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: September 30
Registrant is making a filing for 12 of its series:
Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Index Asset Allocation Fund, Allspring International Bond Fund, Allspring Income Plus Fund, Allspring Global Investment Grade Credit Fund, Allspring C&B Mid Cap Value Fund, Allspring Common Stock Fund, Allspring Discovery SMID Cap Growth Fund, Allspring Discovery Mid Cap Growth Fund, Allspring Opportunity Fund and Allspring Special Mid Cap Value Fund.
Date of reporting period: March 31, 2022
ITEM 1. REPORT TO STOCKHOLDERS
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g318579img37b706611.jpg)
C&B Mid Cap Value 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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
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President
Allspring Funds
Investment objective | The Fund seeks maximum long-term return (current income and capital appreciation), consistent with minimizing risk to principal. |
Manager | Allspring Funds Management, LLC |
Subadviser | Cooke & Bieler, L.P. |
Portfolio managers | Andrew B. Armstrong, CFA®‡, Wesley Lim, CFA®‡, Steve Lyons, CFA®‡, Michael M. Meyer, CFA®‡, Edward W. O'Connor, CFA®‡, R. James O'Neil, CFA®‡, Mehul Trivedi, CFA®‡, William Weber, CFA®‡ |
Average annual total returns (%) as of March 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 (CBMAX) | 7-26-2004 | -2.52 | 7.76 | 10.51 | 3.42 | 9.04 | 11.17 | 1.26 | 1.26 | ||
Class C (CBMCX) | 7-26-2004 | 1.66 | 8.27 | 10.36 | 2.66 | 8.27 | 10.36 | 2.01 | 2.01 | ||
Class R6 (CBMYX)3 | 7-31-2018 | – | – | – | 3.89 | 9.51 | 11.58 | 0.83 | 0.81 | ||
Administrator Class (CBMIX) | 7-26-2004 | – | – | – | 3.53 | 9.15 | 11.26 | 1.18 | 1.16 | ||
Institutional Class (CBMSX) | 7-26-2004 | – | – | – | 3.80 | 9.43 | 11.54 | 0.93 | 0.91 | ||
Russell Midcap® Value Index4 | – | – | – | – | 11.45 | 9.99 | 12.01 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.25% for Class A, 2.00% for Class C, 0.80% for Class R6, 1.15% for Administrator Class, and 0.90% 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 Midcap® Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000® Value Index. You cannot invest directly in an index |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of March 31, 20221 | |
Helen of Troy Limited | 3.41 |
Arrow Electronics Incorporated | 3.40 |
Arch Capital Group Limited | 3.20 |
Fidelity National Financial Incorporated | 2.89 |
Gildan Activewear Incorporated | 2.74 |
State Street Corporation | 2.67 |
Globe Life Incorporated | 2.63 |
Gentex Corporation | 2.56 |
Enovis Corporation | 2.55 |
Atmos Energy Corporation | 2.49 |
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 March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g318579img5ad020ed4.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,015.44 | $ 6.23 | 1.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.75 | $ 6.24 | 1.24% |
Class C | ||||
Actual | $1,000.00 | $1,011.68 | $ 9.98 | 1.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.01 | $10.00 | 1.99% |
Class R6 | ||||
Actual | $1,000.00 | $1,017.65 | $ 4.02 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.94 | $ 4.03 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,015.92 | $ 5.78 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $ 5.79 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,017.17 | $ 4.53 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $ 4.53 | 0.90% |
Shares | Value | ||||
Common stocks: 97.13% | |||||
Communication services: 4.27% | |||||
Entertainment: 1.88% | |||||
Activision Blizzard Incorporated | 158,350 | $ 12,685,419 | |||
Media: 2.39% | |||||
Omnicom Group Incorporated | 189,950 | 16,122,956 | |||
Consumer discretionary: 17.01% | |||||
Auto components: 2.56% | |||||
Gentex Corporation | 592,068 | 17,270,624 | |||
Household durables: 5.04% | |||||
Helen of Troy Limited † | 117,780 | 23,066,035 | |||
Whirlpool Corporation | 63,650 | 10,997,447 | |||
34,063,482 | |||||
Leisure products: 1.38% | |||||
Hasbro Incorporated | 113,420 | 9,291,366 | |||
Specialty retail: 3.45% | |||||
American Eagle Outfitters Incorporated « | 732,430 | 12,304,824 | |||
CarMax Incorporated † | 114,150 | 11,013,192 | |||
23,318,016 | |||||
Textiles, apparel & luxury goods: 4.58% | |||||
Gildan Activewear Incorporated | 493,680 | 18,503,126 | |||
HanesBrands Incorporated | 837,458 | 12,469,750 | |||
30,972,876 | |||||
Consumer staples: 2.61% | |||||
Food products: 2.61% | |||||
General Mills Incorporated | 166,400 | 11,268,608 | |||
Ingredion Incorporated | 73,320 | 6,389,838 | |||
17,658,446 | |||||
Energy: 1.92% | |||||
Oil, gas & consumable fuels: 1.92% | |||||
The Williams Companies Incorporated | 388,800 | 12,989,808 | |||
Financials: 24.90% | |||||
Banks: 0.97% | |||||
Commerce Bancshares Incorporated | 91,302 | 6,536,310 | |||
Capital markets: 2.67% | |||||
State Street Corporation | 207,250 | 18,055,620 | |||
Consumer finance: 2.49% | |||||
FirstCash Holdings Incorporated | 238,515 | 16,777,145 | |||
Insurance: 16.72% | |||||
Alleghany Corporation † | 16,208 | 13,728,176 | |||
Arch Capital Group Limited † | 446,285 | 21,609,120 |
Shares | Value | ||||
Insurance (continued) | |||||
Fidelity National Financial Incorporated | 400,277 | $ 19,549,529 | |||
Globe Life Incorporated | 176,300 | 17,735,780 | |||
Progressive Corporation | 143,494 | 16,356,881 | |||
RenaissanceRe Holdings Limited | 81,051 | 12,847,394 | |||
The Allstate Corporation | 80,400 | 11,136,204 | |||
112,963,084 | |||||
Thrifts & mortgage finance: 2.05% | |||||
Essent Group Limited | 335,770 | 13,837,082 | |||
Health care: 14.19% | |||||
Health care equipment & supplies: 8.92% | |||||
Baxter International Incorporated | 172,250 | 13,356,265 | |||
Dentsply Sirona Incorporated | 304,800 | 15,002,256 | |||
Enovis Corporation | 433,772 | 17,259,788 | |||
Integra LifeSciences Holdings Corporation † | 227,963 | 14,648,902 | |||
60,267,211 | |||||
Health care providers & services: 1.16% | |||||
Laboratory Corporation of America Holdings † | 29,640 | 7,814,882 | |||
Life sciences tools & services: 2.05% | |||||
Syneos Health Incorporated † | 171,234 | 13,861,392 | |||
Pharmaceuticals: 2.06% | |||||
Perrigo Company plc | 361,310 | 13,885,143 | |||
Industrials: 20.95% | |||||
Aerospace & defense: 5.67% | |||||
BWX Technologies Incorporated | 255,230 | 13,746,688 | |||
Huntington Ingalls Industries Incorporated | 53,310 | 10,632,146 | |||
Woodward Incorporated | 111,650 | 13,946,202 | |||
38,325,036 | |||||
Building products: 1.72% | |||||
Armstrong World Industries Incorporated | 128,740 | 11,587,887 | |||
Commercial services & supplies: 2.40% | |||||
IAA Incorporated † | 423,904 | 16,214,326 | |||
Electrical equipment: 2.44% | |||||
Acuity Brands Incorporated | 25,680 | 4,861,224 | |||
AMETEK Incorporated | 87,060 | 11,594,651 | |||
16,455,875 | |||||
Machinery: 4.50% | |||||
Gates Industrial Corporation plc † | 512,460 | 7,717,648 | |||
PACCAR Incorporated | 89,857 | 7,913,706 | |||
Stanley Black & Decker Incorporated | 105,740 | 14,781,395 | |||
30,412,749 | |||||
Professional services: 1.92% | |||||
Leidos Holdings Incorporated | 120,380 | 13,003,448 |
Shares | Value | ||||
Trading companies & distributors: 2.30% | |||||
AerCap Holdings NV † | 308,600 | $ 15,516,408 | |||
Information technology: 8.79% | |||||
Electronic equipment, instruments & components: 5.32% | |||||
Arrow Electronics Incorporated † | 193,666 | 22,974,598 | |||
TE Connectivity Limited | 98,900 | 12,953,922 | |||
35,928,520 | |||||
IT services: 1.63% | |||||
Amdocs Limited | 134,250 | 11,036,693 | |||
Semiconductors & semiconductor equipment: 1.84% | |||||
MKS Instruments Incorporated | 82,593 | 12,388,950 | |||
Utilities: 2.49% | |||||
Gas utilities: 2.49% | |||||
Atmos Energy Corporation | 140,620 | 16,802,684 | |||
Total Common stocks (Cost $524,524,561) | 656,043,438 |
Yield | |||||
Short-term investments: 4.74% | |||||
Investment companies: 4.74% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18% | 20,356,811 | 20,356,811 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 11,677,725 | 11,677,725 | ||
Total Short-term investments (Cost $32,034,536) | 32,034,536 | ||||
Total investments in securities (Cost $556,559,097) | 101.87% | 688,077,974 | |||
Other assets and liabilities, net | (1.87) | (12,602,920) | |||
Total net assets | 100.00% | $675,475,054 |
† | 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 | $6,643,193 | $185,331,910 | $(171,618,292) | $0 | $0 | $ 20,356,811 | 20,356,811 | $ 2,410 | ||
Securities Lending Cash Investments LLC | 0 | 52,990,410 | (41,312,685) | 0 | 0 | 11,677,725 | 11,677,725 | 2,235 # | ||
$0 | $0 | $32,034,536 | $4,645 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $11,342,196 of securities loaned), at value (cost $524,524,561) | $ 656,043,438 |
Investments in affiliated securities, at value (cost $32,034,536) | 32,034,536 |
Receivable for Fund shares sold | 881,011 |
Receivable for dividends | 595,338 |
Receivable for investments sold | 115,665 |
Receivable for securities lending income, net | 2,269 |
Prepaid expenses and other assets | 64,531 |
Total assets | 689,736,788 |
Liabilities | |
Payable upon receipt of securities loaned | 11,677,725 |
Payable for investments purchased | 1,527,531 |
Payable for Fund shares redeemed | 486,254 |
Management fee payable | 446,006 |
Administration fees payable | 86,506 |
Trustees’ fees and expenses payable | 2,830 |
Distribution fee payable | 1,657 |
Accrued expenses and other liabilities | 33,225 |
Total liabilities | 14,261,734 |
Total net assets | $675,475,054 |
Net assets consist of | |
Paid-in capital | $ 534,757,952 |
Total distributable earnings | 140,717,102 |
Total net assets | $675,475,054 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 131,785,069 |
Shares outstanding – Class A1 | 2,943,400 |
Net asset value per share – Class A | $44.77 |
Maximum offering price per share – Class A2 | $47.50 |
Net assets – Class C | $ 2,602,089 |
Shares outstanding – Class C1 | 63,672 |
Net asset value per share – Class C | $40.87 |
Net assets – Class R6 | $ 22,262,761 |
Shares outstanding – Class R61 | 492,193 |
Net asset value per share – Class R6 | $45.23 |
Net assets – Administrator Class | $ 16,948,559 |
Shares outstanding – Administrator Class1 | 373,477 |
Net asset value per share – Administrator Class | $45.38 |
Net assets – Institutional Class | $ 501,876,576 |
Shares outstanding – Institutional Class1 | 11,102,169 |
Net asset value per share – Institutional Class | $45.21 |
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 $27,638) | $ 5,586,570 |
Income from affiliated securities | 6,048 |
Total investment income | 5,592,618 |
Expenses | |
Management fee | 2,646,914 |
Administration fees | |
Class A | 145,666 |
Class C | 3,688 |
Class R6 | 3,348 |
Administrator Class | 14,513 |
Institutional Class | 341,966 |
Shareholder servicing fees | |
Class A | 173,412 |
Class C | 4,388 |
Administrator Class | 27,819 |
Distribution fee | |
Class C | 13,147 |
Custody and accounting fees | 12,858 |
Professional fees | 22,960 |
Registration fees | 52,221 |
Shareholder report expenses | 41,043 |
Trustees’ fees and expenses | 10,683 |
Other fees and expenses | 6,999 |
Total expenses | 3,521,625 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (2,819) |
Class R6 | (1,590) |
Administrator Class | (1,324) |
Institutional Class | (35,853) |
Net expenses | 3,480,039 |
Net investment income | 2,112,579 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 23,748,311 |
Net change in unrealized gains (losses) on investments | (14,612,527) |
Net realized and unrealized gains (losses) on investments | 9,135,784 |
Net increase in net assets resulting from operations | $ 11,248,363 |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 2,112,579 | $ 1,931,547 | ||
Net realized gains on investments | 23,748,311 | 63,781,946 | ||
Net change in unrealized gains (losses) on investments | (14,612,527) | 119,031,625 | ||
Net increase in net assets resulting from operations | 11,248,363 | 184,745,118 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (12,663,809) | (227,113) | ||
Class C | (414,701) | 0 | ||
Class R6 | (2,090,622) | (81,410) | ||
Administrator Class | (2,175,381) | (56,758) | ||
Institutional Class | (48,137,552) | (1,735,542) | ||
Total distributions to shareholders | (65,482,065) | (2,100,823) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 63,484 | 2,985,901 | 266,477 | 11,903,917 |
Class C | 1,835 | 84,101 | 62,834 | 2,564,058 |
Class R6 | 45,887 | 2,139,621 | 174,904 | 8,622,402 |
Administrator Class | 29,068 | 1,377,378 | 94,814 | 4,369,994 |
Institutional Class | 2,755,517 | 128,482,456 | 4,488,272 | 206,320,931 |
135,069,457 | 233,781,302 | |||
Reinvestment of distributions | ||||
Class A | 268,854 | 12,251,625 | 5,249 | 219,839 |
Class C | 9,954 | 414,701 | 0 | 0 |
Class R6 | 35,855 | 1,655,325 | 1,185 | 50,016 |
Administrator Class | 46,879 | 2,165,321 | 1,331 | 56,369 |
Institutional Class | 1,041,927 | 48,045,059 | 41,072 | 1,733,252 |
64,532,031 | 2,059,476 | |||
Payment for shares redeemed | ||||
Class A | (251,055) | (11,739,331) | (459,731) | (20,683,839) |
Class C | (42,962) | (1,846,121) | (68,723) | (2,762,614) |
Class R6 | (35,761) | (1,693,288) | (79,525) | (3,851,168) |
Administrator Class | (224,982) | (10,709,959) | (254,333) | (11,616,949) |
Institutional Class | (3,204,720) | (148,440,069) | (3,100,252) | (134,469,367) |
(174,428,768) | (173,383,937) | |||
Net increase in net assets resulting from capital share transactions | 25,172,720 | 62,456,841 | ||
Total increase (decrease) in net assets | (29,060,982) | 245,101,136 | ||
Net assets | ||||
Beginning of period | 704,536,036 | 459,434,900 | ||
End of period | $ 675,475,054 | $ 704,536,036 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $48.43 | $34.40 | $39.67 | $37.88 | $35.07 | $29.27 |
Net investment income (loss) | 0.08 1 | 0.03 | 0.10 1 | 0.16 | 0.06 | (0.00) 1,2 |
Net realized and unrealized gains (losses) on investments | 0.75 | 14.08 | (4.21) | 1.69 | 2.75 | 5.82 |
Total from investment operations | 0.83 | 14.11 | (4.11) | 1.85 | 2.81 | 5.82 |
Distributions to shareholders from | ||||||
Net investment income | (0.04) | (0.08) | (0.15) | (0.06) | (0.00) 3 | (0.02) |
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (4.49) | (0.08) | (1.16) | (0.06) | (0.00) 3 | (0.02) |
Net asset value, end of period | $44.77 | $48.43 | $34.40 | $39.67 | $37.88 | $35.07 |
Total return4 | 1.54% | 41.04% | (10.81)% | 4.91% | 8.02% | 19.89% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.24% | 1.25% | 1.27% | 1.29% | 1.29% | 1.30% |
Net expenses | 1.24% | 1.24% | 1.25% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) | 0.32% | 0.05% | 0.29% | 0.43% | 0.16% | (0.00)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 47% | 45% | 42% | 39% | 54% |
Net assets, end of period (000s omitted) | $131,785 | $138,604 | $104,922 | $106,975 | $111,354 | $115,258 |
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 September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $44.70 | $31.94 | $36.98 | $35.51 | $33.12 | $27.83 |
Net investment loss | (0.09) 1 | (0.30) 1 | (0.16) 1 | (0.12) 1 | (0.20) 1 | (0.26) 1 |
Net realized and unrealized gains (losses) on investments | 0.71 | 13.06 | (3.87) | 1.59 | 2.59 | 5.55 |
Total from investment operations | 0.62 | 12.76 | (4.03) | 1.47 | 2.39 | 5.29 |
Distributions to shareholders from | ||||||
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $40.87 | $44.70 | $31.94 | $36.98 | $35.51 | $33.12 |
Total return2 | 1.19% | 39.98% | (11.32)% | 4.14% | 7.22% | 19.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.99% | 1.99% | 2.01% | 2.04% | 2.04% | 2.05% |
Net expenses | 1.99% | 1.99% | 2.00% | 2.00% | 2.00% | 2.00% |
Net investment loss | (0.43)% | (0.72)% | (0.47)% | (0.36)% | (0.59)% | (0.74)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 47% | 45% | 42% | 39% | 54% |
Net assets, end of period (000s omitted) | $2,602 | $4,240 | $3,217 | $4,592 | $8,371 | $8,567 |
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 September 30 | |||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 1 |
Net asset value, beginning of period | $48.97 | $34.77 | $40.06 | $38.27 | $37.39 |
Net investment income | 0.18 | 0.24 | 0.27 | 0.35 2 | 0.08 2 |
Net realized and unrealized gains (losses) on investments | 0.77 | 14.20 | (4.25) | 1.67 | 0.80 |
Total from investment operations | 0.95 | 14.44 | (3.98) | 2.02 | 0.88 |
Distributions to shareholders from | |||||
Net investment income | (0.24) | (0.24) | (0.30) | (0.23) | 0.00 |
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (4.69) | (0.24) | (1.31) | (0.23) | 0.00 |
Net asset value, end of period | $45.23 | $48.97 | $34.77 | $40.06 | $38.27 |
Total return3 | 1.79% | 41.66% | (10.42)% | 5.39% | 2.35% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.81% | 0.82% | 0.84% | 0.86% | 0.86% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income | 0.77% | 0.49% | 0.73% | 0.95% | 1.24% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $22,263 | $21,853 | $12,156 | $15,112 | $26 |
1 | For the period from July 31, 2018 (commencement of class operations) to September 30, 2018 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $49.03 | $34.80 | $40.14 | $38.35 | $35.52 | $29.63 |
Net investment income | 0.09 1 | 0.07 1 | 0.14 1 | 0.20 1 | 0.10 1 | 0.04 1 |
Net realized and unrealized gains (losses) on investments | 0.77 | 14.25 | (4.27) | 1.70 | 2.78 | 5.89 |
Total from investment operations | 0.86 | 14.32 | (4.13) | 1.90 | 2.88 | 5.93 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.09) | (0.20) | (0.11) | (0.05) | (0.04) |
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (4.51) | (0.09) | (1.21) | (0.11) | (0.05) | (0.04) |
Net asset value, end of period | $45.38 | $49.03 | $34.80 | $40.14 | $38.35 | $35.52 |
Total return2 | 1.59% | 41.19% | (10.74)% | 5.03% | 8.13% | 20.02% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.17% | 1.19% | 1.21% | 1.21% | 1.22% |
Net expenses | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Net investment income | 0.38% | 0.14% | 0.38% | 0.53% | 0.26% | 0.12% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 47% | 45% | 42% | 39% | 54% |
Net assets, end of period (000s omitted) | $16,949 | $25,617 | $23,691 | $24,036 | $20,960 | $21,267 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $48.93 | $34.74 | $40.04 | $38.26 | $35.41 | $29.53 |
Net investment income | 0.16 1 | 0.19 | 0.23 1 | 0.28 | 0.19 | 0.16 |
Net realized and unrealized gains (losses) on investments | 0.77 | 14.20 | (4.25) | 1.70 | 2.78 | 5.82 |
Total from investment operations | 0.93 | 14.39 | (4.02) | 1.98 | 2.97 | 5.98 |
Distributions to shareholders from | ||||||
Net investment income | (0.20) | (0.20) | (0.27) | (0.20) | (0.12) | (0.10) |
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (4.65) | (0.20) | (1.28) | (0.20) | (0.12) | (0.10) |
Net asset value, end of period | $45.21 | $48.93 | $34.74 | $40.04 | $38.26 | $35.41 |
Total return2 | 1.74% | 41.55% | (10.52)% | 5.29% | 8.41% | 20.30% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.91% | 0.92% | 0.94% | 0.96% | 0.96% | 0.97% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 0.67% | 0.39% | 0.64% | 0.79% | 0.56% | 0.37% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 47% | 45% | 42% | 39% | 54% |
Net assets, end of period (000s omitted) | $501,877 | $514,222 | $315,449 | $246,702 | $200,335 | $105,550 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $145,964,119 |
Gross unrealized losses | (9,966,015) |
Net unrealized gains | $135,998,104 |
■ | 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 | $ 28,808,375 | $0 | $0 | $ 28,808,375 |
Consumer discretionary | 114,916,364 | 0 | 0 | 114,916,364 |
Consumer staples | 17,658,446 | 0 | 0 | 17,658,446 |
Energy | 12,989,808 | 0 | 0 | 12,989,808 |
Financials | 168,169,241 | 0 | 0 | 168,169,241 |
Health care | 95,828,628 | 0 | 0 | 95,828,628 |
Industrials | 141,515,729 | 0 | 0 | 141,515,729 |
Information technology | 59,354,163 | 0 | 0 | 59,354,163 |
Utilities | 16,802,684 | 0 | 0 | 16,802,684 |
Short-term investments | ||||
Investment companies | 32,034,536 | 0 | 0 | 32,034,536 |
Total assets | $688,077,974 | $0 | $0 | $688,077,974 |
Average daily net assets | Management fee |
First $500 million | 0.750% |
Next $500 million | 0.725 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $5 billion | 0.640 |
Next $2 billion | 0.630 |
Next $4 billion | 0.620 |
Over $16 billion | 0.610 |
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 | 1.25% |
Class C | 2.00 |
Class R6 | 0.80 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $ 812,004 | $ (812,004) | $0 |
BNP Paribas Securities Corporation | 8,852,740 | (8,852,740) | 0 |
JPMorgan Securities LLC | 1,677,452 | (1,677,452) | 0 |
Shares voted “For” | 4,731,522 | |
Shares voted “Against” | 153,688 | |
Shares voted “Abstain” | 277,752 |
Shares voted “For” | 4,726,335 | |
Shares voted “Against” | 137,346 | |
Shares voted “Abstain” | 299,281 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g318579img37b706611.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g318579img570664dc5.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA228/SAR228 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342117img46d474d31.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342117img323a830b2.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342117imgb960dd083.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Christopher G. Miller, CFA®‡, Garth B. Newport, CFA®‡ |
Average annual total returns (%) as of March 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 (SCSAX) | 11-30-2000 | -1.85 | 9.14 | 10.14 | 4.13 | 10.44 | 10.79 | 1.25 | 1.25 | ||
Class C (STSAX) | 11-30-2000 | 2.40 | 9.69 | 10.00 | 3.40 | 9.69 | 10.00 | 2.00 | 2.00 | ||
Class R6 (SCSRX)3 | 6-28-2013 | – | – | – | 4.57 | 10.89 | 11.26 | 0.82 | 0.82 | ||
Administrator Class (SCSDX) | 7-30-2010 | – | – | – | 4.28 | 10.98 | 11.15 | 1.17 | 1.10 | ||
Institutional Class (SCNSX) | 7-30-2010 | – | – | – | 4.50 | 10.87 | 11.22 | 0.92 | 0.85 | ||
Russell 2500™ Index4 | – | – | – | – | 0.34 | 11.57 | 12.09 | – | – |
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 January 31, 2023, 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, 0.83% for Class R6, 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 | 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 2500TM Index measures the performance of the 2,500 smallest companies in the Russell 3000® Index, which represents approximately 16% 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 March 31, 20221 | |
Carlisle Companies Incorporated | 2.25 |
Sun Communities Incorporated | 2.04 |
ON Semiconductor Corporation | 2.00 |
Atkore Incorporated | 2.00 |
LivaNova plc | 1.96 |
Zendesk Incorporated | 1.95 |
Bio-Rad Laboratories Incorporated Class A | 1.90 |
Arch Capital Group Limited | 1.79 |
Revolve Group Incorporated | 1.78 |
Ashland Global Holdings Incorporated | 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 March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342117img35c391d74.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 985.91 | $6.09 | 1.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.80 | $6.19 | 1.23% |
Class C | ||||
Actual | $1,000.00 | $ 983.09 | $9.34 | 1.89% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.51 | $9.50 | 1.89% |
Class R6 | ||||
Actual | $1,000.00 | $ 987.91 | $4.06 | 0.82% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.84 | $4.13 | 0.82% |
Administrator Class | ||||
Actual | $1,000.00 | $ 986.64 | $5.45 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.45 | $5.54 | 1.10% |
Institutional Class | ||||
Actual | $1,000.00 | $ 987.82 | $4.21 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Shares | Value | ||||
Common stocks: 97.79% | |||||
Communication services: 0.76% | |||||
Interactive media & services: 0.76% | |||||
Bumble Incorporated Class A † | 265,037 | $ 7,680,772 | |||
Consumer discretionary: 11.75% | |||||
Auto components: 1.22% | |||||
Dana Incorporated | 704,481 | 12,377,731 | |||
Diversified consumer services: 0.69% | |||||
Service Corporation International | 106,752 | 7,026,417 | |||
Hotels, restaurants & leisure: 1.33% | |||||
Planet Fitness Incorporated Class A † | 159,586 | 13,481,825 | |||
Household durables: 0.97% | |||||
Mohawk Industries Incorporated † | 79,270 | 9,845,334 | |||
Internet & direct marketing retail: 2.36% | |||||
Revolve Group Incorporated † | 335,822 | 18,030,283 | |||
The RealReal Incorporated † | 813,632 | 5,906,968 | |||
23,937,251 | |||||
Specialty retail: 4.21% | |||||
Burlington Stores Incorporated † | 64,089 | 11,675,093 | |||
National Vision Holdings Incorporated † | 244,241 | 10,641,580 | |||
Tractor Supply Company | 27,298 | 6,370,534 | |||
Ulta Beauty Incorporated † | 35,445 | 14,114,908 | |||
42,802,115 | |||||
Textiles, apparel & luxury goods: 0.97% | |||||
Deckers Outdoor Corporation † | 36,108 | 9,885,287 | |||
Consumer staples: 3.82% | |||||
Food products: 1.27% | |||||
Nomad Foods Limited † | 570,091 | 12,872,655 | |||
Household products: 1.07% | |||||
Church & Dwight Company Incorporated | 109,259 | 10,858,159 | |||
Personal products: 1.48% | |||||
e.l.f. Beauty Incorporated † | 425,515 | 10,991,052 | |||
The Honest Company Incorporated † | 786,472 | 4,097,519 | |||
15,088,571 | |||||
Financials: 10.72% | |||||
Banks: 2.28% | |||||
Pinnacle Financial Partners Incorporated | 106,790 | 9,833,223 | |||
Webster Financial Corporation | 237,642 | 13,336,469 | |||
23,169,692 |
Shares | Value | ||||
Capital markets: 2.06% | |||||
Cboe Global Markets Incorporated | 98,455 | $ 11,265,221 | |||
Raymond James Financial Incorporated | 87,409 | 9,607,123 | |||
20,872,344 | |||||
Insurance: 5.49% | |||||
Arch Capital Group Limited † | 375,120 | 18,163,310 | |||
Axis Capital Holdings Limited | 272,255 | 16,463,260 | |||
CNO Financial Group Incorporated | 330,097 | 8,282,134 | |||
Reinsurance Group of America Incorporated | 117,753 | 12,889,243 | |||
55,797,947 | |||||
Thrifts & mortgage finance: 0.89% | |||||
Essent Group Limited | 218,932 | 9,022,188 | |||
Health care: 12.06% | |||||
Biotechnology: 0.54% | |||||
Neurocrine Biosciences Incorporated † | 42,910 | 4,022,813 | |||
Sage Therapeutics Incorporated † | 45,524 | 1,506,844 | |||
5,529,657 | |||||
Health care equipment & supplies: 4.02% | |||||
Haemonetics Corporation † | 134,979 | 8,533,372 | |||
Integer Holdings Corporation † | 154,138 | 12,418,899 | |||
LivaNova plc † | 242,436 | 19,838,538 | |||
40,790,809 | |||||
Health care providers & services: 3.11% | |||||
HealthEquity Incorporated † | 233,893 | 15,773,744 | |||
Humana Incorporated | 36,270 | 15,783,616 | |||
31,557,360 | |||||
Health care technology: 0.49% | |||||
Schrodinger Incorporated † | 145,640 | 4,969,237 | |||
Life sciences tools & services: 3.90% | |||||
Azenta Incorporated | 121,517 | 10,071,329 | |||
Bio-Rad Laboratories Incorporated Class A † | 34,251 | 19,291,191 | |||
Codexis Incorporated † | 159,484 | 3,288,560 | |||
Sotera Health Company † | 322,802 | 6,991,891 | |||
39,642,971 | |||||
Industrials: 24.10% | |||||
Aerospace & defense: 1.47% | |||||
MTU Aero Engines AG | 64,631 | 14,947,853 | |||
Building products: 8.05% | |||||
Advanced Drainage Systems Incorporated | 76,730 | 9,116,291 | |||
Armstrong World Industries Incorporated | 176,397 | 15,877,494 | |||
Carlisle Companies Incorporated | 92,912 | 22,848,919 | |||
Masonite International Corporation † | 187,716 | 16,695,461 | |||
Tecnoglass Incorporated « | 288,842 | 7,290,372 | |||
The AZEK Company Incorporated † | 402,128 | 9,988,860 | |||
81,817,397 |
Shares | Value | ||||
Commercial services & supplies: 3.33% | |||||
IAA Incorporated † | 344,176 | $ 13,164,732 | |||
Republic Services Incorporated | 88,077 | 11,670,203 | |||
Stericycle Incorporated † | 152,898 | 9,008,750 | |||
33,843,685 | |||||
Construction & engineering: 0.97% | |||||
APi Group Corporation † | 466,714 | 9,814,995 | |||
Electrical equipment: 4.13% | |||||
Atkore Incorporated † | 206,635 | 20,341,149 | |||
Regal Rexnord Corporation | 83,388 | 12,406,467 | |||
Sensata Technologies Holding plc † | 180,807 | 9,194,036 | |||
41,941,652 | |||||
Machinery: 1.19% | |||||
Ingersoll Rand Incorporated | 240,641 | 12,116,274 | |||
Professional services: 2.19% | |||||
Booz Allen Hamilton Holding Corporation | 130,408 | 11,455,039 | |||
Dun & Bradstreet Holdings Incorporated † | 613,523 | 10,748,923 | |||
22,203,962 | |||||
Trading companies & distributors: 2.77% | |||||
Air Lease Corporation | 278,890 | 12,452,439 | |||
United Rentals Incorporated † | 44,260 | 15,721,595 | |||
28,174,034 | |||||
Information technology: 19.30% | |||||
Electronic equipment, instruments & components: 1.64% | |||||
Teledyne Technologies Incorporated † | 35,253 | 16,661,625 | |||
IT services: 2.16% | |||||
EVO Payments Incorporated Class A † | 552,075 | 12,747,412 | |||
Genpact Limited | 210,992 | 9,180,262 | |||
21,927,674 | |||||
Semiconductors & semiconductor equipment: 3.53% | |||||
Marvell Technology Incorporated | 217,238 | 15,578,137 | |||
ON Semiconductor Corporation † | 325,087 | 20,353,697 | |||
35,931,834 | |||||
Software: 11.97% | |||||
8x8 Incorporated † | 576,159 | 7,253,842 | |||
Black Knight Incorporated † | 214,440 | 12,435,376 | |||
Fair Isaac Corporation † | 27,827 | 12,980,182 | |||
Instructure Holdings Incorporated †« | 529,310 | 10,617,959 | |||
New Relic Incorporated † | 92,412 | 6,180,515 | |||
Pagerduty Incorporated † | 467,613 | 15,987,688 | |||
Q2 Holdings Incorporated † | 201,695 | 12,434,497 | |||
Riskified Limited Class A †« | 295,571 | 1,785,249 | |||
SPS Commerce Incorporated † | 81,754 | 10,726,125 | |||
WalkMe Limited †« | 754,376 | 11,383,534 | |||
Zendesk Incorporated † | 164,571 | 19,796,246 | |||
121,581,213 |
Shares | Value | ||||
Materials: 7.23% | |||||
Chemicals: 4.41% | |||||
Ashland Global Holdings Incorporated | 179,218 | $ 17,636,843 | |||
Quaker Chemical Corporation | 58,315 | 10,077,415 | |||
Westlake Chemical Corporation | 138,864 | 17,135,818 | |||
44,850,076 | |||||
Containers & packaging: 1.19% | |||||
Crown Holdings Incorporated | 96,373 | 12,055,299 | |||
Metals & mining: 1.63% | |||||
Steel Dynamics Incorporated | 198,483 | 16,559,437 | |||
Real estate: 8.05% | |||||
Equity REITs: 8.05% | |||||
American Homes 4 Rent Class A | 387,567 | 15,514,307 | |||
Life Storage Incorporated | 83,024 | 11,659,060 | |||
SBA Communications Corporation | 48,243 | 16,600,416 | |||
Sun Communities Incorporated | 118,168 | 20,713,669 | |||
VICI Properties Incorporated | 609,531 | 17,347,252 | |||
81,834,704 | |||||
Total Common stocks (Cost $744,556,690) | 993,470,036 |
Investment companies: 1.01% | |||||
Exchange-traded funds: 1.01% | |||||
SPDR S&P Biotech ETF « | 113,777 | 10,226,277 | |||
Total Investment companies (Cost $8,327,059) | 10,226,277 |
Yield | |||||
Short-term investments: 3.36% | |||||
Investment companies: 3.36% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18% | 14,115,888 | 14,115,888 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 20,024,943 | 20,024,943 | ||
Total Short-term investments (Cost $34,140,831) | 34,140,831 | ||||
Total investments in securities (Cost $787,024,580) | 102.16% | 1,037,837,144 | |||
Other assets and liabilities, net | (2.16) | (21,967,554) | |||
Total net assets | 100.00% | $1,015,869,590 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the 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 | $9,767,019 | $135,899,747 | $(131,550,878) | $0 | $0 | $ 14,115,888 | 14,115,888 | $ 1,995 | ||
Securities Lending Cash Investments LLC | 9,154,560 | 181,454,772 | (170,584,389) | 0 | 0 | 20,024,943 | 20,024,943 | 11,880 # | ||
$0 | $0 | $34,140,831 | $13,875 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $19,597,193 of securities loaned), at value (cost $752,883,749) | $ 1,003,696,313 |
Investments in affiliated securities, at value (cost $34,140,831) | 34,140,831 |
Cash | 430 |
Receivable for dividends | 697,403 |
Receivable for Fund shares sold | 55,841 |
Receivable for securities lending income, net | 9,220 |
Prepaid expenses and other assets | 31,155 |
Total assets | 1,038,631,193 |
Liabilities | |
Payable upon receipt of securities loaned | 20,024,943 |
Payable for investments purchased | 1,347,859 |
Management fee payable | 649,067 |
Payable for Fund shares redeemed | 218,731 |
Administration fees payable | 165,820 |
Trustees’ fees and expenses payable | 2,935 |
Distribution fee payable | 461 |
Accrued expenses and other liabilities | 351,787 |
Total liabilities | 22,761,603 |
Total net assets | $1,015,869,590 |
Net assets consist of | |
Paid-in capital | $ 704,633,393 |
Total distributable earnings | 311,236,197 |
Total net assets | $1,015,869,590 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 879,671,783 |
Shares outstanding – Class A1 | 43,716,708 |
Net asset value per share – Class A | $20.12 |
Maximum offering price per share – Class A2 | $21.35 |
Net assets – Class C | $ 1,803,952 |
Shares outstanding – Class C1 | 161,064 |
Net asset value per share – Class C | $11.20 |
Net assets – Class R6 | $ 36,363,419 |
Shares outstanding – Class R61 | 1,646,068 |
Net asset value per share – Class R6 | $22.09 |
Net assets – Administrator Class | $ 2,420,440 |
Shares outstanding – Administrator Class1 | 113,687 |
Net asset value per share – Administrator Class | $21.29 |
Net assets – Institutional Class | $ 95,609,996 |
Shares outstanding – Institutional Class1 | 4,349,740 |
Net asset value per share – Institutional Class | $21.98 |
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 | $ 3,570,943 |
Income from affiliated securities | 97,989 |
Total investment income | 3,668,932 |
Expenses | |
Management fee | 4,137,358 |
Administration fees | |
Class A | 981,121 |
Class C | 2,163 |
Class R6 | 5,399 |
Administrator Class | 1,813 |
Institutional Class | 65,139 |
Shareholder servicing fees | |
Class A | 1,168,001 |
Class C | 2,569 |
Administrator Class | 3,479 |
Distribution fee | |
Class C | 6,622 |
Custody and accounting fees | 25,492 |
Professional fees | 26,683 |
Registration fees | 32,369 |
Shareholder report expenses | 20,904 |
Trustees’ fees and expenses | 10,838 |
Other fees and expenses | 4,797 |
Total expenses | 6,494,747 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (103,567) |
Class C | (34) |
Class R6 | (59) |
Administrator Class | (996) |
Institutional Class | (36,161) |
Net expenses | 6,353,930 |
Net investment loss | (2,684,998) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 94,481,120 |
Net change in unrealized gains (losses) on investments | (104,820,801) |
Net realized and unrealized gains (losses) on investments | (10,339,681) |
Net decrease in net assets resulting from operations | $ (13,024,679) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (2,684,998) | $ (4,802,352) | ||
Net realized gains on investments | 94,481,120 | 203,359,423 | ||
Net change in unrealized gains (losses) on investments | (104,820,801) | 163,798,610 | ||
Net increase (decrease) in net assets resulting from operations | (13,024,679) | 362,355,681 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (161,912,122) | (41,250,405) | ||
Class C | (554,558) | (198,543) | ||
Class R6 | (5,673,249) | (1,470,087) | ||
Administrator Class | (470,882) | (144,145) | ||
Institutional Class | (16,369,856) | (4,334,480) | ||
Total distributions to shareholders | (184,980,667) | (47,397,660) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 328,446 | 7,129,652 | 498,107 | 11,395,288 |
Class C | 4,800 | 59,277 | 17,699 | 254,296 |
Class R6 | 163,145 | 3,708,883 | 256,338 | 6,353,621 |
Administrator Class | 4,268 | 101,939 | 33,690 | 750,889 |
Institutional Class | 410,374 | 10,185,668 | 612,736 | 14,909,575 |
21,185,419 | 33,663,669 | |||
Reinvestment of distributions | ||||
Class A | 7,213,373 | 154,077,650 | 1,909,343 | 39,351,568 |
Class C | 44,905 | 534,818 | 14,844 | 194,453 |
Class R6 | 240,353 | 5,629,071 | 65,677 | 1,456,720 |
Administrator Class | 18,524 | 418,464 | 6,031 | 130,085 |
Institutional Class | 699,847 | 16,313,433 | 189,157 | 4,178,481 |
176,973,436 | 45,311,307 | |||
Payment for shares redeemed | ||||
Class A | (2,478,374) | (53,458,827) | (4,162,369) | (93,186,950) |
Class C | (44,250) | (628,014) | (135,039) | (1,857,466) |
Class R6 | (93,437) | (2,233,749) | (427,869) | (10,640,310) |
Administrator Class | (22,964) | (524,513) | (45,790) | (1,112,388) |
Institutional Class | (494,775) | (11,642,311) | (3,682,134) | (84,645,028) |
(68,487,414) | (191,442,142) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 129,671,441 | (112,467,166) | ||
Total increase (decrease) in net assets | (68,333,905) | 202,490,855 | ||
Net assets | ||||
Beginning of period | 1,084,203,495 | 881,712,640 | ||
End of period | $1,015,869,590 | $1,084,203,495 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $24.46 | $17.88 | $21.07 | $24.58 | $24.06 | $21.50 |
Net investment loss | (0.06) | (0.12) | (0.03) | (0.01) | (0.04) | (0.09) |
Net realized and unrealized gains (losses) on investments | (0.04) | 7.75 | (0.52) | (0.20) | 3.10 | 3.48 |
Total from investment operations | (0.10) | 7.63 | (0.55) | (0.21) | 3.06 | 3.39 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) | (0.83) |
Total distributions to shareholders | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) | (0.83) |
Net asset value, end of period | $20.12 | $24.46 | $17.88 | $21.07 | $24.58 | $24.06 |
Total return2 | (1.41)% | 43.77% | (3.48)% | 0.91% | 13.62% | 16.10% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.25% | 1.25% | 1.27% | 1.26% | 1.25% | 1.25% |
Net expenses | 1.23% | 1.23% | 1.23% | 1.26% | 1.25% | 1.25% |
Net investment loss | (0.55)% | (0.50)% | (0.14)% | (0.03)% | (0.18)% | (0.38)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 48% | 61% | 40% | 33% | 35% |
Net assets, end of period (000s omitted) | $879,672 | $945,399 | $722,547 | $870,369 | $971,731 | $942,596 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $15.45 | $11.70 | $14.72 | $18.40 | $18.75 | $17.04 |
Net investment loss | (0.08) 1 | (0.18) 1 | (0.11) 1 | (0.11) 1 | (0.17) 1 | (0.20) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.05 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.07 | 4.98 | (0.32) | (0.27) | 2.36 | 2.74 |
Total from investment operations | (0.01) | 4.80 | (0.38) | (0.38) | 2.19 | 2.54 |
Distributions to shareholders from | ||||||
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) | (0.83) |
Net asset value, end of period | $11.20 | $15.45 | $11.70 | $14.72 | $18.40 | $18.75 |
Total return2 | (1.69)% | 42.64% | (3.88)% 3 | 0.17% | 12.74% | 15.29% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.89% | 1.99% | 2.01% | 2.01% | 2.00% | 2.00% |
Net expenses | 1.89% | 1.99% | 2.01% | 2.01% | 2.00% | 2.00% |
Net investment loss | (1.22)% | (1.26)% | (0.92)% | (0.78)% | (0.94)% | (1.14)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 48% | 61% | 40% | 33% | 35% |
Net assets, end of period (000s omitted) | $1,804 | $2,405 | $3,020 | $7,925 | $16,541 | $18,978 |
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 September 30, 2020, the Fund received a payment from an affiliate which had a 0.39% impact on the total return. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $26.41 | $19.16 | $22.39 | $25.80 | $25.03 | $22.25 |
Net investment income (loss) | (0.02) 1 | (0.02) 1 | 0.05 1 | 0.09 1 | 0.05 1 | 0.01 |
Net realized and unrealized gains (losses) on investments | (0.06) | 8.32 | (0.56) | (0.20) | 3.26 | 3.60 |
Total from investment operations | (0.08) | 8.30 | (0.51) | (0.11) | 3.31 | 3.61 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.08) | 0.00 | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) | (0.83) |
Total distributions to shareholders | (4.24) | (1.05) | (2.72) | (3.30) | (2.54) | (0.83) |
Net asset value, end of period | $22.09 | $26.41 | $19.16 | $22.39 | $25.80 | $25.03 |
Total return2 | (1.21)% | 44.37% | (3.10)% | 1.31% | 14.12% | 16.56% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.82% | 0.82% | 0.84% | 0.83% | 0.82% | 0.82% |
Net expenses | 0.82% | 0.82% | 0.83% | 0.83% | 0.82% | 0.82% |
Net investment income (loss) | (0.13)% | (0.09)% | 0.27% | 0.40% | 0.20% | 0.05% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 48% | 61% | 40% | 33% | 35% |
Net assets, end of period (000s omitted) | $36,363 | $35,280 | $27,628 | $36,069 | $36,477 | $115,641 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $25.63 | $18.67 | $21.56 | $25.04 | $24.42 | $21.78 |
Net investment income (loss) | (0.05) | (0.09) 1 | 0.00 1,2 | 0.03 | (0.01) 1 | (0.06) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.32 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (0.05) | 8.10 | (0.54) | (0.21) | 3.17 | 3.53 |
Total from investment operations | (0.10) | 8.01 | (0.22) | (0.18) | 3.16 | 3.47 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) | (0.83) |
Total distributions to shareholders | (4.24) | (1.05) | (2.67) | (3.30) | (2.54) | (0.83) |
Net asset value, end of period | $21.29 | $25.63 | $18.67 | $21.56 | $25.04 | $24.42 |
Total return3 | (1.34)% | 43.96% | (1.68)% 4 | 1.03% | 13.84% | 16.26% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.17% | 1.17% | 1.17% | 1.18% | 1.17% | 1.17% |
Net expenses | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment income (loss) | (0.43)% | (0.36)% | 0.01% | 0.14% | (0.04)% | (0.27)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 48% | 61% | 40% | 33% | 35% |
Net assets, end of period (000s omitted) | $2,420 | $2,918 | $2,239 | $3,572 | $6,141 | $6,336 |
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 September 30, 2020, the Fund received a payment from an affiliate which had a 1.69% impact on the total return. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $26.30 | $19.09 | $22.32 | $25.73 | $24.97 | $22.20 |
Net investment income (loss) | (0.02) 1 | (0.03) 1 | 0.05 1 | 0.08 1 | 0.05 1 | 0.00 1,2 |
Net realized and unrealized gains (losses) on investments | (0.06) | 8.29 | (0.56) | (0.19) | 3.25 | 3.60 |
Total from investment operations | (0.08) | 8.26 | (0.51) | (0.11) | 3.30 | 3.60 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.08) | 0.00 | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) | (0.83) |
Total distributions to shareholders | (4.24) | (1.05) | (2.72) | (3.30) | (2.54) | (0.83) |
Net asset value, end of period | $21.98 | $26.30 | $19.09 | $22.32 | $25.73 | $24.97 |
Total return3 | (1.22)% | 44.32% | (3.13)% | 1.31% | 14.12% | 16.55% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.92% | 0.92% | 0.94% | 0.93% | 0.92% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income (loss) | (0.16)% | (0.14)% | 0.24% | 0.37% | 0.21% | 0.02% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 48% | 61% | 40% | 33% | 35% |
Net assets, end of period (000s omitted) | $95,610 | $98,202 | $126,279 | $159,426 | $172,197 | $167,552 |
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 | $308,335,128 |
Gross unrealized losses | (60,346,288) |
Net unrealized gains | $247,988,840 |
■ | 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 | $ 7,680,772 | $ 0 | $0 | $ 7,680,772 |
Consumer discretionary | 119,355,960 | 0 | 0 | 119,355,960 |
Consumer staples | 38,819,385 | 0 | 0 | 38,819,385 |
Financials | 108,862,171 | 0 | 0 | 108,862,171 |
Health care | 122,490,034 | 0 | 0 | 122,490,034 |
Industrials | 229,911,999 | 14,947,853 | 0 | 244,859,852 |
Information technology | 196,102,346 | 0 | 0 | 196,102,346 |
Materials | 73,464,812 | 0 | 0 | 73,464,812 |
Real estate | 81,834,704 | 0 | 0 | 81,834,704 |
Investment companies | 10,226,277 | 0 | 0 | 10,226,277 |
Short-term investments | ||||
Investment companies | 34,140,831 | 0 | 0 | 34,140,831 |
Total assets | $1,022,889,291 | $14,947,853 | $0 | $1,037,837,144 |
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 $5 billion | 0.640 |
Over $10 billion | 0.630 |
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 | 1.26% |
Class C | 2.01 |
Class R6 | 0.83 |
Administrator Class | 1.10 |
Institutional Class | 0.85 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 2,087,966 | $ (2,087,966) | $0 |
Barclays Capital Incorporated | 1,068,473 | (1,068,473) | 0 |
Citigroup Global Markets Incorporated | 4,075,807 | (4,075,807) | 0 |
JPMorgan Securities LLC | 10,739,136 | (10,739,136) | 0 |
National Financial Services LLC | 1,625,811 | (1,625,811) | 0 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g342117img46d474d31.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342117img9b21b61f5.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA229/SAR229 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g332178img3cc156ef1.jpg)
Discovery SMID Cap Growth Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g332178img1b4d8c722.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g332178imgd578e64d3.jpg)
President
Allspring Funds
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 March 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 (WFDAX) | 7-31-2007 | -22.93 | 12.28 | 11.34 | -18.23 | 13.61 | 12.00 | 1.19 | 1.19 | ||
Class C (WDSCX) | 7-31-2007 | -19.81 | 12.78 | 11.17 | -18.81 | 12.78 | 11.17 | 1.94 | 1.94 | ||
Class R6 (WFDRX)3 | 6-28-2013 | – | – | – | -17.88 | 14.11 | 12.48 | 0.76 | 0.76 | ||
Administrator Class (WFDDX) | 4-8-2005 | – | – | – | -18.16 | 13.71 | 12.11 | 1.11 | 1.11 | ||
Institutional Class (WFDSX) | 8-31-2006 | – | – | – | -17.97 | 13.98 | 12.39 | 0.86 | 0.86 | ||
Russell 2500™ Growth Index4 | – | – | – | – | -10.12 | 13.22 | 12.69 | – | – |
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 January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.22% for Class A, 1.97% for Class C, 0.79% for Class R6, 1.14% for Administrator Class, and 0.89% 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 2500® Growth Index measures the performance of those Russell 2500 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 March 31, 20221 | |
MongoDB Incorporated | 3.87 |
Bill.com Holdings Incorporated | 3.24 |
Teledyne Technologies Incorporated | 2.97 |
Enphase Energy Incorporated | 2.49 |
Shockwave Medical Incorporated | 2.48 |
Globant SA | 2.47 |
Rexford Industrial Realty Incorporated | 2.42 |
Five9 Incorporated | 2.26 |
Inari Medical Incorporated | 2.24 |
Casella Waste Systems Incorporated Class A | 2.19 |
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 March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g332178img5b3982664.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 770.85 | $5.25 | 1.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.00 | $5.99 | 1.19% |
Class C | ||||
Actual | $1,000.00 | $ 768.25 | $8.55 | 1.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.26 | $9.75 | 1.94% |
Class R6 | ||||
Actual | $1,000.00 | $ 772.59 | $3.40 | 0.77% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.09 | $3.88 | 0.77% |
Administrator Class | ||||
Actual | $1,000.00 | $ 771.12 | $4.86 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.45 | $5.54 | 1.10% |
Institutional Class | ||||
Actual | $1,000.00 | $ 771.98 | $3.84 | 0.87% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.59 | $4.38 | 0.87% |
Shares | Value | ||||
Common stocks: 97.42% | |||||
Communication services: 6.44% | |||||
Entertainment: 1.88% | |||||
Roku Incorporated † | 84,700 | $ 10,610,369 | |||
Warner Music Group Corporation Class A | 692,100 | 26,195,985 | |||
36,806,354 | |||||
Interactive media & services: 4.56% | |||||
Bumble Incorporated Class A † | 816,863 | 23,672,690 | |||
IAC/InterActiveCorp | 247,315 | 24,800,748 | |||
ZoomInfo Technologies Incorporated † | 685,457 | 40,949,201 | |||
89,422,639 | |||||
Consumer discretionary: 11.04% | |||||
Diversified consumer services: 1.17% | |||||
Mister Car Wash Incorporated † | 1,544,766 | 22,847,089 | |||
Hotels, restaurants & leisure: 2.95% | |||||
Chipotle Mexican Grill Incorporated † | 25,021 | 39,583,973 | |||
Domino's Pizza Incorporated | 44,746 | 18,212,069 | |||
57,796,042 | |||||
Internet & direct marketing retail: 4.37% | |||||
Etsy Incorporated † | 113,018 | 14,045,877 | |||
Global-E Online Limited † | 899,300 | 30,378,354 | |||
MercadoLibre Incorporated † | 34,632 | 41,194,071 | |||
85,618,302 | |||||
Leisure products: 1.58% | |||||
Callaway Golf Company † | 1,323,591 | 30,998,501 | |||
Textiles, apparel & luxury goods: 0.97% | |||||
On Holding AG Class A †« | 754,500 | 19,043,580 | |||
Financials: 3.82% | |||||
Banks: 1.22% | |||||
Silvergate Capital Corporation Class A † | 158,995 | 23,939,877 | |||
Capital markets: 1.33% | |||||
MarketAxess Holdings Incorporated | 76,610 | 26,062,722 | |||
Insurance: 1.27% | |||||
Goosehead Insurance Incorporated Class A | 315,646 | 24,800,306 | |||
Health care: 26.56% | |||||
Biotechnology: 2.87% | |||||
Ascendis Pharma AS ADR † | 119,147 | 13,983,092 | |||
CRISPR Therapeutics AG † | 124,916 | 7,840,977 | |||
Mirati Therapeutics Incorporated † | 115,284 | 9,478,650 | |||
ORIC Pharmaceuticals Incorporated † | 445,032 | 2,376,471 | |||
Sarepta Therapeutics Incorporated † | 101,300 | 7,913,556 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Turning Point Therapeutics Incorporated † | 243,546 | $ 6,539,210 | |||
Zentalis Pharmaceuticals Incorporated † | 174,926 | 8,071,086 | |||
56,203,042 | |||||
Health care equipment & supplies: 11.62% | |||||
ABIOMED Incorporated † | 75,844 | 25,122,567 | |||
DexCom Incorporated † | 81,139 | 41,510,712 | |||
Heska Corporation † | 127,839 | 17,677,577 | |||
ICU Medical Incorporated † | 86,000 | 19,147,040 | |||
Inari Medical Incorporated † | 484,240 | 43,891,514 | |||
Insulet Corporation † | 119,606 | 31,861,842 | |||
Shockwave Medical Incorporated † | 234,165 | 48,556,454 | |||
227,767,706 | |||||
Health care providers & services: 3.26% | |||||
Amedisys Incorporated † | 197,253 | 33,984,719 | |||
Option Care Health Incorporated † | 1,046,409 | 29,885,441 | |||
63,870,160 | |||||
Health care technology: 2.76% | |||||
Doximity Incorporated Class A † | 353,460 | 18,411,731 | |||
Inspire Medical Systems Incorporated † | 138,800 | 35,628,572 | |||
54,040,303 | |||||
Life sciences tools & services: 6.05% | |||||
10x Genomics Incorporated Class A † | 286,786 | 21,815,816 | |||
Azenta Incorporated | 390,000 | 32,323,200 | |||
Bio-Rad Laboratories Incorporated Class A † | 47,033 | 26,490,397 | |||
Bio-Techne Corporation | 87,700 | 37,977,608 | |||
118,607,021 | |||||
Industrials: 13.89% | |||||
Aerospace & defense: 2.09% | |||||
Axon Enterprise Incorporated † | 297,358 | 40,955,117 | |||
Building products: 2.60% | |||||
Advanced Drainage Systems Incorporated | 276,200 | 32,815,322 | |||
Trex Company Incorporated † | 277,468 | 18,126,984 | |||
50,942,306 | |||||
Commercial services & supplies: 2.19% | |||||
Casella Waste Systems Incorporated Class A † | 489,266 | 42,884,165 | |||
Electrical equipment: 1.98% | |||||
Generac Holdings Incorporated † | 130,801 | 38,881,905 | |||
Professional services: 1.22% | |||||
Clarivate plc † | 1,424,063 | 23,867,296 | |||
Road & rail: 1.90% | |||||
Saia Incorporated † | 152,748 | 37,243,017 | |||
Trading companies & distributors: 1.91% | |||||
SiteOne Landscape Supply Incorporated † | 231,557 | 37,440,451 |
Shares | Value | ||||
Information technology: 32.48% | |||||
Electronic equipment, instruments & components: 6.68% | |||||
Cognex Corporation | 469,098 | $ 36,190,911 | |||
Novanta Incorporated † | 256,694 | 36,524,989 | |||
Teledyne Technologies Incorporated † | 123,272 | 58,262,045 | |||
130,977,945 | |||||
IT services: 9.32% | |||||
Globant SA † | 184,545 | 48,363,708 | |||
Marqeta Incorporated † | 1,107,200 | 12,223,488 | |||
MongoDB Incorporated † | 170,963 | 75,837,477 | |||
StoneCo Limited Class A † | 794,595 | 9,296,762 | |||
WNS Holdings Limited ADR † | 432,023 | 36,933,646 | |||
182,655,081 | |||||
Semiconductors & semiconductor equipment: 4.41% | |||||
Enphase Energy Incorporated † | 241,276 | 48,684,671 | |||
Impinj Incorporated † | 291,100 | 18,496,494 | |||
MKS Instruments Incorporated | 127,497 | 19,124,550 | |||
86,305,715 | |||||
Software: 12.07% | |||||
Bill.com Holdings Incorporated † | 279,514 | 63,390,980 | |||
Black Knight Incorporated † | 434,095 | 25,173,169 | |||
Crowdstrike Holdings Incorporated Class A † | 183,054 | 41,567,902 | |||
Five9 Incorporated † | 401,006 | 44,271,062 | |||
HubSpot Incorporated † | 53,100 | 25,219,314 | |||
Lightspeed Commerce Incorporated † | 557,819 | 16,996,745 | |||
Olo Incorporated Class A † | 1,492,751 | 19,778,951 | |||
236,398,123 | |||||
Real estate: 3.19% | |||||
Equity REITs: 3.19% | |||||
Equity Lifestyle Properties Incorporated | 197,400 | 15,097,152 | |||
Rexford Industrial Realty Incorporated | 634,765 | 47,347,121 | |||
62,444,273 | |||||
Total Common stocks (Cost $1,577,514,974) | 1,908,819,038 |
Yield | |||||
Short-term investments: 3.82% | |||||
Investment companies: 3.82% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18% | 55,676,568 | 55,676,568 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 19,210,340 | 19,210,340 | ||
Total Short-term investments (Cost $74,886,908) | 74,886,908 | ||||
Total investments in securities (Cost $1,652,401,882) | 101.24% | 1,983,705,946 | |||
Other assets and liabilities, net | (1.24) | (24,291,524) | |||
Total net assets | 100.00% | $1,959,414,422 |
† | 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: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $47,190,964 | $421,206,142 | $(412,720,538) | $0 | $0 | $ 55,676,568 | 55,676,568 | $ 6,876 | ||
Securities Lending Cash Investments LLC | 40,586,150 | 268,594,797 | (289,970,607) | 0 | 0 | 19,210,340 | 19,210,340 | 14,437 # | ||
