UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: September 30
Registrant is making a filing for 12 of its series:
Allspring Diversified Capital Builder Fund, Allspring Diversified Income Builder Fund, Allspring Index Asset Allocation Fund, Allspring International Bond Fund, Allspring Income Plus Fund, Allspring Global Investment Grade Credit Fund, Allspring C&B Mid Cap Value Fund, Allspring Common Stock Fund, Allspring Discovery SMID Cap Growth Fund, Allspring Discovery Mid Cap Growth Fund, Allspring Opportunity Fund, and Allspring Special Mid Cap Value Fund.
Date of reporting period: March 31, 2023
ITEM 1. | REPORT TO STOCKHOLDERS |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
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President
Allspring Funds
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments (UK) Limited |
Portfolio managers | Michael Lee, Henrietta Pacquement, CFA, Alex Perrin, Lauren van Biljon, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -17.61 | -5.65 | -2.76 | -13.75 | -4.79 | -2.31 | 1.25 | 1.03 | ||
Class C (ESIVX) | 9-30-2003 | -15.36 | -5.38 | -2.84 | -14.36 | -5.38 | -2.84 | 2.00 | 1.78 | ||
Class R6 (ESIRX) | 11-30-2012 | – | – | – | -13.40 | -4.41 | -1.93 | 0.87 | 0.65 | ||
Administrator Class (ESIDX) | 7-30-2010 | – | – | – | -13.70 | -4.62 | -2.15 | 1.19 | 0.85 | ||
Institutional Class (ESICX) | 12-15-1993 | – | – | – | -13.46 | -4.47 | -1.99 | 0.92 | 0.70 | ||
Bloomberg Global Aggregate ex-USD Index3 | – | – | – | – | -10.72 | -3.17 | -0.99 | – | – |
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 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 | 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Network Rail Infrastructure Finance plc, 4.75%, 11-29-2035 | 4.57 |
Canada, 1.90%, 3-15-2031 | 4.29 |
Italy, 0.95%, 6-1-2032 | 3.99 |
Spain, 1.25%, 10-31-2030 | 3.98 |
U.S. Treasury Note, 2.75%, 8-15-2032 | 3.72 |
United Kingdom, 0.88%, 7-31-2033 | 2.73 |
U.S. Treasury Note, 4.13%, 9-30-2027 | 2.56 |
Australia, 2.75%, 11-21-2028 | 2.53 |
Queensland Treasury Corporation, 1.50%, 8-20-2032 | 2.41 |
Norway, 2.13%, 5-18-2032 | 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 allocation as of March 31, 20231 |
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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 March 31, 20231 |
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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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,086.61 | $5.36 | 1.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.80 | $5.19 | 1.03% |
Class C | ||||
Actual | $1,000.00 | $1,081.72 | $9.24 | 1.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.06 | $8.95 | 1.78% |
Class R6 | ||||
Actual | $1,000.00 | $1,088.01 | $3.38 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.69 | $3.28 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,085.49 | $4.42 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Institutional Class | ||||
Actual | $1,000.00 | $1,088.46 | $3.64 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.44 | $3.53 | 0.70% |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 4.20% | ||||||
United States: 4.20% | ||||||
American Tower Corporation (Real estate, Specialized REITs) | 3.80% | 8-15-2029 | $ | 200,000 | $ 185,869 | |
Anthem Incorporated (Health care, Health care providers & services) | 2.55 | 3-15-2031 | 200,000 | 172,124 | ||
Bank of America Corporation (3 Month LIBOR +1.21%) (Financials, Banks) ± | 3.97 | 2-7-2030 | 200,000 | 186,936 | ||
Berry Global Incorporated (Materials, Containers & packaging) | 1.00 | 1-15-2025 | 150,000 | 154,137 | ||
BP Capital Markets America Incorporated (Energy, Oil, gas & consumable fuels) | 1.75 | 8-10-2030 | 200,000 | 165,504 | ||
Broadcom Incorporated (Information technology, Semiconductors & semiconductor equipment) 144A | 4.15 | 4-15-2032 | 150,000 | 136,678 | ||
Citigroup Incorporated (Financials, Banks) | 3.20 | 10-21-2026 | 150,000 | 141,511 | ||
Coca Cola Company (Consumer staples, Beverages) | 0.38 | 3-15-2033 | 300,000 | 241,350 | ||
JPMorgan Chase & Company (3 Month EURIBOR +1.13%) (Financials, Banks) ± | 1.96 | 3-23-2030 | 175,000 | 167,524 | ||
Magallanes Incorporated (Communication services, Media) 144A | 4.28 | 3-15-2032 | 200,000 | 178,559 | ||
McDonald's Corporation (Consumer discretionary, Hotels, restaurants & leisure) | 2.38 | 5-31-2029 | 175,000 | 176,100 | ||
Motorola Solutions Incorporated (Information technology, Communications equipment) | 2.75 | 5-24-2031 | 200,000 | 165,160 | ||
Oracle Corporation (Information technology, Software) | 6.25 | 11-9-2032 | 150,000 | 161,333 | ||
Thermo Fisher Scientific Incorporated (Health care, Life sciences tools & services) | 1.13 | 10-18-2033 | 200,000 | 168,885 | ||
Total Corporate bonds and notes (Cost $2,641,470) | 2,401,670 | |||||
Foreign corporate bonds and notes: 9.56% | ||||||
Belgium: 0.71% | ||||||
Anheuser-Busch InBev SA (Consumer staples, Beverages) | 2.88 | 4-2-2032 | EUR | 200,000 | 204,828 | |
KBC Group NV (Financials, Banks) | 3.00 | 8-25-2030 | EUR | 200,000 | 201,463 | |
406,291 | ||||||
Canada: 0.31% | ||||||
Toronto Dominion Bank (Financials, Banks) | 2.55 | 8-3-2027 | EUR | 175,000 | 177,856 | |
France: 0.71% | ||||||
BNP Paribas (Financials, Banks) | 3.63 | 9-1-2029 | EUR | 200,000 | 209,607 | |
BPCE SA (Financials, Banks) | 0.38 | 2-2-2026 | EUR | 200,000 | 197,172 | |
406,779 | ||||||
Germany: 0.37% | ||||||
Eurogrid Company (Utilities, Electric utilities) | 3.28 | 9-5-2031 | EUR | 100,000 | 106,232 | |
RWE AG (Utilities, Independent power & renewable electricity producers) | 2.75 | 5-24-2030 | EUR | 100,000 | 100,735 | |
206,967 |
Interest rate | Maturity date | Principal | Value | |||
Ireland: 0.17% | ||||||
Smurfit Kappa Treasury Company (Materials, Paper & forest products) | 1.50% | 9-15-2027 | EUR | 100,000 | $ 97,561 | |
Netherlands: 1.58% | ||||||
ABN Amro Bank NV (Financials, Banks) | 0.50 | 9-23-2029 | EUR | 200,000 | 173,464 | |
American Medical Systems Europe BV (Health care, Health care providers & services) | 1.63 | 3-8-2031 | EUR | 200,000 | 185,740 | |
Enel Finance International NV (Utilities, Electric utilities) | 0.38 | 6-17-2027 | EUR | 175,000 | 165,095 | |
Koninklijke Philips NV (Health care, Health care equipment & supplies) | 2.63 | 5-5-2033 | EUR | 175,000 | 168,572 | |
Shell International Finance Company (Financials, Financial services) | 1.88 | 4-7-2032 | EUR | 225,000 | 210,019 | |
902,890 | ||||||
United Kingdom: 5.71% | ||||||
Nationwide Building Society (Financials, Financial services) | 3.25 | 9-5-2029 | EUR | 175,000 | 178,439 | |
NatWest Markets plc (Financials, Banks) | 1.38 | 3-2-2027 | EUR | 175,000 | 170,873 | |
Network Rail Infrastructure Finance plc (Industrials, Transportation infrastructure) | 4.75 | 11-29-2035 | GBP | 2,000,000 | 2,614,895 | |
Pinewood Finance Company Limited (Financials, Financial services) | 3.25 | 9-30-2025 | GBP | 100,000 | 115,342 | |
Thames Water Utilities Finance plc (Utilities, Water utilities) | 0.88 | 1-31-2028 | EUR | 200,000 | 187,154 | |
3,266,703 | ||||||
Total Foreign corporate bonds and notes (Cost $6,726,790) | 5,465,047 | |||||
Foreign government bonds: 78.02% | ||||||
Australia | 1.75 | 11-21-2032 | AUD | 1,825,000 | 1,064,522 | |
Australia | 2.75 | 11-21-2028 | AUD | 2,200,000 | 1,445,566 | |
Brazil | 10.00 | 1-1-2031 | BRL | 875,000 | 151,219 | |
Brazil | 10.00 | 1-1-2025 | BRL | 1,100,000 | 210,586 | |
Brazil | 10.00 | 1-1-2029 | BRL | 2,850,000 | 507,066 | |
Canada | 1.50 | 12-1-2031 | CAD | 640,000 | 423,702 | |
Canada 144A | 1.90 | 3-15-2031 | CAD | 3,675,000 | 2,456,064 | |
Canada | 2.00 | 6-1-2032 | CAD | 950,000 | 652,875 | |
Canada | 2.00 | 12-1-2051 | CAD | 700,000 | 414,235 | |
Chile | 4.50 | 3-1-2026 | CLP | 120,000,000 | 144,322 | |
China | 3.02 | 5-27-2031 | CNY | 1,750,000 | 258,202 | |
China | 3.03 | 3-11-2026 | CNY | 2,600,000 | 383,998 | |
Colombia | 6.00 | 4-28-2028 | COP | 1,885,000,000 | 323,775 | |
Czech Republic | 0.25 | 2-10-2027 | CZK | 4,000,000 | 154,918 | |
Czech Republic | 1.75 | 6-23-2032 | CZK | 37,000,000 | 1,342,590 | |
France | 0.50 | 5-25-2029 | EUR | 675,000 | 643,219 | |
France | 1.25 | 5-25-2038 | EUR | 1,010,000 | 849,252 | |
France | 2.00 | 11-25-2032 | EUR | 1,050,000 | 1,060,877 | |
Germany ¤ | 0.00 | 8-15-2029 | EUR | 775,000 | 728,141 | |
Germany | 0.20 | 6-14-2024 | EUR | 355,000 | 373,140 | |
Germany | 1.00 | 5-15-2038 | EUR | 1,180,000 | 1,046,306 | |
Germany | 1.70 | 8-15-2032 | EUR | 350,000 | 361,401 | |
Hungary | 1.50 | 8-26-2026 | HUF | 30,000,000 | 64,539 | |
Hungary | 2.25 | 4-20-2033 | HUF | 40,000,000 | 68,241 | |
Indonesia | 6.38 | 4-15-2032 | IDR | 13,600,000,000 | 886,773 |
Interest rate | Maturity date | Principal | Value | |||
Foreign government bonds: 78.02% (continued) | ||||||
Indonesia | 6.50% | 6-15-2025 | IDR | 3,150,000,000 | $ 210,728 | |
Indonesia | 7.00 | 2-15-2033 | IDR | 14,000,000,000 | 947,924 | |
Italy ¤ | 0.00 | 4-1-2026 | EUR | 775,000 | 760,295 | |
Italy 144A | 0.60 | 8-1-2031 | EUR | 750,000 | 624,753 | |
Italy | 0.95 | 6-1-2032 | EUR | 2,725,000 | 2,279,346 | |
Korea | 1.88 | 6-10-2029 | KRW | 900,000,000 | 637,069 | |
Korea | 2.38 | 12-10-2031 | KRW | 740,000,000 | 529,119 | |
Korea | 3.13 | 9-10-2027 | KRW | 1,450,000,000 | 1,107,754 | |
Malaysia | 3.58 | 7-15-2032 | MYR | 3,700,000 | 816,926 | |
Malaysia | 3.90 | 11-30-2026 | MYR | 1,100,000 | 252,788 | |
Mexico | 5.75 | 3-5-2026 | MXN | 7,400,000 | 370,333 | |
Mexico | 7.50 | 5-26-2033 | MXN | 8,700,000 | 440,084 | |
Mexico | 8.00 | 11-7-2047 | MXN | 6,000,000 | 296,221 | |
Mexico | 8.50 | 5-31-2029 | MXN | 22,215,000 | 1,212,912 | |
Netherlands 144A | 2.50 | 7-15-2033 | EUR | 475,000 | 507,766 | |
New South Wales | 1.50 | 2-20-2032 | AUD | 980,000 | 533,083 | |
New South Wales | 3.00 | 5-20-2027 | AUD | 1,040,000 | 683,792 | |
New Zealand | 1.50 | 5-15-2031 | NZD | 1,300,000 | 661,686 | |
New Zealand | 3.50 | 4-14-2033 | NZD | 1,300,000 | 766,227 | |
Norway 144A | 2.13 | 5-18-2032 | NOK | 15,100,000 | 1,345,152 | |
Poland | 0.25 | 10-25-2026 | PLN | 1,075,000 | 204,042 | |
Poland | 1.25 | 10-25-2030 | PLN | 1,275,000 | 211,963 | |
Poland | 1.75 | 4-25-2032 | PLN | 4,000,000 | 656,180 | |
Poland | 2.75 | 10-25-2029 | PLN | 425,000 | 81,564 | |
Queensland Treasury Corporation 144A | 1.50 | 8-20-2032 | AUD | 2,550,000 | 1,376,309 | |
Republic of Peru | 6.35 | 8-12-2028 | PEN | 600,000 | 155,497 | |
Republic of South Africa | 8.75 | 2-28-2048 | ZAR | 7,700,000 | 330,142 | |
Republic of South Africa | 8.75 | 2-28-2048 | ZAR | 4,750,000 | 203,659 | |
Republic of South Africa | 10.50 | 12-21-2026 | ZAR | 16,000,000 | 955,705 | |
Romania | 2.50 | 10-25-2027 | RON | 475,000 | 85,109 | |
Romania | 3.25 | 6-24-2026 | RON | 650,000 | 126,315 | |
Romania | 3.65 | 9-24-2031 | RON | 2,475,000 | 414,708 | |
Romania | 4.85 | 4-22-2026 | RON | 2,550,000 | 522,743 | |
Romania | 5.00 | 2-12-2029 | RON | 2,675,000 | 520,172 | |
Russia (Acquired 9-23-2020, cost $3,553,656) ♦†> | 4.50 | 7-16-2025 | RUB | 283,800,000 | 0 | |
Spain ¤ | 0.00 | 1-31-2026 | EUR | 675,000 | 675,305 | |
Spain 144A | 1.00 | 7-30-2042 | EUR | 640,000 | 438,075 | |
Spain 144A | 1.25 | 10-31-2030 | EUR | 2,395,000 | 2,276,776 | |
Thailand | 1.60 | 12-17-2029 | THB | 35,500,000 | 1,001,082 | |
Thailand | 3.35 | 6-17-2033 | THB | 6,500,000 | 205,908 | |
United Kingdom | 0.88 | 7-31-2033 | GBP | 1,645,000 | 1,564,065 | |
United Kingdom | 1.25 | 7-31-2051 | GBP | 925,000 | 635,182 | |
United Kingdom | 3.25 | 1-31-2033 | GBP | 410,000 | 494,671 | |
United Kingdom | 3.75 | 1-29-2038 | GBP | 400,000 | 490,031 | |
Total Foreign government bonds (Cost $52,259,873) | 44,624,690 | |||||
U.S. Treasury securities: 6.28% | ||||||
U.S. Treasury Note | 2.75 | 8-15-2032 | $ | 2,260,000 | 2,126,872 | |
U.S. Treasury Note | 4.13 | 9-30-2027 | 1,440,000 | 1,467,112 | ||
Total U.S. Treasury securities (Cost $3,513,670) | 3,593,984 |
Yield | Shares | Value | ||||
Short-term investments: 1.38% | ||||||
Investment companies: 1.38% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 790,099 | $ 790,099 | |||
Total Short-term investments (Cost $790,099) | 790,099 | |||||
Total investments in securities (Cost $65,931,902) | 99.44% | 56,875,490 | ||||
Other assets and liabilities, net | 0.56 | 321,038 | ||||
Total net assets | 100.00% | $57,196,528 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
♦ | The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
† | Non-income-earning security |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $3,553,656), representing 0.00% 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 |
CLP | Chile Peso |
CNY | China yuan |
COP | Colombian peso |
CZK | Czech Republic koruna |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
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 |
THB | Thai baht |
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 | $831,989 | $10,059,291 | $(10,101,181) | $0 | $0 | $790,099 | 790,099 | $16,737 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses |
3,640,323 USD | 5,380,000 AUD | State Street Bank & Trust Company | 6-6-2023 | $ 35,883 | $ 0 |
502,100 USD | 465,000 EUR | State Street Bank & Trust Company | 4-11-2023 | 0 | (2,384) |
100,000 EUR | 106,057 USD | State Street Bank & Trust Company | 4-11-2023 | 2,434 | 0 |
2,235,199 USD | 1,845,000 GBP | State Street Bank & Trust Company | 5-17-2023 | 0 | (42,796) |
177,407 USD | 68,000,000 HUF | State Street Bank & Trust Company | 4-11-2023 | 0 | (16,223) |
1,095,747 USD | 420,000,000 HUF | State Street Bank & Trust Company | 4-11-2023 | 0 | (100,201) |
135,848 USD | 51,000,000 HUF | State Street Bank & Trust Company | 4-11-2023 | 0 | (9,374) |
183,000,000 HUF | 495,989 USD | State Street Bank & Trust Company | 4-11-2023 | 25,103 | 0 |
288,000,000 HUF | 784,934 USD | State Street Bank & Trust Company | 4-11-2023 | 35,145 | 0 |
100,000,000 HUF | 280,371 USD | State Street Bank & Trust Company | 4-11-2023 | 4,378 | 0 |
850,449 USD | 13,250,000,000 IDR | State Street Bank & Trust Company | 4-12-2023 | 0 | (32,994) |
1,088,676 USD | 1,500,000 CAD | State Street Bank & Trust Company | 6-12-2023 | 0 | (22,439) |
475,686 USD | 7,190,000,000 IDR | State Street Bank & Trust Company | 4-12-2023 | 0 | (3,706) |
1,480,000,000 JPY | 11,375,646 USD | State Street Bank & Trust Company | 6-30-2023 | 0 | (86,214) |
1,266,024 USD | 1,590,000,000 KRW | State Street Bank & Trust Company | 5-8-2023 | 42,065 | 0 |
827,620 USD | 15,875,000 MXN | State Street Bank & Trust Company | 4-25-2023 | 0 | (49,734) |
281,521 USD | 5,400,000 MXN | State Street Bank & Trust Company | 4-25-2023 | 0 | (16,917) |
437,605 USD | 8,225,000 MXN | State Street Bank & Trust Company | 4-25-2023 | 0 | (16,961) |
400,000 MYR | 89,586 USD | State Street Bank & Trust Company | 6-1-2023 | 1,406 | 0 |
1,249,883 USD | 13,300,000 NOK | State Street Bank & Trust Company | 5-15-2023 | 0 | (22,841) |
28,214 USD | 300,000 NOK | State Street Bank & Trust Company | 5-15-2023 | 0 | (494) |
1,308,668 USD | 2,100,000 NZD | State Street Bank & Trust Company | 6-6-2023 | 0 | (4,532) |
51,400,000 CNY | 7,624,416 USD | State Street Bank & Trust Company | 5-15-2023 | 0 | (118,683) |
639,534 USD | 2,885,000 PLN | State Street Bank & Trust Company | 5-30-2023 | 0 | (26,532) |
987,368 USD | 34,000,000 THB | State Street Bank & Trust Company | 4-27-2023 | 0 | (9,398) |
16,900,000 THB | 498,672 USD | State Street Bank & Trust Company | 6-30-2023 | 0 | (134) |
1,100,000 TRY | 55,708 USD | State Street Bank & Trust Company | 4-26-2023 | 96 | 0 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
270,385 USD | 4,700,000 ZAR | State Street Bank & Trust Company | 4-28-2023 | $ 6,977 | $ 0 | |
498,586 USD | 9,130,000 ZAR | State Street Bank & Trust Company | 4-28-2023 | 0 | (13,100) | |
49,742 USD | 900,000 ZAR | State Street Bank & Trust Company | 4-28-2023 | 0 | (698) | |
123,579 USD | 2,750,000 CZK | State Street Bank & Trust Company | 4-24-2023 | 0 | (3,365) | |
1,505,415 USD | 33,500,000 CZK | State Street Bank & Trust Company | 4-24-2023 | 0 | (40,994) | |
11,400,000 CZK | 515,884 USD | State Street Bank & Trust Company | 4-24-2023 | 10,357 | 0 | |
3,580,000 EUR | 3,822,316 USD | State Street Bank & Trust Company | 4-11-2023 | 61,672 | 0 | |
210,000 EUR | 228,699 USD | State Street Bank & Trust Company | 4-11-2023 | 0 | (868) | |
590,308 USD | 550,000 EUR | State Street Bank & Trust Company | 4-11-2023 | 0 | (6,394) | |
$225,516 | $(647,976) |
Assets | |
Investments in unaffiliated securities, at value (cost $65,141,803) | $ 56,085,391 |
Investments in affiliated securities, at value (cost $790,099) | 790,099 |
Cash | 2,210 |
Foreign currency, at value (cost $20,236) | 20,305 |
Receivable for investments sold | 997,915 |
Receivable for interest | 582,154 |
Unrealized gains on forward foreign currency contracts | 225,516 |
Receivable for Fund shares sold | 103,511 |
Prepaid expenses and other assets | 100,273 |
Total assets | 58,907,374 |
Liabilities | |
Payable for investments purchased | 1,038,162 |
Unrealized losses on forward foreign currency contracts | 647,976 |
Payable for Fund shares redeemed | 15,447 |
Administration fees payable | 4,407 |
Management fee payable | 4,393 |
Trustees’ fees and expenses payable | 365 |
Distribution fee payable | 96 |
Total liabilities | 1,710,846 |
Total net assets | $ 57,196,528 |
Net assets consist of | |
Paid-in capital | $ 95,627,567 |
Total distributable loss | (38,431,039) |
Total net assets | $ 57,196,528 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 4,540,452 |
Shares outstanding – Class A1 | 548,130 |
Net asset value per share – Class A | $8.28 |
Maximum offering price per share – Class A2 | $8.67 |
Net assets – Class C | $ 145,009 |
Shares outstanding – Class C1 | 18,561 |
Net asset value per share – Class C | $7.81 |
Net assets – Class R6 | $ 1,145,154 |
Shares outstanding – Class R61 | 134,178 |
Net asset value per share – Class R6 | $8.53 |
Net assets – Administrator Class | $ 3,696,749 |
Shares outstanding – Administrator Class1 | 440,985 |
Net asset value per share – Administrator Class | $8.38 |
Net assets – Institutional Class | $ 47,669,164 |
Shares outstanding – Institutional Class1 | 5,612,300 |
Net asset value per share – Institutional Class | $8.49 |
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 $27,488) | $ 1,100,425 |
Income from affiliated securities | 16,737 |
Total investment income | 1,117,162 |
Expenses | |
Management fee | 197,007 |
Administration fees | |
Class A | 3,683 |
Class C | 118 |
Class R6 | 187 |
Administrator Class | 6,038 |
Institutional Class | 19,038 |
Shareholder servicing fees | |
Class A | 5,744 |
Class C | 184 |
Administrator Class | 15,067 |
Distribution fee | |
Class C | 551 |
Custody and accounting fees | 28,701 |
Professional fees | 32,674 |
Registration fees | 41,138 |
Shareholder report expenses | 20,607 |
Trustees’ fees and expenses | 11,086 |
Other fees and expenses | 12,920 |
Total expenses | 394,743 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (140,910) |
Class A | (231) |
Administrator Class | (4,238) |
Institutional Class | (2,386) |
Net expenses | 246,978 |
Net investment income | 870,184 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (8,714,252) |
Forward foreign currency contracts | (887,362) |
Net realized losses on investments | (9,601,614) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 16,085,001 |
Forward foreign currency contracts | (407,309) |
Net change in unrealized gains (losses) on investments | 15,677,692 |
Net realized and unrealized gains (losses) on investments | 6,076,078 |
Net increase in net assets resulting from operations | $ 6,946,262 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 870,184 | $ 2,235,938 | ||
Net realized losses on investments | (9,601,614) | (19,305,584) | ||
Net change in unrealized gains (losses) on investments | 15,677,692 | (21,066,278) | ||
Net increase (decrease) in net assets resulting from operations | 6,946,262 | (38,135,924) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (10,524) | ||
Class R6 | 0 | (9,965) | ||
Administrator Class | 0 | (67,210) | ||
Institutional Class | 0 | (245,781) | ||
Total distributions to shareholders | 0 | (333,480) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 20,144 | 161,689 | 32,938 | 316,163 |
Class C | 98 | 751 | 372 | 3,552 |
Class R6 | 751 | 6,200 | 87,313 | 957,617 |
Administrator Class | 94,173 | 749,353 | 574,161 | 5,502,525 |
Institutional Class | 606,507 | 5,036,657 | 2,126,667 | 21,193,712 |
5,954,650 | 27,973,569 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 930 | 9,909 |
Class R6 | 0 | 0 | 300 | 3,281 |
Administrator Class | 0 | 0 | 4,433 | 47,744 |
Institutional Class | 0 | 0 | 21,939 | 238,697 |
0 | 299,631 | |||
Payment for shares redeemed | ||||
Class A | (80,102) | (642,062) | (391,949) | (4,060,241) |
Class C | (2,030) | (16,019) | (5,908) | (48,948) |
Class R6 | (44,340) | (361,877) | (149,383) | (1,428,129) |
Administrator Class | (3,042,513) | (25,568,768) | (768,586) | (7,225,233) |
Institutional Class | (1,019,896) | (8,466,916) | (4,414,997) | (42,373,569) |
(35,055,642) | (55,136,120) | |||
Net decrease in net assets resulting from capital share transactions | (29,100,992) | (26,862,920) | ||
Total decrease in net assets | (22,154,730) | (65,332,324) | ||
Net assets | ||||
Beginning of period | 79,351,258 | 144,683,582 | ||
End of period | $ 57,196,528 | $ 79,351,258 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $7.62 | $10.86 | $11.08 | $10.45 | $9.69 | $10.31 |
Net investment income | 0.10 1 | 0.16 1 | 0.10 1 | 0.18 1 | 0.32 1 | 0.27 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.56 | (3.38) | (0.24) | 0.45 | 0.44 | (0.89) |
Total from investment operations | 0.66 | (3.22) | (0.14) | 0.63 | 0.76 | (0.62) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.02) | (0.07) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.02) | (0.08) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $8.28 | $7.62 | $10.86 | $11.08 | $10.45 | $9.69 |
Total return3 | 8.66% | (29.73)% | (1.30)% | 6.03% 4 | 7.84% | (6.01)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.47% | 1.25% | 1.22% | 1.50% | 1.30% | 1.08% |
Net expenses | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Net investment income | 2.37% | 1.65% | 0.90% | 1.68% | 3.21% | 2.75% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $4,540 | $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. Returns for periods of less than one year are not annualized. |
4 | During the year ended September 30, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $7.22 | $10.34 | $10.56 | $9.98 | $9.32 | $10.00 |
Net investment income | 0.06 1 | 0.08 1 | 0.02 1 | 0.09 1 | 0.24 1 | 0.19 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.53 | (3.20) | (0.24) | 0.43 | 0.42 | (0.87) |
Total from investment operations | 0.59 | (3.12) | (0.22) | 0.58 | 0.66 | (0.68) |
Net asset value, end of period | $7.81 | $7.22 | $10.34 | $10.56 | $9.98 | $9.32 |
Total return2 | 8.17% | (30.17)% | (2.08)% | 5.81% 3 | 7.08% | (6.80)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.21% | 2.00% | 1.98% | 2.25% | 2.04% | 1.83% |
Net expenses | 1.78% | 1.78% | 1.78% | 1.78% | 1.78% | 1.78% |
Net investment income | 1.61% | 0.91% | 0.16% | 0.94% | 2.51% | 2.00% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $145 | $148 | $269 | $704 | $1,027 | $2,652 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 0.58% impact on the total return. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $7.84 | $11.14 | $11.36 | $10.68 | $9.86 | $10.45 |
Net investment income | 0.11 1 | 0.20 1 | 0.15 1 | 0.23 1 | 0.37 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | 0.58 | (3.47) | (0.25) | 0.45 | 0.45 | (0.90) |
Total from investment operations | 0.69 | (3.27) | (0.10) | 0.68 | 0.82 | (0.59) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.03) | (0.11) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.03) | (0.12) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $8.53 | $7.84 | $11.14 | $11.36 | $10.68 | $9.86 |
Total return2 | 8.80% | (29.42)% | (0.89)% | 6.37% | 8.32% | (5.65)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.08% | 0.87% | 0.85% | 1.13% | 0.90% | 0.72% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Net investment income | 2.75% | 2.03% | 1.27% | 2.08% | 3.68% | 3.18% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $1,145 | $1,393 | $2,668 | $6,020 | $8,979 | $49,749 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $7.72 | $10.98 | $11.19 | $10.53 | $9.75 | $10.36 |
Net investment income | 0.10 1 | 0.18 1 | 0.12 1 | 0.20 1 | 0.34 1 | 0.29 1 |
Net realized and unrealized gains (losses) on investments | 0.56 | (3.42) | (0.24) | 0.46 | 0.44 | (0.90) |
Total from investment operations | 0.66 | (3.24) | (0.12) | 0.66 | 0.78 | (0.61) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.02) | (0.07) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | 0.00 | (0.02) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.02) | (0.09) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $8.38 | $7.72 | $10.98 | $11.19 | $10.53 | $9.75 |
Total return2 | 8.55% | (29.56)% | (1.11)% | 6.27% | 8.00% | (5.89)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.35% | 1.20% | 1.16% | 1.44% | 1.24% | 1.01% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income | 2.59% | 1.86% | 1.09% | 1.87% | 3.37% | 2.93% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $3,697 | $26,159 | $39,296 | $34,221 | $18,213 | $27,911 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $7.80 | $11.09 | $11.31 | $10.64 | $9.83 | $10.43 |
Net investment income | 0.11 1 | 0.19 1 | 0.14 1 | 0.22 1 | 0.37 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | 0.58 | (3.45) | (0.24) | 0.45 | 0.44 | (0.91) |
Total from investment operations | 0.69 | (3.26) | (0.10) | 0.67 | 0.81 | (0.60) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.03) | (0.09) | 0.00 | 0.00 | 0.00 |
Tax basis return of capital | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.03) | (0.12) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $8.49 | $7.80 | $11.09 | $11.31 | $10.64 | $9.83 |
Total return2 | 8.85% | (29.48)% | (0.93)% | 6.30% | 8.24% | (5.75)% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.14% | 0.92% | 0.89% | 1.17% | 0.95% | 0.74% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 2.69% | 1.96% | 1.23% | 2.04% | 3.61% | 3.06% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 92% | 77% | 158% | 129% | 99% |
Net assets, end of period (000s omitted) | $47,669 | $47,016 | $91,959 | $57,264 | $77,727 | $245,633 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 696,517 |
Gross unrealized losses | (8,732,700) |
Net unrealized losses | $(8,036,183) |
■ | 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 | $ 2,401,670 | $0 | $ 2,401,670 |
Foreign corporate bonds and notes | 0 | 5,465,047 | 0 | 5,465,047 |
Foreign government bonds | 0 | 44,624,690 | 0 | 44,624,690 |
U.S. Treasury securities | 3,593,984 | 0 | 0 | 3,593,984 |
Short-term investments | ||||
Investment companies | 790,099 | 0 | 0 | 790,099 |
4,384,083 | 52,491,407 | 0 | 56,875,490 | |
Forward foreign currency contracts | 0 | 225,516 | 0 | 225,516 |
Total assets | $4,384,083 | $52,716,923 | $0 | $57,101,006 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 647,976 | $0 | $ 647,976 |
Total liabilities | $ 0 | $ 647,976 | $0 | $ 647,976 |
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 | |
$4,481,295 | $14,000,966 | $982,046 | $45,764,299 |
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 | $225,516 | $(225,516) | $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 | $647,976 | $(225,516) | $0 | $422,460 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g479199img3c08724f1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g479199img11279d0c6.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR4316 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g431507imge341d09c1.jpg)
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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 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
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President
Allspring Funds
Investment objective | The Fund seeks total return, consisting of a high level of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Christopher Kauffman, CFA, Janet Rilling, CFA, Michael Schueller, CFA, Michal Stanczyk, Noah Wise, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 (WSIAX) | 1-31-2013 | -7.37 | 1.14 | 1.55 | -3.48 | 1.97 | 1.96 | 1.08 | 0.91 | ||
Class C (WSICX) | 1-31-2013 | -5.05 | 1.36 | 1.43 | -4.05 | 1.36 | 1.43 | 1.83 | 1.66 | ||
Administrator Class (WSIDX) | 1-31-2013 | – | – | – | -3.28 | 2.08 | 2.08 | 1.02 | 0.76 | ||
Institutional Class (WSINX) | 1-31-2013 | – | – | – | -3.16 | 2.26 | 2.27 | 0.75 | 0.61 | ||
Bloomberg U.S. Aggregate Bond Index3 | – | – | – | – | -4.78 | 0.91 | 1.36 | – | – |
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, 2024, 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Germany, 1.30%, 10-15-2027 | 4.55 |
France, 0.75%, 2-25-2028 | 4.47 |
FNMA, 6.00%, 4-13-2053 | 2.37 |
GNMA, 5.50%, 4-20-2053 | 2.34 |
Xtrackers USD High Yield Corporate Bond ETF | 2.06 |
iShares Broad USD High Yield Corporate Bond ETF | 2.06 |
U.S. Treasury Bond, 2.25%, 2-15-2052 | 1.56 |
Bonos y Obligaciones del Estado, 0.00%, 1-31-2028 | 1.41 |
FNMA, 5.50%, 4-13-2053 | 1.41 |
FNMA, 3.50%, 4-13-2053 | 1.36 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g431507img2a09a7dc4.jpg)
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 March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g431507imgc9f86bdd5.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g431507imge10d933b6.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Consolidated expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,051.16 | $4.60 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $4.53 | 0.90% |
Class C | ||||
Actual | $1,000.00 | $1,048.25 | $8.43 | 1.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.70 | $8.30 | 1.65% |
Administrator Class | ||||
Actual | $1,000.00 | $1,052.24 | $3.84 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Institutional Class | ||||
Actual | $1,000.00 | $1,053.05 | $3.07 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.94 | $3.02 | 0.60% |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 9.37% | ||||||
FNMA %% | 3.50% | 4-13-2053 | $ | 2,450,000 | $ 2,276,490 | |
FNMA %% | 5.50 | 4-13-2053 | 2,325,000 | 2,348,477 | ||
FNMA %% | 6.00 | 4-13-2053 | 3,870,000 | 3,949,970 | ||
GNMA %% | 3.00 | 4-20-2053 | 1,720,000 | 1,566,668 | ||
GNMA %% | 5.00 | 4-20-2053 | 1,580,000 | 1,581,975 | ||
GNMA %% | 5.50 | 4-20-2053 | 3,865,000 | 3,908,708 | ||
Total Agency securities (Cost $15,458,758) | 15,632,288 | |||||
Asset-backed securities: 8.59% | ||||||
ACHV Trust Series2023-1PL Class A 144A | 6.42 | 3-18-2030 | 626,379 | 625,705 | ||
ACM Auto Trust Series 2022-1A Class C 144A | 5.48 | 4-20-2029 | 775,000 | 767,130 | ||
ACM Auto Trust Series 2023-1A Class A 144A | 6.61 | 1-22-2030 | 664,806 | 663,968 | ||
Aqua Finance Trust Series 2019-A Class A 144A | 3.14 | 7-16-2040 | 163,553 | 154,668 | ||
Aqua Finance Trust Series 2021-A Class A 144A | 1.54 | 7-17-2046 | 488,611 | 438,276 | ||
Bankers Healthcare Group Series 2021-A Class A 144A | 1.42 | 11-17-2033 | 354,365 | 331,537 | ||
Brean Asset-Backed Securities Trust 2021-RM2 Class A 144A±± | 1.75 | 10-25-2061 | 859,603 | 752,845 | ||
Cajun Global LLC Series 2021-1 Class A2 144A | 3.93 | 11-20-2051 | 981,250 | 841,557 | ||
Coinstar Funding LLC Series 2017-1A Class A2 144A | 5.22 | 4-25-2047 | 1,050,888 | 804,973 | ||
CommonBond Student Loan Trust Series 2018-CGS Class C 144A | 4.35 | 2-25-2046 | 66,652 | 61,312 | ||
CPS Auto Receivables Trust 2021-A Class D 144A | 1.16 | 12-15-2026 | 1,320,000 | 1,260,516 | ||
DRB Prime Student Loan Trust Series 2017-C Class C 144A | 3.29 | 11-25-2042 | 295,202 | 269,783 | ||
Driven Brands Funding LLC Series 2019-2A Class A2 144A | 3.98 | 10-20-2049 | 338,625 | 307,814 | ||
Dryden Senior Loan Fund Series 2017-50A Class C (3 Month LIBOR +2.25%) 144A± | 7.04 | 7-15-2030 | 1,000,000 | 962,800 | ||
Mission Lane Master Trust Series 2021 Class A 144A | 1.59 | 9-15-2026 | 1,000,000 | 971,267 | ||
Ondeck Asset Securitization Trust Series 2021-1A Class A 144A | 1.59 | 5-17-2027 | 726,036 | 674,725 | ||
Pagaya AI Debt Selection Trust Series 2021-3 Class B 144A | 1.74 | 5-15-2029 | 999,946 | 933,733 | ||
SMB Private Education Loan Trust Series 2015-C Class C 144A | 4.50 | 9-17-2046 | 290,000 | 270,051 | ||
SoFi Professional Loan Program LLC Series 2017-E Class B 144A | 3.49 | 11-26-2040 | 300,000 | 286,482 | ||
Taco Bell Funding LLC Series 2016-1A Class A23 144A | 4.97 | 5-25-2046 | 1,413,750 | 1,380,400 | ||
Taco Bell Funding LLC Series 2021 Class A2 144A | 1.95 | 8-25-2051 | 780,125 | 678,373 | ||
Wingstop Funding LLC Series 2020-1A Class A2 144A | 2.84 | 12-5-2050 | 355,500 | 311,612 | ||
Zaxby's Funding LLC Series 2021-1A Class A2 144A | 3.24 | 7-30-2051 | 689,500 | 577,376 | ||
Total Asset-backed securities (Cost $15,541,508) | 14,326,903 | |||||
Corporate bonds and notes: 20.37% | ||||||
Communication services: 1.75% | ||||||
Diversified telecommunication services: 0.04% | ||||||
Cablevision Lightpath LLC 144A | 5.63 | 9-15-2028 | 100,000 | 69,005 |
Interest rate | Maturity date | Principal | Value | |||
Media: 1.71% | ||||||
CCO Holdings LLC 144A | 4.25% | 1-15-2034 | $ | 500,000 | $ 391,060 | |
CSC Holdings LLC 144A | 4.63 | 12-1-2030 | 500,000 | 246,550 | ||
DISH DBS Corporation 144A | 5.75 | 12-1-2028 | 50,000 | 37,313 | ||
DISH Network Corporation 144A | 11.75 | 11-15-2027 | 400,000 | 388,000 | ||
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 1,000,000 | 664,000 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 150,000 | 138,605 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 175,000 | 145,944 | ||
Scripps Escrow II Incorporated 144A | 5.38 | 1-15-2031 | 545,000 | 374,688 | ||
Scripps Escrow II Incorporated 144A | 5.88 | 7-15-2027 | 125,000 | 92,069 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 400,000 | 378,404 | ||
2,856,633 | ||||||
Consumer discretionary: 1.74% | ||||||
Automobile components: 0.05% | ||||||
Adient Global Holdings 144A | 3.50 | 8-15-2024 | 76,968 | 83,010 | ||
Broadline retail: 0.27% | ||||||
LSF9 Atlantis Holdings LLC 144A | 7.75 | 2-15-2026 | 500,000 | 454,165 | ||
Diversified consumer services: 0.05% | ||||||
Howard University | 5.21 | 10-1-2052 | 90,000 | 75,975 | ||
Hotels, restaurants & leisure: 0.90% | ||||||
Carnival Corporation 144A | 10.50 | 6-1-2030 | 500,000 | 480,000 | ||
Royal Caribbean Cruises Limited | 4.25 | 6-15-2023 | 500,000 | 506,493 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 125,000 | 116,944 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 95,000 | 83,874 | ||
Royal Caribbean Cruises Limited 144A | 11.63 | 8-15-2027 | 300,000 | 322,214 | ||
1,509,525 | ||||||
Specialty retail: 0.47% | ||||||
Michaels Companies Incorporated 144A | 7.88 | 5-1-2029 | 170,000 | 119,000 | ||
NMG Holding Company Incorporated 144A | 7.13 | 4-1-2026 | 500,000 | 469,435 | ||
Rent-A-Center Incorporated 144A | 6.38 | 2-15-2029 | 230,000 | 193,120 | ||
781,555 | ||||||
Energy: 2.64% | ||||||
Energy equipment & services: 0.73% | ||||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 500,000 | 465,188 | ||
Hilcorp Energy Company 144A | 5.75 | 2-1-2029 | 55,000 | 50,630 | ||
Hilcorp Energy Company 144A | 6.00 | 2-1-2031 | 55,000 | 50,641 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 400,000 | 375,831 | ||
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 300,000 | 274,453 | ||
1,216,743 | ||||||
Oil, gas & consumable fuels: 1.91% | ||||||
Aethon United 144A | 8.25 | 2-15-2026 | 500,000 | 490,610 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 100,000 | 75,509 | ||
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 480,000 | 420,000 | ||
EnLink Midstream Partners LP | 5.05 | 4-1-2045 | 115,000 | 88,261 | ||
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 220,000 | 211,750 | ||
Kinder Morgan Incorporated | 5.20 | 6-1-2033 | 1,000,000 | 993,496 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 420,000 | 441,601 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 340,000 | 283,303 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Southwestern Energy Company | 4.75% | 2-1-2032 | $ | 100,000 | $ 88,299 | |
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 95,000 | 84,904 | ||
3,177,733 | ||||||
Financials: 6.64% | ||||||
Banks: 1.73% | ||||||
Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73 | 7-22-2027 | 1,000,000 | 896,710 | ||
Bank of America Corporation (3 Month LIBOR +4.55%) ± | 6.30 | 12-29-2049 | 265,000 | 264,669 | ||
Citigroup Incorporated (5 Year Treasury Constant Maturity +3.42%) ʊ± | 3.88 | 2-18-2026 | 425,000 | 358,913 | ||
JPMorgan Chase & Company (U.S. SOFR 3 Month +3.13%) ʊ± | 4.60 | 2-1-2025 | 500,000 | 465,000 | ||
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ± | 5.15 | 12-29-2049 | 350,000 | 343,003 | ||
JPMorgan Chase & Company (3 Month LIBOR +3.30%) ± | 6.00 | 12-31-2049 | 100,000 | 97,875 | ||
PNC Financial Services (3 Month LIBOR +3.30%) ± | 5.00 | 12-29-2049 | 250,000 | 226,250 | ||
PNC Financial Services (7 Year Treasury Constant Maturity +2.81%) ʊ± | 6.25 | 12-29-2049 | 250,000 | 232,500 | ||
2,884,920 | ||||||
Capital markets: 1.91% | ||||||
Goldman Sachs Group Incorporated (U.S. SOFR +1.25%) ± | 2.38 | 7-21-2032 | 750,000 | 608,913 | ||
Goldman Sachs Group Incorporated (5 Year Treasury Constant Maturity +2.97%) ʊ± | 3.80 | 5-10-2026 | 550,000 | 455,565 | ||
Morgan Stanley (U.S. SOFR +1.29%) ± | 2.94 | 1-21-2033 | 1,500,000 | 1,270,743 | ||
Owl Rock Capital Corporation | 2.63 | 1-15-2027 | 1,000,000 | 845,495 | ||
3,180,716 | ||||||
Consumer finance: 0.68% | ||||||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 175,000 | 166,031 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 275,000 | 258,170 | ||
General Motors Financial Company (5 Year Treasury Constant Maturity +5.00%) ʊ± | 5.70 | 9-30-2030 | 500,000 | 430,325 | ||
Navient Corporation | 5.00 | 3-15-2027 | 70,000 | 61,663 | ||
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 265,000 | 221,695 | ||
1,137,884 | ||||||
Financial services: 0.58% | ||||||
Camelot Return Merger Sub Incorporated 144A | 8.75 | 8-1-2028 | 500,000 | 462,970 | ||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 400,000 | 390,000 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 120,000 | 105,575 | ||
958,545 | ||||||
Insurance: 1.59% | ||||||
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 500,000 | 422,865 | ||
Guardian Life Insurance Company 144A | 4.85 | 1-24-2077 | 200,000 | 174,265 | ||
Maple Grove Funding Trust 144A | 4.16 | 8-15-2051 | 900,000 | 646,110 | ||
MetLife Incorporated | 6.40 | 12-15-2066 | 1,200,000 | 1,161,168 |
Interest rate | Maturity date | Principal | Value | |||
Insurance (continued) | ||||||
OneAmerica Financial Partners Incorporated 144A | 4.25% | 10-15-2050 | $ | 45,000 | $ 32,869 | |
Prudential Financial Incorporated (5 Year Treasury Constant Maturity +3.04%) ± | 3.70 | 10-1-2050 | 270,000 | 219,934 | ||
2,657,211 | ||||||
Mortgage REITs: 0.15% | ||||||
Starwood Property Trust Incorporated 144A | 4.38 | 1-15-2027 | 300,000 | 247,938 | ||
Health care: 0.63% | ||||||
Biotechnology: 0.03% | ||||||
Amgen Incorporated | 5.65 | 3-2-2053 | 30,000 | 31,221 | ||
Amgen Incorporated | 5.75 | 3-2-2063 | 20,000 | 20,753 | ||
51,974 | ||||||
Health care providers & services: 0.60% | ||||||
Air Methods Corporation 144A | 8.00 | 5-15-2025 | 75,000 | 4,500 | ||
DaVita Incorporated 144A | 3.75 | 2-15-2031 | 1,000,000 | 788,750 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 205,000 | 198,850 | ||
992,100 | ||||||
Industrials: 2.93% | ||||||
Aerospace & defense: 0.16% | ||||||
Spirit AeroSystems Incorporated 144A | 9.38 | 11-30-2029 | 250,000 | 272,813 | ||
Commercial services & supplies: 0.84% | ||||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 650,000 | 485,199 | ||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 910,000 | 917,262 | ||
1,402,461 | ||||||
Industrial conglomerates: 0.28% | ||||||
General Electric Company (3 Month LIBOR +3.33%) ± | 8.20 | 12-29-2049 | 459,000 | 458,541 | ||
Machinery: 0.05% | ||||||
TK Elevator US Newco Incorporated 144A | 5.25 | 7-15-2027 | 95,000 | 89,690 | ||
Passenger airlines: 1.45% | ||||||
Delta Air Lines Incorporated 144A | 4.75 | 10-20-2028 | 150,000 | 144,677 | ||
Delta Air Lines Pass-Through Certificates Series 2015-B | 4.25 | 1-30-2025 | 398,528 | 394,697 | ||
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 637,500 | 635,447 | ||
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 300,000 | 300,750 | ||
United Airlines Pass-Through Trust Certificates Series 2020-1 Class A | 5.88 | 4-15-2029 | 203,724 | 203,109 | ||
US Airways Group Incorporated | 3.95 | 5-15-2027 | 798,896 | 746,723 | ||
2,425,403 | ||||||
Trading companies & distributors: 0.06% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 100,000 | 91,234 | ||
Transportation infrastructure: 0.09% | ||||||
Toll Road Investors Partnership II LP 144A¤ | 0.00 | 2-15-2027 | 200,000 | 152,358 |
Interest rate | Maturity date | Principal | Value | |||
Information technology: 1.22% | ||||||
Communications equipment: 0.09% | ||||||
CommScope Technologies LLC 144A | 5.00% | 3-15-2027 | $ | 200,000 | $ 146,234 | |
IT services: 0.35% | ||||||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 135,000 | 127,170 | ||
Sabre GLBL Incorporated 144A | 11.25 | 12-15-2027 | 500,000 | 465,920 | ||
593,090 | ||||||
Software: 0.78% | ||||||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 105,000 | 83,480 | ||
MPH Acquisition Holdings LLC 144A | 5.75 | 11-1-2028 | 290,000 | 208,659 | ||
Oracle Corporation | 2.88 | 3-25-2031 | 190,000 | 162,583 | ||
Oracle Corporation | 6.90 | 11-9-2052 | 750,000 | 840,650 | ||
1,295,372 | ||||||
Materials: 0.16% | ||||||
Containers & packaging: 0.16% | ||||||
Clydesdale Acquisition Holdings Incorporated 144A | 8.75 | 4-15-2030 | 300,000 | 272,622 | ||
Real estate: 1.26% | ||||||
Diversified REITs: 1.03% | ||||||
Brandywine Operating Partnership Series 3 | 7.55 | 3-15-2028 | 185,000 | 165,912 | ||
GLP Capital LP | 4.00 | 1-15-2031 | 1,000,000 | 857,810 | ||
MPT Operating Partnership LP | 3.50 | 3-15-2031 | 500,000 | 336,600 | ||
WEA Finance LLC 144A | 4.75 | 9-17-2044 | 500,000 | 363,675 | ||
1,723,997 | ||||||
Specialized REITs: 0.23% | ||||||
EPR Properties | 3.75 | 8-15-2029 | 500,000 | 383,006 | ||
Utilities: 1.40% | ||||||
Electric utilities: 1.19% | ||||||
NRG Energy Incorporated 144A | 4.45 | 6-15-2029 | 1,500,000 | 1,360,049 | ||
Oglethorpe Power Corporation | 4.25 | 4-1-2046 | 400,000 | 311,674 | ||
The Southern Company (5 Year Treasury Constant Maturity +3.73%) ± | 4.00 | 1-15-2051 | 330,000 | 302,754 | ||
1,974,477 | ||||||
Independent power & renewable electricity producers: 0.21% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 25,430 | 25,048 | ||
TerraForm Power Operating LLC 144A | 4.75 | 1-15-2030 | 369,000 | 330,877 | ||
355,925 | ||||||
Total Corporate bonds and notes (Cost $37,891,259) | 33,972,855 | |||||
Foreign corporate bonds and notes : 7.57% | ||||||
Communication services: 0.70% | ||||||
Media: 0.70% | ||||||
SES SA Company (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.19%) ʊ± | 2.88 | 5-27-2026 | EUR | 575,000 | 505,106 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
Tele Columbus AG 144A | 3.88% | 5-2-2025 | EUR | 510,000 | $ 410,396 | |
Ziggo Bond Company BV 144A | 3.38 | 2-28-2030 | EUR | 300,000 | 251,535 | |
1,167,037 | ||||||
Consumer discretionary: 0.75% | ||||||
Automobile components: 0.43% | ||||||
Adler Pelzer Holding GmbH 144A | 4.13 | 4-1-2024 | EUR | 800,000 | 724,619 | |
Automobiles: 0.32% | ||||||
Peugeot SA Company | 2.00 | 3-20-2025 | EUR | 500,000 | 526,172 | |
Consumer staples: 1.28% | ||||||
Consumer staples distribution & retail: 0.62% | ||||||
Casino Guichard Perracho SA | 3.58 | 2-7-2025 | EUR | 400,000 | 130,990 | |
Iceland Bondco plc 144A | 4.38 | 5-15-2028 | GBP | 1,000,000 | 907,932 | |
1,038,922 | ||||||
Food products: 0.26% | ||||||
Sigma Holdings Company BV 144A | 5.75 | 5-15-2026 | EUR | 500,000 | 429,625 | |
Tobacco: 0.40% | ||||||
BAT International Finance plc | 2.25 | 1-16-2030 | EUR | 750,000 | 667,724 | |
Energy: 0.46% | ||||||
Oil, gas & consumable fuels: 0.46% | ||||||
Eni SpA | 1.13 | 9-19-2028 | EUR | 800,000 | 760,839 | |
Financials: 2.42% | ||||||
Banks: 1.21% | ||||||
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.90%) | 4.75 | 9-22-2027 | EUR | 500,000 | 432,131 | |
Asian Development Bank | 6.20 | 10-6-2026 | INR | 18,450,000 | 219,606 | |
Caixa Geral de Depositos SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +5.50%) ± | 5.75 | 6-28-2028 | EUR | 400,000 | 430,538 | |
Permanent TSB Group (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +2.55%) ± | 2.13 | 9-26-2024 | EUR | 600,000 | 641,664 | |
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am +1.60%) ± | 1.38 | 6-17-2033 | EUR | 400,000 | 302,445 | |
2,026,384 | ||||||
Capital markets: 0.76% | ||||||
Deutsche Bank (3 Month EURIBOR +2.95%) ± | 5.00 | 9-5-2030 | EUR | 700,000 | 723,236 | |
International Finance Corporation | 6.30 | 11-25-2024 | INR | 45,000,000 | 538,992 | |
1,262,228 | ||||||
Consumer finance: 0.25% | ||||||
Cellnex Finance Company SA | 2.00 | 9-15-2032 | EUR | 500,000 | 418,566 | |
Financial services: 0.20% | ||||||
Deutsche Pfandbriefbank AG (EURIBOR ICE Swap Rate 11:00am +2.75%) ± | 4.68 | 6-28-2027 | EUR | 400,000 | 338,364 |
Interest rate | Maturity date | Principal | Value | |||
Industrials: 0.64% | ||||||
Commercial services & supplies: 0.24% | ||||||
Prosegur Cash SA | 1.38% | 2-4-2026 | EUR | 400,000 | $ 406,748 | |
Containers & packaging: 0.27% | ||||||
Can-Pack SA 144A | 2.38 | 11-1-2027 | EUR | 500,000 | 440,258 | |
Hotels, restaurants & leisure: 0.13% | ||||||
Gamma Bidco SpA 144A | 6.25 | 7-15-2025 | EUR | 200,000 | 216,087 | |
Materials: 0.66% | ||||||
Chemicals: 0.66% | ||||||
Azelis Finance NV 144A | 5.75 | 3-15-2028 | EUR | 1,000,000 | 1,096,972 | |
Real estate: 0.66% | ||||||
Diversified REITs: 0.28% | ||||||
Aedas Homes Opco SLU 144A | 4.00 | 8-15-2026 | EUR | 500,000 | 473,113 | |
Real estate management & development: 0.16% | ||||||
Akelius Residential Property AB (EURIBOR ICE Swap Rate 11:00am +3.49%) ± | 3.88 | 10-5-2078 | EUR | 251,000 | 261,150 | |
Retail REITs: 0.22% | ||||||
Unibail-Rodamco-Westfield SE (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.68%) ʊ± | 2.13 | 10-25-2023 | EUR | 400,000 | 368,761 | |
Total Foreign corporate bonds and notes (Cost $15,358,823) | 12,623,569 | |||||
Foreign government bonds : 13.54% | ||||||
Bonos y Obligaciones del Estado ¤ | 0.00 | 1-31-2028 | EUR | 2,495,000 | 2,348,604 | |
Brazil ¤ | 0.00 | 1-1-2024 | BRL | 7,000,000 | 1,258,641 | |
Brazil ¤ | 0.00 | 7-1-2024 | BRL | 8,000,000 | 1,365,230 | |
France | 0.75 | 2-25-2028 | EUR | 7,535,000 | 7,455,048 | |
Germany | 1.30 | 10-15-2027 | EUR | 7,330,000 | 7,590,835 | |
Indonesia | 6.50 | 6-15-2025 | IDR | 13,500,000,000 | 903,121 | |
Malaysia | 3.88 | 3-14-2025 | MYR | 7,255,000 | 1,664,716 | |
Russia (Acquired 3-13-2020, cost $270,927) ♦†> | 6.50 | 2-28-2024 | RUB | 35,000,000 | 0 | |
Total Foreign government bonds (Cost $23,068,558) | 22,586,195 |
Shares | ||||||
Investment companies: 4.82% | ||||||
Exchange-traded funds: 4.82% | ||||||
iShares Broad USD High Yield Corporate Bond ETF | 96,500 | 3,430,575 | ||||
VanEck Vectors JPMorgan Emerging Markets Local Currency Bond ETF | 46,200 | 1,166,550 | ||||
Xtrackers USD High Yield Corporate Bond ETF | 98,800 | 3,433,300 | ||||
Total Investment companies (Cost $8,038,205) | 8,030,425 |
Interest rate | Maturity date | Principal | Value | |||
Loans: 2.14% | ||||||
Communication services: 0.53% | ||||||
Media: 0.53% | ||||||
Charter Communications Operating LLC (1 Month LIBOR +1.75%) ± | 6.56% | 4-30-2025 | $ | 477,330 | $ 476,733 | |
DIRECTV Financing LLC (1 Month LIBOR +5.00%) ± | 9.84 | 8-2-2027 | 346,000 | 332,278 | ||
Gray Television Incorporated (U.S. SOFR 1 Month +2.50%) ± | 7.36 | 1-2-2026 | 84,964 | 83,319 | ||
892,330 | ||||||
Energy: 0.44% | ||||||
Oil, gas & consumable fuels: 0.44% | ||||||
