UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
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: March 31
Registrant is making a filing for 7 of its series:
Allspring Small Cap Fund, Allspring Disciplined Small Cap Fund, Allspring Special Small Cap Value Fund, Allspring Discovery Small Cap Growth Fund, Allspring Precious Metals Fund, Allspring Discovery Innovation Fund and Allspring Utility and Telecommunications Fund.
Date of reporting period: March 31, 2023
ITEM 1. | REPORT TO STOCKHOLDERS |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g442273img27b709d91.jpg)
Disciplined Small Cap Fund
2 | |
6 | |
10 | |
11 | |
Financial statements | |
21 | |
22 | |
23 | |
24 | |
28 | |
34 | |
35 |
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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. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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. |
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President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Justin P. Carr, CFA, Robert M. Wicentowski, CFA |
Average annual total returns (%) as of 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 (WDSAX)3 | 7-31-2018 | -12.36 | 2.93 | 7.29 | -7.01 | 4.16 | 7.93 | 1.75 | 0.93 | ||
Class R6 (WSCJX)4 | 10-31-2016 | – | – | – | -6.98 | 4.20 | 8.07 | 1.32 | 0.50 | ||
Administrator Class (NVSOX) | 8-1-1993 | – | – | – | -7.28 | 3.93 | 7.81 | 1.67 | 0.85 | ||
Institutional Class (WSCOX)5 | 10-31-2014 | – | – | – | -7.09 | 4.18 | 8.04 | 1.42 | 0.60 | ||
Russell 2000® Index6 | – | – | – | – | -11.61 | 4.71 | 8.04 | – | – |
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 July 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.93% for Class A, 0.50% for Class R6, 0.85% 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 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Administrator Class shares, and is adjusted to reflect the higher expenses and sales charges of the Class A 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 | 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. |
6 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
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1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell 2000® Index, for the 12-month period that ended March 31, 2023. |
■ | Stock selection was the main contributor to Fund performance, adding value in 6 out of 11 sectors. The Fund benefited from positive stock selection within the industrials, consumer discretionary, and information technology (IT) sectors. Underweights to IT and financials contributed modestly to performance. |
■ | Negative stock selection within consumer staples, real estate, and materials detracted from relative performance. A slight overweight to energy detracted modestly from performance. Variations in sector weights versus the Index were relatively small, as is typical for the strategy. |
Ten largest holdings (%) as of March 31, 20231 | |
Atkore Incorporated | 1.04 |
Encore Wire Corporation | 0.98 |
Mueller Industries Incorporated | 0.92 |
EMCOR Group Incorporated | 0.91 |
SPS Commerce Incorporated | 0.90 |
STAG Industrial Incorporated | 0.87 |
Commercial Metals Company | 0.83 |
Applied Industrial Technologies Incorporated | 0.81 |
Rambus Incorporated | 0.81 |
Lantheus Holdings Incorporated | 0.80 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
** | The 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. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g442273img50eb72b75.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. |
* | This security was no longer held at the end of the reporting period. |
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 | $1,130.78 | $4.94 | 0.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.29 | $4.68 | 0.93% |
Class R6 | ||||
Actual | $1,000.00 | $1,129.01 | $2.65 | 0.50% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.44 | $2.52 | 0.50% |
Administrator Class | ||||
Actual | $1,000.00 | $1,127.04 | $4.51 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.28 | 0.85% |
Institutional Class | ||||
Actual | $1,000.00 | $1,128.63 | $3.18 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.94 | $3.02 | 0.60% |
Shares | Value | ||||
Common stocks: 97.85% | |||||
Communication services: 2.51% | |||||
Diversified telecommunication services: 1.12% | |||||
Bandwidth Incorporated Class A † | 4,300 | $ 65,360 | |||
Charge Enterprises Incorporated † | 12,829 | 14,112 | |||
Echostar Corporation Class A † | 3,949 | 72,227 | |||
Ooma Incorporated † | 2,895 | 36,216 | |||
187,915 | |||||
Entertainment: 0.09% | |||||
Playstudios Incorporated Class A † | 4,277 | 15,782 | |||
Interactive media & services: 0.76% | |||||
QuinStreet Incorporated † | 1,475 | 23,408 | |||
Ziff Davis Incorporated † | 685 | 53,464 | |||
Ziprecruiter Incorporated Class A † | 3,125 | 49,813 | |||
126,685 | |||||
Media: 0.54% | |||||
Entravision Communications Corporation Class A | 9,862 | 59,665 | |||
Sinclair Broadcast Group Incorporated Class A | 852 | 14,620 | |||
TechTarget Incorporated † | 441 | 15,929 | |||
90,214 | |||||
Consumer discretionary: 11.62% | |||||
Automobile components: 0.89% | |||||
Dana Incorporated | 3,694 | 55,595 | |||
Gentherm Incorporated † | 337 | 20,362 | |||
Modine Manufacturing Company † | 3,151 | 72,631 | |||
148,588 | |||||
Diversified consumer services: 1.10% | |||||
Chegg Incorporated † | 2,523 | 41,125 | |||
Perdoceo Education Corporation † | 3,949 | 53,035 | |||
Stride Incorporated † | 2,304 | 90,432 | |||
184,592 | |||||
Hotels, restaurants & leisure: 2.58% | |||||
Bloomin' Brands Incorporated | 4,873 | 124,992 | |||
Brinker International Incorporated † | 2,930 | 111,340 | |||
Hilton Grand Vacations Incorporated † | 1,456 | 64,690 | |||
International Game Technology plc | 3,647 | 97,740 | |||
Wingstop Incorporated | 178 | 32,677 | |||
431,439 | |||||
Household durables: 2.22% | |||||
Helen of Troy Limited † | 276 | 26,267 | |||
Installed Building Products Incorporated | 294 | 33,525 | |||
KB Home Incorporated | 1,120 | 45,002 | |||
M/I Homes Incorporated † | 967 | 61,008 | |||
Meritage Corporation | 617 | 72,041 |
Shares | Value | ||||
Household durables (continued) | |||||
Skyline Champion Corporation † | 362 | $ 27,233 | |||
Taylor Morrison Home Corporation † | 2,785 | 106,554 | |||
371,630 | |||||
Specialty retail: 3.74% | |||||
Academy Sports & Outdoors Corporation | 1,898 | 123,845 | |||
Asbury Automotive Group Incorporated † | 554 | 116,340 | |||
Group 1 Automotive Incorporated | 348 | 78,794 | |||
Hibbett Incorporated | 1,523 | 89,827 | |||
Revolve Group Incorporated † | 3,117 | 81,977 | |||
TravelCenters of America Incorporated † | 1,078 | 93,247 | |||
Zumiez Incorporated † | 2,232 | 41,158 | |||
625,188 | |||||
Textiles, apparel & luxury goods: 1.09% | |||||
Crocs Incorporated † | 629 | 79,531 | |||
G-III Apparel Group Limited † | 2,356 | 36,636 | |||
Steven Madden Limited | 1,828 | 65,808 | |||
181,975 | |||||
Consumer staples: 3.96% | |||||
Beverages: 0.66% | |||||
Coca Cola Bottling Corporation | 94 | 50,298 | |||
Duckhorn Portfolio Incorporated † | 3,813 | 60,627 | |||
110,925 | |||||
Consumer staples distribution & retail: 1.04% | |||||
SpartanNash Company | 1,110 | 27,528 | |||
Sprouts Farmers Market Incorporated † | 725 | 25,397 | |||
The Andersons Incorporated | 1,530 | 63,220 | |||
The Chef's Warehouse Incorporated † | 1,667 | 56,761 | |||
172,906 | |||||
Food products: 0.94% | |||||
John B. Sanfilippo & Son Incorporated | 353 | 34,213 | |||
Lancaster Colony Corporation | 283 | 57,415 | |||
The Simply Good Foods Company † | 1,632 | 64,905 | |||
156,533 | |||||
Personal care products: 1.32% | |||||
Bellring Brands Incorporated † | 2,292 | 77,928 | |||
e.l.f. Beauty Incorporated † | 320 | 26,352 | |||
Medifast Incorporated | 494 | 51,213 | |||
USANA Health Sciences Incorporated † | 1,043 | 65,605 | |||
221,098 | |||||
Energy: 6.58% | |||||
Energy equipment & services: 1.63% | |||||
Nabors Industries Limited † | 337 | 41,084 | |||
Nextier Oilfield Solutions Incorporated † | 8,676 | 68,974 | |||
Noble Corporation plc † | 822 | 32,444 | |||
Oceaneering International Incorporated † | 2,321 | 40,919 | |||
Patterson-UTI Energy Incorporated | 2,787 | 32,608 |
Shares | Value | ||||
Energy equipment & services (continued) | |||||
US Silica Holdings Incorporated † | 2,437 | $ 29,098 | |||
Weatherford International plc † | 476 | 28,251 | |||
273,378 | |||||
Oil, gas & consumable fuels: 4.95% | |||||
Arch Resources Incorporated | 274 | 36,020 | |||
California Resources Corporation | 2,049 | 78,887 | |||
Callon Petroleum Company † | 341 | 11,403 | |||
Chord Energy Corporation | 320 | 43,072 | |||
CVR Energy Incorporated | 1,760 | 57,693 | |||
Laredo Petroleum Incorporated † | 1,219 | 55,513 | |||
Matador Resources Company | 949 | 45,220 | |||
Par Pacific Holdings Incorporated † | 2,266 | 66,167 | |||
PBF Energy Incorporated Class A | 2,662 | 115,424 | |||
Peabody Energy Corporation † | 3,799 | 97,254 | |||
Permian Resources Corporation | 6,567 | 68,954 | |||
Ranger Oil Corporation Class A | 2,369 | 96,750 | |||
W&T Offshore Incorporated † | 4,247 | 21,575 | |||
World Fuel Services Corporation | 1,300 | 33,215 | |||
827,147 | |||||
Financials: 14.97% | |||||
Banks: 7.16% | |||||
Axos Financial Incorporated † | 2,207 | 81,482 | |||
Bank of N.T. Butterfield & Son Limited | 1,077 | 29,079 | |||
Brookline Bancorp Incorporated | 2,531 | 26,576 | |||
Customers Bancorp Incorporated † | 1,502 | 27,817 | |||
Enterprise Financial Service Corporation | 904 | 40,309 | |||
Financial Institutions Incorporated | 1,819 | 35,070 | |||
First Bancorp of North Carolina | 1,568 | 55,695 | |||
First Bancorp of Puerto Rico | 5,896 | 67,332 | |||
First Bank | 2,249 | 22,715 | |||
First Financial Corporation | 1,510 | 56,595 | |||
First Foundation Incorporated | 2,074 | 15,451 | |||
Great Southern Bancorp Incorporated | 1,038 | 52,606 | |||
Hancock Whitney Corporation | 1,535 | 55,874 | |||
Hanmi Financial Corporation | 3,569 | 66,276 | |||
Hilltop Holdings Incorporated | 2,325 | 68,983 | |||
NBT Bancorp Incorporated | 1,743 | 58,757 | |||
OFG Bancorp | 2,615 | 65,218 | |||
Preferred Bank | 1,038 | 56,893 | |||