$0 | $0 | $74,886,908 | $21,313 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $18,799,041 of securities loaned), at value (cost $1,577,514,974) | $ 1,908,819,038 |
Investments in affiliated securities, at value (cost $74,886,908) | 74,886,908 |
Receivable for investments sold | 7,533,649 |
Receivable for Fund shares sold | 2,274,814 |
Receivable for dividends | 203,139 |
Receivable for securities lending income, net | 17,511 |
Total assets | 1,993,735,059 |
Liabilities | |
Payable upon receipt of securities loaned | 19,210,340 |
Payable for investments purchased | 11,398,844 |
Payable for Fund shares redeemed | 1,903,709 |
Management fee payable | 1,189,566 |
Administration fees payable | 209,839 |
Distribution fee payable | 4,323 |
Trustees’ fees and expenses payable | 3,063 |
Accrued expenses and other liabilities | 400,953 |
Total liabilities | 34,320,637 |
Total net assets | $1,959,414,422 |
Net assets consist of | |
Paid-in capital | $ 1,530,348,115 |
Total distributable earnings | 429,066,307 |
Total net assets | $1,959,414,422 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 593,908,666 |
Shares outstanding – Class A1 | 22,620,056 |
Net asset value per share – Class A | $26.26 |
Maximum offering price per share – Class A2 | $27.86 |
Net assets – Class C | $ 7,062,110 |
Shares outstanding – Class C1 | 369,814 |
Net asset value per share – Class C | $19.10 |
Net assets – Class R6 | $ 481,192,623 |
Shares outstanding – Class R61 | 15,338,558 |
Net asset value per share – Class R6 | $31.37 |
Net assets – Administrator Class | $ 121,290,487 |
Shares outstanding – Administrator Class1 | 4,320,232 |
Net asset value per share – Administrator Class | $28.07 |
Net assets – Institutional Class | $ 755,960,536 |
Shares outstanding – Institutional Class1 | 24,452,464 |
Net asset value per share – Institutional Class | $30.92 |
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 | $ 907,683 |
Securities lending income (including from affiliate), net | 154,742 |
Income from affiliated securities | 6,876 |
Total investment income | 1,069,301 |
Expenses | |
Management fee | 8,886,744 |
Administration fees | |
Class A | 774,550 |
Class C | 13,145 |
Class R6 | 91,756 |
Administrator Class | 104,169 |
Institutional Class | 602,749 |
Shareholder servicing fees | |
Class A | 922,084 |
Class C | 15,582 |
Administrator Class | 183,422 |
Distribution fee | |
Class C | 46,679 |
Custody and accounting fees | 51,253 |
Professional fees | 20,381 |
Registration fees | 38,102 |
Shareholder report expenses | 36,645 |
Trustees’ fees and expenses | 10,683 |
Other fees and expenses | 15,139 |
Total expenses | 11,813,083 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (52,747) |
Class C | (4) |
Class R6 | (425) |
Administrator Class | (34) |
Institutional Class | (407) |
Net expenses | 11,759,466 |
Net investment loss | (10,690,165) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 163,838,102 |
Net change in unrealized gains (losses) on investments | (784,683,732) |
Net realized and unrealized gains (losses) on investments | (620,845,630) |
Net decrease in net assets resulting from operations | $(631,535,795) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (10,690,165) | $ (27,464,974) | ||
Net realized gains on investments | 163,838,102 | 696,024,556 | ||
Net change in unrealized gains (losses) on investments | (784,683,732) | 9,749,768 | ||
Net increase (decrease) in net assets resulting from operations | (631,535,795) | 678,309,350 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (226,994,997) | (46,293,679) | ||
Class C | (5,111,681) | (1,627,880) | ||
Class R6 | (165,661,045) | (34,087,214) | ||
Administrator Class | (56,057,581) | (21,096,480) | ||
Institutional Class | (256,462,316) | (50,727,287) | ||
Total distributions to shareholders | (710,287,620) | (153,832,540) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 885,917 | 28,899,249 | 2,082,528 | 97,194,276 |
Class C | 21,516 | 561,233 | 62,690 | 2,371,587 |
Class R6 | 2,555,387 | 97,322,775 | 5,528,815 | 289,462,844 |
Administrator Class | 1,188,895 | 50,728,564 | 3,045,783 | 146,419,615 |
Institutional Class | 3,023,257 | 117,720,641 | 5,850,906 | 307,371,577 |
295,232,462 | 842,819,899 | |||
Reinvestment of distributions | ||||
Class A | 6,880,085 | 220,025,107 | 1,020,425 | 44,898,707 |
Class C | 216,385 | 5,043,951 | 45,382 | 1,621,040 |
Class R6 | 4,131,760 | 157,667,968 | 650,728 | 32,464,798 |
Administrator Class | 1,638,233 | 55,994,841 | 456,861 | 21,079,565 |
Institutional Class | 6,386,688 | 240,267,206 | 976,337 | 48,231,041 |
678,999,073 | 148,295,151 | |||
Payment for shares redeemed | ||||
Class A | (3,578,905) | (111,042,770) | (3,761,140) | (175,792,261) |
Class C | (335,512) | (7,855,286) | (507,698) | (19,149,861) |
Class R6 | (5,625,584) | (226,459,634) | (5,193,353) | (275,202,268) |
Administrator Class | (2,300,518) | (77,474,039) | (8,667,721) | (417,124,132) |
Institutional Class | (5,351,532) | (193,787,350) | (6,806,949) | (356,339,574) |
(616,619,079) | (1,243,608,096) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 357,612,456 | (252,493,046) | ||
Total increase (decrease) in net assets | (984,210,959) | 271,983,764 | ||
Net assets | ||||
Beginning of period | 2,943,625,381 | 2,671,641,617 | ||
End of period | $1,959,414,422 | $ 2,943,625,381 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $47.48 | $39.95 | $33.24 | $38.03 | $36.47 | $29.94 |
Net investment loss | (0.19) 1 | (0.53) | (0.31) | (0.26) | (0.26) | (0.23) |
Net realized and unrealized gains (losses) on investments | (8.42) | 10.51 | 11.37 | 0.53 | 7.85 | 7.17 |
Total from investment operations | (8.61) | 9.98 | 11.06 | 0.27 | 7.59 | 6.94 |
Distributions to shareholders from | ||||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) | (0.41) |
Net asset value, end of period | $26.26 | $47.48 | $39.95 | $33.24 | $38.03 | $36.47 |
Total return2 | (22.92)% | 25.48% | 37.49% | 3.81% | 23.86% | 23.42% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.20% | 1.19% | 1.21% | 1.21% | 1.20% | 1.21% |
Net expenses | 1.19% | 1.18% | 1.19% | 1.20% | 1.20% | 1.21% |
Net investment loss | (1.10)% | (1.08)% | (0.91)% | (0.77)% | (0.69)% | (0.70)% |
Supplemental data | ||||||
Portfolio turnover rate | 33% | 51% | 53% | 71% | 67% | 73% |
Net assets, end of period (000s omitted) | $593,909 | $875,257 | $762,758 | $627,336 | $676,930 | $607,318 |
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 September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $38.31 | $32.88 | $28.27 | $33.46 | $32.99 | $27.32 |
Net investment loss | (0.25) 1 | (0.70) 1 | (0.45) 1 | (0.41) 1 | (0.46) | (0.42) 1 |
Net realized and unrealized gains (losses) on investments | (6.35) | 8.58 | 9.41 | 0.28 | 6.96 | 6.50 |
Total from investment operations | (6.60) | 7.88 | 8.96 | (0.13) | 6.50 | 6.08 |
Distributions to shareholders from | ||||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) | (0.41) |
Net asset value, end of period | $19.10 | $38.31 | $32.88 | $28.27 | $33.46 | $32.99 |
Total return2 | (23.17)% | 24.52% | 36.54% | 3.01% | 22.94% | 22.51% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.94% | 1.94% | 1.96% | 1.95% | 1.95% | 1.96% |
Net expenses | 1.94% | 1.94% | 1.96% | 1.95% | 1.95% | 1.96% |
Net investment loss | (1.86)% | (1.84)% | (1.66)% | (1.51)% | (1.45)% | (1.45)% |
Supplemental data | ||||||
Portfolio turnover rate | 33% | 51% | 53% | 71% | 67% | 73% |
Net assets, end of period (000s omitted) | $7,062 | $17,909 | $28,509 | $30,982 | $40,860 | $40,070 |
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 September 30 | ||||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $54.02 | $44.98 | $36.76 | $41.26 | $38.93 | $31.80 |
Net investment loss | (0.14) 1 | (0.35) 1 | (0.18) 1 | (0.12) 1 | (0.10) 1 | (0.08) |
Net realized and unrealized gains (losses) on investments | (9.90) | 11.84 | 12.75 | 0.68 | 8.46 | 7.62 |
Total from investment operations | (10.04) | 11.49 | 12.57 | 0.56 | 8.36 | 7.54 |
Distributions to shareholders from | ||||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) | (0.41) |
Net asset value, end of period | $31.37 | $54.02 | $44.98 | $36.76 | $41.26 | $38.93 |
Total return2 | (22.74)% | 26.01% | 38.06% | 4.26% | 24.39% | 23.98% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.77% | 0.76% | 0.78% | 0.77% | 0.78% | 0.78% |
Net expenses | 0.77% | 0.76% | 0.78% | 0.77% | 0.78% | 0.78% |
Net investment loss | (0.68)% | (0.66)% | (0.50)% | (0.33)% | (0.26)% | (0.27)% |
Supplemental data | ||||||
Portfolio turnover rate | 33% | 51% | 53% | 71% | 67% | 73% |
Net assets, end of period (000s omitted) | $481,193 | $771,279 | $597,851 | $405,610 | $530,879 | $351,268 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $49.83 | $41.79 | $34.55 | $39.27 | $37.44 | $30.70 |
Net investment loss | (0.18) 1 | (0.49) 1 | (0.29) 1 | (0.23) 1 | (0.23) | (0.20) 1 |
Net realized and unrealized gains (losses) on investments | (8.97) | 10.98 | 11.88 | 0.57 | 8.09 | 7.35 |
Total from investment operations | (9.15) | 10.49 | 11.59 | 0.34 | 7.86 | 7.15 |
Distributions to shareholders from | ||||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) | (0.41) |
Net asset value, end of period | $28.07 | $49.83 | $41.79 | $34.55 | $39.27 | $37.44 |
Total return2 | (22.89)% | 25.58% | 37.61% | 3.88% | 23.97% | 23.52% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.10% | 1.11% | 1.13% | 1.13% | 1.12% | 1.13% |
Net expenses | 1.10% | 1.11% | 1.13% | 1.13% | 1.12% | 1.13% |
Net investment loss | (1.01)% | (1.01)% | (0.84)% | (0.70)% | (0.62)% | (0.62)% |
Supplemental data | ||||||
Portfolio turnover rate | 33% | 51% | 53% | 71% | 67% | 73% |
Net assets, end of period (000s omitted) | $121,290 | $189,022 | $374,366 | $333,814 | $353,042 | $335,898 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $53.45 | $44.57 | $36.50 | $41.05 | $38.79 | $31.72 |
Net investment loss | (0.15) 1 | (0.40) 1 | (0.21) 1 | (0.15) 1 | (0.18) | (0.13) 1 |
Net realized and unrealized gains (losses) on investments | (9.77) | 11.73 | 12.63 | 0.66 | 8.47 | 7.61 |
Total from investment operations | (9.92) | 11.33 | 12.42 | 0.51 | 8.29 | 7.48 |
Distributions to shareholders from | ||||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) | (0.41) |
Net asset value, end of period | $30.92 | $53.45 | $44.57 | $36.50 | $41.05 | $38.79 |
Total return2 | (22.80)% | 25.91% | 37.91% | 4.15% | 24.25% | 23.88% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.87% | 0.86% | 0.88% | 0.87% | 0.87% | 0.88% |
Net expenses | 0.87% | 0.86% | 0.88% | 0.87% | 0.87% | 0.88% |
Net investment loss | (0.78)% | (0.76)% | (0.58)% | (0.42)% | (0.36)% | (0.37)% |
Supplemental data | ||||||
Portfolio turnover rate | 33% | 51% | 53% | 71% | 67% | 73% |
Net assets, end of period (000s omitted) | $755,961 | $1,090,159 | $908,157 | $1,096,888 | $1,352,027 | $1,157,148 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 602,595,618 |
Gross unrealized losses | (266,767,517) |
Net unrealized gains | $ 335,828,101 |
■ | 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 | $ 126,228,993 | $0 | $0 | $ 126,228,993 |
Consumer discretionary | 216,303,514 | 0 | 0 | 216,303,514 |
Financials | 74,802,905 | 0 | 0 | 74,802,905 |
Health care | 520,488,232 | 0 | 0 | 520,488,232 |
Industrials | 272,214,257 | 0 | 0 | 272,214,257 |
Information technology | 636,336,864 | 0 | 0 | 636,336,864 |
Real estate | 62,444,273 | 0 | 0 | 62,444,273 |
Short-term investments | ||||
Investment companies | 74,886,908 | 0 | 0 | 74,886,908 |
Total assets | $1,983,705,946 | $0 | $0 | $1,983,705,946 |
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 $5 billion | 0.640 |
Over $10 billion | 0.630 |
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 | 1.22% |
Class C | 1.97 |
Class R6 | 0.79 |
Administrator Class | 1.14 |
Institutional Class | 0.89 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 364,597 | $ (364,597) | $0 |
Citigroup Global Markets Incorporated | 18,434,444 | (18,434,444) | 0 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g332178img3cc156ef1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g332178img031059825.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA230/SAR230 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g344503img533642e91.jpg)
Discovery Mid Cap Growth Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g344503img89bb09af2.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g344503img742adf513.jpg)
President
Allspring Funds
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 March 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 (SENAX) | 2-24-2000 | -17.09 | 14.09 | 11.90 | -12.03 | 15.45 | 12.57 | 1.21 | 1.18 | ||
Class C (WENCX) | 3-31-2008 | -13.68 | 14.58 | 11.73 | -12.68 | 14.58 | 11.73 | 1.96 | 1.93 | ||
Class R6 (WENRX)3 | 10-31-2014 | – | – | – | -11.68 | 15.89 | 12.98 | 0.78 | 0.78 | ||
Administrator Class (SEPKX) | 8-30-2002 | – | – | – | -11.96 | 15.54 | 12.67 | 1.13 | 1.10 | ||
Institutional Class (WFEIX) | 6-30-2003 | – | – | – | -11.74 | 15.82 | 12.94 | 0.88 | 0.85 | ||
Russell Midcap® Growth Index4 | – | – | – | – | -0.89 | 15.10 | 13.52 | – | – |
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 January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.18% for Class A, 1.93% for Class C, 0.80% for Class R6, 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 | 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 Midcap® Growth Index measures the performance of those Russell Midcap companies with higher price/book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth index. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of March 31, 20221 | |
Cadence Design Systems Incorporated | 4.29 |
DexCom Incorporated | 3.75 |
Chipotle Mexican Grill Incorporated | 3.54 |
Crowdstrike Holdings Incorporated Class A | 3.36 |
MongoDB Incorporated | 3.18 |
Bill.com Holdings Incorporated | 2.87 |
Teledyne Technologies Incorporated | 2.86 |
Datadog Incorporated Class A | 2.81 |
Waste Connections Incorporated | 2.71 |
Generac Holdings Incorporated | 2.37 |
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 March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g344503imga4fa67be4.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 794.42 | $5.19 | 1.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.15 | $5.84 | 1.16% |
Class C | ||||
Actual | $1,000.00 | $ 791.45 | $8.62 | 1.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.31 | $9.70 | 1.93% |
Class R6 | ||||
Actual | $1,000.00 | $ 795.97 | $3.54 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.99 | $3.98 | 0.79% |
Administrator Class | ||||
Actual | $1,000.00 | $ 794.70 | $4.88 | 1.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.50 | $5.49 | 1.09% |
Institutional Class | ||||
Actual | $1,000.00 | $ 795.62 | $3.81 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Shares | Value | ||||
Common stocks: 99.83% | |||||
Communication services: 7.17% | |||||
Entertainment: 2.74% | |||||
Roku Incorporated † | 64,280 | $ 8,052,356 | |||
Spotify Technology † | 105,983 | 16,005,553 | |||
24,057,909 | |||||
Interactive media & services: 4.43% | |||||
Match Group Incorporated † | 184,617 | 20,075,253 | |||
ZoomInfo Technologies Incorporated † | 314,732 | 18,802,090 | |||
38,877,343 | |||||
Consumer discretionary: 12.87% | |||||
Automobiles: 1.36% | |||||
Ferrari NV | 54,649 | 11,918,400 | |||
Hotels, restaurants & leisure: 4.54% | |||||
Chipotle Mexican Grill Incorporated † | 19,615 | 31,031,518 | |||
Domino's Pizza Incorporated | 21,700 | 8,832,117 | |||
39,863,635 | |||||
Internet & direct marketing retail: 3.23% | |||||
Global-E Online Limited † | 317,100 | 10,711,638 | |||
MercadoLibre Incorporated † | 14,804 | 17,609,062 | |||
28,320,700 | |||||
Leisure products: 1.41% | |||||
Callaway Golf Company † | 527,396 | 12,351,614 | |||
Textiles, apparel & luxury goods: 2.33% | |||||
lululemon athletica Incorporated † | 56,134 | 20,501,821 | |||
Financials: 1.45% | |||||
Capital markets: 1.45% | |||||
MarketAxess Holdings Incorporated | 37,347 | 12,705,449 | |||
Health care: 20.99% | |||||
Health care equipment & supplies: 11.34% | |||||
ABIOMED Incorporated † | 43,590 | 14,438,752 | |||
Align Technology Incorporated † | 35,203 | 15,348,507 | |||
DexCom Incorporated † | 64,235 | 32,862,626 | |||
Inari Medical Incorporated † | 193,136 | 17,505,847 | |||
Insulet Corporation † | 72,539 | 19,323,664 | |||
99,479,396 | |||||
Health care providers & services: 1.40% | |||||
Centene Corporation † | 145,900 | 12,283,321 | |||
Health care technology: 2.44% | |||||
Doximity Incorporated Class A † | 157,187 | 8,187,871 | |||
Inspire Medical Systems Incorporated † | 51,400 | 13,193,866 | |||
21,381,737 |
Shares | Value | ||||
Life sciences tools & services: 5.81% | |||||
10x Genomics Incorporated Class A † | 113,954 | $ 8,668,481 | |||
Azenta Incorporated | 172,058 | 14,260,167 | |||
Bio-Rad Laboratories Incorporated Class A † | 21,787 | 12,271,092 | |||
Bio-Techne Corporation | 36,500 | 15,805,960 | |||
51,005,700 | |||||
Industrials: 13.70% | |||||
Aerospace & defense: 1.89% | |||||
Axon Enterprise Incorporated † | 120,540 | 16,601,974 | |||
Commercial services & supplies: 2.71% | |||||
Waste Connections Incorporated | 170,229 | 23,780,991 | |||
Electrical equipment: 2.37% | |||||
Generac Holdings Incorporated † | 70,050 | 20,823,063 | |||
Professional services: 3.56% | |||||
Clarivate plc † | 726,816 | 12,181,436 | |||
Equifax Incorporated | 80,323 | 19,044,583 | |||
31,226,019 | |||||
Road & rail: 1.66% | |||||
Saia Incorporated † | 59,520 | 14,512,166 | |||
Trading companies & distributors: 1.51% | |||||
SiteOne Landscape Supply Incorporated † | 81,836 | 13,232,063 | |||
Information technology: 41.52% | |||||
Electronic equipment, instruments & components: 6.49% | |||||
Cognex Corporation | 184,547 | 14,237,801 | |||
Teledyne Technologies Incorporated † | 52,962 | 25,031,430 | |||
Zebra Technologies Corporation Class A † | 42,668 | 17,651,752 | |||
56,920,983 | |||||
IT services: 10.10% | |||||
Adyen NV ADR †« | 586,700 | 11,599,059 | |||
Globant SA † | 48,300 | 12,657,981 | |||
MongoDB Incorporated † | 62,963 | 27,929,757 | |||
Snowflake Incorporated Class A † | 49,205 | 11,274,342 | |||
Square Incorporated Class A † | 110,596 | 14,996,818 | |||
Twilio Incorporated Class A † | 61,549 | 10,143,891 | |||
88,601,848 | |||||
Semiconductors & semiconductor equipment: 3.39% | |||||
Advanced Micro Devices Incorporated † | 130,784 | 14,299,923 | |||
Micron Technology Incorporated | 198,105 | 15,430,398 | |||
29,730,321 | |||||
Software: 21.54% | |||||
Atlassian Corporation plc Class A † | 51,676 | 15,183,959 | |||
Bill.com Holdings Incorporated † | 111,026 | 25,179,587 | |||
Black Knight Incorporated † | 178,568 | 10,355,158 | |||
Cadence Design Systems Incorporated † | 229,037 | 37,667,425 | |||
Crowdstrike Holdings Incorporated Class A † | 129,814 | 29,478,163 | |||
Datadog Incorporated Class A † | 162,946 | 24,681,431 |
Shares | Value | ||||
Software (continued) | |||||
Five9 Incorporated † | 166,759 | $ 18,410,194 | |||
HubSpot Incorporated † | 24,100 | 11,446,054 | |||
Lightspeed Commerce Incorporated †« | 178,289 | 5,432,466 | |||
Unity Software Incorporated † | 112,768 | 11,187,713 | |||
189,022,150 | |||||
Real estate: 2.13% | |||||
Equity REITs: 2.13% | |||||
SBA Communications Corporation | 54,400 | 18,719,040 | |||
Total Common stocks (Cost $650,046,643) | 875,917,643 |
Yield | |||||
Short-term investments: 0.69% | |||||
Investment companies: 0.69% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18% | 2,656,716 | 2,656,716 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 3,405,650 | 3,405,650 | ||
Total Short-term investments (Cost $6,062,366) | 6,062,366 | ||||
Total investments in securities (Cost $656,109,009) | 100.52% | 881,980,009 | |||
Other assets and liabilities, net | (0.52) | (4,543,674) | |||
Total net assets | 100.00% | $877,436,335 |
† | 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: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $ 5,682,216 | $142,044,704 | $(145,070,204) | $0 | $0 | $ 2,656,716 | 2,656,716 | $ 1,753 | ||
Securities Lending Cash Investments LLC | 20,181,275 | 45,255,700 | (62,031,325) | 0 | 0 | 3,405,650 | 3,405,650 | 1,766 # | ||
$0 | $0 | $6,062,366 | $3,519 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $3,344,261 of securities loaned), at value (cost $650,046,643) | $ 875,917,643 |
Investments in affiliated securities, at value (cost $6,062,366) | 6,062,366 |
Receivable for Fund shares sold | 41,603 |
Receivable for dividends | 15,030 |
Receivable for securities lending income, net | 285 |
Prepaid expenses and other assets | 88,999 |
Total assets | 882,125,926 |
Liabilities | |
Payable upon receipt of securities loaned | 3,405,650 |
Management fee payable | 494,017 |
Payable for Fund shares redeemed | 388,153 |
Administration fees payable | 135,078 |
Trustees’ fees and expenses payable | 2,344 |
Distribution fee payable | 1,091 |
Accrued expenses and other liabilities | 263,258 |
Total liabilities | 4,689,591 |
Total net assets | $877,436,335 |
Net assets consist of | |
Paid-in capital | $ 627,349,998 |
Total distributable earnings | 250,086,337 |
Total net assets | $877,436,335 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 741,252,734 |
Shares outstanding – Class A1 | 14,470,679 |
Net asset value per share – Class A | $51.22 |
Maximum offering price per share – Class A2 | $54.34 |
Net assets – Class C | $ 1,881,838 |
Shares outstanding – Class C1 | 46,755 |
Net asset value per share – Class C | $40.25 |
Net assets – Class R6 | $ 72,851,355 |
Shares outstanding – Class R61 | 1,201,645 |
Net asset value per share – Class R6 | $60.63 |
Net assets – Administrator Class | $ 5,816,627 |
Shares outstanding – Administrator Class1 | 104,310 |
Net asset value per share – Administrator Class | $55.76 |
Net assets – Institutional Class | $ 55,633,781 |
Shares outstanding – Institutional Class1 | 923,182 |
Net asset value per share – Institutional Class | $60.26 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $11,833) | $ 358,047 |
Income from affiliated securities | 15,337 |
Total investment income | 373,384 |
Expenses | |
Management fee | 3,813,987 |
Administration fees | |
Class A | 917,907 |
Class C | 2,316 |
Class R6 | 12,789 |
Administrator Class | 6,251 |
Institutional Class | 43,530 |
Shareholder servicing fees | |
Class A | 1,092,746 |
Class C | 2,736 |
Administrator Class | 11,198 |
Distribution fee | |
Class C | 8,201 |
Custody and accounting fees | 25,129 |
Professional fees | 25,464 |
Registration fees | 31,631 |
Shareholder report expenses | 27,026 |
Trustees’ fees and expenses | 10,680 |
Other fees and expenses | 12,015 |
Total expenses | 6,043,606 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (57,638) |
Class A | (201,013) |
Class C | (199) |
Administrator Class | (726) |
Institutional Class | (6,662) |
Net expenses | 5,777,368 |
Net investment loss | (5,403,984) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 30,453,547 |
Net change in unrealized gains (losses) on investments | (259,973,879) |
Net realized and unrealized gains (losses) on investments | (229,520,332) |
Net decrease in net assets resulting from operations | $(234,924,316) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (5,403,984) | $ (11,537,800) | ||
Net realized gains on investments | 30,453,547 | 185,874,437 | ||
Net change in unrealized gains (losses) on investments | (259,973,879) | 107,974,823 | ||
Net increase (decrease) in net assets resulting from operations | (234,924,316) | 282,311,460 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (144,445,304) | (82,781,779) | ||
Class C | (442,606) | (233,168) | ||
Class R6 | (12,175,959) | (6,340,447) | ||
Administrator Class | (1,511,423) | (384,491) | ||
Institutional Class | (9,781,443) | (6,296,069) | ||
Total distributions to shareholders | (168,356,735) | (96,035,954) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 151,135 | 10,106,453 | 302,878 | 22,132,413 |
Class C | 6,491 | 322,801 | 13,961 | 852,693 |
Class R6 | 84,757 | 6,169,693 | 155,238 | 13,159,724 |
Administrator Class | 39,553 | 2,856,970 | 93,109 | 7,399,371 |
Institutional Class | 132,509 | 9,382,289 | 270,177 | 22,481,150 |
28,838,206 | 66,025,351 | |||
Reinvestment of distributions | ||||
Class A | 2,181,619 | 136,874,615 | 1,158,617 | 78,565,767 |
Class C | 8,761 | 432,892 | 4,081 | 228,661 |
Class R6 | 158,244 | 11,736,955 | 78,532 | 6,125,450 |
Administrator Class | 21,525 | 1,469,697 | 5,171 | 376,713 |
Institutional Class | 125,545 | 9,257,639 | 76,277 | 5,922,914 |
159,771,798 | 91,219,505 | |||
Payment for shares redeemed | ||||
Class A | (886,235) | (53,851,777) | (1,110,134) | (80,557,204) |
Class C | (8,696) | (429,282) | (18,934) | (1,146,028) |
Class R6 | (118,100) | (7,837,277) | (139,179) | (11,477,591) |
Administrator Class | (89,172) | (5,486,868) | (27,224) | (2,158,777) |
Institutional Class | (232,676) | (16,422,774) | (380,908) | (31,574,560) |
(84,027,978) | (126,914,160) | |||
Net increase in net assets resulting from capital share transactions | 104,582,026 | 30,330,696 | ||
Total increase (decrease) in net assets | (298,699,025) | 216,606,202 | ||
Net assets | ||||
Beginning of period | 1,176,135,360 | 959,529,158 | ||
End of period | $ 877,436,335 | $1,176,135,360 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $76.01 | $64.21 | $49.98 | $52.96 | $48.80 | $41.94 |
Net investment loss | (0.34) 1 | (0.77) 1 | (0.41) 1 | (0.29) | (0.31) | (0.25) |
Net realized and unrealized gains (losses) on investments | (13.22) | 19.17 | 17.93 | 3.05 | 9.66 | 8.94 |
Total from investment operations | (13.56) | 18.40 | 17.52 | 2.76 | 9.35 | 8.69 |
Distributions to shareholders from | ||||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) | (1.83) |
Net asset value, end of period | $51.22 | $76.01 | $64.21 | $49.98 | $52.96 | $48.80 |
Total return2 | (20.56)% | 29.90% | 37.19% | 8.00% | 20.83% | 21.55% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.22% | 1.21% | 1.24% | 1.25% | 1.25% | 1.26% |
Net expenses | 1.16% | 1.17% | 1.16% | 1.18% | 1.18% | 1.18% |
Net investment loss | (1.09)% | (1.06)% | (0.79)% | (0.59)% | (0.61)% | (0.55)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 41% | 62% | 50% | 62% | 75% |
Net assets, end of period (000s omitted) | $741,253 | $990,030 | $813,725 | $649,106 | $655,338 | $591,002 |
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 September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $62.41 | $54.11 | $42.93 | $46.74 | $43.95 | $38.23 |
Net investment loss | (0.46) 1 | (1.10) 1 | (0.68) 1 | (0.52) 1 | (0.60) 1 | (0.85) |
Net realized and unrealized gains (losses) on investments | (10.47) | 16.00 | 15.15 | 2.45 | 8.58 | 8.40 |
Total from investment operations | (10.93) | 14.90 | 14.47 | 1.93 | 7.98 | 7.55 |
Distributions to shareholders from | ||||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) | (1.83) |
Net asset value, end of period | $40.25 | $62.41 | $54.11 | $42.93 | $46.74 | $43.95 |
Total return2 | (20.86)% | 28.92% | 36.13% | 7.20% | 19.93% | 20.66% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.96% | 1.96% | 1.98% | 2.00% | 2.00% | 2.01% |
Net expenses | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Net investment loss | (1.85)% | (1.82)% | (1.55)% | (1.29)% | (1.37)% | (1.13)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 41% | 62% | 50% | 62% | 75% |
Net assets, end of period (000s omitted) | $1,882 | $2,509 | $2,224 | $2,513 | $7,629 | $8,898 |
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 September 30 | ||||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $87.70 | $72.94 | $56.15 | $58.47 | $53.17 | $45.37 |
Net investment loss | (0.26) 1 | (0.57) 1 | (0.25) 1 | (0.11) 1 | (0.13) 1 | (0.08) |
Net realized and unrealized gains (losses) on investments | (15.58) | 21.93 | 20.33 | 3.53 | 10.62 | 9.71 |
Total from investment operations | (15.84) | 21.36 | 20.08 | 3.42 | 10.49 | 9.63 |
Distributions to shareholders from | ||||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) | (1.83) |
Net asset value, end of period | $60.63 | $87.70 | $72.94 | $56.15 | $58.47 | $53.17 |
Total return2 | (20.40)% | 30.41% | 37.69% | 8.41% | 21.30% | 22.01% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.79% | 0.78% | 0.81% | 0.82% | 0.82% | 0.82% |
Net expenses | 0.79% | 0.78% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment loss | (0.72)% | (0.68)% | (0.43)% | (0.21)% | (0.23)% | (0.17)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 41% | 62% | 50% | 62% | 75% |
Net assets, end of period (000s omitted) | $72,851 | $94,430 | $71,641 | $52,783 | $48,363 | $35,923 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $81.70 | $68.54 | $53.10 | $55.82 | $51.12 | $43.81 |
Net investment loss | (0.35) 1 | (0.79) 1 | (0.40) 1 | (0.25) 1 | (0.28) 1 | (0.20) 1 |
Net realized and unrealized gains (losses) on investments | (14.36) | 20.55 | 19.13 | 3.27 | 10.17 | 9.34 |
Total from investment operations | (14.71) | 19.76 | 18.73 | 3.02 | 9.89 | 9.14 |
Distributions to shareholders from | ||||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) | (1.83) |
Net asset value, end of period | $55.76 | $81.70 | $68.54 | $53.10 | $55.82 | $51.12 |
Total return2 | (20.53)% | 30.00% | 37.29% | 8.06% | 20.95% | 21.66% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.12% | 1.13% | 1.15% | 1.16% | 1.16% | 1.18% |
Net expenses | 1.09% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment loss | (1.03)% | (1.00)% | (0.72)% | (0.51)% | (0.53)% | (0.44)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 41% | 62% | 50% | 62% | 75% |
Net assets, end of period (000s omitted) | $5,817 | $10,818 | $4,205 | $3,687 | $3,687 | $3,705 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $87.27 | $72.66 | $55.97 | $58.33 | $53.08 | $45.32 |
Net investment loss | (0.28) 1 | (0.62) | (0.28) 1 | (0.14) 1 | (0.15) 1 | (0.09) 1 |
Net realized and unrealized gains (losses) on investments | (15.50) | 21.83 | 20.26 | 3.52 | 10.59 | 9.68 |
Total from investment operations | (15.78) | 21.21 | 19.98 | 3.38 | 10.44 | 9.59 |
Distributions to shareholders from | ||||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) | (1.83) |
Net asset value, end of period | $60.26 | $87.27 | $72.66 | $55.97 | $58.33 | $53.08 |
Total return2 | (20.44)% | 30.31% | 37.63% | 8.36% | 21.24% | 21.97% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.89% | 0.88% | 0.91% | 0.92% | 0.92% | 0.93% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.78)% | (0.74)% | (0.48)% | (0.26)% | (0.29)% | (0.19)% |
Supplemental data | ||||||
Portfolio turnover rate | 24% | 41% | 62% | 50% | 62% | 75% |
Net assets, end of period (000s omitted) | $55,634 | $78,349 | $67,735 | $52,296 | $48,446 | $54,877 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $795,188,655 |
Gross unrealized losses | (83,136,301) |
Net unrealized gains | $712,052,354 |
■ | 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 | $ 62,935,252 | $0 | $0 | $ 62,935,252 |
Consumer discretionary | 112,956,170 | 0 | 0 | 112,956,170 |
Financials | 12,705,449 | 0 | 0 | 12,705,449 |
Health care | 184,150,154 | 0 | 0 | 184,150,154 |
Industrials | 120,176,276 | 0 | 0 | 120,176,276 |
Information technology | 364,275,302 | 0 | 0 | 364,275,302 |
Real estate | 18,719,040 | 0 | 0 | 18,719,040 |
Short-term investments | ||||
Investment companies | 6,062,366 | 0 | 0 | 6,062,366 |
Total assets | $881,980,009 | $0 | $0 | $881,980,009 |
Average daily net assets | Management fee |
First $500 million | 0.750% |
Next $500 million | 0.725 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $5 billion | 0.640 |
Next $2 billion | 0.630 |
Next $4 billion | 0.620 |
Over $16 billion | 0.610 |
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 | 1.18% |
Class C | 1.93 |
Class R6 | 0.80 |
Administrator Class | 1.10 |
Institutional Class | 0.85 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $3,082,517 | $(3,082,517) | $0 |
UBS Securities LLC | 261,744 | (261,744) | 0 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g344503img533642e91.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g344503img40c066de5.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA231/SAR231 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342885imgb8cc16cd1.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342885img3fab6bd52.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342885img97008bfd3.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kurt Gunderson, Christopher G. Miller, CFA®‡ |
Average annual total returns (%) as of March 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 (SOPVX) | 2-24-2000 | 2.96 | 12.42 | 11.44 | 9.25 | 13.76 | 12.10 | 1.20 | 1.18 | ||
Class C (WFOPX) | 3-31-2008 | 7.47 | 13.19 | 11.40 | 8.47 | 13.19 | 11.40 | 1.95 | 1.93 | ||
Class R6 (WOFRX)3 | 5-29-2020 | – | – | – | 9.74 | 14.26 | 12.61 | 0.77 | 0.72 | ||
Administrator Class (WOFDX) | 8-30-2002 | – | – | – | 9.45 | 13.97 | 12.33 | 1.12 | 1.00 | ||
Institutional Class (WOFNX) | 7-30-2010 | – | – | – | 9.71 | 14.25 | 12.60 | 0.87 | 0.75 | ||
Russell 3000® Index4 | – | – | – | – | 11.92 | 15.40 | 14.28 | – | – |
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 January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.18% for Class A, 1.93% for Class C, 0.72% for Class R6, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), 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® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of March 31, 20221 | |
Apple Incorporated | 5.02 |
Alphabet Incorporated Class C | 4.88 |
Amazon.com Incorporated | 4.29 |
Salesforce.com Incorporated | 2.95 |
Texas Instruments Incorporated | 2.68 |
UnitedHealth Group Incorporated | 2.51 |
Meta Platforms Incorporated Class A | 2.48 |
Teledyne Technologies Incorporated | 2.32 |
MasterCard Incorporated Class A | 2.27 |
Carlisle Companies Incorporated | 2.09 |
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 March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342885imga44852404.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 989.20 | $5.75 | 1.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.15 | $5.84 | 1.16% |
Class C | ||||
Actual | $1,000.00 | $ 985.85 | $9.21 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.66 | $9.35 | 1.86% |
Class R6 | ||||
Actual | $1,000.00 | $ 991.48 | $3.57 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.34 | $3.63 | 0.72% |
Administrator Class | ||||
Actual | $1,000.00 | $ 990.09 | $4.86 | 0.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.04 | $4.94 | 0.98% |
Institutional Class | ||||
Actual | $1,000.00 | $ 991.15 | $3.72 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Shares | Value | ||||
Common stocks: 98.54% | |||||
Communication services: 9.06% | |||||
Interactive media & services: 7.36% | |||||
Alphabet Incorporated Class C † | 34,564 | $ 96,536,906 | |||
Meta Platforms Incorporated Class A † | 221,090 | 49,161,572 | |||
145,698,478 | |||||
Wireless telecommunication services: 1.70% | |||||
T-Mobile US Incorporated † | 262,318 | 33,668,515 | |||
Consumer discretionary: 11.74% | |||||
Internet & direct marketing retail: 4.70% | |||||
Amazon.com Incorporated † | 26,049 | 84,918,438 | |||
Farfetch Limited Class A † | 537,632 | 8,128,996 | |||
93,047,434 | |||||
Multiline retail: 1.72% | |||||
Dollar General Corporation | 153,278 | 34,124,281 | |||
Specialty retail: 4.23% | |||||
Burlington Stores Incorporated † | 130,456 | 23,765,170 | |||
The Home Depot Incorporated | 123,351 | 36,922,655 | |||
Ulta Beauty Incorporated † | 57,862 | 23,041,806 | |||
83,729,631 | |||||
Textiles, apparel & luxury goods: 1.09% | |||||
Deckers Outdoor Corporation † | 78,763 | 21,562,947 | |||
Consumer staples: 2.82% | |||||
Food & staples retailing: 1.57% | |||||
Sysco Corporation | 381,314 | 31,134,288 | |||
Household products: 1.25% | |||||
Church & Dwight Company Incorporated | 248,456 | 24,691,557 | |||
Financials: 6.71% | |||||
Capital markets: 4.99% | |||||
CME Group Incorporated | 60,272 | 14,336,298 | |||
Intercontinental Exchange Incorporated | 247,054 | 32,640,774 | |||
S&P Global Incorporated | 65,431 | 26,838,488 | |||
The Charles Schwab Corporation | 295,293 | 24,896,153 | |||
98,711,713 | |||||
Insurance: 1.72% | |||||
Marsh & McLennan Companies Incorporated | 200,125 | 34,105,303 | |||
Health care: 11.59% | |||||
Health care equipment & supplies: 4.61% | |||||
Boston Scientific Corporation † | 768,750 | 34,047,938 | |||
LivaNova plc † | 379,066 | 31,018,971 | |||
Medtronic plc | 236,709 | 26,262,864 | |||
91,329,773 |
Shares | Value | ||||
Health care providers & services: 2.51% | |||||
UnitedHealth Group Incorporated | 97,449 | $ 49,696,067 | |||
Health care technology: 0.50% | |||||
Schrodinger Incorporated † | 289,748 | 9,886,202 | |||
Life sciences tools & services: 3.97% | |||||
Agilent Technologies Incorporated | 169,978 | 22,493,184 | |||
Bio-Rad Laboratories Incorporated Class A † | 39,388 | 22,184,503 | |||
Thermo Fisher Scientific Incorporated | 57,282 | 33,833,613 | |||
78,511,300 | |||||
Industrials: 16.48% | |||||
Aerospace & defense: 1.30% | |||||
MTU Aero Engines AG | 111,327 | 25,747,701 | |||
Building products: 3.14% | |||||
Carlisle Companies Incorporated | 168,549 | 41,449,570 | |||
The AZEK Company Incorporated † | 837,857 | 20,812,368 | |||
62,261,938 | |||||
Commercial services & supplies: 1.75% | |||||
Republic Services Incorporated | 260,988 | 34,580,910 | |||
Electrical equipment: 1.49% | |||||
Regal Rexnord Corporation | 198,041 | 29,464,540 | |||
Machinery: 3.56% | |||||
Fortive Corporation | 515,905 | 31,434,092 | |||
Ingersoll Rand Incorporated | 350,764 | 17,660,967 | |||
SPX Corporation † | 432,593 | 21,374,420 | |||
70,469,479 | |||||
Professional services: 2.17% | |||||
CoStar Group Incorporated † | 258,448 | 17,215,221 | |||
Dun & Bradstreet Holdings Incorporated † | 1,471,272 | 25,776,685 | |||
42,991,906 | |||||
Trading companies & distributors: 3.07% | |||||
Air Lease Corporation | 654,190 | 29,209,584 | |||
United Rentals Incorporated † | 89,095 | 31,647,435 | |||
60,857,019 | |||||
Information technology: 29.75% | |||||
Electronic equipment, instruments & components: 4.16% | |||||
Amphenol Corporation Class A | 482,995 | 36,393,673 | |||
Teledyne Technologies Incorporated † | 97,360 | 46,015,257 | |||
82,408,930 | |||||
IT services: 5.23% | |||||
Fidelity National Information Services Incorporated | 331,012 | 33,240,225 | |||
Genpact Limited | 581,125 | 25,284,749 | |||
MasterCard Incorporated Class A | 126,010 | 45,033,454 | |||
103,558,428 |
Shares | Value | ||||
Semiconductors & semiconductor equipment: 4.17% | |||||
Marvell Technology Incorporated | 411,894 | $ 29,536,919 | |||
Texas Instruments Incorporated | 289,444 | 53,107,185 | |||
82,644,104 | |||||
Software: 11.17% | |||||
Fair Isaac Corporation † | 63,226 | 29,492,400 | |||
Palo Alto Networks Incorporated † | 50,595 | 31,495,893 | |||
Riskified Limited Class A †« | 673,881 | 4,070,241 | |||
Salesforce.com Incorporated † | 275,321 | 58,456,155 | |||
ServiceNow Incorporated † | 52,475 | 29,222,803 | |||
Splunk Incorporated † | 220,056 | 32,702,522 | |||
Workday Incorporated Class A † | 149,221 | 35,732,461 | |||
221,172,475 | |||||
Technology hardware, storage & peripherals: 5.02% | |||||
Apple Incorporated | 568,778 | 99,314,327 | |||
Materials: 3.61% | |||||
Chemicals: 2.56% | |||||
Ashland Global Holdings Incorporated | 311,172 | 30,622,437 | |||
Olin Corporation | 384,129 | 20,082,264 | |||
50,704,701 | |||||
Metals & mining: 1.05% | |||||
Steel Dynamics Incorporated | 248,748 | 20,753,046 | |||
Real estate: 6.78% | |||||
Equity REITs: 6.78% | |||||
American Tower Corporation | 127,382 | 32,000,906 | |||
Equinix Incorporated | 48,293 | 35,815,055 | |||
Sun Communities Incorporated | 178,661 | 31,317,487 | |||
VICI Properties Incorporated | 1,233,670 | 35,110,248 | |||
134,243,696 | |||||
Total Common stocks (Cost $1,150,954,954) | 1,951,070,689 |
Yield | |||||
Short-term investments: 1.66% | |||||
Investment companies: 1.66% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18% | 29,319,832 | 29,319,832 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 3,545,750 | 3,545,750 | ||
Total Short-term investments (Cost $32,865,582) | 32,865,582 | ||||
Total investments in securities (Cost $1,183,820,536) | 100.20% | 1,983,936,271 | |||
Other assets and liabilities, net | (0.20) | (3,864,804) | |||
Total net assets | 100.00% | $1,980,071,467 |
† | 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 | $35,794,530 | $158,519,768 | $(164,994,466) | $0 | $0 | $ 29,319,832 | 29,319,832 | $ 5,985 | ||
Securities Lending Cash Investments LLC | 0 | 68,513,510 | (64,967,760) | 0 | 0 | 3,545,750 | 3,545,750 | 2,143 # | ||
$0 | $0 | $32,865,582 | $8,128 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $3,425,740 of securities loaned), at value (cost $1,150,954,954) | $ 1,951,070,689 |
Investments in affiliated securities, at value (cost $32,865,582) | 32,865,582 |
Foreign currency, at value (cost $61) | 59 |
Receivable for dividends | 2,229,637 |
Receivable for Fund shares sold | 91,714 |
Receivable for securities lending income, net | 1,280 |
Prepaid expenses and other assets | 98,626 |
Total assets | 1,986,357,587 |
Liabilities | |
Payable upon receipt of securities loaned | 3,545,750 |
Management fee payable | 1,127,485 |
Payable for Fund shares redeemed | 583,486 |
Shareholder servicing fees payable | 401,228 |
Administration fees payable | 324,274 |
Trustees’ fees and expenses payable | 2,803 |
Distribution fee payable | 713 |
Accrued expenses and other liabilities | 300,381 |
Total liabilities | 6,286,120 |
Total net assets | $1,980,071,467 |
Net assets consist of | |
Paid-in capital | $ 1,081,206,050 |
Total distributable earnings | 898,865,417 |
Total net assets | $1,980,071,467 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,680,817,120 |
Shares outstanding – Class A1 | 33,255,453 |
Net asset value per share – Class A | $50.54 |
Maximum offering price per share – Class A2 | $53.62 |
Net assets – Class C | $ 1,947,436 |
Shares outstanding – Class C1 | 42,846 |
Net asset value per share – Class C | $45.45 |
Net assets – Class R6 | $ 34,781 |
Shares outstanding – Class R61 | 590 |
Net asset value per share – Class R6 | $58.95 |
Net assets – Administrator Class | $ 267,371,074 |
Shares outstanding – Administrator Class1 | 4,666,672 |
Net asset value per share – Administrator Class | $57.29 |
Net assets – Institutional Class | $ 29,901,056 |
Shares outstanding – Institutional Class1 | 507,483 |
Net asset value per share – Institutional Class | $58.92 |
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 | $ 7,667,770 |
Income from affiliated securities | 13,483 |
Total investment income | 7,681,253 |
Expenses | |
Management fee | 7,444,177 |
Administration fees | |
Class A | 1,854,497 |
Class C | 2,149 |
Class R6 | 5 |
Administrator Class | 181,226 |
Institutional Class | 19,569 |
Shareholder servicing fees | |
Class A | 2,207,734 |
Class C | 2,558 |
Administrator Class | 345,026 |
Distribution fee | |
Class C | 6,827 |
Custody and accounting fees | 41,772 |
Professional fees | 26,630 |
Registration fees | 27,786 |
Shareholder report expenses | 46,525 |
Trustees’ fees and expenses | 10,683 |
Other fees and expenses | 23,716 |
Total expenses | 12,240,880 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (147,161) |
Class A | (206,898) |
Class C | (25) |
Class R6 | (3) |
Administrator Class | (109,310) |
Institutional Class | (8,656) |
Net expenses | 11,768,827 |
Net investment loss | (4,087,574) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 124,422,557 |
Net change in unrealized gains (losses) on investments | (139,051,038) |
Net realized and unrealized gains (losses) on investments | (14,628,481) |
Net decrease in net assets resulting from operations | $ (18,716,055) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (4,087,574) | $ (6,769,361) | ||
Net realized gains on investments | 124,422,557 | 229,877,061 | ||
Net change in unrealized gains (losses) on investments | (139,051,038) | 333,757,695 | ||
Net increase (decrease) in net assets resulting from operations | (18,716,055) | 556,865,395 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (202,195,613) | (96,777,520) | ||
Class C | (256,382) | (127,070) | ||
Class R6 | (3,523) | (1,744) | ||
Administrator Class | (28,631,690) | (13,847,101) | ||
Institutional Class | (3,020,160) | (1,540,976) | ||
Total distributions to shareholders | (234,107,368) | (112,294,411) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 173,170 | 9,400,401 | 269,191 | 14,061,865 |
Class C | 906 | 46,948 | 3,625 | 174,851 |
Administrator Class | 20,122 | 1,223,237 | 39,573 | 2,271,942 |
Institutional Class | 88,351 | 5,608,345 | 95,789 | 5,729,224 |
16,278,931 | 22,237,882 | |||
Reinvestment of distributions | ||||
Class A | 3,616,444 | 196,409,057 | 1,960,933 | 94,208,894 |
Class C | 5,180 | 253,503 | 2,836 | 125,099 |
Class R6 | 56 | 3,523 | 0 | 0 |
Administrator Class | 437,730 | 26,929,177 | 245,777 | 13,201,487 |
Institutional Class | 43,679 | 2,761,828 | 25,255 | 1,390,102 |
226,357,088 | 108,925,582 | |||
Payment for shares redeemed | ||||
Class A | (1,642,371) | (89,162,692) | (2,980,120) | (156,844,219) |
Class C | (2,856) | (144,021) | (20,605) | (957,879) |
Administrator Class | (180,265) | (11,134,748) | (348,167) | (20,269,914) |
Institutional Class | (70,935) | (4,512,697) | (151,404) | (9,034,116) |
(104,954,158) | (187,106,128) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 137,681,861 | (55,942,664) | ||
Total increase (decrease) in net assets | (115,141,562) | 388,628,320 | ||
Net assets | ||||
Beginning of period | 2,095,213,029 | 1,706,584,709 | ||
End of period | $1,980,071,467 | $2,095,213,029 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $57.30 | $45.64 | $43.37 | $46.31 | $45.83 | $41.86 |
Net investment income (loss) | (0.11) | (0.20) | 0.01 | 0.10 | (0.01) 1 | 0.04 |
Payment from affiliate | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (0.05) | 14.95 | 4.85 | 1.54 | 6.41 | 6.60 |
Total from investment operations | (0.16) | 14.75 | 4.86 | 1.64 | 6.40 | 6.64 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.02) | (0.10) | 0.00 | (0.17) | (0.13) |
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) | (2.54) |
Total distributions to shareholders | (6.60) | (3.09) | (2.59) | (4.58) | (5.92) | (2.67) |
Net asset value, end of period | $50.54 | $57.30 | $45.64 | $43.37 | $46.31 | $45.83 |
Total return3 | (1.08)% | 33.63% | 11.62% 4 | 5.18% | 15.16% | 16.49% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.19% | 1.20% | 1.21% | 1.21% | 1.20% | 1.21% |
Net expenses | 1.16% | 1.17% | 1.16% | 1.19% | 1.20% | 1.21% |
Net investment income (loss) | (0.42)% | (0.37)% | 0.04% | 0.23% | (0.01)% | 0.11% |
Supplemental data | ||||||
Portfolio turnover rate | 9% | 29% | 43% | 28% | 30% | 43% |
Net assets, end of period (000s omitted) | $1,680,817 | $1,782,585 | $1,453,975 | $1,461,345 | $1,528,852 | $1,479,457 |
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 September 30, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on the total return. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $52.32 | $42.19 | $40.02 | $43.43 | $43.46 | $39.99 |
Net investment loss | (0.27) 1 | (0.55) 1 | (0.28) 1 | (0.26) 1 | (0.43) | (0.26) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.54 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.00 | 13.75 | 4.40 | 1.43 | 6.15 | 6.27 |
Total from investment operations | (0.27) | 13.20 | 4.66 | 1.17 | 5.72 | 6.01 |
Distributions to shareholders from | ||||||
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) | (2.54) |
Net asset value, end of period | $45.45 | $52.32 | $42.19 | $40.02 | $43.43 | $43.46 |
Total return2 | (1.42)% | 32.65% | 12.13% 3 | 4.37% | 14.31% | 15.62% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.86% | 1.92% | 1.94% | 1.96% | 1.95% | 1.96% |
Net expenses | 1.86% | 1.91% | 1.92% | 1.95% | 1.95% | 1.96% |
Net investment loss | (1.12)% | (1.12)% | (0.71)% | (0.69)% | (0.76)% | (0.64)% |
Supplemental data | ||||||
Portfolio turnover rate | 9% | 29% | 43% | 28% | 30% | 43% |
Net assets, end of period (000s omitted) | $1,947 | $2,073 | $2,268 | $3,739 | $31,381 | $33,057 |
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 September 30, 2020, the Fund received a payment from an affiliate which had a 1.44% impact on the total return. |
Year ended September 30 | |||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 1 |
Net asset value, beginning of period | $65.66 | $51.83 | $46.84 |
Net investment income | 0.01 2 | 0.04 | 0.04 |
Net realized and unrealized gains (losses) on investments | (0.12) | 17.06 | 4.95 |
Total from investment operations | (0.11) | 17.10 | 4.99 |
Distributions to shareholders from | |||
Net investment income | 0.00 | (0.20) | 0.00 |
Net realized gains | (6.60) | (3.07) | 0.00 |
Total distributions to shareholders | (6.60) | (3.27) | 0.00 |
Net asset value, end of period | $58.95 | $65.66 | $51.83 |
Total return3 | (0.85)% | 34.23% | 10.65% |
Ratios to average net assets (annualized) | |||
Gross expenses | 0.75% | 0.76% | 0.76% |
Net expenses | 0.72% | 0.72% | 0.72% |
Net investment income | 0.02% | 0.08% | 0.25% |
Supplemental data | |||
Portfolio turnover rate | 9% | 29% | 43% |
Net assets, end of period (000s omitted) | $35 | $35 | $28 |
1 | For the period from May 29, 2020 (commencement of class operations) to September 30, 2020 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $64.07 | $50.68 | $47.85 | $50.50 | $49.45 | $44.93 |
Net investment income (loss) | (0.07) 1 | (0.10) | 0.18 | 0.21 | 0.07 | 0.15 1 |
Net realized and unrealized gains (losses) on investments | (0.11) | 16.65 | 5.30 | 1.73 | 6.97 | 7.09 |
Total from investment operations | (0.18) | 16.55 | 5.48 | 1.94 | 7.04 | 7.24 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.09) | (0.16) | (0.01) | (0.24) | (0.18) |
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) | (2.54) |
Total distributions to shareholders | (6.60) | (3.16) | (2.65) | (4.59) | (5.99) | (2.72) |
Net asset value, end of period | $57.29 | $64.07 | $50.68 | $47.85 | $50.50 | $49.45 |
Total return2 | (0.99)% | 33.87% | 11.85% | 5.37% | 15.38% | 16.74% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.12% | 1.13% | 1.13% | 1.12% | 1.13% |
Net expenses | 0.98% | 0.98% | 0.97% | 1.00% | 1.00% | 1.00% |
Net investment income (loss) | (0.24)% | (0.18)% | 0.22% | 0.42% | 0.19% | 0.31% |
Supplemental data | ||||||
Portfolio turnover rate | 9% | 29% | 43% | 28% | 30% | 43% |
Net assets, end of period (000s omitted) | $267,371 | $281,217 | $225,604 | $227,963 | $244,110 | $237,315 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $65.64 | $51.83 | $48.89 | $51.50 | $50.30 | $45.63 |
Net investment income (loss) | (0.00) 1 | 0.03 2 | 0.34 | 0.35 | 0.22 | 0.22 2 |
Net realized and unrealized gains (losses) on investments | (0.12) | 17.04 | 5.37 | 1.74 | 7.08 | 7.25 |
Total from investment operations | (0.12) | 17.07 | 5.71 | 2.09 | 7.30 | 7.47 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.19) | (0.28) | (0.12) | (0.35) | (0.26) |
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) | (2.54) |
Total distributions to shareholders | (6.60) | (3.26) | (2.77) | (4.70) | (6.10) | (2.80) |
Net asset value, end of period | $58.92 | $65.64 | $51.83 | $48.89 | $51.50 | $50.30 |
Total return3 | (0.87)% | 34.20% | 12.09% | 5.63% | 15.69% | 17.02% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.87% | 0.87% | 0.88% | 0.88% | 0.87% | 0.88% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | (0.00)% | 0.05% | 0.44% | 0.66% | 0.44% | 0.47% |
Supplemental data | ||||||
Portfolio turnover rate | 9% | 29% | 43% | 28% | 30% | 43% |
Net assets, end of period (000s omitted) | $29,901 | $29,303 | $24,710 | $26,447 | $29,562 | $29,709 |
1 | Amount is more than $(0.005) |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $862,936,004 |
Gross unrealized losses | (61,556,924) |
Net unrealized gains | $801,379,080 |
■ | 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 | $ 179,366,993 | $ 0 | $0 | $ 179,366,993 |
Consumer discretionary | 232,464,293 | 0 | 0 | 232,464,293 |
Consumer staples | 55,825,845 | 0 | 0 | 55,825,845 |
Financials | 132,817,016 | 0 | 0 | 132,817,016 |
Health care | 229,423,342 | 0 | 0 | 229,423,342 |
Industrials | 300,625,792 | 25,747,701 | 0 | 326,373,493 |
Information technology | 589,098,264 | 0 | 0 | 589,098,264 |
Materials | 71,457,747 | 0 | 0 | 71,457,747 |
Real estate | 134,243,696 | 0 | 0 | 134,243,696 |
Short-term investments | ||||
Investment companies | 32,865,582 | 0 | 0 | 32,865,582 |
Total assets | $1,958,188,570 | $25,747,701 | $0 | $1,983,936,271 |
Average daily net assets | Management fee |
First $500 million | 0.750% |
Next $500 million | 0.725 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $5 billion | 0.640 |
Next $2 billion | 0.630 |
Next $4 billion | 0.620 |
Over $16 billion | 0.610 |
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 | 1.18% |
Class C | 1.93 |
Class R6 | 0.72 |
Administrator Class | 1.00 |
Institutional Class | 0.75 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
J.P. Morgan Securities LLC | $3,425,740 | $(3,425,740) | $0 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g342885imgb8cc16cd1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g342885imgc916cb7c5.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA232/SAR232 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g334011imgb319a5611.jpg)
Special Mid Cap Value Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g334011img1f87e66d2.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g334011imgbedcab343.jpg)