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ± | 8.56 | 4-14-2028 | 357,162 | 352,808 | ||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 9.66 | 9-29-2028 | 386,384 | 383,486 | ||
736,294 | ||||||
Financials: 0.04% | ||||||
Insurance: 0.04% | ||||||
Asurion LLC (1 Month LIBOR +5.25%) ± | 10.09 | 1-31-2028 | 75,000 | 62,175 | ||
Health care: 0.08% | ||||||
Health care equipment & supplies: 0.08% | ||||||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 8.46 | 8-31-2026 | 139,020 | 138,009 | ||
Industrials: 1.00% | ||||||
Commercial services & supplies: 0.31% | ||||||
The Geo Group Incorporated (1 Month LIBOR +7.13%) ± | 11.93 | 3-23-2027 | 515,705 | 521,615 | ||
Machinery: 0.17% | ||||||
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) ± | 8.60 | 7-30-2027 | 87,613 | 85,231 | ||
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 9.14 | 7-24-2024 | 202,848 | 189,030 | ||
274,261 | ||||||
Passenger airlines: 0.52% | ||||||
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ± | 9.56 | 4-20-2028 | 266,000 | 269,732 | ||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 10.21 | 6-21-2027 | 573,750 | 594,623 | ||
864,355 | ||||||
Information technology: 0.05% | ||||||
Software: 0.05% | ||||||
MPH Acquisition Holdings LLC (1 Month LIBOR +4.25%) ± | 9.20 | 9-1-2028 | 98,747 | 84,367 | ||
Total Loans (Cost $3,588,926) | 3,573,406 |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 0.08% | ||||||
Illinois: 0.03% | ||||||
GO revenue: 0.03% | ||||||
Chicago IL Refunding Bonds Taxable Project Series E | 6.05% | 1-1-2029 | $ | 40,000 | $ 40,740 | |
Kansas: 0.01% | ||||||
Health revenue: 0.01% | ||||||
Kansas Development Finance Authority Village Shalom Project Series 2018-B | 4.00 | 11-15-2025 | 25,000 | 23,490 | ||
Maryland: 0.04% | ||||||
Education revenue: 0.04% | ||||||
Maryland Health & HEFAR Green Street Academy Series B 144A | 6.75 | 7-1-2023 | 65,000 | 64,776 | ||
Total Municipal obligations (Cost $129,372) | 129,006 | |||||
Non-agency mortgage-backed securities: 17.40% | ||||||
Achieve Mortgage Series 2022-HE1 Class A 144A±± | 7.00 | 10-25-2037 | 609,560 | 610,781 | ||
Affirm Incorporated Series 2021-B Class A 144A | 1.03 | 8-17-2026 | 1,010,000 | 965,655 | ||
AFN LLC Series 2019-1A Class A2 144A | 4.46 | 5-20-2049 | 693,450 | 622,344 | ||
APEX Credit CLO LLC Series 2017 Class 2A (3 Month LIBOR +1.60%) 144A± | 6.56 | 9-20-2029 | 1,000,000 | 972,387 | ||
Apidos CLO Series 2019 Class 3-1-A (3 Month LIBOR +3.10%) 144A± | 7.89 | 4-15-2031 | 500,000 | 467,061 | ||
Bojangles Issuer LLC Series 2020-1A Class A2 144A | 3.83 | 10-20-2050 | 697,950 | 635,953 | ||
Brightspire Capital Incorporated Series 2021-FL1 Class A (1 Month LIBOR +1.15%) 144A± | 5.91 | 8-19-2038 | 1,065,000 | 1,025,063 | ||
BX Trust Series 2019-11 Class D 144A±± | 3.94 | 12-9-2041 | 500,000 | 412,604 | ||
BX Trust Series 2021-ARIA Class D (1 Month LIBOR +1.90%) 144A± | 6.58 | 10-15-2036 | 550,000 | 510,009 | ||
BX Trust Series 2022 Class C 144A | 6.79 | 10-13-2027 | 750,000 | 723,650 | ||
Carlyle Global Market Series 2016-1A Class R2 (3 Month LIBOR +3.35%) 144A± | 8.16 | 4-20-2034 | 1,000,000 | 910,212 | ||
Carlyle Global Market Series 2017-2A Class R2 (3 Month LIBOR +1.60%) 144A± | 6.41 | 7-20-2031 | 750,000 | 725,030 | ||
Cascade Funding Mortgage Trust Series 2021-HB7 Class M2 144A±± | 2.68 | 10-27-2031 | 1,000,000 | 916,242 | ||
CFCRE Commercial Mortgage Trust Series 2016-C7 Class AM | 4.16 | 12-10-2054 | 400,000 | 372,740 | ||
CIFC Funding Limited Series 2018-1A Class B (3 Month LIBOR +1.40%) 144A± | 6.19 | 4-18-2031 | 1,000,000 | 961,310 | ||
Colt Funding LLC Series 2022-7 Class A1 144A | 5.16 | 4-25-2067 | 453,147 | 445,288 | ||
Foundation Finance Trust Series 2019-1A Class A 144A | 3.86 | 11-15-2034 | 135,615 | 133,164 | ||
FREMF Mortgage Trust Series 2017-K724 Class B 144A±± | 3.50 | 12-25-2049 | 400,000 | 392,590 | ||
FREMF Mortgage Trust Series 2020-KF76 Class B (1 Month LIBOR +2.75%) 144A± | 7.42 | 1-25-2030 | 224,061 | 214,761 | ||
FS Rialto Issuer Limited Series 2021-FL3 Class B (1 Month LIBOR +1.80%) 144A± | 6.53 | 11-16-2036 | 1,000,000 | 954,338 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Goldman Sachs Mortgage Security Trust Series 2018-LUAU Class B (1 Month LIBOR +1.40%) 144A± | 6.08% | 11-15-2032 | $ | 1,600,000 | $ 1,560,786 | |
Gracie Point International Funding Series 2022-2A Class A (30 Day Average U.S. SOFR +2.75%) 144A± | 7.38 | 7-1-2024 | 595,000 | 595,176 | ||
Imperial Fund Mortgage Trust Series 2022-NQM3 Class A3 144A±± | 4.45 | 5-25-2067 | 1,130,000 | 963,094 | ||
Jonah Energy LLC Series 2022-1 Class A1 144A | 7.20 | 12-10-2037 | 625,728 | 618,297 | ||
JPMorgan Chase & Company Series 2017-6 Class B 144A±± | 3.78 | 12-25-2048 | 444,805 | 326,128 | ||
Longtrain Leasing III LLC Series 2015-1A Class A2 144A | 4.06 | 1-15-2045 | 1,555,563 | 1,480,847 | ||
Madison Park Funding Limited Series 2018-29A Class B (3 Month LIBOR +1.75%) 144A± | 6.54 | 10-18-2030 | 700,000 | 681,637 | ||
MED Trust Series 2021-MDLN Class B (1 Month LIBOR +1.45%) 144A± | 6.14 | 11-15-2038 | 997,038 | 953,153 | ||
MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL7 Class C (1 Month LIBOR +2.05%) 144A± | 6.81 | 10-16-2036 | 1,000,000 | 927,500 | ||
MF1 Multifamily Housing Mortgage Series 2022-FL8 Class A (30 Day Average U.S. SOFR +1.35%) 144A± | 5.91 | 2-19-2037 | 1,000,000 | 967,601 | ||
MFRA Trust Series 2020-NQM3 Class M1 144A±± | 2.65 | 1-26-2065 | 1,000,000 | 790,166 | ||
MFRA Trust Series 2021-NQM1 Class A1 144A±± | 1.15 | 4-25-2065 | 100,291 | 87,978 | ||
Morgan Stanley Capital I Trust 2014-150E Class A 144A | 3.91 | 9-9-2032 | 1,195,000 | 1,008,950 | ||
Neuberger Berman CLO Limited Series 2017-25A Class BR (3 Month LIBOR +1.35%) 144A± | 6.14 | 10-18-2029 | 250,000 | 240,710 | ||
Octane Receivables Trust 2023-1 Class A 144A | 5.87 | 5-21-2029 | 187,753 | 188,158 | ||
Octane Receivables Trust 2023-1 Class B 144A | 5.96 | 7-20-2029 | 160,000 | 160,965 | ||
Octane Receivables Trust Series 2020-1A Class B 144A | 1.98 | 6-20-2025 | 765,000 | 743,896 | ||
Oxford Finance Funding Trust Series 2019-1A Class A2 144A | 4.46 | 2-15-2027 | 244,464 | 242,821 | ||
Pagaya AI Debt Selection Trust 2023-1 144A | 7.56 | 7-15-2030 | 845,000 | 845,433 | ||
Residential Mortgage Loan Trust Series 2019-3 Class A3 144A±± | 3.04 | 9-25-2059 | 159,557 | 156,133 | ||
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±± | 4.39 | 1-5-2043 | 700,000 | 374,793 | ||
TRK Toorak Mortgage Corporation Series 2021-INV2 Class A2 144A±± | 2.12 | 11-25-2056 | 846,571 | 705,119 | ||
Verus Securitization Trust Series 2021-2 Class A1 144A±± | 1.03 | 2-25-2066 | 95,484 | 80,980 | ||
Verus Securitization Trust Series 2021-8 Class A2 144A±± | 2.29 | 11-25-2066 | 1,204,719 | 1,011,322 | ||
Verus Securitization Trust Series 2021-R3 Class A2 144A±± | 1.28 | 4-25-2064 | 383,648 | 341,135 | ||
Total Non-agency mortgage-backed securities (Cost $31,058,626) | 29,023,960 | |||||
U.S. Treasury securities: 3.09% | ||||||
U.S. Treasury Bond | 2.25 | 2-15-2052 | 3,485,000 | 2,598,775 | ||
U.S. Treasury Bond | 2.38 | 5-15-2051 | 45,000 | 34,555 | ||
U.S. Treasury Bond | 3.00 | 2-15-2049 | 150,000 | 131,309 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Bond | 3.00% | 8-15-2052 | $ | 985,000 | $ 865,261 | |
U.S. Treasury Note | 3.25 | 5-15-2042 | 565,000 | 521,235 | ||
U.S. Treasury Note | 3.50 | 1-31-2028 | 40,000 | 39,791 | ||
U.S. Treasury Note | 3.50 | 2-15-2033 | 925,000 | 926,445 | ||
U.S. Treasury Note | 4.00 | 11-15-2052 | 35,000 | 37,144 | ||
Total U.S. Treasury securities (Cost $5,586,654) | 5,154,515 | |||||
Yankee corporate bonds and notes: 11.77% | ||||||
Consumer discretionary: 1.31% | ||||||
Automobile components: 0.54% | ||||||
Faurecia SE | 7.25 | 6-15-2026 | 800,000 | 893,718 | ||
Broadline retail: 0.55% | ||||||
MercadoLibre Incorporated | 3.13 | 1-14-2031 | 750,000 | 590,966 | ||
Prosus NV 144A | 4.03 | 8-3-2050 | 500,000 | 328,276 | ||
919,242 | ||||||
Hotels, restaurants & leisure: 0.22% | ||||||
International Game Technology 144A | 3.50 | 6-15-2026 | 350,000 | 365,720 | ||
Consumer staples: 0.54% | ||||||
Beverages: 0.54% | ||||||
Coca-Cola Icecek AS 144A | 4.50 | 1-20-2029 | 1,000,000 | 893,240 | ||
Energy: 0.95% | ||||||
Oil, gas & consumable fuels: 0.95% | ||||||
BP Capital Markets plc (5 Year Treasury Constant Maturity +4.40%) ʊ± | 4.88 | 3-22-2030 | 325,000 | 295,344 | ||
Enbridge Incorporated (5 Year Treasury Constant Maturity +5.31%) ± | 5.75 | 7-15-2080 | 1,000,000 | 889,693 | ||
NorthRiver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 220,000 | 206,439 | ||
Petroleos Mexicanos | 6.70 | 2-16-2032 | 250,000 | 199,003 | ||
1,590,479 | ||||||
Financials: 6.14% | ||||||
Banks: 3.86% | ||||||
African Export Import Bank 144A | 3.80 | 5-17-2031 | 200,000 | 161,000 | ||
Banco do Brasil SA 144A | 4.88 | 1-11-2029 | 375,000 | 351,656 | ||
Banco Mercantil del Norte SA (5 Year Treasury Constant Maturity +4.64%) 144Aʊ± | 5.88 | 1-24-2027 | 750,000 | 637,500 | ||
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +6.19%) 144Aʊ± | 8.13 | 12-29-2049 | 1,000,000 | 963,478 | ||
Deutsche Bank AG (USD ICE Swap Rate 11:00am NY 5 Year +2.55%) ± | 4.88 | 12-1-2032 | 275,000 | 223,402 | ||
HSBC Holdings plc (3 Month LIBOR +1.61%) ± | 3.97 | 5-22-2030 | 590,000 | 532,297 | ||
Intesa Sanpaolo SpA 144A | 5.71 | 1-15-2026 | 635,000 | 601,654 | ||
Itau Unibanco Holding SA 144A | 3.25 | 1-24-2025 | 800,000 | 770,480 | ||
Mitsubishi UFJ Financial Group Incorporated (1 Year Treasury Constant Maturity +1.63%) ± | 5.44 | 2-22-2034 | 400,000 | 404,178 | ||
NatWest Group plc (5 Year Treasury Constant Maturity +5.63%) ʊ± | 6.00 | 12-29-2025 | 400,000 | 364,840 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Societe Generale SA (1 Year Treasury Constant Maturity +3.20%) 144A± | 6.22% | 6-15-2033 | $ | 1,000,000 | $ 929,055 | |
Unicredit SpA (5 Year Treasury Constant Maturity +4.75%) 144A± | 5.46 | 6-30-2035 | 600,000 | 494,258 | ||
6,433,798 | ||||||
Capital markets: 1.33% | ||||||
CI Financial Corporation | 4.10 | 6-15-2051 | 780,000 | 471,692 | ||
Credit Suisse Group AG (U.S. SOFR +5.02%) 144A± | 9.02 | 11-15-2033 | 500,000 | 592,450 | ||
MacQuarie Group Limited (U.S. SOFR +2.21%) 144A± | 5.11 | 8-9-2026 | 1,000,000 | 994,343 | ||
UBS Group AG (5 Year Treasury Constant Maturity +3.40%) 144Aʊ± | 4.88 | 2-12-2027 | 200,000 | 155,774 | ||
2,214,259 | ||||||
Diversified consumer services: 0.24% | ||||||
Cirsa Finance International 144A | 10.38 | 11-30-2027 | 350,000 | 401,401 | ||
Financial services: 0.26% | ||||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 130,000 | 115,084 | ||
Doric Nimrod Air Alpha Pass-Through Trust Certificates Series 2013-1 Class A 144A | 5.25 | 5-30-2025 | 317,505 | 316,305 | ||
Unifin Financiera SAB de CV 144A | 9.88 | 1-28-2029 | 600,000 | 15,000 | ||
446,389 | ||||||
Insurance: 0.45% | ||||||
Swiss Re Finance (Luxembourg) SA (5 Year Treasury Constant Maturity +3.58%) 144A± | 5.00 | 4-2-2049 | 800,000 | 750,000 | ||
Health care: 0.49% | ||||||
Life sciences tools & services: 0.49% | ||||||
Danaher Corporation | 2.50 | 3-30-2030 | 800,000 | 814,395 | ||
Industrials: 0.94% | ||||||
Commercial services & supplies: 0.12% | ||||||
Verisure Holding AB 144A | 9.25 | 10-15-2027 | 175,000 | 203,321 | ||
Passenger airlines: 0.60% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 500,000 | 531,793 | ||
VistaJet Malta Finance PLC 144A | 6.38 | 2-1-2030 | 520,000 | 463,443 | ||
995,236 | ||||||
Trading companies & distributors: 0.22% | ||||||
Fly Leasing Limited 144A | 7.00 | 10-15-2024 | 420,000 | 367,333 | ||
Materials: 0.71% | ||||||
Chemicals: 0.71% | ||||||
Braskem Netherlands BV 144A | 7.25 | 2-13-2033 | 235,000 | 225,718 | ||
Westlake Chemical Corporation | 1.63 | 7-17-2029 | 750,000 | 683,697 | ||
Yara International 144A | 7.38 | 11-14-2032 | 250,000 | 276,228 | ||
1,185,643 |
Interest rate | Maturity date | Principal | Value | |||
Utilities: 0.69% | ||||||
Electric utilities: 0.69% | ||||||
Comision Federal de Electricidad SA de CV 144A | 3.35% | 2-9-2031 | $ | 200,000 | $ 158,022 | |
Comision Federal de Electricidad SA de CV 144A | 3.88 | 7-26-2033 | 500,000 | 380,043 | ||
Duke Energy Corporation | 3.10 | 6-15-2028 | 200,000 | 206,458 | ||
Duke Energy Corporation | 3.85 | 6-15-2034 | 400,000 | 405,035 | ||
1,149,558 | ||||||
Total Yankee corporate bonds and notes (Cost $21,659,473) | 19,623,732 | |||||
Yankee government bonds: 2.46% | ||||||
Commonwealth of Bahamas 144A | 6.00 | 11-21-2028 | 785,000 | 591,681 | ||
Dominican Republic 144A | 4.50 | 1-30-2030 | 200,000 | 173,897 | ||
Dominican Republic 144A | 4.88 | 9-23-2032 | 200,000 | 169,577 | ||
Dominican Republic 144A | 5.50 | 2-22-2029 | 200,000 | 188,116 | ||
Dominican Republic 144A | 7.05 | 2-3-2031 | 200,000 | 203,070 | ||
Government of Bermuda 144A | 5.00 | 7-15-2032 | 200,000 | 200,588 | ||
Mexico | 6.35 | 2-9-2035 | 345,000 | 366,355 | ||
Mongolia Government | 5.63 | 5-1-2023 | 200,000 | 198,340 | ||
Nota Do Tesouro Nacional | 10.00 | 1-1-2027 | 3,100,000 | 589,313 | ||
Provincia de Cordoba 144A | 6.88 | 12-10-2025 | 254,472 | 215,918 | ||
Provincia de Cordoba (PIK at 6.88%) 144A¥ | 6.88 | 2-1-2029 | 557,619 | 356,234 | ||
Republic of Columbia | 7.50 | 2-2-2034 | 550,000 | 539,741 | ||
Sultanate of Oman 144A | 6.25 | 1-25-2031 | 300,000 | 304,981 | ||
Total Yankee government bonds (Cost $4,337,147) | 4,097,811 |
Yield | Shares | |||||
Short-term investments: 5.70% | ||||||
Investment companies: 5.70% | ||||||
Allspring Government Money Market Fund Select Class ♠∞* | 4.69 | 9,505,734 | 9,505,734 | |||
Total Short-term investments (Cost $9,505,734) | 9,505,734 | |||||
Total investments in securities (Cost $191,223,043) | 106.90% | 178,280,399 | ||||
Other assets and liabilities, net | (6.90) | (11,514,419) | ||||
Total net assets | 100.00% | $166,765,980 |
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. |
♦ | The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
† | Non-income-earning security |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $270,927), representing 0.00% of its net assets as of period end. |
¥ | 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. |
♠ | 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. |
%% | 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: | |
BRL | Brazilian real |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
FNMA | Federal National Mortgage Association |
GBP | Great British pound |
GNMA | Government National Mortgage Association |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
IDR | Indonesian rupiah |
INR | Indian rupee |
LIBOR | London Interbank Offered Rate |
MYR | Malaysian ringgit |
RUB | Russian ruble |
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 | $9,279,572 | $45,737,605 | $(45,511,443) | $0 | $0 | $ 9,505,734 | 9,505,734 | $ 46,438 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investment LLC | 769,598 | 17,029,127 | (17,798,725) | 0 | 0 | 0 | 0 | 16,779 # | ||
$0 | $0 | $9,505,734 | $63,217 |
# | Amount shown represents income before fees and rebates. |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
33,293,777 USD | 30,771,194 EUR | Citibank National Association | 6-30-2023 | $ 0 | $ (240,834) | |
1,196,247 USD | 975,000 GBP | Citibank National Association | 6-30-2023 | 0 | (8,538) | |
516,033 USD | 7,950,000,000 IDR | Morgan Stanley Incorporated | 6-30-2023 | 0 | (13,009) | |
45,689,962 JPY | 347,611 USD | Citibank National Association | 6-30-2023 | 912 | 0 | |
$912 | $(262,381) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
10-Year U.S. Treasury Notes | 40 | 6-21-2023 | $ 4,467,891 | $ 4,596,875 | $ 128,984 | $ 0 | |
2-Year U.S. Treasury Notes | 95 | 6-30-2023 | 19,608,914 | 19,613,047 | 4,133 | 0 | |
5-Year U.S. Treasury Notes | 43 | 6-30-2023 | 4,617,191 | 4,708,836 | 91,645 | 0 | |
Short | |||||||
Euro-Bund Futures | (39) | 6-8-2023 | (5,535,608) | (5,745,420) | 0 | (209,812) | |
10-Year U.S. Ultra Treasury Notes | (19) | 6-21-2023 | (2,224,927) | (2,301,672) | 0 | (76,745) | |
$224,762 | $(286,557) |
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 | 920,000 | $ (22,012) | $ (17,234) | $0 | $ (4,778) | |
Markit iTraxx Europe Crossover * | 5.00 | Quarterly | 6-20-2026 | EUR | 3,000,000 | 154,271 | 286,145 | 0 | (131,874) | |
Markit iTraxx Europe Subordinated Financial Index * | 1.00 | Quarterly | 6-20-2026 | EUR | 12,000,000 | (164,312) | (29,424) | 0 | (134,888) | |
$0 | $(271,540) |
* | A portion of the holding represents an investment held in Strategic Income Special Investment (Cayman) Ltd., the consolidated subsidiary. |
Assets | |
Investments in unaffiliated securities, at value (cost $181,717,309) | $ 168,774,665 |
Investments in affiliated securities, at value (cost $9,505,734) | 9,505,734 |
Segregated cash for forward foreign currency contracts | 361,563 |
Cash at broker segregated for futures contracts | 1,459,000 |
Segregated cash for swap contracts | 1,102,828 |
Foreign currency, at value (cost $465,616) | 491,180 |
Receivable for investments sold | 3,206,504 |
Receivable for dividends and interest | 1,630,841 |
Receivable for daily variation margin on centrally cleared swap contracts | 1,293,281 |
Receivable for Fund shares sold | 84,047 |
Receivable for daily variation margin on open futures contracts | 36,852 |
Receivable for securities lending income, net | 962 |
Unrealized gains on forward foreign currency contracts | 912 |
Prepaid expenses and other assets | 134,647 |
Total assets | 188,083,016 |
Liabilities | |
Payable for investments purchased | 19,553,412 |
Payable for daily variation margin on centrally cleared swap contracts | 1,249,272 |
Unrealized losses on forward foreign currency contracts | 262,381 |
Management fee payable | 58,476 |
Payable for daily variation margin on open futures contracts | 45,418 |
Overdraft due to custodian bank | 23,695 |
Payable for Fund shares redeemed | 16,122 |
Administration fees payable | 13,218 |
Trustees’ fees and expenses payable | 3,157 |
Distribution fee payable | 856 |
Accrued expenses and other liabilities | 91,029 |
Total liabilities | 21,317,036 |
Total net assets | $166,765,980 |
Net assets consist of | |
Paid-in capital | $ 184,410,945 |
Total distributable loss | (17,644,965) |
Total net assets | $166,765,980 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 14,748,522 |
Shares outstanding – Class A1 | 1,711,200 |
Net asset value per share – Class A | $8.62 |
Maximum offering price per share – Class A2 | $8.98 |
Net assets – Class C | $ 1,269,825 |
Shares outstanding – Class C1 | 146,493 |
Net asset value per share – Class C | $8.67 |
Net assets – Administrator Class | $ 2,069,487 |
Shares outstanding – Administrator Class1 | 237,972 |
Net asset value per share – Administrator Class | $8.70 |
Net assets – Institutional Class | $ 148,678,146 |
Shares outstanding – Institutional Class1 | 17,286,877 |
Net asset value per share – Institutional Class | $8.60 |
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 $3,016) | $ 4,030,806 |
Income from affiliated securities | 164,824 |
Dividends | 76,680 |
Total investment income | 4,272,310 |
Expenses | |
Management fee | 427,498 |
Administration fees | |
Class A | 11,525 |
Class C | 970 |
Administrator Class | 1,006 |
Institutional Class | 58,089 |
Shareholder servicing fees | |
Class A | 18,008 |
Class C | 1,515 |
Administrator Class | 2,516 |
Distribution fee | |
Class C | 4,546 |
Custody and accounting fees | 16,511 |
Professional fees | 36,511 |
Registration fees | 19,410 |
Shareholder report expenses | 19,034 |
Trustees’ fees and expenses | 11,087 |
Other fees and expenses | 2,391 |
Total expenses | 630,617 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (109,000) |
Class A | (2,167) |
Class C | (182) |
Administrator Class | (1,211) |
Net expenses | 518,057 |
Net investment income | 3,754,253 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (3,237,899) |
Forward foreign currency contracts | (1,186,414) |
Futures contracts | (203,252) |
Swap contracts | 152,090 |
Net realized losses on investments | (4,475,475) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 8,259,681 |
Forward foreign currency contracts | (339,397) |
Futures contracts | 399,875 |
Swap contracts | 636,740 |
Net change in unrealized gains (losses) on investments | 8,956,899 |
Net realized and unrealized gains (losses) on investments | 4,481,424 |
Net increase in net assets resulting from operations | $ 8,235,677 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 3,754,253 | $ 5,673,590 | ||
Net realized gains (losses) on investments | (4,475,475) | 2,063,697 | ||
Net change in unrealized gains (losses) on investments | 8,956,899 | (28,372,326) | ||
Net increase (decrease) in net assets resulting from operations | 8,235,677 | (20,635,039) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (310,970) | (685,837) | ||
Class C | (21,863) | (79,643) | ||
Administrator Class | (43,660) | (361,182) | ||
Institutional Class | (3,406,182) | (10,427,170) | ||
Total distributions to shareholders | (3,782,675) | (11,553,832) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 199,997 | 1,704,772 | 1,682,286 | 16,330,701 |
Class C | 27,764 | 239,157 | 63,146 | 603,993 |
Administrator Class | 29,358 | 257,906 | 299,073 | 2,948,472 |
Institutional Class | 2,692,953 | 23,130,296 | 7,915,708 | 73,200,984 |
25,332,131 | 93,084,150 | |||
Reinvestment of distributions | ||||
Class A | 36,416 | 309,983 | 73,161 | 682,559 |
Class C | 2,552 | 21,863 | 8,331 | 79,643 |
Administrator Class | 5,083 | 43,660 | 37,139 | 361,043 |
Institutional Class | 400,978 | 3,406,176 | 1,099,311 | 10,369,573 |
3,781,682 | 11,492,818 | |||
Payment for shares redeemed | ||||
Class A | (191,805) | (1,637,527) | (352,310) | (3,189,842) |
Class C | (9,542) | (82,804) | (72,697) | (663,225) |
Administrator Class | (23,874) | (206,522) | (816,237) | (7,946,957) |
Institutional Class | (2,752,441) | (23,484,321) | (8,284,277) | (76,954,857) |
(25,411,174) | (88,754,881) | |||
Net increase in net assets resulting from capital share transactions | 3,702,639 | 15,822,087 | ||
Total increase (decrease) in net assets | 8,155,641 | (16,366,784) | ||
Net assets | ||||
Beginning of period | 158,610,339 | 174,977,123 | ||
End of period | $166,765,980 | $158,610,339 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $8.38 | $10.12 | $9.64 | $9.50 | $9.43 | $9.59 |
Net investment income | 0.17 | 0.28 1 | 0.27 | 0.29 | 0.34 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | 0.25 | (1.41) | 0.51 | 0.14 | 0.09 | (0.16) |
Total from investment operations | 0.42 | (1.13) | 0.78 | 0.43 | 0.43 | 0.15 |
Distributions to shareholders from | ||||||
Net investment income | (0.18) | (0.36) | (0.30) | (0.29) | (0.36) | (0.31) |
Net realized gains | 0.00 | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.18) | (0.61) | (0.30) | (0.29) | (0.36) | (0.31) |
Net asset value, end of period | $8.62 | $8.38 | $10.12 | $9.64 | $9.50 | $9.43 |
Total return2 | 5.12% | (11.77)% | 8.18% | 4.60% | 4.66% | 1.59% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.06% | 1.07% | 1.07% | 1.08% | 1.09% | 1.45% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 4.26% | 3.09% | 3.00% | 3.43% | 3.65% | 3.26% |
Supplemental data | ||||||
Portfolio turnover rate | 56% | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $14,749 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $8.42 | $10.16 | $9.68 | $9.49 | $9.41 | $9.57 |
Net investment income | 0.14 1 | 0.21 1 | 0.22 | 0.23 | 0.27 | 0.23 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.26 | (1.41) | 0.49 | 0.12 | 0.10 | (0.15) |
Total from investment operations | 0.40 | (1.20) | 0.71 | 0.42 | 0.37 | 0.08 |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.29) | (0.23) | (0.23) | (0.29) | (0.24) |
Net realized gains | 0.00 | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.15) | (0.54) | (0.23) | (0.23) | (0.29) | (0.24) |
Net asset value, end of period | $8.67 | $8.42 | $10.16 | $9.68 | $9.49 | $9.41 |
Total return2 | 4.82% | (12.38)% 3 | 7.36% | 4.45% 4 | 4.00% | 0.88% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.81% | 1.77% | 1.82% | 1.83% | 1.84% | 2.20% |
Net expenses | 1.65% | 1.63% | 1.65% | 1.65% | 1.65% | 1.65% |
Net investment income | 3.60% | 2.30% | 2.23% | 2.67% | 2.92% | 2.52% |
Supplemental data | ||||||
Portfolio turnover rate | 56% | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $1,270 | $1,059 | $1,290 | $647 | $520 | $517 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended September 30, 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, 2022, the Fund received a payment from an affiliate which had a 0.79% impact on the total return. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $8.45 | $10.20 | $9.71 | $9.56 | $9.46 | $9.61 |
Net investment income | 0.17 | 0.29 1 | 0.29 1 | 0.34 1 | 0.36 1 | 0.33 1 |
Net realized and unrealized gains (losses) on investments | 0.27 | (1.43) | 0.51 | 0.11 | 0.09 | (0.16) |
Total from investment operations | 0.44 | (1.14) | 0.80 | 0.45 | 0.45 | 0.17 |
Distributions to shareholders from | ||||||
Net investment income | (0.19) | (0.36) | (0.31) | (0.30) | (0.35) | (0.32) |
Net realized gains | 0.00 | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.19) | (0.61) | (0.31) | (0.30) | (0.35) | (0.32) |
Net asset value, end of period | $8.70 | $8.45 | $10.20 | $9.71 | $9.56 | $9.46 |
Total return2 | 5.22% | (11.77)% | 8.31% | 4.72% | 4.83% | 1.81% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.00% | 1.01% | 1.00% | 1.02% | 1.08% | 1.38% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 4.50% | 2.97% | 2.83% | 3.61% | 3.80% | 3.48% |
Supplemental data | ||||||
Portfolio turnover rate | 56% | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $2,069 | $1,921 | $7,215 | $40 | $75 | $5,471 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $8.36 | $10.10 | $9.63 | $9.49 | $9.42 | $9.58 |
Net investment income | 0.20 | 0.31 | 0.33 | 0.36 | 0.37 1 | 0.34 |
Net realized and unrealized gains (losses) on investments | 0.24 | (1.42) | 0.47 | 0.10 | 0.09 | (0.16) |
Total from investment operations | 0.44 | (1.11) | 0.80 | 0.46 | 0.46 | 0.18 |
Distributions to shareholders from | ||||||
Net investment income | (0.20) | (0.38) | (0.33) | (0.32) | (0.39) | (0.34) |
Net realized gains | 0.00 | (0.25) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.20) | (0.63) | (0.33) | (0.32) | (0.39) | (0.34) |
Net asset value, end of period | $8.60 | $8.36 | $10.10 | $9.63 | $9.49 | $9.42 |
Total return2 | 5.31% | (11.53)% | 8.43% | 4.96% | 5.00% | 1.93% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.73% | 0.74% | 0.74% | 0.75% | 0.75% | 1.12% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Net investment income | 4.65% | 3.33% | 3.34% | 3.72% | 3.97% | 3.54% |
Supplemental data | ||||||
Portfolio turnover rate | 56% | 113% | 128% | 88% | 116% | 50% |
Net assets, end of period (000s omitted) | $148,678 | $141,671 | $163,806 | $149,722 | $153,414 | $45,175 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 5,738,640 |
Gross unrealized losses | (36,963,829) |
Net unrealized losses | $(31,225,189) |
■ | 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 | $ 15,632,288 | $0 | $ 15,632,288 |
Asset-backed securities | 0 | 14,326,903 | 0 | 14,326,903 |
Corporate bonds and notes | 0 | 33,972,855 | 0 | 33,972,855 |
Foreign corporate bonds and notes | 0 | 12,623,569 | 0 | 12,623,569 |
Foreign government bonds | 0 | 22,586,195 | 0 | 22,586,195 |
Investment companies | 8,030,425 | 0 | 0 | 8,030,425 |
Loans | 0 | 3,573,406 | 0 | 3,573,406 |
Municipal obligations | 0 | 129,006 | 0 | 129,006 |
Non-agency mortgage-backed securities | 0 | 29,023,960 | 0 | 29,023,960 |
U.S. Treasury securities | 5,154,515 | 0 | 0 | 5,154,515 |
Yankee corporate bonds and notes | 0 | 19,623,732 | 0 | 19,623,732 |
Yankee government bonds | 0 | 4,097,811 | 0 | 4,097,811 |
Short-term investments | ||||
Investment companies | 9,505,734 | 0 | 0 | 9,505,734 |
22,690,674 | 155,589,725 | 0 | 178,280,399 | |
Forward foreign currency contracts | 0 | 912 | 0 | 912 |
Futures contracts | 224,762 | 0 | 0 | 224,762 |
Total assets | $22,915,436 | $155,590,637 | $0 | $178,506,073 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 262,381 | $0 | $ 262,381 |
Futures contracts | 286,557 | 0 | 0 | 286,557 |
Swap contracts | 0 | 271,540 | 0 | 271,540 |
Total liabilities | $ 286,557 | $ 533,921 | $0 | $ 820,478 |
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 | |
$30,615,353 | $75,335,287 | $56,876,410 | $29,456,837 |
Futures contracts | |
Average notional balance on long futures | $35,851,549 |
Average notional balance on short futures | 10,579,842 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 4,922,650 |
Average contract amounts to sell | 33,511,591 |
Swap contracts | |
Average notional balance | $18,433,919 |
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 | $ 224,762* | Unrealized losses on futures contracts | $ 286,557* | |
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 912 | Unrealized losses on forward foreign currency contracts | 262,381 | |
Credit risk | Unrealized gains on swap contracts | 0* | Unrealized losses on swap contracts | 271,540* | |
$225,674 | $820,478 |
Net realized gains (losses) on derivatives | ||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Total | |
Interest rate risk | $ 0 | $ (203,252) | $ 0 | $ (203,252) |
Foreign currency risk | (1,160,850) | 0 | 0 | (1,160,850) |
Credit risk | 0 | 0 | 152,090 | 152,090 |
$(1,160,850) | $(203,252) | $152,090 | $(1,212,012) |
Net change in unrealized gains (losses) on derivatives | ||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Total | |
Interest rate risk | $ 0 | $ 399,875 | $ 0 | $ 399,875 |
Foreign currency risk | (339,397) | 0 | 0 | (339,397) |
Credit risk | 0 | 0 | 636,740 | 636,740 |
$(339,397) | $399,875 | $636,740 | $ 697,218 |
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 | $912 | $(912) | $0 | $0 |
Counterparty | Gross amounts of liabilities in the Consolidated Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of liabilities |
Citibank National Association | $249,372 | $(912) | $0 | $248,460 |
Morgan Stanley Incorporated | 13,009 | 0 | 0 | 13,009 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g431507imge341d09c1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g431507imgff521cfc7.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR3365 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625imgffe8e9511.jpg)
Grade Credit Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625img313f845b2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625img29e1f62b3.jpg)
President
Allspring Funds
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadvisers | Allspring Global Investments, LLC |
Allspring Global Investments (UK) Limited | |
Portfolio managers | Henrietta Pacquement, CFA, Scott M. Smith, CFA, Alex Temple, Jonathan Terry, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||
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 | -10.61 | -0.62 | -6.44 | 0.51 | 1.14 | 0.83 | ||
Class C (WGCCX)4 | 6-1-2022 | -8.00 | -0.21 | -7.00 | -0.21 | 1.89 | 1.58 | ||
Class R6 (WGCRX) | 2-28-2019 | - | - | -6.19 | 0.86 | 0.76 | 0.45 | ||
Institutional Class (WGCIX) | 2-28-2019 | - | - | -6.24 | 0.81 | 0.81 | 0.50 | ||
Bloomberg Global Aggregate Credit Index (USD Hedged)5 | – | - | - | -5.07 | 0.78* | - | - |
* | 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Bank of America Corporation, 4.13%, 1-22-2024 | 1.95 |
Morgan Stanley, 3.13%, 7-27-2026 | 1.90 |
Citigroup Incorporated, 3.30%, 4-27-2025 | 1.78 |
Energy Transfer Operating Partners LP, 6.25%, 4-15-2049 | 1.37 |
Verizon Communications Incorporated, 3.40%, 3-22-2041 | 1.25 |
Reckitt Benckiser Treasury Services plc, 2.75%, 6-26-2024 | 1.23 |
Motorola Solutions Incorporated, 4.60%, 2-23-2028 | 1.22 |
British Airways Series 2019-1 Class AA Pass-Through Trust, 3.30%, 6-15-2034 | 1.12 |
Credit Suisse New York, 3.63%, 9-9-2024 | 1.11 |
Oracle Corporation, 2.88%, 3-25-2031 | 1.08 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625img0cf17f864.jpg)
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 March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625img249bff4f5.jpg)
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625img180579c26.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,063.74 | $4.27 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.79 | $4.18 | 0.83% |
Class C | ||||
Actual | $1,000.00 | $1,060.97 | $6.42 | 1.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.70 | $6.29 | 1.25% |
Class R6 | ||||
Actual | $1,000.00 | $1,064.73 | $2.32 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.69 | $2.27 | 0.45% |
Institutional Class | ||||
Actual | $1,000.00 | $1,064.45 | $2.57 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.44 | $2.52 | 0.50% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 1.80% | ||||||
American Airlines Series 2014-1 Class A Pass-Through Trust | 3.70% | 4-1-2028 | $ | 210,142 | $ 192,401 | |
British Airways Series 2019-1 Class AA Pass-Through Trust 144A | 3.30 | 6-15-2034 | 364,132 | 314,343 | ||
Total Asset-backed securities (Cost $573,687) | 506,744 | |||||
Corporate bonds and notes: 51.04% | ||||||
Communication services: 6.84% | ||||||
Diversified telecommunication services: 3.35% | ||||||
AT&T Incorporated | 3.65 | 6-1-2051 | 225,000 | 170,417 | ||
T-Mobile USA Incorporated | 2.55 | 2-15-2031 | 40,000 | 33,904 | ||
T-Mobile USA Incorporated | 3.30 | 2-15-2051 | 155,000 | 110,214 | ||
Verizon Communications Incorporated | 3.40 | 3-22-2041 | 445,000 | 353,798 | ||
Verizon Communications Incorporated | 4.13 | 8-15-2046 | 325,000 | 277,555 | ||
945,888 | ||||||
Media: 2.99% | ||||||
Charter Communications Operating LLC | 2.80 | 4-1-2031 | 90,000 | 72,447 | ||
Charter Communications Operating LLC | 4.20 | 3-15-2028 | 180,000 | 170,361 | ||
Charter Communications Operating LLC | 4.91 | 7-23-2025 | 55,000 | 54,451 | ||
Comcast Corporation | 3.40 | 4-1-2030 | 100,000 | 93,493 | ||
Magallanes Incorporated 144A | 5.05 | 3-15-2042 | 75,000 | 62,733 | ||
Magallanes Incorporated 144A | 5.14 | 3-15-2052 | 335,000 | 271,428 | ||
ViacomCBS Incorporated | 4.95 | 1-15-2031 | 130,000 | 119,941 | ||
844,854 | ||||||
Wireless telecommunication services: 0.50% | ||||||
T-Mobile USA Incorporated | 3.75 | 4-15-2027 | 145,000 | 139,385 | ||
Consumer discretionary: 2.14% | ||||||
Automobiles: 0.67% | ||||||
General Motors Company | 6.13 | 10-1-2025 | 185,000 | 188,493 | ||
Hotels, restaurants & leisure: 1.27% | ||||||
Hyatt Hotels Corporation | 1.80 | 10-1-2024 | 315,000 | 298,224 | ||
McDonald's Corporation | 1.45 | 9-1-2025 | 30,000 | 27,933 | ||
McDonald's Corporation | 4.20 | 4-1-2050 | 35,000 | 30,867 | ||
357,024 | ||||||
Specialty retail: 0.20% | ||||||
Lowe's Companies Incorporated | 4.25 | 4-1-2052 | 70,000 | 57,442 | ||
Consumer staples: 1.10% | ||||||
Food products: 0.41% | ||||||
Smithfield Foods Incorporated 144A | 3.00 | 10-15-2030 | 145,000 | 115,694 | ||
Tobacco: 0.69% | ||||||
BAT Capital Corporation | 4.54 | 8-15-2047 | 260,000 | 193,630 | ||
Energy: 7.24% | ||||||
Oil, gas & consumable fuels: 7.24% | ||||||
BP Capital Markets America Incorporated | 2.94 | 6-4-2051 | 345,000 | 239,220 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Energy Transfer Operating Partners LP | 3.75% | 5-15-2030 | $ | 160,000 | $ 147,650 | |
Energy Transfer Operating Partners LP | 6.25 | 4-15-2049 | 390,000 | 386,384 | ||
Exxon Mobil Corporation | 2.61 | 10-15-2030 | 160,000 | 143,791 | ||
Kinder Morgan Energy Partners LP | 5.40 | 9-1-2044 | 200,000 | 185,235 | ||
Marathon Petroleum Corporation | 3.80 | 4-1-2028 | 220,000 | 209,710 | ||
MPLX LP | 4.00 | 3-15-2028 | 315,000 | 301,389 | ||
ONEOK Incorporated | 6.10 | 11-15-2032 | 75,000 | 77,643 | ||
Sabine Pass Liquefaction LLC | 4.50 | 5-15-2030 | 110,000 | 106,109 | ||
Sabine Pass Liquefaction LLC | 5.75 | 5-15-2024 | 245,000 | 245,582 | ||
2,042,713 | ||||||
Financials: 15.68% | ||||||
Banks: 6.38% | ||||||
Bank of America Corporation | 4.13 | 1-22-2024 | 555,000 | 550,569 | ||
Citigroup Incorporated (U.S. SOFR +1.17%) ± | 2.56 | 5-1-2032 | 170,000 | 141,041 | ||
Citigroup Incorporated | 3.30 | 4-27-2025 | 520,000 | 501,770 | ||
JPMorgan Chase & Company (U.S. SOFR +1.25%) ± | 2.58 | 4-22-2032 | 150,000 | 126,248 | ||
JPMorgan Chase & Company (U.S. SOFR +2.52%) ± | 2.96 | 5-13-2031 | 145,000 | 125,340 | ||
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ± | 3.78 | 2-1-2028 | 145,000 | 138,642 | ||
Santander Holdings USA Incorporated | 4.40 | 7-13-2027 | 230,000 | 215,329 | ||
1,798,939 | ||||||
Capital markets: 5.15% | ||||||
Belrose Funding Trust 144A | 2.33 | 8-15-2030 | 185,000 | 143,803 | ||
Blackrock Incorporated | 1.90 | 1-28-2031 | 35,000 | 29,061 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +1.41%) ± | 3.10 | 2-24-2033 | 115,000 | 98,759 | ||
Intercontinental Exchange Incorporated | 3.00 | 6-15-2050 | 140,000 | 98,091 | ||
Morgan Stanley | 3.13 | 7-27-2026 | 565,000 | 535,076 | ||
Morgan Stanley | 3.70 | 10-23-2024 | 310,000 | 303,542 | ||
S&P Global Incorporated | 1.25 | 8-15-2030 | 100,000 | 80,259 | ||
S&P Global Incorporated | 2.30 | 8-15-2060 | 90,000 | 52,071 | ||
State Street Corporation | 2.40 | 1-24-2030 | 130,000 | 112,586 | ||
1,453,248 | ||||||
Consumer finance: 2.77% | ||||||
Aviation Capital Group Corporation 144A | 5.50 | 12-15-2024 | 305,000 | 301,080 | ||
Ford Motor Credit Company LLC | 3.40 | 1-15-2026 | 155,000 | 139,093 | ||
Hyundai Capital America Corporation 144A | 1.80 | 10-15-2025 | 295,000 | 270,615 | ||
Hyundai Capital America Corporation 144A | 1.80 | 1-10-2028 | 85,000 | 72,088 | ||
782,876 | ||||||
Insurance: 1.38% | ||||||
American International Group Incorporated | 4.75 | 4-1-2048 | 330,000 | 296,185 | ||
Brighthouse Financial Incorporated | 4.70 | 6-22-2047 | 77,000 | 56,250 | ||
Unum Group | 4.50 | 12-15-2049 | 50,000 | 36,629 | ||
389,064 | ||||||
Health care: 4.02% | ||||||
Biotechnology: 0.59% | ||||||
AbbVie Incorporated | 4.25 | 11-21-2049 | 145,000 | 127,959 | ||
Amgen Incorporated | 4.20 | 2-22-2052 | 45,000 | 38,180 | ||
166,139 |
Interest rate | Maturity date | Principal | Value | |||
Health care providers & services: 3.02% | ||||||
Anthem Incorporated | 2.25% | 5-15-2030 | $ | 20,000 | $ 17,172 | |
Centene Corporation | 2.45 | 7-15-2028 | 210,000 | 182,700 | ||
CVS Health Corporation | 4.25 | 4-1-2050 | 110,000 | 91,914 | ||
CVS Health Corporation | 4.30 | 3-25-2028 | 27,000 | 26,515 | ||
HCA Incorporated 144A | 3.63 | 3-15-2032 | 130,000 | 114,599 | ||
HCA Incorporated 144A | 4.38 | 3-15-2042 | 130,000 | 109,265 | ||
UnitedHealth Group Incorporated | 5.88 | 2-15-2053 | 190,000 | 213,559 | ||
UnitedHealth Group Incorporated | 6.05 | 2-15-2063 | 85,000 | 96,776 | ||
852,500 | ||||||
Pharmaceuticals: 0.41% | ||||||
Bristol-Myers Squibb Company | 2.55 | 11-13-2050 | 175,000 | 117,084 | ||
Industrials: 3.67% | ||||||
Aerospace & defense: 0.94% | ||||||
United Technologies Corporation | 4.13 | 11-16-2028 | 270,000 | 266,116 | ||
Ground transportation: 1.06% | ||||||
Penske Truck Leasing Company LP 144A | 3.45 | 7-1-2024 | 240,000 | 233,627 | ||
Union Pacific Corporation | 2.40 | 2-5-2030 | 75,000 | 65,965 | ||
299,592 | ||||||
Passenger airlines: 0.69% | ||||||
US Airways Group Incorporated | 4.63 | 12-3-2026 | 206,094 | 194,701 | ||
Professional services: 0.98% | ||||||
Equifax Incorporated | 3.10 | 5-15-2030 | 175,000 | 152,149 | ||
Equifax Incorporated | 2.35 | 9-15-2031 | 155,000 | 124,755 | ||
276,904 | ||||||
Information technology: 6.02% | ||||||
Communications equipment: 1.22% | ||||||
Motorola Solutions Incorporated | 4.60 | 2-23-2028 | 350,000 | 345,384 | ||
Electronic equipment, instruments & components: 0.48% | ||||||
Jabil Incorporated | 3.60 | 1-15-2030 | 150,000 | 135,439 | ||
Financial services: 1.22% | ||||||
Fiserv Incorporated | 2.65 | 6-1-2030 | 45,000 | 38,847 | ||
Fiserv Incorporated | 3.50 | 7-1-2029 | 140,000 | 129,946 | ||
Western Union Company | 4.25 | 6-9-2023 | 175,000 | 174,073 | ||
342,866 | ||||||
Semiconductors & semiconductor equipment: 1.41% | ||||||
Intel Corporation | 2.80 | 8-12-2041 | 265,000 | 192,182 | ||
Marvell Technology Incorporated | 4.88 | 6-22-2028 | 80,000 | 78,561 | ||
Microchip Technology Incorporated | 2.67 | 9-1-2023 | 130,000 | 128,176 | ||
398,919 | ||||||
Software: 1.22% | ||||||
Oracle Corporation | 2.88 | 3-25-2031 | 355,000 | 303,774 | ||
Oracle Corporation | 3.60 | 4-1-2050 | 55,000 | 39,011 | ||
342,785 |
Interest rate | Maturity date | Principal | Value | |||
Technology hardware, storage & peripherals: 0.47% | ||||||
Dell International LLC / EMC Corporation | 6.20% | 7-15-2030 | $ | 95,000 | $ 99,072 | |
NetApp Incorporated | 2.70 | 6-22-2030 | 40,000 | 34,278 | ||
133,350 | ||||||
Real estate: 2.00% | ||||||
Diversified REITs: 0.41% | ||||||
Sabra Health Care LP | 3.20 | 12-1-2031 | 110,000 | 80,681 | ||
Vornado Realty LP | 3.40 | 6-1-2031 | 50,000 | 34,588 | ||
115,269 | ||||||
Real estate management & development: 0.80% | ||||||
Simon Property Group LP | 1.75 | 2-1-2028 | 60,000 | 51,611 | ||
Simon Property Group LP | 3.25 | 9-13-2049 | 255,000 | 173,540 | ||
225,151 | ||||||
Specialized REITs: 0.79% | ||||||
Equinix Incorporated | 2.15 | 7-15-2030 | 275,000 | 224,855 | ||
Utilities: 2.33% | ||||||
Electric utilities: 2.33% | ||||||
Duke Energy Florida LLC | 1.75 | 6-15-2030 | 90,000 | 74,328 | ||
New York State Electric & Gas Corporation 144A | 3.25 | 12-1-2026 | 145,000 | 138,284 | ||
Oglethorpe Power Corporation | 3.75 | 8-1-2050 | 125,000 | 95,979 | ||
Pacificorp | 3.50 | 6-15-2029 | 295,000 | 278,011 | ||
Union Electric Company | 2.95 | 3-15-2030 | 80,000 | 72,027 | ||
658,629 | ||||||
Total Corporate bonds and notes (Cost $16,264,564) | 14,404,933 | |||||
Foreign corporate bonds and notes : 25.30% | ||||||
Communication services: 0.72% | ||||||
Diversified telecommunication services: 0.37% | ||||||
Chorus Limited Company | 3.63 | 9-7-2029 | EUR | 100,000 | 105,736 | |
Wireless telecommunication services: 0.35% | ||||||
Tele2 AB | 2.13 | 5-15-2028 | EUR | 100,000 | 99,048 | |
Consumer staples: 0.58% | ||||||
Household products: 0.58% | ||||||
Essity AB | 0.25 | 2-8-2031 | EUR | 200,000 | 163,226 | |
Energy: 1.86% | ||||||
Oil, gas & consumable fuels: 1.86% | ||||||
BP Capital Markets plc (U.S. Treasury 3 Month Bill +4.17%) ʊ± | 4.25 | 3-22-2027 | GBP | 100,000 | 110,238 | |
National Grid Gas plc | 1.13 | 1-14-2033 | GBP | 200,000 | 165,164 | |
Shell International Finance BV | 1.00 | 12-10-2030 | GBP | 150,000 | 141,857 | |
TotalEnergies SE (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.75%) ± | 2.71 | 5-5-2023 | EUR | 100,000 | 108,034 | |
525,293 |
Interest rate | Maturity date | Principal | Value | |||
Financials: 11.05% | ||||||
Banks: 6.91% | ||||||
Argenta Spaarbank NV (EUR Swap Annual (vs. 6 Month EURIBOR) 1 Year +1.10%) ± | 1.38% | 2-8-2029 | EUR | 200,000 | $ 175,910 | |
Bawag Group AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.30%) ± | 2.38 | 3-26-2029 | EUR | 100,000 | 101,712 | |
Belfius Bank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.30%) ± | 1.25 | 4-6-2034 | EUR | 200,000 | 170,102 | |
BPER Banca SR (3 Month EURIBOR +3.60%) ± | 6.13 | 2-1-2028 | EUR | 150,000 | 162,888 | |
Credit Agricole Assurances | 2.00 | 7-17-2030 | EUR | 200,000 | 174,794 | |
Credit Agricole SA | 4.13 | 3-7-2030 | EUR | 100,000 | 111,346 | |
De Volksbank NV | 4.88 | 3-7-2030 | EUR | 100,000 | 110,185 | |
European Union | 2.75 | 12-4-2037 | EUR | 200,000 | 204,899 | |
Intesa Sanpaolo SpA (3 Month EURIBOR +1.70%) ± | 5.00 | 3-8-2028 | EUR | 150,000 | 162,613 | |
Mizuho Financial Group (3 Month EURIBOR +0.68%) ± | 0.47 | 9-6-2029 | EUR | 100,000 | 88,775 | |
Natwest Group plc (GBP Swap Semi Annual (vs. 6 Month LIBOR) 1 Year +1.49%) ± | 2.88 | 9-19-2026 | GBP | 100,000 | 114,804 | |
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate 11:00am +3.15%) ± | 2.88 | 6-18-2032 | EUR | 100,000 | 83,910 | |
Toronto Dominion Bank SR | 3.63 | 12-13-2029 | EUR | 100,000 | 104,395 | |
Unicredit SpA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.16%) ± | 2.73 | 1-15-2032 | EUR | 200,000 | 184,781 | |
1,951,114 | ||||||
Capital markets: 1.79% | ||||||
Acciona Energia Financial Company | 1.38 | 1-26-2032 | EUR | 100,000 | 88,807 | |
Cellnex Finance Company SA | 2.00 | 2-15-2033 | EUR | 100,000 | 83,014 | |
Investec plc (U.S. Treasury 3 Month Bill +5.91%) ± | 9.13 | 3-6-2033 | GBP | 100,000 | 123,071 | |
UBS Group AG (EURIBOR ICE Swap Rate 11:00am +0.80%) ± | 1.00 | 3-21-2025 | EUR | 200,000 | 209,363 | |
504,255 | ||||||
Financial services: 0.67% | ||||||
CCEP Finance Ireland Company | 0.88 | 5-6-2033 | EUR | 100,000 | 81,064 | |
Paccar Financial Europe SR | 3.25 | 11-29-2025 | EUR | 100,000 | 107,886 | |
188,950 | ||||||
Insurance: 1.68% | ||||||
Berkshire Hathaway Incorporated | 2.38 | 6-19-2039 | GBP | 100,000 | 88,688 | |
Mandatum Life Insurance Company Limited (3 Month EURIBOR +2.30%) ± | 1.88 | 10-4-2049 | EUR | 200,000 | 198,339 | |
Sampo Oyj (3 Month EURIBOR +3.05%) ± | 3.38 | 5-23-2049 | EUR | 100,000 | 96,240 | |
Swiss Re Finance (Luxembourg) SA (EURIBOR ICE Swap Rate 11:00am +1.85%) ± | 2.53 | 4-30-2050 | EUR | 100,000 | 89,624 | |
472,891 | ||||||
Health care: 2.66% | ||||||
Biotechnology: 0.47% | ||||||
GlaxoSmithKline Capital Incorporated | 1.63 | 5-12-2035 | GBP | 150,000 | 132,540 | |
Health care equipment & supplies: 1.11% | ||||||
Koninklijke Philips NV | 2.13 | 11-5-2029 | EUR | 100,000 | 97,487 |
Interest rate | Maturity date | Principal | Value | |||
Health care equipment & supplies (continued) | ||||||
Molnlycke Holding AB | 0.63% | 1-15-2031 | EUR | 100,000 | $ 82,974 | |
Motability Operations Group plc | 2.38 | 7-3-2039 | GBP | 150,000 | 132,761 | |
313,222 | ||||||
Pharmaceuticals: 1.08% | ||||||
Astrazeneca plc | 3.75 | 3-3-2032 | EUR | 100,000 | 110,455 | |
Bayer AG (EURIBOR ICE Swap Rate 11:00am +2.65%) ± | 2.38 | 11-12-2079 | EUR | 100,000 | 100,528 | |
Bayer AG (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.11%) ± | 3.13 | 11-12-2079 | EUR | 100,000 | 93,704 | |
304,687 | ||||||
Industrials: 0.32% | ||||||
Commercial services & supplies: 0.32% | ||||||
Rentokil Initial plc | 0.50 | 10-14-2028 | EUR | 100,000 | 89,865 | |
Information technology: 1.45% | ||||||
Communications equipment: 1.45% | ||||||
Nokia Oyj | 4.38 | 8-21-2031 | EUR | 100,000 | 107,295 | |
Telefonaktiebolaget LM Ericsson | 1.13 | 2-8-2027 | EUR | 100,000 | 94,723 | |
Telefonica Deutschland Company | 1.75 | 7-5-2025 | EUR | 200,000 | 206,684 | |
408,702 | ||||||
Materials: 1.37% | ||||||
Chemicals: 1.08% | ||||||
Arkema SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +1.57%) ʊ± | 1.50 | 10-1-2025 | EUR | 100,000 | 94,080 | |
Solvay SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.92%) ʊ± | 4.25 | 12-4-2023 | EUR | 100,000 | 107,398 | |
Syngenta Finance NV | 3.38 | 4-16-2026 | EUR | 100,000 | 105,012 | |
306,490 | ||||||
Construction materials: 0.29% | ||||||
Holcim Finance (Luxembourg) SA | 0.50 | 4-23-2031 | EUR | 100,000 | 80,777 | |
Real estate: 2.05% | ||||||
Diversified REITs: 0.25% | ||||||
Castellum Helsinki | 0.88 | 9-17-2029 | EUR | 100,000 | 71,001 | |
Industrial REITs: 0.29% | ||||||
Tritax Big Box REIT plc | 1.50 | 11-27-2033 | GBP | 100,000 | 82,641 | |
Real estate management & development: 1.51% | ||||||
Akelius Residential Property AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.48%) ± | 2.25 | 5-17-2081 | EUR | 100,000 | 87,136 | |
Grand City Properties SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.18%) ʊ± | 1.50 | 3-11-2026 | EUR | 100,000 | 37,475 | |
Heimstaden Bostad AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +3.90%) ʊ± | 3.63 | 10-14-2027 | EUR | 100,000 | 54,376 | |
LEG Immobilien SE | 0.75 | 6-30-2031 | EUR | 100,000 | 77,050 | |
Prologis International Funding II SA | 4.63 | 2-21-2035 | EUR | 100,000 | 100,978 | |
Vonovia SE | 0.75 | 9-1-2032 | EUR | 100,000 | 69,464 | |
426,479 |
Interest rate | Maturity date | Principal | Value | |||
Utilities: 3.24% | ||||||
Electric utilities: 2.00% | ||||||
Electricite de France SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.86%) ʊ± | 2.63% | 12-1-2027 | EUR | 200,000 | $ 171,893 | |
Electricite de France SA | 5.50 | 10-17-2041 | GBP | 100,000 | 113,103 | |
