ 628 | ||
Securities Lending Cash Investments LLC | 6,811,260 | 10,553,275 | (11,338,035) | 0 | 0 | 6,026,500 | 6,026,500 | 1,190 # | ||
$0 | $0 | $11,528,810 | $1,818 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $5,899,695 of securities loaned), at value (cost $335,718,278) | $ 520,271,874 |
Investments in affiliated securities, at value (cost $11,528,810) | 11,528,810 |
Receivable for Fund shares sold | 845,457 |
Receivable for dividends | 446,627 |
Prepaid expenses and other assets | 45,122 |
Total assets | 533,137,890 |
Liabilities | |
Payable upon receipt of securities loaned | 6,024,385 |
Payable for Fund shares redeemed | 434,543 |
Management fee payable | 254,459 |
Administration fees payable | 85,643 |
Distribution fees payable | 14,846 |
Trustees’ fees and expenses payable | 194 |
Accrued expenses and other liabilities | 182,410 |
Total liabilities | 6,996,480 |
Total net assets | $526,141,410 |
Net assets consist of | |
Paid-in capital | $ 324,809,094 |
Total distributable earnings | 201,332,316 |
Total net assets | $526,141,410 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 367,944,820 |
Shares outstanding – Class A1 | 21,525,389 |
Net asset value per share – Class A | $17.09 |
Maximum offering price per share – Class A2 | $18.13 |
Net assets – Class C | $ 22,503,052 |
Shares outstanding – Class C1 | 1,349,625 |
Net asset value per share – Class C | $16.67 |
Net assets – Class R | $ 182,770 |
Shares outstanding – Class R1 | 10,595 |
Net asset value per share – Class R | $17.25 |
Net assets – Class R6 | $ 5,055,425 |
Shares outstanding – Class R61 | 293,799 |
Net asset value per share – Class R6 | $17.21 |
Net assets – Administrator Class | $ 2,031,318 |
Shares outstanding – Administrator Class1 | 116,161 |
Net asset value per share – Administrator Class | $17.49 |
Net assets – Institutional Class | $ 128,424,025 |
Shares outstanding – Institutional Class1 | 7,453,370 |
Net asset value per share – Institutional Class | $17.23 |
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 | $ 3,529,343 |
Income from affiliated securities | 12,875 |
Total investment income | 3,542,218 |
Expenses | |
Management fee | 1,894,520 |
Administration fees | |
Class A | 392,163 |
Class C | 27,604 |
Class R | 426 |
Class R6 | 858 |
Administrator Class | 1,561 |
Institutional Class | 87,404 |
Shareholder servicing fees | |
Class A | 466,860 |
Class C | 32,714 |
Class R | 508 |
Administrator Class | 2,968 |
Distribution fees | |
Class C | 98,137 |
Class R | 479 |
Custody and accounting fees | 12,818 |
Professional fees | 25,248 |
Registration fees | 26,721 |
Shareholder report expenses | 27,661 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 10,562 |
Total expenses | 3,118,874 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (291,124) |
Class A | (38,357) |
Class R6 | (360) |
Administrator Class | (466) |
Institutional Class | (62,987) |
Net expenses | 2,725,580 |
Net investment income | 816,638 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 31,234,552 |
Net change in unrealized gains (losses) on investments | (10,971,847) |
Net realized and unrealized gains (losses) on investments | 20,262,705 |
Net increase in net assets resulting from operations | $ 21,079,343 |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment income | $ 816,638 | $ 2,803,936 | ||
Net realized gains on investments | 31,234,552 | 68,784,754 | ||
Net change in unrealized gains (losses) on investments | (10,971,847) | 90,218,551 | ||
Net increase in net assets resulting from operations | 21,079,343 | 161,807,241 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (47,154,331) | (43,568,141) | ||
Class C | (3,108,743) | (4,062,417) | ||
Class R | (22,264) | (69,596) | ||
Class R6 | (746,243) | (942,745) | ||
Administrator Class | (378,532) | (283,218) | ||
Institutional Class | (17,341,089) | (18,363,526) | ||
Total distributions to shareholders | (68,751,202) | (67,289,643) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 620,028 | 11,341,469 | 1,347,272 | 23,128,393 |
Class C | 20,625 | 364,095 | 57,119 | 930,310 |
Class R | 1,615 | 30,920 | 5,379 | 89,355 |
Class R6 | 7,416 | 134,110 | 22,468 | 376,280 |
Administrator Class | 57,033 | 1,154,634 | 16,251 | 286,289 |
Institutional Class | 816,597 | 15,129,503 | 946,066 | 15,869,566 |
28,154,731 | 40,680,193 | |||
Reinvestment of distributions | ||||
Class A | 2,550,202 | 44,759,070 | 2,687,262 | 41,377,941 |
Class C | 179,061 | 3,060,161 | 259,190 | 3,893,123 |
Class R | 1,260 | 22,264 | 4,276 | 65,764 |
Class R6 | 9,372 | 166,069 | 18,442 | 286,328 |
Administrator Class | 20,990 | 377,210 | 17,840 | 279,907 |
Institutional Class | 894,254 | 15,863,211 | 1,082,589 | 16,825,725 |
64,247,985 | 62,728,788 | |||
Payment for shares redeemed | ||||
Class A | (1,185,144) | (21,920,968) | (3,617,358) | (60,975,760) |
Class C | (390,812) | (7,173,686) | (942,897) | (15,386,123) |
Class R | (21,853) | (438,941) | (38,061) | (626,185) |
Class R6 | (36,482) | (685,064) | (143,020) | (2,452,243) |
Administrator Class | (93,970) | (1,699,762) | (42,338) | (720,832) |
Institutional Class | (1,240,558) | (22,922,083) | (4,234,725) | (70,438,804) |
(54,840,504) | (150,599,947) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 37,562,212 | (47,190,966) | ||
Total increase (decrease) in net assets | (10,109,647) | 47,326,632 | ||
Net assets | ||||
Beginning of period | 536,251,057 | 488,924,425 | ||
End of period | $526,141,410 | $ 536,251,057 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.77 | $15.71 | $18.57 | $20.82 | $18.01 | $15.13 |
Net investment income | 0.03 | 0.08 1 | 0.14 | 0.25 | 0.15 | 0.15 |
Net realized and unrealized gains (losses) on investments | 0.75 | 5.33 | 0.51 | (0.29) | 3.01 | 2.85 |
Total from investment operations | 0.78 | 5.41 | 0.65 | (0.04) | 3.16 | 3.00 |
Distributions to shareholders from | ||||||
Net investment income | (0.04) | (0.15) | (0.29) | (0.16) | (0.13) | (0.12) |
Net realized gains | (2.42) | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.46) | (2.35) | (3.51) | (2.21) | (0.35) | (0.12) |
Net asset value, end of period | $17.09 | $18.77 | $15.71 | $18.57 | $20.82 | $18.01 |
Total return2 | 3.88% | 37.90% | 2.86% | 1.10% | 17.66% | 19.94% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.20% | 1.23% | 1.23% | 1.19% | 1.18% | 1.19% |
Net expenses | 1.07% | 1.06% | 1.06% | 1.08% | 1.10% | 1.14% |
Net investment income | 0.23% | 0.49% | 0.97% | 1.42% | 0.73% | 0.82% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $367,945 | $366,731 | $300,373 | $341,045 | $360,937 | $329,974 |
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. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.39 | $15.41 | $18.22 | $20.44 | $17.70 | $14.87 |
Net investment income (loss) | (0.05) 1 | (0.04) 1 | 0.03 | 0.13 | (0.00) 2 | 0.00 3 |
Net realized and unrealized gains (losses) on investments | 0.75 | 5.23 | 0.47 | (0.30) | 2.96 | 2.83 |
Total from investment operations | 0.70 | 5.19 | 0.50 | (0.17) | 2.96 | 2.83 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.01) | (0.09) | 0.00 | 0.00 | 0.00 |
Net realized gains | (2.42) | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.42) | (2.21) | (3.31) | (2.05) | (0.22) | 0.00 |
Net asset value, end of period | $16.67 | $18.39 | $15.41 | $18.22 | $20.44 | $17.70 |
Total return4 | 3.49% | 36.87% | 2.01% | 0.34% | 16.78% | 19.03% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.94% | 1.98% | 1.97% | 1.94% | 1.93% | 1.94% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.83% | 1.85% | 1.89% |
Net investment income (loss) | (0.51)% | (0.25)% | 0.21% | 0.67% | (0.02)% | 0.07% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $22,503 | $28,335 | $33,405 | $47,649 | $61,529 | $60,697 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
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. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.89 | $15.70 | $18.57 | $20.81 | $18.04 | $15.17 |
Net investment income | 0.00 1,2 | 0.04 1 | 0.11 1 | 0.21 | 0.12 | 0.13 |
Net realized and unrealized gains (losses) on investments | 0.78 | 5.35 | 0.49 | (0.29) | 2.99 | 2.84 |
Total from investment operations | 0.78 | 5.39 | 0.60 | (0.08) | 3.11 | 2.97 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.00) 2 | (0.25) | (0.11) | (0.12) | (0.10) |
Net realized gains | (2.42) | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.42) | (2.20) | (3.47) | (2.16) | (0.34) | (0.10) |
Net asset value, end of period | $17.25 | $18.89 | $15.70 | $18.57 | $20.81 | $18.04 |
Total return3 | 3.84% | 37.56% | 2.56% | 0.87% | 17.37% | 19.64% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.44% | 1.47% | 1.47% | 1.44% | 1.43% | 1.44% |
Net expenses | 1.33% | 1.33% | 1.33% | 1.33% | 1.34% | 1.39% |
Net investment income | 0.03% | 0.27% | 0.69% | 1.18% | 0.48% | 0.51% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $183 | $559 | $910 | $2,043 | $2,042 | $1,369 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.91 | $15.81 | $18.68 | $20.92 | $18.09 | $15.24 |
Net investment income | 0.07 | 0.16 | 0.24 1 | 0.34 | 0.22 1 | 0.25 1 |
Net realized and unrealized gains (losses) on investments | 0.77 | 5.36 | 0.48 | (0.30) | 3.04 | 3.33 |
Total from investment operations | 0.84 | 5.52 | 0.72 | 0.04 | 3.26 | 3.58 |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.22) | (0.37) | (0.23) | (0.21) | (0.73) |
Net realized gains | (2.42) | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.54) | (2.42) | (3.59) | (2.28) | (0.43) | (0.73) |
Net asset value, end of period | $17.21 | $18.91 | $15.81 | $18.68 | $20.92 | $18.09 |
Total return2 | 4.14% | 38.47% | 3.23% | 1.60% | 18.16% | 24.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.77% | 0.80% | 0.79% | 0.75% | 0.75% | 0.76% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.68% |
Net investment income | 0.66% | 0.92% | 1.40% | 1.83% | 1.08% | 1.62% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $5,055 | $5,928 | $6,570 | $13,223 | $15,225 | $122 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $19.16 | $15.96 | $18.82 | $21.05 | $18.21 | $15.18 |
Net investment income | 0.03 1 | 0.10 1 | 0.18 1 | 0.29 1 | 0.17 1 | 0.16 1 |
Net realized and unrealized gains (losses) on investments | 0.79 | 5.43 | 0.49 | (0.30) | 3.05 | 2.87 |
Total from investment operations | 0.82 | 5.53 | 0.67 | (0.01) | 3.22 | 3.03 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.13) | (0.31) | (0.17) | (0.16) | (0.00) 2 |
Net realized gains | (2.42) | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.49) | (2.33) | (3.53) | (2.22) | (0.38) | (0.00) 2 |
Net asset value, end of period | $17.49 | $19.16 | $15.96 | $18.82 | $21.05 | $18.21 |
Total return3 | 3.98% | 38.04% | 2.90% | 1.26% | 17.81% | 19.99% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.12% | 1.15% | 1.13% | 1.10% | 1.10% | 1.10% |
Net expenses | 0.97% | 0.97% | 0.97% | 0.97% | 0.98% | 1.00% |
Net investment income | 0.28% | 0.58% | 1.04% | 1.52% | 0.86% | 1.00% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $2,031 | $2,531 | $2,241 | $16,566 | $25,444 | $32,091 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.93 | $15.83 | $18.70 | $20.95 | $18.12 | $15.23 |
Net investment income | 0.06 1 | 0.19 | 0.24 1 | 0.34 | 0.23 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.77 | 5.33 | 0.48 | (0.30) | 3.03 | 2.91 |
Total from investment operations | 0.83 | 5.52 | 0.72 | 0.04 | 3.26 | 3.09 |
Distributions to shareholders from | ||||||
Net investment income | (0.11) | (0.22) | (0.37) | (0.24) | (0.21) | (0.20) |
Net realized gains | (2.42) | (2.20) | (3.22) | (2.05) | (0.22) | 0.00 |
Total distributions to shareholders | (2.53) | (2.42) | (3.59) | (2.29) | (0.43) | (0.20) |
Net asset value, end of period | $17.23 | $18.93 | $15.83 | $18.70 | $20.95 | $18.12 |
Total return2 | 4.10% | 38.42% | 3.22% | 1.56% | 18.16% | 20.43% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.87% | 0.90% | 0.89% | 0.86% | 0.85% | 0.86% |
Net expenses | 0.67% | 0.67% | 0.67% | 0.67% | 0.68% | 0.70% |
Net investment income | 0.64% | 0.90% | 1.40% | 1.82% | 1.15% | 1.23% |
Supplemental data | ||||||
Portfolio turnover rate | 13% | 46% | 28% | 45% | 33% | 50% |
Net assets, end of period (000s omitted) | $128,424 | $132,167 | $145,425 | $600,595 | $690,855 | $621,864 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $191,929,017 |
Gross unrealized losses | (7,390,207) |
Net unrealized gains | $184,538,810 |
■ | 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 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: | ||||
Common stocks | ||||
Communication services | $ 34,775,183 | $0 | $0 | $ 34,775,183 |
Consumer discretionary | 66,683,143 | 0 | 0 | 66,683,143 |
Consumer staples | 11,775,591 | 0 | 0 | 11,775,591 |
Energy | 34,939,612 | 0 | 0 | 34,939,612 |
Financials | 68,574,617 | 0 | 0 | 68,574,617 |
Health care | 88,304,857 | 0 | 0 | 88,304,857 |
Industrials | 36,980,545 | 0 | 0 | 36,980,545 |
Information technology | 148,473,321 | 0 | 0 | 148,473,321 |
Materials | 18,539,009 | 0 | 0 | 18,539,009 |
Real estate | 11,225,996 | 0 | 0 | 11,225,996 |
Short-term investments | ||||
Investment companies | 11,528,810 | 0 | 0 | 11,528,810 |
Total assets | $531,800,684 | $0 | $0 | $531,800,684 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 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 R | 1.33 |
Class R6 | 0.65 |
Administrator Class | 0.97 |
Institutional Class | 0.67 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas Securities Corporation | $3,958,470 | $(3,958,470) | $0 |
Citigroup Global Markets Incorporated | 1,941,225 | (1,941,225) | 0 |
Shares voted “For” | 11,869,965 |
Shares voted “Against” | 938,354 |
Shares voted “Abstainr” | 2,533,650 |
Shares voted “For” | 11,749,304 |
Shares voted “Against” | 1,006,078 |
Shares voted “Abstain” | 2,586,587 |
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 |
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/0001193125-22-094873/g235961img535327f01.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.
