UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
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: September 30, 2022
ITEM 1. REPORT TO STOCKHOLDERS
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -32.89 | -6.58 | -3.82 | -29.73 | -5.71 | -3.38 | 1.22 | 1.03 | ||
Class C (ESIVX) | 9-30-2003 | -31.17 | -6.31 | -3.91 | -30.17 | -6.31 | -3.91 | 1.97 | 1.78 | ||
Class R6 (ESIRX)3 | 11-30-2012 | – | – | – | -29.42 | -5.33 | -3.00 | 0.84 | 0.65 | ||
Administrator Class (ESIDX) | 7-30-2010 | – | – | – | -29.56 | -5.53 | -3.20 | 1.16 | 0.85 | ||
Institutional Class (ESICX) | 12-15-1993 | – | – | – | -29.48 | -5.40 | -3.06 | 0.89 | 0.70 | ||
Bloomberg Global Aggregate ex-USD Index4 | – | – | – | – | -24.77 | -4.03 | -2.39 | – | – |
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. |
■ | The Fund underperformed its benchmark, the Bloomberg Global Aggregate ex-USD Index, for the 12-month period that ended September 30, 2022. |
■ | The reporting period was characterized by a relentless rise in global bond yields and material strength in the U.S. dollar. Both factors were a material drag on the Fund’s absolute performance. The underweight to Japanese government bonds was a significant detractor versus the benchmark, along with exposure to Russia and duration in the U.K., Italy, Australia, and Poland. There was also a cost to the currency hedges in place. |
■ | There were positives from select positioning within country, currency, and sector and good performance from commodity-linked currencies such as the Norwegian krone and Australian dollar and from the tilt toward the U.S. dollar and away from the euro. Underweights to investment-grade corporate debt and the securitized sector added value. The underweight to core European bonds and the overweight to South African bonds were also positives. |
Ten largest holdings (%) as of September 30, 20221 | |
China Government Bond, 3.03%, 3-11-2026 | 5.90 |
China Government Bond, 3.02%, 5-27-2031 | 5.79 |
Canada, 1.90%, 3-15-2031 | 4.80 |
Italy Buoni Poliennali del Tesoro, 0.95%, 6-1-2032 | 4.65 |
Network Rail Infrastructure Finance plc, 4.75%, 11-29-2035 | 4.04 |
Italy Buoni Poliennali del Tesoro, 0.60%, 8-1-2031 | 3.76 |
Spain Bonos y Obligaciones del Estado, 1.25%, 10-31-2030 | 3.67 |
Czech Republic Bond, 1.75%, 6-23-2032 | 3.19 |
United Kingdom Gilt Bond, 0.88%, 7-31-2033 | 2.95 |
Norway, 2.13%, 5-18-2032 | 2.85 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Effective maturity distribution as of September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 793.75 | $4.63 | 1.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.90 | $5.22 | 1.03% |
Class C | ||||
Actual | $1,000.00 | $ 791.67 | $7.99 | 1.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.14 | $9.00 | 1.78% |
Class R6 | ||||
Actual | $1,000.00 | $ 795.94 | $2.93 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.81 | $3.29 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $ 795.06 | $3.82 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 | 0.85% |
Institutional Class | ||||
Actual | $1,000.00 | $ 795.11 | $3.15 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.56 | $3.55 | 0.70% |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 4.53% | ||||||
United States: 4.53% | ||||||
American Tower Corporation (Real estate, Equity REITs) | 3.80% | 8-15-2029 | $ | 200,000 | $ 175,444 | |
Amgen Incorporated (Health care, Biotechnology) | 3.00 | 2-22-2029 | 250,000 | 218,626 | ||
Anthem Incorporated (Health care, Health care providers & services) | 2.55 | 3-15-2031 | 200,000 | 161,251 | ||
Bank of America Corporation (3 Month LIBOR +1.21%) (Financials, Banks) ± | 3.97 | 2-7-2030 | 300,000 | 267,042 | ||
Berry Global Incorporated (Materials, Containers & packaging) | 1.00 | 1-15-2025 | 275,000 | 244,584 | ||
BP Capital Markets America Incorporated (Energy, Oil, gas & consumable fuels) | 1.75 | 8-10-2030 | 200,000 | 155,450 | ||
Broadcom Incorporated (Information technology, Semiconductors & semiconductor equipment) 144A | 4.15 | 4-15-2032 | 150,000 | 125,452 | ||
Citigroup Incorporated (Financials, Banks) | 3.20 | 10-21-2026 | 150,000 | 137,410 | ||
General Motors Financial Company Incorporated (Financials, Consumer finance) | 3.10 | 1-12-2032 | 250,000 | 188,558 | ||
IQVIA Incorporated (Health care, Health care providers & services) | 2.88 | 6-15-2028 | 225,000 | 179,165 | ||
Lowe's Companies Incorporated (Consumer discretionary, Specialty retail) | 3.75 | 4-1-2032 | 250,000 | 216,251 | ||
Magallanes Incorporated (Communication services, Media) 144A | 4.28 | 3-15-2032 | 200,000 | 164,537 | ||
Motorola Solutions Incorporated (Information technology, Communications equipment) | 2.75 | 5-24-2031 | 200,000 | 152,639 | ||
T Mobile USA Incorporated (Communication services, Media) | 3.88 | 4-15-2030 | 300,000 | 266,105 | ||
T Mobile USA Incorporated (Communication services, Media) | 5.20 | 1-15-2033 | 125,000 | 119,551 | ||
Target Corporation (Consumer discretionary, Multiline retail) | 4.50 | 9-15-2032 | 250,000 | 238,394 | ||
Thermo Fisher Scientific Incorporated (Health care, Life sciences tools & services) | 1.13 | 10-18-2033 | 350,000 | 260,206 | ||
Verizon Communications Incorporated (Communication services, Diversified telecommunication services) | 2.36 | 3-15-2032 | 175,000 | 134,195 | ||
Walmart Incorporated (Consumer staples, Food & staples retailing) | 4.15 | 9-9-2032 | 200,000 | 191,579 | ||
Total Corporate bonds and notes (Cost $4,378,321) | 3,596,439 | |||||
Foreign corporate bonds and notes: 7.94% | ||||||
Belgium: 0.33% | ||||||
Anheuser-Busch InBev SA (Consumer staples, Beverages) | 2.88 | 4-2-2032 | EUR | 300,000 | 266,031 | |
France: 0.41% | ||||||
Altice France SA (Communication services, Diversified telecommunication services) | 4.13 | 1-15-2029 | EUR | 200,000 | 148,968 | |
SPCM SA (Materials, Chemicals) | 2.00 | 2-1-2026 | EUR | 200,000 | 175,492 | |
324,460 |
Interest rate | Maturity date | Principal | Value | |||
Germany: 0.23% | ||||||
Rebecca Bidco (Consumer discretionary, Diversified consumer services) | 5.75% | 7-15-2025 | EUR | 200,000 | $ 179,128 | |
Ireland: 0.11% | ||||||
Smurfit Kappa Treasury Company (Materials, Paper & forest products) | 1.50 | 9-15-2027 | EUR | 100,000 | 86,047 | |
Italy: 0.24% | ||||||
Gamma Bidco SpA (Industrials, Electrical equipment) | 6.25 | 7-15-2025 | EUR | 100,000 | 89,620 | |
Lottomatica SpA (Consumer discretionary, Hotels, restaurants & leisure) 144A | 9.75 | 9-30-2027 | EUR | 100,000 | 97,991 | |
187,611 | ||||||
Luxembourg: 0.31% | ||||||
ContourGlobal Power Holdings SA (Utilities, Electric utilities) | 2.75 | 1-1-2026 | EUR | 200,000 | 159,190 | |
PLT VII Finance (Financials, Diversified financial services) | 4.63 | 1-5-2026 | EUR | 100,000 | 87,592 | |
246,782 | ||||||
Netherlands: 0.69% | ||||||
American Medical Systems Europe BV (Health care, Health care providers & services) | 1.63 | 3-8-2031 | EUR | 300,000 | 243,842 | |
United Group BV (Communication services, Media) | 3.13 | 2-15-2026 | EUR | 225,000 | 166,832 | |
VZ Vendor Financing BV (Financials, Diversified financial services) | 2.88 | 1-15-2029 | EUR | 100,000 | 69,595 | |
Ziggo Bond Company BV (Communication services, Media) | 3.38 | 2-28-2030 | EUR | 100,000 | 67,701 | |
547,970 | ||||||
Sweden: 0.36% | ||||||
Verisure Holding AB (Industrials, Commercial services & supplies) | 3.25 | 2-15-2027 | EUR | 150,000 | 119,198 | |
Verisure Holding AB (Industrials, Commercial services & supplies) | 3.88 | 7-15-2026 | EUR | 200,000 | 168,236 | |
287,434 | ||||||
United Kingdom: 5.26% | ||||||
AA Bond Company Limited (Consumer discretionary, Diversified consumer services) | 6.50 | 1-31-2026 | GBP | 125,000 | 117,238 | |
BCP Modular V Services Holding (Industrials, Lease Revenue) | 4.75 | 11-30-2028 | EUR | 100,000 | 78,404 | |
Galaxy Bidco Limited (Financials, Insurance) | 6.50 | 7-31-2026 | GBP | 200,000 | 181,998 | |
INEOS Finance plc (Financials, Diversified financial services) | 3.38 | 3-31-2026 | EUR | 200,000 | 166,945 | |
INEOS Quattro Finance 2 plc (Financials, Diversified financial services) | 2.50 | 1-15-2026 | EUR | 100,000 | 80,392 | |
Network Rail Infrastructure Finance plc (Industrials, Transportation infrastructure) | 4.75 | 11-29-2035 | GBP | 2,900,000 | 3,205,019 | |
Pinewood Finance Company Limited (Financials, Diversified financial services) | 3.25 | 9-30-2025 | GBP | 100,000 | 95,465 |
Interest rate | Maturity date | Principal | Value | |||
United Kingdom: 5.26% (continued) | ||||||
Playtech plc (Consumer discretionary, Hotels, restaurants & leisure) | 3.75% | 10-12-2023 | EUR | 175,000 | $ 166,895 | |
Virgin Media Secured Finance plc (Communication services, Media) | 4.25 | 1-15-2030 | GBP | 100,000 | 81,451 | |
4,173,807 | ||||||
Total Foreign corporate bonds and notes (Cost $9,763,686) | 6,299,270 | |||||
Foreign government bonds: 84.66% | ||||||
Australian Government Bond | 1.75 | 11-21-2032 | AUD | 2,725,000 | 1,430,979 | |
Australian Government Bond | 2.75 | 11-21-2028 | AUD | 3,550,000 | 2,147,492 | |
Brazil | 10.00 | 1-1-2023 | BRL | 1,000,000 | 183,546 | |
Brazil | 10.00 | 1-1-2025 | BRL | 2,400,000 | 431,708 | |
Brazil | 10.00 | 1-1-2029 | BRL | 1,700,000 | 289,842 | |
Bundesrepublik Deutschland Bond ¤ | 0.00 | 8-15-2029 | EUR | 1,975,000 | 1,690,289 | |
Bundesrepublik Deutschland Bond | 1.00 | 5-15-2038 | EUR | 1,900,000 | 1,556,904 | |
Bundesschatzanweisungen German Bond | 0.20 | 6-14-2024 | EUR | 455,000 | 434,855 | |
Canada | 1.50 | 12-1-2031 | CAD | 1,040,000 | 652,926 | |
Canada 144A | 1.90 | 3-15-2031 | CAD | 6,000,000 | 3,809,751 | |
Canada | 2.00 | 6-1-2032 | CAD | 1,700,000 | 1,111,661 | |
Canada | 2.00 | 12-1-2051 | CAD | 700,000 | 399,335 | |
China Government Bond | 3.02 | 5-27-2031 | CNY | 32,150,000 | 4,597,533 | |
China Government Bond | 3.03 | 3-11-2026 | CNY | 32,500,000 | 4,684,675 | |
Colombia | 6.00 | 4-28-2028 | COP | 1,435,000,000 | 231,798 | |
Czech Republic Bond | 0.25 | 2-10-2027 | CZK | 4,000,000 | 127,003 | |
Czech Republic Bond | 1.75 | 6-23-2032 | CZK | 87,500,000 | 2,527,728 | |
France | 0.50 | 5-25-2029 | EUR | 1,750,000 | 1,519,273 | |
France | 1.25 | 5-25-2038 | EUR | 1,750,000 | 1,339,038 | |
France | 2.00 | 11-25-2032 | EUR | 825,000 | 756,617 | |
Hungary | 1.50 | 4-22-2026 | HUF | 865,000,000 | 1,443,999 | |
Hungary | 1.50 | 8-26-2026 | HUF | 54,000,000 | 88,157 | |
Hungary | 2.25 | 4-20-2033 | HUF | 150,000,000 | 182,018 | |
Indonesia | 6.38 | 4-15-2032 | IDR | 19,800,000,000 | 1,208,778 | |
Indonesia | 6.50 | 6-15-2025 | IDR | 7,300,000,000 | 474,832 | |
Italy Buoni Poliennali del Tesoro 144A | 0.60 | 8-1-2031 | EUR | 4,175,000 | 2,984,277 | |
Italy Buoni Poliennali del Tesoro | 0.95 | 6-1-2032 | EUR | 5,150,000 | 3,693,018 | |
Italy Buoni Poliennali del Tesoro 144A | 1.50 | 4-30-2045 | EUR | 1,000,000 | 577,208 | |
Korea Treasury Bond | 1.88 | 6-10-2029 | KRW | 900,000,000 | 546,724 | |
Korea Treasury Bond | 2.38 | 12-10-2031 | KRW | 1,290,000,000 | 786,422 | |
Malaysia Government Bond | 3.88 | 3-14-2025 | MYR | 1,500,000 | 324,206 | |
Malaysia Government Bond | 3.90 | 11-30-2026 | MYR | 1,100,000 | 235,994 | |
Mexico | 5.75 | 3-5-2026 | MXN | 7,400,000 | 322,430 | |
Mexico | 8.00 | 11-7-2047 | MXN | 6,000,000 | 251,217 | |
Mexico | 8.50 | 5-31-2029 | MXN | 33,015,000 | 1,544,088 | |
New South Wales | 1.50 | 2-20-2032 | AUD | 1,580,000 | 778,627 | |
New South Wales | 3.00 | 5-20-2027 | AUD | 1,640,000 | 1,000,350 | |
New Zealand Government Bond | 1.50 | 5-15-2031 | NZD | 2,100,000 | 942,563 | |
New Zealand Government Bond | 3.50 | 4-14-2033 | NZD | 2,100,000 | 1,090,258 | |
Norway 144A | 2.13 | 5-18-2032 | NOK | 27,250,000 | 2,263,138 | |
Poland | 0.25 | 10-25-2026 | PLN | 775,000 | 116,995 | |
Poland | 1.25 | 10-25-2030 | PLN | 12,775,000 | 1,639,109 | |
Poland | 1.75 | 4-25-2032 | PLN | 5,200,000 | 665,303 | |
Poland | 2.50 | 1-25-2023 | PLN | 1,000,000 | 198,773 | |
Poland | 2.75 | 10-25-2029 | PLN | 425,000 | 64,039 |
Interest rate | Maturity date | Principal | Value | |||
Foreign government bonds: 84.66% (continued) | ||||||
Queensland Treasury Corporation 144A | 1.50% | 8-20-2032 | AUD | 3,650,000 | $ 1,781,257 | |
Republic of Peru | 6.35 | 8-12-2028 | PEN | 600,000 | 136,928 | |
Republic of South Africa | 8.75 | 2-28-2048 | ZAR | 24,135,000 | 1,004,069 | |
Republic of South Africa | 10.50 | 12-21-2026 | ZAR | 7,900,000 | 449,645 | |
Romania | 3.25 | 6-24-2026 | RON | 650,000 | 107,121 | |
Romania | 3.65 | 9-24-2031 | RON | 4,700,000 | 645,267 | |
Romania | 4.85 | 4-22-2026 | RON | 3,800,000 | 666,970 | |
Romania | 5.00 | 2-12-2029 | RON | 4,175,000 | 679,691 | |
Russia (Acquired 3-13-2020, cost $270,927) †> | 6.50 | 2-28-2024 | RUB | 20,000,000 | 104,651 | |
Russia (Acquired 9-23-2020, cost $3,718,709) †> | 4.50 | 7-16-2025 | RUB | 296,800,000 | 1,553,023 | |
Spain Bonos y Obligaciones del Estado ¤ | 0.00 | 1-31-2026 | EUR | 975,000 | 882,027 | |
Spain Bonos y Obligaciones del Estado 144A | 1.25 | 10-31-2030 | EUR | 3,395,000 | 2,908,806 | |
United Kingdom Gilt Bond | 0.88 | 7-31-2033 | GBP | 2,950,000 | 2,341,249 | |
United Kingdom Gilt Bond | 1.25 | 7-31-2051 | GBP | 925,000 | 576,111 | |
Total Foreign government bonds (Cost $87,984,257) | 67,182,291 | |||||
Yankee corporate bonds and notes: 0.24% | ||||||
France: 0.24% | ||||||
Electricite de France SA (Utilities, Electric utilities) | 4.50 | 9-21-2028 | $ | 200,000 | 186,749 | |
Total Yankee corporate bonds and notes (Cost $197,211) | 186,749 |
Yield | Shares | |||||
Short-term investments: 1.05% | ||||||
Investment companies: 1.05% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75 | 831,989 | 831,989 | |||
Total Short-term investments (Cost $831,989) | 831,989 | |||||
Total investments in securities (Cost $103,155,464) | 98.42% | 78,096,738 | ||||
Other assets and liabilities, net | 1.58 | 1,254,520 | ||||
Total net assets | 100.00% | $79,351,258 |
± | 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. |
† | Non-income-earning security |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $1,657,674 (original aggregate cost of $3,989,636), representing 2.09% of its net assets as of 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. |
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 |
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 | $36,108,214 | $(36,739,863) | $0 | $0 | $831,989 | 831,989 | $4,467 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses |
5,816,095 USD | 8,550,000 AUD | State Street Bank & Trust Company | 12-6-2022 | $ 342,114 | $ 0 |
2,355,017 USD | 2,350,000 EUR | State Street Bank & Trust Company | 10-7-2022 | 51,430 | 0 |
4,591,323 USD | 3,825,000 GBP | State Street Bank & Trust Company | 10-11-2022 | 319,881 | 0 |
150,000 GBP | 176,808 USD | State Street Bank & Trust Company | 10-11-2022 | 0 | (9,300) |
71,012 USD | 28,000,000 HUF | State Street Bank & Trust Company | 11-9-2022 | 6,826 | 0 |
1,648,491 USD | 650,000,000 HUF | State Street Bank & Trust Company | 11-9-2022 | 158,467 | 0 |
1,298,045 USD | 19,250,000,000 IDR | State Street Bank & Trust Company | 11-21-2022 | 35,859 | 0 |
2,560,000,000 JPY | 18,832,503 USD | State Street Bank & Trust Company | 11-30-2022 | 0 | (1,042,184) |
696,047 USD | 100,000,000 JPY | State Street Bank & Trust Company | 11-30-2022 | 1,113 | 0 |
216,656 USD | 4,380,000 MXN | State Street Bank & Trust Company | 11-23-2022 | 1,158 | 0 |
1,320,710 USD | 26,700,000 MXN | State Street Bank & Trust Company | 11-23-2022 | 7,060 | 0 |
2,365,906 USD | 3,085,000 CAD | State Street Bank & Trust Company | 12-12-2022 | 132,190 | 0 |
400,000 MYR | 89,206 USD | State Street Bank & Trust Company | 12-7-2022 | 0 | (2,749) |
2,502,487 USD | 24,650,000 NOK | State Street Bank & Trust Company | 12-13-2022 | 235,093 | 0 |
2,277,079 USD | 3,750,000 NZD | State Street Bank & Trust Company | 12-6-2022 | 177,714 | 0 |
2,387,735 USD | 11,650,000 PLN | State Street Bank & Trust Company | 11-25-2022 | 56,582 | 0 |
23,400,000 THB | 654,454 USD | State Street Bank & Trust Company | 11-30-2022 | 0 | (32,038) |
1,180,000 TRY | 58,201 USD | State Street Bank & Trust Company | 10-27-2022 | 3,370 | 0 |
2,083,798 USD | 35,500,000 ZAR | State Street Bank & Trust Company | 10-28-2022 | 126,735 | 0 |
299,363 USD | 5,100,000 ZAR | State Street Bank & Trust Company | 10-28-2022 | 18,207 | 0 |
13,800,000 ZAR | 804,671 USD | State Street Bank & Trust Company | 10-28-2022 | 0 | (43,897) |
8,350,000 ZAR | 487,037 USD | State Street Bank & Trust Company | 10-28-2022 | 0 | (26,713) |
17,500,000 CNY | 2,504,401 USD | State Street Bank & Trust Company | 11-21-2022 | 0 | (32,523) |
762,724 USD | 5,500,000 CNY | State Street Bank & Trust Company | 11-21-2022 | 0 | (14,152) |
2,206,734 USD | 55,250,000 CZK | State Street Bank & Trust Company | 11-23-2022 | 16,265 | 0 |
109,837 USD | 2,750,000 CZK | State Street Bank & Trust Company | 11-23-2022 | 810 | 0 |
12,100,000 EUR | 12,560,913 USD | State Street Bank & Trust Company | 10-7-2022 | 0 | (699,891) |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
3,561,997 USD | 3,475,000 EUR | State Street Bank & Trust Company | 10-7-2022 | $ 155,629 | $ 0 | |
1,512,168 USD | 1,500,000 EUR | State Street Bank & Trust Company | 10-7-2022 | 41,793 | 0 | |
$1,888,296 | $(1,903,447) |
Assets | |
Investments in unaffiliated securities, at value (cost $102,323,475) | $ 77,264,749 |
Investments in affiliated securities, at value (cost $831,989) | 831,989 |
Foreign currency, at value (cost $229,310) | 225,262 |
Unrealized gains on forward foreign currency contracts | 1,888,296 |
Receivable for interest | 859,268 |
Receivable for Fund shares sold | 192,278 |
Prepaid expenses and other assets | 99,656 |
Total assets | 81,361,498 |
Liabilities | |
Unrealized losses on forward foreign currency contracts | 1,903,447 |
Payable for Fund shares redeemed | 83,671 |
Management fee payable | 15,991 |
Administration fees payable | 6,532 |
Trustees’ fees and expenses payable | 498 |
Distribution fee payable | 101 |
Total liabilities | 2,010,240 |
Total net assets | $ 79,351,258 |
Net assets consist of | |
Paid-in capital | $124,728,559 |
Total distributable loss | (45,377,301) |
Total net assets | $ 79,351,258 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 4,635,369 |
Shares outstanding – Class A1 | 608,088 |
Net asset value per share – Class A | $7.62 |
Maximum offering price per share – Class A2 | $7.98 |
Net assets – Class C | $ 147,867 |
Shares outstanding – Class C1 | 20,493 |
Net asset value per share – Class C | $7.22 |
Net assets – Class R6 | $ 1,393,336 |
Shares outstanding – Class R61 | 177,767 |
Net asset value per share – Class R6 | $7.84 |
Net assets – Administrator Class | $ 26,158,959 |
Shares outstanding – Administrator Class1 | 3,389,325 |
Net asset value per share – Administrator Class | $7.72 |
Net assets – Institutional Class | $ 47,015,727 |
Shares outstanding – Institutional Class1 | 6,025,689 |
Net asset value per share – Institutional Class | $7.80 |
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 $15,063) | $ 3,123,058 |
Income from affiliated securities | 4,467 |
Total investment income | 3,127,525 |
Expenses | |
Management fee | 700,499 |
Administration fees | |
Class A | 10,576 |
Class C | 357 |
Class R6 | 741 |
Administrator Class | 34,283 |
Institutional Class | 58,531 |
Shareholder servicing fees | |
Class A | 16,389 |
Class C | 554 |
Administrator Class | 85,706 |
Distribution fee | |
Class C | 1,663 |
Custody and accounting fees | 46,816 |
Professional fees | 65,251 |
Registration fees | 82,978 |
Shareholder report expenses | 44,063 |
Trustees’ fees and expenses | 21,952 |
Other fees and expenses | 23,447 |
Total expenses | 1,193,806 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (257,822) |
Class A | (73) |
Administrator Class | (44,324) |
Net expenses | 891,587 |
Net investment income | 2,235,938 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (15,714,524) |
Forward foreign currency contracts | (3,591,060) |
Net realized losses on investments | (19,305,584) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (21,273,064) |
Forward foreign currency contracts | 206,786 |
Net change in unrealized gains (losses) on investments | (21,066,278) |
Net realized and unrealized gains (losses) on investments | (40,371,862) |
Net decrease in net assets resulting from operations | $(38,135,924) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 2,235,938 | $ 1,647,142 | ||
Net realized gains (losses) on investments | (19,305,584) | 1,935,771 | ||
Net change in unrealized gains (losses) on investments | (21,066,278) | (6,007,801) | ||
Net decrease in net assets resulting from operations | (38,135,924) | (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 | 32,938 | 316,163 | 114,005 | 1,290,909 |
Class C | 372 | 3,552 | 2,291 | 24,570 |
Class R6 | 87,313 | 957,617 | 468 | 5,399 |
Administrator Class | 574,161 | 5,502,525 | 824,508 | 9,449,557 |
Institutional Class | 2,126,667 | 21,193,712 | 4,402,502 | 50,976,013 |
27,973,569 | 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 | (391,949) | (4,060,241) | (168,968) | (1,906,557) |
Class C | (5,908) | (48,948) | (42,961) | (456,314) |
Class R6 | (149,383) | (1,428,129) | (292,184) | (3,364,244) |
Administrator Class | (768,586) | (7,225,233) | (323,132) | (3,696,482) |
Institutional Class | (4,414,997) | (42,373,569) | (1,255,497) | (14,512,169) |
(55,136,120) | (23,935,766) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (26,862,920) | 39,044,147 | ||
Total increase (decrease) in net assets | (65,332,324) | 35,237,111 | ||
Net assets | ||||
Beginning of period | 144,683,582 | 109,446,471 | ||
End of period | $ 79,351,258 | $144,683,582 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.86 | $11.08 | $10.45 | $9.69 | $10.31 |
Net investment income | 0.16 1 | 0.10 1 | 0.18 1 | 0.32 1 | 0.27 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (3.38) | (0.24) | 0.45 | 0.44 | (0.89) |
Total from investment operations | (3.22) | (0.14) | 0.63 | 0.76 | (0.62) |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.07) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02) | (0.08) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $7.62 | $10.86 | $11.08 | $10.45 | $9.69 |
Total return3 | (29.73)% | (1.30)% | 6.03% 4 | 7.84% | (6.01)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.25% | 1.22% | 1.50% | 1.30% | 1.08% |
Net expenses | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Net investment income | 1.65% | 0.90% | 1.68% | 3.21% | 2.75% |
Supplemental data | |||||
Portfolio turnover rate | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $4,635 | $10,492 | $11,237 | $12,329 | $44,519 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.34 | $10.56 | $9.98 | $9.32 | $10.00 |
Net investment income | 0.08 1 | 0.02 1 | 0.09 1 | 0.24 1 | 0.19 1 |
Payment from affiliate | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (3.20) | (0.24) | 0.43 | 0.42 | (0.87) |
Total from investment operations | (3.12) | (0.22) | 0.58 | 0.66 | (0.68) |
Net asset value, end of period | $7.22 | $10.34 | $10.56 | $9.98 | $9.32 |
Total return2 | (30.17)% | (2.08)% | 5.81% 3 | 7.08% | (6.80)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.00% | 1.98% | 2.25% | 2.04% | 1.83% |
Net expenses | 1.78% | 1.78% | 1.78% | 1.78% | 1.78% |
Net investment income | 0.91% | 0.16% | 0.94% | 2.51% | 2.00% |
Supplemental data | |||||
Portfolio turnover rate | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $148 | $269 | $704 | $1,027 | $2,652 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $11.14 | $11.36 | $10.68 | $9.86 | $10.45 |
Net investment income | 0.20 1 | 0.15 1 | 0.23 1 | 0.37 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | (3.47) | (0.25) | 0.45 | 0.45 | (0.90) |
Total from investment operations | (3.27) | (0.10) | 0.68 | 0.82 | (0.59) |
Distributions to shareholders from | |||||
Net investment income | (0.03) | (0.11) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.03) | (0.12) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $7.84 | $11.14 | $11.36 | $10.68 | $9.86 |
Total return | (29.42)% | (0.89)% | 6.37% | 8.32% | (5.65)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.87% | 0.85% | 1.13% | 0.90% | 0.72% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 2.03% | 1.27% | 2.08% | 3.68% | 3.18% |
Supplemental data | |||||
Portfolio turnover rate | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $1,393 | $2,668 | $6,020 | $8,979 | $49,749 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.98 | $11.19 | $10.53 | $9.75 | $10.36 |
Net investment income | 0.18 1 | 0.12 1 | 0.20 1 | 0.34 1 | 0.29 1 |
Net realized and unrealized gains (losses) on investments | (3.42) | (0.24) | 0.46 | 0.44 | (0.90) |
Total from investment operations | (3.24) | (0.12) | 0.66 | 0.78 | (0.61) |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.07) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | (0.02) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02) | (0.09) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $7.72 | $10.98 | $11.19 | $10.53 | $9.75 |
Total return | (29.56)% | (1.11)% | 6.27% | 8.00% | (5.89)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.20% | 1.16% | 1.44% | 1.24% | 1.01% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income | 1.86% | 1.09% | 1.87% | 3.37% | 2.93% |
Supplemental data | |||||
Portfolio turnover rate | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $26,159 | $39,296 | $34,221 | $18,213 | $27,911 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $11.09 | $11.31 | $10.64 | $9.83 | $10.43 |
Net investment income | 0.19 1 | 0.14 1 | 0.22 1 | 0.37 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | (3.45) | (0.24) | 0.45 | 0.44 | (0.91) |
Total from investment operations | (3.26) | (0.10) | 0.67 | 0.81 | (0.60) |
Distributions to shareholders from | |||||
Net investment income | (0.03) | (0.09) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | (0.03) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.03) | (0.12) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $7.80 | $11.09 | $11.31 | $10.64 | $9.83 |
Total return | (29.48)% | (0.93)% | 6.30% | 8.24% | (5.75)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.92% | 0.89% | 1.17% | 0.95% | 0.74% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 1.96% | 1.23% | 2.04% | 3.61% | 3.06% |
Supplemental data | |||||
Portfolio turnover rate | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $47,016 | $91,959 | $57,264 | $77,727 | $245,633 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 1,033 |
Gross unrealized losses | (27,113,404) |
Net unrealized losses | $(27,112,371) |
■ | 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 | $ 3,596,439 | $0 | $ 3,596,439 |
Foreign corporate bonds and notes | 0 | 6,299,270 | 0 | 6,299,270 |
Foreign government bonds | 0 | 67,182,291 | 0 | 67,182,291 |
Yankee corporate bonds and notes | 0 | 186,749 | 0 | 186,749 |
Short-term investments | ||||
Investment companies | 831,989 | 0 | 0 | 831,989 |
831,989 | 77,264,749 | 0 | 78,096,738 | |
Forward foreign currency contracts | 0 | 1,888,296 | 0 | 1,888,296 |
Total assets | $831,989 | $79,153,045 | $0 | $79,985,034 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 1,903,447 | $0 | $ 1,903,447 |
Total liabilities | $ 0 | $ 1,903,447 | $0 | $ 1,903,447 |
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 | $103,625,403 | $2,180,956 | $130,568,044 |
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 | $1,888,296 | $(1,888,296) | $0 | $0 |
Counterparty | Gross amounts of liabilities in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of liabilities |
State Street Bank & Trust Company | $1,903,447 | $(1,888,296) | $0 | $15,151 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $333,480 | $1,118,700 |
Tax basis return of capital | 0 | 263,448 |
Unrealized losses | Late-year ordinary losses deferred | Capital loss carryforward |
$(27,181,827) | $(7,671,337) | $(10,514,544) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A235/AR235 09-22
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -15.29 | 0.38 | 1.01 | -11.77 | 1.20 | 1.44 | 1.09 | 0.92 | ||
Class C (WSICX) | 1-31-2013 | -13.38 | 0.61 | 0.89 | -12.38 | 0.61 | 0.89 | 1.84 | 1.67 | ||
Administrator Class (WSIDX) | 1-31-2013 | – | – | – | -11.77 | 1.33 | 1.56 | 1.03 | 0.77 | ||
Institutional Class (WSINX) | 1-31-2013 | – | – | – | -11.53 | 1.51 | 1.75 | 0.76 | 0.62 | ||
Bloomberg U.S. Aggregate Bond Index3 | – | – | – | – | -14.60 | -0.27 | 0.97 * | – | – |
* | 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. |
1 | The chart compares the performance of Class A shares since inception with the Bloomberg U.S. Aggregate Bond Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.00%. |
■ | The Fund outperformed the Bloomberg U.S. Aggregate Bond Index for the 12-month period that ended September 30, 2022. |
■ | The Fund’s shorter-duration posture compared with the index contributed to performance as rates increased over the period. |
■ | The Fund’s allocations to out-of-benchmark “plus” sectors detracted from performance, though individual sector exposures produced mixed results. Out-of-benchmark sector allocations, especially to European credit and emerging market debt, detracted from performance while allocations to U.S. high-yield bonds and floating-rate loans contributed. |
■ | An overweight to U.S. investment-grade corporate bonds and an underweight to U.S. Treasuries detracted from performance. An underweight to U.S. securitized bonds contributed to performance, with overweights to asset-backed securities and commercial mortgage-backed securities and an underweight to mortgage-backed passthrough securities contributing. |
Ten largest holdings (%) as of September 30, 20221 | |
U.S. Treasury Note, 2.75%, 5-15-2025 | 4.24 |
U.S. Treasury Note, 2.75%, 8-15-2032 | 3.96 |
U.S. Treasury Note, 1.75%, 1-31-2023 | 3.76 |
U.S. Treasury Note, 2.75%, 4-30-2027 | 3.45 |
U.S. Treasury Note, 2.50%, 5-31-2024 | 3.04 |
U.S. Treasury Bond, 2.25%, 2-15-2052 | 1.37 |
VanEck Vectors JPMorgan Emerging Markets Local Currency Bond ETF | 1.33 |
U.S. Treasury Note, 3.13%, 8-31-2027 | 1.17 |
Goldman Sachs Mortgage Security Trust Series 2018-LUAU Class B, 4.22%, 11-15-2032 | 0.97 |
Germany, 1.70%, 8-15-2032 | 0.95 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Credit quality as of September 30, 20221 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 918.27 | $4.33 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.56 | $4.56 | 0.90% |
Class C | ||||
Actual | $1,000.00 | $ 915.33 | $7.83 | 1.63% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.90 | $8.24 | 1.63% |
Administrator Class | ||||
Actual | $1,000.00 | $ 919.15 | $3.61 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Institutional Class | ||||
Actual | $1,000.00 | $ 919.64 | $2.89 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.06 | $3.04 | 0.60% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 8.00% | ||||||
ACM Auto Trust Series 2022-1A Class C 144A | 5.48% | 4-20-2029 | $ | 775,000 | $ 762,467 | |
Aqua Finance Trust Series 2019-A Class A 144A | 3.14 | 7-16-2040 | 221,691 | 209,819 | ||
Aqua Finance Trust Series 2021-A Class A 144A | 1.54 | 7-17-2046 | 565,285 | 511,839 | ||
Brean Asset-Backed Securities Trust 2021-RM2 Class A 144A±± | 1.75 | 10-25-2061 | 879,858 | 764,674 | ||
Cajun Global LLC Series 2021-1 Class A2 144A | 3.93 | 11-20-2051 | 988,750 | 840,603 | ||
Coinstar Funding LLC Series 2017-1A Class A2 144A | 5.22 | 4-25-2047 | 1,056,463 | 983,916 | ||
CommonBond Student Loan Trust Series 2018-CGS Class C 144A | 4.35 | 2-25-2046 | 74,393 | 70,639 | ||
CPS Auto Receivables Trust 2021-A Class D 144A | 1.16 | 12-15-2026 | 1,320,000 | 1,249,684 | ||
DRB Prime Student Loan Trust Series 2017-C Class C 144A | 3.29 | 11-25-2042 | 295,202 | 289,251 | ||
Driven Brands Funding LLC Series 2019-2A Class A2 144A | 3.98 | 10-20-2049 | 340,375 | 301,216 | ||
Dryden Senior Loan Fund Series 2017-50A Class C (3 Month LIBOR +2.25%) 144A± | 4.76 | 7-15-2030 | 1,000,000 | 940,560 | ||
Mission Lane Master Trust Series 2021 Class A 144A | 1.59 | 9-15-2026 | 1,000,000 | 964,380 | ||
Pagaya AI Debt Selection Trust Series 2021-3 Class B 144A | 1.74 | 5-15-2029 | 999,946 | 915,178 | ||
SMB Private Education Loan Trust Series 2015-C Class C 144A | 4.50 | 9-17-2046 | 290,000 | 267,378 | ||
SoFi Consumer Loan Program Trust Series 2018-4 Class D 144A | 4.76 | 11-26-2027 | 217,810 | 217,597 | ||
SoFi Professional Loan Program LLC Series 2017-E Class B 144A | 3.49 | 11-26-2040 | 300,000 | 285,219 | ||
Taco Bell Funding LLC Series 2016-1A Class A23 144A | 4.97 | 5-25-2046 | 1,421,250 | 1,368,145 | ||
Taco Bell Funding LLC Series 2021 Class A2 144A | 1.95 | 8-25-2051 | 784,075 | 654,972 | ||
United Airlines Pass-Through Trust Certificates Series 2020-1 Class A | 5.88 | 4-15-2029 | 221,025 | 213,186 | ||
Wingstop Funding LLC Series 2020-1A Class A2 144A | 2.84 | 12-5-2050 | 357,300 | 303,634 | ||
Zaxby's Funding LLC Series 2021-1A Class A2 144A | 3.24 | 7-30-2051 | 693,000 | 566,498 | ||
Total Asset-backed securities (Cost $13,888,611) | 12,680,855 | |||||
Corporate bonds and notes: 20.26% | ||||||
Communication services: 1.81% | ||||||
Diversified telecommunication services: 0.05% | ||||||
Cablevision Lightpath LLC 144A | 5.63 | 9-15-2028 | 100,000 | 80,000 | ||
Media: 1.76% | ||||||
CCO Holdings LLC 144A | 4.25 | 1-15-2034 | 500,000 | 357,890 | ||
CSC Holdings LLC 144A | 4.63 | 12-1-2030 | 500,000 | 340,000 | ||
DISH DBS Corporation 144A | 5.75 | 12-1-2028 | 100,000 | 75,574 | ||
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 800,000 | 627,540 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 150,000 | 137,896 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 175,000 | 136,349 | ||
QVC Incorporated | 4.38 | 9-1-2028 | 190,000 | 128,827 | ||
Salem Media Group Incorporated 144A | 6.75 | 6-1-2024 | 95,000 | 91,200 | ||
Scripps Escrow II Incorporated 144A | 5.38 | 1-15-2031 | 545,000 | 412,848 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
Scripps Escrow II Incorporated 144A | 5.88% | 7-15-2027 | $ | 125,000 | $ 108,750 | |
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 400,000 | 365,628 | ||
2,782,502 | ||||||
Consumer discretionary: 2.45% | ||||||
Auto components: 0.29% | ||||||
Adient Global Holdings 144A | 3.50 | 8-15-2024 | 515,000 | 465,105 | ||
Automobiles: 0.20% | ||||||
Ford Motor Company | 3.25 | 2-12-2032 | 450,000 | 324,149 | ||
Diversified consumer services: 0.05% | ||||||
Howard University | 5.21 | 10-1-2052 | 90,000 | 75,946 | ||
Hotels, restaurants & leisure: 1.03% | ||||||
Carnival Corporation 144A | 7.63 | 3-1-2026 | 360,000 | 273,600 | ||
Carnival Corporation 144A | 10.50 | 6-1-2030 | 500,000 | 400,000 | ||
International Game Technology 144A | 3.50 | 6-15-2026 | 350,000 | 304,428 | ||
Royal Caribbean Cruises Limited 144A | 4.25 | 6-15-2023 | 500,000 | 486,250 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 125,000 | 95,625 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 95,000 | 66,561 | ||
1,626,464 | ||||||
Specialty retail: 0.88% | ||||||
GAP Incorporated 144A | 3.88 | 10-1-2031 | 1,000,000 | 635,717 | ||
Michaels Companies Incorporated 144A | 7.88 | 5-1-2029 | 210,000 | 121,250 | ||
NMG Holding Company Incorporated 144A | 7.13 | 4-1-2026 | 500,000 | 459,426 | ||
Rent-A-Center Incorporated 144A | 6.38 | 2-15-2029 | 230,000 | 179,400 | ||
1,395,793 | ||||||
Consumer staples: 0.03% | ||||||
Food products: 0.03% | ||||||
CHS Incorporated 144A | 6.88 | 4-15-2029 | 105,000 | 50,719 | ||
Energy: 2.55% | ||||||
Energy equipment & services: 0.70% | ||||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 500,000 | 440,325 | ||
Hilcorp Energy Company 144A | 5.75 | 2-1-2029 | 55,000 | 48,085 | ||
Hilcorp Energy Company 144A | 6.00 | 2-1-2031 | 55,000 | 47,651 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 400,000 | 316,924 | ||
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 300,000 | 260,085 | ||
1,113,070 | ||||||
Oil, gas & consumable fuels: 1.85% | ||||||
Aethon United 144A | 8.25 | 2-15-2026 | 500,000 | 483,170 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 100,000 | 74,075 | ||
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 425,000 | 392,075 | ||
EnLink Midstream Partners LP | 5.05 | 4-1-2045 | 115,000 | 80,599 | ||
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 220,000 | 201,300 | ||
EnLink Midstream Partners LP | 5.45 | 6-1-2047 | 85,000 | 62,090 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 420,000 | 420,000 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 340,000 | 276,743 | ||
Southwestern Energy Company | 4.75 | 2-1-2032 | 100,000 | 83,810 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Southwestern Energy Company | 7.75% | 10-1-2027 | $ | 225,000 | $ 228,662 | |
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 95,000 | 80,760 | ||
Western Midstream Operating LP | 5.30 | 3-1-2048 | 675,000 | 555,188 | ||
2,938,472 | ||||||
Financials: 6.83% | ||||||
Banks: 1.61% | ||||||
Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73 | 7-22-2027 | 1,000,000 | 857,929 | ||
Bank of America Corporation (3 Month LIBOR +4.55%) ± | 6.30 | 12-29-2049 | 265,000 | 260,310 | ||
Citigroup Incorporated (5 Year Treasury Constant Maturity +3.42%) ʊ± | 3.88 | 2-18-2026 | 425,000 | 350,468 | ||
JPMorgan Chase & Company (U.S. SOFR +3.13%) ʊ± | 4.60 | 2-1-2025 | 500,000 | 435,550 | ||
JPMorgan Chase & Company (3 Month LIBOR +3.25%) | 5.15 | 12-29-2049 | 350,000 | 337,735 | ||
JPMorgan Chase & Company (3 Month LIBOR +3.30%) ± | 6.00 | 12-31-2049 | 100,000 | 97,500 | ||
PNC Financial Services (3 Month LIBOR +3.30%) ± | 5.00 | 12-29-2049 | 250,000 | 217,797 | ||
2,557,289 | ||||||
Capital markets: 2.34% | ||||||
Charles Schwab Corporation (5 Year Treasury Constant Maturity +4.97%) ʊ± | 5.38 | 6-2-2025 | 750,000 | 729,375 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +1.25%) ± | 2.38 | 7-21-2032 | 750,000 | 565,489 | ||
Goldman Sachs Group Incorporated (5 Year Treasury Constant Maturity +2.97%) ʊ± | 3.80 | 5-10-2026 | 550,000 | 426,161 | ||
Morgan Stanley (U.S. SOFR +1.29%) ± | 2.94 | 1-21-2033 | 1,500,000 | 1,185,845 | ||
Owl Rock Capital Corporation | 2.63 | 1-15-2027 | 1,000,000 | 807,985 | ||
3,714,855 | ||||||
Consumer finance: 0.79% | ||||||
FirstCash Incorporated 144A | 5.63 | 1-1-2030 | 95,000 | 81,225 | ||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 175,000 | 158,394 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 275,000 | 238,618 | ||
General Motors Financial Company (5 Year Treasury Constant Maturity +5.00%) ʊ± | 5.70 | 9-30-2030 | 500,000 | 428,559 | ||
Navient Corporation | 5.00 | 3-15-2027 | 70,000 | 57,254 | ||
Navient Corporation | 5.63 | 8-1-2033 | 100,000 | 67,218 | ||
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 265,000 | 214,264 | ||
1,245,532 | ||||||
Insurance: 1.62% | ||||||
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 500,000 | 393,750 | ||
Guardian Life Insurance Company 144A | 4.85 | 1-24-2077 | 200,000 | 162,521 | ||
Maple Grove Funding Trust 144A | 4.16 | 8-15-2051 | 900,000 | 609,487 | ||
MetLife Incorporated | 6.40 | 12-15-2066 | 1,200,000 | 1,157,126 | ||
OneAmerica Financial Partners Incorporated 144A | 4.25 | 10-15-2050 | 45,000 | 33,054 | ||
Prudential Financial Incorporated (5 Year Treasury Constant Maturity +3.04%) ± | 3.70 | 10-1-2050 | 270,000 | 213,246 | ||
2,569,184 |
Interest rate | Maturity date | Principal | Value | |||
Mortgage REITs: 0.16% | ||||||
Starwood Property Trust Incorporated 144A | 4.38% | 1-15-2027 | $ | 300,000 | $ 255,746 | |
Thrifts & mortgage finance: 0.31% | ||||||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 400,000 | 382,276 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 120,000 | 110,400 | ||
492,676 | ||||||
Health care: 0.60% | ||||||
Health care providers & services: 0.60% | ||||||
Air Methods Corporation 144A | 8.00 | 5-15-2025 | 75,000 | 37,637 | ||
DaVita Incorporated 144A | 3.75 | 2-15-2031 | 1,000,000 | 712,500 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 205,000 | 192,889 | ||
943,026 | ||||||
Industrials: 2.50% | ||||||
Airlines: 0.98% | ||||||
Delta Air Lines Incorporated 144A | 4.75 | 10-20-2028 | 150,000 | 139,703 | ||
Delta Air Lines Pass-Through Certificates Series 2015-B | 4.25 | 1-30-2025 | 425,407 | 415,337 | ||
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 712,500 | 697,381 | ||
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 300,000 | 301,749 | ||
1,554,170 | ||||||
Commercial services & supplies: 0.74% | ||||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 400,000 | 258,150 | ||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 910,000 | 905,964 | ||
1,164,114 | ||||||
Industrial conglomerates: 0.59% | ||||||
General Electric Company (3 Month LIBOR +3.33%) | 6.62 | 12-29-2049 | 1,000,000 | 935,183 | ||
Machinery: 0.05% | ||||||
TK Elevator US Newco Incorporated 144A | 5.25 | 7-15-2027 | 95,000 | 80,770 | ||
Trading companies & distributors: 0.05% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 100,000 | 79,986 | ||
Transportation infrastructure: 0.09% | ||||||
Toll Road Investors Partnership II LP 144A¤ | 0.00 | 2-15-2027 | 200,000 | 146,789 | ||
Information technology: 0.55% | ||||||
Communications equipment: 0.18% | ||||||
Ciena Corporation 144A | 4.00 | 1-31-2030 | 165,000 | 137,775 | ||
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 200,000 | 151,000 | ||
288,775 | ||||||
IT services: 0.08% | ||||||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 135,000 | 129,250 | ||
Software: 0.29% | ||||||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 105,000 | 86,671 |
Interest rate | Maturity date | Principal | Value | |||
Software (continued) | ||||||
MPH Acquisition Holdings LLC 144A | 5.75% | 11-1-2028 | $ | 290,000 | $ 217,796 | |
Oracle Corporation | 2.88 | 3-25-2031 | 190,000 | 149,847 | ||
454,314 | ||||||
Materials: 0.50% | ||||||
Chemicals: 0.35% | ||||||
Westlake Chemical Corporation | 1.63 | 7-17-2029 | 750,000 | 551,388 | ||
Containers & packaging: 0.15% | ||||||
Clydesdale Acquisition Holdings Incorporated 144A | 8.75 | 4-15-2030 | 300,000 | 248,109 | ||
Real estate: 1.03% | ||||||
Equity REITs: 1.03% | ||||||
EPR Properties | 3.75 | 8-15-2029 | 500,000 | 386,302 | ||
GLP Capital LP | 4.00 | 1-15-2031 | 1,000,000 | 817,416 | ||
Simon Property Group LP | 3.80 | 7-15-2050 | 120,000 | 84,107 | ||
WEA Finance LLC 144A | 4.75 | 9-17-2044 | 500,000 | 346,580 | ||
1,634,405 | ||||||
Utilities: 1.41% | ||||||
Electric utilities: 1.19% | ||||||
NRG Energy Incorporated 144A | 4.45 | 6-15-2029 | 1,500,000 | 1,301,101 | ||
Oglethorpe Power Corporation | 4.25 | 4-1-2046 | 400,000 | 295,746 | ||
The Southern Company (5 Year Treasury Constant Maturity +3.73%) ± | 4.00 | 1-15-2051 | 330,000 | 295,746 | ||
1,892,593 | ||||||
Independent power & renewable electricity producers: 0.22% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 37,071 | 35,774 | ||
TerraForm Power Operating LLC 144A | 4.75 | 1-15-2030 | 369,000 | 313,200 | ||
348,974 | ||||||
Total Corporate bonds and notes (Cost $37,689,857) | 32,139,348 | |||||
Foreign corporate bonds and notes : 6.26% | ||||||
Communication services: 0.65% | ||||||
Media: 0.65% | ||||||
SES SA Company (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.19%) ʊ± | 2.88 | 5-27-2026 | EUR | 575,000 | 418,519 | |
Tele Columbus AG 144A | 3.88 | 5-2-2025 | EUR | 510,000 | 403,063 | |
Ziggo Bond Company BV 144A | 3.38 | 2-28-2030 | EUR | 300,000 | 203,103 | |
1,024,685 | ||||||
Consumer discretionary: 0.92% | ||||||
Auto components: 0.38% | ||||||
Adler Pelzer Holding GmbH 144A | 4.13 | 4-1-2024 | EUR | 800,000 | 603,585 | |
Automobiles: 0.30% | ||||||
Peugeot SA Company | 2.00 | 3-20-2025 | EUR | 500,000 | 468,650 |
Interest rate | Maturity date | Principal | Value | |||
Diversified consumer services: 0.24% | ||||||
Intertrust Group BV 144A | 3.38% | 11-15-2025 | EUR | 400,000 | $ 381,239 | |
Consumer staples: 1.16% | ||||||
Food & staples retailing: 0.60% | ||||||
Casino Guichard Perracho SA | 3.58 | 2-7-2025 | EUR | 400,000 | 226,952 | |
Iceland Bondco plc 144A | 4.38 | 5-15-2028 | GBP | 1,000,000 | 720,175 | |
947,127 | ||||||
Food products: 0.20% | ||||||
Sigma Holdings Company BV 144A | 5.75 | 5-15-2026 | EUR | 500,000 | 324,250 | |
Tobacco: 0.36% | ||||||
BAT International Finance plc | 2.25 | 1-16-2030 | EUR | 750,000 | 567,771 | |
Energy: 0.42% | ||||||
Oil, gas & consumable fuels: 0.42% | ||||||
Eni SpA | 1.13 | 9-19-2028 | EUR | 800,000 | 669,370 | |
Financials: 1.91% | ||||||
Banks: 1.15% | ||||||
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.90%) ± | 4.75 | 9-22-2027 | EUR | 500,000 | 378,383 | |
Asian Development Bank | 6.20 | 10-6-2026 | INR | 18,450,000 | 217,156 | |
Caixa Geral de Depositos SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +5.50%) ± | 5.75 | 6-28-2028 | EUR | 400,000 | 386,841 | |
Permanent TSB Group (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +2.55%) ± | 2.13 | 9-26-2024 | EUR | 600,000 | 569,017 | |
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am +1.60%) ± | 1.38 | 6-17-2033 | EUR | 400,000 | 268,338 | |
1,819,735 | ||||||
Capital markets: 0.34% | ||||||
International Finance Corporation | 6.30 | 11-25-2024 | INR | 45,000,000 | 537,558 | |
Consumer finance: 0.20% | ||||||
Cellnex Finance Company SA | 2.00 | 9-15-2032 | EUR | 500,000 | 324,734 | |
Thrifts & mortgage finance: 0.22% | ||||||
Deutsche Pfandbriefbank AG (EURIBOR ICE Swap Rate 11:00am +2.75%) ± | 4.68 | 6-28-2027 | EUR | 400,000 | 345,721 | |
Industrials: 0.58% | ||||||
Commercial services & supplies: 0.22% | ||||||
Prosegur Cash SA | 1.38 | 2-4-2026 | EUR | 400,000 | 354,073 | |
Containers & packaging: 0.25% | ||||||
Can-Pack SA 144A | 2.38 | 11-1-2027 | EUR | 500,000 | 388,345 | |
Electrical equipment: 0.11% | ||||||
Gamma Bidco SpA 144A | 6.25 | 7-15-2025 | EUR | 200,000 | 179,239 |
Interest rate | Maturity date | Principal | Value | |||
Real estate: 0.62% | ||||||
Equity REITs: 0.48% | ||||||
Aedas Homes Opco SLU 144A | 4.00% | 8-15-2026 | EUR | 500,000 | $ 415,786 | |
Unibail-Rodamco-Westfield SE (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.68%) ʊ± | 2.13 | 10-25-2023 | EUR | 400,000 | 340,164 | |
755,950 | ||||||
Real estate management & development: 0.14% | ||||||
Akelius Residential Property AB (EURIBOR ICE Swap Rate 11:00am +3.49%) ± | 3.88 | 10-5-2078 | EUR | 251,000 | 229,511 | |
Total Foreign corporate bonds and notes (Cost $13,933,002) | 9,921,543 | |||||
Foreign government bonds : 4.63% | ||||||
Brazil ¤ | 0.00 | 1-1-2024 | BRL | 7,000,000 | 1,116,936 | |
Brazil ¤ | 0.00 | 7-1-2024 | BRL | 8,000,000 | 1,216,191 | |
Chile | 4.50 | 3-1-2026 | CLP | 1,045,000,000 | 987,073 | |
Germany | 1.70 | 8-15-2032 | EUR | 1,600,000 | 1,509,462 | |
Indonesia | 6.50 | 6-15-2025 | IDR | 13,500,000,000 | 878,114 | |
Republic of South Africa | 8.75 | 2-28-2048 | ZAR | 9,100,000 | 378,580 | |
Republic of South Africa | 10.50 | 12-21-2026 | ZAR | 19,000,000 | 1,081,425 | |
Russia (Acquired 3-13-2020, cost $270,927) †> | 6.50 | 2-28-2024 | RUB | 35,000,000 | 183,140 | |
Total Foreign government bonds (Cost $8,883,493) | 7,350,921 |
Shares | ||||||
Investment companies: 1.83% | ||||||
Exchange-traded funds: 1.83% | ||||||
Invesco Taxable Municipal Bond ETF | 30,600 | 784,890 | ||||
VanEck Vectors JPMorgan Emerging Markets Local Currency Bond ETF | 92,700 | 2,113,560 | ||||
Total Investment companies (Cost $3,787,175) | 2,898,450 |
Principal | ||||||
Loans: 2.45% | ||||||
Communication services: 0.56% | ||||||
Media: 0.56% | ||||||
Charter Communications Operating LLC (1 Month LIBOR +1.75%) ± | 4.87 | 4-30-2025 | $ | 479,849 | 470,165 | |
DIRECTV Financing LLC (1 Month LIBOR +5.00%) ± | 8.12 | 8-2-2027 | 364,000 | 338,203 | ||
Gray Television Incorporated (3 Month LIBOR +2.50%) ± | 5.06 | 1-2-2026 | 84,964 | 82,182 | ||
890,550 | ||||||
Consumer discretionary: 0.31% | ||||||
Resource Recovery Revenue: 0.31% | ||||||
Geo Group Incorporated (U.S. SOFR 1 Month +7.13%) ± | 10.24 | 3-23-2027 | 497,375 | 489,502 |
Interest rate | Maturity date | Principal | Value | |||
Energy: 0.48% | ||||||
Oil, gas & consumable fuels: 0.48% | ||||||
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ± | 6.10% | 4-14-2028 | $ | 371,285 | $ 364,094 | |
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 8.17 | 9-29-2028 | 402,216 | 395,378 | ||
759,472 | ||||||
Financials: 0.04% | ||||||
Insurance: 0.04% | ||||||
Asurion LLC (1 Month LIBOR +5.25%) ± | 8.37 | 1-31-2028 | 75,000 | 56,250 | ||
Health care: 0.09% | ||||||
Health care equipment & supplies: 0.09% | ||||||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 6.51 | 8-31-2026 | 154,217 | 146,121 | ||
Industrials: 0.74% | ||||||
Airlines: 0.57% | ||||||
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ± | 7.46 | 4-20-2028 | 266,000 | 257,222 | ||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 8.78 | 6-21-2027 | 641,250 | 642,738 | ||
899,960 | ||||||
Machinery: 0.17% | ||||||
Vertical US Newco Incorporated (6 Month LIBOR +3.50%) ± | 6.87 | 7-30-2027 | 88,053 | 84,237 | ||
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 7.67 | 7-24-2024 | 203,922 | 183,529 | ||
267,766 | ||||||
Information technology: 0.23% | ||||||
Software: 0.23% | ||||||
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ‡± | 6.62 | 7-24-2026 | 309,239 | 280,635 | ||
MPH Acquisition Holdings LLC (1 Month LIBOR +4.25%) ± | 7.32 | 9-1-2028 | 99,499 | 91,757 | ||
372,392 | ||||||
Total Loans (Cost $4,039,544) | 3,882,013 | |||||
Municipal obligations: 0.09% | ||||||