Iberdrola International BV (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.32%) ʊ± | 1.87 | 1-28-2026 | EUR | 200,000 | 194,786 | |
Reseau de Transport d'Electricite | 1.88 | 10-23-2037 | EUR | 100,000 | 85,936 | |
565,718 | ||||||
Gas utilities: 0.59% | ||||||
APT Pipelines Limited | 2.00 | 7-15-2030 | EUR | 180,000 | 165,229 | |
Multi-utilities: 0.32% | ||||||
Veolia Environnement SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 Year +2.08%) ʊ± | 2.00 | 11-15-2027 | EUR | 100,000 | 89,705 | |
Water utilities: 0.33% | ||||||
Thames Water Utilities Finance plc | 0.88 | 1-31-2028 | EUR | 100,000 | 93,577 | |
Total Foreign corporate bonds and notes (Cost $8,704,840) | 7,141,146 | |||||
Municipal obligations: 0.52% | ||||||
New Jersey: 0.52% | ||||||
Transportation revenue: 0.52% | ||||||
New Jersey TTFA Transportation System Refunding Bond Series B | 4.13 | 6-15-2042 | $ | 165,000 | 145,654 | |
Total Municipal obligations (Cost $165,000) | 145,654 | |||||
U.S. Treasury securities: 1.55% | ||||||
U.S. Treasury Bond | 2.25 | 2-15-2052 | 165,000 | 123,041 | ||
U.S. Treasury Note | 2.75 | 8-15-2032 | 165,000 | 155,280 | ||
U.S. Treasury Note | 3.50 | 2-15-2033 | 160,000 | 160,250 | ||
Total U.S. Treasury securities (Cost $457,229) | 438,571 | |||||
Yankee corporate bonds and notes: 16.64% | ||||||
Communication services: 1.43% | ||||||
Media: 0.57% | ||||||
WPP Finance Limited 2010 | 3.75 | 9-19-2024 | 165,000 | 161,047 | ||
Wireless telecommunication services: 0.86% | ||||||
Telefonica Emisiones SAU | 4.10 | 3-8-2027 | 250,000 | 241,877 | ||
Consumer discretionary: 0.52% | ||||||
Broadline retail: 0.52% | ||||||
Prosus NV 144A | 3.83 | 2-8-2051 | 230,000 | 147,451 | ||
Consumer staples: 1.23% | ||||||
Household products: 1.23% | ||||||
Reckitt Benckiser Treasury Services plc 144A | 2.75 | 6-26-2024 | 355,000 | 345,761 |
Interest rate | Maturity date | Principal | Value | |||
Energy: 0.32% | ||||||
Oil, gas & consumable fuels: 0.32% | ||||||
Equinor ASA | 2.38% | 5-22-2030 | $ | 30,000 | $ 26,496 | |
Saudi Arabian Oil Company 144A | 4.38 | 4-16-2049 | 75,000 | 64,409 | ||
90,905 | ||||||
Financials: 9.07% | ||||||
Banks: 6.14% | ||||||
Banco Santander SA | 3.49 | 5-28-2030 | 200,000 | 174,631 | ||
Credit Suisse New York | 3.63 | 9-9-2024 | 330,000 | 314,002 | ||
HSBC Holdings plc (U.S. SOFR +2.39%) ± | 2.85 | 6-4-2031 | 200,000 | 168,006 | ||
HSBC Holdings plc | 4.30 | 3-8-2026 | 230,000 | 222,456 | ||
National Australia Bank 144A | 2.33 | 8-21-2030 | 260,000 | 203,006 | ||
Natwest Group plc | 3.88 | 9-12-2023 | 290,000 | 286,604 | ||
Santander UK Group Holdings (U.S. SOFR +2.75%) ± | 6.83 | 11-21-2026 | 200,000 | 202,576 | ||
Sumitomo Mitsui Financial Group | 2.13 | 7-8-2030 | 200,000 | 162,970 | ||
1,734,251 | ||||||
Capital markets: 0.57% | ||||||
UBS Group AG (1 Year Treasury Constant Maturity +1.10%) 144A± | 2.75 | 2-11-2033 | 200,000 | 160,256 | ||
Consumer finance: 1.05% | ||||||
Avolon Holdings Limited 144A | 4.38 | 5-1-2026 | 315,000 | 295,564 | ||
Financial services: 0.44% | ||||||
AerCap Ireland Capital | 3.30 | 1-30-2032 | 150,000 | 124,264 | ||
Insurance: 0.87% | ||||||
Athene Holding Limited | 3.50 | 1-15-2031 | 295,000 | 245,181 | ||
Information technology: 1.72% | ||||||
IT services: 0.59% | ||||||
Computershare US Incorporated | 1.13 | 10-7-2031 | 200,000 | 165,884 | ||
Semiconductors & semiconductor equipment: 1.13% | ||||||
NXP BV | 3.40 | 5-1-2030 | 85,000 | 76,431 | ||
NXP BV | 3.88 | 6-18-2026 | 250,000 | 241,432 | ||
317,863 | ||||||
Materials: 1.24% | ||||||
Chemicals: 0.65% | ||||||
Westlake Chemical Corporation | 1.63 | 7-17-2029 | 200,000 | 182,319 | ||
Construction materials: 0.59% | ||||||
Aliaxis Finance SA | 0.88 | 11-8-2028 | 200,000 | 166,815 | ||
Real estate: 0.85% | ||||||
Diversified REITs: 0.85% | ||||||
Scentre Group Trust 2 (5 Year Treasury Constant Maturity +4.69%) 144A± | 5.13 | 9-24-2080 | 285,000 | 240,552 |
Interest rate | Maturity date | Principal | Value | |||
Utilities: 0.26% | ||||||
Multi-utilities: 0.26% | ||||||
Engie SA | 1.00% | 10-26-2036 | $ | 100,000 | $ 74,516 | |
Total Yankee corporate bonds and notes (Cost $5,429,335) | 4,694,506 |
Yield | Shares | |||||
Short-term investments: 2.35% | ||||||
Investment companies: 2.35% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69 | 664,333 | 664,333 | |||
Total Short-term investments (Cost $664,333) | 664,333 | |||||
Total investments in securities (Cost $32,258,988) | 99.20% | 27,995,887 | ||||
Other assets and liabilities, net | 0.80 | 224,710 | ||||
Total net assets | 100.00% | $28,220,597 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
Abbreviations: | |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
GBP | Great British pound |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
TTFA | Transportation Trust Fund Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $1,133,268 | $2,744,320 | $(3,213,255) | $0 | $0 | $664,333 | 664,333 | $10,649 |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses | |
6,586,476 USD | 6,170,000 EUR | State Street Bank & Trust Company | 4-26-2023 | $0 | $ (113,112) | |
110,435 EUR | 120,000 USD | State Street Bank & Trust Company | 4-26-2023 | 0 | (86) | |
1,250,564 USD | 1,025,000 GBP | State Street Bank & Trust Company | 4-26-2023 | 0 | (14,454) | |
$0 | $(127,652) |
Assets | |
Investments in unaffiliated securities, at value (cost $31,594,655) | $ 27,331,554 |
Investments in affiliated securities, at value (cost $664,333) | 664,333 |
Foreign currency, at value (cost $5,727) | 5,753 |
Receivable for interest | 291,958 |
Prepaid expenses and other assets | 91,637 |
Total assets | 28,385,235 |
Liabilities | |
Unrealized losses on forward foreign currency contracts | 127,652 |
Payable for Fund shares redeemed | 20,883 |
Professional fees payable | 11,276 |
Trustees’ fees and expenses payable | 3,406 |
Administration fees payable | 768 |
Management fee payable | 252 |
Accrued expenses and other liabilities | 401 |
Total liabilities | 164,638 |
Total net assets | $28,220,597 |
Net assets consist of | |
Paid-in capital | $ 32,488,036 |
Total distributable loss | (4,267,439) |
Total net assets | $28,220,597 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 26,502 |
Shares outstanding – Class A1 | 3,083 |
Net asset value per share – Class A | $8.60 |
Maximum offering price per share – Class A2 | $9.01 |
Net assets – Class C | $ 24,414 |
Shares outstanding – Class C1 | 2,845 |
Net asset value per share – Class C | $8.58 |
Net assets – Class R6 | $ 28,146,502 |
Shares outstanding – Class R61 | 3,275,378 |
Net asset value per share – Class R6 | $8.59 |
Net assets – Institutional Class | $ 23,179 |
Shares outstanding – Institutional Class1 | 2,697 |
Net asset value per share – Institutional Class | $8.59 |
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 | $ 505,822 |
Income from affiliated securities | 10,649 |
Total investment income | 516,471 |
Expenses | |
Management fee | 56,894 |
Administration fees | |
Class A | 24 |
Class C | 19 |
Class R6 | 4,256 |
Institutional Class | 9 |
Shareholder servicing fees | |
Class A | 36 |
Class C | 30 |
Distribution fee | |
Class C | 11 |
Custody and accounting fees | 2,219 |
Professional fees | 24,669 |
Registration fees | 10,131 |
Shareholder report expenses | 7,862 |
Trustees’ fees and expenses | 10,973 |
Other fees and expenses | 1,592 |
Total expenses | 118,725 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (54,563) |
Net expenses | 64,162 |
Net investment income | 452,309 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (333,292) |
Forward foreign currency contracts | (1,035,750) |
Net realized losses on investments | (1,369,042) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 2,757,445 |
Forward foreign currency contracts | (17,404) |
Net change in unrealized gains (losses) on investments | 2,740,041 |
Net realized and unrealized gains (losses) on investments | 1,370,999 |
Net increase in net assets resulting from operations | $ 1,823,308 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 452,309 | $ 903,846 | ||
Net realized gains (losses) on investments | (1,369,042) | 2,000,783 | ||
Net change in unrealized gains (losses) on investments | 2,740,041 | (9,666,270) | ||
Net increase (decrease) in net assets resulting from operations | 1,823,308 | (6,761,641) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (429) | (185) 1 | ||
Class C | (361) | (132) 1 | ||
Class R6 | (497,350) | (2,441,309) | ||
Institutional Class | (390) | (1,586) | ||
Total distributions to shareholders | (498,530) | (2,443,212) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 230 | 2,000 | 6,857 1 | 58,655 1 |
Class C | 0 | 0 | 2,787 1 | 25,000 1 |
Class R6 | 44,485 | 363,875 | 186,222 | 1,837,385 |
365,875 | 1,921,040 | |||
Reinvestment of distributions | ||||
Class A | 50 | 429 | 22 1 | 185 1 |
Class C | 42 | 361 | 16 1 | 132 1 |
Class R6 | 58,741 | 497,350 | 244,985 | 2,426,080 |
Institutional Class | 46 | 390 | 151 | 1,484 |
498,530 | 2,427,881 | |||
Payment for shares redeemed | ||||
Class A | (4,076) | (33,299) | 0 1 | 0 1 |
Class R6 | (280,733) | (2,376,486) | (1,227,364) | (12,042,103) |
(2,409,785) | (12,042,103) | |||
Net decrease in net assets resulting from capital share transactions | (1,545,380) | (7,693,182) | ||
Total decrease in net assets | (220,602) | (16,898,035) | ||
Net assets | ||||
Beginning of period | 28,441,199 | 45,339,234 | ||
End of period | $28,220,597 | $ 28,441,199 |
1 | For the period from June 1, 2022 (commencement of class operations) to September 30, 2022 |
Year ended September 30 | ||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 1 |
Net asset value, beginning of period | $8.21 | $8.97 |
Net investment income | 0.11 | 0.07 2 |
Net realized and unrealized gains (losses) on investments | 0.41 | (0.76) |
Total from investment operations | 0.52 | (0.69) |
Distributions to shareholders from | ||
Net investment income | (0.13) | (0.07) |
Net asset value, end of period | $8.60 | $8.21 |
Total return3 | 6.37% | (7.76)% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.21% | 1.18% |
Net expenses | 0.83% | 0.83% |
Net investment income | 2.80% | 2.45% |
Supplemental data | ||
Portfolio turnover rate | 8% | 21% |
Net assets, end of period (000s omitted) | $27 | $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 | Six months ended March 31, 2023 (unaudited) | 2022 1 |
Net asset value, beginning of period | $8.21 | $8.97 |
Net investment income | 0.10 | 0.05 2 |
Net realized and unrealized gains (losses) on investments | 0.40 | (0.76) |
Total from investment operations | 0.50 | (0.71) |
Distributions to shareholders from | ||
Net investment income | (0.13) | (0.05) |
Net asset value, end of period | $8.58 | $8.21 |
Total return3 | 6.10% | (7.96)% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.31% | 1.80% |
Net expenses | 1.25% | 1.51% |
Net investment income | 2.39% | 1.75% |
Supplemental data | ||
Portfolio turnover rate | 8% | 21% |
Net assets, end of period (000s omitted) | $24 | $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 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $8.21 | $10.66 | $10.91 | $10.75 | $10.00 |
Net investment income | 0.13 | 0.24 2 | 0.24 2 | 0.24 2 | 0.13 |
Net realized and unrealized gains (losses) on investments | 0.40 | (2.06) | 0.07 | 0.39 | 0.73 |
Total from investment operations | 0.53 | (1.82) | 0.31 | 0.63 | 0.86 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.23) | (0.31) | (0.34) | (0.11) |
Net realized gains | 0.00 | (0.40) | (0.25) | (0.13) | 0.00 |
Total distributions to shareholders | (0.15) | (0.63) | (0.56) | (0.47) | (0.11) |
Net asset value, end of period | $8.59 | $8.21 | $10.66 | $10.91 | $10.75 |
Total return3 | 6.47% | (17.97)% | 2.86% | 6.10% | 8.64% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.83% | 0.76% | 0.68% | 0.77% | 0.86% |
Net expenses | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Net investment income | 3.18% | 2.48% | 2.22% | 2.29% | 2.34% |
Supplemental data | |||||
Portfolio turnover rate | 8% | 21% | 28% | 79% | 36% |
Net assets, end of period (000s omitted) | $28,147 | $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 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $8.21 | $10.66 | $10.91 | $10.75 | $10.00 |
Net investment income | 0.13 | 0.23 2 | 0.23 | 0.24 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.40 | (2.05) | 0.07 | 0.38 | 0.72 |
Total from investment operations | 0.53 | (1.82) | 0.30 | 0.62 | 0.86 |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.23) | (0.30) | (0.33) | (0.11) |
Net realized gains | 0.00 | (0.40) | (0.25) | (0.13) | 0.00 |
Total distributions to shareholders | (0.15) | (0.63) | (0.55) | (0.46) | (0.11) |
Net asset value, end of period | $8.59 | $8.21 | $10.66 | $10.91 | $10.75 |
Total return3 | 6.44% | (18.01)% | 2.81% | 6.04% | 8.64% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.88% | 0.81% | 0.73% | 0.83% | 0.97% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 3.14% | 2.47% | 2.18% | 2.24% | 2.34% |
Supplemental data | |||||
Portfolio turnover rate | 8% | 21% | 28% | 79% | 36% |
Net assets, end of period (000s omitted) | $23 | $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 | $ 1,672,394 |
Gross unrealized losses | (4,499,741) |
Net unrealized losses | $(2,827,347) |
■ | 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 | $ 506,744 | $0 | $ 506,744 |
Corporate bonds and notes | 0 | 14,404,933 | 0 | 14,404,933 |
Foreign corporate bonds and notes | 0 | 7,141,146 | 0 | 7,141,146 |
Municipal obligations | 0 | 145,654 | 0 | 145,654 |
U.S. Treasury securities | 438,571 | 0 | 0 | 438,571 |
Yankee corporate bonds and notes | 0 | 4,694,506 | 0 | 4,694,506 |
Short-term investments | ||||
Investment companies | 664,333 | 0 | 0 | 664,333 |
Total assets | $1,102,904 | $26,892,983 | $0 | $27,995,887 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 127,652 | $0 | $ 127,652 |
Total liabilities | $ 0 | $ 127,652 | $0 | $ 127,652 |
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 | |
$160,481 | $2,017,932 | $2,350,969 | $1,224,856 |
Counterparty | Gross amount of liabilities in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged | Net amount of liabilities |
State Steet Bank & Trust Company | $127,652 | $0 | $0 | $127,652 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625imgffe8e9511.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g495625img7ff3abb27.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR4337 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g302819img5265b38f1.jpg)
C&B Mid Cap Value Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g302819img54acc59c2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g302819imgc01565653.jpg)
President
Allspring Funds
Investment objective | The Fund seeks maximum long-term return (current income and capital appreciation), consistent with minimizing risk to principal. |
Manager | Allspring Funds Management, LLC |
Subadviser | Cooke & Bieler, L.P. |
Portfolio managers | Andrew B. Armstrong, CFA, Wesley Lim, CFA, Steve Lyons, CFA, Michael M. Meyer, CFA, Edward W. O'Connor, CFA, R. James O'Neil, CFA, Mehul Trivedi, CFA, William Weber, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -12.58 | 4.38 | 7.80 | -7.24 | 5.63 | 8.44 | 1.25 | 1.25 | ||
Class C (CBMCX) | 7-26-2004 | -8.96 | 4.88 | 7.81 | -7.96 | 4.88 | 7.81 | 2.00 | 2.00 | ||
Class R6 (CBMYX)3 | 7-31-2018 | – | – | – | -6.83 | 6.10 | 8.85 | 0.82 | 0.80 | ||
Administrator Class (CBMIX) | 7-26-2004 | – | – | – | -7.16 | 5.73 | 8.53 | 1.17 | 1.15 | ||
Institutional Class (CBMSX) | 7-26-2004 | – | – | – | -6.93 | 6.00 | 8.80 | 0.92 | 0.90 | ||
Russell Midcap® Value Index4 | – | – | – | – | -9.22 | 6.54 | 8.80 | – | – |
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 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 |
Ten largest holdings (%) as of March 31, 20231 | |
AerCap Holdings NV | 3.65 |
Omnicom Group Incorporated | 3.32 |
State Street Corporation | 3.12 |
Open Text Corporation | 3.06 |
Arrow Electronics Incorporated | 3.02 |
TE Connectivity Limited | 2.81 |
Gentex Corporation | 2.75 |
Gildan Activewear Incorporated | 2.75 |
Globe Life Incorporated | 2.49 |
Integra LifeSciences Holdings Corporation | 2.48 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g302819img9514c5934.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,174.39 | $ 6.78 | 1.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.70 | $ 6.29 | 1.25% |
Class C | ||||
Actual | $1,000.00 | $1,170.05 | $10.82 | 2.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.96 | $10.05 | 2.00% |
Class R6 | ||||
Actual | $1,000.00 | $1,176.82 | $ 4.34 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.94 | $ 4.03 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,174.85 | $ 6.24 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $ 5.79 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,176.29 | $ 4.88 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $ 4.53 | 0.90% |
Shares | Value | ||||
Common stocks: 98.53% | |||||
Communication services: 5.02% | |||||
Entertainment: 1.70% | |||||
Activision Blizzard Incorporated | 64,650 | $ 5,533,394 | |||
Media: 3.32% | |||||
Omnicom Group Incorporated | 114,250 | 10,778,345 | |||
Consumer discretionary: 16.99% | |||||
Automobile components: 2.75% | |||||
Gentex Corporation | 319,068 | 8,943,476 | |||
Distributors: 1.01% | |||||
LKQ Corporation | 57,690 | 3,274,484 | |||
Household durables: 3.71% | |||||
Helen of Troy Limited † | 79,009 | 7,519,287 | |||
Whirlpool Corporation | 34,350 | 4,534,887 | |||
12,054,174 | |||||
Leisure products: 2.09% | |||||
Hasbro Incorporated | 126,270 | 6,779,436 | |||
Specialty retail: 3.65% | |||||
American Eagle Outfitters Incorporated | 394,530 | 5,302,483 | |||
CarMax Incorporated † | 102,150 | 6,566,202 | |||
11,868,685 | |||||
Textiles, apparel & luxury goods: 3.78% | |||||
Gildan Activewear Incorporated | 269,160 | 8,933,420 | |||
HanesBrands Incorporated | 632,158 | 3,325,151 | |||
12,258,571 | |||||
Consumer staples: 1.24% | |||||
Food products: 1.24% | |||||
Ingredion Incorporated | 39,520 | 4,020,370 | |||
Energy: 2.14% | |||||
Oil, gas & consumable fuels: 2.14% | |||||
The Williams Companies Incorporated | 233,200 | 6,963,352 | |||
Financials: 25.21% | |||||
Banks: 2.64% | |||||
Glacier Bancorp Incorporated | 78,620 | 3,302,826 | |||
M&T Bank Corporation | 43,960 | 5,256,297 | |||
8,559,123 | |||||
Capital markets: 7.11% | |||||
Brookfield Asset Management Incorporated Class A | 222,180 | 7,269,730 | |||
Cboe Global Markets Incorporated | 42,400 | 5,691,776 | |||
State Street Corporation | 133,850 | 10,131,107 | |||
23,092,613 |
Shares | Value | ||||
Consumer finance: 2.58% | |||||
Discover Financial Services | 48,590 | $ 4,802,636 | |||
FirstCash Holdings Incorporated | 37,415 | 3,568,269 | |||
8,370,905 | |||||
Financial services: 2.32% | |||||
Essent Group Limited | 188,070 | 7,532,204 | |||
Insurance: 10.56% | |||||
Arch Capital Group Limited † | 77,825 | 5,281,983 | |||
Fidelity National Financial Incorporated | 215,677 | 7,533,598 | |||
Globe Life Incorporated | 73,600 | 8,097,472 | |||
Markel Corporation † | 3,800 | 4,854,158 | |||
RenaissanceRe Holdings Limited | 16,151 | 3,235,691 | |||
The Allstate Corporation | 47,900 | 5,307,799 | |||
34,310,701 | |||||
Health care: 12.85% | |||||
Health care equipment & supplies: 9.12% | |||||
Baxter International Incorporated | 173,450 | 7,035,130 | |||
Dentsply Sirona Incorporated | 203,150 | 7,979,732 | |||
Integra LifeSciences Holdings Corporation † | 140,263 | 8,052,499 | |||
Teleflex Incorporated | 25,930 | 6,568,328 | |||
29,635,689 | |||||
Health care providers & services: 1.71% | |||||
Laboratory Corporation of America Holdings | 24,240 | 5,561,141 | |||
Pharmaceuticals: 2.02% | |||||
Perrigo Company plc | 182,740 | 6,554,884 | |||
Industrials: 20.92% | |||||
Aerospace & defense: 4.35% | |||||
BWX Technologies Incorporated | 118,430 | 7,465,827 | |||
Woodward Incorporated | 68,287 | 6,649,105 | |||
14,114,932 | |||||
Building products: 1.52% | |||||
Armstrong World Industries Incorporated | 69,440 | 4,946,906 | |||
Commercial services & supplies: 1.93% | |||||
Ritchie Bros. Auctioneers Incorporated | 111,418 | 6,271,719 | |||
Electrical equipment: 3.88% | |||||
Acuity Brands Incorporated | 31,620 | 5,777,923 | |||
AMETEK Incorporated | 46,860 | 6,810,164 | |||
12,588,087 | |||||
Machinery: 5.59% | |||||
ESAB Corporation | 125,980 | 7,441,639 | |||
Gates Industrial Corporation plc † | 352,050 | 4,889,975 | |||
Stanley Black & Decker Incorporated | 72,440 | 5,837,215 | |||
18,168,829 | |||||
Trading companies & distributors: 3.65% | |||||
AerCap Holdings NV † | 210,600 | 11,842,038 |
Shares | Value | ||||
Information technology: 11.00% | |||||
Electronic equipment, instruments & components: 5.84% | |||||
Arrow Electronics Incorporated | 78,666 | $ 9,823,023 | |||
TE Connectivity Limited | 69,575 | 9,124,761 | |||
18,947,784 | |||||
Semiconductors & semiconductor equipment: 2.10% | |||||
MKS Instruments Incorporated | 76,983 | 6,822,233 | |||
Software: 3.06% | |||||
Open Text Corporation | 257,930 | 9,943,202 | |||
Real estate: 1.64% | |||||
Real estate management & development: 1.64% | |||||
CBRE Group Incorporated Class A † | 73,340 | 5,339,885 | |||
Utilities: 1.52% | |||||
Gas utilities: 1.52% | |||||
Atmos Energy Corporation | 44,000 | 4,943,840 | |||
Total Common stocks (Cost $274,103,210) | 320,021,002 |
Yield | |||||
Short-term investments: 1.38% | |||||
Investment companies: 1.38% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 4,484,001 | 4,484,001 | ||
Total Short-term investments (Cost $4,484,001) | 4,484,001 | ||||
Total investments in securities (Cost $278,587,211) | 99.91% | 324,505,003 | |||
Other assets and liabilities, net | 0.09 | 300,639 | |||
Total net assets | 100.00% | $324,805,642 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $7,211,111 | $75,674,631 | $(78,401,741) | $0 | $0 | $ 4,484,001 | 4,484,001 | $ 161,154 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 5,778,950 | 1,979,250 | (7,758,200) | 0 | 0 | 0 | 0 | 5,060 # | ||
$0 | $0 | $4,484,001 | $166,214 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $274,103,210) | $ 320,021,002 |
Investments in affiliated securities, at value (cost $4,484,001) | 4,484,001 |
Cash | 67,337 |
Receivable for investments sold | 866,382 |
Receivable for dividends | 420,620 |
Receivable for Fund shares sold | 209,812 |
Prepaid expenses and other assets | 79,483 |
Total assets | 326,148,637 |
Liabilities | |
Payable for Fund shares redeemed | 1,058,934 |
Management fee payable | 209,401 |
Administration fees payable | 45,136 |
Trustees’ fees and expenses payable | 1,133 |
Distribution fee payable | 995 |
Accrued expenses and other liabilities | 27,396 |
Total liabilities | 1,342,995 |
Total net assets | $324,805,642 |
Net assets consist of | |
Paid-in capital | $ 281,063,883 |
Total distributable earnings | 43,741,759 |
Total net assets | $324,805,642 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 100,608,532 |
Shares outstanding – Class A1 | 2,685,973 |
Net asset value per share – Class A | $37.46 |
Maximum offering price per share – Class A2 | $39.75 |
Net assets – Class C | $ 1,492,585 |
Shares outstanding – Class C1 | 44,086 |
Net asset value per share – Class C | $33.86 |
Net assets – Class R6 | $ 18,636,692 |
Shares outstanding – Class R61 | 492,042 |
Net asset value per share – Class R6 | $37.88 |
Net assets – Administrator Class | $ 13,634,343 |
Shares outstanding – Administrator Class1 | 358,438 |
Net asset value per share – Administrator Class | $38.04 |
Net assets – Institutional Class | $ 190,433,490 |
Shares outstanding – Institutional Class1 | 5,027,708 |
Net asset value per share – Institutional Class | $37.88 |
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 $48,568) | $ 3,201,646 |
Income from affiliated securities | 161,663 |
Total investment income | 3,363,309 |
Expenses | |
Management fee | 1,418,726 |
Administration fees | |
Class A | 109,380 |
Class C | 1,751 |
Class R6 | 2,779 |
Administrator Class | 8,607 |
Institutional Class | 156,466 |
Shareholder servicing fees | |
Class A | 130,213 |
Class C | 2,079 |
Administrator Class | 16,549 |
Distribution fee | |
Class C | 6,236 |
Custody and accounting fees | 16,436 |
Professional fees | 27,857 |
Registration fees | 42,604 |
Shareholder report expenses | 38,791 |
Trustees’ fees and expenses | 11,087 |
Other fees and expenses | 6,154 |
Total expenses | 1,995,715 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (60,354) |
Class A | (5,223) |
Class R6 | (2,779) |
Administrator Class | (1,992) |
Institutional Class | (24,138) |
Net expenses | 1,901,229 |
Net investment income | 1,462,080 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 14,688,340 |
Net change in unrealized gains (losses) on investments | 47,932,686 |
Net realized and unrealized gains (losses) on investments | 62,621,026 |
Net increase in net assets resulting from operations | $64,083,106 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 1,462,080 | $ 3,606,345 | ||
Net realized gains on investments | 14,688,340 | 32,049,456 | ||
Net change in unrealized gains (losses) on investments | 47,932,686 | (148,146,298) | ||
Net increase (decrease) in net assets resulting from operations | 64,083,106 | (112,490,497) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (10,397,117) | (12,663,809) | ||
Class C | (178,702) | (414,701) | ||
Class R6 | (1,863,610) | (2,090,622) | ||
Administrator Class | (1,228,694) | (2,175,381) | ||
Institutional Class | (23,651,466) | (48,137,552) | ||
Total distributions to shareholders | (37,319,589) | (65,482,065) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 52,115 | 1,987,620 | 102,705 | 4,585,571 |
Class C | 182 | 5,900 | 2,317 | 102,968 |
Class R6 | 34,436 | 1,320,851 | 71,915 | 3,210,874 |
Administrator Class | 61,232 | 2,412,935 | 87,164 | 3,823,768 |
Institutional Class | 669,343 | 25,559,387 | 3,568,693 | 162,182,510 |
31,286,693 | 173,905,691 | |||
Reinvestment of distributions | ||||
Class A | 277,684 | 10,064,909 | 268,854 | 12,251,625 |
Class C | 5,478 | 178,702 | 9,955 | 414,701 |
Class R6 | 42,681 | 1,567,994 | 35,855 | 1,655,325 |
Administrator Class | 33,172 | 1,221,127 | 46,880 | 2,165,321 |
Institutional Class | 562,292 | 20,634,386 | 1,041,926 | 48,045,059 |
33,667,118 | 64,532,031 | |||
Payment for shares redeemed | ||||
Class A | (361,605) | (13,653,018) | (515,897) | (22,656,685) |
Class C | (16,072) | (555,664) | (52,619) | (2,205,246) |
Class R6 | (61,408) | (2,415,366) | (77,649) | (3,416,512) |
Administrator Class | (99,332) | (3,814,976) | (293,190) | (13,583,368) |
Institutional Class | (4,430,745) | (168,649,876) | (6,893,246) | (300,962,171) |
(189,088,900) | (342,823,982) | |||
Net decrease in net assets resulting from capital share transactions | (124,135,089) | (104,386,260) | ||
Total decrease in net assets | (97,371,572) | (282,358,822) | ||
Net assets | ||||
Beginning of period | 422,177,214 | 704,536,036 | ||
End of period | $ 324,805,642 | $ 422,177,214 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $35.36 | $48.43 | $34.40 | $39.67 | $37.88 | $35.07 |
Net investment income | 0.09 | 0.14 | 0.03 | 0.10 1 | 0.16 | 0.06 |
Net realized and unrealized gains (losses) on investments | 5.92 | (8.72) | 14.08 | (4.21) | 1.69 | 2.75 |
Total from investment operations | 6.01 | (8.58) | 14.11 | (4.11) | 1.85 | 2.81 |
Distributions to shareholders from | ||||||
Net investment income | (0.29) | (0.04) | (0.08) | (0.15) | (0.06) | (0.00) 2 |
Net realized gains | (3.62) | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (3.91) | (4.49) | (0.08) | (1.16) | (0.06) | (0.00) 2 |
Net asset value, end of period | $37.46 | $35.36 | $48.43 | $34.40 | $39.67 | $37.88 |
Total return3 | 17.44% | (19.80)% | 41.04% | (10.81)% | 4.91% | 8.02% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.29% | 1.25% | 1.25% | 1.27% | 1.29% | 1.29% |
Net expenses | 1.25% | 1.24% | 1.24% | 1.25% | 1.25% | 1.25% |
Net investment income | 0.55% | 0.31% | 0.05% | 0.29% | 0.43% | 0.16% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $100,609 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $32.15 | $44.70 | $31.94 | $36.98 | $35.51 | $33.12 |
Net investment loss | (0.04) 1 | (0.18) 1 | (0.30) 1 | (0.16) 1 | (0.12) 1 | (0.20) 1 |
Net realized and unrealized gains (losses) on investments | 5.37 | (7.92) | 13.06 | (3.87) | 1.59 | 2.59 |
Total from investment operations | 5.33 | (8.10) | 12.76 | (4.03) | 1.47 | 2.39 |
Distributions to shareholders from | ||||||
Net realized gains | (3.62) | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Net asset value, end of period | $33.86 | $32.15 | $44.70 | $31.94 | $36.98 | $35.51 |
Total return2 | 17.01% | (20.42)% | 39.98% | (11.32)% | 4.14% | 7.22% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.03% | 2.00% | 1.99% | 2.01% | 2.04% | 2.04% |
Net expenses | 2.00% | 1.99% | 1.99% | 2.00% | 2.00% | 2.00% |
Net investment loss | (0.21)% | (0.45)% | (0.72)% | (0.47)% | (0.36)% | (0.59)% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $1,493 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 1 |
Net asset value, beginning of period | $35.81 | $48.97 | $34.77 | $40.06 | $38.27 | $37.39 |
Net investment income | 0.19 | 0.33 | 0.24 | 0.27 | 0.35 2 | 0.08 2 |
Net realized and unrealized gains (losses) on investments | 5.97 | (8.80) | 14.20 | (4.25) | 1.67 | 0.80 |
Total from investment operations | 6.16 | (8.47) | 14.44 | (3.98) | 2.02 | 0.88 |
Distributions to shareholders from | ||||||
Net investment income | (0.47) | (0.24) | (0.24) | (0.30) | (0.23) | 0.00 |
Net realized gains | (3.62) | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (4.09) | (4.69) | (0.24) | (1.31) | (0.23) | 0.00 |
Net asset value, end of period | $37.88 | $35.81 | $48.97 | $34.77 | $40.06 | $38.27 |
Total return3 | 17.68% | (19.43)% | 41.66% | (10.42)% | 5.39% | 2.35% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.86% | 0.82% | 0.82% | 0.84% | 0.86% | 0.86% |
Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
Net investment income | 1.01% | 0.75% | 0.49% | 0.73% | 0.95% | 1.24% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $18,637 | $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 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $35.86 | $49.03 | $34.80 | $40.14 | $38.35 | $35.52 |
Net investment income | 0.12 1 | 0.17 1 | 0.07 1 | 0.14 1 | 0.20 1 | 0.10 1 |
Net realized and unrealized gains (losses) on investments | 5.99 | (8.83) | 14.25 | (4.27) | 1.70 | 2.78 |
Total from investment operations | 6.11 | (8.66) | 14.32 | (4.13) | 1.90 | 2.88 |
Distributions to shareholders from | ||||||
Net investment income | (0.31) | (0.06) | (0.09) | (0.20) | (0.11) | (0.05) |
Net realized gains | (3.62) | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (3.93) | (4.51) | (0.09) | (1.21) | (0.11) | (0.05) |
Net asset value, end of period | $38.04 | $35.86 | $49.03 | $34.80 | $40.14 | $38.35 |
Total return2 | 17.48% | (19.72)% | 41.19% | (10.74)% | 5.03% | 8.13% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.21% | 1.17% | 1.17% | 1.19% | 1.21% | 1.21% |
Net expenses | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Net investment income | 0.64% | 0.38% | 0.14% | 0.38% | 0.53% | 0.26% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $13,634 | $13,030 | $25,617 | $23,691 | $24,036 | $20,960 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $35.77 | $48.93 | $34.74 | $40.04 | $38.26 | $35.41 |
Net investment income | 0.16 1 | 0.29 1 | 0.19 | 0.23 1 | 0.28 | 0.19 |
Net realized and unrealized gains (losses) on investments | 5.98 | (8.80) | 14.20 | (4.25) | 1.70 | 2.78 |
Total from investment operations | 6.14 | (8.51) | 14.39 | (4.02) | 1.98 | 2.97 |
Distributions to shareholders from | ||||||
Net investment income | (0.41) | (0.20) | (0.20) | (0.27) | (0.20) | (0.12) |
Net realized gains | (3.62) | (4.45) | 0.00 | (1.01) | 0.00 | 0.00 |
Total distributions to shareholders | (4.03) | (4.65) | (0.20) | (1.28) | (0.20) | (0.12) |
Net asset value, end of period | $37.88 | $35.77 | $48.93 | $34.74 | $40.04 | $38.26 |
Total return2 | 17.63% | (19.52)% | 41.55% | (10.52)% | 5.29% | 8.41% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.95% | 0.92% | 0.92% | 0.94% | 0.96% | 0.96% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 0.86% | 0.65% | 0.39% | 0.64% | 0.79% | 0.56% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 40% | 47% | 45% | 42% | 39% |
Net assets, end of period (000s omitted) | $190,433 | $294,234 | $514,222 | $315,449 | $246,702 | $200,335 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 72,319,161 |
Gross unrealized losses | (26,493,220) |
Net unrealized gains | $ 45,825,941 |
■ | 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 | $ 16,311,739 | $0 | $0 | $ 16,311,739 |
Consumer discretionary | 55,178,826 | 0 | 0 | 55,178,826 |
Consumer staples | 4,020,370 | 0 | 0 | 4,020,370 |
Energy | 6,963,352 | 0 | 0 | 6,963,352 |
Financials | 81,865,546 | 0 | 0 | 81,865,546 |
Health care | 41,751,714 | 0 | 0 | 41,751,714 |
Industrials | 67,932,511 | 0 | 0 | 67,932,511 |
Information technology | 35,713,219 | 0 | 0 | 35,713,219 |
Real estate | 5,339,885 | 0 | 0 | 5,339,885 |
Utilities | 4,943,840 | 0 | 0 | 4,943,840 |
Short-term investments | ||||
Investment companies | 4,484,001 | 0 | 0 | 4,484,001 |
Total assets | $324,505,003 | $0 | $0 | $324,505,003 |
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 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR1857 03-23
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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 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
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President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Christopher G. Miller, CFA, Garth B. Newport, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -10.24 | 5.93 | 8.07 | -4.75 | 7.19 | 8.72 | 1.26 | 1.26 | ||
Class C (STSAX) | 11-30-2000 | -6.37 | 6.50 | 8.11 | -5.37 | 6.50 | 8.11 | 2.01 | 2.01 | ||
Class R6 (SCSRX)3 | 6-28-2013 | – | – | – | -4.35 | 7.64 | 9.18 | 0.83 | 0.83 | ||
Administrator Class (SCSDX) | 7-30-2010 | – | – | – | -4.53 | 7.73 | 9.07 | 1.18 | 1.10 | ||
Institutional Class (SCNSX) | 7-30-2010 | – | – | – | -4.38 | 7.61 | 9.15 | 0.93 | 0.85 | ||
Russell 2500™ Index4 | – | – | – | – | -10.39 | 6.65 | 9.07 | – | – |
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 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Atkore Incorporated | 2.90 |
MTU Aero Engines AG | 2.38 |
Carlisle Companies Incorporated | 2.35 |
Masonite International Corporation | 2.20 |
Bio-Rad Laboratories Incorporated Class A | 1.98 |
Sun Communities Incorporated | 1.95 |
Burlington Stores Incorporated | 1.90 |
Teledyne Technologies Incorporated | 1.89 |
Marvell Technology Incorporated | 1.80 |
Pagerduty Incorporated | 1.80 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g461518img0f0c02944.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,175.01 | $ 6.83 | 1.26% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.65 | $ 6.34 | 1.26% |
Class C | ||||
Actual | $1,000.00 | $1,171.12 | $10.50 | 1.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.26 | $ 9.75 | 1.94% |
Class R6 | ||||
Actual | $1,000.00 | $1,177.71 | $ 4.51 | 0.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.79 | $ 4.18 | 0.83% |
Administrator Class | ||||
Actual | $1,000.00 | $1,175.52 | $ 5.97 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.45 | $ 5.54 | 1.10% |
Institutional Class | ||||
Actual | $1,000.00 | $1,177.45 | $ 4.61 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $ 4.28 | 0.85% |
Shares | Value | ||||
Common stocks: 97.69% | |||||
Communication services: 0.87% | |||||
Interactive media & services: 0.87% | |||||
Bumble Incorporated Class A † | 381,225 | $ 7,452,949 | |||
Consumer discretionary: 11.82% | |||||
Automobile components: 1.03% | |||||
Dana Incorporated | 585,515 | 8,812,001 | |||
Diversified consumer services: 1.04% | |||||
Service Corporation International | 130,278 | 8,960,521 | |||
Hotels, restaurants & leisure: 1.35% | |||||
Planet Fitness Incorporated Class A † | 149,593 | 11,618,888 | |||
Household durables: 0.97% | |||||
Mohawk Industries Incorporated † | 82,819 | 8,300,120 | |||
Specialty retail: 6.05% | |||||
Burlington Stores Incorporated † | 80,828 | 16,335,339 | |||
Leslie's Incorporated † | 966,583 | 10,642,079 | |||
National Vision Holdings Incorporated † | 336,168 | 6,333,405 | |||
Revolve Group Incorporated † | 487,705 | 12,826,642 | |||
Tractor Supply Company | 24,579 | 5,777,048 | |||
51,914,513 | |||||
Textiles, apparel & luxury goods: 1.38% | |||||
Deckers Outdoor Corporation † | 26,330 | 11,836,652 | |||
Consumer staples: 2.72% | |||||
Food products: 1.44% | |||||
Nomad Foods Limited † | 656,950 | 12,311,243 | |||
Household products: 1.13% | |||||
Church & Dwight Company Incorporated | 110,091 | 9,733,145 | |||
Personal care products: 0.15% | |||||
The Honest Company Incorporated † | 707,441 | 1,273,394 | |||
Financials: 10.69% | |||||
Banks: 1.79% | |||||
Pinnacle Financial Partners Incorporated | 109,739 | 6,053,203 | |||
Webster Financial Corporation | 235,947 | 9,301,031 | |||
15,354,234 | |||||
Capital markets: 2.34% | |||||
Cboe Global Markets Incorporated | 99,149 | 13,309,762 | |||
Raymond James Financial Incorporated | 73,254 | 6,832,401 | |||
20,142,163 | |||||
Financial services: 1.12% | |||||
Essent Group Limited | 239,617 | 9,596,661 | |||
Insurance: 5.44% | |||||
Arch Capital Group Limited † | 196,737 | 13,352,540 |
Shares | Value | ||||
Insurance (continued) | |||||
Axis Capital Holdings Limited | 205,970 | $ 11,229,484 | |||
First American Financial Corporation | 167,512 | 9,323,718 | |||
Reinsurance Group of America Incorporated | 96,274 | 12,781,336 | |||
46,687,078 | |||||
Health care: 11.90% | |||||
Biotechnology: 0.20% | |||||
Sage Therapeutics Incorporated † | 40,978 | 1,719,437 | |||
Health care equipment & supplies: 4.62% | |||||
Haemonetics Corporation † | 166,521 | 13,779,613 | |||
Integer Holdings Corporation † | 168,019 | 13,021,473 | |||
LivaNova plc † | 218,159 | 9,507,369 | |||
ViewRay Incorporated † | 975,691 | 3,375,891 | |||
39,684,346 | |||||
Health care providers & services: 2.60% | |||||
HealthEquity Incorporated † | 243,151 | 14,275,395 | |||
Humana Incorporated | 16,609 | 8,063,005 | |||
22,338,400 | |||||
Health care technology: 0.49% | |||||
Schrodinger Incorporated † | 160,553 | 4,227,360 | |||
Life sciences tools & services: 3.99% | |||||
Azenta Incorporated † | 238,041 | 10,621,389 | |||
Bio-Rad Laboratories Incorporated Class A † | 35,446 | 16,979,343 | |||
Codexis Incorporated † | 338,972 | 1,403,344 | |||
Sotera Health Company † | 290,463 | 5,202,192 | |||
34,206,268 | |||||
Industrials: 25.71% | |||||
Aerospace & defense: 2.37% | |||||
MTU Aero Engines AG | 81,502 | 20,395,038 | |||
Building products: 8.01% | |||||
Armstrong World Industries Incorporated | 132,351 | 9,428,685 | |||
Carlisle Companies Incorporated | 89,089 | 20,140,350 | |||
Masonite International Corporation † | 207,939 | 18,874,623 | |||
Tecnoglass Incorporated | 158,805 | 6,663,458 | |||
The AZEK Company Incorporated † | 580,487 | 13,664,664 | |||
68,771,780 | |||||
Commercial services & supplies: 1.97% | |||||
Republic Services Incorporated | 53,188 | 7,192,081 | |||
Stericycle Incorporated † | 223,627 | 9,752,373 | |||
16,944,454 | |||||
Construction & engineering: 1.39% | |||||
APi Group Corporation † | 531,437 | 11,946,702 | |||
Electrical equipment: 2.90% | |||||
Atkore Incorporated † | 177,228 | 24,896,989 |
Shares | Value | ||||
Machinery: 1.17% | |||||
Ingersoll Rand Incorporated | 172,046 | $ 10,009,636 | |||
Professional services: 4.98% | |||||
CACI International Incorporated Class A † | 36,971 | 10,953,768 | |||
Dun & Bradstreet Holdings Incorporated | 774,169 | 9,088,744 | |||
Genpact Limited | 255,771 | 11,821,736 | |||
TransUnion | 175,181 | 10,885,747 | |||
42,749,995 | |||||
Trading companies & distributors: 2.92% | |||||
Air Lease Corporation | 263,540 | 10,375,570 | |||
United Rentals Incorporated | 37,035 | 14,656,972 | |||
25,032,542 | |||||
Information technology: 16.21% | |||||
Electronic equipment, instruments & components: 1.89% | |||||
Teledyne Technologies Incorporated † | 36,283 | 16,231,563 | |||
IT services: 1.51% | |||||
Okta Incorporated † | 149,903 | 12,927,635 | |||
Semiconductors & semiconductor equipment: 3.51% | |||||
Marvell Technology Incorporated | 357,243 | 15,468,622 | |||
ON Semiconductor Corporation † | 178,002 | 14,653,125 | |||
30,121,747 | |||||
Software: 9.30% | |||||
8x8 Incorporated † | 518,307 | 2,161,340 | |||
Black Knight Incorporated † | 192,935 | 11,105,339 | |||
Instructure Holdings Incorporated † | 409,034 | 10,593,981 | |||
New Relic Incorporated † | 189,765 | 14,287,407 | |||
Pagerduty Incorporated † | 440,782 | 15,418,554 | |||
Q2 Holdings Incorporated † | 282,517 | 6,955,569 | |||
Riskified Limited Class A † | 411,515 | 2,320,945 | |||
SPS Commerce Incorporated † | 59,251 | 9,023,927 | |||
WalkMe Limited † | 753,746 | 8,019,857 | |||
79,886,919 | |||||
Materials: 7.96% | |||||
Chemicals: 4.87% | |||||
Ashland Global Holdings Incorporated | 147,417 | 15,141,200 | |||
Quaker Chemical Corporation | 67,732 | 13,407,549 | |||
Westlake Chemical Corporation | 114,760 | 13,309,865 | |||
41,858,614 | |||||
Containers & packaging: 1.11% | |||||
Crown Holdings Incorporated | 114,775 | 9,493,040 | |||
Metals & mining: 1.98% | |||||
Reliance Steel & Aluminum Company | 31,231 | 8,018,247 | |||
Steel Dynamics Incorporated | 79,460 | 8,983,748 | |||
17,001,995 |
Shares | Value | ||||
Real estate: 9.81% | |||||
Industrial REITs: 1.44% | |||||
Terreno Realty Corporation | 191,423 | $ 12,365,926 | |||
Residential REITs: 4.38% | |||||
American Homes 4 Rent Class A | 348,671 | 10,965,703 | |||
Apartment Income REIT Corporation | 275,373 | 9,861,107 | |||
Sun Communities Incorporated | 118,961 | 16,759,226 | |||
37,586,036 | |||||
Specialized REITs: 3.99% | |||||
Life Storage Incorporated | 109,113 | 14,303,623 | |||
SBA Communications Corporation | 37,654 | 9,830,330 | |||
VICI Properties Incorporated | 311,779 | 10,170,231 | |||
34,304,184 | |||||
Total Common stocks (Cost $696,208,858) | 838,694,168 |
Investment companies: 1.21% | |||||
Exchange-traded funds: 1.21% | |||||
SPDR S&P Biotech ETF | 135,841 | 10,352,443 | |||
Total Investment companies (Cost $9,011,519) | 10,352,443 |
Yield | |||||
Short-term investments: 1.40% | |||||
Investment companies: 1.40% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 12,033,389 | 12,033,389 | ||
Total Short-term investments (Cost $12,033,389) | 12,033,389 | ||||
Total investments in securities (Cost $717,253,766) | 100.30% | 861,080,000 | |||
Other assets and liabilities, net | (0.30) | (2,574,127) | |||
Total net assets | 100.00% | $858,505,873 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $11,844,758 | $82,699,238 | $ (82,510,607) | $ 0 | $0 | $ 12,033,389 | 12,033,389 | $ 163,734 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 30,992,000 | 92,887,953 | (123,880,963) | 1,010 | 0 | 0 | 0 | 332,430 # | ||
$1,010 | $0 | $12,033,389 | $496,164 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $705,220,377) | $ 849,046,611 |
Investments in affiliated securities, at value (cost $12,033,389) | 12,033,389 |
Receivable for dividends | 638,368 |
Receivable for Fund shares sold | 223,047 |
Receivable for investments sold | 178,067 |
Prepaid expenses and other assets | 45,384 |
Total assets | 862,164,866 |
Liabilities | |
Payable for investments purchased | 1,702,173 |
Payable for Fund shares redeemed | 681,112 |
Management fee payable | 590,035 |
Administration fees payable | 149,780 |
Due to custodian bank, foreign currency, at value | 127,226 |
Trustees’ fees and expenses payable | 3,238 |
Distribution fee payable | 730 |
Accrued expenses and other liabilities | 404,699 |
Total liabilities | 3,658,993 |
Total net assets | $858,505,873 |
Net assets consist of | |
Paid-in capital | $ 727,433,105 |
Total distributable earnings | 131,072,768 |
Total net assets | $858,505,873 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 739,826,794 |
Shares outstanding – Class A1 | 45,358,573 |
Net asset value per share – Class A | $16.31 |
Maximum offering price per share – Class A2 | $17.31 |
Net assets – Class C | $ 1,214,219 |
Shares outstanding – Class C1 | 156,703 |
Net asset value per share – Class C | $7.75 |
Net assets – Class R6 | $ 35,538,808 |
Shares outstanding – Class R61 | 1,945,168 |
Net asset value per share – Class R6 | $18.27 |
Net assets – Administrator Class | $ 1,461,906 |
Shares outstanding – Administrator Class1 | 83,660 |
Net asset value per share – Administrator Class | $17.47 |
Net assets – Institutional Class | $ 80,464,146 |
Shares outstanding – Institutional Class1 | 4,430,621 |
Net asset value per share – Institutional Class | $18.16 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends | $ 3,633,772 |
Income from affiliated securities | 199,935 |
Total investment income | 3,833,707 |
Expenses | |
Management fee | 3,316,806 |
Administration fees | |
Class A | 773,869 |
Class C | 1,371 |
Class R6 | 4,867 |
Administrator Class | 1,178 |
Institutional Class | 51,128 |
Shareholder servicing fees | |
Class A | 916,456 |
Class C | 1,630 |
Administrator Class | 2,257 |
Distribution fee | |
Class C | 4,436 |
Custody and accounting fees | 25,749 |
Professional fees | 25,072 |
Registration fees | 32,369 |
Shareholder report expenses | 4,084 |
Trustees’ fees and expenses | 11,087 |
Other fees and expenses | 8,000 |
Total expenses | 5,180,359 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (12,256) |
Class R6 | (1,627) |
Administrator Class | (727) |
Institutional Class | (31,550) |
Net expenses | 5,134,199 |
Net investment loss | (1,300,492) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 16,072,202 |
Affiliated securities | 1,010 |
Foreign currency and foreign currency translations | (9,367) |
Net realized gains on investments | 16,063,845 |
Net change in unrealized gains (losses) on investments | 119,719,905 |
Net realized and unrealized gains (losses) on investments | 135,783,750 |
Net increase in net assets resulting from operations | $134,483,258 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment loss | $ (1,300,492) | $ (5,275,143) | ||
Net realized gains on investments | 16,063,845 | 135,230,616 | ||
Net change in unrealized gains (losses) on investments | 119,719,905 | (331,527,596) | ||
Net increase (decrease) in net assets resulting from operations | 134,483,258 | (201,572,123) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (110,542,437) | (161,912,121) | ||
Class C | (373,786) | (554,558) | ||
Class R6 | (4,204,252) | (5,673,249) | ||
Administrator Class | (273,959) | (470,883) | ||
Institutional Class | (10,704,809) | (16,369,856) | ||
Total distributions to shareholders | (126,099,243) | (184,980,667) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 222,971 | 3,683,271 | 515,797 | 10,515,467 |
Class C | 10,875 | 90,038 | 8,409 | 96,379 |
Class R6 | 296,497 | 5,418,036 | 241,271 | 5,277,178 |
Administrator Class | 1,661 | 29,191 | 6,582 | 147,341 |
Institutional Class | 602,785 | 11,414,773 | 575,509 | 13,413,042 |
20,635,309 | 29,449,407 | |||
Reinvestment of distributions | ||||
Class A | 6,756,457 | 104,725,081 | 7,213,374 | 154,077,651 |
Class C | 48,549 | 358,288 | 44,905 | 534,818 |
Class R6 | 242,080 | 4,197,673 | 240,353 | 5,629,071 |
Administrator Class | 14,790 | 245,511 | 18,524 | 418,464 |
Institutional Class | 619,644 | 10,682,657 | 699,847 | 16,313,433 |
120,209,210 | 176,973,437 | |||
Payment for shares redeemed | ||||
Class A | (3,573,505) | (58,996,229) | (4,429,784) | (88,762,949) |
Class C | (47,978) | (385,350) | (63,666) | (818,413) |
Class R6 | (110,053) | (2,069,119) | (300,987) | (6,361,696) |
Administrator Class | (37,689) | (668,678) | (34,067) | (746,635) |
Institutional Class | (976,925) | (17,819,136) | (824,533) | (18,168,005) |
(79,938,512) | (114,857,698) | |||
Net increase in net assets resulting from capital share transactions | 60,906,007 | 91,565,146 | ||
Total increase (decrease) in net assets | 69,290,022 | (294,987,644) | ||
Net assets | ||||
Beginning of period | 789,215,851 | 1,084,203,495 | ||
End of period | $ 858,505,873 | $ 789,215,851 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $16.31 | $24.46 | $17.88 | $21.07 | $24.58 | $24.06 |