SA208/SAR208 01-22
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Large Cap Growth Fund
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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 December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (STAFX) | 7-30-2010 | 0.89 | 17.06 | 13.79 | 7.04 | 18.46 | 14.47 | 1.17 | 1.07 | ||
Class C (STOFX) | 7-30-2010 | 5.20 | 17.56 | 13.61 | 6.20 | 17.56 | 13.61 | 1.92 | 1.82 | ||
Class R (STMFX)3 | 6-15-2012 | – | – | – | 6.78 | 18.16 | 14.18 | 1.42 | 1.32 | ||
Class R4 (SLGRX)4 | 11-30-2012 | – | – | – | 7.30 | 18.73 | 14.78 | 0.89 | 0.80 | ||
Class R6 (STFFX)5 | 11-30-2012 | – | – | – | 7.47 | 18.95 | 14.96 | 0.74 | 0.65 | ||
Administrator Class (STDFX) | 7-30-2010 | – | – | – | 7.15 | 18.60 | 14.61 | 1.09 | 0.95 | ||
Institutional Class (STNFX) | 7-30-2010 | – | – | – | 7.38 | 18.83 | 14.87 | 0.84 | 0.75 | ||
Russell 1000® Growth Index6 | – | – | – | – | 17.52 | 22.28 | 18.03 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.07% for Class A, 1.82% for Class C, 1.32% for Class R, 0.80% for Class R4, 0.65% for Class R6, 0.95% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 shown for the Class R shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares. |
5 | 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. |
6 | 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
Microsoft Corporation | 13.00 |
Amazon.com Incorporated | 9.06 |
Apple Incorporated | 7.35 |
Alphabet Incorporated Class A | 6.37 |
NVIDIA Corporation | 3.86 |
MasterCard Incorporated Class A | 3.52 |
Meta Platforms Incorporated Class A | 3.29 |
The TJX Companies Incorporated | 2.77 |
MarketAxess Holdings Incorporated | 2.36 |
Microchip Technology Incorporated | 2.20 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g258555img5c77e3e64.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 923.02 | $5.14 | 1.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.86 | $5.40 | 1.06% |
Class C | ||||
Actual | $1,000.00 | $ 919.29 | $8.80 | 1.82% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.03 | $9.25 | 1.82% |
Class R | ||||
Actual | $1,000.00 | $ 921.68 | $6.39 | 1.32% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.55 | $6.72 | 1.32% |
Class R4 | ||||
Actual | $1,000.00 | $ 924.09 | $3.88 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.17 | $4.08 | 0.80% |
Class R6 | ||||
Actual | $1,000.00 | $ 924.76 | $3.15 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $ 923.53 | $4.61 | 0.95% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.42 | $4.84 | 0.95% |
Institutional Class | ||||
Actual | $1,000.00 | $ 924.53 | $3.64 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Shares | Value | ||||
Common stocks: 98.92% | |||||
Communication services: 11.76% | |||||
Entertainment: 0.26% | |||||
Live Nation Entertainment Incorporated † | 199 | $ 21,792 | |||
Netflix Incorporated † | 6,239 | 2,664,926 | |||
2,686,718 | |||||
Interactive media & services: 11.50% | |||||
Alphabet Incorporated Class A † | 24,290 | 65,730,440 | |||
Alphabet Incorporated Class C † | 6,980 | 18,943,511 | |||
Meta Platforms Incorporated Class A † | 108,252 | 33,911,022 | |||
118,584,973 | |||||
Consumer discretionary: 19.92% | |||||
Auto components: 0.21% | |||||
Aptiv plc † | 15,553 | 2,124,229 | |||
Hotels, restaurants & leisure: 3.64% | |||||
Airbnb Incorporated Class A † | 102,032 | 15,709,867 | |||
Chipotle Mexican Grill Incorporated † | 12,260 | 18,213,211 | |||
Starbucks Corporation | 37,305 | 3,667,828 | |||
37,590,906 | |||||
Internet & direct marketing retail: 9.06% | |||||
Amazon.com Incorporated † | 31,234 | 93,435,574 | |||
Specialty retail: 4.72% | |||||
Floor & Decor Holdings Incorporated Class A † | 87,180 | 9,478,210 | |||
The Home Depot Incorporated | 14,638 | 5,371,853 | |||
The TJX Companies Incorporated | 397,824 | 28,631,393 | |||
Ulta Beauty Incorporated † | 14,381 | 5,230,945 | |||
48,712,401 | |||||
Textiles, apparel & luxury goods: 2.29% | |||||
lululemon athletica Incorporated † | 31,240 | 10,426,662 | |||
Nike Incorporated Class B | 88,962 | 13,172,603 | |||
23,599,265 | |||||
Consumer staples: 0.22% | |||||
Personal products: 0.22% | |||||
The Estee Lauder Companies Incorporated Class A | 7,326 | 2,284,174 | |||
Financials: 6.51% | |||||
Capital markets: 6.51% | |||||
Intercontinental Exchange Incorporated | 14,214 | 1,800,345 | |||
MarketAxess Holdings Incorporated | 70,613 | 24,324,766 | |||
MSCI Incorporated | 14,513 | 7,780,710 | |||
The Charles Schwab Corporation | 215,378 | 18,888,651 | |||
Tradeweb Markets Incorporated Class A | 169,307 | 14,352,154 | |||
67,146,626 |
Shares | Value | ||||
Health care: 9.72% | |||||
Biotechnology: 1.32% | |||||
Alnylam Pharmaceuticals Incorporated † | 28,944 | $ 3,982,694 | |||
Horizon Therapeutics plc † | 70,128 | 6,545,046 | |||
Seagen Incorporated † | 22,637 | 3,044,903 | |||
13,572,643 | |||||
Health care equipment & supplies: 5.54% | |||||
Abbott Laboratories | 101,434 | 12,928,778 | |||
Boston Scientific Corporation † | 244,306 | 10,480,727 | |||
Edwards Lifesciences Corporation † | 143,270 | 15,645,084 | |||
Intuitive Surgical Incorporated † | 11,042 | 3,137,916 | |||
Stryker Corporation | 60,193 | 14,930,874 | |||
57,123,379 | |||||
Health care providers & services: 0.13% | |||||
UnitedHealth Group Incorporated | 2,746 | 1,297,677 | |||
Health care technology: 0.55% | |||||
Veeva Systems Incorporated Class A † | 23,940 | 5,662,768 | |||
Life sciences tools & services: 1.32% | |||||
Agilent Technologies Incorporated | 98,132 | 13,671,750 | |||
Pharmaceuticals: 0.86% | |||||
Zoetis Incorporated | 44,463 | 8,883,263 | |||
Industrials: 7.18% | |||||
Air freight & logistics: 1.96% | |||||
United Parcel Service Incorporated Class B | 100,064 | 20,233,941 | |||
Building products: 1.45% | |||||
Johnson Controls International plc | 206,169 | 14,982,301 | |||
Commercial services & supplies: 1.14% | |||||
Copart Incorporated † | 90,612 | 11,711,601 | |||
Electrical equipment: 1.12% | |||||
Generac Holdings Incorporated † | 40,961 | 11,566,567 | |||
Road & rail: 1.51% | |||||
Norfolk Southern Corporation | 57,273 | 15,577,683 | |||
Information technology: 41.41% | |||||
IT services: 5.78% | |||||
MasterCard Incorporated Class A | 94,026 | 36,329,766 | |||
MongoDB Incorporated † | 20,471 | 8,293,007 | |||
PayPal Holdings Incorporated † | 38,376 | 6,598,369 | |||
Shopify Incorporated Class A † | 2,750 | 2,651,660 | |||
Twilio Incorporated Class A † | 13,613 | 2,805,912 | |||
Visa Incorporated Class A | 12,691 | 2,870,323 | |||
59,549,037 | |||||
Semiconductors & semiconductor equipment: 8.19% | |||||
Advanced Micro Devices Incorporated † | 62,763 | 7,170,673 | |||
Enphase Energy Incorporated † | 42,972 | 6,036,277 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Microchip Technology Incorporated | 293,315 | $ 22,726,046 | |||
NVIDIA Corporation | 162,648 | 39,825,989 | |||
Qualcomm Incorporated | 49,480 | 8,696,605 | |||
84,455,590 | |||||
Software: 20.09% | |||||
Adobe Incorporated † | 7,852 | 4,195,324 | |||
Autodesk Incorporated † | 14,221 | 3,552,264 | |||
Crowdstrike Holdings Incorporated Class A † | 36,706 | 6,630,572 | |||
Dynatrace Incorporated † | 294,947 | 16,180,792 | |||
Microsoft Corporation | 431,103 | 134,064,411 | |||
Salesforce.com Incorporated † | 10,874 | 2,529,619 | |||
ServiceNow Incorporated † | 37,273 | 21,833,778 | |||
Unity Software Incorporated † | 93,963 | 9,880,209 | |||
Workday Incorporated Class A † | 32,936 | 8,333,137 | |||
207,200,106 | |||||
Technology hardware, storage & peripherals: 7.35% | |||||
Apple Incorporated | 433,885 | 75,834,420 | |||
Materials: 2.20% | |||||
Chemicals: 2.20% | |||||
Linde plc | 71,220 | 22,696,390 | |||
Total Common stocks (Cost $442,617,540) | 1,020,183,982 |
Yield | |||||
Short-term investments: 0.68% | |||||
Investment companies: 0.68% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 6,959,482 | 6,959,482 | ||
Total Short-term investments (Cost $6,959,482) | 6,959,482 | ||||
Total investments in securities (Cost $449,577,022) | 99.60% | 1,027,143,464 | |||
Other assets and liabilities, net | 0.40 | 4,162,121 | |||
Total net assets | 100.00% | $1,031,305,585 |
† | 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) | 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 | $9,488,900 | $126,854,294 | $(129,383,712) | $0 | $0 | $ 6,959,482 | 6,959,482 | $ 1,011 | ||
Securities Lending Cash Investments LLC | 0 | 496,825 | (496,825) | 0 | 0 | 0 | 0 | 1 # | ||
$0 | $0 | $6,959,482 | $1,012 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $442,617,540) | $ 1,020,183,982 |
Investments in affiliated securities, at value (cost $6,959,482) | 6,959,482 |
Receivable for investments sold | 6,945,558 |
Receivable for Fund shares sold | 167,506 |
Receivable for dividends | 120,701 |
Prepaid expenses and other assets | 40,574 |
Total assets | 1,034,417,803 |
Liabilities | |
Payable for investments purchased | 1,653,308 |
Management fee payable | 542,038 |
Payable for Fund shares redeemed | 470,232 |
Administration fees payable | 136,691 |
Distribution fees payable | 3,594 |
Accrued expenses and other liabilities | 306,355 |
Total liabilities | 3,112,218 |
Total net assets | $1,031,305,585 |
Net assets consist of | |
Paid-in capital | $ 429,146,808 |
Total distributable earnings | 602,158,777 |
Total net assets | $1,031,305,585 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 604,224,698 |
Shares outstanding – Class A1 | 13,798,735 |
Net asset value per share – Class A | $43.79 |
Maximum offering price per share – Class A2 | $46.46 |
Net assets – Class C | $ 4,679,539 |
Shares outstanding – Class C1 | 130,453 |
Net asset value per share – Class C | $35.87 |
Net assets – Class R | $ 2,714,294 |
Shares outstanding – Class R1 | 65,452 |
Net asset value per share – Class R | $41.47 |
Net assets – Class R4 | $ 18,767 |
Shares outstanding – Class R41 | 407 |
Net asset value per share – Class R4 | $46.11 |
Net assets – Class R6 | $ 276,949,594 |
Shares outstanding – Class R61 | 5,911,482 |
Net asset value per share – Class R6 | $46.85 |
Net assets – Administrator Class | $ 73,250,850 |
Shares outstanding – Administrator Class1 | 1,632,982 |
Net asset value per share – Administrator Class | $44.86 |
Net assets – Institutional Class | $ 69,467,843 |
Shares outstanding – Institutional Class1 | 1,496,030 |
Net asset value per share – Institutional Class | $46.43 |
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 (net of foreign withholdings taxes of $1,695) | $ 2,661,329 |
Income from affiliated securities | 1,021 |
Total investment income | 2,662,350 |
Expenses | |
Management fee | 4,131,711 |
Administration fees | |
Class A | 713,589 |
Class C | 5,859 |
Class R | 3,121 |
Class R4 | 8 |
Class R6 | 54,200 |
Administrator Class | 54,727 |
Institutional Class | 51,848 |
Shareholder servicing fees | |
Class A | 849,511 |
Class C | 6,962 |
Class R | 3,408 |
Class R4 | 11 |
Administrator Class | 105,245 |
Distribution fees | |
Class C | 20,886 |
Class R | 3,408 |
Custody and accounting fees | 26,479 |
Professional fees | 22,306 |
Registration fees | 47,794 |
Shareholder report expenses | 28,285 |
Trustees’ fees and expenses | 9,663 |
Interest expense | 1,031 |
Other fees and expenses | 11,947 |
Total expenses | 6,151,999 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (362,471) |
Class A | (155,899) |
Class C | (936) |
Class R6 | (46,510) |
Administrator Class | (28,437) |
Institutional Class | (10,235) |
Net expenses | 5,547,511 |
Net investment loss | (2,885,161) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 88,231,133 |
Net change in unrealized gains (losses) on investments | (173,266,421) |
Net realized and unrealized gains (losses) on investments | (85,035,288) |
Net decrease in net assets resulting from operations | $ (87,920,449) |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment loss | $ (2,885,161) | $ (4,443,776) | ||
Net realized gains on investments | 88,231,133 | 165,932,271 | ||
Net change in unrealized gains (losses) on investments | (173,266,421) | 117,641,204 | ||
Net increase (decrease) in net assets resulting from operations | (87,920,449) | 279,129,699 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (94,969,340) | (79,883,893) | ||
Class C | (885,940) | (1,111,827) | ||
Class R | (440,556) | (455,637) | ||
Class R4 | (2,756) | (2,447) | ||
Class R6 | (47,295,062) | (42,121,261) | ||
Administrator Class | (11,436,683) | (10,082,395) | ||
Institutional Class | (11,138,623) | (9,083,723) | ||
Total distributions to shareholders | (166,168,960) | (142,741,183) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 119,634 | 6,174,838 | 358,636 | 18,235,977 |
Class C | 12,851 | 540,231 | 16,087 | 710,212 |
Class R | 2,547 | 124,117 | 10,934 | 514,288 |
Class R6 | 131,695 | 7,332,778 | 884,011 | 47,267,504 |
Administrator Class | 9,797 | 522,694 | 81,854 | 4,241,660 |
Institutional Class | 244,451 | 14,301,743 | 180,795 | 9,671,424 |
28,996,401 | 80,641,065 | |||
Reinvestment of distributions | ||||
Class A | 1,893,115 | 92,137,889 | 1,646,799 | 77,613,521 |
Class C | 22,198 | 885,940 | 27,637 | 1,109,089 |
Class R | 8,564 | 394,893 | 7,808 | 352,223 |
Class R4 | 54 | 2,756 | 0 | 0 |
Class R6 | 873,534 | 45,458,706 | 795,939 | 39,597,989 |
Administrator Class | 229,216 | 11,426,420 | 209,572 | 10,074,123 |
Institutional Class | 196,289 | 10,126,530 | 175,339 | 8,665,260 |
160,433,134 | 137,412,205 | |||
Payment for shares redeemed | ||||
Class A | (720,357) | (37,387,132) | (1,342,908) | (68,136,715) |
Class C | (40,756) | (1,814,367) | (136,498) | (6,097,440) |
Class R | (1,341) | (62,967) | (32,548) | (1,538,698) |
Class R6 | (1,573,301) | (80,878,177) | (1,505,795) | (80,465,331) |
Administrator Class | (133,659) | (6,970,432) | (335,762) | (17,408,048) |
Institutional Class | (291,952) | (15,957,323) | (415,498) | (22,387,229) |
(143,070,398) | (196,033,461) | |||
Net increase in net assets resulting from capital share transactions | 46,359,137 | 22,019,809 | ||
Total increase (decrease) in net assets | (207,730,272) | 158,408,325 | ||
Net assets | ||||
Beginning of period | 1,239,035,857 | 1,080,627,532 | ||
End of period | $1,031,305,585 | $1,239,035,857 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $55.05 | $49.63 | $44.23 | $52.01 | $50.10 | $46.05 |
Net investment loss | (0.17) 1 | (0.25) | (0.11) | (0.03) 1 | (0.08) | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | (3.29) | 12.60 | 9.66 | 3.47 | 12.56 | 6.39 |
Total from investment operations | (3.46) | 12.35 | 9.55 | 3.44 | 12.48 | 6.36 |
Distributions to shareholders from | ||||||
Net realized gains | (7.80) | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Net asset value, end of period | $43.79 | $55.05 | $49.63 | $44.23 | $52.01 | $50.10 |
Total return2 | (7.70)% | 27.25% | 23.51% | 11.00% | 27.98% | 14.60% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.17% | 1.17% | 1.18% | 1.18% | 1.17% | 1.17% |
Net expenses | 1.06% | 1.05% | 1.05% | 1.07% | 1.07% | 1.07% |
Net investment loss | (0.62)% | (0.53)% | (0.24)% | (0.07)% | (0.16)% | (0.06)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $604,225 | $688,523 | $587,771 | $529,110 | $534,694 | $516,410 |
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. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $46.65 | $43.32 | $39.41 | $47.97 | $47.25 | $43.88 |
Net investment loss | (0.31) 1 | (0.56) 1 | (0.38) 1 | (0.32) 1 | (0.31) | (0.35) 1 |
Net realized and unrealized gains (losses) on investments | (2.67) | 10.82 | 8.44 | 2.98 | 11.60 | 6.03 |
Total from investment operations | (2.98) | 10.26 | 8.06 | 2.66 | 11.29 | 5.68 |
Distributions to shareholders from | ||||||
Net realized gains | (7.80) | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Net asset value, end of period | $35.87 | $46.65 | $43.32 | $39.41 | $47.97 | $47.25 |
Total return2 | (8.07)% | 26.28% | 22.57% | 10.17% | 27.03% | 13.74% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.91% | 1.92% | 1.93% | 1.93% | 1.92% | 1.91% |
Net expenses | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% |
Net investment loss | (1.37)% | (1.29)% | (1.00)% | (0.80)% | (0.90)% | (0.81)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $4,680 | $6,351 | $9,918 | $11,504 | $15,586 | $14,640 |
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. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $52.61 | $47.81 | $42.86 | $50.89 | $49.34 | $45.50 |
Net investment loss | (0.22) 1 | (0.37) 1 | (0.20) 1 | (0.13) 1 | (0.20) 1 | (0.14) 1 |
Net realized and unrealized gains (losses) on investments | (3.12) | 12.10 | 9.30 | 3.32 | 12.32 | 6.29 |
Total from investment operations | (3.34) | 11.73 | 9.10 | 3.19 | 12.12 | 6.15 |
Distributions to shareholders from | ||||||
Net realized gains | (7.80) | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Net asset value, end of period | $41.47 | $52.61 | $47.81 | $42.86 | $50.89 | $49.34 |
Total return2 | (7.83)% | 26.97% | 23.16% | 10.74% | 27.65% | 14.30% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.37% | 1.33% | 1.41% | 1.42% | 1.42% | 1.41% |
Net expenses | 1.32% | 1.29% | 1.32% | 1.32% | 1.32% | 1.32% |
Net investment loss | (0.88)% | (0.77)% | (0.49)% | (0.29)% | (0.40)% | (0.31)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $2,714 | $2,929 | $3,322 | $4,499 | $5,661 | $6,387 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R4 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $57.50 | $51.43 | $45.72 | $53.23 | $50.94 | $46.69 |
Net investment income (loss) | (0.10) 1 | (0.15) | 0.02 1 | 0.11 1 | 0.05 1 | 0.11 1 |
Net realized and unrealized gains (losses) on investments | (3.49) | 13.15 | 9.91 | 3.60 | 12.81 | 6.50 |
Total from investment operations | (3.59) | 13.00 | 9.93 | 3.71 | 12.86 | 6.61 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.07) | 0.00 | 0.00 | (0.05) |
Net realized gains | (7.80) | (6.93) | (4.15) | (11.22) | (10.57) | (2.36) |
Total distributions to shareholders | (7.80) | (6.93) | (4.22) | (11.22) | (10.57) | (2.36) |
Net asset value, end of period | $46.11 | $57.50 | $51.43 | $45.72 | $53.23 | $50.94 |
Total return2 | (7.59)% | 27.56% | 23.59% | 11.32% | 28.31% | 14.96% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.87% | 0.86% | 0.90% | 0.90% | 0.90% | 0.88% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.37)% | (0.28)% | 0.05% | 0.24% | 0.10% | 0.25% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $19 | $20 | $18 | $896 | $2,089 | $337 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $58.26 | $51.95 | $46.06 | $53.49 | $51.12 | $46.82 |
Net investment income (loss) | (0.06) 1 | (0.08) | 0.08 1 | 0.16 1 | 0.14 | 0.17 |
Net realized and unrealized gains (losses) on investments | (3.55) | 13.32 | 10.09 | 3.65 | 12.85 | 6.52 |
Total from investment operations | (3.61) | 13.24 | 10.17 | 3.81 | 12.99 | 6.69 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.13) | (0.02) | (0.05) | (0.08) |
Net realized gains | (7.80) | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Total distributions to shareholders | (7.80) | (6.93) | (4.28) | (11.24) | (10.62) | (2.39) |
Net asset value, end of period | $46.85 | $58.26 | $51.95 | $46.06 | $53.49 | $51.12 |
Total return2 | (7.52)% | 27.76% | 24.03% | 11.46% | 28.51% | 15.09% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.74% | 0.74% | 0.75% | 0.75% | 0.75% | 0.74% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income (loss) | (0.21)% | (0.13)% | 0.17% | 0.35% | 0.27% | 0.36% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $276,950 | $377,470 | $327,584 | $326,990 | $327,943 | $307,048 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $56.18 | $50.47 | $44.87 | $52.54 | $50.46 | $46.32 |
Net investment income (loss) | (0.13) | (0.23) | (0.07) | 0.02 | (0.01) | 0.05 |
Net realized and unrealized gains (losses) on investments | (3.39) | 12.87 | 9.83 | 3.53 | 12.66 | 6.41 |
Total from investment operations | (3.52) | 12.64 | 9.76 | 3.55 | 12.65 | 6.46 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 | (0.01) |
Net realized gains | (7.80) | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Total distributions to shareholders | (7.80) | (6.93) | (4.16) | (11.22) | (10.57) | (2.32) |
Net asset value, end of period | $44.86 | $56.18 | $50.47 | $44.87 | $52.54 | $50.46 |
Total return1 | (7.65)% | 27.38% | 23.63% | 11.14% | 28.14% | 14.75% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.09% | 1.09% | 1.10% | 1.10% | 1.09% | 1.08% |
Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment income (loss) | (0.51)% | (0.43)% | (0.14)% | 0.05% | (0.03)% | 0.06% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $73,251 | $85,825 | $79,334 | $67,158 | $79,154 | $80,937 |
1 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $57.83 | $51.67 | $45.84 | $53.31 | $51.00 | $46.74 |
Net investment income (loss) | (0.09) 1 | (0.12) 1 | 0.03 1 | 0.12 1 | 0.10 1 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | (3.51) | 13.21 | 10.04 | 3.63 | 12.80 | 6.51 |
Total from investment operations | (3.60) | 13.09 | 10.07 | 3.75 | 12.90 | 6.63 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.09) | 0.00 | (0.02) | (0.06) |
Net realized gains | (7.80) | (6.93) | (4.15) | (11.22) | (10.57) | (2.31) |
Total distributions to shareholders | (7.80) | (6.93) | (4.24) | (11.22) | (10.59) | (2.37) |
Net asset value, end of period | $46.43 | $57.83 | $51.67 | $45.84 | $53.31 | $51.00 |
Total return2 | (7.55)% | 27.61% | 23.89% | 11.37% | 28.37% | 14.98% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.83% | 0.84% | 0.85% | 0.85% | 0.84% | 0.83% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income (loss) | (0.31)% | (0.23)% | 0.07% | 0.26% | 0.18% | 0.27% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 39% | 34% | 43% | 34% | 40% |
Net assets, end of period (000s omitted) | $69,468 | $77,917 | $72,681 | $80,194 | $95,809 | $169,836 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $591,591,837 |
Gross unrealized losses | (11,623,825) |
Net unrealized gains | $579,968,012 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 121,271,691 | $0 | $0 | $ 121,271,691 |
Consumer discretionary | 205,462,375 | 0 | 0 | 205,462,375 |
Consumer staples | 2,284,174 | 0 | 0 | 2,284,174 |
Financials | 67,146,626 | 0 | 0 | 67,146,626 |
Health care | 100,211,480 | 0 | 0 | 100,211,480 |
Industrials | 74,072,093 | 0 | 0 | 74,072,093 |
Information technology | 427,039,153 | 0 | 0 | 427,039,153 |
Materials | 22,696,390 | 0 | 0 | 22,696,390 |
Short-term investments | ||||
Investment companies | 6,959,482 | 0 | 0 | 6,959,482 |
Total assets | $1,027,143,464 | $0 | $0 | $1,027,143,464 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.07% |
Class C | 1.82 |
Class R | 1.32 |
Class R4 | 0.80 |
Class R6 | 0.65 |
Administrator Class | 0.95 |
Institutional Class | 0.75 |
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 |
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/0001193125-22-094873/g258555img996e7e8e1.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.