Illinois: 0.03% | ||||||
GO revenue: 0.03% | ||||||
Chicago IL Refunding Bonds Taxable Project Series E | 6.05 | 1-1-2029 | 5,000 | 5,024 | ||
Chicago IL Refunding Bonds Taxable Project Series E | 6.05 | 1-1-2029 | 50,000 | 48,842 | ||
53,866 | ||||||
Kansas: 0.02% | ||||||
Health revenue: 0.02% | ||||||
Kansas Development Finance Authority Village Shalom Project Series 2018-B | 4.00 | 11-15-2025 | 25,000 | 23,096 |
Interest rate | Maturity date | Principal | Value | |||
Maryland: 0.04% | ||||||
Education revenue: 0.04% | ||||||
Maryland Health & HEFAR Green Street Academy Series B 144A | 6.75% | 7-1-2023 | $ | 65,000 | $ 63,745 | |
Total Municipal obligations (Cost $144,609) | 140,707 | |||||
Non-agency mortgage-backed securities: 15.46% | ||||||
Affirm Incorporated Series 2021-B Class A 144A | 1.03 | 8-17-2026 | 1,010,000 | 952,688 | ||
AFN LLC Series 2019-1A Class A2 144A | 4.46 | 5-20-2049 | 695,217 | 609,359 | ||
APEX Credit CLO LLC Series 2017 Class 2A (3 Month LIBOR +1.60%) 144A± | 5.13 | 9-20-2029 | 1,000,000 | 946,884 | ||
Apidos CLO Series 2019 Class 3-1-A (3 Month LIBOR +3.10%) 144A± | 5.61 | 4-15-2031 | 500,000 | 447,646 | ||
BB-UBS Trust Series 2012-TFT Class C 144A±± | 3.68 | 6-5-2030 | 150,000 | 127,069 | ||
Bojangles Issuer LLC Series 2020-1A Class A2 144A | 3.83 | 10-20-2050 | 701,475 | 626,200 | ||
Brightspire Capital Incorporated BRSP 2021 FL1 A 144A (1 Month LIBOR +1.15%) 144A | 4.14 | 8-19-2038 | 1,065,000 | 1,033,476 | ||
BX Trust Series 2019-11 Class D 144A±± | 4.08 | 12-9-2041 | 500,000 | 408,086 | ||
BX Trust Series 2021-ARIA Class D (1 Month LIBOR +1.90%) 144A± | 4.71 | 10-15-2036 | 550,000 | 510,041 | ||
Carlyle Global Market Series 2016-1A Class R2 (3 Month LIBOR +3.35%) 144A± | 6.06 | 4-20-2034 | 1,000,000 | 861,316 | ||
Carlyle Global Market Series 2017-2A Class R2 (3 Month LIBOR +1.60%) 144A | 4.31 | 7-20-2031 | 750,000 | 692,891 | ||
Cascade Funding Mortgage Trust Series 2021-HB7 Class M2 144A±± | 2.68 | 10-27-2031 | 1,000,000 | 911,579 | ||
CFCRE Commercial Mortgage Trust Series 2016-C7 Class AM | 4.16 | 12-10-2054 | 400,000 | 370,259 | ||
CIFC Funding Limited Series 2018-1A Class B (3 Month LIBOR +1.40%) 144A± | 4.14 | 4-18-2031 | 1,000,000 | 945,695 | ||
Colt Funding LLC Series 2022-7 Class A1 144A | 5.16 | 4-25-2067 | 484,340 | 469,982 | ||
Foundation Finance Trust Series 2019-1A Class A 144A | 3.86 | 11-15-2034 | 194,633 | 190,805 | ||
FREMF Mortgage Trust Series 2017-K724 Class B 144A±± | 3.64 | 12-25-2049 | 400,000 | 391,016 | ||
FREMF Mortgage Trust Series 2020-KF76 Class B (1 Month LIBOR +2.75%) 144A± | 5.30 | 1-25-2030 | 266,936 | 253,975 | ||
FS Rialto Issuer Limited Series 2021-FL3 Class B (1 Month LIBOR +1.80%) 144A± | 4.74 | 11-16-2036 | 1,000,000 | 958,393 | ||
Goldman Sachs Mortgage Security Trust Series 2018-LUAU Class B (1 Month LIBOR +1.40%) 144A± | 4.22 | 11-15-2032 | 1,600,000 | 1,544,204 | ||
Gracie Point International Funding Series 2022-2A Class A (30 Day Average U.S. SOFR +2.75%) 144A± | 5.03 | 7-1-2024 | 595,000 | 594,695 | ||
Imperial Fund Mortgage Trust Series 2022-NQM3 Class A3 144A±± | 4.46 | 5-25-2067 | 1,130,000 | 938,349 | ||
JPMorgan Chase & Company Series 2017-6 Class B 144A±± | 3.77 | 12-25-2048 | 449,078 | 325,721 | ||
Longtrain Leasing III LLC Series 2015-1A Class A2 144A | 4.06 | 1-15-2045 | 1,555,563 | 1,431,202 | ||
Madison Park Funding Limited Series 2018-29A Class B (3 Month LIBOR +1.75%) 144A± | 4.49 | 10-18-2030 | 700,000 | 669,214 | ||
MED Trust Series 2021-MDLN Class B (1 Month LIBOR +1.45%) 144A± | 4.27 | 11-15-2038 | 1,000,000 | 954,905 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL7 Class C (1 Month LIBOR +2.05%) 144A± | 5.04% | 10-16-2036 | $ | 1,000,000 | $ 938,203 | |
MF1 Multifamily Housing Mortgage Series 2022-FL8 Class A (30 Day Average U.S. SOFR +1.35%) 144A± | 3.63 | 2-19-2037 | 1,000,000 | 967,099 | ||
MFRA Trust Series 2020-NQM3 Class M1 144A±± | 2.65 | 1-26-2065 | 1,000,000 | 866,298 | ||
MFRA Trust Series 2021-NQM1 Class A1 144A±± | 1.15 | 4-25-2065 | 109,564 | 100,818 | ||
Neuberger Berman CLO Limited Series 2017-25A Class BR (3 Month LIBOR +1.35%) 144A | 4.09 | 10-18-2029 | 250,000 | 235,833 | ||
Oxford Finance Funding Trust Series 2019-1A Class A2 144A | 4.46 | 2-15-2027 | 340,352 | 336,912 | ||
Residential Mortgage Loan Trust Series 2019-3 Class A3 144A±± | 3.04 | 9-25-2059 | 208,597 | 202,337 | ||
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±± | 4.53 | 1-5-2043 | 700,000 | 378,372 | ||
TRK Toorak Mortgage Corporation Series 2021-INV2 Class A2 144A±± | 2.12 | 11-25-2056 | 900,400 | 781,470 | ||
Verus Securitization Trust Series 2021-2 Class A1 144A±± | 1.03 | 2-25-2066 | 105,421 | 87,510 | ||
Verus Securitization Trust Series 2021-8 Class A2 144A±± | 2.29 | 11-25-2066 | 1,258,621 | 1,066,367 | ||
Verus Securitization Trust Series 2021-R3 Class A2 144A±± | 1.28 | 4-25-2064 | 429,339 | 395,059 | ||
Total Non-agency mortgage-backed securities (Cost $26,698,368) | 24,521,928 | |||||
U.S. Treasury securities: 22.02% | ||||||
U.S. Treasury Bond | 2.00 | 8-15-2051 | 45,000 | 30,737 | ||
U.S. Treasury Bond | 2.25 | 2-15-2052 | 2,985,000 | 2,168,789 | ||
U.S. Treasury Bond | 2.88 | 5-15-2052 | 450,000 | 377,367 | ||
U.S. Treasury Note | 1.25 | 12-31-2026 | 500,000 | 444,121 | ||
U.S. Treasury Note | 1.75 | 1-31-2023 | 6,000,000 | 5,961,738 | ||
U.S. Treasury Note | 2.38 | 2-15-2042 | 620,000 | 475,075 | ||
U.S. Treasury Note | 2.50 | 5-31-2024 | 4,965,000 | 4,821,480 | ||
U.S. Treasury Note | 2.75 | 5-15-2025 | 7,000,000 | 6,736,133 | ||
U.S. Treasury Note | 2.75 | 4-30-2027 | 5,810,000 | 5,482,961 | ||
U.S. Treasury Note | 2.75 | 8-15-2032 | 6,865,000 | 6,277,184 | ||
U.S. Treasury Note | 3.13 | 8-31-2027 | 1,935,000 | 1,856,088 | ||
U.S. Treasury Note | 3.25 | 6-30-2027 | 310,000 | 298,763 | ||
Total U.S. Treasury securities (Cost $36,402,621) | 34,930,436 | |||||
Yankee corporate bonds and notes: 9.71% | ||||||
Consumer discretionary: 0.18% | ||||||
Internet & direct marketing retail: 0.18% | ||||||
Prosus NV 144A | 4.03 | 8-3-2050 | 500,000 | 278,567 | ||
Consumer staples: 0.64% | ||||||
Beverages: 0.52% | ||||||
Coca-Cola Icecek AS 144A | 4.50 | 1-20-2029 | 1,000,000 | 819,769 | ||
Tobacco: 0.12% | ||||||
Imperial Brands plc 144A | 6.13 | 7-27-2027 | 200,000 | 197,072 |
Interest rate | Maturity date | Principal | Value | |||
Energy: 1.06% | ||||||
Oil, gas & consumable fuels: 1.06% | ||||||
BP Capital Markets plc (5 Year Treasury Constant Maturity +4.40%) ʊ± | 4.88% | 3-22-2030 | $ | 325,000 | $ 279,500 | |
Comision Federal de Electricidad SA de CV 144A | 3.35 | 2-9-2031 | 200,000 | 142,750 | ||
Enbridge Incorporated (5 Year Treasury Constant Maturity +5.31%) ± | 5.75 | 7-15-2080 | 1,000,000 | 879,750 | ||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 220,000 | 204,866 | ||
Petroleos Mexicanos | 6.70 | 2-16-2032 | 250,000 | 175,406 | ||
1,682,272 | ||||||
Financials: 6.53% | ||||||
Banks: 4.23% | ||||||
African Export Import Bank 144A | 3.80 | 5-17-2031 | 200,000 | 162,132 | ||
Banco de Bogota SA 144A | 6.25 | 5-12-2026 | 400,000 | 374,000 | ||
Banco do Brasil SA 144A | 4.88 | 1-11-2029 | 375,000 | 335,849 | ||
Banco Mercantil del Norte SA (5 Year Treasury Constant Maturity +4.64%) 144Aʊ± | 5.88 | 1-24-2027 | 750,000 | 612,750 | ||
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +6.19%) 144Aʊ± | 8.13 | 12-29-2049 | 1,000,000 | 962,550 | ||
Deutsche Bank AG (USD ICE Swap Rate 11:00am NY 5 Year +2.55%) ± | 4.88 | 12-1-2032 | 275,000 | 215,696 | ||
HSBC Holdings plc (U.S. SOFR +2.11%) ± | 4.76 | 6-9-2028 | 750,000 | 689,162 | ||
HSBC Holdings plc (U.S. SOFR +2.87%) ± | 5.40 | 8-11-2033 | 390,000 | 346,785 | ||
Intesa Sanpaolo SpA 144A | 5.71 | 1-15-2026 | 635,000 | 577,543 | ||
Itau Unibanco Holding SA 144A | 3.25 | 1-24-2025 | 800,000 | 756,956 | ||
NatWest Group plc (5 Year Treasury Constant Maturity +5.63%) ʊ± | 6.00 | 12-29-2025 | 400,000 | 349,000 | ||
Societe Generale SA (1 Year Treasury Constant Maturity +3.20%) 144A± | 6.22 | 6-15-2033 | 1,000,000 | 886,484 | ||
Unicredit SpA (5 Year Treasury Constant Maturity +4.75%) 144A± | 5.46 | 6-30-2035 | 600,000 | 446,124 | ||
6,715,031 | ||||||
Capital markets: 1.26% | ||||||
CI Financial Corporation | 4.10 | 6-15-2051 | 780,000 | 463,994 | ||
Credit Suisse Group AG (U.S. SOFR +0.98%) 144A± | 1.31 | 2-2-2027 | 250,000 | 202,960 | ||
Credit Suisse Group AG (5 Year Treasury Constant Maturity +4.89%) 144Aʊ± | 5.25 | 2-11-2027 | 275,000 | 193,109 | ||
MacQuarie Group Limited (U.S. SOFR +2.21%) 144A± | 5.11 | 8-9-2026 | 1,000,000 | 979,546 | ||
UBS Group AG (5 Year Treasury Constant Maturity +3.40%) 144Aʊ± | 4.88 | 2-12-2027 | 200,000 | 155,750 | ||
1,995,359 | ||||||
Consumer finance: 0.05% | ||||||
Unifin Financiera SAB de CV 144A | 9.88 | 1-28-2029 | 600,000 | 75,000 | ||
Diversified financial services: 0.55% | ||||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 105,000 | 89,266 | ||
DAE Funding LLC 144A | 3.38 | 3-20-2028 | 200,000 | 169,413 | ||
Doric Nimrod Air Alpha Pass-Through Trust Certificates Series 2013-1 Class A 144A | 5.25 | 5-30-2025 | 628,213 | 619,047 | ||
877,726 |
Interest rate | Maturity date | Principal | Value | |||
Insurance: 0.44% | ||||||
Swiss Re Finance (Luxembourg) SA (5 Year Treasury Constant Maturity +3.58%) 144A± | 5.00% | 4-2-2049 | $ | 800,000 | $ 700,000 | |
Health care: 0.29% | ||||||
Biotechnology: 0.20% | ||||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 400,000 | 308,908 | ||
Pharmaceuticals: 0.09% | ||||||
Bausch Health Companies Incorporated 144A | 5.25 | 1-30-2030 | 400,000 | 149,392 | ||
Industrials: 0.79% | ||||||
Airlines: 0.59% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 500,000 | 520,221 | ||
VistaJet Malta Finance PLC 144A | 6.38 | 2-1-2030 | 520,000 | 425,100 | ||
945,321 | ||||||
Trading companies & distributors: 0.20% | ||||||
Fly Leasing Limited 144A | 7.00 | 10-15-2024 | 420,000 | 315,000 | ||
Utilities: 0.22% | ||||||
Electric utilities: 0.22% | ||||||
Comision Federal de Electricidad SA de CV 144A | 3.88 | 7-26-2033 | 500,000 | 347,500 | ||
Total Yankee corporate bonds and notes (Cost $18,696,335) | 15,406,917 | |||||
Yankee government bonds: 1.45% | ||||||
Commonwealth of Bahamas 144A | 6.00 | 11-21-2028 | 785,000 | 471,013 | ||
Dominican Republic 144A | 4.50 | 1-30-2030 | 200,000 | 157,173 | ||
Dominican Republic 144A | 4.88 | 9-23-2032 | 200,000 | 150,362 | ||
Dominican Republic 144A | 5.50 | 2-22-2029 | 200,000 | 172,149 | ||
Government of Bermuda 144A | 5.00 | 7-15-2032 | 200,000 | 189,900 | ||
Mongolia Government | 5.63 | 5-1-2023 | 200,000 | 188,500 | ||
Provincia de Cordoba 144A | 6.88 | 12-10-2025 | 254,472 | 192,890 | ||
Provincia de Cordoba (PIK at 6.88%) 144A¥ | 6.88 | 2-1-2029 | 557,619 | 342,936 | ||
Provincia de Santa Fe | 7.00 | 3-23-2023 | 175,000 | 162,158 | ||
Sultanate of Oman 144A | 6.25 | 1-25-2031 | 300,000 | 279,373 | ||
Total Yankee government bonds (Cost $2,824,529) | 2,306,454 |
Yield | Shares | |||||
Short-term investments: 6.34% | ||||||
Investment companies: 6.34% | ||||||
Allspring Government Money Market Fund Select Class ♠∞*## | 2.75 | 9,279,572 | 9,279,572 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 769,598 | 769,598 | |||
Total Short-term investments (Cost $10,049,170) | 10,049,170 | |||||
Total investments in securities (Cost $177,037,314) | 98.50% | 156,228,742 | ||||
Other assets and liabilities, net | 1.50 | 2,381,597 | ||||
Total net assets | 100.00% | $158,610,339 |
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. |
† | Non-income-earning security |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $183,140 (original aggregate cost of $270,927), representing 0.12% of its net assets as of period end. |
‡ | Security is valued using significant unobservable inputs. |
¥ | 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 subsidiary. |
## | All or a portion of this security is segregated for unfunded loans. |
♠ | 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. |
Abbreviations: | |
BRL | Brazilian real |
CLP | Chile 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 |
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 | $133,927,969 | $(131,932,514) | $0 | $0 | $ 9,279,572 | 9,279,572 | $ 52,216 | ||
Securities Lending Cash Investments LLC | 7,560,711 | 51,922,795 | (58,713,908) | 0 | 0 | 769,598 | 769,598 | 22,549 # | ||
$0 | $0 | $10,049,170 | $74,765 |
# | Amount shown represents income before fees and rebates. |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
11,937,094 USD | 12,080,000 EUR | Citibank National Association | 12-30-2022 | $ 13,706 | $ 0 | |
1,100,022 USD | 975,000 GBP | Citibank National Association | 12-30-2022 | 9,864 | 0 | |
534,853 USD | 7,950,000,000 IDR | Morgan Stanley Incorporated | 10-3-2022 | 12,771 | 0 | |
7,950,000,000 IDR | 529,005 USD | Morgan Stanley Incorporated | 10-3-2022 | 0 | (6,924) | |
526,727 USD | 7,950,000,000 IDR | Morgan Stanley Incorporated | 1-5-2023 | 6,204 | 0 | |
1,785,494 USD | 31,795,000 ZAR | Citibank National Association | 12-30-2022 | 42,307 | 0 | |
$84,852 | $(6,924) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
10-Year U.S. Treasury Notes | 62 | 12-20-2022 | $ 6,985,737 | $ 6,947,875 | $ 0 | $ (37,862) | |
5-Year U.S. Treasury Notes | 216 | 12-30-2022 | 24,046,315 | 23,221,687 | 0 | (824,628) | |
2-Year U.S. Treasury Notes | 42 | 12-30-2022 | 8,762,645 | 8,626,406 | 0 | (136,239) | |
Short | |||||||
Euro-Bund Futures | (35) | 12-8-2022 | (4,988,799) | (4,750,450) | 238,349 | 0 | |
10-Year U.S. Ultra Futures | (43) | 12-20-2022 | (5,393,538) | (5,094,828) | 298,710 | 0 | |
$537,059 | $(998,729) |
Reference index | Fixed rate received | Payment frequency | Maturity date | Notional amount | Value | Premiums paid (received) | Unrealized gains | Unrealized losses | ||
Sell protection | ||||||||||
Markit CDX Emerging Markets Index * | 1.00% | Quarterly | 6-20-2026 | USD | 940,000 | $ (73,679) | $ (20,338) | $0 | $ (53,341) | |
Markit iTraxx Europe Crossover * | 5.00 | Quarterly | 6-20-2026 | EUR | 3,000,000 | (45,498) | 323,118 | 0 | (368,616) | |
Markit iTraxx Europe Subordinated Financial Index * | 1.00 | Quarterly | 6-20-2026 | EUR | 12,000,000 | (519,549) | (33,226) | 0 | (486,323) | |
$0 | $(908,280) |
* | Represents an investment held in Strategic Income Special Investment (Cayman) Ltd., the consolidated subsidiary. |
Assets | |
Investments in unaffiliated securities (including $745,493 of securities loaned), at value (cost $166,988,144) | $ 146,179,572 |
Investments in affiliated securities, at value (cost $10,049,170) | 10,049,170 |
Cash at broker segregated for futures contracts | 1,459,000 |
Segregated cash for swap contracts | 1,183,464 |
Receivable for dividends and interest | 1,474,441 |
Receivable for investments sold | 658,113 |
Receivable for daily variation margin on centrally cleared swap contracts | 473,362 |
Receivable for Fund shares sold | 380,736 |
Unrealized gains on forward foreign currency contracts | 84,852 |
Receivable for daily variation margin on open futures contracts | 21,500 |
Receivable for securities lending income, net | 1,699 |
Prepaid expenses and other assets | 72,779 |
Total assets | 162,038,688 |
Liabilities | |
Cash collateral due to broker for forward foreign currency contracts | 1,470,000 |
Payable upon receipt of securities loaned | 769,598 |
Payable for investments purchased | 461,374 |
Payable for daily variation margin on centrally cleared swap contracts | 404,081 |
Payable for daily variation margin on open futures contracts | 118,178 |
Payable for Fund shares redeemed | 87,662 |
Management fee payable | 55,473 |
Administration fees payable | 12,581 |
Unrealized losses on forward foreign currency contracts | 6,924 |
Trustees’ fees and expenses payable | 3,290 |
Distribution fee payable | 701 |
Accrued expenses and other liabilities | 38,487 |
Total liabilities | 3,428,349 |
Total net assets | $158,610,339 |
Net assets consist of | |
Paid-in capital | $ 180,708,306 |
Total distributable loss | (22,097,967) |
Total net assets | $158,610,339 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 13,959,913 |
Shares outstanding – Class A1 | 1,666,592 |
Net asset value per share – Class A | $8.38 |
Maximum offering price per share – Class A2 | $8.73 |
Net assets – Class C | $ 1,059,023 |
Shares outstanding – Class C1 | 125,719 |
Net asset value per share – Class C | $8.42 |
Net assets – Administrator Class | $ 1,920,741 |
Shares outstanding – Administrator Class1 | 227,405 |
Net asset value per share – Administrator Class | $8.45 |
Net assets – Institutional Class | $ 141,670,662 |
Shares outstanding – Institutional Class1 | 16,945,387 |
Net asset value per share – Institutional Class | $8.36 |
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 $7,542) | $ 6,520,508 |
Dividends | 168,573 |
Income from affiliated securities | 77,644 |
Total investment income | 6,766,725 |
Expenses | |
Management fee | 903,805 |
Administration fees | |
Class A | 21,884 |
Class C | 2,167 |
Administrator Class | 3,628 |
Institutional Class | 122,795 |
Shareholder servicing fees | |
Class A | 34,194 |
Class C | 3,216 |
Administrator Class | 9,071 |
Distribution fee | |
Class C | 9,608 |
Custody and accounting fees | 35,495 |
Professional fees | 76,167 |
Registration fees | 55,335 |
Shareholder report expenses | 39,345 |
Trustees’ fees and expenses | 21,954 |
Other fees and expenses | 6,697 |
Total expenses | 1,345,361 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (241,095) |
Class A | (6,801) |
Administrator Class | (4,330) |
Net expenses | 1,093,135 |
Net investment income | 5,673,590 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (2,134,646) |
Forward foreign currency contracts | 3,542,357 |
Futures contracts | 376,125 |
Swap contracts | 279,861 |
Net realized gains on investments | 2,063,697 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (26,239,476) |
Forward foreign currency contracts | (355,816) |
Futures contracts | (831,185) |
Swap contracts | (945,849) |
Net change in unrealized gains (losses) on investments | (28,372,326) |
Net realized and unrealized gains (losses) on investments | (26,308,629) |
Net decrease in net assets resulting from operations | $(20,635,039) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 5,673,590 | $ 5,076,928 | ||
Net realized gains on investments | 2,063,697 | 4,953,908 | ||
Net change in unrealized gains (losses) on investments | (28,372,326) | 2,083,547 | ||
Net increase (decrease) in net assets resulting from operations | (20,635,039) | 12,114,383 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (685,837) | (57,802) | ||
Class C | (79,643) | (21,319) | ||
Administrator Class | (361,182) | (56,511) | ||
Institutional Class | (10,427,170) | (4,940,534) | ||
Total distributions to shareholders | (11,553,832) | (5,076,166) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,682,286 | 16,330,701 | 312,028 | 3,153,696 |
Class C | 63,146 | 603,993 | 85,947 | 870,666 |
Administrator Class | 299,073 | 2,948,472 | 730,401 | 7,490,893 |
Institutional Class | 7,915,708 | 73,200,984 | 6,012,484 | 59,960,463 |
93,084,150 | 71,475,718 | |||
Reinvestment of distributions | ||||
Class A | 73,161 | 682,559 | 5,655 | 56,840 |
Class C | 8,331 | 79,643 | 2,110 | 21,319 |
Administrator Class | 37,139 | 361,043 | 5,500 | 56,177 |
Institutional Class | 1,099,311 | 10,369,573 | 484,051 | 4,849,200 |
11,492,818 | 4,983,536 | |||
Payment for shares redeemed | ||||
Class A | (352,310) | (3,189,842) | (226,650) | (2,282,403) |
Class C | (72,697) | (663,225) | (27,937) | (276,311) |
Administrator Class | (816,237) | (7,946,957) | (32,590) | (332,582) |
Institutional Class | (8,284,277) | (76,954,857) | (5,833,117) | (57,700,488) |
(88,754,881) | (60,591,784) | |||
Net increase in net assets resulting from capital share transactions | 15,822,087 | 15,867,470 | ||
Total increase (decrease) in net assets | (16,366,784) | 22,905,687 | ||
Net assets | ||||
Beginning of period | 174,977,123 | 152,071,436 | ||
End of period | $158,610,339 | $174,977,123 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.12 | $9.64 | $9.50 | $9.43 | $9.59 |
Net investment income | 0.28 1 | 0.27 | 0.29 | 0.34 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | (1.41) | 0.51 | 0.14 | 0.09 | (0.16) |
Total from investment operations | (1.13) | 0.78 | 0.43 | 0.43 | 0.15 |
Distributions to shareholders from | |||||
Net investment income | (0.36) | (0.30) | (0.29) | (0.36) | (0.31) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.61) | (0.30) | (0.29) | (0.36) | (0.31) |
Net asset value, end of period | $8.38 | $10.12 | $9.64 | $9.50 | $9.43 |
Total return2 | (11.77)% | 8.18% | 4.60% | 4.66% | 1.59% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.07% | 1.07% | 1.08% | 1.09% | 1.45% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 3.09% | 3.00% | 3.43% | 3.65% | 3.26% |
Supplemental data | |||||
Portfolio turnover rate | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $13,960 | $2,667 | $1,662 | $1,394 | $1,266 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.16 | $9.68 | $9.49 | $9.41 | $9.57 |
Net investment income | 0.21 1 | 0.22 | 0.23 | 0.27 | 0.23 |
Payment from affiliate | 0.00 | 0.00 | 0.07 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (1.41) | 0.49 | 0.12 | 0.10 | (0.15) |
Total from investment operations | (1.20) | 0.71 | 0.42 | 0.37 | 0.08 |
Distributions to shareholders from | |||||
Net investment income | (0.29) | (0.23) | (0.23) | (0.29) | (0.24) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.54) | (0.23) | (0.23) | (0.29) | (0.24) |
Net asset value, end of period | $8.42 | $10.16 | $9.68 | $9.49 | $9.41 |
Total return2 | (12.38)% 3 | 7.36% | 4.45% 4 | 4.00% | 0.88% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.77% | 1.82% | 1.83% | 1.84% | 2.20% |
Net expenses | 1.63% | 1.65% | 1.65% | 1.65% | 1.65% |
Net investment income | 2.30% | 2.23% | 2.67% | 2.92% | 2.52% |
Supplemental data | |||||
Portfolio turnover rate | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $1,059 | $1,290 | $647 | $520 | $517 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | During the year ended September 30, 2022, the Fund received a payment from a service provider which had a 0.10% impact on the total return. |
4 | 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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.20 | $9.71 | $9.56 | $9.46 | $9.61 |
Net investment income | 0.29 1 | 0.29 1 | 0.34 1 | 0.36 1 | 0.33 1 |
Net realized and unrealized gains (losses) on investments | (1.43) | 0.51 | 0.11 | 0.09 | (0.16) |
Total from investment operations | (1.14) | 0.80 | 0.45 | 0.45 | 0.17 |
Distributions to shareholders from | |||||
Net investment income | (0.36) | (0.31) | (0.30) | (0.35) | (0.32) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.61) | (0.31) | (0.30) | (0.35) | (0.32) |
Net asset value, end of period | $8.45 | $10.20 | $9.71 | $9.56 | $9.46 |
Total return | (11.77)% | 8.31% | 4.72% | 4.83% | 1.81% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.01% | 1.00% | 1.02% | 1.08% | 1.38% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 2.97% | 2.83% | 3.61% | 3.80% | 3.48% |
Supplemental data | |||||
Portfolio turnover rate | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $1,921 | $7,215 | $40 | $75 | $5,471 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.10 | $9.63 | $9.49 | $9.42 | $9.58 |
Net investment income | 0.32 | 0.33 | 0.36 | 0.37 1 | 0.34 |
Net realized and unrealized gains (losses) on investments | (1.43) | 0.47 | 0.10 | 0.09 | (0.16) |
Total from investment operations | (1.11) | 0.80 | 0.46 | 0.46 | 0.18 |
Distributions to shareholders from | |||||
Net investment income | (0.38) | (0.33) | (0.32) | (0.39) | (0.34) |
Net realized gains | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.63) | (0.33) | (0.32) | (0.39) | (0.34) |
Net asset value, end of period | $8.36 | $10.10 | $9.63 | $9.49 | $9.42 |
Total return | (11.53)% | 8.43% | 4.96% | 5.00% | 1.93% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.74% | 0.74% | 0.75% | 0.75% | 1.12% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 3.33% | 3.34% | 3.72% | 3.97% | 3.54% |
Supplemental data | |||||
Portfolio turnover rate | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $141,671 | $163,806 | $149,722 | $153,414 | $45,175 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 991,912 |
Gross unrealized losses | (20,407,863) |
Net unrealized losses | $(19,415,951) |
Paid-in capital | Total distributable loss |
$210,449 | $(210,449) |
■ | 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 | $ 12,680,855 | $ 0 | $ 12,680,855 |
Corporate bonds and notes | 0 | 32,139,348 | 0 | 32,139,348 |
Foreign corporate bonds and notes | 0 | 9,921,543 | 0 | 9,921,543 |
Foreign government bonds | 0 | 7,350,921 | 0 | 7,350,921 |
Investment companies | 2,898,450 | 0 | 0 | 2,898,450 |
Loans | 0 | 3,601,378 | 280,635 | 3,882,013 |
Municipal obligations | 0 | 140,707 | 0 | 140,707 |
Non-agency mortgage-backed securities | 0 | 24,521,928 | 0 | 24,521,928 |
U.S. Treasury securities | 34,930,436 | 0 | 0 | 34,930,436 |
Yankee corporate bonds and notes | 0 | 15,406,917 | 0 | 15,406,917 |
Yankee government bonds | 0 | 2,306,454 | 0 | 2,306,454 |
Short-term investments | ||||
Investment companies | 10,049,170 | 0 | 0 | 10,049,170 |
47,878,056 | 108,070,051 | 280,635 | 156,228,742 | |
Forward foreign currency contracts | 0 | 84,852 | 0 | 84,852 |
Futures contracts | 537,059 | 0 | 0 | 537,059 |
Total assets | $48,415,115 | $108,154,903 | $280,635 | $156,850,653 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 6,924 | $ 0 | $ 6,924 |
Futures contracts | 998,729 | 0 | 0 | 998,729 |
Swap contracts | 0 | 908,280 | 0 | 908,280 |
Total liabilities | $ 998,729 | $ 915,204 | $ 0 | $ 1,913,933 |
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 | |
$127,687,766 | $63,144,577 | $122,429,485 | $59,009,101 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $ 37,837 | $ (37,837) | $0 |
Citigroup Global Markets Incorporated | 59,256 | (59,256) | 0 |
Credit Suisse Securities LLC | 111,010 | (111,010) | 0 |
Jefferies LLC | 80,458 | (80,458) | 0 |
Bank of America Securities Incorporated | 5,909 | (5,909) | 0 |
Morgan Stanley & Company LLC | 172,171 | (172,171) | 0 |
Nomura Securities International Incorporated | 278,852 | (278,852) | 0 |
Futures contracts | |
Average notional balance on long futures | $33,250,817 |
Average notional balance on short futures | 17,260,115 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 3,886,375 |
Average contract amounts to sell | 31,219,564 |
Swap contracts | |
Average notional balance | $33,913,867 |
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 | $ 537,059* | Unrealized losses on futures contracts | $ 998,729* | |
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 84,852 | Unrealized losses on forward foreign currency contracts | 6,924 | |
Credit risk | Unrealized gains on swap contracts | 0* | Unrealized losses on swap contracts | 908,280* | |
$621,911 | $1,913,933 |
Net realized gains (losses) on derivatives | ||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Total | |
Interest rate risk | $ 0 | $376,125 | $ 0 | $ 376,125 |
Foreign currency risk | 3,542,357 | 0 | 0 | 3,542,357 |
Credit risk | 0 | 0 | 279,861 | 279,861 |
$3,542,357 | $376,125 | $279,861 | $4,198,343 |
Net change in unrealized gains (losses) on derivatives | ||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Total | |
Interest rate risk | $ 0 | $(831,185) | $ 0 | $ (831,185) |
Foreign currency risk | (355,816) | 0 | 0 | (355,816) |
Credit risk | 0 | 0 | (945,849) | (945,849) |
$(355,816) | $(831,185) | $(945,849) | $(2,132,850) |
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 | $65,877 | $ 0 | $0 | $65,877 |
Morgan Stanley Incorporated | 18,975 | (6,924) | 0 | 12,051 |
Counterparty | Gross amounts of assets in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of liabilities |
Morgan Stanley Incorporated | $6,924 | $(6,924) | $0 | $0 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $9,082,667 | $5,076,166 |
Long-term capital gain | 2,471,165 | 0 |
Undistributed ordinary income | Unrealized losses | Post-October capital losses deferred |
$410,785 | $(19,588,244) | $(2,920,508) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A263/AR263 09-22
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. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 2022 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1(%) | |||||||
Inception date | 1 year | Since inception | 1 year | Since inception | Gross | Net 2 | |||
Class A (ACPCX)3 | 6-1-2022 | -21.93 | -2.40 | -18.27 | -1.14 | 1.06 | 0.83 | ||
Class C (WGCCX)4 | 6-1-2022 | -19.86 | -1.87 | -18.86 | -1.87 | 1.81 | 1.58 | ||
Class R6 (WGCRX) | 2-28-2019 | - | - | -17.97 | -0.77 | 0.68 | 0.45 | ||
Institutional Class (WGCIX) | 2-28-2019 | - | - | -18.01 | -0.82 | 0.73 | 0.50 | ||
Bloomberg Global Aggregate Credit Index (USD Hedged)5 | – | - | - * | -16.52 | -0.70* | - | - |
* | 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, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.83% for Class A, 1.58% for Class C, 0.45% 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 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class C shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class C shares. |
5 | 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. |
1 | The chart compares the performance of Class A shares since inception of the Institutional Class on February 28, 2019 with the Bloomberg Global Aggregate Credit Index (USD Hedged). The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 4.50%. |
■ | The Fund underperformed its benchmark, the Bloomberg Global Aggregate Credit Index (USD Hedged), for the 12-month period that ended September 30, 2022. |
■ | Underperformance was primarily driven by credit spread widening and risk-free yields moving higher. Credit spreads decompressed as markets began to adapt to life post-quantitative easing. |
■ | Modest allocation to U.S. Treasuries contributed to performance versus the benchmark. |
Ten largest holdings (%) as of September 30, 20221 | |
Bank of America Corporation, 4.13%, 1-22-2024 | 1.94 |
Morgan Stanley, 3.13%, 7-27-2026 | 1.83 |
Citigroup Incorporated, 3.30%, 4-27-2025 | 1.74 |
Sabine Pass Liquefaction LLC, 5.75%, 5-15-2024 | 1.22 |
Energy Transfer Operating Partners LP, 6.25%, 4-15-2049 | 1.22 |
Reckitt Benckiser Treasury Services plc, 2.75%, 6-26-2024 | 1.20 |
Motorola Solutions Incorporated, 4.60%, 2-23-2028 | 1.16 |
Verizon Communications Incorporated, 3.40%, 3-22-2041 | 1.14 |
British Airways Series 2019-1 Class AA Pass-Through Trust, 3.30%, 6-15-2034 | 1.12 |
AT&T Incorporated, 4.25%, 3-1-2027 | 1.11 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Credit quality as of September 30, 20221 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 879.53 | $3.91 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.91 | $4.20 | 0.83% |
Class C | ||||
Actual | $1,000.00 | $ 876.53 | $7.10 | 1.51% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.50 | $7.64 | 1.51% |
Class R6 | ||||
Actual | $1,000.00 | $ 881.08 | $2.12 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.28 | 0.45% |
Institutional Class | ||||
Actual | $1,000.00 | $ 880.86 | $2.36 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.56 | $2.54 | 0.50% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 1.77% | ||||||
American Airlines Series 2014-1 Class A Pass-Through Trust | 3.70% | 4-1-2028 | $ | 219,107 | $ 186,513 | |
British Airways Series 2019-1 Class AA Pass-Through Trust 144A | 3.30 | 6-15-2034 | 374,955 | 317,775 | ||
Total Asset-backed securities (Cost $593,395) | 504,288 | |||||
Corporate bonds and notes: 51.41% | ||||||
Communication services: 7.39% | ||||||
Diversified telecommunication services: 4.63% | ||||||
AT&T Incorporated | 3.65 | 6-1-2051 | 225,000 | 152,000 | ||
AT&T Incorporated | 4.25 | 3-1-2027 | 330,000 | 316,691 | ||
T-Mobile USA Incorporated | 2.55 | 2-15-2031 | 40,000 | 31,692 | ||
T-Mobile USA Incorporated | 3.30 | 2-15-2051 | 155,000 | 100,982 | ||
T-Mobile USA Incorporated | 3.75 | 4-15-2027 | 145,000 | 133,812 | ||
Verizon Communications Incorporated | 3.40 | 3-22-2041 | 445,000 | 324,917 | ||
Verizon Communications Incorporated | 4.13 | 8-15-2046 | 325,000 | 257,288 | ||
1,317,382 | ||||||
Media: 2.76% | ||||||
Charter Communications Operating LLC | 2.80 | 4-1-2031 | 90,000 | 68,035 | ||
Charter Communications Operating LLC | 4.20 | 3-15-2028 | 180,000 | 161,601 | ||
Charter Communications Operating LLC | 4.91 | 7-23-2025 | 55,000 | 53,634 | ||
Comcast Corporation | 3.40 | 4-1-2030 | 100,000 | 87,952 | ||
Magallanes Incorporated 144A | 5.05 | 3-15-2042 | 75,000 | 56,118 | ||
Magallanes Incorporated 144A | 5.14 | 3-15-2052 | 335,000 | 243,484 | ||
ViacomCBS Incorporated | 4.95 | 1-15-2031 | 130,000 | 114,677 | ||
785,501 | ||||||
Consumer discretionary: 2.07% | ||||||
Automobiles: 0.65% | ||||||
General Motors Company | 6.13 | 10-1-2025 | 185,000 | 185,080 | ||
Hotels, restaurants & leisure: 1.23% | ||||||
Hyatt Hotels Corporation | 1.80 | 10-1-2024 | 315,000 | 295,325 | ||
McDonald's Corporation | 1.45 | 9-1-2025 | 30,000 | 27,353 | ||
McDonald's Corporation | 4.20 | 4-1-2050 | 35,000 | 28,070 | ||
350,748 | ||||||
Specialty retail: 0.19% | ||||||
Lowe's Companies Incorporated | 4.25 | 4-1-2052 | 70,000 | 53,599 | ||
Consumer staples: 1.00% | ||||||
Food products: 0.39% | ||||||
Smithfield Foods Incorporated 144A | 3.00 | 10-15-2030 | 145,000 | 111,960 | ||
Tobacco: 0.61% | ||||||
BAT Capital Corporation | 4.54 | 8-15-2047 | 260,000 | 172,263 | ||
Energy: 7.10% | ||||||
Oil, gas & consumable fuels: 7.10% | ||||||
BP Capital Markets America Incorporated | 2.94 | 6-4-2051 | 345,000 | 219,105 | ||
Energy Transfer Operating Partners LP | 3.75 | 5-15-2030 | 160,000 | 135,482 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Energy Transfer Operating Partners LP | 6.25% | 4-15-2049 | $ | 390,000 | $ 345,979 | |
Exxon Mobil Corporation | 2.61 | 10-15-2030 | 260,000 | 220,265 | ||
Kinder Morgan Energy Partners LP | 5.40 | 9-1-2044 | 200,000 | 169,438 | ||
Marathon Petroleum Corporation | 3.80 | 4-1-2028 | 220,000 | 196,846 | ||
MPLX LP | 4.00 | 3-15-2028 | 315,000 | 286,949 | ||
Sabine Pass Liquefaction LLC | 4.50 | 5-15-2030 | 110,000 | 100,207 | ||
Sabine Pass Liquefaction LLC | 5.75 | 5-15-2024 | 345,000 | 346,263 | ||
2,020,534 | ||||||
Financials: 15.52% | ||||||
Banks: 6.16% | ||||||
Bank of America Corporation | 4.13 | 1-22-2024 | 555,000 | 550,463 | ||
Citigroup Incorporated (U.S. SOFR +1.17%) ± | 2.56 | 5-1-2032 | 170,000 | 130,503 | ||
Citigroup Incorporated | 3.30 | 4-27-2025 | 520,000 | 495,133 | ||
JPMorgan Chase & Company (U.S. SOFR +1.25%) ± | 2.58 | 4-22-2032 | 150,000 | 116,273 | ||
JPMorgan Chase & Company (U.S. SOFR +2.52%) ± | 2.96 | 5-13-2031 | 145,000 | 114,854 | ||
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ± | 3.78 | 2-1-2028 | 145,000 | 132,941 | ||
Santander Holdings USA Incorporated | 4.40 | 7-13-2027 | 230,000 | 211,557 | ||
1,751,724 | ||||||
Capital markets: 5.37% | ||||||
Belrose Funding Trust 144A | 2.33 | 8-15-2030 | 185,000 | 139,514 | ||
Blackrock Incorporated | 1.90 | 1-28-2031 | 35,000 | 27,326 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +1.41%) ± | 3.10 | 2-24-2033 | 115,000 | 91,339 | ||
Intercontinental Exchange Incorporated | 3.00 | 6-15-2050 | 140,000 | 91,517 | ||
Intercontinental Exchange Incorporated | 3.75 | 12-1-2025 | 130,000 | 125,447 | ||
Morgan Stanley | 3.13 | 7-27-2026 | 565,000 | 520,260 | ||
Morgan Stanley | 3.70 | 10-23-2024 | 310,000 | 302,143 | ||
S&P Global Incorporated | 1.25 | 8-15-2030 | 100,000 | 74,873 | ||
S&P Global Incorporated | 2.30 | 8-15-2060 | 90,000 | 47,386 | ||
State Street Corporation | 2.40 | 1-24-2030 | 130,000 | 108,434 | ||
1,528,239 | ||||||
Consumer finance: 2.68% | ||||||
Aviation Capital Group Corporation 144A | 5.50 | 12-15-2024 | 305,000 | 295,257 | ||
Ford Motor Credit Company LLC | 3.40 | 1-15-2026 | 155,000 | 136,762 | ||
Hyundai Capital America Corporation 144A | 1.80 | 10-15-2025 | 295,000 | 262,361 | ||
Hyundai Capital America Corporation 144A | 1.80 | 1-10-2028 | 85,000 | 67,707 | ||
762,087 | ||||||
Insurance: 1.31% | ||||||
American International Group Incorporated | 4.75 | 4-1-2048 | 330,000 | 282,956 | ||
Brighthouse Financial Incorporated | 4.70 | 6-22-2047 | 77,000 | 54,505 | ||
Unum Group | 4.50 | 12-15-2049 | 50,000 | 35,106 | ||
372,567 | ||||||
Health care: 3.14% | ||||||
Biotechnology: 0.54% | ||||||
AbbVie Incorporated | 4.25 | 11-21-2049 | 145,000 | 116,401 | ||
Amgen Incorporated | 4.20 | 2-22-2052 | 45,000 | 35,275 | ||
151,676 |
Interest rate | Maturity date | Principal | Value | |||
Health care providers & services: 1.76% | ||||||
Anthem Incorporated | 2.25% | 5-15-2030 | $ | 20,000 | $ 16,134 | |
Centene Corporation | 2.45 | 7-15-2028 | 210,000 | 170,986 | ||
CVS Health Corporation | 4.25 | 4-1-2050 | 110,000 | 86,091 | ||
CVS Health Corporation | 4.30 | 3-25-2028 | 27,000 | 25,465 | ||
HCA Incorporated 144A | 3.63 | 3-15-2032 | 130,000 | 105,175 | ||
HCA Incorporated 144A | 4.38 | 3-15-2042 | 130,000 | 97,156 | ||
501,007 | ||||||
Life sciences tools & services: 0.46% | ||||||
Thermo Fisher Scientific Incorporated | 1.50 | 10-1-2039 | 200,000 | 131,636 | ||
Pharmaceuticals: 0.38% | ||||||
Bristol-Myers Squibb Company | 2.55 | 11-13-2050 | 175,000 | 107,824 | ||
Industrials: 3.53% | ||||||
Aerospace & defense: 0.89% | ||||||
United Technologies Corporation | 4.13 | 11-16-2028 | 270,000 | 252,263 | ||
Airlines: 0.69% | ||||||
US Airways Group Incorporated | 4.63 | 12-3-2026 | 216,424 | 195,554 | ||
Professional services: 0.92% | ||||||
Equifax Incorporated | 3.10 | 5-15-2030 | 175,000 | 145,282 | ||
Equifax Incorporated | 2.35 | 9-15-2031 | 155,000 | 116,451 | ||
261,733 | ||||||
Road & rail: 1.03% | ||||||
Penske Truck Leasing Company LP 144A | 3.45 | 7-1-2024 | 240,000 | 230,888 | ||
Union Pacific Corporation | 2.40 | 2-5-2030 | 75,000 | 62,742 | ||
293,630 | ||||||
Information technology: 7.01% | ||||||
Communications equipment: 1.16% | ||||||
Motorola Solutions Incorporated | 4.60 | 2-23-2028 | 350,000 | 330,441 | ||
Electronic equipment, instruments & components: 0.44% | ||||||
Jabil Incorporated | 3.60 | 1-15-2030 | 150,000 | 125,237 | ||
IT services: 2.02% | ||||||
Computershare US Incorporated | 1.13 | 10-7-2031 | 200,000 | 143,269 | ||
Fiserv Incorporated | 2.65 | 6-1-2030 | 45,000 | 36,484 | ||
Fiserv Incorporated | 3.50 | 7-1-2029 | 140,000 | 121,805 | ||
Western Union Company | 4.25 | 6-9-2023 | 275,000 | 273,820 | ||
575,378 | ||||||
Semiconductors & semiconductor equipment: 1.68% | ||||||
Intel Corporation | 2.80 | 8-12-2041 | 265,000 | 178,588 | ||
Marvell Technology Incorporated | 4.88 | 6-22-2028 | 80,000 | 74,980 | ||
Microchip Technology Incorporated | 2.67 | 9-1-2023 | 230,000 | 224,144 | ||
477,712 |
Interest rate | Maturity date | Principal | Value | |||
Software: 1.11% | ||||||
Oracle Corporation | 2.88% | 3-25-2031 | $ | 355,000 | $ 279,976 | |
Oracle Corporation | 3.60 | 4-1-2050 | 55,000 | 34,414 | ||
314,390 | ||||||
Technology hardware, storage & peripherals: 0.60% | ||||||
Dell International LLC / EMC Corporation | 5.45 | 6-15-2023 | 45,000 | 45,116 | ||
Dell International LLC / EMC Corporation | 6.20 | 7-15-2030 | 95,000 | 92,456 | ||
NetApp Incorporated | 2.70 | 6-22-2030 | 40,000 | 32,504 | ||
170,076 | ||||||
Materials: 0.52% | ||||||
Chemicals: 0.52% | ||||||
Westlake Chemical Corporation | 1.63 | 7-17-2029 | 200,000 | 147,037 | ||
Real estate: 1.92% | ||||||
Equity REITs: 1.16% | ||||||
Equinix Incorporated | 2.15 | 7-15-2030 | 275,000 | 210,832 | ||
Sabra Health Care LP | 3.20 | 12-1-2031 | 110,000 | 80,807 | ||
Vornado Realty LP | 3.40 | 6-1-2031 | 50,000 | 38,259 | ||
329,898 | ||||||
Real estate management & development: 0.76% | ||||||
Simon Property Group LP | 1.75 | 2-1-2028 | 60,000 | 49,710 | ||
Simon Property Group LP | 3.25 | 9-13-2049 | 255,000 | 165,200 | ||
214,910 | ||||||
Utilities: 2.21% | ||||||
Electric utilities: 2.21% | ||||||
Duke Energy Florida LLC | 1.75 | 6-15-2030 | 90,000 | 70,155 | ||
New York State Electric & Gas Corporation 144A | 3.25 | 12-1-2026 | 145,000 | 135,323 | ||
Oglethorpe Power Corporation | 3.75 | 8-1-2050 | 125,000 | 87,746 | ||
Pacificorp | 3.50 | 6-15-2029 | 295,000 | 266,172 | ||
Union Electric Company | 2.95 | 3-15-2030 | 80,000 | 69,077 | ||
628,473 | ||||||
Total Corporate bonds and notes (Cost $17,519,842) | 14,620,559 | |||||
Foreign corporate bonds and notes : 23.90% | ||||||
Communication services: 0.31% | ||||||
Wireless telecommunication services: 0.31% | ||||||
Tele2 AB | 2.13 | 5-15-2028 | EUR | 100,000 | 89,434 | |
Consumer discretionary: 0.63% | ||||||
Automobiles: 0.63% | ||||||
Renault SA | 2.38 | 5-25-2026 | EUR | 100,000 | 81,700 | |
Volkswagen International Finance NV | 3.13 | 3-28-2025 | EUR | 100,000 | 96,422 | |
178,122 |
Interest rate | Maturity date | Principal | Value | |||
Consumer staples: 0.81% | ||||||
Beverages: 0.31% | ||||||
Coca-Cola European Partners plc | 1.50% | 11-8-2027 | EUR | 100,000 | $ 87,394 | |
Household products: 0.50% | ||||||
Essity AB | 0.25 | 2-8-2031 | EUR | 200,000 | 142,139 | |
Energy: 1.84% | ||||||
Oil, gas & consumable fuels: 1.84% | ||||||
BP Capital Markets plc (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.88%) ʊ± | 3.25 | 3-22-2026 | EUR | 100,000 | 86,911 | |
BP Capital Markets plc (U.S. Treasury 3 Month Bill +4.17%) ʊ± | 4.25 | 3-22-2027 | GBP | 100,000 | 93,511 | |
National Grid Gas plc | 1.13 | 1-14-2033 | GBP | 200,000 | 132,409 | |
Shell International Finance BV | 1.00 | 12-10-2030 | GBP | 150,000 | 116,117 | |
TotalEnergies SE (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.75%) ± | 2.71 | 12-29-2049 | EUR | 100,000 | 96,045 | |
524,993 | ||||||
Financials: 8.91% | ||||||
Banks: 5.47% | ||||||
Argenta Spaarbank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +1.10%) ± | 1.38 | 2-8-2029 | EUR | 200,000 | 158,674 | |
Banco de Sabadell SA | 1.13 | 3-27-2025 | EUR | 100,000 | 88,406 | |
Bankia SA | 1.13 | 11-12-2026 | EUR | 100,000 | 84,737 | |
Bankinter SA | 0.63 | 10-6-2027 | EUR | 100,000 | 79,469 | |
Bawag Group AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.30%) ± | 2.38 | 3-26-2029 | EUR | 100,000 | 92,323 | |
Belfius Bank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.30%) ± | 1.25 | 4-6-2034 | EUR | 200,000 | 145,855 | |
BNP Paribas | 1.25 | 3-19-2025 | EUR | 200,000 | 185,143 | |
BPCE SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.75%) ± | 1.50 | 1-13-2042 | EUR | 200,000 | 162,659 | |
Credit Agricole Assurances | 2.00 | 7-17-2030 | EUR | 200,000 | 151,110 | |
Mizuho Financial Group (3 Month EURIBOR +0.72%) ± | 0.47 | 9-6-2029 | JPY | 100,000 | 76,824 | |
Natwest Group plc (GBP Swap Semi Annual (vs. 6 Month LIBOR) 1 Year +1.49%) ± | 2.88 | 9-19-2026 | GBP | 100,000 | 97,997 | |
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am +3.15%) ± | 2.88 | 6-18-2032 | EUR | 100,000 | 76,764 | |
Unicredit SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.80%) ± | 2.73 | 1-15-2032 | EUR | 200,000 | 155,896 | |
1,555,857 | ||||||
Capital markets: 1.74% | ||||||
Acciona Energia Financial Company | 1.38 | 1-26-2032 | EUR | 100,000 | 74,652 | |
Cellnex Finance Company SA | 2.00 | 2-15-2033 | EUR | 100,000 | 63,650 | |
Credit Suisse Group AG (UK Gilts 1 Year +2.23%) ± | 2.25 | 6-9-2028 | GBP | 200,000 | 169,323 | |
UBS Group AG (EURIBOR ICE Swap Rate 11:00am +0.80%) ± | 1.00 | 3-21-2025 | EUR | 200,000 | 188,225 | |
495,850 | ||||||
Diversified financial services: 0.25% | ||||||
CCEP Finance Ireland Company | 0.88 | 5-6-2033 | EUR | 100,000 | 69,985 |
Interest rate | Maturity date | Principal | Value | |||
Insurance: 1.45% | ||||||
Berkshire Hathaway Incorporated | 2.38% | 6-19-2039 | GBP | 100,000 | $ 71,753 | |
Mandatum Life Insurance Company Limited (3 Month EURIBOR +2.30%) ± | 1.88 | 10-4-2049 | EUR | 200,000 | 178,591 | |
Sampo Oyj (3 Month EURIBOR +4.05%) ± | 3.38 | 5-23-2049 | EUR | 100,000 | 83,516 | |
Swiss Re Finance (Luxembourg) SA (EURIBOR ICE Swap Rate 11:00am +2.85%) ± | 2.53 | 4-30-2050 | EUR | 100,000 | 78,040 | |
411,900 | ||||||
Health care: 2.75% | ||||||
Biotechnology: 0.37% | ||||||
GlaxoSmithKline Capital Incorporated | 1.63 | 5-12-2035 | GBP | 150,000 | 105,468 | |
Health care equipment & supplies: 1.81% | ||||||
Koninklijke Philips NV | 1.88 | 5-5-2027 | EUR | 200,000 | 179,710 | |
Koninklijke Philips NV | 2.13 | 11-5-2029 | EUR | 100,000 | 85,651 | |
Molnlycke Holding AB | 0.63 | 1-15-2031 | EUR | 200,000 | 139,901 | |
Motability Operations Group plc | 2.38 | 7-3-2039 | GBP | 150,000 | 108,609 | |
513,871 | ||||||
Pharmaceuticals: 0.57% | ||||||
Bayer AG (EURIBOR ICE Swap Rate 11:00am +2.65%) ± | 2.38 | 11-12-2079 | EUR | 100,000 | 84,930 | |
Bayer AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.11%) ± | 3.13 | 11-12-2079 | EUR | 100,000 | 78,164 | |
163,094 | ||||||
Industrials: 0.55% | ||||||
Commercial services & supplies: 0.55% | ||||||
Rentokil Initial plc | 0.50 | 10-14-2028 | EUR | 200,000 | 155,797 | |
Information technology: 1.23% | ||||||
Communications equipment: 1.23% | ||||||
Telefonaktiebolaget LM Ericsson | 1.13 | 2-8-2027 | EUR | 200,000 | 163,195 | |
Telefonica Deutschland Company | 1.75 | 7-5-2025 | EUR | 200,000 | 186,293 | |
349,488 | ||||||
Materials: 1.43% | ||||||
Chemicals: 0.94% | ||||||
Arkema SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.57%) ʊ± | 1.50 | 10-21-2025 | EUR | 100,000 | 81,834 | |
Solvay SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.92%) ʊ± | 4.25 | 12-4-2023 | EUR | 100,000 | 94,379 | |
Syngenta Finance NV | 3.38 | 4-16-2026 | EUR | 100,000 | 92,562 | |
268,775 | ||||||
Construction materials: 0.49% | ||||||
Holcim Finance (Luxembourg) SA | 0.50 | 4-23-2031 | EUR | 200,000 | 138,124 |
Interest rate | Maturity date | Principal | Value | |||
Real estate: 1.89% | ||||||
Equity REITs: 0.46% | ||||||
Castellum Helsinki | 0.88% | 9-17-2029 | EUR | 100,000 | $ 62,792 | |
Tritax Big Box REIT plc | 1.50 | 11-27-2033 | GBP | 100,000 | 67,119 | |
129,911 | ||||||
Real estate management & development: 1.43% | ||||||
Akelius Residential Property AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.48%) ± | 2.25 | 5-17-2081 | EUR | 100,000 | 75,464 | |
Grand City Properties SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.18%) ʊ± | 1.50 | 3-11-2026 | EUR | 100,000 | 68,825 | |
Heimstaden Bostad AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.90%) ʊ± | 3.63 | 10-14-2027 | EUR | 100,000 | 59,848 | |
LEG Immobilien SE | 0.75 | 6-30-2031 | EUR | 100,000 | 67,914 | |
Vesteda Finance BV | 0.75 | 10-18-2031 | EUR | 100,000 | 71,537 | |
Vonovia SE | 0.75 | 9-1-2032 | EUR | 100,000 | 63,736 | |
407,324 | ||||||
Utilities: 3.55% | ||||||
Electric utilities: 2.50% | ||||||
Electricite de France SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.86%) ʊ± | 2.63 | 12-1-2027 | EUR | 200,000 | 137,368 | |
Electricite de France SA | 5.50 | 10-17-2041 | GBP | 100,000 | 93,524 | |
ESB Finance Designated Activity Company | 1.13 | 6-11-2030 | EUR | 100,000 | 80,204 | |
Iberdrola International BV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.32%) ʊ± | 1.87 | 1-28-2026 | EUR | 200,000 | 166,517 | |
Reseau de Transport d'Electricite | 1.88 | 10-23-2037 | EUR | 100,000 | 71,780 | |
Tennet Holding | 2.75 | 5-17-2042 | EUR | 200,000 | 161,281 | |
710,674 | ||||||
Gas utilities: 0.50% | ||||||
APT Pipelines Limited | 2.00 | 7-15-2030 | EUR | 180,000 | 143,224 | |
Multi-utilities: 0.27% | ||||||
Veolia Environnement SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.08%) ʊ± | 2.00 | 11-15-2027 | EUR | 100,000 | 75,954 | |
Water utilities: 0.28% | ||||||
Thames Water Utilities Finance plc | 0.88 | 1-31-2028 | EUR | 100,000 | 80,863 | |
Total Foreign corporate bonds and notes (Cost $9,831,687) | 6,798,241 | |||||
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 | 132,161 | |
Total Municipal obligations (Cost $165,000) | 132,161 | |||||
U.S. Treasury securities: 2.50% | ||||||
U.S. Treasury Bond | 2.25 | 2-15-2052 | 190,000 | 138,047 | ||
U.S. Treasury Note | 1.88 | 2-15-2032 | 80,000 | 67,788 | ||
U.S. Treasury Note | 1.88 | 11-15-2051 | 330,000 | 218,225 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Note | 2.75% | 8-15-2032 | $ | 230,000 | $ 210,306 | |
U.S. Treasury Note | 3.13 | 8-31-2027 | 80,000 | 76,738 | ||
Total U.S. Treasury securities (Cost $816,780) | 711,104 | |||||
Yankee corporate bonds and notes: 14.95% | ||||||
Communication services: 2.45% | ||||||
Media: 0.56% | ||||||
WPP Finance Limited 2010 | 3.75 | 9-19-2024 | 165,000 | 160,009 | ||
Wireless telecommunication services: 1.89% | ||||||
Telefonica Emisiones SAU | 4.10 | 3-8-2027 | 250,000 | 231,304 | ||
Vodafone Group plc | 4.38 | 5-30-2028 | 325,000 | 305,716 | ||
537,020 | ||||||
Consumer discretionary: 0.45% | ||||||
Internet & direct marketing retail: 0.45% | ||||||
Prosus NV 144A | 3.83 | 2-8-2051 | 230,000 | 127,632 | ||
Consumer staples: 1.20% | ||||||
Household products: 1.20% | ||||||
Reckitt Benckiser Treasury Services plc 144A | 2.75 | 6-26-2024 | 355,000 | 341,868 | ||
Energy: 0.31% | ||||||
Oil, gas & consumable fuels: 0.31% | ||||||
Equinor ASA | 2.38 | 5-22-2030 | 30,000 | 24,915 | ||
Saudi Arabian Oil Company 144A | 4.38 | 4-16-2049 | 75,000 | 62,345 | ||
87,260 | ||||||
Financials: 7.95% | ||||||
Banks: 5.21% | ||||||
Banco Santander SA | 3.49 | 5-28-2030 | 200,000 | 160,432 | ||
Credit Suisse New York | 3.63 | 9-9-2024 | 330,000 | 314,933 | ||