RBB Bancorp | 3,013 | 46,702 | |||
Republic Bancorp Incorporated Class A | 1,661 | 70,476 | |||
The Bancorp Incorporated † | 2,669 | 74,332 | |||
TriCo Bancshares | 1,449 | 60,264 | |||
Univest Financial Corporation | 1,558 | 36,987 | |||
Westamerica Bancorporation | 570 | 25,251 | |||
1,196,740 | |||||
Capital markets: 1.70% | |||||
Artisan Partners Asset Management Incorporated Class A | 1,219 | 38,984 | |||
Evercore Partners Incorporated Class A | 792 | 91,381 | |||
Open Lending Corporation Class A † | 2,448 | 17,234 | |||
PJT Partners Incorporated Class A | 497 | 35,878 |
Shares | Value | ||||
Capital markets (continued) | |||||
Stonex Group Incorporated | 528 | $ 54,664 | |||
Victory Capital Holding Class A | 1,595 | 46,686 | |||
284,827 | |||||
Consumer finance: 0.46% | |||||
Enova International Incorporated † | 1,084 | 48,162 | |||
Green Dot Corporation Class A † | 1,658 | 28,484 | |||
76,646 | |||||
Financial services: 2.97% | |||||
Essent Group Limited | 2,420 | 96,921 | |||
Evertec Incorporated | 1,342 | 45,293 | |||
International Money Express Incorporated † | 4,150 | 106,987 | |||
Jackson Financial Incorporation Class A | 2,292 | 85,744 | |||
Marqeta Incorporated Class A † | 13,328 | 60,909 | |||
MGIC Investment Corporation | 3,970 | 53,277 | |||
Radian Group Incorporated | 2,146 | 47,427 | |||
496,558 | |||||
Insurance: 2.68% | |||||
American Equity Investment Life Holding Company | 2,428 | 88,598 | |||
CNO Financial Group Incorporated | 4,194 | 93,065 | |||
Employers Holdings Incorporated | 1,249 | 52,071 | |||
Genworth Financial Incorporated Class A † | 14,257 | 71,570 | |||
Palomar Holdings Incorporated † | 533 | 29,422 | |||
Selective Insurance Group Incorporated | 617 | 58,819 | |||
Stewart Information Services Corporation | 1,364 | 55,037 | |||
448,582 | |||||
Health care: 15.87% | |||||
Biotechnology: 5.21% | |||||
Agenus Incorporated † | 8,300 | 12,616 | |||
Alector Incorporated † | 4,631 | 28,666 | |||
ALX Oncology Holdings Incorporated † | 3,411 | 15,414 | |||
Amicus Therapeutics Incorporated † | 3,548 | 39,347 | |||
Arcus Biosciences Incorporated † | 2,673 | 48,756 | |||
Arrowhead Pharmaceuticals Incorporated † | 677 | 17,196 | |||
Bridgebio Pharma Incorporated † | 2,308 | 38,267 | |||
CareDx Incorporated † | 3,059 | 27,959 | |||
Catalyst Pharmaceuticals Incorporated † | 1,935 | 32,082 | |||
Cullinan Oncology Incorporated † | 2,228 | 22,792 | |||
Cytokinetics Incorporated † | 901 | 31,706 | |||
Erasca Incorporated † | 5,021 | 15,113 | |||
Halozyme Therapeutics Incorporated † | 1,388 | 53,008 | |||
Icosavax Incorporated † | 4,219 | 24,470 | |||
Intellia Therapeutics Incorporated † | 661 | 24,635 | |||
Intercept Pharmaceuticals Incorporated † | 2,985 | 40,089 | |||
Iteos Therapeutics Incorporated † | 2,633 | 35,835 | |||
Karuna Therapeutics Incorporated † | 316 | 57,398 | |||
Kiniksa Pharmaceuticals Limited Class A † | 3,614 | 38,887 | |||
Kymera Therapeutics Incorporated † | 759 | 22,489 | |||
Prothena Corporation plc † | 803 | 38,921 | |||
Regenxbio Incorporated † | 2,034 | 38,463 | |||
Sana Biotechnology Incorporated † | 6,708 | 21,935 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Stoke Therapeutics Incorporated † | 3,854 | $ 32,104 | |||
Sutro Biopharma Incorporated † | 5,440 | 25,133 | |||
Syndax Pharmaceuticals Incorporated † | 880 | 18,586 | |||
Ultragenyx Pharmaceutical Incorporated † | 446 | 17,885 | |||
VIR Biotechnology Incorporated † | 2,222 | 51,706 | |||
871,458 | |||||
Health care equipment & supplies: 2.97% | |||||
Axonics Incorporated † | 732 | 39,938 | |||
Embecta Corporation | 1,751 | 49,238 | |||
Lantheus Holdings Incorporated † | 1,624 | 134,077 | |||
LivaNova plc † | 2,226 | 97,009 | |||
Merit Medical Systems Incorporated † | 832 | 61,526 | |||
Omnicell Incorporated † | 502 | 29,452 | |||
Shockwave Medical Incorporated † | 192 | 41,631 | |||
STAAR Surgical Company † | 685 | 43,806 | |||
496,677 | |||||
Health care providers & services: 4.22% | |||||
AMN Healthcare Services Incorporated † | 1,103 | 91,505 | |||
Cross Country Healthcare Incorporated † | 2,429 | 54,215 | |||
Hims & Hers Health Incorporated † | 2,505 | 24,850 | |||
Modivcare Incorporated † | 474 | 39,854 | |||
Neogenomics Incorporated † | 4,388 | 76,395 | |||
Option Care Health Incorporated † | 4,122 | 130,956 | |||
Progyny Incorporated † | 1,289 | 41,403 | |||
Select Medical Holdings Corporation | 1,356 | 35,053 | |||
Tenet Healthcare Corporation † | 1,729 | 102,737 | |||
The Ensign Group Incorporated | 1,141 | 109,011 | |||
705,979 | |||||
Health care technology: 0.50% | |||||
Computer Programs & Systems Incorporated † | 1,625 | 49,075 | |||
NextGen Healthcare Incorporated † | 1,938 | 33,741 | |||
82,816 | |||||
Life sciences tools & services: 0.58% | |||||
Abcellera Biologics Incorporated † | 3,234 | 24,384 | |||
Adaptive Biotechnologies Corporation † | 1,967 | 17,369 | |||
Medpace Holdings Incorporated † | 63 | 11,847 | |||
Quanterix Corporation † | 3,878 | 43,705 | |||
97,305 | |||||
Pharmaceuticals: 2.39% | |||||
Amphastar Pharmaceuticals Incorporated | 1,627 | 61,013 | |||
Corcept Therapeutics Incorporated † | 2,437 | 52,785 | |||
Harmony Biosciences Holdings † | 1,376 | 44,926 | |||
Intra-Cellular Therapies Incorporated † | 1,197 | 64,818 | |||
Ligand Pharmaceuticals Incorporated | 260 | 19,126 | |||
Pacira Biosciences Incorporated † | 605 | 24,690 | |||
Prestige Consumer Healthcare Incorporated † | 1,572 | 98,454 | |||
Tarsus Pharmaceuticals Incorporated † | 2,652 | 33,336 | |||
399,148 |
Shares | Value | ||||
Industrials: 16.69% | |||||
Aerospace & defense: 1.09% | |||||
Moog Incorporated Class A | 732 | $ 73,749 | |||
Triumph Group Incorporated † | 3,038 | 35,210 | |||
Vectrus Incorporated † | 1,859 | 73,839 | |||
182,798 | |||||
Building products: 0.90% | |||||
Janus International Group Incorporated † | 3,776 | 37,231 | |||
Simpson Manufacturing Company Incorporated | 540 | 59,206 | |||
UFP Industries Incorporated | 685 | 54,437 | |||
150,874 | |||||
Commercial services & supplies: 0.93% | |||||
Ennis Incorporated | 3,502 | 73,857 | |||
Heritage Crystal Clean Incorporated † | 1,136 | 40,453 | |||
SP Plus Corporation † | 1,188 | 40,737 | |||
155,047 | |||||
Construction & engineering: 2.54% | |||||
Comfort Systems Incorporated | 827 | 120,709 | |||
EMCOR Group Incorporated | 938 | 152,509 | |||
MYR Group Incorporated † | 886 | 111,645 | |||
Primoris Services Corporation | 1,635 | 40,319 | |||
425,182 | |||||
Electrical equipment: 2.20% | |||||
Atkore Incorporated † | 1,232 | 173,071 | |||
Bloom Energy Corporation Class A † | 1,127 | 22,461 | |||
Encore Wire Corporation | 880 | 163,090 | |||
SunPower Corporation † | 626 | 8,664 | |||
367,286 | |||||
Ground transportation: 0.71% | |||||
Arcbest Corporation | 1,278 | 118,113 | |||
Machinery: 3.11% | |||||
Alamo Group Incorporated | 278 | 51,196 | |||
Hillenbrand Incorporated | 2,679 | 127,333 | |||
Mueller Industries Incorporated | 2,089 | 153,500 | |||
Titan International Incorporated † | 3,777 | 39,583 | |||
Wabash National Corporation | 1,914 | 47,065 | |||
Watts Water Technologies Incorporated | 600 | 100,992 | |||
519,669 | |||||
Marine transportation: 0.72% | |||||
Matson Incorporated | 2,028 | 121,011 | |||
Professional services: 1.51% | |||||
CBIZ Incorporated † | 733 | 36,276 | |||
Insperity Incorporated | 507 | 61,626 | |||
Kelly Services Incorporated Class A | 3,991 | 66,211 | |||
TriNet Group Incorporated † | 1,108 | 89,316 | |||
253,429 |
Shares | Value | ||||
Trading companies & distributors: 2.98% | |||||
Applied Industrial Technologies Incorporated | 954 | $ 135,592 | |||
Bluelinx Holdings Incorporated † | 583 | 39,621 | |||
Boise Cascade Company | 1,721 | 108,853 | |||
GMS Incorporated † | 401 | 23,214 | |||
Rush Enterprises Incorporated Class A | 1,102 | 60,169 | |||
Titan Machinery Incorporated † | 2,612 | 79,535 | |||
WESCO International Incorporated | 333 | 51,462 | |||
498,446 | |||||
Information technology: 13.19% | |||||
Communications equipment: 0.91% | |||||
Calix Incorporated † | 1,983 | 106,269 | |||
Extreme Networks Incorporated † | 2,386 | 45,620 | |||
151,889 | |||||
Electronic equipment, instruments & components: 1.81% | |||||
Advanced Energy Industries Incorporated | 545 | 53,410 | |||
Fabrinet † | 1,031 | 122,442 | |||
Sanmina Corporation † | 2,078 | 126,737 | |||
302,589 | |||||
IT services: 0.70% | |||||
Hackett Group Incorporated | 3,727 | 68,875 | |||
Perficient Incorporated † | 656 | 47,357 | |||
116,232 | |||||
Professional services: 0.17% | |||||
ExlService Holdings Incorporated † | 178 | 28,806 | |||
Semiconductors & semiconductor equipment: 4.22% | |||||
Alpha & Omega Semiconductor † | 1,881 | 50,693 | |||
Axcelis Technologies Incorporated † | 883 | 117,660 | |||
Diodes Incorporated † | 1,061 | 98,418 | |||
Maxlinear Incorporated † | 929 | 32,710 | |||
Onto Innovation Incorporated † | 929 | 81,641 | |||
Photronics Incorporated † | 2,488 | 41,251 | |||
Rambus Incorporated † | 2,637 | 135,173 | |||
Smart Global Holdings Incorporated † | 1,243 | 21,429 | |||
Synaptics Incorporated † | 460 | 51,129 | |||
Ultra Clean Holdings Incorporated † | 2,266 | 75,141 | |||
705,245 | |||||
Software: 5.38% | |||||
A10 Networks Incorporated | 5,780 | 89,529 | |||
Amplitude Incorporated Class A † | 2,691 | 33,476 | |||
Arlo Technologies Incorporated † | 6,641 | 40,244 | |||
C3.ai Incorporated † | 1,157 | 38,840 | |||
Clear Secure Incorporated Class A | 1,321 | 34,571 | |||
Cvent Holding Corporation † | 13,425 | 112,233 | |||
eGain Corporation † | 5,064 | 38,436 | |||
InterDigital Incorporated | 1,070 | 78,003 | |||
JFrog Limited † | 1,623 | 31,973 | |||
Rimini Street Incorporated † | 10,843 | 44,673 | |||
SPS Commerce Incorporated † | 992 | 151,082 |
Shares | Value | ||||
Software (continued) | |||||
Tenable Holdings Incorporated † | 767 | $ 36,440 | |||
Workiva Incorporated † | 324 | 33,181 | |||
XPERI Incorporated † | 1,622 | 17,728 | |||
Zeta Global Holdings Corporation Class A † | 11,081 | 120,007 | |||
900,416 | |||||
Materials: 3.98% | |||||
Chemicals: 1.04% | |||||
Advansix Incorporated | 1,891 | 72,369 | |||
Futurefuel Corporation | 2,653 | 19,579 | |||
Minerals Technologies Incorporated | 1,043 | 63,018 | |||