SA209/SAR209 01-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g293529img225da3921.jpg)
Large Company Value Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g293529img20379f4a2.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. |
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President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Dennis Bein, CFA®‡†, Ryan Brown, CFA®‡, Harindra de Silva, Ph.D., CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (WLCAX) | 3-31-2008 | 19.77 | 10.33 | 10.89 | 27.10 | 11.64 | 11.55 | 0.96 | 0.83 | ||
Class C (WFLVX) | 3-31-2008 | 25.15 | 10.80 | 10.72 | 26.15 | 10.80 | 10.72 | 1.71 | 1.58 | ||
Class R6 (WTLVX)3 | 4-7-2017 | – | – | – | 27.71 | 12.12 | 12.05 | 0.53 | 0.40 | ||
Administrator Class (WWIDX) | 12-31-2001 | – | – | – | 27.17 | 11.73 | 11.72 | 0.88 | 0.75 | ||
Institutional Class (WLCIX) | 3-31-2008 | – | – | – | 27.52 | 12.01 | 11.99 | 0.63 | 0.50 | ||
Russell 1000® Value Index4 | – | – | – | – | 23.37 | 10.48 | 12.28 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.83% for Class A, 1.58% for Class C, 0.40% for Class R6, 0.75% for Administrator Class, and 0.50% 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. 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Mr. Bein is expected to retire on September 30, 2022. He will remain a portfolio manager of the Fund through June 30, 2022, at which time he will transition to the role of advisor to the team until his retirement. |
Ten largest holdings (%) as of January 31, 20221 | |
Berkshire Hathaway Incorporated Class B | 4.89 |
JPMorgan Chase & Company | 3.23 |
Johnson & Johnson | 2.94 |
Pfizer Incorporated | 2.80 |
Bank of America Corporation | 2.43 |
General Dynamics Corporation | 2.37 |
Public Storage Incorporated | 2.09 |
Honeywell International Incorporated | 1.97 |
ConocoPhillips | 1.87 |
The Procter & Gamble Company | 1.85 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g293529imga677a20e4.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,050.39 | $4.24 | 0.82% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.07 | $4.18 | 0.82% |
Class C | ||||
Actual | $1,000.00 | $1,046.75 | $8.15 | 1.58% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.24 | $8.03 | 1.58% |
Class R6 | ||||
Actual | $1,000.00 | $1,053.12 | $2.07 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.19 | $2.04 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,051.38 | $3.88 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.42 | $3.82 | 0.75% |
Institutional Class | ||||
Actual | $1,000.00 | $1,052.26 | $2.59 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.68 | $2.55 | 0.50% |
Shares | Value | ||||
Common stocks: 98.47% | |||||
Communication services: 7.59% | |||||
Diversified telecommunication services: 2.26% | |||||
AT&T Incorporated | 64,170 | $ 1,636,335 | |||
Verizon Communications Incorporated | 76,071 | 4,049,259 | |||
5,685,594 | |||||
Interactive media & services: 1.33% | |||||
Alphabet Incorporated Class A † | 467 | 1,263,735 | |||
Alphabet Incorporated Class C † | 762 | 2,068,045 | |||
3,331,780 | |||||
Media: 3.81% | |||||
Comcast Corporation Class A | 54,502 | 2,724,555 | |||
Interpublic Group of Companies Incorporated | 120,910 | 4,297,141 | |||
Omnicom Group Incorporated | 33,859 | 2,551,614 | |||
9,573,310 | |||||
Wireless telecommunication services: 0.19% | |||||
T-Mobile US Incorporated † | 4,468 | 483,304 | |||
Consumer discretionary: 3.59% | |||||
Auto components: 0.14% | |||||
Aptiv plc † | 2,650 | 361,937 | |||
Diversified consumer services: 0.54% | |||||
Houghton Mifflin Harcourt Company † | 74,847 | 1,347,994 | |||
Hotels, restaurants & leisure: 0.80% | |||||
Darden Restaurants Incorporated | 9,036 | 1,263,865 | |||
Texas Roadhouse Incorporated | 8,662 | 739,648 | |||
2,003,513 | |||||
Multiline retail: 1.62% | |||||
Macy's Incorporated | 19,813 | 507,213 | |||
Target Corporation | 16,220 | 3,575,375 | |||
4,082,588 | |||||
Specialty retail: 0.49% | |||||
Signet Jewelers Limited | 14,270 | 1,229,075 | |||
Consumer staples: 7.32% | |||||
Food & staples retailing: 1.44% | |||||
Walmart Incorporated | 25,960 | 3,629,468 | |||
Food products: 2.11% | |||||
Bunge Limited | 11,890 | 1,175,445 | |||
Darling Ingredients Incorporated † | 8,807 | 561,622 | |||
Mondelez International Incorporated Class A | 28,300 | 1,896,949 | |||
The Simply Good Foods Company † | 28,262 | 995,670 | |||
Tyson Foods Incorporated Class A | 7,271 | 660,861 | |||
5,290,547 |
Shares | Value | ||||
Household products: 3.66% | |||||
Colgate-Palmolive Company | 49,889 | $ 4,113,348 | |||
Kimberly-Clark Corporation | 3,142 | 432,496 | |||
The Procter & Gamble Company | 28,989 | 4,651,285 | |||
9,197,129 | |||||
Personal products: 0.04% | |||||
The Estee Lauder Companies Incorporated Class A | 305 | 95,096 | |||
Tobacco: 0.07% | |||||
Philip Morris International Incorporated | 1,619 | 166,514 | |||
Energy: 5.93% | |||||
Oil, gas & consumable fuels: 5.93% | |||||
Chevron Corporation | 16,547 | 2,173,118 | |||
ConocoPhillips | 53,074 | 4,703,418 | |||
EOG Resources Incorporated | 34,526 | 3,848,958 | |||
Exxon Mobil Corporation | 19,442 | 1,476,814 | |||
SM Energy Company | 19,840 | 650,950 | |||
Targa Resources Corporation | 34,429 | 2,034,065 | |||
14,887,323 | |||||
Financials: 21.43% | |||||
Banks: 8.88% | |||||
Bank of America Corporation | 132,559 | 6,116,272 | |||
Citigroup Incorporated | 23,782 | 1,548,684 | |||
Hancock Holding Company | 27,880 | 1,469,834 | |||
JPMorgan Chase & Company | 54,560 | 8,107,616 | |||
PNC Financial Services Group Incorporated | 5,119 | 1,054,463 | |||
Truist Financial Corporation | 48,934 | 3,074,034 | |||
US Bancorp | 16,088 | 936,161 | |||
22,307,064 | |||||
Capital markets: 2.92% | |||||
Bank of New York Mellon Corporation | 32,551 | 1,928,972 | |||
BlackRock Incorporated | 224 | 184,339 | |||
CME Group Incorporated | 4,214 | 967,113 | |||
Intercontinental Exchange Incorporated | 13,539 | 1,714,850 | |||
KKR & Company Incorporated Class A | 3,136 | 223,158 | |||
Morgan Stanley | 10,086 | 1,034,218 | |||
S&P Global Incorporated | 283 | 117,507 | |||
The Goldman Sachs Group Incorporated | 3,245 | 1,150,937 | |||
7,321,094 | |||||
Consumer finance: 2.93% | |||||
American Express Company | 21,993 | 3,954,781 | |||
Capital One Financial Corporation | 22,800 | 3,345,444 | |||
OneMain Holdings Incorporated | 1,345 | 69,483 | |||
7,369,708 | |||||
Diversified financial services: 4.89% | |||||
Berkshire Hathaway Incorporated Class B † | 39,229 | 12,279,463 | |||
Insurance: 1.81% | |||||
American Financial Group Incorporated | 718 | 93,541 |
Shares | Value | ||||
Insurance (continued) | |||||
Old Republic International Corporation | 70,600 | $ 1,809,478 | |||
Progressive Corporation | 1,484 | 161,251 | |||
Stewart Information Services Corporation | 17,736 | 1,266,882 | |||
W.R. Berkley Corporation | 14,463 | 1,222,124 | |||
4,553,276 | |||||
Health care: 18.27% | |||||
Biotechnology: 3.57% | |||||
AbbVie Incorporated | 29,447 | 4,031,000 | |||
Gilead Sciences Incorporated | 23,938 | 1,644,062 | |||
Vertex Pharmaceuticals Incorporated † | 13,582 | 3,301,105 | |||
8,976,167 | |||||
Health care equipment & supplies: 1.74% | |||||
Align Technology Incorporated † | 313 | 154,922 | |||
Boston Scientific Corporation † | 8,658 | 371,428 | |||
Intuitive Surgical Incorporated † | 3,019 | 857,939 | |||
Medtronic plc | 28,837 | 2,984,341 | |||
4,368,630 | |||||
Health care providers & services: 3.25% | |||||
Anthem Incorporated | 8,312 | 3,665,509 | |||
Cigna Corporation | 3,899 | 898,564 | |||
Humana Incorporated | 1,375 | 539,688 | |||
Molina Healthcare Incorporated † | 10,256 | 2,979,163 | |||
UnitedHealth Group Incorporated | 177 | 83,645 | |||
8,166,569 | |||||
Life sciences tools & services: 2.04% | |||||
Agilent Technologies Incorporated | 3,255 | 453,487 | |||
IQVIA Holdings Incorporated † | 11,178 | 2,737,492 | |||
Medpace Holdings Incorporated † | 10,890 | 1,932,539 | |||
5,123,518 | |||||
Pharmaceuticals: 7.67% | |||||
Bristol-Myers Squibb Company | 45,672 | 2,963,656 | |||
Johnson & Johnson | 42,874 | 7,386,761 | |||
Pfizer Incorporated | 133,604 | 7,039,595 | |||
Zoetis Incorporated | 9,351 | 1,868,236 | |||
19,258,248 | |||||
Industrials: 12.54% | |||||
Aerospace & defense: 2.37% | |||||
General Dynamics Corporation | 28,072 | 5,954,071 | |||
Airlines: 0.19% | |||||
SkyWest Incorporated † | 12,408 | 473,365 | |||
Building products: 0.01% | |||||
Trane Technologies plc | 163 | 28,215 | |||
Construction & engineering: 0.55% | |||||
EMCOR Group Incorporated | 11,618 | 1,384,982 |
Shares | Value | ||||
Electrical equipment: 3.07% | |||||
Eaton Corporation plc | 18,799 | $ 2,978,326 | |||
Emerson Electric Company | 49,697 | 4,569,639 | |||
Encore Wire Corporation | 1,348 | 151,906 | |||
7,699,871 | |||||
Industrial conglomerates: 3.02% | |||||
3M Company | 15,930 | 2,644,699 | |||
Honeywell International Incorporated | 24,186 | 4,945,553 | |||
7,590,252 | |||||
Machinery: 1.68% | |||||
Mueller Industries Incorporated | 79,900 | 4,127,634 | |||
Stanley Black & Decker Incorporated | 539 | 94,136 | |||
4,221,770 | |||||
Professional services: 0.96% | |||||
Korn Ferry International | 32,763 | 2,174,808 | |||
Manpower Incorporated | 2,337 | 245,081 | |||
2,419,889 | |||||
Trading companies & distributors: 0.69% | |||||
Boise Cascade Company | 24,587 | 1,726,499 | |||
Information technology: 9.18% | |||||
Electronic equipment, instruments & components: 1.48% | |||||
Arrow Electronics Incorporated † | 14,965 | 1,855,660 | |||
Vishay Intertechnology Incorporated | 89,525 | 1,854,063 | |||
3,709,723 | |||||
IT services: 1.50% | |||||
Alliance Data Systems Corporation | 1,836 | 126,757 | |||
Cognizant Technology Solutions Corporation Class A | 19,799 | 1,691,231 | |||
DXC Technology Company † | 63,440 | 1,908,275 | |||
Genpact Limited | 1,018 | 50,646 | |||
3,776,909 | |||||
Semiconductors & semiconductor equipment: 2.68% | |||||
Intel Corporation | 12,770 | 623,431 | |||
Microchip Technology Incorporated | 22,501 | 1,743,377 | |||
Micron Technology Incorporated | 53,114 | 4,369,689 | |||
6,736,497 | |||||
Software: 3.52% | |||||
Dolby Laboratories Incorporated Class A | 961 | 84,424 | |||
Intuit Incorporated | 2,574 | 1,429,162 | |||
Microsoft Corporation | 6,661 | 2,071,438 | |||
NCR Corporation † | 13,870 | 527,892 | |||
SS&C Technologies Holdings Incorporated | 32,064 | 2,560,952 | |||
Synopsys Incorporated † | 6,970 | 2,164,185 | |||
8,838,053 |
Shares | Value | ||||
Materials: 2.00% | |||||
Chemicals: 0.30% | |||||
Air Products & Chemicals Incorporated | 215 | $ 60,656 | |||
Celanese Corporation Series A | 4,531 | 705,522 | |||
766,178 | |||||
Metals & mining: 1.70% | |||||
Freeport-McMoRan Incorporated | 74,029 | 2,755,359 | |||
Materion Corporation | 11,047 | 915,244 | |||
Newmont Corporation | 9,605 | 587,538 | |||
4,258,141 | |||||
Real estate: 4.83% | |||||
Equity REITs: 2.66% | |||||
Gaming and Leisure Properties Incorporated | 11,937 | 539,314 | |||
Public Storage Incorporated | 14,622 | 5,242,426 | |||
Realty Income Corporation | 2,968 | 206,009 | |||
Simon Property Group Incorporated | 4,726 | 695,667 | |||
6,683,416 | |||||
Real estate management & development: 2.17% | |||||
Douglas Elliman Incorporated † | 13,726 | 106,514 | |||
Jones Lang LaSalle Incorporated † | 15,142 | 3,797,462 | |||
Kennedy Wilson Holdings Incorporated | 8,482 | 190,506 | |||
Newmark Group Incorporated Class A | 87,992 | 1,347,158 | |||
5,441,640 | |||||
Utilities: 5.79% | |||||
Electric utilities: 4.33% | |||||
American Electric Power Company Incorporated | 34,613 | 3,129,015 | |||
Duke Energy Corporation | 5,612 | 589,597 | |||
Exelon Corporation | 40,853 | 2,367,431 | |||
NextEra Energy Incorporated | 43,131 | 3,369,394 | |||
The Southern Company | 20,642 | 1,434,413 | |||
10,889,850 | |||||
Multi-utilities: 1.46% | |||||
Dominion Energy Incorporated | 45,414 | 3,663,093 | |||
Total Common stocks (Cost $235,258,859) | 247,351,323 |
Yield | |||||
Short-term investments: 1.29% | |||||
Investment companies: 1.29% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 3,236,269 | 3,236,269 | ||
Total Short-term investments (Cost $3,236,269) | 3,236,269 | ||||
Total investments in securities (Cost $238,495,128) | 99.76% | 250,587,592 | |||
Other assets and liabilities, net | 0.24 | 603,338 | |||
Total net assets | 100.00% | $251,190,930 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
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 | $3,185,550 | $17,118,850 | $(17,068,131) | $0 | $0 | $3,236,269 | 3,236,269 | $499 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 18 | 3-18-2022 | $4,249,485 | $4,053,825 | $0 | $(195,660) |