HSBC Holdings plc (U.S. SOFR +2.39%) ± | 2.85 | 6-4-2031 | 200,000 | 153,092 | ||
HSBC Holdings plc | 4.30 | 3-8-2026 | 230,000 | 220,357 | ||
National Australia Bank 144A | 2.33 | 8-21-2030 | 260,000 | 193,593 | ||
Natwest Group plc | 3.88 | 9-12-2023 | 290,000 | 285,849 | ||
Sumitomo Mitsui Financial Group | 2.13 | 7-8-2030 | 200,000 | 153,184 | ||
1,481,440 | ||||||
Capital markets: 0.52% | ||||||
UBS Group AG (1 Year Treasury Constant Maturity +1.10%) 144A± | 2.75 | 2-11-2033 | 200,000 | 148,586 | ||
Consumer finance: 0.99% | ||||||
Avolon Holdings Limited 144A | 4.38 | 5-1-2026 | 315,000 | 281,782 | ||
Diversified financial services: 0.40% | ||||||
AerCap Ireland Capital | 3.30 | 1-30-2032 | 150,000 | 112,810 | ||
Insurance: 0.83% | ||||||
Athene Holding Limited | 3.50 | 1-15-2031 | 295,000 | 236,256 |
Interest rate | Maturity date | Principal | Value | |||
Information technology: 1.07% | ||||||
Semiconductors & semiconductor equipment: 1.07% | ||||||
NXP BV | 3.40% | 5-1-2030 | $ | 85,000 | $ 70,838 | |
NXP BV | 3.88 | 6-18-2026 | 250,000 | 233,324 | ||
304,162 | ||||||
Materials: 0.49% | ||||||
Construction materials: 0.49% | ||||||
Aliaxis Finance SA | 0.88 | 11-8-2028 | 200,000 | 140,291 | ||
Real estate: 0.82% | ||||||
Equity REITs: 0.82% | ||||||
Scentre Group Trust 2 (5 Year Treasury Constant Maturity +4.69%) 144A± | 5.13 | 9-24-2080 | 285,000 | 232,010 | ||
Utilities: 0.21% | ||||||
Multi-utilities: 0.21% | ||||||
Engie SA | 1.00 | 10-26-2036 | 100,000 | 61,190 | ||
Total Yankee corporate bonds and notes (Cost $5,099,301) | 4,252,316 |
Yield | Shares | |||||
Short-term investments: 3.98% | ||||||
Investment companies: 3.98% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75 | 1,133,268 | 1,133,268 | |||
Total Short-term investments (Cost $1,133,268) | 1,133,268 | |||||
Total investments in securities (Cost $35,159,273) | 98.98% | 28,151,937 | ||||
Other assets and liabilities, net | 1.02 | 289,262 | ||||
Total net assets | 100.00% | $28,441,199 |
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 |
JPY | Japanese yen |
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 | $10,304,415 | $(10,784,809) | $0 | $0 | $1,133,268 | 1,133,268 | $6,105 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
6,554,191 USD | 6,750,000 EUR | State Street Bank & Trust Company | 10-26-2022 | $ 0 | $ (71,144) | |
125,000 EUR | 128,823 USD | State Street Bank & Trust Company | 10-26-2022 | 1,444 | 0 | |
1,104,460 USD | 1,025,000 GBP | State Street Bank & Trust Company | 10-26-2022 | 0 | (40,548) | |
$1,444 | $(111,692) |
Assets | |
Investments in unaffiliated securities, at value (cost $34,026,005) | $ 27,018,669 |
Investments in affiliated securities, at value (cost $1,133,268) | 1,133,268 |
Foreign currency, at value (cost $62,357) | 63,464 |
Receivable for interest | 293,486 |
Unrealized gains on forward foreign currency contracts | 1,444 |
Prepaid expenses and other assets | 54,679 |
Total assets | 28,565,010 |
Liabilities | |
Unrealized losses on forward foreign currency contracts | 111,692 |
Trustees’ fees and expenses payable | 3,653 |
Management fee payable | 794 |
Administration fees payable | 785 |
Distribution fee payable | 6 |
Accrued expenses and other liabilities | 6,881 |
Total liabilities | 123,811 |
Total net assets | $28,441,199 |
Net assets consist of | |
Paid-in capital | $ 34,033,416 |
Total distributable loss | (5,592,217) |
Total net assets | $28,441,199 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 56,464 |
Shares outstanding – Class A1 | 6,879 |
Net asset value per share – Class A | $8.21 |
Maximum offering price per share – Class A2 | $8.60 |
Net assets – Class C | $ 23,005 |
Shares outstanding – Class C1 | 2,803 |
Net asset value per share – Class C | $8.21 |
Net assets – Class R6 | $ 28,339,970 |
Shares outstanding – Class R61 | 3,452,885 |
Net asset value per share – Class R6 | $8.21 |
Net assets – Institutional Class | $ 21,760 |
Shares outstanding – Institutional Class1 | 2,651 |
Net asset value per share – Institutional Class | $8.21 |
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 | $ 1,061,891 |
Income from affiliated securities | 6,105 |
Total investment income | 1,067,996 |
Expenses | |
Management fee | 145,792 |
Administration fees | |
Class A | 14 1 |
Class C | 13 1 |
Class R6 | 10,922 |
Institutional Class | 20 |
Shareholder servicing fees | |
Class A | 22 1 |
Class C | 21 1 |
Distribution fee | |
Class C | 52 1 |
Custody and accounting fees | 10,349 |
Professional fees | 48,709 |
Registration fees | 20,597 |
Shareholder report expenses | 17,756 |
Trustees’ fees and expenses | 21,835 |
Other fees and expenses | 2,600 |
Total expenses | 278,702 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (114,548) |
Class A | (4) 1 |
Net expenses | 164,150 |
Net investment income | 903,846 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (809,444) |
Forward foreign currency contracts | 2,810,227 |
Net realized gains on investments | 2,000,783 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (9,385,573) |
Forward foreign currency contracts | (280,697) |
Net change in unrealized gains (losses) on investments | (9,666,270) |
Net realized and unrealized gains (losses) on investments | (7,665,487) |
Net decrease in net assets resulting from operations | $(6,761,641) |
1 | For the period from June 1, 2022 (commencement of class operations) to September 30, 2022 |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 903,846 | $ 1,390,147 | ||
Net realized gains on investments | 2,000,783 | 2,532,345 | ||
Net change in unrealized gains (losses) on investments | (9,666,270) | (2,132,176) | ||
Net increase (decrease) in net assets resulting from operations | (6,761,641) | 1,790,316 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (185) 1 | N/A | ||
Class C | (132) 1 | N/A | ||
Class R6 | (2,441,309) | (3,431,984) | ||
Institutional Class | (1,586) | (1,386) | ||
Total distributions to shareholders | (2,443,212) | (3,433,370) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 6,857 1 | 58,655 1 | N/A | N/A |
Class C | 2,787 1 | 25,000 1 | N/A | N/A |
Class R6 | 186,222 | 1,837,385 | 1,105,335 | 12,046,379 |
1,921,040 | 12,046,379 | |||
Reinvestment of distributions | ||||
Class A | 22 1 | 185 1 | N/A | N/A |
Class C | 16 1 | 132 1 | N/A | N/A |
Class R6 | 244,985 | 2,426,080 | 217,161 | 2,350,779 |
Institutional Class | 151 | 1,484 | 0 | 0 |
2,427,881 | 2,350,779 | |||
Payment for shares redeemed | ||||
Class R6 | (1,227,364) | (12,042,103) | (4,117,900) | (44,289,615) |
Net decrease in net assets resulting from capital share transactions | (7,693,182) | (29,892,457) | ||
Total decrease in net assets | (16,898,035) | (31,535,511) | ||
Net assets | ||||
Beginning of period | 45,339,234 | 76,874,745 | ||
End of period | $ 28,441,199 | $ 45,339,234 |
1 | For the period from June 1, 2022 (commencement of class operations) to September 30, 2022 |
Year ended September 30 | |
Class A | 2022 1 |
Net asset value, beginning of period | $8.97 |
Net investment income | 0.07 2 |
Net realized and unrealized gains (losses) on investments | (0.76) |
Total from investment operations | (0.69) |
Distributions to shareholders from | |
Net investment income | (0.07) |
Net asset value, end of period | $8.21 |
Total return3 | (7.76)% |
Ratios to average net assets (annualized) | |
Gross expenses | 1.18% |
Net expenses | 0.83% |
Net investment income | 2.45% |
Supplemental data | |
Portfolio turnover rate | 21% |
Net assets, end of period (000s omitted) | $56 |
1 | For the period from June 1, 2022 (commencement of class operations) to September 30, 2022 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | |
Class C | 2022 1 |
Net asset value, beginning of period | $8.97 |
Net investment income | 0.05 2 |
Net realized and unrealized gains (losses) on investments | (0.76) |
Total from investment operations | (0.71) |
Distributions to shareholders from | |
Net investment income | (0.05) |
Net asset value, end of period | $8.21 |
Total return3 | (7.96)% |
Ratios to average net assets (annualized) | |
Gross expenses | 1.80% |
Net expenses | 1.51% |
Net investment income | 1.75% |
Supplemental data | |
Portfolio turnover rate | 21% |
Net assets, end of period (000s omitted) | $23 |
1 | For the period from June 1, 2022 (commencement of class operations) to September 30, 2022 |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||
Class R6 | 2022 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.66 | $10.91 | $10.75 | $10.00 |
Net investment income | 0.24 2 | 0.24 2 | 0.24 2 | 0.13 |
Net realized and unrealized gains (losses) on investments | (2.06) | 0.07 | 0.39 | 0.73 |
Total from investment operations | (1.82) | 0.31 | 0.63 | 0.86 |
Distributions to shareholders from | ||||
Net investment income | (0.23) | (0.31) | (0.34) | (0.11) |
Net realized gains | (0.40) | (0.25) | (0.13) | 0.00 |
Total distributions to shareholders | (0.63) | (0.56) | (0.47) | (0.11) |
Net asset value, end of period | $8.21 | $10.66 | $10.91 | $10.75 |
Total return3 | (17.97)% | 2.86% | 6.10% | 8.64% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.76% | 0.68% | 0.77% | 0.86% |
Net expenses | 0.45% | 0.45% | 0.45% | 0.45% |
Net investment income | 2.48% | 2.22% | 2.29% | 2.34% |
Supplemental data | ||||
Portfolio turnover rate | 21% | 28% | 79% | 36% |
Net assets, end of period (000s omitted) | $28,340 | $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 | 2022 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $10.66 | $10.91 | $10.75 | $10.00 |
Net investment income | 0.23 2 | 0.23 | 0.24 | 0.14 |
Net realized and unrealized gains (losses) on investments | (2.05) | 0.07 | 0.38 | 0.72 |
Total from investment operations | (1.82) | 0.30 | 0.62 | 0.86 |
Distributions to shareholders from | ||||
Net investment income | (0.23) | (0.30) | (0.33) | (0.11) |
Net realized gains | (0.40) | (0.25) | (0.13) | 0.00 |
Total distributions to shareholders | (0.63) | (0.55) | (0.46) | (0.11) |
Net asset value, end of period | $8.21 | $10.66 | $10.91 | $10.75 |
Total return3 | (18.01)% | 2.81% | 6.04% | 8.64% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.81% | 0.73% | 0.83% | 0.97% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 2.47% | 2.18% | 2.24% | 2.34% |
Supplemental data | ||||
Portfolio turnover rate | 21% | 28% | 79% | 36% |
Net assets, end of period (000s omitted) | $22 | $27 | $27 | $27 |
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. |
Gross unrealized gains | $ 191 |
Gross unrealized losses | (5,567,627) |
Net unrealized losses | $(5,567,436) |
■ | 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 | $ 504,288 | $0 | $ 504,288 |
Corporate bonds and notes | 0 | 14,620,559 | 0 | 14,620,559 |
Foreign corporate bonds and notes | 0 | 6,798,241 | 0 | 6,798,241 |
Municipal obligations | 0 | 132,161 | 0 | 132,161 |
U.S. Treasury securities | 711,104 | 0 | 0 | 711,104 |
Yankee corporate bonds and notes | 0 | 4,252,316 | 0 | 4,252,316 |
Short-term investments | ||||
Investment companies | 1,133,268 | 0 | 0 | 1,133,268 |
1,844,372 | 26,307,565 | 0 | 28,151,937 | |
Forward foreign currency contracts | 0 | 1,444 | 0 | 1,444 |
Total assets | $1,844,372 | $26,309,009 | $0 | $28,153,381 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 111,692 | $0 | $ 111,692 |
Total liabilities | $ 0 | $ 111,692 | $0 | $ 111,692 |
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 A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.83% |
Class C | 1.58 |
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 | |
$2,504,745 | $4,882,859 | $2,350,969 | $11,532,108 |
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 | $1,444 | $(1,444) | $0 | $0 |
Counterparty | Gross amounts of assets in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of assets |
State Street Bank & Trust Company | $111,692 | $1,444 | $0 | $110,248 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $1,035,403 | $2,753,989 |
Long-term capital gain | 1,407,809 | 679,381 |
Undistributed ordinary income | Unrealized losses | Post-October capital losses deferred |
$35,111 | $(5,572,818) | $(54,510) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A294/AR294 09-22
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. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -24.40 | 1.50 | 7.76 | -19.80 | 2.71 | 8.40 | 1.26 | 1.26 | ||
Class C (CBMCX) | 7-26-2004 | -21.42 | 1.98 | 7.77 | -20.42 | 1.98 | 7.77 | 2.01 | 2.01 | ||
Class R6 (CBMYX)3 | 7-31-2018 | – | – | – | -19.43 | 3.16 | 8.81 | 0.83 | 0.81 | ||
Administrator Class (CBMIX) | 7-26-2004 | – | – | – | -19.72 | 2.81 | 8.49 | 1.18 | 1.16 | ||
Institutional Class (CBMSX) | 7-26-2004 | – | – | – | -19.52 | 3.08 | 8.76 | 0.93 | 0.91 | ||
Russell Midcap® Value Index4 | – | – | – | – | -13.56 | 4.76 | 9.44 | – | – |
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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell Midcap® Value Index, for the 12-month period that ended September 30, 2022. |
■ | Stock selection within consumer discretionary, health care, and industrials, as well as the underweight to energy, detracted from results. |
■ | Stock selection within financials and communication services, as well as the underweight to real estate and communication services, contributed to results. |
Ten largest holdings (%) as of September 30, 20221 | |
Arrow Electronics Incorporated | 3.39 |
Arch Capital Group Limited | 3.27 |
AerCap Holdings NV | 3.09 |
State Street Corporation | 2.85 |
Fidelity National Financial Incorporated | 2.73 |
Gentex Corporation | 2.66 |
Gildan Activewear Incorporated | 2.63 |
TE Connectivity Limited | 2.60 |
Globe Life Incorporated | 2.56 |
Progressive Corporation | 2.54 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 789.81 | $ 5.56 | 1.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.85 | $ 6.28 | 1.24% |
Class C | ||||
Actual | $1,000.00 | $ 786.64 | $ 8.96 | 2.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.04 | $10.10 | 2.00% |
Class R6 | ||||
Actual | $1,000.00 | $ 791.73 | $ 3.59 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.06 | $ 4.05 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $ 790.22 | $ 5.16 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.30 | $ 5.82 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $ 791.20 | $ 4.04 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.56 | $ 4.56 | 0.90% |
Shares | Value | ||||
Common stocks: 98.47% | |||||
Communication services: 4.44% | |||||
Entertainment: 1.92% | |||||
Activision Blizzard Incorporated | 109,250 | $ 8,121,645 | |||
Media: 2.52% | |||||
Omnicom Group Incorporated | 168,650 | 10,640,129 | |||
Consumer discretionary: 15.67% | |||||
Auto components: 2.66% | |||||
Gentex Corporation | 471,268 | 11,235,029 | |||
Household durables: 3.89% | |||||
Helen of Troy Limited † | 99,909 | 9,635,224 | |||
Whirlpool Corporation | 50,250 | 6,774,203 | |||
16,409,427 | |||||
Leisure products: 1.54% | |||||
Hasbro Incorporated | 96,620 | 6,514,120 | |||
Specialty retail: 3.54% | |||||
American Eagle Outfitters Incorporated « | 593,530 | 5,775,047 | |||
CarMax Incorporated † | 138,860 | 9,167,537 | |||
14,942,584 | |||||
Textiles, apparel & luxury goods: 4.04% | |||||
Gildan Activewear Incorporated | 392,680 | 11,101,064 | |||
HanesBrands Incorporated | 857,758 | 5,969,996 | |||
17,071,060 | |||||
Consumer staples: 2.39% | |||||
Food products: 2.39% | |||||
General Mills Incorporated | 69,500 | 5,324,395 | |||
Ingredion Incorporated | 59,420 | 4,784,498 | |||
10,108,893 | |||||
Energy: 2.34% | |||||
Oil, gas & consumable fuels: 2.34% | |||||
The Williams Companies Incorporated | 344,500 | 9,863,035 | |||
Financials: 25.90% | |||||
Banks: 1.16% | |||||
Commerce Bancshares Incorporated | 74,002 | 4,895,972 | |||
Capital markets: 4.15% | |||||
Cboe Global Markets Incorporated | 47,100 | 5,528,127 | |||
State Street Corporation | 197,550 | 12,013,016 | |||
17,541,143 |
Shares | Value | ||||
Consumer finance: 3.43% | |||||
FirstCash Holdings Incorporated | 132,415 | $ 9,712,640 | |||
Synchrony Financial | 169,500 | 4,778,205 | |||
14,490,845 | |||||
Insurance: 14.95% | |||||
Arch Capital Group Limited † | 302,995 | 13,798,392 | |||
Fidelity National Financial Incorporated | 318,277 | 11,521,627 | |||
Globe Life Incorporated | 108,200 | 10,787,540 | |||
Progressive Corporation | 92,444 | 10,742,917 | |||
RenaissanceRe Holdings Limited | 59,451 | 8,346,326 | |||
The Allstate Corporation | 63,500 | 7,907,655 | |||
63,104,457 | |||||
Thrifts & mortgage finance: 2.21% | |||||
Essent Group Limited | 267,070 | 9,312,731 | |||
Health care: 12.58% | |||||
Health care equipment & supplies: 7.39% | |||||
Baxter International Incorporated | 166,750 | 8,981,155 | |||
Dentsply Sirona Incorporated | 286,450 | 8,120,858 | |||
Enovis Corporation | 117,190 | 5,398,943 | |||
Integra LifeSciences Holdings Corporation † | 205,463 | 8,703,413 | |||
31,204,369 | |||||
Health care providers & services: 1.48% | |||||
Laboratory Corporation of America Holdings | 30,540 | 6,254,897 | |||
Life sciences tools & services: 1.55% | |||||
Syneos Health Incorporated † | 138,734 | 6,541,308 | |||
Pharmaceuticals: 2.16% | |||||
Perrigo Company plc | 255,790 | 9,121,471 | |||
Industrials: 22.10% | |||||
Aerospace & defense: 4.69% | |||||
BWX Technologies Incorporated | 166,630 | 8,393,153 | |||
Huntington Ingalls Industries Incorporated | 15,220 | 3,371,230 | |||
Woodward Incorporated | 99,987 | 8,024,957 | |||
19,789,340 | |||||
Building products: 1.91% | |||||
Armstrong World Industries Incorporated | 101,640 | 8,052,937 | |||
Commercial services & supplies: 2.54% | |||||
IAA Incorporated † | 337,004 | 10,733,577 | |||
Electrical equipment: 3.53% | |||||
Acuity Brands Incorporated | 45,220 | 7,120,793 | |||
AMETEK Incorporated | 68,660 | 7,786,731 | |||
14,907,524 | |||||
Machinery: 6.35% | |||||
ESAB Corporation | 232,090 | 7,742,522 | |||
Gates Industrial Corporation plc † | 529,550 | 5,168,408 |
Shares | Value | ||||
Machinery (continued) | |||||
PACCAR Incorporated | 70,507 | $ 5,900,731 | |||
Stanley Black & Decker Incorporated | 106,140 | 7,982,789 | |||
26,794,450 | |||||
Trading companies & distributors: 3.08% | |||||
AerCap Holdings NV † | 307,800 | 13,029,174 | |||
Information technology: 9.99% | |||||
Electronic equipment, instruments & components: 5.99% | |||||
Arrow Electronics Incorporated | 155,166 | 14,304,754 | |||
TE Connectivity Limited | 99,285 | 10,957,093 | |||
25,261,847 | |||||
Semiconductors & semiconductor equipment: 2.37% | |||||
MKS Instruments Incorporated | 121,153 | 10,012,084 | |||
Software: 1.63% | |||||
Open Text Corporation | 260,240 | 6,880,746 | |||
Real estate: 1.47% | |||||
Real estate management & development: 1.47% | |||||
CBRE Group Incorporated Class A † | 91,910 | 6,204,844 | |||
Utilities: 1.59% | |||||
Gas utilities: 1.59% | |||||
Atmos Energy Corporation | 65,800 | 6,701,730 | |||
Total Common stocks (Cost $417,756,262) | 415,741,368 |
Yield | |||||
Short-term investments: 3.08% | |||||
Investment companies: 3.08% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 7,211,111 | 7,211,111 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 5,778,950 | 5,778,950 | ||
Total Short-term investments (Cost $12,990,061) | 12,990,061 | ||||
Total investments in securities (Cost $430,746,323) | 101.55% | 428,731,429 | |||
Other assets and liabilities, net | (1.55) | (6,554,215) | |||
Total net assets | 100.00% | $422,177,214 |
† | 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 | $280,328,004 | $(279,760,086) | $0 | $0 | $ 7,211,111 | 7,211,111 | $ 33,068 | ||
Securities Lending Cash Investments LLC | 0 | 116,880,778 | (111,101,828) | 0 | 0 | 5,778,950 | 5,778,950 | 45,836 # | ||
$0 | $0 | $12,990,061 | $78,904 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $5,485,774 of securities loaned), at value (cost $417,756,262) | $ 415,741,368 |
Investments in affiliated securities, at value (cost $12,990,061) | 12,990,061 |
Receivable for dividends | 400,659 |
Receivable for Fund shares sold | 262,772 |
Receivable for securities lending income, net | 1,666 |
Prepaid expenses and other assets | 93,143 |
Total assets | 429,489,669 |
Liabilities | |
Payable upon receipt of securities loaned | 5,778,950 |
Payable for investments purchased | 656,088 |
Payable for Fund shares redeemed | 489,483 |
Management fee payable | 290,379 |
Administration fees payable | 58,782 |
Distribution fee payable | 1,283 |
Trustees’ fees and expenses payable | 1,265 |
Accrued expenses and other liabilities | 36,225 |
Total liabilities | 7,312,455 |
Total net assets | $422,177,214 |
Net assets consist of | |
Paid-in capital | $ 405,198,972 |
Total distributable earnings | 16,978,242 |
Total net assets | $422,177,214 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 96,105,759 |
Shares outstanding – Class A1 | 2,717,779 |
Net asset value per share – Class A | $35.36 |
Maximum offering price per share – Class A2 | $37.52 |
Net assets – Class C | $ 1,752,257 |
Shares outstanding – Class C1 | 54,498 |
Net asset value per share – Class C | $32.15 |
Net assets – Class R6 | $ 17,055,128 |
Shares outstanding – Class R61 | 476,333 |
Net asset value per share – Class R6 | $35.81 |
Net assets – Administrator Class | $ 13,029,814 |
Shares outstanding – Administrator Class1 | 363,366 |
Net asset value per share – Administrator Class | $35.86 |
Net assets – Institutional Class | $ 294,234,256 |
Shares outstanding – Institutional Class1 | 8,226,818 |
Net asset value per share – Institutional Class | $35.77 |
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 $53,992) | $ 9,762,295 |
Income from affiliated securities | 48,548 |
Total investment income | 9,810,843 |
Expenses | |
Management fee | 4,724,569 |
Administration fees | |
Class A | 268,557 |
Class C | 6,025 |
Class R6 | 6,410 |
Administrator Class | 24,412 |
Institutional Class | 602,604 |
Shareholder servicing fees | |
Class A | 319,710 |
Class C | 7,167 |
Administrator Class | 46,707 |
Distribution fee | |
Class C | 21,483 |
Custody and accounting fees | 29,565 |
Professional fees | 51,276 |
Registration fees | 95,528 |
Shareholder report expenses | 80,474 |
Trustees’ fees and expenses | 21,953 |
Interest expense | 481 |
Other fees and expenses | 13,252 |
Total expenses | 6,320,173 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (59,961) |
Class A | (5,619) |
Class R6 | (2,125) |
Administrator Class | (1,868) |
Institutional Class | (46,102) |
Net expenses | 6,204,498 |
Net investment income | 3,606,345 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 32,049,456 |
Net change in unrealized gains (losses) on investments | (148,146,298) |
Net realized and unrealized gains (losses) on investments | (116,096,842) |
Net decrease in net assets resulting from operations | $(112,490,497) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 3,606,345 | $ 1,931,547 | ||
Net realized gains on investments | 32,049,456 | 63,781,946 | ||
Net change in unrealized gains (losses) on investments | (148,146,298) | 119,031,625 | ||
Net increase (decrease) in net assets resulting from operations | (112,490,497) | 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 | 102,705 | 4,585,571 | 266,477 | 11,903,917 |
Class C | 2,317 | 102,968 | 62,834 | 2,564,058 |
Class R6 | 71,915 | 3,210,874 | 174,904 | 8,622,402 |
Administrator Class | 87,164 | 3,823,768 | 94,814 | 4,369,994 |
Institutional Class | 3,568,693 | 162,182,510 | 4,488,272 | 206,320,931 |
173,905,691 | 233,781,302 | |||
Reinvestment of distributions | ||||
Class A | 268,854 | 12,251,625 | 5,249 | 219,839 |
Class C | 9,955 | 414,701 | 0 | 0 |
Class R6 | 35,855 | 1,655,325 | 1,185 | 50,016 |
Administrator Class | 46,880 | 2,165,321 | 1,331 | 56,369 |
Institutional Class | 1,041,926 | 48,045,059 | 41,072 | 1,733,252 |
64,532,031 | 2,059,476 | |||
Payment for shares redeemed | ||||
Class A | (515,897) | (22,656,685) | (459,731) | (20,683,839) |
Class C | (52,619) | (2,205,246) | (68,723) | (2,762,614) |
Class R6 | (77,649) | (3,416,512) | (79,525) | (3,851,168) |
Administrator Class | (293,190) | (13,583,368) | (254,333) | (11,616,949) |
Institutional Class | (6,893,246) | (300,962,171) | (3,100,252) | (134,469,367) |
(342,823,982) | (173,383,937) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (104,386,260) | 62,456,841 | ||
Total increase (decrease) in net assets | (282,358,822) | 245,101,136 | ||
Net assets | ||||
Beginning of period | 704,536,036 | 459,434,900 | ||
End of period | $ 422,177,214 | $ 704,536,036 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $48.43 | $34.40 | $39.67 | $37.88 | $35.07 |
Net investment income | 0.14 | 0.03 | 0.10 1 | 0.16 | 0.06 |
Net realized and unrealized gains (losses) on investments | (8.72) | 14.08 | (4.21) | 1.69 | 2.75 |
Total from investment operations | (8.58) | 14.11 | (4.11) | 1.85 | 2.81 |
Distributions to shareholders from | |||||
Net investment income | (0.04) | (0.08) | (0.15) | (0.06) | (0.00) 2 |
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (4.49) | (0.08) | (1.16) | (0.06) | (0.00) 2 |
Net asset value, end of period | $35.36 | $48.43 | $34.40 | $39.67 | $37.88 |
Total return3 | (19.80)% | 41.04% | (10.81)% | 4.91% | 8.02% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.25% | 1.25% | 1.27% | 1.29% | 1.29% |
Net expenses | 1.24% | 1.24% | 1.25% | 1.25% | 1.25% |
Net investment income | 0.31% | 0.05% | 0.29% | 0.43% | 0.16% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $96,106 | $138,604 | $104,922 | $106,975 | $111,354 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $44.70 | $31.94 | $36.98 | $35.51 | $33.12 |
Net investment loss | (0.18) 1 | (0.30) 1 | (0.16) 1 | (0.12) 1 | (0.20) 1 |
Net realized and unrealized gains (losses) on investments | (7.92) | 13.06 | (3.87) | 1.59 | 2.59 |
Total from investment operations | (8.10) | 12.76 | (4.03) | 1.47 | 2.39 |
Distributions to shareholders from | |||||
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Net asset value, end of period | $32.15 | $44.70 | $31.94 | $36.98 | $35.51 |
Total return2 | (20.42)% | 39.98% | (11.32)% | 4.14% | 7.22% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.00% | 1.99% | 2.01% | 2.04% | 2.04% |
Net expenses | 1.99% | 1.99% | 2.00% | 2.00% | 2.00% |
Net investment loss | (0.45)% | (0.72)% | (0.47)% | (0.36)% | (0.59)% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $1,752 | $4,240 | $3,217 | $4,592 | $8,371 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 1 |
Net asset value, beginning of period | $48.97 | $34.77 | $40.06 | $38.27 | $37.39 |
Net investment income | 0.33 | 0.24 | 0.27 | 0.35 2 | 0.08 2 |
Net realized and unrealized gains (losses) on investments | (8.80) | 14.20 | (4.25) | 1.67 | 0.80 |
Total from investment operations | (8.47) | 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 | $35.81 | $48.97 | $34.77 | $40.06 | $38.27 |
Total return3 | (19.43)% | 41.66% | (10.42)% | 5.39% | 2.35% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.82% | 0.82% | 0.84% | 0.86% | 0.86% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income | 0.75% | 0.49% | 0.73% | 0.95% | 1.24% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $17,055 | $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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $49.03 | $34.80 | $40.14 | $38.35 | $35.52 |
Net investment income | 0.17 1 | 0.07 1 | 0.14 1 | 0.20 1 | 0.10 1 |
Net realized and unrealized gains (losses) on investments | (8.83) | 14.25 | (4.27) | 1.70 | 2.78 |
Total from investment operations | (8.66) | 14.32 | (4.13) | 1.90 | 2.88 |
Distributions to shareholders from | |||||
Net investment income | (0.06) | (0.09) | (0.20) | (0.11) | (0.05) |
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (4.51) | (0.09) | (1.21) | (0.11) | (0.05) |
Net asset value, end of period | $35.86 | $49.03 | $34.80 | $40.14 | $38.35 |
Total return | (19.72)% | 41.19% | (10.74)% | 5.03% | 8.13% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17% | 1.17% | 1.19% | 1.21% | 1.21% |
Net expenses | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Net investment income | 0.38% | 0.14% | 0.38% | 0.53% | 0.26% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $13,030 | $25,617 | $23,691 | $24,036 | $20,960 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $48.93 | $34.74 | $40.04 | $38.26 | $35.41 |
Net investment income | 0.29 1 | 0.19 | 0.23 1 | 0.28 | 0.19 |
Net realized and unrealized gains (losses) on investments | (8.80) | 14.20 | (4.25) | 1.70 | 2.78 |
Total from investment operations | (8.51) | 14.39 | (4.02) | 1.98 | 2.97 |
Distributions to shareholders from | |||||
Net investment income | (0.20) | (0.20) | (0.27) | (0.20) | (0.12) |
Net realized gains | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (4.65) | (0.20) | (1.28) | (0.20) | (0.12) |
Net asset value, end of period | $35.77 | $48.93 | $34.74 | $40.04 | $38.26 |
Total return | (19.52)% | 41.55% | (10.52)% | 5.29% | 8.41% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.92% | 0.92% | 0.94% | 0.96% | 0.96% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 0.65% | 0.39% | 0.64% | 0.79% | 0.56% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $294,234 | $514,222 | $315,449 | $246,702 | $200,335 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 57,038,234 |
Gross unrealized losses | (75,390,498) |
Net unrealized losses | $(18,352,264) |
■ | 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 | $ 18,761,774 | $0 | $0 | $ 18,761,774 |
Consumer discretionary | 66,172,220 | 0 | 0 | 66,172,220 |
Consumer staples | 10,108,893 | 0 | 0 | 10,108,893 |
Energy | 9,863,035 | 0 | 0 | 9,863,035 |
Financials | 109,345,148 | 0 | 0 | 109,345,148 |
Health care | 53,122,045 | 0 | 0 | 53,122,045 |
Industrials | 93,307,002 | 0 | 0 | 93,307,002 |
Information technology | 42,154,677 | 0 | 0 | 42,154,677 |
Real estate | 6,204,844 | 0 | 0 | 6,204,844 |
Utilities | 6,701,730 | 0 | 0 | 6,701,730 |
Short-term investments | ||||
Investment companies | 12,990,061 | 0 | 0 | 12,990,061 |
Total assets | $428,731,429 | $0 | $0 | $428,731,429 |
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 | $4,252,010 | $(4,252,010) | $0 |
JPMorgan Securities LLC | 1,233,764 | (1,233,764) | 0 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $10,837,951 | $2,100,823 |
Long-term capital gain | 54,644,114 | 0 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized losses | Post-October capital losses deferred |
$2,422,095 | $33,612,991 | $(18,352,264) | $(704,580) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A228/AR228 09-22
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -24.67 | 3.68 | 7.68 | -20.08 | 4.92 | 8.32 | 1.25 | 1.25 | ||
Class C (STSAX) | 11-30-2000 | -21.56 | 4.23 | 7.71 | -20.56 | 4.23 | 7.71 | 2.00 | 2.00 | ||
Class R6 (SCSRX)3 | 6-28-2013 | – | – | – | -19.77 | 5.35 | 8.77 | 0.82 | 0.82 | ||
Administrator Class (SCSDX) | 7-30-2010 | – | – | – | -19.87 | 5.46 | 8.68 | 1.17 | 1.10 | ||
Institutional Class (SCNSX) | 7-30-2010 | – | – | – | -19.78 | 5.33 | 8.74 | 0.92 | 0.85 | ||
Russell 2500™ Index4 | – | – | – | – | -21.11 | 5.45 | 9.58 | – | – |
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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2500™ Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell 2500™ Index, for the 12-month period that ended September 30, 2022. |
■ | Stock selection in financials, real estate, and information technology (IT) were the leading contributors to relative performance. |
■ | Underweights to the energy and utilities sectors were the largest detractors from performance. |
Ten largest holdings (%) as of September 30, 20221 | |
Carlisle Companies Incorporated | 2.13 |
Atkore Incorporated | 2.05 |
Masonite International Corporation | 2.01 |
Sun Communities Incorporated | 1.95 |
HealthEquity Incorporated | 1.95 |
Armstrong World Industries Incorporated | 1.91 |
Ashland Global Holdings Incorporated | 1.90 |
Bio-Rad Laboratories Incorporated Class A | 1.86 |
VICI Properties Incorporated | 1.84 |
Reinsurance Group of America Incorporated | 1.81 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Consumer Price Index (CPI) is ameasure of the average change over time in the prices paid by urban consumers for amarket basket of consumer goods and services. You cannot invest directly in an index. |
Sector allocation as of September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 810.64 | $5.58 | 1.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.90 | $6.23 | 1.23% |
Class C | ||||
Actual | $1,000.00 | $ 808.04 | $8.43 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.74 | $9.40 | 1.86% |
Class R6 | ||||
Actual | $1,000.00 | $ 812.13 | $3.77 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.91 | $4.20 | 0.83% |
Administrator Class | ||||
Actual | $1,000.00 | $ 812.12 | $5.00 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.55 | $5.57 | 1.10% |
Institutional Class | ||||
Actual | $1,000.00 | $ 812.10 | $3.86 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 | 0.85% |
Shares | Value | ||||
Common stocks: 97.20% | |||||
Communication services: 1.11% | |||||
Interactive media & services: 1.11% | |||||
Bumble Incorporated Class A † | 408,047 | $ 8,768,930 | |||
Consumer discretionary: 11.40% | |||||
Auto components: 0.98% | |||||
Dana Incorporated | 678,444 | 7,754,615 | |||
Diversified consumer services: 1.17% | |||||
Service Corporation International | 159,799 | 9,226,794 | |||
Hotels, restaurants & leisure: 1.12% | |||||
Planet Fitness Incorporated Class A † | 153,691 | 8,861,823 | |||
Household durables: 0.88% | |||||
Mohawk Industries Incorporated † | 76,369 | 6,964,089 | |||
Internet & direct marketing retail: 1.40% | |||||
Revolve Group Incorporated † | 456,468 | 9,900,791 | |||
The RealReal Incorporated † | 783,388 | 1,175,082 | |||
11,075,873 | |||||
Specialty retail: 4.40% | |||||
Burlington Stores Incorporated † | 97,598 | 10,920,240 | |||
Leslie's Incorporated † | 702,320 | 10,331,127 | |||
National Vision Holdings Incorporated † | 262,445 | 8,568,829 | |||
Tractor Supply Company | 26,307 | 4,889,945 | |||
34,710,141 | |||||
Textiles, apparel & luxury goods: 1.45% | |||||
Deckers Outdoor Corporation † | 36,478 | 11,403,388 | |||
Consumer staples: 3.64% | |||||
Food products: 0.98% | |||||
Nomad Foods Limited † | 548,407 | 7,787,379 | |||
Household products: 1.23% | |||||
Church & Dwight Company Incorporated | 135,529 | 9,682,192 | |||
Personal products: 1.43% | |||||
e.l.f. Beauty Incorporated † | 229,075 | 8,617,802 | |||
The Honest Company Incorporated † | 757,208 | 2,650,228 | |||
11,268,030 | |||||
Financials: 10.62% | |||||
Banks: 2.37% | |||||
Pinnacle Financial Partners Incorporated | 102,851 | 8,341,216 | |||
Webster Financial Corporation | 228,869 | 10,344,879 | |||
18,686,095 |
Shares | Value | ||||
Capital markets: 2.00% | |||||
Cboe Global Markets Incorporated | 85,303 | $ 10,012,013 | |||
Raymond James Financial Incorporated | 58,813 | 5,811,901 | |||
15,823,914 | |||||
Insurance: 5.12% | |||||
Arch Capital Group Limited † | 290,610 | 13,234,379 | |||
Axis Capital Holdings Limited | 262,191 | 12,886,688 | |||
Reinsurance Group of America Incorporated | 113,396 | 14,266,351 | |||
40,387,418 | |||||
Thrifts & mortgage finance: 1.13% | |||||
Essent Group Limited | 256,478 | 8,943,388 | |||
Health care: 12.42% | |||||
Biotechnology: 0.22% | |||||
Sage Therapeutics Incorporated † | 43,866 | 1,717,793 | |||
Health care equipment & supplies: 4.78% | |||||
Haemonetics Corporation † | 178,238 | 13,194,959 | |||
Integer Holdings Corporation † | 159,019 | 9,895,752 | |||
LivaNova plc † | 233,511 | 11,855,353 | |||
ViewRay Incorporated † | 754,554 | 2,746,577 | |||
37,692,641 | |||||
Health care providers & services: 3.46% | |||||
HealthEquity Incorporated † | 228,723 | 15,363,324 | |||
Humana Incorporated | 24,535 | 11,904,137 | |||
27,267,461 | |||||
Health care technology: 0.54% | |||||
Schrodinger Incorporated † | 171,853 | 4,292,888 | |||
Life sciences tools & services: 3.42% | |||||
Azenta Incorporated | 186,083 | 7,975,517 | |||
Bio-Rad Laboratories Incorporated Class A † | 35,253 | 14,705,436 | |||
Codexis Incorporated † | 362,819 | 2,198,683 | |||
Sotera Health Company † | 310,899 | 2,120,331 | |||
26,999,967 | |||||
Industrials: 24.43% | |||||
Aerospace & defense: 1.28% | |||||
MTU Aero Engines AG | 67,484 | 10,085,787 | |||
Building products: 9.23% | |||||
Advanced Drainage Systems Incorporated | 80,411 | 10,000,716 | |||
Armstrong World Industries Incorporated | 190,915 | 15,126,195 | |||
Carlisle Companies Incorporated | 60,026 | 16,831,891 | |||
Masonite International Corporation † | 222,572 | 15,867,158 | |||
Tecnoglass Incorporated « | 277,832 | 5,831,694 | |||
The AZEK Company Incorporated † | 555,197 | 9,227,374 | |||
72,885,028 | |||||
Commercial services & supplies: 3.81% | |||||
IAA Incorporated † | 386,305 | 12,303,814 |
Shares | Value | ||||
Commercial services & supplies (continued) | |||||
Republic Services Incorporated | 76,712 | $ 10,435,900 | |||
Stericycle Incorporated † | 173,951 | 7,325,077 | |||
30,064,791 | |||||
Construction & engineering: 0.93% | |||||
APi Group Corporation † | 552,473 | 7,331,317 | |||
Electrical equipment: 3.18% | |||||
Atkore Incorporated † | 208,172 | 16,197,863 | |||
Regal Rexnord Corporation | 63,401 | 8,898,964 | |||
25,096,827 | |||||
Machinery: 1.01% | |||||
Ingersoll Rand Incorporated | 184,153 | 7,966,459 | |||
Professional services: 2.28% | |||||
Booz Allen Hamilton Holding Corporation | 115,380 | 10,655,343 | |||
Dun & Bradstreet Holdings Incorporated | 590,881 | 7,321,016 | |||
17,976,359 | |||||
Trading companies & distributors: 2.71% | |||||
Air Lease Corporation | 303,322 | 9,406,015 | |||
United Rentals Incorporated † | 44,449 | 12,006,564 | |||
21,412,579 | |||||
Information technology: 17.82% | |||||
Electronic equipment, instruments & components: 1.56% | |||||
Teledyne Technologies Incorporated † | 36,580 | 12,344,653 | |||
IT services: 1.77% | |||||
Genpact Limited | 146,465 | 6,410,773 | |||
Okta Incorporated † | 132,741 | 7,548,981 | |||
13,959,754 | |||||
Semiconductors & semiconductor equipment: 3.05% | |||||
Marvell Technology Incorporated | 251,192 | 10,778,649 | |||
ON Semiconductor Corporation † | 212,785 | 13,262,889 | |||
24,041,538 | |||||
Software: 11.44% | |||||
8x8 Incorporated † | 554,770 | 1,913,957 | |||
Black Knight Incorporated † | 206,513 | 13,367,586 | |||
Fair Isaac Corporation | 27,979 | 11,527,628 | |||
Instructure Holdings Incorporated †« | 507,610 | 11,309,551 | |||
New Relic Incorporated † | 105,549 | 6,056,402 | |||
Pagerduty Incorporated † | 492,103 | 11,352,816 | |||
Q2 Holdings Incorporated † | 249,390 | 8,030,358 | |||
Qualtrics International Incorporated Class A † | 952,458 | 9,696,022 | |||
SPS Commerce Incorporated † | 81,726 | 10,152,821 | |||
WalkMe Limited †« | 806,770 | 6,857,544 | |||
90,264,685 |
Shares | Value | ||||
Materials: 6.25% | |||||
Chemicals: 4.29% | |||||
Ashland Global Holdings Incorporated | 157,793 | $ 14,985,601 | |||
Quaker Chemical Corporation | 68,003 | 9,818,273 | |||
Westlake Chemical Corporation | 103,817 | 9,019,621 | |||
33,823,495 | |||||
Containers & packaging: 0.95% | |||||
Crown Holdings Incorporated | 92,813 | 7,520,637 | |||
Metals & mining: 1.01% | |||||
Steel Dynamics Incorporated | 112,257 | 7,964,634 | |||
Real estate: 9.51% | |||||
Equity REITs: 9.51% | |||||
American Homes 4 Rent Class A | 373,202 | 12,244,758 | |||
Apartment Income REIT Corporation | 276,180 | 10,666,072 | |||
Life Storage Incorporated | 96,984 | 10,741,948 | |||
SBA Communications Corporation | 40,349 | 11,485,343 | |||
Sun Communities Incorporated | 113,799 | 15,400,419 | |||
VICI Properties Incorporated | 486,074 | 14,509,309 | |||
75,047,849 | |||||
Total Common stocks (Cost $744,307,633) | 767,101,211 |
Investment companies: 1.34% | |||||
Exchange-traded funds: 1.34% | |||||
SPDR S&P Biotech ETF « | 133,929 | 10,623,248 | |||
Total Investment companies (Cost $9,308,465) | 10,623,248 |
Yield | |||||
Short-term investments: 5.43% | |||||
Investment companies: 5.43% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 11,844,758 | 11,844,758 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 30,992,000 | 30,992,000 | ||
Total Short-term investments (Cost $42,836,758) | 42,836,758 | ||||
Total investments in securities (Cost $796,452,856) | 103.97% | 820,561,217 | |||
Other assets and liabilities, net | (3.97) | (31,345,366) | |||
Total net assets | 100.00% | $789,215,851 |
† | 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 | $212,583,960 | $(210,506,221) | $0 | $0 | $ 11,844,758 | 11,844,758 | $ 84,583 | ||
Securities Lending Cash Investments LLC | 9,154,560 | 286,044,136 | (264,206,696) | 0 | 0 | 30,992,000 | 30,992,000 | 213,245 # | ||
$0 | $0 | $42,836,758 | $297,828 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $30,170,326 of securities loaned), at value (cost $753,616,098) | $ 777,724,459 |
Investments in affiliated securities, at value (cost $42,836,758) | 42,836,758 |
Receivable for investments sold | 6,609,663 |
Receivable for dividends | 689,245 |
Receivable for Fund shares sold | 49,764 |
Receivable for securities lending income, net | 12,677 |
Prepaid expenses and other assets | 27,002 |
Total assets | 827,949,568 |
Liabilities | |
Payable upon receipt of securities loaned | 30,992,000 |
Payable for investments purchased | 6,422,565 |
Management fee payable | 569,340 |
Payable for Fund shares redeemed | 307,117 |
Administration fees payable | 145,355 |
Trustees’ fees and expenses payable | 3,370 |
Distribution fee payable | 862 |
Accrued expenses and other liabilities | 293,108 |
Total liabilities | 38,733,717 |
Total net assets | $789,215,851 |
Net assets consist of | |
Paid-in capital | $ 666,527,098 |
Total distributable earnings | 122,688,753 |
Total net assets | $789,215,851 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 684,178,376 |
Shares outstanding – Class A1 | 41,952,650 |
Net asset value per share – Class A | $16.31 |
Maximum offering price per share – Class A2 | $17.31 |
Net assets – Class C | $ 1,314,272 |
Shares outstanding – Class C1 | 145,257 |
Net asset value per share – Class C | $9.05 |
Net assets – Class R6 | $ 27,209,429 |
Shares outstanding – Class R61 | 1,516,644 |
Net asset value per share – Class R6 | $17.94 |
Net assets – Administrator Class | $ 1,813,160 |
Shares outstanding – Administrator Class1 | 104,898 |
Net asset value per share – Administrator Class | $17.28 |
Net assets – Institutional Class | $ 74,700,614 |
Shares outstanding – Institutional Class1 | 4,185,117 |
Net asset value per share – Institutional Class | $17.85 |
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 $21,318) | $ 6,193,866 |
Income from affiliated securities | 249,618 |
Total investment income | 6,443,484 |
Expenses | |
Management fee | 7,672,763 |
Administration fees | |
Class A | 1,809,233 |
Class C | 3,803 |
Class R6 | 10,144 |
Administrator Class | 3,188 |
Institutional Class | 120,417 |
Shareholder servicing fees | |
Class A | 2,145,733 |
Class C | 4,508 |
Administrator Class | 6,068 |
Distribution fee | |
Class C | 11,343 |
Custody and accounting fees | 51,666 |
Professional fees | 52,168 |
Registration fees | 65,271 |
Shareholder report expenses | 25,056 |
Trustees’ fees and expenses | 22,108 |
Other fees and expenses | 12,927 |
Total expenses | 12,016,396 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (224,573) |
Class C | (71) |
Class R6 | (431) |
Administrator Class | (1,806) |
Institutional Class | (70,888) |
Net expenses | 11,718,627 |
Net investment loss | (5,275,143) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 135,230,616 |
Net change in unrealized gains (losses) on investments | (331,527,596) |
Net realized and unrealized gains (losses) on investments | (196,296,980) |
Net decrease in net assets resulting from operations | $(201,572,123) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (5,275,143) | $ (4,802,352) | ||
Net realized gains on investments | 135,230,616 | 203,359,423 | ||
Net change in unrealized gains (losses) on investments | (331,527,596) | 163,798,610 | ||
Net increase (decrease) in net assets resulting from operations | (201,572,123) | 362,355,681 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (161,912,121) | (41,250,405) | ||
Class C | (554,558) | (198,543) | ||
Class R6 | (5,673,249) | (1,470,087) | ||
Administrator Class | (470,883) | (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 | 515,797 | 10,515,467 | 498,107 | 11,395,288 |
Class C | 8,409 | 96,379 | 17,699 | 254,296 |
Class R6 | 241,271 | 5,277,178 | 256,338 | 6,353,621 |
Administrator Class | 6,582 | 147,341 | 33,690 | 750,889 |
Institutional Class | 575,509 | 13,413,042 | 612,736 | 14,909,575 |
29,449,407 | 33,663,669 | |||
Reinvestment of distributions | ||||
Class A | 7,213,374 | 154,077,651 | 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 |
176,973,437 | 45,311,307 | |||
Payment for shares redeemed | ||||
Class A | (4,429,784) | (88,762,949) | (4,162,369) | (93,186,950) |
Class C | (63,666) | (818,413) | (135,039) | (1,857,466) |
Class R6 | (300,987) | (6,361,696) | (427,869) | (10,640,310) |
Administrator Class | (34,067) | (746,635) | (45,790) | (1,112,388) |
Institutional Class | (824,533) | (18,168,005) | (3,682,134) | (84,645,028) |
(114,857,698) | (191,442,142) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 91,565,146 | (112,467,166) | ||
Total increase (decrease) in net assets | (294,987,644) | 202,490,855 | ||
Net assets | ||||
Beginning of period | 1,084,203,495 | 881,712,640 | ||
End of period | $ 789,215,851 | $1,084,203,495 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $24.46 | $17.88 | $21.07 | $24.58 | $24.06 |
Net investment loss | (0.12) | (0.12) | (0.03) | (0.01) | (0.04) |
Net realized and unrealized gains (losses) on investments | (3.79) | 7.75 | (0.52) | (0.20) | 3.10 |
Total from investment operations | (3.91) | 7.63 | (0.55) | (0.21) | 3.06 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Net asset value, end of period | $16.31 | $24.46 | $17.88 | $21.07 | $24.58 |
Total return2 | (20.08)% | 43.77% | (3.48)% | 0.91% | 13.62% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.26% | 1.25% | 1.27% | 1.26% | 1.25% |
Net expenses | 1.23% | 1.23% | 1.23% | 1.26% | 1.25% |
Net investment loss | (0.58)% | (0.50)% | (0.14)% | (0.03)% | (0.18)% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $684,178 | $945,399 | $722,547 | $870,369 | $971,731 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $15.45 | $11.70 | $14.72 | $18.40 | $18.75 |
Net investment loss | (0.14) 1 | (0.18) 1 | (0.11) 1 | (0.11) 1 | (0.17) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.05 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (2.02) | 4.98 | (0.32) | (0.27) | 2.36 |
Total from investment operations | (2.16) | 4.80 | (0.38) | (0.38) | 2.19 |
Distributions to shareholders from | |||||
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Net asset value, end of period | $9.05 | $15.45 | $11.70 | $14.72 | $18.40 |
Total return2 | (20.56)% | 42.64% | (3.88)% 3 | 0.17% | 12.74% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.88% | 1.99% | 2.01% | 2.01% | 2.00% |
Net expenses | 1.88% | 1.99% | 2.01% | 2.01% | 2.00% |
Net investment loss | (1.23)% | (1.26)% | (0.92)% | (0.78)% | (0.94)% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $1,314 | $2,405 | $3,020 | $7,925 | $16,541 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $26.41 | $19.16 | $22.39 | $25.80 | $25.03 |
Net investment income (loss) | (0.04) 1 | (0.02) 1 | 0.05 1 | 0.09 1 | 0.05 1 |
Net realized and unrealized gains (losses) on investments | (4.19) | 8.32 | (0.56) | (0.20) | 3.26 |
Total from investment operations | (4.23) | 8.30 | (0.51) | (0.11) | 3.31 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.08) | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (4.24) | (1.05) | (2.72) | (3.30) | (2.54) |
Net asset value, end of period | $17.94 | $26.41 | $19.16 | $22.39 | $25.80 |
Total return | (19.77)% | 44.37% | (3.10)% | 1.31% | 14.12% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.83% | 0.82% | 0.84% | 0.83% | 0.82% |
Net expenses | 0.83% | 0.82% | 0.83% | 0.83% | 0.82% |
Net investment income (loss) | (0.17)% | (0.09)% | 0.27% | 0.40% | 0.20% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $27,209 | $35,280 | $27,628 | $36,069 | $36,477 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $25.63 | $18.67 | $21.56 | $25.04 | $24.42 |
Net investment income (loss) | (0.10) 1 | (0.09) 1 | 0.00 1,2 | 0.03 | (0.01) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.32 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (4.01) | 8.10 | (0.54) | (0.21) | 3.17 |
Total from investment operations | (4.11) | 8.01 | (0.22) | (0.18) | 3.16 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (4.24) | (1.05) | (2.67) | (3.30) | (2.54) |
Net asset value, end of period | $17.28 | $25.63 | $18.67 | $21.56 | $25.04 |
Total return | (19.87)% 3 | 43.96% | (1.68)% 4 | 1.03% | 13.84% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17% | 1.17% | 1.17% | 1.18% | 1.17% |
Net expenses | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment income (loss) | (0.45)% | (0.36)% | 0.01% | 0.14% | (0.04)% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $1,813 | $2,918 | $2,239 | $3,572 | $6,141 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | During the year ended September 30, 2022, the Fund received payments from a service provider which had a 0.09% impact on the total return. |
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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $26.30 | $19.09 | $22.32 | $25.73 | $24.97 |