President
Allspring Funds
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 VonCronkhite, CFA®‡, CPA, Shane Zweck, CFA®‡ |
Average annual total returns (%) as of March 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 (WFPAX) | 7-31-2007 | 6.24 | 9.08 | 11.89 | 12.72 | 10.38 | 12.55 | 1.13 | 1.13 | ||
Class C (WFPCX) | 7-31-2007 | 10.86 | 9.56 | 11.71 | 11.86 | 9.56 | 11.71 | 1.88 | 1.88 | ||
Class R (WFHHX)3 | 9-30-2015 | – | – | – | 12.43 | 10.11 | 12.28 | 1.38 | 1.38 | ||
Class R6 (WFPRX)4 | 6-28-2013 | – | – | – | 13.19 | 10.86 | 13.05 | 0.70 | 0.70 | ||
Administrator Class (WFMDX) | 4-8-2005 | – | – | – | 12.82 | 10.47 | 12.66 | 1.05 | 1.05 | ||
Institutional Class (WFMIX) | 4-8-2005 | – | – | – | 13.09 | 10.75 | 12.96 | 0.80 | 0.80 | ||
Russell Midcap® Value Index5 | – | – | – | – | 11.45 | 9.99 | 12.01 | – | – |
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 January 31, 2023, 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, 1.41% for Class R, 0.73% for Class R6, 1.08% for Administrator Class, and 0.83% 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 Midcap® Value Index measures the performance of those Russell Midcap companies with lower price/book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000® Value Index. You cannot invest directly in an index |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of March 31, 20221 | |
Carlisle Companies Incorporated | 3.88 |
Arch Capital Group Limited | 3.21 |
Republic Services Incorporated | 3.08 |
Brown & Brown Incorporated | 2.99 |
Amdocs Limited | 2.82 |
AerCap Holdings NV | 2.71 |
CBRE Group Incorporated Class A | 2.66 |
LKQ Corporation | 2.65 |
American Electric Power Company Incorporated | 2.54 |
Reynolds Consumer Products Incorporated | 2.46 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g334011imgb4bf85b44.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,072.51 | $5.79 | 1.12% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.35 | $5.64 | 1.12% |
Class C | ||||
Actual | $1,000.00 | $1,068.31 | $9.64 | 1.87% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.61 | $9.40 | 1.87% |
Class R | ||||
Actual | $1,000.00 | $1,070.99 | $7.07 | 1.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.10 | $6.89 | 1.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,074.79 | $3.57 | 0.69% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.49 | $3.48 | 0.69% |
Administrator Class | ||||
Actual | $1,000.00 | $1,072.90 | $5.37 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.75 | $5.24 | 1.04% |
Institutional Class | ||||
Actual | $1,000.00 | $1,074.35 | $4.09 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.99 | $3.98 | 0.79% |
Shares | Value | ||||
Common stocks: 94.38% | |||||
Consumer discretionary: 10.48% | |||||
Auto components: 2.86% | |||||
Aptiv plc † | 1,019,330 | $ 122,023,994 | |||
Lear Corporation | 1,635,800 | 233,248,722 | |||
355,272,716 | |||||
Distributors: 2.65% | |||||
LKQ Corporation | 7,254,700 | 329,435,927 | |||
Hotels, restaurants & leisure: 1.14% | |||||
The Wendy's Company | 556,800 | 12,232,896 | |||
Yum China Holdings Incorporated | 3,109,700 | 129,176,938 | |||
141,409,834 | |||||
Household durables: 2.66% | |||||
D.R. Horton Incorporated | 3,750,700 | 279,464,657 | |||
Helen of Troy Limited † | 263,900 | 51,682,176 | |||
331,146,833 | |||||
Internet & direct marketing retail: 0.06% | |||||
THG Holding plc † | 6,059,169 | 7,273,426 | |||
Specialty retail: 1.11% | |||||
Best Buy Company Incorporated | 1,511,000 | 137,349,900 | |||
Consumer staples: 6.67% | |||||
Beverages: 2.40% | |||||
Keurig Dr. Pepper Incorporated | 7,885,369 | 298,855,485 | |||
Household products: 4.27% | |||||
Church & Dwight Company Incorporated | 2,261,700 | 224,767,746 | |||
Reynolds Consumer Products Incorporated | 10,426,500 | 305,913,510 | |||
530,681,256 | |||||
Energy: 6.13% | |||||
Energy equipment & services: 1.17% | |||||
Baker Hughes Incorporated | 1,590,500 | 57,910,105 | |||
NOV Incorporated | 4,452,900 | 87,321,369 | |||
145,231,474 | |||||
Oil, gas & consumable fuels: 4.96% | |||||
Devon Energy Corporation | 2,078,500 | 122,901,705 | |||
EOG Resources Incorporated | 2,006,900 | 239,282,687 | |||
Valero Energy Corporation | 2,509,000 | 254,763,860 | |||
616,948,252 | |||||
Financials: 19.00% | |||||
Banks: 4.24% | |||||
Fifth Third Bancorp | 5,173,700 | 222,676,048 | |||
PacWest Bancorp | 1,690,900 | 72,928,517 |
Shares | Value | ||||
Banks (continued) | |||||
Regions Financial Corporation | 7,816,600 | $ 173,997,516 | |||
Zions Bancorporation | 884,400 | 57,981,264 | |||
527,583,345 | |||||
Capital markets: 1.99% | |||||
LPL Financial Holdings Incorporated | 533,900 | 97,532,852 | |||
Pershing Square Tontine Holdings † | 7,534,200 | 149,855,238 | |||
247,388,090 | |||||
Consumer finance: 1.46% | |||||
Discover Financial Services | 1,642,100 | 180,942,999 | |||
Insurance: 9.41% | |||||
Arch Capital Group Limited † | 8,230,100 | 398,501,442 | |||
Axis Capital Holdings Limited | 420,900 | 25,451,823 | |||
Brown & Brown Incorporated | 5,134,000 | 371,034,180 | |||
Loews Corporation | 2,738,700 | 177,522,534 | |||
The Allstate Corporation | 1,419,300 | 196,587,243 | |||
1,169,097,222 | |||||
Mortgage REITs: 1.90% | |||||
Annaly Capital Management Incorporated | 33,502,399 | 235,856,889 | |||
Health care: 7.54% | |||||
Health care equipment & supplies: 3.69% | |||||
Alcon Incorporated « | 3,406,600 | 270,245,578 | |||
Zimmer Biomet Holdings Incorporated | 1,475,300 | 188,690,870 | |||
458,936,448 | |||||
Health care providers & services: 3.85% | |||||
Humana Incorporated | 640,600 | 278,769,902 | |||
Universal Health Services Incorporated Class B | 1,377,400 | 199,654,130 | |||
478,424,032 | |||||
Industrials: 20.27% | |||||
Building products: 5.08% | |||||
Builders FirstSource Incorporated † | 2,313,400 | 149,306,836 | |||
Carlisle Companies Incorporated | 1,960,500 | 482,126,160 | |||
631,432,996 | |||||
Commercial services & supplies: 3.08% | |||||
Republic Services Incorporated | 2,888,400 | 382,713,000 | |||
Construction & engineering: 2.25% | |||||
APi Group Corporation † | 2,879,215 | 60,549,912 | |||
MasTec Incorporated † | 2,521,700 | 219,640,070 | |||
280,189,982 | |||||
Machinery: 4.46% | |||||
Donaldson Company Incorporated | 3,128,300 | 162,452,619 | |||
Gates Industrial Corporation plc † | 8,107,632 | 122,100,938 | |||
Stanley Black & Decker Incorporated | 1,926,200 | 269,263,498 | |||
553,817,055 |
Shares | Value | ||||
Professional services: 2.69% | |||||
Dun & Bradstreet Holdings Incorporated † | 4,009,500 | $ 70,246,440 | |||
Jacobs Engineering Group Incorporated | 1,919,100 | 264,471,171 | |||
334,717,611 | |||||
Trading companies & distributors: 2.71% | |||||
AerCap Holdings NV † | 6,698,800 | 336,815,664 | |||
Information technology: 7.40% | |||||
Communications equipment: 1.00% | |||||
Juniper Networks Incorporated | 3,347,400 | 124,389,384 | |||
IT services: 4.74% | |||||
Amdocs Limited | 4,259,100 | 350,140,611 | |||
Euronet Worldwide Incorporated † | 1,831,700 | 238,395,755 | |||
588,536,366 | |||||
Software: 1.66% | |||||
NCR Corporation † | 5,138,700 | 206,524,353 | |||
Materials: 4.44% | |||||
Chemicals: 1.70% | |||||
Celanese Corporation Series A | 785,000 | 112,152,950 | |||
FMC Corporation | 748,200 | 98,440,674 | |||
210,593,624 | |||||
Construction materials: 0.51% | |||||
Vulcan Materials Company | 344,400 | 63,266,280 | |||
Containers & packaging: 0.73% | |||||
AptarGroup Incorporated | 775,900 | 91,168,250 | |||
Metals & mining: 1.50% | |||||
Freeport-McMoRan Incorporated | 3,750,900 | 186,569,766 | |||
Real estate: 5.49% | |||||
Equity REITs: 2.83% | |||||
American Campus Communities Incorporated | 3,211,005 | 179,719,950 | |||
Gaming and Leisure Properties Incorporated | 3,660,400 | 171,782,572 | |||
351,502,522 | |||||
Real estate management & development: 2.66% | |||||
CBRE Group Incorporated Class A † | 3,612,700 | 330,634,304 | |||
Utilities: 6.96% | |||||
Electric utilities: 4.96% | |||||
American Electric Power Company Incorporated | 3,163,900 | 315,662,303 | |||
FirstEnergy Corporation | 6,565,200 | 301,080,072 | |||
616,742,375 | |||||
Water utilities: 2.00% | |||||
American Water Works Company Incorporated | 1,502,100 | 248,642,613 | |||
Total Common stocks (Cost $8,440,793,807) | 11,730,090,273 |
Shares | Value | ||||
Investment companies: 1.23% | |||||
Exchange-traded funds: 1.23% | |||||
SPDR S&P Oil & Gas Exploration & Production ETF « | 1,139,000 | $ 153,252,450 | |||
Total Investment companies (Cost $68,128,792) | 153,252,450 |
Expiration date | |||||
Warrants: 0.01% | |||||
Financials: 0.01% | |||||
Capital markets: 0.01% | |||||
Pershing Square Tontine Holdings Limited Class A † | 7-24-2025 | 968,690 | 910,569 | ||
Diversified financial services: 0.00% | |||||
Liberty Media Acquisition Corporation Class A † | 1-22-2026 | 352,604 | 236,245 | ||
Total Warrants (Cost $7,126,698) | 1,146,814 |
Yield | |||||
Short-term investments: 5.60% | |||||
Investment companies: 5.60% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18% | 551,309,789 | 551,309,789 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 144,626,575 | 144,626,575 | ||
Total Short-term investments (Cost $695,936,364) | 695,936,364 | ||||
Total investments in securities (Cost $9,211,985,661) | 101.22% | 12,580,425,901 | |||
Other assets and liabilities, net | (1.22) | (152,172,821) | |||
Total net assets | 100.00% | $12,428,253,080 |
† | 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 | $ 65,051,778 | $1,297,083,389 | $(810,825,378) | $0 | $0 | $ 551,309,789 | 551,309,789 | $ 73,765 | ||
Securities Lending Cash Investments LLC | 123,735,675 | 836,275,936 | (815,385,036) | 0 | 0 | 144,626,575 | 144,626,575 | 41,863 # | ||
$0 | $0 | $695,936,364 | $115,628 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $141,764,094 of securities loaned), at value (cost $8,516,049,297) | $ 11,884,489,537 |
Investments in affiliated securities, at value (cost $695,936,364) | 695,936,364 |
Receivable for Fund shares sold | 18,934,683 |
Receivable for dividends | 18,190,671 |
Receivable for investments sold | 12,241,397 |
Receivable for securities lending income, net | 40,255 |
Prepaid expenses and other assets | 68,262 |
Total assets | 12,629,901,169 |
Liabilities | |
Payable upon receipt of securities loaned | 144,626,575 |
Payable for Fund shares redeemed | 25,487,885 |
Payable for investments purchased | 22,441,080 |
Management fee payable | 6,861,599 |
Administration fees payable | 1,204,175 |
Distribution fees payable | 91,640 |
Trustees’ fees and expenses payable | 3,055 |
Accrued expenses and other liabilities | 932,080 |
Total liabilities | 201,648,089 |
Total net assets | $12,428,253,080 |
Net assets consist of | |
Paid-in capital | $ 8,586,546,003 |
Total distributable earnings | 3,841,707,077 |
Total net assets | $12,428,253,080 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,283,239,617 |
Shares outstanding – Class A1 | 26,775,041 |
Net asset value per share – Class A | $47.93 |
Maximum offering price per share – Class A2 | $50.85 |
Net assets – Class C | $ 135,348,080 |
Shares outstanding – Class C1 | 2,999,022 |
Net asset value per share – Class C | $45.13 |
Net assets – Class R | $ 28,683,498 |
Shares outstanding – Class R1 | 590,149 |
Net asset value per share – Class R | $48.60 |
Net assets – Class R6 | $ 3,002,544,942 |
Shares outstanding – Class R61 | 60,720,059 |
Net asset value per share – Class R6 | $49.45 |
Net assets – Administrator Class | $ 369,691,446 |
Shares outstanding – Administrator Class1 | 7,544,975 |
Net asset value per share – Administrator Class | $49.00 |
Net assets – Institutional Class | $ 7,608,745,497 |
Shares outstanding – Institutional Class1 | 154,094,826 |
Net asset value per share – Institutional Class | $49.38 |
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 | $ 99,055,790 |
Income from affiliated securities | 336,407 |
Total investment income | 99,392,197 |
Expenses | |
Management fee | 40,549,837 |
Administration fees | |
Class A | 1,285,904 |
Class C | 143,546 |
Class R | 30,877 |
Class R6 | 450,267 |
Administrator Class | 250,662 |
Institutional Class | 4,918,416 |
Shareholder servicing fees | |
Class A | 1,530,838 |
Class C | 170,853 |
Class R | 36,758 |
Administrator Class | 481,042 |
Distribution fees | |
Class C | 512,543 |
Class R | 36,699 |
Custody and accounting fees | 173,810 |
Professional fees | 24,895 |
Registration fees | 21,224 |
Shareholder report expenses | 189,941 |
Trustees’ fees and expenses | 10,683 |
Other fees and expenses | 46,483 |
Total expenses | 50,865,278 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (20,665) |
Administrator Class | (130) |
Net expenses | 50,844,483 |
Net investment income | 48,547,714 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 567,649,616 |
Written options | 44 |
Net realized gains on investments | 567,649,660 |
Net change in unrealized gains (losses) on investments | 252,274,924 |
Net realized and unrealized gains (losses) on investments | 819,924,584 |
Net increase in net assets resulting from operations | $868,472,298 |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 48,547,714 | $ 51,851,723 | ||
Net realized gains on investments | 567,649,660 | 1,198,851,374 | ||
Net change in unrealized gains (losses) on investments | 252,274,924 | 2,195,163,927 | ||
Net increase in net assets resulting from operations | 868,472,298 | 3,445,867,024 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (110,358,404) | (3,690,728) | ||
Class C | (13,179,402) | 0 | ||
Class R | (2,629,091) | (26,900) | ||
Class R6 | (285,467,612) | (18,362,088) | ||
Administrator Class | (35,968,625) | (1,423,815) | ||
Institutional Class | (709,096,673) | (40,723,017) | ||
Total distributions to shareholders | (1,156,699,807) | (64,226,548) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 4,988,530 | 245,312,159 | 4,786,526 | 219,114,924 |
Class C | 241,009 | 11,082,835 | 343,992 | 15,066,280 |
Class R | 55,050 | 2,738,851 | 121,981 | 5,747,947 |
Class R6 | 8,264,033 | 417,688,968 | 17,294,698 | 804,836,030 |
Administrator Class | 563,433 | 28,291,229 | 3,486,926 | 142,839,440 |
Institutional Class | 19,055,607 | 960,431,504 | 40,111,359 | 1,892,677,973 |
1,665,545,546 | 3,080,282,594 | |||
Reinvestment of distributions | ||||
Class A | 2,107,085 | 100,816,278 | 81,671 | 3,375,452 |
Class C | 275,193 | 12,400,183 | 0 | 0 |
Class R | 54,264 | 2,629,091 | 641 | 26,865 |
Class R6 | 5,339,952 | 264,158,691 | 396,774 | 16,843,042 |
Administrator Class | 731,733 | 35,793,083 | 33,647 | 1,418,220 |
Institutional Class | 13,797,049 | 681,214,678 | 914,588 | 38,787,662 |
1,097,012,004 | 60,451,241 | |||
Payment for shares redeemed | ||||
Class A | (3,307,520) | (162,561,969) | (9,325,133) | (400,160,013) |
Class C | (361,088) | (16,698,048) | (780,392) | (32,978,696) |
Class R | (97,786) | (4,892,247) | (235,151) | (10,628,060) |
Class R6 | (10,564,377) | (540,258,119) | (17,821,226) | (818,801,519) |
Administrator Class | (1,506,232) | (75,839,458) | (4,778,979) | (206,239,718) |
Institutional Class | (21,147,059) | (1,063,815,786) | (41,678,815) | (1,966,093,841) |
(1,864,065,627) | (3,434,901,847) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 898,491,923 | (294,168,012) | ||
Total increase in net assets | 610,264,414 | 3,087,472,464 | ||
Net assets | ||||
Beginning of period | 11,817,988,666 | 8,730,516,202 | ||
End of period | $12,428,253,080 | $11,817,988,666 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $49.22 | $35.33 | $39.63 | $37.59 | $37.49 | $33.12 |
Net investment income | 0.12 1 | 0.13 | 0.18 | 0.26 | 0.15 | 0.33 |
Net realized and unrealized gains (losses) on investments | 3.43 | 13.91 | (2.85) | 2.54 | 1.50 | 4.42 |
Total from investment operations | 3.55 | 14.04 | (2.67) | 2.80 | 1.65 | 4.75 |
Distributions to shareholders from | ||||||
Net investment income | (0.11) | (0.15) | (0.23) | (0.17) | (0.23) | (0.19) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) | (0.19) |
Total distributions to shareholders | (4.84) | (0.15) | (1.63) | (0.76) | (1.55) | (0.38) |
Net asset value, end of period | $47.93 | $49.22 | $35.33 | $39.63 | $37.59 | $37.49 |
Total return2 | 7.25% | 39.83% | (7.22)% | 7.81% | 4.50% | 14.41% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.12% | 1.13% | 1.14% | 1.15% | 1.15% | 1.18% |
Net expenses | 1.12% | 1.13% | 1.14% | 1.15% | 1.15% | 1.18% |
Net investment income | 0.50% | 0.17% | 0.56% | 0.67% | 0.40% | 0.78% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 38% | 51% | 37% | 37% | 46% |
Net assets, end of period (000s omitted) | $1,283,240 | $1,131,411 | $969,508 | $1,003,560 | $1,038,883 | $1,070,690 |
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 September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $46.68 | $33.63 | $37.85 | $36.02 | $36.03 | $31.91 |
Net investment income (loss) | (0.03) | (0.25) 1 | (0.11) | (0.07) | (0.14) | 0.06 |
Net realized and unrealized gains (losses) on investments | 3.21 | 13.30 | (2.71) | 2.49 | 1.46 | 4.26 |
Total from investment operations | 3.18 | 13.05 | (2.82) | 2.42 | 1.32 | 4.32 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) | (0.01) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) | (0.19) |
Total distributions to shareholders | (4.73) | 0.00 | (1.40) | (0.59) | (1.33) | (0.20) |
Net asset value, end of period | $45.13 | $46.68 | $33.63 | $37.85 | $36.02 | $36.03 |
Total return2 | 6.83% | 38.80% | (7.89)% | 7.00% | 3.72% | 13.56% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.87% | 1.88% | 1.89% | 1.90% | 1.90% | 1.92% |
Net expenses | 1.87% | 1.88% | 1.89% | 1.90% | 1.90% | 1.92% |
Net investment income (loss) | (0.27)% | (0.58)% | (0.19)% | (0.09)% | (0.35)% | 0.14% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 38% | 51% | 37% | 37% | 46% |
Net assets, end of period (000s omitted) | $135,348 | $132,741 | $110,318 | $147,086 | $174,839 | $191,954 |
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 September 30 | ||||||
Class R | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $49.81 | $35.74 | $40.10 | $38.09 | $38.08 | $33.78 |
Net investment income (loss) | 0.06 | (0.04) 1 | 0.09 | 0.17 | 0.09 | 0.32 |
Net realized and unrealized gains (losses) on investments | 3.46 | 14.15 | (2.90) | 2.57 | 1.49 | 4.43 |
Total from investment operations | 3.52 | 14.11 | (2.81) | 2.74 | 1.58 | 4.75 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.04) | (0.15) | (0.14) | (0.25) | (0.26) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) | (0.19) |
Total distributions to shareholders | (4.73) | (0.04) | (1.55) | (0.73) | (1.57) | (0.45) |
Net asset value, end of period | $48.60 | $49.81 | $35.74 | $40.10 | $38.09 | $38.08 |
Total return2 | 7.10% | 39.51% | (7.45)% | 7.52% | 4.23% | 14.13% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.37% | 1.38% | 1.39% | 1.40% | 1.40% | 1.42% |
Net expenses | 1.37% | 1.38% | 1.39% | 1.40% | 1.40% | 1.42% |
Net investment income (loss) | 0.23% | (0.08)% | 0.31% | 0.43% | 0.18% | 0.77% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 38% | 51% | 37% | 37% | 46% |
Net assets, end of period (000s omitted) | $28,683 | $28,821 | $24,705 | $31,961 | $24,575 | $14,505 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.72 | $36.39 | $40.76 | $38.67 | $38.52 | $34.03 |
Net investment income | 0.22 | 0.29 | 0.36 | 0.40 | 0.32 1 | 0.50 1 |
Net realized and unrealized gains (losses) on investments | 3.54 | 14.36 | (2.94) | 2.62 | 1.55 | 4.53 |
Total from investment operations | 3.76 | 14.65 | (2.58) | 3.02 | 1.87 | 5.03 |
Distributions to shareholders from | ||||||
Net investment income | (0.30) | (0.32) | (0.39) | (0.34) | (0.40) | (0.35) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) | (0.19) |
Total distributions to shareholders | (5.03) | (0.32) | (1.79) | (0.93) | (1.72) | (0.54) |
Net asset value, end of period | $49.45 | $50.72 | $36.39 | $40.76 | $38.67 | $38.52 |
Total return2 | 7.48% | 40.44% | (6.84)% | 8.28% | 4.95% | 14.88% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69% | 0.70% | 0.71% | 0.72% | 0.72% | 0.74% |
Net expenses | 0.69% | 0.70% | 0.71% | 0.72% | 0.72% | 0.74% |
Net investment income | 0.91% | 0.60% | 0.99% | 1.12% | 0.85% | 1.37% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 38% | 51% | 37% | 37% | 46% |
Net assets, end of period (000s omitted) | $3,002,545 | $2,925,693 | $2,103,895 | $2,094,860 | $1,493,787 | $906,784 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.22 | $36.02 | $40.35 | $38.23 | $38.12 | $33.67 |
Net investment income | 0.14 1 | 0.23 | 0.24 1 | 0.27 1 | 0.18 1 | 0.34 1 |
Net realized and unrealized gains (losses) on investments | 3.50 | 14.13 | (2.93) | 2.61 | 1.52 | 4.52 |
Total from investment operations | 3.64 | 14.36 | (2.69) | 2.88 | 1.70 | 4.86 |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.16) | (0.24) | (0.17) | (0.27) | (0.22) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) | (0.19) |
Total distributions to shareholders | (4.86) | (0.16) | (1.64) | (0.76) | (1.59) | (0.41) |
Net asset value, end of period | $49.00 | $50.22 | $36.02 | $40.35 | $38.23 | $38.12 |
Total return2 | 7.29% | 39.96% | (7.15)% | 7.88% | 4.58% | 14.50% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.04% | 1.05% | 1.06% | 1.07% | 1.07% | 1.09% |
Net expenses | 1.04% | 1.05% | 1.06% | 1.07% | 1.07% | 1.09% |
Net investment income | 0.55% | 0.25% | 0.65% | 0.72% | 0.47% | 0.95% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 38% | 51% | 37% | 37% | 46% |
Net assets, end of period (000s omitted) | $369,691 | $389,512 | $324,727 | $604,126 | $978,368 | $1,156,796 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.63 | $36.33 | $40.70 | $38.61 | $38.47 | $34.00 |
Net investment income | 0.19 | 0.24 | 0.32 | 0.38 1 | 0.26 | 0.41 |
Net realized and unrealized gains (losses) on investments | 3.55 | 14.35 | (2.94) | 2.60 | 1.56 | 4.58 |
Total from investment operations | 3.74 | 14.59 | (2.62) | 2.98 | 1.82 | 4.99 |
Distributions to shareholders from | ||||||
Net investment income | (0.26) | (0.29) | (0.35) | (0.30) | (0.36) | (0.33) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) | (0.19) |
Total distributions to shareholders | (4.99) | (0.29) | (1.75) | (0.89) | (1.68) | (0.52) |
Net asset value, end of period | $49.38 | $50.63 | $36.33 | $40.70 | $38.61 | $38.47 |
Total return2 | 7.43% | 40.30% | (6.93)% | 8.17% | 4.84% | 14.76% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.79% | 0.80% | 0.81% | 0.82% | 0.82% | 0.84% |
Net expenses | 0.79% | 0.80% | 0.81% | 0.82% | 0.82% | 0.84% |
Net investment income | 0.82% | 0.50% | 0.89% | 1.00% | 0.73% | 1.24% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 38% | 51% | 37% | 37% | 46% |
Net assets, end of period (000s omitted) | $7,608,745 | $7,209,810 | $5,197,362 | $5,349,953 | $4,937,901 | $4,595,274 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $3,527,850,457 |
Gross unrealized losses | (145,990,298) |
Net unrealized gains | $3,381,860,159 |
■ | 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 | ||||
Consumer discretionary | $ 1,294,615,210 | $ 7,273,426 | $0 | $ 1,301,888,636 |
Consumer staples | 829,536,741 | 0 | 0 | 829,536,741 |
Energy | 762,179,726 | 0 | 0 | 762,179,726 |
Financials | 2,360,868,545 | 0 | 0 | 2,360,868,545 |
Health care | 937,360,480 | 0 | 0 | 937,360,480 |
Industrials | 2,519,686,308 | 0 | 0 | 2,519,686,308 |
Information technology | 919,450,103 | 0 | 0 | 919,450,103 |
Materials | 551,597,920 | 0 | 0 | 551,597,920 |
Real estate | 682,136,826 | 0 | 0 | 682,136,826 |
Utilities | 865,384,988 | 0 | 0 | 865,384,988 |
Investment companies | 153,252,450 | 0 | 0 | 153,252,450 |
Warrants | ||||
Financials | 0 | 1,146,814 | 0 | 1,146,814 |
Short-term investments | ||||
Investment companies | 695,936,364 | 0 | 0 | 695,936,364 |
Total assets | $12,572,005,661 | $8,420,240 | $0 | $12,580,425,901 |
Average daily net assets | Management fee |
First $500 million | 0.750% |
Next $500 million | 0.725 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $5 billion | 0.640 |
Next $2 billion | 0.630 |
Next $4 billion | 0.620 |
Over $16 billion | 0.610 |
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 | 1.16% |
Class C | 1.91 |
Class R | 1.41 |
Class R6 | 0.73 |
Administrator Class | 1.08 |
Institutional Class | 0.83 |
Value of securities on loan | Collateral received1 | Net amount | |
Barclays Capital Incorporated | $64,004,850 | $(64,004,850) | $0 |
BNP Paribas Securities Corporation | 3,714,960 | (3,714,960) | 0 |
Credit Suisse Securities (USA) LLC | 26,071,500 | (26,071,500) | 0 |
Citigroup Global Markets Incorporated | 47,092,500 | (47,092,500) | 0 |
Morgan Stanley & Co. LLC | 880,284 | (880,284) | 0 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g334011imgb319a5611.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g334011imgac7b5ba75.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA234/SAR234 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g303359img5d50624a1.jpg)
Diversified Capital Builder Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g303359imga8eab2e92.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g303359img8640b1083.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Robert Junkin, Margaret Patel |
Average annual total returns (%) as of March 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 (EKBAX) | 1-20-1998 | 4.87 | 9.67 | 11.41 | 11.23 | 10.98 | 12.08 | 1.11 | 1.11 | ||
Class C (EKBCX) | 1-22-1998 | 9.43 | 10.17 | 11.25 | 10.43 | 10.17 | 11.25 | 1.86 | 1.86 | ||
Administrator Class (EKBDX) | 7-30-2010 | – | – | – | 11.45 | 11.09 | 12.24 | 1.03 | 1.03 | ||
Institutional Class (EKBYX) | 1-26-1998 | – | – | – | 11.68 | 11.37 | 12.50 | 0.78 | 0.78 | ||
Diversified Capital Builder Blended Index3 | – | – | – | – | 9.85 | 13.03 | 12.35 | – | – | ||
ICE BofA U.S. Cash Pay High Yield Index4 | – | – | – | – | -0.28 | 4.55 | 5.68 | – | – | ||
Russell 1000® Index5 | – | – | – | – | 13.27 | 15.82 | 14.53 | – | – |
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 January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.13% for Class A, 1.88% for Class C, 1.05% for Administrator Class, and 0.78% 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 | Source: Allspring Funds Management, LLC. The Diversified Capital Builder Blended Index is composed 75% of the Russell 1000® Index and 25% of the ICE BofA U.S. Cash Pay High Yield Index. You cannot invest directly in an index. |
4 | The ICE BofA U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
5 | 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. |
Ten largest holdings (%) as of March 31, 20221 | |
AbbVie Incorporated | 6.42 |
Broadcom Incorporated | 4.78 |
L3Harris Technologies Incorporated | 4.71 |
Amphenol Corporation Class A | 3.81 |
Synopsys Incorporated | 3.74 |
Advanced Micro Devices Incorporated | 3.36 |
Leidos Holdings Incorporated | 2.91 |
Amgen Incorporated | 2.85 |
Berry Global Group Incorporated | 2.78 |
Thermo Fisher Scientific Incorporated | 2.49 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g303359img585cedd34.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,069.44 | $5.68 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.45 | $5.54 | 1.10% |
Class C | ||||
Actual | $1,000.00 | $1,065.83 | $9.53 | 1.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.71 | $9.30 | 1.85% |
Administrator Class | ||||
Actual | $1,000.00 | $1,071.02 | $5.27 | 1.02% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.85 | $5.14 | 1.02% |
Institutional Class | ||||
Actual | $1,000.00 | $1,071.60 | $3.98 | 0.77% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.09 | $3.88 | 0.77% |
Shares | Value | ||||
Common stocks: 84.48% | |||||
Consumer discretionary: 0.29% | |||||
Household durables: 0.29% | |||||
Whirlpool Corporation | 20,000 | $ 3,455,600 | |||
Health care: 29.11% | |||||
Biotechnology: 13.04% | |||||
AbbVie Incorporated | 470,000 | 76,191,700 | |||
Amgen Incorporated | 140,000 | 33,854,800 | |||
Biogen Incorporated † | 10,000 | 2,106,000 | |||
Horizon Therapeutics plc † | 212,000 | 22,304,520 | |||
Neurocrine Biosciences Incorporated † | 105,000 | 9,843,750 | |||
Vertex Pharmaceuticals Incorporated † | 40,000 | 10,438,800 | |||
154,739,570 | |||||
Health care equipment & supplies: 3.03% | |||||
Abbott Laboratories | 180,000 | 21,304,800 | |||
Becton Dickinson & Company | 55,000 | 14,630,000 | |||
35,934,800 | |||||
Health care providers & services: 2.45% | |||||
McKesson Corporation | 95,000 | 29,082,350 | |||
Life sciences tools & services: 6.99% | |||||
Bio-Rad Laboratories Incorporated Class A † | 15,000 | 8,448,450 | |||
Charles River Laboratories International Incorporated † | 20,000 | 5,679,400 | |||
Danaher Corporation | 85,000 | 24,933,050 | |||
IQVIA Holdings Incorporated † | 50,000 | 11,560,500 | |||
Thermo Fisher Scientific Incorporated | 50,000 | 29,532,500 | |||
West Pharmaceutical Services Incorporated | 7,000 | 2,874,970 | |||
83,028,870 | |||||
Pharmaceuticals: 3.60% | |||||
Bristol-Myers Squibb Company | 300,000 | 21,909,000 | |||
Catalent Incorporated † | 50,000 | 5,545,000 | |||
Merck & Company Incorporated | 150,000 | 12,307,500 | |||
Merck KGaA ADR | 70,000 | 2,926,700 | |||
42,688,200 | |||||
Industrials: 15.98% | |||||
Aerospace & defense: 5.28% | |||||
Curtiss-Wright Corporation | 45,000 | 6,757,200 | |||
L3Harris Technologies Incorporated | 225,000 | 55,905,750 | |||
62,662,950 | |||||
Electrical equipment: 1.63% | |||||
AMETEK Incorporated | 145,000 | 19,311,100 | |||
Industrial conglomerates: 0.58% | |||||
Honeywell International Incorporated | 35,000 | 6,810,300 | |||
Machinery: 5.58% | |||||
Crane Company | 43,000 | 4,656,040 | |||
IDEX Corporation | 80,000 | 15,338,400 |
Shares | Value | ||||
Machinery (continued) | |||||
John Bean Technologies Corporation | 175,000 | $ 20,732,250 | |||
The Timken Company | 420,000 | 25,494,000 | |||
66,220,690 | |||||
Professional services: 2.91% | |||||
Leidos Holdings Incorporated | 320,000 | 34,566,400 | |||
Information technology: 27.73% | |||||
Electronic equipment, instruments & components: 4.83% | |||||
Amphenol Corporation Class A | 600,000 | 45,210,000 | |||
Teledyne Technologies Incorporated † | 25,500 | 12,052,065 | |||
57,262,065 | |||||
IT services: 0.71% | |||||
MasterCard Incorporated Class A | 23,500 | 8,398,430 | |||
Semiconductors & semiconductor equipment: 14.76% | |||||
Advanced Micro Devices Incorporated † | 365,000 | 39,909,100 | |||
Analog Devices Incorporated | 45,000 | 7,433,100 | |||
Broadcom Incorporated | 90,000 | 56,671,200 | |||
Marvell Technology Incorporated | 75,000 | 5,378,250 | |||
Microchip Technology Incorporated | 330,000 | 24,796,200 | |||
Micron Technology Incorporated | 210,000 | 16,356,900 | |||
NVIDIA Corporation | 27,000 | 7,367,220 | |||
Qualcomm Incorporated | 50,000 | 7,641,000 | |||
Synaptics Incorporated † | 25,000 | 4,987,500 | |||
Texas Instruments Incorporated | 25,000 | 4,587,000 | |||
175,127,470 | |||||
Software: 7.43% | |||||
Adobe Incorporated † | 20,000 | 9,112,400 | |||
ANSYS Incorporated † | 30,000 | 9,529,500 | |||
Autodesk Incorporated † | 30,000 | 6,430,500 | |||
Microsoft Corporation | 61,000 | 18,806,910 | |||
Synopsys Incorporated † | 133,000 | 44,324,910 | |||
88,204,220 | |||||
Materials: 11.37% | |||||
Chemicals: 7.53% | |||||
Celanese Corporation Series A | 72,000 | 10,286,640 | |||
Eastman Chemical Company | 160,000 | 17,929,600 | |||
Huntsman Corporation | 615,000 | 23,068,650 | |||
Olin Corporation | 155,000 | 8,103,400 | |||
PPG Industries Incorporated | 32,000 | 4,194,240 | |||
The Sherwin-Williams Company | 47,500 | 11,856,950 | |||
Tronox Holdings plc Class A | 47,300 | 936,067 | |||
Westlake Chemical Corporation | 105,000 | 12,957,000 | |||
89,332,547 | |||||
Containers & packaging: 3.84% | |||||
AptarGroup Incorporated | 76,500 | 8,988,750 |
Shares | Value | ||||
Containers & packaging (continued) | |||||
Berry Global Group Incorporated † | 570,000 | $ 33,037,200 | |||
Sealed Air Corporation | 53,000 | 3,548,880 | |||
45,574,830 | |||||
Total Common stocks (Cost $649,763,546) | 1,002,400,392 |
Interest rate | Maturity date | Principal | |||
Corporate bonds and notes: 12.08% | |||||
Consumer discretionary: 1.09% | |||||
Auto components: 1.09% | |||||
Tenneco Incorporated 144A | 5.13% | 4-15-2029 | $13,000,000 | 12,919,010 | |
Consumer staples: 1.09% | |||||
Food products: 0.63% | |||||
Post Holdings Incorporated 144A | 4.50 | 9-15-2031 | 8,435,000 | 7,473,325 | |
Household durables: 0.46% | |||||
Spectrum Brands Incorporated 144A | 3.88 | 3-15-2031 | 6,200,000 | 5,469,640 | |
Health care: 2.54% | |||||
Health care equipment & supplies: 0.43% | |||||
Hologic Incorporated 144A | 3.25 | 2-15-2029 | 5,440,000 | 5,079,709 | |
Health care providers & services: 1.73% | |||||
AMN Healthcare Incorporated 144A | 4.00 | 4-15-2029 | 1,000,000 | 926,300 | |
AMN Healthcare Incorporated 144A | 4.63 | 10-1-2027 | 1,000,000 | 972,310 | |
Catalent Pharma Solutions Incorporated 144A | 3.13 | 2-15-2029 | 1,000,000 | 908,915 | |
Davita Incorporated 144A | 4.63 | 6-1-2030 | 13,550,000 | 12,652,990 | |
Encompass Health Corporation | 4.63 | 4-1-2031 | 5,500,000 | 5,148,220 | |
20,608,735 | |||||
Life sciences tools & services: 0.16% | |||||
Charles River Laboratories Incorporated 144A | 4.00 | 3-15-2031 | 2,000,000 | 1,877,500 | |
Pharmaceuticals: 0.22% | |||||
Bausch Health Companies Incorporated 144A | 5.25 | 2-15-2031 | 1,500,000 | 1,167,540 | |
Organon Finance 1 LLC 144A | 5.13 | 4-30-2031 | 1,500,000 | 1,447,500 | |
2,615,040 | |||||
Industrials: 2.00% | |||||
Aerospace & defense: 0.97% | |||||
TransDigm Group Incorporated | 4.63 | 1-15-2029 | 9,000,000 | 8,414,730 | |
TransDigm Group Incorporated | 6.38 | 6-15-2026 | 3,000,000 | 3,027,075 | |
11,441,805 | |||||
Commercial services & supplies: 0.26% | |||||
ACCO Brands Corporation 144A | 4.25 | 3-15-2029 | 2,000,000 | 1,846,830 | |
Stericycle Incorporated 144A | 3.88 | 1-15-2029 | 1,310,000 | 1,218,300 | |
3,065,130 |
Interest rate | Maturity date | Principal | Value | ||
Construction & engineering: 0.77% | |||||
Dycom Industries Incorporated 144A | 4.50% | 4-15-2029 | $ 9,720,000 | $ 9,161,100 | |
Information technology: 1.45% | |||||
Electronic equipment, instruments & components: 0.69% | |||||
TTM Technologies Incorporated 144A | 4.00 | 3-1-2029 | 8,890,000 | 8,223,250 | |
IT services: 0.03% | |||||
Gartner Incorporated 144A | 3.63 | 6-15-2029 | 350,000 | 328,125 | |
Semiconductors & semiconductor equipment: 0.40% | |||||
Synaptics Incorporated 144A | 4.00 | 6-15-2029 | 5,000,000 | 4,712,500 | |
Software: 0.33% | |||||
Citrix Systems Incorporated | 3.30 | 3-1-2030 | 4,000,000 | 3,956,470 | |
Materials: 2.79% | |||||
Chemicals: 1.78% | |||||
Koppers Incorporated 144A | 6.00 | 2-15-2025 | 8,190,000 | 8,026,200 | |
Tronox Incorporated 144A | 4.63 | 3-15-2029 | 5,310,000 | 4,971,488 | |
Valvoline Incorporated 144A | 3.63 | 6-15-2031 | 9,495,000 | 8,202,541 | |
21,200,229 | |||||
Containers & packaging: 1.01% | |||||
Ball Corporation | 2.88 | 8-15-2030 | 12,000,000 | 10,758,540 | |
Berry Global Incorporated 144A« | 4.50 | 2-15-2026 | 1,189,000 | 1,189,048 | |
11,947,588 | |||||
Real estate: 1.04% | |||||
Equity REITs: 1.04% | |||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 12,350,000 | 11,405,349 | |
SBA Communications Corporation | 3.13 | 2-1-2029 | 1,000,000 | 909,620 | |
12,314,969 | |||||
Utilities: 0.08% | |||||
Electric utilities: 0.08% | |||||
NRG Energy Incorporated 144A | 5.25 | 6-15-2029 | 1,000,000 | 977,230 | |
Total Corporate bonds and notes (Cost $155,081,813) | 143,371,355 | ||||
Yankee corporate bonds and notes: 2.31% | |||||
Health care: 1.06% | |||||
Pharmaceuticals: 1.06% | |||||
Bausch Health Companies Incorporated 144A | 5.25 | 1-30-2030 | 16,000,000 | 12,568,640 | |
Industrials: 0.23% | |||||
Electrical equipment: 0.23% | |||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 2,880,000 | 2,742,422 |
Interest rate | Maturity date | Principal | Value | ||
Information technology: 0.40% | |||||
Technology hardware, storage & peripherals: 0.40% | |||||
Seagate HDD | 3.13% | 7-15-2029 | $ 1,500,000 | $ 1,346,250 | |
Seagate HDD | 4.09 | 6-1-2029 | 3,488,000 | 3,383,534 | |
4,729,784 | |||||
Materials: 0.62% | |||||
Chemicals: 0.62% | |||||
Methanex Corporation | 5.13 | 10-15-2027 | 4,000,000 | 4,020,000 | |
Methanex Corporation | 5.25 | 12-15-2029 | 3,293,000 | 3,342,395 | |
7,362,395 | |||||
Total Yankee corporate bonds and notes (Cost $31,558,168) | 27,403,241 |
Yield | Shares | ||||
Short-term investments: 0.45% | |||||
Investment companies: 0.45% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18 | 4,418,891 | 4,418,891 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 918,900 | 918,900 | ||
Total Short-term investments (Cost $5,337,791) | 5,337,791 | ||||
Total investments in securities (Cost $841,741,318) | 99.32% | 1,178,512,779 | |||
Other assets and liabilities, net | 0.68 | 8,118,627 | |||
Total net assets | 100.00% | $1,186,631,406 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
« | 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: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $3,420,686 | $82,865,980 | $(81,867,775) | $0 | $0 | $ 4,418,891 | 4,418,891 | $ 1,008 | ||
Securities Lending Cash Investments LLC | 0 | 3,140,230 | (2,221,330) | 0 | 0 | 918,900 | 918,900 | 525 # | ||
$0 | $0 | $5,337,791 | $1,533 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $900,675 of securities loaned), at value (cost $836,403,527) | $ 1,173,174,988 |
Investments in affiliated securities, at value (cost $5,337,791) | 5,337,791 |
Receivable for investments sold | 19,030,022 |
Receivable for dividends and interest | 2,578,601 |
Receivable for Fund shares sold | 690,330 |
Receivable for securities lending income, net | 781 |
Prepaid expenses and other assets | 92,318 |
Total assets | 1,200,904,831 |
Liabilities | |
Payable for investments purchased | 11,773,524 |
Payable upon receipt of securities loaned | 918,900 |
Management fee payable | 609,105 |
Payable for Fund shares redeemed | 502,627 |
Administration fees payable | 182,643 |
Distribution fee payable | 80,485 |
Trustees’ fees and expenses payable | 2,739 |
Dividends payable | 2,360 |
Accrued expenses and other liabilities | 201,042 |
Total liabilities | 14,273,425 |
Total net assets | $1,186,631,406 |
Net assets consist of | |
Paid-in capital | $ 800,739,662 |
Total distributable earnings | 385,891,744 |
Total net assets | $1,186,631,406 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 675,300,941 |
Shares outstanding – Class A1 | 53,468,579 |
Net asset value per share – Class A | $12.63 |
Maximum offering price per share – Class A2 | $13.40 |
Net assets – Class C | $ 128,528,269 |
Shares outstanding – Class C1 | 10,224,162 |
Net asset value per share – Class C | $12.57 |
Net assets – Administrator Class | $ 8,758,587 |
Shares outstanding – Administrator Class1 | 693,726 |
Net asset value per share – Administrator Class | $12.63 |
Net assets – Institutional Class | $ 374,043,609 |
Shares outstanding – Institutional Class1 | 29,854,152 |
Net asset value per share – Institutional Class | $12.53 |
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 | $ 6,943,490 |
Interest | 3,804,822 |
Income from affiliated securities | 6,276 |
Total investment income | 10,754,588 |
Expenses | |
Management fee | 3,654,852 |
Administration fees | |
Class A | 713,505 |
Class C | 137,147 |
Administrator Class | 5,589 |
Institutional Class | 243,297 |
Shareholder servicing fees | |
Class A | 849,411 |
Class C | 163,271 |
Administrator Class | 10,748 |
Distribution fee | |
Class C | 489,792 |
Custody and accounting fees | 25,136 |
Professional fees | 28,120 |
Registration fees | 36,813 |
Shareholder report expenses | 59,468 |
Trustees’ fees and expenses | 10,683 |
Other fees and expenses | 26,789 |
Total expenses | 6,454,621 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (9,680) |
Institutional Class | (106) |
Net expenses | 6,444,835 |
Net investment income | 4,309,753 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 48,625,801 |
Net change in unrealized gains (losses) on investments | 26,835,263 |
Net realized and unrealized gains (losses) on investments | 75,461,064 |
Net increase in net assets resulting from operations | $79,770,817 |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 4,309,753 | $ 8,992,566 | ||
Net realized gains on investments | 48,625,801 | 76,411,912 | ||
Net change in unrealized gains (losses) on investments | 26,835,263 | 102,334,271 | ||
Net increase in net assets resulting from operations | 79,770,817 | 187,738,749 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (46,125,355) | (11,123,408) | ||
Class C | (8,423,434) | (1,538,817) | ||
Administrator Class | (597,620) | (132,621) | ||
Institutional Class | (26,037,889) | (7,100,792) | ||
Total distributions to shareholders | (81,184,298) | (19,895,638) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 861,320 | 11,063,881 | 2,656,403 | 32,028,112 |
Class C | 369,342 | 4,715,998 | 1,126,019 | 13,697,978 |
Administrator Class | 78,956 | 1,002,357 | 157,581 | 1,930,653 |
Institutional Class | 2,848,414 | 36,647,647 | 4,135,579 | 50,095,587 |
53,429,883 | 97,752,330 | |||
Reinvestment of distributions | ||||
Class A | 3,429,237 | 44,047,805 | 887,849 | 10,610,267 |
Class C | 650,758 | 8,310,005 | 128,497 | 1,513,271 |
Administrator Class | 46,365 | 595,790 | 10,971 | 131,644 |
Institutional Class | 1,878,325 | 23,954,700 | 544,042 | 6,491,325 |
76,908,300 | 18,746,507 | |||
Payment for shares redeemed | ||||
Class A | (2,874,665) | (37,146,033) | (6,835,939) | (83,812,601) |
Class C | (907,131) | (11,579,698) | (2,374,486) | (28,773,555) |
Administrator Class | (82,821) | (1,064,230) | (107,947) | (1,340,542) |
Institutional Class | (3,464,849) | (44,162,014) | (5,661,351) | (68,312,479) |
(93,951,975) | (182,239,177) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 36,386,208 | (65,740,340) | ||
Total increase in net assets | 34,972,727 | 102,102,771 | ||
Net assets | ||||
Beginning of period | 1,151,658,679 | 1,049,555,908 | ||
End of period | $1,186,631,406 | $1,151,658,679 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.64 | $10.88 | $10.71 | $10.88 | $10.30 | $9.96 |
Net investment income | 0.05 | 0.09 | 0.11 | 0.14 | 0.10 | 0.14 1 |
Net realized and unrealized gains (losses) on investments | 0.84 | 1.87 | 0.63 | 0.37 | 1.06 | 1.12 |
Total from investment operations | 0.89 | 1.96 | 0.74 | 0.51 | 1.16 | 1.26 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.10) | (0.13) | (0.14) | (0.09) | (0.14) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) | (0.78) |
Total distributions to shareholders | (0.90) | (0.20) | (0.57) | (0.68) | (0.58) | (0.92) |
Net asset value, end of period | $12.63 | $12.64 | $10.88 | $10.71 | $10.88 | $10.30 |
Total return2 | 6.94% | 18.18% | 7.26% | 5.60% | 11.72% | 13.62% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.10% | 1.11% | 1.11% | 1.12% | 1.11% | 1.12% |
Net expenses | 1.10% | 1.11% | 1.11% | 1.12% | 1.11% | 1.12% |
Net investment income | 0.70% | 0.76% | 1.09% | 1.38% | 0.96% | 1.43% |
Supplemental data | ||||||
Portfolio turnover rate | 10% | 28% | 44% | 61% | 31% | 54% |
Net assets, end of period (000s omitted) | $675,301 | $657,696 | $601,951 | $616,346 | $574,760 | $551,272 |
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 September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.58 | $10.86 | $10.69 | $10.86 | $10.28 | $9.96 |
Net investment income (loss) | (0.00) 1 | 0.00 2,3 | 0.03 | 0.06 | 0.02 | 0.08 |
Net realized and unrealized gains (losses) on investments | 0.84 | 1.86 | 0.63 | 0.37 | 1.06 | 1.11 |
Total from investment operations | 0.84 | 1.86 | 0.66 | 0.43 | 1.08 | 1.19 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 3 | (0.04) | (0.05) | (0.06) | (0.01) | (0.09) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) | (0.78) |
Total distributions to shareholders | (0.85) | (0.14) | (0.49) | (0.60) | (0.50) | (0.87) |
Net asset value, end of period | $12.57 | $12.58 | $10.86 | $10.69 | $10.86 | $10.28 |
Total return4 | 6.58% | 17.25% | 6.44% | 4.81% | 10.88% | 12.85% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.85% | 1.86% | 1.86% | 1.87% | 1.87% | 1.87% |
Net expenses | 1.85% | 1.86% | 1.86% | 1.87% | 1.87% | 1.87% |
Net investment income (loss) | (0.05)% | 0.01% | 0.34% | 0.65% | 0.21% | 0.65% |
Supplemental data | ||||||
Portfolio turnover rate | 10% | 28% | 44% | 61% | 31% | 54% |
Net assets, end of period (000s omitted) | $128,528 | $127,209 | $121,947 | $118,297 | $131,601 | $117,346 |
1 | Amount is more than $(0.005) |
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 September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.64 | $10.89 | $10.72 | $10.89 | $10.32 | $9.97 |
Net investment income | 0.05 1 | 0.10 1 | 0.12 1 | 0.15 1 | 0.11 1 | 0.16 1 |
Net realized and unrealized gains (losses) on investments | 0.86 | 1.86 | 0.63 | 0.37 | 1.06 | 1.12 |
Total from investment operations | 0.91 | 1.96 | 0.75 | 0.52 | 1.17 | 1.28 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.11) | (0.14) | (0.15) | (0.11) | (0.15) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) | (0.78) |
Total distributions to shareholders | (0.92) | (0.21) | (0.58) | (0.69) | (0.60) | (0.93) |
Net asset value, end of period | $12.63 | $12.64 | $10.89 | $10.72 | $10.89 | $10.32 |
Total return2 | 7.10% | 18.17% | 7.33% | 5.67% | 11.73% | 13.75% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.02% | 1.03% | 1.03% | 1.04% | 1.03% | 1.04% |
Net expenses | 1.02% | 1.03% | 1.03% | 1.04% | 1.03% | 1.04% |
Net investment income | 0.78% | 0.84% | 1.19% | 1.47% | 1.04% | 1.58% |
Supplemental data | ||||||
Portfolio turnover rate | 10% | 28% | 44% | 61% | 31% | 54% |
Net assets, end of period (000s omitted) | $8,759 | $8,234 | $6,429 | $9,708 | $13,821 | $10,225 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.54 | $10.79 | $10.64 | $10.81 | $10.25 | $9.90 |
Net investment income | 0.07 | 0.13 | 0.14 | 0.18 | 0.14 | 0.19 |
Net realized and unrealized gains (losses) on investments | 0.84 | 1.86 | 0.62 | 0.36 | 1.05 | 1.11 |
Total from investment operations | 0.91 | 1.99 | 0.76 | 0.54 | 1.19 | 1.30 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.14) | (0.17) | (0.17) | (0.14) | (0.17) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) | (0.78) |
Total distributions to shareholders | (0.92) | (0.24) | (0.61) | (0.71) | (0.63) | (0.95) |
Net asset value, end of period | $12.53 | $12.54 | $10.79 | $10.64 | $10.81 | $10.25 |
Total return1 | 7.16% | 18.51% | 7.48% | 5.98% | 12.04% | 14.11% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.77% | 0.78% | 0.78% | 0.79% | 0.79% | 0.79% |
Net expenses | 0.77% | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Net investment income | 1.03% | 1.09% | 1.42% | 1.73% | 1.30% | 1.71% |
Supplemental data | ||||||
Portfolio turnover rate | 10% | 28% | 44% | 61% | 31% | 54% |
Net assets, end of period (000s omitted) | $374,044 | $358,519 | $319,229 | $359,278 | $326,283 | $262,754 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $702,748,160 |
Gross unrealized losses | (56,145,318) |
Net unrealized gains | $646,602,842 |
■ | 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 | ||||
Consumer discretionary | $ 3,455,600 | $ 0 | $0 | $ 3,455,600 |
Health care | 345,473,790 | 0 | 0 | 345,473,790 |
Industrials | 189,571,440 | 0 | 0 | 189,571,440 |
Information technology | 328,992,185 | 0 | 0 | 328,992,185 |
Materials | 134,907,377 | 0 | 0 | 134,907,377 |
Corporate bonds and notes | 0 | 143,371,355 | 0 | 143,371,355 |
Yankee corporate bonds and notes | 0 | 27,403,241 | 0 | 27,403,241 |
Short-term investments | ||||
Investment companies | 5,337,791 | 0 | 0 | 5,337,791 |
Total assets | $1,007,738,183 | $170,774,596 | $0 | $1,178,512,779 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $2 billion | 0.550 |
Next $2 billion | 0.525 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.13% |
Class C | 1.88 |
Administrator Class | 1.05 |
Institutional Class | 0.78 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Citigroup Global Markets Incorporated | $900,675 | $(900,675) | $0 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g303359img5d50624a1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g303359imgeae3c2225.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA225/SAR225 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g226873img39b240691.jpg)
Diversified Income Builder Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g226873img4040982c2.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g226873imgb31fbede3.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, Petros N. Bocray, CFA®‡, FRM# |
Average annual total returns (%) as of March 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 (EKSAX) | 4-14-1987 | -6.16 | 3.09 | 5.44 | -0.37 | 4.32 | 6.08 | 1.09 | 0.86 | ||
Class C (EKSCX) | 2-1-1993 | -2.12 | 3.53 | 5.30 | -1.12 | 3.53 | 5.30 | 1.84 | 1.61 | ||
Class R6 (EKSRX)3 | 7-31-2018 | – | – | – | -0.11 | 4.73 | 6.49 | 0.66 | 0.43 | ||
Administrator Class (EKSDX) | 7-30-2010 | – | – | – | -0.46 | 4.40 | 6.22 | 1.01 | 0.78 | ||
Institutional Class (EKSYX) | 1-13-1997 | – | – | – | -0.04 | 4.66 | 6.46 | 0.76 | 0.53 | ||
Diversified Income Builder Blended Index4 | – | – | – | – | 1.05 | 6.87 | 7.66 | – | – | ||
Bloomberg U.S. Aggregate Bond Index5 | – | – | – | – | -4.15 | 2.14 | 2.24 | – | – | ||
ICE BofA U.S. Cash Pay High Yield Index6 | – | – | – | – | -0.28 | 4.55 | 5.68 | – | – | ||
MSCI ACWI Index (Net)7 | – | – | – | – | 7.28 | 11.64 | 10.00 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.85% for Class A, 1.60% for Class C, 0.42% for Class R6, 0.77% for Administrator Class, and 0.52% 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 | Source: Allspring Funds Management, LLC. The Diversified Income Builder Blended Index is composed 60% of the ICE BofA U.S. Cash Pay High Yield Index, 25% of the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) and 15% of the Bloomberg U.S. Aggregate Bond Index. Prior to February 1, 2020, the Diversified Income Builder Blended Index was composed 65% of the ICE BofA U.S. Cash Pay High Yield Index, and 35% of the Russell 1000® Index. Prior to January 2, 2018, the Diversified Income Builder Blended Index was composed 75% of the ICE BofA U.S. Cash Pay High Yield Index, and 25% the Russell 1000® Index. You cannot invest directly in an index. |
5 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
# | Mr. Bocray became portfolio manager of the Fund on December 13, 2021. |
6 | The ICE BofA U.S. Cash Pay High Yield Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
7 | The MSCI ACWI 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. 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 indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
Ten largest holdings (%) as of March 31, 20221 | |
Microsoft Corporation | 1.73 |
Amazon.com Incorporated | 1.33 |
Alphabet Incorporated Class A | 1.26 |
Apple Incorporated | 1.18 |
Occidental Petroleum Corporation | 0.86 |
Oxford Finance Funding Trust Series 2022-1A Class B | 0.75 |
ING Groep NV | 0.67 |
Flexential Issuer LLC Series 2021-1A Class C | 0.66 |
Lloyds Banking Group plc | 0.66 |
Societe Generale SA | 0.66 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g226873img9a7166684.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 965.58 | $4.17 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Class C | ||||
Actual | $1,000.00 | $ 962.01 | $7.83 | 1.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.95 | $8.05 | 1.60% |
Class R6 | ||||
Actual | $1,000.00 | $ 966.79 | $2.06 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Administrator Class | ||||
Actual | $1,000.00 | $ 965.09 | $3.77 | 0.77% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.09 | $3.88 | 0.77% |
Institutional Class | ||||
Actual | $1,000.00 | $ 966.34 | $2.55 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.34 | $2.62 | 0.52% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 3.89% | ||||||
ABPCI Direct Lending Fund Series 2022-2A Class C 144A♦‡ | 8.24% | 3-1-2032 | $ | 3,000,000 | $ 3,000,000 | |
Aqua Finance Trust Series 2019-A Class A 144A | 3.14 | 7-16-2040 | 173,040 | 171,138 | ||
Avis Budget Rental Car Funding Series 2019-2A Class C 144A | 4.24 | 9-22-2025 | 2,000,000 | 2,013,979 | ||
BREX Incorporated Series 2022-1 Class A 144A | 4.63 | 7-15-2025 | 1,000,000 | 998,481 | ||
Cologix Data Centers Issuer Series 2021-1A Class C 144A | 5.99 | 12-26-2051 | 2,400,000 | 2,252,787 | ||
Driven Brands Funding LLC Series 2019-2A Class A2 144A | 3.98 | 10-20-2049 | 782,000 | 754,065 | ||
Dryden Senior Loan Fund Series 2019-80A Class DR (U.S. SOFR 3 Month +3.10%) 144A± | 3.35 | 1-17-2033 | 3,000,000 | 2,931,111 | ||
Mosaic Solar Loans LLC Series 2019-2A Class A 144A | 2.88 | 9-20-2040 | 133,877 | 129,819 | ||
NMEF Funding LLC Series 2022-A Class D 144A | 6.75 | 10-16-2028 | 3,000,000 | 2,930,736 | ||
Service Experts Issuer Series 2021-1A Class C 144A | 5.37 | 2-2-2032 | 3,000,000 | 2,810,613 | ||
SoFi Consumer Loan Program Trust Series 2019-2 Class C 144A | 3.46 | 4-25-2028 | 1,347,228 | 1,352,736 | ||
Sound Point CLO Limited Series 2022-1A Class D (U.S. SOFR 3 Month +3.30%) 144A± | 3.58 | 4-25-2035 | 1,750,000 | 1,726,970 | ||
VB-S1 Issuer LLC Series 2022-1A Class F 144A | 5.27 | 2-15-2052 | 1,500,000 | 1,462,073 | ||
Total Asset-backed securities (Cost $23,042,054) | 22,534,508 |
Shares | ||||||
Common stocks: 30.10% | ||||||
Communication services: 3.52% | ||||||
Diversified telecommunication services: 0.38% | ||||||