Tronox Holdings plc Class A | 1,356 | 19,499 | |||
174,465 | |||||
Containers & packaging: 0.83% | |||||
Greif Incorporated Class A | 988 | 62,610 | |||
Myers Industries Incorporated | 3,544 | 75,948 | |||
138,558 | |||||
Metals & mining: 2.11% | |||||
Arconic Corporation † | 1,406 | 36,879 | |||
Commercial Metals Company | 2,853 | 139,512 | |||
Ryerson Holding Corporation | 1,033 | 37,581 | |||
Schnitzer Steel Industries Incorporated Class A | 1,531 | 47,614 | |||
Suncoke Energy Incorporated | 6,702 | 60,184 | |||
Warrior Met Coal Incorporated | 832 | 30,543 | |||
352,313 | |||||
Real estate: 5.21% | |||||
Diversified REITs: 0.73% | |||||
Armada Hoffler Properties Incorporated | 2,206 | 26,053 | |||
Global Net Lease Incorporated | 6,794 | 87,371 | |||
Star Holdings LLC † | 549 | 9,547 | |||
122,971 | |||||
Health care REITs: 0.36% | |||||
CareTrust REIT Incorporated | 2,197 | 43,017 | |||
National Health Investors Incorporated | 351 | 18,105 | |||
61,122 | |||||
Hotel & resort REITs: 0.47% | |||||
Braemar Hotels & Resorts Incorporated | 12,241 | 47,250 | |||
DiamondRock Hospitality | 3,784 | 30,764 | |||
78,014 | |||||
Industrial REITs: 0.87% | |||||
STAG Industrial Incorporated | 4,287 | 144,986 | |||
Office REITs: 0.40% | |||||
Brandywine Realty Trust | 7,925 | 37,485 | |||
Piedmont Office Realty Trust Incorporated Class A | 3,995 | 29,164 | |||
66,649 |
Shares | Value | ||||
Real estate management & development: 0.32% | |||||
Newmark Group Incorporated Class A | 7,519 | $ 53,235 | |||
Residential REITs: 0.87% | |||||
BRT Apartments Corporation REIT | 2,427 | 47,860 | |||
NexPoint Residential Trust Incorporated | 2,240 | 97,821 | |||
145,681 | |||||
Retail REITs: 0.97% | |||||
Getty Realty Corporation | 1,298 | 46,767 | |||
The Necessity Retail REIT Incorporated | 5,926 | 37,215 | |||
Urban Edge Properties | 5,234 | 78,824 | |||
162,806 | |||||
Specialized REITs: 0.22% | |||||
Safehold Incorporated | 575 | 16,875 | |||
Uniti Group Incorporated | 5,475 | 19,436 | |||
36,311 | |||||
Utilities: 3.27% | |||||
Electric utilities: 0.80% | |||||
Otter Tail Corporation | 1,854 | 133,989 | |||
Gas utilities: 1.28% | |||||
Brookfield Infrastructure Corporation Class A | 2,538 | 116,900 | |||
New Jersey Resources Corporation | 1,821 | 96,877 | |||
213,777 | |||||
Independent power & renewable electricity producers: 0.50% | |||||
Clearway Energy Incorporated Class A | 2,750 | 82,583 | |||
Multi-utilities: 0.57% | |||||
Black Hills Corporation | 528 | 33,317 | |||
Northwestern Corporation | 1,081 | 62,547 | |||
95,864 | |||||
Water utilities: 0.12% | |||||
York Water Company | 456 | 20,383 | |||
Total Common stocks (Cost $14,474,230) | 16,363,470 |
Expiration date | |||||
Rights: 0.00% | |||||
Health care: 0.00% | |||||
Biotechnology: 0.00% | |||||
Aduro Biotech Incorporated ♦† | 10-2-2030 | 4,415 | 0 | ||
OmniAb Incorporated Earnout Shares $12.50 ♦† | 11-2-2027 | 104 | 0 | ||
OmniAb Incorporated Earnout Shares $15.00 ♦† | 11-2-2027 | 104 | 0 | ||
Total Rights (Cost $0) | 0 |
Yield | Shares | Value | |||
Short-term investments: 1.75% | |||||
Investment companies: 1.75% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 292,998 | $ 292,998 | ||
Total Short-term investments (Cost $292,998) | 292,998 | ||||
Total investments in securities (Cost $14,767,228) | 99.60% | 16,656,468 | |||
Other assets and liabilities, net | 0.40 | 66,076 | |||
Total net assets | 100.00% | $16,722,544 |
† | 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 | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $561,734 | $3,980,297 | $(4,249,033) | $ 0 | $0 | $ 292,998 | 292,998 | $ 8,937 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 360,950 | 2,468,159 | (2,829,095) | (14) | 0 | 0 | 0 | 3,319 # | ||
$ (14) | $0 | $292,998 | $12,256 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
Micro E-Mini Russell 2000 Index | 35 | 6-16-2023 | $309,679 | $317,362 | $7,683 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $14,474,230) | $ 16,363,470 |
Investments in affiliated securities, at value (cost $292,998) | 292,998 |
Cash | 1,825 |
Cash at broker segregated for futures contracts | 33,640 |
Receivable from manager | 19,747 |
Receivable for dividends | 12,402 |
Receivable for daily variation margin on open futures contracts | 5,838 |
Receivable for Fund shares sold | 966 |
Receivable for securities lending income, net | 3 |
Prepaid expenses and other assets | 22,140 |
Total assets | 16,753,029 |
Liabilities | |
Custody and accounting fees payable | 14,697 |
Shareholder report expenses payable | 4,578 |
Shareholder servicing fees payable | 3,621 |
Payable for Fund shares redeemed | 2,693 |
Administration fees payable | 2,037 |
Professional fees payable | 1,562 |
Trustees’ fees and expenses payable | 1,110 |
Accrued expenses and other liabilities | 187 |
Total liabilities | 30,485 |
Total net assets | $16,722,544 |
Net assets consist of | |
Paid-in capital | $ 13,818,721 |
Total distributable earnings | 2,903,823 |
Total net assets | $16,722,544 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 578,230 |
Shares outstanding – Class A1 | 52,663 |
Net asset value per share – Class A | $10.98 |
Maximum offering price per share – Class A2 | $11.65 |
Net assets – Class R6 | $ 198,281 |
Shares outstanding – Class R61 | 18,393 |
Net asset value per share – Class R6 | $10.78 |
Net assets – Administrator Class | $ 15,054,688 |
Shares outstanding – Administrator Class1 | 1,387,315 |
Net asset value per share – Administrator Class | $10.85 |
Net assets – Institutional Class | $ 891,345 |
Shares outstanding – Institutional Class1 | 82,512 |
Net asset value per share – Institutional Class | $10.80 |
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 $1,012) | $ 213,220 |
Income from affiliated securities | 12,040 |
Interest | 911 |
Total investment income | 226,171 |
Expenses | |
Management fee | 90,758 |
Administration fees | |
Class A | 1,302 |
Class R6 | 63 |
Administrator Class | 21,296 |
Institutional Class | 1,223 |
Shareholder servicing fees | |
Class A | 1,550 |
Administrator Class | 40,954 |
Custody and accounting fees | 25,151 |
Professional fees | 53,809 |
Registration fees | 61,173 |
Shareholder report expenses | 30,619 |
Trustees’ fees and expenses | 20,174 |
Other fees and expenses | 14,506 |
Total expenses | 362,578 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (210,840) |
Class A | (123) |
Class R6 | (21) |
Administrator Class | (83) |
Net expenses | 151,511 |
Net investment income | 74,660 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 1,286,922 |
Affiliated securities | (14) |
Futures contracts | (55,512) |
Net realized gains on investments | 1,231,396 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (3,101,168) |
Futures contracts | (22,422) |
Net change in unrealized gains (losses) on investments | (3,123,590) |
Net realized and unrealized gains (losses) on investments | (1,892,194) |
Net decrease in net assets resulting from operations | $(1,817,534) |
Year ended March 31, 2023 | Year ended March 31, 2022 | |||
Operations | ||||
Net investment income | $ 74,660 | $ 35,192 | ||
Net realized gains on investments | 1,231,396 | 2,783,921 | ||
Net change in unrealized gains (losses) on investments | (3,123,590) | (2,322,678) | ||
Net increase (decrease) in net assets resulting from operations | (1,817,534) | 496,435 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (607) | 0 | ||
Class R6 | (827) | (248) | ||
Administrator Class | (36,866) | (35,284) | ||
Institutional Class | (6,230) | (9,783) | ||
Total distributions to shareholders | (44,530) | (45,315) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 15,260 | 157,891 | 36,903 | 451,068 |
Class R6 | 2,502 | 25,730 | 8,565 | 101,266 |
Administrator Class | 90,405 | 976,883 | 88,246 | 1,054,709 |
Institutional Class | 8,916 | 97,686 | 11,224 | 134,580 |
1,258,190 | 1,741,623 | |||
Reinvestment of distributions | ||||
Class A | 56 | 607 | 0 | 0 |
Class R6 | 78 | 827 | 21 | 248 |
Administrator Class | 3,445 | 36,618 | 2,936 | 35,233 |
Institutional Class | 590 | 6,230 | 817 | 9,783 |
44,282 | 45,264 | |||
Payment for shares redeemed | ||||
Class A | (18,692) | (204,318) | (65,850) | (791,179) |
Class R6 | (4,449) | (44,697) | (1,858) | (22,060) |
Administrator Class | (493,159) | (5,220,002) | (402,466) | (4,858,565) |
Institutional Class | (28,806) | (301,809) | (57,438) | (686,236) |
(5,770,826) | (6,358,040) | |||
Net decrease in net assets resulting from capital share transactions | (4,468,354) | (4,571,153) | ||
Total decrease in net assets | (6,330,418) | (4,120,033) | ||
Net assets | ||||
Beginning of period | 23,052,962 | 27,172,995 | ||
End of period | $16,722,544 | $23,052,962 |
Year ended March 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $11.82 | $11.67 | $6.12 | $8.39 | $23.70 |
Net investment income (loss) | 0.04 | 0.01 2 | (0.05) 2 | (0.00) 2,3 | 0.02 |
Net realized and unrealized gains (losses) on investments | (0.86) | 0.14 | 5.60 | (2.22) | (3.37) |
Total from investment operations | (0.82) | 0.15 | 5.55 | (2.22) | (3.35) |
Distributions to shareholders from | |||||
Net investment income | (0.01) | 0.00 | 0.00 | (0.05) | (0.04) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (11.92) |
Total distributions to shareholders | (0.02) | 0.00 | 0.00 | (0.05) | (11.96) |
Net asset value, end of period | $10.98 | $11.82 | $11.67 | $6.12 | $8.39 |
Total return4 | (7.01)% | 1.29% | 90.69% | (26.67)% | (11.52)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.10% | 1.74% | 1.81% | 1.40% | 1.14% |
Net expenses | 0.91% | 0.91% | 0.93% | 0.93% | 0.92% |
Net investment income (loss) | 0.35% | 0.05% | (0.53)% | (0.05)% | 0.16% |
Supplemental data | |||||
Portfolio turnover rate | 53% | 39% | 48% | 67% | 176% |
Net assets, end of period (000s omitted) | $578 | $662 | $991 | $102 | $34 |
1 | For the period from July 31, 2018 (commencement of class operations) to March 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005) |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended March 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $11.64 | $11.45 | $6.15 | $8.50 | $22.63 |
Net investment income | 0.08 1 | 0.06 1 | 0.04 1 | 0.08 1 | 0.06 |