Net investment income (loss) | (0.04) 1 | (0.03) 1 | 0.05 1 | 0.08 1 | 0.05 1 |
Net realized and unrealized gains (losses) on investments | (4.17) | 8.29 | (0.56) | (0.19) | 3.25 |
Total from investment operations | (4.21) | 8.26 | (0.51) | (0.11) | 3.30 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.08) | 0.00 | 0.00 |
Net realized gains | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (4.24) | (1.05) | (2.72) | (3.30) | (2.54) |
Net asset value, end of period | $17.85 | $26.30 | $19.09 | $22.32 | $25.73 |
Total return | (19.78)% | 44.32% | (3.13)% | 1.31% | 14.12% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.93% | 0.92% | 0.94% | 0.93% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income (loss) | (0.20)% | (0.14)% | 0.24% | 0.37% | 0.21% |
Supplemental data | |||||
Portfolio turnover rate | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $74,701 | $98,202 | $126,279 | $159,426 | $172,197 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 143,998,040 |
Gross unrealized losses | (136,317,515) |
Net unrealized gains | $ 7,680,525 |
■ | 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 | $ 8,768,930 | $ 0 | $0 | $ 8,768,930 |
Consumer discretionary | 89,996,723 | 0 | 0 | 89,996,723 |
Consumer staples | 28,737,601 | 0 | 0 | 28,737,601 |
Financials | 83,840,815 | 0 | 0 | 83,840,815 |
Health care | 97,970,750 | 0 | 0 | 97,970,750 |
Industrials | 182,733,360 | 10,085,787 | 0 | 192,819,147 |
Information technology | 140,610,630 | 0 | 0 | 140,610,630 |
Materials | 49,308,766 | 0 | 0 | 49,308,766 |
Real estate | 75,047,849 | 0 | 0 | 75,047,849 |
Investment companies | 10,623,248 | 0 | 0 | 10,623,248 |
Short-term investments | ||||
Investment companies | 42,836,758 | 0 | 0 | 42,836,758 |
Total assets | $810,475,430 | $10,085,787 | $0 | $820,561,217 |
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 | $11,979,956 | $(11,979,956) | $0 |
Barclays Capital Incorporated | 71,400 | (71,400) | 0 |
Citigroup Global Markets Incorporated | 403,295 | (403,295) | 0 |
ING Financial Markets LLC | 6,528,036 | (6,528,036) | 0 |
JPMorgan Securities LLC | 268,514 | (268,514) | 0 |
Morgan Stanley & Co. LLC | 5,674,546 | (5,674,546) | 0 |
National Financial Services LLC | 1,857,615 | (1,857,615) | 0 |
SG Americas Securities LLC | 3,386,964 | (3,386,964) | 0 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $ 19,174,956 | $ 0 |
Long-term capital gain | 165,805,711 | 47,397,660 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$9,230,866 | $105,783,617 | $7,676,876 |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A229/AR229 09-22
Discovery SMID Cap Growth Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -45.37 | 3.92 | 8.35 | -42.03 | 5.16 | 8.99 | 1.19 | 1.19 | ||
Class C (WDSCX) | 7-31-2007 | -43.48 | 4.37 | 8.34 | -42.48 | 4.37 | 8.34 | 1.94 | 1.94 | ||
Class R6 (WFDRX)3 | 6-28-2013 | – | – | – | -41.80 | 5.60 | 9.45 | 0.76 | 0.76 | ||
Administrator Class (WFDDX) | 4-8-2005 | – | – | – | -41.98 | 5.25 | 9.09 | 1.11 | 1.11 | ||
Institutional Class (WFDSX) | 8-31-2006 | – | – | – | -41.88 | 5.48 | 9.36 | 0.86 | 0.86 | ||
Russell 2500® Growth Index4 | – | – | – | – | -29.39 | 6.30 | 10.30 | – | – |
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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2500® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 2500® Growth Index, for the 12-month period that ended September 30, 2022. |
■ | Security selection within the information technology (IT) and consumer discretionary sectors detracted from performance. |
■ | Real estate holdings, along with select positions in IT and health care, contributed to returns. |
Ten largest holdings (%) as of September 30, 20221 | |
Teledyne Technologies Incorporated | 3.07 |
WNS Holdings Limited ADR | 2.76 |
Casella Waste Systems Incorporated Class A | 2.55 |
Axon Enterprise Incorporated | 2.50 |
Shockwave Medical Incorporated | 2.36 |
Advanced Drainage Systems Incorporated | 2.32 |
Wingstop Incorporated | 2.26 |
Globant SA | 2.19 |
Bio-Techne Corporation | 2.08 |
Chipotle Mexican Grill Incorporated | 1.94 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 752.00 | $5.27 | 1.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $6.07 | 1.20% |
Class C | ||||
Actual | $1,000.00 | $ 748.69 | $8.46 | 1.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.39 | $9.75 | 1.93% |
Class R6 | ||||
Actual | $1,000.00 | $ 753.27 | $3.47 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.11 | $4.00 | 0.79% |
Administrator Class | ||||
Actual | $1,000.00 | $ 752.40 | $4.66 | 1.06% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.75 | $5.37 | 1.06% |
Institutional Class | ||||
Actual | $1,000.00 | $ 752.83 | $3.91 | 0.89% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.61 | $4.51 | 0.89% |
Shares | Value | ||||
Common stocks: 96.53% | |||||
Communication services: 6.48% | |||||
Entertainment: 2.71% | |||||
Liberty Media Corporation † | 352,700 | $ 20,632,950 | |||
Warner Music Group Corporation Class A | 699,000 | 16,223,790 | |||
36,856,740 | |||||
Interactive media & services: 3.77% | |||||
Bumble Incorporated Class A † | 671,463 | 14,429,740 | |||
IAC/InterActiveCorp † | 216,215 | 11,973,987 | |||
ZoomInfo Technologies Incorporated † | 595,257 | 24,798,407 | |||
51,202,134 | |||||
Consumer discretionary: 13.08% | |||||
Diversified consumer services: 0.89% | |||||
Mister Car Wash Incorporated †« | 1,415,666 | 12,146,414 | |||
Hotels, restaurants & leisure: 6.75% | |||||
Chipotle Mexican Grill Incorporated † | 17,521 | 26,329,858 | |||
Domino's Pizza Incorporated | 41,446 | 12,856,549 | |||
Hyatt Hotels Corporation Class A † | 128,900 | 10,435,744 | |||
MGM Resorts International | 378,700 | 11,254,964 | |||
Wingstop Incorporated | 245,500 | 30,790,610 | |||
91,667,725 | |||||
Internet & direct marketing retail: 3.26% | |||||
Global-E Online Limited † | 675,143 | 18,066,824 | |||
MercadoLibre Incorporated † | 31,732 | 26,267,115 | |||
44,333,939 | |||||
Leisure products: 1.36% | |||||
Callaway Golf Company † | 961,491 | 18,518,317 | |||
Textiles, apparel & luxury goods: 0.82% | |||||
On Holding AG Class A † | 692,700 | 11,117,835 | |||
Financials: 3.08% | |||||
Banks: 0.81% | |||||
Silvergate Capital Corporation Class A † | 145,995 | 11,000,723 | |||
Capital markets: 1.50% | |||||
MarketAxess Holdings Incorporated | 91,510 | 20,360,060 | |||
Insurance: 0.77% | |||||
Goosehead Insurance Incorporated Class A † | 294,746 | 10,504,747 | |||
Health care: 23.77% | |||||
Biotechnology: 3.21% | |||||
Ascendis Pharma AS ADR †« | 109,147 | 11,270,519 | |||
CRISPR Therapeutics AG † | 116,916 | 7,640,461 | |||
Mirati Therapeutics Incorporated † | 107,684 | 7,520,651 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Sarepta Therapeutics Incorporated † | 122,500 | $ 13,541,150 | |||
Zentalis Pharmaceuticals Incorporated † | 169,026 | 3,661,103 | |||
43,633,884 | |||||
Health care equipment & supplies: 12.06% | |||||
Abiomed Incorporated † | 70,344 | 17,280,707 | |||
DexCom Incorporated † | 247,756 | 19,954,268 | |||
ICU Medical Incorporated † | 80,700 | 12,153,420 | |||
Inari Medical Incorporated † | 328,940 | 23,894,202 | |||
Inspire Medical Systems Incorporated † | 125,800 | 22,313,146 | |||
Insulet Corporation † | 86,506 | 19,844,476 | |||
iRhythm Technologies Incorporated † | 130,700 | 16,374,096 | |||
Shockwave Medical Incorporated † | 115,365 | 32,079,546 | |||
163,893,861 | |||||
Health care providers & services: 4.20% | |||||
Amedisys Incorporated † | 136,253 | 13,187,928 | |||
HealthEquity Incorporated † | 261,000 | 17,531,370 | |||
Option Care Health Incorporated † | 836,609 | 26,328,085 | |||
57,047,383 | |||||
Life sciences tools & services: 4.30% | |||||
Azenta Incorporated | 224,000 | 9,600,640 | |||
Bio-Rad Laboratories Incorporated Class A † | 49,233 | 20,537,054 | |||
Bio-Techne Corporation | 99,600 | 28,286,400 | |||
58,424,094 | |||||
Industrials: 18.49% | |||||
Aerospace & defense: 2.50% | |||||
Axon Enterprise Incorporated † | 293,458 | 33,967,764 | |||
Building products: 3.14% | |||||
Advanced Drainage Systems Incorporated | 253,100 | 31,478,047 | |||
Trex Company Incorporated † | 254,468 | 11,181,324 | |||
42,659,371 | |||||
Commercial services & supplies: 6.89% | |||||
Casella Waste Systems Incorporated Class A † | 453,166 | 34,617,351 | |||
Ritchie Bros. Auctioneers Incorporated | 153,700 | 9,603,176 | |||
Rollins Incorporated | 705,900 | 24,480,612 | |||
Tetra Tech Incorporated | 193,800 | 24,909,114 | |||
93,610,253 | |||||
Electrical equipment: 1.01% | |||||
Generac Holdings Incorporated † | 77,401 | 13,788,214 | |||
Professional services: 0.59% | |||||
Clarivate plc † | 850,663 | 7,987,726 | |||
Road & rail: 2.73% | |||||
J.B. Hunt Transport Services Incorporated | 104,100 | 16,283,322 | |||
Saia Incorporated † | 109,748 | 20,852,120 | |||
37,135,442 |
Shares | Value | ||||
Trading companies & distributors: 1.63% | |||||
SiteOne Landscape Supply Incorporated † | 212,857 | $ 22,166,928 | |||
Information technology: 27.89% | |||||
Electronic equipment, instruments & components: 5.65% | |||||
Novanta Incorporated † | 215,494 | 24,921,881 | |||
Teledyne Technologies Incorporated † | 123,772 | 41,769,337 | |||
Zebra Technologies Corporation Class A † | 38,500 | 10,087,385 | |||
76,778,603 | |||||
IT services: 7.99% | |||||
Globant SA † | 159,245 | 29,791,555 | |||
Marqeta Incorporated Class A † | 1,609,100 | 11,456,792 | |||
MongoDB Incorporated † | 99,863 | 19,828,797 | |||
StoneCo Limited Class A † | 1,048,395 | 9,991,204 | |||
WNS Holdings Limited ADR † | 457,623 | 37,451,866 | |||
108,520,214 | |||||
Semiconductors & semiconductor equipment: 4.95% | |||||
Enphase Energy Incorporated † | 91,076 | 25,270,858 | |||
Impinj Incorporated † | 287,900 | 23,040,637 | |||
Wolfspeed Incorporated † | 183,600 | 18,976,896 | |||
67,288,391 | |||||
Software: 9.30% | |||||
Bill.com Holdings Incorporated † | 187,714 | 24,847,702 | |||
Black Knight Incorporated † | 206,195 | 13,347,002 | |||
CCC Intelligent Solutions †« | 1,658,700 | 15,094,170 | |||
Crowdstrike Holdings Incorporated Class A † | 146,654 | 24,170,046 | |||
Five9 Incorporated † | 331,706 | 24,871,316 | |||
HubSpot Incorporated † | 48,600 | 13,127,832 | |||
Olo Incorporated Class A † | 1,384,551 | 10,937,953 | |||
126,396,021 | |||||
Real estate: 3.74% | |||||
Equity REITs: 3.74% | |||||
Equity Lifestyle Properties Incorporated | 393,796 | 24,746,141 | |||
Rexford Industrial Realty Incorporated | 501,365 | 26,070,980 | |||
50,817,121 | |||||
Total Common stocks (Cost $1,355,879,613) | 1,311,823,904 |
Yield | |||||
Short-term investments: 4.57% | |||||
Investment companies: 4.57% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 50,223,365 | 50,223,365 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 11,862,800 | 11,862,800 | ||
Total Short-term investments (Cost $62,086,165) | 62,086,165 | ||||
Total investments in securities (Cost $1,417,965,778) | 101.10% | 1,373,910,069 | |||
Other assets and liabilities, net | (1.10) | (14,897,786) | |||
Total net assets | 100.00% | $1,359,012,283 |
† | 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 | $645,366,829 | $(642,334,428) | $0 | $0 | $ 50,223,365 | 50,223,365 | $ 361,562 | ||
Securities Lending Cash Investments LLC | 40,586,150 | 415,630,044 | (444,353,394) | 0 | 0 | 11,862,800 | 11,862,800 | 105,308 # | ||
$0 | $0 | $62,086,165 | $466,870 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $11,663,918 of securities loaned), at value (cost $1,355,879,613) | $ 1,311,823,904 |
Investments in affiliated securities, at value (cost $62,086,165) | 62,086,165 |
Receivable for Fund shares sold | 1,810,562 |
Receivable for dividends | 422,113 |
Receivable for securities lending income, net | 1,109 |
Prepaid expenses and other assets | 17,581 |
Total assets | 1,376,161,434 |
Liabilities | |
Payable upon receipt of securities loaned | 11,862,800 |
Payable for investments purchased | 2,050,594 |
Payable for Fund shares redeemed | 1,821,879 |
Management fee payable | 962,131 |
Administration fees payable | 165,581 |
Trustees’ fees and expenses payable | 5,498 |
Distribution fee payable | 2,548 |
Accrued expenses and other liabilities | 278,120 |
Total liabilities | 17,149,151 |
Total net assets | $1,359,012,283 |
Net assets consist of | |
Paid-in capital | $ 1,416,136,464 |
Total distributable loss | (57,124,181) |
Total net assets | $1,359,012,283 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 414,018,427 |
Shares outstanding – Class A1 | 20,978,977 |
Net asset value per share – Class A | $19.73 |
Maximum offering price per share – Class A2 | $20.93 |
Net assets – Class C | $ 3,622,019 |
Shares outstanding – Class C1 | 253,290 |
Net asset value per share – Class C | $14.30 |
Net assets – Class R6 | $ 353,182,762 |
Shares outstanding – Class R61 | 14,946,546 |
Net asset value per share – Class R6 | $23.63 |
Net assets – Administrator Class | $ 70,723,762 |
Shares outstanding – Administrator Class1 | 3,349,244 |
Net asset value per share – Administrator Class | $21.12 |
Net assets – Institutional Class | $ 517,465,313 |
Shares outstanding – Institutional Class1 | 22,233,275 |
Net asset value per share – Institutional Class | $23.27 |
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 | $ 1,760,092 |
Income from affiliated securities | 361,562 |
Securities lending income (including from affiliate), net | 208,938 |
Total investment income | 2,330,592 |
Expenses | |
Management fee | 14,826,161 |
Administration fees | |
Class A | 1,277,780 |
Class C | 17,824 |
Class R6 | 154,292 |
Administrator Class | 156,769 |
Institutional Class | 997,180 |
Shareholder servicing fees | |
Class A | 1,521,167 |
Class C | 20,963 |
Administrator Class | 253,328 |
Distribution fee | |
Class C | 62,756 |
Custody and accounting fees | 90,638 |
Professional fees | 40,506 |
Registration fees | 76,831 |
Shareholder report expenses | 36,851 |
Trustees’ fees and expenses | 21,953 |
Other fees and expenses | 24,920 |
Total expenses | 19,579,919 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (109,038) |
Class C | (42) |
Class R6 | (9,784) |
Administrator Class | (550) |
Institutional Class | (13,410) |
Net expenses | 19,447,095 |
Net investment loss | (17,116,503) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 74,988,101 |
Net change in unrealized gains (losses) on investments | (1,160,043,505) |
Net realized and unrealized gains (losses) on investments | (1,085,055,404) |
Net decrease in net assets resulting from operations | $(1,102,171,907) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (17,116,503) | $ (27,464,974) | ||
Net realized gains on investments | 74,988,101 | 696,024,556 | ||
Net change in unrealized gains (losses) on investments | (1,160,043,505) | 9,749,768 | ||
Net increase (decrease) in net assets resulting from operations | (1,102,171,907) | 678,309,350 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (226,994,997) | (46,293,679) | ||
Class C | (5,111,680) | (1,627,880) | ||
Class R6 | (165,661,046) | (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 | 1,603,151 | 44,784,508 | 2,082,528 | 97,194,276 |
Class C | 35,937 | 788,463 | 62,690 | 2,371,587 |
Class R6 | 5,128,157 | 167,424,619 | 5,528,815 | 289,462,844 |
Administrator Class | 1,407,092 | 55,751,355 | 3,045,783 | 146,419,615 |
Institutional Class | 5,577,521 | 182,260,658 | 5,850,906 | 307,371,577 |
451,009,603 | 842,819,899 | |||
Reinvestment of distributions | ||||
Class A | 6,880,085 | 220,025,107 | 1,020,425 | 44,898,707 |
Class C | 216,386 | 5,043,951 | 45,382 | 1,621,040 |
Class R6 | 4,131,760 | 157,667,968 | 650,728 | 32,464,798 |
Administrator Class | 1,638,234 | 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 | (5,937,218) | (162,852,481) | (3,761,140) | (175,792,261) |
Class C | (466,458) | (10,122,285) | (507,698) | (19,149,861) |
Class R6 | (8,590,366) | (304,144,512) | (5,193,353) | (275,202,268) |
Administrator Class | (3,489,704) | (108,890,307) | (8,667,721) | (417,124,132) |
Institutional Class | (10,124,985) | (316,152,662) | (6,806,949) | (356,339,574) |
(902,162,247) | (1,243,608,096) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 227,846,429 | (252,493,046) | ||
Total increase (decrease) in net assets | (1,584,613,098) | 271,983,764 | ||
Net assets | ||||
Beginning of period | 2,943,625,381 | 2,671,641,617 | ||
End of period | $ 1,359,012,283 | $ 2,943,625,381 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $47.48 | $39.95 | $33.24 | $38.03 | $36.47 |
Net investment loss | (0.30) 1 | (0.53) | (0.31) | (0.26) | (0.26) |
Net realized and unrealized gains (losses) on investments | (14.84) | 10.51 | 11.37 | 0.53 | 7.85 |
Total from investment operations | (15.14) | 9.98 | 11.06 | 0.27 | 7.59 |
Distributions to shareholders from | |||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $19.73 | $47.48 | $39.95 | $33.24 | $38.03 |
Total return2 | (42.03)% | 25.48% | 37.49% | 3.81% | 23.86% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.21% | 1.19% | 1.21% | 1.21% | 1.20% |
Net expenses | 1.19% | 1.18% | 1.19% | 1.20% | 1.20% |
Net investment loss | (1.08)% | (1.08)% | (0.91)% | (0.77)% | (0.69)% |
Supplemental data | |||||
Portfolio turnover rate | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $414,018 | $875,257 | $762,758 | $627,336 | $676,930 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $38.31 | $32.88 | $28.27 | $33.46 | $32.99 |
Net investment loss | (0.42) 1 | (0.70) 1 | (0.45) 1 | (0.41) 1 | (0.46) |
Net realized and unrealized gains (losses) on investments | (10.98) | 8.58 | 9.41 | 0.28 | 6.96 |
Total from investment operations | (11.40) | 7.88 | 8.96 | (0.13) | 6.50 |
Distributions to shareholders from | |||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $14.30 | $38.31 | $32.88 | $28.27 | $33.46 |
Total return2 | (42.48)% | 24.52% | 36.54% | 3.01% | 22.94% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.94% | 1.94% | 1.96% | 1.95% | 1.95% |
Net expenses | 1.94% | 1.94% | 1.96% | 1.95% | 1.95% |
Net investment loss | (1.84)% | (1.84)% | (1.66)% | (1.51)% | (1.45)% |
Supplemental data | |||||
Portfolio turnover rate | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $3,622 | $17,909 | $28,509 | $30,982 | $40,860 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $54.02 | $44.98 | $36.76 | $41.26 | $38.93 |
Net investment loss | (0.22) 1 | (0.35) 1 | (0.18) 1 | (0.12) 1 | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | (17.56) | 11.84 | 12.75 | 0.68 | 8.46 |
Total from investment operations | (17.78) | 11.49 | 12.57 | 0.56 | 8.36 |
Distributions to shareholders from | |||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $23.63 | $54.02 | $44.98 | $36.76 | $41.26 |
Total return | (41.80)% | 26.01% | 38.06% | 4.26% | 24.39% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.78% | 0.76% | 0.78% | 0.77% | 0.78% |
Net expenses | 0.78% | 0.76% | 0.78% | 0.77% | 0.78% |
Net investment loss | (0.66)% | (0.66)% | (0.50)% | (0.33)% | (0.26)% |
Supplemental data | |||||
Portfolio turnover rate | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $353,183 | $771,279 | $597,851 | $405,610 | $530,879 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $49.83 | $41.79 | $34.55 | $39.27 | $37.44 |
Net investment loss | (0.30) 1 | (0.49) 1 | (0.29) 1 | (0.23) 1 | (0.23) |
Net realized and unrealized gains (losses) on investments | (15.80) | 10.98 | 11.88 | 0.57 | 8.09 |
Total from investment operations | (16.10) | 10.49 | 11.59 | 0.34 | 7.86 |
Distributions to shareholders from | |||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $21.12 | $49.83 | $41.79 | $34.55 | $39.27 |
Total return | (41.98)% | 25.58% | 37.61% | 3.88% | 23.97% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.09% | 1.11% | 1.13% | 1.13% | 1.12% |
Net expenses | 1.09% | 1.11% | 1.13% | 1.13% | 1.12% |
Net investment loss | (0.98)% | (1.01)% | (0.84)% | (0.70)% | (0.62)% |
Supplemental data | |||||
Portfolio turnover rate | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $70,724 | $189,022 | $374,366 | $333,814 | $353,042 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $53.45 | $44.57 | $36.50 | $41.05 | $38.79 |
Net investment loss | (0.25) 1 | (0.40) 1 | (0.21) 1 | (0.15) 1 | (0.18) |
Net realized and unrealized gains (losses) on investments | (17.32) | 11.73 | 12.63 | 0.66 | 8.47 |
Total from investment operations | (17.57) | 11.33 | 12.42 | 0.51 | 8.29 |
Distributions to shareholders from | |||||
Net realized gains | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $23.27 | $53.45 | $44.57 | $36.50 | $41.05 |
Total return | (41.88)% | 25.91% | 37.91% | 4.15% | 24.25% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.88% | 0.86% | 0.88% | 0.87% | 0.87% |
Net expenses | 0.88% | 0.86% | 0.88% | 0.87% | 0.87% |
Net investment loss | (0.76)% | (0.76)% | (0.58)% | (0.42)% | (0.36)% |
Supplemental data | |||||
Portfolio turnover rate | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $517,465 | $1,090,159 | $908,157 | $1,096,888 | $1,352,027 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 295,277,309 |
Gross unrealized losses | (358,799,842) |
Net unrealized losses | $ (63,522,533) |
Paid-in capital | Total distributable loss |
$15,554,376 | $(15,554,376) |
■ | 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 | $ 88,058,874 | $0 | $0 | $ 88,058,874 |
Consumer discretionary | 177,784,230 | 0 | 0 | 177,784,230 |
Financials | 41,865,530 | 0 | 0 | 41,865,530 |
Health care | 322,999,222 | 0 | 0 | 322,999,222 |
Industrials | 251,315,698 | 0 | 0 | 251,315,698 |
Information technology | 378,983,229 | 0 | 0 | 378,983,229 |
Real estate | 50,817,121 | 0 | 0 | 50,817,121 |
Short-term investments | ||||
Investment companies | 62,086,165 | 0 | 0 | 62,086,165 |
Total assets | $1,373,910,069 | $0 | $0 | $1,373,910,069 |
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 |
Citigroup Global Markets Incorporated | $ 1,656,200 | $ (1,656,200) | $0 |
Morgan Stanley & Co. LLC | 10,007,718 | (10,007,718) | 0 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $ 27,499,502 | $ 0 |
Long-term capital gain | 682,788,118 | 153,832,540 |
Undistributed long-term gain | Unrealized losses | Late-year ordinary losses deferred |
$16,992,344 | $(63,522,533) | $(10,593,725) |
Date | Value of securities issued | Cash | Realized gains | % of the Fund |
12-17-2021 | $61,696,045 | $1,402,107 | $22,077,191 | 2.43% |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A230/AR230 09-22
Discovery Mid Cap Growth Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
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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. |
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7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -47.48 | 4.08 | 8.29 | -44.27 | 5.32 | 8.94 | 1.21 | 1.18 | ||
Class C (WENCX) | 3-31-2008 | -45.71 | 4.52 | 8.28 | -44.71 | 4.52 | 8.28 | 1.96 | 1.93 | ||
Class R6 (WENRX)3 | 10-31-2014 | – | – | – | -44.07 | 5.72 | 9.34 | 0.78 | 0.78 | ||
Administrator Class (SEPKX) | 8-30-2002 | – | – | – | -44.25 | 5.40 | 9.03 | 1.13 | 1.10 | ||
Institutional Class (WFEIX) | 6-30-2003 | – | – | – | -44.11 | 5.66 | 9.29 | 0.88 | 0.85 | ||
Russell Midcap® Growth Index4 | – | – | – | – | -29.50 | 7.62 | 10.85 | – | – |
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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell Midcap® Growth Index, for the 12-month period that ended September 30, 2022. |
■ | Security selection within the information technology (IT) and health care sectors negatively affected performance. |
■ | Select holdings in the IT and industrials sectors contributed to performance. |
Ten largest holdings (%) as of September 30, 20221 | |
Cadence Design Systems Incorporated | 4.68 |
Waste Connections Incorporated | 3.72 |
Chipotle Mexican Grill Incorporated | 3.60 |
Crowdstrike Holdings Incorporated Class A | 3.46 |
Teledyne Technologies Incorporated | 3.15 |
DexCom Incorporated | 3.04 |
Enphase Energy Incorporated | 2.80 |
SBA Communications Corporation | 2.50 |
MercadoLibre Incorporated | 2.50 |
lululemon athletica Incorporated | 2.28 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Consumer Price Index (CPI) is ameasure 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. |
Sector allocation as of September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 701.48 | $4.95 | 1.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.25 | $5.87 | 1.16% |
Class C | ||||
Actual | $1,000.00 | $ 698.63 | $8.18 | 1.92% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.44 | $9.70 | 1.92% |
Class R6 | ||||
Actual | $1,000.00 | $ 702.62 | $3.41 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.06 | $4.05 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $ 701.58 | $4.61 | 1.08% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.65 | $5.47 | 1.08% |
Institutional Class | ||||
Actual | $1,000.00 | $ 702.46 | $3.63 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 | 0.85% |
Shares | Value | ||||
Common stocks: 97.45% | |||||
Communication services: 6.50% | |||||
Entertainment: 2.96% | |||||
Liberty Media Corporation † | 146,200 | $ 8,552,700 | |||
Spotify Technology SA † | 100,333 | 8,658,738 | |||
17,211,438 | |||||
Interactive media & services: 3.54% | |||||
Match Group Incorporated † | 173,433 | 8,281,426 | |||
ZoomInfo Technologies Incorporated † | 295,696 | 12,318,695 | |||
20,600,121 | |||||
Consumer discretionary: 15.63% | |||||
Automobiles: 1.64% | |||||
Ferrari NV | 51,516 | 9,530,460 | |||
Hotels, restaurants & leisure: 6.63% | |||||
Chipotle Mexican Grill Incorporated † | 13,915 | 20,910,905 | |||
Domino's Pizza Incorporated | 24,009 | 7,447,592 | |||
Hyatt Hotels Corporation Class A † | 73,100 | 5,918,176 | |||
MGM Resorts International | 142,900 | 4,246,988 | |||
38,523,661 | |||||
Internet & direct marketing retail: 3.82% | |||||
Global-E Online Limited † | 288,180 | 7,711,697 | |||
MercadoLibre Incorporated † | 17,542 | 14,520,917 | |||
22,232,614 | |||||
Leisure products: 1.26% | |||||
Callaway Golf Company † | 379,256 | 7,304,471 | |||
Textiles, apparel & luxury goods: 2.28% | |||||
lululemon athletica Incorporated † | 47,497 | 13,278,261 | |||
Consumer staples: 1.31% | |||||
Beverages: 1.31% | |||||
Constellation Brands Incorporated Class A | 33,200 | 7,625,376 | |||
Financials: 2.08% | |||||
Capital markets: 2.08% | |||||
MSCI Incorporated | 28,700 | 12,105,373 | |||
Health care: 17.44% | |||||
Health care equipment & supplies: 11.54% | |||||
Abiomed Incorporated † | 41,105 | 10,097,854 | |||
Align Technology Incorporated † | 18,554 | 3,842,719 | |||
DexCom Incorporated † | 219,668 | 17,692,061 | |||
IDEXX Laboratories Incorporated † | 17,000 | 5,538,600 | |||
Inari Medical Incorporated † | 113,016 | 8,209,482 | |||
Inspire Medical Systems Incorporated † | 48,381 | 8,581,338 | |||
Insulet Corporation † | 57,352 | 13,156,549 | |||
67,118,603 |
Shares | Value | ||||
Health care providers & services: 1.83% | |||||
Centene Corporation † | 136,580 | $ 10,627,290 | |||
Life sciences tools & services: 4.07% | |||||
Azenta Incorporated | 98,427 | 4,218,581 | |||
Bio-Rad Laboratories Incorporated Class A † | 20,494 | 8,548,867 | |||
Bio-Techne Corporation | 38,346 | 10,890,264 | |||
23,657,712 | |||||
Industrials: 16.83% | |||||
Aerospace & defense: 2.25% | |||||
Axon Enterprise Incorporated † | 113,228 | 13,106,141 | |||
Commercial services & supplies: 7.35% | |||||
Ritchie Bros. Auctioneers Incorporated | 72,800 | 4,548,544 | |||
Rollins Incorporated | 310,300 | 10,761,204 | |||
Tetra Tech Incorporated | 45,400 | 5,835,262 | |||
Waste Connections Incorporated | 160,006 | 21,621,611 | |||
42,766,621 | |||||
Electrical equipment: 1.48% | |||||
Generac Holdings Incorporated † | 48,252 | 8,595,611 | |||
Professional services: 1.73% | |||||
Equifax Incorporated | 58,681 | 10,059,684 | |||
Road & rail: 2.63% | |||||
J.B. Hunt Transport Services Incorporated | 52,600 | 8,227,692 | |||
Saia Incorporated † | 37,267 | 7,080,730 | |||
15,308,422 | |||||
Trading companies & distributors: 1.39% | |||||
SiteOne Landscape Supply Incorporated † | 77,488 | 8,069,600 | |||
Information technology: 34.02% | |||||
Electronic equipment, instruments & components: 6.55% | |||||
Cognex Corporation | 106,863 | 4,429,471 | |||
Novanta Incorporated † | 51,200 | 5,921,280 | |||
Teledyne Technologies Incorporated † | 54,238 | 18,303,698 | |||
Zebra Technologies Corporation Class A † | 36,087 | 9,455,155 | |||
38,109,604 | |||||
IT services: 6.87% | |||||
Adyen NV ADR † | 628,000 | 7,862,560 | |||
Block Incorporated Class A † | 103,527 | 5,692,950 | |||
Globant SA † | 65,018 | 12,163,567 | |||
MongoDB Incorporated † | 41,721 | 8,284,122 | |||
Snowflake Incorporated Class A † | 34,951 | 5,940,272 | |||
39,943,471 | |||||
Semiconductors & semiconductor equipment: 3.93% | |||||
Advanced Micro Devices Incorporated † | 103,328 | 6,546,862 | |||
Enphase Energy Incorporated † | 58,700 | 16,287,489 | |||
22,834,351 |
Shares | Value | ||||
Software: 16.67% | |||||
Atlassian Corporation plc Class A † | 48,556 | $ 10,225,408 | |||
Bill.com Holdings Incorporated † | 83,454 | 11,046,806 | |||
Black Knight Incorporated † | 90,068 | 5,830,102 | |||
Cadence Design Systems Incorporated † | 166,565 | 27,221,718 | |||
Crowdstrike Holdings Incorporated Class A † | 121,963 | 20,100,722 | |||
Datadog Incorporated Class A † | 147,954 | 13,135,356 | |||
Five9 Incorporated † | 125,251 | 9,391,320 | |||
96,951,432 | |||||
Real estate: 3.64% | |||||
Equity REITs: 3.64% | |||||
Rexford Industrial Realty Incorporated | 126,900 | 6,598,800 | |||
SBA Communications Corporation | 51,169 | 14,565,256 | |||
21,164,056 | |||||
Total Common stocks (Cost $540,535,409) | 566,724,373 |
Yield | |||||
Short-term investments: 3.35% | |||||
Investment companies: 3.35% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 19,501,650 | 19,501,650 | ||
Total Short-term investments (Cost $19,501,650) | 19,501,650 | ||||
Total investments in securities (Cost $560,037,059) | 100.80% | 586,226,023 | |||
Other assets and liabilities, net | (0.80) | (4,651,429) | |||
Total net assets | 100.00% | $581,574,594 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
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 | $228,265,168 | $(214,445,734) | $0 | $0 | $ 19,501,650 | 19,501,650 | $ 98,007 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 20,181,275 | 79,887,900 | (100,069,175) | 0 | 0 | 0 | 0 | 14,460 # | ||
$0 | $0 | $19,501,650 | $112,467 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $540,535,409) | $ 566,724,373 |
Investments in affiliated securities, at value (cost $19,501,650) | 19,501,650 |
Receivable for investments sold | 4,238,530 |
Receivable for Fund shares sold | 1,879,741 |
Receivable for dividends | 104,305 |
Receivable for securities lending income, net | 14 |
Prepaid expenses and other assets | 108,052 |
Total assets | 592,556,665 |
Liabilities | |
Payable for investments purchased | 7,104,485 |
Payable for Fund shares redeemed | 3,185,063 |
Management fee payable | 382,933 |
Administration fees payable | 104,560 |
Trustees’ fees and expenses payable | 2,625 |
Distribution fee payable | 690 |
Accrued expenses and other liabilities | 201,715 |
Total liabilities | 10,982,071 |
Total net assets | $581,574,594 |
Net assets consist of | |
Paid-in capital | $ 585,824,965 |
Total distributable loss | (4,250,371) |
Total net assets | $581,574,594 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 490,694,203 |
Shares outstanding – Class A1 | 13,659,612 |
Net asset value per share – Class A | $35.92 |
Maximum offering price per share – Class A2 | $38.11 |
Net assets – Class C | $ 942,742 |
Shares outstanding – Class C1 | 33,530 |
Net asset value per share – Class C | $28.12 |
Net assets – Class R6 | $ 51,082,022 |
Shares outstanding – Class R61 | 1,199,263 |
Net asset value per share – Class R6 | $42.59 |
Net assets – Administrator Class | $ 3,146,088 |
Shares outstanding – Administrator Class1 | 80,422 |
Net asset value per share – Administrator Class | $39.12 |
Net assets – Institutional Class | $ 35,709,539 |
Shares outstanding – Institutional Class1 | 843,632 |
Net asset value per share – Institutional Class | $42.33 |
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 $32,680) | $ 1,027,998 |
Income from affiliated securities | 116,241 |
Total investment income | 1,144,239 |
Expenses | |
Management fee | 6,385,795 |
Administration fees | |
Class A | 1,530,875 |
Class C | 3,706 |
Class R6 | 21,532 |
Administrator Class | 8,874 |
Institutional Class | 72,496 |
Shareholder servicing fees | |
Class A | 1,821,705 |
Class C | 4,351 |
Administrator Class | 15,287 |
Distribution fee | |
Class C | 13,027 |
Custody and accounting fees | 54,779 |
Professional fees | 51,389 |
Registration fees | 56,127 |
Shareholder report expenses | 36,125 |
Trustees’ fees and expenses | 21,797 |
Other fees and expenses | 19,360 |
Total expenses | 10,117,225 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (42,119) |
Class A | (435,009) |
Class C | (351) |
Class R6 | (7,138) |
Administrator Class | (1,358) |
Institutional Class | (22,185) |
Net expenses | 9,609,065 |
Net investment loss | (8,464,826) |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (24,340,791) |
Net change in unrealized gains (losses) on investments | (459,655,915) |
Net realized and unrealized gains (losses) on investments | (483,996,706) |
Net decrease in net assets resulting from operations | $(492,461,532) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (8,464,826) | $ (11,537,800) | ||
Net realized gains (losses) on investments | (24,340,791) | 185,874,437 | ||
Net change in unrealized gains (losses) on investments | (459,655,915) | 107,974,823 | ||
Net increase (decrease) in net assets resulting from operations | (492,461,532) | 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 | 206,972 | 12,378,239 | 302,878 | 22,132,413 |
Class C | 8,622 | 394,228 | 13,961 | 852,693 |
Class R6 | 157,592 | 9,697,741 | 155,238 | 13,159,724 |
Administrator Class | 50,499 | 3,351,136 | 93,109 | 7,399,371 |
Institutional Class | 348,630 | 19,291,344 | 270,177 | 22,481,150 |
45,112,688 | 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 | 125,544 | 9,257,639 | 76,277 | 5,922,914 |
159,771,798 | 91,219,505 | |||
Payment for shares redeemed | ||||
Class A | (1,753,139) | (89,115,356) | (1,110,134) | (80,557,204) |
Class C | (24,052) | (901,071) | (18,934) | (1,146,028) |
Class R6 | (193,317) | (11,541,702) | (139,179) | (11,477,591) |
Administrator Class | (124,006) | (7,020,368) | (27,224) | (2,158,777) |
Institutional Class | (528,346) | (30,048,488) | (380,908) | (31,574,560) |
(138,626,985) | (126,914,160) | |||
Net increase in net assets resulting from capital share transactions | 66,257,501 | 30,330,696 | ||
Total increase (decrease) in net assets | (594,560,766) | 216,606,202 | ||
Net assets | ||||
Beginning of period | 1,176,135,360 | 959,529,158 | ||
End of period | $ 581,574,594 | $1,176,135,360 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $76.01 | $64.21 | $49.98 | $52.96 | $48.80 |
Net investment loss | (0.55) | (0.77) 1 | (0.41) 1 | (0.29) | (0.31) |
Net realized and unrealized gains (losses) on investments | (28.31) | 19.17 | 17.93 | 3.05 | 9.66 |
Total from investment operations | (28.86) | 18.40 | 17.52 | 2.76 | 9.35 |
Distributions to shareholders from | |||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $35.92 | $76.01 | $64.21 | $49.98 | $52.96 |
Total return2 | (44.27)% | 29.90% | 37.19% | 8.00% | 20.83% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.23% | 1.21% | 1.24% | 1.25% | 1.25% |
Net expenses | 1.16% | 1.17% | 1.16% | 1.18% | 1.18% |
Net investment loss | (1.03)% | (1.06)% | (0.79)% | (0.59)% | (0.61)% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $490,694 | $990,030 | $813,725 | $649,106 | $655,338 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $62.41 | $54.11 | $42.93 | $46.74 | $43.95 |
Net investment loss | (0.75) 1 | (1.10) 1 | (0.68) 1 | (0.52) 1 | (0.60) 1 |
Net realized and unrealized gains (losses) on investments | (22.31) | 16.00 | 15.15 | 2.45 | 8.58 |
Total from investment operations | (23.06) | 14.90 | 14.47 | 1.93 | 7.98 |
Distributions to shareholders from | |||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $28.12 | $62.41 | $54.11 | $42.93 | $46.74 |
Total return2 | (44.71)% | 28.92% | 36.13% | 7.20% | 19.93% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.96% | 1.96% | 1.98% | 2.00% | 2.00% |
Net expenses | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Net investment loss | (1.80)% | (1.82)% | (1.55)% | (1.29)% | (1.37)% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $943 | $2,509 | $2,224 | $2,513 | $7,629 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $87.70 | $72.94 | $56.15 | $58.47 | $53.17 |
Net investment loss | (0.40) 1 | (0.57) 1 | (0.25) 1 | (0.11) 1 | (0.13) 1 |
Net realized and unrealized gains (losses) on investments | (33.48) | 21.93 | 20.33 | 3.53 | 10.62 |
Total from investment operations | (33.88) | 21.36 | 20.08 | 3.42 | 10.49 |
Distributions to shareholders from | |||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $42.59 | $87.70 | $72.94 | $56.15 | $58.47 |
Total return | (44.07)% | 30.41% | 37.69% | 8.41% | 21.30% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.80% | 0.78% | 0.81% | 0.82% | 0.82% |
Net expenses | 0.79% | 0.78% | 0.80% | 0.80% | 0.80% |
Net investment loss | (0.66)% | (0.68)% | (0.43)% | (0.21)% | (0.23)% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $51,082 | $94,430 | $71,641 | $52,783 | $48,363 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $81.70 | $68.54 | $53.10 | $55.82 | $51.12 |
Net investment loss | (0.58) 1 | (0.79) 1 | (0.40) 1 | (0.25) 1 | (0.28) 1 |
Net realized and unrealized gains (losses) on investments | (30.77) | 20.55 | 19.13 | 3.27 | 10.17 |
Total from investment operations | (31.35) | 19.76 | 18.73 | 3.02 | 9.89 |
Distributions to shareholders from | |||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $39.12 | $81.70 | $68.54 | $53.10 | $55.82 |
Total return | (44.25)% | 30.00% | 37.29% | 8.06% | 20.95% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.12% | 1.13% | 1.15% | 1.16% | 1.16% |
Net expenses | 1.09% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment loss | (0.98)% | (1.00)% | (0.72)% | (0.51)% | (0.53)% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $3,146 | $10,818 | $4,205 | $3,687 | $3,687 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $87.27 | $72.66 | $55.97 | $58.33 | $53.08 |
Net investment loss | (0.44) 1 | (0.62) 1 | (0.28) 1 | (0.14) 1 | (0.15) 1 |
Net realized and unrealized gains (losses) on investments | (33.27) | 21.83 | 20.26 | 3.52 | 10.59 |
Total from investment operations | (33.71) | 21.21 | 19.98 | 3.38 | 10.44 |
Distributions to shareholders from | |||||
Net realized gains | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $42.33 | $87.27 | $72.66 | $55.97 | $58.33 |
Total return | (44.11)% | 30.31% | 37.63% | 8.36% | 21.24% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.90% | 0.88% | 0.91% | 0.92% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.72)% | (0.74)% | (0.48)% | (0.26)% | (0.29)% |
Supplemental data | |||||
Portfolio turnover rate | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $35,710 | $78,349 | $67,735 | $52,296 | $48,446 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $120,638,237 |
Gross unrealized losses | (97,876,216) |
Net unrealized gains | $ 22,762,021 |
Paid-in capital | Total distributable loss |
$(3,200,508) | $3,200,508 |
Deferred post-October capital gains (losses) | ||||
Short-term | Long-term | Late-year ordinary losses deferred | ||
$(73,082,864) | $51,351,855 | $(5,266,308) |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 37,811,559 | $0 | $0 | $ 37,811,559 |
Consumer discretionary | 90,869,467 | 0 | 0 | 90,869,467 |
Consumer staples | 7,625,376 | 0 | 0 | 7,625,376 |
Financials | 12,105,373 | 0 | 0 | 12,105,373 |
Health care | 101,403,605 | 0 | 0 | 101,403,605 |
Industrials | 97,906,079 | 0 | 0 | 97,906,079 |
Information technology | 197,838,858 | 0 | 0 | 197,838,858 |
Real estate | 21,164,056 | 0 | 0 | 21,164,056 |
Short-term investments | ||||
Investment companies | 19,501,650 | 0 | 0 | 19,501,650 |
Total assets | $586,226,023 | $0 | $0 | $586,226,023 |
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 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $ 4,458,241 | $ 0 |
Long-term capital gain | 163,898,494 | 96,035,954 |
Unrealized gains | Late-year ordinary losses deferred | Post-October capital losses deferred |
$22,762,021 | $(5,266,308) | $(21,731,009) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A231/AR231 09-22
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -24.67 | 6.36 | 9.41 | -20.07 | 7.63 | 10.06 | 1.20 | 1.18 | ||
Class C (WFOPX) | 3-31-2008 | -21.55 | 7.11 | 9.53 | -20.55 | 7.11 | 9.53 | 1.95 | 1.93 | ||
Class R6 (WOFRX)3 | 5-29-2020 | – | – | – | -19.72 | 8.10 | 10.55 | 0.77 | 0.72 | ||
Administrator Class (WOFDX) | 8-30-2002 | – | – | – | -19.91 | 7.83 | 10.28 | 1.12 | 1.00 | ||
Institutional Class (WOFNX) | 7-30-2010 | – | – | – | -19.76 | 8.08 | 10.55 | 0.87 | 0.75 | ||
Russell 3000® Index4 | – | – | – | – | -17.63 | 8.62 | 11.39 | – | – |
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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 3000® Index, for the 12-month period that ended September 30, 2022. |
■ | An underweight to pharmaceuticals within the health care sector and an underweight to the energy sector were the largest detractors from performance. |
■ | Stock selection in the industrials, materials, and communication services sectors were the leading contributors to relative performance. |
Ten largest holdings (%) as of September 30, 20221 | |
Apple Incorporated | 4.98 |
Alphabet Incorporated Class C | 4.21 |
Amazon.com Incorporated | 4.15 |
Texas Instruments Incorporated | 2.83 |
Salesforce.com Incorporated | 2.67 |
MasterCard Incorporated Class A | 2.53 |
The Home Depot Incorporated | 2.15 |
Equinix Incorporated | 2.12 |
Teledyne Technologies Incorporated | 2.08 |
Sun Communities Incorporated | 2.03 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The Consumer Price Index (CPI) is ameasure 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. |
Sector allocation as of September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 808.07 | $5.26 | 1.16% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.25 | $5.87 | 1.16% |
Class C | ||||
Actual | $1,000.00 | $ 805.94 | $8.28 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.89 | $9.25 | 1.83% |
Class R6 | ||||
Actual | $1,000.00 | $ 809.67 | $3.27 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.46 | $3.65 | 0.72% |
Administrator Class | ||||
Actual | $1,000.00 | $ 808.87 | $4.40 | 0.97% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.21 | $4.91 | 0.97% |
Institutional Class | ||||
Actual | $1,000.00 | $ 809.57 | $3.40 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Shares | Value | ||||
Common stocks: 98.59% | |||||
Communication services: 7.47% | |||||
Interactive media & services: 6.19% | |||||
Alphabet Incorporated Class C † | 675,720 | $ 64,970,478 | |||
Meta Platforms Incorporated Class A † | 225,408 | 30,583,357 | |||
95,553,835 | |||||
Wireless telecommunication services: 1.28% | |||||
T-Mobile US Incorporated † | 146,833 | 19,700,584 | |||
Consumer discretionary: 12.17% | |||||
Internet & direct marketing retail: 4.41% | |||||
Amazon.com Incorporated † | 567,077 | 64,079,701 | |||
Farfetch Limited Class A † | 525,514 | 3,915,079 | |||
67,994,780 | |||||
Multiline retail: 1.81% | |||||
Dollar General Corporation | 116,142 | 27,857,820 | |||
Specialty retail: 4.45% | |||||
Burlington Stores Incorporated † | 191,807 | 21,461,285 | |||
The Home Depot Incorporated | 120,371 | 33,215,174 | |||
Ulta Beauty Incorporated † | 35,012 | 14,046,464 | |||
68,722,923 | |||||
Textiles, apparel & luxury goods: 1.50% | |||||
Deckers Outdoor Corporation † | 74,296 | 23,225,673 | |||
Consumer staples: 2.43% | |||||
Food & staples retailing: 1.10% | |||||
Sysco Corporation | 239,821 | 16,957,743 | |||
Household products: 1.33% | |||||
Church & Dwight Company Incorporated | 287,773 | 20,558,503 | |||
Financials: 6.06% | |||||
Capital markets: 4.42% | |||||
Intercontinental Exchange Incorporated | 241,486 | 21,818,260 | |||
S&P Global Incorporated | 66,016 | 20,157,986 | |||
The Charles Schwab Corporation | 365,434 | 26,263,742 | |||
68,239,988 | |||||
Insurance: 1.64% | |||||
Marsh & McLennan Companies Incorporated | 169,726 | 25,338,395 | |||
Health care: 11.20% | |||||
Health care equipment & supplies: 4.70% | |||||
Align Technology Incorporated † | 48,610 | 10,067,617 | |||
Boston Scientific Corporation † | 711,704 | 27,564,296 | |||
LivaNova plc † | 370,522 | 18,811,402 | |||
Medtronic plc | 199,248 | 16,089,276 | |||
72,532,591 |
Shares | Value | ||||
Health care providers & services: 1.88% | |||||
UnitedHealth Group Incorporated | 57,416 | $ 28,997,377 | |||
Health care technology: 0.46% | |||||
Schrodinger Incorporated † | 283,217 | 7,074,761 | |||
Life sciences tools & services: 4.16% | |||||
Agilent Technologies Incorporated | 166,147 | 20,195,165 | |||
Bio-Rad Laboratories Incorporated Class A † | 41,784 | 17,429,778 | |||
Thermo Fisher Scientific Incorporated | 52,660 | 26,708,625 | |||
64,333,568 | |||||
Industrials: 16.88% | |||||
Aerospace & defense: 1.15% | |||||
MTU Aero Engines AG | 118,808 | 17,756,390 | |||
Building products: 2.93% | |||||
Carlisle Companies Incorporated | 100,061 | 28,058,105 | |||
The AZEK Company Incorporated † | 1,032,085 | 17,153,253 | |||
45,211,358 | |||||
Commercial services & supplies: 1.67% | |||||
Republic Services Incorporated | 189,188 | 25,737,136 | |||
Electrical equipment: 1.36% | |||||
Regal Rexnord Corporation | 149,636 | 21,002,909 | |||
Machinery: 4.38% | |||||
Fortive Corporation | 504,277 | 29,399,349 | |||
Ingersoll Rand Incorporated | 507,068 | 21,935,762 | |||
SPX Technologies Incorporated † | 294,938 | 16,286,476 | |||
67,621,587 | |||||
Professional services: 2.67% | |||||
CoStar Group Incorporated † | 335,709 | 23,382,132 | |||
Dun & Bradstreet Holdings Incorporated | 1,438,112 | 17,818,208 | |||
41,200,340 | |||||
Trading companies & distributors: 2.72% | |||||
Air Lease Corporation | 639,446 | 19,829,220 | |||
United Rentals Incorporated † | 82,248 | 22,216,830 | |||
42,046,050 | |||||
Information technology: 28.73% | |||||
Electronic equipment, instruments & components: 4.00% | |||||
Amphenol Corporation Class A | 443,134 | 29,672,253 | |||
Teledyne Technologies Incorporated † | 95,166 | 32,115,670 | |||
61,787,923 | |||||
IT services: 5.26% | |||||
Fidelity National Information Services Incorporated | 323,551 | 24,450,749 | |||
Genpact Limited | 404,963 | 17,725,231 | |||
MasterCard Incorporated Class A | 137,148 | 38,996,662 | |||
81,172,642 |
Shares | Value | ||||
Semiconductors & semiconductor equipment: 3.95% | |||||
Marvell Technology Incorporated | 402,610 | $ 17,275,995 | |||
Texas Instruments Incorporated | 282,920 | 43,790,358 | |||
61,066,353 | |||||
Software: 10.54% | |||||
Black Knight Incorporated † | 255,255 | 16,522,656 | |||
Fair Isaac Corporation | 52,683 | 21,705,923 | |||
Palo Alto Networks Incorporated † | 122,817 | 20,116,196 | |||
Riskified Limited Class A †« | 658,694 | 2,595,254 | |||
Salesforce.com Incorporated † | 286,163 | 41,161,686 | |||
ServiceNow Incorporated † | 51,293 | 19,368,750 | |||
Splunk Incorporated † | 246,729 | 18,554,021 | |||
Workday Incorporated Class A † | 149,027 | 22,684,890 | |||
162,709,376 | |||||
Technology hardware, storage & peripherals: 4.98% | |||||
Apple Incorporated | 555,958 | 76,833,396 | |||
Materials: 5.15% | |||||
Chemicals: 4.29% | |||||
Ashland Global Holdings Incorporated | 213,787 | 20,303,351 | |||
Olin Corporation | 499,349 | 21,412,085 | |||
The Sherwin-Williams Company | 119,540 | 24,475,815 | |||
66,191,251 | |||||
Metals & mining: 0.86% | |||||
Steel Dynamics Incorporated | 188,743 | 13,391,316 | |||
Real estate: 8.50% | |||||
Equity REITs: 8.50% | |||||
American Tower Corporation | 111,159 | 23,865,837 | |||
Duke Realty Corporation | 436,710 | 21,049,422 | |||
Equinix Incorporated | 57,677 | 32,808,985 | |||
Sun Communities Incorporated | 231,236 | 31,293,168 | |||
VICI Properties Incorporated | 742,428 | 22,161,476 | |||
131,178,888 | |||||
Total Common stocks (Cost $1,137,770,267) | 1,521,995,456 |
Yield | |||||
Short-term investments: 1.62% | |||||
Investment companies: 1.62% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 23,612,026 | 23,612,026 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 1,317,500 | 1,317,500 | ||
Total Short-term investments (Cost $24,929,526) | 24,929,526 | ||||
Total investments in securities (Cost $1,162,699,793) | 100.21% | 1,546,924,982 | |||
Other assets and liabilities, net | (0.21) | (3,210,500) | |||
Total net assets | 100.00% | $1,543,714,482 |
† | 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 | $246,666,789 | $(258,849,293) | $0 | $0 | $ 23,612,026 | 23,612,026 | $ 158,974 | ||
Securities Lending Cash Investments LLC | 0 | 76,397,210 | (75,079,710) | 0 | 0 | 1,317,500 | 1,317,500 | 18,478 # | ||
$0 | $0 | $24,929,526 | $177,452 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $1,221,400 of securities loaned), at value (cost $1,137,770,267) | $ 1,521,995,456 |
Investments in affiliated securities, at value (cost $24,929,526) | 24,929,526 |
Receivable for investments sold | 2,247,833 |