Indus Towers Limited † | 50,167 | 146,242 | ||||
Orange SA | 84,526 | 1,000,898 | ||||
PT Telekomunikasi Indonesia Persero Tbk | 3,025,181 | 962,465 | ||||
Saudi Telecom Company | 2,364 | 67,642 | ||||
2,177,247 | ||||||
Entertainment: 0.20% | ||||||
Live Nation Entertainment Incorporated †# | 516 | 60,702 | ||||
Vivendi SE | 76,538 | 999,931 | ||||
Warner Music Group Corporation Class A # | 3,161 | 119,644 | ||||
1,180,277 | ||||||
Interactive media & services: 1.73% | ||||||
Alphabet Incorporated Class A † | 2,636 | 7,331,639 | ||||
Alphabet Incorporated Class C †# | 160 | 446,878 | ||||
Baidu Incorporated Class A † | 10,208 | 180,158 | ||||
CarGurus Incorporated †# | 720 | 30,571 | ||||
Meta Platforms Incorporated Class A † | 4,990 | 1,109,576 | ||||
ZoomInfo Technologies Incorporated †# | 15,697 | 937,739 | ||||
10,036,561 | ||||||
Media: 0.19% | ||||||
Omnicom Group Incorporated # | 13,232 | 1,123,132 | ||||
Wireless telecommunication services: 1.02% | ||||||
America Movil SAB de CV ADR | 4,417 | 93,420 |
Shares | Value | |||||
Wireless telecommunication services (continued) | ||||||
SK Telecom Company Limited | 26,058 | $ 1,218,426 | ||||
SoftBank Corporation | 125,700 | 1,466,052 | ||||
Vodacom Group Limited | 138,724 | 1,518,963 | ||||
Vodafone Group plc | 976,561 | 1,601,349 | ||||
5,898,210 | ||||||
Consumer discretionary: 3.85% | ||||||
Automobiles: 0.79% | ||||||
Bayerische Motoren Werke AG | 13,140 | 1,135,526 | ||||
General Motors Company †# | 24,581 | 1,075,173 | ||||
Guangzhou Automobile Group Company Limited Class H | 94,000 | 77,510 | ||||
Hero Motorcorp Limited | 3,550 | 106,773 | ||||
Kia Corporation | 1,826 | 110,597 | ||||
Tesla Motors Incorporated †# | 844 | 909,494 | ||||
Toyota Motor Corporation | 64,100 | 1,156,236 | ||||
4,571,309 | ||||||
Hotels, restaurants & leisure: 0.42% | ||||||
Airbnb Incorporated Class A † | 1,720 | 295,427 | ||||
Chipotle Mexican Grill Incorporated †# | 302 | 477,773 | ||||
Genting Malaysia Bhd | 196,000 | 138,320 | ||||
Kangwon Land Incorporated † | 4,443 | 101,336 | ||||
Papa John's International Incorporated # | 8,376 | 881,825 | ||||
Planet Fitness Incorporated Class A †# | 4,604 | 388,946 | ||||
Starbucks Corporation | 1,612 | 146,644 | ||||
2,430,271 | ||||||
Household durables: 0.18% | ||||||
Barratt Developments plc | 128,289 | 873,366 | ||||
Midea Group Company Limited Class A | 21,299 | 189,971 | ||||
1,063,337 | ||||||
Internet & direct marketing retail: 1.40% | ||||||
Alibaba Group Holding Limited † | 23,000 | 313,874 | ||||
Amazon.com Incorporated † | 2,359 | 7,690,222 | ||||
CarParts.com Incorporated †# | 7,757 | 51,972 | ||||
Fiverr International Limited † | 598 | 45,490 | ||||
8,101,558 | ||||||
Multiline retail: 0.19% | ||||||
Target Corporation # | 5,304 | 1,125,615 | ||||
Specialty retail: 0.83% | ||||||
China Yongda Automobile Service Holding Company | 87,000 | 93,992 | ||||
Chow Tai Fook Jewellery Company Limited | 46,400 | 83,804 | ||||
Five Below Incorporated †# | 4,498 | 712,348 | ||||
Floor & Decor Holdings Incorporated Class A †# | 9,774 | 791,694 | ||||
Jarir Marketing Company | 1,341 | 70,264 | ||||
Leslie's Incorporated †# | 35,845 | 693,959 | ||||
Mr Price Group Limited | 4,632 | 68,391 | ||||
Petco Health & Wellness Company †# | 62,922 | 1,231,384 | ||||
Topsports International Holdings Limited 144A | 115,000 | 95,581 |
Shares | Value | |||||
Specialty retail (continued) | ||||||
Ulta Beauty Incorporated †# | 703 | $ 279,949 | ||||
Williams-Sonoma Incorporated # | 4,826 | 699,770 | ||||
4,821,136 | ||||||
Textiles, apparel & luxury goods: 0.04% | ||||||
lululemon athletica Incorporated †# | 614 | 224,251 | ||||
Consumer staples: 0.72% | ||||||
Beverages: 0.02% | ||||||
Ambev SA | 29,200 | 94,450 | ||||
Food & staples retailing: 0.45% | ||||||
Costco Wholesale Corporation # | 2,645 | 1,523,123 | ||||
Magnit PJSC ♦ | 1,041 | 0 | ||||
Tesco plc | 256,093 | 927,134 | ||||
Walmart de Mexico SAB de CV | 38,300 | 156,955 | ||||
2,607,212 | ||||||
Food products: 0.05% | ||||||
Inner Mongolia Yili Industrial Group Company Limited Class A | 20,700 | 119,908 | ||||
Minerva SA | 28,524 | 75,848 | ||||
Tingyi Holding Corporation | 66,000 | 110,672 | ||||
306,428 | ||||||
Personal products: 0.20% | ||||||
L'Oréal SA | 2,623 | 1,047,744 | ||||
The Estee Lauder Companies Incorporated Class A # | 424 | 115,464 | ||||
1,163,208 | ||||||
Energy: 1.04% | ||||||
Energy equipment & services: 0.01% | ||||||
China Oilfield Services Limited H Shares | 74,800 | 75,999 | ||||
Oil, gas & consumable fuels: 1.03% | ||||||
ConocoPhillips | 21,005 | 2,100,500 | ||||
Devon Energy Corporation # | 24,324 | 1,438,278 | ||||
Oil & Natural Gas Corporation Limited | 60,053 | 129,141 | ||||
Shell plc | 46,412 | 1,272,092 | ||||
Total SA | 19,956 | 1,009,764 | ||||
5,949,775 | ||||||
Financials: 4.26% | ||||||
Banks: 1.56% | ||||||
Absa Group Limited | 10,170 | 131,868 | ||||
Alinma Bank | 15,720 | 162,108 | ||||
Banco Santander Chile SA | 2,129,197 | 119,909 | ||||
Bangkok Bank PCL | 34,000 | 139,303 | ||||
Bank of Baroda † | 55,400 | 80,818 | ||||
Bank of the Philippine Islands | 33,620 | 64,713 | ||||
BNP Paribas SA | 14,584 | 833,397 | ||||
China Construction Bank Class H | 305,000 | 228,465 | ||||
China Merchants Bank Company Limited Class H | 8,500 | 66,168 | ||||
CTBC Financial Holding Company Limited | 210,000 | 214,012 |
Shares | Value | |||||
Banks (continued) | ||||||
DBS Group Holdings Limited | 46,200 | $ 1,210,542 | ||||
Grupo Financiero Banorte SAB de CV | 11,000 | 82,857 | ||||
Hana Financial Group Incorporated | 3,671 | 146,007 | ||||
KB Financial Group Incorporated | 30,235 | 1,515,193 | ||||
KeyCorp # | 68,660 | 1,536,611 | ||||
National Commercial Bank | 9,038 | 170,059 | ||||
Postal Savings Bank of China Company Limited Class H 144A | 2,055,000 | 1,654,782 | ||||
PT Bank Negara Indonesia Persero Tbk | 153,750 | 87,844 | ||||
PT Bank Rakyat Indonesia Tbk | 271,980 | 87,845 | ||||
Qatar National Bank | 30,020 | 189,715 | ||||
RHB Bank Bhd | 65,300 | 92,561 | ||||
Standard Bank Group Limited | 11,366 | 141,210 | ||||
Tisco Financial Group PCL | 32,300 | 97,371 | ||||
9,053,358 | ||||||
Capital markets: 1.88% | ||||||
Ares Capital Corporation | 79,196 | 1,659,156 | ||||
Banco BTG Pactual SA | 16,804 | 91,907 | ||||
BlackRock Incorporated | 1,548 | 1,182,935 | ||||
China International Capital Corporation Limited Class H 144A | 48,400 | 106,999 | ||||
Huatai Securities Company Limited H Shares 144A | 42,600 | 65,191 | ||||
ICICI Securities Limited 144A | 11,818 | 96,521 | ||||
IGM Financial Incorporated | 27,306 | 964,769 | ||||
Intercontinental Exchange Incorporated | 12,996 | 1,717,032 | ||||
LPL Financial Holdings Incorporated # | 3,508 | 640,841 | ||||
MarketAxess Holdings Incorporated # | 3,613 | 1,229,143 | ||||
Oaktree Specialty Lending Company # | 165,198 | 1,217,509 | ||||
The Charles Schwab Corporation | 4,803 | 404,941 | ||||
Tradeweb Markets Incorporated Class A # | 17,084 | 1,501,171 | ||||
10,878,115 | ||||||
Diversified financial services: 0.32% | ||||||
LIC Housing Finance Limited | 22,898 | 107,652 | ||||
ORIX Corporation | 89,100 | 1,775,990 | ||||
1,883,642 | ||||||
Insurance: 0.50% | ||||||
BB Seguridade Participacoes SA | 262,832 | 1,411,030 | ||||
Ping An Insurance Group Company Class H | 11,200 | 78,300 | ||||
Zurich Insurance Group AG | 2,854 | 1,409,590 | ||||
2,898,920 | ||||||
Health care: 3.33% | ||||||
Biotechnology: 0.65% | ||||||
AbbVie Incorporated | 13,550 | 2,196,565 | ||||
Biohaven Pharmaceutical Holding Company † | 7,277 | 862,834 | ||||
Horizon Therapeutics plc † | 3,829 | 402,849 | ||||
Seagen Incorporated †# | 1,190 | 171,420 | ||||
Zhejiang NHU Company Limited | 33,040 | 164,260 | ||||
3,797,928 |
Shares | Value | |||||
Health care equipment & supplies: 0.59% | ||||||
Boston Scientific Corporation †# | 15,330 | $ 678,966 | ||||
Edwards Lifesciences Corporation †# | 8,674 | 1,021,103 | ||||
Figs Incorporated Class A †# | 23,865 | 513,575 | ||||
Insulet Corporation †# | 1,693 | 450,998 | ||||
Outset Medical Incorporated †# | 16,803 | 762,856 | ||||
3,427,498 | ||||||
Health care providers & services: 0.98% | ||||||
CVS Health Corporation | 18,423 | 1,864,592 | ||||
HCA Healthcare Incorporated # | 7,022 | 1,759,854 | ||||
UnitedHealth Group Incorporated # | 4,035 | 2,057,729 | ||||
5,682,175 | ||||||
Health care technology: 0.06% | ||||||
Veeva Systems Incorporated Class A †# | 1,511 | 321,027 | ||||
Life sciences tools & services: 0.21% | ||||||
Bio-Techne Corporation | 1,074 | 465,085 | ||||
Codexis Incorporated †# | 4,177 | 86,130 | ||||
Repligen Corporation †# | 3,478 | 654,177 | ||||
1,205,392 | ||||||
Pharmaceuticals: 0.84% | ||||||
Bristol-Myers Squibb Company | 23,561 | 1,720,660 | ||||
Catalent Incorporated †# | 5,883 | 652,425 | ||||
China Medical System Holding Limited | 591,000 | 921,721 | ||||
GlaxoSmithKline plc | 61,896 | 1,339,240 | ||||
Zoetis Incorporated | 1,286 | 242,527 | ||||
4,876,573 | ||||||
Industrials: 2.13% | ||||||
Airlines: 0.02% | ||||||
Copa Holdings SA Class A † | 1,361 | 113,834 | ||||
Building products: 0.06% | ||||||
Johnson Controls International plc # | 4,396 | 288,246 | ||||
The AZEK Company Incorporated † | 2,908 | 72,235 | ||||
360,481 | ||||||
Commercial services & supplies: 0.25% | ||||||
ACV Auctions Incorporated Class A † | 4,416 | 65,401 | ||||
Casella Waste Systems Incorporated Class A † | 4,457 | 390,656 | ||||
Copart Incorporated †# | 7,749 | 972,267 | ||||
1,428,324 | ||||||
Construction & engineering: 0.03% | ||||||
China State Construction International Holdings | 132,500 | 175,705 | ||||
Electrical equipment: 0.41% | ||||||
Generac Holdings Incorporated †# | 2,113 | 628,110 | ||||
Nari Technology Company Limited | 15,240 | 75,100 | ||||
Regal Rexnord Corporation # | 1,835 | 273,011 |
Shares | Value | |||||
Electrical equipment (continued) | ||||||
Rockwell Automation Incorporated # | 474 | $ 132,734 | ||||
Schneider Electric SE | 7,437 | 1,248,600 | ||||
2,357,555 | ||||||
Industrial conglomerates: 0.28% | ||||||
Siemens AG | 10,443 | 1,446,014 | ||||
The Bidvest Group Limited | 10,411 | 159,380 | ||||
1,605,394 | ||||||
Machinery: 0.49% | ||||||
Crane Company | 11,175 | 1,210,029 | ||||
Doosan Bobcat Incorporated | 2,960 | 94,069 | ||||
Hillenbrand Incorporated # | 32,771 | 1,447,495 | ||||
Zoomlion Heavy Industry Science and Technology Company Limited Class H | 122,200 | 77,150 | ||||
2,828,743 | ||||||
Marine: 0.20% | ||||||
Evergreen Marine Corporation (Taiwan) Limited | 16,000 | 74,371 | ||||
SITC International Holdings Incorporated | 315,000 | 1,101,462 | ||||
1,175,833 | ||||||
Road & rail: 0.06% | ||||||
J.B. Hunt Transport Services Incorporated # | 738 | 148,183 | ||||
Norfolk Southern Corporation | 242 | 69,023 | ||||
Union Pacific Corporation # | 561 | 153,271 | ||||
370,477 | ||||||
Trading companies & distributors: 0.30% | ||||||
BOC Aviation Limited 144A | 11,900 | 93,476 | ||||
Ferguson plc | 6,221 | 842,820 | ||||
Russell Metals Incorporated | 30,346 | 803,951 | ||||
1,740,247 | ||||||
Transportation infrastructure: 0.03% | ||||||
China Merchants Port Holdings Company Limited | 74,000 | 133,273 | ||||
International Container Terminal Services Incorporated | 15,690 | 67,970 | ||||
201,243 | ||||||
Information technology: 9.53% | ||||||
Communications equipment: 0.17% | ||||||
Cisco Systems Incorporated # | 17,531 | 977,529 | ||||
Electronic equipment, instruments & components: 0.44% | ||||||
Delta Electronics Incorporated | 7,000 | 64,902 | ||||
Hon Hai Precision Industry Company Limited | 42,900 | 157,521 | ||||
Keysight Technologies Incorporated †# | 6,969 | 1,100,893 | ||||
TE Connectivity Limited # | 8,760 | 1,147,385 | ||||
Universal Scientific Industrial Shanghai Company Limited Class A | 26,100 | 49,573 | ||||
Zebra Technologies Corporation Class A †# | 147 | 60,814 | ||||
2,581,088 |
Shares | Value | |||||
IT services: 1.50% | ||||||
Accenture plc Class A # | 4,698 | $ 1,584,307 | ||||
DigitalOcean Holdings Incorporated †# | 4,074 | 235,681 | ||||
Flywire Corporation †# | 4,118 | 125,928 | ||||
Infosys Limited ADR | 10,447 | 260,026 | ||||
International Business Machines Corporation # | 9,790 | 1,272,896 | ||||
MasterCard Incorporated Class A # | 4,637 | 1,657,171 | ||||
MongoDB Incorporated †# | 1,439 | 638,326 | ||||
Tech Mahindra Limited | 8,315 | 163,597 | ||||
Thoughtworks Holding Incorporated †# | 13,145 | 273,547 | ||||
Twilio Incorporated Class A † | 1,184 | 195,135 | ||||
Visa Incorporated Class A # | 10,324 | 2,289,553 | ||||
8,696,167 | ||||||
Semiconductors & semiconductor equipment: 2.25% | ||||||
Advanced Micro Devices Incorporated †# | 1,322 | 144,547 | ||||
Allegro MicroSystems Incorporated †# | 27,592 | 783,613 | ||||
Broadcom Incorporated # | 2,496 | 1,571,681 | ||||
Enphase Energy Incorporated †# | 1,210 | 244,154 | ||||
KLA Corporation # | 3,936 | 1,440,812 | ||||
Mediatek Incorporated | 2,600 | 80,913 | ||||
Microchip Technology Incorporated | 16,781 | 1,260,924 | ||||
Monolithic Power Systems Incorporated # | 4,227 | 2,052,969 | ||||
NVIDIA Corporation | 6,283 | 1,714,379 | ||||
Qualcomm Incorporated # | 11,151 | 1,704,096 | ||||
Taiwan Semiconductor Manufacturing Company Limited | 51,800 | 1,062,600 | ||||
Taiwan Semiconductor Manufacturing Company Limited ADR # | 8,813 | 918,843 | ||||
United Microelectronics Corporation | 32,000 | 58,766 | ||||
13,038,297 | ||||||
Software: 3.07% | ||||||
Avalara Incorporated †# | 9,209 | 916,388 | ||||
Crowdstrike Holdings Incorporated Class A †# | 1,448 | 328,812 | ||||
Dynatrace Incorporated †# | 29,046 | 1,368,067 | ||||
Freshworks Incorporated Class A † | 2,253 | 40,374 | ||||
Jamf Holding Corporation †# | 14,939 | 520,027 | ||||
Microsoft Corporation | 32,587 | 10,046,898 | ||||
Nutanix Incorporated Class A †# | 9,456 | 253,610 | ||||
Olo Incorporated Class A †# | 21,731 | 287,936 | ||||
Paycor HCM Incorporated †# | 14,920 | 434,321 | ||||
Procore Technologies Incorporated †# | 4,125 | 239,085 | ||||
Rapid7 Incorporated †# | 13,756 | 1,530,217 | ||||
Salesforce.com Incorporated †# | 815 | 173,041 | ||||
ServiceNow Incorporated †# | 912 | 507,884 | ||||
The Trade Desk Incorporated †# | 1,456 | 100,828 | ||||
Unity Software Incorporated †# | 4,970 | 493,074 | ||||
Workiva Incorporated †# | 3,259 | 384,562 | ||||
Zendesk Incorporated † | 1,341 | 161,309 | ||||
17,786,433 | ||||||
Technology hardware, storage & peripherals: 2.10% | ||||||
Advantech Company Limited | 9,300 | 119,167 | ||||
Apple Incorporated | 39,142 | 6,834,585 | ||||
HP Incorporated # | 26,034 | 945,034 |
Shares | Value | |||||
Technology hardware, storage & peripherals (continued) | ||||||
Lenovo Group Limited | 1,020,000 | $ 1,104,921 | ||||
Logitech International SA | 17,031 | 1,265,951 | ||||
Quanta Computer Incorporated | 21,000 | 64,311 | ||||
Samsung Electronics Company Limited | 6,916 | 395,754 | ||||
Samsung Electronics Company Limited GDR 144A | 1,027 | 1,447,590 | ||||
12,177,313 | ||||||
Materials: 0.68% | ||||||
Chemicals: 0.25% | ||||||
Linde plc # | 3,550 | 1,133,977 | ||||
Lomon Billions Group Company Limited | 16,500 | 59,812 | ||||
Sociedad Quimica Minera de Chile | 1,851 | 158,446 | ||||
Xinyangfeng Agricultural Technology Company Limited | 27,400 | 73,891 | ||||
1,426,126 | ||||||
Metals & mining: 0.23% | ||||||
Alrosa PJSC ♦ | 42,660 | 0 | ||||
Baoshan Iron & Steel Company Limited Class A | 102,900 | 109,178 | ||||
Companhia Brasileira de Aluminio † | 19,200 | 80,856 | ||||
Fortescue Metals Group Limited | 53,503 | 822,439 | ||||
Gold Fields Limited ADR | 4,155 | 64,236 | ||||
Southern Copper Corporation | 1,686 | 127,967 | ||||
Vale SA | 7,600 | 152,605 | ||||
1,357,281 | ||||||
Paper & forest products: 0.20% | ||||||
Louisiana-Pacific Corporation # | 17,585 | 1,092,380 | ||||
Nine Dragons Paper Holdings Limited | 60,000 | 52,101 | ||||
1,144,481 | ||||||
Real estate: 0.52% | ||||||
Equity REITs: 0.47% | ||||||
Easterly Government Properties Incorporated | 50,861 | 1,075,202 | ||||
Embassy Office Parks REIT | 24,990 | 122,290 | ||||
Simon Property Group Incorporated # | 11,646 | 1,532,148 | ||||
2,729,640 | ||||||
Real estate management & development: 0.05% | ||||||
China Resources Land Limited | 42,350 | 196,087 | ||||
Supalai PCL | 105,100 | 68,479 | ||||
264,566 | ||||||
Utilities: 0.52% | ||||||
Electric utilities: 0.44% | ||||||
Beijing Jingneng Power Company Class H | 280,000 | 63,181 | ||||
EDP Energias do Brasil SA | 232,734 | 1,149,726 | ||||
Power Grid Corporation of India Limited | 80,730 | 230,156 | ||||
SSE plc | 49,108 | 1,122,070 | ||||
2,565,133 | ||||||
Gas utilities: 0.05% | ||||||
ENN Energy Holdings Limited | 6,300 | 94,096 |
Shares | Value | |||||
Gas utilities (continued) | ||||||
Gail India Limited | 76,088 | $ 155,604 | ||||
Kunlun Energy Company Limited | 78,000 | 67,410 | ||||
317,110 | ||||||
Independent power & renewable electricity producers: 0.03% | ||||||
China Yangtze Power Company Limited Class A | 44,500 | 153,844 | ||||
Total Common stocks (Cost $159,564,526) | 174,547,448 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 37.59% | ||||||
Communication services: 6.74% | ||||||
Diversified telecommunication services: 0.31% | ||||||
Cablevision Lightpath LLC 144A | 5.63% | 9-15-2028 | $ | 350,000 | 319,375 | |
Level 3 Financing Incorporated 144A | 3.63 | 1-15-2029 | 400,000 | 350,000 | ||
Zayo Group Holdings Incorporated 144A | 6.13 | 3-1-2028 | 1,275,000 | 1,141,125 | ||
1,810,500 | ||||||
Entertainment: 0.81% | ||||||
CEC Entertainment LLC 144A | 6.75 | 5-1-2026 | 685,000 | 662,316 | ||
Live Nation Entertainment Incorporated 144A | 3.75 | 1-15-2028 | 1,210,000 | 1,137,255 | ||
Live Nation Entertainment Incorporated 144A | 5.63 | 3-15-2026 | 745,000 | 758,969 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 750,000 | 798,765 | ||
Seaworld Parks & Entertainment 144A | 5.25 | 8-15-2029 | 1,390,000 | 1,325,699 | ||
4,683,004 | ||||||
Interactive media & services: 0.29% | ||||||
Rackspace Technology Company 144A | 5.38 | 12-1-2028 | 1,940,000 | 1,683,241 | ||
Media: 5.09% | ||||||
CCO Holdings LLC 144A | 4.25 | 1-15-2034 | 405,000 | 351,740 | ||
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 1,850,000 | 1,735,841 | ||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 2,335,000 | 2,338,444 | ||
Cinemark USA Incorporated 144A | 5.25 | 7-15-2028 | 1,080,000 | 1,008,590 | ||
Cinemark USA Incorporated 144A | 5.88 | 3-15-2026 | 200,000 | 194,000 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 575,000 | 601,594 | ||
Clear Channel Outdoor Holdings 144A | 5.13 | 8-15-2027 | 730,000 | 722,109 | ||
Clear Channel Outdoor Holdings 144A | 7.75 | 4-15-2028 | 845,000 | 849,419 | ||
Covert Mergeco Incorporated 144A | 4.88 | 12-1-2029 | 930,000 | 887,871 | ||
CSC Holdings LLC 144A | 4.13 | 12-1-2030 | 375,000 | 328,824 | ||
CSC Holdings LLC 144A | 6.50 | 2-1-2029 | 765,000 | 771,074 | ||
CSC Holdings LLC 144A | 7.50 | 4-1-2028 | 1,515,000 | 1,488,488 | ||
DIRECTV Holdings LLC 144A | 5.75 | 12-1-2028 | 1,885,000 | 1,783,681 | ||
DIRECTV Holdings LLC 144A | 5.88 | 8-15-2027 | 860,000 | 846,025 | ||
DISH DBS Corporation | 5.13 | 6-1-2029 | 485,000 | 413,021 | ||
DISH DBS Corporation | 7.75 | 7-1-2026 | 405,000 | 402,368 | ||
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 3,450,000 | 3,298,942 | ||
Lamar Media Corporation | 4.00 | 2-15-2030 | 460,000 | 437,575 | ||
Match Group Holdings II LLC 144A | 5.63 | 2-15-2029 | 1,170,000 | 1,162,407 | ||
Nexstar Broadcasting Incorporated 144A | 4.75 | 11-1-2028 | 200,000 | 193,750 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 650,000 | 657,930 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 925,000 | 870,656 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
Outfront Media Capital Corporation 144A | 5.00% | 8-15-2027 | $ | 950,000 | $ 928,701 | |
QVC Incorporated | 4.38 | 9-1-2028 | 1,195,000 | 1,090,286 | ||
QVC Incorporated | 4.75 | 2-15-2027 | 2,425,000 | 2,321,938 | ||
QVC Incorporated | 5.95 | 3-15-2043 | 500,000 | 420,465 | ||
Salem Media Group Incorporated 144A | 6.75 | 6-1-2024 | 455,000 | 448,175 | ||
Scripps Escrow II Incorporated 144A« | 5.38 | 1-15-2031 | 760,000 | 727,700 | ||
Scripps Escrow II Incorporated 144A | 5.88 | 7-15-2027 | 925,000 | 925,703 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 1,275,000 | 1,313,059 | ||
29,520,376 | ||||||
Wireless telecommunication services: 0.24% | ||||||
Sprint Capital Corporation | 8.75 | 3-15-2032 | 525,000 | 707,175 | ||
T-Mobile USA Incorporated | 3.50 | 4-15-2031 | 730,000 | 686,915 | ||
1,394,090 | ||||||
Consumer discretionary: 4.27% | ||||||
Auto components: 0.19% | ||||||
Allison Transmission Incorporated 144A | 5.88 | 6-1-2029 | 130,000 | 132,531 | ||
Clarios Global LP 144A | 6.25 | 5-15-2026 | 194,000 | 199,578 | ||
Clarios Global LP 144A | 6.75 | 5-15-2025 | 760,000 | 787,003 | ||
1,119,112 | ||||||
Automobiles: 0.11% | ||||||
Ford Motor Company | 3.25 | 2-12-2032 | 745,000 | 665,382 | ||
Diversified consumer services: 0.17% | ||||||
Grand Canyon University | 5.13 | 10-1-2028 | 1,000,000 | 977,200 | ||
Hotels, restaurants & leisure: 2.05% | ||||||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 190,000 | 211,263 | ||
Carnival Corporation 144A | 4.00 | 8-1-2028 | 650,000 | 604,500 | ||
Carnival Corporation 144A | 6.00 | 5-1-2029 | 755,000 | 711,467 | ||
Carnival Corporation 144A | 7.63 | 3-1-2026 | 585,000 | 588,820 | ||
Carnival Corporation 144A | 9.88 | 8-1-2027 | 905,000 | 1,000,315 | ||
CCM Merger Incorporated 144A | 6.38 | 5-1-2026 | 2,750,000 | 2,777,500 | ||
NCL Corporation Limited 144A | 5.88 | 3-15-2026 | 870,000 | 826,639 | ||
NCL Corporation Limited 144A | 5.88 | 2-15-2027 | 980,000 | 965,300 | ||
NCL Corporation Limited 144A | 7.75 | 2-15-2029 | 620,000 | 624,303 | ||
Royal Caribbean Cruises Limited 144A | 5.38 | 7-15-2027 | 160,000 | 153,725 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 215,000 | 208,937 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 450,000 | 428,990 | ||
Royal Caribbean Cruises Limited 144A | 9.13 | 6-15-2023 | 1,620,000 | 1,686,825 | ||
Royal Caribbean Cruises Limited 144A | 10.88 | 6-1-2023 | 740,000 | 787,419 | ||
Six Flags Entertainment Company 144A | 5.50 | 4-15-2027 | 285,000 | 284,644 | ||
11,860,647 | ||||||
Household durables: 0.30% | ||||||
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 355,000 | 359,200 | ||
WASH Multifamily Acquisition Incorporated 144A | 5.75 | 4-15-2026 | 1,355,000 | 1,358,388 | ||
1,717,588 | ||||||
Multiline retail: 0.37% | ||||||
LSF9 Atlantis Holdings LLC 144A | 7.75 | 2-15-2026 | 638,000 | 612,904 |
Interest rate | Maturity date | Principal | Value | |||
Multiline retail (continued) | ||||||
Macy's Retail Holdings LLC 144A | 5.88% | 4-1-2029 | $ | 1,365,000 | $ 1,361,588 | |
Macy's Retail Holdings LLC 144A | 6.13 | 3-15-2032 | 155,000 | 153,063 | ||
2,127,555 | ||||||
Specialty retail: 0.98% | ||||||
GAP Incorporated 144A | 3.88 | 10-1-2031 | 515,000 | 448,617 | ||
Group 1 Automotive Incorporated 144A | 4.00 | 8-15-2028 | 1,250,000 | 1,164,063 | ||
Lithia Motors Incorporated 144A | 3.88 | 6-1-2029 | 245,000 | 231,584 | ||
Michaels Arts & Crafts Incorporated 144A | 7.88 | 5-1-2029 | 1,500,000 | 1,284,375 | ||
NMG Holding Company Incorporated 144A | 7.13 | 4-1-2026 | 895,000 | 919,165 | ||
Rent-A-Center Incorporated 144A« | 6.38 | 2-15-2029 | 1,800,000 | 1,647,000 | ||
5,694,804 | ||||||
Textiles, apparel & luxury goods: 0.10% | ||||||
G-III Apparel Group Limited 144A | 7.88 | 8-15-2025 | 570,000 | 598,586 | ||
Consumer staples: 0.33% | ||||||
Food products: 0.33% | ||||||
CHS Incorporated 144A | 5.25 | 5-15-2030 | 490,000 | 470,297 | ||
CHS Incorporated 144A | 6.88 | 4-15-2029 | 1,460,000 | 1,434,450 | ||
1,904,747 | ||||||
Energy: 6.86% | ||||||
Energy equipment & services: 1.54% | ||||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 2,625,000 | 2,657,813 | ||
Hilcorp Energy Company 144A | 6.25 | 11-1-2028 | 1,210,000 | 1,216,050 | ||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 920,000 | 907,460 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 600,000 | 583,584 | ||
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 2,425,000 | 2,385,739 | ||
USA Compression Partners LP | 6.88 | 4-1-2026 | 725,000 | 731,525 | ||
W.R. Grace Holdings LLC 144A | 5.63 | 8-15-2029 | 465,000 | 434,822 | ||
8,916,993 | ||||||
Oil, gas & consumable fuels: 5.32% | ||||||
Aethon United 144A | 8.25 | 2-15-2026 | 1,195,000 | 1,240,052 | ||
Antero Resources Corporation 144A | 5.38 | 3-1-2030 | 680,000 | 694,450 | ||
Archrock Partners LP 144A | 6.25 | 4-1-2028 | 190,000 | 187,262 | ||
Archrock Partners LP 144A | 6.88 | 4-1-2027 | 945,000 | 955,603 | ||
Buckeye Partners LP 144A | 4.50 | 3-1-2028 | 475,000 | 455,031 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 425,000 | 362,287 | ||
Cheniere Energy Partners LP 144A | 3.25 | 1-31-2032 | 355,000 | 322,798 | ||
Cheniere Energy Partners LP | 4.50 | 10-1-2029 | 450,000 | 452,250 | ||
Cheniere Energy Partners LP 144A | 5.50 | 6-15-2031 | 1,775,000 | 1,743,760 | ||
Comstock Resources Incorporated 144A | 5.88 | 1-15-2030 | 210,000 | 206,913 | ||
DCP Midstream Operating Company | 5.13 | 5-15-2029 | 255,000 | 262,265 | ||
DT Midstream Incorporated 144A | 4.13 | 6-15-2029 | 190,000 | 182,173 | ||
DT Midstream Incorporated 144A | 4.38 | 6-15-2031 | 1,635,000 | 1,565,513 | ||
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 1,800,000 | 1,852,722 | ||
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 3,080,000 | 3,072,300 | ||
EnLink Midstream Partners LP | 5.45 | 6-1-2047 | 1,130,000 | 952,025 | ||
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 1,175,000 | 1,013,438 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 2,005,000 | 2,061,401 | ||
Harvest Midstream LP 144A | 7.50 | 9-1-2028 | 790,000 | 806,890 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Murphy Oil Corporation | 5.75% | 8-15-2025 | $ | 415,000 | $ 422,902 | |
Murphy Oil Corporation | 6.38 | 7-15-2028 | 865,000 | 899,600 | ||
Nabors Industries Incorporated 144A | 7.38 | 5-15-2027 | 375,000 | 389,531 | ||
New Fortress Energy Incorporated 144A | 6.50 | 9-30-2026 | 1,640,000 | 1,624,863 | ||
Occidental Petroleum Corporation | 4.63 | 6-15-2045 | 1,015,000 | 984,550 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 4,250,000 | 4,992,411 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 575,000 | 568,370 | ||
Southwestern Energy Company | 4.75 | 2-1-2032 | 840,000 | 838,950 | ||
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 375,000 | 363,881 | ||
Tallgrass Energy Partners LP 144A | 6.00 | 9-1-2031 | 230,000 | 221,433 | ||
Tallgrass Energy Partners LP 144A | 7.50 | 10-1-2025 | 1,000,000 | 1,053,010 | ||
Veture Global LNG Incorporated 144A | 3.88 | 11-1-2033 | 110,000 | 105,188 | ||
30,853,822 | ||||||
Financials: 8.03% | ||||||
Banks: 1.86% | ||||||
Bank of America Corporation (5 Year Treasury Constant Maturity +2.76%) ʊ± | 4.38 | 1-27-2027 | 1,500,000 | 1,409,700 | ||
Citigroup Incorporated (U.S. SOFR +3.23%) ʊ± | 4.70 | 1-30-2025 | 1,000,000 | 957,500 | ||
Citizens Financial Group Incorporated (5 Year Treasury Constant Maturity +5.31%) ʊ± | 5.65 | 10-6-2025 | 2,000,000 | 2,080,100 | ||
Fifth Third Bancorp (5 Year Treasury Constant Maturity +4.22%) ʊ± | 4.50 | 9-30-2025 | 2,000,000 | 1,965,000 | ||
JPMorgan Chase & Company (U.S. SOFR +3.13%) ʊ± | 4.60 | 2-3-2025 | 1,000,000 | 963,750 | ||
SVB Financial Group (10 Year Treasury Constant Maturity +3.06%) ʊ± | 4.70 | 11-15-2031 | 1,500,000 | 1,338,750 | ||
Truist Financial Corporation (5 Year Treasury Constant Maturity +4.61%) ʊ± | 4.95 | 9-2-2025 | 2,000,000 | 2,048,000 | ||
10,762,800 | ||||||
Capital markets: 0.45% | ||||||
Coinbase Global Incorporated 144A | 3.63 | 10-1-2031 | 585,000 | 498,713 | ||
MSCI Incorporated 144A | 3.25 | 8-15-2033 | 320,000 | 287,620 | ||
MSCI Incorporated 144A | 4.00 | 11-15-2029 | 645,000 | 626,414 | ||
Oppenheimer Holdings Incorporated | 5.50 | 10-1-2025 | 1,215,000 | 1,211,963 | ||
2,624,710 | ||||||
Consumer finance: 2.81% | ||||||
Acuris Finance U.S. Incorporated 144A | 5.00 | 5-1-2028 | 265,000 | 243,469 | ||
Discover Financial Services (5 Year Treasury Constant Maturity +5.78%) ʊ± | 6.13 | 6-23-2025 | 1,000,000 | 1,040,680 | ||
FirstCash Incorporated 144A | 4.63 | 9-1-2028 | 405,000 | 376,593 | ||
FirstCash Incorporated 144A | 5.63 | 1-1-2030 | 725,000 | 696,609 | ||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 1,725,000 | 1,720,532 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 2,075,000 | 2,087,305 | ||
Ford Motor Credit Company LLC | 5.13 | 6-16-2025 | 705,000 | 719,100 | ||
LFS Topco LLC 144A | 5.88 | 10-15-2026 | 705,000 | 660,938 | ||
Navient Corporation | 5.00 | 3-15-2027 | 1,055,000 | 1,004,888 | ||
Navient Corporation | 5.50 | 3-15-2029 | 1,025,000 | 954,531 | ||
Navient Corporation | 5.63 | 8-1-2033 | 675,000 | 568,350 | ||
OneMain Finance Corporation | 3.50 | 1-15-2027 | 355,000 | 328,375 | ||
PECF USS Intermediate Holding III Corporation 144A | 8.00 | 11-15-2029 | 515,000 | 496,975 | ||
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 1,515,000 | 1,435,796 | ||
PROG Holdings Incorporated 144A | 6.00 | 11-15-2029 | 340,000 | 315,350 |
Interest rate | Maturity date | Principal | Value | |||
Consumer finance (continued) | ||||||
Rocket Mortgage LLC 144A | 2.88% | 10-15-2026 | $ | 890,000 | $ 817,149 | |
Rocket Mortgage LLC 144A | 4.00 | 10-15-2033 | 915,000 | 801,449 | ||
Springleaf Finance Corporation | 5.38 | 11-15-2029 | 200,000 | 194,314 | ||
Springleaf Finance Corporation | 6.63 | 1-15-2028 | 1,000,000 | 1,047,500 | ||
Springleaf Finance Corporation | 7.13 | 3-15-2026 | 720,000 | 769,601 | ||
16,279,504 | ||||||
Diversified financial services: 0.67% | ||||||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 370,000 | 351,500 | ||
Jefferies Finance LLC 144A | 5.00 | 8-15-2028 | 440,000 | 421,291 | ||
LPL Holdings Incorporated 144A | 4.38 | 5-15-2031 | 1,025,000 | 991,119 | ||
LPL Holdings Incorporated 144A | 4.63 | 11-15-2027 | 1,100,000 | 1,080,431 | ||
United Shore Financial Services LLC 144A | 5.50 | 11-15-2025 | 1,050,000 | 1,018,500 | ||
3,862,841 | ||||||
Insurance: 1.03% | ||||||
Amwins Group Incorporated 144A | 4.88 | 6-30-2029 | 660,000 | 633,613 | ||
AssuredPartners Incorporated 144A | 5.63 | 1-15-2029 | 775,000 | 713,310 | ||
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 2,030,000 | 1,892,975 | ||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 2,025,000 | 2,089,091 | ||
HUB International Limited 144A | 5.63 | 12-1-2029 | 125,000 | 119,375 | ||
HUB International Limited 144A | 7.00 | 5-1-2026 | 280,000 | 283,235 | ||
Ryan Specialty Group LLC 144A | 4.38 | 2-1-2030 | 245,000 | 231,525 | ||
5,963,124 | ||||||
Mortgage REITs: 0.51% | ||||||
Blackstone Mortgage Trust Incorporated 144A | 3.75 | 1-15-2027 | 720,000 | 669,600 | ||
Starwood Property Trust Incorporated 144A | 4.38 | 1-15-2027 | 1,080,000 | 1,047,600 | ||
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 1,260,000 | 1,275,725 | ||
2,992,925 | ||||||
Thrifts & mortgage finance: 0.70% | ||||||
Ladder Capital Finance Holdings LP 144A | 4.25 | 2-1-2027 | 1,225,000 | 1,173,996 | ||
Ladder Capital Finance Holdings LP 144A | 4.75 | 6-15-2029 | 615,000 | 580,022 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 1,210,000 | 1,205,463 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 4-15-2029 | 1,260,000 | 1,122,685 | ||
4,082,166 | ||||||
Health care: 2.66% | ||||||
Health care equipment & supplies: 0.37% | ||||||
Avantor Funding Incorporated 144A | 3.88 | 11-1-2029 | 250,000 | 235,000 | ||
Mozart Debt Merger Sub Incorporated 144A | 5.25 | 10-1-2029 | 1,225,000 | 1,138,846 | ||
Surgery Center Holdings Incorporated 144A | 10.00 | 4-15-2027 | 750,000 | 787,500 | ||
2,161,346 | ||||||
Health care providers & services: 1.79% | ||||||
180 Medical Incorporated 144A | 3.88 | 10-15-2029 | 1,500,000 | 1,417,500 | ||
Air Methods Corporation 144A« | 8.00 | 5-15-2025 | 1,515,000 | 1,310,475 | ||
Davita Incorporated 144A | 4.63 | 6-1-2030 | 1,275,000 | 1,190,595 | ||
Encompass Health Corporation | 4.63 | 4-1-2031 | 3,000,000 | 2,808,120 | ||
Mednax Incorporated 144A | 5.38 | 2-15-2030 | 640,000 | 617,600 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 675,000 | 698,787 |
Interest rate | Maturity date | Principal | Value | |||
Health care providers & services (continued) | ||||||
Tenet Healthcare Corporation 144A | 4.88% | 1-1-2026 | $ | 375,000 | $ 378,281 | |
Toledo Hospital | 6.02 | 11-15-2048 | 1,000,000 | 1,142,499 | ||
Vizient Incorporated 144A | 6.25 | 5-15-2027 | 790,000 | 813,700 | ||
10,377,557 | ||||||
Health care technology: 0.35% | ||||||
IQVIA Incorporated 144A | 5.00 | 10-15-2026 | 2,000,000 | 2,035,000 | ||
Life sciences tools & services: 0.09% | ||||||
Charles River Laboratories Incorporated 144A | 4.00 | 3-15-2031 | 400,000 | 375,500 | ||
Charles River Laboratories Incorporated 144A | 4.25 | 5-1-2028 | 175,000 | 171,063 | ||
546,563 | ||||||
Pharmaceuticals: 0.06% | ||||||
Bausch Health Companies Incorporated 144A | 6.13 | 2-1-2027 | 320,000 | 322,029 | ||
Industrials: 3.24% | ||||||
Aerospace & defense: 0.64% | ||||||
Spirit AeroSystems Holdings Incorporated 144A | 5.50 | 1-15-2025 | 1,190,000 | 1,192,975 | ||
Spirit AeroSystems Holdings Incorporated 144A | 7.50 | 4-15-2025 | 230,000 | 238,293 | ||
TransDigm Group Incorporated | 4.63 | 1-15-2029 | 1,850,000 | 1,729,695 | ||
TransDigm Group Incorporated | 6.38 | 6-15-2026 | 375,000 | 378,384 | ||
TransDigm Group Incorporated 144A | 6.25 | 3-15-2026 | 145,000 | 148,863 | ||
3,688,210 | ||||||
Airlines: 0.63% | ||||||
American Airlines Group Incorporated 144A | 5.75 | 4-20-2029 | 475,000 | 473,219 | ||
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 483,891 | 453,905 | ||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 1,945,000 | 1,946,109 | ||
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 750,000 | 798,750 | ||
3,671,983 | ||||||
Commercial services & supplies: 0.69% | ||||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 1,425,000 | 1,257,085 | ||
CoreCivic Incorporated « | 8.25 | 4-15-2026 | 1,715,000 | 1,766,450 | ||
Northern Light Health | 5.02 | 7-1-2036 | 1,000,000 | 971,484 | ||
3,995,019 | ||||||
Construction & engineering: 0.12% | ||||||
Great Lakes Dredge & Dock Company 144A | 5.25 | 6-1-2029 | 700,000 | 668,500 | ||
Machinery: 0.16% | ||||||
Werner FinCo LP 144A | 8.75 | 7-15-2025 | 905,000 | 932,150 | ||
Road & rail: 0.51% | ||||||
Uber Technologies Incorporated 144A | 4.50 | 8-15-2029 | 2,155,000 | 2,020,313 | ||
Uber Technologies Incorporated 144A | 8.00 | 11-1-2026 | 905,000 | 961,744 | ||
2,982,057 | ||||||
Trading companies & distributors: 0.49% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 1,830,000 | 1,663,745 |
Interest rate | Maturity date | Principal | Value | |||
Trading companies & distributors (continued) | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50% | 10-1-2025 | $ | 840,000 | $ 833,700 | |
Fortress Transportation & Infrastructure Investors LLC 144A | 9.75 | 8-1-2027 | 350,000 | 365,668 | ||
2,863,113 | ||||||
Information technology: 1.66% | ||||||
Communications equipment: 0.36% | ||||||
CIENA Corporation 144A | 4.00 | 1-31-2030 | 475,000 | 457,188 | ||
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 475,000 | 412,573 | ||
CommScope Technologies LLC 144A | 8.25 | 3-1-2027 | 1,285,000 | 1,249,663 | ||
2,119,424 | ||||||
IT services: 0.54% | ||||||
Sabre GLBL Incorporated 144A | 7.38 | 9-1-2025 | 225,000 | 234,952 | ||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 2,600,000 | 2,882,451 | ||
3,117,403 | ||||||
Software: 0.76% | ||||||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 380,000 | 364,274 | ||
MPH Acquisition Holdings LLC 144A« | 5.75 | 11-1-2028 | 2,515,000 | 2,270,869 | ||
NCR Corporation 144A | 5.13 | 4-15-2029 | 125,000 | 120,168 | ||
NCR Corporation 144A | 5.75 | 9-1-2027 | 800,000 | 800,000 | ||
NCR Corporation 144A | 6.13 | 9-1-2029 | 250,000 | 250,625 | ||
SS&C Technologies Incorporated 144A | 5.50 | 9-30-2027 | 600,000 | 604,509 | ||
4,410,445 | ||||||
Materials: 1.37% | ||||||
Chemicals: 0.28% | ||||||
Chemours Company 144A | 4.63 | 11-15-2029 | 955,000 | 875,363 | ||
Olympus Water US Holding Corporation 144A | 4.25 | 10-1-2028 | 835,000 | 758,334 | ||
1,633,697 | ||||||
Containers & packaging: 0.51% | ||||||
Ball Corporation | 2.88 | 8-15-2030 | 2,525,000 | 2,263,776 | ||
Clydesdale Acquisition Holdings Incorporated 144A%% | 8.75 | 4-15-2030 | 715,000 | 672,994 | ||
2,936,770 | ||||||
Metals & mining: 0.35% | ||||||
Arches Buyer Incorporated 144A | 4.25 | 6-1-2028 | 420,000 | 391,801 | ||
Arches Buyer Incorporated 144A | 6.13 | 12-1-2028 | 405,000 | 374,362 | ||
Cleveland-Cliffs Incorporated 144A | 4.88 | 3-1-2031 | 850,000 | 840,438 | ||
Cleveland-Cliffs Incorporated | 5.88 | 6-1-2027 | 410,000 | 420,547 | ||
2,027,148 | ||||||
Paper & forest products: 0.23% | ||||||
Vertical US Newco Incorporated 144A | 5.25 | 7-15-2027 | 1,365,000 | 1,350,026 | ||
Real estate: 0.96% | ||||||
Equity REITs: 0.96% | ||||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 950,000 | 877,335 |
Interest rate | Maturity date | Principal | Value | |||
Equity REITs (continued) | ||||||
Iron Mountain Incorporated 144A | 5.25% | 7-15-2030 | $ | 1,225,000 | $ 1,200,500 | |
Service Properties Trust Company | 4.75 | 10-1-2026 | 165,000 | 150,975 | ||
Service Properties Trust Company | 4.95 | 2-15-2027 | 2,825,000 | 2,610,583 | ||
Service Properties Trust Company | 5.00 | 8-15-2022 | 720,000 | 716,400 | ||
5,555,793 | ||||||
Utilities: 1.47% | ||||||
Electric utilities: 0.73% | ||||||
NextEra Energy Operating Partners LP 144A | 4.50 | 9-15-2027 | 700,000 | 696,749 | ||
PG&E Corporation | 5.25 | 7-1-2030 | 1,785,000 | 1,731,272 | ||
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 1,150,000 | 1,086,750 | ||
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 700,000 | 699,409 | ||
4,214,180 | ||||||
Independent power & renewable electricity producers: 0.74% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 599,910 | 611,908 | ||
TerraForm Power Operating LLC 144A | 5.00 | 1-31-2028 | 3,680,000 | 3,664,360 | ||
4,276,268 | ||||||
Total Corporate bonds and notes (Cost $227,480,255) | 217,980,398 | |||||
Foreign corporate bonds and notes : 2.63% | ||||||
Financials: 2.63% | ||||||
Banks: 2.63% | ||||||
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.90%) ʊ± | 4.75 | 9-22-2027 | EUR | 3,000,000 | 3,321,929 | |
AIB Group plc (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.63%) ʊ± | 6.25 | 6-23-2025 | EUR | 2,000,000 | 2,287,171 | |
Banco Santander SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +4.53%) ʊ± | 4.38 | 1-14-2026 | EUR | 3,000,000 | 3,224,782 | |
Bankia SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.22%) ʊ± | 6.38 | 9-19-2023 | EUR | 3,000,000 | 3,449,442 | |
Commerzbank AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.36%) ʊ± | 6.13 | 10-9-2025 | EUR | 2,600,000 | 2,947,695 | |
15,231,019 | ||||||
Total Foreign corporate bonds and notes (Cost $15,840,763) | 15,231,019 | |||||
Loans: 2.99% | ||||||
Communication services: 0.37% | ||||||
Diversified telecommunication services: 0.25% | ||||||
Intelsat Jackson Holdings SA (U.S. SOFR +4.25%) <± | 4.92 | 2-1-2029 | $ | 1,450,000 | 1,424,176 | |
Media: 0.12% | ||||||
DIRECTV Financing LLC (1 Month LIBOR +5.00%) ± | 5.75 | 8-2-2027 | 711,475 | 709,903 | ||
Consumer discretionary: 0.21% | ||||||
Auto components: 0.06% | ||||||
Truck Hero Incorporated (1 Month LIBOR +3.25%) ± | 4.00 | 1-31-2028 | 372,180 | 360,085 |
Interest rate | Maturity date | Principal | Value | |||
Household durables: 0.05% | ||||||
Wilsonart LLC (1 Month LIBOR +3.25%) ± | 4.26% | 12-31-2026 | $ | 276,489 | $ 269,035 | |
Multiline retail: 0.05% | ||||||
LSF9 Atlantis Holdings LLC (U.S. SOFR +7.25%) <± | 8.00 | 3-29-2029 | 300,000 | 294,000 | ||
Specialty retail: 0.05% | ||||||
Great Outdoors Group LLC (1 Month LIBOR +3.75%) ± | 4.50 | 3-6-2028 | 285,141 | 283,716 | ||
Consumer staples: 0.03% | ||||||
Food products: 0.03% | ||||||
Naked Juice LLC (U.S. SOFR +3.25%) <± | 3.75 | 1-24-2029 | 146,545 | 143,928 | ||
Naked Juice LLC (U.S. SOFR +3.25%) <± | 3.75 | 1-24-2029 | 8,455 | 8,304 | ||
152,232 | ||||||
Energy: 0.12% | ||||||
Oil, gas & consumable fuels: 0.12% | ||||||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 5.51 | 9-29-2028 | 703,238 | 699,721 | ||
Financials: 0.87% | ||||||
Consumer finance: 0.03% | ||||||
PMHC II Incorporated (U.S. SOFR +4.25%) <± | 4.75 | 2-1-2029 | 200,000 | 190,416 | ||
Diversified financial services: 0.36% | ||||||
Mallinckrodt International Finance SA (3 Month LIBOR +5.25%) ± | 6.00 | 9-24-2024 | 757,031 | 691,646 | ||
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ‡± | 5.26 | 4-30-2024 | 297,007 | 294,595 | ||
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 4.50 | 5-30-2025 | 1,100,000 | 1,084,413 | ||
2,070,654 | ||||||
Insurance: 0.41% | ||||||
Asurion LLC (1 Month LIBOR +5.25%) ‡± | 5.71 | 1-31-2028 | 980,000 | 959,420 | ||
Asurion LLC (1 Month LIBOR +5.25%) ‡± | 5.71 | 1-20-2029 | 165,000 | 161,081 | ||
HUB International Limited (1 Month LIBOR +3.25%) <± | 4.00 | 4-25-2025 | 1,256,826 | 1,247,689 | ||
2,368,190 | ||||||
Mortgage REITs: 0.07% | ||||||
Claros Mortgage Trust Incoporated (U.S. SOFR +4.50%) ± | 5.00 | 8-9-2026 | 410,000 | 407,950 | ||
Health care: 0.45% | ||||||
Health care equipment & supplies: 0.20% | ||||||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 8-31-2026 | 1,155,729 | 1,145,478 | ||
Health care providers & services: 0.14% | ||||||
Padagis LLC (1 Month LIBOR +4.75%) ± | 5.25 | 7-6-2028 | 178,824 | 177,148 | ||
Press Ganey Holdings Incorporated (1 Month LIBOR +3.75%) <± | 4.50 | 7-24-2026 | 478,797 | 474,009 | ||
Press Ganey Holdings Incorporated (U.S. SOFR +3.75%) <± | 4.50 | 7-24-2026 | 145,000 | 143,188 | ||
794,345 |
Interest rate | Maturity date | Principal | Value | |||
Pharmaceuticals: 0.11% | ||||||
Bausch Health Companies Incorporated (U.S. SOFR +5.25%) <± | 5.75% | 1-27-2027 | $ | 685,000 | $ 677,294 | |
Industrials: 0.60% | ||||||
Airlines: 0.27% | ||||||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 6.25 | 6-21-2027 | 1,525,000 | 1,580,281 | ||
Commercial services & supplies: 0.23% | ||||||
Polaris Newco LLC (1 Month LIBOR +4.00%) ± | 4.50 | 6-2-2028 | 1,209,050 | 1,199,075 | ||
Ring Container Technologies (1 Month LIBOR +3.75%) ± | 4.27 | 8-12-2028 | 104,738 | 102,971 | ||
1,302,046 | ||||||
Machinery: 0.10% | ||||||
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 5.01 | 7-24-2024 | 607,054 | 600,480 | ||
Information technology: 0.22% | ||||||
Software: 0.22% | ||||||
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ± | 3.80 | 7-24-2026 | 290,747 | 286,522 | ||
Nexus Buyer LLC (1 Month LIBOR +6.25%) ± | 6.75 | 10-29-2029 | 1,015,000 | 1,002,739 | ||
1,289,261 | ||||||
Real estate: 0.12% | ||||||
Equity REITs: 0.12% | ||||||
The Geo Group Incorporated (3 Month LIBOR +2.00%) ± | 2.75 | 3-22-2024 | 772,966 | 719,732 | ||
Total Loans (Cost $17,572,245) | 17,338,995 | |||||
Municipal obligations: 2.94% | ||||||
California: 0.56% | ||||||
Education revenue: 0.35% | ||||||
California School Finance Authority Charter School 144A | 4.25 | 7-1-2025 | 750,000 | 742,691 | ||
California School Finance Authority Charter School 144A | 5.00 | 6-15-2031 | 1,350,000 | 1,302,022 | ||
2,044,713 | ||||||
Health revenue: 0.05% | ||||||
California Municipal Finance Authority Series 2019B 144A | 4.25 | 11-1-2023 | 310,000 | 308,490 | ||
Tobacco revenue: 0.16% | ||||||
Golden State Tobacco Securitization Corporation | 4.21 | 6-1-2050 | 1,000,000 | 888,557 | ||
Colorado: 0.08% | ||||||
Health revenue: 0.08% | ||||||
Denver CO Health & Hospital Authority Series B | 5.15 | 12-1-2026 | 445,000 | 449,785 |
Interest rate | Maturity date | Principal | Value | |||
Florida: 0.43% | ||||||
Education revenue: 0.23% | ||||||
Capital Trust Agency Renaissance Charter School Project Series B 144A | 5.63% | 6-15-2023 | $ | 305,000 | $ 306,473 | |
Florida HEFAR Jacksonville University Project Series A2 144A | 5.43 | 6-1-2027 | 1,000,000 | 1,035,820 | ||
1,342,293 | ||||||
Water & sewer revenue: 0.20% | ||||||
Charlotte County IDA Town & Country Utilities Project Series B 144A | 5.00 | 10-1-2036 | 1,250,000 | 1,149,515 | ||
Georgia: 0.07% | ||||||
Health revenue: 0.07% | ||||||
Cobb County GA Development Authority Presbyterian Village Austell Project Series 2019B 144A | 5.75 | 12-1-2028 | 400,000 | 399,694 | ||
Guam: 0.11% | ||||||
Airport revenue: 0.11% | ||||||
Guam International Airport Authority Series A | 4.46 | 10-1-2043 | 675,000 | 641,692 | ||
Illinois: 0.48% | ||||||
Miscellaneous revenue: 0.48% | ||||||
Chicago IL Board of Education Taxable Build America Bonds Series E | 6.04 | 12-1-2029 | 1,255,000 | 1,323,908 | ||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 1,447,000 | 1,460,649 | ||
2,784,557 | ||||||
Indiana: 0.08% | ||||||
Health revenue: 0.08% | ||||||
Knox County IN Good Samaritian Hospital Project Industry Economic Development Series B | 5.90 | 4-1-2034 | 480,000 | 489,426 | ||
Iowa: 0.21% | ||||||
GO revenue: 0.21% | ||||||
Coralville IA Series C | 5.00 | 5-1-2030 | 1,200,000 | 1,212,266 | ||
Louisiana: 0.14% | ||||||
Health revenue: 0.14% | ||||||
Louisiana Local Government Environmental Facilities & CDA | 5.75 | 1-1-2029 | 845,000 | 825,985 | ||
New Jersey: 0.17% | ||||||
Education revenue: 0.17% | ||||||
New Jersey Educational Facilities Authority Georgian Court University Series H | 4.25 | 7-1-2028 | 1,000,000 | 977,375 | ||
New York: 0.20% | ||||||
Education revenue: 0.09% | ||||||
Yonkers Economic Development Corporation Series 2019B | 4.50 | 10-15-2024 | 545,000 | 537,737 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.04% | ||||||
Jefferson County NY Civic Facility Development Corporation Refunding Bond Series B Samaritan Medical Center Obligated Group | 4.25% | 11-1-2028 | $ | 245,000 | $ 237,470 | |
Utilities revenue: 0.07% | ||||||
New York Energy Research & Development Authority Green Bond Series A | 4.81 | 4-1-2034 | 380,000 | 406,579 | ||
Oklahoma: 0.09% | ||||||
Health revenue: 0.09% | ||||||
Oklahoma Development Finance Authority | 5.45 | 8-15-2028 | 500,000 | 524,348 | ||
Texas: 0.11% | ||||||
Industrial development revenue: 0.11% | ||||||
Port Beaumont TX IDA Jefferson Gulf Coast 144A | 4.10 | 1-1-2028 | 700,000 | 636,055 | ||
Wisconsin: 0.21% | ||||||
Education revenue: 0.21% | ||||||
Burrell College of Osteopathic Medicine Project PFA 144A | 5.13 | 6-1-2028 | 1,230,000 | 1,200,293 | ||
Total Municipal obligations (Cost $17,209,232) | 17,056,830 | |||||
Non-agency mortgage-backed securities: 5.84% | ||||||
AFN LLC Series 2019-1A Class A2 144A | 4.46 | 5-20-2049 | 995,791 | 988,669 | ||
Arroyo Mortgage Trust Series 2022-1 Class A3 144A | 3.65 | 12-25-2056 | 1,450,000 | 1,388,627 | ||
BX Trust Series 2022-LP2 Class E (U.S. SOFR 1 Month +2.61%) 144A± | 2.91 | 2-15-2039 | 3,000,000 | 2,928,437 | ||
Capital Automotive Real Estate Services Series 1A Class A6 144A | 3.81 | 2-15-2050 | 498,021 | 493,223 | ||
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class B | 3.77 | 2-10-2048 | 2,524,616 | 2,468,617 | ||
Credit Suisse Mortgage Trust Series 2021-NQM8 Class M1 144A±± | 3.26 | 10-25-2066 | 2,000,000 | 1,839,460 | ||
Ellington Financial Mortgage Trust Series 2022-1 Class M1 144A±± | 3.50 | 1-25-2067 | 1,750,000 | 1,604,983 | ||
Flexential Issuer LLC Series 2021-1A Class C 144A | 6.93 | 11-27-2051 | 4,000,000 | 3,851,576 | ||
GCAT Series 2021-NQM6 Class M1 144A±± | 3.41 | 8-25-2066 | 3,000,000 | 2,811,351 | ||
Golub Capital Partners Funding LLC Series2021-2A Class B 144A | 3.99 | 10-19-2029 | 500,000 | 473,873 | ||
Goodleap Sustainable Home Improvement Series 2022-1GS Class C 144A | 3.50 | 1-20-2049 | 3,486,929 | 3,167,500 | ||
JPMorgan Mortgage Trust Series 2019-2 Class A3 144A±± | 4.00 | 8-25-2049 | 70,921 | 71,093 | ||
New Residential Mortgage Loan Trust Series 2022-NQM1 Class M1 144A±± | 3.60 | 1-25-2026 | 4,000,000 | 3,723,954 | ||
Oxford Finance Funding Trust Series 2022-1A Class B 144A | 4.10 | 2-15-2030 | 4,500,000 | 4,347,901 | ||
Purewest Funding LLC Series 2021-1 Class A1 144A | 4.09 | 12-22-2036 | 886,070 | 857,526 | ||
Sequoia Mortgage Trust Series 2018-6 Class A19 144A±± | 4.00 | 7-25-2048 | 113,889 | 114,050 | ||
Starwood Mortgage Residential Series 2021-6 144A±± | 3.39 | 11-25-2066 | 3,000,000 | 2,739,067 | ||
Total Non-agency mortgage-backed securities (Cost $35,331,259) | 33,869,907 |
Dividend Yield | Shares | Value | ||||
Preferred stocks: 0.11% | ||||||
Energy: 0.01% | ||||||
Oil, gas & consumable fuels: 0.01% | ||||||
Petroleo Brasil SP ADR | 7.69% | 5,000 | $ 69,900 | |||
Financials: 0.02% | ||||||
Banks: 0.02% | ||||||
Itaúsa SA | 2.59 | 52,300 | 118,088 | |||
Information technology: 0.06% | ||||||
Technology hardware, storage & peripherals: 0.06% | ||||||
Samsung Electronics Company Limited | 4.65 | 6,434 | 333,380 | |||
Materials: 0.02% | ||||||
Chemicals: 0.02% | ||||||
LG Chem Limited | 2.93 | 460 | 103,178 | |||
Total Preferred stocks (Cost $623,294) | 624,546 |
Interest rate | Maturity date | Principal | ||||
Yankee corporate bonds and notes: 10.23% | ||||||
Communication services: 0.37% | ||||||
Wireless telecommunication services: 0.37% | ||||||
Connect U.S. Finco LLC 144A | 6.75 | 10-1-2026 | $ | 795,000 | 808,825 | |
Telesat Canada 144A | 5.63 | 12-6-2026 | 230,000 | 175,628 | ||
VMED O2 UK Financing I plc 144A | 4.75 | 7-15-2031 | 1,225,000 | 1,154,563 | ||
2,139,016 | ||||||
Energy: 0.28% | ||||||
Energy equipment & services: 0.04% | ||||||
Nabors Industries Limited 144A | 7.25 | 1-15-2026 | 200,000 | 200,000 | ||
Oil, gas & consumable fuels: 0.24% | ||||||
Baytex Energy Corporation 144A | 8.75 | 4-1-2027 | 500,000 | 536,250 | ||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 880,000 | 876,256 | ||
1,412,506 | ||||||
Financials: 5.83% | ||||||
Banks: 4.37% | ||||||
Barclays plc (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.84%) ʊ± | 7.75 | 9-15-2023 | 2,160,000 | 2,238,916 | ||
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.90%) 144Aʊ± | 7.88 | 1-23-2024 | 1,750,000 | 1,844,063 | ||
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +6.19%) 144Aʊ± | 8.13 | 12-23-2025 | 1,750,000 | 1,945,860 | ||
Danske Bank AS (7 Year Treasury Constant Maturity +4.13%) ʊ± | 7.00 | 6-26-2025 | 2,300,000 | 2,374,750 | ||
HSBC Holdings plc (USD ICE Swap Rate 11:00am NY 5 Year +4.37%) ʊ± | 6.38 | 3-30-2025 | 2,000,000 | 2,069,340 | ||
ING Groep NV (USD ICE Swap Rate 11:00am NY 5 Year +4.20%) ʊ± | 6.75 | 4-16-2024 | 3,800,000 | 3,914,319 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Lloyds Banking Group plc (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.76%) ʊ± | 7.50% | 6-27-2024 | $ | 3,665,000 | $ 3,848,140 | |
NatWest Group plc (5 Year Treasury Constant Maturity +3.10%) ʊ± | 4.60 | 6-28-2031 | 1,500,000 | 1,320,000 | ||
Skandinaviska Enskilda Banken AB (5 Year Treasury Constant Maturity +3.46%) ʊ± | 5.13 | 5-13-2025 | 2,000,000 | 1,975,824 | ||
Societe Generale SA (USD ICE Swap Rate 11:00am NY 5 Year +5.87%) 144Aʊ± | 8.00 | 9-29-2025 | 3,535,000 | 3,818,330 | ||
25,349,542 | ||||||
Capital markets: 1.20% | ||||||
Credit Suisse Group AG (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.60%) 144Aʊ± | 7.50 | 12-11-2023 | 2,395,000 | 2,475,831 | ||
Credit Suisse Group AG (5 Year Treasury Constant Maturity +4.89%) 144Aʊ± | 5.25 | 2-11-2027 | 1,000,000 | 925,000 | ||
UBS Group Funding Switzerland AG (USD Swap Semi Annual (vs. 6 Month LIBOR) 5 Year +4.87%) ʊ± | 7.00 | 2-19-2025 | 3,330,000 | 3,526,330 | ||
6,927,161 | ||||||
Diversified financial services: 0.26% | ||||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 385,000 | 343,613 | ||
New Red Finance Incorporated 144A | 3.88 | 1-15-2028 | 625,000 | 592,209 | ||
New Red Finance Incorporated 144A | 4.00 | 10-15-2030 | 650,000 | 586,323 | ||
1,522,145 | ||||||
Health care: 1.39% | ||||||
Biotechnology: 0.35% | ||||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 2,175,000 | 2,047,219 | ||
Pharmaceuticals: 1.04% | ||||||
Bausch Health Companies Incorporated 144A | 4.88 | 6-1-2028 | 225,000 | 215,438 | ||
Bausch Health Companies Incorporated 144A | 5.25 | 1-30-2030 | 3,115,000 | 2,446,957 | ||
Bausch Health Companies Incorporated 144A | 6.25 | 2-15-2029 | 1,180,000 | 967,600 | ||
Teva Pharmaceutical Finance Netherlands III BV | 4.75 | 5-9-2027 | 115,000 | 110,394 | ||
Teva Pharmaceutical Finance Netherlands III BV | 5.13 | 5-9-2029 | 1,640,000 | 1,576,401 | ||
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 200,000 | 205,000 | ||
Teva Pharmaceutical Finance Netherlands III BV « | 6.75 | 3-1-2028 | 500,000 | 524,125 | ||
6,045,915 | ||||||
Industrials: 2.16% | ||||||
Aerospace & defense: 0.31% | ||||||
Bombardier Incorporated 144A | 6.00 | 2-15-2028 | 115,000 | 107,783 | ||
Bombardier Incorporated 144A | 7.13 | 6-15-2026 | 170,000 | 166,600 | ||
Bombardier Incorporated 144A« | 7.88 | 4-15-2027 | 1,520,000 | 1,488,255 | ||
1,762,638 | ||||||
Airlines: 0.63% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 1,805,000 | 2,085,242 | ||
VistaJet 144A | 6.38 | 2-1-2030 | 1,665,000 | 1,566,540 | ||
3,651,782 |
Interest rate | Maturity date | Principal | Value | |||
Electrical equipment: 0.60% | ||||||
Sensata Technologies BV 144A | 4.00% | 4-15-2029 | $ | 1,910,000 | $ 1,818,759 | |
Sensata Technologies BV 144A | 5.63 | 11-1-2024 | 1,605,000 | 1,659,169 | ||
3,477,928 | ||||||
Machinery: 0.21% | ||||||
Vertical Holdco GmbH 144A | 7.63 | 7-15-2028 | 1,225,000 | 1,214,281 | ||
Trading companies & distributors: 0.41% | ||||||
Carlyle Aviation Elevate Merger Subsidiary Limited 144A | 7.00 | 10-15-2024 | 2,670,000 | 2,394,483 | ||