Net investment loss | (0.03) | (0.12) | (0.12) | (0.03) | (0.01) | (0.04) |
Net realized and unrealized gains (losses) on investments | 2.74 | (3.79) | 7.75 | (0.52) | (0.20) | 3.10 |
Total from investment operations | 2.71 | (3.91) | 7.63 | (0.55) | (0.21) | 3.06 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.00) 1 | 0.00 | 0.00 |
Net realized gains | (2.71) | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (2.71) | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Net asset value, end of period | $16.31 | $16.31 | $24.46 | $17.88 | $21.07 | $24.58 |
Total return2 | 17.50% | (20.08)% | 43.77% | (3.48)% | 0.91% | 13.62% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.26% | 1.26% | 1.25% | 1.27% | 1.26% | 1.25% |
Net expenses | 1.26% | 1.23% | 1.23% | 1.23% | 1.26% | 1.25% |
Net investment loss | (0.36)% | (0.58)% | (0.50)% | (0.14)% | (0.03)% | (0.18)% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $739,827 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $9.05 | $15.45 | $11.70 | $14.72 | $18.40 | $18.75 |
Net investment loss | (0.04) 1 | (0.14) 1 | (0.18) 1 | (0.11) 1 | (0.11) 1 | (0.17) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.05 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.45 | (2.02) | 4.98 | (0.32) | (0.27) | 2.36 |
Total from investment operations | 1.41 | (2.16) | 4.80 | (0.38) | (0.38) | 2.19 |
Distributions to shareholders from | ||||||
Net realized gains | (2.71) | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Net asset value, end of period | $7.75 | $9.05 | $15.45 | $11.70 | $14.72 | $18.40 |
Total return2 | 17.11% | (20.56)% | 42.64% | (3.88)% 3 | 0.17% | 12.74% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.94% | 1.88% | 1.99% | 2.01% | 2.01% | 2.00% |
Net expenses | 1.94% | 1.88% | 1.99% | 2.01% | 2.01% | 2.00% |
Net investment loss | (1.05)% | (1.23)% | (1.26)% | (0.92)% | (0.78)% | (0.94)% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $1,214 | $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. Returns for periods of less than one year are not annualized. |
3 | During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 0.39% impact on the total return. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $17.94 | $26.41 | $19.16 | $22.39 | $25.80 | $25.03 |
Net investment income (loss) | 0.01 1 | (0.04) 1 | (0.02) 1 | 0.05 1 | 0.09 1 | 0.05 1 |
Net realized and unrealized gains (losses) on investments | 3.03 | (4.19) | 8.32 | (0.56) | (0.20) | 3.26 |
Total from investment operations | 3.04 | (4.23) | 8.30 | (0.51) | (0.11) | 3.31 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.08) | 0.00 | 0.00 |
Net realized gains | (2.71) | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (2.71) | (4.24) | (1.05) | (2.72) | (3.30) | (2.54) |
Net asset value, end of period | $18.27 | $17.94 | $26.41 | $19.16 | $22.39 | $25.80 |
Total return2 | 17.77% | (19.77)% | 44.37% | (3.10)% | 1.31% | 14.12% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.84% | 0.83% | 0.82% | 0.84% | 0.83% | 0.82% |
Net expenses | 0.83% | 0.83% | 0.82% | 0.83% | 0.83% | 0.82% |
Net investment income (loss) | 0.08% | (0.17)% | (0.09)% | 0.27% | 0.40% | 0.20% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $35,539 | $27,209 | $35,280 | $27,628 | $36,069 | $36,477 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $17.28 | $25.63 | $18.67 | $21.56 | $25.04 | $24.42 |
Net investment income (loss) | (0.02) 1 | (0.10) 1 | (0.09) 1 | 0.00 1,2 | 0.03 | (0.01) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.32 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 2.92 | (4.01) | 8.10 | (0.54) | (0.21) | 3.17 |
Total from investment operations | 2.90 | (4.11) | 8.01 | (0.22) | (0.18) | 3.16 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Net realized gains | (2.71) | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (2.71) | (4.24) | (1.05) | (2.67) | (3.30) | (2.54) |
Net asset value, end of period | $17.47 | $17.28 | $25.63 | $18.67 | $21.56 | $25.04 |
Total return3 | 17.55% | (19.87)% 4 | 43.96% | (1.68)% 5 | 1.03% | 13.84% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.18% | 1.17% | 1.17% | 1.17% | 1.18% | 1.17% |
Net expenses | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment income (loss) | (0.23)% | (0.45)% | (0.36)% | 0.01% | 0.14% | (0.04)% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $1,462 | $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 | Returns for periods of less than one year are not annualized. |
4 | 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. |
5 | During the year ended September 30, 2020, the Fund received a payment from an affiliate which had a 1.69% impact on the total return. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $17.85 | $26.30 | $19.09 | $22.32 | $25.73 | $24.97 |
Net investment income (loss) | 0.01 1 | (0.04) 1 | (0.03) 1 | 0.05 1 | 0.08 1 | 0.05 1 |
Net realized and unrealized gains (losses) on investments | 3.01 | (4.17) | 8.29 | (0.56) | (0.19) | 3.25 |
Total from investment operations | 3.02 | (4.21) | 8.26 | (0.51) | (0.11) | 3.30 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.08) | 0.00 | 0.00 |
Net realized gains | (2.71) | (4.24) | (1.05) | (2.64) | (3.30) | (2.54) |
Total distributions to shareholders | (2.71) | (4.24) | (1.05) | (2.72) | (3.30) | (2.54) |
Net asset value, end of period | $18.16 | $17.85 | $26.30 | $19.09 | $22.32 | $25.73 |
Total return2 | 17.74% | (19.78)% | 44.32% | (3.13)% | 1.31% | 14.12% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.93% | 0.93% | 0.92% | 0.94% | 0.93% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment income (loss) | 0.06% | (0.20)% | (0.14)% | 0.24% | 0.37% | 0.21% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 40% | 48% | 61% | 40% | 33% |
Net assets, end of period (000s omitted) | $80,464 | $74,701 | $98,202 | $126,279 | $159,426 | $172,197 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $227,024,866 |
Gross unrealized losses | (80,986,470) |
Net unrealized gains | $146,038,396 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 7,452,949 | $ 0 | $0 | $ 7,452,949 |
Consumer discretionary | 101,442,695 | 0 | 0 | 101,442,695 |
Consumer staples | 23,317,782 | 0 | 0 | 23,317,782 |
Financials | 91,780,136 | 0 | 0 | 91,780,136 |
Health care | 102,175,811 | 0 | 0 | 102,175,811 |
Industrials | 200,352,098 | 20,395,038 | 0 | 220,747,136 |
Information technology | 139,167,864 | 0 | 0 | 139,167,864 |
Materials | 68,353,649 | 0 | 0 | 68,353,649 |
Real estate | 84,256,146 | 0 | 0 | 84,256,146 |
Investment companies | 10,352,443 | 0 | 0 | 10,352,443 |
Short-term investments | ||||
Investment companies | 12,033,389 | 0 | 0 | 12,033,389 |
Total assets | $840,684,962 | $20,395,038 | $0 | $861,080,000 |
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 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g461518img02f2afd51.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g461518imgdaafc1595.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR3301 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g465756imge31591541.jpg)
Discovery SMID Cap Growth Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g465756imgaa29d7df2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g465756imgc3b0ecac3.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith, CFA, Christopher J. Warner, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -19.83 | 4.61 | 8.39 | -14.94 | 5.85 | 9.03 | 1.21 | 1.21 | ||
Class C (WDSCX) | 7-31-2007 | -16.62 | 5.07 | 8.38 | -15.62 | 5.07 | 8.38 | 1.96 | 1.96 | ||
Class R6 (WFDRX)3 | 6-28-2013 | – | – | – | -14.61 | 6.30 | 9.50 | 0.78 | 0.78 | ||
Administrator Class (WFDDX) | 4-8-2005 | – | – | – | -14.86 | 5.94 | 9.14 | 1.13 | 1.13 | ||
Institutional Class (WFDSX) | 8-31-2006 | – | – | – | -14.70 | 6.19 | 9.40 | 0.88 | 0.88 | ||
Russell 2500™ Growth Index4 | – | – | – | – | -10.35 | 6.82 | 10.05 | – | – |
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 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Teledyne Technologies Incorporated | 3.10 |
WNS Holdings Limited ADR | 2.55 |
Casella Waste Systems Incorporated Class A | 2.42 |
MarketAxess Holdings Incorporated | 2.41 |
MercadoLibre Incorporated | 2.41 |
Rexford Industrial Realty Incorporated | 2.28 |
Novanta Incorporated | 2.21 |
Axon Enterprise Incorporated | 2.18 |
Bio-Techne Corporation | 1.98 |
Tetra Tech Incorporated | 1.93 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g465756imgb74c373e4.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,131.08 | $ 6.48 | 1.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.85 | $ 6.14 | 1.22% |
Class C | ||||
Actual | $1,000.00 | $1,127.04 | $10.45 | 1.97% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.11 | $ 9.90 | 1.97% |
Class R6 | ||||
Actual | $1,000.00 | $1,133.64 | $ 4.20 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.99 | $ 3.98 | 0.79% |
Administrator Class | ||||
Actual | $1,000.00 | $1,131.51 | $ 5.90 | 1.11% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.40 | $ 5.59 | 1.11% |
Institutional Class | ||||
Actual | $1,000.00 | $1,133.12 | $ 4.73 | 0.89% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.49 | $ 4.48 | 0.89% |
Shares | Value | ||||
Common stocks: 97.00% | |||||
Communication services: 5.35% | |||||
Entertainment: 3.04% | |||||
Liberty Media Corporation † | 329,200 | $ 24,634,036 | |||
Warner Music Group Corporation Class A | 504,700 | 16,841,839 | |||
41,475,875 | |||||
Interactive media & services: 2.31% | |||||
IAC/InterActiveCorp † | 326,115 | 16,827,534 | |||
ZoomInfo Technologies Incorporated † | 596,457 | 14,738,452 | |||
31,565,986 | |||||
Consumer discretionary: 12.40% | |||||
Broadline retail: 3.85% | |||||
Global-E Online Limited † | 609,643 | 19,648,794 | |||
MercadoLibre Incorporated † | 24,932 | 32,861,872 | |||
52,510,666 | |||||
Diversified consumer services: 0.67% | |||||
Mister Car Wash Incorporated † | 1,052,066 | 9,068,809 | |||
Hotels, restaurants & leisure: 5.52% | |||||
Chipotle Mexican Grill Incorporated † | 13,021 | 22,243,644 | |||
Hyatt Hotels Corporation Class A † | 112,800 | 12,609,912 | |||
MGM Resorts International | 404,200 | 17,954,564 | |||
Wingstop Incorporated | 122,600 | 22,506,908 | |||
75,315,028 | |||||
Leisure products: 1.20% | |||||
Callaway Golf Company † | 760,191 | 16,435,329 | |||
Textiles, apparel & luxury goods: 1.16% | |||||
On Holding AG Class A † | 511,400 | 15,868,742 | |||
Consumer staples: 2.55% | |||||
Personal care products: 2.55% | |||||
Bellring Brands Incorporated † | 615,100 | 20,913,400 | |||
Coty Incorporated Class A † | 1,152,800 | 13,902,768 | |||
34,816,168 | |||||
Financials: 4.32% | |||||
Capital markets: 3.77% | |||||
MarketAxess Holdings Incorporated | 84,010 | 32,872,274 | |||
Morningstar Incorporated | 91,100 | 18,496,033 | |||
51,368,307 | |||||
Insurance: 0.55% | |||||
Goosehead Insurance Incorporated Class A † | 143,546 | 7,493,101 | |||
Health care: 20.89% | |||||
Biotechnology: 4.97% | |||||
Ascendis Pharma AS ADR † | 97,247 | 10,426,823 |
Shares | Value | ||||
Biotechnology (continued) | |||||
CRISPR Therapeutics AG † | 128,316 | $ 5,803,733 | |||
Exact Sciences Corporation † | 264,100 | 17,908,621 | |||
Mirati Therapeutics Incorporated † | 94,184 | 3,501,761 | |||
Natera Incorporated † | 233,700 | 12,975,024 | |||
Sarepta Therapeutics Incorporated † | 107,200 | 14,775,376 | |||
Zentalis Pharmaceuticals Incorporated † | 143,226 | 2,463,487 | |||
67,854,825 | |||||
Health care equipment & supplies: 8.54% | |||||
DexCom Incorporated † | 116,456 | 13,529,858 | |||
ICU Medical Incorporated † | 111,500 | 18,393,040 | |||
Inari Medical Incorporated † | 215,740 | 13,319,788 | |||
Inspire Medical Systems Incorporated † | 93,100 | 21,791,917 | |||
iRhythm Technologies Incorporated † | 148,000 | 18,356,440 | |||
Shockwave Medical Incorporated † | 97,865 | 21,220,068 | |||
TransMedics Group Incorporated † | 130,300 | 9,867,619 | |||
116,478,730 | |||||
Health care providers & services: 3.12% | |||||
HealthEquity Incorporated † | 325,300 | 19,098,363 | |||
Option Care Health Incorporated † | 737,709 | 23,437,015 | |||
42,535,378 | |||||
Life sciences tools & services: 4.26% | |||||
Bio-Rad Laboratories Incorporated Class A † | 39,833 | 19,080,804 | |||
Bio-Techne Corporation | 363,600 | 26,975,484 | |||
Waters Corporation † | 39,000 | 12,075,570 | |||
58,131,858 | |||||
Industrials: 22.19% | |||||
Aerospace & defense: 2.18% | |||||
Axon Enterprise Incorporated † | 132,458 | 29,783,181 | |||
Building products: 2.08% | |||||
Advanced Drainage Systems Incorporated | 155,076 | 13,058,956 | |||
Trex Company Incorporated † | 313,668 | 15,266,222 | |||
28,325,178 | |||||
Commercial services & supplies: 6.45% | |||||
Casella Waste Systems Incorporated Class A † | 399,583 | 33,029,531 | |||
Ritchie Bros. Auctioneers Incorporated | 170,400 | 9,591,816 | |||
Rollins Incorporated | 507,200 | 19,035,216 | |||
Tetra Tech Incorporated | 179,000 | 26,296,890 | |||
87,953,453 | |||||
Ground transportation: 2.79% | |||||
J.B. Hunt Transport Services Incorporated | 99,100 | 17,388,086 | |||
Saia Incorporated † | 75,948 | 20,663,932 | |||
38,052,018 | |||||
Machinery: 1.49% | |||||
RBC Bearings Incorporated † | 87,600 | 20,387,148 |
Shares | Value | ||||
Professional services: 3.95% | |||||
FTI Consulting Incorporated † | 96,600 | $ 19,064,010 | |||
WNS Holdings Limited ADR † | 374,023 | 34,847,723 | |||
53,911,733 | |||||
Trading companies & distributors: 3.25% | |||||
SiteOne Landscape Supply Incorporated † | 153,257 | 20,976,286 | |||
Watsco Incorporated | 73,500 | 23,384,760 | |||
44,361,046 | |||||
Information technology: 24.27% | |||||
Electronic equipment, instruments & components: 6.22% | |||||
Novanta Incorporated † | 189,894 | 30,210,236 | |||
Teledyne Technologies Incorporated † | 94,472 | 42,262,988 | |||
Zebra Technologies Corporation Class A † | 39,000 | 12,402,000 | |||
84,875,224 | |||||
IT services: 3.51% | |||||
Globant SA † | 140,445 | 23,034,384 | |||
MongoDB Incorporated † | 65,263 | 15,214,111 | |||
StoneCo Limited Class A † | 1,007,295 | 9,609,594 | |||
47,858,089 | |||||
Semiconductors & semiconductor equipment: 4.52% | |||||
Entegris Incorporated | 213,900 | 17,541,939 | |||
Impinj Incorporated † | 183,300 | 24,840,816 | |||
Monolithic Power Systems Incorporated | 24,800 | 12,413,392 | |||
Wolfspeed Incorporated † | 106,500 | 6,917,175 | |||
61,713,322 | |||||
Software: 10.02% | |||||
BILL Holdings Incorporated † | 171,714 | 13,932,874 | |||
CCC Intelligent Solutions † | 1,912,700 | 17,156,919 | |||
Confluent Incorporated Class A † | 704,600 | 16,959,722 | |||
Fair Isaac Corporation † | 34,300 | 24,102,267 | |||
HubSpot Incorporated † | 43,400 | 18,607,750 | |||
Olo Incorporated Class A † | 1,219,751 | 9,953,168 | |||
Tyler Technologies Incorporated † | 61,900 | 21,952,216 | |||
Zscaler Incorporated † | 119,600 | 13,972,868 | |||
136,637,784 | |||||
Materials: 1.04% | |||||
Metals & mining: 1.04% | |||||
Allegheny Technologies Incorporated † | 359,700 | 14,193,762 | |||
Real estate: 3.99% | |||||
Industrial REITs: 2.28% | |||||
Rexford Industrial Realty Incorporated | 522,365 | 31,159,072 | |||
Residential REITs: 1.71% | |||||
Equity Lifestyle Properties Incorporated | 347,196 | 23,307,267 | |||
Total Common stocks (Cost $1,155,549,030) | 1,323,437,079 |
Yield | Shares | Value | |||
Short-term investments: 3.32% | |||||
Investment companies: 3.32% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 45,324,645 | $ 45,324,645 | ||
Total Short-term investments (Cost $45,324,645) | 45,324,645 | ||||
Total investments in securities (Cost $1,200,873,675) | 100.32% | 1,368,761,724 | |||
Other assets and liabilities, net | (0.32) | (4,428,503) | |||
Total net assets | 100.00% | $1,364,333,221 |
† | 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 | $50,223,365 | $249,830,081 | $(254,728,801) | $ 0 | $0 | $ 45,324,645 | 45,324,645 | $ 721,288 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 11,862,800 | 55,209,354 | (67,072,172) | 18 | 0 | 0 | 0 | 141,018 # | ||
$18 | $0 | $45,324,645 | $862,306 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $1,155,549,030) | $ 1,323,437,079 |
Investments in affiliated securities, at value (cost $45,324,645) | 45,324,645 |
Receivable for Fund shares sold | 1,318,899 |
Receivable for dividends | 538,495 |
Prepaid expenses and other assets | 51,288 |
Total assets | 1,370,670,406 |
Liabilities | |
Payable for investments purchased | 3,400,477 |
Payable for Fund shares redeemed | 1,594,073 |
Management fee payable | 901,031 |
Administration fees payable | 156,084 |
Trustees’ fees and expenses payable | 5,366 |
Distribution fee payable | 2,373 |
Accrued expenses and other liabilities | 277,781 |
Total liabilities | 6,337,185 |
Total net assets | $1,364,333,221 |
Net assets consist of | |
Paid-in capital | $ 1,268,234,714 |
Total distributable earnings | 96,098,507 |
Total net assets | $1,364,333,221 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 431,486,941 |
Shares outstanding – Class A1 | 19,598,590 |
Net asset value per share – Class A | $22.02 |
Maximum offering price per share – Class A2 | $23.36 |
Net assets – Class C | $ 3,613,454 |
Shares outstanding – Class C1 | 228,577 |
Net asset value per share – Class C | $15.81 |
Net assets – Class R6 | $ 365,414,809 |
Shares outstanding – Class R61 | 13,800,250 |
Net asset value per share – Class R6 | $26.48 |
Net assets – Administrator Class | $ 55,779,501 |
Shares outstanding – Administrator Class1 | 2,364,362 |
Net asset value per share – Administrator Class | $23.59 |
Net assets – Institutional Class | $ 508,038,516 |
Shares outstanding – Institutional Class1 | 19,492,834 |
Net asset value per share – Institutional Class | $26.06 |
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 $36,947) | $ 2,039,421 |
Income from affiliated securities | 740,025 |
Total investment income | 2,779,446 |
Expenses | |
Management fee | 5,166,825 |
Administration fees | |
Class A | 440,166 |
Class C | 3,756 |
Class R6 | 54,343 |
Administrator Class | 43,112 |
Institutional Class | 336,695 |
Shareholder servicing fees | |
Class A | 523,426 |
Class C | 4,456 |
Administrator Class | 68,971 |
Distribution fee | |
Class C | 13,344 |
Custody and accounting fees | 38,746 |
Professional fees | 19,798 |
Registration fees | 38,102 |
Shareholder report expenses | 201 |
Trustees’ fees and expenses | 11,088 |
Other fees and expenses | 9,624 |
Total expenses | 6,772,653 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (24,544) |
Class C | (129) |
Class R6 | (21,380) |
Administrator Class | (595) |
Institutional Class | (30,307) |
Net expenses | 6,695,698 |
Net investment loss | (3,916,252) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (37,812,309) |
Affiliated securities | 18 |
Net realized losses on investments | (37,812,291) |
Net change in unrealized gains (losses) on investments | 211,943,758 |
Net realized and unrealized gains (losses) on investments | 174,131,467 |
Net increase in net assets resulting from operations | $170,215,215 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment loss | $ (3,916,252) | $ (17,116,503) | ||
Net realized gains (losses) on investments | (37,812,291) | 74,988,101 | ||
Net change in unrealized gains (losses) on investments | 211,943,758 | (1,160,043,505) | ||
Net increase (decrease) in net assets resulting from operations | 170,215,215 | (1,102,171,907) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,764,741) | (226,994,997) | ||
Class C | (68,656) | (5,111,680) | ||
Class R6 | (4,198,420) | (165,661,046) | ||
Administrator Class | (911,280) | (56,057,581) | ||
Institutional Class | (6,049,430) | (256,462,316) | ||
Total distributions to shareholders | (16,992,527) | (710,287,620) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 618,649 | 13,113,421 | 1,603,151 | 44,784,508 |
Class C | 9,007 | 135,098 | 35,937 | 788,463 |
Class R6 | 1,599,866 | 39,863,599 | 5,128,157 | 167,424,619 |
Administrator Class | 143,374 | 3,248,107 | 1,407,092 | 55,751,355 |
Institutional Class | 2,195,990 | 54,634,029 | 5,577,521 | 182,260,658 |
110,994,254 | 451,009,603 | |||
Reinvestment of distributions | ||||
Class A | 273,924 | 5,609,967 | 6,880,085 | 220,025,107 |
Class C | 4,404 | 64,912 | 216,386 | 5,043,951 |
Class R6 | 162,483 | 3,997,088 | 4,131,760 | 157,667,968 |
Administrator Class | 41,485 | 910,181 | 1,638,234 | 55,994,841 |
Institutional Class | 236,456 | 5,726,963 | 6,386,688 | 240,267,206 |
16,309,111 | 678,999,073 | |||
Payment for shares redeemed | ||||
Class A | (2,272,960) | (47,165,093) | (5,937,218) | (162,852,481) |
Class C | (38,124) | (566,724) | (466,458) | (10,122,285) |
Class R6 | (2,908,645) | (72,434,901) | (8,590,366) | (304,144,512) |
Administrator Class | (1,169,741) | (26,864,626) | (3,489,704) | (108,890,307) |
Institutional Class | (5,172,887) | (128,173,771) | (10,124,985) | (316,152,662) |
(275,205,115) | (902,162,247) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (147,901,750) | 227,846,429 | ||
Total increase (decrease) in net assets | 5,320,938 | (1,584,613,098) | ||
Net assets | ||||
Beginning of period | 1,359,012,283 | 2,943,625,381 | ||
End of period | $1,364,333,221 | $ 1,359,012,283 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $19.73 | $47.48 | $39.95 | $33.24 | $38.03 | $36.47 |
Net investment loss | (0.08) 1 | (0.30) 1 | (0.53) | (0.31) | (0.26) | (0.26) |
Net realized and unrealized gains (losses) on investments | 2.66 | (14.84) | 10.51 | 11.37 | 0.53 | 7.85 |
Total from investment operations | 2.58 | (15.14) | 9.98 | 11.06 | 0.27 | 7.59 |
Distributions to shareholders from | ||||||
Net realized gains | (0.29) | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $22.02 | $19.73 | $47.48 | $39.95 | $33.24 | $38.03 |
Total return2 | 13.11% | (42.03)% | 25.48% | 37.49% | 3.81% | 23.86% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.23% | 1.21% | 1.19% | 1.21% | 1.21% | 1.20% |
Net expenses | 1.22% | 1.19% | 1.18% | 1.19% | 1.20% | 1.20% |
Net investment loss | (0.81)% | (1.08)% | (1.08)% | (0.91)% | (0.77)% | (0.69)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $431,487 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $14.30 | $38.31 | $32.88 | $28.27 | $33.46 | $32.99 |
Net investment loss | (0.12) 1 | (0.42) 1 | (0.70) 1 | (0.45) 1 | (0.41) 1 | (0.46) |
Net realized and unrealized gains (losses) on investments | 1.92 | (10.98) | 8.58 | 9.41 | 0.28 | 6.96 |
Total from investment operations | 1.80 | (11.40) | 7.88 | 8.96 | (0.13) | 6.50 |
Distributions to shareholders from | ||||||
Net realized gains | (0.29) | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $15.81 | $14.30 | $38.31 | $32.88 | $28.27 | $33.46 |
Total return2 | 12.70% | (42.48)% | 24.52% | 36.54% | 3.01% | 22.94% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.98% | 1.94% | 1.94% | 1.96% | 1.95% | 1.95% |
Net expenses | 1.97% | 1.94% | 1.94% | 1.96% | 1.95% | 1.95% |
Net investment loss | (1.56)% | (1.84)% | (1.84)% | (1.66)% | (1.51)% | (1.45)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $3,613 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $23.63 | $54.02 | $44.98 | $36.76 | $41.26 | $38.93 |
Net investment loss | (0.02) | (0.22) 1 | (0.35) 1 | (0.18) 1 | (0.12) 1 | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 3.16 | (17.56) | 11.84 | 12.75 | 0.68 | 8.46 |
Total from investment operations | 3.14 | (17.78) | 11.49 | 12.57 | 0.56 | 8.36 |
Distributions to shareholders from | ||||||
Net realized gains | (0.29) | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $26.48 | $23.63 | $54.02 | $44.98 | $36.76 | $41.26 |
Total return2 | 13.36% | (41.80)% | 26.01% | 38.06% | 4.26% | 24.39% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.80% | 0.78% | 0.76% | 0.78% | 0.77% | 0.78% |
Net expenses | 0.79% | 0.78% | 0.76% | 0.78% | 0.77% | 0.78% |
Net investment loss | (0.38)% | (0.66)% | (0.66)% | (0.50)% | (0.33)% | (0.26)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $365,415 | $353,183 | $771,279 | $597,851 | $405,610 | $530,879 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $21.12 | $49.83 | $41.79 | $34.55 | $39.27 | $37.44 |
Net investment loss | (0.08) 1 | (0.30) 1 | (0.49) 1 | (0.29) 1 | (0.23) 1 | (0.23) |
Net realized and unrealized gains (losses) on investments | 2.84 | (15.80) | 10.98 | 11.88 | 0.57 | 8.09 |
Total from investment operations | 2.76 | (16.10) | 10.49 | 11.59 | 0.34 | 7.86 |
Distributions to shareholders from | ||||||
Net realized gains | (0.29) | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $23.59 | $21.12 | $49.83 | $41.79 | $34.55 | $39.27 |
Total return2 | 13.15% | (41.98)% | 25.58% | 37.61% | 3.88% | 23.97% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.09% | 1.11% | 1.13% | 1.13% | 1.12% |
Net expenses | 1.11% | 1.09% | 1.11% | 1.13% | 1.13% | 1.12% |
Net investment loss | (0.71)% | (0.98)% | (1.01)% | (0.84)% | (0.70)% | (0.62)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $55,780 | $70,724 | $189,022 | $374,366 | $333,814 | $353,042 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $23.27 | $53.45 | $44.57 | $36.50 | $41.05 | $38.79 |
Net investment loss | (0.06) 1 | (0.25) 1 | (0.40) 1 | (0.21) 1 | (0.15) 1 | (0.18) |
Net realized and unrealized gains (losses) on investments | 3.14 | (17.32) | 11.73 | 12.63 | 0.66 | 8.47 |
Total from investment operations | 3.08 | (17.57) | 11.33 | 12.42 | 0.51 | 8.29 |
Distributions to shareholders from | ||||||
Net realized gains | (0.29) | (12.61) | (2.45) | (4.35) | (5.06) | (6.03) |
Net asset value, end of period | $26.06 | $23.27 | $53.45 | $44.57 | $36.50 | $41.05 |
Total return2 | 13.31% | (41.88)% | 25.91% | 37.91% | 4.15% | 24.25% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.90% | 0.88% | 0.86% | 0.88% | 0.87% | 0.87% |
Net expenses | 0.89% | 0.88% | 0.86% | 0.88% | 0.87% | 0.87% |
Net investment loss | (0.49)% | (0.76)% | (0.76)% | (0.58)% | (0.42)% | (0.36)% |
Supplemental data | ||||||
Portfolio turnover rate | 30% | 58% | 51% | 53% | 71% | 67% |
Net assets, end of period (000s omitted) | $508,039 | $517,465 | $1,090,159 | $908,157 | $1,096,888 | $1,352,027 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 606,737,637 |
Gross unrealized losses | (472,824,611) |
Net unrealized gains | $ 133,913,026 |
■ | 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 | $ 73,041,861 | $0 | $0 | $ 73,041,861 |
Consumer discretionary | 169,198,574 | 0 | 0 | 169,198,574 |
Consumer staples | 34,816,168 | 0 | 0 | 34,816,168 |
Financials | 58,861,408 | 0 | 0 | 58,861,408 |
Health care | 285,000,791 | 0 | 0 | 285,000,791 |
Industrials | 302,773,757 | 0 | 0 | 302,773,757 |
Information technology | 331,084,419 | 0 | 0 | 331,084,419 |
Materials | 14,193,762 | 0 | 0 | 14,193,762 |
Real estate | 54,466,339 | 0 | 0 | 54,466,339 |
Short-term investments | ||||
Investment companies | 45,324,645 | 0 | 0 | 45,324,645 |
Total assets | $1,368,761,724 | $0 | $0 | $1,368,761,724 |
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 |
Date | Value of securities issued | Cash | Realized gains (losses) | % of the Fund |
12-17-2021 | $61,696,045 | $1,402,107 | $22,077,191 | 2.43% |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g465756imge31591541.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g465756imgae0729705.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR3321 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g406927img289381641.jpg)
Discovery Mid Cap Growth Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g406927imgafb757852.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g406927imgcfca5efe3.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith, CFA, Christopher J. Warner, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -25.06 | 5.05 | 8.44 | -20.50 | 6.30 | 9.09 | 1.23 | 1.18 | ||
Class C (WENCX) | 3-31-2008 | -22.12 | 5.50 | 8.43 | -21.12 | 5.50 | 8.43 | 1.98 | 1.93 | ||
Class R6 (WENRX)3 | 10-31-2014 | – | – | – | -20.20 | 6.71 | 9.49 | 0.80 | 0.80 | ||
Administrator Class (SEPKX) | 8-30-2002 | – | – | – | -20.43 | 6.39 | 9.19 | 1.15 | 1.10 | ||
Institutional Class (WFEIX) | 6-30-2003 | – | – | – | -20.25 | 6.65 | 9.44 | 0.90 | 0.85 | ||
Russell Midcap® Growth Index4 | – | – | – | – | -8.52 | 9.07 | 11.17 | – | – |
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 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Cadence Design Systems Incorporated | 4.50 |
Waste Connections Incorporated | 3.38 |
Teledyne Technologies Incorporated | 3.21 |
Chipotle Mexican Grill Incorporated | 3.13 |
DexCom Incorporated | 3.09 |
MercadoLibre Incorporated | 2.98 |
MSCI Incorporated | 2.69 |
lululemon athletica Incorporated | 2.63 |
Crowdstrike Holdings Incorporated Class A | 2.55 |
Ferrari NV | 2.12 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g406927imgb573d2ff4.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,133.31 | $ 6.28 | 1.18% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $ 5.94 | 1.18% |
Class C | ||||
Actual | $1,000.00 | $1,129.09 | $10.24 | 1.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.31 | $ 9.70 | 1.93% |
Class R6 | ||||
Actual | $1,000.00 | $1,135.68 | $ 4.26 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.94 | $ 4.03 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,134.20 | $ 5.85 | 1.10% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.45 | $ 5.54 | 1.10% |
Institutional Class | ||||
Actual | $1,000.00 | $1,135.36 | $ 4.53 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $ 4.28 | 0.85% |
Shares | Value | ||||
Common stocks: 99.40% | |||||
Communication services: 6.17% | |||||
Entertainment: 3.36% | |||||
Liberty Media Corporation † | 160,700 | $ 12,025,181 | |||
Spotify Technology SA † | 65,133 | 8,703,071 | |||
20,728,252 | |||||
Interactive media & services: 1.01% | |||||
ZoomInfo Technologies Incorporated † | 250,696 | 6,194,698 | |||
Media: 1.80% | |||||
The Trade Desk Incorporated Class A † | 182,500 | 11,116,075 | |||
Consumer discretionary: 16.92% | |||||
Automobiles: 2.12% | |||||
Ferrari NV | 48,216 | 13,063,642 | |||
Broadline retail: 4.18% | |||||
Global-E Online Limited † | 230,580 | 7,431,593 | |||
MercadoLibre Incorporated † | 13,942 | 18,376,393 | |||
25,807,986 | |||||
Hotels, restaurants & leisure: 6.74% | |||||
Chipotle Mexican Grill Incorporated † | 11,315 | 19,329,301 | |||
Domino's Pizza Incorporated | 18,109 | 5,973,616 | |||
Hyatt Hotels Corporation Class A † | 69,400 | 7,758,226 | |||
MGM Resorts International | 191,100 | 8,488,662 | |||
41,549,805 | |||||
Leisure products: 1.25% | |||||
Callaway Golf Company † | 357,656 | 7,732,523 | |||
Textiles, apparel & luxury goods: 2.63% | |||||
lululemon athletica Incorporated † | 44,497 | 16,205,362 | |||
Consumer staples: 1.15% | |||||
Beverages: 1.15% | |||||
Constellation Brands Incorporated Class A | 31,500 | 7,115,535 | |||
Financials: 5.93% | |||||
Capital markets: 4.41% | |||||
MarketAxess Holdings Incorporated | 27,200 | 10,643,088 | |||
MSCI Incorporated | 29,600 | 16,566,824 | |||
27,209,912 | |||||
Financial services: 1.52% | |||||
Adyen NV ADR † | 592,200 | 9,380,448 | |||
Health care: 20.70% | |||||
Biotechnology: 1.64% | |||||
Exact Sciences Corporation † | 99,200 | 6,726,752 | |||
Sarepta Therapeutics Incorporated † | 24,400 | 3,363,052 | |||
10,089,804 |
Shares | Value | ||||
Health care equipment & supplies: 9.13% | |||||
DexCom Incorporated † | 164,068 | $ 19,061,420 | |||
IDEXX Laboratories Incorporated † | 25,600 | 12,802,048 | |||
Inari Medical Incorporated † | 82,216 | 5,076,016 | |||
Inspire Medical Systems Incorporated † | 37,581 | 8,796,585 | |||
Insulet Corporation † | 33,152 | 10,574,162 | |||
56,310,231 | |||||
Health care providers & services: 1.32% | |||||
Centene Corporation † | 128,780 | 8,140,184 | |||
Health care technology: 2.05% | |||||
Veeva Systems Incorporated Class A † | 68,900 | 12,663,131 | |||
Life sciences tools & services: 6.56% | |||||
Azenta Incorporated † | 91,027 | 4,061,625 | |||
Bio-Rad Laboratories Incorporated Class A † | 21,194 | 10,152,350 | |||
Bio-Techne Corporation | 147,184 | 10,919,581 | |||
Illumina Incorporated † | 19,200 | 4,464,960 | |||
Waters Corporation † | 35,100 | 10,868,013 | |||
40,466,529 | |||||
Industrials: 19.90% | |||||
Aerospace & defense: 2.05% | |||||
Axon Enterprise Incorporated † | 56,228 | 12,642,866 | |||
Building products: 0.95% | |||||
Trex Company Incorporated † | 120,200 | 5,850,134 | |||
Commercial services & supplies: 7.51% | |||||
Ritchie Bros. Auctioneers Incorporated | 68,500 | 3,855,865 | |||
Rollins Incorporated | 290,400 | 10,898,712 | |||
Tetra Tech Incorporated | 73,000 | 10,724,430 | |||
Waste Connections Incorporated | 150,106 | 20,875,241 | |||
46,354,248 | |||||
Ground transportation: 2.96% | |||||
J.B. Hunt Transport Services Incorporated | 49,600 | 8,702,816 | |||
Saia Incorporated † | 35,167 | 9,568,237 | |||
18,271,053 | |||||
Machinery: 1.45% | |||||
RBC Bearings Incorporated † | 38,500 | 8,960,105 | |||
Professional services: 1.81% | |||||
Equifax Incorporated | 54,881 | 11,132,062 | |||
Trading companies & distributors: 3.17% | |||||
SiteOne Landscape Supply Incorporated † | 72,188 | 9,880,372 | |||
Watsco Incorporated | 30,400 | 9,672,064 | |||
19,552,436 | |||||
Information technology: 25.04% | |||||
Electronic equipment, instruments & components: 6.20% | |||||
Novanta Incorporated † | 48,000 | 7,636,320 |
Shares | Value | ||||
Electronic equipment, instruments & components (continued) | |||||
Teledyne Technologies Incorporated † | 44,238 | $ 19,790,312 | |||
Zebra Technologies Corporation Class A † | 33,987 | 10,807,866 | |||
38,234,498 | |||||
IT services: 2.22% | |||||
Globant SA † | 52,618 | 8,629,878 | |||
Snowflake Incorporated Class A † | 32,651 | 5,037,723 | |||
13,667,601 | |||||
Semiconductors & semiconductor equipment: 5.08% | |||||
Advanced Micro Devices Incorporated † | 98,128 | 9,617,525 | |||
Enphase Energy Incorporated † | 42,700 | 8,978,956 | |||
Monolithic Power Systems Incorporated | 20,300 | 10,160,962 | |||
Wolfspeed Incorporated † | 40,100 | 2,604,495 | |||
31,361,938 | |||||
Software: 11.54% | |||||
BILL Holdings Incorporated † | 78,554 | 6,373,872 | |||
Cadence Design Systems Incorporated † | 132,165 | 27,766,545 | |||
Crowdstrike Holdings Incorporated Class A † | 114,463 | 15,711,191 | |||
Datadog Incorporated Class A † | 131,854 | 9,580,512 | |||
Tyler Technologies Incorporated † | 33,200 | 11,774,048 | |||
71,206,168 | |||||
Real estate: 3.59% | |||||
Industrial REITs: 1.56% | |||||
Rexford Industrial Realty Incorporated | 161,500 | 9,633,475 | |||
Specialized REITs: 2.03% | |||||
SBA Communications Corporation | 47,969 | 12,523,267 | |||
Total Common stocks (Cost $501,158,017) | 613,163,968 |
Yield | |||||
Short-term investments: 0.94% | |||||
Investment companies: 0.94% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 5,782,243 | 5,782,243 | ||
Total Short-term investments (Cost $5,782,243) | 5,782,243 | ||||
Total investments in securities (Cost $506,940,260) | 100.34% | 618,946,211 | |||
Other assets and liabilities, net | (0.34) | (2,077,518) | |||
Total net assets | 100.00% | $616,868,693 |
† | 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 | $19,501,650 | $83,926,196 | $(97,645,603) | $ 0 | $0 | $ 5,782,243 | 5,782,243 | $ 202,770 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 0 | 6,687,650 | (6,687,471) | (179) | 0 | 0 | 0 | 13,209 # | ||
$ (179) | $0 | $5,782,243 | $215,979 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $501,158,017) | $ 613,163,968 |
Investments in affiliated securities, at value (cost $5,782,243) | 5,782,243 |
Cash | 29 |
Receivable for dividends | 123,360 |
Receivable for Fund shares sold | 30,348 |
Prepaid expenses and other assets | 123,765 |
Total assets | 619,223,713 |
Liabilities | |
Payable for Fund shares redeemed | 1,614,874 |
Management fee payable | 372,624 |
Administration fees payable | 102,286 |
Trustees’ fees and expenses payable | 2,342 |
Distribution fee payable | 579 |
Accrued expenses and other liabilities | 262,315 |
Total liabilities | 2,355,020 |
Total net assets | $616,868,693 |
Net assets consist of | |
Paid-in capital | $ 545,909,520 |
Total distributable earnings | 70,959,173 |
Total net assets | $616,868,693 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 526,644,771 |
Shares outstanding – Class A1 | 12,932,005 |
Net asset value per share – Class A | $40.72 |
Maximum offering price per share – Class A2 | $43.20 |
Net assets – Class C | $ 875,019 |
Shares outstanding – Class C1 | 27,556 |
Net asset value per share – Class C | $31.75 |
Net assets – Class R6 | $ 56,299,767 |
Shares outstanding – Class R61 | 1,163,724 |
Net asset value per share – Class R6 | $48.38 |
Net assets – Administrator Class | $ 2,955,553 |
Shares outstanding – Administrator Class1 | 66,618 |
Net asset value per share – Administrator Class | $44.37 |
Net assets – Institutional Class | $ 30,093,583 |
Shares outstanding – Institutional Class1 | 626,111 |
Net asset value per share – Institutional Class | $48.06 |
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 $30,272) | $ 853,305 |
Income from affiliated securities | 203,716 |
Total investment income | 1,057,021 |
Expenses | |
Management fee | 2,229,235 |
Administration fees | |
Class A | 532,060 |
Class C | 946 |
Class R6 | 8,061 |
Administrator Class | 2,034 |
Institutional Class | 21,628 |
Shareholder servicing fees | |
Class A | 632,335 |
Class C | 1,121 |
Administrator Class | 3,555 |
Distribution fee | |
Class C | 3,358 |
Custody and accounting fees | 29,169 |
Professional fees | 25,504 |
Registration fees | 24,099 |
Shareholder report expenses | 8,953 |
Trustees’ fees and expenses | 10,937 |
Other fees and expenses | 7,229 |
Total expenses | 3,540,224 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (32,266) |
Class A | (127,029) |
Class C | (181) |
Administrator Class | (471) |
Institutional Class | (8,341) |
Net expenses | 3,371,936 |
Net investment loss | (2,314,915) |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (8,292,350) |
Affiliated securities | (179) |
Net realized losses on investments | (8,292,529) |
Net change in unrealized gains (losses) on investments | 85,816,987 |
Net realized and unrealized gains (losses) on investments | 77,524,458 |
Net increase in net assets resulting from operations | $75,209,543 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment loss | $ (2,314,915) | $ (8,464,826) | ||
Net realized losses on investments | (8,292,529) | (24,340,791) | ||
Net change in unrealized gains (losses) on investments | 85,816,987 | (459,655,915) | ||
Net increase (decrease) in net assets resulting from operations | 75,209,543 | (492,461,532) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (144,445,304) | ||
Class C | 0 | (442,606) | ||
Class R6 | 0 | (12,175,959) | ||
Administrator Class | 0 | (1,511,423) | ||
Institutional Class | 0 | (9,781,443) | ||
Total distributions to shareholders | 0 | (168,356,735) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 48,554 | 1,860,745 | 206,972 | 12,378,239 |
Class C | 1,264 | 37,493 | 8,622 | 394,228 |
Class R6 | 56,555 | 2,549,801 | 157,592 | 9,697,741 |
Administrator Class | 1,753 | 72,067 | 50,499 | 3,351,136 |
Institutional Class | 80,279 | 3,571,926 | 348,630 | 19,291,344 |
8,092,032 | 45,112,688 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 2,181,619 | 136,874,615 |
Class C | 0 | 0 | 8,761 | 432,892 |
Class R6 | 0 | 0 | 158,244 | 11,736,955 |
Administrator Class | 0 | 0 | 21,525 | 1,469,697 |
Institutional Class | 0 | 0 | 125,544 | 9,257,639 |
0 | 159,771,798 | |||
Payment for shares redeemed | ||||
Class A | (776,161) | (29,627,076) | (1,753,139) | (89,115,356) |
Class C | (7,238) | (215,198) | (24,052) | (901,071) |
Class R6 | (92,094) | (4,134,358) | (193,317) | (11,541,702) |
Administrator Class | (15,557) | (663,824) | (124,006) | (7,020,368) |
Institutional Class | (297,800) | (13,367,020) | (528,346) | (30,048,488) |
(48,007,476) | (138,626,985) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (39,915,444) | 66,257,501 | ||
Total increase (decrease) in net assets | 35,294,099 | (594,560,766) | ||
Net assets | ||||
Beginning of period | 581,574,594 | 1,176,135,360 | ||
End of period | $616,868,693 | $ 581,574,594 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $35.92 | $76.01 | $64.21 | $49.98 | $52.96 | $48.80 |
Net investment loss | (0.19) | (0.55) | (0.77) 1 | (0.41) 1 | (0.29) | (0.31) |
Net realized and unrealized gains (losses) on investments | 4.99 | (28.31) | 19.17 | 17.93 | 3.05 | 9.66 |
Total from investment operations | 4.80 | (28.86) | 18.40 | 17.52 | 2.76 | 9.35 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $40.72 | $35.92 | $76.01 | $64.21 | $49.98 | $52.96 |
Total return2 | 13.33% | (44.27)% | 29.90% | 37.19% | 8.00% | 20.83% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.24% | 1.23% | 1.21% | 1.24% | 1.25% | 1.25% |
Net expenses | 1.18% | 1.16% | 1.17% | 1.16% | 1.18% | 1.18% |
Net investment loss | (0.89)% | (1.03)% | (1.06)% | (0.79)% | (0.59)% | (0.61)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $526,645 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $28.12 | $62.41 | $54.11 | $42.93 | $46.74 | $43.95 |
Net investment loss | (0.25) 1 | (0.75) 1 | (1.10) 1 | (0.68) 1 | (0.52) 1 | (0.60) 1 |
Net realized and unrealized gains (losses) on investments | 3.88 | (22.31) | 16.00 | 15.15 | 2.45 | 8.58 |
Total from investment operations | 3.63 | (23.06) | 14.90 | 14.47 | 1.93 | 7.98 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $31.75 | $28.12 | $62.41 | $54.11 | $42.93 | $46.74 |
Total return2 | 12.91% | (44.71)% | 28.92% | 36.13% | 7.20% | 19.93% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.98% | 1.96% | 1.96% | 1.98% | 2.00% | 2.00% |
Net expenses | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% | 1.93% |
Net investment loss | (1.65)% | (1.80)% | (1.82)% | (1.55)% | (1.29)% | (1.37)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $875 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $42.59 | $87.70 | $72.94 | $56.15 | $58.47 | $53.17 |
Net investment loss | (0.09) | (0.40) 1 | (0.57) 1 | (0.25) 1 | (0.11) 1 | (0.13) 1 |
Net realized and unrealized gains (losses) on investments | 5.88 | (33.48) | 21.93 | 20.33 | 3.53 | 10.62 |
Total from investment operations | 5.79 | (33.88) | 21.36 | 20.08 | 3.42 | 10.49 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $48.38 | $42.59 | $87.70 | $72.94 | $56.15 | $58.47 |
Total return2 | 13.57% | (44.07)% | 30.41% | 37.69% | 8.41% | 21.30% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.81% | 0.80% | 0.78% | 0.81% | 0.82% | 0.82% |
Net expenses | 0.80% | 0.79% | 0.78% | 0.80% | 0.80% | 0.80% |
Net investment loss | (0.51)% | (0.66)% | (0.68)% | (0.43)% | (0.21)% | (0.23)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $56,300 | $51,082 | $94,430 | $71,641 | $52,783 | $48,363 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $39.12 | $81.70 | $68.54 | $53.10 | $55.82 | $51.12 |
Net investment loss | (0.17) 1 | (0.58) 1 | (0.79) 1 | (0.40) 1 | (0.25) 1 | (0.28) 1 |
Net realized and unrealized gains (losses) on investments | 5.42 | (30.77) | 20.55 | 19.13 | 3.27 | 10.17 |
Total from investment operations | 5.25 | (31.35) | 19.76 | 18.73 | 3.02 | 9.89 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $44.37 | $39.12 | $81.70 | $68.54 | $53.10 | $55.82 |
Total return2 | 13.42% | (44.25)% | 30.00% | 37.29% | 8.06% | 20.95% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.14% | 1.12% | 1.13% | 1.15% | 1.16% | 1.16% |
Net expenses | 1.10% | 1.09% | 1.10% | 1.10% | 1.10% | 1.10% |
Net investment loss | (0.82)% | (0.98)% | (1.00)% | (0.72)% | (0.51)% | (0.53)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $2,956 | $3,146 | $10,818 | $4,205 | $3,687 | $3,687 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $42.33 | $87.27 | $72.66 | $55.97 | $58.33 | $53.08 |
Net investment loss | (0.13) 1 | (0.44) 1 | (0.62) 1 | (0.28) 1 | (0.14) 1 | (0.15) 1 |
Net realized and unrealized gains (losses) on investments | 5.86 | (33.27) | 21.83 | 20.26 | 3.52 | 10.59 |
Total from investment operations | 5.73 | (33.71) | 21.21 | 19.98 | 3.38 | 10.44 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (11.23) | (6.60) | (3.29) | (5.74) | (5.19) |
Net asset value, end of period | $48.06 | $42.33 | $87.27 | $72.66 | $55.97 | $58.33 |
Total return2 | 13.54% | (44.11)% | 30.31% | 37.63% | 8.36% | 21.24% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.91% | 0.90% | 0.88% | 0.91% | 0.92% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.57)% | (0.72)% | (0.74)% | (0.48)% | (0.26)% | (0.29)% |
Supplemental data | ||||||
Portfolio turnover rate | 23% | 46% | 41% | 62% | 50% | 62% |
Net assets, end of period (000s omitted) | $30,094 | $35,710 | $78,349 | $67,735 | $52,296 | $48,446 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $171,149,849 |
Gross unrealized losses | (59,795,450) |
Net unrealized gains | $111,354,399 |
■ | 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 | $ 38,039,025 | $0 | $0 | $ 38,039,025 |
Consumer discretionary | 104,359,318 | 0 | 0 | 104,359,318 |
Consumer staples | 7,115,535 | 0 | 0 | 7,115,535 |
Financials | 36,590,360 | 0 | 0 | 36,590,360 |
Health care | 127,669,879 | 0 | 0 | 127,669,879 |
Industrials | 122,762,904 | 0 | 0 | 122,762,904 |
Information technology | 154,470,205 | 0 | 0 | 154,470,205 |
Real estate | 22,156,742 | 0 | 0 | 22,156,742 |
Short-term investments | ||||
Investment companies | 5,782,243 | 0 | 0 | 5,782,243 |
Total assets | $618,946,211 | $0 | $0 | $618,946,211 |
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 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g406927img289381641.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g406927img8368ac325.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR3018 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g421408img2c9106b31.jpg)
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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 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
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President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kurt Gunderson, Christopher G. Miller, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -11.58 | 8.30 | 9.54 | -6.19 | 9.58 | 10.19 | 1.19 | 1.18 | ||
Class C (WFOPX) | 3-31-2008 | -7.76 | 9.07 | 9.66 | -6.76 | 9.07 | 9.66 | 1.94 | 1.93 | ||
Class R6 (WOFRX)3 | 5-29-2020 | – | – | – | -5.77 | 10.07 | 10.69 | 0.76 | 0.72 | ||
Administrator Class (WOFDX) | 8-30-2002 | – | – | – | -6.02 | 9.80 | 10.41 | 1.11 | 1.00 | ||
Institutional Class (WOFNX) | 7-30-2010 | – | – | – | -5.79 | 10.06 | 10.68 | 0.86 | 0.75 | ||
Russell 3000® Index4 | – | – | – | – | -8.58 | 10.45 | 11.73 | – | – |
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 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Apple Incorporated | 5.31 |
Alphabet Incorporated Class C | 4.18 |
Salesforce.com Incorporated | 3.42 |
Amazon.com Incorporated | 3.39 |
Texas Instruments Incorporated | 2.90 |
Meta Platforms Incorporated Class A | 2.80 |
MasterCard Incorporated Class A | 2.73 |
Teledyne Technologies Incorporated | 2.24 |
MTU Aero Engines AG | 2.22 |
Fortive Corporation | 1.99 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g421408img0220d81e4.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,160.85 | $ 6.36 | 1.18% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $ 5.94 | 1.18% |
Class C | ||||
Actual | $1,000.00 | $1,156.94 | $10.16 | 1.89% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.51 | $ 9.50 | 1.89% |
Class R6 | ||||
Actual | $1,000.00 | $1,163.77 | $ 3.88 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.34 | $ 3.63 | 0.72% |
Administrator Class | ||||
Actual | $1,000.00 | $1,161.89 | $ 5.39 | 1.00% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.95 | $ 5.04 | 1.00% |
Institutional Class | ||||
Actual | $1,000.00 | $1,163.64 | $ 4.05 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $ 3.78 | 0.75% |
Shares | Value | ||||
Common stocks: 98.85% | |||||
Communication services: 9.01% | |||||
Entertainment: 1.10% | |||||
Activision Blizzard Incorporated | 219,236 | $ 18,764,405 | |||
Interactive media & services: 6.98% | |||||
Alphabet Incorporated Class C † | 685,757 | 71,318,728 | |||
Meta Platforms Incorporated Class A † | 225,438 | 47,779,330 | |||
119,098,058 | |||||
Wireless telecommunication services: 0.93% | |||||