Receivable for dividends | 1,630,077 |
Receivable for Fund shares sold | 11,837 |
Receivable for securities lending income, net | 412 |
Prepaid expenses and other assets | 109,613 |
Total assets | 1,550,924,754 |
Liabilities | |
Payable for investments purchased | 3,643,007 |
Payable upon receipt of securities loaned | 1,317,500 |
Management fee payable | 1,013,143 |
Payable for Fund shares redeemed | 343,458 |
Administration fees payable | 289,905 |
Trustees’ fees and expenses payable | 3,238 |
Distribution fee payable | 989 |
Accrued expenses and other liabilities | 599,032 |
Total liabilities | 7,210,272 |
Total net assets | $1,543,714,482 |
Net assets consist of | |
Paid-in capital | $ 1,018,572,641 |
Total distributable earnings | 525,141,841 |
Total net assets | $1,543,714,482 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,309,458,822 |
Shares outstanding – Class A1 | 32,066,868 |
Net asset value per share – Class A | $40.84 |
Maximum offering price per share – Class A2 | $43.33 |
Net assets – Class C | $ 1,449,657 |
Shares outstanding – Class C1 | 39,572 |
Net asset value per share – Class C | $36.63 |
Net assets – Class R6 | $ 28,159 |
Shares outstanding – Class R61 | 590 |
Net asset value per share – Class R6 | $47.73 |
Net assets – Administrator Class | $ 209,340,369 |
Shares outstanding – Administrator Class1 | 4,518,038 |
Net asset value per share – Administrator Class | $46.33 |
Net assets – Institutional Class | $ 23,437,475 |
Shares outstanding – Institutional Class1 | 491,317 |
Net asset value per share – Institutional Class | $47.70 |
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 $40,109) | $ 13,966,579 |
Income from affiliated securities | 171,172 |
Total investment income | 14,137,751 |
Expenses | |
Management fee | 13,869,139 |
Administration fees | |
Class A | 3,442,128 |
Class C | 3,968 |
Class R6 | 10 |
Administrator Class | 337,679 |
Institutional Class | 37,059 |
Shareholder servicing fees | |
Class A | 4,097,772 |
Class C | 4,718 |
Administrator Class | 640,275 |
Distribution fee | |
Class C | 12,388 |
Custody and accounting fees | 85,217 |
Professional fees | 49,245 |
Registration fees | 56,028 |
Shareholder report expenses | 46,731 |
Trustees’ fees and expenses | 21,953 |
Other fees and expenses | 31,725 |
Total expenses | 22,736,035 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (308,034) |
Class A | (314,557) |
Class C | (54) |
Administrator Class | (284,172) |
Institutional Class | (22,681) |
Net expenses | 21,806,537 |
Net investment loss | (7,668,786) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 170,174,797 |
Net change in unrealized gains (losses) on investments | (554,945,642) |
Net realized and unrealized gains (losses) on investments | (384,770,845) |
Net decrease in net assets resulting from operations | $(392,439,631) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment loss | $ (7,668,786) | $ (6,769,361) | ||
Net realized gains on investments | 170,174,797 | 229,877,061 | ||
Net change in unrealized gains (losses) on investments | (554,945,642) | 333,757,695 | ||
Net increase (decrease) in net assets resulting from operations | (392,439,631) | 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 | 243,823 | 12,670,364 | 269,191 | 14,061,865 |
Class C | 2,480 | 112,528 | 3,625 | 174,851 |
Administrator Class | 31,556 | 1,797,574 | 39,573 | 2,271,942 |
Institutional Class | 151,545 | 8,990,722 | 95,789 | 5,729,224 |
23,571,188 | 22,237,882 | |||
Reinvestment of distributions | ||||
Class A | 3,616,535 | 196,414,022 | 1,960,933 | 94,208,894 |
Class C | 5,181 | 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 |
226,362,053 | 108,925,582 | |||
Payment for shares redeemed | ||||
Class A | (2,901,700) | (146,526,191) | (2,980,120) | (156,844,219) |
Class C | (7,705) | (340,145) | (20,605) | (957,879) |
Administrator Class | (340,333) | (19,390,951) | (348,167) | (20,269,914) |
Institutional Class | (150,295) | (8,627,502) | (151,404) | (9,034,116) |
(174,884,789) | (187,106,128) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 75,048,452 | (55,942,664) | ||
Total increase (decrease) in net assets | (551,498,547) | 388,628,320 | ||
Net assets | ||||
Beginning of period | 2,095,213,029 | 1,706,584,709 | ||
End of period | $1,543,714,482 | $2,095,213,029 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $57.30 | $45.64 | $43.37 | $46.31 | $45.83 |
Net investment income (loss) | (0.22) | (0.20) | 0.01 | 0.10 | (0.01) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (9.64) | 14.95 | 4.85 | 1.54 | 6.41 |
Total from investment operations | (9.86) | 14.75 | 4.86 | 1.64 | 6.40 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.02) | (0.10) | 0.00 | (0.17) |
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Total distributions to shareholders | (6.60) | (3.09) | (2.59) | (4.58) | (5.92) |
Net asset value, end of period | $40.84 | $57.30 | $45.64 | $43.37 | $46.31 |
Total return3 | (20.07)% | 33.63% | 11.62% 4 | 5.18% | 15.16% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.19% | 1.20% | 1.21% | 1.21% | 1.20% |
Net expenses | 1.16% | 1.17% | 1.16% | 1.19% | 1.20% |
Net investment income (loss) | (0.43)% | (0.37)% | 0.04% | 0.23% | (0.01)% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $1,309,459 | $1,782,585 | $1,453,975 | $1,461,345 | $1,528,852 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $52.32 | $42.19 | $40.02 | $43.43 | $43.46 |
Net investment loss | (0.50) 1 | (0.55) 1 | (0.28) 1 | (0.26) 1 | (0.43) |
Payment from affiliate | 0.00 | 0.00 | 0.54 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (8.59) | 13.75 | 4.40 | 1.43 | 6.15 |
Total from investment operations | (9.09) | 13.20 | 4.66 | 1.17 | 5.72 |
Distributions to shareholders from | |||||
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Net asset value, end of period | $36.63 | $52.32 | $42.19 | $40.02 | $43.43 |
Total return2 | (20.55)% 3 | 32.65% | 12.13% 4 | 4.37% | 14.31% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.85% | 1.92% | 1.94% | 1.96% | 1.95% |
Net expenses | 1.84% | 1.91% | 1.92% | 1.95% | 1.95% |
Net investment loss | (1.11)% | (1.12)% | (0.71)% | (0.69)% | (0.76)% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $1,450 | $2,073 | $2,268 | $3,739 | $31,381 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | During the year ended September 30, 2022, the Fund received payments from a service provider which had a 0.09% impact on the total return. |
4 | 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 | 2022 | 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 | (11.34) | 17.06 | 4.95 |
Total from investment operations | (11.33) | 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 | $47.73 | $65.66 | $51.83 |
Total return3 | (19.72)% | 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 | 0.01% | 0.08% | 0.25% |
Supplemental data | |||
Portfolio turnover rate | 22% | 29% | 43% |
Net assets, end of period (000s omitted) | $28 | $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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $64.07 | $50.68 | $47.85 | $50.50 | $49.45 |
Net investment income (loss) | (0.14) 1 | (0.10) | 0.18 | 0.21 | 0.07 |
Net realized and unrealized gains (losses) on investments | (11.00) | 16.65 | 5.30 | 1.73 | 6.97 |
Total from investment operations | (11.14) | 16.55 | 5.48 | 1.94 | 7.04 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.09) | (0.16) | (0.01) | (0.24) |
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Total distributions to shareholders | (6.60) | (3.16) | (2.65) | (4.59) | (5.99) |
Net asset value, end of period | $46.33 | $64.07 | $50.68 | $47.85 | $50.50 |
Total return | (19.91)% | 33.87% | 11.85% | 5.37% | 15.38% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.11% | 1.12% | 1.13% | 1.13% | 1.12% |
Net expenses | 0.97% | 0.98% | 0.97% | 1.00% | 1.00% |
Net investment income (loss) | (0.24)% | (0.18)% | 0.22% | 0.42% | 0.19% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $209,340 | $281,217 | $225,604 | $227,963 | $244,110 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $65.64 | $51.83 | $48.89 | $51.50 | $50.30 |
Net investment income (loss) | (0.01) 1 | 0.03 1 | 0.34 | 0.35 | 0.22 |
Net realized and unrealized gains (losses) on investments | (11.33) | 17.04 | 5.37 | 1.74 | 7.08 |
Total from investment operations | (11.34) | 17.07 | 5.71 | 2.09 | 7.30 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.19) | (0.28) | (0.12) | (0.35) |
Net realized gains | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Total distributions to shareholders | (6.60) | (3.26) | (2.77) | (4.70) | (6.10) |
Net asset value, end of period | $47.70 | $65.64 | $51.83 | $48.89 | $51.50 |
Total return | (19.76)% | 34.20% | 12.09% | 5.63% | 15.69% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.86% | 0.87% | 0.88% | 0.88% | 0.87% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income (loss) | (0.01)% | 0.05% | 0.44% | 0.66% | 0.44% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $23,437 | $29,303 | $24,710 | $26,447 | $29,562 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 515,756,491 |
Gross unrealized losses | (140,310,213) |
Net unrealized gains | $ 375,446,278 |
■ | 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 | $ 115,254,419 | $ 0 | $0 | $ 115,254,419 |
Consumer discretionary | 187,801,196 | 0 | 0 | 187,801,196 |
Consumer staples | 37,516,246 | 0 | 0 | 37,516,246 |
Financials | 93,578,383 | 0 | 0 | 93,578,383 |
Health care | 172,938,297 | 0 | 0 | 172,938,297 |
Industrials | 242,819,380 | 17,756,390 | 0 | 260,575,770 |
Information technology | 443,569,690 | 0 | 0 | 443,569,690 |
Materials | 79,582,567 | 0 | 0 | 79,582,567 |
Real estate | 131,178,888 | 0 | 0 | 131,178,888 |
Short-term investments | ||||
Investment companies | 24,929,526 | 0 | 0 | 24,929,526 |
Total assets | $1,529,168,592 | $17,756,390 | $0 | $1,546,924,982 |
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 |
Bank of America Securities Incorporated | $1,221,400 | $(1,221,400) | $0 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $ 56,697,335 | $ 1,084,056 |
Long-term capital gain | 177,410,033 | 111,210,355 |
Undistributed long-term gain | Unrealized gains | Late-year ordinary losses deferred | Post-October capital losses deferred |
$157,475,905 | $375,440,860 | $(4,939,344) | $(2,766,299) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A232/AR232 09-22
Special 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. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -13.59 | 4.78 | 10.05 | -8.32 | 6.03 | 10.71 | 1.13 | 1.13 | ||
Class C (WFPCX) | 7-31-2007 | -10.03 | 5.24 | 10.05 | -9.03 | 5.24 | 10.05 | 1.88 | 1.88 | ||
Class R (WFHHX)3 | 9-30-2015 | – | – | – | -8.55 | 5.76 | 10.44 | 1.38 | 1.38 | ||
Class R6 (WFPRX)4 | 6-28-2013 | – | – | – | -7.93 | 6.48 | 11.19 | 0.70 | 0.70 | ||
Administrator Class (WFMDX) | 4-8-2005 | – | – | – | -8.26 | 6.11 | 10.81 | 1.05 | 1.05 | ||
Institutional Class (WFMIX) | 4-8-2005 | – | – | – | -8.01 | 6.38 | 11.10 | 0.80 | 0.80 | ||
Russell Midcap® Value Index5 | – | – | – | – | -13.56 | 4.76 | 9.44 | – | – |
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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell Midcap® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell Midcap® Value Index, for the 12-month period that ended September 30, 2022. |
■ | Contributors to performance included stock selection in the financials, industrials, and consumer discretionary sectors and an underweight to the communication services sector. |
■ | Detractors from performance included stock selection in the utilities sector. |
Ten largest holdings (%) as of September 30, 20221 | |
Carlisle Companies Incorporated | 4.40 |
Republic Services Incorporated | 3.80 |
Arch Capital Group Limited | 3.63 |
LKQ Corporation | 3.31 |
Amdocs Limited | 3.14 |
Brown & Brown Incorporated | 2.93 |
Humana Incorporated | 2.84 |
Vulcan Materials Company | 2.79 |
AerCap Holdings NV | 2.78 |
Keurig Dr. Pepper Incorporated | 2.73 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 854.79 | $5.21 | 1.12% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.45 | $5.67 | 1.12% |
Class C | ||||
Actual | $1,000.00 | $ 851.54 | $8.68 | 1.87% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.69 | $9.45 | 1.87% |
Class R | ||||
Actual | $1,000.00 | $ 853.91 | $6.37 | 1.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.20 | $6.93 | 1.37% |
Class R6 | ||||
Actual | $1,000.00 | $ 856.62 | $3.21 | 0.69% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.61 | $3.50 | 0.69% |
Administrator Class | ||||
Actual | $1,000.00 | $ 855.10 | $4.84 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.85 | $5.27 | 1.04% |
Institutional Class | ||||
Actual | $1,000.00 | $ 856.22 | $3.68 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.11 | $4.00 | 0.79% |
Shares | Value | ||||
Common stocks: 95.92% | |||||
Consumer discretionary: 11.03% | |||||
Auto components: 2.84% | |||||
Aptiv plc † | 1,203,730 | $ 94,143,723 | |||
Lear Corporation | 1,649,600 | 197,440,624 | |||
291,584,347 | |||||
Distributors: 3.31% | |||||
LKQ Corporation | 7,205,400 | 339,734,610 | |||
Hotels, restaurants & leisure: 1.81% | |||||
The Wendy's Company | 2,127,700 | 39,766,713 | |||
Yum China Holdings Incorporated | 3,088,600 | 146,183,438 | |||
185,950,151 | |||||
Household durables: 2.69% | |||||
D.R. Horton Incorporated | 3,725,200 | 250,892,220 | |||
Helen of Troy Limited † | 262,100 | 25,276,924 | |||
276,169,144 | |||||
Specialty retail: 0.38% | |||||
Best Buy Company Incorporated | 624,300 | 39,543,162 | |||
Consumer staples: 7.23% | |||||
Beverages: 2.73% | |||||
Keurig Dr. Pepper Incorporated | 7,831,769 | 280,533,966 | |||
Household products: 4.50% | |||||
Church & Dwight Company Incorporated | 2,648,800 | 189,230,272 | |||
Reynolds Consumer Products Incorporated | 10,477,700 | 272,524,977 | |||
461,755,249 | |||||
Energy: 5.87% | |||||
Energy equipment & services: 1.43% | |||||
Baker Hughes Incorporated | 3,562,400 | 74,667,904 | |||
NOV Incorporated | 4,422,600 | 71,557,668 | |||
146,225,572 | |||||
Oil, gas & consumable fuels: 4.44% | |||||
Devon Energy Corporation | 1,986,600 | 119,454,258 | |||
EOG Resources Incorporated | 1,682,400 | 187,974,552 | |||
Valero Energy Corporation | 1,393,100 | 148,852,735 | |||
456,281,545 | |||||
Financials: 17.62% | |||||
Banks: 3.62% | |||||
Fifth Third Bancorp | 5,138,500 | 164,226,467 | |||
PacWest Bancorp | 1,622,100 | 36,659,460 | |||
Regions Financial Corporation | 6,375,600 | 127,958,292 | |||
Zions Bancorporation | 848,500 | 43,154,710 | |||
371,998,929 |
Shares | Value | ||||
Capital markets: 0.00% | |||||
Pershing Square Escrow Shares ♦† | 7,483,000 | $ 0 | |||
Consumer finance: 1.46% | |||||
Discover Financial Services | 1,646,900 | 149,736,148 | |||
Insurance: 10.67% | |||||
Arch Capital Group Limited † | 8,174,100 | 372,248,514 | |||
Axis Capital Holdings Limited | 873,600 | 42,937,440 | |||
Brown & Brown Incorporated | 4,977,600 | 301,045,248 | |||
Loews Corporation | 2,725,800 | 135,853,872 | |||
The Allstate Corporation | 1,957,600 | 243,779,928 | |||
1,095,865,002 | |||||
Mortgage REITs: 1.87% | |||||
Annaly Capital Management Incorporated « | 11,174,850 | 191,760,422 | |||
Health care: 9.82% | |||||
Health care equipment & supplies: 4.11% | |||||
Alcon Incorporated | 3,852,100 | 224,115,178 | |||
Teleflex Incorporated | 196,000 | 39,486,160 | |||
Zimmer Biomet Holdings Incorporated | 1,518,100 | 158,717,355 | |||
422,318,693 | |||||
Health care providers & services: 4.17% | |||||
Humana Incorporated | 600,900 | 291,550,671 | |||
Universal Health Services Incorporated Class B | 1,547,200 | 136,432,096 | |||
427,982,767 | |||||
Life sciences tools & services: 1.54% | |||||
Charles River Laboratories International Incorporated † | 802,214 | 157,875,715 | |||
Industrials: 20.86% | |||||
Building products: 5.40% | |||||
Builders FirstSource Incorporated † | 1,747,400 | 102,956,808 | |||
Carlisle Companies Incorporated | 1,609,600 | 451,347,936 | |||
554,304,744 | |||||
Commercial services & supplies: 3.80% | |||||
Republic Services Incorporated | 2,868,800 | 390,271,552 | |||
Construction & engineering: 2.27% | |||||
APi Group Corporation † | 4,247,616 | 56,365,864 | |||
MasTec Incorporated † | 2,784,700 | 176,828,450 | |||
233,194,314 | |||||
Machinery: 3.09% | |||||
Donaldson Company Incorporated | 3,315,000 | 162,468,150 | |||
Gates Industrial Corporation plc † | 8,126,532 | 79,314,952 | |||
Stanley Black & Decker Incorporated | 1,002,200 | 75,375,462 | |||
317,158,564 |
Shares | Value | ||||
Professional services: 3.52% | |||||
Dun & Bradstreet Holdings Incorporated | 9,005,246 | $ 111,574,998 | |||
Jacobs Solutions Incorporated | 2,300,200 | 249,548,698 | |||
361,123,696 | |||||
Trading companies & distributors: 2.78% | |||||
AerCap Holdings NV † | 6,752,000 | 285,812,161 | |||
Information technology: 6.84% | |||||
Communications equipment: 0.76% | |||||
Juniper Networks Incorporated | 3,002,700 | 78,430,524 | |||
IT services: 4.67% | |||||
Amdocs Limited | 4,059,800 | 322,551,110 | |||
Euronet Worldwide Incorporated † | 2,064,800 | 156,429,248 | |||
478,980,358 | |||||
Semiconductors & semiconductor equipment: 0.50% | |||||
ON Semiconductor Corporation † | 825,500 | 51,453,415 | |||
Software: 0.91% | |||||
NCR Corporation † | 4,937,700 | 93,865,677 | |||
Materials: 4.89% | |||||
Chemicals: 0.38% | |||||
FMC Corporation | 365,100 | 38,591,070 | |||
Construction materials: 2.79% | |||||
Vulcan Materials Company | 1,819,600 | 286,969,116 | |||
Containers & packaging: 0.73% | |||||
AptarGroup Incorporated | 790,100 | 75,083,203 | |||
Metals & mining: 0.99% | |||||
Freeport-McMoRan Incorporated | 3,725,400 | 101,815,182 | |||
Real estate: 4.72% | |||||
Equity REITs: 2.18% | |||||
Boston Properties Incorporated | 592,900 | 44,449,713 | |||
Gaming and Leisure Properties Incorporated | 4,059,600 | 179,596,704 | |||
224,046,417 | |||||
Real estate management & development: 2.54% | |||||
CBRE Group Incorporated Class A † | 3,870,200 | 261,277,202 | |||
Utilities: 7.04% | |||||
Electric utilities: 5.15% | |||||
American Electric Power Company Incorporated | 3,203,500 | 276,942,575 | |||
FirstEnergy Corporation | 6,797,100 | 251,492,700 | |||
528,435,275 | |||||
Water utilities: 1.89% | |||||
American Water Works Company Incorporated | 1,491,900 | 194,185,704 | |||
Total Common stocks (Cost $8,556,740,383) | 9,850,313,596 |
Expiration date | Shares | Value | |||
Warrants: 0.00% | |||||
Financials: 0.00% | |||||
Capital markets: 0.00% | |||||
Pershing Square Warrant Escrow Shares ♦† | 7-24-2025 | 769,690 | $ 0 | ||
Diversified financial services: 0.00% | |||||
Liberty Media Acquisition Corporation Class A † | 1-22-2026 | 350,204 | 1,402 | ||
Total Warrants (Cost $5,238,224) | 1,402 |
Yield | |||||
Short-term investments: 4.77% | |||||
Investment companies: 4.77% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 468,119,059 | 468,119,059 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 21,600,000 | 21,600,000 | ||
Total Short-term investments (Cost $489,719,059) | 489,719,059 | ||||
Total investments in securities (Cost $9,051,697,666) | 100.69% | 10,340,034,057 | |||
Other assets and liabilities, net | (0.69) | (70,601,127) | |||
Total net assets | 100.00% | $10,269,432,930 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the 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 | $2,281,113,513 | $(1,878,046,232) | $0 | $0 | $ 468,119,059 | 468,119,059 | $ 3,082,682 | ||
Securities Lending Cash Investments LLC | 123,735,675 | 1,425,429,241 | (1,527,564,916) | 0 | 0 | 21,600,000 | 21,600,000 | 296,191 # | ||
$0 | $0 | $489,719,059 | $3,378,873 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $20,592,000 of securities loaned), at value (cost $8,561,978,607) | $ 9,850,314,998 |
Investments in affiliated securities, at value (cost $489,719,059) | 489,719,059 |
Receivable for dividends | 23,390,001 |
Receivable for Fund shares sold | 18,324,830 |
Receivable for investments sold | 5,147,504 |
Receivable for securities lending income, net | 346 |
Prepaid expenses and other assets | 178,854 |
Total assets | 10,387,075,592 |
Liabilities | |
Payable for Fund shares redeemed | 52,660,687 |
Payable for investments purchased | 35,129,491 |
Payable upon receipt of securities loaned | 21,600,000 |
Management fee payable | 6,408,430 |
Administration fees payable | 1,116,070 |
Distribution fees payable | 82,843 |
Trustees’ fees and expenses payable | 4,990 |
Accrued expenses and other liabilities | 640,151 |
Total liabilities | 117,642,662 |
Total net assets | $10,269,432,930 |
Net assets consist of | |
Paid-in capital | $ 8,175,677,262 |
Total distributable earnings | 2,093,755,668 |
Total net assets | $10,269,432,930 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,098,923,568 |
Shares outstanding – Class A1 | 26,822,066 |
Net asset value per share – Class A | $40.97 |
Maximum offering price per share – Class A2 | $43.47 |
Net assets – Class C | $ 108,314,379 |
Shares outstanding – Class C1 | 2,818,248 |
Net asset value per share – Class C | $38.43 |
Net assets – Class R | $ 23,047,658 |
Shares outstanding – Class R1 | 555,417 |
Net asset value per share – Class R | $41.50 |
Net assets – Class R6 | $ 2,537,406,542 |
Shares outstanding – Class R61 | 59,895,759 |
Net asset value per share – Class R6 | $42.36 |
Net assets – Administrator Class | $ 293,285,959 |
Shares outstanding – Administrator Class1 | 6,999,113 |
Net asset value per share – Administrator Class | $41.90 |
Net assets – Institutional Class | $ 6,208,454,824 |
Shares outstanding – Institutional Class1 | 146,839,649 |
Net asset value per share – Institutional Class | $42.28 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $24,732) | $ 195,582,368 |
Income from affiliated securities | 3,530,940 |
Total investment income | 199,113,308 |
Expenses | |
Management fee | 79,025,902 |
Administration fees | |
Class A | 2,578,392 |
Class C | 275,949 |
Class R | 58,872 |
Class R6 | 879,023 |
Administrator Class | 472,919 |
Institutional Class | 9,525,950 |
Shareholder servicing fees | |
Class A | 3,069,514 |
Class C | 328,477 |
Class R | 70,086 |
Administrator Class | 906,601 |
Distribution fees | |
Class C | 985,414 |
Class R | 69,966 |
Custody and accounting fees | 369,854 |
Professional fees | 48,708 |
Registration fees | 39,742 |
Shareholder report expenses | 190,146 |
Trustees’ fees and expenses | 21,953 |
Other fees and expenses | 98,860 |
Total expenses | 99,016,328 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (45,497) |
Administrator Class | (285) |
Net expenses | 98,970,546 |
Net investment income | 100,142,762 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 840,973,722 |
Written options | 44 |
Net realized gains on investments | 840,973,766 |
Net change in unrealized gains (losses) on investments | (1,827,828,925) |
Net realized and unrealized gains (losses) on investments | (986,855,159) |
Net decrease in net assets resulting from operations | $ (886,712,397) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 100,142,762 | $ 51,851,723 | ||
Net realized gains on investments | 840,973,766 | 1,198,851,374 | ||
Net change in unrealized gains (losses) on investments | (1,827,828,925) | 2,195,163,927 | ||
Net increase (decrease) in net assets resulting from operations | (886,712,397) | 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 | (709,096,674) | (40,723,017) | ||
Total distributions to shareholders | (1,156,699,808) | (64,226,548) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 7,751,410 | 372,215,224 | 4,786,526 | 219,114,924 |
Class C | 405,027 | 18,038,819 | 343,992 | 15,066,280 |
Class R | 105,843 | 5,089,721 | 121,981 | 5,747,947 |
Class R6 | 15,938,770 | 778,779,921 | 17,294,698 | 804,836,030 |
Administrator Class | 945,270 | 45,991,976 | 3,486,926 | 142,839,440 |
Institutional Class | 34,907,411 | 1,701,993,232 | 40,111,359 | 1,892,677,973 |
2,922,108,893 | 3,080,282,594 | |||
Reinvestment of distributions | ||||
Class A | 2,107,086 | 100,816,278 | 81,671 | 3,375,452 |
Class C | 275,193 | 12,400,184 | 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 |
1,097,012,005 | 60,451,241 | |||
Payment for shares redeemed | ||||
Class A | (6,023,376) | (285,845,424) | (9,325,133) | (400,160,013) |
Class C | (705,880) | (31,262,478) | (780,392) | (32,978,696) |
Class R | (183,311) | (8,874,137) | (235,151) | (10,628,060) |
Class R6 | (19,063,414) | (935,061,047) | (17,821,226) | (818,801,519) |
Administrator Class | (2,433,931) | (118,746,155) | (4,778,979) | (206,239,718) |
Institutional Class | (44,254,040) | (2,144,475,188) | (41,678,815) | (1,966,093,841) |
(3,524,264,429) | (3,434,901,847) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 494,856,469 | (294,168,012) | ||
Total increase (decrease) in net assets | (1,548,555,736) | 3,087,472,464 | ||
Net assets | ||||
Beginning of period | 11,817,988,666 | 8,730,516,202 | ||
End of period | $10,269,432,930 | $11,817,988,666 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $49.22 | $35.33 | $39.63 | $37.59 | $37.49 |
Net investment income | 0.22 | 0.13 | 0.18 | 0.26 | 0.15 |
Net realized and unrealized gains (losses) on investments | (3.63) | 13.91 | (2.85) | 2.54 | 1.50 |
Total from investment operations | (3.41) | 14.04 | (2.67) | 2.80 | 1.65 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.15) | (0.23) | (0.17) | (0.23) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (4.84) | (0.15) | (1.63) | (0.76) | (1.55) |
Net asset value, end of period | $40.97 | $49.22 | $35.33 | $39.63 | $37.59 |
Total return1 | (8.32)% | 39.83% | (7.22)% | 7.81% | 4.50% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.12% | 1.13% | 1.14% | 1.15% | 1.15% |
Net expenses | 1.12% | 1.13% | 1.14% | 1.15% | 1.15% |
Net investment income | 0.55% | 0.17% | 0.56% | 0.67% | 0.40% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $1,098,924 | $1,131,411 | $969,508 | $1,003,560 | $1,038,883 |
1 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $46.68 | $33.63 | $37.85 | $36.02 | $36.03 |
Net investment loss | (0.11) | (0.25) 1 | (0.11) | (0.07) | (0.14) |
Net realized and unrealized gains (losses) on investments | (3.41) | 13.30 | (2.71) | 2.49 | 1.46 |
Total from investment operations | (3.52) | 13.05 | (2.82) | 2.42 | 1.32 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (4.73) | 0.00 | (1.40) | (0.59) | (1.33) |
Net asset value, end of period | $38.43 | $46.68 | $33.63 | $37.85 | $36.02 |
Total return2 | (9.03)% | 38.80% | (7.89)% | 7.00% | 3.72% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.87% | 1.88% | 1.89% | 1.90% | 1.90% |
Net expenses | 1.87% | 1.88% | 1.89% | 1.90% | 1.90% |
Net investment loss | (0.22)% | (0.58)% | (0.19)% | (0.09)% | (0.35)% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $108,314 | $132,741 | $110,318 | $147,086 | $174,839 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class R | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $49.81 | $35.74 | $40.10 | $38.09 | $38.08 |
Net investment income (loss) | 0.13 | (0.04) 1 | 0.09 | 0.17 | 0.09 |
Net realized and unrealized gains (losses) on investments | (3.71) | 14.15 | (2.90) | 2.57 | 1.49 |
Total from investment operations | (3.58) | 14.11 | (2.81) | 2.74 | 1.58 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.04) | (0.15) | (0.14) | (0.25) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (4.73) | (0.04) | (1.55) | (0.73) | (1.57) |
Net asset value, end of period | $41.50 | $49.81 | $35.74 | $40.10 | $38.09 |
Total return | (8.55)% | 39.51% | (7.45)% | 7.52% | 4.23% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.37% | 1.38% | 1.39% | 1.40% | 1.40% |
Net expenses | 1.37% | 1.38% | 1.39% | 1.40% | 1.40% |
Net investment income (loss) | 0.28% | (0.08)% | 0.31% | 0.43% | 0.18% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $23,048 | $28,821 | $24,705 | $31,961 | $24,575 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $50.72 | $36.39 | $40.76 | $38.67 | $38.52 |
Net investment income | 0.46 | 0.29 | 0.36 | 0.40 | 0.32 1 |
Net realized and unrealized gains (losses) on investments | (3.79) | 14.36 | (2.94) | 2.62 | 1.55 |
Total from investment operations | (3.33) | 14.65 | (2.58) | 3.02 | 1.87 |
Distributions to shareholders from | |||||
Net investment income | (0.30) | (0.32) | (0.39) | (0.34) | (0.40) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (5.03) | (0.32) | (1.79) | (0.93) | (1.72) |
Net asset value, end of period | $42.36 | $50.72 | $36.39 | $40.76 | $38.67 |
Total return | (7.93)% | 40.44% | (6.84)% | 8.28% | 4.95% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.69% | 0.70% | 0.71% | 0.72% | 0.72% |
Net expenses | 0.69% | 0.70% | 0.71% | 0.72% | 0.72% |
Net investment income | 0.96% | 0.60% | 0.99% | 1.12% | 0.85% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $2,537,407 | $2,925,693 | $2,103,895 | $2,094,860 | $1,493,787 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $50.22 | $36.02 | $40.35 | $38.23 | $38.12 |
Net investment income | 0.39 | 0.23 | 0.24 1 | 0.27 1 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | (3.85) | 14.13 | (2.93) | 2.61 | 1.52 |
Total from investment operations | (3.46) | 14.36 | (2.69) | 2.88 | 1.70 |
Distributions to shareholders from | |||||
Net investment income | (0.13) | (0.16) | (0.24) | (0.17) | (0.27) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (4.86) | (0.16) | (1.64) | (0.76) | (1.59) |
Net asset value, end of period | $41.90 | $50.22 | $36.02 | $40.35 | $38.23 |
Total return | (8.26)% | 39.96% | (7.15)% | 7.88% | 4.58% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.04% | 1.05% | 1.06% | 1.07% | 1.07% |
Net expenses | 1.04% | 1.05% | 1.06% | 1.07% | 1.07% |
Net investment income | 0.60% | 0.25% | 0.65% | 0.72% | 0.47% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $293,286 | $389,512 | $324,727 | $604,126 | $978,368 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $50.63 | $36.33 | $40.70 | $38.61 | $38.47 |
Net investment income | 0.42 | 0.24 | 0.32 | 0.38 1 | 0.26 |
Net realized and unrealized gains (losses) on investments | (3.78) | 14.35 | (2.94) | 2.60 | 1.56 |
Total from investment operations | (3.36) | 14.59 | (2.62) | 2.98 | 1.82 |
Distributions to shareholders from | |||||
Net investment income | (0.26) | (0.29) | (0.35) | (0.30) | (0.36) |
Net realized gains | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (4.99) | (0.29) | (1.75) | (0.89) | (1.68) |
Net asset value, end of period | $42.28 | $50.63 | $36.33 | $40.70 | $38.61 |
Total return | (8.01)% | 40.30% | (6.93)% | 8.17% | 4.84% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.79% | 0.80% | 0.81% | 0.82% | 0.82% |
Net expenses | 0.79% | 0.80% | 0.81% | 0.82% | 0.82% |
Net investment income | 0.86% | 0.50% | 0.89% | 1.00% | 0.73% |
Supplemental data | |||||
Portfolio turnover rate | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $6,208,455 | $7,209,810 | $5,197,362 | $5,349,953 | $4,937,901 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $2,110,307,664 |
Gross unrealized losses | (835,366,731) |
Net unrealized gains | $1,274,940,933 |
Paid-in capital | Total distributable earnings |
$(7,233,287) | $7,233,287 |
■ | 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 | $ 1,132,981,414 | $ 0 | $0 | $ 1,132,981,414 |
Consumer staples | 742,289,215 | 0 | 0 | 742,289,215 |
Energy | 602,507,117 | 0 | 0 | 602,507,117 |
Financials | 1,809,360,501 | 0 | 0 | 1,809,360,501 |
Health care | 1,008,177,175 | 0 | 0 | 1,008,177,175 |
Industrials | 2,141,865,031 | 0 | 0 | 2,141,865,031 |
Information technology | 702,729,974 | 0 | 0 | 702,729,974 |
Materials | 502,458,571 | 0 | 0 | 502,458,571 |
Real estate | 485,323,619 | 0 | 0 | 485,323,619 |
Utilities | 722,620,979 | 0 | 0 | 722,620,979 |
Warrants | ||||
Financials | 0 | 1,402 | 0 | 1,402 |
Short-term investments | ||||
Investment companies | 489,719,059 | 0 | 0 | 489,719,059 |
Total assets | $10,340,032,655 | $1,402 | $0 | $10,340,034,057 |
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 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
JPMorgan Securities LLC | $20,592,000 | $(20,592,000) | $0 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $286,479,402 | $64,226,548 |
Long-term capital gain | 870,220,406 | 0 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$143,890,181 | $674,924,534 | $1,274,940,933 |
Date | Value of securities issued | Cash | Realized losses | % of the Fund |
7-8-2022 | $73,359,439 | $1,497,238 | $(7,233,287) | 0.68% |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A234/AR234 09-22
Diversified Capital Builder Fund
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 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 | -17.48 | 4.29 | 8.92 | -12.45 | 5.54 | 9.56 | 1.11 | 1.11 | ||
Class C (EKBCX) | 1-22-1998 | -14.12 | 4.73 | 8.90 | -13.12 | 4.73 | 8.90 | 1.86 | 1.86 | ||
Administrator Class (EKBDX) | 7-30-2010 | – | – | – | -12.30 | 5.60 | 9.71 | 1.03 | 1.03 | ||
Institutional Class (EKBYX) | 1-26-1998 | – | – | – | -12.19 | 5.86 | 9.94 | 0.78 | 0.78 | ||
Diversified Capital Builder Blended Index3 | – | – | – | – | -16.29 | 7.20 | 9.72 | – | – | ||
ICE BofA U.S. Cash Pay High Yield Index4 | – | – | – | – | -13.96 | 1.41 | 3.85 | – | – | ||
Russell 1000® Index5 | – | – | – | – | -17.22 | 9.00 | 11.60 | – | – |
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. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Diversified Capital Builder Blended Index, ICE BofA U.S. Cash Pay High Yield Index and Russell 1000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Diversified Capital Builder Blended Index, for the 12- month period that ended September 30, 2022. |
■ | The financials, health care, and industrials sectors outperformed. |
■ | Holdings in consumer discretionary and information technology (IT) detracted from relative results. |
■ | Our lack of holdings in communication services, the equity index’s worst-performing sector, helped the Fund’s relative return. |
■ | The Fund’s bond holdings underperformed the ICE BofA U.S. Cash Pay High Yield Index due to our somewhat longer duration of bond issues. Longer-duration bonds are more price sensitive to the upward movement in interest rates. |
Ten largest holdings (%) as of September 30, 20221 | |
L3Harris Technologies Incorporated | 5.01 |
Leidos Holdings Incorporated | 3.94 |
Amphenol Corporation Class A | 3.87 |
AbbVie Incorporated | 3.38 |
Broadcom Incorporated | 3.38 |
Berry Global Group Incorporated | 2.84 |
Thermo Fisher Scientific Incorporated | 2.72 |
The Timken Company | 2.66 |
Advanced Micro Devices Incorporated | 2.48 |
Danaher Corporation | 2.35 |
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 September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
* | This security was no longer held at the end of the reporting period. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 818.65 | $5.01 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.55 | $5.57 | 1.10% |
Class C | ||||
Actual | $1,000.00 | $ 815.16 | $8.46 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.74 | $9.40 | 1.86% |
Administrator Class | ||||
Actual | $1,000.00 | $ 818.82 | $4.70 | 1.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.90 | $5.22 | 1.03% |
Institutional Class | ||||
Actual | $1,000.00 | $ 819.45 | $3.56 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.16 | $3.95 | 0.78% |
Shares | Value | ||||
Common stocks: 78.52% | |||||
Consumer discretionary: 0.29% | |||||
Household durables: 0.29% | |||||
Whirlpool Corporation | 20,000 | $ 2,696,200 | |||
Financials: 0.54% | |||||
Banks: 0.54% | |||||
Regions Financial Corporation | 250,000 | 5,017,500 | |||
Health care: 24.07% | |||||
Biotechnology: 7.27% | |||||
AbbVie Incorporated | 235,000 | 31,539,350 | |||
Amgen Incorporated | 90,000 | 20,286,000 | |||
Horizon Therapeutics plc † | 212,000 | 13,120,680 | |||
Vertex Pharmaceuticals Incorporated † | 10,000 | 2,895,400 | |||
67,841,430 | |||||
Health care equipment & supplies: 3.48% | |||||
Abbott Laboratories | 200,000 | 19,352,000 | |||
Becton Dickinson & Company | 55,000 | 12,255,650 | |||
STERIS plc | 5,000 | 831,400 | |||
32,439,050 | |||||
Health care providers & services: 2.18% | |||||
McKesson Corporation | 60,000 | 20,392,200 | |||
Life sciences tools & services: 8.01% | |||||
Bio-Rad Laboratories Incorporated Class A † | 15,000 | 6,257,100 | |||
Charles River Laboratories International Incorporated † | 30,000 | 5,904,000 | |||
Danaher Corporation | 85,000 | 21,954,650 | |||
IQVIA Holdings Incorporated † | 60,000 | 10,868,400 | |||
Thermo Fisher Scientific Incorporated | 50,000 | 25,359,500 | |||
West Pharmaceutical Services Incorporated | 18,000 | 4,429,440 | |||
74,773,090 | |||||
Pharmaceuticals: 3.13% | |||||
Bristol-Myers Squibb Company | 300,000 | 21,327,000 | |||
Catalent Incorporated † | 50,000 | 3,618,000 | |||
Merck & Company Incorporated | 50,000 | 4,306,000 | |||
29,251,000 | |||||
Industrials: 20.73% | |||||
Aerospace & defense: 5.83% | |||||
Curtiss-Wright Corporation | 55,000 | 7,653,800 | |||
L3Harris Technologies Incorporated | 225,000 | 46,761,750 | |||
54,415,550 | |||||
Commercial services & supplies: 0.12% | |||||
Clean Harbors Incorporated † | 10,000 | 1,099,800 |
Shares | Value | ||||
Electrical equipment: 3.00% | |||||
AMETEK Incorporated | 145,000 | $ 16,444,450 | |||
Generac Holdings Incorporated † | 65,000 | 11,579,100 | |||
28,023,550 | |||||
Industrial conglomerates: 0.63% | |||||
Honeywell International Incorporated | 35,000 | 5,843,950 | |||
Machinery: 7.21% | |||||
Crane Holdings Company | 60,000 | 5,252,400 | |||
IDEX Corporation | 80,000 | 15,988,000 | |||
John Bean Technologies Corporation | 175,000 | 15,050,000 | |||
Oshkosh Corporation | 20,000 | 1,405,800 | |||
Parker-Hannifin Corporation | 20,000 | 4,846,200 | |||
The Timken Company | 420,000 | 24,796,800 | |||
67,339,200 | |||||
Professional services: 3.94% | |||||
Leidos Holdings Incorporated | 420,000 | 36,737,400 | |||
Information technology: 21.45% | |||||
Electronic equipment, instruments & components: 5.32% | |||||
Amphenol Corporation Class A | 540,000 | 36,158,400 | |||
Teledyne Technologies Incorporated † | 40,000 | 13,498,800 | |||
49,657,200 | |||||
Semiconductors & semiconductor equipment: 11.36% | |||||
Advanced Micro Devices Incorporated † | 365,000 | 23,126,400 | |||
Analog Devices Incorporated | 30,000 | 4,180,200 | |||
Broadcom Incorporated | 71,000 | 31,524,710 | |||
Marvell Technology Incorporated | 120,000 | 5,149,200 | |||
Microchip Technology Incorporated | 330,000 | 20,139,900 | |||
Micron Technology Incorporated | 210,000 | 10,521,000 | |||
NVIDIA Corporation | 27,000 | 3,277,530 | |||
Qualcomm Incorporated | 50,000 | 5,649,000 | |||
Synaptics Incorporated † | 25,000 | 2,475,250 | |||
106,043,190 | |||||
Software: 4.57% | |||||
Adobe Incorporated † | 20,000 | 5,504,000 | |||
ANSYS Incorporated † | 30,000 | 6,651,000 | |||
Autodesk Incorporated † | 30,000 | 5,604,000 | |||
Microsoft Corporation | 61,000 | 14,206,900 | |||
Synopsys Incorporated † | 35,000 | 10,692,850 | |||
42,658,750 | |||||
Technology hardware, storage & peripherals: 0.20% | |||||
NetApp Incorporated | 30,000 | 1,855,500 | |||
Materials: 11.25% | |||||
Chemicals: 6.96% | |||||
Celanese Corporation Series A | 72,000 | 6,504,480 | |||
Eastman Chemical Company | 160,000 | 11,368,000 | |||
Huntsman Corporation | 615,000 | 15,092,100 | |||
Olin Corporation | 210,000 | 9,004,800 |
Shares | Value | ||||
Chemicals (continued) | |||||
PPG Industries Incorporated | 32,000 | $ 3,542,080 | |||
The Sherwin-Williams Company | 47,500 | 9,725,625 | |||
Tronox Holdings plc Class A | 47,300 | 579,425 | |||
Westlake Chemical Corporation | 105,000 | 9,122,400 | |||
64,938,910 | |||||
Containers & packaging: 4.29% | |||||
AptarGroup Incorporated | 76,500 | 7,269,795 | |||
Berry Global Group Incorporated † | 570,000 | 26,522,100 | |||
Sealed Air Corporation | 140,000 | 6,231,400 | |||
40,023,295 | |||||
Real estate: 0.19% | |||||
Equity REITs: 0.19% | |||||
Iron Mountain Incorporated | 40,000 | 1,758,800 | |||
Total Common stocks (Cost $623,806,675) | 732,805,565 |
Interest rate | Maturity date | Principal | |||
Corporate bonds and notes: 15.15% | |||||
Consumer discretionary: 1.38% | |||||
Auto components: 1.38% | |||||
Tenneco Incorporated 144A | 5.13% | 4-15-2029 | $13,000,000 | 12,837,841 | |
Consumer staples: 1.18% | |||||
Food products: 0.73% | |||||
Post Holdings Incorporated 144A | 4.50 | 9-15-2031 | 8,435,000 | 6,790,175 | |
Household durables: 0.45% | |||||
Spectrum Brands Incorporated 144A | 3.88 | 3-15-2031 | 6,200,000 | 4,227,036 | |
Health care: 3.07% | |||||
Health care equipment & supplies: 0.48% | |||||
Hologic Incorporated 144A | 3.25 | 2-15-2029 | 5,440,000 | 4,448,765 | |
Health care providers & services: 1.86% | |||||
AMN Healthcare Incorporated 144A | 4.00 | 4-15-2029 | 1,000,000 | 842,610 | |
AMN Healthcare Incorporated 144A | 4.63 | 10-1-2027 | 1,000,000 | 897,088 | |
Catalent Pharma Solutions Incorporated 144A | 3.13 | 2-15-2029 | 1,000,000 | 771,250 | |
Davita Incorporated 144A | 4.63 | 6-1-2030 | 13,550,000 | 10,484,313 | |
Encompass Health Corporation | 4.63 | 4-1-2031 | 5,500,000 | 4,346,418 | |
17,341,679 | |||||
Life sciences tools & services: 0.17% | |||||
Charles River Laboratories Incorporated 144A | 4.00 | 3-15-2031 | 2,000,000 | 1,612,847 | |
Pharmaceuticals: 0.56% | |||||
Bausch Health Companies Incorporated 144A | 11.00 | 9-30-2028 | 4,394,589 | 3,537,643 | |
Bausch Health Companies Incorporated 144A | 14.00 | 10-15-2030 | 877,828 | 478,416 | |
Organon Finance 1 LLC 144A | 5.13 | 4-30-2031 | 1,500,000 | 1,228,740 | |
5,244,799 |
Interest rate | Maturity date | Principal | Value | ||
Industrials: 2.23% | |||||
Aerospace & defense: 1.08% | |||||
TransDigm Group Incorporated | 4.63% | 1-15-2029 | $ 9,000,000 | $ 7,245,270 | |
TransDigm Group Incorporated | 6.38 | 6-15-2026 | 3,000,000 | 2,834,288 | |
10,079,558 | |||||
Commercial services & supplies: 0.27% | |||||
ACCO Brands Corporation 144A | 4.25 | 3-15-2029 | 2,000,000 | 1,504,564 | |
Stericycle Incorporated 144A | 3.88 | 1-15-2029 | 1,310,000 | 1,084,844 | |
2,589,408 | |||||
Construction & engineering: 0.88% | |||||
Dycom Industries Incorporated 144A | 4.50 | 4-15-2029 | 9,720,000 | 8,190,782 | |
Information technology: 1.23% | |||||
Electronic equipment, instruments & components: 0.77% | |||||
TTM Technologies Incorporated 144A | 4.00 | 3-1-2029 | 8,890,000 | 7,159,384 | |
IT services: 0.03% | |||||
Gartner Incorporated 144A | 3.63 | 6-15-2029 | 350,000 | 291,375 | |
Semiconductors & semiconductor equipment: 0.43% | |||||
Synaptics Incorporated 144A | 4.00 | 6-15-2029 | 5,000,000 | 4,025,273 | |
Materials: 3.54% | |||||
Chemicals: 1.96% | |||||
Koppers Incorporated 144A | 6.00 | 2-15-2025 | 8,190,000 | 7,330,050 | |
Tronox Incorporated 144A | 4.63 | 3-15-2029 | 5,310,000 | 3,929,400 | |
Valvoline Incorporated 144A | 3.63 | 6-15-2031 | 9,495,000 | 6,992,965 | |
18,252,415 | |||||
Containers & packaging: 1.58% | |||||
Ball Corporation | 2.88 | 8-15-2030 | 12,000,000 | 9,209,340 | |
Berry Global Incorporated 144A« | 4.50 | 2-15-2026 | 1,189,000 | 1,098,979 | |
Sealed Air Corporation 144A | 5.00 | 4-15-2029 | 5,000,000 | 4,462,500 | |
14,770,819 | |||||
Real estate: 1.54% | |||||
Equity REITs: 1.54% | |||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 12,350,000 | 9,548,773 | |
SBA Communications Corporation | 3.13 | 2-1-2029 | 6,000,000 | 4,825,620 | |
14,374,393 | |||||
Utilities: 0.98% | |||||
Electric utilities: 0.09% | |||||
NRG Energy Incorporated 144A | 5.25 | 6-15-2029 | 1,000,000 | 875,000 | |
Independent power & renewable electricity producers: 0.89% | |||||
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 10,000,000 | 8,317,300 | |
Total Corporate bonds and notes (Cost $183,997,341) | 141,428,849 |
Interest rate | Maturity date | Principal | Value | ||
Yankee corporate bonds and notes: 1.22% | |||||
Industrials: 0.52% | |||||
Electrical equipment: 0.26% | |||||
Sensata Technologies BV 144A | 4.00% | 4-15-2029 | $ 2,880,000 | $ 2,383,170 | |
Machinery: 0.26% | |||||
BC Limited 144A | 9.00 | 1-30-2028 | 2,472,581 | 2,454,037 | |
Information technology: 0.42% | |||||
Technology hardware, storage & peripherals: 0.42% | |||||
Seagate HDD | 3.13 | 7-15-2029 | 1,500,000 | 1,099,095 | |
Seagate HDD | 4.09 | 6-1-2029 | 3,488,000 | 2,799,992 | |
3,899,087 | |||||
Materials: 0.28% | |||||
Chemicals: 0.28% | |||||
Methanex Corporation | 5.25 | 12-15-2029 | 3,293,000 | 2,617,622 | |
Total Yankee corporate bonds and notes (Cost $13,586,069) | 11,353,916 |
Yield | Shares | ||||
Short-term investments: 4.98% | |||||
Investment companies: 4.98% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75 | 45,655,057 | 45,655,057 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 853,650 | 853,650 | ||
Total Short-term investments (Cost $46,508,707) | 46,508,707 | ||||
Total investments in securities (Cost $867,898,792) | 99.87% | 932,097,037 | |||
Other assets and liabilities, net | 0.13 | 1,166,820 | |||
Total net assets | 100.00% | $933,263,857 |
† | 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: | |
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 | $225,914,251 | $(183,679,880) | $0 | $0 | $ 45,655,057 | 45,655,057 | $ 94,496 | ||
Securities Lending Cash Investments LLC | 0 | 4,398,143 | (3,544,493) | 0 | 0 | 853,650 | 853,650 | 7,393 # | ||
$0 | $0 | $46,508,707 | $101,889 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $836,922 of securities loaned), at value (cost $821,390,085) | $ 885,588,330 |
Investments in affiliated securities, at value (cost $46,508,707) | 46,508,707 |
Cash | 140,000 |
Receivable for dividends and interest | 2,675,583 |
Receivable for Fund shares sold | 880,375 |
Receivable for securities lending income, net | 694 |
Prepaid expenses and other assets | 87,987 |
Total assets | 935,881,676 |
Liabilities | |
Payable upon receipt of securities loaned | 853,650 |
Payable for Fund shares redeemed | 803,850 |
Management fee payable | 546,661 |
Administration fees payable | 161,792 |
Shareholder servicing fees payable | 150,543 |
Distribution fee payable | 70,790 |
Trustees’ fees and expenses payable | 174 |
Accrued expenses and other liabilities | 30,359 |
Total liabilities | 2,617,819 |
Total net assets | $933,263,857 |
Net assets consist of | |
Paid-in capital | $ 763,909,366 |
Total distributable earnings | 169,354,491 |
Total net assets | $933,263,857 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 534,862,530 |
Shares outstanding – Class A1 | 51,994,354 |
Net asset value per share – Class A | $10.29 |
Maximum offering price per share – Class A2 | $10.92 |
Net assets – Class C | $ 100,366,697 |
Shares outstanding – Class C1 | 9,799,071 |
Net asset value per share – Class C | $10.24 |
Net assets – Administrator Class | $ 7,489,241 |
Shares outstanding – Administrator Class1 | 727,447 |
Net asset value per share – Administrator Class | $10.30 |
Net assets – Institutional Class | $ 290,545,389 |
Shares outstanding – Institutional Class1 | 28,476,155 |
Net asset value per share – Institutional Class | $10.20 |
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 $3,827) | $ 13,074,535 |
Interest | 8,264,470 |
Income from affiliated securities | 104,452 |
Total investment income | 21,443,457 |
Expenses | |
Management fee | 7,043,606 |
Administration fees | |
Class A | 1,366,852 |
Class C | 260,409 |
Administrator Class | 11,006 |
Institutional Class | 468,415 |
Shareholder servicing fees | |
Class A | 1,626,954 |
Class C | 310,011 |
Administrator Class | 21,166 |
Distribution fee | |
Class C | 929,453 |
Custody and accounting fees | 51,477 |
Professional fees | 62,065 |
Registration fees | 55,267 |
Shareholder report expenses | 97,859 |
Trustees’ fees and expenses | 21,953 |
Other fees and expenses | 49,787 |
Total expenses | 12,376,280 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (21,507) |
Class C | (19) |
Administrator Class | (57) |
Institutional Class | (1,884) |
Net expenses | 12,352,813 |
Net investment income | 9,090,644 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 104,792,091 |
Net change in unrealized gains (losses) on investments | (245,737,953) |
Net realized and unrealized gains (losses) on investments | (140,945,862) |
Net decrease in net assets resulting from operations | $(131,855,218) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 9,090,644 | $ 8,992,566 | ||
Net realized gains on investments | 104,792,091 | 76,411,912 | ||
Net change in unrealized gains (losses) on investments | (245,737,953) | 102,334,271 | ||
Net increase (decrease) in net assets resulting from operations | (131,855,218) | 187,738,749 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (48,856,763) | (11,123,408) | ||
Class C | (8,492,157) | (1,538,817) | ||
Administrator Class | (628,563) | (132,621) | ||
Institutional Class | (28,118,033) | (7,100,792) | ||
Total distributions to shareholders | (86,095,516) | (19,895,638) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,895,248 | 23,198,979 | 2,656,403 | 32,028,112 |
Class C | 839,411 | 10,172,964 | 1,126,019 | 13,697,978 |
Administrator Class | 158,199 | 1,917,899 | 157,581 | 1,930,653 |
Institutional Class | 5,116,605 | 62,971,289 | 4,135,579 | 50,095,587 |
98,261,131 | 97,752,330 | |||
Reinvestment of distributions | ||||
Class A | 3,668,175 | 46,644,848 | 887,849 | 10,610,267 |
Class C | 657,011 | 8,377,639 | 128,497 | 1,513,271 |
Administrator Class | 49,242 | 626,639 | 10,971 | 131,644 |
Institutional Class | 2,056,821 | 25,879,740 | 544,042 | 6,491,325 |