Assets | |
Investments in unaffiliated securities, at value (cost $235,258,859) | $ 247,351,323 |
Investments in affiliated securities, at value (cost $3,236,269) | 3,236,269 |
Cash at broker segregated for futures contracts | 425,000 |
Receivable for dividends | 356,582 |
Receivable for Fund shares sold | 103,226 |
Receivable for daily variation margin on open futures contracts | 72,900 |
Prepaid expenses and other assets | 83,803 |
Total assets | 251,629,103 |
Liabilities | |
Payable for Fund shares redeemed | 236,064 |
Management fee payable | 64,737 |
Shareholder servicing fees payable | 53,146 |
Administration fees payable | 44,058 |
Distribution fee payable | 696 |
Trustees’ fees and expenses payable | 571 |
Accrued expenses and other liabilities | 38,901 |
Total liabilities | 438,173 |
Total net assets | $251,190,930 |
Net assets consist of | |
Paid-in capital | $ 233,102,058 |
Total distributable earnings | 18,088,872 |
Total net assets | $251,190,930 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 228,815,447 |
Shares outstanding – Class A1 | 17,758,878 |
Net asset value per share – Class A | $12.88 |
Maximum offering price per share – Class A2 | $13.67 |
Net assets – Class C | $ 1,091,538 |
Shares outstanding – Class C1 | 80,773 |
Net asset value per share – Class C | $13.51 |
Net assets – Class R6 | $ 645,748 |
Shares outstanding – Class R61 | 49,800 |
Net asset value per share – Class R6 | $12.97 |
Net assets – Administrator Class | $ 16,088,440 |
Shares outstanding – Administrator Class1 | 1,230,884 |
Net asset value per share – Administrator Class | $13.07 |
Net assets – Institutional Class | $ 4,549,757 |
Shares outstanding – Institutional Class1 | 350,166 |
Net asset value per share – Institutional Class | $12.99 |
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 | $ 2,425,084 |
Income from affiliated securities | 499 |
Total investment income | 2,425,583 |
Expenses | |
Management fee | 513,338 |
Administration fees | |
Class A | 246,194 |
Class C | 940 |
Class R6 | 60 |
Administrator Class | 10,712 |
Institutional Class | 2,877 |
Shareholder servicing fees | |
Class A | 293,088 |
Class C | 1,118 |
Administrator Class | 20,567 |
Distribution fee | |
Class C | 3,349 |
Custody and accounting fees | 10,006 |
Professional fees | 22,414 |
Registration fees | 25,628 |
Shareholder report expenses | 10,209 |
Trustees’ fees and expenses | 9,663 |
Other fees and expenses | 8,128 |
Total expenses | 1,178,291 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (125,258) |
Class A | (6,767) |
Administrator Class | (77) |
Net expenses | 1,046,189 |
Net investment income | 1,379,394 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 11,208,650 |
Futures contracts | 456,213 |
Net realized gains on investments | 11,664,863 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (57,312) |
Futures contracts | (324,099) |
Net change in unrealized gains (losses) on investments | (381,411) |
Net realized and unrealized gains (losses) on investments | 11,283,452 |
Net increase in net assets resulting from operations | $12,662,846 |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,379,394 | $ 2,779,013 | ||
Net realized gains on investments | 11,664,863 | 81,860,640 | ||
Net change in unrealized gains (losses) on investments | (381,411) | (4,499,487) | ||
Net increase in net assets resulting from operations | 12,662,846 | 80,140,166 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (67,675,129) | (6,068,389) | ||
Class C | (241,393) | (12,539) | ||
Class R6 | (78,705) | (6,338) | ||
Administrator Class | (4,741,524) | (421,669) | ||
Institutional Class | (1,333,450) | (104,689) | ||
Total distributions to shareholders | (74,070,201) | (6,613,624) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 260,425 | 3,879,910 | 460,068 | 7,325,335 |
Class C | 21,426 | 299,258 | 23,673 | 403,396 |
Class R6 | 89,046 | 1,192,033 | 459 | 6,850 |
Administrator Class | 29,609 | 480,274 | 19,696 | 307,479 |
Institutional Class | 61,804 | 986,164 | 96,498 | 1,453,459 |
6,837,639 | 9,496,519 | |||
Reinvestment of distributions | ||||
Class A | 5,182,612 | 66,037,379 | 402,269 | 5,917,427 |
Class C | 18,114 | 241,393 | 811 | 12,539 |
Class R6 | 6,125 | 78,705 | 375 | 5,555 |
Administrator Class | 359,703 | 4,652,228 | 27,675 | 411,280 |
Institutional Class | 103,608 | 1,333,304 | 6,928 | 103,445 |
72,343,009 | 6,450,246 | |||
Payment for shares redeemed | ||||
Class A | (1,131,520) | (16,964,707) | (1,546,833) | (22,989,566) |
Class C | (9,603) | (154,979) | (11,412) | (165,108) |
Class R6 | (58,321) | (748,037) | (60) | (931) |
Administrator Class | (81,410) | (1,202,891) | (74,300) | (1,090,860) |
Institutional Class | (48,765) | (704,273) | (42,825) | (649,187) |
(19,774,887) | (24,895,652) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 59,405,761 | (8,948,887) | ||
Total increase (decrease) in net assets | (2,001,594) | 64,577,655 | ||
Net assets | ||||
Beginning of period | 253,192,524 | 188,614,869 | ||
End of period | $251,190,930 | $253,192,524 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.25 | $12.31 | $12.92 | $14.46 | $16.54 | $14.58 |
Net investment income | 0.08 | 0.19 | 0.20 | 0.24 | 0.19 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.71 | 5.20 | (0.53) | (0.15) | 1.29 | 1.93 |
Total from investment operations | 0.79 | 5.39 | (0.33) | 0.09 | 1.48 | 2.07 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.19) | (0.21) | (0.25) | (0.18) | (0.11) |
Net realized gains | (5.08) | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (5.16) | (0.45) | (0.28) | (1.63) | (3.56) | (0.11) |
Net asset value, end of period | $12.88 | $17.25 | $12.31 | $12.92 | $14.46 | $16.54 |
Total return1 | 5.04% | 44.41% | (2.49)% | 1.44% | 9.39% | 14.24% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.93% | 0.96% | 0.99% | 0.97% | 0.94% | 1.09% |
Net expenses | 0.82% | 0.81% | 0.82% | 0.83% | 0.83% | 0.96% |
Net investment income | 1.07% | 1.23% | 1.63% | 1.84% | 1.28% | 0.91% |
Supplemental data | ||||||
Portfolio turnover rate | 179% | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $228,815 | $231,930 | $174,028 | $196,075 | $214,247 | $221,207 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.84 | $12.75 | $13.34 | $14.81 | $16.86 | $14.90 |
Net investment income | 0.03 1 | 0.07 1 | 0.12 1 | 0.16 1 | 0.08 | 0.03 1 |
Net realized and unrealized gains (losses) on investments | 0.73 | 5.40 | (0.56) | (0.15) | 1.30 | 1.96 |
Total from investment operations | 0.76 | 5.47 | (0.44) | 0.01 | 1.38 | 1.99 |
Distributions to shareholders from | ||||||
Net investment income | (0.01) | (0.12) | (0.08) | (0.10) | (0.05) | (0.03) |
Net realized gains | (5.08) | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (5.09) | (0.38) | (0.15) | (1.48) | (3.43) | (0.03) |
Net asset value, end of period | $13.51 | $17.84 | $12.75 | $13.34 | $14.81 | $16.86 |
Total return2 | 4.68% | 43.33% | (3.27)% | 0.76% | 8.49% | 13.40% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.68% | 1.70% | 1.74% | 1.71% | 1.69% | 1.84% |
Net expenses | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% | 1.72% |
Net investment income | 0.31% | 0.47% | 0.92% | 1.15% | 0.55% | 0.16% |
Supplemental data | ||||||
Portfolio turnover rate | 179% | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $1,092 | $907 | $482 | $966 | $2,926 | $3,356 |
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. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $17.33 | $12.37 | $13.04 | $14.59 | $16.66 | $16.14 |
Net investment income | 0.15 | 0.25 | 0.30 | 0.30 | 0.26 | 0.03 2 |
Net realized and unrealized gains (losses) on investments | 0.68 | 5.22 | (0.57) | (0.14) | 1.30 | 0.49 |
Total from investment operations | 0.83 | 5.47 | (0.27) | 0.16 | 1.56 | 0.52 |
Distributions to shareholders from | ||||||
Net investment income | (0.11) | (0.25) | (0.33) | (0.33) | (0.25) | 0.00 |
Net realized gains | (5.08) | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (5.19) | (0.51) | (0.40) | (1.71) | (3.63) | 0.00 |
Net asset value, end of period | $12.97 | $17.33 | $12.37 | $13.04 | $14.59 | $16.66 |
Total return3 | 5.31% | 44.94% | (2.09)% | 1.92% | 9.88% | 3.22% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.50% | 0.53% | 0.58% | 0.55% | 0.51% | 0.49% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Net investment income | 1.53% | 1.65% | 1.69% | 2.26% | 1.73% | 0.52% |
Supplemental data | ||||||
Portfolio turnover rate | 179% | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $646 | $224 | $151 | $20 | $23 | $26 |
1 | For the period from April 7, 2017 (commencement of class operations) to July 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.42 | $12.44 | $13.06 | $14.59 | $16.66 | $14.68 |
Net investment income | 0.09 1 | 0.20 | 0.22 | 0.26 | 0.20 | 0.16 1 |
Net realized and unrealized gains (losses) on investments | 0.72 | 5.24 | (0.54) | (0.14) | 1.30 | 1.94 |
Total from investment operations | 0.81 | 5.44 | (0.32) | 0.12 | 1.50 | 2.10 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.20) | (0.23) | (0.27) | (0.19) | (0.12) |
Net realized gains | (5.08) | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (5.16) | (0.46) | (0.30) | (1.65) | (3.57) | (0.12) |
Net asset value, end of period | $13.07 | $17.42 | $12.44 | $13.06 | $14.59 | $16.66 |
Total return2 | 5.14% | 44.36% | (2.41)% | 1.61% | 9.44% | 14.35% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.85% | 0.88% | 0.91% | 0.89% | 0.86% | 1.01% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.87% |
Net investment income | 1.14% | 1.30% | 1.71% | 1.93% | 1.37% | 1.01% |
Supplemental data | ||||||
Portfolio turnover rate | 179% | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $16,088 | $16,080 | $11,813 | $13,854 | $16,744 | $18,296 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.35 | $12.38 | $13.04 | $14.58 | $16.65 | $14.66 |
Net investment income | 0.10 | 0.22 | 0.26 | 0.29 1 | 0.24 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 0.72 | 5.25 | (0.55) | (0.14) | 1.30 | 1.94 |
Total from investment operations | 0.82 | 5.47 | (0.29) | 0.15 | 1.54 | 2.13 |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.24) | (0.30) | (0.31) | (0.23) | (0.14) |
Net realized gains | (5.08) | (0.26) | (0.07) | (1.38) | (3.38) | 0.00 |
Total distributions to shareholders | (5.18) | (0.50) | (0.37) | (1.69) | (3.61) | (0.14) |
Net asset value, end of period | $12.99 | $17.35 | $12.38 | $13.04 | $14.58 | $16.65 |
Total return2 | 5.23% | 44.84% | (2.20)% | 1.86% | 9.77% | 14.61% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.60% | 0.63% | 0.66% | 0.63% | 0.62% | 0.74% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.61% |
Net investment income | 1.40% | 1.56% | 1.96% | 2.14% | 1.60% | 1.21% |
Supplemental data | ||||||
Portfolio turnover rate | 179% | 488% | 366% | 221% | 258% | 221% |
Net assets, end of period (000s omitted) | $4,550 | $4,051 | $2,142 | $2,948 | $17,606 | $16,321 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $17,254,089 |
Gross unrealized losses | (5,959,847) |
Net unrealized gains | $11,294,242 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 19,073,988 | $0 | $0 | $ 19,073,988 |
Consumer discretionary | 9,025,107 | 0 | 0 | 9,025,107 |
Consumer staples | 18,378,754 | 0 | 0 | 18,378,754 |
Energy | 14,887,323 | 0 | 0 | 14,887,323 |
Financials | 53,830,605 | 0 | 0 | 53,830,605 |
Health care | 45,893,132 | 0 | 0 | 45,893,132 |
Industrials | 31,498,914 | 0 | 0 | 31,498,914 |
Information technology | 23,061,182 | 0 | 0 | 23,061,182 |
Materials | 5,024,319 | 0 | 0 | 5,024,319 |
Real estate | 12,125,056 | 0 | 0 | 12,125,056 |
Utilities | 14,552,943 | 0 | 0 | 14,552,943 |
Short-term investments | ||||
Investment companies | 3,236,269 | 0 | 0 | 3,236,269 |
Total assets | $250,587,592 | $0 | $0 | $250,587,592 |
Liabilities | ||||
Futures contracts | $ 195,660 | $0 | $0 | $ 195,660 |
Total liabilities | $ 195,660 | $0 | $0 | $ 195,660 |
Average daily net assets | Management fee |
First $1 billion | 0.400% |
Next $4 billion | 0.375 |
Next $5 billion | 0.340 |
Over $10 billion | 0.330 |
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 | 0.83% |
Class C | 1.58 |
Class R6 | 0.40 |
Administrator Class | 0.75 |
Institutional Class | 0.50 |
Shares voted “For” | 6,391,797 |
Shares voted “Against” | 720,257 |
Shares voted “Abstain” | 782,456 |
Shares voted “For” | 6,315,431 |
Shares voted “Against” | 765,982 |
Shares voted “Abstain” | 813,097 |
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 |
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.