Net realized and unrealized gains (losses) on investments | (0.89) | 0.14 | 5.51 | (2.35) | (2.19) |
Total from investment operations | (0.81) | 0.20 | 5.55 | (2.27) | (2.13) |
Distributions to shareholders from | |||||
Net investment income | (0.04) | (0.01) | (0.25) | (0.08) | (0.08) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (11.92) |
Total distributions to shareholders | (0.05) | (0.01) | (0.25) | (0.08) | (12.00) |
Net asset value, end of period | $10.78 | $11.64 | $11.45 | $6.15 | $8.50 |
Total return | (6.98)% | 1.76% | 90.71% | (27.03)% | (6.75)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.67% | 1.32% | 1.42% | 0.89% | 0.82% |
Net expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.64% |
Net investment income | 0.76% | 0.49% | 0.51% | 0.95% | 0.48% |
Supplemental data | |||||
Portfolio turnover rate | 53% | 39% | 48% | 67% | 176% |
Net assets, end of period (000s omitted) | $198 | $236 | $155 | $141 | $4,014 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $11.73 | $11.59 | $6.10 | $8.40 | $22.53 |
Net investment income | 0.06 | 0.02 | 0.02 | 0.02 1 | 0.03 1 |
Net realized and unrealized gains (losses) on investments | (0.91) | 0.14 | 5.47 | (2.27) | (2.21) |
Total from investment operations | (0.85) | 0.16 | 5.49 | (2.25) | (2.18) |
Distributions to shareholders from | |||||
Net investment income | (0.02) | (0.02) | (0.00) 2 | (0.05) | (0.03) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (11.92) |
Total distributions to shareholders | (0.03) | (0.02) | (0.00) 2 | (0.05) | (11.95) |
Net asset value, end of period | $10.85 | $11.73 | $11.59 | $6.10 | $8.40 |
Total return | (7.28)% | 1.37% | 90.04% | (26.99)% | (7.01)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.01% | 1.67% | 1.75% | 1.25% | 1.13% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.95% |
Net investment income | 0.40% | 0.12% | 0.17% | 0.27% | 0.16% |
Supplemental data | |||||
Portfolio turnover rate | 53% | 39% | 48% | 67% | 176% |
Net assets, end of period (000s omitted) | $15,055 | $20,963 | $24,318 | $17,049 | $49,911 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Year ended March 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $11.71 | $11.60 | $6.10 | $8.48 | $22.61 |
Net investment income | 0.07 1 | 0.04 1 | 0.04 1 | 0.06 1 | 0.07 1 |
Net realized and unrealized gains (losses) on investments | (0.90) | 0.16 | 5.47 | (2.28) | (2.22) |
Total from investment operations | (0.83) | 0.20 | 5.51 | (2.22) | (2.15) |
Distributions to shareholders from | |||||
Net investment income | (0.07) | (0.09) | (0.01) | (0.16) | (0.06) |
Net realized gains | (0.01) | 0.00 | 0.00 | 0.00 | (11.92) |
Total distributions to shareholders | (0.08) | (0.09) | (0.01) | (0.16) | (11.98) |
Net asset value, end of period | $10.80 | $11.71 | $11.60 | $6.10 | $8.48 |
Total return | (7.09)% | 1.68% | 90.34% | (26.80)% | (6.79)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.76% | 1.42% | 1.51% | 0.94% | 0.89% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.60% | 0.71% |
Net investment income | 0.65% | 0.36% | 0.47% | 0.69% | 0.41% |
Supplemental data | |||||
Portfolio turnover rate | 53% | 39% | 48% | 67% | 176% |
Net assets, end of period (000s omitted) | $891 | $1,192 | $1,708 | $1,586 | $25,658 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 3,427,313 |
Gross unrealized losses | (1,673,208) |
Net unrealized gains | $ 1,754,105 |
■ | 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 | $ 420,596 | $0 | $0 | $ 420,596 |
Consumer discretionary | 1,943,412 | 0 | 0 | 1,943,412 |
Consumer staples | 661,462 | 0 | 0 | 661,462 |
Energy | 1,100,525 | 0 | 0 | 1,100,525 |
Financials | 2,503,353 | 0 | 0 | 2,503,353 |
Health care | 2,653,383 | 0 | 0 | 2,653,383 |
Industrials | 2,791,855 | 0 | 0 | 2,791,855 |
Information technology | 2,205,177 | 0 | 0 | 2,205,177 |
Materials | 665,336 | 0 | 0 | 665,336 |
Real estate | 871,775 | 0 | 0 | 871,775 |
Utilities | 546,596 | 0 | 0 | 546,596 |
Rights | ||||
Health care | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 292,998 | 0 | 0 | 292,998 |
16,656,468 | 0 | 0 | 16,656,468 | |
Futures contracts | 7,683 | 0 | 0 | 7,683 |
Total assets | $16,664,151 | $0 | $0 | $16,664,151 |
Average daily net assets | Management fee |
First $1 billion | 0.500% |
Next $4 billion | 0.475 |
Next $5 billion | 0.440 |
Over $10 billion | 0.430 |
Class-level administration fee | |
Class A | 0.21% |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 0.93% |
Class R6 | 0.50 |
Administrator Class | 0.85 |
Institutional Class | 0.60 |
Year ended March 31 | ||
2023 | 2022 | |
Ordinary income | $35,189 | $45,315 |
Long-term capital gain | 9,341 | 0 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$92,605 | $1,057,113 | $1,754,105 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g442273img170dfbc76.jpg)
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-CSR/0001193125-23-157848/g442273img27b709d91.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g442273imgdb5ad4ab7.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR4335 03-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g449177img2035d1141.jpg)
Discovery Small Cap Growth Fund
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![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g449177imgd3f5cf192.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. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g449177imgb25ecee03.jpg)
President
Allspring Funds
1 | 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. |
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 (EGWAX) | 6-5-1995 | -22.30 | 5.82 | 8.19 | -17.58 | 7.07 | 8.83 | 1.44 | 1.23 | ||
Class C (EGWCX) | 7-30-2010 | -19.25 | 6.30 | 8.20 | -18.25 | 6.30 | 8.20 | 2.19 | 1.98 | ||
Class R6 (EGWRX)3 | 5-29-2020 | – | – | – | -17.28 | 7.48 | 9.23 | 1.01 | 0.80 | ||
Administrator Class (EGWDX) | 7-30-2010 | – | – | – | -17.39 | 7.45 | 9.12 | 1.36 | 1.15 | ||
Institutional Class (EGRYX) | 11-19-1997 | – | – | – | -17.37 | 7.42 | 9.20 | 1.11 | 0.90 | ||
Russell 2000® Growth Index4 | – | – | – | – | -10.60 | 4.26 | 8.49 | – | – |
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 July 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.23% for Class A, 1.98% 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 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g449177img6eb19df54.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the Russell 2000® Growth Index, for the 12-month period that ended March 31, 2023. |
■ | Select holdings within the materials, health care, and information technology (IT) sectors detracted from performance. |
■ | Security selection within the consumer discretionary and industrials sectors contributed to the Fund’s performance. |
Ten largest holdings (%) as of March 31, 20231 | |
Casella Waste Systems Incorporated Class A | 2.81 |
HealthEquity Incorporated | 2.73 |
WNS Holdings Limited ADR | 2.63 |
Wingstop Incorporated | 2.59 |
Rexford Industrial Realty Incorporated | 2.57 |
Tetra Tech Incorporated | 2.44 |
Novanta Incorporated | 2.39 |
Saia Incorporated | 2.24 |
Keywords Studios plc | 2.04 |
MGP Ingredients Incorporated | 2.02 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | 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. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g449177imgd74311a25.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. |
* | 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. |
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 | $1,080.93 | $ 6.38 | 1.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.80 | $ 6.19 | 1.23% |
Class C | ||||
Actual | $1,000.00 | $1,077.14 | $10.25 | 1.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.06 | $ 9.95 | 1.98% |
Class R6 | ||||
Actual | $1,000.00 | $1,083.27 | $ 4.16 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.94 | $ 4.03 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,081.29 | $ 5.97 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $ 5.79 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,082.82 | $ 4.67 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $ 4.53 | 0.90% |
Shares | Value | ||||
Common stocks: 96.79% | |||||
Communication services: 2.09% | |||||
Interactive media & services: 2.09% | |||||
Bumble Incorporated Class A † | 36,016 | $ 704,113 | |||
IAC/InterActiveCorp † | 31,869 | 1,644,440 | |||
2,348,553 | |||||
Consumer discretionary: 8.73% | |||||
Broadline retail: 1.11% | |||||
Global-E Online Limited † | 38,887 | 1,253,328 | |||
Hotels, restaurants & leisure: 4.41% | |||||
Papa John's International Incorporated | 27,291 | 2,044,915 | |||
Wingstop Incorporated | 15,870 | 2,913,415 | |||
4,958,330 | |||||
Leisure products: 3.21% | |||||
Callaway Golf Company † | 61,853 | 1,337,262 | |||
Games Workshop Group plc | 19,033 | 2,267,036 | |||
3,604,298 | |||||
Consumer staples: 5.23% | |||||
Beverages: 2.02% | |||||
MGP Ingredients Incorporated | 23,527 | 2,275,531 | |||
Personal care products: 3.21% | |||||
Bellring Brands Incorporated † | 61,299 | 2,084,166 | |||
Coty Incorporated Class A † | 126,427 | 1,524,710 | |||
3,608,876 | |||||
Financials: 3.47% | |||||
Capital markets: 1.72% | |||||
Morningstar Incorporated | 6,866 | 1,394,004 | |||
Open Lending Corporation Class A † | 76,108 | 535,800 | |||
1,929,804 | |||||
Financial services: 1.75% | |||||
Shift4 Payments Incorporated Class A † | 25,991 | 1,970,118 | |||
Health care: 25.99% | |||||
Biotechnology: 4.63% | |||||
Apellis Pharmaceuticals Incorporated † | 10,628 | 701,023 | |||
Ascendis Pharma AS ADR † | 8,224 | 881,777 | |||
CRISPR Therapeutics AG † | 7,430 | 336,059 | |||
Geron Corporation † | 110,093 | 238,902 | |||
Halozyme Therapeutics Incorporated † | 33,263 | 1,270,314 | |||
Mirati Therapeutics Incorporated † | 5,700 | 211,926 | |||
Natera Incorporated † | 14,903 | 827,415 | |||
TG Therapeutics Incorporated † | 31,635 | 475,790 | |||
Zentalis Pharmaceuticals Incorporated † | 15,363 | 264,244 | |||
5,207,450 |
Shares | Value | ||||
Health care equipment & supplies: 13.31% | |||||
Axonics Incorporated † | 16,722 | $ 912,352 | |||
Establishment Labs Holdings Incorporated † | 8,059 | 545,917 | |||
ICU Medical Incorporated † | 7,352 | 1,212,786 | |||
Inari Medical Incorporated † | 18,252 | 1,126,878 | |||