Materials: 0.20% | ||||||
Containers & packaging: 0.20% | ||||||
Ardagh Packaging Finance plc 144A | 4.13 | 8-15-2026 | 405,000 | 390,187 | ||
Ardagh Packaging Finance plc 144A | 5.25 | 8-15-2027 | 855,000 | 790,341 | ||
1,180,528 | ||||||
Total Yankee corporate bonds and notes (Cost $60,782,927) | 59,325,144 |
Yield | Shares | |||||
Short-term investments: 4.12% | ||||||
Investment companies: 4.12% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 0.18 | 17,614,411 | 17,614,411 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 6,258,868 | 6,258,868 | |||
Total Short-term investments (Cost $23,873,279) | 23,873,279 | |||||
Total investments in securities (Cost $581,319,834) | 100.44% | 582,382,074 | ||||
Other assets and liabilities, net | (0.44) | (2,566,023) | ||||
Total net assets | 100.00% | $579,816,051 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
† | Non-income-earning security |
< | All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities and unfunded loans. |
« | 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. |
# | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
ADR | American depositary receipt |
CDA | Community Development Authority |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
GDR | Global depositary receipt |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
IDA | Industrial Development Authority |
LIBOR | London Interbank Offered Rate |
PFA | Public Finance Authority |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $21,839,370 | $132,693,844 | $(136,918,803) | $0 | $0 | $ 17,614,411 | 17,614,411 | $ 4,966 | ||
Securities Lending Cash Investments LLC | 6,700,880 | 17,288,453 | (17,730,465) | 0 | 0 | 6,258,868 | 6,258,868 | 2,417 # | ||
$0 | $0 | $23,873,279 | $7,383 |
# | Amount shown represents income before fees and rebates. |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses |
15,204,913 USD | 13,800,000 EUR | Citibank National Association | 6-30-2022 | $0 | $(117,610) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
TOPIX Index Futures | 91 | 6-9-2022 | $ 14,219,370 | $ 14,549,984 | $ 330,614 | $ 0 | |
Australian Dollar Currency Futures | 158 | 6-13-2022 | 11,642,413 | 11,844,470 | 202,057 | 0 | |
DAX Index Futures | 21 | 6-17-2022 | 8,579,883 | 8,382,414 | 0 | (197,469) | |
E-Mini Russell 2000 Index Futures | 147 | 6-17-2022 | 14,505,070 | 15,188,040 | 682,970 | 0 | |
XAE Energy Index Futures | 156 | 6-17-2022 | 12,140,002 | 12,434,760 | 294,758 | 0 | |
Short | |||||||
GBP Currency Futures | (141) | 6-13-2022 | (11,547,905) | (11,571,694) | 0 | (23,789) | |
E-Mini S&P 500 Index Futures | (138) | 6-17-2022 | (30,027,886) | (31,262,175) | 0 | (1,234,289) | |
$1,510,399 | $(1,455,547) |
Reference index | Fixed rate received | Payment frequency | Maturity date | Notional amount | Value | Premiums paid (received) | Unrealized gains | Unrealized losses | |
Sell Protection | |||||||||
Markit CDX North America High Yield Index | 5.00% | Quarterly | 12-20-2025 | USD | 1,000,000 | $63,336 | $67,266 | $0 | $(3,930) |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call | ||||||
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (727) | $ (5,634,250) | $ 77.50 | 4-1-2022 | $ (6) |
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (509) | (3,868,400) | 76.00 | 4-1-2022 | (330) |
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (659) | (5,008,400) | 76.00 | 4-8-2022 | (28,016) |
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (1,018) | (7,940,400) | 78.00 | 4-14-2022 | (35,314) |
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (883) | (6,887,400) | 78.00 | 4-22-2022 | (56,420) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,244) | (6,033,400) | 48.50 | 4-1-2022 | (1) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,909) | (8,972,300) | 47.00 | 4-8-2022 | (56,271) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (795) | (3,975,000) | 50.00 | 4-14-2022 | (7,562) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,565) | (7,590,250) | 48.50 | 4-22-2022 | (70,557) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (8) | (12,780,000) | 15,975.00 | 4-1-2022 | (1) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (5) | (7,787,500) | 15,575.00 | 4-8-2022 | (10,400) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (5) | (8,100,000) | 16,200.00 | 4-14-2022 | (3,900) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (8) | (13,360,000) | 16,700.00 | 4-22-2022 | (4,600) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (21) | (4,872,000) | 2,320.00 | 4-1-2022 | 0 |
Russell 2000 Index | Morgan Stanley Company Incorporated | (25) | (5,800,000) | 2,320.00 | 4-8-2022 | (375) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (16) | (3,776,000) | 2,360.00 | 4-14-2022 | (440) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (25) | (5,487,500) | 2,195.00 | 4-22-2022 | (15,875) |
S&P 500 Index | Morgan Stanley Company Incorporated | (28) | (13,300,000) | 4,750.00 | 4-1-2022 | (7) |
S&P 500 Index | Morgan Stanley Company Incorporated | (31) | (14,647,500) | 4,725.00 | 4-8-2022 | (3,565) |
S&P 500 Index | Morgan Stanley Company Incorporated | (7) | (3,150,000) | 4,500.00 | 4-8-2022 | (51,695) |
S&P 500 Index | Morgan Stanley Company Incorporated | (26) | (12,610,000) | 4,850.00 | 4-14-2022 | (975) |
S&P 500 Index | Morgan Stanley Company Incorporated | (15) | (6,967,500) | 4,645.00 | 4-14-2022 | (25,275) |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call (continued) | ||||||
S&P 500 Index | Morgan Stanley Company Incorporated | (29) | $(14,065,000) | $ 4,850.00 | 4-22-2022 | $ (3,190) |
SPDR Euro STOXX 50 ETF | Morgan Stanley Company Incorporated | (513) | (2,308,500) | 45.00 | 4-14-2022 | (15,840) |
$(390,615) |
Assets | |
Investments in unaffiliated securities (including $6,135,716 of securities loaned), at value (cost $557,446,555) | $ 558,508,795 |
Investments in affiliated securities, at value (cost $23,873,279) | 23,873,279 |
Cash | 84,744 |
Cash at broker segregated for futures contracts | 3,426,534 |
Segregated cash for swap contracts | 67,372 |
Foreign currency, at value (cost $86,868) | 87,163 |
Receivable for dividends and interest | 5,533,261 |
Receivable for investments sold | 2,053,124 |
Receivable for Fund shares sold | 434,075 |
Receivable for securities lending income, net | 6,143 |
Prepaid expenses and other assets | 208,350 |
Total assets | 594,282,840 |
Liabilities | |
Payable for investments purchased | 6,362,050 |
Payable upon receipt of securities loaned | 6,258,868 |
Payable for Fund shares redeemed | 571,573 |
Written options at value (premiums received $191,822) | 390,615 |
Cash collateral due to broker for forward foreign currency contracts | 330,000 |
Payable for daily variation margin on open futures contracts | 152,177 |
Management fee payable | 141,932 |
Unrealized losses on forward foreign currency contracts | 117,610 |
Administration fees payable | 79,950 |
Distribution fee payable | 58,540 |
Trustees’ fees and expenses payable | 2,241 |
Payable for daily variation margin on centrally cleared swaps | 1,233 |
Total liabilities | 14,466,789 |
Total net assets | $579,816,051 |
Net assets consist of | |
Paid-in capital | $ 581,244,095 |
Total distributable loss | (1,428,044) |
Total net assets | $579,816,051 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 199,310,871 |
Shares outstanding – Class A1 | 32,725,922 |
Net asset value per share – Class A | $6.09 |
Maximum offering price per share – Class A2 | $6.46 |
Net assets – Class C | $ 91,953,443 |
Shares outstanding – Class C1 | 15,054,978 |
Net asset value per share – Class C | $6.11 |
Net assets – Class R6 | $ 46,991,206 |
Shares outstanding – Class R61 | 7,920,943 |
Net asset value per share – Class R6 | $5.93 |
Net assets – Administrator Class | $ 6,591,404 |
Shares outstanding – Administrator Class1 | 1,110,944 |
Net asset value per share – Administrator Class | $5.93 |
Net assets – Institutional Class | $ 234,969,127 |
Shares outstanding – Institutional Class1 | 39,644,782 |
Net asset value per share – Institutional Class | $5.93 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 10,136,465 |
Dividends (net of foreign withholdings taxes of $84,090) | 2,432,122 |
Income from affiliated securities | 51,138 |
Total investment income | 12,619,725 |
Expenses | |
Management fee | 1,680,278 |
Administration fees | |
Class A | 223,087 |
Class C | 104,286 |
Class R6 | 7,212 |
Administrator Class | 4,725 |
Institutional Class | 161,997 |
Shareholder servicing fees | |
Class A | 265,501 |
Class C | 123,977 |
Administrator Class | 9,080 |
Distribution fee | |
Class C | 371,892 |
Custody and accounting fees | 95,722 |
Professional fees | 35,036 |
Registration fees | 51,576 |
Shareholder report expenses | 55,154 |
Trustees’ fees and expenses | 10,683 |
Other fees and expenses | 43,887 |
Total expenses | 3,244,093 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (769,614) |
Class A | (2,853) |
Class C | (1) |
Net expenses | 2,471,625 |
Net investment income | 10,148,100 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 15,588,546 |
Forward foreign currency contracts | 1,288,086 |
Futures contracts | (4,364,481) |
Swap contracts | 2,242 |
Written options | 1,531,253 |
Net realized gains on investments | 14,045,646 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (44,463,750) |
Forward foreign currency contracts | (440,377) |
Futures contracts | (212,371) |
Swap contracts | (18,756) |
Written options | (574,321) |
Net change in unrealized gains (losses) on investments | (45,709,575) |
Net realized and unrealized gains (losses) on investments | (31,663,929) |
Net decrease in net assets resulting from operations | $(21,515,829) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 10,148,100 | $ 19,765,462 | ||
Net realized gains on investments | 14,045,646 | 36,160,565 | ||
Net change in unrealized gains (losses) on investments | (45,709,575) | 14,695,015 | ||
Net increase (decrease) in net assets resulting from operations | (21,515,829) | 70,621,042 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (3,774,697) | (7,451,220) | ||
Class C | (1,379,752) | (2,798,166) | ||
Class R6 | (981,164) | (1,729,358) | ||
Administrator Class | (135,725) | (272,624) | ||
Institutional Class | (4,959,390) | (9,569,614) | ||
Total distributions to shareholders | (11,230,728) | (21,820,982) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,620,963 | 10,340,068 | 4,560,332 | 28,679,644 |
Class C | 803,205 | 5,115,109 | 1,868,621 | 11,899,641 |
Class R6 | 1,006,137 | 6,236,506 | 7,760,202 | 45,310,282 |
Administrator Class | 68,240 | 424,523 | 163,088 | 1,005,985 |
Institutional Class | 5,958,424 | 37,332,276 | 7,920,681 | 48,924,824 |
59,448,482 | 135,820,376 | |||
Reinvestment of distributions | ||||
Class A | 547,328 | 3,485,765 | 1,086,761 | 6,885,370 |
Class C | 204,076 | 1,304,605 | 416,920 | 2,646,096 |
Class R6 | 158,297 | 980,152 | 278,581 | 1,727,553 |
Administrator Class | 21,735 | 134,922 | 42,970 | 265,556 |
Institutional Class | 652,031 | 4,039,677 | 1,264,016 | 7,800,727 |
9,945,121 | 19,325,302 | |||
Payment for shares redeemed | ||||
Class A | (3,472,352) | (22,095,301) | (7,496,998) | (47,424,829) |
Class C | (2,089,654) | (13,334,934) | (5,575,628) | (35,097,983) |
Class R6 | (837,219) | (5,146,281) | (893,580) | (5,551,330) |
Administrator Class | (174,476) | (1,066,490) | (365,519) | (2,247,556) |
Institutional Class | (6,894,763) | (42,552,250) | (13,209,803) | (81,174,463) |
(84,195,256) | (171,496,161) | |||
Net decrease in net assets resulting from capital share transactions | (14,801,653) | (16,350,483) | ||
Total increase (decrease) in net assets | (47,548,210) | 32,449,577 | ||
Net assets | ||||
Beginning of period | 627,364,261 | 594,914,684 | ||
End of period | $579,816,051 | $ 627,364,261 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $6.42 | $5.95 | $6.06 | $6.33 | $6.42 | $6.13 |
Net investment income | 0.10 1 | 0.19 1 | 0.21 | 0.22 | 0.21 | 0.20 |
Net realized and unrealized gains (losses) on investments | (0.32) | 0.49 | (0.12) | 0.02 | (0.01) | 0.35 |
Total from investment operations | (0.22) | 0.68 | 0.09 | 0.24 | 0.20 | 0.55 |
Distributions to shareholders from | ||||||
Net investment income | (0.11) | (0.21) | (0.20) | (0.23) | (0.19) | (0.22) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) | (0.04) |
Total distributions to shareholders | (0.11) | (0.21) | (0.20) | (0.51) | (0.29) | (0.26) |
Net asset value, end of period | $6.09 | $6.42 | $5.95 | $6.06 | $6.33 | $6.42 |
Total return2 | (3.44)% | 11.58% | 1.59% | 4.51% | 3.23% | 9.16% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.10% | 1.08% | 1.07% | 1.05% | 1.04% | 1.05% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.90% | 1.05% |
Net investment income | 3.25% | 3.07% | 3.50% | 3.75% | 3.34% | 3.29% |
Supplemental data | ||||||
Portfolio turnover rate | 61% | 87% | 39% | 43% | 50% | 29% |
Net assets, end of period (000s omitted) | $199,311 | $218,615 | $213,551 | $251,673 | $231,176 | $220,977 |
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 September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $6.44 | $5.97 | $6.07 | $6.34 | $6.44 | $6.14 |
Net investment income | 0.08 | 0.15 | 0.17 | 0.18 | 0.17 | 0.16 |
Net realized and unrealized gains (losses) on investments | (0.32) | 0.48 | (0.11) | 0.02 | (0.02) | 0.35 |
Total from investment operations | (0.24) | 0.63 | 0.06 | 0.20 | 0.15 | 0.51 |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.16) | (0.16) | (0.19) | (0.15) | (0.17) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) | (0.04) |
Total distributions to shareholders | (0.09) | (0.16) | (0.16) | (0.47) | (0.25) | (0.21) |
Net asset value, end of period | $6.11 | $6.44 | $5.97 | $6.07 | $6.34 | $6.44 |
Total return1 | (3.80)% | 10.70% | 0.98% | 3.71% | 2.32% | 8.51% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.85% | 1.83% | 1.82% | 1.80% | 1.79% | 1.80% |
Net expenses | 1.60% | 1.60% | 1.60% | 1.60% | 1.65% | 1.80% |
Net investment income | 2.49% | 2.31% | 2.75% | 2.99% | 2.59% | 2.54% |
Supplemental data | ||||||
Portfolio turnover rate | 61% | 87% | 39% | 43% | 50% | 29% |
Net assets, end of period (000s omitted) | $91,953 | $103,956 | $115,929 | $140,722 | $166,750 | $165,513 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | |||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 1 |
Net asset value, beginning of period | $6.26 | $5.81 | $5.91 | $6.18 | $6.17 |
Net investment income | 0.11 | 0.23 | 0.22 | 0.24 2 | 0.02 2 |
Net realized and unrealized gains (losses) on investments | (0.31) | 0.46 | (0.09) | 0.03 | 0.02 |
Total from investment operations | (0.20) | 0.69 | 0.13 | 0.27 | 0.04 |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.24) | (0.23) | (0.26) | (0.03) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | 0.00 |
Total distributions to shareholders | (0.13) | (0.24) | (0.23) | (0.54) | (0.03) |
Net asset value, end of period | $5.93 | $6.26 | $5.81 | $5.91 | $6.18 |
Total return3 | (3.32)% | 11.99% | 2.25% | 5.07% | 0.71% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.67% | 0.65% | 0.64% | 0.61% | 0.64% |
Net expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.41% |
Net investment income | 3.68% | 3.52% | 3.89% | 4.17% | 2.31% |
Supplemental data | |||||
Portfolio turnover rate | 61% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $46,991 | $47,544 | $2,605 | $24 | $25 |
1 | For the period from July 31, 2018 (commencement of class operations) to September 30, 2018 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $6.26 | $5.81 | $5.91 | $6.19 | $6.29 | $6.00 |
Net investment income | 0.10 1 | 0.19 1 | 0.21 1 | 0.22 1 | 0.21 1 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | (0.31) | 0.48 | (0.10) | 0.02 | (0.01) | 0.34 |
Total from investment operations | (0.21) | 0.67 | 0.11 | 0.24 | 0.20 | 0.55 |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.22) | (0.21) | (0.24) | (0.20) | (0.22) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) | (0.04) |
Total distributions to shareholders | (0.12) | (0.22) | (0.21) | (0.52) | (0.30) | (0.26) |
Net asset value, end of period | $5.93 | $6.26 | $5.81 | $5.91 | $6.19 | $6.29 |
Total return2 | (3.49)% | 11.61% | 1.89% | 4.52% | 3.21% | 9.45% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.02% | 1.00% | 0.99% | 0.97% | 0.96% | 0.97% |
Net expenses | 0.77% | 0.77% | 0.77% | 0.77% | 0.81% | 0.90% |
Net investment income | 3.32% | 3.15% | 3.57% | 3.77% | 3.40% | 3.51% |
Supplemental data | ||||||
Portfolio turnover rate | 61% | 87% | 39% | 43% | 50% | 29% |
Net assets, end of period (000s omitted) | $6,591 | $7,486 | $7,868 | $11,916 | $32,938 | $41,975 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $6.26 | $5.80 | $5.91 | $6.19 | $6.28 | $6.00 |
Net investment income | 0.11 | 0.21 | 0.22 1 | 0.24 | 0.23 | 0.24 |
Net realized and unrealized gains (losses) on investments | (0.32) | 0.48 | (0.11) | 0.01 | (0.01) | 0.31 |
Total from investment operations | (0.21) | 0.69 | 0.11 | 0.25 | 0.22 | 0.55 |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.23) | (0.22) | (0.25) | (0.21) | (0.23) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) | (0.04) |
Total distributions to shareholders | (0.12) | (0.23) | (0.22) | (0.53) | (0.31) | (0.27) |
Net asset value, end of period | $5.93 | $6.26 | $5.80 | $5.91 | $6.19 | $6.28 |
Total return2 | (3.37)% | 12.08% | 1.98% | 4.80% | 3.62% | 9.49% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.77% | 0.75% | 0.74% | 0.72% | 0.71% | 0.72% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.57% | 0.71% |
Net investment income | 3.58% | 3.40% | 3.83% | 4.07% | 3.67% | 3.60% |
Supplemental data | ||||||
Portfolio turnover rate | 61% | 87% | 39% | 43% | 50% | 29% |
Net assets, end of period (000s omitted) | $234,969 | $249,764 | $254,963 | $312,093 | $335,589 | $315,413 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 27,619,982 |
Gross unrealized losses | (28,769,471) |
Net unrealized losses | $ (1,149,489) |
■ | 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: | ||||
Asset-backed securities | $ 0 | $ 19,534,508 | $ 3,000,000 | $ 22,534,508 |
Common stocks | ||||
Communication services | 13,773,162 | 6,642,265 | 0 | 20,415,427 |
Consumer discretionary | 17,721,936 | 4,615,541 | 0 | 22,337,477 |
Consumer staples | 1,965,840 | 2,205,458 | 0 | 4,171,298 |
Energy | 3,538,778 | 2,486,996 | 0 | 6,025,774 |
Financials | 13,824,524 | 10,889,511 | 0 | 24,714,035 |
Health care | 16,885,372 | 2,425,221 | 0 | 19,310,593 |
Industrials | 6,927,826 | 5,430,010 | 0 | 12,357,836 |
Information technology | 49,221,261 | 6,035,566 | 0 | 55,256,827 |
Materials | 2,810,467 | 1,117,421 | 0 | 3,927,888 |
Real estate | 2,607,350 | 386,856 | 0 | 2,994,206 |
Utilities | 1,149,726 | 1,886,361 | 0 | 3,036,087 |
Corporate bonds and notes | 0 | 217,980,398 | 0 | 217,980,398 |
Foreign corporate bonds and notes | 0 | 15,231,019 | 0 | 15,231,019 |
Loans | 0 | 15,923,899 | 1,415,096 | 17,338,995 |
Municipal obligations | 0 | 17,056,830 | 0 | 17,056,830 |
Non-agency mortgage-backed securities | 0 | 33,869,907 | 0 | 33,869,907 |
Preferred stocks | ||||
Energy | 69,900 | 0 | 0 | 69,900 |
Financials | 118,088 | 0 | 0 | 118,088 |
Information technology | 0 | 333,380 | 0 | 333,380 |
Materials | 0 | 103,178 | 0 | 103,178 |
Yankee corporate bonds and notes | 0 | 59,325,144 | 0 | 59,325,144 |
Short-term investments | ||||
Investment companies | 23,873,279 | 0 | 0 | 23,873,279 |
154,487,509 | 423,479,469 | 4,415,096 | 582,382,074 | |
Futures contracts | 1,510,399 | 0 | 0 | 1,510,399 |
Total assets | $155,997,908 | $423,479,469 | $4,415,096 | $583,892,473 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 117,610 | $ 0 | $ 117,610 |
Futures contracts | 1,455,547 | 0 | 0 | 1,455,547 |
Swap contracts | 0 | 3,930 | 0 | 3,930 |
Written options | 120,290 | 270,325 | 0 | 390,615 |
Total liabilities | $ 1,575,837 | $ 391,865 | $ 0 | $ 1,967,702 |
Average daily net assets | Management fee |
First $500 million | 0.550% |
Next $500 million | 0.525 |
Next $2 billion | 0.500 |
Next $2 billion | 0.475 |
Next $5 billion | 0.440 |
Over $10 billion | 0.430 |
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 | 0.85% |
Class C | 1.60 |
Class R6 | 0.42 |
Administrator Class | 0.77 |
Institutional Class | 0.52 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $2,697,573 | $(2,697,573) | $0 |
BNP Paribas Securities Corporation | 1,613,494 | (1,613,494) | 0 |
Credit Suisse Securities (USA) LLC | 1,493,884 | (1,493,884) | 0 |
UBS Securities LLC | 330,765 | (330,765) | 0 |
Options | |
Average number of contracts written | 10,290 |
Futures contracts | |
Average notional balance on long futures | $74,104,780 |
Average notional balance on short futures | 42,855,686 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 2,552,652 |
Average contract amounts to sell | 19,470,785 |
Swap contracts | |
Average notional balance | $ 1,000,000 |
Asset derivatives | Liability derivatives | ||||
Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | ||
Equity risk | Unrealized gains on futures contracts | $ 1,308,342* | Unrealized losses on futures contracts | $ 1,431,758* | |
Equity risk | Written options, at value | 390,615 | |||
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 0 | Unrealized losses on forward foreign currency contracts | 117,610 | |
Foreign currency risk | Unrealized gains on futures contracts | 202,057* | Unrealized losses on futures contracts | 23,789* | |
Credit risk | Net unrealized gains on swap contracts | 0* | Net unrealized losses on swap contracts | 3,930* | |
$1,510,399 | $1,967,702 |
Amount of realized gains (losses) on derivatives | |||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Written options | Total | |
Interest rate risk | $ 0 | $ 337,018 | $ 0 | $ 0 | $ 337,018 |
Equity risk | 0 | (3,708,022) | 0 | 1,531,253 | (2,176,769) |
Foreign currency risk | 1,288,086 | (993,477) | 0 | 0 | 294,609 |
Credit risk | 0 | 0 | 2,242 | 0 | 2,242 |
$1,288,086 | $(4,364,481) | $2,242 | $1,531,253 | $(1,542,900) |
Change in unrealized gains (losses) on derivatives | |||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Written options | Total | |
Interest rate risk | $ 0 | $ (314,878) | $ 0 | $ 0 | $ (314,878) |
Equity risk | 0 | 301,871 | 0 | (574,321) | (272,450) |
Foreign currency risk | (440,377) | (199,364) | 0 | 0 | (639,741) |
Credit risk | 0 | 0 | (18,756) | 0 | (18,756) |
$(440,377) | $(212,371) | $(18,756) | $(574,321) | $(1,245,825) |
Counterparty | Gross amounts of liabilities in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged1 | Net amount of liabilities |
Citibank National Association | $117,610 | $0 | $(117,610) | $0 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g226873img39b240691.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g226873img53c534885.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA226/SAR226 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g343572img0b5d51c51.jpg)
Index Asset Allocation Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g343572img3d2c360e2.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
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President
Allspring Funds
Investment objective | The Fund seeks long-term total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Travis Keshemberg, CFA®‡CIPM, FRM# |
Average annual total returns (%) as of March 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 (SFAAX) | 11-13-1986 | 0.89 | 8.60 | 9.51 | 7.06 | 9.90 | 10.16 | 1.09 | 1.08 | ||
Class C (WFALX) | 4-1-1998 | 5.23 | 9.07 | 9.33 | 6.23 | 9.07 | 9.33 | 1.84 | 1.83 | ||
Administrator Class (WFAIX) | 11-8-1999 | – | – | – | 7.25 | 10.09 | 10.38 | 1.01 | 0.90 | ||
Institutional Class (WFATX)3 | 10-31-2016 | – | – | – | 7.41 | 10.26 | 10.47 | 0.76 | 0.75 | ||
Index Asset Allocation Blended Index4 | – | – | – | – | 7.73 | 10.49 | 10.39 | – | – | ||
Bloomberg U.S. Treasury Index5 | – | – | – | – | -3.67 | 1.76 | 1.68 | – | – | ||
S&P 500 Index6 | – | – | – | – | 15.65 | 15.99 | 14.64 | – | – |
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 January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.90% 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 Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | Source: Allspring Funds Management, LLC. Index Asset Allocation Blended Index is composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Blended Index was composed 60% of the S&P 500 Index and 40% of the Bloomberg U.S. Treasury 20+ Year Index. You cannot invest directly in an index. |
5 | The Bloomberg U.S. Treasury Index is an unmanaged index of prices of U.S. Treasury bonds with maturities of 1 to 30 years. You cannot invest directly in an index. |
6 | 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. |
# | Mr. Keshemberg became a portfolio manager of the Fund on March 24, 2022. |
Ten largest holdings (%) as of March 31, 20221 | |
Apple Incorporated | 4.22 |
Microsoft Corporation | 3.61 |
Amazon.com Incorporated | 2.22 |
Tesla Motors Incorporated | 1.40 |
Alphabet Incorporated Class A | 1.30 |
Alphabet Incorporated Class C | 1.21 |
NVIDIA Corporation | 1.05 |
Berkshire Hathaway Incorporated Class B | 1.01 |
Meta Platforms Incorporated Class A | 0.80 |
UnitedHealth Group Incorporated | 0.75 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of March 31, 2022 | ||
Neutral allocation | Effective allocation1 | |
Bonds | 40 | 40 |
Stocks | 60 | 63 |
Effective Cash | 0 | (3) |
1 | Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified. |
Beginning account value 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,009.14 | $5.41 | 1.08% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.55 | $5.44 | 1.08% |
Class C | ||||
Actual | $1,000.00 | $1,005.29 | $9.15 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.81 | $9.20 | 1.83% |
Administrator Class | ||||
Actual | $1,000.00 | $1,010.10 | $4.51 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $4.53 | 0.90% |
Institutional Class | ||||
Actual | $1,000.00 | $1,010.78 | $3.76 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Interest rate | Maturity date | Principal | Value | ||
Agency securities: 0.00% | |||||
FNMA Series 2002-T1 Class A4 | 9.50% | 11-25-2031 | $ 22,759 | $ 26,134 | |
Total Agency securities (Cost $22,759) | 26,134 |
Shares | |||||
Common stocks: 59.73% | |||||
Communication services: 5.59% | |||||
Diversified telecommunication services: 0.62% | |||||
AT&T Incorporated | 185,553 | 4,384,617 | |||
Lumen Technologies Incorporated | 23,794 | 268,158 | |||
Verizon Communications Incorporated | 109,087 | 5,556,892 | |||
10,209,667 | |||||
Entertainment: 0.85% | |||||
Activision Blizzard Incorporated | 20,142 | 1,613,576 | |||
Electronic Arts Incorporated | 7,265 | 919,095 | |||
Live Nation Entertainment Incorporated † | 3,485 | 409,975 | |||
Netflix Incorporated † | 11,406 | 4,272,574 | |||
Take-Two Interactive Software Incorporated † | 2,960 | 455,070 | |||
The Walt Disney Company † | 46,911 | 6,434,313 | |||
14,104,603 | |||||
Interactive media & services: 3.41% | |||||
Alphabet Incorporated Class A † | 7,776 | 21,627,778 | |||
Alphabet Incorporated Class C † | 7,185 | 20,067,633 | |||
Match Group Incorporated † | 7,345 | 798,695 | |||
Meta Platforms Incorporated Class A † | 59,508 | 13,232,199 | |||
Twitter Incorporated † | 20,577 | 796,124 | |||
56,522,429 | |||||
Media: 0.59% | |||||
Charter Communications Incorporated Class A † | 3,090 | 1,685,657 | |||
Comcast Corporation Class A | 117,143 | 5,484,635 | |||
Discovery Incorporated Class A †« | 4,342 | 108,203 | |||
Discovery Incorporated Class C † | 7,771 | 194,042 | |||
DISH Network Corporation Class A † | 6,445 | 203,984 | |||
Fox Corporation Class A | 8,141 | 321,162 | |||
Fox Corporation Class B | 3,760 | 136,413 | |||
Interpublic Group of Companies Incorporated | 10,133 | 359,215 | |||
News Corporation Class A | 10,087 | 223,427 | |||
News Corporation Class B | 3,126 | 70,398 | |||
Omnicom Group Incorporated | 5,392 | 457,673 | |||
ViacomCBS Incorporated Class B | 15,634 | 591,122 | |||
9,835,931 | |||||
Wireless telecommunication services: 0.12% | |||||
T-Mobile US Incorporated † | 15,221 | 1,953,615 |
Shares | Value | ||||
Consumer discretionary: 7.16% | |||||
Auto components: 0.06% | |||||
Aptiv plc † | 6,962 | $ 833,421 | |||
BorgWarner Incorporated | 6,204 | 241,336 | |||
1,074,757 | |||||
Automobiles: 1.60% | |||||
Ford Motor Company | 100,892 | 1,706,084 | |||
General Motors Company † | 37,366 | 1,634,389 | |||
Tesla Motors Incorporated † | 21,570 | 23,243,832 | |||
26,584,305 | |||||
Distributors: 0.07% | |||||
Genuine Parts Company | 3,686 | 464,510 | |||
LKQ Corporation | 6,940 | 315,145 | |||
Pool Corporation | 1,039 | 439,341 | |||
1,218,996 | |||||
Hotels, restaurants & leisure: 1.13% | |||||
Booking Holdings Incorporated † | 1,061 | 2,491,705 | |||
Caesars Entertainment Incorporated † | 5,491 | 424,784 | |||
Carnival Corporation † | 20,858 | 421,749 | |||
Chipotle Mexican Grill Incorporated † | 731 | 1,156,464 | |||
Darden Restaurants Incorporated | 3,294 | 437,937 | |||
Domino's Pizza Incorporated | 939 | 382,182 | |||
Expedia Group Incorporated † | 3,877 | 758,613 | |||
Hilton Worldwide Holdings Incorporated † | 7,194 | 1,091,618 | |||
Las Vegas Sands Corporation † | 8,877 | 345,049 | |||
Marriott International Incorporated Class A † | 7,072 | 1,242,904 | |||
McDonald's Corporation | 19,340 | 4,782,395 | |||
MGM Resorts International | 9,752 | 408,999 | |||
Norwegian Cruise Line Holdings Limited † | 10,802 | 236,348 | |||
Penn National Gaming Incorporated † | 4,282 | 181,642 | |||
Royal Caribbean Cruises Limited † | 5,824 | 487,935 | |||
Starbucks Corporation | 29,766 | 2,707,813 | |||
Wynn Resorts Limited † | 2,720 | 216,893 | |||
Yum! Brands Incorporated | 7,454 | 883,523 | |||
18,658,553 | |||||
Household durables: 0.18% | |||||
D.R. Horton Incorporated | 8,299 | 618,358 | |||
Garmin Limited | 3,929 | 466,019 | |||
Lennar Corporation Class A | 6,714 | 544,975 | |||
Mohawk Industries Incorporated † | 1,405 | 174,501 | |||
Newell Rubbermaid Incorporated | 9,807 | 209,968 | |||
NVR Incorporated † | 85 | 379,718 | |||
PulteGroup Incorporated | 6,412 | 268,663 | |||
Whirlpool Corporation | 1,513 | 261,416 | |||
2,923,618 | |||||
Internet & direct marketing retail: 2.30% | |||||
Amazon.com Incorporated † | 11,289 | 36,801,576 | |||
eBay Incorporated | 16,121 | 923,088 | |||
Etsy Incorporated † | 3,221 | 400,306 | |||
38,124,970 |
Shares | Value | ||||
Leisure products: 0.02% | |||||
Hasbro Incorporated | 3,338 | $ 273,449 | |||
Multiline retail: 0.30% | |||||
Dollar General Corporation | 5,983 | 1,331,995 | |||
Dollar Tree Incorporated † | 5,831 | 933,835 | |||
Target Corporation | 12,388 | 2,628,981 | |||
4,894,811 | |||||
Specialty retail: 1.16% | |||||
Advance Auto Parts Incorporated | 1,609 | 332,999 | |||
AutoZone Incorporated † | 533 | 1,089,761 | |||
Bath & Body Works Incorporated | 6,583 | 314,667 | |||
Best Buy Company Incorporated | 5,540 | 503,586 | |||
CarMax Incorporated † | 4,171 | 402,418 | |||
Lowe's Companies Incorporated | 17,245 | 3,486,767 | |||
O'Reilly Automotive Incorporated † | 1,741 | 1,192,515 | |||
Ross Stores Incorporated | 9,070 | 820,472 | |||
The Home Depot Incorporated | 26,919 | 8,057,664 | |||
The TJX Companies Incorporated | 30,614 | 1,854,596 | |||
Tractor Supply Company | 2,951 | 688,675 | |||
Ulta Beauty Incorporated † | 1,401 | 557,906 | |||
19,302,026 | |||||
Textiles, apparel & luxury goods: 0.34% | |||||
Nike Incorporated Class B | 32,990 | 4,439,134 | |||
PVH Corporation | 1,799 | 137,821 | |||
Ralph Lauren Corporation | 1,194 | 135,447 | |||
Tapestry Incorporated | 6,788 | 252,174 | |||
Under Armour Incorporated Class A † | 4,866 | 82,819 | |||
Under Armour Incorporated Class C † | 5,576 | 86,763 | |||
VF Corporation | 8,317 | 472,905 | |||
5,607,063 | |||||
Consumer staples: 3.64% | |||||
Beverages: 0.88% | |||||
Brown-Forman Corporation Class B | 4,738 | 317,541 | |||
Constellation Brands Incorporated Class A | 4,266 | 982,545 | |||
Molson Coors Brewing Company Class B | 4,887 | 260,868 | |||
Monster Beverage Corporation † | 9,700 | 775,030 | |||
PepsiCo Incorporated | 35,862 | 6,002,582 | |||
The Coca-Cola Company | 101,021 | 6,263,302 | |||
14,601,868 | |||||
Food & staples retailing: 0.90% | |||||
Costco Wholesale Corporation | 11,494 | 6,618,820 | |||
Sysco Corporation | 13,112 | 1,070,595 | |||
The Kroger Company | 17,335 | 994,509 | |||
Walgreens Boots Alliance Incorporated | 18,476 | 827,171 | |||
Walmart Incorporated | 36,767 | 5,475,342 | |||
14,986,437 | |||||
Food products: 0.58% | |||||
Archer Daniels Midland Company | 14,536 | 1,312,019 | |||
Campbell Soup Company | 5,236 | 233,369 |
Shares | Value | ||||
Food products (continued) | |||||
ConAgra Foods Incorporated | 12,477 | $ 418,853 | |||
General Mills Incorporated | 15,669 | 1,061,105 | |||
Hormel Foods Corporation | 7,339 | 378,252 | |||
Kellogg Company | 6,641 | 428,278 | |||
Lamb Weston Holdings Incorporated | 3,772 | 225,981 | |||
McCormick & Company Incorporated | 6,521 | 650,796 | |||
Mondelez International Incorporated Class A | 36,042 | 2,262,717 | |||
The Hershey Company | 3,778 | 818,428 | |||
The J.M. Smucker Company | 2,815 | 381,179 | |||
The Kraft Heinz Company | 18,438 | 726,273 | |||
Tyson Foods Incorporated Class A | 7,580 | 679,395 | |||
9,576,645 | |||||
Household products: 0.80% | |||||
Church & Dwight Company Incorporated | 6,290 | 625,100 | |||
Colgate-Palmolive Company | 21,897 | 1,660,450 | |||
Kimberly-Clark Corporation | 8,730 | 1,075,187 | |||
The Clorox Company | 3,190 | 443,506 | |||
The Procter & Gamble Company | 62,363 | 9,529,066 | |||
13,333,309 | |||||
Personal products: 0.10% | |||||
The Estee Lauder Companies Incorporated Class A | 6,007 | 1,635,826 | |||
Tobacco: 0.38% | |||||
Altria Group Incorporated | 47,369 | 2,475,030 | |||
Philip Morris International Incorporated | 40,271 | 3,783,058 | |||
6,258,088 | |||||
Energy: 2.32% | |||||
Energy equipment & services: 0.20% | |||||
Baker Hughes Incorporated | 23,536 | 856,946 | |||
Halliburton Company | 23,393 | 885,893 | |||
Schlumberger Limited | 36,114 | 1,491,869 | |||
3,234,708 | |||||
Oil, gas & consumable fuels: 2.12% | |||||
APA Corporation | 9,394 | 388,254 | |||
Cabot Oil & Gas Corporation | 20,902 | 563,727 | |||
Chevron Corporation | 50,026 | 8,145,734 | |||
ConocoPhillips | 33,691 | 3,369,100 | |||
Devon Energy Corporation | 16,254 | 961,099 | |||
Diamondback Energy Incorporated | 4,389 | 601,644 | |||
EOG Resources Incorporated | 15,113 | 1,801,923 | |||
Exxon Mobil Corporation | 109,921 | 9,078,375 | |||
Hess Corporation | 7,133 | 763,516 | |||
Kinder Morgan Incorporated | 50,744 | 959,569 | |||
Marathon Oil Corporation | 20,195 | 507,096 | |||
Marathon Petroleum Corporation | 15,038 | 1,285,749 | |||
Occidental Petroleum Corporation | 22,730 | 1,289,700 | |||
ONEOK Incorporated | 11,554 | 816,059 | |||
Phillips 66 | 12,234 | 1,056,895 | |||
Pioneer Natural Resources Company | 5,890 | 1,472,677 |
Shares | Value | ||||
Oil, gas & consumable fuels (continued) | |||||
The Williams Companies Incorporated | 31,552 | $ 1,054,152 | |||
Valero Energy Corporation | 10,617 | 1,078,050 | |||
35,193,319 | |||||
Financials: 6.64% | |||||
Banks: 2.27% | |||||
Bank of America Corporation | 183,473 | 7,562,757 | |||
Citigroup Incorporated | 51,161 | 2,731,997 | |||
Citizens Financial Group Incorporated | 10,944 | 496,092 | |||
Comerica Incorporated | 3,374 | 305,111 | |||
Fifth Third Bancorp | 17,600 | 757,504 | |||
First Republic Bank | 4,638 | 751,820 | |||
Huntington Bancshares Incorporated | 36,992 | 540,823 | |||
JPMorgan Chase & Company | 76,400 | 10,414,848 | |||
KeyCorp | 23,955 | 536,113 | |||
M&T Bank Corporation | 3,321 | 562,910 | |||
People's United Financial Incorporated | 11,040 | 220,690 | |||
PNC Financial Services Group Incorporated | 10,869 | 2,004,787 | |||
Regions Financial Corporation | 24,360 | 542,254 | |||
Signature Bank | 1,602 | 470,171 | |||
SVB Financial Group † | 1,505 | 841,972 | |||
Truist Financial Corporation | 34,420 | 1,951,614 | |||
US Bancorp | 34,801 | 1,849,673 | |||
Wells Fargo & Company | 99,996 | 4,845,806 | |||
Zions Bancorporation | 3,920 | 256,995 | |||
37,643,937 | |||||
Capital markets: 1.77% | |||||
Ameriprise Financial Incorporated | 2,867 | 861,132 | |||
Bank of New York Mellon Corporation | 19,134 | 949,620 | |||
BlackRock Incorporated | 3,689 | 2,819,023 | |||
Cboe Global Markets Incorporated | 2,762 | 316,028 | |||
CME Group Incorporated | 9,289 | 2,209,482 | |||
FactSet Research Systems Incorporated | 978 | 424,599 | |||
Franklin Resources Incorporated | 7,240 | 202,141 | |||
Intercontinental Exchange Incorporated | 14,568 | 1,924,724 | |||
Invesco Limited | 8,855 | 204,196 | |||
MarketAxess Holdings Incorporated | 979 | 333,056 | |||
Moody's Corporation | 4,180 | 1,410,374 | |||
Morgan Stanley | 36,621 | 3,200,675 | |||
MSCI Incorporated | 2,104 | 1,058,060 | |||
Northern Trust Corporation | 5,393 | 628,015 | |||
Raymond James Financial Incorporated | 4,848 | 532,844 | |||
S&P Global Incorporated | 9,182 | 3,766,273 | |||
State Street Corporation | 9,503 | 827,901 | |||
T. Rowe Price Group Incorporated | 5,901 | 892,172 | |||
The Charles Schwab Corporation | 38,702 | 3,262,966 | |||
The Goldman Sachs Group Incorporated | 8,765 | 2,893,327 | |||
The NASDAQ Incorporated | 3,031 | 540,124 | |||
29,256,732 | |||||
Consumer finance: 0.34% | |||||
American Express Company | 15,921 | 2,977,227 | |||
Capital One Financial Corporation | 10,656 | 1,399,026 |
Shares | Value | ||||
Consumer finance (continued) | |||||
Discover Financial Services | 7,444 | $ 820,254 | |||
Synchrony Financial | 13,371 | 465,445 | |||
5,661,952 | |||||
Diversified financial services: 1.01% | |||||
Berkshire Hathaway Incorporated Class B † | 47,651 | 16,816,514 | |||
Insurance: 1.25% | |||||
AFLAC Incorporated | 15,554 | 1,001,522 | |||
American International Group Incorporated | 21,500 | 1,349,555 | |||
Aon plc Class A | 5,572 | 1,814,410 | |||
Arthur J. Gallagher & Company | 5,408 | 944,237 | |||
Assurant Incorporated | 1,473 | 267,836 | |||
Brown & Brown Incorporated | 6,089 | 440,052 | |||
Chubb Limited | 11,177 | 2,390,760 | |||
Cincinnati Financial Corporation | 3,891 | 529,020 | |||
Everest Reinsurance Group Limited | 1,018 | 306,805 | |||
Globe Life Incorporated | 2,403 | 241,742 | |||
Lincoln National Corporation | 4,303 | 281,244 | |||
Loews Corporation | 5,078 | 329,156 | |||
Marsh & McLennan Companies Incorporated | 13,114 | 2,234,888 | |||
MetLife Incorporated | 18,166 | 1,276,706 | |||
Principal Financial Group Incorporated | 6,288 | 461,602 | |||
Progressive Corporation | 15,197 | 1,732,306 | |||
Prudential Financial Incorporated | 9,780 | 1,155,703 | |||
The Allstate Corporation | 7,265 | 1,006,275 | |||
The Hartford Financial Services Group Incorporated | 8,670 | 622,593 | |||
The Travelers Companies Incorporated | 6,263 | 1,144,438 | |||
W.R. Berkley Corporation | 5,436 | 361,983 | |||
Willis Towers Watson plc | 3,156 | 745,510 | |||
20,638,343 | |||||
Health care: 8.15% | |||||
Biotechnology: 1.16% | |||||
AbbVie Incorporated | 45,824 | 7,428,529 | |||
Amgen Incorporated | 14,553 | 3,519,206 | |||
Biogen Incorporated † | 3,784 | 796,910 | |||
Gilead Sciences Incorporated | 32,329 | 1,921,959 | |||
Incyte Corporation † | 4,864 | 386,299 | |||
Moderna Incorporated † | 8,949 | 1,541,555 | |||
Regeneron Pharmaceuticals Incorporated † | 2,747 | 1,918,560 | |||
Vertex Pharmaceuticals Incorporated † | 6,568 | 1,714,051 | |||
19,227,069 | |||||
Health care equipment & supplies: 1.73% | |||||
Abbott Laboratories | 45,837 | 5,425,267 | |||
ABIOMED Incorporated † | 1,177 | 389,869 | |||
Align Technology Incorporated † | 1,895 | 826,220 | |||
Baxter International Incorporated | 12,971 | 1,005,771 | |||
Becton Dickinson & Company | 7,379 | 1,962,814 | |||
Boston Scientific Corporation † | 36,878 | 1,633,327 | |||
Dentsply Sirona Incorporated | 5,659 | 278,536 | |||
DexCom Incorporated † | 2,512 | 1,285,139 | |||
Edwards Lifesciences Corporation † | 16,107 | 1,896,116 | |||
Hologic Incorporated † | 6,498 | 499,176 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
IDEXX Laboratories Incorporated † | 2,196 | $ 1,201,344 | |||
Intuitive Surgical Incorporated † | 9,265 | 2,795,065 | |||
Medtronic plc | 34,722 | 3,852,406 | |||
ResMed Incorporated | 3,790 | 919,113 | |||
STERIS plc | 2,590 | 626,184 | |||
Stryker Corporation | 8,683 | 2,321,400 | |||
Teleflex Incorporated | 1,212 | 430,054 | |||
The Cooper Companies Incorporated | 1,279 | 534,098 | |||
Zimmer Biomet Holdings Incorporated | 5,411 | 692,067 | |||
28,573,966 | |||||
Health care providers & services: 1.80% | |||||
AmerisourceBergen Corporation | 3,903 | 603,833 | |||
Anthem Incorporated | 6,319 | 3,104,019 | |||
Cardinal Health Incorporated | 7,168 | 406,426 | |||
Centene Corporation † | 15,141 | 1,274,721 | |||
Cigna Corporation | 8,378 | 2,007,453 | |||
CVS Health Corporation | 33,987 | 3,439,824 | |||
DaVita HealthCare Partners Incorporated † | 1,593 | 180,184 | |||
HCA Healthcare Incorporated | 6,168 | 1,545,824 | |||
Henry Schein Incorporated † | 3,587 | 312,751 | |||
Humana Incorporated | 3,338 | 1,452,597 | |||
Laboratory Corporation of America Holdings † | 2,408 | 634,893 | |||
McKesson Corporation | 3,880 | 1,187,784 | |||
Molina Healthcare Incorporated † | 1,510 | 503,721 | |||
Quest Diagnostics Incorporated | 3,077 | 421,118 | |||
UnitedHealth Group Incorporated | 24,462 | 12,474,886 | |||
Universal Health Services Incorporated Class B | 1,888 | 273,666 | |||
29,823,700 | |||||
Health care technology: 0.04% | |||||
Cerner Corporation | 7,616 | 712,553 | |||
Life sciences tools & services: 1.10% | |||||
Agilent Technologies Incorporated | 7,751 | 1,025,690 | |||
Bio-Rad Laboratories Incorporated Class A † | 559 | 314,846 | |||
Bio-Techne Corporation | 1,018 | 440,835 | |||
Charles River Laboratories International Incorporated † | 1,305 | 370,581 | |||
Danaher Corporation | 16,526 | 4,847,572 | |||
Illumina Incorporated † | 4,034 | 1,409,480 | |||
IQVIA Holdings Incorporated † | 4,930 | 1,139,865 | |||
Mettler-Toledo International Incorporated † | 595 | 817,048 | |||
PerkinElmer Incorporated | 3,268 | 570,135 | |||
Thermo Fisher Scientific Incorporated | 10,209 | 6,029,946 | |||
Waters Corporation † | 1,578 | 489,795 | |||
West Pharmaceutical Services Incorporated | 1,930 | 792,670 | |||
18,248,463 | |||||
Pharmaceuticals: 2.32% | |||||
Bristol-Myers Squibb Company | 56,471 | 4,124,077 | |||
Catalent Incorporated † | 4,629 | 513,356 | |||
Eli Lilly & Company | 20,566 | 5,889,485 | |||
Johnson & Johnson | 68,301 | 12,104,986 | |||
Merck & Company Incorporated | 65,499 | 5,374,193 | |||
Organon & Company | 6,582 | 229,909 | |||
Pfizer Incorporated | 144,948 | 7,503,958 |
Shares | Value | ||||
Pharmaceuticals (continued) | |||||
Viatris Incorporated | 31,033 | $ 337,639 | |||
Zoetis Incorporated | 12,253 | 2,310,793 | |||
38,388,396 | |||||
Industrials: 4.70% | |||||
Aerospace & defense: 0.94% | |||||
General Dynamics Corporation | 5,976 | 1,441,292 | |||
Howmet Aerospace Incorporated | 9,814 | 352,715 | |||
Huntington Ingalls Industries Incorporated | 1,037 | 206,819 | |||
L3Harris Technologies Incorporated | 5,082 | 1,262,725 | |||
Lockheed Martin Corporation | 6,297 | 2,779,496 | |||
Northrop Grumman Corporation | 3,804 | 1,701,225 | |||
Raytheon Technologies Corporation | 38,677 | 3,831,730 | |||
Textron Incorporated | 5,704 | 424,264 | |||
The Boeing Company † | 14,216 | 2,722,364 | |||
TransDigm Group Incorporated † | 1,357 | 884,140 | |||
15,606,770 | |||||
Air freight & logistics: 0.38% | |||||
C.H. Robinson Worldwide Incorporated | 3,369 | 362,875 | |||
Expeditors International of Washington Incorporated | 4,390 | 452,872 | |||
FedEx Corporation | 6,295 | 1,456,600 | |||
United Parcel Service Incorporated Class B | 18,891 | 4,051,364 | |||
6,323,711 | |||||
Airlines: 0.13% | |||||
Alaska Air Group Incorporated † | 3,253 | 188,707 | |||
American Airlines Group Incorporated † | 16,744 | 305,578 | |||
Delta Air Lines Incorporated † | 16,579 | 656,031 | |||
Southwest Airlines Company † | 15,384 | 704,587 | |||
United Airlines Holdings Incorporated † | 8,395 | 389,192 | |||
2,244,095 | |||||
Building products: 0.25% | |||||
A.O. Smith Corporation | 3,395 | 216,907 | |||
Allegion plc | 2,316 | 254,250 | |||
Carrier Global Corporation | 22,103 | 1,013,865 | |||
Fortune Brands Home & Security Incorporated | 3,495 | 259,609 | |||
Johnson Controls International plc | 18,162 | 1,190,882 | |||
Masco Corporation | 6,172 | 314,772 | |||
Trane Technologies plc | 6,045 | 923,072 | |||
4,173,357 | |||||
Commercial services & supplies: 0.25% | |||||
Cintas Corporation | 2,279 | 969,464 | |||
Copart Incorporated † | 5,488 | 688,579 | |||
Republic Services Incorporated | 5,418 | 717,885 | |||
Rollins Incorporated | 5,881 | 206,129 | |||
Waste Management Incorporated | 9,989 | 1,583,257 | |||
4,165,314 | |||||
Construction & engineering: 0.03% | |||||
Quanta Services Incorporated | 3,672 | 483,272 |
Shares | Value | ||||
Electrical equipment: 0.31% | |||||
AMETEK Incorporated | 5,980 | $ 796,416 | |||
Eaton Corporation plc | 10,297 | 1,562,673 | |||
Emerson Electric Company | 15,356 | 1,505,656 | |||
Generac Holdings Incorporated † | 1,619 | 481,264 | |||
Rockwell Automation Incorporated | 3,004 | 841,210 | |||
5,187,219 | |||||
Industrial conglomerates: 0.58% | |||||
3M Company | 14,741 | 2,194,640 | |||
General Electric Company | 28,455 | 2,603,633 | |||
Honeywell International Incorporated | 17,723 | 3,448,541 | |||
Roper Technologies Incorporated | 2,731 | 1,289,660 | |||
9,536,474 | |||||
Machinery: 0.93% | |||||
Caterpillar Incorporated | 14,032 | 3,126,610 | |||
Cummins Incorporated | 3,684 | 755,625 | |||
Deere & Company | 7,226 | 3,002,114 | |||
Dover Corporation | 3,714 | 582,727 | |||
Fortive Corporation | 9,237 | 562,810 | |||
IDEX Corporation | 1,967 | 377,133 | |||
Illinois Tool Works Incorporated | 7,383 | 1,546,000 | |||
Ingersoll Rand Incorporated | 10,568 | 532,099 | |||
Nordson Corporation | 1,398 | 317,458 | |||
Otis Worldwide Corporation | 10,968 | 843,988 | |||
PACCAR Incorporated | 8,981 | 790,957 | |||
Parker-Hannifin Corporation | 3,309 | 938,962 | |||
Pentair plc | 4,279 | 231,965 | |||
Snap-on Incorporated | 1,376 | 282,740 | |||
Stanley Black & Decker Incorporated | 4,190 | 585,720 | |||
Wabtec Corporation | 4,835 | 464,982 | |||
Xylem Incorporated | 4,657 | 397,056 | |||
15,338,946 | |||||
Professional services: 0.19% | |||||
Equifax Incorporated | 3,152 | 747,339 | |||
Jacobs Engineering Group Incorporated | 3,344 | 460,837 | |||
Leidos Holdings Incorporated | 3,636 | 392,761 | |||
Nielsen Holdings plc | 9,293 | 253,141 | |||
Robert Half International Incorporated | 2,830 | 323,129 | |||
Verisk Analytics Incorporated | 4,178 | 896,724 | |||
3,073,931 | |||||
Road & rail: 0.58% | |||||
CSX Corporation | 57,500 | 2,153,375 | |||
J.B. Hunt Transport Services Incorporated | 2,165 | 434,710 | |||
Norfolk Southern Corporation | 6,218 | 1,773,498 | |||
Old Dominion Freight Line Incorporated | 2,405 | 718,325 | |||
Union Pacific Corporation | 16,536 | 4,517,801 | |||
9,597,709 | |||||
Trading companies & distributors: 0.13% | |||||
Fastenal Company | 14,939 | 887,377 |
Shares | Value | ||||
Trading companies & distributors (continued) | |||||
United Rentals Incorporated † | 1,869 | $ 663,887 | |||
W.W. Grainger Incorporated | 1,122 | 578,716 | |||
2,129,980 | |||||
Information technology: 16.70% | |||||
Communications equipment: 0.52% | |||||
Arista Networks Incorporated † | 5,791 | 804,833 | |||
Cisco Systems Incorporated | 108,955 | 6,075,331 | |||
F5 Networks Incorporated † | 1,566 | 327,216 | |||
Juniper Networks Incorporated | 8,431 | 313,296 | |||
Motorola Solutions Incorporated | 4,384 | 1,061,805 | |||
8,582,481 | |||||
Electronic equipment, instruments & components: 0.37% | |||||
Amphenol Corporation Class A | 15,483 | 1,166,644 | |||
CDW Corporation of Delaware | 3,504 | 626,831 | |||
Corning Incorporated | 19,301 | 712,400 | |||
IPG Photonics Corporation † | 913 | 100,211 | |||
Keysight Technologies Incorporated † | 4,716 | 744,987 | |||
TE Connectivity Limited | 8,357 | 1,094,600 | |||
Teledyne Technologies Incorporated † | 1,209 | 571,410 | |||
Trimble Incorporated † | 6,492 | 468,333 | |||
Zebra Technologies Corporation Class A † | 1,364 | 564,287 | |||
6,049,703 | |||||
IT services: 2.54% | |||||
Accenture plc Class A | 16,352 | 5,514,385 | |||
Akamai Technologies Incorporated † | 4,218 | 503,587 | |||
Automatic Data Processing Incorporated | 10,902 | 2,480,641 | |||
Broadridge Financial Solutions Incorporated | 3,020 | 470,244 | |||
Cognizant Technology Solutions Corporation Class A | 13,583 | 1,217,988 | |||
DXC Technology Company † | 6,311 | 205,928 | |||
EPAM Systems Incorporated † | 1,456 | 431,864 | |||
Fidelity National Information Services Incorporated | 15,719 | 1,578,502 | |||
Fiserv Incorporated † | 15,370 | 1,558,518 | |||
FleetCor Technologies Incorporated † | 2,105 | 524,271 | |||
Gartner Incorporated † | 2,127 | 632,697 | |||
Global Payments Incorporated | 7,363 | 1,007,553 | |||
International Business Machines Corporation | 23,203 | 3,016,854 | |||
Jack Henry & Associates Incorporated | 1,887 | 371,833 | |||
MasterCard Incorporated Class A | 22,315 | 7,974,935 | |||
Paychex Incorporated | 8,415 | 1,148,395 | |||
PayPal Holdings Incorporated † | 29,679 | 3,432,376 | |||
VeriSign Incorporated † | 2,506 | 557,485 | |||
Visa Incorporated Class A | 42,864 | 9,505,949 | |||
42,134,005 | |||||
Semiconductors & semiconductor equipment: 3.55% | |||||
Advanced Micro Devices Incorporated † | 41,161 | 4,500,544 | |||
Analog Devices Incorporated | 13,544 | 2,237,198 | |||
Applied Materials Incorporated | 22,770 | 3,001,086 | |||
Broadcom Incorporated | 10,643 | 6,701,684 | |||
Enphase Energy Incorporated † | 3,426 | 691,298 | |||
Intel Corporation | 104,684 | 5,188,139 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
KLA Corporation | 3,887 | $ 1,422,875 | |||
Lam Research Corporation | 3,585 | 1,927,332 | |||
Microchip Technology Incorporated | 14,292 | 1,073,901 | |||
Micron Technology Incorporated | 27,880 | 2,171,573 | |||
Monolithic Power Systems Incorporated | 1,110 | 539,105 | |||
NVIDIA Corporation | 64,009 | 17,465,496 | |||
NXP Semiconductors NV | 6,835 | 1,265,022 | |||
Qorvo Incorporated † | 2,783 | 345,370 | |||
Qualcomm Incorporated | 28,765 | 4,395,867 | |||
Skyworks Solutions Incorporated | 4,223 | 562,841 | |||
Solaredge Technologies Incorporated † | 1,329 | 428,430 | |||
Teradyne Incorporated | 4,185 | 494,793 | |||
Texas Instruments Incorporated | 23,818 | 4,370,127 | |||
58,782,681 | |||||
Software: 5.33% | |||||
Adobe Incorporated † | 12,190 | 5,554,008 | |||
ANSYS Incorporated † | 2,246 | 713,442 | |||
Autodesk Incorporated † | 5,683 | 1,218,151 | |||
Cadence Design Systems Incorporated † | 7,152 | 1,176,218 | |||
Ceridian HCM Holding Incorporated † | 3,503 | 239,465 | |||
Citrix Systems Incorporated | 3,229 | 325,806 | |||
Fortinet Incorporated † | 3,490 | 1,192,673 | |||
Intuit Incorporated | 7,304 | 3,512,055 | |||
Microsoft Corporation | 194,095 | 59,841,429 | |||
NortonLifeLock Incorporated | 15,073 | 399,736 | |||
Oracle Corporation | 40,733 | 3,369,841 | |||
Paycom Software Incorporated † | 1,240 | 429,511 | |||
PTC Incorporated † | 2,714 | 292,352 | |||
Salesforce.com Incorporated † | 25,392 | 5,391,229 | |||
ServiceNow Incorporated † | 5,151 | 2,868,540 | |||
Synopsys Incorporated † | 3,957 | 1,318,749 | |||
Tyler Technologies Incorporated † | 1,060 | 471,583 | |||
88,314,788 | |||||
Technology hardware, storage & peripherals: 4.39% | |||||
Apple Incorporated | 400,420 | 69,917,336 | |||
Hewlett Packard Enterprise Company | 33,314 | 556,677 | |||
HP Incorporated | 27,708 | 1,005,800 | |||
NetApp Incorporated | 5,718 | 474,594 | |||
Seagate Technology Holdings plc | 5,184 | 466,042 | |||
Western Digital Corporation † | 8,025 | 398,441 | |||
72,818,890 | |||||
Materials: 1.56% | |||||
Chemicals: 1.03% | |||||
Air Products & Chemicals Incorporated | 5,758 | 1,438,982 | |||
Albemarle Corporation | 3,016 | 666,988 | |||
Celanese Corporation Series A | 2,790 | 398,607 | |||
CF Industries Holdings Incorporated | 5,500 | 566,830 | |||
Corteva Incorporated | 18,800 | 1,080,624 | |||
Dow Incorporated | 19,027 | 1,212,400 | |||
DuPont de Nemours Incorporated | 13,232 | 973,611 | |||
Eastman Chemical Company | 3,345 | 374,841 | |||
Ecolab Incorporated | 6,465 | 1,141,460 |
Shares | Value | ||||
Chemicals (continued) | |||||
FMC Corporation | 3,260 | $ 428,918 | |||
International Flavors & Fragrances Incorporated | 6,568 | 862,575 | |||
Linde plc | 13,281 | 4,242,350 | |||
LyondellBasell Industries NV Class A | 6,779 | 697,017 | |||
PPG Industries Incorporated | 6,151 | 806,212 | |||
The Mosaic Company | 9,528 | 633,612 | |||
The Sherwin-Williams Company | 6,224 | 1,553,635 | |||
17,078,662 | |||||
Construction materials: 0.07% | |||||
Martin Marietta Materials Incorporated | 1,602 | 616,594 | |||
Vulcan Materials Company | 3,425 | 629,173 | |||
1,245,767 | |||||
Containers & packaging: 0.18% | |||||
Amcor plc | 39,220 | 444,363 | |||
Avery Dennison Corporation | 2,138 | 371,948 | |||
Ball Corporation | 8,413 | 757,170 | |||
International Paper Company | 10,008 | 461,869 | |||
Packaging Corporation of America | 2,457 | 383,562 | |||
Sealed Air Corporation | 3,821 | 255,854 | |||
WestRock Company | 6,782 | 318,957 | |||
2,993,723 | |||||
Metals & mining: 0.28% | |||||
Freeport-McMoRan Incorporated | 38,047 | 1,892,458 | |||
Newmont Corporation | 20,739 | 1,647,714 | |||
Nucor Corporation | 7,027 | 1,044,564 | |||
4,584,736 | |||||