SA210/SAR210 01-22
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Low Volatility U.S. Equity Fund
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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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g12245img58b2851f3.jpg)
President
Allspring Funds
1 | As of December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Dennis Bein, CFA®‡, Ryan Brown, CFA®‡, Harindra de Silva, Ph.D., CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (WLVLX) | 10-31-2016 | 8.69 | 8.46 | 9.20 | 15.33 | 9.75 | 10.44 | 1.20 | 0.73 | ||
Class C (WLVKX) | 10-31-2016 | 13.37 | 8.95 | 9.61 | 14.37 | 8.95 | 9.61 | 1.95 | 1.48 | ||
Class R6 (WLVJX) | 10-31-2016 | – | – | – | 15.77 | 10.22 | 10.89 | 0.77 | 0.30 | ||
Administrator Class (WLVDX) | 10-31-2016 | – | – | – | 15.25 | 9.82 | 10.49 | 1.12 | 0.65 | ||
Institutional Class (WLVOX) | 10-31-2016 | – | – | – | 15.64 | 10.10 | 10.77 | 0.87 | 0.40 | ||
Russell 1000® Index3 | – | – | – | – | 20.32 | 16.59 | 17.45 * | – | – |
* | Based on the inception date of the oldest Fund class. |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.73% for Class A, 1.48% for Class C, 0.30% for Class R6, 0.65% for Administrator Class, and 0.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% 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. |
Ten largest holdings (%) as of January 31, 20221 | |
The Hershey Company | 2.65 |
General Dynamics Corporation | 2.64 |
AbbVie Incorporated | 2.64 |
Colgate-Palmolive Company | 2.62 |
Berkshire Hathaway Incorporated Class B | 2.58 |
The Coca-Cola Company | 2.57 |
Marsh & McLennan Companies Incorporated | 2.31 |
The Procter & Gamble Company | 2.30 |
Omnicom Group Incorporated | 2.26 |
C.H. Robinson Worldwide Incorporated | 2.05 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g12245img01a993694.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,026.24 | $3.68 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.58 | $3.67 | 0.72% |
Class C | ||||
Actual | $1,000.00 | $1,021.39 | $7.54 | 1.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.74 | $7.53 | 1.48% |
Class R6 | ||||
Actual | $1,000.00 | $1,027.89 | $1.53 | 0.30% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.69 | $1.53 | 0.30% |
Administrator Class | ||||
Actual | $1,000.00 | $1,025.50 | $3.32 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Institutional Class | ||||
Actual | $1,000.00 | $1,026.86 | $2.04 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.19 | $2.04 | 0.40% |
Shares | Value | ||||
Common stocks: 98.77% | |||||
Communication services: 10.41% | |||||
Diversified telecommunication services: 1.36% | |||||
Verizon Communications Incorporated | 2,399 | $ 127,699 | |||
Entertainment: 2.09% | |||||
Electronic Arts Incorporated | 528 | 70,044 | |||
World Wrestling Entertainment Incorporated Class A | 2,511 | 125,399 | |||
195,443 | |||||
Interactive media & services: 2.47% | |||||
Alphabet Incorporated Class A † | 31 | 83,888 | |||
Alphabet Incorporated Class C † | 37 | 100,417 | |||
Meta Platforms Incorporated Class A † | 148 | 46,362 | |||
230,667 | |||||
Media: 4.49% | |||||
Fox Corporation Class A | 2,036 | 82,682 | |||
Fox Corporation Class B | 2,123 | 78,933 | |||
Interpublic Group of Companies Incorporated | 1,308 | 46,486 | |||
Omnicom Group Incorporated | 2,809 | 211,686 | |||
419,787 | |||||
Consumer discretionary: 5.08% | |||||
Auto components: 0.65% | |||||
Gentex Corporation | 1,940 | 60,916 | |||
Diversified consumer services: 1.56% | |||||
Frontdoor Incorporated † | 655 | 23,777 | |||
Grand Canyon Education Incorporated † | 564 | 47,196 | |||
Service Corporation International | 1,211 | 74,743 | |||
145,716 | |||||
Hotels, restaurants & leisure: 1.13% | |||||
Choice Hotels International Incorporated | 122 | 17,495 | |||
Vail Resorts Incorporated | 318 | 88,118 | |||
105,613 | |||||
Household durables: 0.09% | |||||
Garmin Limited | 70 | 8,709 | |||
Multiline retail: 1.62% | |||||
Target Corporation | 688 | 151,656 | |||
Textiles, apparel & luxury goods: 0.03% | |||||
Nike Incorporated Class B | 18 | 2,665 | |||
Consumer staples: 29.11% | |||||
Beverages: 3.22% | |||||
PepsiCo Incorporated | 350 | 60,732 | |||
The Coca-Cola Company | 3,943 | 240,562 | |||
301,294 |
Shares | Value | ||||
Food & staples retailing: 4.26% | |||||
Albertsons Companies LLC | 353 | $ 9,937 | |||
Costco Wholesale Corporation | 234 | 118,200 | |||
The Kroger Company | 2,650 | 115,514 | |||
Walmart Incorporated | 1,108 | 154,909 | |||
398,560 | |||||
Food products: 13.86% | |||||
Bunge Limited | 709 | 70,092 | |||
Campbell Soup Company | 891 | 39,311 | |||
ConAgra Foods Incorporated | 239 | 8,308 | |||
Flowers Foods Incorporated | 6,156 | 173,168 | |||
General Mills Incorporated | 2,579 | 177,126 | |||
Hormel Foods Corporation | 3,370 | 159,974 | |||
Mondelez International Incorporated Class A | 1,015 | 68,035 | |||
The Hershey Company | 1,259 | 248,111 | |||
The J.M. Smucker Company | 1,172 | 164,760 | |||
Tyson Foods Incorporated Class A | 2,064 | 187,597 | |||
1,296,482 | |||||
Household products: 7.77% | |||||
Church & Dwight Company Incorporated | 961 | 98,647 | |||
Colgate-Palmolive Company | 2,971 | 244,959 | |||
Reynolds Consumer Products Incorporated | 2,042 | 61,811 | |||
The Clorox Company | 628 | 105,416 | |||
The Procter & Gamble Company | 1,342 | 215,324 | |||
726,157 | |||||
Energy: 1.66% | |||||
Oil, gas & consumable fuels: 1.66% | |||||
Cheniere Energy Incorporated | 541 | 60,538 | |||
ConocoPhillips | 166 | 14,711 | |||
EOG Resources Incorporated | 691 | 77,033 | |||
Exxon Mobil Corporation | 37 | 2,811 | |||
155,093 | |||||
Financials: 10.56% | |||||
Banks: 1.05% | |||||
First Hawaiian Incorporated | 143 | 4,054 | |||
JPMorgan Chase & Company | 108 | 16,049 | |||
Zions Bancorporation | 1,155 | 78,332 | |||
98,435 | |||||
Capital markets: 3.60% | |||||
Cboe Global Markets Incorporated | 963 | 114,144 | |||
Morningstar Incorporated | 433 | 124,449 | |||
VIRTU Financial Incorporated Class A | 3,161 | 97,770 | |||
336,363 | |||||
Consumer finance: 0.79% | |||||
Credit Acceptance Corporation † | 137 | 73,920 | |||
Diversified financial services: 2.58% | |||||
Berkshire Hathaway Incorporated Class B † | 770 | 241,025 |
Shares | Value | ||||
Insurance: 2.31% | |||||
Marsh & McLennan Companies Incorporated | 1,405 | $ 215,864 | |||
Mortgage REITs: 0.23% | |||||
AGNC Investment Corporation | 1,479 | 22,022 | |||
Health care: 16.84% | |||||
Biotechnology: 6.63% | |||||
AbbVie Incorporated | 1,805 | 247,087 | |||
Gilead Sciences Incorporated | 2,697 | 185,230 | |||
Horizon Therapeutics plc † | 465 | 43,398 | |||
Regeneron Pharmaceuticals Incorporated † | 70 | 42,601 | |||
United Therapeutics Corporation † | 505 | 101,944 | |||
620,260 | |||||
Health care equipment & supplies: 1.04% | |||||
Dentsply Sirona Incorporated | 1,825 | 97,492 | |||
Health care providers & services: 3.43% | |||||
CVS Health Corporation | 1,057 | 112,581 | |||
Henry Schein Incorporated † | 594 | 44,728 | |||
Premier Incorporated Class A | 4,281 | 163,620 | |||
320,929 | |||||
Life sciences tools & services: 2.15% | |||||
Danaher Corporation | 266 | 76,020 | |||
QIAGEN NV † | 2,515 | 124,467 | |||
200,487 | |||||
Pharmaceuticals: 3.59% | |||||
Johnson & Johnson | 818 | 140,933 | |||
Merck & Company Incorporated | 397 | 32,348 | |||
Pfizer Incorporated | 3,082 | 162,391 | |||
335,672 | |||||
Industrials: 13.02% | |||||
Aerospace & defense: 3.81% | |||||
BWX Technologies Incorporated | 123 | 5,475 | |||
General Dynamics Corporation | 1,165 | 247,097 | |||
Huntington Ingalls Industries Incorporated | 175 | 32,760 | |||
Northrop Grumman Corporation | 191 | 70,651 | |||
355,983 | |||||
Air freight & logistics: 3.77% | |||||
C.H. Robinson Worldwide Incorporated | 1,832 | 191,719 | |||
Expeditors International of Washington Incorporated | 1,409 | 161,302 | |||
353,021 | |||||
Commercial services & supplies: 0.11% | |||||
Rollins Incorporated | 322 | 9,934 | |||
Industrial conglomerates: 0.45% | |||||
Roper Technologies Incorporated | 96 | 41,967 |
Shares | Value | ||||
Machinery: 0.99% | |||||
Cummins Incorporated | 192 | $ 42,409 | |||
Otis Worldwide Corporation | 587 | 50,147 | |||
92,556 | |||||
Professional services: 2.84% | |||||
Booz Allen Hamilton Holding Corporation | 122 | 9,361 | |||
FTI Consulting Incorporated † | 698 | 101,775 | |||
Robert Half International Incorporated | 1,360 | 154,034 | |||
265,170 | |||||
Road & rail: 1.05% | |||||
AMERCO | 56 | 34,101 | |||
J.B. Hunt Transport Services Incorporated | 270 | 51,986 | |||
Old Dominion Freight Line Incorporated | 41 | 12,379 | |||
98,466 | |||||
Information technology: 5.22% | |||||
Communications equipment: 0.06% | |||||
Juniper Networks Incorporated | 156 | 5,432 | |||
IT services: 2.48% | |||||
Amdocs Limited | 1,445 | 109,661 | |||
Broadridge Financial Solutions Incorporated | 765 | 121,803 | |||
231,464 | |||||
Software: 2.68% | |||||
CDK Global Incorporated | 2,426 | 104,245 | |||
Datto Holding Corporation † | 912 | 22,718 | |||
Microsoft Corporation | 399 | 124,081 | |||
251,044 | |||||
Materials: 2.24% | |||||
Chemicals: 1.81% | |||||
NewMarket Corporation | 333 | 112,577 | |||
The Sherwin-Williams Company | 103 | 29,511 | |||
Valvoline Incorporated | 826 | 27,208 | |||
169,296 | |||||
Containers & packaging: 0.43% | |||||
Crown Holdings Incorporated | 28 | 3,203 | |||
Packaging Corporation of America | 244 | 36,754 | |||
39,957 | |||||
Real estate: 3.59% | |||||
Equity REITs: 3.19% | |||||
CubeSmart | 860 | 43,636 | |||
Extra Space Storage Incorporated | 352 | 69,763 | |||
Life Storage Incorporated | 324 | 43,724 | |||
Public Storage Incorporated | 394 | 141,261 | |||
298,384 |
Shares | Value | ||||
Real estate management & development: 0.40% | |||||
Jones Lang LaSalle Incorporated † | 150 | $ 37,619 | |||
Utilities: 1.04% | |||||
Electric utilities: 0.74% | |||||
American Electric Power Company Incorporated | 121 | 10,938 | |||
Hawaiian Electric Industries Incorporated | 1,363 | 57,928 | |||
68,866 | |||||
Gas utilities: 0.25% | |||||
UGI Corporation | 509 | 23,083 | |||
Multi-utilities: 0.05% | |||||
MDU Resources Group Incorporated | 176 | 5,169 | |||
Total Common stocks (Cost $8,224,426) | 9,236,337 |
Yield | |||||
Short-term investments: 1.27% | |||||
Investment companies: 1.27% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 118,738 | 118,738 | ||
Total Short-term investments (Cost $118,738) | 118,738 | ||||
Total investments in securities (Cost $8,343,164) | 100.04% | 9,355,075 | |||
Other assets and liabilities, net | (0.04) | (3,305) | |||
Total net assets | 100.00% | $9,351,770 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
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 | $289,729 | $3,518,334 | $(3,689,325) | $0 | $0 | $118,738 | 118,738 | $22 |
Assets | |
Investments in unaffiliated securities, at value (cost $8,224,426) | $ 9,236,337 |
Investments in affiliated securities, at value (cost $118,738) | 118,738 |
Receivable for dividends | 13,756 |
Receivable from manager | 10,326 |
Receivable for Fund shares sold | 296 |
Prepaid expenses and other assets | 23,519 |
Total assets | 9,402,972 |
Liabilities | |
Shareholder report expenses payable | 24,666 |
Professional fees payable | 17,208 |
Custody and accounting fees payable | 2,747 |
Trustees’ fees and expenses payable | 1,335 |
Administration fees payable | 1,145 |
Distribution fee payable | 180 |
Accrued expenses and other liabilities | 3,921 |
Total liabilities | 51,202 |
Total net assets | $9,351,770 |
Net assets consist of | |
Paid-in capital | $ 7,777,845 |
Total distributable earnings | 1,573,925 |
Total net assets | $9,351,770 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 2,108,873 |
Shares outstanding – Class A1 | 252,701 |
Net asset value per share – Class A | $8.35 |
Maximum offering price per share – Class A2 | $8.86 |
Net assets – Class C | $ 389,445 |
Shares outstanding – Class C1 | 47,297 |
Net asset value per share – Class C | $8.23 |
Net assets – Class R6 | $ 1,445,951 |
Shares outstanding – Class R61 | 172,961 |
Net asset value per share – Class R6 | $8.36 |
Net assets – Administrator Class | $ 252,509 |
Shares outstanding – Administrator Class1 | 30,300 |
Net asset value per share – Administrator Class | $8.33 |
Net assets – Institutional Class | $ 5,154,992 |
Shares outstanding – Institutional Class1 | 621,636 |
Net asset value per share – Institutional Class | $8.29 |
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 | $ 113,183 |
Income from affiliated securities | 22 |
Total investment income | 113,205 |
Expenses | |
Management fee | 25,102 |
Administration fees | |
Class A | 2,843 |
Class C | 430 |
Class R6 | 214 |
Administrator Class | 162 |
Institutional Class | 5,045 |
Shareholder servicing fees | |
Class A | 3,384 |
Class C | 512 |
Administrator Class | 311 |
Distribution fee | |
Class C | 1,124 |
Custody and accounting fees | 3,816 |
Professional fees | 20,758 |
Registration fees | 21,554 |
Shareholder report expenses | 2,730 |
Trustees’ fees and expenses | 9,663 |
Other fees and expenses | 3,310 |
Total expenses | 100,958 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (60,571) |
Class A | (2,928) |
Class C | (431) |
Class R6 | (214) |
Administrator Class | (473) |
Institutional Class | (5,045) |
Net expenses | 31,296 |
Net investment income | 81,909 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 1,343,077 |
Net change in unrealized gains (losses) on investments | (1,043,557) |
Net realized and unrealized gains (losses) on investments | 299,520 |
Net increase in net assets resulting from operations | $ 381,429 |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment income | $ 81,909 | $ 696,794 | ||
Net realized gains on investments | 1,343,077 | 13,794,441 | ||
Net change in unrealized gains (losses) on investments | (1,043,557) | (5,472,915) | ||
Net increase in net assets resulting from operations | 381,429 | 9,018,320 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,208,140) | (13,576) | ||
Class C | (168,325) | (114) | ||
Class R6 | (618,346) | (12,328) | ||
Administrator Class | (107,600) | (1,313) | ||
Institutional Class | (2,746,269) | (481,314) | ||
Total distributions to shareholders | (4,848,680) | (508,645) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 38,594 | 441,874 | 131,593 | 1,667,755 |
Class C | 2,743 | 37,860 | 7,236 | 89,669 |
Administrator Class | 0 | 0 | 7,531 | 90,826 |
Institutional Class | 2,473 | 33,751 | 163,120 | 2,061,233 |
513,485 | 3,909,483 | |||
Reinvestment of distributions | ||||
Class A | 142,219 | 1,208,140 | 1,023 | 12,867 |
Class C | 20,228 | 168,325 | 6 | 81 |
Class R6 | 72,481 | 618,346 | 0 | 0 |
Administrator Class | 12,682 | 107,600 | 45 | 563 |
Institutional Class | 321,902 | 2,746,269 | 6,296 | 79,285 |
4,848,680 | 92,796 | |||
Payment for shares redeemed | ||||
Class A | (134,838) | (1,300,702) | (66,528) | (866,303) |
Class C | (4,891) | (60,689) | (9,776) | (125,511) |
Institutional Class | (702,656) | (9,143,566) | (3,570,072) | (48,894,076) |
(10,504,957) | (49,885,890) | |||
Net decrease in net assets resulting from capital share transactions | (5,142,792) | (45,883,611) | ||
Total decrease in net assets | (9,610,043) | (37,373,936) | ||
Net assets | ||||
Beginning of period | 18,961,813 | 56,335,749 | ||
End of period | $ 9,351,770 | $ 18,961,813 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $13.98 | $12.00 | $12.09 | $11.56 | $11.21 | $10.00 |
Net investment income | 0.06 2 | 0.13 | 0.14 | 0.19 | 0.16 | 0.13 |
Net realized and unrealized gains (losses) on investments | 0.19 | 1.92 | 0.31 | 1.17 | 0.54 | 1.12 |
Total from investment operations | 0.25 | 2.05 | 0.45 | 1.36 | 0.70 | 1.25 |
Distributions to shareholders from | ||||||
Net investment income | (0.33) | (0.07) | (0.19) | (0.18) | (0.17) | (0.04) |
Net realized gains | (5.55) | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (5.88) | (0.07) | (0.54) | (0.83) | (0.35) | (0.04) |
Net asset value, end of period | $8.35 | $13.98 | $12.00 | $12.09 | $11.56 | $11.21 |
Total return4 | 2.62% | 17.16% | 3.76% | 12.87% | 6.32% | 12.53% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.92% | 1.21% | 1.34% | 1.50% | 1.55% | 1.61% |
Net expenses | 0.72% | 0.71% | 0.71% | 0.76% | 0.83% | 0.82% |
Net investment income | 1.08% | 1.15% | 1.29% | 1.83% | 1.53% | 1.78% |
Supplemental data | ||||||
Portfolio turnover rate | 44% | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $2,109 | $2,889 | $1,687 | $1,539 | $1,312 | $1,096 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