Inspire Medical Systems Incorporated † | 8,090 | 1,893,626 | |||
iRhythm Technologies Incorporated † | 15,836 | 1,964,139 | |||
Lantheus Holdings Incorporated † | 21,964 | 1,813,348 | |||
Shockwave Medical Incorporated † | 6,171 | 1,338,058 | |||
TransMedics Group Incorporated † | 14,204 | 1,075,669 | |||
Treace Medical Concepts Incorporated † | 69,784 | 1,757,859 | |||
UFP Technologies Incorporated † | 10,214 | 1,326,186 | |||
14,966,818 | |||||
Health care providers & services: 4.60% | |||||
HealthEquity Incorporated † | 52,394 | 3,076,048 | |||
Option Care Health Incorporated † | 66,214 | 2,103,619 | |||
5,179,667 | |||||
Life sciences tools & services: 3.08% | |||||
Azenta Incorporated † | 20,996 | 936,842 | |||
MaxCyte Incorporated † | 152,850 | 756,608 | |||
Stevanato Group SpA | 68,203 | 1,766,458 | |||
3,459,908 | |||||
Pharmaceuticals: 0.37% | |||||
Arvinas Incorporated † | 15,422 | 421,329 | |||
Industrials: 22.26% | |||||
Aerospace & defense: 1.25% | |||||
Axon Enterprise Incorporated † | 6,280 | 1,412,058 | |||
Building products: 1.80% | |||||
Advanced Drainage Systems Incorporated | 12,566 | 1,058,183 | |||
Trex Company Incorporated † | 19,779 | 962,644 | |||
2,020,827 | |||||
Commercial services & supplies: 5.25% | |||||
Casella Waste Systems Incorporated Class A † | 38,226 | 3,159,761 | |||
Tetra Tech Incorporated | 18,715 | 2,749,421 | |||
5,909,182 | |||||
Electrical equipment: 2.32% | |||||
Allied Motion Technologies | 40,131 | 1,551,063 | |||
Shoals Technologies Group Class A † | 46,524 | 1,060,282 | |||
2,611,345 | |||||
Ground transportation: 2.24% | |||||
Saia Incorporated † | 9,258 | 2,518,917 | |||
Machinery: 1.61% | |||||
RBC Bearings Incorporated † | 7,770 | 1,808,312 | |||
Professional services: 5.59% | |||||
FTI Consulting Incorporated † | 8,117 | 1,601,890 |
Shares | Value | ||||
Professional services (continued) | |||||
ICF International Incorporated | 15,757 | $ 1,728,543 | |||
WNS Holdings Limited ADR † | 31,705 | 2,953,955 | |||
6,284,388 | |||||
Trading companies & distributors: 2.20% | |||||
SiteOne Landscape Supply Incorporated † | 14,564 | 1,993,375 | |||
Xometry Incorporated Class A † | 32,022 | 479,369 | |||
2,472,744 | |||||
Information technology: 23.39% | |||||
Electronic equipment, instruments & components: 5.66% | |||||
Littelfuse Incorporated | 8,024 | 2,151,154 | |||
Nayax Limited † | 41,887 | 711,038 | |||
Nlight Incorporated † | 80,042 | 814,828 | |||
Novanta Incorporated † | 16,879 | 2,685,280 | |||
6,362,300 | |||||
IT services: 4.04% | |||||
Endava plc ADR † | 18,328 | 1,231,275 | |||
Keywords Studios plc | 67,498 | 2,296,462 | |||
StoneCo Limited Class A † | 106,905 | 1,019,874 | |||
4,547,611 | |||||
Semiconductors & semiconductor equipment: 4.63% | |||||
Impinj Incorporated † | 14,340 | 1,943,357 | |||
Indie Semiconductor Incorporated † | 92,903 | 980,127 | |||
Lattice Semiconductor Corporation † | 12,295 | 1,174,173 | |||
Sitime Corporation † | 7,806 | 1,110,247 | |||
5,207,904 | |||||
Software: 9.06% | |||||
BILL Holdings Incorporated † | 11,535 | 935,950 | |||
CCC Intelligent Solutions † | 98,527 | 883,787 | |||
Clearwater Analytics Holdings Incorporated Class A † | 51,891 | 828,180 | |||
CS Disco Incorporated † | 45,033 | 299,019 | |||
Gitlab Incorporated Class A † | 21,182 | 726,331 | |||
Jamf Holding Corporation † | 43,695 | 848,557 | |||
Olo Incorporated Class A † | 133,153 | 1,086,528 | |||
Pagerduty Incorporated † | 34,391 | 1,202,997 | |||
Sprout Social Incorporated Class A † | 26,458 | 1,610,763 | |||
Workiva Incorporated † | 17,333 | 1,775,073 | |||
10,197,185 | |||||
Materials: 2.13% | |||||
Chemicals: 0.29% | |||||
Aspen Aerogels Incorporated † | 44,285 | 329,923 | |||
Containers & packaging: 0.68% | |||||
Ranpak Holdings Corporation † | 146,299 | 763,681 | |||
Metals & mining: 1.16% | |||||
Allegheny Technologies Incorporated † | 32,963 | 1,300,720 |
Shares | Value | ||||
Real estate: 3.50% | |||||
Industrial REITs: 2.57% | |||||
Rexford Industrial Realty Incorporated | 48,473 | $ 2,891,414 | |||
Real estate management & development: 0.93% | |||||
DigitalBridge Group Incorporated | 87,159 | 1,045,036 | |||
Total Common stocks (Cost $102,338,344) | 108,867,557 |
Yield | |||||
Short-term investments: 3.45% | |||||
Investment companies: 3.45% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 3,883,609 | 3,883,609 | ||
Total Short-term investments (Cost $3,883,609) | 3,883,609 | ||||
Total investments in securities (Cost $106,221,953) | 100.24% | 112,751,166 | |||
Other assets and liabilities, net | (0.24) | (266,210) | |||
Total net assets | 100.00% | $112,484,956 |
† | 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 | $1,852,545 | $35,924,199 | $(33,893,135) | $ 0 | $0 | $ 3,883,609 | 3,883,609 | $ 109,845 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 5,055,425 | 39,409,635 | (44,464,947) | (113) | 0 | 0 | 0 | 82,288 # | ||
$ (113) | $0 | $3,883,609 | $192,133 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $102,338,344) | $ 108,867,557 |
Investments in affiliated securities, at value (cost $3,883,609) | 3,883,609 |
Cash | 15 |
Foreign currency, at value (cost $376) | 350 |
Receivable for dividends | 39,761 |
Receivable for Fund shares sold | 21,900 |
Prepaid expenses and other assets | 61,494 |
Total assets | 112,874,686 |
Liabilities | |
Payable for investments purchased | 157,560 |
Payable for Fund shares redeemed | 119,083 |
Management fee payable | 64,828 |
Administration fees payable | 18,126 |
Trustees’ fees and expenses payable | 1,537 |
Distribution fee payable | 303 |
Accrued expenses and other liabilities | 28,293 |
Total liabilities | 389,730 |
Total net assets | $112,484,956 |
Net assets consist of | |
Paid-in capital | $ 127,284,008 |
Total distributable loss | (14,799,052) |
Total net assets | $112,484,956 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 73,660,357 |
Shares outstanding – Class A1 | 6,526,421 |
Net asset value per share – Class A | $11.29 |
Maximum offering price per share – Class A2 | $11.98 |
Net assets – Class C | $ 433,252 |
Shares outstanding – Class C1 | 48,797 |
Net asset value per share – Class C | $8.88 |
Net assets – Class R6 | $ 1,611,677 |
Shares outstanding – Class R61 | 109,250 |
Net asset value per share – Class R6 | $14.75 |
Net assets – Administrator Class | $ 351,794 |
Shares outstanding – Administrator Class1 | 24,839 |
Net asset value per share – Administrator Class | $14.16 |
Net assets – Institutional Class | $ 36,427,876 |
Shares outstanding – Institutional Class1 | 2,477,514 |
Net asset value per share – Institutional Class | $14.70 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $2,609) | $ 277,529 |
Income from affiliated securities | 125,751 |
Total investment income | 403,280 |
Expenses | |
Management fee | 961,831 |
Administration fees | |
Class A | 163,603 |
Class C | 1,068 |
Class R6 | 609 |
Administrator Class | 468 |
Institutional Class | 42,056 |
Shareholder servicing fees | |
Class A | 194,766 |
Class C | 1,197 |
Administrator Class | 900 |
Distribution fee | |
Class C | 3,495 |
Custody and accounting fees | 23,332 |
Professional fees | 57,261 |
Registration fees | 69,994 |
Shareholder report expenses | 46,958 |
Trustees’ fees and expenses | 20,175 |
Other fees and expenses | 11,248 |
Total expenses | 1,598,961 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (318,951) |
Class A | (890) |
Class R6 | (202) |
Net expenses | 1,278,918 |
Net investment loss | (875,638) |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (20,669,751) |
Affiliated securities | (113) |
Net realized losses on investments | (20,669,864) |
Net change in unrealized gains (losses) on investments | (2,931,845) |
Net realized and unrealized gains (losses) on investments | (23,601,709) |
Net decrease in net assets resulting from operations | $(24,477,347) |
Year ended March 31, 2023 | Year ended March 31, 2022 | |||
Operations | ||||
Net investment loss | $ (875,638) | $ (1,646,546) | ||
Net realized gains (losses) on investments | (20,669,864) | 19,377,472 | ||
Net change in unrealized gains (losses) on investments | (2,931,845) | (48,630,162) | ||
Net decrease in net assets resulting from operations | (24,477,347) | (30,899,236) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,519,827) | (20,423,584) | ||
Class C | (45,155) | (219,886) | ||
Class R6 | (108,808) | (261,203) | ||
Administrator Class | (20,581) | (73,953) | ||
Institutional Class | (1,746,787) | (5,596,005) | ||
Total distributions to shareholders | (7,441,158) | (26,574,631) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 171,589 | 1,959,895 | 332,425 | 6,683,479 |
Class C | 3,700 | 35,148 | 9,338 | 159,600 |
Class R6 | 97,894 | 1,465,007 | 101,634 | 2,520,991 |
Administrator Class | 5,272 | 76,430 | 19,749 | 478,478 |
Institutional Class | 981,253 | 14,156,439 | 1,426,944 | 36,296,515 |
17,692,919 | 46,139,063 | |||
Reinvestment of distributions | ||||
Class A | 500,006 | 5,395,069 | 1,111,624 | 20,009,223 |
Class C | 5,306 | 45,155 | 15,071 | 219,886 |
Class R6 | 7,722 | 108,808 | 11,367 | 261,203 |
Administrator Class | 1,465 | 19,840 | 3,223 | 71,474 |
Institutional Class | 124,264 | 1,744,660 | 243,402 | 5,583,641 |
7,313,532 | 26,145,427 | |||
Payment for shares redeemed | ||||
Class A | (970,262) | (11,385,102) | (833,733) | (16,092,697) |
Class C | (26,378) | (253,923) | (45,052) | (778,561) |
Class R6 | (110,816) | (1,602,419) | (15,802) | (375,226) |
Administrator Class | (9,494) | (148,800) | (10,679) | (239,024) |
Institutional Class | (581,429) | (8,777,481) | (452,264) | (10,422,365) |
(22,167,725) | (27,907,873) | |||
Net increase in net assets resulting from capital share transactions | 2,838,726 | 44,376,617 | ||
Total decrease in net assets | (29,079,779) | (13,097,250) | ||
Net assets | ||||
Beginning of period | 141,564,735 | 154,661,985 | ||
End of period | $112,484,956 | $141,564,735 |
Year ended March 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $14.82 | $21.39 | $11.00 | $13.28 | $15.32 |
Net investment loss | (0.10) 1 | (0.21) 1 | (0.18) 1 | (0.10) 1 | (0.11) 1 |
Net realized and unrealized gains (losses) on investments | (2.55) | (2.94) | 11.09 | (1.27) | 2.17 |