Real estate: 1.63% | |||||
Equity REITs: 1.58% | |||||
Alexandria Real Estate Equities Incorporated | 3,770 | 758,713 | |||
American Tower Corporation | 11,828 | 2,971,430 | |||
AvalonBay Communities Incorporated | 3,619 | 898,851 | |||
Boston Properties Incorporated | 3,675 | 473,340 | |||
Crown Castle International Corporation | 11,219 | 2,071,027 | |||
Digital Realty Trust Incorporated | 7,351 | 1,042,372 | |||
Duke Realty Corporation | 9,876 | 573,401 | |||
Equinix Incorporated | 2,332 | 1,729,458 | |||
Equity Residential | 8,852 | 795,972 | |||
Essex Property Trust Incorporated | 1,690 | 583,861 | |||
Extra Space Storage Incorporated | 3,457 | 710,759 | |||
Federal Realty Investment Trust | 1,833 | 223,754 | |||
Healthpeak Properties Incorporated | 13,965 | 479,418 | |||
Host Hotels & Resorts Incorporated | 18,438 | 358,250 | |||
Iron Mountain Incorporated | 7,528 | 417,126 | |||
Kimco Realty Corporation | 15,921 | 393,249 | |||
Mid-America Apartment Communities Incorporated | 2,993 | 626,884 | |||
Prologis Incorporated | 19,204 | 3,101,062 | |||
Public Storage Incorporated | 3,953 | 1,542,777 | |||
Realty Income Corporation | 14,636 | 1,014,275 | |||
Regency Centers Corporation | 3,995 | 285,003 | |||
SBA Communications Corporation | 2,826 | 972,427 |
Shares | Value | ||||
Equity REITs (continued) | |||||
Simon Property Group Incorporated | 8,459 | $ 1,112,866 | |||
UDR Incorporated | 7,762 | 445,306 | |||
Ventas Incorporated | 10,355 | 639,525 | |||
Vornado Realty Trust | 4,099 | 185,767 | |||
Welltower Incorporated | 11,286 | 1,085,036 | |||
Weyerhaeuser Company | 19,302 | 731,546 | |||
26,223,455 | |||||
Real estate management & development: 0.05% | |||||
CBRE Group Incorporated Class A † | 8,659 | 792,472 | |||
Utilities: 1.64% | |||||
Electric utilities: 1.03% | |||||
Alliant Energy Corporation | 6,508 | 406,620 | |||
American Electric Power Company Incorporated | 13,082 | 1,305,191 | |||
Constellation Energy Corporation | 8,484 | 477,225 | |||
Duke Energy Corporation | 19,968 | 2,229,627 | |||
Edison International | 9,856 | 690,906 | |||
Entergy Corporation | 5,216 | 608,968 | |||
Evergy Incorporated | 5,957 | 407,101 | |||
Eversource Energy | 8,927 | 787,272 | |||
Exelon Corporation | 25,448 | 1,212,088 | |||
FirstEnergy Corporation | 14,806 | 679,003 | |||
NextEra Energy Incorporated | 50,891 | 4,310,977 | |||
NRG Energy Incorporated | 6,332 | 242,896 | |||
Pinnacle West Capital Corporation | 2,925 | 228,443 | |||
PPL Corporation | 19,530 | 557,777 | |||
The Southern Company | 27,521 | 1,995,548 | |||
Xcel Energy Incorporated | 13,994 | 1,009,947 | |||
17,149,589 | |||||
Gas utilities: 0.02% | |||||
Atmos Energy Corporation | 3,523 | 420,963 | |||
Independent power & renewable electricity producers: 0.03% | |||||
AES Corporation | 17,273 | 444,434 | |||
Multi-utilities: 0.51% | |||||
Ameren Corporation | 6,702 | 628,380 | |||
CenterPoint Energy Incorporated | 16,277 | 498,727 | |||
CMS Energy Corporation | 7,527 | 526,438 | |||
Consolidated Edison Incorporated | 9,193 | 870,393 | |||
Dominion Energy Incorporated | 21,020 | 1,786,069 | |||
DTE Energy Company | 5,035 | 665,677 | |||
NiSource Incorporated | 10,199 | 324,328 | |||
Public Service Enterprise Group Incorporated | 13,134 | 919,380 | |||
Sempra Energy | 8,285 | 1,392,874 | |||
WEC Energy Group Incorporated | 8,193 | 817,743 | |||
8,430,009 | |||||
Water utilities: 0.05% | |||||
American Water Works Company Incorporated | 4,710 | 779,646 | |||
Total Common stocks (Cost $267,477,721) | 989,787,400 |
Interest rate | Maturitydate | Principal | Value | ||
Non-agency mortgage-backed securities: 0.00% | |||||
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA (1 Month LIBOR +0.33%) ± | 0.79% | 12-25-2034 | $ 3,836 | $ 3,938 | |
Total Non-agency mortgage-backed securities (Cost $3,836) | 3,938 | ||||
U.S. Treasury securities: 36.09% | |||||
U.S. Treasury Bond | 1.13 | 5-15-2040 | 2,251,000 | 1,773,718 | |
U.S. Treasury Bond | 1.13 | 8-15-2040 | 2,981,000 | 2,336,941 | |
U.S. Treasury Bond | 1.25 | 5-15-2050 | 3,785,000 | 2,823,078 | |
U.S. Treasury Bond | 1.38 | 11-15-2040 | 1,746,000 | 1,427,423 | |
U.S. Treasury Bond | 1.38 | 8-15-2050 | 4,388,000 | 3,377,389 | |
U.S. Treasury Bond | 1.63 | 11-15-2050 | 4,394,000 | 3,600,677 | |
U.S. Treasury Bond | 1.75 | 8-15-2041 | 4,938,000 | 4,279,857 | |
U.S. Treasury Bond | 1.88 | 2-15-2041 | 4,559,000 | 4,059,469 | |
U.S. Treasury Bond | 1.88 | 2-15-2051 | 4,844,000 | 4,232,634 | |
U.S. Treasury Bond | 2.00 | 2-15-2050 | 3,135,000 | 2,823,827 | |
U.S. Treasury Bond | 2.25 | 8-15-2046 | 1,961,000 | 1,834,148 | |
U.S. Treasury Bond | 2.25 | 8-15-2049 | 3,118,000 | 2,964,780 | |
U.S. Treasury Bond | 2.38 | 11-15-2049 | 2,096,000 | 2,050,314 | |
U.S. Treasury Bond | 2.50 | 2-15-2045 | 2,144,000 | 2,088,223 | |
U.S. Treasury Bond | 2.50 | 2-15-2046 | 1,960,000 | 1,918,963 | |
U.S. Treasury Bond | 2.50 | 5-15-2046 | 1,949,000 | 1,909,639 | |
U.S. Treasury Bond | 2.75 | 8-15-2042 | 1,218,000 | 1,238,506 | |
U.S. Treasury Bond | 2.75 | 11-15-2042 | 1,369,000 | 1,390,284 | |
U.S. Treasury Bond | 2.75 | 8-15-2047 | 1,864,000 | 1,931,788 | |
U.S. Treasury Bond | 2.75 | 11-15-2047 | 1,853,000 | 1,922,632 | |
U.S. Treasury Bond | 2.88 | 5-15-2043 | 1,822,000 | 1,886,197 | |
U.S. Treasury Bond | 2.88 | 8-15-2045 | 1,430,000 | 1,490,552 | |
U.S. Treasury Bond | 2.88 | 11-15-2046 | 1,071,000 | 1,126,014 | |
U.S. Treasury Bond | 2.88 | 5-15-2049 | 2,582,000 | 2,776,659 | |
U.S. Treasury Bond | 3.00 | 5-15-2042 | 776,000 | 821,863 | |
U.S. Treasury Bond | 3.00 | 11-15-2044 | 1,951,000 | 2,067,450 | |
U.S. Treasury Bond | 3.00 | 5-15-2045 | 1,115,000 | 1,184,600 | |
U.S. Treasury Bond | 3.00 | 11-15-2045 | 834,000 | 889,448 | |
U.S. Treasury Bond | 3.00 | 2-15-2047 | 1,889,000 | 2,032,520 | |
U.S. Treasury Bond | 3.00 | 5-15-2047 | 1,921,000 | 2,074,080 | |
U.S. Treasury Bond | 3.00 | 2-15-2048 | 2,119,000 | 2,308,634 | |
U.S. Treasury Bond | 3.00 | 8-15-2048 | 2,099,000 | 2,291,846 | |
U.S. Treasury Bond | 3.00 | 2-15-2049 | 2,614,000 | 2,873,256 | |
U.S. Treasury Bond | 3.13 | 11-15-2041 | 846,000 | 912,193 | |
U.S. Treasury Bond | 3.13 | 2-15-2042 | 919,000 | 992,089 | |
U.S. Treasury Bond | 3.13 | 2-15-2043 | 1,334,000 | 1,435,718 | |
U.S. Treasury Bond | 3.13 | 8-15-2044 | 1,999,000 | 2,160,950 | |
U.S. Treasury Bond | 3.13 | 5-15-2048 | 2,283,000 | 2,548,934 | |
U.S. Treasury Bond | 3.38 | 5-15-2044 | 1,432,000 | 1,607,868 | |
U.S. Treasury Bond | 3.38 | 11-15-2048 | 2,541,000 | 2,975,352 | |
U.S. Treasury Bond | 3.50 | 2-15-2039 | 731,000 | 837,509 | |
U.S. Treasury Bond | 3.63 | 8-15-2043 | 1,504,000 | 1,744,875 | |
U.S. Treasury Bond | 3.63 | 2-15-2044 | 1,547,000 | 1,799,113 | |
U.S. Treasury Bond | 3.75 | 8-15-2041 | 929,000 | 1,092,228 | |
U.S. Treasury Bond | 3.75 | 11-15-2043 | 1,660,000 | 1,963,339 | |
U.S. Treasury Bond | 3.88 | 8-15-2040 | 946,000 | 1,129,953 | |
U.S. Treasury Bond | 4.25 | 5-15-2039 | 681,000 | 852,766 | |
U.S. Treasury Bond | 4.25 | 11-15-2040 | 977,000 | 1,221,021 | |
U.S. Treasury Bond | 4.38 | 2-15-2038 | 381,000 | 481,980 | |
U.S. Treasury Bond | 4.38 | 11-15-2039 | 757,000 | 962,307 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Bond | 4.38% | 5-15-2040 | $ 1,078,000 | $ 1,371,587 | |
U.S. Treasury Bond | 4.38 | 5-15-2041 | 842,000 | 1,069,965 | |
U.S. Treasury Bond | 4.50 | 2-15-2036 | 837,000 | 1,059,099 | |
U.S. Treasury Bond | 4.50 | 5-15-2038 | 428,000 | 549,211 | |
U.S. Treasury Bond | 4.50 | 8-15-2039 | 721,000 | 930,625 | |
U.S. Treasury Bond | 4.63 | 2-15-2040 | 730,000 | 956,471 | |
U.S. Treasury Bond | 4.75 | 2-15-2037 | 264,000 | 344,438 | |
U.S. Treasury Bond | 4.75 | 2-15-2041 | 1,084,000 | 1,442,525 | |
U.S. Treasury Bond | 5.00 | 5-15-2037 | 375,000 | 501,709 | |
U.S. Treasury Bond | 5.25 | 11-15-2028 | 479,000 | 561,197 | |
U.S. Treasury Bond | 5.25 | 2-15-2029 | 349,000 | 411,111 | |
U.S. Treasury Bond | 5.38 | 2-15-2031 | 752,000 | 934,448 | |
U.S. Treasury Bond | 5.50 | 8-15-2028 | 369,000 | 435,016 | |
U.S. Treasury Bond | 6.13 | 11-15-2027 | 525,000 | 625,119 | |
U.S. Treasury Bond | 6.13 | 8-15-2029 | 293,000 | 366,685 | |
U.S. Treasury Bond | 6.25 | 5-15-2030 | 478,000 | 614,865 | |
U.S. Treasury Bond | 6.38 | 8-15-2027 | 224,000 | 268,100 | |
U.S. Treasury Bond | 6.88 | 8-15-2025 | 224,000 | 255,763 | |
U.S. Treasury Note | 0.13 | 4-30-2022 | 2,499,000 | 2,498,669 | |
U.S. Treasury Note | 0.13 | 5-31-2022 | 2,659,000 | 2,657,839 | |
U.S. Treasury Note | 0.13 | 5-15-2023 | 2,501,000 | 2,453,422 | |
U.S. Treasury Note | 0.13 | 7-15-2023 | 2,396,000 | 2,338,627 | |
U.S. Treasury Note | 0.13 | 8-15-2023 | 2,616,000 | 2,547,228 | |
U.S. Treasury Note | 0.13 | 9-15-2023 | 2,914,000 | 2,831,247 | |
U.S. Treasury Note | 0.13 | 10-15-2023 | 2,974,000 | 2,882,340 | |
U.S. Treasury Note | 0.13 | 12-15-2023 | 3,018,000 | 2,911,427 | |
U.S. Treasury Note | 0.13 | 1-15-2024 | 3,281,000 | 3,157,065 | |
U.S. Treasury Note | 0.13 | 2-15-2024 | 3,940,000 | 3,783,477 | |
U.S. Treasury Note | 0.25 | 4-15-2023 | 2,385,000 | 2,348,387 | |
U.S. Treasury Note | 0.25 | 11-15-2023 | 3,497,000 | 3,388,538 | |
U.S. Treasury Note | 0.25 | 3-15-2024 | 3,929,000 | 3,774,296 | |
U.S. Treasury Note | 0.25 | 5-15-2024 | 3,937,000 | 3,763,065 | |
U.S. Treasury Note | 0.25 | 5-31-2025 | 2,714,000 | 2,525,928 | |
U.S. Treasury Note | 0.25 | 6-30-2025 | 2,925,000 | 2,717,394 | |
U.S. Treasury Note | 0.25 | 7-31-2025 | 3,039,000 | 2,817,485 | |
U.S. Treasury Note | 0.25 | 8-31-2025 | 3,153,000 | 2,917,264 | |
U.S. Treasury Note | 0.25 | 9-30-2025 | 3,464,000 | 3,199,870 | |
U.S. Treasury Note | 0.25 | 10-31-2025 | 3,586,000 | 3,306,264 | |
U.S. Treasury Note | 0.38 | 4-15-2024 | 3,919,000 | 3,764,383 | |
U.S. Treasury Note | 0.38 | 4-30-2025 | 2,591,000 | 2,426,127 | |
U.S. Treasury Note | 0.38 | 11-30-2025 | 3,685,000 | 3,406,898 | |
U.S. Treasury Note | 0.38 | 12-31-2025 | 3,794,000 | 3,503,374 | |
U.S. Treasury Note | 0.38 | 1-31-2026 | 4,058,000 | 3,738,908 | |
U.S. Treasury Note | 0.38 | 7-31-2027 | 2,771,000 | 2,484,483 | |
U.S. Treasury Note | 0.38 | 9-30-2027 | 3,141,000 | 2,804,201 | |
U.S. Treasury Note | 0.50 | 3-15-2023 | 2,052,000 | 2,029,556 | |
U.S. Treasury Note | 0.50 | 3-31-2025 | 2,469,000 | 2,325,972 | |
U.S. Treasury Note | 0.50 | 2-28-2026 | 4,104,000 | 3,794,276 | |
U.S. Treasury Note | 0.50 | 4-30-2027 | 2,015,000 | 1,827,668 | |
U.S. Treasury Note | 0.50 | 5-31-2027 | 2,282,000 | 2,065,210 | |
U.S. Treasury Note | 0.50 | 6-30-2027 | 2,520,000 | 2,277,450 | |
U.S. Treasury Note | 0.50 | 8-31-2027 | 2,918,000 | 2,628,252 | |
U.S. Treasury Note | 0.50 | 10-31-2027 | 3,418,000 | 3,068,456 | |
U.S. Treasury Note | 0.63 | 3-31-2027 | 1,681,000 | 1,536,736 | |
U.S. Treasury Note | 0.63 | 11-30-2027 | 3,631,000 | 3,278,112 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 0.63% | 12-31-2027 | $ 3,852,000 | $ 3,472,969 | |
U.S. Treasury Note | 0.63 | 5-15-2030 | 3,675,000 | 3,204,284 | |
U.S. Treasury Note | 0.63 | 8-15-2030 | 4,582,000 | 3,979,897 | |
U.S. Treasury Note | 0.75 | 3-31-2026 | 4,059,000 | 3,785,176 | |
U.S. Treasury Note | 0.75 | 4-30-2026 | 4,130,000 | 3,846,708 | |
U.S. Treasury Note | 0.75 | 5-31-2026 | 4,136,000 | 3,846,803 | |
U.S. Treasury Note | 0.75 | 1-31-2028 | 4,214,000 | 3,822,559 | |
U.S. Treasury Note | 0.88 | 11-15-2030 | 2,681,000 | 2,374,046 | |
U.S. Treasury Note | 1.13 | 2-28-2025 | 2,444,000 | 2,349,390 | |
U.S. Treasury Note | 1.13 | 2-28-2027 | 964,000 | 904,503 | |
U.S. Treasury Note | 1.13 | 2-29-2028 | 4,178,000 | 3,874,116 | |
U.S. Treasury Note | 1.13 | 2-15-2031 | 7,183,000 | 6,485,744 | |
U.S. Treasury Note | 1.25 | 7-31-2023 | 1,829,000 | 1,810,067 | |
U.S. Treasury Note | 1.25 | 8-31-2024 | 1,400,000 | 1,360,352 | |
U.S. Treasury Note | 1.25 | 3-31-2028 | 4,152,000 | 3,872,713 | |
U.S. Treasury Note | 1.25 | 4-30-2028 | 4,224,000 | 3,934,920 | |
U.S. Treasury Note | 1.25 | 5-31-2028 | 4,167,000 | 3,879,379 | |
U.S. Treasury Note | 1.25 | 8-15-2031 | 7,687,000 | 6,987,954 | |
U.S. Treasury Note | 1.38 | 10-15-2022 | 2,223,000 | 2,225,692 | |
U.S. Treasury Note | 1.38 | 2-15-2023 | 1,589,000 | 1,586,083 | |
U.S. Treasury Note | 1.38 | 6-30-2023 | 1,733,000 | 1,720,544 | |
U.S. Treasury Note | 1.38 | 8-31-2023 | 1,817,000 | 1,798,972 | |
U.S. Treasury Note | 1.38 | 9-30-2023 | 1,778,000 | 1,758,345 | |
U.S. Treasury Note | 1.38 | 1-31-2025 | 2,372,000 | 2,298,987 | |
U.S. Treasury Note | 1.38 | 8-31-2026 | 1,787,000 | 1,703,234 | |
U.S. Treasury Note | 1.50 | 8-15-2022 | 2,254,000 | 2,259,107 | |
U.S. Treasury Note | 1.50 | 9-15-2022 | 2,264,000 | 2,269,395 | |
U.S. Treasury Note | 1.50 | 1-15-2023 | 2,250,000 | 2,249,736 | |
U.S. Treasury Note | 1.50 | 2-28-2023 | 1,635,000 | 1,632,829 | |
U.S. Treasury Note | 1.50 | 3-31-2023 | 1,679,000 | 1,675,065 | |
U.S. Treasury Note | 1.50 | 9-30-2024 | 2,442,000 | 2,384,479 | |
U.S. Treasury Note | 1.50 | 10-31-2024 | 2,391,000 | 2,332,719 | |
U.S. Treasury Note | 1.50 | 11-30-2024 | 2,394,000 | 2,332,093 | |
U.S. Treasury Note | 1.50 | 8-15-2026 | 3,430,000 | 3,287,039 | |
U.S. Treasury Note | 1.50 | 1-31-2027 | 1,873,000 | 1,789,886 | |
U.S. Treasury Note | 1.50 | 2-15-2030 | 4,305,000 | 4,035,938 | |
U.S. Treasury Note | 1.63 | 8-15-2022 | 1,250,000 | 1,253,516 | |
U.S. Treasury Note | 1.63 | 8-31-2022 | 1,827,000 | 1,831,996 | |
U.S. Treasury Note | 1.63 | 11-15-2022 | 3,435,000 | 3,442,246 | |
U.S. Treasury Note | 1.63 | 12-15-2022 | 2,239,000 | 2,243,286 | |
U.S. Treasury Note | 1.63 | 4-30-2023 | 1,711,000 | 1,707,926 | |
U.S. Treasury Note | 1.63 | 5-31-2023 | 1,714,000 | 1,708,510 | |
U.S. Treasury Note | 1.63 | 10-31-2023 | 1,824,000 | 1,808,681 | |
U.S. Treasury Note | 1.63 | 2-15-2026 | 3,342,000 | 3,230,513 | |
U.S. Treasury Note | 1.63 | 5-15-2026 | 3,385,000 | 3,266,128 | |
U.S. Treasury Note | 1.63 | 9-30-2026 | 1,851,000 | 1,782,238 | |
U.S. Treasury Note | 1.63 | 10-31-2026 | 1,800,000 | 1,732,781 | |
U.S. Treasury Note | 1.63 | 11-30-2026 | 1,912,000 | 1,840,300 | |
U.S. Treasury Note | 1.63 | 8-15-2029 | 2,854,000 | 2,706,506 | |
U.S. Treasury Note | 1.63 | 5-15-2031 | 7,512,000 | 7,072,431 | |
U.S. Treasury Note | 1.75 | 4-30-2022 | 1,612,000 | 1,613,947 | |
U.S. Treasury Note | 1.75 | 5-15-2022 | 1,448,000 | 1,450,565 | |
U.S. Treasury Note | 1.75 | 5-31-2022 | 1,819,000 | 1,823,038 | |
U.S. Treasury Note | 1.75 | 6-15-2022 | 2,235,000 | 2,240,588 | |
U.S. Treasury Note | 1.75 | 6-30-2022 | 1,819,000 | 1,824,471 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 1.75% | 7-15-2022 | $ 2,129,000 | $ 2,135,487 | |
U.S. Treasury Note | 1.75 | 9-30-2022 | 1,771,000 | 1,777,088 | |
U.S. Treasury Note | 1.75 | 1-31-2023 | 1,684,000 | 1,686,894 | |
U.S. Treasury Note | 1.75 | 5-15-2023 | 3,117,000 | 3,112,860 | |
U.S. Treasury Note | 1.75 | 6-30-2024 | 2,424,000 | 2,388,966 | |
U.S. Treasury Note | 1.75 | 7-31-2024 | 2,406,000 | 2,368,406 | |
U.S. Treasury Note | 1.75 | 12-31-2024 | 2,381,000 | 2,333,194 | |
U.S. Treasury Note | 1.75 | 12-31-2026 | 1,893,000 | 1,831,625 | |
U.S. Treasury Note | 1.75 | 11-15-2029 | 2,229,000 | 2,132,700 | |
U.S. Treasury Note | 1.88 | 4-30-2022 | 1,812,000 | 1,814,268 | |
U.S. Treasury Note | 1.88 | 5-31-2022 | 1,795,000 | 1,799,205 | |
U.S. Treasury Note | 1.88 | 7-31-2022 | 1,815,000 | 1,821,594 | |
U.S. Treasury Note | 1.88 | 8-31-2022 | 1,754,000 | 1,760,852 | |
U.S. Treasury Note | 1.88 | 9-30-2022 | 2,248,000 | 2,257,045 | |
U.S. Treasury Note | 1.88 | 10-31-2022 | 1,650,000 | 1,656,316 | |
U.S. Treasury Note | 1.88 | 8-31-2024 | 1,345,000 | 1,326,244 | |
U.S. Treasury Note | 1.88 | 6-30-2026 | 1,825,000 | 1,778,805 | |
U.S. Treasury Note | 1.88 | 7-31-2026 | 1,828,000 | 1,781,158 | |
U.S. Treasury Note | 2.00 | 7-31-2022 | 1,778,000 | 1,785,223 | |
U.S. Treasury Note | 2.00 | 10-31-2022 | 2,238,000 | 2,248,054 | |
U.S. Treasury Note | 2.00 | 11-30-2022 | 3,346,000 | 3,360,639 | |
U.S. Treasury Note | 2.00 | 2-15-2023 | 3,077,000 | 3,087,457 | |
U.S. Treasury Note | 2.00 | 4-30-2024 | 1,930,000 | 1,915,223 | |
U.S. Treasury Note | 2.00 | 5-31-2024 | 1,934,000 | 1,917,682 | |
U.S. Treasury Note | 2.00 | 6-30-2024 | 1,939,000 | 1,921,201 | |
U.S. Treasury Note | 2.00 | 2-15-2025 | 3,537,000 | 3,487,261 | |
U.S. Treasury Note | 2.00 | 8-15-2025 | 3,491,000 | 3,429,226 | |
U.S. Treasury Note | 2.00 | 11-15-2026 | 3,370,000 | 3,296,281 | |
U.S. Treasury Note | 2.00 | 8-15-2051 | 4,900,000 | 4,420,719 | |
U.S. Treasury Note | 2.13 | 5-15-2022 | 2,105,000 | 2,109,610 | |
U.S. Treasury Note | 2.13 | 6-30-2022 | 1,615,000 | 1,621,182 | |
U.S. Treasury Note | 2.13 | 12-31-2022 | 3,385,000 | 3,402,189 | |
U.S. Treasury Note | 2.13 | 11-30-2023 | 1,638,000 | 1,635,697 | |
U.S. Treasury Note | 2.13 | 2-29-2024 | 1,298,000 | 1,293,335 | |
U.S. Treasury Note | 2.13 | 3-31-2024 | 1,961,000 | 1,952,804 | |
U.S. Treasury Note | 2.13 | 7-31-2024 | 1,927,000 | 1,913,300 | |
U.S. Treasury Note | 2.13 | 9-30-2024 | 1,844,000 | 1,828,585 | |
U.S. Treasury Note | 2.13 | 11-30-2024 | 1,852,000 | 1,833,914 | |
U.S. Treasury Note | 2.13 | 5-15-2025 | 3,005,000 | 2,968,377 | |
U.S. Treasury Note | 2.13 | 5-31-2026 | 1,793,000 | 1,764,984 | |
U.S. Treasury Note | 2.25 | 4-15-2022 | 2,204,000 | 2,205,650 | |
U.S. Treasury Note | 2.25 | 12-31-2023 | 1,247,000 | 1,246,805 | |
U.S. Treasury Note | 2.25 | 1-31-2024 | 1,334,000 | 1,332,593 | |
U.S. Treasury Note | 2.25 | 4-30-2024 | 2,418,000 | 2,411,577 | |
U.S. Treasury Note | 2.25 | 10-31-2024 | 1,882,000 | 1,870,679 | |
U.S. Treasury Note | 2.25 | 11-15-2024 | 3,535,000 | 3,513,044 | |
U.S. Treasury Note | 2.25 | 12-31-2024 | 1,911,000 | 1,898,011 | |
U.S. Treasury Note | 2.25 | 11-15-2025 | 3,473,000 | 3,437,592 | |
U.S. Treasury Note | 2.25 | 3-31-2026 | 1,872,000 | 1,852,329 | |
U.S. Treasury Note | 2.25 | 2-15-2027 | 3,350,000 | 3,314,930 | |
U.S. Treasury Note | 2.25 | 8-15-2027 | 3,338,000 | 3,302,012 | |
U.S. Treasury Note | 2.25 | 11-15-2027 | 3,248,000 | 3,210,572 | |
U.S. Treasury Note | 2.25 | 5-15-2041 | 4,397,000 | 4,150,871 | |
U.S. Treasury Note | 2.38 | 1-31-2023 | 2,325,000 | 2,340,984 | |
U.S. Treasury Note | 2.38 | 2-29-2024 | 1,671,000 | 1,672,828 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 2.38% | 8-15-2024 | $ 3,101,000 | $ 3,093,853 | |
U.S. Treasury Note | 2.38 | 4-30-2026 | 1,812,000 | 1,801,454 | |
U.S. Treasury Note | 2.38 | 5-15-2027 | 3,375,000 | 3,360,498 | |
U.S. Treasury Note | 2.38 | 5-15-2029 | 3,295,000 | 3,285,475 | |
U.S. Treasury Note | 2.38 | 5-15-2051 | 4,919,000 | 4,820,236 | |
U.S. Treasury Note | 2.50 | 3-31-2023 | 2,278,000 | 2,295,441 | |
U.S. Treasury Note | 2.50 | 8-15-2023 | 2,662,000 | 2,677,286 | |
U.S. Treasury Note | 2.50 | 1-31-2024 | 1,876,000 | 1,882,302 | |
U.S. Treasury Note | 2.50 | 5-15-2024 | 3,424,000 | 3,431,089 | |
U.S. Treasury Note | 2.50 | 1-31-2025 | 1,936,000 | 1,935,546 | |
U.S. Treasury Note | 2.50 | 2-28-2026 | 1,888,000 | 1,885,345 | |
U.S. Treasury Note | 2.63 | 2-28-2023 | 2,359,000 | 2,379,641 | |
U.S. Treasury Note | 2.63 | 6-30-2023 | 2,304,000 | 2,323,080 | |
U.S. Treasury Note | 2.63 | 12-31-2023 | 2,404,000 | 2,419,307 | |
U.S. Treasury Note | 2.63 | 3-31-2025 | 1,884,000 | 1,890,035 | |
U.S. Treasury Note | 2.63 | 12-31-2025 | 1,914,000 | 1,920,804 | |
U.S. Treasury Note | 2.63 | 1-31-2026 | 1,869,000 | 1,876,082 | |
U.S. Treasury Note | 2.63 | 2-15-2029 | 3,512,000 | 3,554,254 | |
U.S. Treasury Note | 2.75 | 4-30-2023 | 2,279,000 | 2,302,146 | |
U.S. Treasury Note | 2.75 | 5-31-2023 | 2,334,000 | 2,356,611 | |
U.S. Treasury Note | 2.75 | 7-31-2023 | 2,347,000 | 2,368,728 | |
U.S. Treasury Note | 2.75 | 8-31-2023 | 2,402,000 | 2,424,050 | |
U.S. Treasury Note | 2.75 | 11-15-2023 | 3,078,000 | 3,103,730 | |
U.S. Treasury Note | 2.75 | 2-15-2024 | 2,325,000 | 2,342,801 | |
U.S. Treasury Note | 2.75 | 2-28-2025 | 1,955,000 | 1,967,906 | |
U.S. Treasury Note | 2.75 | 6-30-2025 | 1,959,000 | 1,972,009 | |
U.S. Treasury Note | 2.75 | 8-31-2025 | 2,020,000 | 2,034,519 | |
U.S. Treasury Note | 2.75 | 2-15-2028 | 4,229,000 | 4,294,417 | |
U.S. Treasury Note | 2.88 | 9-30-2023 | 2,444,000 | 2,471,209 | |
U.S. Treasury Note | 2.88 | 10-31-2023 | 2,318,000 | 2,342,719 | |
U.S. Treasury Note | 2.88 | 11-30-2023 | 2,370,000 | 2,394,811 | |
U.S. Treasury Note | 2.88 | 4-30-2025 | 1,884,000 | 1,903,429 | |
U.S. Treasury Note | 2.88 | 5-31-2025 | 1,939,000 | 1,958,844 | |
U.S. Treasury Note | 2.88 | 7-31-2025 | 1,949,000 | 1,970,317 | |
U.S. Treasury Note | 2.88 | 11-30-2025 | 1,880,000 | 1,902,031 | |
U.S. Treasury Note | 2.88 | 5-15-2028 | 4,397,000 | 4,499,539 | |
U.S. Treasury Note | 2.88 | 8-15-2028 | 4,422,000 | 4,530,995 | |
U.S. Treasury Note | 3.00 | 9-30-2025 | 1,994,000 | 2,024,767 | |
U.S. Treasury Note | 3.00 | 10-31-2025 | 1,814,000 | 1,842,556 | |
U.S. Treasury Note | 3.13 | 11-15-2028 | 3,621,000 | 3,770,225 | |
U.S. Treasury Note | 6.00 | 2-15-2026 | 445,000 | 502,798 | |
U.S. Treasury Note | 6.25 | 8-15-2023 | 378,000 | 399,381 | |
U.S. Treasury Note | 6.50 | 11-15-2026 | 296,000 | 347,650 | |
U.S. Treasury Note | 6.63 | 2-15-2027 | 215,000 | 255,514 | |
U.S. Treasury Note | 6.75 | 8-15-2026 | 221,000 | 259,718 | |
U.S. Treasury Note | 7.13 | 2-15-2023 | 260,000 | 272,309 | |
U.S. Treasury Note | 7.25 | 8-15-2022 | 261,000 | 267,321 | |
U.S. Treasury Note | 7.50 | 11-15-2024 | 240,000 | 270,703 | |
U.S. Treasury Note | 7.63 | 11-15-2022 | 140,000 | 145,534 | |
U.S. Treasury Note | 7.63 | 2-15-2025 | 216,000 | 246,831 | |
Total U.S. Treasury securities (Cost $613,659,987) | 598,008,795 |
Yield | Shares | Value | |||
Short-term investments: 1.73% | |||||
Investment companies: 1.73% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18% | 28,588,605 | $ 28,588,605 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 112,875 | 112,875 | ||
Total Short-term investments (Cost $28,701,480) | 28,701,480 | ||||
Total investments in securities (Cost $909,865,783) | 97.55% | 1,616,527,747 | |||
Other assets and liabilities, net | 2.45 | 40,556,318 | |||
Total net assets | 100.00% | $1,657,084,065 |
† | Non-income-earning security |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
« | 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: | |
FNMA | Federal National Mortgage Association |
LIBOR | London Interbank Offered Rate |
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 | $37,618,632 | $159,825,071 | $(168,855,098) | $0 | $0 | $ 28,588,605 | 28,588,605 | $ 5,977 | ||
Securities Lending Cash Investments LLC | 114,180 | 4,699,800 | (4,701,105) | 0 | 0 | 112,875 | 112,875 | 100 # | ||
$0 | $0 | $28,701,480 | $6,077 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
E-Mini S&P 500 Index | 217 | 6-17-2022 | $49,827,176 | $49,158,638 | $0 | $ (668,538) | |
10-Year U.S. Treasury Notes | 283 | 6-21-2022 | 35,611,058 | 34,773,625 | 0 | (837,433) | |
U.S. Long Term Bonds | 55 | 6-21-2022 | 8,419,982 | 8,253,438 | 0 | (166,544) | |
U.S. Ultra Treasury Bonds | 84 | 6-21-2022 | 15,131,078 | 14,878,500 | 0 | (252,578) | |
2-Year U.S. Treasury Notes | 131 | 6-30-2022 | 28,014,992 | 27,761,766 | 0 | (253,226) | |
5-Year U.S. Treasury Notes | 333 | 6-30-2022 | 38,809,365 | 38,190,938 | 0 | (618,427) | |
$0 | $(2,796,746) |
Assets | |
Investments in unaffiliated securities (including $110,510 of securities loaned), at value (cost $881,164,303) | $ 1,587,826,267 |
Investments in affiliated securities, at value (cost $28,701,480) | 28,701,480 |
Cash at broker segregated for futures contracts | 4,539,860 |
Receivable for investments sold | 34,404,020 |
Receivable for dividends and interest | 3,227,965 |
Receivable for Fund shares sold | 1,062,902 |
Receivable for daily variation margin on open futures contracts | 118,818 |
Receivable for securities lending income, net | 77 |
Prepaid expenses and other assets | 352,113 |
Total assets | 1,660,233,502 |
Liabilities | |
Payable for Fund shares redeemed | 891,359 |
Management fee payable | 778,183 |
Payable for daily variation margin on open futures contracts | 707,963 |
Shareholder servicing fees payable | 308,707 |
Administration fees payable | 257,103 |
Payable upon receipt of securities loaned | 112,875 |
Distribution fee payable | 90,549 |
Trustees’ fees and expenses payable | 2,698 |
Total liabilities | 3,149,437 |
Total net assets | $1,657,084,065 |
Net assets consist of | |
Paid-in capital | $ 943,204,263 |
Total distributable earnings | 713,879,802 |
Total net assets | $1,657,084,065 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 986,105,544 |
Shares outstanding – Class A1 | 23,677,122 |
Net asset value per share – Class A | $41.65 |
Maximum offering price per share – Class A2 | $44.19 |
Net assets – Class C | $ 143,671,170 |
Shares outstanding – Class C1 | 5,704,078 |
Net asset value per share – Class C | $25.19 |
Net assets – Administrator Class | $ 353,445,892 |
Shares outstanding – Administrator Class1 | 8,483,129 |
Net asset value per share – Administrator Class | $41.66 |
Net assets – Institutional Class | $ 173,861,459 |
Shares outstanding – Institutional Class1 | 4,176,441 |
Net asset value per share – Institutional Class | $41.63 |
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 $1,513) | $ 7,370,651 |
Interest | 5,448,141 |
Income from affiliated securities | 6,394 |
Total investment income | 12,825,186 |
Expenses | |
Management fee | 5,077,487 |
Administration fees | |
Class A | 1,068,979 |
Class C | 157,979 |
Administrator Class | 236,958 |
Institutional Class | 115,236 |
Shareholder servicing fees | |
Class A | 1,272,594 |
Class C | 187,806 |
Administrator Class | 454,317 |
Distribution fee | |
Class C | 563,275 |
Custody and accounting fees | 54,638 |
Professional fees | 32,167 |
Registration fees | 62,574 |
Shareholder report expenses | 72,399 |
Trustees’ fees and expenses | 10,682 |
Other fees and expenses | 96,823 |
Total expenses | 9,463,914 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (156,268) |
Class A | (44,319) |
Class C | (2) |
Administrator Class | (101,748) |
Net expenses | 9,161,577 |
Net investment income | 3,663,609 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 45,695,374 |
Futures contracts | (8,154,107) |
Net realized gains on investments | 37,541,267 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (28,683,187) |
Futures contracts | 3,598,412 |
Net change in unrealized gains (losses) on investments | (25,084,775) |
Net realized and unrealized gains (losses) on investments | 12,456,492 |
Net increase in net assets resulting from operations | $ 16,120,101 |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 3,663,609 | $ 7,442,921 | ||
Net realized gains on investments | 37,541,267 | 100,337,318 | ||
Net change in unrealized gains (losses) on investments | (25,084,775) | 131,049,261 | ||
Net increase in net assets resulting from operations | 16,120,101 | 238,829,500 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (59,782,610) | (30,498,113) | ||
Class C | (8,330,567) | (4,333,666) | ||
Administrator Class | (21,995,412) | (9,785,404) | ||
Institutional Class | (11,027,618) | (5,192,389) | ||
Total distributions to shareholders | (101,136,207) | (49,809,572) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 441,111 | 19,118,692 | 1,352,827 | 56,159,764 |
Class C | 310,469 | 8,178,331 | 953,463 | 24,071,361 |
Administrator Class | 1,066,459 | 46,626,761 | 2,969,596 | 124,877,966 |
Institutional Class | 859,500 | 38,005,209 | 1,035,807 | 42,907,365 |
111,928,993 | 248,016,456 | |||
Reinvestment of distributions | ||||
Class A | 1,316,663 | 57,503,104 | 737,326 | 29,412,719 |
Class C | 303,625 | 8,012,673 | 169,584 | 4,105,876 |
Administrator Class | 501,573 | 21,935,299 | 244,129 | 9,743,414 |
Institutional Class | 196,741 | 8,603,924 | 97,312 | 3,879,807 |
96,055,000 | 47,141,816 | |||
Payment for shares redeemed | ||||
Class A | (1,247,229) | (54,194,004) | (2,251,935) | (94,497,079) |
Class C | (609,066) | (15,988,394) | (1,550,509) | (39,295,545) |
Administrator Class | (1,272,008) | (55,359,418) | (2,277,568) | (96,108,964) |
Institutional Class | (660,880) | (28,542,591) | (953,782) | (39,922,465) |
(154,084,407) | (269,824,053) | |||
Net increase in net assets resulting from capital share transactions | 53,899,586 | 25,334,219 | ||
Total increase (decrease) in net assets | (31,116,520) | 214,354,147 | ||
Net assets | ||||
Beginning of period | 1,688,200,585 | 1,473,846,438 | ||
End of period | $1,657,084,065 | $1,688,200,585 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $43.74 | $38.89 | $35.13 | $34.63 | $31.99 | $29.61 |
Net investment income | 0.09 | 0.19 | 0.30 | 0.33 | 0.27 | 0.25 |
Net realized and unrealized gains (losses) on investments | 0.43 | 5.97 | 4.22 | 1.46 | 2.83 | 2.67 |
Total from investment operations | 0.52 | 6.16 | 4.52 | 1.79 | 3.10 | 2.92 |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.12) | (0.30) | (0.33) | (0.27) | (0.27) |
Net realized gains | (2.46) | (1.19) | (0.46) | (0.96) | (0.19) | (0.27) |
Total distributions to shareholders | (2.61) | (1.31) | (0.76) | (1.29) | (0.46) | (0.54) |
Net asset value, end of period | $41.65 | $43.74 | $38.89 | $35.13 | $34.63 | $31.99 |
Total return1 | 0.94% | 16.18% | 13.08% | 5.54% | 9.76% | 9.99% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.09% | 1.09% | 1.10% | 1.11% | 1.08% | 1.09% |
Net expenses | 1.08% | 1.08% | 1.08% | 1.08% | 1.07% | 1.09% |
Net investment income | 0.42% | 0.46% | 0.83% | 0.99% | 0.80% | 0.79% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 11% | 19% | 14% | 9% | 9% |
Net assets, end of period (000s omitted) | $986,106 | $1,013,263 | $907,134 | $834,289 | $830,487 | $822,769 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $26.46 | $23.64 | $21.36 | $21.07 | $19.45 | $17.99 |
Net investment income (loss) | (0.04) | (0.08) | 0.01 | 0.05 | 0.01 | 0.01 |
Net realized and unrealized gains (losses) on investments | 0.26 | 3.63 | 2.57 | 0.88 | 1.73 | 1.62 |
Total from investment operations | 0.22 | 3.55 | 2.58 | 0.93 | 1.74 | 1.63 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.01) | (0.02) | (0.06) | (0.00) 1 | (0.01) |
Net realized gains | (1.49) | (0.72) | (0.28) | (0.58) | (0.12) | (0.16) |
Total distributions to shareholders | (1.49) | (0.73) | (0.30) | (0.64) | (0.12) | (0.17) |
Net asset value, end of period | $25.19 | $26.46 | $23.64 | $21.36 | $21.07 | $19.45 |
Total return2 | 0.57% | 15.31% | 12.22% | 4.75% | 8.97% | 9.14% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.84% | 1.84% | 1.85% | 1.86% | 1.83% | 1.84% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.83% | 1.82% | 1.84% |
Net investment income (loss) | (0.33)% | (0.29)% | 0.08% | 0.24% | 0.05% | 0.04% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 11% | 19% | 14% | 9% | 9% |
Net assets, end of period (000s omitted) | $143,671 | $150,795 | $144,828 | $144,264 | $153,322 | $152,820 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $43.80 | $38.89 | $35.14 | $34.64 | $31.99 | $29.63 |
Net investment income | 0.12 | 0.26 | 0.37 | 0.39 | 0.32 | 0.30 |
Net realized and unrealized gains (losses) on investments | 0.44 | 5.98 | 4.20 | 1.46 | 2.84 | 2.68 |
Total from investment operations | 0.56 | 6.24 | 4.57 | 1.85 | 3.16 | 2.98 |
Distributions to shareholders from | ||||||
Net investment income | (0.23) | (0.14) | (0.36) | (0.39) | (0.32) | (0.35) |
Net realized gains | (2.47) | (1.19) | (0.46) | (0.96) | (0.19) | (0.27) |
Total distributions to shareholders | (2.70) | (1.33) | (0.82) | (1.35) | (0.51) | (0.62) |
Net asset value, end of period | $41.66 | $43.80 | $38.89 | $35.14 | $34.64 | $31.99 |
Total return1 | 1.01% | 16.40% | 13.26% | 5.73% | 9.94% | 10.20% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.01% | 1.01% | 1.02% | 1.03% | 1.00% | 0.99% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 0.60% | 0.63% | 1.01% | 1.17% | 0.97% | 0.96% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 11% | 19% | 14% | 9% | 9% |
Net assets, end of period (000s omitted) | $353,446 | $358,573 | $281,988 | $229,390 | $216,611 | $268,512 |
1 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $43.79 | $38.84 | $35.09 | $34.59 | $31.96 | $29.27 |
Net investment income | 0.15 | 0.33 | 0.42 | 0.44 | 0.39 | 0.35 |
Net realized and unrealized gains (losses) on investments | 0.45 | 5.97 | 4.21 | 1.46 | 2.81 | 3.03 |
Total from investment operations | 0.60 | 6.30 | 4.63 | 1.90 | 3.20 | 3.38 |
Distributions to shareholders from | ||||||
Net investment income | (0.29) | (0.16) | (0.42) | (0.44) | (0.38) | (0.42) |
Net realized gains | (2.47) | (1.19) | (0.46) | (0.96) | (0.19) | (0.27) |
Total distributions to shareholders | (2.76) | (1.35) | (0.88) | (1.40) | (0.57) | (0.69) |
Net asset value, end of period | $41.63 | $43.79 | $38.84 | $35.09 | $34.59 | $31.96 |
Total return2 | 1.10% | 16.57% | 13.44% | 5.89% | 10.11% | 11.70% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.76% | 0.76% | 0.77% | 0.78% | 0.75% | 0.74% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.74% | 0.74% |
Net investment income | 0.75% | 0.79% | 1.16% | 1.32% | 1.13% | 1.08% |
Supplemental data | ||||||
Portfolio turnover rate | 5% | 11% | 19% | 14% | 9% | 9% |
Net assets, end of period (000s omitted) | $173,861 | $165,569 | $139,896 | $123,504 | $110,566 | $61,060 |
1 | For the period from October 31, 2016 (commencement of class operations) to September 30, 2017 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $742,488,140 |
Gross unrealized losses | (42,230,246) |
Net unrealized gains | $700,257,894 |
■ | 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: | ||||
Agency securities | $ 0 | $ 26,134 | $0 | $ 26,134 |
Common stocks | ||||
Communication services | 92,626,245 | 0 | 0 | 92,626,245 |
Consumer discretionary | 118,662,548 | 0 | 0 | 118,662,548 |
Consumer staples | 60,392,173 | 0 | 0 | 60,392,173 |
Energy | 38,428,027 | 0 | 0 | 38,428,027 |
Financials | 110,017,478 | 0 | 0 | 110,017,478 |
Health care | 134,974,147 | 0 | 0 | 134,974,147 |
Industrials | 77,860,778 | 0 | 0 | 77,860,778 |
Information technology | 276,682,548 | 0 | 0 | 276,682,548 |
Materials | 25,902,888 | 0 | 0 | 25,902,888 |
Real estate | 27,015,927 | 0 | 0 | 27,015,927 |
Utilities | 27,224,641 | 0 | 0 | 27,224,641 |
Non-agency mortgage-backed securities | 0 | 3,938 | 0 | 3,938 |
U.S. Treasury securities | 598,008,795 | 0 | 0 | 598,008,795 |
Short-term investments | ||||
Investment companies | 28,701,480 | 0 | 0 | 28,701,480 |
Total assets | $1,616,497,675 | $30,072 | $0 | $1,616,527,747 |
Liabilities | ||||
Futures contracts | $ 2,796,746 | $ 0 | $0 | $ 2,796,746 |
Total liabilities | $ 2,796,746 | $ 0 | $0 | $ 2,796,746 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $2 billion | 0.550 |
Next $2 billion | 0.525 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.08% |
Class C | 1.83 |
Administrator Class | 0.90 |
Institutional Class | 0.75 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$55,082,376 | $31,704,213 | $53,943,746 | $104,149,293 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas Securities Corporation | $110,510 | $(110,510) | $0 |
Asset derivatives | Liability derivatives | ||||
Statement of Assets and Liabilities location | Fair value | Statement of Assets and Liabilities location | Fair value | ||
Interest rate risk | Unrealized gains on futures contracts | $0* | Unrealized losses on futures contracts | $ 2,128,208* | |
Equity risk | Unrealized gains on futures contracts | 0* | Unrealized losses on futures contracts | 668,538* | |
$0 | $2,796,746 |
Amount of net realized gains (losses) on derivatives | Net change in unrealized gains (losses) on derivatives | |
Equity risk | $ (5,427,585) | $ 4,097,995 |
Interest rate risk | (2,726,522) | (499,583) |
$(8,154,107) | $3,598,412 |
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 from 2005 to 2010. |
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
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1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA227/SAR227 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338620img00cafd1a1.jpg)
Grade Credit 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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
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President
Allspring Funds
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadvisers | Allspring Global Investments, LLC |
Allspring Global Investments (UK) Limited | |
Portfolio managers | Henrietta Pacquement, CFA®‡, Scott M. Smith, CFA®‡, Alex Temple, Jonathan Terry, CFA®‡ |
Average annual total returns (%) as of March 31, 2022 | |||||
Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | Gross | Net 2 | |
Class R6 (WGCRX) | 2-28-2019 | -4.67 | 3.26 | 0.68 | 0.45 |
Institutional Class (WGCIX) | 2-28-2019 | -4.72 | 3.21 | 0.73 | 0.50 |
Bloomberg Global Aggregate Credit Index USD (Hedged)3 | – | -4.90 | 2.75 * | – | – |
* | 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 January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class R6 and 0.50% 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 | Bloomberg Global Aggregate Credit Index USD (Hedged) measures the credit sector of the global investment grade fixed-rate bond market, including corporate, government and agency securities, hedged in USD. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of March 31, 20221 | |
Bank of America Corporation, 4.13%, 1-22-2024 | 1.65 |
Morgan Stanley, 3.13%, 7-27-2026 | 1.62 |
Citigroup Incorporated, 3.30%, 4-27-2025 | 1.51 |
American International Group Incorporated, 4.75%, 4-1-2048 | 1.46 |
Energy Transfer Operating Partners LP, 6.25%, 4-15-2049 | 1.29 |
Verizon Communications Incorporated, 3.40%, 3-22-2041 | 1.20 |
Cantor Fitzgerald LP, 4.88%, 5-1-2024 | 1.19 |
British Airways Series 2019-1 Class AA Pass-Through Trust, 3.30%, 6-15-2034 | 1.05 |
Sabine Pass Liquefaction LLC, 5.75%, 5-15-2024 | 1.04 |
Motorola Solutions Incorporated, 4.60%, 2-23-2028 | 1.04 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338620imgaa615ead4.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. |
Credit quality as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338620imgeeb5bef45.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338620img4dfa6ee26.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class R6 | ||||
Actual | $1,000.00 | $ 930.99 | $2.17 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.69 | $2.27 | 0.45% |
Institutional Class | ||||
Actual | $1,000.00 | $ 930.74 | $2.41 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.44 | $2.52 | 0.50% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 1.69% | ||||||
American Airlines Series 2014-1 Class A Pass-Through Trust | 3.70% | 4-1-2028 | $ | 228,258 | $ 220,327 | |
British Airways Series 2019-1 Class AA Pass-Through Trust 144A | 3.30 | 6-15-2034 | 385,416 | 364,272 | ||
Total Asset-backed securities (Cost $612,922) | 584,599 | |||||
Corporate bonds and notes: 53.43% | ||||||
Communication services: 7.68% | ||||||
Diversified telecommunication services: 4.85% | ||||||
AT&T Incorporated | 3.65 | 6-1-2051 | 300,000 | 272,992 | ||
AT&T Incorporated | 4.25 | 3-1-2027 | 330,000 | 344,991 | ||
T-Mobile USA Incorporated | 2.55 | 2-15-2031 | 40,000 | 36,272 | ||
T-Mobile USA Incorporated | 3.30 | 2-15-2051 | 155,000 | 130,421 | ||
T-Mobile USA Incorporated | 3.75 | 4-15-2027 | 145,000 | 145,848 | ||
Verizon Communications Incorporated | 3.40 | 3-22-2041 | 445,000 | 417,150 | ||
Verizon Communications Incorporated | 4.13 | 8-15-2046 | 325,000 | 333,719 | ||
1,681,393 | ||||||
Media: 2.83% | ||||||
Charter Communications Operating LLC | 2.80 | 4-1-2031 | 90,000 | 81,116 | ||
Charter Communications Operating LLC | 4.20 | 3-15-2028 | 180,000 | 181,892 | ||
Charter Communications Operating LLC | 4.91 | 7-23-2025 | 55,000 | 57,036 | ||
Comcast Corporation | 3.40 | 4-1-2030 | 100,000 | 101,305 | ||
Magallanes Incorporated 144A | 5.05 | 3-15-2042 | 75,000 | 76,502 | ||
Magallanes Incorporated 144A | 5.14 | 3-15-2052 | 335,000 | 342,737 | ||
ViacomCBS Incorporated | 4.95 | 1-15-2031 | 130,000 | 138,187 | ||
978,775 | ||||||
Consumer discretionary: 3.04% | ||||||
Automobiles: 0.57% | ||||||
General Motors Company | 6.13 | 10-1-2025 | 185,000 | 198,601 | ||
Hotels, restaurants & leisure: 1.82% | ||||||
Hyatt Hotels Corporation | 1.80 | 10-1-2024 | 315,000 | 303,074 | ||
Las Vegas Sands Corporation | 3.50 | 8-18-2026 | 150,000 | 141,313 | ||
Las Vegas Sands Corporation | 3.90 | 8-8-2029 | 130,000 | 119,210 | ||
McDonald's Corporation | 1.45 | 9-1-2025 | 30,000 | 28,676 | ||
McDonald's Corporation | 4.20 | 4-1-2050 | 35,000 | 36,537 | ||
628,810 | ||||||
Specialty retail: 0.65% | ||||||
Lowe's Companies Incorporated | 4.25 | 4-1-2052 | 70,000 | 72,403 | ||
Lowe's Companies Incorporated | 4.45 | 4-1-2062 | 145,000 | 150,885 | ||
223,288 | ||||||
Consumer staples: 1.81% | ||||||
Beverages: 0.76% | ||||||
Keurig Dr Pepper Incorporated | 4.60 | 5-25-2028 | 250,000 | 263,621 | ||
Food products: 0.38% | ||||||
Smithfield Foods Incorporated 144A | 3.00 | 10-15-2030 | 145,000 | 131,596 |
Interest rate | Maturity date | Principal | Value | |||
Tobacco: 0.67% | ||||||
BAT Capital Corporation | 4.54% | 8-15-2047 | $ | 260,000 | $ 232,021 | |
Energy: 6.88% | ||||||
Oil, gas & consumable fuels: 6.88% | ||||||
BP Capital Markets America Incorporated | 2.94 | 6-4-2051 | 345,000 | 294,472 | ||
Energy Transfer Operating Partners LP | 3.75 | 5-15-2030 | 160,000 | 157,401 | ||
Energy Transfer Operating Partners LP | 6.25 | 4-15-2049 | 390,000 | 447,516 | ||
Exxon Mobil Corporation | 2.61 | 10-15-2030 | 260,000 | 250,603 | ||
Kinder Morgan Energy Partners LP | 5.40 | 9-1-2044 | 200,000 | 215,294 | ||
Marathon Petroleum Corporation | 3.80 | 4-1-2028 | 220,000 | 221,369 | ||
MPLX LP | 4.00 | 3-15-2028 | 315,000 | 320,428 | ||
Sabine Pass Liquefaction LLC | 4.50 | 5-15-2030 | 110,000 | 115,034 | ||
Sabine Pass Liquefaction LLC | 5.75 | 5-15-2024 | 345,000 | 361,090 | ||
2,383,207 | ||||||
Financials: 16.29% | ||||||
Banks: 5.49% | ||||||
Bank of America Corporation | 4.13 | 1-22-2024 | 555,000 | 569,648 | ||
Citigroup Incorporated (U.S. SOFR +1.17%) ± | 2.56 | 5-1-2032 | 170,000 | 153,301 | ||
Citigroup Incorporated | 3.30 | 4-27-2025 | 520,000 | 523,574 | ||
JPMorgan Chase & Company (U.S. SOFR +1.25%) ± | 2.58 | 4-22-2032 | 150,000 | 137,423 | ||
JPMorgan Chase & Company (U.S. SOFR +2.52%) ± | 2.96 | 5-13-2031 | 145,000 | 135,676 | ||
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ± | 3.78 | 2-1-2028 | 145,000 | 146,855 | ||
Santander Holdings USA Incorporated | 4.40 | 7-13-2027 | 230,000 | 233,929 | ||
1,900,406 | ||||||
Capital markets: 6.13% | ||||||
Belrose Funding Trust 144A | 2.33 | 8-15-2030 | 185,000 | 162,034 | ||
Blackrock Incorporated | 1.90 | 1-28-2031 | 35,000 | 31,605 | ||
Cantor Fitzgerald LP 144A | 4.88 | 5-1-2024 | 400,000 | 412,320 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +1.41%) ± | 3.10 | 2-24-2033 | 115,000 | 108,398 | ||
Intercontinental Exchange Incorporated | 3.00 | 6-15-2050 | 140,000 | 122,619 | ||
Intercontinental Exchange Incorporated | 3.75 | 12-1-2025 | 130,000 | 133,608 | ||
Morgan Stanley | 3.13 | 7-27-2026 | 565,000 | 560,124 | ||
Morgan Stanley | 3.70 | 10-23-2024 | 310,000 | 315,563 | ||
S&P Global Incorporated | 1.25 | 8-15-2030 | 100,000 | 86,157 | ||
S&P Global Incorporated | 2.30 | 8-15-2060 | 90,000 | 68,046 | ||
State Street Corporation | 2.40 | 1-24-2030 | 130,000 | 122,800 | ||
2,123,274 | ||||||
Consumer finance: 2.86% | ||||||
Aviation Capital Group Corporation 144A | 5.50 | 12-15-2024 | 305,000 | 313,919 | ||
Ford Motor Credit Company LLC | 3.40 | 1-15-2026 | 155,000 | 150,068 | ||
Hyundai Capital America Corporation 144A | 1.80 | 10-15-2025 | 295,000 | 275,523 | ||
Hyundai Capital America Corporation 144A | 1.80 | 1-10-2028 | 85,000 | 75,068 | ||
Stellantis Finance US Incorporated 144A | 2.69 | 9-15-2031 | 200,000 | 175,552 | ||
990,130 | ||||||
Insurance: 1.81% | ||||||
American International Group Incorporated | 4.75 | 4-1-2048 | 440,000 | 504,135 |
Interest rate | Maturity date | Principal | Value | |||
Insurance (continued) | ||||||
Brighthouse Financial Incorporated | 4.70% | 6-22-2047 | $ | 77,000 | $ 74,795 | |
Unum Group | 4.50 | 12-15-2049 | 50,000 | 46,060 | ||
624,990 | ||||||
Health care: 3.32% | ||||||
Biotechnology: 0.57% | ||||||
AbbVie Incorporated | 4.25 | 11-21-2049 | 145,000 | 150,469 | ||
Amgen Incorporated | 4.20 | 2-22-2052 | 45,000 | 46,539 | ||
197,008 | ||||||
Health care providers & services: 1.76% | ||||||
Anthem Incorporated | 2.25 | 5-15-2030 | 20,000 | 18,351 | ||
Centene Corporation | 2.45 | 7-15-2028 | 210,000 | 191,877 | ||
CVS Health Corporation | 4.25 | 4-1-2050 | 110,000 | 114,120 | ||
CVS Health Corporation | 4.30 | 3-25-2028 | 27,000 | 28,244 | ||
HCA Incorporated 144A | 3.63 | 3-15-2032 | 130,000 | 127,394 | ||
HCA Incorporated 144A | 4.38 | 3-15-2042 | 130,000 | 128,177 | ||
608,163 | ||||||
Life sciences tools & services: 0.57% | ||||||
Thermo Fisher Scientific Incorporated | 1.50 | 10-1-2039 | 200,000 | 198,357 | ||
Pharmaceuticals: 0.42% | ||||||
Bristol-Myers Squibb Company | 2.55 | 11-13-2050 | 175,000 | 145,265 | ||
Industrials: 3.23% | ||||||
Aerospace & defense: 0.82% | ||||||
United Technologies Corporation | 4.13 | 11-16-2028 | 270,000 | 282,232 | ||
Airlines: 0.63% | ||||||
US Airways Group Incorporated | 4.63 | 12-3-2026 | 227,421 | 219,120 | ||
Professional services: 0.88% | ||||||
Equifax Incorporated | 3.10 | 5-15-2030 | 175,000 | 166,893 | ||
Equifax Incorporated | 2.35 | 9-15-2031 | 155,000 | 138,637 | ||
305,530 | ||||||
Road & rail: 0.90% | ||||||
Penske Truck Leasing Company LP 144A | 3.45 | 7-1-2024 | 240,000 | 240,500 | ||
Union Pacific Corporation | 2.40 | 2-5-2030 | 75,000 | 70,978 | ||
311,478 | ||||||
Information technology: 6.56% | ||||||
Communications equipment: 1.04% | ||||||
Motorola Solutions Incorporated | 4.60 | 2-23-2028 | 350,000 | 359,856 | ||
Electronic equipment, instruments & components: 0.42% | ||||||
Jabil Incorporated | 3.60 | 1-15-2030 | 150,000 | 145,316 | ||
IT services: 1.90% | ||||||
Computershare US Incorporated | 1.13 | 10-7-2031 | 200,000 | 198,183 | ||
Fiserv Incorporated | 2.65 | 6-1-2030 | 45,000 | 41,532 |
Interest rate | Maturity date | Principal | Value | |||
IT services (continued) | ||||||
Fiserv Incorporated | 3.50% | 7-1-2029 | $ | 140,000 | $ 137,801 | |
Western Union Company | 4.25 | 6-9-2023 | 275,000 | 279,271 | ||
656,787 | ||||||
Semiconductors & semiconductor equipment: 1.58% | ||||||
Intel Corporation | 2.80 | 8-12-2041 | 265,000 | 233,969 | ||
Marvell Technology Incorporated | 4.88 | 6-22-2028 | 80,000 | 83,750 | ||
Microchip Technology Incorporated | 2.67 | 9-1-2023 | 230,000 | 229,230 | ||
546,949 | ||||||
Software: 1.07% | ||||||
Oracle Corporation | 2.88 | 3-25-2031 | 355,000 | 323,686 | ||
Oracle Corporation | 3.60 | 4-1-2050 | 55,000 | 45,615 | ||
369,301 | ||||||
Technology hardware, storage & peripherals: 0.55% | ||||||
Dell International LLC / EMC Corporation | 5.45 | 6-15-2023 | 45,000 | 46,356 | ||
Dell International LLC / EMC Corporation | 6.20 | 7-15-2030 | 95,000 | 108,267 | ||
NetApp Incorporated | 2.70 | 6-22-2030 | 40,000 | 36,908 | ||
191,531 | ||||||
Materials: 0.62% | ||||||
Chemicals: 0.62% | ||||||
Westlake Chemical Corporation | 1.63 | 7-17-2029 | 200,000 | 213,230 | ||
Real estate: 1.93% | ||||||
Equity REITs: 1.11% | ||||||
Equinix Incorporated | 2.15 | 7-15-2030 | 275,000 | 240,671 | ||
Sabra Health Care LP | 3.20 | 12-1-2031 | 110,000 | 98,163 | ||
Vornado Realty LP | 3.40 | 6-1-2031 | 50,000 | 47,029 | ||
385,863 | ||||||
Real estate management & development: 0.82% | ||||||
Simon Property Group LP | 1.75 | 2-1-2028 | 60,000 | 54,659 | ||
Simon Property Group LP | 3.25 | 9-13-2049 | 255,000 | 228,316 | ||
282,975 | ||||||
Utilities: 2.07% | ||||||
Electric utilities: 2.07% | ||||||
Duke Energy Florida LLC | 1.75 | 6-15-2030 | 90,000 | 80,117 | ||
New York State Electric & Gas Corporation 144A | 3.25 | 12-1-2026 | 145,000 | 143,837 | ||
Oglethorpe Power Corporation | 3.75 | 8-1-2050 | 125,000 | 117,500 | ||
Pacificorp | 3.50 | 6-15-2029 | 295,000 | 298,555 | ||
Union Electric Company | 2.95 | 3-15-2030 | 80,000 | 78,286 | ||
718,295 | ||||||
Total Corporate bonds and notes (Cost $19,028,969) | 18,497,368 |
Interest rate | Maturity date | Principal | Value | |||
Foreign corporate bonds and notes : 26.09% | ||||||
Communication services: 1.02% | ||||||
Diversified telecommunication services: 0.70% | ||||||
Verizon Communications Incorporated | 2.88% | 1-15-2038 | EUR | 200,000 | $ 241,085 | |
Wireless telecommunication services: 0.32% | ||||||
Tele2 AB | 2.13 | 5-15-2028 | EUR | 100,000 | 111,855 | |
Consumer discretionary: 0.30% | ||||||
Automobiles: 0.30% | ||||||
Renault SA | 2.38 | 5-25-2026 | EUR | 100,000 | 104,213 | |
Consumer staples: 1.16% | ||||||
Beverages: 0.61% | ||||||
Coca-Cola Company | 0.13 | 3-15-2029 | EUR | 100,000 | 101,900 | |
Coca-Cola European Partners plc | 1.50 | 11-8-2027 | EUR | 100,000 | 110,827 | |
212,727 | ||||||
Household products: 0.55% | ||||||
Essity AB | 0.25 | 2-8-2031 | EUR | 200,000 | 189,890 | |
Energy: 2.13% | ||||||
Oil, gas & consumable fuels: 2.13% | ||||||
BP Capital Markets plc (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.88%) ʊ± | 3.25 | 3-22-2026 | EUR | 100,000 | 110,895 | |
BP Capital Markets plc (U.S. Treasury 3 Month Bill +4.17%) ʊ± | 4.25 | 3-22-2027 | GBP | 100,000 | 129,728 | |
National Grid Gas plc | 1.13 | 1-14-2033 | GBP | 200,000 | 210,356 | |
Shell International Finance BV | 1.00 | 12-10-2030 | GBP | 150,000 | 172,562 | |
TotalEnergies SE (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.75%) ± | 2.71 | 12-29-2049 | EUR | 100,000 | 111,839 | |
735,380 | ||||||
Financials: 9.76% | ||||||
Banks: 6.16% | ||||||
Argenta Spaarbank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +1.10%) ± | 1.38 | 2-8-2029 | EUR | 200,000 | 209,996 | |
Banco BPM SpA | 2.50 | 6-21-2024 | EUR | 100,000 | 112,836 | |
Banco de Sabadell SA | 1.13 | 3-27-2025 | EUR | 100,000 | 106,761 | |
Bankia SA | 1.13 | 11-12-2026 | EUR | 100,000 | 107,284 | |
Bankinter SA | 0.63 | 10-6-2027 | EUR | 100,000 | 103,517 | |
Bawag Group AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.30%) ± | 2.38 | 3-26-2029 | EUR | 100,000 | 110,524 | |
Belfius Bank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.30%) ± | 1.25 | 4-6-2034 | EUR | 200,000 | 197,439 | |
BNP Paribas | 1.25 | 3-19-2025 | EUR | 200,000 | 221,488 | |
BPCE SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.75%) ± | 1.50 | 1-13-2042 | EUR | 200,000 | 207,333 | |
Credit Agricole Assurances | 2.00 | 7-17-2030 | EUR | 200,000 | 210,017 | |
Mizuho Financial Group | 0.80 | 4-15-2030 | EUR | 100,000 | 101,584 | |
Natwest Group plc (GBP Swap Semi Annual (vs. 6 Month LIBOR) 1 Year +1.49%) ± | 2.88 | 9-19-2026 | GBP | 100,000 | 130,159 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am +3.15%) ± | 2.88% | 6-18-2032 | EUR | 100,000 | $ 102,772 | |
Unicredit SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.80%) ± | 2.73 | 1-15-2032 | EUR | 200,000 | 208,443 | |
2,130,153 | ||||||
Capital markets: 1.28% | ||||||
Acciona Energia Financial Company | 1.38 | 1-26-2032 | EUR | 100,000 | 103,297 | |
Cellnex Finance Company SA | 2.00 | 2-15-2033 | EUR | 100,000 | 94,259 | |
Credit Suisse Group AG (UK Gilts 1 Year +2.23%) ± | 2.25 | 6-9-2028 | GBP | 200,000 | 246,396 | |
443,952 | ||||||
Insurance: 2.32% | ||||||
Berkshire Hathaway Incorporated | 2.38 | 6-19-2039 | GBP | 100,000 | 121,509 | |
Mandatum Life Insurance Company Limited (3 Month EURIBOR +2.30%) ± | 1.88 | 10-4-2049 | EUR | 200,000 | 216,829 | |
Munich Re Group (ICE LIBOR GBP 3 Month +4.95%) ± | 6.63 | 5-26-2042 | GBP | 100,000 | 132,233 | |
Sampo Oyj | 1.63 | 2-21-2028 | EUR | 100,000 | 111,142 | |
Sampo Oyj (3 Month EURIBOR +4.05%) ± | 3.38 | 5-23-2049 | EUR | 100,000 | 113,871 | |
Swiss Re Finance (Luxembourg) SA (EURIBOR ICE Swap Rate 11:00am +2.85%) ± | 2.53 | 4-30-2050 | EUR | 100,000 | 107,959 | |
803,543 | ||||||
Health care: 2.97% | ||||||
Biotechnology: 0.50% | ||||||
GlaxoSmithKline Capital Incorporated | 1.63 | 5-12-2035 | GBP | 150,000 | 172,471 | |
Health care equipment & supplies: 1.09% | ||||||
Molnlycke Holding AB | 0.63 | 1-15-2031 | EUR | 200,000 | 189,886 | |
Motability Operations Group plc | 2.38 | 7-3-2039 | GBP | 150,000 | 186,182 | |
376,068 | ||||||
Health care providers & services: 0.46% | ||||||
Fresenius Medical Care AG & Company | 1.50 | 5-29-2030 | EUR | 150,000 | 158,719 | |
Pharmaceuticals: 0.92% | ||||||
Bayer AG (EURIBOR ICE Swap Rate 11:00am +2.65%) ± | 2.38 | 11-12-2079 | EUR | 100,000 | 106,700 | |
Bayer AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.11%) ± | 3.13 | 11-12-2079 | EUR | 100,000 | 105,118 | |
Phoenix PIB Dutch Finance BV | 2.38 | 8-5-2025 | EUR | 100,000 | 108,195 | |
320,013 | ||||||
Industrials: 0.91% | ||||||
Aerospace & defense: 0.33% | ||||||
MTU Aero Engines AG | 3.00 | 7-1-2025 | EUR | 100,000 | 114,947 | |
Commercial services & supplies: 0.58% | ||||||
Rentokil Initial plc | 0.50 | 10-14-2028 | EUR | 200,000 | 200,070 | |
Information technology: 0.58% | ||||||
Communications equipment: 0.58% | ||||||
Telefonaktiebolaget LM Ericsson | 1.13 | 2-8-2027 | EUR | 200,000 | 201,831 |
Interest rate | Maturity date | Principal | Value | |||
Materials: 1.50% | ||||||
Chemicals: 0.95% | ||||||
Arkema SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.57%) ʊ± | 1.50% | 10-21-2025 | EUR | 100,000 | $ 104,587 | |
Solvay SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.92%) ʊ± | 4.25 | 12-4-2023 | EUR | 100,000 | 112,284 | |
Syngenta Finance NV | 3.38 | 4-16-2026 | EUR | 100,000 | 112,659 | |
329,530 | ||||||
Construction materials: 0.55% | ||||||
Holcim Finance (Luxembourg) SA | 0.50 | 4-23-2031 | EUR | 200,000 | 191,126 | |