T-Mobile US Incorporated † | 109,344 | 15,837,385 | |||
Consumer discretionary: 8.14% | |||||
Broadline retail: 3.39% | |||||
Amazon.com Incorporated † | 560,755 | 57,920,384 | |||
Specialty retail: 3.70% | |||||
Burlington Stores Incorporated † | 143,274 | 28,955,675 | |||
Farfetch Limited Class A † | 486,276 | 2,387,615 | |||
The Home Depot Incorporated | 107,472 | 31,717,137 | |||
63,060,427 | |||||
Textiles, apparel & luxury goods: 1.05% | |||||
Deckers Outdoor Corporation † | 39,695 | 17,844,887 | |||
Consumer staples: 4.17% | |||||
Consumer staples distribution & retail: 2.66% | |||||
Dollar General Corporation | 114,847 | 24,170,700 | |||
Sysco Corporation | 275,588 | 21,283,661 | |||
45,454,361 | |||||
Household products: 1.51% | |||||
Church & Dwight Company Incorporated | 291,264 | 25,750,650 | |||
Financials: 8.60% | |||||
Capital markets: 4.31% | |||||
Intercontinental Exchange Incorporated | 238,794 | 24,903,826 | |||
S&P Global Incorporated | 76,953 | 26,531,086 | |||
The Charles Schwab Corporation | 422,163 | 22,112,898 | |||
73,547,810 | |||||
Financial services: 2.73% | |||||
MasterCard Incorporated Class A | 128,186 | 46,584,074 | |||
Insurance: 1.56% | |||||
Marsh & McLennan Companies Incorporated | 159,511 | 26,566,557 | |||
Health care: 10.97% | |||||
Health care equipment & supplies: 4.76% | |||||
Align Technology Incorporated † | 60,934 | 20,360,487 | |||
Boston Scientific Corporation † | 511,128 | 25,571,734 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
LivaNova plc † | 366,391 | $ 15,967,320 | |||
Medtronic plc | 239,138 | 19,279,306 | |||
81,178,847 | |||||
Health care providers & services: 1.57% | |||||
UnitedHealth Group Incorporated | 56,776 | 26,831,770 | |||
Health care technology: 0.43% | |||||
Schrodinger Incorporated † | 280,060 | 7,373,980 | |||
Life sciences tools & services: 4.21% | |||||
Agilent Technologies Incorporated | 134,070 | 18,547,244 | |||
Bio-Rad Laboratories Incorporated Class A † | 49,994 | 23,948,126 | |||
Thermo Fisher Scientific Incorporated | 50,768 | 29,261,152 | |||
71,756,522 | |||||
Industrials: 19.24% | |||||
Aerospace & defense: 2.22% | |||||
MTU Aero Engines AG | 151,720 | 37,966,371 | |||
Building products: 3.09% | |||||
Carlisle Companies Incorporated | 144,674 | 32,706,451 | |||
The AZEK Company Incorporated † | 849,450 | 19,996,053 | |||
52,702,504 | |||||
Commercial services & supplies: 1.53% | |||||
Republic Services Incorporated | 193,798 | 26,205,366 | |||
Machinery: 4.13% | |||||
Fortive Corporation | 498,655 | 33,993,311 | |||
Ingersoll Rand Incorporated | 431,575 | 25,109,034 | |||
SPX Technologies Incorporated † | 160,288 | 11,313,127 | |||
70,415,472 | |||||
Professional services: 5.00% | |||||
CoStar Group Incorporated † | 297,862 | 20,507,799 | |||
Dun & Bradstreet Holdings Incorporated | 1,762,576 | 20,692,642 | |||
Genpact Limited | 494,807 | 22,869,980 | |||
TransUnion | 341,398 | 21,214,472 | |||
85,284,893 | |||||
Trading companies & distributors: 3.27% | |||||
Air Lease Corporation | 632,318 | 24,894,360 | |||
United Rentals Incorporated | 77,942 | 30,846,326 | |||
55,740,686 | |||||
Information technology: 25.24% | |||||
Electronic equipment, instruments & components: 4.03% | |||||
Amphenol Corporation Class A | 372,496 | 30,440,373 | |||
Teledyne Technologies Incorporated † | 85,586 | 38,287,753 | |||
68,728,126 |
Shares | Value | ||||
Semiconductors & semiconductor equipment: 4.69% | |||||
Marvell Technology Incorporated | 703,579 | $ 30,464,971 | |||
Texas Instruments Incorporated | 266,284 | 49,531,487 | |||
79,996,458 | |||||
Software: 11.21% | |||||
Black Knight Incorporated † | 252,409 | 14,528,662 | |||
Palo Alto Networks Incorporated † | 141,584 | 28,279,988 | |||
Riskified Limited Class A † | 651,949 | 3,676,992 | |||
Salesforce.com Incorporated † | 291,951 | 58,325,971 | |||
ServiceNow Incorporated † | 60,365 | 28,052,823 | |||
Splunk Incorporated † | 280,293 | 26,874,493 | |||
Workday Incorporated Class A † | 152,332 | 31,462,651 | |||
191,201,580 | |||||
Technology hardware, storage & peripherals: 5.31% | |||||
Apple Incorporated | 549,760 | 90,655,424 | |||
Materials: 5.60% | |||||
Chemicals: 4.58% | |||||
Ashland Global Holdings Incorporated | 203,028 | 20,853,006 | |||
Olin Corporation | 536,247 | 29,761,709 | |||
The Sherwin-Williams Company | 122,627 | 27,562,871 | |||
78,177,586 | |||||
Metals & mining: 1.02% | |||||
Steel Dynamics Incorporated | 153,778 | 17,386,141 | |||
Real estate: 7.88% | |||||
Industrial REITs: 1.58% | |||||
Prologis Incorporated | 216,154 | 26,969,535 | |||
Residential REITs: 1.89% | |||||
Sun Communities Incorporated | 228,658 | 32,213,339 | |||
Specialized REITs: 4.41% | |||||
American Tower Corporation | 122,862 | 25,105,621 | |||
Equinix Incorporated | 37,674 | 27,164,461 | |||
VICI Properties Incorporated | 701,843 | 22,894,119 | |||
75,164,201 | |||||
Total Common stocks (Cost $1,047,557,557) | 1,686,377,799 |
Yield | |||||
Short-term investments: 1.19% | |||||
Investment companies: 1.19% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 20,306,801 | 20,306,801 | ||
Total Short-term investments (Cost $20,306,801) | 20,306,801 | ||||
Total investments in securities (Cost $1,067,864,358) | 100.04% | 1,706,684,600 | |||
Other assets and liabilities, net | (0.04) | (678,759) | |||
Total net assets | 100.00% | $1,706,005,841 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $23,612,026 | $105,252,707 | $(108,557,932) | $ 0 | $0 | $ 20,306,801 | 20,306,801 | $ 436,453 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 1,317,500 | 3,616,000 | (4,933,687) | 187 | 0 | 0 | 0 | 10,576 # | ||
$187 | $0 | $20,306,801 | $447,029 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $1,047,557,557) | $ 1,686,377,799 |
Investments in affiliated securities, at value (cost $20,306,801) | 20,306,801 |
Foreign currency, at value (cost $110) | 110 |
Receivable for dividends | 1,604,551 |
Receivable for Fund shares sold | 287,709 |
Prepaid expenses and other assets | 128,344 |
Total assets | 1,708,705,314 |
Liabilities | |
Management fee payable | 1,039,443 |
Shareholder servicing fees payable | 752,237 |
Payable for Fund shares redeemed | 594,363 |
Administration fees payable | 297,297 |
Trustees’ fees and expenses payable | 3,106 |
Distribution fee payable | 908 |
Accrued expenses and other liabilities | 12,119 |
Total liabilities | 2,699,473 |
Total net assets | $1,706,005,841 |
Net assets consist of | |
Paid-in capital | $ 1,094,299,289 |
Total distributable earnings | 611,706,552 |
Total net assets | $1,706,005,841 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,442,777,778 |
Shares outstanding – Class A1 | 33,685,075 |
Net asset value per share – Class A | $42.83 |
Maximum offering price per share – Class A2 | $45.44 |
Net assets – Class C | $ 1,538,088 |
Shares outstanding – Class C1 | 40,676 |
Net asset value per share – Class C | $37.81 |
Net assets – Class R6 | $ 32,770 |
Shares outstanding – Class R61 | 643 |
Net asset value per share – Class R6 | $50.96 |
Net assets – Administrator Class | $ 231,519,474 |
Shares outstanding – Administrator Class1 | 4,699,804 |
Net asset value per share – Administrator Class | $49.26 |
Net assets – Institutional Class | $ 30,137,731 |
Shares outstanding – Institutional Class1 | 591,883 |
Net asset value per share – Institutional Class | $50.92 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends | $ 7,444,244 |
Income from affiliated securities | 440,122 |
Total investment income | 7,884,366 |
Expenses | |
Management fee | 5,967,595 |
Administration fees | |
Class A | 1,469,402 |
Class C | 1,583 |
Class R6 | 5 |
Administrator Class | 145,436 |
Institutional Class | 17,476 |
Shareholder servicing fees | |
Class A | 1,747,570 |
Class C | 1,881 |
Administrator Class | 277,570 |
Distribution fee | |
Class C | 5,227 |
Custody and accounting fees | 42,741 |
Professional fees | 22,248 |
Registration fees | 27,784 |
Shareholder report expenses | 202 |
Trustees’ fees and expenses | 11,087 |
Other fees and expenses | 7,878 |
Total expenses | 9,745,685 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (111,653) |
Class C | (20) |
Class R6 | (5) |
Administrator Class | (127,835) |
Institutional Class | (15,696) |
Net expenses | 9,490,476 |
Net investment loss | (1,606,110) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (8,952,947) |
Affiliated securities | 187 |
Net realized losses on investments | (8,952,760) |
Net change in unrealized gains (losses) on investments | 254,599,591 |
Net realized and unrealized gains (losses) on investments | 245,646,831 |
Net increase in net assets resulting from operations | $244,040,721 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment loss | $ (1,606,110) | $ (7,668,786) | ||
Net realized gains (losses) on investments | (8,952,760) | 170,174,797 | ||
Net change in unrealized gains (losses) on investments | 254,599,591 | (554,945,642) | ||
Net increase (decrease) in net assets resulting from operations | 244,040,721 | (392,439,631) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (135,924,780) | (202,195,613) | ||
Class C | (163,434) | (256,382) | ||
Class R6 | (2,539) | (3,523) | ||
Administrator Class | (19,167,609) | (28,631,690) | ||
Institutional Class | (2,217,648) | (3,020,160) | ||
Total distributions to shareholders | (157,476,010) | (234,107,368) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 158,330 | 6,599,325 | 243,823 | 12,670,364 |
Class C | 2,469 | 91,687 | 2,480 | 112,528 |
Administrator Class | 12,803 | 620,225 | 31,556 | 1,797,574 |
Institutional Class | 182,109 | 9,192,987 | 151,545 | 8,990,722 |
16,504,224 | 23,571,188 | |||
Reinvestment of distributions | ||||
Class A | 3,274,219 | 131,918,309 | 3,616,535 | 196,414,022 |
Class C | 4,525 | 161,301 | 5,181 | 253,503 |
Class R6 | 53 | 2,539 | 56 | 3,523 |
Administrator Class | 386,357 | 17,892,203 | 437,730 | 26,929,177 |
Institutional Class | 44,993 | 2,152,021 | 43,679 | 2,761,828 |
152,126,373 | 226,362,053 | |||
Payment for shares redeemed | ||||
Class A | (1,814,342) | (75,950,825) | (2,901,700) | (146,526,191) |
Class C | (5,890) | (222,113) | (7,705) | (340,145) |
Administrator Class | (217,394) | (10,444,010) | (340,333) | (19,390,951) |
Institutional Class | (126,536) | (6,287,001) | (150,295) | (8,627,502) |
(92,903,949) | (174,884,789) | |||
Net increase in net assets resulting from capital share transactions | 75,726,648 | 75,048,452 | ||
Total increase (decrease) in net assets | 162,291,359 | (551,498,547) | ||
Net assets | ||||
Beginning of period | 1,543,714,482 | 2,095,213,029 | ||
End of period | $1,706,005,841 | $1,543,714,482 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $40.84 | $57.30 | $45.64 | $43.37 | $46.31 | $45.83 |
Net investment income (loss) | (0.04) | (0.22) | (0.20) | 0.01 | 0.10 | (0.01) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 6.34 | (9.64) | 14.95 | 4.85 | 1.54 | 6.41 |
Total from investment operations | 6.30 | (9.86) | 14.75 | 4.86 | 1.64 | 6.40 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.02) | (0.10) | 0.00 | (0.17) |
Net realized gains | (4.31) | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Total distributions to shareholders | (4.31) | (6.60) | (3.09) | (2.59) | (4.58) | (5.92) |
Net asset value, end of period | $42.83 | $40.84 | $57.30 | $45.64 | $43.37 | $46.31 |
Total return3 | 16.09% | (20.07)% | 33.63% | 11.62% 4 | 5.18% | 15.16% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.20% | 1.19% | 1.20% | 1.21% | 1.21% | 1.20% |
Net expenses | 1.18% | 1.16% | 1.17% | 1.16% | 1.19% | 1.20% |
Net investment income (loss) | (0.23)% | (0.43)% | (0.37)% | 0.04% | 0.23% | (0.01)% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $1,442,778 | $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. Returns for periods of less than one year are not annualized. |
4 | During the year ended September 30, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on the total return. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $36.63 | $52.32 | $42.19 | $40.02 | $43.43 | $43.46 |
Net investment loss | (0.18) 1 | (0.50) 1 | (0.55) 1 | (0.28) 1 | (0.26) 1 | (0.43) |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.54 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 5.67 | (8.59) | 13.75 | 4.40 | 1.43 | 6.15 |
Total from investment operations | 5.49 | (9.09) | 13.20 | 4.66 | 1.17 | 5.72 |
Distributions to shareholders from | ||||||
Net realized gains | (4.31) | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Net asset value, end of period | $37.81 | $36.63 | $52.32 | $42.19 | $40.02 | $43.43 |
Total return2 | 15.69% | (20.55)% 3 | 32.65% | 12.13% 4 | 4.37% | 14.31% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.89% | 1.85% | 1.92% | 1.94% | 1.96% | 1.95% |
Net expenses | 1.89% | 1.84% | 1.91% | 1.92% | 1.95% | 1.95% |
Net investment loss | (0.94)% | (1.11)% | (1.12)% | (0.71)% | (0.69)% | (0.76)% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $1,538 | $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. Returns for periods of less than one year are not annualized. |
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 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 1 |
Net asset value, beginning of period | $47.73 | $65.66 | $51.83 | $46.84 |
Net investment income | 0.06 2 | 0.01 2 | 0.04 | 0.04 |
Net realized and unrealized gains (losses) on investments | 7.48 | (11.34) | 17.06 | 4.95 |
Total from investment operations | 7.54 | (11.33) | 17.10 | 4.99 |
Distributions to shareholders from | ||||
Net investment income | 0.00 | 0.00 | (0.20) | 0.00 |
Net realized gains | (4.31) | (6.60) | (3.07) | 0.00 |
Total distributions to shareholders | (4.31) | (6.60) | (3.27) | 0.00 |
Net asset value, end of period | $50.96 | $47.73 | $65.66 | $51.83 |
Total return3 | 16.38% | (19.72)% | 34.23% | 10.65% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.76% | 0.75% | 0.76% | 0.76% |
Net expenses | 0.72% | 0.72% | 0.72% | 0.72% |
Net investment income | 0.23% | 0.01% | 0.08% | 0.25% |
Supplemental data | ||||
Portfolio turnover rate | 14% | 22% | 29% | 43% |
Net assets, end of period (000s omitted) | $33 | $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 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $46.33 | $64.07 | $50.68 | $47.85 | $50.50 | $49.45 |
Net investment income (loss) | (0.01) 1 | (0.14) 1 | (0.10) | 0.18 | 0.21 | 0.07 |
Net realized and unrealized gains (losses) on investments | 7.25 | (11.00) | 16.65 | 5.30 | 1.73 | 6.97 |
Total from investment operations | 7.24 | (11.14) | 16.55 | 5.48 | 1.94 | 7.04 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.09) | (0.16) | (0.01) | (0.24) |
Net realized gains | (4.31) | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Total distributions to shareholders | (4.31) | (6.60) | (3.16) | (2.65) | (4.59) | (5.99) |
Net asset value, end of period | $49.26 | $46.33 | $64.07 | $50.68 | $47.85 | $50.50 |
Total return2 | 16.19% | (19.91)% | 33.87% | 11.85% | 5.37% | 15.38% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.11% | 1.12% | 1.13% | 1.13% | 1.12% |
Net expenses | 1.00% | 0.97% | 0.98% | 0.97% | 1.00% | 1.00% |
Net investment income (loss) | (0.05)% | (0.24)% | (0.18)% | 0.22% | 0.42% | 0.19% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $231,519 | $209,340 | $281,217 | $225,604 | $227,963 | $244,110 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $47.70 | $65.64 | $51.83 | $48.89 | $51.50 | $50.30 |
Net investment income (loss) | 0.05 1 | (0.01) 1 | 0.03 1 | 0.34 | 0.35 | 0.22 |
Net realized and unrealized gains (losses) on investments | 7.48 | (11.33) | 17.04 | 5.37 | 1.74 | 7.08 |
Total from investment operations | 7.53 | (11.34) | 17.07 | 5.71 | 2.09 | 7.30 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.19) | (0.28) | (0.12) | (0.35) |
Net realized gains | (4.31) | (6.60) | (3.07) | (2.49) | (4.58) | (5.75) |
Total distributions to shareholders | (4.31) | (6.60) | (3.26) | (2.77) | (4.70) | (6.10) |
Net asset value, end of period | $50.92 | $47.70 | $65.64 | $51.83 | $48.89 | $51.50 |
Total return2 | 16.36% | (19.76)% | 34.20% | 12.09% | 5.63% | 15.69% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.87% | 0.86% | 0.87% | 0.88% | 0.88% | 0.87% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income (loss) | 0.21% | (0.01)% | 0.05% | 0.44% | 0.66% | 0.44% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 22% | 29% | 43% | 28% | 30% |
Net assets, end of period (000s omitted) | $30,138 | $23,437 | $29,303 | $24,710 | $26,447 | $29,562 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $688,373,683 |
Gross unrealized losses | (49,708,884) |
Net unrealized gains | $638,664,799 |
■ | 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 | $ 153,699,848 | $ 0 | $0 | $ 153,699,848 |
Consumer discretionary | 138,825,698 | 0 | 0 | 138,825,698 |
Consumer staples | 71,205,011 | 0 | 0 | 71,205,011 |
Financials | 146,698,441 | 0 | 0 | 146,698,441 |
Health care | 187,141,119 | 0 | 0 | 187,141,119 |
Industrials | 290,348,921 | 37,966,371 | 0 | 328,315,292 |
Information technology | 430,581,588 | 0 | 0 | 430,581,588 |
Materials | 95,563,727 | 0 | 0 | 95,563,727 |
Real estate | 134,347,075 | 0 | 0 | 134,347,075 |
Short-term investments | ||||
Investment companies | 20,306,801 | 0 | 0 | 20,306,801 |
Total assets | $1,668,718,229 | $37,966,371 | $0 | $1,706,684,600 |
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 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g421408img2c9106b31.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g421408img0333c4fd5.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR3002 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g440788img82250b791.jpg)
Special Mid Cap Value Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g440788img57569ad82.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g440788img232a7a053.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | James M. Tringas, CFA, Bryant VonCronkhite, CFA, CPA, Shane Zweck, CFA |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -7.53 | 7.47 | 9.37 | -1.90 | 8.75 | 10.02 | 1.12 | 1.12 | ||
Class C (WFPCX) | 7-31-2007 | -3.62 | 7.95 | 9.36 | -2.62 | 7.95 | 9.36 | 1.87 | 1.87 | ||
Class R (WFHHX)3 | 9-30-2015 | – | – | – | -2.13 | 8.48 | 9.74 | 1.37 | 1.37 | ||
Class R6 (WFPRX)4 | 6-28-2013 | – | – | – | -1.47 | 9.23 | 10.50 | 0.69 | 0.69 | ||
Administrator Class (WFMDX) | 4-8-2005 | – | – | – | -1.82 | 8.84 | 10.12 | 1.04 | 1.04 | ||
Institutional Class (WFMIX) | 4-8-2005 | – | – | – | -1.57 | 9.11 | 10.40 | 0.79 | 0.79 | ||
Russell Midcap® Value Index5 | – | – | – | – | -9.22 | 6.54 | 8.80 | – | – |
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 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 |
Ten largest holdings (%) as of March 31, 20231 | |
LKQ Corporation | 3.36 |
Republic Services Incorporated | 3.32 |
Arch Capital Group Limited | 3.27 |
Amdocs Limited | 3.24 |
AerCap Holdings NV | 3.20 |
Jacobs Solutions Incorporated | 2.97 |
Vulcan Materials Company | 2.69 |
Church & Dwight Company Incorporated | 2.67 |
Keurig Dr. Pepper Incorporated | 2.52 |
American Electric Power Company Incorporated | 2.51 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g440788img7891ecfb4.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,147.65 | $6.00 | 1.12% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.35 | $5.64 | 1.12% |
Class C | ||||
Actual | $1,000.00 | $1,143.57 | $9.99 | 1.87% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.61 | $9.40 | 1.87% |
Class R | ||||
Actual | $1,000.00 | $1,146.17 | $7.33 | 1.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.10 | $6.89 | 1.37% |
Class R6 | ||||
Actual | $1,000.00 | $1,150.26 | $3.70 | 0.69% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.49 | $3.48 | 0.69% |
Administrator Class | ||||
Actual | $1,000.00 | $1,148.16 | $5.57 | 1.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.75 | $5.24 | 1.04% |
Institutional Class | ||||
Actual | $1,000.00 | $1,149.62 | $4.23 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.99 | $3.98 | 0.79% |
Shares | Value | ||||
Common stocks: 94.83% | |||||
Communication services: 0.71% | |||||
Interactive media & services: 0.71% | |||||
Match Group Incorporated † | 2,166,800 | $ 83,183,452 | |||
Consumer discretionary: 10.39% | |||||
Automobile components: 1.84% | |||||
Aptiv plc † | 1,079,830 | 121,146,128 | |||
Lear Corporation | 677,800 | 94,546,322 | |||
215,692,450 | |||||
Distributors: 3.36% | |||||
LKQ Corporation | 6,955,700 | 394,805,532 | |||
Hotels, restaurants & leisure: 2.24% | |||||
The Wendy's Company | 3,900,500 | 84,952,890 | |||
Yum China Holdings Incorporated | 2,808,100 | 178,005,459 | |||
262,958,349 | |||||
Household durables: 2.78% | |||||
D.R. Horton Incorporated | 2,999,800 | 293,050,462 | |||
Helen of Troy Limited † | 358,500 | 34,118,445 | |||
327,168,907 | |||||
Specialty retail: 0.17% | |||||
Foot Locker Incorporated | 497,900 | 19,761,651 | |||
Consumer staples: 7.67% | |||||
Beverages: 2.52% | |||||
Keurig Dr. Pepper Incorporated | 8,381,514 | 295,699,814 | |||
Household products: 5.15% | |||||
Church & Dwight Company Incorporated | 3,554,500 | 314,253,345 | |||
Reynolds Consumer Products Incorporated ♠ | 10,578,400 | 290,906,000 | |||
605,159,345 | |||||
Energy: 5.91% | |||||
Energy equipment & services: 1.43% | |||||
Baker Hughes Company | 3,974,000 | 114,689,640 | |||
NOV Incorporated | 2,880,800 | 53,323,608 | |||
168,013,248 | |||||
Oil, gas & consumable fuels: 4.48% | |||||
Devon Energy Corporation | 2,518,600 | 127,466,346 | |||
EOG Resources Incorporated | 1,721,200 | 197,301,156 | |||
Valero Energy Corporation | 1,443,000 | 201,442,800 | |||
526,210,302 | |||||
Financials: 15.41% | |||||
Banks: 3.18% | |||||
Citizens Financial Group Incorporated | 1,721,500 | 52,281,955 |
Shares | Value | ||||
Banks (continued) | |||||
Fifth Third Bancorp | 7,455,600 | $ 198,617,184 | |||
Regions Financial Corporation | 6,595,800 | 122,418,048 | |||
373,317,187 | |||||
Capital markets: 0.00% | |||||
Pershing Square Escrow Shares ♦† | 7,483,000 | 0 | |||
Consumer finance: 0.76% | |||||
Discover Financial Services | 908,600 | 89,806,024 | |||
Insurance: 9.42% | |||||
Arch Capital Group Limited † | 5,658,700 | 384,055,969 | |||
Axis Capital Holdings Limited | 873,600 | 47,628,672 | |||
Brown & Brown Incorporated | 4,863,000 | 279,233,460 | |||
Loews Corporation | 2,725,800 | 158,150,916 | |||
The Allstate Corporation | 2,139,700 | 237,100,157 | |||
1,106,169,174 | |||||
Mortgage REITs: 2.05% | |||||
Annaly Capital Management Incorporated | 12,579,749 | 240,399,003 | |||
Health care: 7.17% | |||||
Health care equipment & supplies: 5.54% | |||||
Alcon Incorporated | 4,146,400 | 292,487,056 | |||
Teleflex Incorporated | 605,000 | 153,252,550 | |||
Zimmer Biomet Holdings Incorporated | 1,583,900 | 204,639,880 | |||
650,379,486 | |||||
Life sciences tools & services: 1.63% | |||||
Charles River Laboratories International Incorporated † | 952,514 | 192,236,375 | |||
Industrials: 20.67% | |||||
Aerospace & defense: 0.99% | |||||
L3Harris Technologies Incorporated | 592,700 | 116,311,448 | |||
Building products: 3.43% | |||||
Builders FirstSource Incorporated † | 1,352,400 | 120,066,072 | |||
Carlisle Companies Incorporated | 1,250,400 | 282,677,928 | |||
402,744,000 | |||||
Commercial services & supplies: 3.32% | |||||
Republic Services Incorporated | 2,883,600 | 389,920,392 | |||
Construction & engineering: 3.18% | |||||
APi Group Corporation † | 4,711,716 | 105,919,385 | |||
MasTec Incorporated † | 2,840,700 | 268,275,708 | |||
374,195,093 | |||||
Machinery: 2.67% | |||||
Donaldson Company Incorporated | 3,071,200 | 200,672,208 | |||
Gates Industrial Corporation plc † | 8,126,532 | 112,877,529 | |||
313,549,737 |
Shares | Value | ||||
Professional services: 3.88% | |||||
Dun & Bradstreet Holdings Incorporated | 9,086,946 | $ 106,680,746 | |||
Jacobs Solutions Incorporated | 2,969,100 | 348,898,941 | |||
455,579,687 | |||||
Trading companies & distributors: 3.20% | |||||
AerCap Holdings NV † | 6,684,200 | 375,852,566 | |||
Information technology: 8.08% | |||||
Financial services: 2.34% | |||||
Euronet Worldwide Incorporated † | 2,456,500 | 274,882,350 | |||
IT services: 3.24% | |||||
Amdocs Limited | 3,955,900 | 379,885,077 | |||
Semiconductors & semiconductor equipment: 0.60% | |||||
ON Semiconductor Corporation † | 858,600 | 70,679,952 | |||
Software: 1.90% | |||||
NCR Corporation † | 4,937,700 | 116,480,343 | |||
Synopsys Incorporated † | 276,600 | 106,836,750 | |||
223,317,093 | |||||
Materials: 5.89% | |||||
Chemicals: 0.86% | |||||
Huntsman Corporation | 3,694,800 | 101,089,728 | |||
Construction materials: 2.69% | |||||
Vulcan Materials Company | 1,844,100 | 316,373,796 | |||
Containers & packaging: 0.81% | |||||
AptarGroup Incorporated | 803,300 | 94,942,027 | |||
Metals & mining: 1.53% | |||||
Freeport-McMoRan Incorporated | 4,395,100 | 179,803,541 | |||
Real estate: 6.24% | |||||
Office REITs: 1.19% | |||||
Boston Properties Incorporated | 2,575,900 | 139,407,708 | |||
Real estate management & development: 2.47% | |||||
CBRE Group Incorporated Class A † | 3,976,200 | 289,507,122 | |||
Specialized REITs: 2.58% | |||||
CubeSmart | 1,981,000 | 91,561,820 | |||
Gaming and Leisure Properties Incorporated | 4,072,900 | 212,035,174 | |||
303,596,994 | |||||
Utilities: 6.69% | |||||
Electric utilities: 4.83% | |||||
American Electric Power Company Incorporated | 3,236,300 | 294,470,937 | |||
FirstEnergy Corporation | 6,797,100 | 272,291,826 | |||
566,762,763 |
Shares | Value | ||||
Water utilities: 1.86% | |||||
American Water Works Company Incorporated | 1,495,000 | $ 219,002,550 | |||
Total Common stocks (Cost $8,701,962,047) | 11,138,363,923 |
Expiration date | |||||
Warrants: 0.00% | |||||
Financials: 0.00% | |||||
Capital markets: 0.00% | |||||
Pershing Square Warrant Escrow Shares ♦† | 7-24-2025 | 769,690 | 0 | ||
Total Warrants (Cost $4,560,928) | 0 |
Yield | |||||
Short-term investments: 5.05% | |||||
Investment companies: 5.05% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 593,825,763 | 593,825,763 | ||
Total Short-term investments (Cost $593,825,763) | 593,825,763 | ||||
Total investments in securities (Cost $9,300,348,738) | 99.88% | 11,732,189,686 | |||
Other assets and liabilities, net | 0.12 | 13,595,398 | |||
Total net assets | 100.00% | $11,745,785,084 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Common stocks | ||||||||||
Reynolds Consumer Products Incorporated | $272,524,977 | $ 2,696,955 | $ 0 | $ 0 | $ 15,684,068 | $ 290,906,000 | 10,578,400 | $ 4,819,742 | ||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | 468,119,059 | 1,086,432,847 | (960,726,143) | 0 | 0 | 593,825,763 | 593,825,763 | 10,242,546 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 21,600,000 | 5,851,560 | (27,452,122) | 562 | 0 | 0 | 0 | 18,216 # | ||
$562 | $15,684,068 | $884,731,763 | $15,080,504 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $8,431,301,043) | $ 10,847,457,923 |
Investments in affiliated securities, at value (cost $869,047,695) | 884,731,763 |
Cash | 4,798 |
Receivable for Fund shares sold | 29,077,583 |
Receivable for dividends | 25,446,518 |
Receivable for investments sold | 10,426,279 |
Prepaid expenses and other assets | 968,836 |
Total assets | 11,798,113,700 |
Liabilities | |
Payable for investments purchased | 28,637,693 |
Payable for Fund shares redeemed | 15,063,287 |
Management fee payable | 6,885,152 |
Administration fees payable | 1,187,416 |
Distribution fees payable | 84,638 |
Trustees’ fees and expenses payable | 4,858 |
Accrued expenses and other liabilities | 465,572 |
Total liabilities | 52,328,616 |
Total net assets | $11,745,785,084 |
Net assets consist of | |
Paid-in capital | $ 9,063,224,131 |
Total distributable earnings | 2,682,560,953 |
Total net assets | $11,745,785,084 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 1,298,262,153 |
Shares outstanding – Class A1 | 30,010,789 |
Net asset value per share – Class A | $43.26 |
Maximum offering price per share – Class A2 | $45.90 |
Net assets – Class C | $ 117,637,906 |
Shares outstanding – Class C1 | 2,903,552 |
Net asset value per share – Class C | $40.52 |
Net assets – Class R | $ 24,628,316 |
Shares outstanding – Class R1 | 560,161 |
Net asset value per share – Class R | $43.97 |
Net assets – Class R6 | $ 3,078,561,514 |
Shares outstanding – Class R61 | 68,753,657 |
Net asset value per share – Class R6 | $44.78 |
Net assets – Administrator Class | $ 309,015,388 |
Shares outstanding – Administrator Class1 | 6,969,167 |
Net asset value per share – Administrator Class | $44.34 |
Net assets – Institutional Class | $ 6,917,679,807 |
Shares outstanding – Institutional Class1 | 154,737,260 |
Net asset value per share – Institutional Class | $44.71 |
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 | $ 106,469,005 |
Income from affiliated securities | 15,063,747 |
Total investment income | 121,532,752 |
Expenses | |
Management fee | 37,974,516 |
Administration fees | |
Class A | 1,325,959 |
Class C | 125,149 |
Class R | 26,572 |
Class R6 | 439,405 |
Administrator Class | 202,730 |
Institutional Class | 4,467,507 |
Shareholder servicing fees | |
Class A | 1,578,522 |
Class C | 148,844 |
Class R | 31,633 |
Administrator Class | 388,645 |
Distribution fees | |
Class C | 446,531 |
Class R | 31,574 |
Custody and accounting fees | 192,864 |
Professional fees | 23,427 |
Registration fees | 18,218 |
Shareholder report expenses | 201 |
Trustees’ fees and expenses | 11,087 |
Other fees and expenses | 51,530 |
Total expenses | 47,484,914 |
Net investment income | 74,047,838 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 310,051,325 |
Affiliated securities | 562 |
Net realized gains on investments | 310,051,887 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 1,127,820,489 |
Affiliated securities | 15,684,068 |
Net change in unrealized gains (losses) on investments | 1,143,504,557 |
Net realized and unrealized gains (losses) on investments | 1,453,556,444 |
Net increase in net assets resulting from operations | $1,527,604,282 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 74,047,838 | $ 100,142,762 | ||
Net realized gains on investments | 310,051,887 | 840,973,766 | ||
Net change in unrealized gains (losses) on investments | 1,143,504,557 | (1,827,828,925) | ||
Net increase (decrease) in net assets resulting from operations | 1,527,604,282 | (886,712,397) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (102,285,171) | (110,358,404) | ||
Class C | (9,430,371) | (13,179,402) | ||
Class R | (1,960,608) | (2,629,091) | ||
Class R6 | (237,972,216) | (285,467,612) | ||
Administrator Class | (24,865,616) | (35,968,625) | ||
Institutional Class | (562,285,015) | (709,096,674) | ||
Total distributions to shareholders | (938,798,997) | (1,156,699,808) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 4,039,796 | 176,677,711 | 7,751,410 | 372,215,224 |
Class C | 323,241 | 13,391,503 | 405,027 | 18,038,819 |
Class R | 57,939 | 2,593,922 | 105,843 | 5,089,721 |
Class R6 | 10,177,500 | 464,678,061 | 15,938,770 | 778,779,921 |
Administrator Class | 564,926 | 25,571,406 | 945,270 | 45,991,976 |
Institutional Class | 20,806,461 | 949,629,736 | 34,907,411 | 1,701,993,232 |
1,632,542,339 | 2,922,108,893 | |||
Reinvestment of distributions | ||||
Class A | 2,185,133 | 94,493,841 | 2,107,086 | 100,816,278 |
Class C | 223,322 | 9,002,114 | 275,193 | 12,400,184 |
Class R | 44,728 | 1,960,608 | 54,264 | 2,629,091 |
Class R6 | 4,822,812 | 216,198,148 | 5,339,952 | 264,158,691 |
Administrator Class | 558,463 | 24,747,212 | 731,733 | 35,793,083 |
Institutional Class | 12,091,678 | 540,975,336 | 13,797,049 | 681,214,678 |
887,377,259 | 1,097,012,005 | |||
Payment for shares redeemed | ||||
Class A | (3,036,206) | (133,676,907) | (6,023,376) | (285,845,424) |
Class C | (461,259) | (19,125,608) | (705,880) | (31,262,478) |
Class R | (97,923) | (4,425,187) | (183,311) | (8,874,137) |
Class R6 | (6,142,414) | (280,540,133) | (19,063,414) | (935,061,047) |
Administrator Class | (1,153,335) | (52,536,067) | (2,433,931) | (118,746,155) |
Institutional Class | (25,000,528) | (1,142,068,827) | (44,254,040) | (2,144,475,188) |
(1,632,372,729) | (3,524,264,429) | |||
Net increase in net assets resulting from capital share transactions | 887,546,869 | 494,856,469 | ||
Total increase (decrease) in net assets | 1,476,352,154 | (1,548,555,736) | ||
Net assets | ||||
Beginning of period | 10,269,432,930 | 11,817,988,666 | ||
End of period | $11,745,785,084 | $10,269,432,930 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $40.97 | $49.22 | $35.33 | $39.63 | $37.59 | $37.49 |
Net investment income | 0.18 | 0.22 | 0.13 | 0.18 | 0.26 | 0.15 |
Net realized and unrealized gains (losses) on investments | 5.84 | (3.63) | 13.91 | (2.85) | 2.54 | 1.50 |
Total from investment operations | 6.02 | (3.41) | 14.04 | (2.67) | 2.80 | 1.65 |
Distributions to shareholders from | ||||||
Net investment income | (0.32) | (0.11) | (0.15) | (0.23) | (0.17) | (0.23) |
Net realized gains | (3.41) | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (3.73) | (4.84) | (0.15) | (1.63) | (0.76) | (1.55) |
Net asset value, end of period | $43.26 | $40.97 | $49.22 | $35.33 | $39.63 | $37.59 |
Total return1 | 14.76% | (8.32)% | 39.83% | (7.22)% | 7.81% | 4.50% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.12% | 1.12% | 1.13% | 1.14% | 1.15% | 1.15% |
Net expenses | 1.12% | 1.12% | 1.13% | 1.14% | 1.15% | 1.15% |
Net investment income | 0.99% | 0.55% | 0.17% | 0.56% | 0.67% | 0.40% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $1,298,262 | $1,098,924 | $1,131,411 | $969,508 | $1,003,560 | $1,038,883 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $38.43 | $46.68 | $33.63 | $37.85 | $36.02 | $36.03 |
Net investment income (loss) | 0.07 | (0.11) | (0.25) 1 | (0.11) | (0.07) | (0.14) |
Net realized and unrealized gains (losses) on investments | 5.43 | (3.41) | 13.30 | (2.71) | 2.49 | 1.46 |
Total from investment operations | 5.50 | (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 | 0.00 | (0.01) |
Net realized gains | (3.41) | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (3.41) | (4.73) | 0.00 | (1.40) | (0.59) | (1.33) |
Net asset value, end of period | $40.52 | $38.43 | $46.68 | $33.63 | $37.85 | $36.02 |
Total return2 | 14.36% | (9.03)% | 38.80% | (7.89)% | 7.00% | 3.72% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.87% | 1.87% | 1.88% | 1.89% | 1.90% | 1.90% |
Net expenses | 1.87% | 1.87% | 1.88% | 1.89% | 1.90% | 1.90% |
Net investment income (loss) | 0.23% | (0.22)% | (0.58)% | (0.19)% | (0.09)% | (0.35)% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $117,638 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class R | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $41.50 | $49.81 | $35.74 | $40.10 | $38.09 | $38.08 |
Net investment income (loss) | 0.16 | 0.13 | (0.04) 1 | 0.09 | 0.17 | 0.09 |
Net realized and unrealized gains (losses) on investments | 5.88 | (3.71) | 14.15 | (2.90) | 2.57 | 1.49 |
Total from investment operations | 6.04 | (3.58) | 14.11 | (2.81) | 2.74 | 1.58 |
Distributions to shareholders from | ||||||
Net investment income | (0.16) | 0.00 | (0.04) | (0.15) | (0.14) | (0.25) |
Net realized gains | (3.41) | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (3.57) | (4.73) | (0.04) | (1.55) | (0.73) | (1.57) |
Net asset value, end of period | $43.97 | $41.50 | $49.81 | $35.74 | $40.10 | $38.09 |
Total return2 | 14.62% | (8.55)% | 39.51% | (7.45)% | 7.52% | 4.23% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.37% | 1.37% | 1.38% | 1.39% | 1.40% | 1.40% |
Net expenses | 1.37% | 1.37% | 1.38% | 1.39% | 1.40% | 1.40% |
Net investment income (loss) | 0.72% | 0.28% | (0.08)% | 0.31% | 0.43% | 0.18% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $24,628 | $23,048 | $28,821 | $24,705 | $31,961 | $24,575 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $42.36 | $50.72 | $36.39 | $40.76 | $38.67 | $38.52 |
Net investment income | 0.30 | 0.46 | 0.29 | 0.36 | 0.40 | 0.32 1 |
Net realized and unrealized gains (losses) on investments | 6.03 | (3.79) | 14.36 | (2.94) | 2.62 | 1.55 |
Total from investment operations | 6.33 | (3.33) | 14.65 | (2.58) | 3.02 | 1.87 |
Distributions to shareholders from | ||||||
Net investment income | (0.50) | (0.30) | (0.32) | (0.39) | (0.34) | (0.40) |
Net realized gains | (3.41) | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (3.91) | (5.03) | (0.32) | (1.79) | (0.93) | (1.72) |
Net asset value, end of period | $44.78 | $42.36 | $50.72 | $36.39 | $40.76 | $38.67 |
Total return2 | 15.03% | (7.93)% | 40.44% | (6.84)% | 8.28% | 4.95% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69% | 0.69% | 0.70% | 0.71% | 0.72% | 0.72% |
Net expenses | 0.69% | 0.69% | 0.70% | 0.71% | 0.72% | 0.72% |
Net investment income | 1.43% | 0.96% | 0.60% | 0.99% | 1.12% | 0.85% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $3,078,562 | $2,537,407 | $2,925,693 | $2,103,895 | $2,094,860 | $1,493,787 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $41.90 | $50.22 | $36.02 | $40.35 | $38.23 | $38.12 |
Net investment income | 0.24 | 0.39 | 0.23 | 0.24 1 | 0.27 1 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | 5.94 | (3.85) | 14.13 | (2.93) | 2.61 | 1.52 |
Total from investment operations | 6.18 | (3.46) | 14.36 | (2.69) | 2.88 | 1.70 |
Distributions to shareholders from | ||||||
Net investment income | (0.33) | (0.13) | (0.16) | (0.24) | (0.17) | (0.27) |
Net realized gains | (3.41) | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (3.74) | (4.86) | (0.16) | (1.64) | (0.76) | (1.59) |
Net asset value, end of period | $44.34 | $41.90 | $50.22 | $36.02 | $40.35 | $38.23 |
Total return2 | 14.82% | (8.26)% | 39.96% | (7.15)% | 7.88% | 4.58% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.04% | 1.04% | 1.05% | 1.06% | 1.07% | 1.07% |
Net expenses | 1.04% | 1.04% | 1.05% | 1.06% | 1.07% | 1.07% |
Net investment income | 1.05% | 0.60% | 0.25% | 0.65% | 0.72% | 0.47% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $309,015 | $293,286 | $389,512 | $324,727 | $604,126 | $978,368 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $42.28 | $50.63 | $36.33 | $40.70 | $38.61 | $38.47 |
Net investment income | 0.29 | 0.42 | 0.24 | 0.32 | 0.38 1 | 0.26 |
Net realized and unrealized gains (losses) on investments | 6.00 | (3.78) | 14.35 | (2.94) | 2.60 | 1.56 |
Total from investment operations | 6.29 | (3.36) | 14.59 | (2.62) | 2.98 | 1.82 |
Distributions to shareholders from | ||||||
Net investment income | (0.45) | (0.26) | (0.29) | (0.35) | (0.30) | (0.36) |
Net realized gains | (3.41) | (4.73) | 0.00 | (1.40) | (0.59) | (1.32) |
Total distributions to shareholders | (3.86) | (4.99) | (0.29) | (1.75) | (0.89) | (1.68) |
Net asset value, end of period | $44.71 | $42.28 | $50.63 | $36.33 | $40.70 | $38.61 |
Total return2 | 14.96% | (8.01)% | 40.30% | (6.93)% | 8.17% | 4.84% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.79% | 0.79% | 0.80% | 0.81% | 0.82% | 0.82% |
Net expenses | 0.79% | 0.79% | 0.80% | 0.81% | 0.82% | 0.82% |
Net investment income | 1.31% | 0.86% | 0.50% | 0.89% | 1.00% | 0.73% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 24% | 38% | 51% | 37% | 37% |
Net assets, end of period (000s omitted) | $6,917,680 | $6,208,455 | $7,209,810 | $5,197,362 | $5,349,953 | $4,937,901 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 4,916,778,708 |
Gross unrealized losses | (1,198,283,158) |
Net unrealized gains | $ 3,718,495,550 |
■ | 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 | $ 83,183,452 | $0 | $0 | $ 83,183,452 |
Consumer discretionary | 1,220,386,889 | 0 | 0 | 1,220,386,889 |
Consumer staples | 900,859,159 | 0 | 0 | 900,859,159 |
Energy | 694,223,550 | 0 | 0 | 694,223,550 |
Financials | 1,809,691,388 | 0 | 0 | 1,809,691,388 |
Health care | 842,615,861 | 0 | 0 | 842,615,861 |
Industrials | 2,428,152,923 | 0 | 0 | 2,428,152,923 |
Information technology | 948,764,472 | 0 | 0 | 948,764,472 |
Materials | 692,209,092 | 0 | 0 | 692,209,092 |
Real estate | 732,511,824 | 0 | 0 | 732,511,824 |
Utilities | 785,765,313 | 0 | 0 | 785,765,313 |
Warrants | ||||
Financials | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 593,825,763 | 0 | 0 | 593,825,763 |
Total assets | $11,732,189,686 | $0 | $0 | $11,732,189,686 |
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 |
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 % |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR3323 03-23
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Diversified Capital 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 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
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President
Allspring Funds
Investment objective | The Fund seeks long-term total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Robert Junkin, Margaret Patel |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
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 | -9.91 | 6.71 | 9.27 | -4.41 | 7.98 | 9.91 | 1.11 | 1.11 | ||
Class C (EKBCX) | 1-22-1998 | -6.11 | 7.17 | 9.25 | -5.11 | 7.17 | 9.25 | 1.86 | 1.86 | ||
Administrator Class (EKBDX) | 7-30-2010 | – | – | – | -4.37 | 8.06 | 10.04 | 1.03 | 1.03 | ||
Institutional Class (EKBYX) | 1-26-1998 | – | – | – | -4.13 | 8.33 | 10.30 | 0.78 | 0.78 | ||
Diversified Capital Builder Blended Index3 | – | – | – | – | -7.04 | 9.02 | 10.07 | – | – | ||
ICE BofA U.S. Cash Pay High Yield Index4 | – | – | – | – | -3.41 | 3.08 | 4.03 | – | – | ||
Russell 1000® Index5 | – | – | – | – | -8.39 | 10.87 | 12.01 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through January 31, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.12% for Class A, 1.87% 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 2023. ICE Data Indices, LLC. All rights reserved. |
5 | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
Ten largest holdings (%) as of March 31, 20231 | |
Broadcom Incorporated | 4.40 |
L3Harris Technologies Incorporated | 4.26 |
Amphenol Corporation Class A | 4.26 |
Leidos Holdings Incorporated | 3.74 |
Advanced Micro Devices Incorporated | 3.60 |
The Timken Company | 3.32 |
Berry Global Group Incorporated | 3.25 |
Microchip Technology Incorporated | 2.67 |
AbbVie Incorporated | 2.62 |
Parker-Hannifin Corporation | 2.43 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g458973img71a0d9234.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,167.62 | $ 6.00 | 1.11% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.40 | $ 5.59 | 1.11% |
Class C | ||||
Actual | $1,000.00 | $1,164.07 | $10.04 | 1.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.66 | $ 9.35 | 1.86% |
Administrator Class | ||||
Actual | $1,000.00 | $1,167.91 | $ 5.57 | 1.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.80 | $ 5.19 | 1.03% |
Institutional Class | ||||
Actual | $1,000.00 | $1,169.87 | $ 4.22 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.04 | $ 3.93 | 0.78% |
Shares | Value | ||||
Common stocks: 79.94% | |||||
Energy: 0.61% | |||||
Oil, gas & consumable fuels: 0.61% | |||||
ONEOK Incorporated | 100,000 | $ 6,354,000 | |||
Financials: 5.00% | |||||
Banks: 5.00% | |||||
Bank of America Corporation | 600,000 | 17,160,000 | |||
PNC Financial Services Group Incorporated | 135,000 | 17,158,500 | |||
Regions Financial Corporation | 490,000 | 9,094,400 | |||
US Bancorp | 230,000 | 8,291,500 | |||
51,704,400 | |||||
Health care: 12.20% | |||||
Biotechnology: 4.49% | |||||
AbbVie Incorporated | 170,000 | 27,092,900 | |||
Amgen Incorporated | 80,000 | 19,340,000 | |||
46,432,900 | |||||
Health care equipment & supplies: 0.91% | |||||
Abbott Laboratories | 35,000 | 3,544,098 | |||
Becton Dickinson & Company | 20,000 | 4,950,800 | |||
STERIS plc | 5,000 | 956,400 | |||
9,451,298 | |||||
Life sciences tools & services: 3.96% | |||||
Bio-Rad Laboratories Incorporated Class A † | 15,000 | 7,185,300 | |||
Charles River Laboratories International Incorporated † | 30,000 | 6,054,600 | |||
Danaher Corporation | 40,000 | 10,081,600 | |||
IQVIA Holdings Incorporated † | 60,000 | 11,933,400 | |||
Thermo Fisher Scientific Incorporated | 10,000 | 5,763,700 | |||
41,018,600 | |||||
Pharmaceuticals: 2.84% | |||||
Bristol-Myers Squibb Company | 300,000 | 20,793,000 | |||
Catalent Incorporated † | 50,000 | 3,285,500 | |||
Merck & Company Incorporated | 50,000 | 5,319,500 | |||
29,398,000 | |||||
Industrials: 23.43% | |||||
Aerospace & defense: 5.20% | |||||
Curtiss-Wright Corporation | 55,000 | 9,694,300 | |||
L3Harris Technologies Incorporated | 225,000 | 44,154,000 | |||
53,848,300 | |||||
Commercial services & supplies: 0.69% | |||||
Clean Harbors Incorporated † | 50,000 | 7,128,000 | |||
Electrical equipment: 3.60% | |||||
AMETEK Incorporated | 145,000 | 21,072,850 |
Shares | Value | ||||
Electrical equipment (continued) | |||||
Eaton Corporation plc | 85,000 | $ 14,563,900 | |||
Generac Holdings Incorporated † | 15,000 | 1,620,150 | |||
37,256,900 | |||||
Machinery: 10.20% | |||||
Crane Holdings Company | 60,000 | 6,810,000 | |||
IDEX Corporation | 80,000 | 18,482,400 | |||
John Bean Technologies Corporation | 175,000 | 19,125,750 | |||
Oshkosh Corporation | 20,000 | 1,663,600 | |||
Parker-Hannifin Corporation | 75,000 | 25,208,250 | |||
The Timken Company | 420,000 | 34,322,400 | |||
105,612,400 | |||||
Professional services: 3.74% | |||||
Leidos Holdings Incorporated | 420,000 | 38,665,200 | |||
Information technology: 29.10% | |||||
Communications equipment: 2.29% | |||||
Motorola Solutions Incorporated | 83,000 | 23,748,790 | |||
Electronic equipment, instruments & components: 7.40% | |||||
Amphenol Corporation Class A | 540,000 | 44,128,800 | |||
Jabil Circuit Incorporated | 115,000 | 10,138,400 | |||
Teledyne Technologies Incorporated † | 50,000 | 22,368,000 | |||
76,635,200 | |||||
Semiconductors & semiconductor equipment: 15.60% | |||||
Advanced Micro Devices Incorporated † | 380,000 | 37,243,800 | |||
Broadcom Incorporated | 71,000 | 45,549,340 | |||
Marvell Technology Incorporated | 500,000 | 21,650,000 | |||
Microchip Technology Incorporated | 330,000 | 27,647,400 | |||
Micron Technology Incorporated | 210,000 | 12,671,400 | |||
NVIDIA Corporation | 27,000 | 7,499,790 | |||
Qualcomm Incorporated | 50,000 | 6,379,000 | |||
Synaptics Incorporated † | 25,000 | 2,778,750 | |||
161,419,480 | |||||
Software: 3.62% | |||||
Adobe Incorporated † | 20,000 | 7,707,400 | |||
Ansys Incorporated † | 30,000 | 9,984,000 | |||
Autodesk Incorporated † | 30,000 | 6,244,800 | |||
Synopsys Incorporated † | 35,000 | 13,518,750 | |||
37,454,950 | |||||
Technology hardware, storage & peripherals: 0.19% | |||||
NetApp Incorporated | 30,000 | 1,915,500 | |||
Materials: 9.60% | |||||
Chemicals: 4.86% | |||||
Celanese Corporation Series A | 40,000 | 4,355,600 | |||
Eastman Chemical Company | 160,000 | 13,494,400 | |||
Huntsman Corporation | 315,000 | 8,618,400 |
Shares | Value | ||||
Chemicals (continued) | |||||
Olin Corporation | 210,000 | $ 11,655,000 | |||
Westlake Chemical Corporation | 105,000 | 12,177,900 | |||
50,301,300 | |||||
Containers & packaging: 4.74% | |||||
AptarGroup Incorporated | 76,500 | 9,041,535 | |||
Berry Global Group Incorporated | 570,000 | 33,573,000 | |||
Sealed Air Corporation | 140,000 | 6,427,400 | |||
49,041,935 | |||||
Total Common stocks (Cost $638,988,802) | 827,387,153 |
Interest rate | Maturity date | Principal | |||
Corporate bonds and notes: 15.38% | |||||
Consumer staples: 1.21% | |||||
Food products: 0.72% | |||||
Post Holdings Incorporated 144A | 4.50% | 9-15-2031 | $ 8,435,000 | 7,423,644 | |
Household durables: 0.49% | |||||
Spectrum Brands Incorporated 144A | 3.88 | 3-15-2031 | 6,200,000 | 5,070,465 | |
Health care: 2.61% | |||||
Health care equipment & supplies: 0.47% | |||||
Hologic Incorporated 144A | 3.25 | 2-15-2029 | 5,440,000 | 4,839,791 | |
Health care providers & services: 1.84% | |||||
AMN Healthcare Incorporated 144A | 4.00 | 4-15-2029 | 1,000,000 | 885,000 | |
AMN Healthcare Incorporated 144A | 4.63 | 10-1-2027 | 1,000,000 | 926,903 | |
Catalent Pharma Solutions Incorporated 144A | 3.13 | 2-15-2029 | 1,000,000 | 879,108 | |
Davita Incorporated 144A | 4.63 | 6-1-2030 | 13,550,000 | 11,566,145 | |
Encompass Health Corporation | 4.63 | 4-1-2031 | 5,500,000 | 4,804,498 | |
19,061,654 | |||||
Life sciences tools & services: 0.17% | |||||