Total from investment operations | (2.65) | (3.15) | 10.91 | (1.37) | 2.06 |
Distributions to shareholders from | |||||
Net realized gains | (0.88) | (3.42) | (0.52) | (0.91) | (4.10) |
Net asset value, end of period | $11.29 | $14.82 | $21.39 | $11.00 | $13.28 |
Total return2 | (17.58)% | (17.57)% | 99.31% | (11.52)% | 17.46% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51% | 1.44% | 1.47% | 1.52% | 1.51% |
Net expenses | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% |
Net investment loss | (0.88)% | (1.03)% | (0.99)% | (0.74)% | (0.74)% |
Supplemental data | |||||
Portfolio turnover rate | 44% | 55% | 55% | 63% | 155% |
Net assets, end of period (000s omitted) | $73,660 | $101,163 | $132,937 | $66,472 | $86,006 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $11.99 | $18.08 | $9.39 | $11.55 | $13.94 |
Net investment loss | (0.15) 1 | (0.31) 1 | (0.28) 1 | (0.18) 1 | (0.20) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (2.08) | (2.36) | 9.48 | (1.07) | 1.91 |
Total from investment operations | (2.23) | (2.67) | 9.21 | (1.25) | 1.71 |
Distributions to shareholders from | |||||
Net realized gains | (0.88) | (3.42) | (0.52) | (0.91) | (4.10) |
Net asset value, end of period | $8.88 | $11.99 | $18.08 | $9.39 | $11.55 |
Total return2 | (18.25)% | (18.16)% | 98.22% 3 | (12.30)% | 16.69% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.18% | 2.18% | 2.20% | 2.26% | 2.26% |
Net expenses | 1.97% | 1.98% | 1.98% | 1.98% | 1.98% |
Net investment loss | (1.62)% | (1.79)% | (1.74)% | (1.49)% | (1.48)% |
Supplemental data | |||||
Portfolio turnover rate | 44% | 55% | 55% | 63% | 155% |
Net assets, end of period (000s omitted) | $433 | $793 | $1,569 | $395 | $349 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | During the year ended March 31, 2021, the Fund received a payment from an affiliate which had an impact of 0.09% on the total return. |
Year ended March 31 | |||
Class R6 | 2023 | 2022 | 2021 1 |
Net asset value, beginning of period | $18.95 | $26.29 | $17.87 |
Net investment loss | (0.07) 2 | (0.14) 2 | (0.11) 2 |
Net realized and unrealized gains (losses) on investments | (3.25) | (3.78) | 9.05 |
Total from investment operations | (3.32) | (3.92) | 8.94 |
Distributions to shareholders from | |||
Net realized gains | (0.88) | (3.42) | (0.52) |
Net asset value, end of period | $14.75 | $18.95 | $26.29 |
Total return3 | (17.28)% | (17.21)% | 50.11% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.09% | 1.02% | 1.03% |
Net expenses | 0.80% | 0.80% | 0.80% |
Net investment loss | (0.45)% | (0.58)% | (0.54)% |
Supplemental data | |||
Portfolio turnover rate | 44% | 55% | 55% |
Net assets, end of period (000s omitted) | $1,612 | $2,169 | $454 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $18.26 | $25.54 | $12.91 | $15.43 | $17.14 |
Net investment loss | (0.12) 1 | (0.22) 1 | (0.20) 1 | (0.11) 1 | (0.11) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.11 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (3.10) | (3.64) | 13.24 | (1.50) | 2.50 |
Total from investment operations | (3.22) | (3.86) | 13.15 | (1.61) | 2.39 |
Distributions to shareholders from | |||||
Net realized gains | (0.88) | (3.42) | (0.52) | (0.91) | (4.10) |
Net asset value, end of period | $14.16 | $18.26 | $25.54 | $12.91 | $15.43 |
Total return | (17.39)% 2 | (17.49)% | 101.97% 3 | (11.52)% | 17.59% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.43% | 1.37% | 1.39% | 1.44% | 1.43% |
Net expenses | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Net investment loss | (0.79)% | (0.95)% | (0.90)% | (0.66)% | (0.62)% |
Supplemental data | |||||
Portfolio turnover rate | 44% | 55% | 55% | 63% | 155% |
Net assets, end of period (000s omitted) | $352 | $504 | $391 | $93 | $104 |
1 | Calculated based upon average shares outstanding |
2 | During the year ended March 31, 2023, the Fund received payments from a service provider which had a 0.18% impact on the total return. |
3 | During the year ended March 31, 2021, the Fund received a payment from an affiliate which had an impact of 0.89% on the total return. |
Year ended March 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $18.91 | $26.26 | $13.39 | $15.94 | $17.53 |
Net investment loss | (0.08) 1 | (0.17) 1 | (0.15) 1 | (0.07) 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | (3.25) | (3.76) | 13.54 | (1.57) | 2.58 |
Total from investment operations | (3.33) | (3.93) | 13.39 | (1.64) | 2.51 |
Distributions to shareholders from | |||||
Net realized gains | (0.88) | (3.42) | (0.52) | (0.91) | (4.10) |
Net asset value, end of period | $14.70 | $18.91 | $26.26 | $13.39 | $15.94 |
Total return | (17.37)% | (17.27)% | 100.11% | (11.29)% | 17.85% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.18% | 1.12% | 1.14% | 1.19% | 1.18% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment loss | (0.53)% | (0.69)% | (0.66)% | (0.41)% | (0.41)% |
Supplemental data | |||||
Portfolio turnover rate | 44% | 55% | 55% | 63% | 155% |
Net assets, end of period (000s omitted) | $36,428 | $36,936 | $19,311 | $7,980 | $9,695 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 27,839,926 |
Gross unrealized losses | (22,266,910) |
Net unrealized gains | $ 5,573,016 |
Paid-in capital | Total distributable loss |
$(971,705) | $971,705 |
■ | 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 | $ 2,348,553 | $ 0 | $0 | $ 2,348,553 |
Consumer discretionary | 7,548,920 | 2,267,036 | 0 | 9,815,956 |
Consumer staples | 5,884,407 | 0 | 0 | 5,884,407 |
Financials | 3,899,922 | 0 | 0 | 3,899,922 |
Health care | 29,235,172 | 0 | 0 | 29,235,172 |
Industrials | 25,037,773 | 0 | 0 | 25,037,773 |
Information technology | 25,603,962 | 711,038 | 0 | 26,315,000 |
Materials | 2,394,324 | 0 | 0 | 2,394,324 |
Real estate | 3,936,450 | 0 | 0 | 3,936,450 |
Short-term investments | ||||
Investment companies | 3,883,609 | 0 | 0 | 3,883,609 |
Total assets | $109,773,092 | $2,978,074 | $0 | $112,751,166 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
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 | 1.23% |
Class C | 1.98 |
Class R6 | 0.80 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Year ended March 31 | ||
2023 | 2022 | |
Ordinary income | $ 0 | $ 3,018,902 |
Long-term capital gain | 7,441,158 | 23,555,729 |
Unrealized gains | Late-year ordinary losses deferred | Capital loss carryforward |
$5,572,962 | $(192,067) | $(20,171,885) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g449177img9f7c1b346.jpg)
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-CSR/0001193125-23-157848/g449177img2035d1141.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g449177imgdc031cee7.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR4308 03-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g450535img5b85793b1.jpg)
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![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g450535img23a8a2612.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. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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. |
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President
Allspring Funds
1 | 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. |
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, Theran Motl, 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 (WFSMX) | 3-31-2008 | -13.87 | 1.98 | 6.02 | -8.62 | 3.19 | 6.65 | 1.67 | 1.23 | ||
Class C (WSCDX) | 3-31-2008 | -10.36 | 2.40 | 6.01 | -9.36 | 2.40 | 6.01 | 2.42 | 1.98 | ||
Class R6 (WFSJX)3 | 5-29-2020 | – | – | – | -8.27 | 3.62 | 7.07 | 1.24 | 0.80 | ||
Administrator Class (WFSDX) | 4-8-2005 | – | – | – | -8.56 | 3.30 | 6.81 | 1.59 | 1.15 | ||
Institutional Class (WFSSX) | 4-8-2005 | – | – | – | -8.33 | 3.53 | 7.03 | 1.34 | 0.90 | ||
Russell 2000® Index4 | – | – | – | – | -11.61 | 4.71 | 8.04 | – | – |
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 July 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.23% for Class A, 1.98% 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 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g450535img263a2d844.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell 2000® Index, for the 12-month period that ended March 31, 2023. |
■ | Stocks within the consumer staples, industrials, and materials sectors served as contributors during the period. |
■ | Consumer discretionary and health care were relative detractors during the period. |
Ten largest holdings (%) as of March 31, 20231 | |
Atkore Incorporated | 3.45 |
Masonite International Corporation | 2.63 |
Ashland Global Holdings Incorporated | 2.20 |
Integer Holdings Corporation | 2.20 |
Reliance Steel & Aluminum Company | 2.11 |
Pagerduty Incorporated | 2.11 |
Olin Corporation | 1.95 |
LivaNova plc | 1.94 |
APi Group Corporation | 1.93 |
Stericycle Incorporated | 1.89 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | This security was no longer held at the end of the reporting period. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g450535imgf2926bfe5.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 | $1,141.92 | $ 6.57 | 1.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.80 | $ 6.19 | 1.23% |
Class C | ||||
Actual | $1,000.00 | $1,137.43 | $10.55 | 1.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.06 | $ 9.95 | 1.98% |
Class R6 | ||||
Actual | $1,000.00 | $1,144.14 | $ 4.28 | 0.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.94 | $ 4.03 | 0.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,142.10 | $ 6.14 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $ 5.79 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,143.56 | $ 4.81 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $ 4.53 | 0.90% |
Shares | Value | ||||
Common stocks: 95.89% | |||||
Communication services: 1.79% | |||||
Interactive media & services: 1.79% | |||||
Bumble Incorporated Class A † | 15,165 | $ 296,476 | |||
Eventbrite Incorporated Class A † | 47,890 | 410,896 | |||
707,372 | |||||
Consumer discretionary: 9.12% | |||||
Automobile components: 1.79% | |||||
Dana Incorporated | 23,813 | 358,386 | |||
Gentherm Incorporated † | 5,741 | 346,871 | |||
705,257 | |||||
Diversified consumer services: 1.01% | |||||