81,528,866 | 18,746,507 | |||
Payment for shares redeemed | ||||
Class A | (5,621,756) | (68,933,571) | (6,835,939) | (83,812,601) |
Class C | (1,808,544) | (21,983,302) | (2,374,486) | (28,773,555) |
Administrator Class | (131,220) | (1,620,634) | (107,947) | (1,340,542) |
Institutional Class | (7,289,533) | (87,696,578) | (5,661,351) | (68,312,479) |
(180,234,085) | (182,239,177) | |||
Net decrease in net assets resulting from capital share transactions | (444,088) | (65,740,340) | ||
Total increase (decrease) in net assets | (218,394,822) | 102,102,771 | ||
Net assets | ||||
Beginning of period | 1,151,658,679 | 1,049,555,908 | ||
End of period | $ 933,263,857 | $1,151,658,679 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $12.64 | $10.88 | $10.71 | $10.88 | $10.30 |
Net investment income | 0.10 1 | 0.09 | 0.11 | 0.14 | 0.10 |
Net realized and unrealized gains (losses) on investments | (1.50) | 1.87 | 0.63 | 0.37 | 1.06 |
Total from investment operations | (1.40) | 1.96 | 0.74 | 0.51 | 1.16 |
Distributions to shareholders from | |||||
Net investment income | (0.10) | (0.10) | (0.13) | (0.14) | (0.09) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (0.95) | (0.20) | (0.57) | (0.68) | (0.58) |
Net asset value, end of period | $10.29 | $12.64 | $10.88 | $10.71 | $10.88 |
Total return2 | (12.45)% | 18.18% | 7.26% | 5.60% | 11.72% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.11% | 1.11% | 1.11% | 1.12% | 1.11% |
Net expenses | 1.10% | 1.11% | 1.11% | 1.12% | 1.11% |
Net investment income | 0.77% | 0.76% | 1.09% | 1.38% | 0.96% |
Supplemental data | |||||
Portfolio turnover rate | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $534,863 | $657,696 | $601,951 | $616,346 | $574,760 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $12.58 | $10.86 | $10.69 | $10.86 | $10.28 |
Net investment income | 0.00 1,2 | 0.00 1,2 | 0.03 | 0.06 | 0.02 |
Net realized and unrealized gains (losses) on investments | (1.48) | 1.86 | 0.63 | 0.37 | 1.06 |
Total from investment operations | (1.48) | 1.86 | 0.66 | 0.43 | 1.08 |
Distributions to shareholders from | |||||
Net investment income | (0.01) | (0.04) | (0.05) | (0.06) | (0.01) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (0.86) | (0.14) | (0.49) | (0.60) | (0.50) |
Net asset value, end of period | $10.24 | $12.58 | $10.86 | $10.69 | $10.86 |
Total return3 | (13.12)% | 17.25% | 6.44% | 4.81% | 10.88% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.85% | 1.86% | 1.86% | 1.87% | 1.87% |
Net expenses | 1.85% | 1.86% | 1.86% | 1.87% | 1.87% |
Net investment income | 0.02% | 0.01% | 0.34% | 0.65% | 0.21% |
Supplemental data | |||||
Portfolio turnover rate | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $100,367 | $127,209 | $121,947 | $118,297 | $131,601 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $12.64 | $10.89 | $10.72 | $10.89 | $10.32 |
Net investment income | 0.11 1 | 0.10 1 | 0.12 1 | 0.15 1 | 0.11 1 |
Net realized and unrealized gains (losses) on investments | (1.49) | 1.86 | 0.63 | 0.37 | 1.06 |
Total from investment operations | (1.38) | 1.96 | 0.75 | 0.52 | 1.17 |
Distributions to shareholders from | |||||
Net investment income | (0.11) | (0.11) | (0.14) | (0.15) | (0.11) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (0.96) | (0.21) | (0.58) | (0.69) | (0.60) |
Net asset value, end of period | $10.30 | $12.64 | $10.89 | $10.72 | $10.89 |
Total return | (12.30)% | 18.17% | 7.33% | 5.67% | 11.73% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.03% | 1.03% | 1.03% | 1.04% | 1.03% |
Net expenses | 1.03% | 1.03% | 1.03% | 1.04% | 1.03% |
Net investment income | 0.86% | 0.84% | 1.19% | 1.47% | 1.04% |
Supplemental data | |||||
Portfolio turnover rate | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $7,489 | $8,234 | $6,429 | $9,708 | $13,821 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $12.54 | $10.79 | $10.64 | $10.81 | $10.25 |
Net investment income | 0.13 1 | 0.13 | 0.14 | 0.18 | 0.14 |
Net realized and unrealized gains (losses) on investments | (1.48) | 1.86 | 0.62 | 0.36 | 1.05 |
Total from investment operations | (1.35) | 1.99 | 0.76 | 0.54 | 1.19 |
Distributions to shareholders from | |||||
Net investment income | (0.14) | (0.14) | (0.17) | (0.17) | (0.14) |
Net realized gains | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (0.99) | (0.24) | (0.61) | (0.71) | (0.63) |
Net asset value, end of period | $10.20 | $12.54 | $10.79 | $10.64 | $10.81 |
Total return | (12.19)% | 18.51% | 7.48% | 5.98% | 12.04% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.78% | 0.78% | 0.78% | 0.79% | 0.79% |
Net expenses | 0.77% | 0.78% | 0.78% | 0.78% | 0.78% |
Net investment income | 1.10% | 1.09% | 1.42% | 1.73% | 1.30% |
Supplemental data | |||||
Portfolio turnover rate | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $290,545 | $358,519 | $319,229 | $359,278 | $326,283 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 187,155,181 |
Gross unrealized losses | (123,009,408) |
Net unrealized gains | $ 64,145,773 |
■ | 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 | $ 2,696,200 | $ 0 | $0 | $ 2,696,200 |
Financials | 5,017,500 | 0 | 0 | 5,017,500 |
Health care | 224,696,770 | 0 | 0 | 224,696,770 |
Industrials | 193,459,450 | 0 | 0 | 193,459,450 |
Information technology | 200,214,640 | 0 | 0 | 200,214,640 |
Materials | 104,962,205 | 0 | 0 | 104,962,205 |
Real estate | 1,758,800 | 0 | 0 | 1,758,800 |
Corporate bonds and notes | 0 | 141,428,849 | 0 | 141,428,849 |
Yankee corporate bonds and notes | 0 | 11,353,916 | 0 | 11,353,916 |
Short-term investments | ||||
Investment companies | 46,508,707 | 0 | 0 | 46,508,707 |
Total assets | $779,314,272 | $152,782,765 | $0 | $932,097,037 |
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 | $836,922 | $(836,922) | $0 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $23,585,041 | $10,133,825 |
Long-term capital gain | 62,510,475 | 9,761,813 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$489,515 | $104,791,580 | $64,145,773 |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A225/AR225 09-22
Diversified Income Builder Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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 September 30, 20221 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKSAX) | 4-14-1987 | -21.63 | -0.84 | 3.32 | -16.86 | 0.33 | 3.94 | 1.09 | 0.86 | ||
Class C (EKSCX) | 2-1-1993 | -18.61 | -0.46 | 3.33 | -17.61 | -0.46 | 3.33 | 1.84 | 1.61 | ||
Class R6 (EKSRX)3 | 7-31-2018 | – | – | – | -16.61 | 0.75 | 4.36 | 0.66 | 0.43 | ||
Administrator Class (EKSDX) | 7-30-2010 | – | – | – | -16.91 | 0.38 | 4.06 | 1.01 | 0.78 | ||
Institutional Class (EKSYX) | 1-13-1997 | – | – | – | -16.69 | 0.67 | 4.32 | 0.76 | 0.53 | ||
Diversified Income Builder Blended Index4 | – | – | – | – | -15.66 | 2.88 | 5.58 | – | – | ||
Bloomberg U.S. Aggregate Bond Index5 | – | – | – | – | -14.60 | -0.27 | 0.89 | – | – | ||
ICE BofA U.S. Cash Pay High Yield Index6 | – | – | – | – | -13.96 | 1.41 | 3.85 | – | – | ||
MSCI ACWI Index (Net)7 | – | – | – | – | -20.66 | 4.44 | 7.28 | – | – |
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) Index (Net) 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. |
■ | The Fund underperformed its benchmark, the Diversified Income Builder Blended Index, for the 12-month period that ended September 30, 2022. |
■ | Compared with its benchmark, the Fund had approximately 5% higher weight to equities on average during this period. The Fund’s equity allocation also underperformed the equity benchmark. Both of these factors detracted from the Fund’s overall benchmark-relative performance. |
■ | Our fixed income allocation was largely among various high-yield bond sectors, with some investment-grade structured product allocation; the overall fixed income allocation performed in line with the blended benchmark. |
■ | Fund performance benefited from the covered call writing strategy. |
Ten largest holdings (%) as of September 30, 20221 | |
Microsoft Corporation | 1.67 |
Apple Incorporated | 1.43 |
Amazon.com Incorporated | 1.15 |
Alphabet Incorporated Class A | 1.08 |
Oxford Finance Funding Trust Series 2022-1A Class B | 0.95 |
ING Groep NV | 0.83 |
Flexential Issuer LLC Series 2021-1A Class C | 0.80 |
Lloyds Banking Group plc | 0.79 |
Societe Generale SA | 0.79 |
TerraForm Power Operating LLC | 0.67 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | 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. You cannot invest directly in an index. |
** | The MCSI Emerging Markets (EM) Index (Net) 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. |
* | 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. You cannot invest directly in an index. |
*** | The Bloomberg U.S. 1-3 Year Treasury Bond Index measures the performance of the U.S. government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. You cannot invest directly in an index. |
* | 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. You cannot invest directly in an index. |
† | The Bloomberg U.S. Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranational and local authorities. You cannot invest directly in an index. |
* | 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. You cannot invest directly in an index. |
†† | 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. |
* | 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. You cannot invest directly in an index. |
††† | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
Portfolio composition as of September 30, 20221 |
1 | Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 860.99 | $3.97 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 | 0.85% |
Class C | ||||
Actual | $1,000.00 | $ 856.42 | $7.45 | 1.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.05 | $8.09 | 1.60% |
Class R6 | ||||
Actual | $1,000.00 | $ 862.53 | $1.96 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.96 | $2.13 | 0.42% |
Administrator Class | ||||
Actual | $1,000.00 | $ 860.96 | $3.59 | 0.77% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.21 | $3.90 | 0.77% |
Institutional Class | ||||
Actual | $1,000.00 | $ 862.11 | $2.43 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.46 | $2.64 | 0.52% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 3.45% | ||||||
ABPCI Direct Lending Fund Series 2022-2A Class C 144A | 8.24% | 3-1-2032 | $ | 3,000,000 | $ 2,799,854 | |
Aqua Finance Trust Series 2019-A Class A 144A | 3.14 | 7-16-2040 | 106,411 | 100,713 | ||
BREX Incorporated Series 2022-1 Class A 144A | 4.63 | 7-15-2025 | 1,000,000 | 968,492 | ||
Cologix Data Centers Issuer Series 2021-1A Class C 144A | 5.99 | 12-26-2051 | 2,400,000 | 2,094,947 | ||
Driven Brands Funding LLC Series 2019-2A Class A2 144A | 3.98 | 10-20-2049 | 778,000 | 688,494 | ||
Dryden Senior Loan Fund Series 2019-80A Class DR (U.S. SOFR 3 Month +3.10%) 144A± | 5.58 | 1-17-2033 | 3,000,000 | 2,627,361 | ||
NMEF Funding LLC Series 2022-A Class D 144A | 6.75 | 10-16-2028 | 3,000,000 | 2,768,894 | ||
Sound Point CLO Limited Series 2022-1A Class D (U.S. SOFR 3 Month +3.30%) 144A± | 5.84 | 4-25-2035 | 1,750,000 | 1,462,349 | ||
VB-S1 Issuer LLC Series 2022-1A Class F 144A | 5.27 | 2-15-2052 | 1,500,000 | 1,309,028 | ||
Total Asset-backed securities (Cost $16,299,542) | 14,820,132 |
Shares | ||||||
Common stocks: 28.05% | ||||||
Communication services: 2.38% | ||||||
Diversified telecommunication services: 0.60% | ||||||
AT&T Incorporated # | 53,711 | 823,927 | ||||
Indus Towers Limited | 38,085 | 91,933 | ||||
Koninklijke KPN NV | 219,737 | 594,688 | ||||
PT Telekomunikasi Indonesia Persero Tbk | 3,220,681 | 938,654 | ||||
Saudi Telecom Company | 14,780 | 153,865 | ||||
2,603,067 | ||||||
Entertainment: 0.04% | ||||||
Take-Two Interactive Software Incorporated †# | 1,530 | 166,770 | ||||
Interactive media & services: 1.37% | ||||||
Alphabet Incorporated Class A †# | 48,695 | 4,657,677 | ||||
Alphabet Incorporated Class C †# | 3,220 | 309,603 | ||||
Baidu Incorporated Class A † | 10,208 | 150,274 | ||||
Meta Platforms Incorporated Class A †# | 1,061 | 143,956 | ||||
Tencent Holdings Limited | 7,300 | 246,567 | ||||
ZoomInfo Technologies Incorporated †# | 8,734 | 363,858 | ||||
5,871,935 | ||||||
Media: 0.17% | ||||||
Publicis Groupe SA | 15,474 | 733,199 | ||||
Wireless telecommunication services: 0.20% | ||||||
America Movil SAB de CV ADR | 4,417 | 72,748 | ||||
SK Telecom Company Limited | 22,402 | 790,872 | ||||
863,620 | ||||||
Consumer discretionary: 3.89% | ||||||
Automobiles: 0.96% | ||||||
Bajaj Auto Limited | 2,432 | 104,934 | ||||
Bayerische Motoren Werke AG | 11,045 | 748,603 | ||||
General Motors Company # | 26,138 | 838,768 |
Shares | Value | |||||
Automobiles (continued) | ||||||
Guangzhou Automobile Group Company Limited Class H | 134,000 | $ 95,212 | ||||
Honda Motor Company Limited | 39,400 | 855,207 | ||||
Kia Corporation | 2,168 | 107,906 | ||||
Stellantis NV | 53,943 | 637,199 | ||||
Tesla Motors Incorporated †# | 2,751 | 729,703 | ||||
4,117,532 | ||||||
Hotels, restaurants & leisure: 0.43% | ||||||
Airbnb Incorporated Class A †# | 2,229 | 234,134 | ||||
Chipotle Mexican Grill Incorporated †# | 279 | 419,270 | ||||
Genting Malaysia Bhd | 147,900 | 88,628 | ||||
Kangwon Land Incorporated † | 4,443 | 72,539 | ||||
Papa John's International Incorporated # | 9,343 | 654,103 | ||||
Planet Fitness Incorporated Class A †# | 6,274 | 361,759 | ||||
1,830,433 | ||||||
Household durables: 0.18% | ||||||
Barratt Developments plc | 159,106 | 601,328 | ||||
Midea Group Company Limited Class A | 27,099 | 187,860 | ||||
789,188 | ||||||
Internet & direct marketing retail: 1.38% | ||||||
Alibaba Group Holding Limited † | 29,400 | 293,392 | ||||
Amazon.com Incorporated †# | 43,521 | 4,917,873 | ||||
CarParts.com Incorporated †# | 1,248 | 6,452 | ||||
JD.com Incorporated Class A | 27,850 | 702,605 | ||||
5,920,322 | ||||||
Multiline retail: 0.21% | ||||||
Target Corporation # | 5,919 | 878,320 | ||||
Specialty retail: 0.63% | ||||||
China Yongda Automobile Service Holding Company | 87,000 | 46,617 | ||||
Chow Tai Fook Jewellery Company Limited | 46,400 | 87,203 | ||||
Five Below Incorporated †# | 3,529 | 485,837 | ||||
Floor & Decor Holdings Incorporated Class A †# | 7,404 | 520,205 | ||||
Leslie's Incorporated †# | 41,747 | 614,098 | ||||
Mr Price Group Limited | 6,473 | 61,669 | ||||
O'Reilly Automotive Incorporated †# | 110 | 77,369 | ||||
Petco Health & Wellness Company †# | 34,800 | 388,368 | ||||
Ulta Beauty Incorporated †# | 1,066 | 427,669 | ||||
2,709,035 | ||||||
Textiles, apparel & luxury goods: 0.10% | ||||||
lululemon athletica Incorporated †# | 1,070 | 299,129 | ||||
On Holding AG Class A †# | 8,831 | 141,738 | ||||
440,867 | ||||||
Consumer staples: 0.96% | ||||||
Beverages: 0.02% | ||||||
Ambev SA | 29,200 | 84,119 |
Shares | Value | |||||
Food & staples retailing: 0.78% | ||||||
Costco Wholesale Corporation # | 2,928 | $ 1,382,807 | ||||
Magnit PJSC (Acquired 4-29-2013, cost $32,870,257) ♦† | 1,041 | 0 | ||||
President Chain Store Corporation | 7,000 | 62,110 | ||||
Sysco Corporation # | 15,974 | 1,129,522 | ||||
Tesco plc | 273,181 | 626,970 | ||||
Walmart de Mexico SAB de CV | 38,300 | 134,510 | ||||
3,335,919 | ||||||
Food products: 0.09% | ||||||
Grupo Bimbo SAB de CV Series A | 16,400 | 57,629 | ||||
Inner Mongolia Yili Industrial Group Company Limited Class A | 27,300 | 126,669 | ||||
Minerva SA | 37,824 | 87,928 | ||||
Tingyi Holding Corporation | 66,000 | 113,659 | ||||
385,885 | ||||||
Household products: 0.01% | ||||||
PT Unilever Indonesia Tbk | 223,200 | 70,601 | ||||
Personal products: 0.06% | ||||||
Colgate-Palmolive Company India Limited | 7,320 | 146,252 | ||||
The Estee Lauder Companies Incorporated Class A # | 451 | 97,371 | ||||
243,623 | ||||||
Energy: 1.02% | ||||||
Energy equipment & services: 0.02% | ||||||
China Oilfield Services Limited H Shares | 74,800 | 74,077 | ||||
Oil, gas & consumable fuels: 1.00% | ||||||
ConocoPhillips # | 15,124 | 1,547,790 | ||||
Devon Energy Corporation # | 21,508 | 1,293,276 | ||||
Ecopetrol SA ADR | 8,429 | 75,271 | ||||
Industries Qatar | 21,371 | 98,655 | ||||
Shell plc | 52,514 | 1,302,764 | ||||
4,317,756 | ||||||
Financials: 4.17% | ||||||
Banks: 1.58% | ||||||
Absa Group Limited | 12,287 | 119,356 | ||||
Alinma Bank | 15,720 | 150,372 | ||||
Banco Santander Chile SA | 1,244,309 | 43,473 | ||||
Bangkok Bank PCL | 41,300 | 149,455 | ||||
Bank of America Corporation # | 27,882 | 842,036 | ||||
Bank of Baroda | 114,358 | 184,326 | ||||
Bank of the Philippine Islands | 33,620 | 51,208 | ||||
BNP Paribas SA | 17,168 | 725,163 | ||||
China Construction Bank Class H | 247,000 | 142,569 | ||||
CTBC Financial Holding Company Limited | 169,000 | 105,135 | ||||
DBS Group Holdings Limited | 38,900 | 899,888 | ||||
Grupo Financiero Banorte SAB de CV | 11,000 | 70,464 | ||||
Hana Financial Group Incorporated | 3,671 | 90,141 | ||||
KB Financial Group Incorporated | 30,352 | 916,585 | ||||
KeyCorp # | 41,119 | 658,726 |
Shares | Value | |||||
Banks (continued) | ||||||
National Commercial Bank | 9,922 | $ 165,553 | ||||
Postal Savings Bank of China Company Limited Class H 144A | 1,678,000 | 986,270 | ||||
PT Bank Negara Indonesia Persero Tbk | 153,750 | 89,928 | ||||
PT Bank Rakyat Indonesia Tbk | 197,580 | 57,826 | ||||
Qatar National Bank | 18,231 | 99,225 | ||||
RHB Bank Bhd | 45,600 | 54,483 | ||||
Standard Bank Group Limited | 11,366 | 89,788 | ||||
Tisco Financial Group PCL | 32,300 | 79,204 | ||||
6,771,174 | ||||||
Capital markets: 1.54% | ||||||
Ares Capital Corporation # | 66,575 | 1,123,786 | ||||
B3 Brasil Bolsa Balcao SA | 21,800 | 52,739 | ||||
Banco BTG Pactual SA | 16,804 | 77,286 | ||||
BlackRock Incorporated # | 307 | 168,936 | ||||
China International Capital Corporation Limited Class H 144A | 55,600 | 80,187 | ||||
CME Group Incorporated # | 2,035 | 360,460 | ||||
Huatai Securities Company Limited H Shares 144A | 54,200 | 59,442 | ||||
Interactive Brokers Group Incorporated Class A # | 3,726 | 238,129 | ||||
Intercontinental Exchange Incorporated | 1,021 | 92,247 | ||||
LPL Financial Holdings Incorporated # | 3,961 | 865,399 | ||||
Man Group plc | 282,183 | 698,706 | ||||
MarketAxess Holdings Incorporated # | 1,531 | 340,632 | ||||
Oaktree Specialty Lending Company # | 138,873 | 833,238 | ||||
The Charles Schwab Corporation # | 7,992 | 574,385 | ||||
Tradeweb Markets Incorporated Class A # | 18,835 | 1,062,671 | ||||
6,628,243 | ||||||
Diversified financial services: 0.25% | ||||||
LIC Housing Finance Limited | 32,948 | 166,564 | ||||
ORIX Corporation | 65,700 | 920,395 | ||||
1,086,959 | ||||||
Insurance: 0.70% | ||||||
AXA SA | 48,269 | 1,053,852 | ||||
BB Seguridade Participacoes SA | 203,859 | 1,004,112 | ||||
Ping An Insurance Group Company Class H | 15,200 | 75,830 | ||||
Sompo Holdings Incorporated | 21,200 | 848,240 | ||||
2,982,034 | ||||||
Mortgage REITs: 0.10% | ||||||
Starwood Property Trust Incorporated # | 23,142 | 421,647 | ||||
Health care: 3.71% | ||||||
Biotechnology: 0.78% | ||||||
AbbVie Incorporated # | 8,162 | 1,095,422 | ||||
Argenx SE †# | 137 | 48,368 | ||||
Biohaven Pharmaceutical Holding Company †# | 1,830 | 276,641 | ||||
Gilead Sciences Incorporated # | 13,765 | 849,163 | ||||
Horizon Therapeutics plc †# | 5,327 | 329,688 | ||||
Natera Incorporated †# | 1,456 | 63,802 | ||||
Seagen Incorporated †# | 1,574 | 215,370 |
Shares | Value | |||||
Biotechnology (continued) | ||||||
Vertex Pharmaceuticals Incorporated †# | 1,215 | $ 351,791 | ||||
Zhejiang NHU Company Limited | 39,648 | 123,869 | ||||
3,354,114 | ||||||
Health care equipment & supplies: 0.64% | ||||||
Boston Scientific Corporation †# | 23,469 | 908,954 | ||||
Edwards Lifesciences Corporation †# | 7,446 | 615,263 | ||||
Figs Incorporated Class A †# | 15,569 | 128,444 | ||||
Insulet Corporation †# | 1,602 | 367,499 | ||||
Intuitive Surgical Incorporated †# | 1,955 | 366,445 | ||||
iRhythm Technologies Incorporated †# | 1,705 | 213,602 | ||||
Outset Medical Incorporated †# | 8,495 | 135,325 | ||||
2,735,532 | ||||||
Health care providers & services: 0.78% | ||||||
CVS Health Corporation # | 10,544 | 1,005,581 | ||||
UnitedHealth Group Incorporated # | 4,664 | 2,355,507 | ||||
3,361,088 | ||||||
Health care technology: 0.06% | ||||||
Veeva Systems Incorporated Class A †# | 1,588 | 261,829 | ||||
Life sciences tools & services: 0.18% | ||||||
Agilent Technologies Incorporated # | 658 | 79,980 | ||||
Bio-Techne Corporation # | 385 | 109,340 | ||||
Repligen Corporation †# | 2,447 | 457,858 | ||||
Thermo Fisher Scientific Incorporated # | 238 | 120,711 | ||||
767,889 | ||||||
Pharmaceuticals: 1.27% | ||||||
Bristol-Myers Squibb Company # | 19,807 | 1,408,083 | ||||
Catalent Incorporated †# | 10,099 | 730,764 | ||||
China Medical System Holding Limited | 497,000 | 592,041 | ||||
GSK plc | 41,626 | 601,192 | ||||
Pfizer Incorporated # | 22,001 | 962,764 | ||||
Revance Therapeutics Incorporated †# | 3,833 | 103,491 | ||||
Royalty Pharma plc Class A # | 4,518 | 181,533 | ||||
Sanofi SA | 9,408 | 716,386 | ||||
Zoetis Incorporated # | 1,007 | 149,328 | ||||
5,445,582 | ||||||
Industrials: 2.49% | ||||||
Air freight & logistics: 0.15% | ||||||
C.H. Robinson Worldwide Incorporated # | 6,728 | 647,974 | ||||
Airlines: 0.02% | ||||||
Copa Holdings SA Class A † | 1,361 | 91,201 | ||||
Building products: 0.02% | ||||||
Zurn Water Solutions Corporation # | 2,912 | 71,344 | ||||
Commercial services & supplies: 0.30% | ||||||
Casella Waste Systems Incorporated Class A †# | 3,857 | 294,636 | ||||
Copart Incorporated †# | 9,506 | 1,011,438 | ||||
1,306,074 |
Shares | Value | |||||
Construction & engineering: 0.03% | ||||||
China State Construction International Holdings | 108,500 | $ 109,333 | ||||
Electrical equipment: 0.72% | ||||||
Generac Holdings Incorporated †# | 670 | 119,354 | ||||
Nari Technology Company Limited | 18,288 | 63,777 | ||||
nVent Electric plc # | 26,600 | 840,826 | ||||
Regal Rexnord Corporation # | 3,321 | 466,136 | ||||
Rockwell Automation Incorporated # | 498 | 107,125 | ||||
Schneider Electric SE | 7,486 | 845,549 | ||||
Signify NV 144A | 24,896 | 640,758 | ||||
3,083,525 | ||||||
Industrial conglomerates: 0.27% | ||||||
Siemens AG | 10,994 | 1,074,585 | ||||
The Bidvest Group Limited | 9,369 | 101,734 | ||||
1,176,319 | ||||||
Machinery: 0.21% | ||||||
Doosan Bobcat Incorporated | 2,960 | 58,248 | ||||
Hillenbrand Incorporated # | 22,144 | 813,128 | ||||
Zoomlion Heavy Industry Science and Technology Company Limited Class H | 122,200 | 42,278 | ||||
913,654 | ||||||
Marine: 0.14% | ||||||
SITC International Holdings Incorporated | 328,000 | 601,530 | ||||
Road & rail: 0.19% | ||||||
J.B. Hunt Transport Services Incorporated # | 1,251 | 195,681 | ||||
Union Pacific Corporation # | 3,277 | 638,425 | ||||
834,106 | ||||||
Trading companies & distributors: 0.42% | ||||||
BOC Aviation Limited 144A | 11,900 | 84,127 | ||||
Ferguson plc | 5,229 | 542,400 | ||||
Russell Metals Incorporated | 33,008 | 614,113 | ||||
United Rentals Incorporated †# | 2,070 | 559,148 | ||||
1,799,788 | ||||||
Transportation infrastructure: 0.02% | ||||||
China Merchants Port Holdings Company Limited | 60,000 | 75,361 | ||||
Information technology: 7.82% | ||||||
Electronic equipment, instruments & components: 0.42% | ||||||
Delta Electronics Incorporated | 11,000 | 87,374 | ||||
Hon Hai Precision Industry Company Limited | 42,900 | 137,371 | ||||
Keysight Technologies Incorporated †# | 3,671 | 577,669 | ||||
TE Connectivity Limited # | 7,364 | 812,691 | ||||
Trimble Incorporated †# | 1,927 | 104,578 | ||||
Zebra Technologies Corporation Class A †# | 303 | 79,389 | ||||
1,799,072 | ||||||
IT services: 1.71% | ||||||
Accenture plc Class A # | 3,949 | 1,016,078 |
Shares | Value | |||||
IT services (continued) | ||||||
Capgemini SE | 5,305 | $ 849,333 | ||||
DigitalOcean Holdings Incorporated †# | 5,024 | 181,718 | ||||
ExlService Holdings Incorporated †# | 380 | 55,997 | ||||
Flywire Corporation †# | 11,952 | 274,418 | ||||
Infosys Limited ADR | 12,001 | 203,657 | ||||
International Business Machines Corporation # | 8,230 | 977,806 | ||||
MasterCard Incorporated Class A # | 5,401 | 1,535,720 | ||||
MongoDB Incorporated †# | 265 | 52,618 | ||||
PayPal Holdings Incorporated †# | 3,416 | 294,015 | ||||
Tech Mahindra Limited | 6,251 | 76,728 | ||||
Thoughtworks Holding Incorporated †# | 22,052 | 231,325 | ||||
Visa Incorporated Class A # | 9,027 | 1,603,647 | ||||
7,353,060 | ||||||
Semiconductors & semiconductor equipment: 1.66% | ||||||
Allegro MicroSystems Incorporated † | 25,415 | 555,318 | ||||
Broadcom Incorporated # | 2,098 | 931,533 | ||||
Enphase Energy Incorporated †# | 313 | 86,848 | ||||
KLA Corporation # | 2,643 | 799,851 | ||||
Mediatek Incorporated | 5,000 | 86,282 | ||||
Microchip Technology Incorporated # | 12,994 | 793,024 | ||||
Monolithic Power Systems Incorporated # | 2,309 | 839,091 | ||||
NVIDIA Corporation # | 5,922 | 718,872 | ||||
Qualcomm Incorporated # | 10,126 | 1,144,035 | ||||
Taiwan Semiconductor Manufacturing Company Limited | 51,800 | 686,629 | ||||
Taiwan Semiconductor Manufacturing Company Limited ADR # | 7,409 | 507,961 | ||||
7,149,444 | ||||||
Software: 2.38% | ||||||
Avalara Incorporated †# | 4,858 | 445,964 | ||||
Black Knight Incorporated †# | 3,969 | 256,913 | ||||
Crowdstrike Holdings Incorporated Class A †# | 2,107 | 347,255 | ||||
Dynatrace Incorporated †# | 11,181 | 389,211 | ||||
Fair Isaac Corporation # | 297 | 122,367 | ||||
Jamf Holding Corporation †# | 4,647 | 102,978 | ||||
Microsoft Corporation # | 30,763 | 7,164,703 | ||||
Palo Alto Networks Incorporated †# | 1,129 | 184,919 | ||||
Paycor HCM Incorporated †# | 3,409 | 100,770 | ||||
Procore Technologies Incorporated †# | 3,437 | 170,063 | ||||
Rapid7 Incorporated †# | 12,246 | 525,353 | ||||
ServiceNow Incorporated †# | 570 | 215,238 | ||||
Workiva Incorporated †# | 2,335 | 181,663 | ||||
10,207,397 | ||||||
Technology hardware, storage & peripherals: 1.65% | ||||||
Advantech Company Limited | 9,300 | 85,667 | ||||
Apple Incorporated # | 44,573 | 6,159,989 | ||||
Lenovo Group Limited | 96,000 | 66,403 | ||||
Samsung Electronics Company Limited | 6,916 | 253,950 | ||||
Samsung Electronics Company Limited GDR 144A | 570 | 518,217 | ||||
7,084,226 |
Shares | Value | |||||
Materials: 0.73% | ||||||
Chemicals: 0.20% | ||||||
Linde plc # | 2,511 | $ 676,940 | ||||
Petronas Chemicals Group Bhd | 30,400 | 54,671 | ||||
Sociedad Quimica Minera de Chile | 619 | 56,174 | ||||
Xinyangfeng Agricultural Technology Company Limited | 27,400 | 49,999 | ||||
837,784 | ||||||
Metals & mining: 0.35% | ||||||
Alrosa PJSC (Acquired 5-6-2021, cost $1,726,284) ♦† | 42,660 | 0 | ||||
Baoshan Iron & Steel Company Limited Class A | 102,900 | 76,109 | ||||
Companhia Brasileira de Aluminio | 20,200 | 42,839 | ||||
Fortescue Metals Group Limited | 44,977 | 482,844 | ||||
Ganfeng Lithium Company Limited Class H 144A | 8,120 | 53,641 | ||||
Reliance Steel & Aluminum Company # | 3,994 | 696,594 | ||||
Southern Copper Corporation | 1,654 | 74,165 | ||||
Vale SA | 6,100 | 81,464 | ||||
1,507,656 | ||||||
Paper & forest products: 0.18% | ||||||
Louisiana-Pacific Corporation # | 14,782 | 756,691 | ||||
Nine Dragons Paper Holdings Limited | 60,000 | 37,227 | ||||
793,918 | ||||||
Real estate: 0.34% | ||||||
Equity REITs: 0.30% | ||||||
Embassy Office Parks REIT | 26,395 | 112,047 | ||||
Equinix Incorporated # | 279 | 158,706 | ||||
SBA Communications Corporation # | 399 | 113,575 | ||||
Simon Property Group Incorporated # | 9,790 | 878,653 | ||||
1,262,981 | ||||||
Real estate management & development: 0.04% | ||||||
China Resources Land Limited | 47,050 | 184,289 | ||||
Utilities: 0.54% | ||||||
Electric utilities: 0.43% | ||||||
EDP Energias do Brasil SA | 233,743 | 945,917 | ||||
Power Grid Corporation of India Limited | 42,379 | 110,037 | ||||
SSE plc | 47,590 | 803,604 | ||||
1,859,558 | ||||||
Gas utilities: 0.08% | ||||||
ENN Energy Holdings Limited | 6,300 | 83,999 | ||||
Gail India Limited | 83,115 | 88,332 | ||||
Kunlun Energy Company Limited | 78,000 | 56,139 | ||||
Mahanagar Gas Limited | 10,125 | 103,248 | ||||
331,718 | ||||||
Independent power & renewable electricity producers: 0.03% | ||||||
China Yangtze Power Company Limited Class A | 34,800 | 111,391 | ||||
Total Common stocks (Cost $135,220,984) | 120,445,062 |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 37.28% | ||||||
Communication services: 5.46% | ||||||
Diversified telecommunication services: 0.25% | ||||||
Cablevision Lightpath LLC 144A | 3.88% | 9-15-2027 | $ | 550,000 | $ 460,062 | |
Cablevision Lightpath LLC 144A | 5.63 | 9-15-2028 | 375,000 | 300,000 | ||
Level 3 Financing Incorporated 144A | 3.63 | 1-15-2029 | 400,000 | 296,156 | ||
1,056,218 | ||||||
Entertainment: 0.51% | ||||||
Live Nation Entertainment Incorporated 144A | 3.75 | 1-15-2028 | 730,000 | 618,675 | ||
Live Nation Entertainment Incorporated 144A | 5.63 | 3-15-2026 | 545,000 | 519,712 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 1,115,000 | 1,072,909 | ||
2,211,296 | ||||||
Media: 4.70% | ||||||
CCO Holdings LLC 144A | 4.25 | 1-15-2034 | 205,000 | 146,735 | ||
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 835,000 | 660,351 | ||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 2,060,000 | 1,859,150 | ||
Cinemark USA Incorporated 144A | 5.25 | 7-15-2028 | 1,080,000 | 830,617 | ||
Cinemark USA Incorporated 144A | 5.88 | 3-15-2026 | 200,000 | 167,235 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 610,000 | 616,680 | ||
Clear Channel Outdoor Holdings 144A | 7.50 | 6-1-2029 | 1,165,000 | 844,625 | ||
CSC Holdings LLC 144A | 4.13 | 12-1-2030 | 375,000 | 280,200 | ||
CSC Holdings LLC 144A | 5.75 | 1-15-2030 | 1,800,000 | 1,279,377 | ||
DIRECTV Financing LLC 144A | 5.88 | 8-15-2027 | 860,000 | 741,415 | ||
DISH DBS Corporation 144A | 5.75 | 12-1-2028 | 750,000 | 566,805 | ||
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 2,975,000 | 2,333,664 | ||
Lamar Media Corporation | 4.88 | 1-15-2029 | 605,000 | 539,263 | ||
Lamar Media Corporation | 4.00 | 2-15-2030 | 460,000 | 385,425 | ||
Match Group Holdings II LLC 144A | 5.63 | 2-15-2029 | 1,170,000 | 1,065,325 | ||
Nexstar Broadcasting Incorporated 144A | 4.75 | 11-1-2028 | 200,000 | 170,000 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 650,000 | 597,550 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 775,000 | 603,832 | ||
Outfront Media Capital Corporation 144A | 5.00 | 8-15-2027 | 290,000 | 253,330 | ||
QVC Incorporated | 4.38 | 9-1-2028 | 810,000 | 549,212 | ||
QVC Incorporated | 4.75 | 2-15-2027 | 1,155,000 | 865,994 | ||
QVC Incorporated | 5.95 | 3-15-2043 | 500,000 | 296,725 | ||
Salem Media Group Incorporated 144A | 6.75 | 6-1-2024 | 455,000 | 436,800 | ||
Scripps Escrow II Incorporated 144A« | 5.38 | 1-15-2031 | 1,650,000 | 1,249,907 | ||
Scripps Escrow II Incorporated 144A | 5.88 | 7-15-2027 | 925,000 | 804,750 | ||
Sirius XM Radio Incorporated Company 144A | 4.00 | 7-15-2028 | 500,000 | 425,290 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 1,755,000 | 1,604,195 | ||
20,174,452 | ||||||
Consumer discretionary: 5.19% | ||||||
Auto components: 0.28% | ||||||
Allison Transmission Incorporated 144A | 5.88 | 6-1-2029 | 565,000 | 511,325 | ||
Clarios Global LP 144A | 6.75 | 5-15-2025 | 685,000 | 670,773 | ||
1,182,098 | ||||||
Automobiles: 0.04% | ||||||
Ford Motor Company | 3.25 | 2-12-2032 | 245,000 | 176,481 |
Interest rate | Maturity date | Principal | Value | |||
Diversified consumer services: 0.21% | ||||||
Grand Canyon University « | 5.13% | 10-1-2028 | $ | 1,000,000 | $ 904,730 | |
Hotels, restaurants & leisure: 2.78% | ||||||
Carnival Corporation 144A | 4.00 | 8-1-2028 | 650,000 | 524,381 | ||
Carnival Corporation 144A | 6.00 | 5-1-2029 | 755,000 | 495,710 | ||
Carnival Corporation 144A | 7.63 | 3-1-2026 | 585,000 | 444,600 | ||
Carnival Corporation 144A | 9.88 | 8-1-2027 | 680,000 | 666,400 | ||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 190,000 | 187,988 | ||
CCM Merger Incorporated 144A | 6.38 | 5-1-2026 | 2,575,000 | 2,349,816 | ||
Cedar Fair LP 144A | 5.50 | 5-1-2025 | 465,000 | 447,297 | ||
Churchill Downs Incorporated 144A | 4.75 | 1-15-2028 | 570,000 | 493,094 | ||
Hilton Domestic Operating Company Incorporated 144A | 5.38 | 5-1-2025 | 480,000 | 469,129 | ||
NCL Corporation Limited 144A | 5.88 | 3-15-2026 | 1,350,000 | 1,026,999 | ||
NCL Corporation Limited 144A | 5.88 | 2-15-2027 | 785,000 | 653,513 | ||
NCL Corporation Limited 144A | 7.75 | 2-15-2029 | 495,000 | 373,577 | ||
Royal Caribbean Cruises Limited 144A | 5.38 | 7-15-2027 | 160,000 | 117,686 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 215,000 | 164,475 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 450,000 | 315,288 | ||
Royal Caribbean Cruises Limited 144A | 9.13 | 6-15-2023 | 655,000 | 666,463 | ||
Royal Caribbean Cruises Limited 144A%% | 9.25 | 1-15-2029 | 585,000 | 576,433 | ||
Royal Caribbean Cruises Limited 144A | 10.88 | 6-1-2023 | 500,000 | 511,250 | ||
Royal Caribbean Cruises Limited 144A | 11.63 | 8-15-2027 | 825,000 | 750,767 | ||
Six Flags Entertainment Company 144A | 5.50 | 4-15-2027 | 285,000 | 250,256 | ||
Six Flags Entertainment Company 144A | 7.00 | 7-1-2025 | 462,000 | 461,805 | ||
11,946,927 | ||||||
Household durables: 0.12% | ||||||
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 600,000 | 534,750 | ||
Multiline retail: 0.46% | ||||||
LSF9 Atlantis Holdings LLC 144A | 7.75 | 2-15-2026 | 833,000 | 743,453 | ||
Macy's Retail Holdings LLC 144A | 5.88 | 4-1-2029 | 1,365,000 | 1,095,413 | ||
Macy's Retail Holdings LLC 144A | 6.13 | 3-15-2032 | 155,000 | 118,679 | ||
1,957,545 | ||||||
Specialty retail: 1.04% | ||||||
Bath & Body Works Incorporated��144A | 9.38 | 7-1-2025 | 365,000 | 377,775 | ||
GAP Incorporated 144A | 3.88 | 10-1-2031 | 1,195,000 | 759,681 | ||
Group 1 Automotive Incorporated 144A | 4.00 | 8-15-2028 | 900,000 | 724,689 | ||
Lithia Motors Incorporated 144A | 3.88 | 6-1-2029 | 245,000 | 196,613 | ||
Michaels Companies Incorporated 144A | 7.88 | 5-1-2029 | 780,000 | 450,356 | ||
NMG Holding Company Incorporated 144A | 7.13 | 4-1-2026 | 995,000 | 914,258 | ||
Rent-A-Center Incorporated 144A« | 6.38 | 2-15-2029 | 1,345,000 | 1,049,100 | ||
4,472,472 | ||||||
Textiles, apparel & luxury goods: 0.26% | ||||||
G-III Apparel Group Limited 144A | 7.88 | 8-15-2025 | 1,215,000 | 1,102,613 | ||
Consumer staples: 0.31% | ||||||
Food products: 0.31% | ||||||
CHS Incorporated 144A | 5.25 | 5-15-2030 | 750,000 | 522,188 |
Interest rate | Maturity date | Principal | Value | |||
Food products (continued) | ||||||
CHS Incorporated 144A | 6.88% | 4-15-2029 | $ | 755,000 | $ 364,693 | |
US Foods Incorporated 144A | 6.25 | 4-15-2025 | 460,000 | 451,858 | ||
1,338,739 | ||||||
Energy: 6.84% | ||||||
Energy equipment & services: 1.64% | ||||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 2,100,000 | 1,849,365 | ||
Hilcorp Energy Company 144A | 6.25 | 11-1-2028 | 1,100,000 | 1,014,948 | ||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 920,000 | 839,200 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 600,000 | 475,386 | ||
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 2,425,000 | 2,102,354 | ||
USA Compression Partners LP | 6.88 | 4-1-2026 | 725,000 | 667,000 | ||
USA Compression Partners LP | 6.88 | 9-1-2027 | 75,000 | 68,162 | ||
7,016,415 | ||||||
Oil, gas & consumable fuels: 5.20% | ||||||
Aethon United 144A | 8.25 | 2-15-2026 | 1,195,000 | 1,154,776 | ||
Antero Resources Corporation 144A | 5.38 | 3-1-2030 | 385,000 | 346,142 | ||
Archrock Partners LP 144A | 6.25 | 4-1-2028 | 190,000 | 167,009 | ||
Archrock Partners LP 144A | 6.88 | 4-1-2027 | 945,000 | 846,323 | ||
Buckeye Partners LP 144A | 4.50 | 3-1-2028 | 475,000 | 403,750 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 425,000 | 314,818 | ||
Cheniere Energy Partners LP | 4.50 | 10-1-2029 | 450,000 | 396,176 | ||
CQP Holdco LP 144A | 5.50 | 6-15-2031 | 1,415,000 | 1,197,833 | ||
Crestwood Midstream Partners LP | 5.75 | 4-1-2025 | 25,000 | 23,723 | ||
DT Midstream Incorporated 144A | 4.13 | 6-15-2029 | 190,000 | 160,550 | ||
DT Midstream Incorporated 144A | 4.38 | 6-15-2031 | 1,195,000 | 985,540 | ||
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 1,700,000 | 1,568,301 | ||
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 2,080,000 | 1,903,200 | ||
EnLink Midstream Partners LP | 5.45 | 6-1-2047 | 1,130,000 | 825,430 | ||
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 1,175,000 | 893,819 | ||
EnLink Midstream Partners LP 144A | 6.50 | 9-1-2030 | 645,000 | 629,843 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 2,840,000 | 2,684,822 | ||
EQM Midstream Partners 144A | 7.50 | 6-1-2027 | 15,000 | 14,297 | ||
EQM Midstream Partners 144A | 7.50 | 6-1-2030 | 555,000 | 524,459 | ||
Harvest Midstream LP 144A | 7.50 | 9-1-2028 | 690,000 | 644,914 | ||
Hess Midstream Operation Company 144A | 5.50 | 10-15-2030 | 145,000 | 124,475 | ||
Kinetik Holdings LP Company 144A | 5.88 | 6-15-2030 | 550,000 | 503,612 | ||
Murphy Oil Corporation | 6.38 | 7-15-2028 | 455,000 | 429,975 | ||
Nabors Industries Limited 144A | 7.38 | 5-15-2027 | 845,000 | 779,893 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 2,425,000 | 2,425,000 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 575,000 | 468,021 | ||
Southwestern Energy Company | 4.75 | 2-1-2032 | 1,390,000 | 1,164,959 | ||
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 205,000 | 174,273 | ||
Tallgrass Energy Partners LP 144A | 7.50 | 10-1-2025 | 500,000 | 491,250 | ||
Venture Global LNG Incorporated 144A | 3.88 | 11-1-2033 | 110,000 | 85,525 | ||
22,332,708 | ||||||
Financials: 7.79% | ||||||
Banks: 1.81% | ||||||
Bank of America Corporation (5 Year Treasury Constant Maturity +2.76%) ʊ± | 4.38 | 1-27-2027 | 1,500,000 | 1,203,750 | ||
Citigroup Incorporated (U.S. SOFR +3.23%) ʊ± | 4.70 | 1-30-2025 | 1,000,000 | 803,700 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Citizens Financial Group Incorporated (5 Year Treasury Constant Maturity +5.31%) ʊ± | 5.65% | 10-6-2025 | $ | 2,000,000 | $ 1,950,000 | |
Fifth Third Bancorp (5 Year Treasury Constant Maturity +4.22%) ʊ± | 4.50 | 9-30-2025 | 2,000,000 | 1,839,832 | ||
JPMorgan Chase & Company (U.S. SOFR +3.13%) ʊ± | 4.60 | 2-1-2025 | 1,000,000 | 871,100 | ||
SVB Financial Group (10 Year Treasury Constant Maturity +3.06%) ʊ± | 4.70 | 11-15-2031 | 1,500,000 | 1,092,711 | ||
7,761,093 | ||||||
Capital markets: 0.41% | ||||||
MSCI Incorporated 144A | 4.00 | 11-15-2024 | 645,000 | 557,087 | ||
Oppenheimer Holdings Incorporated | 5.50 | 11-25-2022 | 1,215,000 | 1,205,888 | ||
1,762,975 | ||||||
Consumer finance: 2.62% | ||||||
FirstCash Incorporated 144A | 4.63 | 9-1-2028 | 405,000 | 339,026 | ||
FirstCash Incorporated 144A | 5.63 | 1-1-2030 | 725,000 | 619,875 | ||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 1,925,000 | 1,742,331 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 2,075,000 | 1,800,478 | ||
Ford Motor Credit Company LLC | 5.13 | 6-16-2025 | 505,000 | 476,523 | ||
LFS TopCo LLC 144A | 5.88 | 10-15-2026 | 705,000 | 560,483 | ||
Navient Corporation | 5.00 | 3-15-2027 | 1,055,000 | 862,897 | ||
Navient Corporation | 5.50 | 3-15-2029 | 775,000 | 589,114 | ||
Navient Corporation | 5.63 | 8-1-2033 | 675,000 | 453,722 | ||
OneMain Finance Corporation | 5.38 | 11-15-2029 | 200,000 | 155,000 | ||
OneMain Finance Corporation | 7.13 | 3-15-2026 | 720,000 | 649,009 | ||
OneMain Finance Corporation | 3.50 | 1-15-2027 | 355,000 | 276,535 | ||
PECF USS Intermediate Holding III Corporation 144A | 8.00 | 11-15-2029 | 515,000 | 375,555 | ||
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 1,465,000 | 1,184,514 | ||
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 890,000 | 729,800 | ||
Rocket Mortgage LLC 144A | 4.00 | 10-15-2033 | 615,000 | 422,821 | ||
11,237,683 | ||||||
Diversified financial services: 0.60% | ||||||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 370,000 | 296,925 | ||
Hat Holdings LLC 144A | 6.00 | 4-15-2025 | 780,000 | 733,816 | ||
LPL Holdings Incorporated 144A | 4.38 | 5-15-2031 | 1,025,000 | 849,944 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 11-15-2025 | 795,000 | 693,463 | ||
2,574,148 | ||||||
Insurance: 0.84% | ||||||
Amwins Group Incorporated 144A | 4.88 | 6-30-2029 | 660,000 | 547,841 | ||
AssuredPartners Incorporated 144A | 5.63 | 1-15-2029 | 775,000 | 602,349 | ||
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 1,600,000 | 1,260,000 | ||
HUB International Limited 144A | 5.63 | 12-1-2029 | 325,000 | 271,375 | ||
HUB International Limited 144A | 7.00 | 5-1-2026 | 280,000 | 265,556 | ||
Ryan Specialty Group LLC 144A | 4.38 | 2-1-2030 | 810,000 | 686,991 | ||
3,634,112 | ||||||
Mortgage REITs: 0.59% | ||||||
Blackstone Mortgage Trust Incorporated 144A | 3.75 | 1-15-2027 | 720,000 | 590,194 |
Interest rate | Maturity date | Principal | Value | |||
Mortgage REITs (continued) | ||||||
Starwood Property Trust Incorporated 144A | 4.38% | 1-15-2027 | $ | 930,000 | $ 792,811 | |
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 1,260,000 | 1,145,151 | ||
2,528,156 | ||||||
Thrifts & mortgage finance: 0.92% | ||||||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 1,990,000 | 1,901,823 | ||
Ladder Capital Finance Holdings LP 144A | 4.25 | 2-1-2027 | 600,000 | 483,125 | ||
Ladder Capital Finance Holdings LP 144A | 4.75 | 6-15-2029 | 615,000 | 460,420 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 1,210,000 | 1,113,200 | ||
3,958,568 | ||||||
Health care: 1.18% | ||||||
Health care providers & services: 1.00% | ||||||
180 Medical Incorporated 144A | 3.88 | 10-15-2029 | 1,000,000 | 828,470 | ||
Air Methods Corporation 144A« | 8.00 | 5-15-2025 | 515,000 | 258,443 | ||
Davita Incorporated 144A | 4.63 | 6-1-2030 | 1,125,000 | 870,469 | ||
Pediatrix Medical Group 144A« | 5.38 | 2-15-2030 | 640,000 | 530,403 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 750,000 | 705,690 | ||
Tenet Healthcare Corporation 144A | 4.88 | 1-1-2026 | 475,000 | 441,403 | ||
Toledo Hospital | 6.02 | 11-15-2048 | 1,000,000 | 650,000 | ||
4,284,878 | ||||||
Health care technology: 0.11% | ||||||
IQVIA Incorporated 144A | 5.00 | 10-15-2026 | 500,000 | 476,429 | ||
Life sciences tools & services: 0.07% | ||||||
Charles River Laboratories Incorporated 144A | 4.00 | 3-15-2031 | 400,000 | 322,569 | ||
Industrials: 4.80% | ||||||
Aerospace & defense: 0.96% | ||||||
Spirit AeroSystems Holdings Incorporated 144A | 5.50 | 1-15-2025 | 2,060,000 | 1,946,700 | ||
Spirit AeroSystems Holdings Incorporated 144A | 7.50 | 4-15-2025 | 230,000 | 216,713 | ||
TransDigm Group Incorporated 144A | 6.25 | 3-15-2026 | 145,000 | 140,650 | ||
TransDigm Group Incorporated | 6.38 | 6-15-2026 | 375,000 | 354,286 | ||
TransDigm Group Incorporated | 7.50 | 3-15-2027 | 1,565,000 | 1,489,880 | ||
4,148,229 | ||||||
Airlines: 0.85% | ||||||
American Airlines Group Incorporated 144A | 5.75 | 4-20-2029 | 815,000 | 711,088 | ||
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 457,690 | 379,187 | ||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 1,745,000 | 1,539,073 | ||
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 1,040,000 | 1,046,063 | ||
3,675,411 | ||||||
Commercial services & supplies: 1.00% | ||||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 1,425,000 | 919,658 | ||
Aramark Services Incorporated 144A | 6.38 | 5-1-2025 | 705,000 | 690,900 | ||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 1,815,000 | 1,806,950 | ||
Northern Light Health | 5.02 | 7-1-2036 | 1,000,000 | 870,054 | ||
4,287,562 |
Interest rate | Maturity date | Principal | Value | |||
Electrical equipment: 0.13% | ||||||
Sensata Technologies BV 144A | 5.88% | 9-1-2030 | $ | 580,000 | $ 542,683 | |
Electronic equipment, instruments & components: 0.26% | ||||||
Wesco Distribution Incorporated 144A | 7.13 | 6-15-2025 | 1,105,000 | 1,105,608 | ||
Machinery: 0.64% | ||||||
Stevens Holding Company Incorporated 144A | 6.13 | 10-1-2026 | 820,000 | 801,386 | ||
TK Elevator US Newco Incorporated 144A | 5.25 | 7-15-2027 | 1,365,000 | 1,160,537 | ||
Werner FinCo LP 144A | 8.75 | 7-15-2025 | 910,000 | 773,500 | ||
2,735,423 | ||||||
Road & rail: 0.59% | ||||||
Uber Technologies Incorporated 144A | 4.50 | 8-15-2029 | 1,580,000 | 1,328,188 | ||
Uber Technologies Incorporated 144A | 8.00 | 11-1-2026 | 1,200,000 | 1,198,104 | ||
2,526,292 | ||||||
Trading companies & distributors: 0.37% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 795,000 | 635,889 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 642,000 | 603,103 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 9.75 | 8-1-2027 | 350,000 | 342,233 | ||
1,581,225 | ||||||
Information technology: 1.64% | ||||||
Communications equipment: 0.23% | ||||||
Ciena Corporation 144A | 4.00 | 1-31-2030 | 475,000 | 396,625 | ||
CommScope Technologies LLC 144A | 4.75 | 9-1-2029 | 255,000 | 207,993 | ||
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 475,000 | 358,625 | ||
963,243 | ||||||
IT services: 0.58% | ||||||
Sabre GLBL Incorporated 144A | 7.38 | 9-1-2025 | 225,000 | 201,517 | ||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 2,410,000 | 2,307,358 | ||
2,508,875 | ||||||
Semiconductors & semiconductor equipment: 0.07% | ||||||
QORVO Incorporated 144A | 3.38 | 4-1-2031 | 390,000 | 292,169 | ||
Software: 0.76% | ||||||
Fair Isaac Corporation 144A | 5.25 | 5-15-2026 | 485,000 | 460,144 | ||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 380,000 | 313,665 | ||
MPH Acquisition Holdings LLC 144A« | 5.75 | 11-1-2028 | 1,405,000 | 1,055,183 | ||
NCR Corporation 144A | 5.75 | 9-1-2027 | 800,000 | 724,794 | ||
NCR Corporation 144A | 6.13 | 9-1-2029 | 200,000 | 172,203 | ||
SS&C Technologies Incorporated 144A | 5.50 | 9-30-2027 | 600,000 | 547,316 | ||
3,273,305 | ||||||
Materials: 1.70% | ||||||
Chemicals: 0.70% | ||||||
Avient Corporation 144A | 7.13 | 8-1-2030 | 260,000 | 239,962 | ||
Celanese US Holding LLC | 6.05 | 3-15-2025 | 1,455,000 | 1,421,311 |
Interest rate | Maturity date | Principal | Value | |||
Chemicals (continued) | ||||||
Chemours Company 144A | 4.63% | 11-15-2029 | $ | 955,000 | $ 709,107 | |
Olympus Water US Holding Corporation 144A | 4.25 | 10-1-2028 | 835,000 | 641,906 | ||
3,012,286 | ||||||
Containers & packaging: 0.84% | ||||||
Ball Corporation | 2.88 | 8-15-2030 | 735,000 | 564,072 | ||
Berry Global Incorporated 144A | 5.63 | 7-15-2027 | 1,205,000 | 1,127,320 | ||
Clydesdale Acquisition Holdings Incorporated 144A | 8.75 | 4-15-2030 | 1,075,000 | 889,057 | ||
Crown Cork & Seal Company Incorporated | 7.38 | 12-15-2026 | 740,000 | 740,000 | ||
Sealed Air Corporation 144A | 5.00 | 4-15-2029 | 290,000 | 258,825 | ||
3,579,274 | ||||||
Metals & mining: 0.16% | ||||||
Arches Buyer Incorporated 144A | 4.25 | 6-1-2028 | 420,000 | 327,600 | ||
Cleveland-Cliffs Incorporated | 5.88 | 6-1-2027 | 410,000 | 368,958 | ||
696,558 | ||||||
Real estate: 0.70% | ||||||
Equity REITs: 0.70% | ||||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 925,000 | 715,192 | ||
Iron Mountain Incorporated 144A | 5.25 | 7-15-2030 | 1,615,000 | 1,336,364 | ||
Service Properties Trust Company | 4.35 | 10-1-2024 | 520,000 | 460,335 | ||
Service Properties Trust Company | 4.75 | 10-1-2026 | 90,000 | 67,922 | ||
Service Properties Trust Company | 4.95 | 2-15-2027 | 580,000 | 430,341 | ||
3,010,154 | ||||||
Utilities: 1.67% | ||||||
Electric utilities: 0.40% | ||||||
NextEra Energy Operating Partners LP 144A | 4.25 | 7-15-2024 | 113,000 | 108,212 | ||
NextEra Energy Operating Partners LP 144A | 4.50 | 9-15-2027 | 420,000 | 382,200 | ||
PG&E Corporation | 5.25 | 7-1-2030 | 1,450,000 | 1,234,617 | ||
1,725,029 | ||||||
Independent power & renewable electricity producers: 1.27% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 1,710,341 | 1,650,479 | ||
TerraForm Power Operating LLC 144A | 5.00 | 1-31-2028 | 3,280,000 | 2,889,778 | ||
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 740,000 | 615,480 | ||
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 320,000 | 299,600 | ||
5,455,337 | ||||||
Total Corporate bonds and notes (Cost $186,441,527) | 160,066,718 | |||||
Foreign corporate bonds and notes : 2.62% | ||||||
Financials: 2.62% | ||||||
Banks: 2.62% | ||||||
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 | 2,270,296 | |
AIB Group plc (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.63%) ʊ± | 6.25 | 6-23-2025 | EUR | 2,000,000 | 1,769,069 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Banco Santander SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +4.53%) ʊ± | 4.38% | 1-14-2026 | EUR | 3,000,000 | $ 2,278,616 | |
Bankia SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.22%) ʊ± | 6.38 | 9-19-2023 | EUR | 3,000,000 | 2,785,792 | |
Commerzbank AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +6.36%) ʊ± | 6.13 | 10-9-2025 | EUR | 2,600,000 | 2,143,615 | |
Total Foreign corporate bonds and notes (Cost $15,840,684) | 11,247,388 | |||||
Loans: 2.70% | ||||||
Communication services: 0.08% | ||||||
Media: 0.08% | ||||||
Clear Channel Outdoor Holdings (1 Month LIBOR +3.50%) ± | 6.31 | 8-21-2026 | $ | 374,036 | 333,008 | |
Consumer discretionary: 0.55% | ||||||
Entertainment: 0.08% | ||||||
Dave and Busters Incorporated Term Loan B (U.S. SOFR 1 Month +3.50%) <± | 8.67 | 6-29-2029 | 350,000 | 340,666 | ||
Multiline retail: 0.06% | ||||||
LSF9 Atlantis Holdings LLC (U.S. SOFR 3 Month +7.25%) ‡± | 10.80 | 3-31-2029 | 300,000 | 284,250 | ||
Resource Recovery Revenue: 0.41% | ||||||