Charles River Laboratories Incorporated 144A | 4.00 | 3-15-2031 | 2,000,000 | 1,749,989 | |
Pharmaceuticals: 0.13% | |||||
Organon Finance 1 LLC 144A | 5.13 | 4-30-2031 | 1,500,000 | 1,331,464 | |
Industrials: 2.97% | |||||
Aerospace & defense: 1.06% | |||||
TransDigm Group Incorporated | 4.63 | 1-15-2029 | 9,000,000 | 8,001,000 | |
TransDigm Group Incorporated | 6.38 | 6-15-2026 | 3,000,000 | 2,932,500 | |
10,933,500 | |||||
Commercial services & supplies: 1.06% | |||||
ACCO Brands Corporation 144A | 4.25 | 3-15-2029 | 2,000,000 | 1,726,520 | |
Clean Harbors Incorporated 144A | 6.38 | 2-1-2031 | 8,000,000 | 8,162,040 | |
Stericycle Incorporated 144A | 3.88 | 1-15-2029 | 1,310,000 | 1,143,608 | |
11,032,168 |
Interest rate | Maturity date | Principal | Value | ||
Construction & engineering: 0.85% | |||||
Dycom Industries Incorporated 144A | 4.50% | 4-15-2029 | $ 9,720,000 | $ 8,772,300 | |
Information technology: 1.79% | |||||
Electronic equipment, instruments & components: 0.75% | |||||
TTM Technologies Incorporated 144A | 4.00 | 3-1-2029 | 8,890,000 | 7,734,300 | |
IT services: 0.37% | |||||
Gartner Incorporated 144A | 3.63 | 6-15-2029 | 4,350,000 | 3,881,527 | |
Semiconductors & semiconductor equipment: 0.67% | |||||
Synaptics Incorporated 144A | 4.00 | 6-15-2029 | 8,000,000 | 6,889,087 | |
Materials: 3.82% | |||||
Chemicals: 2.00% | |||||
Koppers Incorporated 144A | 6.00 | 2-15-2025 | 8,190,000 | 8,188,362 | |
Tronox Incorporated 144A | 4.63 | 3-15-2029 | 5,310,000 | 4,446,594 | |
Valvoline Incorporated 144A | 3.63 | 6-15-2031 | 9,495,000 | 8,057,077 | |
20,692,033 | |||||
Containers & packaging: 1.82% | |||||
Ball Corporation | 2.88 | 8-15-2030 | 12,000,000 | 9,995,460 | |
Berry Global Incorporated 144A | 4.50 | 2-15-2026 | 1,189,000 | 1,144,413 | |
Sealed Air Corporation 144A | 5.00 | 4-15-2029 | 5,000,000 | 4,698,238 | |
Sealed Air Corporation 144A | 6.13 | 2-1-2028 | 3,000,000 | 3,033,465 | |
18,871,576 | |||||
Real estate: 1.86% | |||||
Specialized REITs: 1.86% | |||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 12,350,000 | 10,612,726 | |
SBA Communications Corporation | 3.13 | 2-1-2029 | 10,000,000 | 8,699,400 | |
19,312,126 | |||||
Utilities: 1.12% | |||||
Electric utilities: 0.09% | |||||
NRG Energy Incorporated 144A | 5.25 | 6-15-2029 | 1,000,000 | 928,365 | |
Independent power & renewable electricity producers: 1.03% | |||||
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 12,000,000 | 10,624,984 | |
Total Corporate bonds and notes (Cost $177,567,018) | 159,148,973 | ||||
Yankee corporate bonds and notes: 0.96% | |||||
Industrials: 0.25% | |||||
Electrical equipment: 0.25% | |||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 2,880,000 | 2,602,008 | |
Information technology: 0.41% | |||||
Technology hardware, storage & peripherals: 0.41% | |||||
Seagate HDD | 3.13 | 7-15-2029 | 1,500,000 | 1,188,484 | |
Seagate HDD | 4.09 | 6-1-2029 | 3,488,000 | 3,081,635 | |
4,270,119 |
Interest rate | Maturity date | Principal | Value | ||
Materials: 0.30% | |||||
Chemicals: 0.30% | |||||
Methanex Corporation | 5.25% | 12-15-2029 | $ 3,293,000 | $ 3,078,263 | |
Total Yankee corporate bonds and notes (Cost $11,122,653) | 9,950,390 |
Yield | Shares | ||||
Short-term investments: 3.93% | |||||
Investment companies: 3.93% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69 | 40,698,119 | 40,698,119 | ||
Total Short-term investments (Cost $40,698,119) | 40,698,119 | ||||
Total investments in securities (Cost $868,376,592) | 100.21% | 1,037,184,635 | |||
Other assets and liabilities, net | (0.21) | (2,208,115) | |||
Total net assets | 100.00% | $1,034,976,520 |
† | 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. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $45,655,057 | $119,174,092 | $(124,131,030) | $ 0 | $0 | $ 40,698,119 | 40,698,119 | $ 278,170 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 853,650 | 10,415,155 | (11,268,545) | (260) | 0 | 0 | 0 | 21,117 # | ||
$ (260) | $0 | $40,698,119 | $299,287 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $827,678,473) | $ 996,486,516 |
Investments in affiliated securities, at value (cost $40,698,119) | 40,698,119 |
Cash | 14 |
Receivable for investments sold | 6,248,637 |
Receivable for Fund shares sold | 2,874,403 |
Receivable for dividends and interest | 2,720,745 |
Receivable for securities lending income, net | 34 |
Prepaid expenses and other assets | 113,884 |
Total assets | 1,049,142,352 |
Liabilities | |
Payable for investments purchased | 12,261,238 |
Payable for Fund shares redeemed | 890,681 |
Management fee payable | 571,426 |
Administration fees payable | 168,944 |
Distribution fee payable | 73,255 |
Trustees’ fees and expenses payable | 42 |
Accrued expenses and other liabilities | 200,246 |
Total liabilities | 14,165,832 |
Total net assets | $1,034,976,520 |
Net assets consist of | |
Paid-in capital | $ 821,357,679 |
Total distributable earnings | 213,618,841 |
Total net assets | $1,034,976,520 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 588,738,830 |
Shares outstanding – Class A1 | 54,771,052 |
Net asset value per share – Class A | $10.75 |
Maximum offering price per share – Class A2 | $11.41 |
Net assets – Class C | $ 109,990,117 |
Shares outstanding – Class C1 | 10,281,966 |
Net asset value per share – Class C | $10.70 |
Net assets – Administrator Class | $ 7,843,545 |
Shares outstanding – Administrator Class1 | 729,022 |
Net asset value per share – Administrator Class | $10.76 |
Net assets – Institutional Class | $ 328,404,028 |
Shares outstanding – Institutional Class1 | 30,828,523 |
Net asset value per share – Institutional Class | $10.65 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends | $ 6,700,333 |
Interest | 3,618,443 |
Income from affiliated securities | 282,808 |
Total investment income | 10,601,584 |
Expenses | |
Management fee | 3,160,572 |
Administration fees | |
Class A | 609,274 |
Class C | 113,343 |
Administrator Class | 5,072 |
Institutional Class | 206,661 |
Shareholder servicing fees | |
Class A | 723,956 |
Class C | 134,893 |
Administrator Class | 9,755 |
Distribution fee | |
Class C | 404,289 |
Custody and accounting fees | 25,913 |
Professional fees | 33,395 |
Registration fees | 18,155 |
Shareholder report expenses | 37,768 |
Trustees’ fees and expenses | 11,087 |
Other fees and expenses | 22,623 |
Total expenses | 5,516,756 |
Less: Fee waivers and/or expense reimbursements | |
Administrator Class | (6) |
Institutional Class | (5,227) |
Net expenses | 5,511,523 |
Net investment income | 5,090,061 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 44,533,728 |
Affiliated securities | (260) |
Net realized gains on investments | 44,533,468 |
Net change in unrealized gains (losses) on investments | 104,609,798 |
Net realized and unrealized gains (losses) on investments | 149,143,266 |
Net increase in net assets resulting from operations | $154,233,327 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 5,090,061 | $ 9,090,644 | ||
Net realized gains on investments | 44,533,468 | 104,792,091 | ||
Net change in unrealized gains (losses) on investments | 104,609,798 | (245,737,953) | ||
Net increase (decrease) in net assets resulting from operations | 154,233,327 | (131,855,218) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (62,781,673) | (48,856,763) | ||
Class C | (11,258,926) | (8,492,157) | ||
Administrator Class | (844,131) | (628,563) | ||
Institutional Class | (35,084,247) | (28,118,033) | ||
Total distributions to shareholders | (109,968,977) | (86,095,516) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,389,922 | 14,873,552 | 1,895,248 | 23,198,979 |
Class C | 596,272 | 6,336,297 | 839,411 | 10,172,964 |
Administrator Class | 45,113 | 484,899 | 158,199 | 1,917,899 |
Institutional Class | 3,225,700 | 34,501,751 | 5,116,605 | 62,971,289 |
56,196,499 | 98,261,131 | |||
Reinvestment of distributions | ||||
Class A | 5,707,304 | 59,687,338 | 3,668,175 | 46,644,848 |
Class C | 1,065,615 | 11,082,145 | 657,011 | 8,377,639 |
Administrator Class | 80,379 | 841,385 | 49,242 | 626,639 |
Institutional Class | 3,144,518 | 32,628,990 | 2,056,821 | 25,879,740 |
104,239,858 | 81,528,866 | |||
Payment for shares redeemed | ||||
Class A | (4,320,528) | (46,282,386) | (5,621,756) | (68,933,571) |
Class C | (1,178,992) | (12,612,050) | (1,808,544) | (21,983,302) |
Administrator Class | (123,917) | (1,333,595) | (131,220) | (1,620,634) |
Institutional Class | (4,017,850) | (42,760,013) | (7,289,533) | (87,696,578) |
(102,988,044) | (180,234,085) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 57,448,313 | (444,088) | ||
Total increase (decrease) in net assets | 101,712,663 | (218,394,822) | ||
Net assets | ||||
Beginning of period | 933,263,857 | 1,151,658,679 | ||
End of period | $1,034,976,520 | $ 933,263,857 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.29 | $12.64 | $10.88 | $10.71 | $10.88 | $10.30 |
Net investment income | 0.05 | 0.10 1 | 0.09 | 0.11 | 0.14 | 0.10 |
Net realized and unrealized gains (losses) on investments | 1.63 | (1.50) | 1.87 | 0.63 | 0.37 | 1.06 |
Total from investment operations | 1.68 | (1.40) | 1.96 | 0.74 | 0.51 | 1.16 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.10) | (0.10) | (0.13) | (0.14) | (0.09) |
Net realized gains | (1.17) | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (1.22) | (0.95) | (0.20) | (0.57) | (0.68) | (0.58) |
Net asset value, end of period | $10.75 | $10.29 | $12.64 | $10.88 | $10.71 | $10.88 |
Total return2 | 16.76% | (12.45)% | 18.18% | 7.26% | 5.60% | 11.72% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.11% | 1.11% | 1.11% | 1.12% | 1.11% |
Net expenses | 1.11% | 1.10% | 1.11% | 1.11% | 1.12% | 1.11% |
Net investment income | 0.98% | 0.77% | 0.76% | 1.09% | 1.38% | 0.96% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $588,739 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.24 | $12.58 | $10.86 | $10.69 | $10.86 | $10.28 |
Net investment income | 0.01 | 0.00 1,2 | 0.00 1,2 | 0.03 | 0.06 | 0.02 |
Net realized and unrealized gains (losses) on investments | 1.63 | (1.48) | 1.86 | 0.63 | 0.37 | 1.06 |
Total from investment operations | 1.64 | (1.48) | 1.86 | 0.66 | 0.43 | 1.08 |
Distributions to shareholders from | ||||||
Net investment income | (0.01) | (0.01) | (0.04) | (0.05) | (0.06) | (0.01) |
Net realized gains | (1.17) | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (1.18) | (0.86) | (0.14) | (0.49) | (0.60) | (0.50) |
Net asset value, end of period | $10.70 | $10.24 | $12.58 | $10.86 | $10.69 | $10.86 |
Total return3 | 16.41% | (13.12)% | 17.25% | 6.44% | 4.81% | 10.88% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.86% | 1.85% | 1.86% | 1.86% | 1.87% | 1.87% |
Net expenses | 1.86% | 1.85% | 1.86% | 1.86% | 1.87% | 1.87% |
Net investment income | 0.23% | 0.02% | 0.01% | 0.34% | 0.65% | 0.21% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $109,990 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.30 | $12.64 | $10.89 | $10.72 | $10.89 | $10.32 |
Net investment income | 0.06 | 0.11 1 | 0.10 1 | 0.12 1 | 0.15 1 | 0.11 1 |
Net realized and unrealized gains (losses) on investments | 1.63 | (1.49) | 1.86 | 0.63 | 0.37 | 1.06 |
Total from investment operations | 1.69 | (1.38) | 1.96 | 0.75 | 0.52 | 1.17 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.11) | (0.11) | (0.14) | (0.15) | (0.11) |
Net realized gains | (1.17) | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (1.23) | (0.96) | (0.21) | (0.58) | (0.69) | (0.60) |
Net asset value, end of period | $10.76 | $10.30 | $12.64 | $10.89 | $10.72 | $10.89 |
Total return2 | 16.79% | (12.30)% | 18.17% | 7.33% | 5.67% | 11.73% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.03% | 1.03% | 1.03% | 1.03% | 1.04% | 1.03% |
Net expenses | 1.03% | 1.03% | 1.03% | 1.03% | 1.04% | 1.03% |
Net investment income | 1.06% | 0.86% | 0.84% | 1.19% | 1.47% | 1.04% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $7,844 | $7,489 | $8,234 | $6,429 | $9,708 | $13,821 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $10.20 | $12.54 | $10.79 | $10.64 | $10.81 | $10.25 |
Net investment income | 0.07 | 0.13 1 | 0.13 | 0.14 | 0.18 | 0.14 |
Net realized and unrealized gains (losses) on investments | 1.62 | (1.48) | 1.86 | 0.62 | 0.36 | 1.05 |
Total from investment operations | 1.69 | (1.35) | 1.99 | 0.76 | 0.54 | 1.19 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.14) | (0.14) | (0.17) | (0.17) | (0.14) |
Net realized gains | (1.17) | (0.85) | (0.10) | (0.44) | (0.54) | (0.49) |
Total distributions to shareholders | (1.24) | (0.99) | (0.24) | (0.61) | (0.71) | (0.63) |
Net asset value, end of period | $10.65 | $10.20 | $12.54 | $10.79 | $10.64 | $10.81 |
Total return2 | 16.99% | (12.19)% | 18.51% | 7.48% | 5.98% | 12.04% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.78% | 0.78% | 0.78% | 0.78% | 0.79% | 0.79% |
Net expenses | 0.78% | 0.77% | 0.78% | 0.78% | 0.78% | 0.78% |
Net investment income | 1.31% | 1.10% | 1.09% | 1.42% | 1.73% | 1.30% |
Supplemental data | ||||||
Portfolio turnover rate | 18% | 19% | 28% | 44% | 61% | 31% |
Net assets, end of period (000s omitted) | $328,404 | $290,545 | $358,519 | $319,229 | $359,278 | $326,283 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $231,939,835 |
Gross unrealized losses | (63,184,221) |
Net unrealized gains | $168,755,614 |
■ | 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 | ||||
Energy | $ 6,354,000 | $ 0 | $0 | $ 6,354,000 |
Financials | 51,704,400 | 0 | 0 | 51,704,400 |
Health care | 126,300,798 | 0 | 0 | 126,300,798 |
Industrials | 242,510,800 | 0 | 0 | 242,510,800 |
Information technology | 301,173,920 | 0 | 0 | 301,173,920 |
Materials | 99,343,235 | 0 | 0 | 99,343,235 |
Corporate bonds and notes | 0 | 159,148,973 | 0 | 159,148,973 |
Yankee corporate bonds and notes | 0 | 9,950,390 | 0 | 9,950,390 |
Short-term investments | ||||
Investment companies | 40,698,119 | 0 | 0 | 40,698,119 |
Total assets | $868,085,272 | $169,099,363 | $0 | $1,037,184,635 |
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 | 1.12% |
Class C | 1.87 |
Administrator Class | 1.05 |
Institutional Class | 0.78 |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g458973img9254684d1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g458973img380a93735.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR4324 03-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g460337imgf7d9cd501.jpg)
Diversified Income Builder Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g460337img923de7fa2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g460337img323f56583.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA, Petros N. Bocray, CFA, FRM |
Average annual total returns (%) as of March 31, 2023 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKSAX) | 4-14-1987 | -12.58 | 0.69 | 3.37 | -7.27 | 1.89 | 3.97 | 1.13 | 0.85 | ||
Class C (EKSCX) | 2-1-1993 | -8.97 | 1.11 | 3.36 | -7.97 | 1.11 | 3.36 | 1.88 | 1.60 | ||
Class R6 (EKSRX)3 | 7-31-2018 | – | – | – | -6.89 | 2.30 | 4.39 | 0.70 | 0.42 | ||
Administrator Class (EKSDX) | 7-30-2010 | – | – | – | -7.05 | 1.99 | 4.12 | 1.05 | 0.77 | ||
Institutional Class (EKSYX) | 1-13-1997 | – | – | – | -6.97 | 2.22 | 4.34 | 0.80 | 0.52 | ||
Diversified Income Builder Blended Index4 | – | – | – | – | -4.48 | 4.63 | 5.83 | – | – | ||
Bloomberg U.S. Aggregate Bond Index5 | – | – | – | – | -4.78 | 0.91 | 1.36 | – | – | ||
ICE BofA U.S. Cash Pay High Yield Index6 | – | – | – | – | -3.41 | 3.08 | 4.03 | – | – | ||
MSCI ACWI (Net)7 | – | – | – | – | -7.44 | 6.93 | 8.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through January 31, 2024, 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) (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. |
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 2023. ICE Data Indices, LLC. All rights reserved. |
7 | 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. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
Ten largest holdings (%) as of March 31, 20231 | |
Microsoft Corporation | 1.83 |
Apple Incorporated | 1.51 |
ING Groep NV, 6.75%, 4-16-2024 | 0.92 |
Lloyds Banking Group plc, 7.50%, 6-27-2024 | 0.92 |
Societe Generale SA, 8.00%, 2-9-2025 | 0.88 |
Amazon.com Incorporated | 0.86 |
Bankia SA, 6.38%, 9-19-2023 | 0.85 |
Alphabet Incorporated Class A | 0.78 |
Enviva Partners LP, 6.50%, 1-15-2026 | 0.77 |
Service Experts Issuer Series 2021-1A Class C, 5.37%, 2-2-2032 | 0.69 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g460337img1910eed04.jpg)
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 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,076.99 | $4.40 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Class C | ||||
Actual | $1,000.00 | $1,074.58 | $8.28 | 1.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.95 | $8.05 | 1.60% |
Class R6 | ||||
Actual | $1,000.00 | $1,079.54 | $2.18 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.84 | $2.12 | 0.42% |
Administrator Class | ||||
Actual | $1,000.00 | $1,079.66 | $3.99 | 0.77% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.09 | $3.88 | 0.77% |
Institutional Class | ||||
Actual | $1,000.00 | $1,079.04 | $2.70 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.34 | $2.62 | 0.52% |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities: 1.64% | ||||||
ABPCI Direct Lending Fund Series 2022-2A Class C 144A | 8.24% | 3-1-2032 | $ | 1,000,000 | $ 835,214 | |
Aqua Finance Trust Series 2019-A Class A 144A | 3.14 | 7-16-2040 | 78,506 | 74,244 | ||
Cologix Data Centers Issuer Series 2021-1A Class C 144A | 5.99 | 12-26-2051 | 2,400,000 | 2,033,386 | ||
Dryden Senior Loan Fund Series 2019-80A Class DR (U.S. SOFR 3 Month +3.10%) 144A± | 7.76 | 1-17-2033 | 1,650,000 | 1,456,125 | ||
Sound Point CLO Limited Series 2022-1A Class D (U.S. SOFR 3 Month +3.30%) 144A± | 7.96 | 4-25-2035 | 500,000 | 432,497 | ||
VB-S1 Issuer LLC Series 2022-1A Class F 144A | 5.27 | 2-15-2052 | 1,500,000 | 1,352,894 | ||
Total Asset-backed securities (Cost $7,128,545) | 6,184,360 |
Shares | ||||||
Common stocks: 30.36% | ||||||
Communication services: 2.35% | ||||||
Diversified telecommunication services: 0.58% | ||||||
AT&T Incorporated # | 44,329 | 853,333 | ||||
Indus Towers Limited | 47,372 | 82,584 | ||||
Orange SA | 30,949 | 367,680 | ||||
PT Telekomunikasi Indonesia Persero Tbk | 2,898,281 | 787,008 | ||||
Saudi Telecom Company | 10,645 | 113,859 | ||||
2,204,464 | ||||||
Entertainment: 0.05% | ||||||
Live Nation Entertainment Incorporated †# | 2,609 | 182,630 | ||||
Interactive media & services: 1.18% | ||||||
Alphabet Incorporated Class A †# | 28,446 | 2,950,704 | ||||
Alphabet Incorporated Class C †# | 3,220 | 334,880 | ||||
Baidu Incorporated Class A † | 7,008 | 132,040 | ||||
Meta Platforms Incorporated Class A †# | 2,302 | 487,886 | ||||
Tencent Holdings Limited | 11,100 | 542,449 | ||||
4,447,959 | ||||||
Media: 0.37% | ||||||
Comcast Corporation Class A # | 17,804 | 674,950 | ||||
Publicis Groupe SA | 9,081 | 708,861 | ||||
1,383,811 | ||||||
Wireless telecommunication services: 0.17% | ||||||
America Movil SAB de CV ADR | 3,017 | 63,508 | ||||
SK Telecom Company Limited | 16,079 | 596,564 | ||||
660,072 | ||||||
Consumer discretionary: 3.65% | ||||||
Automobiles: 0.85% | ||||||
Bajaj Auto Limited | 3,032 | 143,428 | ||||
Bayerische Motoren Werke AG | 5,940 | 651,016 | ||||
General Motors Company # | 13,550 | 497,014 | ||||
Honda Motor Company Limited | 26,500 | 700,956 | ||||
Kia Corporation | 3,058 | 190,844 |
Shares | Value | |||||
Automobiles (continued) | ||||||
Stellantis NV | 36,257 | $ 659,380 | ||||
Tesla Motors Incorporated †# | 1,849 | 383,594 | ||||
3,226,232 | ||||||
Broadline retail: 1.19% | ||||||
Alibaba Group Holding Limited † | 36,300 | 459,757 | ||||
Amazon.com Incorporated †# | 31,650 | 3,269,129 | ||||
JD.com Incorporated Class A | 20,000 | 436,724 | ||||
MercadoLibre Incorporated †# | 194 | 255,704 | ||||
Poya International Company Limited | 3,700 | 69,514 | ||||
4,490,828 | ||||||
Hotels, restaurants & leisure: 0.42% | ||||||
Airbnb Incorporated Class A †# | 3,740 | 465,256 | ||||
Chipotle Mexican Grill Incorporated †# | 279 | 476,613 | ||||
Meituan Dianping † | 1,110 | 20,138 | ||||
Planet Fitness Incorporated Class A †# | 6,737 | 523,263 | ||||
Yum China Holdings Incorporated | 1,500 | 93,941 | ||||
1,579,211 | ||||||
Household durables: 0.22% | ||||||
Barratt Developments plc | ��� 106,947 | 615,456 | ||||
Midea Group Company Limited Class A | 27,099 | 212,043 | ||||
827,499 | ||||||
Specialty retail: 0.82% | ||||||
AutoZone Incorporated †# | 165 | 405,595 | ||||
Boot Barn Holdings Incorporated †# | 367 | 28,127 | ||||
China Yongda Automobile Service Holding Company | 87,000 | 61,805 | ||||
Chow Tai Fook Jewellery Company Limited | 65,000 | 129,161 | ||||
Five Below Incorporated †# | 1,957 | 403,083 | ||||
Floor & Decor Holdings Incorporated Class A †# | 4,936 | 484,814 | ||||
Leslie's Incorporated †# | 51,949 | 571,958 | ||||
O'Reilly Automotive Incorporated †# | 207 | 175,739 | ||||
Petco Health & Wellness Company †# | 3,775 | 33,975 | ||||
Tractor Supply Company # | 435 | 102,242 | ||||
Ulta Beauty Incorporated †# | 1,191 | 649,893 | ||||
United Electronics Company | 2,485 | 51,546 | ||||
3,097,938 | ||||||
Textiles, apparel & luxury goods: 0.15% | ||||||
lululemon athletica Incorporated †# | 636 | 231,625 | ||||
On Holding AG Class A †# | 8,275 | 256,773 | ||||
Prada SPA | 13,300 | 94,311 | ||||
582,709 | ||||||
Consumer staples: 1.06% | ||||||
Beverages: 0.44% | ||||||
Ambev SA | 29,200 | 82,557 | ||||
Constellation Brands Incorporated Class A # | 1,401 | 316,472 | ||||
Thai Beverage PCL | 190,400 | 90,279 | ||||
The Coca-Cola Company # | 18,738 | 1,162,318 | ||||
1,651,626 |
Shares | Value | |||||
Consumer staples distribution & retail: 0.51% | ||||||
Cencosud SA | 53,709 | $ 103,784 | ||||
Costco Wholesale Corporation # | 1,631 | 810,395 | ||||
Magnit PJSC (Acquired 4-29-2013, cost $71,562) ♦†> | 1,041 | 0 | ||||
Sysco Corporation # | 4,905 | 378,813 | ||||
Target Corporation # | 3,284 | 543,929 | ||||
Walmart de Mexico SAB de CV | 22,700 | 90,699 | ||||
1,927,620 | ||||||
Food products: 0.08% | ||||||
China Feihe Limited 144A | 87,000 | 65,203 | ||||
Grupo Bimbo SAB de CV Series A | 16,400 | 82,437 | ||||
Inner Mongolia Yili Industrial Group Company Limited Class A | 22,400 | 94,756 | ||||
Tingyi Holding Corporation | 37,800 | 63,257 | ||||
305,653 | ||||||
Personal care products: 0.03% | ||||||
The Estee Lauder Companies Incorporated Class A # | 451 | 111,153 | ||||
Energy: 0.85% | ||||||
Energy equipment & services: 0.02% | ||||||
Arabian Drilling Company † | 1,828 | 74,411 | ||||
Oil, gas & consumable fuels: 0.83% | ||||||
ConocoPhillips # | 10,166 | 1,008,569 | ||||
Devon Energy Corporation # | 16,130 | 816,339 | ||||
Ecopetrol SA ADR | 8,429 | 89,010 | ||||
Industries Qatar | 14,023 | 50,250 | ||||
Pembina Pipeline Corporation | 22,863 | 740,616 | ||||
Shell plc | 15,893 | 452,928 | ||||
3,157,712 | ||||||
Financials: 5.35% | ||||||
Banks: 1.48% | ||||||
ABSA Group Limited | 5,914 | 60,449 | ||||
Alinma Bank | 11,108 | 87,593 | ||||
Bangkok Bank PCL | 41,300 | 183,166 | ||||
Bank of America Corporation # | 19,763 | 565,222 | ||||
Bank of the Philippine Islands | 36,633 | 69,260 | ||||
Bank Pekao SA | 4,108 | 81,722 | ||||
BNP Paribas SA | 11,539 | 689,081 | ||||
China Construction Bank Class H | 193,000 | 124,909 | ||||
Credicorp Limited | 433 | 57,325 | ||||
DBS Group Holdings Limited | 26,100 | 648,891 | ||||
Grupo Financiero Banorte SAB de CV | 7,700 | 64,830 | ||||
Hana Financial Group Incorporated | 2,662 | 83,371 | ||||
KB Financial Group Incorporated | 2,134 | 77,938 | ||||
National Bank of Greece SA † | 9,772 | 47,580 | ||||
Postal Savings Bank of China Company Limited H Shares 144A | 1,353,000 | 802,405 | ||||
PT Bank Mandiri Persero Tbk | 84,900 | 58,466 | ||||
PT Bank Negara Indonesia Persero Tbk | 197,050 | 123,302 | ||||
RHB Bank Bhd | 46,058 | 58,275 | ||||
Standard Bank Group Limited | 6,205 | 60,163 | ||||
Svenska Handelsbanken AB Class A | 54,972 | 476,105 |
Shares | Value | |||||
Banks (continued) | ||||||
Tisco Financial Group PCL | 20,300 | $ 59,662 | ||||
US Bancorp | 17,432 | 628,424 | ||||
Woori Financial Group Incorporated | 55,386 | 487,213 | ||||
5,595,352 | ||||||
Capital markets: 2.00% | ||||||
3i Group plc | 34,996 | 729,438 | ||||
Ares Capital Corporation # | 44,749 | 817,788 | ||||
B3 Brasil Bolsa Balcao SA | 28,600 | 58,402 | ||||
Banco BTG Pactual SA | 16,804 | 65,148 | ||||
BlackRock Incorporated # | 479 | 320,508 | ||||
China International Capital Corporation Limited H Shares 144A | 55,600 | 111,552 | ||||
CME Group Incorporated # | 4,003 | 766,655 | ||||
Hong Kong Exchanges & Clearing Limited | 2,000 | 88,649 | ||||
Interactive Brokers Group Incorporated Class A # | 5,160 | 426,010 | ||||
Intercontinental Exchange Incorporated # | 2,163 | 225,579 | ||||
LPL Financial Holdings Incorporated # | 2,982 | 603,557 | ||||
Man Group plc | 189,660 | 552,522 | ||||
MarketAxess Holdings Incorporated # | 1,626 | 636,238 | ||||
Oaktree Specialty Lending Company # | 39,380 | 739,163 | ||||
Tradeweb Markets Incorporated Class A # | 17,748 | 1,402,447 | ||||
7,543,656 | ||||||
Consumer finance: 0.02% | ||||||
360 DigiTech Incorporated ADR Class A | 4,616 | 89,550 | ||||
Financial services: 0.96% | ||||||
Flywire Corporation †# | 12,748 | 374,281 | ||||
LIC Housing Finance Limited | 32,948 | 132,182 | ||||
MasterCard Incorporated Class A # | 5,202 | 1,890,459 | ||||
PayPal Holdings Incorporated †# | 2,078 | 157,803 | ||||
Shift4 Payments Incorporated Class A †# | 3,198 | 242,408 | ||||
Visa Incorporated Class A # | 3,649 | 822,704 | ||||
3,619,837 | ||||||
Insurance: 0.75% | ||||||
AXA SA | 32,445 | 990,143 | ||||
BB Seguridade Participacoes SA | 108,446 | 695,593 | ||||
Cathay Financial Holding Company | 86,000 | 118,409 | ||||
Ping An Insurance Group Company Class H | 23,700 | 153,320 | ||||
Progressive Corporation # | 1,643 | 235,048 | ||||
Sanlam Limited | 28,994 | 91,794 | ||||
Sompo Holdings Incorporated | 14,200 | 562,676 | ||||
2,846,983 | ||||||
Mortgage REITs: 0.14% | ||||||
Starwood Property Trust Incorporated | 29,222 | 516,937 | ||||
Health care: 3.55% | ||||||
Biotechnology: 0.84% | ||||||
AbbVie Incorporated # | 4,801 | 765,135 | ||||
Argenx SE †# | 286 | 106,558 | ||||
BioMarin Pharmaceutical Incorporated †# | 2,373 | 230,751 | ||||
Gilead Sciences Incorporated # | 9,252 | 767,638 |
Shares | Value | |||||
Biotechnology (continued) | ||||||
Horizon Therapeutics plc †# | 3,524 | $ 384,609 | ||||
Sarepta Therapeutics Incorporated †# | 1,070 | 147,478 | ||||
Seagen Incorporated †# | 1,574 | 318,688 | ||||
Vertex Pharmaceuticals Incorporated †# | 1,215 | 382,810 | ||||
Zhejiang NHU Company Limited Class A | 22,048 | 57,587 | ||||
3,161,254 | ||||||
Health care equipment & supplies: 0.87% | ||||||
Boston Scientific Corporation †# | 23,469 | 1,174,154 | ||||
Hologic Incorporated †# | 6,951 | 560,946 | ||||
Insulet Corporation †# | 1,261 | 402,209 | ||||
Intuitive Surgical Incorporated †# | 1,475 | 376,818 | ||||
iRhythm Technologies Incorporated †# | 971 | 120,433 | ||||
Penumbra Incorporated †# | 397 | 110,640 | ||||
Shockwave Medical Incorporated †# | 1,361 | 295,106 | ||||
Stryker Corporation # | 938 | 267,771 | ||||
3,308,077 | ||||||
Health care providers & services: 0.61% | ||||||
Cardinal Health Incorporated # | 3,212 | 242,506 | ||||
Sinopharm Group Company Limited Class H | 35,200 | 106,366 | ||||
UnitedHealth Group Incorporated # | 4,156 | 1,964,084 | ||||
2,312,956 | ||||||
Health care technology: 0.09% | ||||||
Veeva Systems Incorporated Class A †# | 1,835 | 337,255 | ||||
Life sciences tools & services: 0.23% | ||||||
Agilent Technologies Incorporated # | 1,325 | 183,301 | ||||
Bio-Techne Corporation # | 1,540 | 114,253 | ||||
Repligen Corporation †# | 589 | 99,164 | ||||
Thermo Fisher Scientific Incorporated # | 192 | 110,663 | ||||
West Pharmaceutical Services Incorporated # | 1,012 | 350,628 | ||||
858,009 | ||||||
Pharmaceuticals: 0.91% | ||||||
Bristol-Myers Squibb Company # | 13,314 | 922,793 | ||||
China Medical System Holding Limited | 334,000 | 526,974 | ||||
CSPC Pharmaceutical Group Limited | 96,000 | 94,110 | ||||
GSK plc | 36,932 | 652,563 | ||||
Pfizer Incorporated # | 17,347 | 707,758 | ||||
Revance Therapeutics Incorporated †# | 12,099 | 389,709 | ||||
Zoetis Incorporated # | 1,007 | 167,605 | ||||
3,461,512 | ||||||
Industrials: 2.89% | ||||||
Aerospace & defense: 0.06% | ||||||
Embraer SA † | 5,945 | 97,320 | ||||
TransDigm Group Incorporated # | 185 | 136,354 | ||||
233,674 | ||||||
Air freight & logistics: 0.07% | ||||||
United Parcel Service Incorporated Class B # | 1,350 | 261,887 |
Shares | Value | |||||
Commercial services & supplies: 0.43% | ||||||
Casella Waste Systems Incorporated Class A †# | 3,693 | $ 305,263 | ||||
Copart Incorporated †# | 17,282 | 1,299,779 | ||||
1,605,042 | ||||||
Construction & engineering: 0.05% | ||||||
China Communications Services Corporation Limited H Shares | 164,000 | 80,699 | ||||
China State Construction International Holdings | 108,500 | 122,749 | ||||
203,448 | ||||||
Electrical equipment: 0.77% | ||||||
Array Technologies Incorporated †# | 9,890 | 216,393 | ||||
Nextracker Incorporated Class A † | 515 | 18,674 | ||||
nVent Electric plc # | 20,520 | 881,129 | ||||
Schneider Electric SE | 4,062 | 678,857 | ||||
Shoals Technologies Group Class A †# | 25,393 | 578,706 | ||||
Signify NV 144A | 16,216 | 540,724 | ||||
2,914,483 | ||||||
Ground transportation: 0.20% | ||||||
J.B. Hunt Transport Services Incorporated | 1,094 | 191,953 | ||||
Uber Technologies Incorporated †# | 17,149 | 543,623 | ||||
735,576 | ||||||
Industrial conglomerates: 0.22% | ||||||
Siemens AG | 4,444 | 719,945 | ||||
The Bidvest Group Limited | 8,194 | 116,626 | ||||
836,571 | ||||||
Machinery: 0.45% | ||||||
AGCO Corporation # | 4,858 | 656,802 | ||||
Doosan Bobcat Incorporated | 2,960 | 99,555 | ||||
Fortive Corporation # | 4,346 | 296,267 | ||||
Hillenbrand Incorporated # | 12,577 | 597,785 | ||||
Zoomlion Heavy Industry Science and Technology Company Limited H Shares | 97,400 | 51,513 | ||||
1,701,922 | ||||||
Marine transportation: 0.26% | ||||||
A.P. Moller-Mærsk AS Class B | 226 | 410,802 | ||||
SITC International Holdings Incorporated | 269,000 | 578,124 | ||||
988,926 | ||||||
Passenger airlines: 0.02% | ||||||
Copa Holdings SA Class A | 710 | 65,569 | ||||
Professional services: 0.16% | ||||||
CoStar Group Incorporated †# | 1,926 | 132,605 | ||||
Persol Holdings Company Limited | 24,200 | 487,265 | ||||
619,870 |
Shares | Value | |||||
Trading companies & distributors: 0.20% | ||||||
BOC Aviation Limited 144A | 11,900 | $ 92,282 | ||||
United Rentals Incorporated | 1,641 | 649,442 | ||||
741,724 | ||||||
Information technology: 8.76% | ||||||
Communications equipment: 0.56% | ||||||
Arista Networks Incorporated †# | 4,743 | 796,160 | ||||
Cisco Systems Incorporated # | 13,729 | 717,683 | ||||
Nokia Oyj | 124,183 | 609,600 | ||||
2,123,443 | ||||||
Electronic equipment, instruments & components: 0.11% | ||||||
Chroma ATE Incorporated | 12,000 | 70,164 | ||||
E INK Holdings Incorporated | 14,000 | 85,451 | ||||
Hon Hai Precision Industry Company Limited | 17,900 | 61,272 | ||||
Zebra Technologies Corporation Class A †# | 613 | 194,934 | ||||
411,821 | ||||||
IT services: 0.73% | ||||||
Accenture plc Class A # | 2,477 | 707,951 | ||||
Capgemini SE | 2,732 | 507,702 | ||||
DigitalOcean Holdings Incorporated †# | 7,040 | 275,757 | ||||
Globant SA † | 299 | 49,039 | ||||
Infosys Limited ADR | 13,089 | 228,272 | ||||
MongoDB Incorporated †# | 3,127 | 728,966 | ||||
Tech Mahindra Limited | 5,977 | 80,574 | ||||
Thoughtworks Holding Incorporated †# | 23,479 | 172,805 | ||||
2,751,066 | ||||||
Semiconductors & semiconductor equipment: 2.55% | ||||||
Advanced Micro Devices Incorporated †# | 2,193 | 214,936 | ||||
Allegro MicroSystems Incorporated † | 21,099 | 1,012,541 | ||||
ASMPT Limited | 7,700 | 76,368 | ||||
Broadcom Incorporated # | 1,410 | 904,571 | ||||
KLA Corporation # | 1,777 | 709,325 | ||||
Mediatek Incorporated | 5,000 | 129,631 | ||||
Microchip Technology Incorporated # | 19,911 | 1,668,144 | ||||
Monolithic Power Systems Incorporated # | 2,404 | 1,203,298 | ||||
NVIDIA Corporation # | 4,896 | 1,359,962 | ||||
Qualcomm Incorporated # | 6,041 | 770,711 | ||||
Realtek Semiconductor Corporation | 8,000 | 102,115 | ||||
Taiwan Semiconductor Manufacturing Company Limited | 51,800 | 907,775 | ||||
Taiwan Semiconductor Manufacturing Company Limited ADR # | 4,980 | 463,240 | ||||
Vanguard International Semiconductor Corporation | 31,000 | 99,169 | ||||
9,621,786 | ||||||
Software: 3.05% | ||||||
Clearwater Analytics Holdings Incorporated Class A †# | 9,680 | 154,493 | ||||
Crowdstrike Holdings Incorporated Class A †# | 2,551 | 350,150 | ||||
Datadog Incorporated Class A †# | 659 | 47,883 | ||||
Doubleverify Holdings Incorporated †# | 1,716 | 51,737 | ||||
Dynatrace Incorporated †# | 6,722 | 284,341 |
Shares | Value | |||||
Software (continued) | ||||||
Fair Isaac Corporation †# | 661 | $ 464,478 | ||||
Five9 Incorporated †# | 3,131 | 226,340 | ||||
Intuit Incorporated # | 1,445 | 644,224 | ||||
Microsoft Corporation # | 24,048 | 6,933,038 | ||||
Open Text Corporation | 19,271 | 743,320 | ||||
Palo Alto Networks Incorporated †# | 2,736 | 546,489 | ||||
Paycom Software Incorporated †# | 1,260 | 383,053 | ||||
Paycor HCM Incorporated †# | 16,215 | 430,022 | ||||
ServiceNow Incorporated †# | 615 | 285,803 | ||||
11,545,371 | ||||||
Technology hardware, storage & peripherals: 1.76% | ||||||
Advantech Company Limited | 9,300 | 113,775 | ||||
Apple Incorporated # | 34,630 | 5,710,487 | ||||
Samsung Electronics Company Limited | 6,916 | 342,003 | ||||
Samsung Electronics Company Limited GDR 144A | 383 | 473,114 | ||||
6,639,379 | ||||||
Materials: 0.75% | ||||||
Chemicals: 0.33% | ||||||
Formosa Plastics Corporation | 20,000 | 60,380 | ||||
Ganfeng Lithium Company Limited H Shares 144A | 8,120 | 50,599 | ||||
Hengli Petrochemical Company limited Class A | 46,300 | 109,242 | ||||
Linde plc | 2,640 | 938,362 | ||||
Petronas Chemicals Group Bhd | 30,400 | 48,852 | ||||
Sociedad Quimica Minera de Chile | 619 | 50,176 | ||||
1,257,611 | ||||||
Metals & mining: 0.42% | ||||||
Alrosa PJSC (Acquired 5-6-2021, cost $65,232) ♦†> | 42,660 | 0 | ||||
Anglo American plc | 1,626 | 54,083 | ||||
Baoshan Iron & Steel Company Limited Class A | 102,900 | 93,435 | ||||
Companhia Brasileira de Aluminio | 39,021 | 58,357 | ||||
Fortescue Metals Group Limited | 30,230 | 454,404 | ||||
Gold Fields Limited ADR | 6,140 | 81,785 | ||||
Reliance Steel & Aluminum Company # | 2,281 | 585,624 | ||||
Southern Copper Corporation | 1,662 | 126,728 | ||||
Vale SA | 7,000 | 110,888 | ||||
1,565,304 | ||||||
Real estate: 0.64% | ||||||
Office REITs: 0.03% | ||||||
Embassy Office Parks REIT | 31,348 | 119,116 | ||||
Real estate management & development: 0.07% | ||||||
China Resources Land Limited | 26,050 | 118,627 | ||||
China Vanke Company Limited H Shares | 44,700 | 70,534 | ||||
Country Garden Services Holdings Company Limited | 39,000 | 67,240 | ||||
256,401 |
Shares | Value | |||||
Retail REITs: 0.35% | ||||||
Brixmor Property Group Incorporated # | 28,005 | $ 602,668 | ||||
Simon Property Group Incorporated # | 6,581 | 736,875 | ||||
1,339,543 | ||||||
Specialized REITs: 0.19% | ||||||
Equinix Incorporated # | 187 | 134,834 | ||||
Weyerhaeuser Company # | 19,492 | 587,294 | ||||
722,128 | ||||||
Utilities: 0.51% | ||||||
Electric utilities: 0.38% | ||||||
EDP Energias do Brasil SA | 157,116 | 692,514 | ||||
Power Grid Corporation of India Limited | 53,255 | 146,615 | ||||
SSE plc | 26,677 | 595,266 | ||||
1,434,395 | ||||||
Gas utilities: 0.11% | ||||||
ENN Energy Holdings Limited | 8,400 | 115,021 | ||||
Gail India Limited | 124,775 | 160,130 | ||||
Mahanagar Gas Limited | 13,325 | 159,661 | ||||
434,812 | ||||||
Independent power & renewable electricity producers: 0.02% | ||||||
NHPC Limited | 119,333 | 58,542 | ||||
Total Common stocks (Cost $103,193,395) | 114,752,316 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 40.63% | ||||||
Communication services: 6.08% | ||||||
Diversified telecommunication services: 0.19% | ||||||
Cablevision Lightpath LLC 144A | 3.88% | 9-15-2027 | $ | 550,000 | 442,602 | |
Cablevision Lightpath LLC 144A | 5.63 | 9-15-2028 | 375,000 | 258,769 | ||
701,371 | ||||||
Entertainment: 0.52% | ||||||
Dave & Buster's Incorporated 144A | 7.63 | 11-1-2025 | 325,000 | 331,199 | ||
Live Nation Entertainment Incorporated 144A | 5.63 | 3-15-2026 | 545,000 | 527,288 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 1,115,000 | 1,126,980 | ||
1,985,467 | ||||||
Media: 5.37% | ||||||
CCO Holdings LLC 144A | 4.25 | 1-15-2034 | 1,255,000 | 981,561 | ||
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 1,700,000 | 1,436,500 | ||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 1,520,000 | 1,436,400 | ||
Cinemark USA Incorporated 144A | 5.25 | 7-15-2028 | 1,080,000 | 934,200 | ||
Cinemark USA Incorporated 144A | 5.88 | 3-15-2026 | 200,000 | 188,648 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 935,000 | 954,560 | ||
Clear Channel Outdoor Holdings 144A | 7.50 | 6-1-2029 | 1,165,000 | 827,966 | ||
CSC Holdings LLC 144A | 4.13 | 12-1-2030 | 1,025,000 | 736,145 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
CSC Holdings LLC 144A | 5.75% | 1-15-2030 | $ | 1,800,000 | $ 947,745 | |
DIRECTV Financing LLC 144A | 5.88 | 8-15-2027 | 380,000 | 344,166 | ||
DISH DBS Corporation 144A | 5.75 | 12-1-2028 | 390,000 | 291,038 | ||
DISH Network Corporation 144A | 11.75 | 11-15-2027 | 880,000 | 853,600 | ||
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 3,550,000 | 2,357,200 | ||
Match Group Holdings II LLC 144A | 5.63 | 2-15-2029 | 1,850,000 | 1,739,447 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 650,000 | 600,620 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 775,000 | 646,325 | ||
Outfront Media Capital Corporation 144A | 5.00 | 8-15-2027 | 290,000 | 261,241 | ||
Scripps Escrow II Incorporated 144A | 5.38 | 1-15-2031 | 1,650,000 | 1,134,375 | ||
Scripps Escrow II Incorporated 144A | 5.88 | 7-15-2027 | 1,420,000 | 1,045,901 | ||
Sirius XM Radio Incorporated 144A | 4.13 | 7-1-2030 | 1,120,000 | 915,600 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 1,755,000 | 1,660,248 | ||
20,293,486 | ||||||
Consumer discretionary: 5.69% | ||||||
Automobiles: 0.20% | ||||||
Ford Motor Company | 3.25 | 2-12-2032 | 245,000 | 192,559 | ||
Ford Motor Company | 4.75 | 1-15-2043 | 720,000 | 552,118 | ||
744,677 | ||||||
Broadline retail: 0.55% | ||||||
LSF9 Atlantis Holdings LLC 144A | 7.75 | 2-15-2026 | 1,478,000 | 1,342,513 | ||
Macy's Retail Holdings LLC 144A | 5.88 | 4-1-2029 | 570,000 | 527,244 | ||
Macy's Retail Holdings LLC 144A | 6.13 | 3-15-2032 | 240,000 | 211,270 | ||
2,081,027 | ||||||
Diversified consumer services: 0.24% | ||||||
Grand Canyon University | 5.13 | 10-1-2028 | 1,000,000 | 902,230 | ||
Hotels, restaurants & leisure: 3.17% | ||||||
Carnival Corporation 144A | 4.00 | 8-1-2028 | 650,000 | 559,540 | ||
Carnival Corporation 144A | 6.00 | 5-1-2029 | 1,145,000 | 910,275 | ||
Carnival Corporation 144A | 9.88 | 8-1-2027 | 680,000 | 700,465 | ||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 190,000 | 197,965 | ||
Carnival Holdings Bermuda Limited 144A | 10.38 | 5-1-2028 | 1,130,000 | 1,215,609 | ||
CCM Merger Incorporated 144A | 6.38 | 5-1-2026 | 2,575,000 | 2,514,127 | ||
Churchill Downs Incorporated 144A | 4.75 | 1-15-2028 | 570,000 | 533,762 | ||
NCL Corporation Limited 144A | 5.88 | 3-15-2026 | 905,000 | 770,227 | ||
NCL Corporation Limited 144A | 5.88 | 2-15-2027 | 785,000 | 732,013 | ||
NCL Corporation Limited 144A | 7.75 | 2-15-2029 | 495,000 | 424,430 | ||
Royal Caribbean Cruises Limited 144A | 5.38 | 7-15-2027 | 160,000 | 142,512 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 215,000 | 201,143 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 1,525,000 | 1,346,400 | ||
Royal Caribbean Cruises Limited 144A | 9.25 | 1-15-2029 | 585,000 | 621,563 | ||
Royal Caribbean Cruises Limited 144A | 11.63 | 8-15-2027 | 1,055,000 | 1,133,117 | ||
12,003,148 | ||||||
Household durables: 0.28% | ||||||
Toll Brothers Finance Corporation | 4.35 | 2-15-2028 | 760,000 | 716,879 | ||
TRI Pointe Homes Incorporated | 5.70 | 6-15-2028 | 375,000 | 360,825 | ||
1,077,704 |
Interest rate | Maturity date | Principal | Value | |||
Specialty retail: 0.84% | ||||||
Bath & Body Works Incorporated 144A | 9.38% | 7-1-2025 | $ | 410,000 | $ 438,028 | |
Michaels Companies Incorporated 144A | 7.88 | 5-1-2029 | 975,000 | 682,500 | ||
NMG Holding Company Incorporated 144A | 7.13 | 4-1-2026 | 995,000 | 934,176 | ||
PetSmart Incorporated 144A | 4.75 | 2-15-2028 | 270,000 | 253,463 | ||
Rent-A-Center Incorporated 144A | 6.38 | 2-15-2029 | 1,015,000 | 852,247 | ||
3,160,414 | ||||||
Textiles, apparel & luxury goods: 0.41% | ||||||
G-III Apparel Group Limited 144A | 7.88 | 8-15-2025 | 1,650,000 | 1,555,125 | ||
Consumer staples: 0.22% | ||||||
Consumer staples distribution & retail: 0.06% | ||||||
PetSmart Incorporated 144A | 7.75 | 2-15-2029 | 250,000 | 245,403 | ||
Food products: 0.16% | ||||||
CHS Incorporated 144A | 5.25 | 5-15-2030 | 750,000 | 588,338 | ||
Energy: 8.43% | ||||||
Energy equipment & services: 1.92% | ||||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 1,885,000 | 1,753,759 | ||
Hilcorp Energy Company 144A | 6.25 | 11-1-2028 | 1,100,000 | 1,043,888 | ||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 920,000 | 900,528 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 600,000 | 563,746 | ||
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 2,425,000 | 2,218,496 | ||
USA Compression Partners LP | 6.88 | 4-1-2026 | 725,000 | 704,661 | ||
USA Compression Partners LP | 6.88 | 9-1-2027 | 75,000 | 71,669 | ||
7,256,747 | ||||||
Oil, gas & consumable fuels: 6.51% | ||||||
Aethon United 144A | 8.25 | 2-15-2026 | 1,195,000 | 1,172,558 | ||
Archrock Partners LP 144A | 6.25 | 4-1-2028 | 190,000 | 182,400 | ||
Archrock Partners LP 144A | 6.88 | 4-1-2027 | 945,000 | 927,281 | ||
Buckeye Partners LP 144A | 4.50 | 3-1-2028 | 475,000 | 428,797 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 425,000 | 320,913 | ||
CQP Holdco LP 144A | 5.50 | 6-15-2031 | 1,415,000 | 1,271,873 | ||
DT Midstream Incorporated 144A | 4.13 | 6-15-2029 | 190,000 | 166,573 | ||
DT Midstream Incorporated 144A | 4.38 | 6-15-2031 | 1,195,000 | 1,041,072 | ||
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 1,915,000 | 1,675,625 | ||
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 1,620,000 | 1,559,250 | ||
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 1,175,000 | 959,000 | ||
EnLink Midstream Partners LP 144A | 6.50 | 9-1-2030 | 1,020,000 | 1,031,434 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 3,190,000 | 2,902,900 | ||
EQM Midstream Partners 144A | 7.50 | 6-1-2027 | 15,000 | 15,060 | ||
EQM Midstream Partners 144A | 7.50 | 6-1-2030 | 945,000 | 915,469 | ||
Harvest Midstream LP 144A | 7.50 | 9-1-2028 | 690,000 | 688,151 | ||
Hess Midstream Operation Company 144A | 5.50 | 10-15-2030 | 145,000 | 134,831 | ||
Kinetik Holdings LP Company 144A | 5.88 | 6-15-2030 | 975,000 | 938,438 | ||
Murphy Oil Corporation | 6.38 | 7-15-2028 | 340,000 | 335,020 | ||
Nabors Industries Limited 144A | 7.38 | 5-15-2027 | 845,000 | 827,576 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 1,950,000 | 2,050,289 | ||
Rockies Express Pipeline LLC 144A | 4.95 | 7-15-2029 | 250,000 | 222,712 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 855,000 | 712,424 | ||
Southwestern Energy Company | 4.75 | 2-1-2032 | 1,390,000 | 1,227,356 | ||
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 1,410,000 | 1,260,159 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Venture Global Calcasieu Pass LLC 144A | 6.25% | 1-15-2030 | $ | 1,040,000 | $ 1,047,800 | |
Venture Global LNG Incorporated 144A | 3.88 | 11-1-2033 | 110,000 | 92,400 | ||
Vital Energy Incorporated | 9.50 | 1-15-2025 | 500,000 | 503,510 | ||
24,610,871 | ||||||
Financials: 8.28% | ||||||
Banks: 1.75% | ||||||
Bank of America Corporation (5 Year Treasury Constant Maturity +2.76%) ʊ± | 4.38 | 1-27-2027 | 1,500,000 | 1,275,207 | ||
Citigroup Incorporated (U.S. SOFR +3.23%) ʊ± | 4.70 | 1-30-2025 | 1,000,000 | 875,000 | ||
Citizens Financial Group Incorporated (5 Year Treasury Constant Maturity +5.31%) ʊ± | 5.65 | 10-6-2025 | 2,000,000 | 1,725,864 | ||
Fifth Third Bancorp (5 Year Treasury Constant Maturity +4.22%) ʊ± | 4.50 | 9-30-2025 | 2,000,000 | 1,734,273 | ||
JPMorgan Chase & Company (U.S. SOFR 3 Month +3.13%) ʊ± | 4.60 | 2-1-2025 | 1,000,000 | 930,000 | ||
SVB Financial Group (10 Year Treasury Constant Maturity +3.06%) ʊ± | 4.70 | 11-15-2031 | 1,500,000 | 95,625 | ||
6,635,969 | ||||||
Capital markets: 0.31% | ||||||
Oppenheimer Holdings Incorporated | 5.50 | 10-1-2025 | 1,215,000 | 1,160,325 | ||
Consumer finance: 2.56% | ||||||
FirstCash Incorporated 144A | 4.63 | 9-1-2028 | 910,000 | 807,108 | ||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 955,000 | 906,056 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 2,075,000 | 1,948,010 | ||
Ford Motor Credit Company LLC | 5.13 | 6-16-2025 | 230,000 | 225,134 | ||
LFS TopCo LLC 144A | 5.88 | 10-15-2026 | 705,000 | 614,488 | ||
Navient Corporation | 5.00 | 3-15-2027 | 1,055,000 | 929,344 | ||
OneMain Finance Corporation | 3.50 | 1-15-2027 | 355,000 | 297,938 | ||
OneMain Finance Corporation | 5.38 | 11-15-2029 | 200,000 | 168,253 | ||
OneMain Finance Corporation | 7.13 | 3-15-2026 | 720,000 | 692,129 | ||
PECF USS Intermediate Holding III Corporation 144A | 8.00 | 11-15-2029 | 875,000 | 581,000 | ||
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 1,465,000 | 1,225,598 | ||
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 890,000 | 796,550 | ||
Rocket Mortgage LLC 144A | 4.00 | 10-15-2033 | 615,000 | 488,218 | ||
9,679,826 | ||||||
Financial services: 2.39% | ||||||
Camelot Return Merger Sub Incorporated 144A | 8.75 | 8-1-2028 | 1,580,000 | 1,462,985 | ||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 2,490,000 | 2,427,750 | ||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 370,000 | 320,975 | ||
Hat Holdings LLC 144A | 3.75 | 9-15-2030 | 760,000 | 573,800 | ||
Hat Holdings LLC 144A | 6.00 | 4-15-2025 | 345,000 | 331,423 | ||
Ladder Capital Finance Holdings LP 144A | 4.25 | 2-1-2027 | 600,000 | 474,000 | ||
Ladder Capital Finance Holdings LP 144A | 4.75 | 6-15-2029 | 385,000 | 278,290 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 1,210,000 | 1,064,552 | ||
LPL Holdings Incorporated 144A | 4.38 | 5-15-2031 | 1,025,000 | 906,213 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 11-15-2025 | 795,000 | 752,396 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 4-15-2029 | 515,000 | 430,025 | ||
9,022,409 |
Interest rate | Maturity date | Principal | Value | |||
Insurance: 0.75% | ||||||
Amwins Group Incorporated 144A | 4.88% | 6-30-2029 | $ | 910,000 | $ 805,350 | |
AssuredPartners Incorporated 144A | 5.63 | 1-15-2029 | 775,000 | 669,600 | ||
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 1,600,000 | 1,353,167 | ||
2,828,117 | ||||||
Mortgage REITs: 0.52% | ||||||
Starwood Property Trust Incorporated 144A | 4.38 | 1-15-2027 | 930,000 | 768,608 | ||
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 1,260,000 | 1,185,030 | ||
1,953,638 | ||||||
Health care: 0.66% | ||||||
Health care providers & services: 0.66% | ||||||
Air Methods Corporation 144A | 8.00 | 5-15-2025 | 515,000 | 30,900 | ||
Pediatrix Medical Group 144A | 5.38 | 2-15-2030 | 640,000 | 579,315 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 750,000 | 727,500 | ||
Tenet Healthcare Corporation | 4.88 | 1-1-2026 | 475,000 | 465,671 | ||
Toledo Hospital | 6.02 | 11-15-2048 | 1,000,000 | 675,000 | ||
2,478,386 | ||||||
Industrials: 4.74% | ||||||
Aerospace & defense: 0.81% | ||||||
Spirit AeroSystems Incorporated 144A | 7.50 | 4-15-2025 | 230,000 | 230,000 | ||
Spirit AeroSystems Incorporated 144A | 9.38 | 11-30-2029 | 1,155,000 | 1,260,394 | ||
TransDigm Group Incorporated | 7.50 | 3-15-2027 | 1,565,000 | 1,561,088 | ||
3,051,482 | ||||||
Commercial services & supplies: 1.26% | ||||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 1,425,000 | 1,063,706 | ||