Service Corporation International | 5,804 | 399,199 | |||
Hotels, restaurants & leisure: 1.99% | |||||
Jack in the Box Incorporated | 2,861 | 250,595 | |||
Planet Fitness Incorporated Class A † | 6,895 | 535,535 | |||
786,130 | |||||
Specialty retail: 4.33% | |||||
Leslie's Incorporated † | 48,075 | 529,306 | |||
National Vision Holdings Incorporated † | 26,056 | 490,895 | |||
Revolve Group Incorporated † | 26,030 | 684,589 | |||
1,704,790 | |||||
Consumer staples: 4.72% | |||||
Food products: 3.96% | |||||
Nomad Foods Limited † | 37,729 | 707,041 | |||
The Simply Good Foods Company † | 13,982 | 556,064 | |||
TreeHouse Foods Incorporated † | 5,883 | 296,680 | |||
1,559,785 | |||||
Personal care products: 0.76% | |||||
The Honest Company Incorporated † | 166,750 | 300,150 | |||
Financials: 10.03% | |||||
Banks: 5.13% | |||||
Ameris Bancorp | 9,977 | 364,959 | |||
Pinnacle Financial Partners Incorporated | 6,224 | 343,316 | |||
United Community Bank | 10,714 | 301,278 | |||
Veritex Holdings Incorporated | 14,632 | 267,180 | |||
Webster Financial Corporation | 13,350 | 526,257 | |||
Wintrust Financial Corporation | 2,984 | 217,683 | |||
2,020,673 | |||||
Financial services: 1.75% | |||||
Essent Group Limited | 17,245 | 690,662 |
Shares | Value | ||||
Insurance: 3.15% | |||||
Axis Capital Holdings Limited | 11,205 | $ 610,894 | |||
Reinsurance Group of America Incorporated | 4,741 | 629,415 | |||
1,240,309 | |||||
Health care: 19.59% | |||||
Biotechnology: 2.52% | |||||
Agios Pharmaceuticals Incorporated † | 8,022 | 184,265 | |||
Atara Biotherapeutics Incorporated † | 9,585 | 27,797 | |||
Coherus Biosciences Incorporated † | 7,035 | 48,119 | |||
Insmed Incorporated † | 13,278 | 226,390 | |||
Mirati Therapeutics Incorporated † | 1,928 | 71,683 | |||
Neurocrine Biosciences Incorporated † | 1,646 | 166,608 | |||
Sage Therapeutics Incorporated † | 3,628 | 152,231 | |||
Zymeworks Incorporated † | 12,669 | 114,528 | |||
991,621 | |||||
Health care equipment & supplies: 10.71% | |||||
AngioDynamics Incorporated † | 62,035 | 641,442 | |||
Haemonetics Corporation † | 7,450 | 616,488 | |||
Integer Holdings Corporation † | 11,181 | 866,528 | |||
LivaNova plc † | 17,549 | 764,785 | |||
Neuronetics Incorporated † | 74,956 | 218,122 | |||
Teleflex Incorporated | 2,334 | 591,226 | |||
ViewRay Incorporated † | 151,491 | 524,159 | |||
4,222,750 | |||||
Health care providers & services: 1.52% | |||||
HealthEquity Incorporated † | 10,212 | 599,547 | |||
Health care technology: 0.58% | |||||
Schrodinger Incorporated † | 8,742 | 230,177 | |||
Life sciences tools & services: 4.26% | |||||
Azenta Incorporated † | 14,269 | 636,683 | |||
Bruker Corporation | 8,520 | 671,717 | |||
Codexis Incorporated † | 24,057 | 99,596 | |||
Sotera Health Company † | 15,031 | 269,205 | |||
1,677,201 | |||||
Industrials: 20.35% | |||||
Air freight & logistics: 1.20% | |||||
Forward Air Corporation | 4,381 | 472,097 | |||
Building products: 6.33% | |||||
Armstrong World Industries Incorporated | 6,702 | 477,450 | |||
Masonite International Corporation † | 11,428 | 1,037,320 | |||
Tecnoglass Incorporated | 7,319 | 307,105 | |||
The AZEK Company Incorporated † | 28,566 | 672,444 | |||
2,494,319 | |||||
Commercial services & supplies: 1.89% | |||||
Stericycle Incorporated † | 17,094 | 745,469 |
Shares | Value | ||||
Construction & engineering: 1.93% | |||||
APi Group Corporation † | 33,895 | $ 761,960 | |||
Electrical equipment: 3.45% | |||||
Atkore Incorporated † | 9,683 | 1,360,267 | |||
Machinery: 1.29% | |||||
SPX Technologies Incorporated † | 7,188 | 507,329 | |||
Professional services: 1.48% | |||||
WNS Holdings Limited ADR † | 6,261 | 583,337 | |||
Trading companies & distributors: 2.78% | |||||
Air Lease Corporation | 18,093 | 712,321 | |||
Herc Holdings Incorporated | 3,372 | 384,071 | |||
1,096,392 | |||||
Information technology: 13.96% | |||||
Communications equipment: 0.61% | |||||
Infinera Corporation † | 30,873 | 239,574 | |||
Electronic equipment, instruments & components: 1.87% | |||||
Littelfuse Incorporated | 2,754 | 738,320 | |||
Semiconductors & semiconductor equipment: 1.48% | |||||
Macom Technology Solutions Holdings Incorporated † | 8,271 | 585,918 | |||
Software: 10.00% | |||||
8x8 Incorporated † | 24,052 | 100,297 | |||
CommVault Systems Incorporated † | 9,255 | 525,129 | |||
Instructure Holdings Incorporated † | 21,254 | 550,479 | |||
New Relic Incorporated † | 5,142 | 387,141 | |||
Pagerduty Incorporated † | 23,784 | 831,964 | |||
Q2 Holdings Incorporated † | 16,145 | 397,490 | |||
Riskified Limited Class A † | 33,628 | 189,662 | |||
SPS Commerce Incorporated † | 3,169 | 482,639 | |||
WalkMe Limited † | 44,728 | 475,906 | |||
3,940,707 | |||||
Materials: 10.22% | |||||
Chemicals: 7.47% | |||||
Ashland Global Holdings Incorporated | 8,445 | 867,386 | |||
Olin Corporation | 13,882 | 770,451 | |||
Quaker Chemical Corporation | 3,375 | 668,081 | |||
Westlake Chemical Corporation | 5,487 | 636,382 | |||
2,942,300 | |||||
Containers & packaging: 0.64% | |||||
Silgan Holdings Incorporated | 4,719 | 253,269 | |||
Metals & mining: 2.11% | |||||
Reliance Steel & Aluminum Company | 3,244 | 832,865 | |||
Real estate: 6.11% | |||||
Industrial REITs: 1.61% | |||||
Terreno Realty Corporation | 9,800 | 633,080 |
Shares | Value | ||||
Residential REITs: 2.60% | |||||
American Homes 4 Rent Class A | 18,138 | $ 570,440 | |||
Apartment Income REIT Corporation | 12,696 | 454,644 | |||
1,025,084 | |||||
Specialized REITs: 1.90% | |||||
Four Corners Property Trust Incorporated | 8,943 | 240,209 | |||
Life Storage Incorporated | 3,893 | 510,333 | |||
750,542 | |||||
Total Common stocks (Cost $36,016,789) | 37,798,452 |
Investment companies: 1.19% | |||||
Exchange-traded funds: 1.19% | |||||
SPDR S&P Biotech ETF | 6,183 | 471,206 | |||
Total Investment companies (Cost $810,304) | 471,206 |
Yield | |||||
Short-term investments: 3.05% | |||||
Investment companies: 3.05% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 1,202,003 | 1,202,003 | ||
Total Short-term investments (Cost $1,202,003) | 1,202,003 | ||||
Total investments in securities (Cost $38,029,096) | 100.13% | 39,471,661 | |||
Other assets and liabilities, net | (0.13) | (51,948) | |||
Total net assets | 100.00% | $39,419,713 |
† | 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 | $ 594,684 | $11,192,416 | $(10,585,097) | $ 0 | $0 | $ 1,202,003 | 1,202,003 | $ 20,705 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 1,552,990 | 14,490,150 | (16,043,050) | (90) | 0 | 0 | 0 | 35,297 # | ||
$ (90) | $0 | $1,202,003 | $56,002 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $36,827,093) | $ 38,269,658 |
Investments in affiliated securities, at value (cost $1,202,003) | 1,202,003 |
Receivable for Fund shares sold | 47,588 |
Receivable for dividends | 23,195 |
Receivable for securities lending income, net | 25 |
Prepaid expenses and other assets | 63,409 |
Total assets | 39,605,878 |
Liabilities | |
Payable for investments purchased | 114,062 |
Management fee payable | 17,367 |
Payable for Fund shares redeemed | 16,841 |
Administration fees payable | 7,090 |
Trustees’ fees and expenses payable | 1,121 |
Distribution fee payable | 23 |
Accrued expenses and other liabilities | 29,661 |
Total liabilities | 186,165 |
Total net assets | $39,419,713 |
Net assets consist of | |
Paid-in capital | $ 38,252,522 |
Total distributable earnings | 1,167,191 |
Total net assets | $39,419,713 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 35,295,300 |
Shares outstanding – Class A1 | 1,486,179 |
Net asset value per share – Class A | $23.75 |
Maximum offering price per share – Class A2 | $25.20 |
Net assets – Class C | $ 34,101 |
Shares outstanding – Class C1 | 1,697 |
Net asset value per share – Class C | $20.09 |
Net assets – Class R6 | $ 746,496 |
Shares outstanding – Class R61 | 29,215 |
Net asset value per share – Class R6 | $25.55 |
Net assets – Administrator Class | $ 321,475 |
Shares outstanding – Administrator Class1 | 13,064 |
Net asset value per share – Administrator Class | $24.61 |
Net assets – Institutional Class | $ 3,022,341 |
Shares outstanding – Institutional Class1 | 119,331 |
Net asset value per share – Institutional Class | $25.33 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends | $ 326,749 |
Income from affiliated securities | 28,641 |
Total investment income | 355,390 |
Expenses | |
Management fee | 355,540 |
Administration fees | |
Class A | 76,223 |
Class C | 80 |
Class R6 | 260 |
Administrator Class | 425 |
Institutional Class | 5,590 |
Shareholder servicing fees | |
Class A | 90,741 |
Class C | 95 |
Administrator Class | 816 |
Distribution fee | |
Class C | 286 |
Custody and accounting fees | 14,389 |
Professional fees | 48,076 |
Registration fees | 53,517 |
Shareholder report expenses | 35,452 |
Trustees’ fees and expenses | 20,175 |
Other fees and expenses | 4,204 |
Total expenses | 705,869 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (209,273) |
Class A | (4,476) |
Net expenses | 492,120 |
Net investment loss | (136,730) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 375,573 |
Affiliated securities | (90) |
Net realized gains on investments | 375,483 |
Net change in unrealized gains (losses) on investments | (4,589,257) |
Net realized and unrealized gains (losses) on investments | (4,213,774) |
Net decrease in net assets resulting from operations | $(4,350,504) |
Year ended March 31, 2023 | Year ended March 31, 2022 | |||
Operations | ||||
Net investment loss | $ (136,730) | $ (273,654) | ||
Net realized gains on investments | 375,483 | 8,162,825 | ||
Net change in unrealized gains (losses) on investments | (4,589,257) | (7,318,854) | ||
Net increase (decrease) in net assets resulting from operations | (4,350,504) | 570,317 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,888,247) | (8,202,400) | ||
Class C | (6,256) | (13,229) | ||
Class R6 | (130,174) | (166,835) | ||
Administrator Class | (57,985) | (76,156) | ||
Institutional Class | (604,568) | (1,065,163) | ||
Total distributions to shareholders | (6,687,230) | (9,523,783) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 94,313 | 2,547,226 | 63,622 | 2,219,863 |
Class C | 0 | 0 | 2,679 | 92,317 |