Geo Group Incorporated (U.S. SOFR 1 Month +7.13%) ± | 10.24 | 3-23-2027 | 1,774,577 | 1,746,485 | ||
Energy: 0.21% | ||||||
Oil, gas & consumable fuels: 0.21% | ||||||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 8.17 | 9-29-2028 | 567,125 | 557,484 | ||
M6 ETX Holdings II MidCo LLC Term Loan B (U.S. SOFR 3 Month +4.50%) ‡± | 7.99 | 9-19-2029 | 350,000 | 343,000 | ||
900,484 | ||||||
Financials: 0.75% | ||||||
Diversified financial services: 0.58% | ||||||
Intelsat Jackson Holdings SA (U.S. SOFR 1 Month +4.50%) <± | 7.44 | 2-1-2029 | 1,305,001 | 1,221,807 | ||
Resolute Investment Managers Incorporated (3 Month LIBOR +4.50%) ‡± | 8.14 | 4-30-2024 | 294,780 | 261,617 | ||
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 7.67 | 5-30-2025 | 1,090,771 | 1,007,141 | ||
2,490,565 | ||||||
Insurance: 0.08% | ||||||
Asurion LLC (1 Month LIBOR +5.25%) ± | 8.37 | 1-31-2028 | 435,000 | 326,250 | ||
Mortgage REITs: 0.09% | ||||||
Claros Mortgage Trust Incorporated (U.S. SOFR 1 Month +4.50%) ‡± | 7.25 | 8-9-2026 | 406,925 | 389,631 |
Interest rate | Maturity date | Principal | Value | |||
Health care: 0.32% | ||||||
Health care equipment & supplies: 0.12% | ||||||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 6.51% | 8-31-2026 | $ | 544,547 | $ 515,959 | |
Pharmaceuticals: 0.20% | ||||||
Bausch Health Companies Incorporated (U.S. SOFR 1 Month +5.25%) <± | 8.10 | 2-1-2027 | 1,145,500 | 876,846 | ||
Industrials: 0.73% | ||||||
Airlines: 0.46% | ||||||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 8.78 | 6-21-2027 | 1,448,750 | 1,452,111 | ||
SkyMiles IP Limited (3 Month LIBOR +3.75%) ± | 6.46 | 10-20-2027 | 535,000 | 535,417 | ||
1,987,528 | ||||||
Commercial services & supplies: 0.14% | ||||||
Polaris Newco LLC (1 Month LIBOR +4.00%) ± | 7.67 | 6-2-2028 | 655,738 | 603,646 | ||
Machinery: 0.13% | ||||||
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 7.67 | 7-24-2024 | 603,876 | 543,488 | ||
Information technology: 0.06% | ||||||
Software: 0.06% | ||||||
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ‡± | 6.62 | 7-24-2026 | 289,260 | 262,503 | ||
Total Loans (Cost $12,341,948) | 11,601,309 | |||||
Municipal obligations: 3.44% | ||||||
California: 0.55% | ||||||
Education revenue: 0.38% | ||||||
California School Finance Authority Charter School 144A | 4.25 | 7-1-2025 | 530,000 | 511,412 | ||
California School Finance Authority Charter School 144A | 5.00 | 6-15-2031 | 1,235,000 | 1,114,656 | ||
1,626,068 | ||||||
Health revenue: 0.01% | ||||||
California Municipal Finance Authority Series 2019B 144A | 4.25 | 11-1-2023 | 65,000 | 64,484 | ||
Tobacco revenue: 0.16% | ||||||
Golden State Tobacco Securitization Corporation | 4.21 | 6-1-2050 | 1,000,000 | 691,410 | ||
Colorado: 0.10% | ||||||
Health revenue: 0.10% | ||||||
Denver CO Health & Hospital Authority Series B | 5.15 | 12-1-2026 | 445,000 | 429,583 | ||
Florida: 0.48% | ||||||
Education revenue: 0.24% | ||||||
Capital Trust Agency Renaissance Charter School Project Series B 144A | 5.63 | 6-15-2023 | 210,000 | 208,648 | ||
Florida HEFAR Jacksonville University Project Series A2 144A | 5.43 | 6-1-2027 | 835,000 | 833,864 | ||
1,042,512 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue: 0.24% | ||||||
Charlotte County IDA Town & Country Utilities Project Series B 144A | 5.00% | 10-1-2036 | $ | 1,250,000 | $ 1,035,041 | |
Georgia: 0.09% | ||||||
Health revenue: 0.09% | ||||||
Cobb County GA Development Authority Presbyterian Village Austell Project Series 2019B 144A | 5.75 | 12-1-2028 | 400,000 | 381,294 | ||
Guam: 0.13% | ||||||
Airport revenue: 0.13% | ||||||
Guam International Airport Authority Series A | 4.46 | 10-1-2043 | 675,000 | 542,566 | ||
Illinois: 0.61% | ||||||
Miscellaneous revenue: 0.61% | ||||||
Chicago IL Board of Education Taxable Build America Bonds Series E | 6.04 | 12-1-2029 | 1,255,000 | 1,177,912 | ||
Chicago IL Certificate of Participation River Point Plaza Redevelopment Project Series A 144A | 4.84 | 4-15-2028 | 1,447,000 | 1,450,745 | ||
2,628,657 | ||||||
Indiana: 0.10% | ||||||
Health revenue: 0.10% | ||||||
Knox County IN Good Samaritian Hospital Project Industry Economic Development Series B | 5.90 | 4-1-2034 | 480,000 | 451,945 | ||
Iowa: 0.26% | ||||||
GO revenue: 0.26% | ||||||
Coralville IA Series C | 5.00 | 5-1-2030 | 1,200,000 | 1,104,490 | ||
Louisiana: 0.18% | ||||||
Health revenue: 0.18% | ||||||
Louisiana Local Government Environmental Facilities & CDA | 5.75 | 1-1-2029 | 845,000 | 786,946 | ||
New Jersey: 0.22% | ||||||
Education revenue: 0.22% | ||||||
New Jersey Educational Facilities Authority Georgian Court University Series H | 4.25 | 7-1-2028 | 1,000,000 | 925,887 | ||
New York: 0.26% | ||||||
Education revenue: 0.12% | ||||||
Yonkers Economic Development Corporation Series 2019B | 4.50 | 10-15-2024 | 545,000 | 526,498 | ||
Health revenue: 0.05% | ||||||
Jefferson County NY Civic Facility Development Corporation Refunding Bond Series B Samaritan Medical Center Obligated Group | 4.25 | 11-1-2028 | 245,000 | 226,826 | ||
Utilities revenue: 0.09% | ||||||
New York Energy Research & Development Authority Green Bond Series A | 4.81 | 4-1-2034 | 380,000 | 376,536 |
Interest rate | Maturity date | Principal | Value | |||
Oklahoma: 0.10% | ||||||
Health revenue: 0.10% | ||||||
Oklahoma Development Finance Authority | 5.45% | 8-15-2028 | $ | 500,000 | $ 432,006 | |
Texas: 0.13% | ||||||
Industrial development revenue: 0.13% | ||||||
Port Beaumont TX IDA Jefferson Gulf Coast 144A | 4.10 | 1-1-2028 | 700,000 | 547,918 | ||
Wisconsin: 0.23% | ||||||
Education revenue: 0.23% | ||||||
Burrell College of Osteopathic Medicine Project PFA 144A | 5.13 | 6-1-2028 | 1,040,000 | 968,702 | ||
Total Municipal obligations (Cost $16,184,933) | 14,789,369 | |||||
Non-agency mortgage-backed securities: 6.22% | ||||||
Arroyo Mortgage Trust Series 2022-1 Class A3 144A | 3.65 | 12-25-2056 | 1,450,000 | 1,100,560 | ||
BX Trust Series 2022-LP2 Class E (U.S. SOFR 1 Month +2.61%) 144A± | 5.53 | 2-15-2039 | 2,801,475 | 2,591,995 | ||
Capital Automotive Real Estate Services Series 1A Class A6 144A | 3.81 | 2-15-2050 | 496,771 | 432,876 | ||
Credit Suisse Mortgage Trust Series 2021-NQM8 Class M1 144A±± | 3.26 | 10-25-2066 | 2,000,000 | 1,393,258 | ||
Dell Equipment Finance Trust Series 2022-2 Class D 144A | 5.72 | 1-24-2028 | 600,000 | 577,038 | ||
Ellington Financial Mortgage Trust Series 2022-1 Class M1 144A±± | 3.50 | 1-25-2067 | 1,750,000 | 1,229,999 | ||
Flexential Issuer LLC Series 2021-1A Class C 144A | 6.93 | 11-27-2051 | 4,000,000 | 3,443,202 | ||
GCAT Series 2021-NQM6 Class M1 144A±± | 3.41 | 8-25-2066 | 2,000,000 | 1,470,311 | ||
Golub Capital Partners Funding LLC Series2021-2A Class B 144A | 3.99 | 10-19-2029 | 500,000 | 444,595 | ||
Goodleap Sustainable Home Improvement Series 2022-1GS Class C 144A | 3.50 | 1-20-2049 | 2,936,420 | 2,174,030 | ||
JPMorgan Mortgage Trust Series 2019-2 Class A3 144A±± | 4.00 | 8-25-2049 | 54,703 | 52,351 | ||
New Residential Mortgage Loan Trust Series 2022-NQM1 Class M1 144A±± | 3.60 | 1-25-2026 | 2,500,000 | 1,853,571 | ||
Oxford Finance Funding Trust Series 2022-1A Class B 144A | 4.10 | 2-15-2030 | 4,500,000 | 4,090,159 | ||
PRKCM 2022-AFC1 Trust Class M1 144A±± | 4.19 | 4-25-2057 | 600,000 | 487,006 | ||
Purewest Funding LLC Series 2021-1 Class A1 144A | 4.09 | 12-22-2036 | 722,244 | 684,752 | ||
Sequoia Mortgage Trust Series 2018-6 Class A19 144A±± | 4.00 | 7-25-2048 | 91,022 | 84,334 | ||
Service Experts Issuer Series 2021-1A Class C 144A | 5.37 | 2-2-2032 | 3,000,000 | 2,531,843 | ||
Starwood Mortgage Residential Series 2021-6 144A±± | 3.39 | 11-25-2066 | 3,000,000 | 2,057,314 | ||
Total Non-agency mortgage-backed securities (Cost $32,487,783) | 26,699,194 |
Dividend Yield | Shares | Value | ||||
Preferred stocks: 0.12% | ||||||
Energy: 0.02% | ||||||
Oil, gas & consumable fuels: 0.02% | ||||||
Petroleo Brasil SP ADR | 7.69% | 8,240 | $ 91,299 | |||
Financials: 0.02% | ||||||
Banks: 0.02% | ||||||
Itau Unibanco Holding SA | 2.59 | 18,100 | 94,151 | |||
Information technology: 0.05% | ||||||
Technology hardware, storage & peripherals: 0.05% | ||||||
Samsung Electronics Company Limited | 4.65 | 6,434 | 208,995 | |||
Materials: 0.03% | ||||||
Chemicals: 0.03% | ||||||
LG Chem Limited | 2.93 | 780 | 135,844 | |||
Total Preferred stocks (Cost $710,198) | 530,289 |
Interest rate | Maturity date | Principal | ||||
Yankee corporate bonds and notes: 9.07% | ||||||
Communication services: 0.41% | ||||||
Media: 0.25% | ||||||
Videotron Limited 144A | 5.13 | 4-15-2027 | $ | 1,155,000 | 1,060,111 | |
Wireless telecommunication services: 0.16% | ||||||
Connect U.S. Finco LLC 144A | 6.75 | 10-1-2026 | 795,000 | 695,269 | ||
Energy: 0.31% | ||||||
Oil, gas & consumable fuels: 0.31% | ||||||
Baytex Energy Corporation 144A | 8.75 | 4-1-2027 | 500,000 | 502,500 | ||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 880,000 | 819,464 | ||
1,321,964 | ||||||
Financials: 5.83% | ||||||
Banks: 4.80% | ||||||
Barclays plc (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.84%) ʊ± | 7.75 | 9-15-2023 | 2,160,000 | 1,995,300 | ||
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.90%) 144Aʊ± | 7.88 | 1-23-2024 | 1,750,000 | 1,677,813 | ||
Danske Bank AS (7 Year Treasury Constant Maturity +4.13%) ʊ± | 7.00 | 6-26-2025 | 2,300,000 | 2,061,053 | ||
HSBC Holdings plc (USD ICE Swap Rate 11:00am NY 5 Year +4.37%) ʊ± | 6.38 | 3-30-2025 | 2,000,000 | 1,801,900 | ||
ING Groep NV (USD ICE Swap Rate 11:00am NY 5 Year +4.20%) ʊ± | 6.75 | 4-16-2024 | 3,800,000 | 3,568,618 | ||
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 | 3,401,963 | ||
NatWest Group plc (5 Year Treasury Constant Maturity +3.10%) ʊ± | 4.60 | 6-28-2031 | 1,500,000 | 937,500 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Skandinaviska Enskilda Banken AB (5 Year Treasury Constant Maturity +3.46%) ʊ± | 5.13% | 5-13-2025 | $ | 2,000,000 | $ 1,800,000 | |
Societe Generale SA (USD ICE Swap Rate 11:00am NY 5 Year +5.87%) 144Aʊ± | 8.00 | 2-9-2025 | 3,535,000 | 3,370,369 | ||
20,614,516 | ||||||
Capital markets: 0.68% | ||||||
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 | 2,200,406 | ||
Credit Suisse Group AG (5 Year Treasury Constant Maturity +4.89%) 144Aʊ± | 5.25 | 2-11-2027 | 1,000,000 | 702,216 | ||
2,902,622 | ||||||
Diversified financial services: 0.35% | ||||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 530,000 | 450,578 | ||
New Red Finance Incorporated 144A | 3.88 | 1-15-2028 | 625,000 | 543,881 | ||
New Red Finance Incorporated 144A | 4.00 | 10-15-2030 | 650,000 | 511,927 | ||
1,506,386 | ||||||
Health care: 0.64% | ||||||
Biotechnology: 0.23% | ||||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 1,270,000 | 980,783 | ||
Pharmaceuticals: 0.41% | ||||||
Bausch Health Companies Incorporated 144A | 4.88 | 6-1-2028 | 445,000 | 286,892 | ||
Bausch Health Companies Incorporated 144A | 5.25 | 1-30-2030 | 1,980,000 | 739,493 | ||
Teva Pharmaceutical Finance Netherlands III BV | 4.75 | 5-9-2027 | 115,000 | 97,671 | ||
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 200,000 | 194,108 | ||
Teva Pharmaceutical Finance Netherlands III BV « | 6.75 | 3-1-2028 | 500,000 | 458,853 | ||
1,777,017 | ||||||
Industrials: 1.60% | ||||||
Aerospace & defense: 0.21% | ||||||
Bombardier Incorporated 144A« | 7.88 | 4-15-2027 | 990,000 | 910,800 | ||
Airlines: 0.60% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 1,805,000 | 1,877,999 | ||
VistaJet Malta Finance PLC 144A | 6.38 | 2-1-2030 | 880,000 | 719,400 | ||
2,597,399 | ||||||
Electrical equipment: 0.32% | ||||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 1,645,000 | 1,361,220 | ||
Trading companies & distributors: 0.47% | ||||||
Fly Leasing Limited 144A | 7.00 | 10-15-2024 | 2,670,000 | 2,002,500 | ||
Materials: 0.28% | ||||||
Containers & packaging: 0.13% | ||||||
Ardagh Packaging Finance plc 144A | 4.13 | 8-15-2026 | 205,000 | 170,689 | ||
Ardagh Packaging Finance plc 144A | 6.00 | 6-15-2027 | 450,000 | 423,767 | ||
594,456 |
Interest rate | Maturity date | Principal | Value | |||
Metals & mining: 0.15% | ||||||
Constellium SE 144A | 5.88% | 2-15-2026 | $ | 695,000 | $ 637,663 | |
Total Yankee corporate bonds and notes (Cost $45,468,262) | 38,962,706 |
Yield | Shares | |||||
Short-term investments: 6.44% | ||||||
Investment companies: 6.44% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 2.75 | 23,698,082 | 23,698,082 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 3,949,063 | 3,949,063 | |||
Total Short-term investments (Cost $27,647,145) | 27,647,145 | |||||
Total investments in securities (Cost $488,643,006) | 99.39% | 426,809,312 | ||||
Other assets and liabilities, net | 0.61 | 2,612,981 | ||||
Total net assets | 100.00% | $429,422,293 |
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. |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
< | 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. |
±± | 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. |
%% | The security is purchased on a when-issued basis. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
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 | $222,455,945 | $(220,597,233) | $0 | $0 | $ 23,698,082 | 23,698,082 | $ 97,900 | ||
Securities Lending Cash Investments LLC | 6,700,880 | 31,720,110 | (34,471,927) | 0 | 0 | 3,949,063 | 3,949,063 | 39,932 # | ||
$0 | $0 | $27,647,145 | $137,832 |
# | Amount shown represents income before fees and rebates. |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses |
12,633,753 USD | 12,785,000 EUR | Citibank National Association | 12-30-2022 | $9,319 | $0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
CAC 40 Index Futures | 144 | 10-21-2022 | $ 8,574,602 | $ 8,133,867 | $ 0 | $ (440,735) | |
MSCI Emerging Markets Index | 187 | 12-16-2022 | 9,066,959 | 8,148,525 | 0 | (918,434) | |
XAE Energy Index Futures | 108 | 12-16-2022 | 9,207,013 | 8,137,800 | 0 | (1,069,213) | |
XAP Consumer Staples | 199 | 12-16-2022 | 14,623,067 | 13,422,550 | 0 | (1,200,517) | |
Japanese Yen FX Futures | 152 | 12-19-2022 | 13,443,260 | 13,230,650 | 0 | (212,610) | |
10-Year U.S. Treasury Notes | 587 | 12-20-2022 | 68,492,198 | 65,780,688 | 0 | (2,711,510) | |
Short | |||||||
DAX Index Futures | (27) | 12-16-2022 | (8,446,589) | (8,027,051) | 419,538 | 0 | |
E-Mini S&P 500 Index | (111) | 12-16-2022 | (22,324,319) | (19,988,325) | 2,335,994 | 0 | |
Euro STOXX 50 Futures | (196) | 12-16-2022 | (6,890,860) | (6,367,778) | 523,082 | 0 | |
Euro FX Futures | (109) | 12-19-2022 | (13,700,901) | (13,436,294) | 264,607 | 0 | |
U.S. Ultra Treasury Bonds | (108) | 12-20-2022 | (16,176,132) | (14,796,000) | 1,380,132 | 0 | |
2-Year U.S. Treasury Notes | (324) | 12-30-2022 | (66,963,498) | (66,546,563) | 416,935 | 0 | |
$5,340,288 | $(6,553,019) |
Reference index | Fixed rate paid | Payment frequency | Maturity date | Notional amount | Value | Premiums paid (received) | Unrealized gains | Unrealized losses | |
Buy protection | |||||||||
Markit CDX North America High Yield Index | 5.00% | Quarterly | 12-20-2025 | USD | 990,000 | $3,496 | $57,528 | $0 | $(54,032) |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call | ||||||
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (652) | $ (4,238,000) | $ 65.00 | 10-14-2022 | $ (22) |
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (1,106) | (7,189,000) | 65.00 | 10-21-2022 | (3,871) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,908) | (8,299,800) | 43.50 | 10-7-2022 | 0 |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,262) | (5,363,500) | 42.50 | 10-14-2022 | 0 |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,110) | (4,495,500) | 40.50 | 10-21-2022 | (49) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,509) | (5,960,550) | 39.50 | 10-28-2022 | (6,791) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (7) | (10,115,000) | 14,450.00 | 10-7-2022 | 0 |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (6) | (8,355,000) | 13,925.00 | 10-14-2022 | (2) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (6) | (8,070,000) | 13,450.00 | 10-21-2022 | (660) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (3) | (3,840,000) | 12,800.00 | 10-28-2022 | (3,810) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (3) | (4,012,500) | 13,375.00 | 10-28-2022 | (1,035) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (28) | (6,006,000) | 2,145.00 | 10-7-2022 | 0 |
Russell 2000 Index | Morgan Stanley Company Incorporated | (14) | (2,933,000) | 2,095.00 | 10-14-2022 | 0 |
Russell 2000 Index | Morgan Stanley Company Incorporated | (12) | (2,334,000) | 1,945.00 | 10-14-2022 | (480) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (16) | (3,104,000) | 1,940.00 | 10-21-2022 | (1,640) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (17) | (3,119,500) | 1,835.00 | 10-21-2022 | (9,945) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (14) | (2,814,000) | 2,010.00 | 10-28-2022 | (1,155) |
S&P 500 Index | Morgan Stanley Company Incorporated | (16) | (7,200,000) | 4,500.00 | 10-7-2022 | 0 |
S&P 500 Index | Morgan Stanley Company Incorporated | (11) | (4,730,000) | 4,300.00 | 10-7-2022 | 0 |
S&P 500 Index | Morgan Stanley Company Incorporated | (31) | (13,485,000) | 4,350.00 | 10-14-2022 | (3) |
S&P 500 Index | Morgan Stanley Company Incorporated | (22) | (9,284,000) | 4,220.00 | 10-21-2022 | (715) |
S&P 500 Index | Morgan Stanley Company Incorporated | (42) | (17,556,000) | 4,180.00 | 10-28-2022 | (4,620) |
SPDR Euro STOXX 50 ETF | Morgan Stanley Company Incorporated | (98) | (333,200) | 34.00 | 10-28-2022 | (1,470) |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call (continued) | ||||||
$(36,268) |
Assets | |
Investments in unaffiliated securities (including $3,868,723 of securities loaned), at value (cost $460,995,861) | $ 399,162,167 |
Investments in affiliated securities, at value (cost $27,647,145) | 27,647,145 |
Cash | 1,387,012 |
Cash at broker segregated for futures contracts | 4,736,534 |
Segregated cash for swap contracts | 80,005 |
Foreign currency, at value (cost $43,145) | 46,414 |
Receivable for dividends and interest | 4,703,607 |
Receivable for investments sold | 2,453,358 |
Receivable for daily variation margin on open futures contracts | 626,909 |
Receivable for Fund shares sold | 194,438 |
Unrealized gains on forward foreign currency contracts | 9,319 |
Receivable for securities lending income, net | 8,576 |
Prepaid expenses and other assets | 136,466 |
Total assets | 441,191,950 |
Liabilities | |
Cash due to broker | 2,203,580 |
Payable upon receipt of securities loaned | 3,949,063 |
Payable for investments purchased | 3,505,945 |
Payable for daily variation margin on open futures contracts | 818,599 |
Payable for when-issued transactions | 585,000 |
Payable for Fund shares redeemed | 424,228 |
Management fee payable | 88,689 |
Administration fees payable | 63,509 |
Distribution fee payable | 47,453 |
Written options at value (premiums received $101,404) | 36,268 |
Trustees’ fees and expenses payable | 1,677 |
Payable for daily variation margin on centrally cleared swap contracts | 1,233 |
Accrued expenses and other liabilities | 44,413 |
Total liabilities | 11,769,657 |
Total net assets | $ 429,422,293 |
Net assets consist of | |
Paid-in capital | $ 514,371,675 |
Total distributable loss | (84,949,382) |
Total net assets | $429,422,293 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 156,486,935 |
Shares outstanding – Class A1 | 30,456,114 |
Net asset value per share – Class A | $5.14 |
Maximum offering price per share – Class A2 | $5.45 |
Net assets – Class C | $ 68,611,946 |
Shares outstanding – Class C1 | 13,312,840 |
Net asset value per share – Class C | $5.15 |
Net assets – Class R6 | $ 51,101,556 |
Shares outstanding – Class R61 | 10,216,496 |
Net asset value per share – Class R6 | $5.00 |
Net assets – Administrator Class | $ 4,722,456 |
Shares outstanding – Administrator Class1 | 943,954 |
Net asset value per share – Administrator Class | $5.00 |
Net assets – Institutional Class | $ 148,499,400 |
Shares outstanding – Institutional Class1 | 29,717,142 |
Net asset value per share – Institutional Class | $5.00 |
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 | $ 19,630,158 |
Dividends (net of foreign withholdings taxes of $199,458) | 3,596,270 |
Income from affiliated securities | 202,828 |
Total investment income | 23,429,256 |
Expenses | |
Management fee | 3,042,271 |
Administration fees | |
Class A | 411,643 |
Class C | 189,516 |
Class R6 | 13,744 |
Administrator Class | 8,173 |
Institutional Class | 283,022 |
Shareholder servicing fees | |
Class A | 489,113 |
Class C | 225,049 |
Administrator Class | 15,687 |
Distribution fee | |
Class C | 675,065 |
Custody and accounting fees | 260,591 |
Professional fees | 69,381 |
Registration fees | 92,353 |
Shareholder report expenses | 90,770 |
Trustees’ fees and expenses | 21,953 |
Other fees and expenses | 123,550 |
Total expenses | 6,011,881 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,511,298) |
Class A | (21,036) |
Class R6 | (2,767) |
Net expenses | 4,476,780 |
Net investment income | 18,952,476 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (7,082,680) |
Forward foreign currency contracts | 3,000,559 |
Futures contracts | (2,261,545) |
Swap contracts | 14,737 |
Written options | 2,173,192 |
Net realized losses on investments | (4,155,737) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (107,951,473) |
Forward foreign currency contracts | (313,448) |
Futures contracts | (1,479,954) |
Swap contracts | (68,858) |
Written options | (310,392) |
Net change in unrealized gains (losses) on investments | (110,124,125) |
Net realized and unrealized gains (losses) on investments | (114,279,862) |
Net decrease in net assets resulting from operations | $ (95,327,386) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 18,952,476 | $ 19,765,462 | ||
Net realized gains (losses) on investments | (4,155,737) | 36,160,565 | ||
Net change in unrealized gains (losses) on investments | (110,124,125) | 14,695,015 | ||
Net increase (decrease) in net assets resulting from operations | (95,327,386) | 70,621,042 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (7,233,748) | (7,451,220) | ||
Class C | (2,626,966) | (2,798,166) | ||
Class R6 | (1,928,106) | (1,729,358) | ||
Administrator Class | (242,669) | (272,624) | ||
Institutional Class | (8,909,020) | (9,569,614) | ||
Total distributions to shareholders | (20,940,509) | (21,820,982) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 2,638,951 | 16,065,353 | 4,560,332 | 28,679,644 |
Class C | 1,179,023 | 7,250,221 | 1,868,621 | 11,899,641 |
Class R6 | 3,813,783 | 20,446,728 | 7,760,202 | 45,310,282 |
Administrator Class | 109,349 | 647,272 | 163,088 | 1,005,985 |
Institutional Class | 8,495,262 | 51,364,778 | 7,920,681 | 48,924,824 |
95,774,352 | 135,820,376 | |||
Reinvestment of distributions | ||||
Class A | 1,121,359 | 6,656,511 | 1,086,761 | 6,885,370 |
Class C | 418,598 | 2,492,544 | 416,920 | 2,646,096 |
Class R6 | 334,158 | 1,926,012 | 278,581 | 1,727,553 |
Administrator Class | 41,509 | 241,251 | 42,970 | 265,556 |
Institutional Class | 1,275,240 | 7,392,813 | 1,264,016 | 7,800,727 |
18,709,131 | 19,325,302 | |||
Payment for shares redeemed | ||||
Class A | (7,334,179) | (43,613,089) | (7,496,998) | (47,424,829) |
Class C | (4,422,132) | (26,374,659) | (5,575,628) | (35,097,983) |
Class R6 | (1,525,173) | (8,858,366) | (893,580) | (5,551,330) |
Administrator Class | (402,349) | (2,365,687) | (365,519) | (2,247,556) |
Institutional Class | (19,982,450) | (114,945,755) | (13,209,803) | (81,174,463) |
(196,157,556) | (171,496,161) | |||
Net decrease in net assets resulting from capital share transactions | (81,674,073) | (16,350,483) | ||
Total increase (decrease) in net assets | (197,941,968) | 32,449,577 | ||
Net assets | ||||
Beginning of period | 627,364,261 | 594,914,684 | ||
End of period | $ 429,422,293 | $ 627,364,261 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $6.42 | $5.95 | $6.06 | $6.33 | $6.42 |
Net investment income | 0.21 1 | 0.19 1 | 0.21 | 0.22 | 0.21 |
Net realized and unrealized gains (losses) on investments | (1.27) | 0.49 | (0.12) | 0.02 | (0.01) |
Total from investment operations | (1.06) | 0.68 | 0.09 | 0.24 | 0.20 |
Distributions to shareholders from | |||||
Net investment income | (0.22) | (0.21) | (0.20) | (0.23) | (0.19) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.22) | (0.21) | (0.20) | (0.51) | (0.29) |
Net asset value, end of period | $5.14 | $6.42 | $5.95 | $6.06 | $6.33 |
Total return2 | (16.86)% | 11.58% | 1.59% | 4.51% | 3.23% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.13% | 1.08% | 1.07% | 1.05% | 1.04% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.90% |
Net investment income | 3.38% | 3.07% | 3.50% | 3.75% | 3.34% |
Supplemental data | |||||
Portfolio turnover rate | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $156,487 | $218,615 | $213,551 | $251,673 | $231,176 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $6.44 | $5.97 | $6.07 | $6.34 | $6.44 |
Net investment income | 0.17 | 0.15 | 0.17 | 0.18 | 0.17 |
Net realized and unrealized gains (losses) on investments | (1.28) | 0.48 | (0.11) | 0.02 | (0.02) |
Total from investment operations | (1.11) | 0.63 | 0.06 | 0.20 | 0.15 |
Distributions to shareholders from | |||||
Net investment income | (0.18) | (0.16) | (0.16) | (0.19) | (0.15) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.18) | (0.16) | (0.16) | (0.47) | (0.25) |
Net asset value, end of period | $5.15 | $6.44 | $5.97 | $6.07 | $6.34 |
Total return1 | (17.61)% | 10.70% | 0.98% | 3.71% | 2.32% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.87% | 1.83% | 1.82% | 1.80% | 1.79% |
Net expenses | 1.60% | 1.60% | 1.60% | 1.60% | 1.65% |
Net investment income | 2.61% | 2.31% | 2.75% | 2.99% | 2.59% |
Supplemental data | |||||
Portfolio turnover rate | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $68,612 | $103,956 | $115,929 | $140,722 | $166,750 |
1 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 1 |
Net asset value, beginning of period | $6.26 | $5.81 | $5.91 | $6.18 | $6.17 |
Net investment income | 0.24 | 0.23 | 0.22 | 0.24 2 | 0.02 2 |
Net realized and unrealized gains (losses) on investments | (1.25) | 0.46 | (0.09) | 0.03 | 0.02 |
Total from investment operations | (1.01) | 0.69 | 0.13 | 0.27 | 0.04 |
Distributions to shareholders from | |||||
Net investment income | (0.25) | (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 | (0.25) | (0.24) | (0.23) | (0.54) | (0.03) |
Net asset value, end of period | $5.00 | $6.26 | $5.81 | $5.91 | $6.18 |
Total return3 | (16.61)% | 11.99% | 2.25% | 5.07% | 0.71% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.70% | 0.65% | 0.64% | 0.61% | 0.64% |
Net expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.41% |
Net investment income | 3.83% | 3.52% | 3.89% | 4.17% | 2.31% |
Supplemental data | |||||
Portfolio turnover rate | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $51,102 | $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 | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $6.26 | $5.81 | $5.91 | $6.19 | $6.29 |
Net investment income | 0.21 1 | 0.19 1 | 0.21 1 | 0.22 1 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | (1.24) | 0.48 | (0.10) | 0.02 | (0.01) |
Total from investment operations | (1.03) | 0.67 | 0.11 | 0.24 | 0.20 |
Distributions to shareholders from | |||||
Net investment income | (0.23) | (0.22) | (0.21) | (0.24) | (0.20) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.23) | (0.22) | (0.21) | (0.52) | (0.30) |
Net asset value, end of period | $5.00 | $6.26 | $5.81 | $5.91 | $6.19 |
Total return | (16.91)% | 11.61% | 1.89% | 4.52% | 3.21% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.04% | 1.00% | 0.99% | 0.97% | 0.96% |
Net expenses | 0.77% | 0.77% | 0.77% | 0.77% | 0.81% |
Net investment income | 3.43% | 3.15% | 3.57% | 3.77% | 3.40% |
Supplemental data | |||||
Portfolio turnover rate | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $4,722 | $7,486 | $7,868 | $11,916 | $32,938 |
1 | Calculated based upon average shares outstanding |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $6.26 | $5.80 | $5.91 | $6.19 | $6.28 |
Net investment income | 0.22 1 | 0.21 | 0.22 1 | 0.24 | 0.23 |
Net realized and unrealized gains (losses) on investments | (1.24) | 0.48 | (0.11) | 0.01 | (0.01) |
Total from investment operations | (1.02) | 0.69 | 0.11 | 0.25 | 0.22 |
Distributions to shareholders from | |||||
Net investment income | (0.24) | (0.23) | (0.22) | (0.25) | (0.21) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.24) | (0.23) | (0.22) | (0.53) | (0.31) |
Net asset value, end of period | $5.00 | $6.26 | $5.80 | $5.91 | $6.19 |
Total return | (16.69)% | 12.08% | 1.98% | 4.80% | 3.62% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.79% | 0.75% | 0.74% | 0.72% | 0.71% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.57% |
Net investment income | 3.67% | 3.40% | 3.83% | 4.07% | 3.67% |
Supplemental data | |||||
Portfolio turnover rate | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $148,499 | $249,764 | $254,963 | $312,093 | $335,589 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 8,469,790 |
Gross unrealized losses | (71,473,160) |
Net unrealized losses | $(63,003,370) |
■ | 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 | $ 14,820,132 | $ 0 | $ 14,820,132 |
Common stocks | ||||
Communication services | 6,538,539 | 3,700,052 | 0 | 10,238,591 |
Consumer discretionary | 11,994,795 | 4,690,902 | 0 | 16,685,697 |
Consumer staples | 2,973,886 | 1,146,261 | 0 | 4,120,147 |
Energy | 2,916,337 | 1,475,496 | 0 | 4,391,833 |
Financials | 8,979,821 | 8,910,236 | 0 | 17,890,057 |
Health care | 13,892,546 | 2,033,488 | 0 | 15,926,034 |
Industrials | 6,572,263 | 4,137,946 | 0 | 10,710,209 |
Information technology | 30,745,245 | 2,847,954 | 0 | 33,593,199 |
Materials | 2,384,867 | 754,491 | 0 | 3,139,358 |
Real estate | 1,150,934 | 296,336 | 0 | 1,447,270 |
Utilities | 945,917 | 1,356,750 | 0 | 2,302,667 |
Corporate bonds and notes | 0 | 160,066,718 | 0 | 160,066,718 |
Foreign corporate bonds and notes | 0 | 11,247,388 | 0 | 11,247,388 |
Loans | 0 | 10,060,308 | 1,541,001 | 11,601,309 |
Municipal obligations | 0 | 14,789,369 | 0 | 14,789,369 |
Non-agency mortgage-backed securities | 0 | 26,699,194 | 0 | 26,699,194 |
Preferred stocks | ||||
Energy | 91,299 | 0 | 0 | 91,299 |
Financials | 94,151 | 0 | 0 | 94,151 |
Information technology | 0 | 208,995 | 0 | 208,995 |
Materials | 0 | 135,844 | 0 | 135,844 |
Yankee corporate bonds and notes | 0 | 38,962,706 | 0 | 38,962,706 |
Short-term investments | ||||
Investment companies | 27,647,145 | 0 | 0 | 27,647,145 |
116,927,745 | 308,340,566 | 1,541,001 | 426,809,312 | |
Forward foreign currency contracts | 0 | 9,319 | 0 | 9,319 |
Futures contracts | 5,340,288 | 0 | 0 | 5,340,288 |
Total assets | $122,268,033 | $308,349,885 | $1,541,001 | $432,158,919 |
Liabilities | ||||
Futures contracts | $ 6,553,019 | $ 0 | $ 0 | $ 6,553,019 |
Written options | 36,192 | 76 | 0 | 36,268 |
Swap contracts | 0 | 54,032 | 0 | 54,032 |
Total liabilities | $ 6,589,211 | $ 54,108 | $ 0 | $ 6,643,319 |
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 |
Bank of America Securities Incorporated | $ 369,544 | $ (369,544) | $0 |
Barclays Capital Incorporated | 1,013,145 | (1,013,145) | 0 |
Credit Suisse Securities (USA) LLC | 390,514 | (390,514) | 0 |
Jefferies LLC | 190,664 | (190,664) | 0 |
Morgan Stanley & Co. LLC | 575,259 | (575,259) | 0 |
Nomura Securities International Incorporated | 828,432 | (828,432) | 0 |
UBS Securities LLC | 501,165 | (501,165) | 0 |
Options | |
Average number of contracts written | 8,761 |
Futures contracts | |
Average notional balance on long futures | $82,132,366 |
Average notional balance on short futures | 58,119,616 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 1,855,615 |
Average contract amounts to sell | 21,931,542 |
Swap contracts | |
Average notional balance | $ 2,002,329 |
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 | $ 1,797,067* | Unrealized losses on futures contracts | 2,711,510* | |
Equity risk | Unrealized gains on futures contracts | 3,278,614* | Unrealized losses on futures contracts | 3,628,899* | |
Equity risk | Written options, at value | 36,268 | |||
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 9,319 | Unrealized losses on forward foreign currency contracts | 0 | |
Foreign currency risk | Unrealized gains on futures contracts | 264,607* | Unrealized losses on futures contracts | 212,610* | |
Credit risk | Net unrealized gains on swap contracts | 0* | Net unrealized losses on swap contracts | 54,032* | |
$5,349,607 | $ 6,643,319 |
Net realized gains (losses) on derivatives | |||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Written options | Total | |
Interest rate risk | $ 0 | $ 1,487,820 | $ 0 | $ 0 | $ 1,487,782 |
Equity risk | 0 | (2,475,270) | 0 | 2,173,192 | (302,078) |
Foreign currency risk | 3,000,559 | (1,274,095) | 0 | 0 | 1,726,464 |
Credit risk | 0 | 0 | 14,737 | 0 | 14,737 |
$ 3,000,559 | $ (2,261,545) | $ 14,737 | $ 2,173,192 | $ 2,926,905 |
Net change in unrealized gains (losses) on derivatives | |||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Written options | Total | |
Interest rate risk | $ 0 | $ (1,229,321) | $ 0 | $ 0 | $ (1,229,321) |
Equity risk | 0 | 75,002 | 0 | (310,392) | (235,390) |
Foreign currency risk | (313,448) | (325,635) | 0 | 0 | (639,083) |
Credit risk | 0 | 0 | (68,858) | 0 | (68,858) |
$(313,448) | $ (1,479,954) | $(68,858) | $(310,392) | $ (2,172,652) |
Counterparty | Gross amounts of assets in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral received | Net amount of assets |
Citibank National Association | $9,319 | $0 | $0 | $9,319 |
Counterparty | Gross amounts of Liabilities in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged1 | Net amount of liabilities |
Morgan Stanley Company Incorporated | $36,268 | $0 | $(36,268) | $0 |
Undistributed ordinary income | Unrealized losses | Capital loss carryforward |
$1,020,241 | $(63,016,126) | $(22,944,720) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A226/AR226 09-22
Index Asset Allocation Fund
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
2 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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, Manjunath Boraiah†, Petros N. Bocray, CFA®‡, FRM, John R. Campbell, CFA®‡†, Travis L. Keshemberg, CFA®‡, CIPM, FRM#, David Neal, CFA®‡†, Nick Toporkov, Ph.D., CFA®‡†, Robert M. Wicentowski, CFA®‡†, Limin Xiao, Ph.D., CFA®‡† |
Average annual total returns (%) as of September 30, 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 | -19.81 | 4.07 | 7.16 | -14.91 | 5.31 | 7.80 | 1.09 | 1.08 | ||
Class C (WFALX) | 4-1-1998 | -16.56 | 4.52 | 7.15 | -15.56 | 4.52 | 7.15 | 1.84 | 1.83 | ||
Administrator Class (WFAIX) | 11-8-1999 | – | – | – | -14.77 | 5.49 | 8.02 | 1.01 | 0.90 | ||
Institutional Class (WFATX)3 | 10-31-2016 | – | – | – | -14.64 | 5.65 | 8.11 | 0.76 | 0.75 | ||
Index Asset Allocation Blended Index4 | – | – | – | – | -14.13 | 5.79 | 7.82 | – | – | ||
Bloomberg U.S. Treasury Index5 | – | – | – | – | -12.94 | -0.23 | 0.50 | – | – | ||
S&P 500 Index6 | – | – | – | – | -15.47 | 9.24 | 11.70 | – | – |
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. The 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. |
† | Mr. Boraiah, Mr. Campbell, Mr. Neal, Mr. Toporkov, Mr. Wicentowski and Ms. Xiao became portfolio managers of the Fund on June 10, 2022. |
1 | The chart compares the performance of Class A shares for the most recent ten years with the Index Asset Allocation Blended Index, Bloomberg U.S. Treasury Index and S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Index Asset Allocation Blended Index, for the 12-month period that ended September 30, 2022. |
■ | The Fund’s tactical asset allocation overlay, which is implemented with liquid futures contracts, detracted from performance during the period. |
■ | The Fund’s stock and bond allocations performed in line with their respective benchmarks, the S&P 500 Index and the Bloomberg U.S. Treasury Index. |
* | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
** | The MSCI ACWI ex USA Index (Net) (USD) 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. You cannot invest directly in an index. |
* | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
*** | The MSCI Emerging Markets (EM) Index (Net) 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. |
* | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
† | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
* | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
†† | The Bloomberg U.S. 1-3 Year Treasury Bond Index measures the performance of the U.S. government bond market and includes public obligations of the U.S. Treasury with a maturity between 1 and up to (but not including) 3 years. You cannot invest directly in an index. |
* | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
††† | The Bloomberg U.S. Credit Index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranational and local authorities. You cannot invest directly in an index. |
* | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
‡ | 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. |
* | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
‡‡ | The Bloomberg U.S. Treasury Inflation-Protected Securities Index is an index of inflation indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
Ten largest holdings (%) as of September 30, 20221 | |
Apple Incorporated | 4.13 |
Microsoft Corporation | 3.43 |
Amazon.com Incorporated | 1.98 |
U.S. Treasury Note, 1.38%, 10-31-2028 | 1.57 |
Tesla Motors Incorporated | 1.40 |
U.S. Treasury Bond, 6.88%, 8-15-2025 | 1.37 |
U.S. Treasury Note, 1.38%, 11-15-2031 | 1.20 |
U.S. Treasury Note, 0.13%, 12-15-2023 | 1.17 |
Alphabet Incorporated Class A | 1.13 |
Alphabet Incorporated Class C | 1.02 |
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 September 30, 2022 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 40 | 35 |
Stock Funds | 60 | 55 |
Effective Cash | 0 | 10 |
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 4-1-2022 | Ending account value 9-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 843.15 | $4.99 | 1.08% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.65 | $5.47 | 1.08% |
Class C | ||||
Actual | $1,000.00 | $ 839.95 | $8.44 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.89 | $9.25 | 1.83% |
Administrator Class | ||||
Actual | $1,000.00 | $ 843.82 | $4.16 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.56 | $4.56 | 0.90% |
Institutional Class | ||||
Actual | $1,000.00 | $ 844.48 | $3.47 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Interest rate | Maturity date | Principal | Value | ||
Agency securities: 0.00% | |||||
FNMA Series 2002-T1 Class A4 | 9.50% | 11-25-2031 | $ 20,821 | $ 22,945 | |
Total Agency securities (Cost $20,821) | 22,945 |
Shares | |||||
Common stocks: 59.63% | |||||
Communication services: 4.81% | |||||
Diversified telecommunication services: 0.55% | |||||
AT&T Incorporated | 186,588 | 2,862,260 | |||
Lumen Technologies Incorporated | 24,941 | 181,570 | |||
Verizon Communications Incorporated | 109,966 | 4,175,409 | |||
7,219,239 | |||||
Entertainment: 0.82% | |||||
Activision Blizzard Incorporated | 18,640 | 1,385,698 | |||
Electronic Arts Incorporated | 6,916 | 800,250 | |||
Live Nation Entertainment Incorporated † | 3,720 | 282,869 | |||
Netflix Incorporated † | 11,644 | 2,741,463 | |||
Take-Two Interactive Software Incorporated † | 4,103 | 447,227 | |||
The Walt Disney Company † | 47,735 | 4,502,843 | |||
Warner Bros. Discovery Incorporated † | 57,844 | 665,206 | |||
10,825,556 | |||||
Interactive media & services: 2.85% | |||||
Alphabet Incorporated Class A † | 157,000 | 15,017,050 | |||
Alphabet Incorporated Class C † | 140,394 | 13,498,883 | |||
Match Group Incorporated † | 7,410 | 353,828 | |||
Meta Platforms Incorporated Class A † | 59,717 | 8,102,403 | |||
Twitter Incorporated † | 17,605 | 771,803 | |||
37,743,967 | |||||
Media: 0.43% | |||||
Charter Communications Incorporated Class A † | 2,903 | 880,625 | |||
Comcast Corporation Class A | 115,309 | 3,382,013 | |||
DISH Network Corporation Class A † | 6,572 | 90,891 | |||
Fox Corporation Class A | 8,025 | 246,207 | |||
Fox Corporation Class B | 3,685 | 105,023 | |||
Interpublic Group of Companies Incorporated | 10,239 | 262,118 | |||
News Corporation Class A | 10,097 | 152,566 | |||
News Corporation Class B | 3,128 | 48,234 | |||
Omnicom Group Incorporated | 5,364 | 338,415 | |||
Paramount Global Class B « | 13,222 | 251,747 | |||
5,757,839 | |||||
Wireless telecommunication services: 0.16% | |||||
T-Mobile US Incorporated † | 15,761 | 2,114,653 |
Shares | Value | ||||
Consumer discretionary: 6.98% | |||||
Auto components: 0.06% | |||||
Aptiv plc † | 7,094 | $ 554,822 | |||
BorgWarner Incorporated | 6,201 | 194,711 | |||
749,533 | |||||
Automobiles: 1.58% | |||||
Ford Motor Company | 103,411 | 1,158,203 | |||
General Motors Company | 38,178 | 1,225,132 | |||
Tesla Motors Incorporated † | 69,740 | 18,498,535 | |||
20,881,870 | |||||
Distributors: 0.09% | |||||
Genuine Parts Company | 3,703 | 552,932 | |||
LKQ Corporation | 6,825 | 321,799 | |||
Pool Corporation | 1,037 | 329,984 | |||
1,204,715 | |||||
Hotels, restaurants & leisure: 1.13% | |||||
Booking Holdings Incorporated † | 1,040 | 1,708,938 | |||
Caesars Entertainment Incorporated † | 5,614 | 181,108 | |||
Carnival Corporation † | 25,846 | 181,697 | |||
Chipotle Mexican Grill Incorporated † | 727 | 1,092,507 | |||
Darden Restaurants Incorporated | 3,210 | 405,487 | |||
Domino's Pizza Incorporated | 940 | 291,588 | |||
Expedia Group Incorporated † | 3,981 | 372,980 | |||
Hilton Worldwide Holdings Incorporated | 7,182 | 866,293 | |||
Las Vegas Sands Corporation † | 8,604 | 322,822 | |||
Marriott International Incorporated Class A | 7,223 | 1,012,231 | |||
McDonald's Corporation | 19,264 | 4,444,975 | |||
MGM Resorts International | 8,543 | 253,898 | |||
Norwegian Cruise Line Holdings Limited † | 11,034 | 125,346 | |||
Royal Caribbean Cruises Limited † | 5,744 | 217,698 | |||
Starbucks Corporation | 30,044 | 2,531,507 | |||
Wynn Resorts Limited † | 2,710 | 170,811 | |||
Yum! Brands Incorporated | 7,450 | 792,233 | |||
14,972,119 | |||||
Household durables: 0.18% | |||||
D.R. Horton Incorporated | 8,280 | 557,658 | |||
Garmin Limited | 4,040 | 324,452 | |||
Lennar Corporation Class A | 6,677 | 497,770 | |||
Mohawk Industries Incorporated † | 1,381 | 125,933 | |||
Newell Rubbermaid Incorporated | 9,855 | 136,886 | |||
NVR Incorporated † | 81 | 322,953 | |||
PulteGroup Incorporated | 6,062 | 227,325 | |||
Whirlpool Corporation | 1,427 | 192,374 | |||
2,385,351 | |||||
Internet & direct marketing retail: 2.04% | |||||
Amazon.com Incorporated † | 232,074 | 26,224,362 | |||
eBay Incorporated | 14,385 | 529,512 | |||
Etsy Incorporated † | 3,315 | 331,931 | |||
27,085,805 |
Shares | Value | ||||
Leisure products: 0.02% | |||||
Hasbro Incorporated | 3,399 | $ 229,161 | |||
Multiline retail: 0.30% | |||||
Dollar General Corporation | 5,944 | 1,425,728 | |||
Dollar Tree Incorporated † | 5,527 | 752,225 | |||
Target Corporation | 12,141 | 1,801,603 | |||
3,979,556 | |||||
Specialty retail: 1.33% | |||||
Advance Auto Parts Incorporated | 1,588 | 248,268 | |||
AutoZone Incorporated † | 510 | 1,092,384 | |||
Bath & Body Works Incorporated | 5,978 | 194,883 | |||
Best Buy Company Incorporated | 5,247 | 332,345 | |||
CarMax Incorporated † | 4,168 | 275,171 | |||
Lowe's Companies Incorporated | 16,735 | 3,143,000 | |||
O'Reilly Automotive Incorporated † | 1,669 | 1,173,891 | |||
Ross Stores Incorporated | 9,163 | 772,166 | |||
The Home Depot Incorporated | 26,911 | 7,425,821 | |||
The TJX Companies Incorporated | 30,678 | 1,905,717 | |||
Tractor Supply Company | 2,906 | 540,167 | |||
Ulta Beauty Incorporated † | 1,357 | 544,415 | |||
17,648,228 | |||||
Textiles, apparel & luxury goods: 0.25% | |||||
Nike Incorporated Class B | 33,088 | 2,750,275 | |||
Ralph Lauren Corporation | 1,123 | 95,376 | |||
Tapestry Incorporated | 6,593 | 187,439 | |||
VF Corporation | 8,647 | 258,632 | |||
3,291,722 | |||||
Consumer staples: 4.10% | |||||
Beverages: 1.12% | |||||
Brown-Forman Corporation Class B | 4,788 | 318,737 | |||
Constellation Brands Incorporated Class A | 4,172 | 958,225 | |||
Keurig Dr. Pepper Incorporated | 22,247 | 796,888 | |||
Molson Coors Brewing Company Class B | 4,928 | 236,495 | |||
Monster Beverage Corporation † | 10,071 | 875,774 | |||
PepsiCo Incorporated | 36,136 | 5,899,563 | |||
The Coca-Cola Company | 101,913 | 5,709,166 | |||
14,794,848 | |||||
Food & staples retailing: 0.95% | |||||
Costco Wholesale Corporation | 11,599 | 5,477,860 | |||
Sysco Corporation | 13,340 | 943,271 | |||
The Kroger Company | 17,050 | 745,938 | |||
Walgreens Boots Alliance Incorporated | 18,783 | 589,786 | |||
Walmart Incorporated | 37,323 | 4,840,793 | |||
12,597,648 | |||||
Food products: 0.68% | |||||
Archer Daniels Midland Company | 14,678 | 1,180,845 | |||
Campbell Soup Company | 5,273 | 248,464 | |||
ConAgra Foods Incorporated | 12,571 | 410,192 | |||
General Mills Incorporated | 15,598 | 1,194,963 |
Shares | Value | ||||
Food products (continued) | |||||
Hormel Foods Corporation | 7,578 | $ 344,344 | |||
Kellogg Company | 6,679 | 465,259 | |||
Lamb Weston Holdings Incorporated | 3,763 | 291,181 | |||
McCormick & Company Incorporated | 6,558 | 467,389 | |||
Mondelez International Incorporated Class A | 35,887 | 1,967,684 | |||
The Hershey Company | 3,846 | 847,928 | |||
The J.M. Smucker Company | 2,790 | 383,374 | |||
The Kraft Heinz Company | 20,857 | 695,581 | |||
Tyson Foods Incorporated Class A | 7,583 | 499,947 | |||
8,997,151 | |||||
Household products: 0.85% | |||||
Church & Dwight Company Incorporated | 6,360 | 454,358 | |||
Colgate-Palmolive Company | 21,841 | 1,534,330 | |||
Kimberly-Clark Corporation | 8,840 | 994,854 | |||
The Clorox Company | 3,225 | 414,058 | |||
The Procter & Gamble Company | 62,568 | 7,899,210 | |||
11,296,810 | |||||
Personal products: 0.10% | |||||
The Estee Lauder Companies Incorporated Class A | 6,070 | 1,310,513 | |||
Tobacco: 0.40% | |||||
Altria Group Incorporated | 47,153 | 1,904,038 | |||
Philip Morris International Incorporated | 40,590 | 3,369,376 | |||
5,273,414 | |||||
Energy: 2.74% | |||||
Energy equipment & services: 0.19% | |||||
Baker Hughes Incorporated | 26,492 | 555,272 | |||
Halliburton Company | 23,748 | 584,676 | |||
Schlumberger Limited | 37,035 | 1,329,557 | |||
2,469,505 | |||||
Oil, gas & consumable fuels: 2.55% | |||||
APA Corporation | 8,550 | 292,325 | |||
Chevron Corporation | 47,153 | 6,774,472 | |||
ConocoPhillips | 33,333 | 3,411,299 | |||
Coterra Energy Incorporated | 20,832 | 544,132 | |||
Devon Energy Corporation | 17,145 | 1,030,929 | |||
Diamondback Energy Incorporated | 4,654 | 560,621 | |||
EOG Resources Incorporated | 15,345 | 1,714,497 | |||
EQT Corporation | 9,687 | 394,745 | |||
Exxon Mobil Corporation | 109,126 | 9,527,791 | |||
Hess Corporation | 7,296 | 795,191 | |||
Kinder Morgan Incorporated | 51,914 | 863,849 | |||
Marathon Oil Corporation | 17,742 | 400,614 | |||
Marathon Petroleum Corporation | 13,056 | 1,296,852 | |||
Occidental Petroleum Corporation | 19,512 | 1,199,012 | |||
ONEOK Incorporated | 11,701 | 599,559 | |||
Phillips 66 | 12,596 | 1,016,749 | |||
Pioneer Natural Resources Company | 6,249 | 1,353,096 |
Shares | Value | ||||
Oil, gas & consumable fuels (continued) | |||||
The Williams Companies Incorporated | 31,906 | $ 913,469 | |||
Valero Energy Corporation | 10,316 | 1,102,265 | |||
33,791,467 | |||||
Financials: 6.56% | |||||
Banks: 2.21% | |||||
Bank of America Corporation | 183,044 | 5,527,929 | |||
Citigroup Incorporated | 50,711 | 2,113,127 | |||
Citizens Financial Group Incorporated | 12,978 | 445,924 | |||
Comerica Incorporated | 3,425 | 243,518 | |||
Fifth Third Bancorp | 17,967 | 574,225 | |||
First Republic Bank | 4,784 | 624,551 | |||
Huntington Bancshares Incorporated | 37,763 | 497,716 | |||
JPMorgan Chase & Company | 76,787 | 8,024,242 | |||
KeyCorp | 24,421 | 391,224 | |||
M&T Bank Corporation | 4,598 | 810,719 | |||
PNC Financial Services Group Incorporated | 10,739 | 1,604,621 | |||
Regions Financial Corporation | 24,466 | 491,033 | |||
Signature Bank | 1,648 | 248,848 | |||
SVB Financial Group † | 1,547 | 519,452 | |||
Truist Financial Corporation | 34,730 | 1,512,144 | |||
US Bancorp | 35,403 | 1,427,449 | |||
Wells Fargo & Company | 99,318 | 3,994,570 | |||
Zions Bancorporation | 3,940 | 200,388 | |||
29,251,680 | |||||
Capital markets: 1.77% | |||||
Ameriprise Financial Incorporated | 2,832 | 713,522 | |||
Bank of New York Mellon Corporation | 19,255 | 741,703 | |||
BlackRock Incorporated | 3,948 | 2,172,505 | |||
Cboe Global Markets Incorporated | 2,777 | 325,936 | |||
CME Group Incorporated | 9,411 | 1,666,970 | |||
FactSet Research Systems Incorporated | 994 | 397,709 | |||
Franklin Resources Incorporated | 7,438 | 160,066 | |||
Intercontinental Exchange Incorporated | 14,623 | 1,321,188 | |||
Invesco Limited | 11,911 | 163,181 | |||
MarketAxess Holdings Incorporated | 986 | 219,375 | |||
Moody's Corporation | 4,132 | 1,004,531 | |||
Morgan Stanley | 35,064 | 2,770,407 | |||
MSCI Incorporated | 2,108 | 889,133 | |||
Northern Trust Corporation | 5,456 | 466,815 | |||
Raymond James Financial Incorporated | 5,086 | 502,599 | |||
S&P Global Incorporated | 8,921 | 2,724,027 | |||
State Street Corporation | 9,626 | 585,357 | |||