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 600,000 | 576,603 | ||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 2,210,000 | 2,227,636 | ||
Northern Light Health | 5.02 | 7-1-2036 | 1,000,000 | 897,679 | ||
4,765,624 | ||||||
Ground transportation: 0.51% | ||||||
Uber Technologies Incorporated 144A | 4.50 | 8-15-2029 | 2,105,000 | 1,918,181 | ||
Machinery: 0.74% | ||||||
Chart Industries Incorporated 144A | 7.50 | 1-1-2030 | 190,000 | 196,312 | ||
Chart Industries Incorporated 144A | 9.50 | 1-1-2031 | 315,000 | 332,325 | ||
TK Elevator US Newco Incorporated 144A | 5.25 | 7-15-2027 | 1,365,000 | 1,288,697 | ||
Werner FinCo LP 144A | 8.75 | 7-15-2025 | 1,195,000 | 967,950 | ||
2,785,284 | ||||||
Passenger airlines: 0.84% | ||||||
American Airlines Group Incorporated 144A | 5.50 | 4-20-2026 | 325,000 | 319,836 | ||
American Airlines Group Incorporated 144A | 5.75 | 4-20-2029 | 490,000 | 470,026 | ||
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 429,830 | 385,587 | ||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 685,000 | 650,308 | ||
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 1,040,000 | 1,042,600 | ||
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 315,000 | 317,029 | ||
3,185,386 |
Interest rate | Maturity date | Principal | Value | |||
Trading companies & distributors: 0.58% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50% | 5-1-2028 | $ | 795,000 | $ 725,310 | |
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 1,107,000 | 1,107,736 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 9.75 | 8-1-2027 | 350,000 | 369,282 | ||
2,202,328 | ||||||
Information technology: 2.12% | ||||||
Communications equipment: 0.23% | ||||||
CommScope Technologies LLC 144A | 4.75 | 9-1-2029 | 255,000 | 212,548 | ||
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 910,000 | 665,365 | ||
877,913 | ||||||
IT services: 0.82% | ||||||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 1,715,000 | 1,615,530 | ||
Sabre GLBL Incorporated 144A | 11.25 | 12-15-2027 | 1,575,000 | 1,467,648 | ||
3,083,178 | ||||||
Software: 1.07% | ||||||
McAfee Corporation 144A | 7.38 | 2-15-2030 | 1,085,000 | 909,766 | ||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 380,000 | 302,119 | ||
MPH Acquisition Holdings LLC 144A | 5.75 | 11-1-2028 | 1,405,000 | 1,010,917 | ||
NCR Corporation 144A | 5.75 | 9-1-2027 | 800,000 | 786,184 | ||
NCR Corporation 144A | 6.13 | 9-1-2029 | 455,000 | 448,780 | ||
SS&C Technologies Incorporated 144A | 5.50 | 9-30-2027 | 600,000 | 582,179 | ||
4,039,945 | ||||||
Materials: 1.07% | ||||||
Chemicals: 0.07% | ||||||
Avient Corporation 144A | 7.13 | 8-1-2030 | 260,000 | 268,125 | ||
Containers & packaging: 0.58% | ||||||
Berry Global Incorporated 144A | 5.63 | 7-15-2027 | 1,205,000 | 1,196,945 | ||
Clydesdale Acquisition Holdings Incorporated 144A | 8.75 | 4-15-2030 | 1,075,000 | 976,895 | ||
2,173,840 | ||||||
Metals & mining: 0.33% | ||||||
Arches Buyer Incorporated 144A | 4.25 | 6-1-2028 | 420,000 | 351,015 | ||
Arches Buyer Incorporated 144A | 6.13 | 12-1-2028 | 1,100,000 | 907,500 | ||
1,258,515 | ||||||
Paper & forest products: 0.09% | ||||||
Clearwater Paper Corporation 144A | 4.75 | 8-15-2028 | 370,000 | 332,408 | ||
Real estate: 1.36% | ||||||
Diversified REITs: 0.49% | ||||||
GLP Capital LP | 3.25 | 1-15-2032 | 635,000 | 515,214 | ||
MPT Operating Partnership LP | 3.50 | 3-15-2031 | 1,995,000 | 1,343,034 | ||
1,858,248 |
Interest rate | Maturity date | Principal | Value | |||
Hotel & resort REITs: 0.27% | ||||||
Service Properties Trust Company | 4.35% | 10-1-2024 | $ | 520,000 | $ 497,385 | |
Service Properties Trust Company | 4.75 | 10-1-2026 | 300,000 | 250,483 | ||
Service Properties Trust Company | 4.95 | 2-15-2027 | 335,000 | 283,581 | ||
1,031,449 | ||||||
Specialized REITs: 0.60% | ||||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 925,000 | 794,880 | ||
Iron Mountain Incorporated 144A | 5.25 | 7-15-2030 | 1,615,000 | 1,456,216 | ||
2,251,096 | ||||||
Utilities: 1.98% | ||||||
Electric utilities: 0.51% | ||||||
PG&E Corporation | 5.25 | 7-1-2030 | 2,100,000 | 1,949,430 | ||
Independent power & renewable electricity producers: 1.47% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 1,173,238 | 1,155,639 | ||
TerraForm Power Operating LLC 144A | 5.00 | 1-31-2028 | 2,530,000 | 2,403,597 | ||
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 740,000 | 655,207 | ||
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 320,000 | 310,517 | ||
Vistra Operations Company LLC 144A | 7.00 | 8-1-2049 | 1,155,000 | 1,016,382 | ||
5,541,342 | ||||||
Total Corporate bonds and notes (Cost $170,172,875) | 153,538,452 | |||||
Foreign corporate bonds and notes : 3.37% | ||||||
Financials: 3.37% | ||||||
Banks: 3.37% | ||||||
ABN AMRO Bank NV ʊ | 4.75 | 9-22-2027 | EUR | 3,000,000 | 2,592,785 | |
AIB Group plc ʊ | 6.25 | 6-23-2025 | EUR | 2,000,000 | 1,981,637 | |
Banco Santander SA ʊ | 4.38 | 1-14-2026 | EUR | 3,000,000 | 2,558,181 | |
Bankia SA ʊ | 6.38 | 9-19-2023 | EUR | 3,000,000 | 3,200,468 | |
Commerzbank AG ʊ | 6.13 | 10-9-2025 | EUR | 2,600,000 | 2,400,523 | |
Total Foreign corporate bonds and notes (Cost $15,840,608) | 12,733,594 | |||||
Loans: 2.95% | ||||||
Communication services: 0.44% | ||||||
Diversified telecommunication services: 0.23% | ||||||
Intelsat Jackson Holdings SA (U.S. SOFR 1 Month +4.25%) ± | 9.08 | 2-1-2029 | $ | 895,158 | 883,968 | |
Entertainment: 0.04% | ||||||
Dave & Buster's Incorporated (U.S. SOFR 1 Month +5.00%) ± | 9.94 | 6-29-2029 | 158,250 | 157,986 | ||
Media: 0.17% | ||||||
Clear Channel Outdoor Holdings (1 Month LIBOR +3.50%) ± | 8.33 | 8-21-2026 | 372,108 | 345,752 | ||
Hubbard Radio LLC (1 Month LIBOR +4.25%) ± | 9.10 | 3-28-2025 | 335,791 | 290,795 | ||
636,547 |
Interest rate | Maturity date | Principal | Value | |||
Energy: 0.28% | ||||||
Oil, gas & consumable fuels: 0.28% | ||||||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) <± | 9.66% | 9-29-2028 | $ | 704,343 | $ 699,060 | |
M6 ETX Holdings II MidCo LLC (U.S. SOFR 1 Month +4.50%) ± | 9.36 | 9-19-2029 | 349,125 | 344,614 | ||
1,043,674 | ||||||
Financials: 0.73% | ||||||
Financial services: 0.41% | ||||||
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) <± | 9.39 | 4-30-2024 | 642,553 | 466,924 | ||
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 8.34 | 5-30-2025 | 1,090,771 | 1,065,890 | ||
1,532,814 | ||||||
Insurance: 0.23% | ||||||
Asurion LLC (3 Month LIBOR +3.25%) <± | 8.09 | 12-23-2026 | 770,477 | 712,969 | ||
Asurion LLC (1 Month LIBOR +5.25%) ± | 10.09 | 1-31-2028 | 200,000 | 165,800 | ||
878,769 | ||||||
Mortgage REITs: 0.09% | ||||||
Claros Mortgage Trust Incorporated (U.S. SOFR 1 Month +4.50%) ‡± | 9.34 | 8-9-2026 | 404,875 | 346,168 | ||
Health care: 0.13% | ||||||
Health care equipment & supplies: 0.13% | ||||||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 8.46 | 8-31-2026 | 490,884 | 487,316 | ||
Industrials: 1.37% | ||||||
Commercial services & supplies: 0.62% | ||||||
The Geo Group Incorporated (1 Month LIBOR +7.13%) ± | 11.93 | 3-23-2027 | 2,328,777 | 2,355,465 | ||
Machinery: 0.20% | ||||||
Chart Industries Incorporated (U.S. SOFR 1 Month +3.75%) ± | 8.59 | 8-18-2026 | 180,000 | 179,325 | ||
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 9.14 | 7-24-2024 | 600,698 | 559,778 | ||
739,103 | ||||||
Passenger airlines: 0.55% | ||||||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 10.21 | 6-21-2027 | 1,296,250 | 1,343,408 | ||
SkyMiles IP Limited (3 Month LIBOR +3.75%) <± | 8.56 | 10-20-2027 | 710,750 | 735,541 | ||
2,078,949 | ||||||
Total Loans (Cost $11,273,524) | 11,140,759 |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 3.50% | ||||||
California: 0.67% | ||||||
Education revenue: 0.44% | ||||||
California School Finance Authority Charter School 144A | 4.25% | 7-1-2025 | $ | 530,000 | $ 535,305 | |
California School Finance Authority Charter School 144A | 5.00 | 6-15-2031 | 1,235,000 | 1,140,613 | ||
1,675,918 | ||||||
Health revenue: 0.02% | ||||||
California Municipal Finance Authority Series 2019B 144A | 4.25 | 11-1-2023 | 65,000 | 64,178 | ||
Tobacco revenue: 0.21% | ||||||
Golden State Tobacco Securitization Corporation | 4.21 | 6-1-2050 | 1,000,000 | 782,346 | ||
Colorado: 0.12% | ||||||
Health revenue: 0.12% | ||||||
Denver CO Health & Hospital Authority Series B | 5.15 | 12-1-2026 | 445,000 | 439,273 | ||
Florida: 0.54% | ||||||
Education revenue: 0.25% | ||||||
Capital Trust Agency Renaissance Charter School Project Series B 144A | 5.63 | 6-15-2023 | 105,000 | 104,478 | ||
Florida HEFAR Jacksonville University Project Series A2 144A | 5.43 | 6-1-2027 | 835,000 | 838,123 | ||
942,601 | ||||||
Water & sewer revenue: 0.29% | ||||||
Charlotte County IDA Town & Country Utilities Project Series B 144A | 5.00 | 10-1-2036 | 1,250,000 | 1,086,090 | ||
Georgia: 0.08% | ||||||
Health revenue: 0.08% | ||||||
Cobb County GA Development Authority Presbyterian Village Austell Project Series 2019B 144A | 5.75 | 12-1-2028 | 300,000 | 290,377 | ||
Guam: 0.14% | ||||||
Airport revenue: 0.14% | ||||||
Guam International Airport Authority Series A | 4.46 | 10-1-2043 | 675,000 | 524,865 | ||
Illinois: 0.32% | ||||||
Miscellaneous revenue: 0.32% | ||||||
Chicago IL Board of Education Taxable Build America Bonds Series E | 6.04 | 12-1-2029 | 1,255,000 | 1,231,421 | ||
Indiana: 0.12% | ||||||
Health revenue: 0.12% | ||||||
Knox County IN Good Samaritian Hospital Project Industry Economic Development Series B | 5.90 | 4-1-2034 | 480,000 | 461,059 | ||
Iowa: 0.30% | ||||||
GO revenue: 0.30% | ||||||
Coralville IA Series C | 5.00 | 5-1-2030 | 1,200,000 | 1,135,709 |
Interest rate | Maturity date | Principal | Value | |||
Louisiana: 0.18% | ||||||
Health revenue: 0.18% | ||||||
Louisiana Local Government Environmental Facilities & CDA | 5.75% | 1-1-2029 | $ | 745,000 | $ 702,867 | |
New Jersey: 0.24% | ||||||
Education revenue: 0.24% | ||||||
New Jersey Educational Facilities Authority Georgian Court University Series H | 4.25 | 7-1-2028 | 1,000,000 | 913,162 | ||
New York: 0.27% | ||||||
Education revenue: 0.14% | ||||||
Yonkers Economic Development Corporation Series 2019B | 4.50 | 10-15-2024 | 545,000 | 532,015 | ||
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 | 215,000 | 201,693 | ||
Utilities revenue: 0.08% | ||||||
New York Energy Research & Development Authority Green Bond Series A | 4.81 | 4-1-2034 | 290,000 | 284,935 | ||
Oklahoma: 0.11% | ||||||
Health revenue: 0.11% | ||||||
Oklahoma Development Finance Authority | 5.45 | 8-15-2028 | 500,000 | 421,895 | ||
Texas: 0.15% | ||||||
Industrial development revenue: 0.15% | ||||||
Port Beaumont TX IDA Jefferson Gulf Coast 144A | 4.10 | 1-1-2028 | 700,000 | 564,511 | ||
Wisconsin: 0.26% | ||||||
Education revenue: 0.26% | ||||||
Burrell College of Osteopathic Medicine Project PFA 144A | 5.13 | 6-1-2028 | 1,040,000 | 992,962 | ||
Total Municipal obligations (Cost $14,318,599) | 13,247,877 | |||||
Non-agency mortgage-backed securities: 2.11% | ||||||
Arroyo Mortgage Trust Series 2022-1 Class A3 144A | 3.65 | 12-25-2056 | 1,450,000 | 1,083,125 | ||
Credit Suisse Mortgage Trust Series 2021-NQM8 Class M1 144A±± | 3.26 | 10-25-2066 | 2,000,000 | 1,284,417 | ||
GCAT Series 2021-NQM6 Class M1 144A±± | 3.41 | 8-25-2066 | 2,000,000 | 1,381,498 | ||
Golub Capital Partners Funding LLC Series2021-2A Class B 144A | 3.99 | 10-19-2029 | 500,000 | 425,430 | ||
JPMorgan Mortgage Trust Series 2019-2 Class A3 144A±± | 4.00 | 8-25-2049 | 42,829 | 41,241 | ||
PRKCM 2022-AFC1 Trust Class M1 144A±± | 4.19 | 4-25-2057 | 600,000 | 491,591 | ||
Purewest Funding LLC Series 2021-1 Class A1 144A | 4.09 | 12-22-2036 | 612,647 | 584,525 | ||
Sequoia Mortgage Trust Series 2018-6 Class A19 144A±± | 4.00 | 7-25-2048 | 80,063 | 74,022 | ||
Service Experts Issuer Series 2021-1A Class C 144A | 5.37 | 2-2-2032 | 3,000,000 | 2,626,511 | ||
Total Non-agency mortgage-backed securities (Cost $10,157,938) | 7,992,360 |
Dividend Yield | Shares | Value | ||||
Preferred stocks: 0.17% | ||||||
Energy: 0.02% | ||||||
Oil, gas & consumable fuels: 0.02% | ||||||
Petroleo Brasil SP ADR | 7.69% | 6,040 | $ 56,051 | |||
Financials: 0.02% | ||||||
Banks: 0.02% | ||||||
Itau Unibanco Holding SA | 13.49 | 18,100 | 88,349 | |||
Information technology: 0.08% | ||||||
Technology hardware, storage & peripherals: 0.08% | ||||||
Samsung Electronics Company Limited | 2.63 | 7,198 | 299,542 | |||
Materials: 0.05% | ||||||
Chemicals: 0.05% | ||||||
LG Chem Limited | 3.29 | 780 | 186,892 | |||
Total Preferred stocks (Cost $707,780) | 630,834 |
Interest rate | Maturity date | Principal | ||||
Yankee corporate bonds and notes: 9.04% | ||||||
Communication services: 0.29% | ||||||
Media: 0.29% | ||||||
Videotron Limited 144A | 5.13 | 4-15-2027 | $ | 1,155,000 | 1,114,829 | |
Consumer discretionary: 0.13% | ||||||
Automobile components: 0.13% | ||||||
Adient Global Holdings Limited 144A | 4.88 | 8-15-2026 | 520,000 | 501,150 | ||
Energy: 0.22% | ||||||
Oil, gas & consumable fuels: 0.22% | ||||||
NorthRiver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 880,000 | 825,755 | ||
Financials: 5.63% | ||||||
Banks: 5.25% | ||||||
Barclays plc (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.84%) ʊ± | 7.75 | 9-15-2023 | 2,160,000 | 1,981,338 | ||
Credit Agricole SA (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year +4.90%) 144Aʊ± | 7.88 | 1-23-2024 | 750,000 | 732,765 | ||
Danske Bank AS (7 Year Treasury Constant Maturity +4.13%) ʊ± | 7.00 | 6-26-2025 | 2,300,000 | 2,118,875 | ||
HSBC Holdings plc (USD ICE Swap Rate 11:00am NY 5 Year +4.37%) ʊ± | 6.38 | 3-30-2025 | 2,000,000 | 1,837,907 | ||
ING Groep NV (USD ICE Swap Rate 11:00am NY 5 Year +4.20%) ʊ± | 6.75 | 4-16-2024 | 3,800,000 | 3,493,644 | ||
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 | 3,464,195 | ||
NatWest Group plc (5 Year Treasury Constant Maturity +3.10%) ʊ± | 4.60 | 6-28-2031 | 1,500,000 | 1,055,775 |
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 | $ 1,845,408 | |
Societe Generale SA (USD ICE Swap Rate 11:00am NY 5 Year +5.87%) 144Aʊ± | 8.00 | 2-9-2025 | 3,535,000 | 3,305,225 | ||
19,835,132 | ||||||
Financial services: 0.38% | ||||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 980,000 | 867,556 | ||
New Red Finance Incorporated 144A | 4.00 | 10-15-2030 | 650,000 | 557,375 | ||
1,424,931 | ||||||
Health care: 0.58% | ||||||
Biotechnology: 0.28% | ||||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 1,270,000 | 1,041,400 | ||
Pharmaceuticals: 0.30% | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 6.75 | 3-1-2028 | 655,000 | 655,072 | ||
Teva Pharmaceutical Finance Netherlands III BV | 8.13 | 9-15-2031 | 470,000 | 493,359 | ||
1,148,431 | ||||||
Industrials: 1.87% | ||||||
Electrical equipment: 0.47% | ||||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 1,335,000 | 1,206,139 | ||
Sensata Technologies BV 144A | 5.88 | 9-1-2030 | 580,000 | 574,925 | ||
1,781,064 | ||||||
Passenger airlines: 0.85% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 1,805,000 | 1,919,771 | ||
VistaJet Malta Finance PLC 144A | 6.38 | 2-1-2030 | 1,470,000 | 1,310,117 | ||
3,229,888 | ||||||
Trading companies & distributors: 0.55% | ||||||
Fly Leasing Limited 144A | 7.00 | 10-15-2024 | 2,370,000 | 2,072,809 | ||
Information technology: 0.20% | ||||||
Technology hardware, storage & peripherals: 0.20% | ||||||
Seagate HDD | 4.13 | 1-15-2031 | 881,000 | 737,824 | ||
Materials: 0.12% | ||||||
Containers & packaging: 0.12% | ||||||
Ardagh Packaging Finance plc 144A | 6.00 | 6-15-2027 | 450,000 | 445,961 | ||
Total Yankee corporate bonds and notes (Cost $37,116,304) | 34,159,174 |
Yield | Shares | Value | ||||
Short-term investments: 4.80% | ||||||
Investment companies: 4.80% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 4.69% | 18,153,613 | $ 18,153,613 | |||
Total Short-term investments (Cost $18,153,613) | 18,153,613 | |||||
Total investments in securities (Cost $388,063,181) | 98.57% | 372,533,339 | ||||
Other assets and liabilities, net | 1.43 | 5,400,937 | ||||
Total net assets | 100.00% | $377,934,276 |
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 Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $136,794), representing 0.00% of its net assets as of period end. |
< | 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 unfunded loans. |
♠ | 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. |
# | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
Abbreviations: | |
ADR | American depositary receipt |
CDA | Community Development Authority |
EUR | Euro |
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 |
SPA | Standby purchase agreement |
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 | $23,698,082 | $69,508,296 | $(75,052,765) | $ 0 | $0 | $ 18,153,613 | 18,153,613 | $ 255,558 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investment LLC | 3,949,063 | 23,655,196 | (27,604,329) | 70 | 0 | 0 | 0 | 110,527 # | ||
$70 | $0 | $18,153,613 | $366,085 |
# | Amount shown represents income before fees and rebates. |
Currency to be received | Currency to be delivered | Counterparty | Settlement date | Unrealized gains | Unrealized losses |
13,835,607 USD | 12,785,000 EUR | Citibank National Association | 6-30-2023 | $0 | $(99,619) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year U.S. Treasury Notes | 79 | 6-21-2023 | $9,032,322 | $9,078,828 | $46,506 | $0 |
Reference index | Fixed rate received | 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 | $27,914 | $48,610 | $0 | $(20,696) |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call | ||||||
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (378) | $ (2,721,600) | $ 72.00 | 4-14-2023 | $ (31,185) |
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (489) | (3,569,700) | 73.00 | 4-21-2023 | (13,937) |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call (continued) | ||||||
iShares MSCI EAFE ETF | Morgan Stanley Company Incorporated | (404) | $ (3,030,000) | $ 75.00 | 4-28-2023 | $ (5,454) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,272) | (5,278,800) | 41.50 | 4-6-2023 | (673) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (937) | (3,794,850) | 40.50 | 4-14-2023 | (14,992) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,065) | (4,419,750) | 41.50 | 4-21-2023 | (7,455) |
iShares MSCI Emerging Markets ETF | Morgan Stanley Company Incorporated | (1,010) | (4,242,000) | 42.00 | 4-28-2023 | (7,070) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (5) | (6,825,000) | 13,650.00 | 4-6-2023 | (3,325) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (4) | (5,410,000) | 13,525.00 | 4-14-2023 | (31,838) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (1) | (1,430,000) | 14,300.00 | 4-14-2023 | (305) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (6) | (8,595,000) | 14,325.00 | 4-21-2023 | (3,780) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (3) | (4,192,500) | 13,975.00 | 4-28-2023 | (15,345) |
Nasdaq 100 Stock Index | Morgan Stanley Company Incorporated | (1) | (1,462,500) | 14,625.00 | 4-28-2023 | (625) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (21) | (4,063,500) | 1,935.00 | 4-6-2023 | (487) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (12) | (2,466,000) | 2,055.00 | 4-6-2023 | 0 |
Russell 2000 Index | Morgan Stanley Company Incorporated | (17) | (3,383,000) | 1,990.00 | 4-14-2023 | (595) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (15) | (2,925,000) | 1,950.00 | 4-21-2023 | (2,288) |
Russell 2000 Index | Morgan Stanley Company Incorporated | (21) | (4,221,000) | 2,010.00 | 4-28-2023 | (1,890) |
S&P 500 Index | Morgan Stanley Company Incorporated | (26) | (11,245,000) | 4,325.00 | 4-6-2023 | (195) |
S&P 500 Index | Morgan Stanley Company Incorporated | (26) | (11,310,000) | 4,350.00 | 4-14-2023 | (2,470) |
S&P 500 Index | Morgan Stanley Company Incorporated | (23) | (9,982,000) | 4,340.00 | 4-21-2023 | (6,498) |
S&P 500 Index | Morgan Stanley Company Incorporated | (25) | (11,125,000) | 4,450.00 | 4-28-2023 | (3,313) |
SPDR Euro STOXX 50 ETF | Morgan Stanley Company Incorporated | (100) | (450,000) | 45.00 | 4-14-2023 | (6,600) |
SPDR Euro STOXX 50 ETF | Morgan Stanley Company Incorporated | (89) | (404,950) | 45.50 | 4-21-2023 | (5,162) |
$(165,482) |
Assets | |
Investments in unaffiliated securities, at value (cost $369,909,568) | $ 354,379,726 |
Investments in affiliated securities, at value (cost $18,153,613) | 18,153,613 |
Cash | 94,702 |
Segregated cash for forward foreign currency contracts | 311,596 |
Cash at broker segregated for futures contracts | 294,534 |
Segregated cash for swap contracts | 67,754 |
Foreign currency, at value (cost $134,246) | 133,671 |
Receivable for dividends and interest | 4,437,688 |
Receivable for investments sold | 2,549,052 |
Receivable for Fund shares sold | 173,918 |
Receivable for daily variation margin on open futures contracts | 27,605 |
Receivable for securities lending income, net | 4,948 |
Receivable for daily variation margin on centrally cleared swap contracts | 3,076 |
Prepaid expenses and other assets | 139,235 |
Total assets | 380,771,118 |
Liabilities | |
Payable for investments purchased | 1,533,125 |
Payable for Fund shares redeemed | 713,475 |
Written options at value (premiums received $104,884) | 165,482 |
Unrealized losses on forward foreign currency contracts | 99,619 |
Management fee payable | 68,289 |
Administration fees payable | 55,008 |
Distribution fee payable | 41,612 |
Trustees’ fees and expenses payable | 1,544 |
Accrued expenses and other liabilities | 158,688 |
Total liabilities | 2,836,842 |
Total net assets | $377,934,276 |
Net assets consist of | |
Paid-in capital | $ 440,685,132 |
Total distributable loss | (62,750,856) |
Total net assets | $377,934,276 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 146,536,914 |
Shares outstanding – Class A1 | 27,070,496 |
Net asset value per share – Class A | $5.41 |
Maximum offering price per share – Class A2 | $5.74 |
Net assets – Class C | $ 61,234,951 |
Shares outstanding – Class C1 | 11,274,719 |
Net asset value per share – Class C | $5.43 |
Net assets – Class R6 | $ 51,257,072 |
Shares outstanding – Class R61 | 9,734,457 |
Net asset value per share – Class R6 | $5.27 |
Net assets – Administrator Class | $ 4,633,996 |
Shares outstanding – Administrator Class1 | 879,772 |
Net asset value per share – Administrator Class | $5.27 |
Net assets – Institutional Class | $ 114,271,343 |
Shares outstanding – Institutional Class1 | 21,720,920 |
Net asset value per share – Institutional Class | $5.26 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest | $ 9,290,049 |
Dividends (net of foreign withholdings taxes of $67,419) | 1,286,473 |
Income from affiliated securities | 323,715 |
Total investment income | 10,900,237 |
Expenses | |
Management fee | 1,122,903 |
Administration fees | |
Class A | 161,811 |
Class C | 69,184 |
Class R6 | 7,782 |
Administrator Class | 3,086 |
Institutional Class | 85,607 |
Shareholder servicing fees | |
Class A | 192,276 |
Class C | 82,149 |
Administrator Class | 5,933 |
Distribution fee | |
Class C | 246,446 |
Custody and accounting fees | 162,195 |
Professional fees | 33,788 |
Registration fees | 40,117 |
Shareholder report expenses | 35,039 |
Trustees’ fees and expenses | 11,088 |
Other fees and expenses | 78,374 |
Total expenses | 2,337,778 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (668,885) |
Class A | (7,726) |
Class R6 | (2,601) |
Administrator Class | (238) |
Institutional Class | (6,603) |
Net expenses | 1,651,725 |
Net investment income | 9,248,512 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (22,096,378) |
Affiliated securities | 70 |
Forward foreign currency contracts | (1,053,456) |
Futures contracts | (1,610,852) |
Swap contracts | 14,182 |
Written options | (190,641) |
Net realized losses on investments | (24,937,075) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 46,323,532 |
Forward foreign currency contracts | (108,938) |
Futures contracts | 1,259,237 |
Swap contracts | 33,336 |
Written options | (125,734) |
Net change in unrealized gains (losses) on investments | 47,381,433 |
Net realized and unrealized gains (losses) on investments | 22,444,358 |
Net increase in net assets resulting from operations | $ 31,692,870 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 9,248,512 | $ 18,952,476 | ||
Net realized losses on investments | (24,937,075) | (4,155,737) | ||
Net change in unrealized gains (losses) on investments | 47,381,433 | (110,124,125) | ||
Net increase (decrease) in net assets resulting from operations | 31,692,870 | (95,327,386) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (3,517,149) | (7,233,748) | ||
Class C | (1,239,455) | (2,626,966) | ||
Class R6 | (1,338,963) | (1,928,106) | ||
Administrator Class | (113,559) | (242,669) | ||
Institutional Class | (3,285,218) | (8,909,020) | ||
Total distributions to shareholders | (9,494,344) | (20,940,509) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 970,189 | 5,214,272 | 2,638,951 | 16,065,353 |
Class C | 438,235 | 2,345,797 | 1,179,023 | 7,250,221 |
Class R6 | 111,730 | 572,468 | 3,813,783 | 20,446,728 |
Administrator Class | 33,953 | 178,707 | 109,349 | 647,272 |
Institutional Class | 1,353,817 | 7,090,773 | 8,495,262 | 51,364,778 |
15,402,017 | 95,774,352 | |||
Reinvestment of distributions | ||||
Class A | 599,502 | 3,215,995 | 1,121,359 | 6,656,511 |
Class C | 221,847 | 1,194,133 | 418,598 | 2,492,544 |
Class R6 | 256,315 | 1,337,743 | 334,158 | 1,926,012 |
Administrator Class | 21,622 | 112,902 | 41,509 | 241,251 |
Institutional Class | 548,633 | 2,861,522 | 1,275,240 | 7,392,813 |
8,722,295 | 18,709,131 | |||
Payment for shares redeemed | ||||
Class A | (4,955,309) | (26,608,426) | (7,334,179) | (43,613,089) |
Class C | (2,698,203) | (14,525,214) | (4,422,132) | (26,374,659) |
Class R6 | (850,084) | (4,447,147) | (1,525,173) | (8,858,366) |
Administrator Class | (119,757) | (626,756) | (402,349) | (2,365,687) |
Institutional Class | (9,898,672) | (51,603,312) | (19,982,450) | (114,945,755) |
(97,810,855) | (196,157,556) | |||
Net decrease in net assets resulting from capital share transactions | (73,686,543) | (81,674,073) | ||
Total decrease in net assets | (51,488,017) | (197,941,968) | ||
Net assets | ||||
Beginning of period | 429,422,293 | 627,364,261 | ||
End of period | $377,934,276 | $ 429,422,293 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $5.14 | $6.42 | $5.95 | $6.06 | $6.33 | $6.42 |
Net investment income | 0.12 1 | 0.21 1 | 0.19 1 | 0.21 | 0.22 | 0.21 |
Net realized and unrealized gains (losses) on investments | 0.27 | (1.27) | 0.49 | (0.12) | 0.02 | (0.01) |
Total from investment operations | 0.39 | (1.06) | 0.68 | 0.09 | 0.24 | 0.20 |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.22) | (0.21) | (0.20) | (0.23) | (0.19) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.12) | (0.22) | (0.21) | (0.20) | (0.51) | (0.29) |
Net asset value, end of period | $5.41 | $5.14 | $6.42 | $5.95 | $6.06 | $6.33 |
Total return2 | 7.70% | (16.86)% | 11.58% | 1.59% | 4.51% | 3.23% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.19% | 1.13% | 1.08% | 1.07% | 1.05% | 1.04% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.90% |
Net investment income | 4.50% | 3.38% | 3.07% | 3.50% | 3.75% | 3.34% |
Supplemental data | ||||||
Portfolio turnover rate | 21% | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $146,537 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $5.15 | $6.44 | $5.97 | $6.07 | $6.34 | $6.44 |
Net investment income | 0.10 1 | 0.17 | 0.15 | 0.17 | 0.18 | 0.17 |
Net realized and unrealized gains (losses) on investments | 0.28 | (1.28) | 0.48 | (0.11) | 0.02 | (0.02) |
Total from investment operations | 0.38 | (1.11) | 0.63 | 0.06 | 0.20 | 0.15 |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.18) | (0.16) | (0.16) | (0.19) | (0.15) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.10) | (0.18) | (0.16) | (0.16) | (0.47) | (0.25) |
Net asset value, end of period | $5.43 | $5.15 | $6.44 | $5.97 | $6.07 | $6.34 |
Total return2 | 7.46% | (17.61)% | 10.70% | 0.98% | 3.71% | 2.32% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.93% | 1.87% | 1.83% | 1.82% | 1.80% | 1.79% |
Net expenses | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% | 1.65% |
Net investment income | 3.74% | 2.61% | 2.31% | 2.75% | 2.99% | 2.59% |
Supplemental data | ||||||
Portfolio turnover rate | 21% | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $61,235 | $68,612 | $103,956 | $115,929 | $140,722 | $166,750 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class R6 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 1 |
Net asset value, beginning of period | $5.00 | $6.26 | $5.81 | $5.91 | $6.18 | $6.17 |
Net investment income | 0.13 | 0.24 | 0.23 | 0.22 | 0.24 2 | 0.02 2 |
Net realized and unrealized gains (losses) on investments | 0.28 | (1.25) | 0.46 | (0.09) | 0.03 | 0.02 |
Total from investment operations | 0.41 | (1.01) | 0.69 | 0.13 | 0.27 | 0.04 |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.25) | (0.24) | (0.23) | (0.26) | (0.03) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.28) | 0.00 |
Total distributions to shareholders | (0.14) | (0.25) | (0.24) | (0.23) | (0.54) | (0.03) |
Net asset value, end of period | $5.27 | $5.00 | $6.26 | $5.81 | $5.91 | $6.18 |
Total return3 | 8.16% | (16.61)% | 11.99% | 2.25% | 5.07% | 0.71% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.76% | 0.70% | 0.65% | 0.64% | 0.61% | 0.64% |
Net expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.41% |
Net investment income | 4.94% | 3.83% | 3.52% | 3.89% | 4.17% | 2.31% |
Supplemental data | ||||||
Portfolio turnover rate | 21% | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $51,257 | $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 | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $5.00 | $6.26 | $5.81 | $5.91 | $6.19 | $6.29 |
Net investment income | 0.12 1 | 0.21 1 | 0.19 1 | 0.21 1 | 0.22 1 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | 0.28 | (1.24) | 0.48 | (0.10) | 0.02 | (0.01) |
Total from investment operations | 0.40 | (1.03) | 0.67 | 0.11 | 0.24 | 0.20 |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.23) | (0.22) | (0.21) | (0.24) | (0.20) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.13) | (0.23) | (0.22) | (0.21) | (0.52) | (0.30) |
Net asset value, end of period | $5.27 | $5.00 | $6.26 | $5.81 | $5.91 | $6.19 |
Total return2 | 7.97% | (16.91)% | 11.61% | 1.89% | 4.52% | 3.21% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.11% | 1.04% | 1.00% | 0.99% | 0.97% | 0.96% |
Net expenses | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% | 0.81% |
Net investment income | 4.59% | 3.43% | 3.15% | 3.57% | 3.77% | 3.40% |
Supplemental data | ||||||
Portfolio turnover rate | 21% | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $4,634 | $4,722 | $7,486 | $7,868 | $11,916 | $32,938 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $5.00 | $6.26 | $5.80 | $5.91 | $6.19 | $6.28 |
Net investment income | 0.13 1 | 0.22 1 | 0.21 | 0.22 1 | 0.24 | 0.23 |
Net realized and unrealized gains (losses) on investments | 0.26 | (1.24) | 0.48 | (0.11) | 0.01 | (0.01) |
Total from investment operations | 0.39 | (1.02) | 0.69 | 0.11 | 0.25 | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.24) | (0.23) | (0.22) | (0.25) | (0.21) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | (0.28) | (0.10) |
Total distributions to shareholders | (0.13) | (0.24) | (0.23) | (0.22) | (0.53) | (0.31) |
Net asset value, end of period | $5.26 | $5.00 | $6.26 | $5.80 | $5.91 | $6.19 |
Total return2 | 7.90% | (16.69)% | 12.08% | 1.98% | 4.80% | 3.62% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.86% | 0.79% | 0.75% | 0.74% | 0.72% | 0.71% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% | 0.57% |
Net investment income | 4.80% | 3.67% | 3.40% | 3.83% | 4.07% | 3.67% |
Supplemental data | ||||||
Portfolio turnover rate | 21% | 86% | 87% | 39% | 43% | 50% |
Net assets, end of period (000s omitted) | $114,271 | $148,499 | $249,764 | $254,963 | $312,093 | $335,589 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 20,327,678 |
Gross unrealized losses | (32,477,759) |
Net unrealized losses | $(12,150,081) |
■ | 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 | $ 6,184,360 | $ 0 | $ 6,184,360 |
Common stocks | ||||
Communication services | 5,547,891 | 3,331,045 | 0 | 8,878,936 |
Consumer discretionary | 9,214,397 | 4,590,020 | 0 | 13,804,417 |
Consumer staples | 3,682,557 | 313,495 | 0 | 3,996,052 |
Energy | 2,728,945 | 503,178 | 0 | 3,232,123 |
Financials | 12,553,535 | 7,658,780 | 0 | 20,212,315 |
Health care | 12,001,463 | 1,437,600 | 0 | 13,439,063 |
Industrials | 7,046,177 | 3,862,515 | 0 | 10,908,692 |
Information technology | 29,434,153 | 3,658,713 | 0 | 33,092,866 |
Materials | 1,951,920 | 870,995 | 0 | 2,822,915 |
Real estate | 2,061,671 | 375,517 | 0 | 2,437,188 |
Utilities | 692,514 | 1,235,235 | 0 | 1,927,749 |
Corporate bonds and notes | 0 | 153,538,452 | 0 | 153,538,452 |
Foreign corporate bonds and notes | 0 | 12,733,594 | 0 | 12,733,594 |
Loans | 0 | 10,794,591 | 346,168 | 11,140,759 |
Municipal obligations | 0 | 13,247,877 | 0 | 13,247,877 |
Non-agency mortgage-backed securities | 0 | 7,992,360 | 0 | 7,992,360 |
Preferred stocks | ||||
Energy | 56,051 | 0 | 0 | 56,051 |
Financials | 88,349 | 0 | 0 | 88,349 |
Information technology | 0 | 299,542 | 0 | 299,542 |
Materials | 0 | 186,892 | 0 | 186,892 |
Yankee corporate bonds and notes | 0 | 34,159,174 | 0 | 34,159,174 |
Short-term investments | ||||
Investment companies | 18,153,613 | 0 | 0 | 18,153,613 |
105,213,236 | 266,973,935 | 346,168 | 372,533,339 | |
Futures contracts | 46,506 | 0 | 0 | 46,506 |
Total assets | $105,259,742 | $266,973,935 | $346,168 | $372,579,845 |
Liabilities | ||||
Forward foreign currency contracts | $ 0 | $ 99,619 | $ 0 | $ 99,619 |
Written options | 164,322 | 1,160 | 0 | 165,482 |
Swap contracts | 0 | 20,696 | 0 | 20,696 |
Total liabilities | $ 164,322 | $ 121,475 | $ 0 | $ 285,797 |
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 |
Options | |
Average number of contracts written | 6,715 |
Futures contracts | |
Average notional balance on long futures | $61,594,391 |
Average notional balance on short futures | 21,108,034 |
Forward foreign currency contracts | |
Average contract amounts to buy | $ 1,574,751 |
Average contract amounts to sell | 14,640,614 |
Swap contracts | |
Average notional balance | $ 1,137,568 |
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 | $ 46,506* | Unrealized losses on futures contracts | $ 0* | |
Equity risk | Written Options, at value | 165,482 | |||
Foreign currency risk | Unrealized gains on forward foreign currency contracts | 0 | Unrealized losses on forward foreign currency contracts | 99,619 | |
Credit risk | Net unrealized gains on swap contracts | 0* | Net unrealized losses on swap contracts | 20,696* | |
$46,506 | $285,797 |
Net realized gains (losses) on derivatives | |||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Written options | Total | |
Interest rate risk | $ 0 | $ (29,527) | $ 0 | $ 0 | $ (1,608,176) |
Equity risk | 0 | (1,161,531) | 0 | (190,641) | (190,641) |
Foreign currency risk | (1,053,456) | (419,794) | 0 | 0 | (1,053,456) |
Credit risk | 0 | 0 | 14,182 | 0 | 14,182 |
$(1,053,456) | $(1,610,852) | $14,182 | $(190,641) | $(2,838,091) |
Net change in unrealized gains (losses) on derivatives | |||||
Forward foreign currency contracts | Futures contracts | Swap contracts | Written options | Total | |
Interest rate risk | $ 0 | $ 960,949 | $ 0 | $ 0 | $ 960,949 |
Equity risk | 0 | 350,285 | 0 | (125,734) | 224,551 |
Foreign currency risk | (108,938) | (51,997) | 0 | 0 | (160,935) |
Credit risk | 0 | 0 | 33,336 | 0 | 33,336 |
$(108,938) | $1,259,237 | $33,336 | $(125,734) | $1,057,901 |
Counterparty | Gross amounts of liabilities in the Statement of Assets and Liabilities | Amounts subject to netting agreements | Collateral pledged1 | Net amount of liabilities |
Citibank National Association | $99,619 | $0 | $(99,619) | $0 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g460337imgf7d9cd501.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
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1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR4304 03-23
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Index Asset Allocation 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 2023. ICE Data Indices, LLC. All rights reserved. |
1 | The U.S. 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 Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. You cannot invest directly in an index. |
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President
Allspring Funds
Investment objective | The Fund seeks long-term total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA, FRM, 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 March 31, 2023 | |||||||||||
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 | -12.69 | 5.50 | 7.43 | -7.36 | 6.75 | 8.07 | 1.10 | 1.08 | ||
Class C (WFALX) | 4-1-1998 | -9.05 | 5.96 | 7.43 | -8.05 | 5.96 | 7.43 | 1.85 | 1.83 | ||
Administrator Class (WFAIX) | 11-8-1999 | – | – | – | -7.20 | 6.94 | 8.29 | 1.02 | 0.90 | ||
Institutional Class (WFATX)3 | 10-31-2016 | – | – | – | -7.05 | 7.10 | 8.39 | 0.77 | 0.75 | ||
Index Asset Allocation Blended Index4 | – | – | – | – | -6.09 | 7.35 | 8.46 | – | – | ||
Bloomberg U.S. Treasury Index5 | – | – | – | – | -4.51 | 0.74 | 0.90 | – | – | ||
S&P 500 Index6 | – | – | – | – | -7.73 | 11.19 | 12.24 | – | – |
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 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. |
Ten largest holdings (%) as of March 31, 20231 | |
Apple Incorporated | 4.33 |
Microsoft Corporation | 3.79 |
Amazon.com Incorporated | 1.63 |
U.S. Treasury Note, 1.38%, 10-31-2028 | 1.61 |
U.S. Treasury Note, 1.38%, 11-15-2031 | 1.47 |
U.S. Treasury Bond, 6.88%, 8-15-2025 | 1.36 |
NVIDIA Corporation | 1.21 |
Alphabet Incorporated Class A | 1.09 |
Tesla Motors Incorporated | 0.98 |
Berkshire Hathaway Incorporated Class B | 0.98 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of March 31, 2023 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 40 | 44 |
Stock Funds | 60 | 60 |
Effective Cash | 0 | (4) |
1 | Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective allocations are subject to change and may have changed since the date specified. |
Beginning account value 10-1-2022 | Ending account value 3-31-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,098.71 | $5.65 | 1.08% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.55 | $5.44 | 1.08% |
Class C | ||||
Actual | $1,000.00 | $1,094.75 | $9.56 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.81 | $9.20 | 1.83% |
Administrator Class | ||||
Actual | $1,000.00 | $1,099.70 | $4.71 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $4.53 | 0.90% |
Institutional Class | ||||
Actual | $1,000.00 | $1,100.65 | $3.93 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.19 | $3.78 | 0.75% |
Interest rate | Maturity date | Principal | Value | ||
Agency securities: 0.00% | |||||
FNMA Series 2002-T1 Class A4 | 9.50% | 11-25-2031 | $ 18,135 | $ 19,996 | |
Total Agency securities (Cost $18,135) | 19,996 |
Shares | |||||
Common stocks: 60.62% | |||||
Communication services: 4.92% | |||||
Diversified telecommunication services: 0.53% | |||||
AT&T Incorporated | 167,508 | 3,224,529 | |||
Verizon Communications Incorporated | 98,697 | 3,838,326 | |||
7,062,855 | |||||
Entertainment: 0.87% | |||||
Activision Blizzard Incorporated | 16,736 | 1,432,434 | |||
Electronic Arts Incorporated | 6,122 | 737,395 | |||
Live Nation Entertainment Incorporated † | 3,350 | 234,500 | |||
Netflix Incorporated † | 10,466 | 3,615,794 | |||
Take-Two Interactive Software Incorporated † | 3,726 | 444,512 | |||
The Walt Disney Company † | 42,930 | 4,298,581 | |||
Warner Bros. Discovery Incorporated † | 51,931 | 784,158 | |||
11,547,374 | |||||
Interactive media & services: 2.90% | |||||
Alphabet Incorporated Class A † | 139,966 | 14,518,673 | |||
Alphabet Incorporated Class C † | 122,016 | 12,689,664 | |||
Match Group Incorporated † | 6,564 | 251,992 | |||
Meta Platforms Incorporated Class A † | 52,305 | 11,085,522 | |||
38,545,851 | |||||
Media: 0.47% | |||||
Charter Communications Incorporated Class A † | 2,475 | 885,085 | |||
Comcast Corporation Class A | 98,855 | 3,747,593 | |||
DISH Network Corporation Class A † | 5,907 | 55,112 | |||
Fox Corporation Class A | 6,978 | 237,601 | |||
Fox Corporation Class B | 3,239 | 101,413 | |||
Interpublic Group of Companies Incorporated | 9,130 | 340,001 | |||
News Corporation Class A | 8,986 | 155,188 | |||
News Corporation Class B | 2,770 | 48,281 | |||
Omnicom Group Incorporated | 4,764 | 449,436 | |||
Paramount Global Class B | 11,868 | 264,775 | |||
6,284,485 | |||||
Wireless telecommunication services: 0.15% | |||||
T-Mobile US Incorporated † | 13,919 | 2,016,028 | |||
Consumer discretionary: 6.14% | |||||
Automobile components: 0.08% | |||||
Aptiv plc † | 6,367 | 714,314 | |||
BorgWarner Incorporated | 5,502 | 270,203 | |||
984,517 |
Shares | Value | ||||
Automobiles: 1.16% | |||||
Ford Motor Company | 92,010 | $ 1,159,326 | |||
General Motors Company | 32,774 | 1,202,150 | |||
Tesla Motors Incorporated † | 63,203 | 13,112,094 | |||
15,473,570 | |||||
Broadline retail: 1.69% | |||||
Amazon.com Incorporated † | 209,505 | 21,639,771 | |||
eBay Incorporated | 12,752 | 565,806 | |||
Etsy Incorporated † | 2,954 | 328,869 | |||
22,534,446 | |||||
Distributors: 0.09% | |||||
Genuine Parts Company | 3,313 | 554,298 | |||
LKQ Corporation | 5,965 | 338,573 | |||
Pool Corporation | 918 | 314,360 | |||
1,207,231 | |||||
Hotels, restaurants & leisure: 1.28% | |||||
Booking Holdings Incorporated † | 912 | 2,418,998 | |||
Caesars Entertainment Incorporated † | 5,042 | 246,100 | |||
Carnival Corporation † | 23,550 | 239,033 | |||
Chipotle Mexican Grill Incorporated † | 649 | 1,108,680 | |||
Darden Restaurants Incorporated | 2,860 | 443,758 | |||
Domino's Pizza Incorporated | 832 | 274,452 | |||
Expedia Group Incorporated † | 3,474 | 337,082 | |||
Hilton Worldwide Holdings Incorporated | 6,262 | 882,128 | |||
Las Vegas Sands Corporation † | 7,723 | 443,686 | |||
Marriott International Incorporated Class A | 6,323 | 1,049,871 | |||
McDonald's Corporation | 17,212 | 4,812,647 | |||
MGM Resorts International | 7,394 | 328,441 | |||
Norwegian Cruise Line Holdings Limited † | 9,903 | 133,195 | |||
Royal Caribbean Cruises Limited † | 5,158 | 336,817 | |||
Starbucks Corporation | 27,009 | 2,812,447 | |||
Wynn Resorts Limited † | 2,423 | 271,158 | |||
Yum! Brands Incorporated | 6,580 | 869,086 | |||
17,007,579 | |||||
Household durables: 0.21% | |||||
D.R. Horton Incorporated | 7,343 | 717,338 | |||
Garmin Limited | 3,603 | 363,615 | |||
Lennar Corporation Class A | 5,958 | 626,245 | |||
Mohawk Industries Incorporated † | 1,239 | 124,173 | |||
Newell Rubbermaid Incorporated | 8,845 | 110,032 | |||
NVR Incorporated † | 71 | 395,625 | |||
PulteGroup Incorporated | 5,302 | 309,001 | |||
Whirlpool Corporation | 1,281 | 169,118 | |||
2,815,147 | |||||
Leisure products: 0.01% | |||||
Hasbro Incorporated | 3,051 | 163,808 | |||
Specialty retail: 1.31% | |||||
Advance Auto Parts Incorporated | 1,392 | 169,281 | |||
AutoZone Incorporated † | 441 | 1,084,044 | |||
Bath & Body Works Incorporated | 5,368 | 196,361 |
Shares | Value | ||||
Specialty retail (continued) | |||||
Best Buy Company Incorporated | 4,628 | $ 362,234 | |||
CarMax Incorporated † | 3,714 | 238,736 | |||
Lowe's Companies Incorporated | 14,211 | 2,841,774 | |||
O'Reilly Automotive Incorporated † | 1,465 | 1,243,756 | |||
Ross Stores Incorporated | 8,093 | 858,910 | |||
The Home Depot Incorporated | 23,951 | 7,068,419 | |||
The TJX Companies Incorporated | 27,154 | 2,127,787 | |||
Tractor Supply Company | 2,596 | 610,164 | |||
Ulta Beauty Incorporated † | 1,196 | 652,621 | |||
17,454,087 | |||||
Textiles, apparel & luxury goods: 0.31% | |||||
Nike Incorporated Class B | 29,273 | 3,590,041 | |||
Ralph Lauren Corporation | 966 | 112,703 | |||
Tapestry Incorporated | 5,548 | 239,174 | |||
VF Corporation | 7,763 | 177,850 | |||
4,119,768 | |||||
Consumer staples: 4.39% | |||||
Beverages: 1.10% | |||||
Brown-Forman Corporation Class B | 4,297 | 276,168 | |||
Constellation Brands Incorporated Class A | 3,815 | 861,770 | |||
Keurig Dr. Pepper Incorporated | 19,969 | 704,506 | |||
Molson Coors Brewing Company Class B | 4,418 | 228,322 | |||
Monster Beverage Corporation † | 17,902 | 966,887 | |||
PepsiCo Incorporated | 32,365 | 5,900,140 | |||
The Coca-Cola Company | 91,463 | 5,673,450 | |||
14,611,243 | |||||
Consumer staples distribution & retail: 1.20% | |||||
Costco Wholesale Corporation | 10,428 | 5,181,360 | |||
Dollar General Corporation | 5,254 | 1,105,757 | |||
Dollar Tree Incorporated † | 4,886 | 701,385 | |||
Sysco Corporation | 11,929 | 921,277 | |||
Target Corporation | 10,817 | 1,791,620 | |||
The Kroger Company | 15,308 | 755,756 | |||
Walgreens Boots Alliance Incorporated | 16,823 | 581,739 | |||
Walmart Incorporated | 32,955 | 4,859,215 | |||
15,898,109 | |||||
Food products: 0.70% | |||||
Archer Daniels Midland Company | 12,856 | 1,024,109 | |||
Bunge Limited | 3,520 | 336,230 | |||
Campbell Soup Company | 4,715 | 259,231 | |||
ConAgra Foods Incorporated | 11,201 | 420,710 | |||
General Mills Incorporated | 13,856 | 1,184,134 | |||
Hormel Foods Corporation | 6,806 | 271,423 | |||
Kellogg Company | 6,015 | 402,764 | |||
Lamb Weston Holdings Incorporated | 3,381 | 353,382 | |||
McCormick & Company Incorporated | 5,892 | 490,273 | |||
Mondelez International Incorporated Class A | 32,038 | 2,233,689 | |||
The Hershey Company | 3,454 | 878,732 | |||
The J.M. Smucker Company | 2,506 | 394,369 |
Shares | Value | ||||
Food products (continued) | |||||
The Kraft Heinz Company | 18,711 | $ 723,554 | |||
Tyson Foods Incorporated Class A | 6,712 | 398,156 | |||
9,370,756 | |||||
Household products: 0.88% | |||||
Church & Dwight Company Incorporated | 5,731 | 506,678 | |||
Colgate-Palmolive Company | 19,628 | 1,475,044 | |||
Kimberly-Clark Corporation | 7,931 | 1,064,499 | |||
The Clorox Company | 2,903 | 459,371 | |||
The Procter & Gamble Company | 55,440 | 8,243,374 | |||
11,748,966 | |||||
Personal care products: 0.10% | |||||
The Estee Lauder Companies Incorporated Class A | 5,444 | 1,341,728 | |||
Tobacco: 0.41% | |||||
Altria Group Incorporated | 41,960 | 1,872,255 | |||
Philip Morris International Incorporated | 36,430 | 3,542,818 | |||
5,415,073 | |||||
Energy: 2.79% | |||||
Energy equipment & services: 0.22% | |||||
Baker Hughes Company | 23,641 | 682,279 | |||
Halliburton Company | 21,246 | 672,223 | |||
Schlumberger Limited | 33,374 | 1,638,663 | |||
2,993,165 | |||||
Oil, gas & consumable fuels: 2.57% | |||||
APA Corporation | 7,556 | 272,469 | |||
Chevron Corporation | 41,805 | 6,820,904 | |||
ConocoPhillips | 28,761 | 2,853,379 | |||
Coterra Energy Incorporated | 18,529 | 454,702 | |||
Devon Energy Corporation | 15,362 | 777,471 | |||
Diamondback Energy Incorporated | 4,319 | 583,799 | |||
EOG Resources Incorporated | 13,804 | 1,582,353 | |||
EQT Corporation | 8,626 | 275,256 | |||
Exxon Mobil Corporation | 96,773 | 10,612,127 | |||
Hess Corporation | 6,521 | 862,989 | |||
Kinder Morgan Incorporated | 46,489 | 814,022 | |||
Marathon Oil Corporation | 14,924 | 357,579 | |||
Marathon Petroleum Corporation | 10,669 | 1,438,501 | |||
Occidental Petroleum Corporation | 17,088 | 1,066,804 | |||
ONEOK Incorporated | 10,503 | 667,361 | |||
Phillips 66 | 10,951 | 1,110,212 | |||
Pioneer Natural Resources Company | 5,584 | 1,140,476 | |||
Targa Resources Corporation | 5,320 | 388,094 | |||
The Williams Companies Incorporated | 28,623 | 854,683 | |||
Valero Energy Corporation | 9,060 | 1,264,776 | |||
34,197,957 | |||||
Financials: 7.82% | |||||
Banks: 1.89% | |||||
Bank of America Corporation | 164,018 | 4,690,915 | |||
Citigroup Incorporated | 45,516 | 2,134,245 |
Shares | Value | ||||
Banks (continued) | |||||
Citizens Financial Group Incorporated | 11,574 | $ 351,502 | |||
Comerica Incorporated | 3,078 | 133,647 | |||
Fifth Third Bancorp | 16,060 | 427,838 | |||
First Republic Bank | 4,366 | 61,080 | |||
Huntington Bancshares Incorporated | 33,912 | 379,814 | |||