Real estate: 2.30% | ||||||
Equity REITs: 0.60% | ||||||
Castellum Helsinki | 0.88 | 9-17-2029 | EUR | 100,000 | 93,578 | |
Tritax Big Box REIT plc | 1.50 | 11-27-2033 | GBP | 100,000 | 112,885 | |
206,463 | ||||||
Real estate management & development: 1.70% | ||||||
Akelius Residential Property AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.48%) ± | 2.25 | 5-17-2081 | EUR | 100,000 | 102,688 | |
Grand City Properties SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.18%) ʊ± | 1.50 | 3-11-2026 | EUR | 100,000 | 98,050 | |
Heimstaden Bostad AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.90%) ʊ± | 3.63 | 10-14-2027 | EUR | 100,000 | 99,562 | |
LEG Immobilien SE | 0.75 | 6-30-2031 | EUR | 100,000 | 96,715 | |
Vesteda Finance BV | 0.75 | 10-18-2031 | EUR | 100,000 | 98,567 | |
Vonovia SE | 0.75 | 9-1-2032 | EUR | 100,000 | 95,049 | |
590,631 | ||||||
Utilities: 3.46% | ||||||
Electric utilities: 2.30% | ||||||
Electricite de France SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.86%) ʊ± | 2.63 | 12-1-2027 | EUR | 200,000 | 198,014 | |
Electricite de France SA | 5.50 | 10-17-2041 | GBP | 100,000 | 168,215 | |
ESB Finance Designated Activity Company | 1.13 | 6-11-2030 | EUR | 100,000 | 107,201 | |
Iberdrola International BV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.32%) ʊ± | 1.87 | 1-28-2026 | EUR | 200,000 | 213,783 | |
Reseau de Transport d'Electricite | 1.88 | 10-23-2037 | EUR | 100,000 | 109,653 | |
796,866 | ||||||
Gas utilities: 0.56% | ||||||
APT Pipelines Limited | 2.00 | 7-15-2030 | EUR | 180,000 | 194,410 | |
Multi-utilities: 0.30% | ||||||
Veolia Environnement SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.08%) ʊ± | 2.00 | 11-15-2027 | EUR | 100,000 | 102,045 | |
Water utilities: 0.30% | ||||||
Thames Water Utilities Finance plc | 0.88 | 1-31-2028 | EUR | 100,000 | 105,028 | |
Total Foreign corporate bonds and notes (Cost $9,855,883) | 9,033,016 |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 0.47% | ||||||
New Jersey: 0.47% | ||||||
Transportation revenue: 0.47% | ||||||
New Jersey TTFA Transportation System Refunding Bond Series B | 4.13% | 6-15-2042 | $ | 165,000 | $ 163,213 | |
Total Municipal obligations (Cost $165,000) | 163,213 | |||||
U.S. Treasury securities: 0.81% | ||||||
U.S. Treasury Note | 1.88 | 2-15-2032 | 80,000 | 76,825 | ||
U.S. Treasury Note | 1.88 | 11-15-2051 | 230,000 | 201,753 | ||
Total U.S. Treasury securities (Cost $277,575) | 278,578 | |||||
Yankee corporate bonds and notes: 14.57% | ||||||
Communication services: 2.20% | ||||||
Media: 0.48% | ||||||
WPP Finance Limited 2010 | 3.75 | 9-19-2024 | 165,000 | 166,696 | ||
Wireless telecommunication services: 1.72% | ||||||
Telefonica Emisiones SAU | 4.10 | 3-8-2027 | 250,000 | 255,687 | ||
Vodafone Group plc | 4.38 | 5-30-2028 | 325,000 | 339,868 | ||
595,555 | ||||||
Consumer discretionary: 0.49% | ||||||
Internet & direct marketing retail: 0.49% | ||||||
Prosus NV 144A | 3.83 | 2-8-2051 | 230,000 | 167,614 | ||
Consumer staples: 1.02% | ||||||
Household products: 1.02% | ||||||
Reckitt Benckiser Treasury Services plc 144A | 2.75 | 6-26-2024 | 355,000 | 354,219 | ||
Energy: 0.30% | ||||||
Oil, gas & consumable fuels: 0.30% | ||||||
Equinor ASA | 2.38 | 5-22-2030 | 30,000 | 28,316 | ||
Saudi Arabian Oil Company 144A | 4.38 | 4-16-2049 | 75,000 | 76,439 | ||
104,755 | ||||||
Financials: 7.94% | ||||||
Banks: 5.31% | ||||||
Banco Santander SA | 3.49 | 5-28-2030 | 200,000 | 193,570 | ||
Credit Suisse New York | 3.63 | 9-9-2024 | 330,000 | 333,785 | ||
HSBC Holdings plc (U.S. SOFR +2.39%) ± | 2.85 | 6-4-2031 | 200,000 | 184,846 | ||
HSBC Holdings plc | 4.30 | 3-8-2026 | 230,000 | 235,997 | ||
National Australia Bank 144A | 2.33 | 8-21-2030 | 260,000 | 226,171 | ||
Natwest Group plc | 3.88 | 9-12-2023 | 290,000 | 292,970 | ||
Sumitomo Mitsui Financial Group | 2.13 | 7-8-2030 | 200,000 | 178,832 | ||
Westpac Banking Corporation | 3.65 | 5-15-2023 | 190,000 | 192,987 | ||
1,839,158 | ||||||
Capital markets: 0.52% | ||||||
UBS Group AG (1 Year Treasury Constant Maturity +1.10%) 144A± | 2.75 | 2-11-2033 | 200,000 | 181,736 |
Interest rate | Maturity date | Principal | Value | |||
Consumer finance: 0.90% | ||||||
Avolon Holdings Limited 144A | 4.38% | 5-1-2026 | $ | 315,000 | $ 310,749 | |
Diversified financial services: 0.39% | ||||||
AerCap Ireland Capital | 3.30 | 1-30-2032 | 150,000 | 135,219 | ||
Insurance: 0.82% | ||||||
Athene Holding Limited | 3.50 | 1-15-2031 | 295,000 | 282,359 | ||
Information technology: 0.96% | ||||||
Semiconductors & semiconductor equipment: 0.96% | ||||||
NXP BV 144A | 3.40 | 5-1-2030 | 85,000 | 82,387 | ||
NXP BV 144A | 3.88 | 6-18-2026 | 250,000 | 250,803 | ||
333,190 | ||||||
Materials: 0.58% | ||||||
Construction materials: 0.58% | ||||||
Aliaxis Finance SA | 0.88 | 11-8-2028 | 200,000 | 198,941 | ||
Real estate: 0.81% | ||||||
Equity REITs: 0.81% | ||||||
Scentre Group Trust 2 Company (5 Year Treasury Constant Maturity +4.69%) 144A± | 5.13 | 9-24-2080 | 285,000 | 279,656 | ||
Utilities: 0.27% | ||||||
Multi-utilities: 0.27% | ||||||
Engie SA | 1.00 | 10-26-2036 | 100,000 | 93,761 | ||
Total Yankee corporate bonds and notes (Cost $5,296,050) | 5,043,608 |
Yield | Shares | |||||
Short-term investments: 1.48% | ||||||
Investment companies: 1.48% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18 | 513,114 | 513,114 | |||
Total Short-term investments (Cost $513,114) | 513,114 | |||||
Total investments in securities (Cost $35,749,513) | 98.54% | 34,113,496 | ||||
Other assets and liabilities, net | 1.46 | 504,523 | ||||
Total net assets | 100.00% | $34,618,019 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
♠ | 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. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
Abbreviations: | |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
GBP | Great British pound |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
TTFA | Transportation Trust Fund Authority |
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 | $1,613,662 | $6,515,593 | $(7,616,141) | $0 | $0 | $513,114 | 513,114 | $68 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
8,450,578 USD | 7,650,000 EUR | State Street Bank & Trust Company | 4-27-2022 | $0 | $ (17,926) | |
1,838,380 USD | 1,400,000 GBP | State Street Bank & Trust Company | 4-27-2022 | 0 | (448) | |
$0 | $(18,374) |
Assets | |
Investments in unaffiliated securities, at value (cost $35,236,399) | $ 33,600,382 |
Investments in affiliated securities, at value (cost $513,114) | 513,114 |
Foreign currency, at value (cost $122,323) | 121,398 |
Receivable for interest | 328,111 |
Receivable for investments sold | 230,027 |
Prepaid expenses and other assets | 16,213 |
Total assets | 34,809,245 |
Liabilities | |
Payable for investments purchased | 105,334 |
Professional fees payable | 34,752 |
Unrealized losses on forward foreign currency contracts | 18,374 |
Custody and accounting fees payable | 13,587 |
Shareholder report expenses payable | 12,216 |
Trustees’ fees and expenses payable | 3,334 |
Management fee payable | 1,838 |
Administration fees payable | 898 |
Accrued expenses and other liabilities | 893 |
Total liabilities | 191,226 |
Total net assets | $34,618,019 |
Net assets consist of | |
Paid-in capital | $ 35,796,535 |
Total distributable loss | (1,178,516) |
Total net assets | $34,618,019 |
Computation of net asset value per share | |
Net assets – Class R6 | $ 34,593,316 |
Shares outstanding – Class R61 | 3,665,448 |
Net asset value per share – Class R6 | $9.44 |
Net assets – Institutional Class | $ 24,703 |
Shares outstanding – Institutional Class1 | 2,617 |
Net asset value per share – Institutional Class | $9.44 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Interest | $ 550,413 |
Income from affiliated securities | 68 |
Total investment income | 550,481 |
Expenses | |
Management fee | 81,405 |
Administration fees | |
Class R6 | 6,101 |
Institutional Class | 11 |
Custody and accounting fees | 8,093 |
Professional fees | 23,634 |
Registration fees | 10,299 |
Shareholder report expenses | 9,764 |
Trustees’ fees and expenses | 10,681 |
Other fees and expenses | 981 |
Total expenses | 150,969 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (59,382) |
Net expenses | 91,587 |
Net investment income | 458,894 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (6,049) |
Forward foreign currency contracts | 996,709 |
Net realized gains on investments | 990,660 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (4,014,497) |
Forward foreign currency contracts | (188,823) |
Net change in unrealized gains (losses) on investments | (4,203,320) |
Net realized and unrealized gains (losses) on investments | (3,212,660) |
Net decrease in net assets resulting from operations | $(2,753,766) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 458,894 | $ 1,390,147 | ||
Net realized gains on investments | 990,660 | 2,532,345 | ||
Net change in unrealized gains (losses) on investments | (4,203,320) | (2,132,176) | ||
Net increase (decrease) in net assets resulting from operations | (2,753,766) | 1,790,316 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class R6 | (2,036,093) | (3,431,984) | ||
Institutional Class | (1,293) | (1,386) | ||
Total distributions to shareholders | (2,037,386) | (3,433,370) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class R6 | 143,383 | 1,454,245 | 1,105,335 | 12,046,379 |
Reinvestment of distributions | ||||
Class R6 | 198,510 | 2,020,860 | 217,161 | 2,350,779 |
Institutional Class | 117 | 1,192 | 0 | 0 |
2,022,052 | 2,350,779 | |||
Payment for shares redeemed | ||||
Class R6 | (925,487) | (9,406,360) | (4,117,900) | (44,289,615) |
Net decrease in net assets resulting from capital share transactions | (5,930,063) | (29,892,457) | ||
Total decrease in net assets | (10,721,215) | (31,535,511) | ||
Net assets | ||||
Beginning of period | 45,339,234 | 76,874,745 | ||
End of period | $ 34,618,019 | $ 45,339,234 |
Year ended September 30 | ||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.66 | $10.91 | $10.75 | $10.00 |
Net investment income | 0.11 2 | 0.24 2 | 0.24 2 | 0.13 |
Net realized and unrealized gains (losses) on investments | (0.81) | 0.07 | 0.39 | 0.73 |
Total from investment operations | (0.70) | 0.31 | 0.63 | 0.86 |
Distributions to shareholders from | ||||
Net investment income | (0.12) | (0.31) | (0.34) | (0.11) |
Net realized gains | (0.40) | (0.25) | (0.13) | 0.00 |
Total distributions to shareholders | (0.52) | (0.56) | (0.47) | (0.11) |
Net asset value, end of period | $9.44 | $10.66 | $10.91 | $10.75 |
Total return3 | (6.90)% | 2.86% | 6.10% | 8.64% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.74% | 0.68% | 0.77% | 0.86% |
Net expenses | 0.45% | 0.45% | 0.45% | 0.45% |
Net investment income | 2.25% | 2.22% | 2.29% | 2.34% |
Supplemental data | ||||
Portfolio turnover rate | 13% | 28% | 79% | 36% |
Net assets, end of period (000s omitted) | $34,593 | $45,313 | $76,847 | $96,835 |
1 | For the period from February 28, 2019 (commencement of class operations) to September 30, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.66 | $10.91 | $10.75 | $10.00 |
Net investment income | 0.11 | 0.23 | 0.24 | 0.14 |
Net realized and unrealized gains (losses) on investments | (0.81) | 0.07 | 0.38 | 0.72 |
Total from investment operations | (0.70) | 0.30 | 0.62 | 0.86 |
Distributions to shareholders from | ||||
Net investment income | (0.12) | (0.30) | (0.33) | (0.11) |
Net realized gains | (0.40) | (0.25) | (0.13) | 0.00 |
Total distributions to shareholders | (0.52) | (0.55) | (0.46) | (0.11) |
Net asset value, end of period | $9.44 | $10.66 | $10.91 | $10.75 |
Total return2 | (6.93)% | 2.81% | 6.04% | 8.64% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.79% | 0.73% | 0.83% | 0.97% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 2.22% | 2.18% | 2.24% | 2.34% |
Supplemental data | ||||
Portfolio turnover rate | 13% | 28% | 79% | 36% |
Net assets, end of period (000s omitted) | $25 | $27 | $27 | $27 |
1 | For the period from February 28, 2019 (commencement of class operations) to September 30, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 412,846 |
Gross unrealized losses | (2,518,421) |
Net unrealized losses | $(2,105,575) |
■ | 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: | ||||
Asset-backed securities | $ 0 | $ 584,599 | $0 | $ 584,599 |
Corporate bonds and notes | 0 | 18,497,368 | 0 | 18,497,368 |
Foreign corporate bonds and notes | 0 | 9,033,016 | 0 | 9,033,016 |
Municipal obligations | 0 | 163,213 | 0 | 163,213 |
U.S. Treasury securities | 278,578 | 0 | 0 | 278,578 |
Yankee corporate bonds and notes | 0 | 5,043,608 | 0 | 5,043,608 |
Short-term investments | ||||
Investment companies | 513,114 | 0 | 0 | 513,114 |
Total assets | $791,692 | $33,321,804 | $0 | $34,113,496 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 18,374 | $0 | $ 18,374 |
Total liabilities | $ 0 | $ 18,374 | $0 | $ 18,374 |
Average daily net assets | Management fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.290 |
Over $10 billion | 0.280 |
Class-level administration fee | |
Class R6 | 0.03% |
Institutional Class | 0.08 |
Expense ratio caps | |
Class R6 | 0.45% |
Institutional Class | 0.50 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$1,569,062 | $3,673,113 | $1,957,109 | $9,256,446 |
Counterparty | Gross amounts of liabilities in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral received | Net amount of assets |
State Street Bank & Trust Company | $18,374 | $0 | $0 | $18,374 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g338620img00cafd1a1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338620imgf6e053cc7.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA294/SAR294 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338354imgcdc28bfc1.jpg)
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Consolidated financial statements | |
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![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338354imged00b4522.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338354imge3e648683.jpg)
President
Allspring Funds
Investment objective | The Fund seeks total return, consisting of a high level of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Christopher Kauffman, CFA®‡, Janet Rilling, CFA®‡, Michael Schueller, CFA®‡, Michal Stanczyk, Noah Wise, CFA®‡ |
Average annual total returns (%) as of March 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 (WSIAX) | 1-31-2013 | -5.74 | 2.79 | 2.01 | -1.80 | 3.63 | 2.47 | 1.09 | 0.92 | ||
Class C (WSICX) | 1-31-2013 | -3.53 | 3.01 | 1.78 | -2.53 | 3.01 | 1.78 | 1.84 | 1.67 | ||
Administrator Class (WSIDX) | 1-31-2013 | – | – | – | -1.75 | 3.76 | 2.58 | 1.03 | 0.77 | ||
Institutional Class (WSINX) | 1-31-2013 | – | – | – | -1.52 | 3.95 | 2.78 | 0.76 | 0.62 | ||
Bloomberg U.S. Aggregate Bond Index3 | – | – | – | – | -4.15 | 2.14 | 2.10 * | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through January 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.90% for Class A, 1.65% for Class C, 0.75% for Administrator Class, and 0.60% 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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of March 31, 20221 | |
U.S. Treasury Note, 1.25%, 12-31-2026 | 1.69 |
VanEck Vectors JPMorgan Emerging Markets Local Currency Bond ETF | 1.49 |
U.S. Treasury Note, 0.75%, 3-31-2026 | 1.39 |
Brazil , 0.00%, 7-1-2024 | 1.22 |
EQT Corporation , 1.75%, 5-1-2026 | 1.06 |
Goldman Sachs Mortgage Security Trust Series 2018-LUAU Class B, 1.80%, 11-15-2032 | 0.94 |
Longtrain Leasing III LLC Series 2015-1A Class A2, 4.06%, 1-15-2045 | 0.90 |
NRG Energy Incorporated , 4.45%, 6-15-2029 | 0.89 |
Taco Bell Funding LLC Series 2016-1A Class A2, 4.97%, 5-25-2046 | 0.87 |
Republic of South Africa, 10.50%, 12-21-2026 | 0.84 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338354imgd0449b634.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. |
Credit quality as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338354img9a2948c75.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338354img3162617c6.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 10-1-2021 | Ending account value 3-31-2022 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 960.80 | $4.40 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $4.53 | 0.90% |
Class C | ||||
Actual | $1,000.00 | $ 957.27 | $7.95 | 1.63% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.80 | $8.20 | 1.63% |
Administrator Class | ||||
Actual | $1,000.00 | $ 959.96 | $3.66 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Institutional Class | ||||
Actual | $1,000.00 | $ 961.96 | $2.93 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.94 | $3.02 | 0.60% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 8.52% | ||||||
Aqua Finance Trust Series 2019-A Class A 144A | 3.14% | 7-16-2040 | $ | 360,500 | $ 356,538 | |
Aqua Finance Trust Series 2021-A Class A 144A | 1.54 | 7-17-2046 | 693,251 | 660,568 | ||
Avis Budget Rental Car Funding LLC Series 2017-1A Class C 144A | 4.15 | 9-20-2023 | 1,195,000 | 1,199,316 | ||
Brean Asset-Backed Securities Trust 2021-RM2 Class A 144A±± | 1.75 | 10-25-2061 | 992,272 | 915,138 | ||
Cajun Global LLC Series 2021-1 Class A2 144A | 3.93 | 11-20-2051 | 996,250 | 939,568 | ||
Coinstar Funding LLC Series 2017-1A Class A2 144A | 5.22 | 4-25-2047 | 1,062,038 | 1,056,740 | ||
CommonBond Student Loan Trust Series 2018-CGS Class C 144A | 4.35 | 2-25-2046 | 85,420 | 85,322 | ||
CPS Auto Receivables Trust 2021-A Class D 144A | 1.16 | 12-15-2026 | 1,320,000 | 1,265,997 | ||
DRB Prime Student Loan Trust Series 2017-C Class C 144A | 3.29 | 11-25-2042 | 295,202 | 295,501 | ||
Driven Brands Funding LLC Series 2019-2A Class A2 144A | 3.98 | 10-20-2049 | 342,125 | 329,903 | ||
Dryden Senior Loan Fund Series 2017-50A Class C (3 Month LIBOR +2.25%) 144A± | 2.49 | 7-15-2030 | 1,000,000 | 985,884 | ||
Mission Lane Master Trust Series 2021 Class A 144A | 1.59 | 9-15-2026 | 1,000,000 | 974,982 | ||
Pagaya AI Debt Selection Trust Series 2021-3 Class B 144A | 1.74 | 5-15-2029 | 1,000,000 | 942,196 | ||
SMB Private Education Loan Trust Series 2015-C Class C 144A | 4.50 | 9-17-2046 | 290,000 | 288,783 | ||
SoFi Consumer Loan Program Trust Series 2018-4 Class D 144A | 4.76 | 11-26-2027 | 300,000 | 301,821 | ||
SoFi Professional Loan Program LLC Series 2017-E Class B 144A | 3.49 | 11-26-2040 | 300,000 | 297,309 | ||
Taco Bell Funding LLC Series 2016-1A Class A2 144A | 4.97 | 5-25-2046 | 1,428,750 | 1,452,793 | ||
Taco Bell Funding LLC Series 2021 Class A2 144A | 1.95 | 8-25-2051 | 788,025 | 712,686 | ||
United Airlines Pass-Through Trust Certificates Series 2020-1 Class A | 5.88 | 4-15-2029 | 236,269 | 244,559 | ||
Wingstop Funding LLC Series 2020-1A Class A2 144A | 2.84 | 12-5-2050 | 358,200 | 332,222 | ||
Zaxby's Funding LLC Series 2021-1A Class A2 144A | 3.24 | 7-30-2051 | 696,500 | 642,349 | ||
Total Asset-backed securities (Cost $14,840,484) | 14,280,175 | |||||
Convertible debentures: 1.45% | ||||||
Consumer discretionary: 0.39% | ||||||
Hotels, restaurants & leisure: 0.39% | ||||||
Royal Caribbean Group | 4.25 | 6-15-2023 | 500,000 | 653,150 | ||
Energy: 1.06% | ||||||
Oil, gas & consumable fuels: 1.06% | ||||||
EQT Corporation | 1.75 | 5-1-2026 | 750,000 | 1,777,500 | ||
Total Convertible debentures (Cost $1,333,167) | 2,430,650 |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 29.76% | ||||||
Communication services: 4.07% | ||||||
Diversified telecommunication services: 0.05% | ||||||
Cablevision Lightpath LLC 144A | 5.63% | 9-15-2028 | $ | 100,000 | $ 91,250 | |
Entertainment: 0.75% | ||||||
CEC Entertainment LLC 144A | 6.75 | 5-1-2026 | 250,000 | 241,721 | ||
Live Nation Entertainment Incorporated 144A | 5.63 | 3-15-2026 | 400,000 | 407,500 | ||
Seaworld Parks & Entertainment 144A | 5.25 | 8-15-2029 | 635,000 | 605,625 | ||
1,254,846 | ||||||
Media: 2.80% | ||||||
CCO Holdings LLC 144A | 4.25 | 1-15-2034 | 500,000 | 434,248 | ||
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 175,000 | 164,201 | ||
Clear Channel Outdoor Holdings 144A | 5.13 | 8-15-2027 | 60,000 | 59,351 | ||
Covert Mergeco Incorporated 144A | 4.88 | 12-1-2029 | 355,000 | 338,919 | ||
CSC Holdings LLC 144A | 4.63 | 12-1-2030 | 500,000 | 418,145 | ||
DIRECTV Holdings LLC 144A | 5.75 | 12-1-2028 | 300,000 | 283,875 | ||
DIRECTV Holdings LLC 144A | 5.88 | 8-15-2027 | 165,000 | 162,319 | ||
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 400,000 | 382,486 | ||
Gray Television Incorporated 144A | 4.75 | 10-15-2030 | 150,000 | 139,313 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 150,000 | 151,830 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 175,000 | 164,719 | ||
QVC Incorporated | 4.38 | 9-1-2028 | 190,000 | 173,351 | ||
QVC Incorporated | 4.75 | 2-15-2027 | 695,000 | 665,463 | ||
Salem Media Group Incorporated 144A | 6.75 | 6-1-2024 | 95,000 | 93,575 | ||
Scripps Escrow II Incorporated 144A | 5.38 | 1-15-2031 | 545,000 | 521,838 | ||
Scripps Escrow II Incorporated 144A | 5.88 | 7-15-2027 | 125,000 | 125,095 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 400,000 | 411,940 | ||
4,690,668 | ||||||
Wireless telecommunication services: 0.47% | ||||||
Sprint Capital Corporation | 8.75 | 3-15-2032 | 305,000 | 410,835 | ||
T-Mobile USA Incorporated | 3.50 | 4-15-2031 | 400,000 | 376,392 | ||
787,227 | ||||||
Consumer discretionary: 2.19% | ||||||
Auto components: 0.02% | ||||||
Allison Transmission Incorporated 144A | 5.88 | 6-1-2029 | 35,000 | 35,681 | ||
Automobiles: 0.24% | ||||||
Ford Motor Company | 3.25 | 2-12-2032 | 450,000 | 401,909 | ||
Diversified consumer services: 0.05% | ||||||
Howard University | 5.21 | 10-1-2052 | 90,000 | 88,131 | ||
Hotels, restaurants & leisure: 0.93% | ||||||
Carnival Corporation 144A | 7.63 | 3-1-2026 | 360,000 | 362,351 | ||
Las Vegas Sands Corporation | 3.20 | 8-8-2024 | 1,000,000 | 954,690 | ||
Royal Caribbean Cruises Limited 144A | 5.38 | 7-15-2027 | 20,000 | 19,216 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 125,000 | 121,475 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 95,000 | 90,564 | ||
1,548,296 |
Interest rate | Maturity date | Principal | Value | |||
Household durables: 0.05% | ||||||
Allied Universal Holdco LLC 144A | 6.63% | 7-15-2026 | $ | 85,000 | $ 86,006 | |
Multiline retail: 0.24% | ||||||
Macy's Retail Holdings LLC 144A | 5.88 | 4-1-2029 | 400,000 | 399,000 | ||
Specialty retail: 0.66% | ||||||
Michaels Arts & Crafts Incorporated 144A | 7.88 | 5-1-2029 | 400,000 | 342,500 | ||
NMG Holding Company Incorporated 144A | 7.13 | 4-1-2026 | 500,000 | 513,500 | ||
Rent-A-Center Incorporated 144A | 6.38 | 2-15-2029 | 275,000 | 251,625 | ||
1,107,625 | ||||||
Consumer staples: 0.53% | ||||||
Food products: 0.53% | ||||||
CHS Incorporated 144A | 5.25 | 5-15-2030 | 70,000 | 67,185 | ||
CHS Incorporated 144A | 6.88 | 4-15-2029 | 400,000 | 393,000 | ||
Kraft Heinz Foods Company | 4.88 | 10-1-2049 | 400,000 | 421,452 | ||
881,637 | ||||||
Energy: 4.10% | ||||||
Energy equipment & services: 0.78% | ||||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 500,000 | 506,250 | ||
Hilcorp Energy Company 144A | 5.75 | 2-1-2029 | 55,000 | 55,033 | ||
Hilcorp Energy Company 144A | 6.00 | 2-1-2031 | 55,000 | 55,138 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 400,000 | 389,056 | ||
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 300,000 | 295,143 | ||
1,300,620 | ||||||
Oil, gas & consumable fuels: 3.32% | ||||||
Aethon United 144A | 8.25 | 2-15-2026 | 500,000 | 518,850 | ||
Antero Resources Corporation 144A | 8.38 | 7-15-2026 | 23,000 | 25,358 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 100,000 | 85,244 | ||
Cheniere Energy Partners LP 144A | 3.25 | 1-31-2032 | 270,000 | 245,508 | ||
Comstock Resources Incorporated 144A | 5.88 | 1-15-2030 | 90,000 | 88,677 | ||
DCP Midstream Operating Company | 5.13 | 5-15-2029 | 500,000 | 514,245 | ||
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 425,000 | 437,448 | ||
EnLink Midstream Partners LP | 5.05 | 4-1-2045 | 115,000 | 92,863 | ||
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 220,000 | 219,450 | ||
EnLink Midstream Partners LP | 5.45 | 6-1-2047 | 85,000 | 71,613 | ||
Murphy Oil Corporation | 5.75 | 8-15-2025 | 155,000 | 157,951 | ||
Murphy Oil Corporation | 5.88 | 12-1-2027 | 200,000 | 203,500 | ||
Nabors Industries Incorporated 144A | 7.38 | 5-15-2027 | 230,000 | 238,913 | ||
New Fortress Energy Incorporated 144A | 6.50 | 9-30-2026 | 470,000 | 465,662 | ||
Occidental Petroleum Corporation | 4.63 | 6-15-2045 | 200,000 | 194,000 | ||
Occidental Petroleum Corporation | 6.20 | 3-15-2040 | 50,000 | 55,500 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 420,000 | 493,368 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 340,000 | 336,080 | ||
Southwestern Energy Company | 4.75 | 2-1-2032 | 100,000 | 99,875 | ||
Southwestern Energy Company | 7.75 | 10-1-2027 | 225,000 | 238,219 | ||
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 95,000 | 92,183 | ||
Veture Global LNG Incorporated 144A | 3.88 | 11-1-2033 | 30,000 | 28,688 | ||
Western Midstream Operating LP | 5.30 | 3-1-2048 | 675,000 | 668,250 | ||
5,571,445 |
Interest rate | Maturity date | Principal | Value | |||
Financials: 10.03% | ||||||
Banks: 2.16% | ||||||
Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73% | 7-22-2027 | $ | 1,000,000 | $ 928,685 | |
Bank of America Corporation (3 Month LIBOR +4.55%) ± | 6.30 | 12-29-2049 | 265,000 | 281,814 | ||
Citigroup Incorporated (5 Year Treasury Constant Maturity +3.42%) ʊ± | 3.88 | 2-18-2026 | 750,000 | 706,875 | ||
JPMorgan Chase & Company (U.S. SOFR +3.13%) ʊ± | 4.60 | 2-3-2025 | 500,000 | 481,875 | ||
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ± | 5.15 | 12-29-2049 | 350,000 | 351,750 | ||
JPMorgan Chase & Company (3 Month LIBOR +3.30%) ± | 6.00 | 12-31-2049 | 100,000 | 101,250 | ||
PNC Financial Services (3 Month LIBOR +3.30%) ± | 5.00 | 12-29-2049 | 250,000 | 250,000 | ||
Truist Financial Corporation (5 Year Treasury Constant Maturity +4.61%) ʊ± | 4.95 | 9-2-2025 | 500,000 | 512,000 | ||
3,614,249 | ||||||
Capital markets: 2.87% | ||||||
Charles Schwab Corporation (5 Year Treasury Constant Maturity +4.97%) ʊ± | 5.38 | 6-2-2025 | 750,000 | 772,500 | ||
Coinbase Global Incorporated 144A | 3.63 | 10-1-2031 | 165,000 | 140,663 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +1.25%) ± | 2.38 | 7-21-2032 | 750,000 | 664,277 | ||
Goldman Sachs Group Incorporated (5 Year Treasury Constant Maturity +2.97%) ʊ± | 3.80 | 5-10-2026 | 1,000,000 | 926,875 | ||
Morgan Stanley (U.S. SOFR +1.29%) ± | 2.94 | 1-21-2033 | 1,500,000 | 1,406,607 | ||
Owl Rock Capital Corporation | 2.63 | 1-15-2027 | 1,000,000 | 896,300 | ||
4,807,222 | ||||||
Consumer finance: 1.36% | ||||||
FirstCash Incorporated 144A | 5.63 | 1-1-2030 | 95,000 | 91,280 | ||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 175,000 | 174,547 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 275,000 | 276,631 | ||
General Motors Financial Company (5 Year Treasury Constant Maturity +5.00%) ʊ± | 5.70 | 9-30-2030 | 500,000 | 523,850 | ||
Navient Corporation | 5.00 | 3-15-2027 | 70,000 | 66,675 | ||
Navient Corporation | 5.63 | 8-1-2033 | 100,000 | 84,200 | ||
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 265,000 | 251,146 | ||
PROG Holdings Incorporated 144A | 6.00 | 11-15-2029 | 85,000 | 78,838 | ||
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 165,000 | 151,494 | ||
Rocket Mortgage LLC 144A | 4.00 | 10-15-2033 | 400,000 | 350,360 | ||
Springleaf Finance Corporation | 6.63 | 1-15-2028 | 225,000 | 235,688 | ||
2,284,709 | ||||||
Diversified financial services: 0.38% | ||||||
LPL Holdings Incorporated 144A | 4.38 | 5-15-2031 | 650,000 | 628,514 | ||
Insurance: 2.58% | ||||||
Amwins Group Incorporated 144A | 4.88 | 6-30-2029 | 80,000 | 76,802 | ||
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 500,000 | 466,250 | ||
Guardian Life Insurance Company 144A | 4.85 | 1-24-2077 | 200,000 | 228,182 | ||
HUB International Limited 144A | 5.63 | 12-1-2029 | 30,000 | 28,650 | ||
HUB International Limited 144A | 7.00 | 5-1-2026 | 45,000 | 45,520 |
Interest rate | Maturity date | Principal | Value | |||
Insurance (continued) | ||||||
Maple Grove Funding Trust 144A | 4.16% | 8-15-2051 | $ | 900,000 | $ 811,442 | |
Markel Corporation (5 Year Treasury Constant Maturity +5.66%) ʊ± | 6.00 | 6-2-2025 | 1,000,000 | 1,035,000 | ||
MetLife Incorporated | 6.40 | 12-15-2066 | 1,200,000 | 1,292,160 | ||
OneAmerica Financial Partners Incorporated 144A | 4.25 | 10-15-2050 | 70,000 | 67,385 | ||
Prudential Financial Incorporated (5 Year Treasury Constant Maturity +3.04%) ± | 3.70 | 10-1-2050 | 270,000 | 247,428 | ||
Ryan Specialty Group LLC 144A | 4.38 | 2-1-2030 | 35,000 | 33,075 | ||
4,331,894 | ||||||
Mortgage REITs: 0.17% | ||||||
Starwood Property Trust Incorporated 144A | 4.38 | 1-15-2027 | 300,000 | 291,000 | ||
Thrifts & mortgage finance: 0.51% | ||||||
Ladder Capital Finance Holdings LP 144A | 4.25 | 2-1-2027 | 350,000 | 335,427 | ||
Ladder Capital Finance Holdings LP 144A | 4.75 | 6-15-2029 | 50,000 | 47,156 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 120,000 | 119,550 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 4-15-2029 | 400,000 | 356,408 | ||
858,541 | ||||||
Health care: 0.50% | ||||||
Health care equipment & supplies: 0.08% | ||||||
Mozart Debt Merger Sub Incorporated 144A | 5.25 | 10-1-2029 | 150,000 | 139,451 | ||
Health care providers & services: 0.42% | ||||||
AdaptHealth LLC 144A | 4.63 | 8-1-2029 | 45,000 | 41,063 | ||
Air Methods Corporation 144A | 8.00 | 5-15-2025 | 385,000 | 333,025 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 205,000 | 212,224 | ||
Vizient Incorporated 144A | 6.25 | 5-15-2027 | 105,000 | 108,150 | ||
694,462 | ||||||
Industrials: 3.27% | ||||||
Aerospace & defense: 0.17% | ||||||
TransDigm Group Incorporated | 4.88 | 5-1-2029 | 300,000 | 281,181 | ||
Airlines: 1.25% | ||||||
Alaska Airlines 144A | 4.80 | 2-15-2029 | 7 | 7 | ||
Delta Air Lines Incorporated 144A | 4.75 | 10-20-2028 | 150,000 | 151,148 | ||
Delta Airlines Pass-Through Certificates Series 2015-B | 4.25 | 1-30-2025 | 452,287 | 453,088 | ||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 395,000 | 395,225 | ||
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 750,000 | 781,875 | ||
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 300,000 | 319,500 | ||
2,100,843 | ||||||
Commercial services & supplies: 0.77% | ||||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 400,000 | 352,866 | ||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 910,000 | 937,300 | ||
1,290,166 | ||||||
Industrial conglomerates: 0.57% | ||||||
General Electric Company (3 Month LIBOR +3.33%) ± | 4.16 | 12-29-2049 | 1,000,000 | 958,750 |
Interest rate | Maturity date | Principal | Value | |||
Road & rail: 0.07% | ||||||
Uber Technologies Incorporated 144A | 4.50% | 8-15-2029 | $ | 120,000 | $ 112,500 | |
Trading companies & distributors: 0.35% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 430,000 | 390,935 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 199,000 | 197,508 | ||
588,443 | ||||||
Transportation infrastructure: 0.09% | ||||||
Toll Road Investors Partnership II LP 144A¤ | 0.00 | 2-15-2027 | 200,000 | 156,482 | ||
Information technology: 1.18% | ||||||
Communications equipment: 0.33% | ||||||
CIENA Corporation 144A | 4.00 | 1-31-2030 | 165,000 | 158,813 | ||
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 200,000 | 173,715 | ||
CommScope Technologies LLC 144A | 8.25 | 3-1-2027 | 225,000 | 218,813 | ||
551,341 | ||||||
IT services: 0.10% | ||||||
Sabre GLBL Incorporated 144A | 7.38 | 9-1-2025 | 15,000 | 15,663 | ||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 135,000 | 149,666 | ||
165,329 | ||||||
Software: 0.30% | ||||||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 105,000 | 100,655 | ||
MPH Acquisition Holdings LLC 144A | 5.75 | 11-1-2028 | 440,000 | 397,289 | ||
497,944 | ||||||
Technology hardware, storage & peripherals: 0.45% | ||||||
Western Digital Corporation | 4.75 | 2-15-2026 | 750,000 | 761,745 | ||
Materials: 0.59% | ||||||
Containers & packaging: 0.38% | ||||||
Ball Corporation | 2.88 | 8-15-2030 | 400,000 | 358,618 | ||
Clydesdale Acquisition Holdings Incorporated 144A%% | 8.75 | 4-15-2030 | 300,000 | 282,375 | ||
640,993 | ||||||
Metals & mining: 0.21% | ||||||
Arches Buyer Incorporated 144A | 6.13 | 12-1-2028 | 80,000 | 73,948 | ||
Cleveland-Cliffs Incorporated | 5.88 | 6-1-2027 | 275,000 | 282,074 | ||
356,022 | ||||||
Real estate: 1.48% | ||||||
Equity REITs: 1.48% | ||||||
EPR Properties | 3.75 | 8-15-2029 | 500,000 | 468,030 | ||
GLP Capital LP | 4.00 | 1-15-2031 | 1,000,000 | 969,880 | ||
Service Properties Trust Company | 3.95 | 1-15-2028 | 50,000 | 42,502 | ||
Service Properties Trust Company | 4.38 | 2-15-2030 | 50,000 | 41,507 | ||
Service Properties Trust Company | 4.75 | 10-1-2026 | 25,000 | 22,875 | ||
Service Properties Trust Company | 4.95 | 2-15-2027 | 325,000 | 300,333 | ||
Service Properties Trust Company | 5.25 | 2-15-2026 | 50,000 | 46,875 |
Interest rate | Maturity date | Principal | Value | |||
Equity REITs (continued) | ||||||
Simon Property Group LP | 3.80% | 7-15-2050 | $ | 120,000 | $ 118,337 | |
WEA Finance LLC 144A | 4.75 | 9-17-2044 | 500,000 | 470,595 | ||
2,480,934 | ||||||
Utilities: 1.82% | ||||||
Electric utilities: 1.58% | ||||||
NRG Energy Incorporated 144A | 4.45 | 6-15-2029 | 1,500,000 | 1,500,614 | ||
Oglethorpe Power Corporation | 4.25 | 4-1-2046 | 400,000 | 380,098 | ||
The Southern Company (5 Year Treasury Constant Maturity +3.73%) ± | 4.00 | 1-15-2051 | 500,000 | 483,750 | ||
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 300,000 | 283,500 | ||
2,647,962 | ||||||
Independent power & renewable electricity producers: 0.24% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 46,471 | 47,401 | ||
TerraForm Power Operating LLC 144A | 4.75 | 1-15-2030 | 369,000 | 359,886 | ||
407,287 | ||||||
Total Corporate bonds and notes (Cost $51,207,244) | 49,892,305 | |||||
Foreign corporate bonds and notes : 9.47% | ||||||
Communication services: 0.84% | ||||||
Media: 0.84% | ||||||
SES SA Company (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.19%) ʊ± | 2.88 | 5-27-2026 | EUR | 575,000 | 588,784 | |
Tele Columbus AG 144A | 3.88 | 5-2-2025 | EUR | 510,000 | 522,731 | |
Ziggo Bond Company BV 144A | 3.38 | 2-28-2030 | EUR | 300,000 | 292,880 | |
1,404,395 | ||||||
Consumer discretionary: 1.41% | ||||||
Auto components: 0.81% | ||||||
Adient Global Holdings 144A | 3.50 | 8-15-2024 | EUR | 515,000 | 558,438 | |
Adler Pelzer Holding GmbH 144A | 4.13 | 4-1-2024 | EUR | 800,000 | 803,509 | |
1,361,947 | ||||||
Automobiles: 0.34% | ||||||
Peugeot SA Company | 2.00 | 3-20-2025 | EUR | 500,000 | 565,082 | |
Diversified consumer services: 0.26% | ||||||
Intertrust Group BV 144A | 3.38 | 11-15-2025 | EUR | 400,000 | 441,040 | |
Consumer staples: 2.10% | ||||||
Food & staples retailing: 1.11% | ||||||
Casino Guichard Perracho SA | 3.58 | 2-7-2025 | EUR | 400,000 | 383,426 | |
Foodco Bondco SL 144A | 6.25 | 5-15-2026 | EUR | 400,000 | 384,975 | |
Iceland Bondco plc 144A | 4.38 | 5-15-2028 | GBP | 1,000,000 | 1,096,535 | |
1,864,936 |
Interest rate | Maturity date | Principal | Value | |||
Food products: 0.53% | ||||||
Danone SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.43%) ʊ± | 1.75% | 3-23-2023 | EUR | 400,000 | $ 444,876 | |
Sigma Holdings Company BV 144A | 5.75 | 5-15-2026 | EUR | 500,000 | 450,154 | |
895,030 | ||||||
Tobacco: 0.46% | ||||||
BAT International Finance plc | 2.25 | 1-16-2030 | EUR | 750,000 | 764,029 | |
Energy: 0.58% | ||||||
Oil, gas & consumable fuels: 0.58% | ||||||
Eni SpA | 1.13 | 9-19-2028 | EUR | 800,000 | 849,481 | |
TotalEnergies SE (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.78%) ± | 3.88 | 12-29-2049 | EUR | 100,000 | 110,968 | |
960,449 | ||||||
Financials: 2.33% | ||||||
Banks: 1.43% | ||||||
Asian Development Bank | 6.20 | 10-6-2026 | INR | 18,450,000 | 238,833 | |
Bankia SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +5.82%) ʊ± | 6.00 | 7-18-2022 | EUR | 600,000 | 669,558 | |
Caixa Geral de Depositos SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +5.50%) ± | 5.75 | 6-28-2028 | EUR | 400,000 | 460,940 | |
Permanent TSB Group (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +2.55%) ± | 2.13 | 9-26-2024 | EUR | 600,000 | 653,800 | |
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am +1.60%) ± | 1.38 | 6-17-2033 | EUR | 400,000 | 376,687 | |
2,399,818 | ||||||
Capital markets: 0.35% | ||||||
International Finance Corporation | 6.30 | 11-25-2024 | INR | 45,000,000 | 589,677 | |
Consumer finance: 0.29% | ||||||
Cellnex Finance Company SA | 2.00 | 9-15-2032 | EUR | 500,000 | 476,252 | |
Thrifts & mortgage finance: 0.26% | ||||||
Deutsche Pfandbriefbank AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.75%) ± | 2.88 | 6-28-2027 | EUR | 400,000 | 436,008 | |
Health care: 0.47% | ||||||
Pharmaceuticals: 0.47% | ||||||
Takeda Pharmaceutical Company Limited | 2.00 | 7-9-2040 | EUR | 750,000 | 783,913 | |
Industrials: 0.69% | ||||||
Commercial services & supplies: 0.56% | ||||||
Paprec Holding SA 144A | 4.00 | 3-31-2025 | EUR | 450,000 | 499,530 | |
Prosegur Cash SA | 1.38 | 2-4-2026 | EUR | 400,000 | 434,302 | |
933,832 | ||||||
Electrical equipment: 0.13% | ||||||
Gamma Bidco SpA 144A | 6.25 | 7-15-2025 | EUR | 200,000 | 223,186 | |
Materials: 0.30% | ||||||
Containers & packaging: 0.30% | ||||||
Can-Pack SA 144A | 2.38 | 11-1-2027 | EUR | 500,000 | 507,492 |
Interest rate | Maturity date | Principal | Value | |||
Real estate: 0.75% | ||||||
Equity REITs: 0.58% | ||||||
Aedas Homes Opco SLU 144A | 4.00% | 8-15-2026 | EUR | 500,000 | $ 542,118 | |
Unibail-Rodamco-Westfield SE (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.68%) ʊ± | 2.13 | 10-25-2023 | EUR | 400,000 | 433,743 | |
975,861 | ||||||
Real estate management & development: 0.17% | ||||||
Akelius Residential Property AB (EURIBOR ICE Swap Rate 11:00am +3.49%) ± | 3.88 | 10-5-2078 | EUR | 251,000 | 285,305 | |
Total Foreign corporate bonds and notes (Cost $17,065,505) | 15,868,252 | |||||
Foreign government bonds : 4.63% | ||||||
Brazil ¤ | 0.00 | 1-1-2024 | BRL | 7,000,000 | 1,203,383 | |
Brazil ¤ | 0.00 | 7-1-2024 | BRL | 12,500,000 | 2,047,545 | |
Colombia | 7.00 | 5-4-2022 | COP | 2,000,000,000 | 530,766 | |
Indonesia | 6.50 | 6-15-2025 | IDR | 13,500,000,000 | 978,730 | |
Mexico | 6.50 | 6-9-2022 | MXN | 13,260,000 | 665,233 | |
Mexico | 6.50 | 6-9-2022 | MXN | 7,600,000 | 381,280 | |
Republic of South Africa | 8.75 | 2-28-2048 | ZAR | 9,100,000 | 521,619 | |
Republic of South Africa | 10.50 | 12-21-2026 | ZAR | 19,000,000 | 1,417,020 | |
Russia | 6.50 | 2-28-2024 | RUB | 35,000,000 | 12,923 | |
Total Foreign government bonds (Cost $8,268,308) | 7,758,499 |
Shares | ||||||
Investment companies: 2.03% | ||||||
Exchange-traded funds: 2.03% | ||||||
Invesco Taxable Municipal Bond ETF | 30,600 | 907,902 | ||||
VanEck Vectors JPMorgan Emerging Markets Local Currency Bond ETF | 92,700 | 2,501,973 | ||||
Total Investment companies (Cost $3,793,000) | 3,409,875 |
Principal | ||||||
Loans: 4.61% | ||||||
Communication services: 1.10% | ||||||
Diversified telecommunication services: 0.29% | ||||||
Intelsat Jackson Holdings SA (U.S. SOFR +4.25%) <± | 4.92 | 2-1-2029 | $ | 498,750 | 489,867 | |
Media: 0.81% | ||||||
Charter Communications Operating LLC (1 Month LIBOR +1.75%) ± | 2.21 | 4-30-2025 | 482,368 | 479,956 | ||
Clear Channel Outdoor Holdings (1 Month LIBOR +3.50%) ± | 3.80 | 8-21-2026 | 362,387 | 355,864 | ||
DIRECTV Financing LLC (1 Month LIBOR +5.00%) ± | 5.75 | 8-2-2027 | 382,000 | 381,156 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
Gray Television Incorporated (3 Month LIBOR +2.50%) ± | 2.73% | 1-2-2026 | $ | 84,964 | $ 84,221 | |
Nexstar Broadcasting Incorporated (3 Month LIBOR +2.25%) ± | 2.71 | 1-17-2024 | 56,234 | 55,902 | ||
1,357,099 | ||||||
Consumer discretionary: 0.63% | ||||||
Auto components: 0.23% | ||||||
Truck Hero Incorporated (1 Month LIBOR +3.25%) ± | 4.00 | 1-31-2028 | 396,992 | 384,090 | ||
Household durables: 0.17% | ||||||
Wilsonart LLC (1 Month LIBOR +3.25%) ± | 4.26 | 12-31-2026 | 296,252 | 288,265 | ||
Specialty retail: 0.23% | ||||||
Rent-A-Center Incorporated (1 Month LIBOR +3.25%) ± | 3.81 | 2-17-2028 | 397,000 | 388,318 | ||
Energy: 0.52% | ||||||
Oil, gas & consumable fuels: 0.52% | ||||||
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ‡± | 4.75 | 4-14-2028 | 382,190 | 379,565 | ||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 5.51 | 9-29-2028 | 498,750 | 496,256 | ||
875,821 | ||||||
Financials: 0.29% | ||||||
Capital markets: 0.12% | ||||||
Nexus Buyer LLC (1 Month LIBOR +3.75%) ± | 4.21 | 11-9-2026 | 195,500 | 193,398 | ||
Diversified financial services: 0.00% | ||||||
Intelsat Jackson Holdings SA (1 Month LIBOR +5.75%) ± | 8.25 | 11-27-2023 | 483 | 474 | ||
Insurance: 0.17% | ||||||
Asurion LLC (1 Month LIBOR +5.25%) ‡± | 5.71 | 1-31-2028 | 170,000 | 166,430 | ||
Asurion LLC (1 Month LIBOR +5.25%) ‡± | 5.71 | 1-20-2029 | 130,000 | 126,913 | ||
293,343 | ||||||
Health care: 0.37% | ||||||
Health care equipment & supplies: 0.24% | ||||||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 8-31-2026 | 397,000 | 393,479 | ||
Pharmaceuticals: 0.13% | ||||||
Bausch Health Companies Incorporated (3 Month LIBOR +3.00%) ± | 3.46 | 6-2-2025 | 225,341 | 223,275 | ||
Industrials: 1.03% | ||||||
Airlines: 0.58% | ||||||
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ‡± | 5.50 | 4-20-2028 | 266,000 | 269,075 | ||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 6.25 | 6-21-2027 | 675,000 | 699,469 | ||
968,544 |
Interest rate | Maturity date | Principal | Value | |||
Commercial services & supplies: 0.27% | ||||||
Polaris Newco LLC (1 Month LIBOR +4.00%) ± | 4.50% | 6-2-2028 | $ | 457,750 | $ 453,973 | |
Machinery: 0.18% | ||||||
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 5.01 | 7-24-2024 | 305,995 | 302,681 | ||
Information technology: 0.24% | ||||||
Software: 0.24% | ||||||
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ± | 3.80 | 7-24-2026 | 310,829 | 306,313 | ||
MPH Acquisition Holdings LLC (1 Month LIBOR +4.25%) ± | 4.76 | 9-1-2028 | 100,000 | 96,988 | ||
403,301 | ||||||
Materials: 0.15% | ||||||
Paper & forest products: 0.15% | ||||||
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) ± | 4.02 | 7-30-2027 | 246,891 | 244,269 | ||
Real estate: 0.28% | ||||||
Equity REITs: 0.28% | ||||||
The Geo Group Incorporated (3 Month LIBOR +2.00%) <± | 2.75 | 3-22-2024 | 497,380 | 463,126 | ||
Total Loans (Cost $7,820,519) | 7,723,323 | |||||
Municipal obligations: 0.09% | ||||||
Illinois: 0.04% | ||||||
GO revenue: 0.04% | ||||||
Chicago IL Refunding Bonds Taxable Project Series E | 6.05 | 1-1-2029 | 5,000 | 5,146 | ||
Chicago IL Refunding Bonds Taxable Project Series E | 6.05 | 1-1-2029 | 50,000 | 52,754 | ||
57,900 | ||||||
Kansas: 0.01% | ||||||
Health revenue: 0.01% | ||||||
Kansas Development Finance Authority Village Shalom Project Series 2018-B | 4.00 | 11-15-2025 | 25,000 | 24,110 | ||
Maryland: 0.04% | ||||||
Education revenue: 0.04% | ||||||
Maryland Health & HEFAR Green Street Academy Series B 144A | 6.75 | 7-1-2023 | 65,000 | 64,676 | ||
Total Municipal obligations (Cost $144,428) | 146,686 | |||||
Non-agency mortgage-backed securities: 13.77% | ||||||
AFN LLC Series 2019-1A Class A2 144A | 4.46 | 5-20-2049 | 697,054 | 692,068 | ||
APEX Credit CLO LLC Series 2017 Class 2A (3 Month LIBOR +1.60%) 144A± | 2.53 | 9-20-2029 | 1,000,000 | 986,983 | ||
Apidos CLO Series 2019 Class 3-1-A (3 Month LIBOR +3.10%) 144A± | 3.34 | 4-15-2031 | 500,000 | 489,499 | ||
BB-UBS Trust Series 2012-TFT Class C 144A±± | 3.56 | 6-5-2030 | 150,000 | 134,329 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Bojangles Issuer LLC Series 2020-1A Class A2 144A | 3.83% | 10-20-2050 | $ | 705,000 | $ 689,302 | |
BX Trust Series 2019-11 Class D 144A±± | 4.08 | 12-9-2041 | 500,000 | 463,975 | ||
BX Trust Series 2021-ARIA Class D (1 Month LIBOR +1.90%) 144A± | 2.29 | 10-15-2036 | 550,000 | 537,570 | ||
Carlyle Global Market Series 2016-1A Class R2 (3 Month LIBOR +3.35%) 144A± | 3.60 | 4-20-2034 | 1,000,000 | 989,517 | ||
Carlyle Global Market Series 2017-2A Class R2 (3 Month LIBOR +1.60%) 144A± | 1.85 | 7-20-2031 | 750,000 | 737,707 | ||
Cascade Funding Mortgage Trust Series 2021-HB7 Class M2 144A±± | 2.68 | 10-27-2031 | 1,000,000 | 960,237 | ||
CFCRE Commercial Mortgage Trust Series 2016-C7 Class AM | 4.16 | 12-10-2054 | 400,000 | 400,484 | ||
CIFC Funding Limited Series 2018-1A Class B (3 Month LIBOR +1.40%) 144A± | 1.64 | 4-18-2031 | 1,000,000 | 988,300 | ||
Foundation Finance Trust Series 2019-1A Class A 144A | 3.86 | 11-15-2034 | 278,917 | 281,613 | ||
FREMF Mortgage Trust Series 2017-K724 Class B 144A±± | 3.53 | 12-25-2049 | 400,000 | 400,388 | ||
FREMF Mortgage Trust Series 2020-KF76 Class B (1 Month LIBOR +2.75%) 144A± | 2.99 | 1-25-2030 | 366,896 | 363,444 | ||
FS Rialto Issuer Limited Series 2021-FL3 Class B (1 Month LIBOR +1.80%) 144A± | 2.23 | 11-16-2036 | 1,000,000 | 982,673 | ||
Goldman Sachs Mortgage Security Trust Series 2018-LUAU Class B (1 Month LIBOR +1.40%) 144A± | 1.80 | 11-15-2032 | 1,600,000 | 1,575,863 | ||
JPMorgan Chase & Company Series 2017-6 Class B 144A±± | 3.79 | 12-25-2048 | 454,963 | 416,775 | ||
Longtrain Leasing III LLC Series 2015-1A Class A2 144A | 4.06 | 1-15-2045 | 1,568,304 | 1,503,721 | ||
MED Trust Series 2021-MDLN Class B (1 Month LIBOR +1.45%) 144A± | 1.85 | 11-15-2038 | 1,000,000 | 982,122 | ||
MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL7 Class C (1 Month LIBOR +2.05%) 144A± | 2.48 | 10-16-2036 | 1,000,000 | 970,244 | ||
MFRA Trust Series 2020-NQM3 Class M1 144A±± | 2.65 | 1-26-2065 | 1,000,000 | 977,626 | ||
NBC Funding LLC Series 2021 Class A2 144A | 2.99 | 7-30-2051 | 995,000 | 926,831 | ||
Neuberger Berman CLO Limited Series 2017-25A Class BR (3 Month LIBOR +1.35%) 144A± | 1.59 | 10-18-2029 | 250,000 | 247,601 | ||
OneMain Financial Issuance Trust Series 2019-1A Class D 144A | 4.22 | 2-14-2031 | 1,100,000 | 1,101,517 | ||
Oxford Finance Funding Trust Series 2019-1A Class A2 144A | 4.46 | 2-15-2027 | 514,703 | 518,810 | ||
Residential Mortgage Loan Trust Series 2019-3 Class A3 144A±± | 3.04 | 9-25-2059 | 352,187 | 347,260 | ||
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±± | 4.39 | 1-5-2043 | 700,000 | 472,761 | ||
Store Master Funding LLC Series 2014-1A Class A2 144A | 5.00 | 4-20-2044 | 96,083 | 96,209 | ||
TRK Toorak Mortgage Corporation Series 2021-INV2 Class A2 144A±± | 2.12 | 11-25-2056 | 966,257 | 919,087 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Verus Securitization Trust Series 2021-8 Class A2 144A±± | 2.29% | 11-25-2066 | $ | 1,424,471 | $ 1,361,032 | |
Verus Securitization Trust Series 2021-R3 Class A2 144A±± | 1.28 | 4-25-2064 | 593,481 | 572,619 | ||
Total Non-agency mortgage-backed securities (Cost $23,805,309) | 23,088,167 | |||||
U.S. Treasury securities: 5.66% | ||||||
U.S. Treasury Bond | 1.88 | 2-15-2041 | 450,000 | 400,693 | ||
U.S. Treasury Note ## | 0.13 | 1-15-2024 | 1,150,000 | 1,106,561 | ||
U.S. Treasury Note | 0.75 | 3-31-2026 | 2,500,000 | 2,331,348 | ||
U.S. Treasury Note | 1.25 | 12-31-2026 | 3,000,000 | 2,834,399 | ||
U.S. Treasury Note | 1.50 | 1-31-2027 | 140,000 | 133,788 | ||
U.S. Treasury Note | 1.88 | 2-28-2027 | 320,000 | 311,425 | ||
U.S. Treasury Note | 2.00 | 8-15-2051 | 45,000 | 40,598 | ||
U.S. Treasury Note | 2.25 | 5-15-2041 | 435,000 | 410,650 | ||
U.S. Treasury Note | 2.25 | 2-15-2052 | 1,000,000 | 959,063 | ||
U.S. Treasury Note | 2.38 | 2-15-2042 | 1,000,000 | 964,531 | ||
Total U.S. Treasury securities (Cost $9,729,005) | 9,493,056 | |||||
Yankee corporate bonds and notes: 10.18% | ||||||
Communication services: 0.23% | ||||||
Wireless telecommunication services: 0.23% | ||||||
VMED O2 UK Financing I plc 144A | 4.75 | 7-15-2031 | 400,000 | 377,000 | ||
Consumer discretionary: 0.23% | ||||||
Internet & direct marketing retail: 0.23% | ||||||
Prosus NV 144A | 4.03 | 8-3-2050 | 500,000 | 377,358 | ||
Consumer staples: 0.56% | ||||||
Beverages: 0.56% | ||||||
Coca-Cola Icecek AS 144A | 4.50 | 1-20-2029 | 1,000,000 | 939,891 | ||
Energy: 1.34% | ||||||
Energy equipment & services: 0.15% | ||||||
Nabors Industries Limited 144A | 7.25 | 1-15-2026 | 250,000 | 250,000 | ||
Oil, gas & consumable fuels: 1.19% | ||||||
BP Capital Markets plc (5 Year Treasury Constant Maturity +4.40%) ʊ± | 4.88 | 3-22-2030 | 325,000 | 325,813 | ||
Comision Federal de Electricidad 144A | 3.35 | 2-9-2031 | 200,000 | 175,002 | ||
Enbridge Incorporated (5 Year Treasury Constant Maturity +5.31%) ± | 5.75 | 7-15-2080 | 1,000,000 | 1,035,000 | ||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 220,000 | 219,064 | ||
Petroleos Mexicanos | 6.70 | 2-16-2032 | 250,000 | 237,500 | ||
1,992,379 | ||||||
Financials: 5.97% | ||||||
Banks: 3.88% | ||||||
African Export Import Bank 144A | 3.80 | 5-17-2031 | 200,000 | 184,260 | ||
Banco de Bogota SA 144A | 6.25 | 5-12-2026 | 400,000 | 409,000 | ||
Banco do Brasil SA 144A | 4.88 | 1-11-2029 | 375,000 | 377,066 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Banco Internacional del Peru 144A | 3.25% | 10-4-2026 | $ | 525,000 | $ 518,443 | |
Banco Mercantil del Norte SA (5 Year Treasury Constant Maturity +4.64%) 144Aʊ± | 5.88 | 1-24-2027 | 750,000 | 693,750 | ||
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +6.19%) 144Aʊ± | 8.13 | 12-23-2025 | 1,000,000 | 1,111,920 | ||
Deutsche Bank AG (USD ICE Swap Rate 11:00am NY 5 Year +2.55%) ± | 4.88 | 12-1-2032 | 500,000 | 479,970 | ||
Intesa Sanpaolo SpA 144A | 5.71 | 1-15-2026 | 635,000 | 648,683 | ||
Itau Unibanco Holding SA 144A | 3.25 | 1-24-2025 | 800,000 | 794,560 | ||
NatWest Group plc (5 Year Treasury Constant Maturity +5.63%) ʊ± | 6.00 | 12-29-2025 | 700,000 | 714,805 | ||
Unicredit SpA (5 Year Treasury Constant Maturity +4.75%) 144A± | 5.46 | 6-30-2035 | 600,000 | 573,328 | ||
6,505,785 | ||||||
Capital markets: 0.52% | ||||||
Credit Suisse Group AG (U.S. SOFR +0.98%) 144A± | 1.31 | 2-2-2027 | 250,000 | 223,599 | ||
Credit Suisse Group AG (5 Year Treasury Constant Maturity +4.89%) 144Aʊ± | 5.25 | 2-11-2027 | 500,000 | 462,500 | ||
UBS Group AG (5 Year Treasury Constant Maturity +3.40%) 144Aʊ± | 4.88 | 2-12-2027 | 200,000 | 192,940 | ||
879,039 | ||||||
Consumer finance: 0.21% | ||||||
Unifin Financiera SAB de CV 144A | 9.88 | 1-28-2029 | 600,000 | 352,860 | ||
Diversified financial services: 0.72% | ||||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 105,000 | 93,713 | ||
DAE Funding LLC 144A | 3.38 | 3-20-2028 | 200,000 | 187,000 | ||
Doric Nimrod Air Alpha Pass-Through Trust Certificates Series 2013-1 Class A 144A | 5.25 | 5-30-2025 | 932,270 | 925,944 | ||
1,206,657 | ||||||
Insurance: 0.64% | ||||||
Swiss Re Finance (Luxembourg) SA (5 Year Treasury Constant Maturity +3.58%) 144A± | 5.00 | 4-2-2049 | 800,000 | 828,000 | ||
Validus Holdings Limited | 8.88 | 1-26-2040 | 160,000 | 237,084 | ||
1,065,084 | ||||||
Health care: 0.62% | ||||||
Biotechnology: 0.28% | ||||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 500,000 | 470,625 | ||
Pharmaceuticals: 0.34% | ||||||
Bausch Health Companies Incorporated 144A | 5.25 | 1-30-2030 | 600,000 | 471,324 | ||
Bausch Health Companies Incorporated 144A | 6.25 | 2-15-2029 | 125,000 | 102,500 | ||
573,824 |
Interest rate | Maturity date | Principal | Value | |||
Industrials: 0.86% | ||||||
Airlines: 0.64% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50% | 7-15-2026 | $ | 500,000 | $ 577,629 | |
VistaJet 144A | 6.38 | 2-1-2030 | 520,000 | 489,250 | ||
1,066,879 | ||||||
Trading companies & distributors: 0.22% | ||||||
Carlyle Aviation Elevate Merger Subsidiary Limited 144A | 7.00 | 10-15-2024 | 420,000 | 376,660 | ||
Materials: 0.11% | ||||||
Containers & packaging: 0.11% | ||||||
Ardagh Packaging Finance plc 144A | 5.25 | 8-15-2027 | 200,000 | 184,875 | ||
Utilities: 0.26% | ||||||
Electric utilities: 0.26% | ||||||
Comision Federal de Electricidad Company 144A | 3.88 | 7-26-2033 | 500,000 | 437,500 | ||
Total Yankee corporate bonds and notes (Cost $17,819,373) | 17,056,416 | |||||
Yankee government bonds: 2.24% | ||||||
Commonwealth of Bahamas 144A | 6.00 | 11-21-2028 | 785,000 | 607,402 | ||
Dominican Republic 144A | 4.50 | 1-30-2030 | 200,000 | 183,502 | ||
Dominican Republic 144A | 4.88 | 9-23-2032 | 200,000 | 181,002 | ||
Dominican Republic 144A | 5.50 | 2-22-2029 | 200,000 | 197,500 | ||
Mongolia Government | 5.63 | 5-1-2023 | 200,000 | 200,999 | ||
Provincia de Cordoba 144A | 6.98 | 12-10-2025 | 254,472 | 198,310 | ||
Provincia de Cordoba (PIK at 6.88%) 144A¥ | 5.00 | 2-1-2029 | 557,619 | 339,534 | ||
Provincia de Santa Fe | 7.00 | 3-23-2023 | 175,059 | 162,586 | ||
Republic of Angola | 9.50 | 11-12-2025 | 400,000 | 437,376 | ||
Sultanate of Oman 144A | 6.25 | 1-25-2031 | 300,000 | 317,502 | ||
United Mexican States | 4.28 | 8-14-2041 | 1,000,000 | 932,170 | ||
Total Yankee government bonds (Cost $4,037,441) | 3,757,883 |
Yield | Shares | |||||
Short-term investments: 7.01% | ||||||
Investment companies: 7.01% | ||||||
Allspring Government Money Market Fund Select Class ♠∞##* | 0.18 | 8,876,601 | 8,876,601 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.40 | 2,871,098 | 2,871,098 | |||
Total Short-term investments (Cost $11,747,699) | 11,747,699 | |||||
Total investments in securities (Cost $171,611,482) | 99.42% | 166,652,986 | ||||
Other assets and liabilities, net | 0.58 | 978,250 | ||||
Total net assets | 100.00% | $167,631,236 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