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. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $13.84 | $11.89 | $12.01 | $11.49 | $11.16 | $10.00 |
Net investment income | 0.02 2 | 0.05 | 0.05 | 0.11 | 0.08 | 0.08 |
Net realized and unrealized gains (losses) on investments | 0.17 | 1.90 | 0.30 | 1.17 | 0.52 | 1.11 |
Total from investment operations | 0.19 | 1.95 | 0.35 | 1.28 | 0.60 | 1.19 |
Distributions to shareholders from | ||||||
Net investment income | (0.25) | 0.00 | (0.12) | (0.11) | (0.09) | (0.03) |
Net realized gains | (5.55) | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (5.80) | (0.00) 3 | (0.47) | (0.76) | (0.27) | (0.03) |
Net asset value, end of period | $8.23 | $13.84 | $11.89 | $12.01 | $11.49 | $11.16 |
Total return4 | 2.14% | 16.43% | 2.89% | 12.15% | 5.45% | 11.91% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.48% | 1.78% | 1.93% | 2.18% | 2.31% | 2.40% |
Net expenses | 1.48% | 1.47% | 1.48% | 1.51% | 1.58% | 1.58% |
Net investment income | 0.35% | 0.37% | 0.52% | 1.10% | 0.76% | 1.01% |
Supplemental data | ||||||
Portfolio turnover rate | 44% | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $389 | $404 | $377 | $305 | $187 | $112 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 31, 2017 |
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. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $14.00 | $12.01 | $12.11 | $11.58 | $11.24 | $10.00 |
Net investment income | 0.09 2 | 0.20 | 0.20 | 0.26 | 0.22 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.18 | 1.91 | 0.30 | 1.15 | 0.52 | 1.11 |
Total from investment operations | 0.27 | 2.11 | 0.50 | 1.41 | 0.74 | 1.29 |
Distributions to shareholders from | ||||||
Net investment income | (0.36) | (0.12) | (0.25) | (0.23) | (0.22) | (0.05) |
Net realized gains | (5.55) | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (5.91) | (0.12) | (0.60) | (0.88) | (0.40) | (0.05) |
Net asset value, end of period | $8.36 | $14.00 | $12.01 | $12.11 | $11.58 | $11.24 |
Total return4 | 2.79% | 17.71% | 4.10% | 13.39% | 6.70% | 12.94% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.52% | 0.78% | 0.91% | 1.07% | 1.12% | 1.22% |
Net expenses | 0.30% | 0.30% | 0.30% | 0.33% | 0.40% | 0.40% |
Net investment income | 1.52% | 1.53% | 1.71% | 2.27% | 1.96% | 2.19% |
Supplemental data | ||||||
Portfolio turnover rate | 44% | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $1,446 | $1,406 | $1,207 | $1,217 | $1,164 | $1,129 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 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. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $13.97 | $11.98 | $12.08 | $11.55 | $11.21 | $10.00 |
Net investment income | 0.07 2 | 0.16 2 | 0.16 | 0.22 | 0.18 | 0.15 |
Net realized and unrealized gains (losses) on investments | 0.18 | 1.90 | 0.30 | 1.15 | 0.53 | 1.10 |
Total from investment operations | 0.25 | 2.06 | 0.46 | 1.37 | 0.71 | 1.25 |
Distributions to shareholders from | ||||||
Net investment income | (0.34) | (0.07) | (0.21) | (0.19) | (0.19) | (0.04) |
Net realized gains | (5.55) | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (5.89) | (0.07) | (0.56) | (0.84) | (0.37) | (0.04) |
Net asset value, end of period | $8.33 | $13.97 | $11.98 | $12.08 | $11.55 | $11.21 |
Total return4 | 2.55% | 17.30% | 3.77% | 13.00% | 6.36% | 12.57% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.87% | 1.13% | 1.26% | 1.42% | 1.47% | 1.57% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.68% | 0.75% | 0.75% |
Net investment income | 1.17% | 1.23% | 1.36% | 1.92% | 1.61% | 1.87% |
Supplemental data | ||||||
Portfolio turnover rate | 44% | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $253 | $246 | $120 | $121 | $116 | $113 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 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. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $14.02 | $12.03 | $12.11 | $11.58 | $11.23 | $10.00 |
Net investment income | 0.09 2 | 0.18 2 | 0.19 2 | 0.25 | 0.20 | 0.16 |
Net realized and unrealized gains (losses) on investments | 0.17 | 1.92 | 0.29 | 1.15 | 0.54 | 1.12 |
Total from investment operations | 0.26 | 2.10 | 0.48 | 1.40 | 0.74 | 1.28 |
Distributions to shareholders from | ||||||
Net investment income | (0.44) | (0.11) | (0.21) | (0.22) | (0.21) | (0.05) |
Net realized gains | (5.55) | (0.00) 3 | (0.35) | (0.65) | (0.18) | 0.00 |
Total distributions to shareholders | (5.99) | (0.11) | (0.56) | (0.87) | (0.39) | (0.05) |
Net asset value, end of period | $8.29 | $14.02 | $12.03 | $12.11 | $11.58 | $11.23 |
Total return4 | 2.69% | 17.58% | 4.01% | 13.28% | 6.64% | 12.82% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.46% | 0.87% | 1.00% | 1.17% | 1.22% | 1.31% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.43% | 0.50% | 0.50% |
Net investment income | 1.40% | 1.40% | 1.59% | 2.17% | 1.87% | 2.09% |
Supplemental data | ||||||
Portfolio turnover rate | 44% | 108% | 165% | 74% | 75% | 39% |
Net assets, end of period (000s omitted) | $5,155 | $14,015 | $52,944 | $36,533 | $35,593 | $33,169 |
1 | For the period from October 31, 2016 (commencement of class operations) to July 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. |
Gross unrealized gains | $1,204,247 |
Gross unrealized losses | (191,652) |
Net unrealized gains | $1,012,595 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 973,596 | $0 | $0 | $ 973,596 |
Consumer discretionary | 475,275 | 0 | 0 | 475,275 |
Consumer staples | 2,722,493 | 0 | 0 | 2,722,493 |
Energy | 155,093 | 0 | 0 | 155,093 |
Financials | 987,629 | 0 | 0 | 987,629 |
Health care | 1,574,840 | 0 | 0 | 1,574,840 |
Industrials | 1,217,097 | 0 | 0 | 1,217,097 |
Information technology | 487,940 | 0 | 0 | 487,940 |
Materials | 209,253 | 0 | 0 | 209,253 |
Real estate | 336,003 | 0 | 0 | 336,003 |
Utilities | 97,118 | 0 | 0 | 97,118 |
Short-term investments | ||||
Investment companies | 118,738 | 0 | 0 | 118,738 |
Total assets | $9,355,075 | $0 | $0 | $9,355,075 |
Average daily net assets | Management fee |
First $1 billion | 0.400% |
Next $4 billion | 0.375 |
Next $5 billion | 0.340 |
Over $10 billion | 0.330 |
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 | 0.73% |
Class C | 1.48 |
Class R6 | 0.30 |
Administrator Class | 0.65 |
Institutional Class | 0.40 |
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 |
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.
SA270/SAR270 01-22
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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 December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith, CFA®‡, Christopher J. Warner, CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (EKOAX) | 4-29-1968 | -4.59 | 18.46 | 14.79 | 1.23 | 19.87 | 15.47 | 1.26 | 1.26 | ||
Class C (EKOCX) | 8-2-1993 | -0.52 | 19.05 | 14.65 | 0.48 | 19.05 | 14.65 | 2.01 | 2.01 | ||
Class R (EKORX) | 10-10-2003 | – | – | – | 0.99 | 19.58 | 15.19 | 1.51 | 1.51 | ||
Administrator Class (EOMYX) | 1-13-1997 | – | – | – | 1.38 | 20.08 | 15.71 | 1.18 | 1.10 | ||
Institutional Class (EKONX) | 7-30-2010 | – | – | – | 1.63 | 20.38 | 16.00 | 0.93 | 0.85 | ||
Russell 3000® Growth Index3 | – | – | – | – | 15.13 | 21.49 | 17.59 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.26% for Class A, 2.01% for Class C, 1.51% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 | The Russell 3000® Growth Index measures the performance of those Russell 3000 ® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
Microsoft Corporation | 9.61 |
Amazon.com Incorporated | 8.08 |
Alphabet Incorporated Class A | 6.18 |
Visa Incorporated Class A | 3.86 |
The Home Depot Incorporated | 2.89 |
UnitedHealth Group Incorporated | 2.34 |
ServiceNow Incorporated | 2.09 |
Chipotle Mexican Grill Incorporated | 2.06 |
Intuitive Surgical Incorporated | 2.04 |
Spotify Technology | 2.00 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-094873/g267456img6f622aea4.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 876.50 | $ 5.86 | 1.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.95 | $ 6.31 | 1.24% |
Class C | ||||
Actual | $1,000.00 | $ 873.10 | $ 9.40 | 1.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.17 | $10.11 | 1.99% |
Class R | ||||
Actual | $1,000.00 | $ 875.35 | $ 7.00 | 1.48% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.74 | $ 7.53 | 1.48% |
Administrator Class | ||||
Actual | $1,000.00 | $ 877.08 | $ 5.20 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.66 | $ 5.60 | 1.10% |
Institutional Class | ||||
Actual | $1,000.00 | $ 878.16 | $ 4.02 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.92 | $ 4.33 | 0.85% |
Shares | Value | ||||
Common stocks: 97.62% | |||||
Communication services: 13.39% | |||||
Entertainment: 3.96% | |||||
Netflix Incorporated † | 28,400 | $ 12,130,776 | |||
Roku Incorporated † | 45,300 | 7,431,465 | |||
Spotify Technology † | 101,400 | 19,900,764 | |||
39,463,005 | |||||
Interactive media & services: 9.43% | |||||
Alphabet Incorporated Class A † | 22,747 | 61,554,974 | |||
Alphabet Incorporated Class C † | 2,085 | 5,658,627 | |||
Match Group Incorporated † | 143,132 | 16,130,976 | |||
ZoomInfo Technologies Incorporated † | 199,200 | 10,529,712 | |||
93,874,289 | |||||
Consumer discretionary: 18.79% | |||||
Auto components: 1.23% | |||||
Aptiv plc † | 89,700 | 12,251,226 | |||
Automobiles: 1.23% | |||||
Ferrari NV | 53,000 | 12,240,880 | |||
Hotels, restaurants & leisure: 2.06% | |||||
Chipotle Mexican Grill Incorporated † | 13,800 | 20,501,004 | |||
Internet & direct marketing retail: 10.48% | |||||
Amazon.com Incorporated † | 26,914 | 80,512,424 | |||
Doordash Incorporated † | 69,300 | 7,864,857 | |||
MercadoLibre Incorporated † | 14,142 | 16,009,593 | |||
104,386,874 | |||||
Specialty retail: 2.89% | |||||
The Home Depot Incorporated | 78,313 | 28,739,305 | |||
Textiles, apparel & luxury goods: 0.90% | |||||
lululemon athletica Incorporated † | 27,000 | 9,011,520 | |||
Financials: 2.76% | |||||
Capital markets: 2.76% | |||||
Intercontinental Exchange Incorporated | 130,130 | 16,482,266 | |||
MarketAxess Holdings Incorporated | 32,063 | 11,045,062 | |||
27,527,328 | |||||
Health care: 12.88% | |||||
Health care equipment & supplies: 8.55% | |||||
ABIOMED Incorporated † | 31,300 | 9,260,731 | |||
Align Technology Incorporated † | 32,834 | 16,251,517 | |||
DexCom Incorporated † | 42,000 | 18,080,160 | |||
Edwards Lifesciences Corporation † | 113,600 | 12,405,120 | |||
Inari Medical Incorporated † | 118,800 | 8,738,928 | |||
Intuitive Surgical Incorporated † | 71,600 | 20,347,288 | |||
85,083,744 |
Shares | Value | ||||
Health care providers & services: 3.55% | |||||
Centene Corporation † | 155,500 | $ 12,091,680 | |||
UnitedHealth Group Incorporated | 49,269 | 23,283,051 | |||
35,374,731 | |||||
Health care technology: 0.78% | |||||
Doximity Incorporated Class A † | 171,187 | 7,800,992 | |||
Industrials: 5.11% | |||||
Commercial services & supplies: 1.68% | |||||
Waste Connections Incorporated | 133,898 | 16,697,081 | |||
Professional services: 1.54% | |||||
Equifax Incorporated | 64,100 | 15,368,616 | |||
Road & rail: 1.89% | |||||
Union Pacific Corporation | 76,857 | 18,795,379 | |||
Information technology: 42.82% | |||||
Communications equipment: 1.59% | |||||
Motorola Solutions Incorporated | 68,300 | 15,841,502 | |||
Electronic equipment, instruments & components: 4.08% | |||||
Cognex Corporation | 155,600 | 10,341,176 | |||
Teledyne Technologies Incorporated † | 33,800 | 14,244,334 | |||
Zebra Technologies Corporation Class A † | 31,500 | 16,037,280 | |||
40,622,790 | |||||
IT services: 14.68% | |||||
Adyen NV ADR † | 399,200 | 8,111,744 | |||
EPAM Systems Incorporated † | 32,863 | 15,647,389 | |||
Fiserv Incorporated † | 142,340 | 15,045,338 | |||
MongoDB Incorporated † | 45,500 | 18,432,505 | |||
PayPal Holdings Incorporated † | 114,138 | 19,624,888 | |||
Snowflake Incorporated Class A † | 36,500 | 10,070,350 | |||
Square Incorporated Class A † | 109,667 | 13,411,177 | |||
Twilio Incorporated Class A † | 35,800 | 7,379,096 | |||
Visa Incorporated Class A | 169,799 | 38,403,440 | |||
146,125,927 | |||||
Software: 22.47% | |||||
Atlassian Corporation plc Class A † | 49,500 | 16,054,830 | |||
Autodesk Incorporated † | 53,800 | 13,438,702 | |||
Bill.com Holdings Incorporated † | 57,200 | 10,765,612 | |||
Black Knight Incorporated † | 214,873 | 16,029,526 | |||
Cadence Design Systems Incorporated † | 121,600 | 18,500,224 | |||
Crowdstrike Holdings Incorporated Class A † | 66,900 | 12,084,816 | |||
Datadog Incorporated Class A † | 82,000 | 11,981,020 | |||
Microsoft Corporation | 307,650 | 95,672,995 | |||
ServiceNow Incorporated † | 35,500 | 20,795,190 | |||
Unity Software Incorporated † | 80,231 | 8,436,290 | |||
223,759,205 |
Shares | Value | ||||
Materials: 1.87% | |||||
Chemicals: 1.87% | |||||
The Sherwin-Williams Company | 64,862 | $ 18,583,612 | |||
Total Common stocks (Cost $487,777,258) | 972,049,010 |
Yield | |||||
Short-term investments: 1.78% | |||||
Investment companies: 1.78% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 17,684,580 | 17,684,580 | ||
Total Short-term investments (Cost $17,684,580) | 17,684,580 | ||||
Total investments in securities (Cost $505,461,838) | 99.40% | 989,733,590 | |||
Other assets and liabilities, net | 0.60 | 5,956,517 | |||
Total net assets | 100.00% | $995,690,107 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
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 | $3,533,406 | $127,309,700 | $(113,158,526) | $0 | $0 | $ 17,684,580 | 17,684,580 | $ 2,072 | ||
Securities Lending Cash Investments LLC | 0 | 25,681,450 | (25,681,450) | 0 | 0 | 0 | 0 | 732 # | ||
$0 | $0 | $17,684,580 | $2,804 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $487,777,258) | $ 972,049,010 |
Investments in affiliated securities, at value (cost $17,684,580) | 17,684,580 |
Receivable for investments sold | 11,204,016 |
Receivable for Fund shares sold | 74,696 |
Receivable for dividends | 18,682 |
Prepaid expenses and other assets | 57,711 |
Total assets | 1,001,088,695 |
Liabilities | |
Payable for investments purchased | 3,198,975 |
Payable for Fund shares redeemed | 1,076,053 |
Management fee payable | 669,402 |
Administration fees payable | 175,356 |
Distribution fees payable | 7,349 |
Accrued expenses and other liabilities | 271,453 |
Total liabilities | 5,398,588 |
Total net assets | $ 995,690,107 |
Net assets consist of | |
Paid-in capital | $ 481,901,384 |
Total distributable earnings | 513,788,723 |
Total net assets | $ 995,690,107 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 850,710,550 |
Shares outstanding – Class A1 | 13,247,806 |
Net asset value per share – Class A | $64.22 |
Maximum offering price per share – Class A2 | $68.14 |
Net assets – Class C | $ 9,797,538 |
Shares outstanding – Class C1 | 282,424 |
Net asset value per share – Class C | $34.69 |
Net assets – Class R | $ 4,551,393 |
Shares outstanding – Class R1 | 77,431 |
Net asset value per share – Class R | $58.78 |
Net assets – Administrator Class | $ 29,664,439 |
Shares outstanding – Administrator Class1 | 408,606 |
Net asset value per share – Administrator Class | $72.60 |
Net assets – Institutional Class | $ 100,966,187 |
Shares outstanding – Institutional Class1 | 1,323,619 |
Net asset value per share – Institutional Class | $76.28 |
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 (net of foreign withholdings taxes of $13,947) | $ 1,763,970 |
Income from affiliated securities | 13,716 |
Total investment income | 1,777,686 |
Expenses | |
Management fee | 4,467,561 |
Administration fees | |
Class A | 1,050,030 |
Class C | 13,942 |
Class R | 5,440 |
Administrator Class | 23,563 |
Institutional Class | 74,398 |
Shareholder servicing fees | |
Class A | 1,250,036 |
Class C | 16,557 |
Class R | 6,311 |
Administrator Class | 43,518 |
Distribution fees | |
Class C | 49,417 |
Class R | 6,311 |
Custody and accounting fees | 21,306 |
Professional fees | 22,369 |
Registration fees | 22,310 |
Shareholder report expenses | 39,593 |
Trustees’ fees and expenses | 9,663 |
Other fees and expenses | 11,829 |
Total expenses | 7,134,154 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (24,702) |
Class A | (8,363) |
Class C | (11) |
Administrator Class | (5,828) |
Institutional Class | (19,223) |
Net expenses | 7,076,027 |
Net investment loss | (5,298,341) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 81,635,852 |
Net change in unrealized gains (losses) on investments | (216,389,032) |