T. Rowe Price Group Incorporated | 5,910 | 620,609 | |||
The Charles Schwab Corporation | 39,982 | 2,873,506 | |||
The Goldman Sachs Group Incorporated | 8,938 | 2,619,281 | |||
The NASDAQ Incorporated | 8,875 | 503,035 | |||
23,441,455 | |||||
Consumer finance: 0.31% | |||||
American Express Company | 15,705 | 2,118,762 | |||
Capital One Financial Corporation | 10,050 | 926,309 |
Shares | Value | ||||
Consumer finance (continued) | |||||
Discover Financial Services | 7,153 | $ 650,351 | |||
Synchrony Financial | 12,614 | 355,589 | |||
4,051,011 | |||||
Diversified financial services: 0.95% | |||||
Berkshire Hathaway Incorporated Class B † | 47,258 | 12,618,831 | |||
Insurance: 1.32% | |||||
AFLAC Incorporated | 15,057 | 846,203 | |||
American International Group Incorporated | 19,911 | 945,374 | |||
Aon plc Class A | 5,523 | 1,479,446 | |||
Arthur J. Gallagher & Company | 5,507 | 942,909 | |||
Assurant Incorporated | 1,393 | 202,361 | |||
Brown & Brown Incorporated | 6,139 | 371,287 | |||
Chubb Limited | 10,936 | 1,989,040 | |||
Cincinnati Financial Corporation | 4,168 | 373,328 | |||
Everest Reinsurance Group Limited | 1,032 | 270,838 | |||
Globe Life Incorporated | 2,373 | 236,588 | |||
Lincoln National Corporation | 4,056 | 178,099 | |||
Loews Corporation | 5,236 | 260,962 | |||
Marsh & McLennan Companies Incorporated | 13,066 | 1,950,623 | |||
MetLife Incorporated | 17,543 | 1,066,264 | |||
Principal Financial Group Incorporated | 6,069 | 437,878 | |||
Progressive Corporation | 15,315 | 1,779,756 | |||
Prudential Financial Incorporated | 9,740 | 835,497 | |||
The Allstate Corporation | 7,077 | 881,299 | |||
The Hartford Financial Services Group Incorporated | 8,461 | 524,074 | |||
The Travelers Companies Incorporated | 6,214 | 951,985 | |||
W.R. Berkley Corporation | 5,348 | 345,374 | |||
Willis Towers Watson plc | 2,879 | 578,506 | |||
17,447,691 | |||||
Health care: 9.00% | |||||
Biotechnology: 1.33% | |||||
AbbVie Incorporated | 46,296 | 6,213,386 | |||
Amgen Incorporated | 14,007 | 3,157,178 | |||
Biogen Incorporated † | 3,800 | 1,014,600 | |||
Gilead Sciences Incorporated | 32,818 | 2,024,542 | |||
Incyte Corporation † | 4,834 | 322,138 | |||
Moderna Incorporated † | 8,809 | 1,041,664 | |||
Regeneron Pharmaceuticals Incorporated † | 2,807 | 1,933,658 | |||
Vertex Pharmaceuticals Incorporated † | 6,715 | 1,944,261 | |||
17,651,427 | |||||
Health care equipment & supplies: 1.60% | |||||
Abbott Laboratories | 45,854 | 4,436,833 | |||
Abiomed Incorporated † | 1,190 | 292,335 | |||
Align Technology Incorporated † | 1,902 | 393,923 | |||
Baxter International Incorporated | 13,187 | 710,252 | |||
Becton Dickinson & Company | 7,468 | 1,664,094 | |||
Boston Scientific Corporation † | 37,486 | 1,451,833 | |||
Dentsply Sirona Incorporated | 5,641 | 159,922 | |||
DexCom Incorporated † | 10,279 | 827,871 | |||
Edwards Lifesciences Corporation † | 16,233 | 1,341,333 | |||
Hologic Incorporated † | 6,537 | 421,767 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
IDEXX Laboratories Incorporated † | 2,180 | $ 710,244 | |||
Intuitive Surgical Incorporated † | 9,351 | 1,752,751 | |||
Medtronic plc | 34,791 | 2,809,373 | |||
ResMed Incorporated | 3,834 | 836,962 | |||
STERIS plc | 2,619 | 435,487 | |||
Stryker Corporation | 8,816 | 1,785,593 | |||
Teleflex Incorporated | 1,228 | 247,393 | |||
The Cooper Companies Incorporated | 1,292 | 340,959 | |||
Zimmer Biomet Holdings Incorporated | 5,494 | 574,398 | |||
21,193,323 | |||||
Health care providers & services: 2.17% | |||||
AmerisourceBergen Corporation | 4,070 | 550,793 | |||
Cardinal Health Incorporated | 7,133 | 475,628 | |||
Centene Corporation † | 14,966 | 1,164,504 | |||
Cigna Corporation | 7,989 | 2,216,708 | |||
CVS Health Corporation | 34,375 | 3,278,344 | |||
DaVita HealthCare Partners Incorporated † | 1,458 | 120,679 | |||
Elevance Health Incorporated | 6,284 | 2,854,444 | |||
HCA Healthcare Incorporated | 5,637 | 1,036,024 | |||
Henry Schein Incorporated † | 3,564 | 234,404 | |||
Humana Incorporated | 3,314 | 1,607,920 | |||
Laboratory Corporation of America Holdings | 2,367 | 484,785 | |||
McKesson Corporation | 3,763 | 1,278,931 | |||
Molina Healthcare Incorporated † | 1,521 | 501,687 | |||
Quest Diagnostics Incorporated | 3,053 | 374,573 | |||
UnitedHealth Group Incorporated | 24,492 | 12,369,440 | |||
Universal Health Services Incorporated Class B | 1,721 | 151,758 | |||
28,700,622 | |||||
Life sciences tools & services: 1.13% | |||||
Agilent Technologies Incorporated | 7,821 | 950,643 | |||
Bio-Rad Laboratories Incorporated Class A † | 561 | 234,016 | |||
Bio-Techne Corporation | 1,027 | 291,668 | |||
Charles River Laboratories International Incorporated † | 1,332 | 262,138 | |||
Danaher Corporation | 17,143 | 4,427,865 | |||
Illumina Incorporated † | 4,114 | 784,910 | |||
IQVIA Holdings Incorporated † | 4,884 | 884,688 | |||
Mettler-Toledo International Incorporated † | 589 | 638,547 | |||
PerkinElmer Incorporated | 3,305 | 397,691 | |||
Thermo Fisher Scientific Incorporated | 10,259 | 5,203,262 | |||
Waters Corporation † | 1,568 | 422,623 | |||
West Pharmaceutical Services Incorporated | 1,939 | 477,149 | |||
14,975,200 | |||||
Pharmaceuticals: 2.77% | |||||
Bristol-Myers Squibb Company | 55,910 | 3,974,642 | |||
Catalent Incorporated † | 4,693 | 339,585 | |||
Eli Lilly & Company | 20,650 | 6,677,178 | |||
Johnson & Johnson | 68,843 | 11,246,192 | |||
Merck & Company Incorporated | 66,332 | 5,712,512 | |||
Organon & Company | 6,659 | 155,821 | |||
Pfizer Incorporated | 146,955 | 6,430,751 |
Shares | Value | ||||
Pharmaceuticals (continued) | |||||
Viatris Incorporated | 31,750 | $ 270,510 | |||
Zoetis Incorporated | 12,258 | 1,817,739 | |||
36,624,930 | |||||
Industrials: 4.69% | |||||
Aerospace & defense: 0.98% | |||||
General Dynamics Corporation | 5,888 | 1,249,257 | |||
Howmet Aerospace Incorporated | 9,680 | 299,402 | |||
Huntington Ingalls Industries Incorporated | 1,046 | 231,689 | |||
L3Harris Technologies Incorporated | 5,010 | 1,041,228 | |||
Lockheed Martin Corporation | 6,179 | 2,386,886 | |||
Northrop Grumman Corporation | 3,808 | 1,790,979 | |||
Raytheon Technologies Corporation | 38,661 | 3,164,789 | |||
Textron Incorporated | 5,539 | 322,702 | |||
The Boeing Company † | 14,616 | 1,769,705 | |||
TransDigm Group Incorporated | 1,349 | 707,982 | |||
12,964,619 | |||||
Air freight & logistics: 0.36% | |||||
C.H. Robinson Worldwide Incorporated | 3,244 | 312,430 | |||
Expeditors International of Washington Incorporated | 4,284 | 378,320 | |||
FedEx Corporation | 6,260 | 929,422 | |||
United Parcel Service Incorporated Class B | 19,163 | 3,095,591 | |||
4,715,763 | |||||
Airlines: 0.12% | |||||
Alaska Air Group Incorporated † | 3,319 | 129,939 | |||
American Airlines Group Incorporated † | 17,016 | 204,873 | |||
Delta Air Lines Incorporated † | 16,789 | 471,099 | |||
Southwest Airlines Company † | 15,536 | 479,130 | |||
United Airlines Holdings Incorporated † | 8,556 | 278,327 | |||
1,563,368 | |||||
Building products: 0.25% | |||||
A.O. Smith Corporation | 3,364 | 163,423 | |||
Allegion plc | 2,300 | 206,264 | |||
Carrier Global Corporation | 22,036 | 783,600 | |||
Fortune Brands Home & Security Incorporated | 3,386 | 181,794 | |||
Johnson Controls International plc | 18,036 | 887,732 | |||
Masco Corporation | 5,905 | 275,704 | |||
Trane Technologies plc | 6,067 | 878,562 | |||
3,377,079 | |||||
Commercial services & supplies: 0.30% | |||||
Cintas Corporation | 2,252 | 874,204 | |||
Copart Incorporated † | 5,601 | 595,946 | |||
Republic Services Incorporated | 5,377 | 731,487 | |||
Rollins Incorporated | 6,060 | 210,161 | |||
Waste Management Incorporated | 9,849 | 1,577,908 | |||
3,989,706 | |||||
Construction & engineering: 0.04% | |||||
Quanta Services Incorporated | 3,745 | 477,076 |
Shares | Value | ||||
Electrical equipment: 0.31% | |||||
AMETEK Incorporated | 6,011 | $ 681,708 | |||
Eaton Corporation plc | 10,429 | 1,390,811 | |||
Emerson Electric Company | 15,483 | 1,133,665 | |||
Generac Holdings Incorporated † | 1,671 | 297,672 | |||
Rockwell Automation Incorporated | 3,023 | 650,278 | |||
4,154,134 | |||||
Industrial conglomerates: 0.48% | |||||
3M Company | 14,496 | 1,601,808 | |||
General Electric Company | 28,712 | 1,777,560 | |||
Honeywell International Incorporated | 17,640 | 2,945,351 | |||
6,324,719 | |||||
Machinery: 0.96% | |||||
Caterpillar Incorporated | 13,823 | 2,268,078 | |||
Cummins Incorporated | 3,692 | 751,359 | |||
Deere & Company | 7,283 | 2,431,721 | |||
Dover Corporation | 3,759 | 438,224 | |||
Fortive Corporation | 9,314 | 543,006 | |||
IDEX Corporation | 1,976 | 394,904 | |||
Illinois Tool Works Incorporated | 7,378 | 1,332,836 | |||
Ingersoll Rand Incorporated | 10,557 | 456,696 | |||
Nordson Corporation | 1,416 | 300,574 | |||
Otis Worldwide Corporation | 11,003 | 701,991 | |||
PACCAR Incorporated | 9,105 | 761,997 | |||
Parker-Hannifin Corporation | 3,361 | 814,404 | |||
Pentair plc | 4,306 | 174,953 | |||
Snap-on Incorporated | 1,395 | 280,883 | |||
Stanley Black & Decker Incorporated | 3,870 | 291,063 | |||
Wabtec Corporation | 4,762 | 387,389 | |||
Xylem Incorporated | 4,718 | 412,164 | |||
12,742,242 | |||||
Professional services: 0.24% | |||||
CoStar Group Incorporated † | 10,368 | 722,131 | |||
Equifax Incorporated | 3,205 | 549,433 | |||
Jacobs Solutions Incorporated | 3,341 | 362,465 | |||
Leidos Holdings Incorporated | 3,575 | 312,705 | |||
Nielsen Holdings plc | 9,418 | 261,067 | |||
Robert Half International Incorporated | 2,869 | 219,479 | |||
Verisk Analytics Incorporated | 4,110 | 700,878 | |||
3,128,158 | |||||
Road & rail: 0.52% | |||||
CSX Corporation | 56,067 | 1,493,625 | |||
J.B. Hunt Transport Services Incorporated | 2,175 | 340,214 | |||
Norfolk Southern Corporation | 6,150 | 1,289,348 | |||
Old Dominion Freight Line Incorporated | 2,400 | 597,048 | |||
Union Pacific Corporation | 16,351 | 3,185,502 | |||
6,905,737 | |||||
Trading companies & distributors: 0.13% | |||||
Fastenal Company | 15,047 | 692,764 |
Shares | Value | ||||
Trading companies & distributors (continued) | |||||
United Rentals Incorporated † | 1,832 | $ 494,860 | |||
W.W. Grainger Incorporated | 1,185 | 579,690 | |||
1,767,314 | |||||
Information technology: 15.72% | |||||
Communications equipment: 0.49% | |||||
Arista Networks Incorporated † | 6,454 | 728,592 | |||
Cisco Systems Incorporated | 108,428 | 4,337,120 | |||
F5 Networks Incorporated † | 1,560 | 225,779 | |||
Juniper Networks Incorporated | 8,447 | 220,636 | |||
Motorola Solutions Incorporated | 4,370 | 978,749 | |||
6,490,876 | |||||
Electronic equipment, instruments & components: 0.37% | |||||
Amphenol Corporation Class A | 15,575 | 1,042,902 | |||
CDW Corporation of Delaware | 3,541 | 552,679 | |||
Corning Incorporated | 19,921 | 578,107 | |||
Keysight Technologies Incorporated † | 4,712 | 741,480 | |||
TE Connectivity Limited | 8,375 | 924,265 | |||
Teledyne Technologies Incorporated † | 1,227 | 414,076 | |||
Trimble Incorporated † | 6,485 | 351,941 | |||
Zebra Technologies Corporation Class A † | 1,356 | 355,286 | |||
4,960,736 | |||||
IT services: 2.61% | |||||
Accenture plc Class A | 16,563 | 4,261,660 | |||
Akamai Technologies Incorporated † | 4,162 | 334,292 | |||
Automatic Data Processing Incorporated | 10,880 | 2,460,947 | |||
Broadridge Financial Solutions Incorporated | 3,069 | 442,918 | |||
Cognizant Technology Solutions Corporation Class A | 13,558 | 778,772 | |||
DXC Technology Company † | 6,019 | 147,345 | |||
EPAM Systems Incorporated † | 1,502 | 544,009 | |||
Fidelity National Information Services Incorporated | 15,919 | 1,202,999 | |||
Fiserv Incorporated † | 16,747 | 1,567,017 | |||
FleetCor Technologies Incorporated † | 1,964 | 345,998 | |||
Gartner Incorporated † | 2,071 | 573,025 | |||
Global Payments Incorporated | 7,257 | 784,119 | |||
International Business Machines Corporation | 23,649 | 2,809,738 | |||
Jack Henry & Associates Incorporated | 1,908 | 347,771 | |||
MasterCard Incorporated Class A | 22,341 | 6,352,440 | |||
Paychex Incorporated | 8,387 | 941,105 | |||
PayPal Holdings Incorporated † | 30,281 | 2,606,286 | |||
VeriSign Incorporated † | 2,444 | 424,523 | |||
Visa Incorporated Class A | 42,811 | 7,605,374 | |||
34,530,338 | |||||
Semiconductors & semiconductor equipment: 2.87% | |||||
Advanced Micro Devices Incorporated † | 42,270 | 2,678,227 | |||
Analog Devices Incorporated | 13,611 | 1,896,557 | |||
Applied Materials Incorporated | 22,779 | 1,866,283 | |||
Broadcom Incorporated | 10,574 | 4,694,962 | |||
Enphase Energy Incorporated † | 3,547 | 984,186 | |||
Intel Corporation | 107,512 | 2,770,584 | |||
KLA Corporation | 3,713 | 1,123,665 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Lam Research Corporation | 3,587 | $ 1,312,842 | |||
Microchip Technology Incorporated | 14,466 | 882,860 | |||
Micron Technology Incorporated | 28,885 | 1,447,139 | |||
Monolithic Power Systems Incorporated | 1,164 | 422,998 | |||
NVIDIA Corporation | 65,565 | 7,958,935 | |||
NXP Semiconductors NV | 6,876 | 1,014,279 | |||
ON Semiconductor Corporation † | 11,344 | 707,072 | |||
Qorvo Incorporated † | 2,702 | 214,566 | |||
Qualcomm Incorporated | 29,405 | 3,322,177 | |||
Skyworks Solutions Incorporated | 4,201 | 358,219 | |||
Solaredge Technologies Incorporated † | 1,457 | 337,237 | |||
Teradyne Incorporated | 4,105 | 308,491 | |||
Texas Instruments Incorporated | 23,925 | 3,703,112 | |||
38,004,391 | |||||
Software: 5.11% | |||||
Adobe Incorporated † | 12,254 | 3,372,301 | |||
ANSYS Incorporated † | 2,280 | 505,476 | |||
Autodesk Incorporated † | 5,689 | 1,062,705 | |||
Cadence Design Systems Incorporated † | 7,171 | 1,171,957 | |||
Ceridian HCM Holding Incorporated † | 4,008 | 223,967 | |||
Citrix Systems Incorporated | 3,266 | 339,337 | |||
Fortinet Incorporated † | 17,137 | 841,941 | |||
Intuit Incorporated | 7,386 | 2,860,746 | |||
Microsoft Corporation | 195,278 | 45,480,236 | |||
NortonLifeLock Incorporated | 15,503 | 312,230 | |||
Oracle Corporation | 39,774 | 2,428,998 | |||
Paycom Software Incorporated † | 1,273 | 420,077 | |||
PTC Incorporated † | 2,768 | 289,533 | |||
Roper Technologies Incorporated | 2,776 | 998,361 | |||
Salesforce.com Incorporated † | 26,053 | 3,747,464 | |||
ServiceNow Incorporated † | 5,289 | 1,997,179 | |||
Synopsys Incorporated † | 4,005 | 1,223,568 | |||
Tyler Technologies Incorporated † | 1,089 | 378,428 | |||
67,654,504 | |||||
Technology hardware, storage & peripherals: 4.27% | |||||
Apple Incorporated | 395,551 | 54,665,148 | |||
Hewlett Packard Enterprise Company | 34,022 | 407,584 | |||
HP Incorporated | 23,829 | 593,819 | |||
NetApp Incorporated | 5,754 | 355,885 | |||
Seagate Technology Holdings plc | 5,114 | 272,218 | |||
Western Digital Corporation † | 8,200 | 266,910 | |||
56,561,564 | |||||
Materials: 1.49% | |||||
Chemicals: 1.05% | |||||
Air Products & Chemicals Incorporated | 5,808 | 1,351,696 | |||
Albemarle Corporation | 3,067 | 811,037 | |||
Celanese Corporation Series A | 2,610 | 235,787 | |||
CF Industries Holdings Incorporated | 5,217 | 502,136 | |||
Corteva Incorporated | 18,816 | 1,075,334 | |||
Dow Incorporated | 18,805 | 826,104 | |||
DuPont de Nemours Incorporated | 13,116 | 661,046 | |||
Eastman Chemical Company | 3,216 | 228,497 |
Shares | Value | ||||
Chemicals (continued) | |||||
Ecolab Incorporated | 6,492 | $ 937,575 | |||
FMC Corporation | 3,298 | 348,599 | |||
International Flavors & Fragrances Incorporated | 6,676 | 606,381 | |||
Linde plc | 13,049 | 3,517,880 | |||
LyondellBasell Industries NV Class A | 6,662 | 501,515 | |||
PPG Industries Incorporated | 6,153 | 681,076 | |||
The Mosaic Company | 9,041 | 436,952 | |||
The Sherwin-Williams Company | 6,176 | 1,264,536 | |||
13,986,151 | |||||
Construction materials: 0.08% | |||||
Martin Marietta Materials Incorporated | 1,633 | 525,973 | |||
Vulcan Materials Company | 3,480 | 548,831 | |||
1,074,804 | |||||
Containers & packaging: 0.16% | |||||
Amcor plc | 39,349 | 422,215 | |||
Avery Dennison Corporation | 2,128 | 346,226 | |||
Ball Corporation | 8,230 | 397,674 | |||
International Paper Company | 9,479 | 300,484 | |||
Packaging Corporation of America | 2,454 | 275,560 | |||
Sealed Air Corporation | 3,803 | 169,272 | |||
WestRock Company | 6,659 | 205,697 | |||
2,117,128 | |||||
Metals & mining: 0.20% | |||||
Freeport-McMoRan Incorporated | 37,443 | 1,023,317 | |||
Newmont Corporation | 20,782 | 873,467 | |||
Nucor Corporation | 6,855 | 733,416 | |||
2,630,200 | |||||
Real estate: 1.67% | |||||
Equity REITs: 1.63% | |||||
Alexandria Real Estate Equities Incorporated | 3,888 | 545,059 | |||
American Tower Corporation | 12,191 | 2,617,408 | |||
AvalonBay Communities Incorporated | 3,661 | 674,320 | |||
Boston Properties Incorporated | 3,735 | 280,013 | |||
Camden Property Trust | 2,789 | 333,146 | |||
Crown Castle International Corporation | 11,339 | 1,639,052 | |||
Digital Realty Trust Incorporated | 7,526 | 746,429 | |||
Duke Realty Corporation | 10,081 | 485,904 | |||
Equinix Incorporated | 2,385 | 1,356,683 | |||
Equity Residential | 8,863 | 595,771 | |||
Essex Property Trust Incorporated | 1,705 | 413,002 | |||
Extra Space Storage Incorporated | 3,506 | 605,521 | |||
Federal Realty Investment Trust | 1,907 | 171,859 | |||
Healthpeak Properties Incorporated | 14,128 | 323,814 | |||
Host Hotels & Resorts Incorporated | 18,719 | 297,258 | |||
Invitation Homes Incorporated | 15,183 | 512,730 | |||
Iron Mountain Incorporated | 7,611 | 334,656 | |||
Kimco Realty Corporation | 16,194 | 298,132 | |||
Mid-America Apartment Communities Incorporated | 3,023 | 468,777 | |||
Prologis Incorporated | 19,386 | 1,969,618 | |||
Public Storage Incorporated | 4,137 | 1,211,355 |
Shares | Value | ||||
Equity REITs (continued) | |||||
Realty Income Corporation | 16,171 | $ 941,152 | |||
Regency Centers Corporation | 4,032 | 217,123 | |||
SBA Communications Corporation | 2,825 | 804,136 | |||
Simon Property Group Incorporated | 8,571 | 769,247 | |||
UDR Incorporated | 7,997 | 333,555 | |||
Ventas Incorporated | 10,466 | 420,419 | |||
VICI Properties Incorporated | 25,218 | 752,757 | |||
Vornado Realty Trust | 4,218 | 97,689 | |||
Welltower Incorporated | 12,133 | 780,395 | |||
Weyerhaeuser Company | 19,385 | 553,636 | |||
21,550,616 | |||||
Real estate management & development: 0.04% | |||||
CBRE Group Incorporated Class A † | 8,410 | 567,759 | |||
Utilities: 1.87% | |||||
Electric utilities: 1.21% | |||||
Alliant Energy Corporation | 6,570 | 348,144 | |||
American Electric Power Company Incorporated | 13,452 | 1,162,925 | |||
Constellation Energy Corporation | 8,558 | 711,940 | |||
Duke Energy Corporation | 20,161 | 1,875,376 | |||
Edison International | 9,987 | 565,064 | |||
Entergy Corporation | 5,326 | 535,955 | |||
Evergy Incorporated | 6,010 | 356,994 | |||
Eversource Energy | 9,071 | 707,175 | |||
Exelon Corporation | 25,968 | 972,761 | |||
FirstEnergy Corporation | 14,213 | 525,881 | |||
NextEra Energy Incorporated | 51,446 | 4,033,881 | |||
NRG Energy Incorporated | 6,157 | 235,628 | |||
PG&E Corporation † | 42,157 | 526,963 | |||
Pinnacle West Capital Corporation | 2,960 | 190,950 | |||
PPL Corporation | 19,276 | 488,647 | |||
The Southern Company | 27,834 | 1,892,712 | |||
Xcel Energy Incorporated | 14,322 | 916,608 | |||
16,047,604 | |||||
Gas utilities: 0.03% | |||||
Atmos Energy Corporation | 3,663 | 373,077 | |||
Independent power & renewable electricity producers: 0.03% | |||||
AES Corporation | 17,489 | 395,251 | |||
Multi-utilities: 0.55% | |||||
Ameren Corporation | 6,765 | 544,921 | |||
CenterPoint Energy Incorporated | 16,483 | 464,491 | |||
CMS Energy Corporation | 7,599 | 442,566 | |||
Consolidated Edison Incorporated | 9,284 | 796,196 | |||
Dominion Energy Incorporated | 21,798 | 1,506,460 | |||
DTE Energy Company | 5,073 | 583,649 | |||
NiSource Incorporated | 10,630 | 267,770 | |||
Public Service Enterprise Group Incorporated | 13,062 | 734,476 | |||
Sempra Energy | 8,230 | 1,234,006 | |||
WEC Energy Group Incorporated | 8,259 | 738,602 | |||
7,313,137 |
Shares | Value | ||||
Water utilities: 0.05% | |||||
American Water Works Company Incorporated | 4,760 | $ 619,562 | |||
Total Common stocks (Cost $277,253,610) | 789,564,453 |
Interest rate | Principal | ||||
Non-agency mortgage-backed securities: 0.00% | |||||
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA (1 Month LIBOR +0.33%) ± | 3.41% | 12-25-2034 | $ 3,028 | 2,871 | |
Total Non-agency mortgage-backed securities (Cost $3,028) | 2,871 | ||||
U.S. Treasury securities: 37.43% | |||||
U.S. Treasury Bond | 1.13 | 5-15-2040 | 2,251,000 | 1,406,611 | |
U.S. Treasury Bond | 1.13 | 8-15-2040 | 2,981,000 | 1,846,590 | |
U.S. Treasury Bond | 1.25 | 5-15-2050 | 3,785,000 | 2,118,417 | |
U.S. Treasury Bond | 1.38 | 11-15-2040 | 1,746,000 | 1,128,694 | |
U.S. Treasury Bond | 1.38 | 8-15-2050 | 4,388,000 | 2,540,755 | |
U.S. Treasury Bond | 1.63 | 11-15-2050 | 4,394,000 | 2,728,056 | |
U.S. Treasury Bond | 1.75 | 8-15-2041 | 4,938,000 | 3,376,165 | |
U.S. Treasury Bond | 1.88 | 2-15-2041 | 4,559,000 | 3,229,232 | |
U.S. Treasury Bond | 1.88 | 2-15-2051 | 4,844,000 | 3,206,879 | |
U.S. Treasury Bond | 2.00 | 2-15-2050 | 3,135,000 | 2,153,721 | |
U.S. Treasury Bond | 2.00 | 8-15-2051 | 4,900,000 | 3,346,930 | |
U.S. Treasury Bond | 2.25 | 5-15-2041 | 4,397,000 | 3,324,029 | |
U.S. Treasury Bond | 2.25 | 8-15-2046 | 1,961,000 | 1,412,073 | |
U.S. Treasury Bond | 2.25 | 8-15-2049 | 3,118,000 | 2,279,672 | |
U.S. Treasury Bond | 2.38 | 5-15-2051 | 4,919,000 | 3,680,027 | |
U.S. Treasury Bond | 2.50 | 2-15-2045 | 2,144,000 | 1,634,549 | |
U.S. Treasury Bond | 2.50 | 2-15-2046 | 1,960,000 | 1,488,145 | |
U.S. Treasury Bond | 2.50 | 5-15-2046 | 1,949,000 | 1,477,357 | |
U.S. Treasury Bond | 2.75 | 8-15-2047 | 1,864,000 | 1,489,307 | |
U.S. Treasury Bond | 2.75 | 11-15-2047 | 1,853,000 | 1,482,255 | |
U.S. Treasury Bond | 2.88 | 5-15-2043 | 1,822,000 | 1,501,655 | |
U.S. Treasury Bond | 2.88 | 8-15-2045 | 1,430,000 | 1,166,791 | |
U.S. Treasury Bond | 2.88 | 11-15-2046 | 3,221,000 | 2,630,399 | |
U.S. Treasury Bond | 2.88 | 5-15-2049 | 2,582,000 | 2,151,936 | |
U.S. Treasury Bond | 3.00 | 5-15-2042 | 776,000 | 660,085 | |
U.S. Treasury Bond | 3.00 | 11-15-2044 | 1,951,000 | 1,629,695 | |
U.S. Treasury Bond | 3.00 | 5-15-2045 | 1,115,000 | 930,764 | |
U.S. Treasury Bond | 3.00 | 11-15-2045 | 834,000 | 695,999 | |
U.S. Treasury Bond | 3.00 | 2-15-2047 | 1,889,000 | 1,579,307 | |
U.S. Treasury Bond | 3.00 | 5-15-2047 | 1,921,000 | 1,608,012 | |
U.S. Treasury Bond | 3.00 | 2-15-2048 | 2,119,000 | 1,783,933 | |
U.S. Treasury Bond | 3.00 | 8-15-2048 | 2,099,000 | 1,775,295 | |
U.S. Treasury Bond | 3.00 | 2-15-2049 | 2,614,000 | 2,230,069 | |
U.S. Treasury Bond | 3.13 | 11-15-2041 | 846,000 | 735,921 | |
U.S. Treasury Bond | 3.13 | 2-15-2042 | 919,000 | 800,535 | |
U.S. Treasury Bond | 3.13 | 2-15-2043 | 1,334,000 | 1,146,615 | |
U.S. Treasury Bond | 3.13 | 8-15-2044 | 1,999,000 | 1,708,130 | |
U.S. Treasury Bond | 3.13 | 5-15-2048 | 2,283,000 | 1,974,082 | |
U.S. Treasury Bond | 3.38 | 5-15-2044 | 1,432,000 | 1,277,501 | |
U.S. Treasury Bond | 3.38 | 11-15-2048 | 2,541,000 | 2,313,005 | |
U.S. Treasury Bond | 3.50 | 2-15-2039 | 731,000 | 695,963 | |
U.S. Treasury Bond | 3.63 | 8-15-2043 | 1,504,000 | 1,402,421 | |
U.S. Treasury Bond | 3.63 | 2-15-2044 | 1,547,000 | 1,437,683 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Bond | 3.75% | 8-15-2041 | $ 929,000 | $ 890,280 | |
U.S. Treasury Bond | 3.75 | 11-15-2043 | 1,660,000 | 1,576,481 | |
U.S. Treasury Bond | 3.88 | 8-15-2040 | 946,000 | 929,519 | |
U.S. Treasury Bond | 4.25 | 5-15-2039 | 681,000 | 709,863 | |
U.S. Treasury Bond | 4.25 | 11-15-2040 | 977,000 | 1,008,333 | |
U.S. Treasury Bond | 4.38 | 2-15-2038 | 381,000 | 405,438 | |
U.S. Treasury Bond | 4.38 | 11-15-2039 | 757,000 | 799,374 | |
U.S. Treasury Bond | 4.38 | 5-15-2040 | 1,078,000 | 1,134,005 | |
U.S. Treasury Bond | 4.38 | 5-15-2041 | 842,000 | 881,896 | |
U.S. Treasury Bond | 4.50 | 5-15-2038 | 428,000 | 461,120 | |
U.S. Treasury Bond | 4.50 | 8-15-2039 | 721,000 | 774,089 | |
U.S. Treasury Bond | 4.63 | 2-15-2040 | 730,000 | 793,675 | |
U.S. Treasury Bond | 4.75 | 2-15-2037 | 264,000 | 292,617 | |
U.S. Treasury Bond | 4.75 | 2-15-2041 | 1,084,000 | 1,191,977 | |
U.S. Treasury Bond | 5.00 | 5-15-2037 | 375,000 | 425,376 | |
U.S. Treasury Bond | 5.25 | 11-15-2028 | 479,000 | 509,218 | |
U.S. Treasury Bond | 5.25 | 2-15-2029 | 349,000 | 372,530 | |
U.S. Treasury Bond | 5.38 | 2-15-2031 | 752,000 | 831,136 | |
U.S. Treasury Bond | 5.50 | 8-15-2028 | 369,000 | 396,098 | |
U.S. Treasury Bond | 6.13 | 11-15-2027 | 525,000 | 572,927 | |
U.S. Treasury Bond | 6.13 | 8-15-2029 | 293,000 | 330,461 | |
U.S. Treasury Bond | 6.25 | 5-15-2030 | 478,000 | 550,466 | |
U.S. Treasury Bond | 6.38 | 8-15-2027 | 224,000 | 246,024 | |
U.S. Treasury Bond | 6.88 | 8-15-2025 | 16,974,000 | 18,139,636 | |
U.S. Treasury Note | 0.13 | 9-15-2023 | 2,914,000 | 2,801,424 | |
U.S. Treasury Note | 0.13 | 10-15-2023 | 2,974,000 | 2,848,767 | |
U.S. Treasury Note | 0.13 | 12-15-2023 | 16,273,000 | 15,484,777 | |
U.S. Treasury Note | 0.13 | 1-15-2024 | 3,281,000 | 3,109,901 | |
U.S. Treasury Note | 0.13 | 2-15-2024 | 3,940,000 | 3,721,607 | |
U.S. Treasury Note | 0.25 | 11-15-2023 | 3,497,000 | 3,342,640 | |
U.S. Treasury Note | 0.25 | 3-15-2024 | 3,929,000 | 3,705,078 | |
U.S. Treasury Note | 0.25 | 5-15-2024 | 3,937,000 | 3,688,169 | |
U.S. Treasury Note | 0.25 | 5-31-2025 | 10,364,000 | 9,321,932 | |
U.S. Treasury Note | 0.25 | 6-30-2025 | 2,925,000 | 2,625,302 | |
U.S. Treasury Note | 0.25 | 7-31-2025 | 3,039,000 | 2,716,344 | |
U.S. Treasury Note | 0.25 | 8-31-2025 | 3,153,000 | 2,808,756 | |
U.S. Treasury Note | 0.25 | 9-30-2025 | 3,464,000 | 3,078,630 | |
U.S. Treasury Note | 0.25 | 10-31-2025 | 3,586,000 | 3,175,711 | |
U.S. Treasury Note | 0.38 | 4-15-2024 | 3,919,000 | 3,689,830 | |
U.S. Treasury Note | 0.38 | 4-30-2025 | 2,591,000 | 2,346,980 | |
U.S. Treasury Note | 0.38 | 11-30-2025 | 3,685,000 | 3,267,127 | |
U.S. Treasury Note | 0.38 | 12-31-2025 | 3,794,000 | 3,354,874 | |
U.S. Treasury Note | 0.38 | 1-31-2026 | 4,058,000 | 3,574,527 | |
U.S. Treasury Note | 0.38 | 7-31-2027 | 2,771,000 | 2,326,449 | |
U.S. Treasury Note | 0.38 | 9-30-2027 | 3,141,000 | 2,620,404 | |
U.S. Treasury Note | 0.50 | 3-31-2025 | 2,469,000 | 2,252,480 | |
U.S. Treasury Note | 0.50 | 2-28-2026 | 4,104,000 | 3,621,299 | |
U.S. Treasury Note | 0.50 | 4-30-2027 | 2,015,000 | 1,713,931 | |
U.S. Treasury Note | 0.50 | 5-31-2027 | 2,282,000 | 1,935,867 | |
U.S. Treasury Note | 0.50 | 6-30-2027 | 2,520,000 | 2,133,436 | |
U.S. Treasury Note | 0.50 | 8-31-2027 | 2,918,000 | 2,457,845 | |
U.S. Treasury Note | 0.50 | 10-31-2027 | 3,418,000 | 2,861,240 | |
U.S. Treasury Note | 0.63 | 3-31-2027 | 1,681,000 | 1,442,048 | |
U.S. Treasury Note | 0.63 | 11-30-2027 | 3,631,000 | 3,052,168 | |
U.S. Treasury Note | 0.63 | 12-31-2027 | 3,852,000 | 3,231,015 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 0.63% | 5-15-2030 | $ 3,675,000 | $ 2,894,924 | |
U.S. Treasury Note | 0.63 | 8-15-2030 | 4,582,000 | 3,590,248 | |
U.S. Treasury Note | 0.75 | 3-31-2026 | 4,059,000 | 3,604,107 | |
U.S. Treasury Note | 0.75 | 4-30-2026 | 4,130,000 | 3,657,147 | |
U.S. Treasury Note | 0.75 | 5-31-2026 | 4,136,000 | 3,652,605 | |
U.S. Treasury Note | 0.75 | 1-31-2028 | 4,214,000 | 3,547,497 | |
U.S. Treasury Note | 0.88 | 11-15-2030 | 2,681,000 | 2,135,794 | |
U.S. Treasury Note | 1.13 | 2-28-2025 | 2,444,000 | 2,269,674 | |
U.S. Treasury Note | 1.13 | 2-28-2027 | 964,000 | 848,810 | |
U.S. Treasury Note | 1.13 | 2-29-2028 | 4,178,000 | 3,585,736 | |
U.S. Treasury Note | 1.13 | 2-15-2031 | 7,183,000 | 5,816,266 | |
U.S. Treasury Note | 1.25 | 8-31-2024 | 1,400,000 | 1,323,219 | |
U.S. Treasury Note | 1.25 | 3-31-2028 | 4,152,000 | 3,579,965 | |
U.S. Treasury Note | 1.25 | 4-30-2028 | 4,224,000 | 3,634,125 | |
U.S. Treasury Note | 1.25 | 5-31-2028 | 4,167,000 | 3,578,086 | |
U.S. Treasury Note | 1.25 | 8-15-2031 | 7,687,000 | 6,212,357 | |
U.S. Treasury Note | 1.38 | 9-30-2023 | 1,778,000 | 1,727,716 | |
U.S. Treasury Note | 1.38 | 1-31-2025 | 2,372,000 | 2,221,712 | |
U.S. Treasury Note | 1.38 | 8-31-2026 | 1,787,000 | 1,608,091 | |
U.S. Treasury Note | 1.38 | 10-31-2028 | 24,195,000 | 20,726,420 | |
U.S. Treasury Note | 1.38 | 11-15-2031 | 19,570,000 | 15,900,625 | |
U.S. Treasury Note | 1.50 | 9-30-2024 | 2,442,000 | 2,315,035 | |
U.S. Treasury Note | 1.50 | 10-31-2024 | 2,391,000 | 2,260,989 | |
U.S. Treasury Note | 1.50 | 11-30-2024 | 2,394,000 | 2,258,496 | |
U.S. Treasury Note | 1.50 | 8-15-2026 | 3,430,000 | 3,102,274 | |
U.S. Treasury Note | 1.50 | 1-31-2027 | 1,873,000 | 1,678,969 | |
U.S. Treasury Note | 1.50 | 2-15-2030 | 4,305,000 | 3,653,532 | |
U.S. Treasury Note | 1.63 | 2-15-2026 | 3,342,000 | 3,069,026 | |
U.S. Treasury Note | 1.63 | 5-15-2026 | 3,385,000 | 3,093,969 | |
U.S. Treasury Note | 1.63 | 10-31-2026 | 1,800,000 | 1,630,477 | |
U.S. Treasury Note | 1.63 | 8-15-2029 | 2,854,000 | 2,461,241 | |
U.S. Treasury Note | 1.63 | 5-15-2031 | 7,512,000 | 6,305,385 | |
U.S. Treasury Note | 1.75 | 6-30-2024 | 2,424,000 | 2,320,791 | |
U.S. Treasury Note | 1.75 | 7-31-2024 | 2,406,000 | 2,299,516 | |
U.S. Treasury Note | 1.75 | 11-15-2029 | 2,229,000 | 1,936,270 | |
U.S. Treasury Note | 1.88 | 8-31-2024 | 1,345,000 | 1,286,156 | |
U.S. Treasury Note | 1.88 | 6-30-2026 | 1,825,000 | 1,680,640 | |
U.S. Treasury Note | 1.88 | 7-31-2026 | 1,828,000 | 1,680,260 | |
U.S. Treasury Note | 1.88 | 11-15-2051 | 2,430,000 | 1,606,932 | |
U.S. Treasury Note | 2.00 | 4-30-2024 | 1,930,000 | 1,861,621 | |
U.S. Treasury Note | 2.00 | 5-31-2024 | 1,934,000 | 1,862,608 | |
U.S. Treasury Note | 2.00 | 6-30-2024 | 1,939,000 | 1,864,470 | |
U.S. Treasury Note | 2.00 | 2-15-2025 | 3,537,000 | 3,356,281 | |
U.S. Treasury Note | 2.00 | 8-15-2025 | 3,491,000 | 3,279,358 | |
U.S. Treasury Note | 2.00 | 11-15-2026 | 3,370,000 | 3,094,608 | |
U.S. Treasury Note | 2.13 | 11-30-2023 | 1,638,000 | 1,598,330 | |
U.S. Treasury Note | 2.13 | 2-29-2024 | 1,298,000 | 1,259,060 | |
U.S. Treasury Note | 2.13 | 3-31-2024 | 1,961,000 | 1,898,723 | |
U.S. Treasury Note | 2.13 | 7-31-2024 | 1,927,000 | 1,853,909 | |
U.S. Treasury Note | 2.13 | 9-30-2024 | 1,844,000 | 1,769,664 | |
U.S. Treasury Note | 2.13 | 11-30-2024 | 1,852,000 | 1,770,252 | |
U.S. Treasury Note | 2.13 | 5-15-2025 | 3,005,000 | 2,846,416 | |
U.S. Treasury Note | 2.13 | 5-31-2026 | 1,793,000 | 1,666,860 | |
U.S. Treasury Note | 2.25 | 12-31-2023 | 1,247,000 | 1,216,312 | |
U.S. Treasury Note | 2.25 | 1-31-2024 | 1,334,000 | 1,298,461 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 2.25% | 4-30-2024 | $ 2,418,000 | $ 2,341,115 | |
U.S. Treasury Note | 2.25 | 10-31-2024 | 1,882,000 | 1,807,088 | |
U.S. Treasury Note | 2.25 | 11-15-2024 | 3,535,000 | 3,390,838 | |
U.S. Treasury Note | 2.25 | 12-31-2024 | 1,911,000 | 1,829,857 | |
U.S. Treasury Note | 2.25 | 11-15-2025 | 3,473,000 | 3,270,454 | |
U.S. Treasury Note | 2.25 | 3-31-2026 | 1,872,000 | 1,753,757 | |
U.S. Treasury Note | 2.25 | 2-15-2027 | 3,350,000 | 3,096,395 | |
U.S. Treasury Note | 2.25 | 8-15-2027 | 3,338,000 | 3,068,352 | |
U.S. Treasury Note | 2.25 | 11-15-2027 | 3,248,000 | 2,972,047 | |
U.S. Treasury Note | 2.38 | 2-29-2024 | 1,671,000 | 1,626,875 | |
U.S. Treasury Note | 2.38 | 8-15-2024 | 3,101,000 | 2,994,524 | |
U.S. Treasury Note | 2.38 | 4-30-2026 | 1,812,000 | 1,703,138 | |
U.S. Treasury Note | 2.38 | 5-15-2027 | 3,375,000 | 3,128,203 | |
U.S. Treasury Note | 2.38 | 5-15-2029 | 3,295,000 | 2,981,718 | |
U.S. Treasury Note | 2.50 | 1-31-2024 | 1,876,000 | 1,831,518 | |
U.S. Treasury Note | 2.50 | 5-15-2024 | 3,424,000 | 3,325,827 | |
U.S. Treasury Note | 2.50 | 1-31-2025 | 1,936,000 | 1,859,921 | |
U.S. Treasury Note | 2.50 | 2-28-2026 | 1,888,000 | 1,784,455 | |
U.S. Treasury Note | 2.63 | 12-31-2023 | 2,404,000 | 2,354,887 | |
U.S. Treasury Note | 2.63 | 3-31-2025 | 1,884,000 | 1,811,437 | |
U.S. Treasury Note | 2.63 | 12-31-2025 | 1,914,000 | 1,821,066 | |
U.S. Treasury Note | 2.63 | 1-31-2026 | 1,869,000 | 1,776,280 | |
U.S. Treasury Note | 2.63 | 2-15-2029 | 3,512,000 | 3,236,116 | |
U.S. Treasury Note | 2.75 | 11-15-2023 | 1,333,000 | 1,309,933 | |
U.S. Treasury Note | 2.75 | 2-15-2024 | 2,325,000 | 2,275,049 | |
U.S. Treasury Note | 2.75 | 2-28-2025 | 1,955,000 | 1,886,957 | |
U.S. Treasury Note | 2.75 | 6-30-2025 | 1,959,000 | 1,882,859 | |
U.S. Treasury Note | 2.75 | 8-31-2025 | 2,020,000 | 1,936,912 | |
U.S. Treasury Note | 2.75 | 2-15-2028 | 4,229,000 | 3,960,227 | |
U.S. Treasury Note | 2.88 | 9-30-2023 | 2,444,000 | 2,412,495 | |
U.S. Treasury Note | 2.88 | 10-31-2023 | 2,318,000 | 2,283,049 | |
U.S. Treasury Note | 2.88 | 11-30-2023 | 2,370,000 | 2,331,025 | |
U.S. Treasury Note | 2.88 | 4-30-2025 | 1,884,000 | 1,820,194 | |
U.S. Treasury Note | 2.88 | 5-31-2025 | 1,939,000 | 1,870,756 | |
U.S. Treasury Note | 2.88 | 7-31-2025 | 1,949,000 | 1,877,664 | |
U.S. Treasury Note | 2.88 | 11-30-2025 | 1,880,000 | 1,804,139 | |
U.S. Treasury Note | 2.88 | 5-15-2028 | 4,397,000 | 4,132,493 | |
U.S. Treasury Note | 2.88 | 8-15-2028 | 4,422,000 | 4,148,561 | |
U.S. Treasury Note | 3.00 | 9-30-2025 | 1,994,000 | 1,924,444 | |
U.S. Treasury Note | 3.00 | 10-31-2025 | 1,814,000 | 1,749,376 | |
U.S. Treasury Note | 3.13 | 11-15-2028 | 3,621,000 | 3,440,657 | |
U.S. Treasury Note | 6.00 | 2-15-2026 | 445,000 | 469,058 | |
U.S. Treasury Note | 6.50 | 11-15-2026 | 296,000 | 321,865 | |
U.S. Treasury Note | 6.63 | 2-15-2027 | 215,000 | 235,887 | |
U.S. Treasury Note | 6.75 | 8-15-2026 | 221,000 | 241,261 | |
U.S. Treasury Note | 7.50 | 11-15-2024 | 240,000 | 255,647 | |
U.S. Treasury Note | 7.63 | 2-15-2025 | 216,000 | 232,090 | |
Total U.S. Treasury securities (Cost $558,500,575) | 495,538,838 |
Yield | Shares | Value | |||
Short-term investments: 2.17% | |||||
Investment companies: 2.17% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 2.75% | 28,617,803 | $ 28,617,803 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 3.08 | 149,819 | 149,819 | ||
Total Short-term investments (Cost $28,767,622) | 28,767,622 | ||||
Total investments in securities (Cost $864,545,656) | 99.23% | 1,313,896,729 | |||
Other assets and liabilities, net | 0.77 | 10,179,591 | |||
Total net assets | 100.00% | $1,324,076,320 |
† | 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 | $296,438,551 | $(305,439,380) | $0 | $0 | $ 28,617,803 | 28,617,803 | $ 167,806 | ||
Securities Lending Cash Investments LLC | 114,180 | 9,638,696 | (9,603,057) | 0 | 0 | 149,819 | 149,819 | 2,035 # | ||
$0 | $0 | $28,767,622 | $169,841 |
# | 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 | 51 | 12-16-2022 | $ 10,475,335 | $ 9,183,825 | $ 0 | $ (1,291,510) | |
10-Year U.S. Treasury Notes | 2,842 | 12-20-2022 | 331,514,938 | 318,481,625 | 0 | (13,033,313) | |
U.S. Long Term Bonds | 17 | 12-20-2022 | 2,220,138 | 2,148,906 | 0 | (71,232) | |
U.S. Ultra Treasury Bonds | 28 | 12-20-2022 | 3,984,199 | 3,836,000 | 0 | (148,199) | |
2-Year U.S. Treasury Notes | 22 | 12-30-2022 | 4,543,949 | 4,518,594 | 0 | (25,355) | |
5-Year U.S. Treasury Notes | 66 | 12-30-2022 | 7,200,159 | 7,095,516 | 0 | (104,643) | |
Short | |||||||
E-Mini S&P 500 Index | (331) | 12-16-2022 | (66,623,139) | (59,604,825) | 7,018,314 | 0 | |
U.S. Ultra Treasury Bonds | (520) | 12-20-2022 | (77,885,079) | (71,240,000) | 6,645,079 | 0 | |
2-Year U.S. Treasury Notes | (1,545) | 12-30-2022 | (319,316,679) | (317,328,517) | 1,988,162 | 0 | |
$15,651,555 | $(14,674,252) |
Assets | |
Investments in unaffiliated securities (including $146,284 of securities loaned), at value (cost $835,778,034) | $ 1,285,129,107 |
Investments in affiliated securities, at value (cost $28,767,622) | 28,767,622 |
Cash | 4,086 |
Cash at broker segregated for futures contracts | 8,755,860 |
Receivable for dividends and interest | 3,180,459 |
Receivable for daily variation margin on open futures contracts | 2,151,478 |
Receivable for Fund shares sold | 460,065 |
Receivable for securities lending income, net | 3,244 |
Prepaid expenses and other assets | 164,514 |
Total assets | 1,328,616,435 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 1,320,406 |
Payable for investments purchased | 921,915 |
Payable for Fund shares redeemed | 869,182 |
Management fee payable | 666,533 |
Shareholder servicing fees payable | 271,765 |
Administration fees payable | 227,466 |
Payable upon receipt of securities loaned | 149,819 |
Distribution fee payable | 77,190 |
Trustees’ fees and expenses payable | 1,133 |
Accrued expenses and other liabilities | 34,706 |
Total liabilities | 4,540,115 |
Total net assets | $1,324,076,320 |
Net assets consist of | |
Paid-in capital | $ 870,845,283 |
Total distributable earnings | 453,231,037 |
Total net assets | $1,324,076,320 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 802,444,182 |
Shares outstanding – Class A1 | 22,955,352 |
Net asset value per share – Class A | $34.96 |
Maximum offering price per share – Class A2 | $37.09 |
Net assets – Class C | $ 110,992,263 |
Shares outstanding – Class C1 | 5,248,015 |
Net asset value per share – Class C | $21.15 |
Net assets – Administrator Class | $ 259,704,064 |
Shares outstanding – Administrator Class1 | 7,429,289 |
Net asset value per share – Administrator Class | $34.96 |
Net assets – Institutional Class | $ 150,935,811 |
Shares outstanding – Institutional Class1 | 4,323,547 |
Net asset value per share – Institutional Class | $34.91 |
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 $3,273) | $ 14,613,916 |
Interest | 10,853,108 |
Income from affiliated securities | 171,667 |
Total investment income | 25,638,691 |
Expenses | |
Management fee | 9,617,240 |
Administration fees | |
Class A | 2,017,677 |
Class C | 293,039 |
Administrator Class | 440,263 |
Institutional Class | 224,215 |
Shareholder servicing fees | |
Class A | 2,401,996 |
Class C | 348,299 |
Administrator Class | 840,971 |
Distribution fee | |
Class C | 1,044,658 |
Custody and accounting fees | 125,519 |
Professional fees | 60,672 |
Registration fees | 189,699 |
Shareholder report expenses | 148,820 |
Trustees’ fees and expenses | 21,953 |
Other fees and expenses | 199,646 |
Total expenses | 17,974,667 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (310,094) |
Class A | (95,556) |
Class C | (5) |
Administrator Class | (336,818) |
Net expenses | 17,232,194 |
Net investment income | 8,406,497 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 46,585,380 |
Futures contracts | (14,658,168) |
Net realized gains on investments | 31,927,212 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (285,994,078) |
Futures contracts | 7,372,461 |
Net change in unrealized gains (losses) on investments | (278,621,617) |
Net realized and unrealized gains (losses) on investments | (246,694,405) |
Net decrease in net assets resulting from operations | $(238,287,908) |
Year ended September 30, 2022 | Year ended September 30, 2021 | |||
Operations | ||||
Net investment income | $ 8,406,497 | $ 7,442,921 | ||
Net realized gains on investments | 31,927,212 | 100,337,318 | ||
Net change in unrealized gains (losses) on investments | (278,621,617) | 131,049,261 | ||
Net increase (decrease) in net assets resulting from operations | (238,287,908) | 238,829,500 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (63,362,703) | (30,498,113) | ||
Class C | (8,330,567) | (4,333,666) | ||
Administrator Class | (23,576,011) | (9,785,404) | ||
Institutional Class | (12,107,682) | (5,192,389) | ||
Total distributions to shareholders | (107,376,963) | (49,809,572) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 821,497 | 33,696,572 | 1,352,827 | 56,159,764 |
Class C | 485,683 | 12,236,383 | 953,463 | 24,071,361 |
Administrator Class | 1,568,634 | 66,040,429 | 2,969,596 | 124,877,966 |
Institutional Class | 1,646,285 | 68,227,108 | 1,035,807 | 42,907,365 |
180,200,492 | 248,016,456 | |||
Reinvestment of distributions | ||||
Class A | 1,411,239 | 60,948,990 | 737,326 | 29,412,719 |
Class C | 303,625 | 8,012,673 | 169,584 | 4,105,876 |
Administrator Class | 544,767 | 23,512,105 | 244,129 | 9,743,414 |
Institutional Class | 220,986 | 9,487,456 | 97,312 | 3,879,807 |
101,961,224 | 47,141,816 | |||
Payment for shares redeemed | ||||
Class A | (2,443,961) | (99,973,810) | (2,251,935) | (94,497,079) |
Class C | (1,240,343) | (30,566,657) | (1,550,509) | (39,295,545) |
Administrator Class | (2,871,217) | (116,371,204) | (2,277,568) | (96,108,964) |
Institutional Class | (1,324,804) | (53,709,439) | (953,782) | (39,922,465) |
(300,621,110) | (269,824,053) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (18,459,394) | 25,334,219 | ||
Total increase (decrease) in net assets | (364,124,265) | 214,354,147 | ||
Net assets | ||||
Beginning of period | 1,688,200,585 | 1,473,846,438 | ||
End of period | $1,324,076,320 | $1,688,200,585 |
Year ended September 30 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $43.74 | $38.89 | $35.13 | $34.63 | $31.99 |
Net investment income | 0.21 | 0.19 | 0.30 | 0.33 | 0.27 |
Net realized and unrealized gains (losses) on investments | (6.23) | 5.97 | 4.22 | 1.46 | 2.83 |
Total from investment operations | (6.02) | 6.16 | 4.52 | 1.79 | 3.10 |
Distributions to shareholders from | |||||
Net investment income | (0.30) | (0.12) | (0.30) | (0.33) | (0.27) |
Net realized gains | (2.46) | (1.19) | (0.46) | (0.96) | (0.19) |
Total distributions to shareholders | (2.76) | (1.31) | (0.76) | (1.29) | (0.46) |
Net asset value, end of period | $34.96 | $43.74 | $38.89 | $35.13 | $34.63 |
Total return1 | (14.91)% | 16.18% | 13.08% | 5.54% | 9.76% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.10% | 1.09% | 1.10% | 1.11% | 1.08% |
Net expenses | 1.08% | 1.08% | 1.08% | 1.08% | 1.07% |
Net investment income | 0.52% | 0.46% | 0.83% | 0.99% | 0.80% |
Supplemental data | |||||
Portfolio turnover rate | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $802,444 | $1,013,263 | $907,134 | $834,289 | $830,487 |
1 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $26.46 | $23.64 | $21.36 | $21.07 | $19.45 |
Net investment income (loss) | (0.07) | (0.08) | 0.01 | 0.05 | 0.01 |
Net realized and unrealized gains (losses) on investments | (3.75) | 3.63 | 2.57 | 0.88 | 1.73 |
Total from investment operations | (3.82) | 3.55 | 2.58 | 0.93 | 1.74 |
Distributions to shareholders from | |||||
Net investment income | 0.00 | (0.01) | (0.02) | (0.06) | (0.00) 1 |
Net realized gains | (1.49) | (0.72) | (0.28) | (0.58) | (0.12) |
Total distributions to shareholders | (1.49) | (0.73) | (0.30) | (0.64) | (0.12) |
Net asset value, end of period | $21.15 | $26.46 | $23.64 | $21.36 | $21.07 |
Total return2 | (15.56)% | 15.31% | 12.22% | 4.75% | 8.97% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.85% | 1.84% | 1.85% | 1.86% | 1.83% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.83% | 1.82% |
Net investment income (loss) | (0.24)% | (0.29)% | 0.08% | 0.24% | 0.05% |
Supplemental data | |||||
Portfolio turnover rate | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $110,992 | $150,795 | $144,828 | $144,264 | $153,322 |
1 | Amount is less than $0.005. |
2 | Total return calculations do not include any sales charges. |
Year ended September 30 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $43.80 | $38.89 | $35.14 | $34.64 | $31.99 |
Net investment income | 0.28 | 0.26 | 0.37 | 0.39 | 0.32 |
Net realized and unrealized gains (losses) on investments | (6.22) | 5.98 | 4.20 | 1.46 | 2.84 |
Total from investment operations | (5.94) | 6.24 | 4.57 | 1.85 | 3.16 |
Distributions to shareholders from | |||||
Net investment income | (0.43) | (0.14) | (0.36) | (0.39) | (0.32) |
Net realized gains | (2.47) | (1.19) | (0.46) | (0.96) | (0.19) |
Total distributions to shareholders | (2.90) | (1.33) | (0.82) | (1.35) | (0.51) |
Net asset value, end of period | $34.96 | $43.80 | $38.89 | $35.14 | $34.64 |
Total return | (14.77)% | 16.40% | 13.26% | 5.73% | 9.94% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.02% | 1.01% | 1.02% | 1.03% | 1.00% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 0.69% | 0.63% | 1.01% | 1.17% | 0.97% |
Supplemental data | |||||
Portfolio turnover rate | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $259,704 | $358,573 | $281,988 | $229,390 | $216,611 |
Year ended September 30 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $43.79 | $38.84 | $35.09 | $34.59 | $31.96 |
Net investment income | 0.33 | 0.33 | 0.42 | 0.44 | 0.39 |
Net realized and unrealized gains (losses) on investments | (6.20) | 5.97 | 4.21 | 1.46 | 2.81 |
Total from investment operations | (5.87) | 6.30 | 4.63 | 1.90 | 3.20 |
Distributions to shareholders from | |||||
Net investment income | (0.54) | (0.16) | (0.42) | (0.44) | (0.38) |
Net realized gains | (2.47) | (1.19) | (0.46) | (0.96) | (0.19) |
Total distributions to shareholders | (3.01) | (1.35) | (0.88) | (1.40) | (0.57) |
Net asset value, end of period | $34.91 | $43.79 | $38.84 | $35.09 | $34.59 |
Total return | (14.64)% | 16.57% | 13.44% | 5.89% | 10.11% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.77% | 0.76% | 0.77% | 0.78% | 0.75% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.74% |
Net investment income | 0.85% | 0.79% | 1.16% | 1.32% | 1.13% |
Supplemental data | |||||
Portfolio turnover rate | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $150,936 | $165,569 | $139,896 | $123,504 | $110,566 |
Gross unrealized gains | $494,997,915 |
Gross unrealized losses | (76,335,400) |
Net unrealized gains | $418,662,515 |
■ | 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 | $ 22,945 | $0 | $ 22,945 |
Common stocks | ||||
Communication services | 63,661,254 | 0 | 0 | 63,661,254 |
Consumer discretionary | 92,428,060 | 0 | 0 | 92,428,060 |
Consumer staples | 54,270,384 | 0 | 0 | 54,270,384 |
Energy | 36,260,972 | 0 | 0 | 36,260,972 |
Financials | 86,810,668 | 0 | 0 | 86,810,668 |
Health care | 119,145,502 | 0 | 0 | 119,145,502 |
Industrials | 62,109,915 | 0 | 0 | 62,109,915 |
Information technology | 208,202,409 | 0 | 0 | 208,202,409 |
Materials | 19,808,283 | 0 | 0 | 19,808,283 |
Real estate | 22,118,375 | 0 | 0 | 22,118,375 |
Utilities | 24,748,631 | 0 | 0 | 24,748,631 |
Non-agency mortgage-backed securities | 0 | 2,871 | 0 | 2,871 |
U.S. Treasury securities | 495,538,838 | 0 | 0 | 495,538,838 |
Short-term investments | ||||
Investment companies | 28,767,622 | 0 | 0 | 28,767,622 |
1,313,870,913 | 25,816 | 0 | 1,313,896,729 | |
Futures contracts | 15,651,555 | 0 | 0 | 15,651,555 |
Total assets | $1,329,522,468 | $25,816 | $0 | $1,329,548,284 |
Liabilities | ||||
Futures contracts | $ 14,674,252 | $ 0 | $0 | $ 14,674,252 |
Total liabilities | $ 14,674,252 | $ 0 | $0 | $ 14,674,252 |
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 | |
$136,374,359 | $64,301,285 | $188,368,767 | $129,581,436 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Barclays Capital Incorporated | $146,284 | $(146,284) | $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 | $ 8,633,241* | Unrealized losses on futures contracts | $ 13,382,742* | |
Equity risk | Unrealized gains on futures contracts | 7,018,314* | Unrealized losses on futures contracts | 1,291,510* | |
$15,651,555 | $14,674,252 |
* | Amount represents cumulative unrealized gains (losses) on futures contracts as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of September 30, 2022 is reported separately on the Statement of Assets and Liabilities. |
Net realized gains (losses) on derivatives | Net change in unrealized gains (losses) on derivatives | |
Interest rate risk | $ (4,214,927) | $ (3,120,876) |
Equity risk | (10,443,241) | 10,493,337 |
$(14,658,168) | $ 7,372,461 |
Year ended September 30 | ||
2022 | 2021 | |
Ordinary income | $26,531,537 | $18,829,253 |
Long-term capital gain | 80,845,426 | 30,980,319 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains | Post-October capital losses deferred |
$445,187 | $38,381,663 | $418,662,515 | $(4,258,328) |
Allspring Funds Trust:
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. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | 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 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | 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 and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and 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. |
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. |
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) | Chief Legal Officer, since 2022; 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
A227/AR227 09-22
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered
to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by
the Registrant’s audit committee.
Fiscal | Fiscal | |||||||
year ended | year ended | |||||||
September 30, 2022 | September 30, 2021 | |||||||
Audit fees | $ | 457,350 | $ | 440,820 | ||||
Audit-related fees | ||||||||
Tax fees (1) | 58,330 | 56,690 | ||||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 515,680 | $ | 497,510 | |||||
|
|
|
|
(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management.
Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) 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 MANAGEMENT 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) Code of Ethics.
(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: November 22, 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: November 22, 2022 |
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: November 22, 2022 |