JPMorgan Chase & Company | 68,930 | 8,982,268 | |||
KeyCorp | 21,933 | 274,601 | |||
M&T Bank Corporation | 3,978 | 475,649 | |||
PNC Financial Services Group Incorporated | 9,423 | 1,197,663 | |||
Regions Financial Corporation | 21,949 | 407,373 | |||
Truist Financial Corporation | 31,180 | 1,063,238 | |||
US Bancorp | 32,740 | 1,180,277 | |||
Wells Fargo & Company | 89,546 | 3,347,229 | |||
Zions Bancorporation | 3,516 | 105,234 | |||
25,212,573 | |||||
Capital markets: 1.71% | |||||
Ameriprise Financial Incorporated | 2,475 | 758,588 | |||
Bank of New York Mellon Corporation | 17,285 | 785,430 | |||
BlackRock Incorporated | 3,519 | 2,354,633 | |||
Cboe Global Markets Incorporated | 2,493 | 334,660 | |||
CME Group Incorporated | 8,454 | 1,619,110 | |||
FactSet Research Systems Incorporated | 899 | 373,166 | |||
Franklin Resources Incorporated | 6,702 | 180,552 | |||
Intercontinental Exchange Incorporated | 13,133 | 1,369,641 | |||
Invesco Limited | 10,688 | 175,283 | |||
MarketAxess Holdings Incorporated | 884 | 345,900 | |||
Moody's Corporation | 3,702 | 1,132,886 | |||
Morgan Stanley | 30,703 | 2,695,723 | |||
MSCI Incorporated | 1,879 | 1,051,658 | |||
Northern Trust Corporation | 4,898 | 431,661 | |||
Raymond James Financial Incorporated | 4,555 | 424,845 | |||
S&P Global Incorporated | 7,736 | 2,667,141 | |||
State Street Corporation | 8,202 | 620,809 | |||
T. Rowe Price Group Incorporated | 5,271 | 595,096 | |||
The Charles Schwab Corporation | 35,845 | 1,877,561 | |||
The Goldman Sachs Group Incorporated | 7,958 | 2,603,141 | |||
The NASDAQ Incorporated | 7,966 | 435,501 | |||
22,832,985 | |||||
Consumer finance: 0.31% | |||||
American Express Company | 13,991 | 2,307,815 | |||
Capital One Financial Corporation | 8,961 | 861,690 | |||
Discover Financial Services | 6,274 | 620,122 | |||
Synchrony Financial | 10,270 | 298,652 | |||
4,088,279 | |||||
Financial services: 2.60% | |||||
Berkshire Hathaway Incorporated Class B † | 42,340 | 13,073,322 | |||
Fidelity National Information Services Incorporated | 13,944 | 757,578 | |||
Fiserv Incorporated † | 14,923 | 1,686,747 | |||
FleetCor Technologies Incorporated † | 1,733 | 365,403 | |||
Global Payments Incorporated | 6,182 | 650,594 | |||
Jack Henry & Associates Incorporated | 1,715 | 258,485 | |||
MasterCard Incorporated Class A | 19,827 | 7,205,330 |
Shares | Value | ||||
Financial services (continued) | |||||
PayPal Holdings Incorporated † | 26,587 | $ 2,019,017 | |||
Visa Incorporated Class A | 38,186 | 8,609,416 | |||
34,625,892 | |||||
Insurance: 1.31% | |||||
AFLAC Incorporated | 13,157 | 848,890 | |||
American International Group Incorporated | 17,460 | 879,286 | |||
Aon plc Class A | 4,827 | 1,521,905 | |||
Arch Capital Group Limited † | 8,692 | 589,926 | |||
Arthur J. Gallagher & Company | 4,984 | 953,489 | |||
Assurant Incorporated | 1,242 | 149,127 | |||
Brown & Brown Incorporated | 5,524 | 317,188 | |||
Chubb Limited | 9,754 | 1,894,032 | |||
Cincinnati Financial Corporation | 3,694 | 414,024 | |||
Everest Reinsurance Group Limited | 920 | 329,378 | |||
Globe Life Incorporated | 2,126 | 233,903 | |||
Lincoln National Corporation | 3,619 | 81,319 | |||
Loews Corporation | 4,584 | 265,964 | |||
Marsh & McLennan Companies Incorporated | 11,632 | 1,937,310 | |||
MetLife Incorporated | 15,488 | 897,375 | |||
Principal Financial Group Incorporated | 5,348 | 397,463 | |||
Progressive Corporation | 13,745 | 1,966,360 | |||
Prudential Financial Incorporated | 8,648 | 715,536 | |||
The Allstate Corporation | 6,180 | 684,806 | |||
The Hartford Financial Services Group Incorporated | 7,405 | 516,054 | |||
The Travelers Companies Incorporated | 5,431 | 930,928 | |||
W.R. Berkley Corporation | 4,787 | 298,039 | |||
Willis Towers Watson plc | 2,509 | 583,041 | |||
17,405,343 | |||||
Health care: 8.61% | |||||
Biotechnology: 1.39% | |||||
AbbVie Incorporated | 41,559 | 6,623,258 | |||
Amgen Incorporated | 12,548 | 3,033,479 | |||
Biogen Incorporated † | 3,384 | 940,854 | |||
Gilead Sciences Incorporated | 29,304 | 2,431,353 | |||
Incyte Corporation † | 4,349 | 314,302 | |||
Moderna Incorporated † | 7,764 | 1,192,395 | |||
Regeneron Pharmaceuticals Incorporated † | 2,526 | 2,075,538 | |||
Vertex Pharmaceuticals Incorporated † | 6,042 | 1,903,653 | |||
18,514,832 | |||||
Health care equipment & supplies: 1.74% | |||||
Abbott Laboratories | 40,974 | 4,149,027 | |||
Align Technology Incorporated † | 1,707 | 570,377 | |||
Baxter International Incorporated | 11,860 | 481,042 | |||
Becton Dickinson & Company | 6,672 | 1,651,587 | |||
Boston Scientific Corporation † | 33,659 | 1,683,960 | |||
Dentsply Sirona Incorporated | 5,050 | 198,364 | |||
DexCom Incorporated † | 9,081 | 1,055,031 | |||
Edwards Lifesciences Corporation † | 14,529 | 1,201,984 | |||
GE HealthCare Technology Incorporated † | 8,533 | 699,962 | |||
Hologic Incorporated † | 5,794 | 467,576 | |||
IDEXX Laboratories Incorporated † | 1,946 | 973,156 | |||
Insulet Corporation † | 1,632 | 520,543 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
Intuitive Surgical Incorporated † | 8,234 | $ 2,103,540 | |||
Medtronic plc | 31,259 | 2,520,101 | |||
ResMed Incorporated | 3,452 | 755,953 | |||
STERIS plc | 2,333 | 446,256 | |||
Stryker Corporation | 7,923 | 2,261,779 | |||
Teleflex Incorporated | 1,102 | 279,148 | |||
The Cooper Companies Incorporated | 1,160 | 433,098 | |||
Zimmer Biomet Holdings Incorporated | 4,932 | 637,214 | |||
23,089,698 | |||||
Health care providers & services: 1.84% | |||||
AmerisourceBergen Corporation | 3,802 | 608,738 | |||
Cardinal Health Incorporated | 6,055 | 457,153 | |||
Centene Corporation † | 12,943 | 818,127 | |||
Cigna Corporation | 7,019 | 1,793,565 | |||
CVS Health Corporation | 30,177 | 2,242,453 | |||
DaVita HealthCare Partners Incorporated † | 1,292 | 104,794 | |||
Elevance Health Incorporated | 5,612 | 2,580,454 | |||
HCA Healthcare Incorporated | 4,983 | 1,313,917 | |||
Henry Schein Incorporated † | 3,185 | 259,705 | |||
Humana Incorporated | 2,937 | 1,425,796 | |||
Laboratory Corporation of America Holdings | 2,082 | 477,652 | |||
McKesson Corporation | 3,218 | 1,145,769 | |||
Molina Healthcare Incorporated † | 1,372 | 366,996 | |||
Quest Diagnostics Incorporated | 2,608 | 368,980 | |||
UnitedHealth Group Incorporated | 21,957 | 10,376,659 | |||
Universal Health Services Incorporated Class B | 1,508 | 191,667 | |||
24,532,425 | |||||
Life sciences tools & services: 1.12% | |||||
Agilent Technologies Incorporated | 6,953 | 961,878 | |||
Bio-Rad Laboratories Incorporated Class A † | 506 | 242,384 | |||
Bio-Techne Corporation | 3,696 | 274,206 | |||
Charles River Laboratories International Incorporated † | 1,196 | 241,377 | |||
Danaher Corporation | 15,404 | 3,882,424 | |||
Illumina Incorporated † | 3,697 | 859,737 | |||
IQVIA Holdings Incorporated † | 4,364 | 867,956 | |||
Mettler-Toledo International Incorporated † | 519 | 794,179 | |||
PerkinElmer Incorporated | 2,968 | 395,516 | |||
Thermo Fisher Scientific Incorporated | 9,217 | 5,312,402 | |||
Waters Corporation † | 1,396 | 432,243 | |||
West Pharmaceutical Services Incorporated | 1,740 | 602,858 | |||
14,867,160 | |||||
Pharmaceuticals: 2.52% | |||||
Bristol-Myers Squibb Company | 49,965 | 3,463,074 | |||
Catalent Incorporated † | 4,232 | 278,085 | |||
Eli Lilly & Company | 18,533 | 6,364,603 | |||
Johnson & Johnson | 61,440 | 9,523,200 | |||
Merck & Company Incorporated | 59,582 | 6,338,929 | |||
Organon & Company | 5,978 | 140,603 | |||
Pfizer Incorporated | 131,913 | 5,382,050 | |||
Viatris Incorporated | 28,498 | 274,151 | |||
Zoetis Incorporated | 10,953 | 1,823,017 | |||
33,587,712 |
Shares | Value | ||||
Industrials: 5.25% | |||||
Aerospace & defense: 1.06% | |||||
General Dynamics Corporation | 5,288 | $ 1,206,774 | |||
Howmet Aerospace Incorporated | 8,653 | 366,628 | |||
Huntington Ingalls Industries Incorporated | 937 | 193,978 | |||
L3Harris Technologies Incorporated | 4,474 | 877,978 | |||
Lockheed Martin Corporation | 5,340 | 2,524,378 | |||
Northrop Grumman Corporation | 3,381 | 1,561,075 | |||
Raytheon Technologies Corporation | 34,426 | 3,371,338 | |||
Textron Incorporated | 4,906 | 346,511 | |||
The Boeing Company † | 13,215 | 2,807,262 | |||
TransDigm Group Incorporated | 1,219 | 898,464 | |||
14,154,386 | |||||
Air freight & logistics: 0.39% | |||||
C.H. Robinson Worldwide Incorporated | 2,766 | 274,857 | |||
Expeditors International of Washington Incorporated | 3,740 | 411,849 | |||
FedEx Corporation | 5,457 | 1,246,870 | |||
United Parcel Service Incorporated Class B | 17,151 | 3,327,122 | |||
5,260,698 | |||||
Building products: 0.27% | |||||
A.O. Smith Corporation | 2,981 | 206,136 | |||
Allegion plc | 2,064 | 220,291 | |||
Carrier Global Corporation | 19,603 | 896,837 | |||
Johnson Controls International plc | 16,150 | 972,553 | |||
Masco Corporation | 5,292 | 263,118 | |||
Trane Technologies plc | 5,383 | 990,364 | |||
3,549,299 | |||||
Commercial services & supplies: 0.30% | |||||
Cintas Corporation | 2,030 | 939,240 | |||
Copart Incorporated † | 10,074 | 757,666 | |||
Republic Services Incorporated | 4,827 | 652,707 | |||
Rollins Incorporated | 5,439 | 204,126 | |||
Waste Management Incorporated | 8,728 | 1,424,148 | |||
3,977,887 | |||||
Construction & engineering: 0.04% | |||||
Quanta Services Incorporated | 3,358 | 559,577 | |||
Electrical equipment: 0.34% | |||||
AMETEK Incorporated | 5,397 | 784,346 | |||
Eaton Corporation plc | 9,346 | 1,601,344 | |||
Emerson Electric Company | 13,428 | 1,170,116 | |||
Generac Holdings Incorporated † | 1,489 | 160,827 | |||
Rockwell Automation Incorporated | 2,697 | 791,435 | |||
4,508,068 | |||||
Ground transportation: 0.49% | |||||
CSX Corporation | 49,407 | 1,479,246 | |||
J.B. Hunt Transport Services Incorporated | 1,950 | 342,147 | |||
Norfolk Southern Corporation | 5,353 | 1,134,836 |
Shares | Value | ||||
Ground transportation (continued) | |||||
Old Dominion Freight Line Incorporated | 2,129 | $ 725,648 | |||
Union Pacific Corporation | 14,379 | 2,893,918 | |||
6,575,795 | |||||
Industrial conglomerates: 0.51% | |||||
3M Company | 12,937 | 1,359,808 | |||
General Electric Company | 25,598 | 2,447,169 | |||
Honeywell International Incorporated | 15,701 | 3,000,775 | |||
6,807,752 | |||||
Machinery: 1.09% | |||||
Caterpillar Incorporated | 12,230 | 2,798,713 | |||
Cummins Incorporated | 3,321 | 793,320 | |||
Deere & Company | 6,355 | 2,623,852 | |||
Dover Corporation | 3,283 | 498,819 | |||
Fortive Corporation | 8,293 | 565,334 | |||
IDEX Corporation | 1,772 | 409,385 | |||
Illinois Tool Works Incorporated | 6,524 | 1,588,268 | |||
Ingersoll Rand Incorporated | 9,516 | 553,641 | |||
Nordson Corporation | 1,263 | 280,714 | |||
Otis Worldwide Corporation | 9,749 | 822,816 | |||
PACCAR Incorporated | 12,267 | 897,944 | |||
Parker-Hannifin Corporation | 3,014 | 1,013,036 | |||
Pentair plc | 3,866 | 213,674 | |||
Snap-on Incorporated | 1,248 | 308,119 | |||
Stanley Black & Decker Incorporated | 3,477 | 280,177 | |||
Wabtec Corporation | 4,274 | 431,930 | |||
Xylem Incorporated | 4,236 | 443,509 | |||
14,523,251 | |||||
Passenger airlines: 0.13% | |||||
Alaska Air Group Incorporated † | 2,997 | 125,754 | |||
American Airlines Group Incorporated † | 15,290 | 225,528 | |||
Delta Air Lines Incorporated † | 15,069 | 526,209 | |||
Southwest Airlines Company | 13,966 | 454,454 | |||
United Airlines Holdings Incorporated † | 7,683 | 339,973 | |||
1,671,918 | |||||
Professional services: 0.47% | |||||
Automatic Data Processing Incorporated | 9,737 | 2,167,748 | |||
Broadridge Financial Solutions Incorporated | 2,766 | 405,413 | |||
CoStar Group Incorporated † | 9,557 | 657,999 | |||
Equifax Incorporated | 2,879 | 583,976 | |||
Jacobs Solutions Incorporated | 2,978 | 349,945 | |||
Leidos Holdings Incorporated | 3,212 | 295,697 | |||
Paychex Incorporated | 7,539 | 863,894 | |||
Robert Half International Incorporated | 2,531 | 203,923 | |||
Verisk Analytics Incorporated | 3,675 | 705,086 | |||
6,233,681 | |||||
Trading companies & distributors: 0.16% | |||||
Fastenal Company | 13,415 | 723,605 |
Shares | Value | ||||
Trading companies & distributors (continued) | |||||
United Rentals Incorporated | 1,630 | $ 645,089 | |||
W.W. Grainger Incorporated | 1,057 | 728,072 | |||
2,096,766 | |||||
Information technology: 15.81% | |||||
Communications equipment: 0.57% | |||||
Arista Networks Incorporated † | 5,817 | 976,442 | |||
Cisco Systems Incorporated | 96,540 | 5,046,629 | |||
F5 Networks Incorporated † | 1,413 | 205,860 | |||
Juniper Networks Incorporated | 7,613 | 262,039 | |||
Motorola Solutions Incorporated | 3,929 | 1,124,205 | |||
7,615,175 | |||||
Electronic equipment, instruments & components: 0.39% | |||||
Amphenol Corporation Class A | 13,973 | 1,141,874 | |||
CDW Corporation of Delaware | 3,182 | 620,140 | |||
Corning Incorporated | 17,889 | 631,124 | |||
Keysight Technologies Incorporated † | 4,191 | 676,763 | |||
TE Connectivity Limited | 7,437 | 975,363 | |||
Teledyne Technologies Incorporated † | 1,101 | 492,543 | |||
Trimble Incorporated † | 5,796 | 303,826 | |||
Zebra Technologies Corporation Class A † | 1,213 | 385,734 | |||
5,227,367 | |||||
IT services: 0.73% | |||||
Accenture plc Class A | 14,799 | 4,229,702 | |||
Akamai Technologies Incorporated † | 3,695 | 289,319 | |||
Cognizant Technology Solutions Corporation Class A | 11,961 | 728,784 | |||
DXC Technology Company † | 5,351 | 136,772 | |||
EPAM Systems Incorporated † | 1,352 | 404,248 | |||
Gartner Incorporated † | 1,857 | 604,955 | |||
International Business Machines Corporation | 21,247 | 2,785,269 | |||
VeriSign Incorporated † | 2,153 | 454,993 | |||
9,634,042 | |||||
Semiconductors & semiconductor equipment: 3.91% | |||||
Advanced Micro Devices Incorporated † | 37,890 | 3,713,599 | |||
Analog Devices Incorporated | 11,911 | 2,349,087 | |||
Applied Materials Incorporated | 19,812 | 2,433,508 | |||
Broadcom Incorporated | 9,820 | 6,299,923 | |||
Enphase Energy Incorporated † | 3,194 | 671,634 | |||
First Solar Incorporated † | 2,330 | 506,775 | |||
Intel Corporation | 97,219 | 3,176,145 | |||
KLA Corporation | 3,254 | 1,298,899 | |||
Lam Research Corporation | 3,171 | 1,681,011 | |||
Microchip Technology Incorporated | 12,873 | 1,078,500 | |||
Micron Technology Incorporated | 25,643 | 1,547,299 | |||
Monolithic Power Systems Incorporated | 1,052 | 526,568 | |||
NVIDIA Corporation | 57,810 | 16,057,884 | |||
NXP Semiconductors NV | 6,090 | 1,135,633 | |||
ON Semiconductor Corporation † | 10,151 | 835,630 | |||
Qorvo Incorporated † | 2,347 | 238,385 | |||
Qualcomm Incorporated | 26,202 | 3,342,851 | |||
Skyworks Solutions Incorporated | 3,736 | 440,773 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Solaredge Technologies Incorporated † | 1,314 | $ 399,390 | |||
Teradyne Incorporated | 3,660 | 393,487 | |||
Texas Instruments Incorporated | 21,296 | 3,961,269 | |||
52,088,250 | |||||
Software: 5.73% | |||||
Adobe Incorporated † | 10,758 | 4,145,810 | |||
Ansys Incorporated † | 2,047 | 681,242 | |||
Autodesk Incorporated † | 5,071 | 1,055,579 | |||
Cadence Design Systems Incorporated † | 6,446 | 1,354,240 | |||
Ceridian HCM Holding Incorporated † | 3,616 | 264,764 | |||
Fair Isaac Corporation † | 591 | 415,290 | |||
Fortinet Incorporated † | 15,238 | 1,012,717 | |||
Gen Digital | 13,367 | 229,378 | |||
Intuit Incorporated | 6,602 | 2,943,370 | |||
Microsoft Corporation | 174,929 | 50,432,031 | |||
Oracle Corporation | 36,116 | 3,355,899 | |||
Paycom Software Incorporated † | 1,133 | 344,443 | |||
PTC Incorporated † | 2,501 | 320,703 | |||
Roper Technologies Incorporated | 2,492 | 1,098,199 | |||
Salesforce.com Incorporated † | 23,500 | 4,694,830 | |||
ServiceNow Incorporated † | 4,770 | 2,216,714 | |||
Synopsys Incorporated † | 3,582 | 1,383,548 | |||
Tyler Technologies Incorporated † | 979 | 347,193 | |||
76,295,950 | |||||
Technology hardware, storage & peripherals: 4.48% | |||||
Apple Incorporated | 349,506 | 57,633,530 | |||
Hewlett Packard Enterprise Company | 30,123 | 479,859 | |||
HP Incorporated | 20,311 | 596,128 | |||
NetApp Incorporated | 5,066 | 323,464 | |||
Seagate Technology Holdings plc | 4,513 | 298,400 | |||
Western Digital Corporation † | 7,504 | 282,676 | |||
59,614,057 | |||||
Materials: 1.60% | |||||
Chemicals: 1.09% | |||||
Air Products & Chemicals Incorporated | 5,219 | 1,498,949 | |||
Albemarle Corporation | 2,753 | 608,523 | |||
Celanese Corporation Series A | 2,344 | 255,238 | |||
CF Industries Holdings Incorporated | 4,610 | 334,179 | |||
Corteva Incorporated | 16,751 | 1,010,253 | |||
Dow Incorporated | 16,565 | 908,093 | |||
DuPont de Nemours Incorporated | 10,766 | 772,676 | |||
Eastman Chemical Company | 2,792 | 235,477 | |||
Ecolab Incorporated | 5,823 | 963,881 | |||
FMC Corporation | 2,960 | 361,505 | |||
International Flavors & Fragrances Incorporated | 5,992 | 551,024 | |||
Linde plc | 11,575 | 4,114,218 | |||
LyondellBasell Industries NV Class A | 5,969 | 560,429 | |||
PPG Industries Incorporated | 5,523 | 737,762 | |||
The Mosaic Company | 8,001 | 367,086 | |||
The Sherwin-Williams Company | 5,542 | 1,245,675 | |||
14,524,968 |
Shares | Value | ||||
Construction materials: 0.08% | |||||
Martin Marietta Materials Incorporated | 1,459 | $ 518,033 | |||
Vulcan Materials Company | 3,123 | 535,782 | |||
1,053,815 | |||||
Containers & packaging: 0.16% | |||||
Amcor plc | 34,916 | 397,344 | |||
Avery Dennison Corporation | 1,903 | 340,504 | |||
Ball Corporation | 7,377 | 406,546 | |||
International Paper Company | 8,358 | 301,389 | |||
Packaging Corporation of America | 2,175 | 301,955 | |||
Sealed Air Corporation | 3,399 | 156,048 | |||
WestRock Company | 5,984 | 182,332 | |||
2,086,118 | |||||
Metals & mining: 0.27% | |||||
Freeport-McMoRan Incorporated | 33,589 | 1,374,126 | |||
Newmont Corporation | 18,653 | 914,370 | |||
Nucor Corporation | 5,945 | 918,324 | |||
Steel Dynamics Incorporated | 3,920 | 443,195 | |||
3,650,015 | |||||
Real estate: 1.55% | |||||
Health care REITs: 0.11% | |||||
Healthpeak Properties Incorporated | 12,849 | 282,293 | |||
Ventas Incorporated | 9,400 | 407,490 | |||
Welltower Incorporated | 11,104 | 796,046 | |||
1,485,829 | |||||
Hotel & resort REITs: 0.02% | |||||
Host Hotels & Resorts Incorporated | 16,803 | 277,081 | |||
Industrial REITs: 0.20% | |||||
Prologis Incorporated | 21,692 | 2,706,511 | |||
Office REITs: 0.05% | |||||
Alexandria Real Estate Equities Incorporated | 3,701 | 464,809 | |||
Boston Properties Incorporated | 3,352 | 181,410 | |||
646,219 | |||||
Real estate management & development: 0.04% | |||||
CBRE Group Incorporated Class A † | 7,425 | 540,614 | |||
Residential REITs: 0.21% | |||||
AvalonBay Communities Incorporated | 3,288 | 552,581 | |||
Camden Property Trust | 2,588 | 271,326 | |||
Equity Residential | 8,004 | 480,240 | |||
Essex Property Trust Incorporated | 1,518 | 317,475 | |||
Invitation Homes Incorporated | 13,650 | 426,290 | |||
Mid-America Apartment Communities Incorporated | 2,714 | 409,923 | |||
UDR Incorporated | 7,267 | 298,383 | |||
2,756,218 | |||||
Retail REITs: 0.19% | |||||
Federal Realty Investment Trust | 1,721 | 170,086 | |||
Kimco Realty Corporation | 14,534 | 283,849 |
Shares | Value | ||||
Retail REITs (continued) | |||||
Realty Income Corporation | 14,738 | $ 933,210 | |||
Regency Centers Corporation | 3,619 | 221,410 | |||
Simon Property Group Incorporated | 7,683 | 860,266 | |||
2,468,821 | |||||
Specialized REITs: 0.73% | |||||
American Tower Corporation | 10,942 | 2,235,888 | |||
Crown Castle International Corporation | 10,175 | 1,361,822 | |||
Digital Realty Trust Incorporated | 6,757 | 664,281 | |||
Equinix Incorporated | 2,175 | 1,568,262 | |||
Extra Space Storage Incorporated | 3,147 | 512,741 | |||
Iron Mountain Incorporated | 6,832 | 361,481 | |||
Public Storage Incorporated | 3,715 | 1,122,450 | |||
SBA Communications Corporation | 2,537 | 662,335 | |||
VICI Properties Incorporated | 23,587 | 769,408 | |||
Weyerhaeuser Company | 17,221 | 518,869 | |||
9,777,537 | |||||
Utilities: 1.74% | |||||
Electric utilities: 1.13% | |||||
Alliant Energy Corporation | 5,899 | 315,007 | |||
American Electric Power Company Incorporated | 12,076 | 1,098,795 | |||
Constellation Energy Corporation | 7,685 | 603,273 | |||
Duke Energy Corporation | 18,095 | 1,745,625 | |||
Edison International | 8,974 | 633,475 | |||
Entergy Corporation | 4,782 | 515,213 | |||
Evergy Incorporated | 5,394 | 329,681 | |||
Eversource Energy | 8,185 | 640,558 | |||
Exelon Corporation | 23,353 | 978,257 | |||
FirstEnergy Corporation | 12,764 | 511,326 | |||
NextEra Energy Incorporated | 46,698 | 3,599,482 | |||
NRG Energy Incorporated | 5,414 | 185,646 | |||
PG&E Corporation † | 37,836 | 611,808 | |||
Pinnacle West Capital Corporation | 2,659 | 210,699 | |||
PPL Corporation | 17,303 | 480,850 | |||
The Southern Company | 25,584 | 1,780,135 | |||
Xcel Energy Incorporated | 12,860 | 867,278 | |||
15,107,108 | |||||
Gas utilities: 0.03% | |||||
Atmos Energy Corporation | 3,364 | 377,979 | |||
Independent power & renewable electricity producers: 0.03% | |||||
AES Corporation | 15,697 | 377,984 | |||
Multi-utilities: 0.50% | |||||
Ameren Corporation | 6,075 | 524,819 | |||
CenterPoint Energy Incorporated | 14,794 | 435,831 | |||
CMS Energy Corporation | 6,845 | 420,146 | |||
Consolidated Edison Incorporated | 8,339 | 797,792 | |||
Dominion Energy Incorporated | 19,582 | 1,094,830 | |||
DTE Energy Company | 4,553 | 498,736 | |||
NiSource Incorporated | 9,544 | 266,850 | |||
Public Service Enterprise Group Incorporated | 11,725 | 732,226 |
Shares | Value | ||||
Multi-utilities (continued) | |||||
Sempra Energy | 7,387 | $ 1,116,619 | |||
WEC Energy Group Incorporated | 7,413 | 702,678 | |||
6,590,527 | |||||
Water utilities: 0.05% | |||||
American Water Works Company Incorporated | 4,535 | 664,332 | |||
Total Common stocks (Cost $235,453,336) | 807,036,237 |
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%) ± | 5.18% | 12-25-2034 | $ 2,603 | 2,338 | |
Total Non-agency mortgage-backed securities (Cost $2,603) | 2,338 | ||||
U.S. Treasury securities: 35.18% | |||||
U.S. Treasury Bond | 1.13 | 5-15-2040 | 2,251,000 | 1,497,882 | |
U.S. Treasury Bond | 1.13 | 8-15-2040 | 2,981,000 | 1,970,371 | |
U.S. Treasury Bond | 1.25 | 5-15-2050 | 3,785,000 | 2,200,327 | |
U.S. Treasury Bond | 1.38 | 11-15-2040 | 1,746,000 | 1,202,626 | |
U.S. Treasury Bond | 1.38 | 8-15-2050 | 4,388,000 | 2,635,028 | |
U.S. Treasury Bond | 1.63 | 11-15-2050 | 4,394,000 | 2,817,824 | |
U.S. Treasury Bond | 1.75 | 8-15-2041 | 4,938,000 | 3,575,421 | |
U.S. Treasury Bond | 1.88 | 2-15-2041 | 4,559,000 | 3,409,633 | |
U.S. Treasury Bond | 1.88 | 2-15-2051 | 4,844,000 | 3,308,490 | |
U.S. Treasury Bond | 2.00 | 2-15-2050 | 3,135,000 | 2,221,931 | |
U.S. Treasury Bond | 2.00 | 8-15-2051 | 4,900,000 | 3,446,652 | |
U.S. Treasury Bond | 2.25 | 5-15-2041 | 4,397,000 | 3,492,008 | |
U.S. Treasury Bond | 2.25 | 8-15-2046 | 1,961,000 | 1,479,866 | |
U.S. Treasury Bond | 2.25 | 8-15-2049 | 3,118,000 | 2,344,468 | |
U.S. Treasury Bond | 2.25 | 2-15-2052 | 645,000 | 480,979 | |
U.S. Treasury Bond | 2.38 | 5-15-2051 | 4,919,000 | 3,777,254 | |
U.S. Treasury Bond | 2.50 | 2-15-2045 | 2,144,000 | 1,710,761 | |
U.S. Treasury Bond | 2.50 | 2-15-2046 | 1,960,000 | 1,556,669 | |
U.S. Treasury Bond | 2.50 | 5-15-2046 | 1,949,000 | 1,547,628 | |
U.S. Treasury Bond | 2.75 | 8-15-2047 | 1,864,000 | 1,549,377 | |
U.S. Treasury Bond | 2.75 | 11-15-2047 | 1,853,000 | 1,541,609 | |
U.S. Treasury Bond | 2.88 | 8-15-2045 | 1,430,000 | 1,218,516 | |
U.S. Treasury Bond | 2.88 | 11-15-2046 | 3,221,000 | 2,744,770 | |
U.S. Treasury Bond | 2.88 | 5-15-2049 | 2,582,000 | 2,209,425 | |
U.S. Treasury Bond | 3.00 | 5-15-2042 | 776,000 | 689,064 | |
U.S. Treasury Bond | 3.00 | 11-15-2044 | 1,951,000 | 1,701,790 | |
U.S. Treasury Bond | 3.00 | 5-15-2045 | 1,115,000 | 970,878 | |
U.S. Treasury Bond | 3.00 | 11-15-2045 | 834,000 | 725,678 | |
U.S. Treasury Bond | 3.00 | 2-15-2047 | 1,889,000 | 1,643,799 | |
U.S. Treasury Bond | 3.00 | 5-15-2047 | 1,921,000 | 1,671,795 | |
U.S. Treasury Bond | 3.00 | 2-15-2048 | 2,119,000 | 1,848,331 | |
U.S. Treasury Bond | 3.00 | 8-15-2048 | 2,099,000 | 1,832,935 | |
U.S. Treasury Bond | 3.00 | 2-15-2049 | 2,614,000 | 2,288,271 | |
U.S. Treasury Bond | 3.13 | 11-15-2041 | 846,000 | 771,182 | |
U.S. Treasury Bond | 3.13 | 2-15-2042 | 919,000 | 833,993 | |
U.S. Treasury Bond | 3.13 | 8-15-2044 | 1,999,000 | 1,783,483 | |
U.S. Treasury Bond | 3.13 | 5-15-2048 | 2,283,000 | 2,037,578 | |
U.S. Treasury Bond | 3.38 | 5-15-2044 | 1,432,000 | 1,331,872 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Bond | 3.38% | 11-15-2048 | $ 2,541,000 | $ 2,376,828 | |
U.S. Treasury Bond | 3.50 | 2-15-2039 | 731,000 | 722,148 | |
U.S. Treasury Bond | 3.63 | 8-15-2043 | 824,000 | 799,795 | |
U.S. Treasury Bond | 3.63 | 2-15-2044 | 1,547,000 | 1,496,420 | |
U.S. Treasury Bond | 3.75 | 8-15-2041 | 929,000 | 927,512 | |
U.S. Treasury Bond | 3.75 | 11-15-2043 | 1,660,000 | 1,639,639 | |
U.S. Treasury Bond | 3.88 | 8-15-2040 | 946,000 | 970,093 | |
U.S. Treasury Bond | 4.25 | 5-15-2039 | 681,000 | 734,496 | |
U.S. Treasury Bond | 4.25 | 11-15-2040 | 977,000 | 1,048,787 | |
U.S. Treasury Bond | 4.38 | 2-15-2038 | 381,000 | 417,195 | |
U.S. Treasury Bond | 4.38 | 11-15-2039 | 757,000 | 827,023 | |
U.S. Treasury Bond | 4.38 | 5-15-2040 | 1,078,000 | 1,176,199 | |
U.S. Treasury Bond | 4.38 | 5-15-2041 | 842,000 | 916,004 | |
U.S. Treasury Bond | 4.50 | 5-15-2038 | 428,000 | 474,645 | |
U.S. Treasury Bond | 4.50 | 8-15-2039 | 721,000 | 800,648 | |
U.S. Treasury Bond | 4.63 | 2-15-2040 | 730,000 | 821,535 | |
U.S. Treasury Bond | 4.75 | 2-15-2037 | 264,000 | 301,043 | |
U.S. Treasury Bond | 4.75 | 2-15-2041 | 1,084,000 | 1,234,786 | |
U.S. Treasury Bond | 5.00 | 5-15-2037 | 375,000 | 437,300 | |
U.S. Treasury Bond | 5.25 | 11-15-2028 | 479,000 | 518,387 | |
U.S. Treasury Bond | 5.25 | 2-15-2029 | 349,000 | 378,283 | |
U.S. Treasury Bond | 5.38 | 2-15-2031 | 752,000 | 847,381 | |
U.S. Treasury Bond | 5.50 | 8-15-2028 | 369,000 | 402,080 | |
U.S. Treasury Bond | 6.13 | 11-15-2027 | 525,000 | 580,125 | |
U.S. Treasury Bond | 6.13 | 8-15-2029 | 293,000 | 334,638 | |
U.S. Treasury Bond | 6.25 | 5-15-2030 | 478,000 | 558,438 | |
U.S. Treasury Bond | 6.38 | 8-15-2027 | 224,000 | 248,141 | |
U.S. Treasury Bond | 6.88 | 8-15-2025 | 16,974,000 | 18,126,375 | |
U.S. Treasury Note | 0.13 | 2-15-2024 | 3,940,000 | 3,786,402 | |
U.S. Treasury Note | 0.25 | 3-15-2024 | 3,929,000 | 3,769,538 | |
U.S. Treasury Note | 0.25 | 5-15-2024 | 3,937,000 | 3,754,299 | |
U.S. Treasury Note | 0.25 | 5-31-2025 | 10,364,000 | 9,563,219 | |
U.S. Treasury Note | 0.25 | 8-31-2025 | 3,153,000 | 2,888,320 | |
U.S. Treasury Note | 0.25 | 10-31-2025 | 3,586,000 | 3,269,564 | |
U.S. Treasury Note | 0.38 | 4-15-2024 | 3,919,000 | 3,751,065 | |
U.S. Treasury Note | 0.38 | 4-30-2025 | 2,591,000 | 2,403,153 | |
U.S. Treasury Note | 0.38 | 11-30-2025 | 3,685,000 | 3,361,411 | |
U.S. Treasury Note | 0.38 | 1-31-2026 | 4,058,000 | 3,683,745 | |
U.S. Treasury Note | 0.38 | 7-31-2027 | 2,771,000 | 2,407,198 | |
U.S. Treasury Note | 0.38 | 9-30-2027 | 3,141,000 | 2,716,106 | |
U.S. Treasury Note | 0.50 | 3-31-2025 | 2,469,000 | 2,302,825 | |
U.S. Treasury Note | 0.50 | 2-28-2026 | 4,104,000 | 3,729,991 | |
U.S. Treasury Note | 0.50 | 4-30-2027 | 2,015,000 | 1,774,066 | |
U.S. Treasury Note | 0.50 | 5-31-2027 | 2,282,000 | 2,002,455 | |
U.S. Treasury Note | 0.50 | 6-30-2027 | 2,520,000 | 2,207,264 | |
U.S. Treasury Note | 0.50 | 8-31-2027 | 2,918,000 | 2,543,447 | |
U.S. Treasury Note | 0.50 | 10-31-2027 | 3,418,000 | 2,965,916 | |
U.S. Treasury Note | 0.63 | 3-31-2027 | 1,681,000 | 1,490,312 | |
U.S. Treasury Note | 0.63 | 11-30-2027 | 7,236,000 | 6,307,474 | |
U.S. Treasury Note | 0.63 | 12-31-2027 | 3,852,000 | 3,350,036 | |
U.S. Treasury Note | 0.63 | 5-15-2030 | 3,675,000 | 3,008,476 | |
U.S. Treasury Note | 0.63 | 8-15-2030 | 4,582,000 | 3,733,793 | |
U.S. Treasury Note | 0.75 | 3-31-2026 | 4,059,000 | 3,713,509 | |
U.S. Treasury Note | 0.75 | 4-30-2026 | 4,130,000 | 3,765,076 | |
U.S. Treasury Note | 0.75 | 5-31-2026 | 4,136,000 | 3,762,144 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 0.75% | 1-31-2028 | $ 4,214,000 | $ 3,680,666 | |
U.S. Treasury Note | 0.88 | 11-15-2030 | 2,681,000 | 2,219,365 | |
U.S. Treasury Note | 1.13 | 2-28-2025 | 2,444,000 | 2,310,917 | |
U.S. Treasury Note | 1.13 | 2-28-2027 | 964,000 | 874,868 | |
U.S. Treasury Note | 1.13 | 2-29-2028 | 4,178,000 | 3,710,423 | |
U.S. Treasury Note | 1.13 | 2-15-2031 | 7,183,000 | 6,048,591 | |
U.S. Treasury Note | 1.25 | 8-31-2024 | 1,400,000 | 1,340,555 | |
U.S. Treasury Note | 1.25 | 3-31-2028 | 4,152,000 | 3,703,389 | |
U.S. Treasury Note | 1.25 | 4-30-2028 | 4,224,000 | 3,760,845 | |
U.S. Treasury Note | 1.25 | 5-31-2028 | 4,167,000 | 3,705,212 | |
U.S. Treasury Note | 1.25 | 8-15-2031 | 7,687,000 | 6,447,772 | |
U.S. Treasury Note | 1.38 | 1-31-2025 | 2,372,000 | 2,257,384 | |
U.S. Treasury Note | 1.38 | 8-31-2026 | 1,787,000 | 1,649,555 | |
U.S. Treasury Note | 1.38 | 10-31-2028 | 24,195,000 | 21,466,447 | |
U.S. Treasury Note | 1.38 | 11-15-2031 | 23,180,000 | 19,565,369 | |
U.S. Treasury Note | 1.50 | 9-30-2024 | 2,442,000 | 2,343,080 | |
U.S. Treasury Note | 1.50 | 10-31-2024 | 2,391,000 | 2,290,503 | |
U.S. Treasury Note | 1.50 | 11-30-2024 | 10,419,000 | 9,964,797 | |
U.S. Treasury Note | 1.50 | 8-15-2026 | 3,430,000 | 3,183,603 | |
U.S. Treasury Note | 1.50 | 1-31-2027 | 1,873,000 | 1,724,331 | |
U.S. Treasury Note | 1.50 | 2-15-2030 | 4,305,000 | 3,773,938 | |
U.S. Treasury Note | 1.63 | 2-15-2026 | 3,342,000 | 3,143,047 | |
U.S. Treasury Note | 1.63 | 5-15-2026 | 3,385,000 | 3,169,338 | |
U.S. Treasury Note | 1.63 | 10-31-2026 | 1,800,000 | 1,672,102 | |
U.S. Treasury Note | 1.63 | 8-15-2029 | 2,854,000 | 2,545,634 | |
U.S. Treasury Note | 1.63 | 5-15-2031 | 7,512,000 | 6,528,691 | |
U.S. Treasury Note | 1.75 | 6-30-2024 | 2,424,000 | 2,345,409 | |
U.S. Treasury Note | 1.75 | 7-31-2024 | 2,406,000 | 2,323,670 | |
U.S. Treasury Note | 1.75 | 11-15-2029 | 2,229,000 | 2,001,747 | |
U.S. Treasury Note | 1.88 | 8-31-2024 | 1,345,000 | 1,299,344 | |
U.S. Treasury Note | 1.88 | 7-31-2026 | 1,828,000 | 1,719,748 | |
U.S. Treasury Note | 1.88 | 11-15-2051 | 3,485,000 | 2,373,067 | |
U.S. Treasury Note | 2.00 | 4-30-2024 | 7,435,000 | 7,230,828 | |
U.S. Treasury Note | 2.00 | 5-31-2024 | 7,089,000 | 6,890,176 | |
U.S. Treasury Note | 2.00 | 6-30-2024 | 1,939,000 | 1,881,436 | |
U.S. Treasury Note | 2.00 | 2-15-2025 | 3,537,000 | 3,400,494 | |
U.S. Treasury Note | 2.00 | 8-15-2025 | 3,491,000 | 3,339,769 | |
U.S. Treasury Note | 2.00 | 11-15-2026 | 3,370,000 | 3,169,380 | |
U.S. Treasury Note | 2.13 | 2-29-2024 | 1,298,000 | 1,268,187 | |
U.S. Treasury Note | 2.13 | 3-31-2024 | 1,961,000 | 1,913,813 | |
U.S. Treasury Note | 2.13 | 7-31-2024 | 1,927,000 | 1,870,394 | |
U.S. Treasury Note | 2.13 | 9-30-2024 | 1,844,000 | 1,785,871 | |
U.S. Treasury Note | 2.13 | 11-30-2024 | 1,852,000 | 1,789,857 | |
U.S. Treasury Note | 2.13 | 5-15-2025 | 3,005,000 | 2,888,791 | |
U.S. Treasury Note | 2.13 | 5-31-2026 | 1,793,000 | 1,704,050 | |
U.S. Treasury Note | 2.25 | 4-30-2024 | 2,418,000 | 2,358,306 | |
U.S. Treasury Note | 2.25 | 10-31-2024 | 1,882,000 | 1,823,776 | |
U.S. Treasury Note | 2.25 | 11-15-2024 | 3,535,000 | 3,424,117 | |
U.S. Treasury Note | 2.25 | 12-31-2024 | 1,911,000 | 1,848,445 | |
U.S. Treasury Note | 2.25 | 11-15-2025 | 3,473,000 | 3,332,316 | |
U.S. Treasury Note | 2.25 | 2-15-2027 | 3,350,000 | 3,173,732 | |
U.S. Treasury Note | 2.25 | 8-15-2027 | 3,338,000 | 3,148,803 | |
U.S. Treasury Note | 2.25 | 11-15-2027 | 3,248,000 | 3,055,150 | |
U.S. Treasury Note | 2.38 | 2-29-2024 | 1,426,000 | 1,396,199 | |
U.S. Treasury Note | 2.38 | 8-15-2024 | 3,101,000 | 3,018,387 |
Interest rate | Maturitydate | Principal | Value | ||
U.S. Treasury securities (continued) | |||||
U.S. Treasury Note | 2.38% | 4-30-2026 | $ 1,812,000 | $ 1,737,963 | |
U.S. Treasury Note | 2.38 | 5-15-2027 | 3,375,000 | 3,205,591 | |
U.S. Treasury Note | 2.38 | 5-15-2029 | 3,295,000 | 3,074,261 | |
U.S. Treasury Note | 2.50 | 5-15-2024 | 3,424,000 | 3,348,565 | |
U.S. Treasury Note | 2.50 | 1-31-2025 | 1,936,000 | 1,879,886 | |
U.S. Treasury Note | 2.50 | 2-28-2026 | 1,888,000 | 1,818,823 | |
U.S. Treasury Note | 2.63 | 3-31-2025 | 1,884,000 | 1,833,147 | |
U.S. Treasury Note | 2.63 | 12-31-2025 | 1,914,000 | 1,852,468 | |
U.S. Treasury Note | 2.63 | 2-15-2029 | 3,512,000 | 3,330,089 | |
U.S. Treasury Note | 2.75 | 2-15-2024 | 2,325,000 | 2,286,038 | |
U.S. Treasury Note | 2.75 | 2-28-2025 | 1,955,000 | 1,906,736 | |
U.S. Treasury Note | 2.75 | 6-30-2025 | 1,959,000 | 1,906,505 | |
U.S. Treasury Note | 2.75 | 8-31-2025 | 2,020,000 | 1,964,371 | |
U.S. Treasury Note | 2.75 | 2-15-2028 | 4,229,000 | 4,062,153 | |
U.S. Treasury Note | 2.75 | 8-15-2032 | 2,430,000 | 2,286,858 | |
U.S. Treasury Note | 2.88 | 4-30-2025 | 1,884,000 | 1,839,917 | |
U.S. Treasury Note | 2.88 | 5-31-2025 | 1,939,000 | 1,892,873 | |
U.S. Treasury Note | 2.88 | 7-31-2025 | 1,949,000 | 1,903,016 | |
U.S. Treasury Note | 2.88 | 11-30-2025 | 1,880,000 | 1,832,413 | |
U.S. Treasury Note | 2.88 | 5-15-2028 | 4,397,000 | 4,241,387 | |
U.S. Treasury Note | 2.88 | 8-15-2028 | 4,422,000 | 4,258,766 | |
U.S. Treasury Note | 3.00 | 9-30-2025 | 1,994,000 | 1,950,148 | |
U.S. Treasury Note | 3.00 | 10-31-2025 | 1,814,000 | 1,774,106 | |
U.S. Treasury Note | 3.13 | 11-15-2028 | 3,621,000 | 3,529,909 | |
U.S. Treasury Note | 6.00 | 2-15-2026 | 445,000 | 471,352 | |
U.S. Treasury Note | 6.50 | 11-15-2026 | 296,000 | 323,368 | |
U.S. Treasury Note | 6.63 | 2-15-2027 | 215,000 | 237,365 | |
U.S. Treasury Note | 6.75 | 8-15-2026 | 221,000 | 241,443 | |
U.S. Treasury Note | 7.50 | 11-15-2024 | 240,000 | 252,413 | |
Total U.S. Treasury securities (Cost $515,727,868) | 468,294,526 |
Yield | Shares | ||||
Short-term investments: 3.92% | |||||
Investment companies: 3.92% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69 | 52,226,545 | 52,226,545 | ||
Total Short-term investments (Cost $52,226,545) | 52,226,545 | ||||
Total investments in securities (Cost $803,428,487) | 99.72% | 1,327,579,642 | |||
Other assets and liabilities, net | 0.28 | 3,704,394 | |||
Total net assets | 100.00% | $1,331,284,036 |
† | Non-income-earning security |
± | 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. |
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 | $28,617,803 | $150,763,930 | $(127,155,188) | $ 0 | $0 | $ 52,226,545 | 52,226,545 | $ 698,003 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investment LLC | 149,819 | 2,679,313 | (2,829,070) | (62) | 0 | 0 | 0 | 3,948 # | ||
$ (62) | $0 | $52,226,545 | $701,951 |
# | 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 | 48 | 6-16-2023 | $ 9,362,392 | $ 9,930,600 | $ 568,208 | $ 0 | |
10-Year U.S. Treasury Notes | 487 | 6-21-2023 | 55,727,321 | 55,966,953 | 239,632 | 0 | |
U.S. Long Term Bonds | 29 | 6-21-2023 | 3,724,135 | 3,803,531 | 79,396 | 0 | |
U.S. Ultra Treasury Bonds | 47 | 6-21-2023 | 6,535,665 | 6,632,875 | 97,210 | 0 | |
2-Year U.S. Treasury Notes | 38 | 6-30-2023 | 7,834,966 | 7,845,219 | 10,253 | 0 | |
5-Year U.S. Treasury Notes | 116 | 6-30-2023 | 12,588,956 | 12,702,906 | 113,950 | 0 | |
Short | |||||||
E-Mini S&P 500 Index | (79) | 6-16-2023 | (15,886,081) | (16,344,112) | 0 | (458,031) | |
$1,108,649 | $(458,031) |
Assets | |
Investments in unaffiliated securities, at value (cost $751,201,942) | $ 1,275,353,097 |
Investments in affiliated securities, at value (cost $52,226,545) | 52,226,545 |
Cash at broker segregated for futures contracts | 2,680,460 |
Receivable for dividends and interest | 3,247,313 |
Receivable for daily variation margin on open futures contracts | 437,722 |
Receivable for Fund shares sold | 234,598 |
Prepaid expenses and other assets | 182,139 |
Total assets | 1,334,361,874 |
Liabilities | |
Payable for Fund shares redeemed | 1,645,365 |
Management fee payable | 636,719 |
Shareholder servicing fees payable | 263,017 |
Administration fees payable | 220,892 |
Payable for daily variation margin on open futures contracts | 155,925 |
Distribution fee payable | 71,487 |
Trustees’ fees and expenses payable | 1,299 |
Accrued expenses and other liabilities | 83,134 |
Total liabilities | 3,077,838 |
Total net assets | $1,331,284,036 |
Net assets consist of | |
Paid-in capital | $ 812,100,101 |
Total distributable earnings | 519,183,935 |
Total net assets | $1,331,284,036 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 847,805,573 |
Shares outstanding – Class A1 | 23,101,084 |
Net asset value per share – Class A | $36.70 |
Maximum offering price per share – Class A2 | $38.94 |
Net assets – Class C | $ 106,114,180 |
Shares outstanding – Class C1 | 4,773,830 |
Net asset value per share – Class C | $22.23 |
Net assets – Administrator Class | $ 236,571,950 |
Shares outstanding – Administrator Class1 | 6,446,160 |
Net asset value per share – Administrator Class | $36.70 |
Net assets – Institutional Class | $ 140,792,333 |
Shares outstanding – Institutional Class1 | 3,841,636 |
Net asset value per share – Institutional Class | $36.65 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $1,771) | $ 7,216,237 |
Interest | 5,494,800 |
Income from affiliated securities | 698,140 |
Total investment income | 13,409,177 |
Expenses | |
Management fee | 4,047,881 |
Administration fees | |
Class A | 872,178 |
Class C | 116,132 |
Administrator Class | 160,828 |
Institutional Class | 95,740 |
Shareholder servicing fees | |
Class A | 1,038,307 |
Class C | 138,047 |
Administrator Class | 306,211 |
Distribution fee | |
Class C | 414,115 |
Custody and accounting fees | 69,731 |
Professional fees | 28,043 |
Registration fees | 125,063 |
Shareholder report expenses | 75,182 |
Trustees’ fees and expenses | 11,087 |
Other fees and expenses | 101,158 |
Total expenses | 7,599,703 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (324,795) |
Administrator Class | (111,648) |
Net expenses | 7,163,260 |
Net investment income | 6,245,917 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 48,533,607 |
Affiliated securities | (62) |
Futures contracts | (2,658,919) |
Net realized gains on investments | 45,874,626 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 74,800,082 |
Futures contracts | (326,685) |
Net change in unrealized gains (losses) on investments | 74,473,397 |
Net realized and unrealized gains (losses) on investments | 120,348,023 |
Net increase in net assets resulting from operations | $126,593,940 |
Six months ended March 31, 2023 (unaudited) | Year ended September 30, 2022 | |||
Operations | ||||
Net investment income | $ 6,245,917 | $ 8,406,497 | ||
Net realized gains on investments | 45,874,626 | 31,927,212 | ||
Net change in unrealized gains (losses) on investments | 74,473,397 | (278,621,617) | ||
Net increase (decrease) in net assets resulting from operations | 126,593,940 | (238,287,908) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (37,593,161) | (63,362,703) | ||
Class C | (4,535,716) | (8,330,567) | ||
Administrator Class | (11,341,676) | (23,576,011) | ||
Institutional Class | (7,170,489) | (12,107,682) | ||
Total distributions to shareholders | (60,641,042) | (107,376,963) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 455,498 | 16,394,420 | 821,497 | 33,696,572 |
Class C | 179,315 | 3,904,897 | 485,683 | 12,236,383 |
Administrator Class | 355,371 | 12,798,780 | 1,568,634 | 66,040,429 |
Institutional Class | 345,485 | 12,468,710 | 1,646,285 | 68,227,108 |
45,566,807 | 180,200,492 | |||
Reinvestment of distributions | ||||
Class A | 1,012,961 | 36,181,484 | 1,411,239 | 60,948,990 |
Class C | 204,027 | 4,402,900 | 303,625 | 8,012,673 |
Administrator Class | 316,455 | 11,305,650 | 544,767 | 23,512,105 |
Institutional Class | 170,583 | 6,088,403 | 220,986 | 9,487,456 |
57,978,437 | 101,961,224 | |||
Payment for shares redeemed | ||||
Class A | (1,322,727) | (47,773,990) | (2,443,961) | (99,973,810) |
Class C | (857,527) | (18,674,616) | (1,240,343) | (30,566,657) |
Administrator Class | (1,654,955) | (60,172,720) | (2,871,217) | (116,371,204) |
Institutional Class | (997,979) | (35,669,100) | (1,324,804) | (53,709,439) |
(162,290,426) | (300,621,110) | |||
Net decrease in net assets resulting from capital share transactions | (58,745,182) | (18,459,394) | ||
Total increase (decrease) in net assets | 7,207,716 | (364,124,265) | ||
Net assets | ||||
Beginning of period | 1,324,076,320 | 1,688,200,585 | ||
End of period | $1,331,284,036 | $1,324,076,320 |
Year ended September 30 | ||||||
Class A | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $34.96 | $43.74 | $38.89 | $35.13 | $34.63 | $31.99 |
Net investment income | 0.17 | 0.21 | 0.19 | 0.30 | 0.33 | 0.27 |
Net realized and unrealized gains (losses) on investments | 3.22 | (6.23) | 5.97 | 4.22 | 1.46 | 2.83 |
Total from investment operations | 3.39 | (6.02) | 6.16 | 4.52 | 1.79 | 3.10 |
Distributions to shareholders from | ||||||
Net investment income | (0.17) | (0.30) | (0.12) | (0.30) | (0.33) | (0.27) |
Net realized gains | (1.48) | (2.46) | (1.19) | (0.46) | (0.96) | (0.19) |
Total distributions to shareholders | (1.65) | (2.76) | (1.31) | (0.76) | (1.29) | (0.46) |
Net asset value, end of period | $36.70 | $34.96 | $43.74 | $38.89 | $35.13 | $34.63 |
Total return1 | 9.87% | (14.91)% | 16.18% | 13.08% | 5.54% | 9.76% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.13% | 1.10% | 1.09% | 1.10% | 1.11% | 1.08% |
Net expenses | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% | 1.07% |
Net investment income | 0.93% | 0.52% | 0.46% | 0.83% | 0.99% | 0.80% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $847,806 | $802,444 | $1,013,263 | $907,134 | $834,289 | $830,487 |
1 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Class C | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $21.15 | $26.46 | $23.64 | $21.36 | $21.07 | $19.45 |
Net investment income (loss) | 0.00 1 | (0.07) | (0.08) | 0.01 | 0.05 | 0.01 |
Net realized and unrealized gains (losses) on investments | 1.98 | (3.75) | 3.63 | 2.57 | 0.88 | 1.73 |
Total from investment operations | 1.98 | (3.82) | 3.55 | 2.58 | 0.93 | 1.74 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.01) | (0.02) | (0.06) | (0.00) 1 |
Net realized gains | (0.90) | (1.49) | (0.72) | (0.28) | (0.58) | (0.12) |
Total distributions to shareholders | (0.90) | (1.49) | (0.73) | (0.30) | (0.64) | (0.12) |
Net asset value, end of period | $22.23 | $21.15 | $26.46 | $23.64 | $21.36 | $21.07 |
Total return2 | 9.48% | (15.56)% | 15.31% | 12.22% | 4.75% | 8.97% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.88% | 1.85% | 1.84% | 1.85% | 1.86% | 1.83% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.83% | 1.83% | 1.82% |
Net investment income (loss) | 0.18% | (0.24)% | (0.29)% | 0.08% | 0.24% | 0.05% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $106,114 | $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. Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Administrator Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $34.96 | $43.80 | $38.89 | $35.14 | $34.64 | $31.99 |
Net investment income | 0.20 | 0.28 | 0.26 | 0.37 | 0.39 | 0.32 |
Net realized and unrealized gains (losses) on investments | 3.24 | (6.22) | 5.98 | 4.20 | 1.46 | 2.84 |
Total from investment operations | 3.44 | (5.94) | 6.24 | 4.57 | 1.85 | 3.16 |
Distributions to shareholders from | ||||||
Net investment income | (0.21) | (0.43) | (0.14) | (0.36) | (0.39) | (0.32) |
Net realized gains | (1.49) | (2.47) | (1.19) | (0.46) | (0.96) | (0.19) |
Total distributions to shareholders | (1.70) | (2.90) | (1.33) | (0.82) | (1.35) | (0.51) |
Net asset value, end of period | $36.70 | $34.96 | $43.80 | $38.89 | $35.14 | $34.64 |
Total return1 | 9.97% | (14.77)% | 16.40% | 13.26% | 5.73% | 9.94% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.04% | 1.02% | 1.01% | 1.02% | 1.03% | 1.00% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment income | 1.10% | 0.69% | 0.63% | 1.01% | 1.17% | 0.97% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $236,572 | $259,704 | $358,573 | $281,988 | $229,390 | $216,611 |
1 | Returns for periods of less than one year are not annualized. |
Year ended September 30 | ||||||
Institutional Class | Six months ended March 31, 2023 (unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 |
Net asset value, beginning of period | $34.91 | $43.79 | $38.84 | $35.09 | $34.59 | $31.96 |
Net investment income | 0.22 | 0.33 | 0.33 | 0.42 | 0.44 | 0.39 |
Net realized and unrealized gains (losses) on investments | 3.23 | (6.20) | 5.97 | 4.21 | 1.46 | 2.81 |
Total from investment operations | 3.45 | (5.87) | 6.30 | 4.63 | 1.90 | 3.20 |
Distributions to shareholders from | ||||||
Net investment income | (0.23) | (0.54) | (0.16) | (0.42) | (0.44) | (0.38) |
Net realized gains | (1.48) | (2.47) | (1.19) | (0.46) | (0.96) | (0.19) |
Total distributions to shareholders | (1.71) | (3.01) | (1.35) | (0.88) | (1.40) | (0.57) |
Net asset value, end of period | $36.65 | $34.91 | $43.79 | $38.84 | $35.09 | $34.59 |
Total return1 | 10.07% | (14.64)% | 16.57% | 13.44% | 5.89% | 10.11% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.80% | 0.77% | 0.76% | 0.77% | 0.78% | 0.75% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.74% |
Net investment income | 1.26% | 0.85% | 0.79% | 1.16% | 1.32% | 1.13% |
Supplemental data | ||||||
Portfolio turnover rate | 3% | 13% | 11% | 19% | 14% | 9% |
Net assets, end of period (000s omitted) | $140,792 | $150,936 | $165,569 | $139,896 | $123,504 | $110,566 |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $581,434,550 |
Gross unrealized losses | (70,089,017) |
Net unrealized gains | $511,345,533 |
■ | 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 | $ 19,996 | $0 | $ 19,996 |
Common stocks | ||||
Communication services | 65,456,593 | 0 | 0 | 65,456,593 |
Consumer discretionary | 81,760,153 | 0 | 0 | 81,760,153 |
Consumer staples | 58,385,875 | 0 | 0 | 58,385,875 |
Energy | 37,191,122 | 0 | 0 | 37,191,122 |
Financials | 104,165,072 | 0 | 0 | 104,165,072 |
Health care | 114,591,827 | 0 | 0 | 114,591,827 |
Industrials | 69,919,078 | 0 | 0 | 69,919,078 |
Information technology | 210,474,841 | 0 | 0 | 210,474,841 |
Materials | 21,314,916 | 0 | 0 | 21,314,916 |
Real estate | 20,658,830 | 0 | 0 | 20,658,830 |
Utilities | 23,117,930 | 0 | 0 | 23,117,930 |
Non-agency mortgage-backed securities | 0 | 2,338 | 0 | 2,338 |
U.S. Treasury securities | 468,294,526 | 0 | 0 | 468,294,526 |
Short-term investments | ||||
Investment companies | 52,226,545 | 0 | 0 | 52,226,545 |
1,327,557,308 | 22,334 | 0 | 1,327,579,642 | |
Futures contracts | 1,108,649 | 0 | 0 | 1,108,649 |
Total assets | $1,328,665,957 | $22,334 | $0 | $1,328,688,291 |
Liabilities | ||||
Futures contracts | $ 458,031 | $ 0 | $0 | $ 458,031 |
Total liabilities | $ 458,031 | $ 0 | $0 | $ 458,031 |
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 | |
$27,398,524 | $7,998,628 | $67,212,290 | $100,054,025 |
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 | $ 540,441* | Unrealized losses on futures contracts | $ 0* | |
Equity risk | Unrealized gains on futures contracts | 568,208* | Unrealized losses on futures contracts | 458,031* | |
$1,108,649 | $458,031 |
* | 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 March 31, 2023 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 | $ (1,110,217) | $ 5,289,942 |
Equity risk | (1,548,702) | (5,616,627) |
$(2,658,919) | $ (326,685) |
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 Foundation (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. Member of the Advisory Board of CEF of East Central Florida. 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 | Distinguished Visiting Fellow at the Hoover Institution since 2022. 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, from 2007-2022. 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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g461252img5cde51a11.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-157836/g461252imge90e161e4.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SAR0458 03-23
ITEM 2. | CODE OF ETHICS |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | May 25, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | May 25, 2023 | |
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | May 25, 2023 |