Net realized and unrealized gains (losses) on investments | (134,753,180) |
Net decrease in net assets resulting from operations | $(140,051,521) |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment loss | $ (5,298,341) | $ (9,209,315) | ||
Payment from affiliate | 0 | 77,039 | ||
Net realized gains on investments | 81,635,852 | 125,000,255 | ||
Net change in unrealized gains (losses) on investments | (216,389,032) | 214,581,974 | ||
Net increase (decrease) in net assets resulting from operations | (140,051,521) | 330,449,953 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (121,148,916) | (52,646,623) | ||
Class C | (2,406,526) | (1,658,736) | ||
Class R | (676,869) | (283,298) | ||
Administrator Class | (3,927,696) | (1,791,540) | ||
Institutional Class | (11,872,753) | (5,339,881) | ||
Total distributions to shareholders | (140,032,760) | (61,720,078) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 141,960 | 11,097,820 | 350,374 | 25,590,993 |
Class C | 15,916 | 692,588 | 14,718 | 664,929 |
Class R | 2,556 | 178,886 | 11,943 | 814,900 |
Administrator Class | 4,307 | 372,772 | 48,988 | 3,916,369 |
Institutional Class | 105,804 | 9,608,232 | 195,561 | 16,423,930 |
21,950,298 | 47,411,121 | |||
Reinvestment of distributions | ||||
Class A | 1,570,459 | 116,182,478 | 720,490 | 50,390,977 |
Class C | 60,148 | 2,406,526 | 39,414 | 1,656,177 |
Class R | 9,970 | 675,390 | 4,084 | 265,103 |
Administrator Class | 44,622 | 3,731,324 | 20,456 | 1,592,066 |
Institutional Class | 133,993 | 11,768,627 | 65,296 | 5,297,486 |
134,764,345 | 59,201,809 | |||
Payment for shares redeemed | ||||
Class A | (674,990) | (53,091,658) | (1,180,768) | (86,101,997) |
Class C | (112,800) | (5,391,886) | (279,810) | (12,508,398) |
Class R | (3,064) | (234,276) | (24,737) | (1,723,435) |
Administrator Class | (40,650) | (3,427,278) | (69,000) | (5,807,302) |
Institutional Class | (115,141) | (10,812,159) | (280,092) | (23,718,471) |
(72,957,257) | (129,859,603) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 83,757,386 | (23,246,673) | ||
Total increase (decrease) in net assets | (196,326,895) | 245,483,202 | ||
Net assets | ||||
Beginning of period | 1,192,017,002 | 946,533,800 | ||
End of period | $ 995,690,107 | $1,192,017,002 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $83.33 | $64.95 | $55.19 | $54.77 | $49.43 | $42.73 |
Net investment loss | (0.38) 1 | (0.65) | (0.38) 1 | (0.33) 1 | (0.32) 1 | (0.22) 1 |
Payment from affiliate | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (8.57) | 23.40 | 13.24 | 6.56 | 12.57 | 8.07 |
Total from investment operations | (8.95) | 22.75 | 12.86 | 6.23 | 12.25 | 7.85 |
Distributions to shareholders from | ||||||
Net realized gains | (10.16) | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $64.22 | $83.33 | $64.95 | $55.19 | $54.77 | $49.43 |
Total return3 | (12.35)% | 36.32% 4 | 24.55% | 13.89% | 26.86% | 18.88% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.25% | 1.26% | 1.28% | 1.28% | 1.28% | 1.28% |
Net expenses | 1.24% | 1.26% | 1.28% | 1.28% | 1.28% | 1.28% |
Net investment loss | (0.94)% | (0.90)% | (0.68)% | (0.64)% | (0.63)% | (0.50)% |
Supplemental data | ||||||
Portfolio turnover rate | 16% | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $850,711 | $1,017,512 | $800,199 | $714,411 | $662,751 | $581,967 |
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 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had an impact of less than 0.005% on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $49.82 | $40.52 | $35.83 | $38.02 | $36.47 | $32.07 |
Net investment loss | (0.39) 1 | (0.72) 1 | (0.50) 1 | (0.48) 1 | (0.50) 1 | (0.41) 1 |
Payment from affiliate | 0.00 | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (4.58) | 14.16 | 8.29 | 4.10 | 8.96 | 5.96 |
Total from investment operations | (4.97) | 13.67 | 7.79 | 3.62 | 8.46 | 5.55 |
Distributions to shareholders from | ||||||
Net realized gains | (10.16) | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $34.69 | $49.82 | $40.52 | $35.83 | $38.02 | $36.47 |
Total return2 | (12.69)% | 35.74% 3 | 23.61% | 13.04% | 25.88% | 18.00% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.99% | 2.01% | 2.03% | 2.03% | 2.03% | 2.03% |
Net expenses | 1.99% | 2.01% | 2.03% | 2.03% | 2.03% | 2.03% |
Net investment loss | (1.67)% | (1.63)% | (1.42)% | (1.40)% | (1.38)% | (1.24)% |
Supplemental data | ||||||
Portfolio turnover rate | 16% | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $9,798 | $15,900 | $22,077 | $26,122 | $62,074 | $62,543 |
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 | During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.62% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information. |
Year ended July 31 | ||||||
Class R | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $77.22 | $60.60 | $51.82 | $51.92 | $47.30 | $41.04 |
Net investment loss | (0.44) 1 | (0.76) 1 | (0.47) 1 | (0.43) 1 | (0.43) 1 | (0.30) 1 |
Net realized and unrealized gains (losses) on investments | (7.84) | 21.75 | 12.35 | 6.14 | 11.96 | 7.71 |
Total from investment operations | (8.28) | 20.99 | 11.88 | 5.71 | 11.53 | 7.41 |
Distributions to shareholders from | ||||||
Net realized gains | (10.16) | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $58.78 | $77.22 | $60.60 | $51.82 | $51.92 | $47.30 |
Total return2 | (12.46)% | 36.01% | 24.24% | 13.63% | 26.53% | 18.58% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.48% | 1.49% | 1.52% | 1.53% | 1.53% | 1.53% |
Net expenses | 1.48% | 1.49% | 1.52% | 1.53% | 1.53% | 1.53% |
Net investment loss | (1.18)% | (1.12)% | (0.91)% | (0.88)% | (0.88)% | (0.72)% |
Supplemental data | ||||||
Portfolio turnover rate | 16% | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $4,551 | $5,249 | $4,647 | $6,097 | $7,494 | $6,298 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $92.83 | $71.80 | $60.58 | $59.39 | $52.99 | $45.65 |
Net investment loss | (0.36) 1 | (0.62) | (0.30) 1 | (0.25) 1 | (0.25) 1 | (0.12) 1 |
Net realized and unrealized gains (losses) on investments | (9.71) | 26.02 | 14.62 | 7.25 | 13.56 | 8.61 |
Total from investment operations | (10.07) | 25.40 | 14.32 | 7.00 | 13.31 | 8.49 |
Distributions to shareholders from | ||||||
Net realized gains | (10.16) | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $72.60 | $92.83 | $71.80 | $60.58 | $59.39 | $52.99 |
Total return2 | (12.29)% | 36.55% | 24.78% | 14.12% | 27.07% | 19.08% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.18% | 1.20% | 1.20% | 1.20% | 1.20% |
Net expenses | 1.10% | 1.09% | 1.09% | 1.10% | 1.10% | 1.10% |
Net investment loss | (0.79)% | (0.73)% | (0.49)% | (0.45)% | (0.45)% | (0.25)% |
Supplemental data | ||||||
Portfolio turnover rate | 16% | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $29,664 | $37,163 | $28,712 | $26,141 | $24,140 | $19,754 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $96.91 | $74.62 | $62.69 | $61.10 | $54.21 | $46.55 |
Net investment loss | (0.26) 1 | (0.40) | (0.16) 1 | (0.12) 1 | (0.11) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | (10.21) | 27.06 | 15.19 | 7.52 | 13.91 | 8.84 |
Total from investment operations | (10.47) | 26.66 | 15.03 | 7.40 | 13.80 | 8.81 |
Distributions to shareholders from | ||||||
Net realized gains | (10.16) | (4.37) | (3.10) | (5.81) | (6.91) | (1.15) |
Net asset value, end of period | $76.28 | $96.91 | $74.62 | $62.69 | $61.10 | $54.21 |
Total return2 | (12.18)% | 36.87% | 25.09% | 14.39% | 27.39% | 19.40% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.92% | 0.93% | 0.95% | 0.95% | 0.95% | 0.95% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.55)% | (0.49)% | (0.25)% | (0.20)% | (0.20)% | (0.06)% |
Supplemental data | ||||||
Portfolio turnover rate | 16% | 24% | 23% | 39% | 48% | 76% |
Net assets, end of period (000s omitted) | $100,966 | $116,193 | $90,900 | $75,456 | $64,792 | $62,987 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $525,439,330 |
Gross unrealized losses | (39,545,999) |
Net unrealized gains | $485,893,331 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 133,337,294 | $0 | $0 | $ 133,337,294 |
Consumer discretionary | 187,130,809 | 0 | 0 | 187,130,809 |
Financials | 27,527,328 | 0 | 0 | 27,527,328 |
Health care | 128,259,467 | 0 | 0 | 128,259,467 |
Industrials | 50,861,076 | 0 | 0 | 50,861,076 |
Information technology | 426,349,424 | 0 | 0 | 426,349,424 |
Materials | 18,583,612 | 0 | 0 | 18,583,612 |
Short-term investments | ||||
Investment companies | 17,684,580 | 0 | 0 | 17,684,580 |
Total assets | $989,733,590 | $0 | $0 | $989,733,590 |
Average daily net assets | Management fee |
First $500 million | 0.800% |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $3 billion | 0.640 |
Next $2 billion | 0.615 |
Next $2 billion | 0.605 |
Next $4 billion | 0.580 |
Over $16 billion | 0.555 |
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 | 1.26% |
Class C | 2.01 |
Class R | 1.51 |
Administrator Class | 1.10 |
Institutional Class | 0.85 |
Shares voted “For” | 5,625,042 | |
Shares voted “Against” | 429,724 | |
Shares voted “ABS/WHD” | 663,931 | |
Shares voted “Uninstructed” | 302,155 |
Shares voted “For” | 5,598,266 | |
Shares voted “Against” | 436,754 | |
Shares voted “ABS/WHD” | 683,677 | |
Shares voted “Uninstructed” | 302,155 |
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 |
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.
SA211/SAR211 01-22
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Growth Fund
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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 December 31, 2021, assets under management (AUM) includes $91.6 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 |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of January 31, 2022 | |||||||||||
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 (EKJAX) | 1-20-1998 | -4.58 | 17.62 | 13.89 | 1.26 | 19.02 | 14.57 | 1.13 | 1.11 | ||
Class C (EKJCX) | 1-22-1998 | -0.51 | 18.10 | 13.70 | 0.49 | 18.10 | 13.70 | 1.88 | 1.86 | ||
Class R4 (EKJRX)3 | 11-30-2012 | – | – | – | 1.59 | 19.39 | 14.94 | 0.85 | 0.80 | ||
Class R6 (EKJFX)4 | 11-30-2012 | – | – | – | 1.73 | 19.57 | 15.10 | 0.70 | 0.65 | ||
Administrator Class (WFPDX) | 7-16-2010 | – | – | – | 1.35 | 19.15 | 14.72 | 1.05 | 1.00 | ||
Institutional Class (EKJYX) | 6-30-1999 | – | – | – | 1.68 | 19.51 | 15.05 | 0.80 | 0.70 | ||
Russell 1000® Growth Index | – | – | – | – | 17.52 | 22.28 | 18.03 | – | – |
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 November 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.11% for Class A, 1.86% for Class C, 0.80% for Class R4, 0.65% for Class R6, 1.00% for Administrator Class, and 0.70% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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 shown for the Class R4 shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Class R4 shares. |
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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of January 31, 20221 | |
Microsoft Corporation | 11.97 |
Alphabet Incorporated Class A | 8.13 |
Amazon.com Incorporated | 6.46 |
MasterCard Incorporated Class A | 4.35 |
Linde plc | 2.46 |
The Charles Schwab Corporation | 2.04 |
LPL Financial Holdings Incorporated | 2.04 |
lululemon athletica Incorporated | 1.89 |
ServiceNow Incorporated | 1.88 |
Tradeweb Markets Incorporated Class A | 1.73 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of January 31, 20221 |
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1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 8-1-2021 | Ending account value 1-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 874.97 | $5.25 | 1.11% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.61 | $5.65 | 1.11% |
Class C | ||||
Actual | $1,000.00 | $ 871.99 | $8.78 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.83 | $9.45 | 1.86% |
Class R4 | ||||
Actual | $1,000.00 | $ 876.71 | $3.78 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.17 | $4.08 | 0.80% |
Class R6 | ||||
Actual | $1,000.00 | $ 877.53 | $3.08 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.93 | $3.31 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $ 875.44 | $4.73 | 1.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.16 | $5.09 | 1.00% |
Institutional Class | ||||
Actual | $1,000.00 | $ 877.17 | $3.31 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.68 | $3.57 | 0.70% |
Shares | Value | ||||
Common stocks: 99.56% | |||||
Communication services: 13.36% | |||||
Entertainment: 1.39% | |||||
Live Nation Entertainment Incorporated † | 365,302 | $ 40,004,222 | |||
Interactive media & services: 11.97% | |||||
Alphabet Incorporated Class A † | 86,589 | 234,315,895 | |||
Alphabet Incorporated Class C † | 17,023 | 46,199,911 | |||
Bumble Incorporated Class A † | 187,609 | 5,536,342 | |||
Meta Platforms Incorporated Class A † | 102,163 | 32,003,581 | |||
ZoomInfo Technologies Incorporated † | 507,763 | 26,840,352 | |||
344,896,081 | |||||
Consumer discretionary: 17.28% | |||||
Auto components: 0.98% | |||||
Aptiv plc † | 205,840 | 28,113,627 | |||
Hotels, restaurants & leisure: 1.64% | |||||
Airbnb Incorporated Class A † | 184,681 | 28,435,334 | |||
Chipotle Mexican Grill Incorporated † | 12,686 | 18,846,068 | |||
47,281,402 | |||||
Internet & direct marketing retail: 6.46% | |||||
Amazon.com Incorporated † | 62,243 | 186,198,067 | |||
Leisure products: 0.54% | |||||
YETI Holdings Incorporated † | 239,421 | 15,701,229 | |||
Specialty retail: 3.59% | |||||
Five Below Incorporated † | 112,370 | 18,428,680 | |||
Floor & Decor Holdings Incorporated Class A † | 367,360 | 39,939,379 | |||
Petco Health & Wellness Company † | 310,003 | 5,812,556 | |||
RH † | 57,245 | 23,059,431 | |||
The TJX Companies Incorporated | 227,100 | 16,344,387 | |||
103,584,433 | |||||
Textiles, apparel & luxury goods: 4.07% | |||||
Crocs Incorporated † | 190,235 | 19,521,916 | |||
Deckers Outdoor Corporation † | 135,129 | 43,272,360 | |||
lululemon athletica Incorporated † | 162,869 | 54,359,157 | |||
117,153,433 | |||||
Financials: 8.23% | |||||
Capital markets: 8.23% | |||||
LPL Financial Holdings Incorporated | 341,595 | 58,863,650 | |||
MarketAxess Holdings Incorporated | 76,110 | 26,218,373 | |||
MSCI Incorporated | 51,947 | 27,849,826 | |||
Stifel Financial Corporation | 206,700 | 15,481,830 | |||
The Charles Schwab Corporation | 672,200 | 58,951,940 | |||
Tradeweb Markets Incorporated Class A | 588,196 | 49,861,375 | |||
237,226,994 |
Shares | Value | ||||
Health care: 15.96% | |||||
Biotechnology: 4.19% | |||||
Biohaven Pharmaceutical Holding Company † | 243,480 | $ 32,351,188 | |||
Horizon Therapeutics plc † | 420,226 | 39,219,693 | |||
Natera Incorporated † | 366,078 | 25,863,411 | |||
Vertex Pharmaceuticals Incorporated † | 96,500 | 23,454,325 | |||
120,888,617 | |||||
Health care equipment & supplies: 5.65% | |||||
Abbott Laboratories | 277,332 | 35,348,737 | |||
Boston Scientific Corporation † | 446,714 | 19,164,031 | |||
Edwards Lifesciences Corporation † | 441,043 | 48,161,896 | |||
IDEXX Laboratories Incorporated † | 43,380 | 22,006,674 | |||
Insulet Corporation † | 153,583 | 38,088,584 | |||
162,769,922 | |||||
Health care providers & services: 0.93% | |||||
UnitedHealth Group Incorporated | 56,800 | 26,841,976 | |||
Health care technology: 1.06% | |||||
Veeva Systems Incorporated Class A † | 128,626 | 30,425,194 | |||
Life sciences tools & services: 2.62% | |||||
Bio-Techne Corporation | 89,645 | 33,743,274 | |||
Repligen Corporation † | 210,682 | 41,786,668 | |||
75,529,942 | |||||
Pharmaceuticals: 1.51% | |||||
Zoetis Incorporated | 218,070 | 43,568,205 | |||
Industrials: 6.00% | |||||
Aerospace & defense: 0.90% | |||||
HEICO Corporation | 191,163 | 26,072,722 | |||
Building products: 3.12% | |||||
Advanced Drainage Systems Incorporated | 256,371 | 28,992,996 | |||
Johnson Controls International plc | 505,525 | 36,736,502 | |||
The AZEK Company Incorporated † | 732,485 | 24,193,980 | |||
89,923,478 | |||||
Commercial services & supplies: 0.51% | |||||
Copart Incorporated † | 112,861 | 14,587,284 | |||
Electrical equipment: 1.47% | |||||
Generac Holdings Incorporated † | 149,920 | 42,334,410 | |||
Information technology: 35.62% | |||||
IT services: 6.89% | |||||
Cloudflare Incorporated Class A † | 157,405 | 15,173,842 | |||
MasterCard Incorporated Class A | 324,550 | 125,399,629 | |||
MongoDB Incorporated † | 75,790 | 30,703,287 | |||
PayPal Holdings Incorporated † | 32,609 | 5,606,791 | |||