< | All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded. |
‡ | Security is valued using significant unobservable inputs. |
## | All or a portion of this security is segregated for when-issued securities and unfunded loans. |
¥ | A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. The rate shown is the rate in effect at period end. |
* | A portion of the holding represents an investment held in Strategic Income Special Investment (Cayman) Ltd., the consolidated entity. |
♠ | 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. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
BRL | Brazilian real |
COP | Colombian peso |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
GBP | Great British pound |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
IDR | Indonesian rupiah |
INR | Indian rupee |
LIBOR | London Interbank Offered Rate |
MXN | Mexican peso |
REIT | Real estate investment trust |
RUB | Russian ruble |
SOFR | Secured Overnight Financing Rate |
ZAR | South African rand |
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 | $7,284,117 | $63,360,828 | $(61,768,344) | $0 | $0 | $ 8,876,601 | 8,876,601 | $ 1,839 | ||
Securities Lending Cash Investments LLC | 7,560,711 | 27,686,882 | (32,376,495) | 0 | 0 | 2,871,098 | 2,871,098 | 1,017 # | ||
$0 | $0 | $11,747,699 | $2,856 |
# | Amount shown represents income before fees and rebates. |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
2,150,000,000 COP | 566,073 USD | Morgan Stanley Incorporated | 4-8-2022 | $ 3,442 | $ 0 | |
531,652 USD | 2,150,000,000 COP | Morgan Stanley Incorporated | 4-8-2022 | 0 | (37,863) | |
557,949 USD | 2,150,000,000 COP | Morgan Stanley Incorporated | 7-8-2022 | 0 | (4,031) | |
17,816,192 USD | 16,170,000 EUR | Citibank National Association | 6-30-2022 | 0 | (133,701) | |
7,950,000,000 IDR | 554,780 USD | Morgan Stanley Incorporated | 4-8-2022 | 0 | (1,345) | |
550,108 USD | 7,950,000,000 IDR | Morgan Stanley Incorporated | 4-8-2022 | 0 | (3,327) | |
551,815 USD | 7,950,000,000 IDR | Morgan Stanley Incorporated | 7-8-2022 | 552 | 0 | |
1,058,172 USD | 21,410,000 MXN | Citibank National Association | 6-30-2022 | 0 | (1,727) | |
1,280,585 USD | 975,000 GBP | Citibank National Association | 6-30-2022 | 132 | 0 | |
3,000,000 RUB | 39,637 USD | Morgan Stanley Incorporated | 4-8-2022 | 0 | (2,804) | |
494,658 USD | 37,500,000 RUB | Morgan Stanley Incorporated | 4-8-2022 | 34,240 | 0 | |
2,078,838 USD | 31,795,000 ZAR | Citibank National Association | 6-30-2022 | 0 | (73,287) | |
$38,366 | $(258,085) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
10-Year U.S. Treasury Notes | 12 | 6-21-2022 | $ 1,528,520 | $ 1,474,500 | $ 0 | $ (54,020) | |
2-Year U.S. Treasury Notes | 65 | 6-30-2022 | 13,943,655 | 13,774,922 | 0 | (168,733) | |
5-Year U.S. Treasury Notes | 161 | 6-30-2022 | 18,897,633 | 18,464,688 | 0 | (432,945) | |
Short | |||||||
Euro-Bund Futures | (83) | 6-8-2022 | (15,258,308) | (14,567,960) | 690,348 | 0 | |
U.S. Long Term Bonds | (11) | 6-21-2022 | (1,696,711) | (1,650,688) | 46,023 | 0 | |
U.S. Ultra Treasury Bonds | (6) | 6-21-2022 | (1,099,675) | (1,062,750) | 36,925 | 0 | |
$773,296 | $(655,698) |
Reference index | Fixed rate received | Payment frequency | Maturity date | Notional amount | Value | Premiums paid (received) | Unrealized gains | Unrealized losses | ||
Buy Protection | ||||||||||
Markit iTraxx Europe Crossover* | 5.00% | Quarterly | 6-20-2026 | EUR | 3,000,000 | $ 270,249 | $360,321 | $0 | $ (90,072) | |
Sell Protection | ||||||||||
Markit CDX Emerging Markets Index* | 1.00 | Quarterly | 6-20-2026 | USD | 1,000,000 | (75,352) | (24,589) | 0 | (50,763) | |
Markit iTraxx Europe Subordinated Financial Index* | 1.00 | Quarterly | 6-20-2026 | EUR | 12,000,000 | (157,123) | (37,052) | 0 | (120,071) | |
$0 | $(260,906) |
* | Represents an investment held in Strategic Income Special Investment (Cayman) Ltd., the consolidated entity. |
Assets | |
Investments in unaffiliated securities (including $2,813,537 of securities loaned), at value (cost $159,863,783) | $ 154,905,287 |
Investments in affiliated securities, at value (cost $11,747,699) | 11,747,699 |
Cash at broker segregated for futures contracts | 1,459,000 |
Segregated cash for swap contracts | 1,220,698 |
Foreign currency, at value (cost $737,311) | 807,059 |
Receivable for interest | 1,534,455 |
Receivable for daily variation margin on centrally cleared swap contracts | 1,138,445 |
Receivable for investments sold | 380,690 |
Receivable for Fund shares sold | 356,374 |
Unrealized gains on forward foreign currency contracts | 38,366 |
Receivable for daily variation margin on open futures contracts | 36,305 |
Receivable for securities lending income, net | 1,638 |
Prepaid expenses and other assets | 73,823 |
Total assets | 173,699,839 |
Liabilities | |
Payable upon receipt of securities loaned | 2,870,737 |
Payable for daily variation margin on centrally cleared swaps | 1,145,863 |
Payable for investments purchased | 1,045,494 |
Overdraft due to custodian bank | 309,500 |
Unrealized losses on forward foreign currency contracts | 258,085 |
Payable for daily variation margin on open futures contracts | 159,105 |
Management fee payable | 51,456 |
Payable for Fund shares redeemed | 39,065 |
Administration fees payable | 12,524 |
Trustees’ fees and expenses payable | 2,854 |
Distribution fee payable | 770 |
Accrued expenses and other liabilities | 173,150 |
Total liabilities | 6,068,603 |
Total net assets | $167,631,236 |
Net assets consist of | |
Paid-in capital | $ 172,985,618 |
Total distributable loss | (5,354,382) |
Total net assets | $167,631,236 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 15,620,694 |
Shares outstanding – Class A1 | 1,685,764 |
Net asset value per share – Class A | $9.27 |
Maximum offering price per share – Class A2 | $9.66 |
Net assets – Class C | $ 1,417,233 |
Shares outstanding – Class C1 | 152,265 |
Net asset value per share – Class C | $9.31 |
Net assets – Administrator Class | $ 2,176,316 |
Shares outstanding – Administrator Class1 | 233,058 |
Net asset value per share – Administrator Class | $9.34 |
Net assets – Institutional Class | $ 148,416,993 |
Shares outstanding – Institutional Class1 | 16,044,463 |
Net asset value per share – Institutional Class | $9.25 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/96 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest (net of foreign withholding taxes of $4,446) | $ 3,072,926 |
Dividends | 98,816 |
Income from affiliated securities | 9,606 |
Total investment income | 3,181,348 |
Expenses | |
Management fee | 467,645 |
Administration fees | |
Class A | 9,842 |
Class C | 1,169 |
Administrator Class | 2,587 |
Institutional Class | 63,685 |
Shareholder servicing fees | |
Class A | 15,378 |
Class C | 1,750 |
Administrator Class | 6,468 |
Distribution fee | |
Class C | 5,230 |
Custody and accounting fees | 18,712 |
Professional fees | 39,055 |
Registration fees | 35,605 |
Shareholder report expenses | 19,997 |
Trustees’ fees and expenses | 10,683 |
Other fees and expenses | 4,266 |
Total expenses | 702,072 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (132,607) |
Class A | (2,116) |
Class C | (54) |
Administrator Class | (3,065) |
Net expenses | 564,230 |
Net investment income | 2,617,118 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 294,101 |
Forward foreign currency contracts | 1,313,151 |
Futures contracts | (147,823) |
Swap contracts | 144,184 |
Net realized gains on investments | 1,603,613 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (9,928,313) |
Forward foreign currency contracts | (653,463) |
Futures contracts | (251,917) |
Swap contracts | (298,475) |
Net change in unrealized gains (losses) on investments | (11,132,168) |
Net realized and unrealized gains (losses) on investments | (9,528,555) |
Net decrease in net assets resulting from operations | $ (6,911,437) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 2,617,118 | $ 5,076,928 | ||
Net realized gains on investments | 1,603,613 | 4,953,908 | ||
Net change in unrealized gains (losses) on investments | (11,132,168) | 2,083,547 | ||
Net increase (decrease) in net assets resulting from operations | (6,911,437) | 12,114,383 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (455,214) | (57,802) | ||
Class C | (65,123) | (21,319) | ||
Administrator Class | (328,927) | (56,511) | ||
Institutional Class | (7,895,034) | (4,940,534) | ||
Total distributions to shareholders | (8,744,298) | (5,076,166) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,508,447 | 14,799,684 | 312,028 | 3,153,696 |
Class C | 52,988 | 515,573 | 85,947 | 870,666 |
Administrator Class | 289,873 | 2,866,999 | 730,401 | 7,490,893 |
Institutional Class | 3,993,592 | 38,671,087 | 6,012,484 | 59,960,463 |
56,853,343 | 71,475,718 | |||
Reinvestment of distributions | ||||
Class A | 46,860 | 452,496 | 5,655 | 56,840 |
Class C | 6,683 | 65,123 | 2,110 | 21,319 |
Administrator Class | 33,482 | 328,788 | 5,500 | 56,177 |
Institutional Class | 809,463 | 7,840,581 | 484,051 | 4,849,200 |
8,686,988 | 4,983,536 | |||
Payment for shares redeemed | ||||
Class A | (132,998) | (1,263,626) | (226,650) | (2,282,403) |
Class C | (34,345) | (325,669) | (27,937) | (276,311) |
Administrator Class | (797,727) | (7,782,665) | (32,590) | (332,582) |
Institutional Class | (4,973,237) | (47,858,523) | (5,833,117) | (57,700,488) |
(57,230,483) | (60,591,784) | |||
Net increase in net assets resulting from capital share transactions | 8,309,848 | 15,867,470 | ||
Total increase (decrease) in net assets | (7,345,887) | 22,905,687 | ||
Net assets | ||||
Beginning of period | 174,977,123 | 152,071,436 | ||
End of period | $167,631,236 | $174,977,123 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.12 | $9.64 | $9.50 | $9.43 | $9.59 | $9.25 |
Net investment income | 0.13 1 | 0.27 | 0.29 | 0.34 1 | 0.31 1 | 0.33 1 |
Net realized and unrealized gains (losses) on investments | (0.51) | 0.51 | 0.14 | 0.09 | (0.16) | 0.22 |
Total from investment operations | (0.38) | 0.78 | 0.43 | 0.43 | 0.15 | 0.55 |
Distributions to shareholders from | ||||||
Net investment income | (0.22) | (0.30) | (0.29) | (0.36) | (0.31) | (0.21) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.47) | (0.30) | (0.29) | (0.36) | (0.31) | (0.21) |
Net asset value, end of period | $9.27 | $10.12 | $9.64 | $9.50 | $9.43 | $9.59 |
Total return2 | (3.92)% | 8.18% | 4.60% | 4.66% | 1.59% | 6.05% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.08% | 1.07% | 1.08% | 1.09% | 1.45% | 1.78% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 2.81% | 3.00% | 3.43% | 3.65% | 3.26% | 3.47% |
Supplemental data | ||||||
Portfolio turnover rate | 68% | 128% | 88% | 116% | 50% | 65% |
Net assets, end of period (000s omitted) | $15,621 | $2,667 | $1,662 | $1,394 | $1,266 | $896 |
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 September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.16 | $9.68 | $9.49 | $9.41 | $9.57 | $9.22 |
Net investment income | 0.10 1 | 0.22 | 0.23 | 0.27 | 0.23 | 0.29 |
Payment from affiliate | 0.00 | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (0.52) | 0.49 | 0.12 | 0.10 | (0.15) | 0.18 |
Total from investment operations | (0.42) | 0.71 | 0.42 | 0.37 | 0.08 | 0.47 |
Distributions to shareholders from | ||||||
Net investment income | (0.18) | (0.23) | (0.23) | (0.29) | (0.24) | (0.12) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.43) | (0.23) | (0.23) | (0.29) | (0.24) | (0.12) |
Net asset value, end of period | $9.31 | $10.16 | $9.68 | $9.49 | $9.41 | $9.57 |
Total return2 | (4.27)% | 7.36% | 4.45% 3 | 4.00% | 0.88% | 5.20% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.79% | 1.82% | 1.83% | 1.84% | 2.20% | 2.59% |
Net expenses | 1.63% | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
Net investment income | 1.96% | 2.23% | 2.67% | 2.92% | 2.52% | 2.80% |
Supplemental data | ||||||
Portfolio turnover rate | 68% | 128% | 88% | 116% | 50% | 65% |
Net assets, end of period (000s omitted) | $1,417 | $1,290 | $647 | $520 | $517 | $403 |
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 September 30, 2020, the Fund received a payment from an affiliate which had a 0.79% impact on the total return. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.20 | $9.71 | $9.56 | $9.46 | $9.61 | $9.29 |
Net investment income | 0.13 1 | 0.29 1 | 0.34 1 | 0.36 1 | 0.33 1 | 0.34 1 |
Net realized and unrealized gains (losses) on investments | (0.52) | 0.51 | 0.11 | 0.09 | (0.16) | 0.20 |
Total from investment operations | (0.39) | 0.80 | 0.45 | 0.45 | 0.17 | 0.54 |
Distributions to shareholders from | ||||||
Net investment income | (0.22) | (0.31) | (0.30) | (0.35) | (0.32) | (0.22) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.47) | (0.31) | (0.30) | (0.35) | (0.32) | (0.22) |
Net asset value, end of period | $9.34 | $10.20 | $9.71 | $9.56 | $9.46 | $9.61 |
Total return2 | (4.00)% | 8.31% | 4.72% | 4.83% | 1.81% | 5.91% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.02% | 1.00% | 1.02% | 1.08% | 1.38% | 1.72% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.71% | 2.83% | 3.61% | 3.80% | 3.48% | 3.64% |
Supplemental data | ||||||
Portfolio turnover rate | 68% | 128% | 88% | 116% | 50% | 65% |
Net assets, end of period (000s omitted) | $2,176 | $7,215 | $40 | $75 | $5,471 | $562 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.10 | $9.63 | $9.49 | $9.42 | $9.58 | $9.24 |
Net investment income | 0.14 | 0.33 | 0.36 | 0.37 1 | 0.34 | 0.35 1 |
Net realized and unrealized gains (losses) on investments | (0.51) | 0.47 | 0.10 | 0.09 | (0.16) | 0.24 |
Total from investment operations | (0.37) | 0.80 | 0.46 | 0.46 | 0.18 | 0.59 |
Distributions to shareholders from | ||||||
Net investment income | (0.23) | (0.33) | (0.32) | (0.39) | (0.34) | (0.25) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.48) | (0.33) | (0.32) | (0.39) | (0.34) | (0.25) |
Net asset value, end of period | $9.25 | $10.10 | $9.63 | $9.49 | $9.42 | $9.58 |
Total return2 | (3.80)% | 8.43% | 4.96% | 5.00% | 1.93% | 6.43% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.75% | 0.74% | 0.75% | 0.75% | 1.12% | 1.40% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 2.96% | 3.34% | 3.72% | 3.97% | 3.54% | 3.71% |
Supplemental data | ||||||
Portfolio turnover rate | 68% | 128% | 88% | 116% | 50% | 65% |
Net assets, end of period (000s omitted) | $148,417 | $163,806 | $149,722 | $153,414 | $45,175 | $45,862 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 2,700,040 |
Gross unrealized losses | (8,847,557) |
Net unrealized losses | $(6,147,517) |
■ | 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: | ||||
Asset-backed securities | $ 0 | $ 14,280,175 | $ 0 | $ 14,280,175 |
Convertible debentures | 0 | 2,430,650 | 0 | 2,430,650 |
Corporate bonds and notes | 0 | 49,892,305 | 0 | 49,892,305 |
Foreign corporate bonds and notes | 0 | 15,868,252 | 0 | 15,868,252 |
Foreign government bonds | 0 | 7,758,499 | 0 | 7,758,499 |
Investment companies | 3,409,875 | 0 | 0 | 3,409,875 |
Loans | 0 | 6,781,340 | 941,983 | 7,723,323 |
Municipal obligations | 0 | 146,686 | 0 | 146,686 |
Non-agency mortgage-backed securities | 0 | 23,088,167 | 0 | 23,088,167 |
U.S. Treasury securities | 9,493,056 | 0 | 0 | 9,493,056 |
Yankee corporate bonds and notes | 0 | 17,056,416 | 0 | 17,056,416 |
Yankee government bonds | 0 | 3,757,883 | 0 | 3,757,883 |
Short-term investments | ||||
Investment companies | 11,747,699 | 0 | 0 | 11,747,699 |
24,650,630 | 141,060,373 | 941,983 | 166,652,986 | |
Forward foreign currency contracts | 0 | 38,366 | 0 | 38,366 |
Futures contracts | 773,296 | 0 | 0 | 773,296 |
Total assets | $25,423,926 | $141,098,739 | $941,983 | $167,464,648 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 258,085 | $ 0 | $ 258,085 |
Futures contracts | 655,698 | 0 | 0 | 655,698 |
Swap contracts | 0 | 260,906 | 0 | 260,906 |
Total liabilities | $ 655,698 | $ 518,991 | $ 0 | $ 1,174,689 |
Average daily net assets | Management fee |
First $500 million | 0.525% |
Next $500 million | 0.500 |
Next $2 billion | 0.475 |
Next $2 billion | 0.450 |
Next $5 billion | 0.415 |
Over $10 billion | 0.405 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.90% |
Class C | 1.65 |
Administrator Class | 0.75 |
Institutional Class | 0.60 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$76,168,649 | $40,995,096 | $98,232,329 | $23,845,357 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $387,549 | $(387,549) | $0 |
Barclays Capital Incorporated | 505,949 | (505,949) | 0 |
BNP Paribas Securities Corporation | 618,774 | (618,774) | 0 |
Citigroup Global Markets Incorporated | 922,449 | (922,449) | 0 |
Credit Suisse Securities (USA) LLC | 190,610 | (190,610) | 0 |
UBS Securities LLC | 188,206 | (188,206) | 0 |
Futures contracts | |
Average notional balance on long futures | $32,653,311 |
Average notional balance on short futures | 20,665,424 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 4,190,234 |
Average contract amounts to sell | 27,947,454 |
Swap contracts | |
Average notional balance | $33,703,342 |
Asset derivatives | Liability derivatives | ||||
Consolidated Statement of Assets and Liabilities location | Fair value | Consolidated Statement of Assets and Liabilities location | Fair value | ||
Interest rate risk | Unrealized gains on futures contracts | $ 773,296* | Unrealized losses on futures contracts | $ 655,698* | |
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 38,366 | Unrealized losses on forward foreign currency contracts | 258,085 | |
Credit risk | Unrealized gains on swaps contracts | 0* | Unrealized losses on swaps contracts | 260,906* | |
$811,662 | $1,174,689 |
Amount of net realized gains (losses) on derivatives | ||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Total | |
Interest rate risk | $ 0 | $ (147,823) | $ 0 | $ (147,823) |
Foreign currency risk | 1,313,151 | 0 | 0 | 1,313,151 |
Credit risk | 0 | 0 | 144,184 | 144,184 |
$1,313,151 | $(147,823) | $144,184 | $1,309,512 |
Net change in unrealized gains (losses) on derivatives | ||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Total | |
Interest rate risk | $ 0 | $ (251,917) | $ 0 | $ (251,917) |
Foreign currency risk | (653,463) | 0 | 0 | (653,463) |
Credit risk | 0 | 0 | (298,475) | (298,475) |
$(653,463) | $(251,917) | $(298,475) | $(1,203,855) |
Counterparty | Gross amounts of assets in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral received | Net amount of assets |
Citibank National Association | $ 132 | $ (132) | $0 | $0 |
Morgan Stanley Incorporated | 38,234 | (38,234) | 0 | 0 |
Counterparty | Gross amounts of liabilities in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of liabilities |
Citibank National Association | $208,715 | $ (132) | $0 | $208,583 |
Morgan Stanley Incorporated | 49,370 | (38,234) | 0 | 11,136 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g338354imgcdc28bfc1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g338354imgb23261f07.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA263/SAR263 03-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g307162img6008b26c1.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g307162img34d93d8f2.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. |
8 | 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. |
1 | Figures are as of March 31, 2022, unless otherwise noted. Please note that the assets under management figures provided have been adjusted to eliminate any duplication of reporting among assets directed by multiple investment teams and includes $91.2B from Galliard Capital Management ($74.7B stable value; $16.5B fixed income), an investment advisor that is not part of the Allspring trade name/GIPS firm. |
For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222. |
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President
Allspring Funds
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments (UK) Limited |
Portfolio managers | Michael Lee, Henrietta Pacquement, CFA®‡†, Alex Perrin, Lauren van Biljon, CFA®‡ |
Average annual total returns (%) as of March 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 (ESIYX) | 9-30-2003 | -16.62 | -0.96 | -1.06 | -12.71 | -0.04 | -0.60 | 1.22 | 1.03 | ||
Class C (ESIVX) | 9-30-2003 | -14.39 | -0.69 | -1.30 | -13.39 | -0.69 | -1.30 | 1.97 | 1.78 | ||
Class R6 (ESIRX)3 | 11-30-2012 | – | – | – | -12.35 | 0.33 | -0.22 | 0.84 | 0.65 | ||
Administrator Class (ESIDX) | 7-30-2010 | – | – | – | -12.55 | 0.15 | -0.42 | 1.16 | 0.85 | ||
Institutional Class (ESICX) | 12-15-1993 | – | – | – | -12.37 | 0.30 | -0.27 | 0.89 | 0.70 | ||
Bloomberg Global Aggregate ex-USD Index4 | – | – | – | – | -7.89 | 1.27 | 0.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through January 31, 2023, 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, 0.65% for Class R6, 0.85% 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 Bloomberg Global Aggregate ex-USD Index 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. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Ms. Pacquement became a portfolio manager of the Fund on February 22, 2022. |
Ten largest holdings (%) as of March 31, 20221 | |
China Government Bond, 3.03%, 3-11-2026 | 8.54 |
Canada, 1.90%, 3-15-2031 | 4.72 |
Network Rail Infrastructure Finance plc, 4.75%, 11-29-2035 | 4.54 |
China Government Bond, 3.02%, 5-27-2031 | 4.34 |
Spain Bonos y Obligaciones del Estado, 1.25%, 10-31-2030 | 3.56 |
Italy Buoni Poliennali del Tesoro, 0.60%, 8-1-2031 | 3.43 |
Japan Bonds, 0.10%, 12-20-2031 | 3.01 |
Czech Republic Bonds , 1.75%, 6-23-2032 | 2.88 |
Australian Government , 2.75%, 11-21-2028 | 2.64 |
France, 0.00%, 11-25-2031 | 2.59 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g307162imgacff41964.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. |
Effective maturity distribution as of March 31, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g307162img4712a0055.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 10-1-2021 | Ending account value 3-31-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 885.24 | $4.84 | 1.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.80 | $5.19 | 1.03% |
Class C | ||||
Actual | $1,000.00 | $ 882.01 | $8.35 | 1.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.06 | $8.95 | 1.78% |
Class R6 | ||||
Actual | $1,000.00 | $ 886.71 | $3.06 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.69 | $3.28 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $ 885.93 | $4.00 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Institutional Class | ||||
Actual | $1,000.00 | $ 886.94 | $3.29 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.44 | $3.53 | 0.70% |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 4.10% | ||||||
United States: 4.10% | ||||||
American Tower Corporation (Real estate, Equity REITs) | 3.80% | 8-15-2029 | $ | 300,000 | $ 298,540 | |
Amgen Incorporated (Health care, Biotechnology) | 3.00 | 2-22-2029 | 250,000 | 245,417 | ||
Anthem Incorporated (Health care, Health care providers & services) | 2.55 | 3-15-2031 | 325,000 | 303,592 | ||
Bank of America Corporation (3 Month LIBOR +1.21%) (Financials, Banks) ± | 3.97 | 2-7-2030 | 300,000 | 304,842 | ||
Berry Global Incorporated (Materials, Containers & packaging) | 1.02 | 1-15-2025 | 275,000 | 293,227 | ||
BP Capital Markets America Incorporated (Energy, Oil, gas & consumable fuels) | 1.75 | 8-10-2030 | 400,000 | 353,768 | ||
Broadcom Incorporated (Information technology, Semiconductors & semiconductor equipment) 144A | 4.15 | 4-15-2032 | 150,000 | 149,672 | ||
Citigroup Incorporated (Financials, Banks) | 3.20 | 10-21-2026 | 150,000 | 148,817 | ||
General Motors Financial Company Incorporated (Financials, Consumer finance) | 3.10 | 1-12-2032 | 500,000 | 449,408 | ||
GSK Consumer Healthcare Company (Health care, Health care providers & services) 144A | 3.63 | 3-24-2032 | 500,000 | 499,530 | ||
IQVIA Incorporated (Health care, Health care providers & services) | 2.88 | 6-15-2028 | 225,000 | 239,572 | ||
Lowe's Companies Incorporated (Consumer discretionary, Specialty retail) | 3.75 | 4-1-2032 | 250,000 | 252,750 | ||
Magallanes Incorporated (Communication services, Media) 144A | 4.28 | 3-15-2032 | 350,000 | 351,557 | ||
Motorola Solutions Incorporated (Information technology, Communications equipment) | 2.75 | 5-24-2031 | 500,000 | 452,391 | ||
T Mobile USA Incorporated (Communication services, Media) | 3.88 | 4-15-2030 | 300,000 | 301,152 | ||
Thermo Fisher Scientific Incorporated (Health care, Life sciences tools & services) | 1.13 | 10-18-2033 | 350,000 | 358,090 | ||
Verizon Communications Incorporated (Communication services, Diversified telecommunication services) 144A | 2.36 | 3-15-2032 | 400,000 | 361,286 | ||
Total Corporate bonds and notes (Cost $5,658,065) | 5,363,611 | |||||
Foreign corporate bonds and notes: 12.22% | ||||||
Belgium: 0.28% | ||||||
Anheuser-Busch InBev SA (Consumer staples, Beverages) | 2.88 | 4-2-2032 | EUR | 300,000 | 366,632 | |
France: 0.32% | ||||||
Altice France SA (Communication services, Diversified telecommunication services) | 4.13 | 1-15-2029 | EUR | 200,000 | 200,231 | |
SPCM SA (Materials, Chemicals) | 2.00 | 2-1-2026 | EUR | 200,000 | 214,598 | |
414,829 | ||||||
Germany: 0.42% | ||||||
Cheplapharm Arzneimittel (Health care, Pharmaceuticals) | 4.38 | 1-15-2028 | EUR | 100,000 | 109,247 |
Interest rate | Maturity date | Principal | Value | |||
Germany: 0.42% (continued) | ||||||
PCF GmBH (Materials, Paper & forest products) | 4.75% | 4-15-2026 | EUR | 200,000 | $ 212,203 | |
Rebecca Bidco (Consumer discretionary, Diversified consumer services) | 5.75 | 7-15-2025 | EUR | 200,000 | 222,456 | |
543,906 | ||||||
Ireland: 0.08% | ||||||
Smurfit Kappa Treasury Company (Materials, Paper & forest products) | 1.50 | 9-15-2027 | EUR | 100,000 | 108,793 | |
Italy: 0.55% | ||||||
Brunello Bidco SpA (Information technology, Software) | 3.50 | 2-15-2028 | EUR | 100,000 | 104,126 | |
Gamma Bidco SpA (Industrials, Electrical equipment) | 6.25 | 7-15-2025 | EUR | 200,000 | 223,186 | |
Kedrion SpA (Health care, Biotechnology) | 3.38 | 5-15-2026 | EUR | 150,000 | 162,874 | |
Zoncolan Bidco SpA (Materials, Paper & forest products) 144A | 4.88 | 10-21-2028 | EUR | 225,000 | 232,728 | |
722,914 | ||||||
Japan: 1.82% | ||||||
Japan Expressway Holding and Debt Repayment Agency (Financials, Diversified financial services) | 0.24 | 5-30-2036 | JPY | 300,000,000 | 2,383,727 | |
Luxembourg: 1.94% | ||||||
ContourGlobal Power Holdings SA (Utilities, Electric utilities) | 2.75 | 1-1-2026 | EUR | 200,000 | 208,475 | |
European Investment Bank (Financials, Banks) ¤ | 0.00 | 1-18-2033 | JPY | 290,000,000 | 2,223,854 | |
PLT VII Finance (Financials, Diversified financial services) | 4.63 | 1-5-2026 | EUR | 100,000 | 109,071 | |
2,541,400 | ||||||
Netherlands: 0.69% | ||||||
American Medical systems Europe BV (Health care, Health care providers & services) | 1.63 | 3-8-2031 | EUR | 300,000 | 323,070 | |
United Group BV (Communication services, Media) | 3.13 | 2-15-2026 | EUR | 225,000 | 231,814 | |
VZ Vendor Financing BV (Financials, Diversified financial services) | 2.88 | 1-15-2029 | EUR | 250,000 | 249,160 | |
Ziggo Bond Company BV (Communication services, Media) | 3.38 | 2-28-2030 | EUR | 100,000 | 97,627 | |
901,671 | ||||||
Spain: 0.08% | ||||||
Aedas Homes Opco SLU (Real estate, Equity REITs) | 4.00 | 8-15-2026 | EUR | 100,000 | 108,424 | |
Sweden: 0.29% | ||||||
Verisure Holding AB (Industrials, Commercial services & supplies) | 3.25 | 2-15-2027 | EUR | 150,000 | 155,566 | |
Verisure Holding AB (Industrials, Commercial services & supplies) | 3.88 | 7-15-2026 | EUR | 200,000 | 215,719 | |
371,285 | ||||||
United Kingdom: 5.75% | ||||||
AA Bond Company Limited (Consumer discretionary, Diversified consumer services) | 6.50 | 1-31-2026 | GBP | 125,000 | 160,667 |
Interest rate | Maturity date | Principal | Value | |||
United Kingdom: 5.75% (continued) | ||||||
BCP Modular V Services Holding (Industrials, Lease Revenue) 144A | 4.75% | 11-30-2028 | EUR | 200,000 | $ 211,724 | |
Galaxy Bidco Limited (Financials, Insurance) | 6.50 | 7-31-2026 | GBP | 200,000 | 258,132 | |
INEOS Finance plc (Financials, Diversified financial services) | 3.38 | 3-31-2026 | EUR | 200,000 | 216,281 | |
INEOS Quattro Finance 2 plc (Financials, Diversified financial services) | 2.50 | 1-15-2026 | EUR | 100,000 | 104,319 | |
Network Rail Infrastructure Finance plc (Industrials, Transportation infrastructure) | 4.75 | 11-29-2035 | GBP | 3,450,000 | 5,942,451 | |
Pinewood Finance Company Limited (Financials, Diversified financial services) | 3.25 | 9-30-2025 | GBP | 100,000 | 127,096 | |
Playtech plc (Consumer discretionary, Hotels, restaurants & leisure) | 3.75 | 10-12-2023 | EUR | 175,000 | 193,946 | |
Virgin Media Secured Finance plc (Communication services, Media) | 4.25 | 1-15-2030 | GBP | 250,000 | 300,908 | |
7,515,524 | ||||||
Total Foreign corporate bonds and notes (Cost $17,730,443) | 15,979,105 | |||||
Foreign government bonds: 80.59% | ||||||
Australian Government | 1.75 | 6-21-2051 | AUD | 4,300,000 | 2,308,507 | |
Australian Government | 2.75 | 11-21-2028 | AUD | 4,600,000 | 3,446,995 | |
Brazil Government Bond | 10.00 | 1-1-2023 | BRL | 1,500,000 | 309,706 | |
Brazil Government Bond | 10.00 | 1-1-2025 | BRL | 3,000,000 | 610,700 | |
Brazil Government Bond | 10.00 | 1-1-2029 | BRL | 2,075,000 | 407,805 | |
Canada | 0.50 | 12-1-2050 | CAD | 2,933,858 | 2,317,657 | |
Canada | 1.50 | 12-1-2031 | CAD | 1,450,000 | 1,070,575 | |
Canada 144A | 1.90 | 3-15-2031 | CAD | 8,350,000 | 6,172,114 | |
China Government Bond | 3.02 | 5-27-2031 | CNY | 35,600,000 | 5,676,716 | |
China Government Bond | 3.03 | 3-11-2026 | CNY | 69,700,000 | 11,170,304 | |
Colombia | 6.00 | 4-28-2028 | COP | 1,435,000,000 | 321,164 | |
Czech Republic Bonds | 0.25 | 2-10-2027 | CZK | 4,000,000 | 150,310 | |
Czech Republic Bonds | 1.75 | 6-23-2032 | CZK | 99,500,000 | 3,765,105 | |
France ¤ | 0.00 | 11-25-2031 | EUR | 3,350,000 | 3,389,820 | |
France ¤ | 0.00 | 5-25-2032 | EUR | 2,675,000 | 2,682,022 | |
Hungary | 1.50 | 4-22-2026 | HUF | 1,065,000,000 | 2,648,787 | |
Hungary | 1.50 | 8-26-2026 | HUF | 54,000,000 | 132,264 | |
Hungary | 2.25 | 4-20-2033 | HUF | 150,000,000 | 318,166 | |
Indonesia | 6.50 | 6-15-2025 | IDR | 7,300,000,000 | 529,239 | |
Italy Buoni Poliennali del Tesoro ¤ | 0.00 | 4-1-2026 | EUR | 1,400,000 | 1,481,001 | |
Italy Buoni Poliennali del Tesoro 144A | 0.60 | 8-1-2031 | EUR | 4,575,000 | 4,478,409 | |
Italy Buoni Poliennali del Tesoro | 0.95 | 6-1-2032 | EUR | 3,000,000 | 2,992,125 | |
Italy Buoni Poliennali del Tesoro 144A | 1.50 | 4-30-2045 | EUR | 2,500,000 | 2,351,666 | |
Japan Bonds | 0.10 | 9-20-2031 | JPY | 210,000,000 | 1,708,894 | |
Japan Bonds | 0.10 | 12-20-2031 | JPY | 485,000,000 | 3,940,476 | |
Korea Treasury Bond | 1.88 | 6-10-2029 | KRW | 1,920,000,000 | 1,467,034 | |
Korea Treasury Bond | 2.38 | 12-10-2031 | KRW | 1,600,000,000 | 1,249,447 | |
Malaysia Government Bond | 3.90 | 11-30-2026 | MYR | 1,100,000 | 266,914 | |
Mexico | 5.75 | 3-5-2026 | MXN | 8,400,000 | 384,094 | |
Mexico | 8.00 | 11-7-2047 | MXN | 8,030,000 | 384,637 | |
Mexico | 8.50 | 5-31-2029 | MXN | 7,715,000 | 390,374 | |
New South Wales | 1.50 | 2-20-2032 | AUD | 2,400,000 | 1,536,014 | |
New South Wales | 3.00 | 5-20-2027 | AUD | 2,040,000 | 1,535,719 | |
New Zealand Government Bond | 1.50 | 5-15-2031 | NZD | 2,800,000 | 1,676,879 | |
New Zealand Government Bond | 3.50 | 4-14-2033 | NZD | 2,800,000 | 1,986,784 |
Interest rate | Maturity date | Principal | Value | |||
Foreign government bonds: 80.59% (continued) | ||||||
Norway 144A | 1.50% | 2-19-2026 | NOK | 17,700,000 | $ 1,935,380 | |
Norway 144A | 2.13 | 5-18-2032 | NOK | 17,250,000 | 1,884,522 | |
Poland | 0.25 | 10-25-2026 | PLN | 775,000 | 145,879 | |
Poland | 1.25 | 10-25-2030 | PLN | 16,025,000 | 2,808,165 | |
Poland | 1.75 | 4-25-2032 | PLN | 3,200,000 | 560,833 | |
Poland | 2.50 | 1-25-2023 | PLN | 1,000,000 | 233,441 | |
Poland | 2.75 | 10-25-2029 | PLN | 425,000 | 85,885 | |
Queensland Treasury Corporation 144A | 1.50 | 8-20-2032 | AUD | 2,500,000 | 1,585,275 | |
Queensland Treasury Corporation 144A | 2.75 | 8-20-2027 | AUD | 2,000,000 | 1,486,009 | |
Republic of Peru | 6.35 | 8-12-2028 | PEN | 600,000 | 162,611 | |
Republic of South Africa | 8.75 | 2-28-2048 | ZAR | 25,750,000 | 1,476,010 | |
Republic of South Africa | 8.75 | 2-28-2048 | ZAR | 8,035,000 | 460,573 | |
Republic of South Africa | 10.50 | 12-21-2026 | ZAR | 25,435,000 | 1,896,942 | |
Romania | 3.25 | 6-24-2026 | RON | 650,000 | 131,024 | |
Romania | 3.65 | 9-24-2031 | RON | 6,700,000 | 1,239,731 | |
Romania | 4.85 | 4-22-2026 | RON | 4,900,000 | 1,056,654 | |
Romania | 5.00 | 2-12-2029 | RON | 4,175,000 | 878,081 | |
Russia | 4.50 | 7-16-2025 | RUB | 296,800,000 | 109,588 | |
Russia | 6.50 | 2-28-2024 | RUB | 20,000,000 | 7,385 | |
Spain Bonos y Obligaciones del Estado ¤ | 0.00 | 1-31-2026 | EUR | 1,150,000 | 1,238,654 | |
Spain Bonos y Obligaciones del Estado 144A | 1.25 | 10-31-2030 | EUR | 4,195,000 | 4,655,800 | |
United Kingdom Gilt Bond | 0.13 | 3-22-2051 | GBP | 918,179 | 2,176,344 | |
United Kingdom Gilt Bond | 0.88 | 7-31-2033 | GBP | 2,325,000 | 2,800,734 | |
United Kingdom Gilt Bond | 1.25 | 7-31-2051 | GBP | 950,000 | 1,099,097 | |
Total Foreign government bonds (Cost $117,893,137) | 105,373,040 | |||||
U.S. Treasury securities: 0.96% | ||||||
U.S. Treasury Note | 1.88 | 2-15-2032 | $ | 1,300,000 | 1,248,406 | |
Total U.S. Treasury securities (Cost $1,248,615) | 1,248,406 | |||||
Yankee corporate bonds and notes: 0.31% | ||||||
France: 0.31% | ||||||
Electricite de France SA (Utilities, Electric utilities) | 4.50 | 9-21-2028 | 400,000 | 409,520 | ||
Total Yankee corporate bonds and notes (Cost $427,819) | 409,520 | |||||
Yankee government bonds: 0.32% | ||||||
British Columbia | 1.30 | 1-29-2031 | 475,000 | 424,330 | ||
Total Yankee government bonds (Cost $474,370) | 424,330 |
Yield | Shares | |||||
Short-term investments: 3.93% | ||||||
Investment companies: 3.93% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.18 | 5,137,372 | 5,137,372 | |||
Total Short-term investments (Cost $5,137,372) | 5,137,372 | |||||
Total investments in securities (Cost $148,569,821) | 102.43% | 133,935,384 | ||||
Other assets and liabilities, net | (2.43) | (3,176,577) | ||||
Total net assets | 100.00% | $130,758,807 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
♠ | 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: | |
AUD | Australian dollar |
BRL | Brazilian real |
CAD | Canadian dollar |
CNY | China yuan |
COP | Colombian peso |
CZK | Czech Republic koruna |
EUR | Euro |
GBP | Great British pound |
HUF | Hungarian forint |
IDR | Indonesian rupiah |
JPY | Japanese yen |
KRW | Republic of Korea won |
LIBOR | London Interbank Offered Rate |
MXN | Mexican peso |
MYR | Malaysian ringgit |
NOK | Norwegian krone |
NZD | New Zealand dollar |
PEN | Peruvian sol |
PLN | Polish zloty |
REIT | Real estate investment trust |
RON | Romanian lei |
RUB | Russian ruble |
ZAR | South African rand |
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 | $1,463,638 | $24,103,272 | $(20,429,538) | $0 | $0 | $5,137,372 | 5,137,372 | $330 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses |
6,277,946 USD | 8,700,000 AUD | State Street Bank & Trust Company | 4-14-2022 | $ 0 | $ (232,977) |
3,363,075 USD | 75,800,000 CZK | State Street Bank & Trust Company | 6-27-2022 | 0 | (38,834) |
155,287 USD | 3,500,000 CZK | State Street Bank & Trust Company | 6-27-2022 | 0 | (1,793) |
10,513,276 USD | 69,000,000 DKK | State Street Bank & Trust Company | 4-11-2022 | 249,856 | 0 |
39,300,000 DKK | 5,986,920 USD | State Street Bank & Trust Company | 4-11-2022 | 0 | (141,233) |
29,700,000 DKK | 4,512,169 USD | State Street Bank & Trust Company | 4-11-2022 | 0 | (94,436) |
18,580,000 EUR | 21,020,817 USD | State Street Bank & Trust Company | 4-12-2022 | 0 | (462,175) |
9,064,056 USD | 8,000,000 EUR | State Street Bank & Trust Company | 4-12-2022 | 212,111 | 0 |
972,467 USD | 850,000 EUR | State Street Bank & Trust Company | 4-12-2022 | 31,948 | 0 |
3,250,000 EUR | 3,697,265 USD | State Street Bank & Trust Company | 4-12-2022 | 0 | (101,162) |
3,806,327 USD | 3,400,000 EUR | State Street Bank & Trust Company | 4-12-2022 | 44,251 | 0 |
2,802,895 USD | 3,825,000 AUD | State Street Bank & Trust Company | 4-14-2022 | 0 | (59,666) |
2,250,000 EUR | 2,453,015 USD | State Street Bank & Trust Company | 4-12-2022 | 36,594 | 0 |
2,925,000 EUR | 3,188,864 USD | State Street Bank & Trust Company | 4-12-2022 | 47,628 | 0 |
3,350,000 EUR | 3,679,241 USD | State Street Bank & Trust Company | 4-12-2022 | 27,511 | 0 |
1,100,000 EUR | 1,209,263 USD | State Street Bank & Trust Company | 4-12-2022 | 7,879 | 0 |
9,242,490 USD | 6,825,000 GBP | State Street Bank & Trust Company | 4-12-2022 | 277,455 | 0 |
3,252,194 USD | 2,400,000 GBP | State Street Bank & Trust Company | 4-12-2022 | 99,654 | 0 |
5,000,000 GBP | 6,579,820 USD | State Street Bank & Trust Company | 4-12-2022 | 0 | (12,028) |
200,000 GBP | 261,639 USD | State Street Bank & Trust Company | 4-12-2022 | 1,072 | 0 |
3,150,936 USD | 2,400,000 GBP | State Street Bank & Trust Company | 4-12-2022 | 0 | (1,604) |
1,400,000 GBP | 1,841,428 USD | State Street Bank & Trust Company | 4-13-2022 | 0 | (2,457) |
575,000 AUD | 430,954 USD | State Street Bank & Trust Company | 4-14-2022 | 0 | (634) |
167,652 USD | 53,000,000 HUF | State Street Bank & Trust Company | 4-11-2022 | 8,205 | 0 |
2,422,487 USD | 870,000,000 HUF | State Street Bank & Trust Company | 4-11-2022 | 0 | (194,846) |
2,176,000,000 JPY | 19,005,545 USD | State Street Bank & Trust Company | 5-31-2022 | 0 | (1,107,843) |
150,000,000 JPY | 1,232,162 USD | State Street Bank & Trust Company | 5-31-2022 | 1,595 | 0 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
434,200 USD | 8,950,000 MXN | State Street Bank & Trust Company | 6-27-2022 | $ 0 | $ (9,107) | |
2,160,000 MYR | 512,760 USD | State Street Bank & Trust Company | 4-21-2022 | 651 | 0 | |
3,879,703 USD | 34,675,000 NOK | State Street Bank & Trust Company | 6-13-2022 | 0 | (57,016) | |
1,200,000 NOK | 138,504 USD | State Street Bank & Trust Company | 6-13-2022 | 0 | (2,266) | |
3,788,828 USD | 5,540,000 NZD | State Street Bank & Trust Company | 4-14-2022 | 0 | (50,236) | |
200,000 NZD | 138,756 USD | State Street Bank & Trust Company | 4-14-2022 | 0 | (162) | |
89,033 USD | 500,000 BRL | State Street Bank & Trust Company | 4-26-2022 | 0 | (15,341) | |
63,463 USD | 350,000 BRL | State Street Bank & Trust Company | 4-26-2022 | 0 | (9,598) | |
94,280 USD | 450,000 BRL | State Street Bank & Trust Company | 4-26-2022 | 344 | 0 | |
3,504,746 USD | 4,450,000 CAD | State Street Bank & Trust Company | 6-14-2022 | 0 | (54,177) | |
860,000 CAD | 687,291 USD | State Street Bank & Trust Company | 6-14-2022 | 500 | 0 | |
2,400,000 CNY | 374,561 USD | State Street Bank & Trust Company | 5-10-2022 | 2,992 | 0 | |
2,908,276 USD | 13,275,000 PLN | State Street Bank & Trust Company | 6-10-2022 | 0 | (230,507) | |
13,275,000 PLN | 3,136,667 USD | State Street Bank & Trust Company | 6-10-2022 | 2,116 | 0 | |
433,509 USD | 33,900,000 RUB | State Street Bank & Trust Company | 4-20-2022 | 23,182 | 0 | |
14,900,000 RUB | 192,246 USD | State Street Bank & Trust Company | 4-20-2022 | 0 | (11,895) | |
19,000,000 RUB | 187,192 USD | State Street Bank & Trust Company | 4-20-2022 | 42,785 | 0 | |
18,900,000 THB | 573,525 USD | State Street Bank & Trust Company | 4-28-2022 | 0 | (5,057) | |
1,300,000 TRY | 90,750 USD | State Street Bank & Trust Company | 4-28-2022 | 0 | (3,815) | |
2,749,538 USD | 42,300,000 ZAR | State Street Bank & Trust Company | 4-28-2022 | 0 | (136,387) | |
406,256 USD | 6,250,000 ZAR | State Street Bank & Trust Company | 4-28-2022 | 0 | (20,152) | |
$1,118,329 | $(3,057,404) |
Assets | |
Investments in unaffiliated securities, at value (cost $143,432,449) | $ 128,798,012 |
Investments in affiliated securities, at value (cost $5,137,372) | 5,137,372 |
Foreign currency, at value (cost $351,065) | 349,875 |
Unrealized gains on forward foreign currency contracts | 1,118,329 |
Receivable for interest | 908,073 |
Receivable for Fund shares sold | 186,827 |
Prepaid expenses and other assets | 93,280 |
Total assets | 136,591,768 |
Liabilities | |
Unrealized losses on forward foreign currency contracts | 3,057,404 |
Payable for investments purchased | 2,650,977 |
Payable for Fund shares redeemed | 44,984 |
Management fee payable | 41,076 |
Administration fees payable | 9,701 |
Trustees’ fees and expenses payable | 2,062 |
Distribution fee payable | 148 |
Accrued expenses and other liabilities | 26,609 |
Total liabilities | 5,832,961 |
Total net assets | $130,758,807 |
Net assets consist of | |
Paid-in capital | $ 154,209,556 |
Total distributable loss | (23,450,749) |
Total net assets | $130,758,807 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 6,298,341 |
Shares outstanding – Class A1 | 656,215 |
Net asset value per share – Class A | $9.60 |
Maximum offering price per share – Class A2 | $10.05 |
Net assets – Class C | $ 234,682 |
Shares outstanding – Class C1 | 25,735 |
Net asset value per share – Class C | $9.12 |
Net assets – Class R6 | $ 2,562,648 |
Shares outstanding – Class R61 | 260,167 |
Net asset value per share – Class R6 | $9.85 |
Net assets – Administrator Class | $ 34,763,471 |
Shares outstanding – Administrator Class1 | 3,580,496 |
Net asset value per share – Administrator Class | $9.71 |
Net assets – Institutional Class | $ 86,899,665 |
Shares outstanding – Institutional Class1 | 8,861,447 |
Net asset value per share – Institutional Class | $9.81 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest (net of foreign withholding taxes of $7,511) | $ 1,675,643 |
Income from affiliated securities | 330 |
Total investment income | 1,675,973 |
Expenses | |
Management fee | 415,992 |
Administration fees | |
Class A | 6,182 |
Class C | 206 |
Class R6 | 442 |
Administrator Class | 18,759 |
Institutional Class | 36,085 |
Shareholder servicing fees | |
Class A | 9,655 |
Class C | 319 |
Administrator Class | 46,898 |
Distribution fee | |
Class C | 956 |
Custody and accounting fees | 17,639 |
Professional fees | 32,039 |
Registration fees | 41,158 |
Shareholder report expenses | 23,114 |
Trustees’ fees and expenses | 10,684 |
Other fees and expenses | 10,318 |
Total expenses | 670,446 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (119,676) |
Class A | (36) |
Administrator Class | (23,909) |
Net expenses | 526,825 |
Net investment income | 1,149,148 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (3,838,740) |
Forward foreign currency contracts | (1,011,529) |
Net realized losses on investments | (4,850,269) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gain tax refund of $(1,365)) | (10,791,113) |
Forward foreign currency contracts | (1,717,138) |
Net change in unrealized gains (losses) on investments | (12,508,251) |
Net realized and unrealized gains (losses) on investments | (17,358,520) |
Net decrease in net assets resulting from operations | $(16,209,372) |
Six months ended March 31, 2022 (unaudited) | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 1,149,148 | $ 1,647,142 | ||
Net realized gains (losses) on investments | (4,850,269) | 1,935,771 | ||
Net change in unrealized gains (losses) on investments | (12,508,251) | (6,007,801) | ||
Net decrease in net assets resulting from operations | (16,209,372) | (2,424,888) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (10,524) | (63,228) | ||
Class R6 | (9,965) | (37,383) | ||
Administrator Class | (67,210) | (249,475) | ||
Institutional Class | (245,781) | (768,614) | ||
Tax basis return of capital | ||||
Class A | 0 | (12,789) | ||
Class R6 | 0 | (5,780) | ||
Administrator Class | 0 | (54,442) | ||
Institutional Class | 0 | (190,437) | ||
Total distributions to shareholders | (333,480) | (1,382,148) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 18,198 | 190,675 | 114,005 | 1,290,909 |
Class C | 298 | 2,951 | 2,291 | 24,570 |
Class R6 | 86,730 | 952,587 | 468 | 5,399 |
Administrator Class | 296,328 | 3,112,496 | 824,508 | 9,449,557 |
Institutional Class | 1,553,271 | 16,235,193 | 4,402,502 | 50,976,013 |
20,493,902 | 61,746,448 | |||
Reinvestment of distributions | ||||
Class A | 930 | 9,909 | 6,553 | 72,767 |
Class R6 | 300 | 3,281 | 1,278 | 14,677 |
Administrator Class | 4,433 | 47,744 | 18,773 | 210,813 |
Institutional Class | 21,939 | 238,697 | 82,329 | 935,208 |
299,631 | 1,233,465 | |||
Payment for shares redeemed | ||||
Class A | (329,082) | (3,524,868) | (168,968) | (1,906,557) |
Class C | (592) | (5,991) | (42,961) | (456,314) |
Class R6 | (66,400) | (689,121) | (292,184) | (3,364,244) |
Administrator Class | (299,582) | (3,215,344) | (323,132) | (3,696,482) |
Institutional Class | (1,005,843) | (10,740,132) | (1,255,497) | (14,512,169) |
(18,175,456) | (23,935,766) | |||
Net increase in net assets resulting from capital share transactions | 2,618,077 | 39,044,147 | ||
Total increase (decrease) in net assets | (13,924,775) | 35,237,111 | ||
Net assets | ||||
Beginning of period | 144,683,582 | 109,446,471 | ||
End of period | $130,758,807 | $144,683,582 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.86 | $11.08 | $10.45 | $9.69 | $10.31 | $10.77 |
Net investment income | 0.07 1 | 0.10 1 | 0.18 1 | 0.32 1 | 0.27 1 | 0.26 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (1.31) | (0.24) | 0.45 | 0.44 | (0.89) | (0.57) |
Total from investment operations | (1.24) | (0.14) | 0.63 | 0.76 | (0.62) | (0.31) |
Distributions to shareholders from | ||||||
Net investment income | (0.02) | (0.07) | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.15) |
Tax basis return of capital | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02) | (0.08) | 0.00 | 0.00 | 0.00 | (0.15) |
Net asset value, end of period | $9.60 | $10.86 | $11.08 | $10.45 | $9.69 | $10.31 |
Total return3 | (11.48)% | (1.30)% | 6.03% 4 | 7.84% | (6.01)% | (2.78)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.20% | 1.22% | 1.50% | 1.30% | 1.08% | 1.03% |
Net expenses | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Net investment income | 1.38% | 0.90% | 1.68% | 3.21% | 2.75% | 2.61% |
Supplemental data | ||||||
Portfolio turnover rate | 50% | 77% | 158% | 129% | 99% | 68% |
Net assets, end of period (000s omitted) | $6,298 | $10,492 | $11,237 | $12,329 | $44,519 | $69,885 |
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 September 30, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.34 | $10.56 | $9.98 | $9.32 | $10.00 | $10.52 |
Net investment income | 0.03 1 | 0.02 1 | 0.09 1 | 0.24 1 | 0.19 1 | 0.18 1 |
Payment from affiliate | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (1.25) | (0.24) | 0.43 | 0.42 | (0.87) | (0.55) |
Total from investment operations | (1.22) | (0.22) | 0.58 | 0.66 | (0.68) | (0.37) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.15) |
Net asset value, end of period | $9.12 | $10.34 | $10.56 | $9.98 | $9.32 | $10.00 |
Total return2 | (11.80)% | (2.08)% | 5.81% 3 | 7.08% | (6.80)% | (3.43)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.95% | 1.98% | 2.25% | 2.04% | 1.83% | 1.78% |
Net expenses | 1.78% | 1.78% | 1.78% | 1.78% | 1.78% | 1.78% |
Net investment income | 0.64% | 0.16% | 0.94% | 2.51% | 2.00% | 1.88% |
Supplemental data | ||||||
Portfolio turnover rate | 50% | 77% | 158% | 129% | 99% | 68% |
Net assets, end of period (000s omitted) | $235 | $269 | $704 | $1,027 | $2,652 | $3,493 |
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 September 30, 2020, the Fund received a payment from an affiliate which had a 0.58% impact on the total return. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.14 | $11.36 | $10.68 | $9.86 | $10.45 | $10.88 |
Net investment income | 0.10 1 | 0.15 1 | 0.23 1 | 0.37 1 | 0.31 1 | 0.30 1 |
Net realized and unrealized gains (losses) on investments | (1.36) | (0.25) | 0.45 | 0.45 | (0.90) | (0.58) |
Total from investment operations | (1.26) | (0.10) | 0.68 | 0.82 | (0.59) | (0.28) |
Distributions to shareholders from | ||||||
Net investment income | (0.03) | (0.11) | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.15) |
Tax basis return of capital | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.03) | (0.12) | 0.00 | 0.00 | 0.00 | (0.15) |
Net asset value, end of period | $9.85 | $11.14 | $11.36 | $10.68 | $9.86 | $10.45 |
Total return2 | (11.33)% | (0.89)% | 6.37% | 8.32% | (5.65)% | (2.48)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.82% | 0.85% | 1.13% | 0.90% | 0.72% | 0.65% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 1.77% | 1.27% | 2.08% | 3.68% | 3.18% | 3.01% |
Supplemental data | ||||||
Portfolio turnover rate | 50% | 77% | 158% | 129% | 99% | 68% |
Net assets, end of period (000s omitted) | $2,563 | $2,668 | $6,020 | $8,979 | $49,749 | $30,876 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.98 | $11.19 | $10.53 | $9.75 | $10.36 | $10.80 |
Net investment income | 0.08 1 | 0.12 1 | 0.20 1 | 0.34 1 | 0.29 1 | 0.28 1 |
Net realized and unrealized gains (losses) on investments | (1.33) | (0.24) | 0.46 | 0.44 | (0.90) | (0.57) |
Total from investment operations | (1.25) | (0.12) | 0.66 | 0.78 | (0.61) | (0.29) |
Distributions to shareholders from | ||||||
Net investment income | (0.02) | (0.07) | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.15) |
Tax basis return of capital | 0.00 | (0.02) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02) | (0.09) | 0.00 | 0.00 | 0.00 | (0.15) |
Net asset value, end of period | $9.71 | $10.98 | $11.19 | $10.53 | $9.75 | $10.36 |
Total return2 | (11.41)% | (1.11)% | 6.27% | 8.00% | (5.89)% | (2.59)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.14% | 1.16% | 1.44% | 1.24% | 1.01% | 0.97% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income | 1.57% | 1.09% | 1.87% | 3.37% | 2.93% | 2.80% |
Supplemental data | ||||||
Portfolio turnover rate | 50% | 77% | 158% | 129% | 99% | 68% |
Net assets, end of period (000s omitted) | $34,763 | $39,296 | $34,221 | $18,213 | $27,911 | $41,045 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.09 | $11.31 | $10.64 | $9.83 | $10.43 | $10.86 |
Net investment income | 0.09 1 | 0.14 1 | 0.22 1 | 0.37 1 | 0.31 1 | 0.29 1 |
Net realized and unrealized gains (losses) on investments | (1.34) | (0.24) | 0.45 | 0.44 | (0.91) | (0.57) |
Total from investment operations | (1.25) | (0.10) | 0.67 | 0.81 | (0.60) | (0.28) |
Distributions to shareholders from | ||||||
Net investment income | (0.03) | (0.09) | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.15) |
Tax basis return of capital | 0.00 | (0.03) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.03) | (0.12) | 0.00 | 0.00 | 0.00 | (0.15) |
Net asset value, end of period | $9.81 | $11.09 | $11.31 | $10.64 | $9.83 | $10.43 |
Total return2 | (11.31)% | (0.93)% | 6.30% | 8.24% | (5.75)% | (2.48)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.87% | 0.89% | 1.17% | 0.95% | 0.74% | 0.70% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 1.72% | 1.23% | 2.04% | 3.61% | 3.06% | 2.96% |
Supplemental data | ||||||
Portfolio turnover rate | 50% | 77% | 158% | 129% | 99% | 68% |
Net assets, end of period (000s omitted) | $86,900 | $91,959 | $57,264 | $77,727 | $245,633 | $443,888 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 2,346,504 |
Gross unrealized losses | (18,394,811) |
Net unrealized losses | $(16,048,307) |
■ | 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: | ||||
Corporate bonds and notes | $ 0 | $ 5,363,611 | $0 | $ 5,363,611 |
Foreign corporate bonds and notes | 0 | 15,979,105 | 0 | 15,979,105 |
Foreign government bonds | 0 | 105,373,040 | 0 | 105,373,040 |
U.S. Treasury securities | 1,248,406 | 0 | 0 | 1,248,406 |
Yankee corporate bonds and notes | 0 | 409,520 | 0 | 409,520 |
Yankee government bonds | 0 | 424,330 | 0 | 424,330 |
Short-term investments | ||||
Investment companies | 5,137,372 | 0 | 0 | 5,137,372 |
6,385,778 | 127,549,606 | 0 | 133,935,384 | |
Forward foreign currency contracts | 0 | 1,118,329 | 0 | 1,118,329 |
Total assets | $6,385,778 | $128,667,935 | $0 | $135,053,713 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 3,057,404 | $0 | $ 3,057,404 |
Total liabilities | $ 0 | $ 3,057,404 | $0 | $ 3,057,404 |
Average daily net assets | Management fee |
First $500 million | 0.600% |
Next $500 million | 0.575 |
Next $2 billion | 0.550 |
Next $2 billion | 0.525 |
Next $5 billion | 0.490 |
Over $10 billion | 0.480 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 1.03% |
Class C | 1.78 |
Class R6 | 0.65 |
Administrator Class | 0.85 |
Institutional Class | 0.70 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$1,248,615 | $68,388,285 | $970,387 | $67,171,814 |
Counterparty | Gross amounts of assets in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral received | Net amount of assets |
State Street Bank & Trust Company | $1,118,329 | $(1,118,329) | $0 | $0 |
Counterparty | Gross amounts of assets in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of liabilities |
State Street Bank & Trust Company | $3,057,404 | $(1,118,329) | $0 | $1,939,075 |
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 from 2005 to 2010. |
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/0001193125-22-166119/g307162img6008b26c1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-166119/g307162img92b2eb846.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA235/SAR235 03-22
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: May 25, 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: May 25, 2022 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: May 25, 2022 |