Shopify Incorporated Class A † | 16,160 | 15,582,118 | |||
Square Incorporated Class A † | 48,530 | 5,934,734 | |||
198,400,401 |
Shares | Value | ||||
Semiconductors & semiconductor equipment: 9.06% | |||||
Advanced Micro Devices Incorporated † | 146,000 | $ 16,680,500 | |||
Allegro MicroSystems Incorporated † | 700,285 | 19,874,088 | |||
Enphase Energy Incorporated † | 97,858 | 13,746,113 | |||
Microchip Technology Incorporated | 520,636 | 40,338,877 | |||
Monolithic Power Systems Incorporated | 114,651 | 46,196,327 | |||
NVIDIA Corporation | 115,900 | 28,379,274 | |||
NXP Semiconductors NV | 186,357 | 38,285,182 | |||
Qualcomm Incorporated | 245,030 | 43,066,473 | |||
Wolfspeed Incorporated † | 153,140 | 14,431,914 | |||
260,998,748 | |||||
Software: 19.46% | |||||
Atlassian Corporation plc Class A † | 88,880 | 28,827,339 | |||
Avalara Incorporated † | 183,271 | 20,090,167 | |||
Bill.com Holdings Incorporated † | 30,110 | 5,667,003 | |||
Crowdstrike Holdings Incorporated Class A † | 93,962 | 16,973,296 | |||
Dynatrace Incorporated † | 849,262 | 46,590,513 | |||
HubSpot Incorporated † | 56,592 | 27,662,170 | |||
Microsoft Corporation | 1,109,352 | 344,986,285 | |||
ServiceNow Incorporated † | 92,610 | 54,249,086 | |||
Unity Software Incorporated † | 149,996 | 15,772,079 | |||
560,817,938 | |||||
Technology hardware, storage & peripherals: 0.21% | |||||
Apple Incorporated | 35,381 | 6,183,891 | |||
Materials: 2.46% | |||||
Chemicals: 2.46% | |||||
Linde plc | 222,008 | 70,749,509 | |||
Real estate: 0.65% | |||||
Real estate management & development: 0.65% | |||||
CBRE Group Incorporated Class A † | 184,000 | 18,646,560 | |||
Total Common stocks (Cost $1,663,447,382) | 2,868,898,285 |
Yield | |||||
Short-term investments: 0.52% | |||||
Investment companies: 0.52% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 15,032,396 | 15,032,396 | ||
Total Short-term investments (Cost $15,032,396) | 15,032,396 | ||||
Total investments in securities (Cost $1,678,479,778) | 100.08% | 2,883,930,681 | |||
Other assets and liabilities, net | (0.08) | (2,198,629) | |||
Total net assets | 100.00% | $2,881,732,052 |
† | 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) | 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 | $10,064,030 | $406,828,056 | $(401,859,690) | $0 | $0 | $ 15,032,396 | 15,032,396 | $ 2,050 | ||
Securities Lending Cash Investments LLC | 19,959,385 | 9,766,120 | (29,725,505) | 0 | 0 | 0 | 0 | 941 # | ||
$0 | $0 | $15,032,396 | $2,991 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $1,663,447,382) | $ 2,868,898,285 |
Investments in affiliated securities, at value (cost $15,032,396) | 15,032,396 |
Receivable for investments sold | 9,325,183 |
Receivable for Fund shares sold | 2,717,232 |
Receivable for dividends | 354,290 |
Prepaid expenses and other assets | 139,816 |
Total assets | 2,896,467,202 |
Liabilities | |
Payable for investments purchased | 9,438,573 |
Payable for Fund shares redeemed | 2,988,579 |
Management fee payable | 1,527,242 |
Administration fees payable | 326,979 |
Distribution fee payable | 24,065 |
Trustees’ fees and expenses payable | 316 |
Accrued expenses and other liabilities | 429,396 |
Total liabilities | 14,735,150 |
Total net assets | $2,881,732,052 |
Net assets consist of | |
Paid-in capital | $ 1,618,423,124 |
Total distributable earnings | 1,263,308,928 |
Total net assets | $2,881,732,052 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,229,753,469 |
Shares outstanding – Class A1 | 92,507,924 |
Net asset value per share – Class A | $13.29 |
Maximum offering price per share – Class A2 | $14.10 |
Net assets – Class C | $ 36,242,596 |
Shares outstanding – Class C1 | 4,748,638 |
Net asset value per share – Class C | $7.63 |
Net assets – Class R4 | $ 1,325,033 |
Shares outstanding – Class R41 | 91,636 |
Net asset value per share – Class R4 | $14.46 |
Net assets – Class R6 | $ 1,030,629,664 |
Shares outstanding – Class R61 | 69,320,913 |
Net asset value per share – Class R6 | $14.87 |
Net assets – Administrator Class | $ 55,134,580 |
Shares outstanding – Administrator Class1 | 4,003,415 |
Net asset value per share – Administrator Class | $13.77 |
Net assets – Institutional Class | $ 528,646,710 |
Shares outstanding – Institutional Class1 | 35,839,030 |
Net asset value per share – Institutional Class | $14.75 |
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 (net of foreign withholdings taxes of $63,996) | $ 4,672,281 |
Income from affiliated securities | 12,228 |
Total investment income | 4,684,509 |
Expenses | |
Management fee | 11,029,697 |
Administration fees | |
Class A | 1,536,914 |
Class C | 52,939 |
Class R4 | 588 |
Class R6 | 173,862 |
Administrator Class | 42,189 |
Institutional Class | 422,187 |
Shareholder servicing fees | |
Class A | 1,829,659 |
Class C | 62,425 |
Class R4 | 735 |
Administrator Class | 80,989 |
Distribution fee | |
Class C | 186,520 |
Custody and accounting fees | 64,833 |
Professional fees | 27,081 |
Registration fees | 41,833 |
Shareholder report expenses | 63,957 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 23,163 |
Total expenses | 15,649,233 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (344,000) |
Class A | (81,899) |
Class C | (16) |
Class R4 | (165) |
Class R6 | (129,442) |
Administrator Class | (7,203) |
Institutional Class | (153,155) |
Net expenses | 14,933,353 |
Net investment loss | (10,248,844) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 307,095,446 |
Net change in unrealized gains (losses) on investments | (700,769,908) |
Net realized and unrealized gains (losses) on investments | (393,674,462) |
Net decrease in net assets resulting from operations | $(403,923,306) |
Six months ended January 31, 2022 (unaudited) | Year ended July 31, 2021 | |||
Operations | ||||
Net investment loss | $ (10,248,844) | $ (17,785,602) | ||
Net realized gains on investments | 307,095,446 | 665,115,135 | ||
Net change in unrealized gains (losses) on investments | (700,769,908) | 314,062,592 | ||
Net increase (decrease) in net assets resulting from operations | (403,923,306) | 961,392,125 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (309,130,200) | (148,403,252) | ||
Class C | (15,056,315) | (11,942,210) | ||
Class R4 | (291,397) | (135,124) | ||
Class R6 | (222,688,114) | (107,248,773) | ||
Administrator Class | (13,378,433) | (6,166,075) | ||
Institutional Class | (126,375,453) | (67,714,365) | ||
Total distributions to shareholders | (686,919,912) | (341,609,799) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 2,044,332 | 35,309,081 | 5,587,886 | 98,163,377 |
Class C | 151,285 | 1,547,047 | 332,009 | 3,901,258 |
Class R4 | 3,596 | 59,983 | 4,273 | 78,471 |
Class R6 | 4,622,812 | 76,167,440 | 4,105,502 | 77,478,039 |
Administrator Class | 162,764 | 2,845,145 | 307,776 | 5,415,490 |
Institutional Class | 2,033,416 | 36,315,950 | 3,331,839 | 62,149,111 |
152,244,646 | 247,185,746 | |||
Reinvestment of distributions | ||||
Class A | 19,056,650 | 289,089,373 | 8,581,749 | 138,681,054 |
Class C | 1,669,149 | 14,554,977 | 1,066,051 | 11,545,329 |
Class R4 | 17,671 | 291,397 | 7,716 | 132,869 |
Class R6 | 12,933,032 | 219,214,894 | 6,007,269 | 105,607,780 |
Administrator Class | 824,167 | 12,947,669 | 359,007 | 5,959,521 |
Institutional Class | 6,622,898 | 111,397,139 | 3,347,542 | 58,515,035 |
647,495,449 | 320,441,588 | |||
Payment for shares redeemed | ||||
Class A | (6,491,286) | (111,087,305) | (9,543,692) | (165,540,766) |
Class C | (1,624,565) | (17,894,493) | (6,586,841) | (80,435,977) |
Class R4 | (413) | (8,482) | (7,604) | (144,046) |
Class R6 | (4,293,102) | (81,961,676) | (9,212,101) | (173,698,067) |
Administrator Class | (297,138) | (5,093,550) | (653,236) | (11,583,117) |
Institutional Class | (5,223,852) | (95,105,369) | (11,915,556) | (220,199,164) |
(311,150,875) | (651,601,137) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 488,589,220 | (83,973,803) | ||
Total increase (decrease) in net assets | (602,253,998) | 535,808,523 | ||
Net assets | ||||
Beginning of period | 3,483,986,050 | 2,948,177,527 | ||
End of period | $2,881,732,052 | $3,483,986,050 |
Year ended July 31 | ||||||
Class A | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $19.28 | $16.08 | $14.19 | $15.10 | $15.34 | $14.68 |
Net investment loss | (0.07) 1 | (0.13) 1 | (0.07) | (0.05) | (0.05) | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | (1.83) | 5.36 | 3.07 | 1.50 | 3.56 | 2.12 |
Total from investment operations | (1.90) | 5.23 | 3.00 | 1.45 | 3.51 | 2.09 |
Distributions to shareholders from | ||||||
Net realized gains | (4.09) | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $13.29 | $19.28 | $16.08 | $14.19 | $15.10 | $15.34 |
Total return2 | (12.50)% | 34.93% | 22.78% | 12.97% | 26.54% | 16.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.12% | 1.13% | 1.14% | 1.15% | 1.15% | 1.14% |
Net expenses | 1.11% | 1.10% | 1.10% | 1.11% | 1.11% | 1.11% |
Net investment loss | (0.83)% | (0.77)% | (0.52)% | (0.40)% | (0.34)% | (0.20)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $1,229,753 | $1,501,805 | $1,178,453 | $1,050,751 | $1,048,632 | $986,791 |
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. |
Year ended July 31 | ||||||
Class C | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.85 | $11.40 | $10.45 | $11.87 | $12.86 | $12.64 |
Net investment loss | (0.09) 1 | (0.18) 1 | (0.13) 1 | (0.12) 1 | (0.13) 1 | (0.12) 1 |
Net realized and unrealized gains (losses) on investments | (1.04) | 3.66 | 2.19 | 1.06 | 2.89 | 1.77 |
Total from investment operations | (1.13) | 3.48 | 2.06 | 0.94 | 2.76 | 1.65 |
Distributions to shareholders from | ||||||
Net realized gains | (4.09) | (2.03) | (1.11) | (2.36) | (3.75) | (1.73) |
Net asset value, end of period | $7.63 | $12.85 | $11.40 | $10.45 | $11.87 | $12.86 |
Total return2 | (12.80)% | 33.80% | 21.87% | 12.09% | 25.68% | 15.05% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.86% | 1.87% | 1.89% | 1.90% | 1.90% | 1.89% |
Net expenses | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% | 1.86% |
Net investment loss | (1.58)% | (1.52)% | (1.27)% | (1.14)% | (1.09)% | (0.95)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $36,243 | $58,524 | $111,046 | $153,404 | $201,138 | $206,026 |
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. |
Year ended July 31 | ||||||
Class R4 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.58 | $17.00 | $14.89 | $15.69 | $15.75 | $15.00 |
Net investment income (loss) | (0.05) 1 | (0.09) 1 | (0.03) 1 | (0.03) | (0.00) 1,2 | 0.01 1 |
Net realized and unrealized gains (losses) on investments | (1.98) | 5.70 | 3.25 | 1.59 | 3.69 | 2.17 |
Total from investment operations | (2.03) | 5.61 | 3.22 | 1.56 | 3.69 | 2.18 |
Distributions to shareholders from | ||||||
Net realized gains | (4.09) | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $14.46 | $20.58 | $17.00 | $14.89 | $15.69 | $15.75 |
Total return3 | (12.33)% | 35.30% | 23.20% | 13.21% | 27.06% | 16.30% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.85% | 0.85% | 0.86% | 0.87% | 0.87% | 0.86% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income (loss) | (0.53)% | (0.47)% | (0.20)% | (0.10)% | (0.02)% | 0.09% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $1,325 | $1,457 | $1,129 | $3,940 | $3,727 | $3,559 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Class R6 | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $21.03 | $17.31 | $15.12 | $15.87 | $15.87 | $15.08 |
Net investment income (loss) | (0.04) 1 | (0.06) 1 | (0.01) | (0.00) 1,2 | 0.02 1 | 0.03 1 |
Net realized and unrealized gains (losses) on investments | (2.03) | 5.81 | 3.31 | 1.61 | 3.73 | 2.19 |
Total from investment operations | (2.07) | 5.75 | 3.30 | 1.61 | 3.75 | 2.22 |
Distributions to shareholders from | ||||||
Net realized gains | (4.09) | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $14.87 | $21.03 | $17.31 | $15.12 | $15.87 | $15.87 |
Total return3 | (12.25)% | 35.49% | 23.39% | 13.40% | 27.27% | 16.48% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69% | 0.70% | 0.71% | 0.71% | 0.72% | 0.71% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income (loss) | (0.37)% | (0.32)% | (0.07)% | (0.02)% | 0.12% | 0.25% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $1,030,630 | $1,179,098 | $954,852 | $820,383 | $196,934 | $170,657 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Administrator Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $19.82 | $16.47 | $14.48 | $15.35 | $15.52 | $14.82 |
Net investment loss | (0.07) 1 | (0.12) 1 | (0.06) 1 | (0.04) 1 | (0.03) 1 | (0.01) 1 |
Net realized and unrealized gains (losses) on investments | (1.89) | 5.50 | 3.16 | 1.53 | 3.61 | 2.14 |
Total from investment operations | (1.96) | 5.38 | 3.10 | 1.49 | 3.58 | 2.13 |
Distributions to shareholders from | ||||||
Net realized gains | (4.09) | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $13.77 | $19.82 | $16.47 | $14.48 | $15.35 | $15.52 |
Total return2 | (12.46)% | 35.02% | 23.02% | 13.02% | 26.70% | 16.14% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.04% | 1.05% | 1.06% | 1.07% | 1.07% | 1.06% |
Net expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment loss | (0.72)% | (0.67)% | (0.42)% | (0.29)% | (0.22)% | (0.06)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $55,135 | $65,665 | $54,341 | $49,042 | $57,582 | $82,998 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended July 31 | ||||||
Institutional Class | Six months ended January 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.90 | $17.22 | $15.06 | $15.82 | $15.84 | $15.06 |
Net investment income (loss) | (0.04) 1 | (0.07) 1 | (0.02) 1 | 0.00 1,2 | 0.01 1 | 0.02 1 |
Net realized and unrealized gains (losses) on investments | (2.02) | 5.78 | 3.29 | 1.60 | 3.72 | 2.19 |
Total from investment operations | (2.06) | 5.71 | 3.27 | 1.60 | 3.73 | 2.21 |
Distributions to shareholders from | ||||||
Net realized gains | (4.09) | (2.03) | (1.11) | (2.36) | (3.75) | (1.43) |
Net asset value, end of period | $14.75 | $20.90 | $17.22 | $15.06 | $15.82 | $15.84 |
Total return3 | (12.28)% | 35.43% | 23.28% | 13.38% | 27.17% | 16.44% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.79% | 0.80% | 0.81% | 0.82% | 0.82% | 0.81% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income (loss) | (0.42)% | (0.37)% | (0.12)% | 0.02% | 0.07% | 0.19% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 48% | 45% | 60% | 45% | 65% |
Net assets, end of period (000s omitted) | $528,647 | $677,437 | $648,357 | $643,578 | $1,043,161 | $949,344 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,304,196,446 |
Gross unrealized losses | (98,545,624) |
Net unrealized gains | $1,205,650,822 |
■ | 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: | ||||
Common stocks | ||||
Communication services | $ 384,900,303 | $0 | $0 | $ 384,900,303 |
Consumer discretionary | 498,032,191 | 0 | 0 | 498,032,191 |
Financials | 237,226,994 | 0 | 0 | 237,226,994 |
Health care | 460,023,856 | 0 | 0 | 460,023,856 |
Industrials | 172,917,894 | 0 | 0 | 172,917,894 |
Information technology | 1,026,400,978 | 0 | 0 | 1,026,400,978 |
Materials | 70,749,509 | 0 | 0 | 70,749,509 |
Real estate | 18,646,560 | 0 | 0 | 18,646,560 |
Short-term investments | ||||
Investment companies | 15,032,396 | 0 | 0 | 15,032,396 |
Total assets | $2,883,930,681 | $0 | $0 | $2,883,930,681 |
Average daily net assets | Management fee |
First $500 million | 0.700% |
Next $500 million | 0.675 |
Next $1 billion | 0.650 |
Next $2 billion | 0.625 |
Next $1 billion | 0.600 |
Next $3 billion | 0.590 |
Next $2 billion | 0.565 |
Next $2 billion | 0.555 |
Next $4 billion | 0.530 |
Over $16 billion | 0.505 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.11% |
Class C | 1.86 |
Class R4 | 0.80 |
Class R6 | 0.65 |
Administrator Class | 1.00 |
Institutional Class | 0.70 |
Shares voted “For” | 86,986,205 | |
Shares voted “Against” | 3,539,740 | |
Shares voted “Abstain” | 5,239,108 |
Shares voted “For” | 86,619,546 | |
Shares voted “Against” | 3,725,368 | |
Shares voted “Abstain” | 5,420,139 |
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 |
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/0001193125-22-094873/g281958img2b86b7bb1.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.
SA212/SAR212 01-22
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: | March 30, 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: | March 30, 2022 | |
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | March 30, 2022 |