Class R6 | 7,320 | 202,364 | 7,280 | 281,475 |
Administrator Class | 3,378 | 87,428 | 2,330 | 86,569 |
Institutional Class | 11,002 | 318,932 | 8,764 | 343,421 |
3,155,950 | 3,023,645 | |||
Reinvestment of distributions | ||||
Class A | 243,085 | 5,678,444 | 241,326 | 7,944,449 |
Class C | 315 | 6,256 | 457 | 13,229 |
Class R6 | 5,186 | 130,174 | 4,790 | 166,835 |
Administrator Class | 2,033 | 49,219 | 1,824 | 61,820 |
Institutional Class | 22,664 | 564,093 | 28,785 | 996,275 |
6,428,186 | 9,182,608 | |||
Payment for shares redeemed | ||||
Class A | (228,115) | (6,047,559) | (161,278) | (5,903,305) |
Class C | (826) | (20,264) | (4,193) | (145,645) |
Class R6 | (12,767) | (346,989) | (6,311) | (255,377) |
Administrator Class | (2,628) | (67,615) | (5,921) | (211,605) |
Institutional Class | (82,591) | (2,229,671) | (210,359) | (8,645,948) |
(8,712,098) | (15,161,880) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 872,038 | (2,955,627) | ||
Total decrease in net assets | (10,165,696) | (11,909,093) | ||
Net assets | ||||
Beginning of period | 49,585,409 | 61,494,502 | ||
End of period | $ 39,419,713 | $ 49,585,409 |
Year ended March 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $31.03 | $37.77 | $19.77 | $30.27 | $31.46 |
Net investment income (loss) | (0.10) 1 | (0.20) 1 | (0.07) 1 | 0.02 1 | (0.04) 1 |
Net realized and unrealized gains (losses) on investments | (2.65) | 0.52 | 18.10 | (8.43) | (1.15) |
Total from investment operations | (2.75) | 0.32 | 18.03 | (8.41) | (1.19) |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.03) | 0.00 | 0.00 |
Net realized gains | (4.53) | (7.06) | 0.00 | (2.09) | 0.00 |
Total distributions to shareholders | (4.53) | (7.06) | (0.03) | (2.09) | 0.00 |
Net asset value, end of period | $23.75 | $31.03 | $37.77 | $19.77 | $30.27 |
Total return2 | (8.62)% | (0.22)% | 91.20% | (30.24)% | (3.78)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.73% | 1.67% | 1.68% | 1.60% | 1.54% |
Net expenses | 1.22% | 1.21% | 1.32% | 1.33% | 1.35% |
Net investment income (loss) | (0.37)% | (0.54)% | (0.24)% | 0.05% | (0.11)% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 37% | 55% | 41% | 34% |
Net assets, end of period (000s omitted) | $35,295 | $42,732 | $46,580 | $27,115 | $44,028 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $27.22 | $34.21 | $18.03 | $27.98 | $29.30 |
Net investment loss | (0.26) 1 | (0.43) 1 | (0.23) 1 | (0.20) 1 | (0.25) 1 |
Net realized and unrealized gains (losses) on investments | (2.34) | 0.50 | 16.41 | (7.66) | (1.07) |
Total from investment operations | (2.60) | 0.07 | 16.18 | (7.86) | (1.32) |
Distributions to shareholders from | |||||
Net realized gains | (4.53) | (7.06) | 0.00 | (2.09) | 0.00 |
Net asset value, end of period | $20.09 | $27.22 | $34.21 | $18.03 | $27.98 |
Total return2 | (9.36)% | (1.02)% | 89.74% | (30.76)% | (4.51)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.48% | 2.40% | 2.44% | 2.34% | 2.29% |
Net expenses | 1.98% | 1.98% | 2.09% | 2.10% | 2.10% |
Net investment loss | (1.13)% | (1.27)% | (0.94)% | (0.73)% | (0.85)% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 37% | 55% | 41% | 34% |
Net assets, end of period (000s omitted) | $34 | $60 | $112 | $190 | $526 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||
Class R6 | 2023 | 2022 | 2021 1 |
Net asset value, beginning of period | $32.88 | $39.46 | $25.43 |
Net investment income (loss) | 0.02 | (0.05) 2 | 0.03 2 |
Net realized and unrealized gains (losses) on investments | (2.82) | 0.53 | 14.09 |
Total from investment operations | (2.80) | 0.48 | 14.12 |
Distributions to shareholders from | |||
Net investment income | 0.00 | 0.00 | (0.09) |
Net realized gains | (4.53) | (7.06) | 0.00 |
Total distributions to shareholders | (4.53) | (7.06) | (0.09) |
Net asset value, end of period | $25.55 | $32.88 | $39.46 |
Total return3 | (8.27)% | 0.23% | 55.58% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.30% | 1.24% | 1.23% |
Net expenses | 0.80% | 0.80% | 0.88% |
Net investment income (loss) | 0.06% | (0.13)% | 0.09% |
Supplemental data | |||
Portfolio turnover rate | 22% | 37% | 55% |
Net assets, end of period (000s omitted) | $746 | $969 | $936 |
1 | For the period from May 29, 2020 (commencement of class operations) to March 31, 2021 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Year ended March 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $31.95 | $38.67 | $20.23 | $30.89 | $32.06 |
Net investment income (loss) | (0.08) 1 | (0.17) 1 | (0.01) 1 | 0.05 1 | 0.01 1 |
Net realized and unrealized gains (losses) on investments | (2.73) | 0.51 | 18.51 | (8.62) | (1.18) |
Total from investment operations | (2.81) | 0.34 | 18.50 | (8.57) | (1.17) |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.06) | 0.00 | 0.00 |
Net realized gains | (4.53) | (7.06) | 0.00 | (2.09) | 0.00 |
Total distributions to shareholders | (4.53) | (7.06) | (0.06) | (2.09) | 0.00 |
Net asset value, end of period | $24.61 | $31.95 | $38.67 | $20.23 | $30.89 |
Total return | (8.56)% | (0.16)% | 91.48% | (30.15)% | (3.65)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.65% | 1.59% | 1.61% | 1.51% | 1.46% |
Net expenses | 1.15% | 1.15% | 1.20% | 1.20% | 1.20% |
Net investment income (loss) | (0.29)% | (0.46)% | (0.02)% | 0.17% | 0.05% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 37% | 55% | 41% | 34% |
Net assets, end of period (000s omitted) | $321 | $329 | $466 | $450 | $1,165 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $32.66 | $39.29 | $20.58 | $31.33 | $32.45 |
Net investment income (loss) | (0.01) 1 | (0.11) 1 | 0.02 1 | 0.12 1 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | (2.79) | 0.54 | 18.87 | (8.78) | (1.20) |
Total from investment operations | (2.80) | 0.43 | 18.89 | (8.66) | (1.12) |
Distributions to shareholders from | |||||
Net investment income | 0.00 | 0.00 | (0.18) | (0.00) 2 | 0.00 |
Net realized gains | (4.53) | (7.06) | 0.00 | (2.09) | 0.00 |
Total distributions to shareholders | (4.53) | (7.06) | (0.18) | (2.09) | 0.00 |
Net asset value, end of period | $25.33 | $32.66 | $39.29 | $20.58 | $31.33 |
Total return | (8.33)% | 0.09% | 91.87% | (30.00)% | (3.45)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.40% | 1.33% | 1.35% | 1.27% | 1.21% |
Net expenses | 0.90% | 0.90% | 0.98% | 1.00% | 1.00% |
Net investment income (loss) | (0.04)% | (0.28)% | 0.08% | 0.38% | 0.24% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 37% | 55% | 41% | 34% |
Net assets, end of period (000s omitted) | $3,022 | $5,496 | $13,401 | $11,305 | $21,398 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
Gross unrealized gains | $ 7,836,291 |
Gross unrealized losses | (7,055,861) |
Net unrealized gains | $ 780,430 |
■ | 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 | $ 707,372 | $0 | $0 | $ 707,372 |
Consumer discretionary | 3,595,376 | 0 | 0 | 3,595,376 |
Consumer staples | 1,859,935 | 0 | 0 | 1,859,935 |
Financials | 3,951,644 | 0 | 0 | 3,951,644 |
Health care | 7,721,296 | 0 | 0 | 7,721,296 |
Industrials | 8,021,170 | 0 | 0 | 8,021,170 |
Information technology | 5,504,519 | 0 | 0 | 5,504,519 |
Materials | 4,028,434 | 0 | 0 | 4,028,434 |
Real estate | 2,408,706 | 0 | 0 | 2,408,706 |
Investment companies | 471,206 | 0 | 0 | 471,206 |
Short-term investments | ||||
Investment companies | 1,202,003 | 0 | 0 | 1,202,003 |
Total assets | $39,471,661 | $0 | $0 | $39,471,661 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
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 | 1.23% |
Class C | 1.98 |
Class R6 | 0.80 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Year ended March 31 | ||
2023 | 2022 | |
Ordinary income | $1,260,367 | $ 1,082,006 |
Long-term capital gain | 5,426,863 | 8,441,777 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$31,072 | $355,689 | $780,430 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g450535img57b0266b6.jpg)
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-CSR/0001193125-23-157848/g450535img5b85793b1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g450535imgc462ee187.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR3327 03-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g451799img975640fc1.jpg)
Special Small Cap Value Fund
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![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g451799imgf7be29442.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. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g451799imgdf17fff03.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Brian Martin, CFA, James M. Tringas, CFA, Bryant VanCronkhite, 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 (ESPAX) | 5-7-1993 | -12.74 | 3.87 | 8.30 | -7.41 | 5.11 | 8.94 | 1.24 | 1.24 | ||
Class C (ESPCX) | 12-12-2000 | -9.11 | 4.34 | 8.30 | -8.11 | 4.34 | 8.30 | 1.99 | 1.99 | ||
Class R (ESPHX)3 | 9-30-2015 | – | – | – | -7.63 | 4.85 | 8.68 | 1.49 | 1.49 | ||
Class R6 (ESPRX)4 | 10-31-2014 | – | – | – | -7.02 | 5.56 | 9.41 | 0.81 | 0.81 | ||
Administrator Class (ESPIX) | 7-23-1996 | – | – | – | -7.33 | 5.20 | 9.09 | 1.16 | 1.16 | ||
Institutional Class (ESPNX) | 7-30-2010 | – | – | – | -7.11 | 5.46 | 9.34 | 0.91 | 0.91 | ||
Russell 2000® Value Index5 | – | – | – | – | -12.96 | 4.55 | 7.22 | – | – |
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 July 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.31% for Class A, 2.06% for Class C, 1.56% for Class R, 0.89% for Class R6, 1.20% for Administrator Class, and 0.94% 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 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g451799img609a291c4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 2000® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the Russell 2000® Value Index, for the 12-month period that ended March 31, 2023. |
■ | Stock selection in the industrials and materials sectors, along with overweights to these outperforming sectors, contributed to relative performance. |
■ | Stock selection in the consumer discretionary and energy sectors and an underweight to the consumer discretionary sector detracted from relative performance. |
Ten largest holdings (%) as of March 31, 20231 | |
Mueller Industries Incorporated | 3.49 |
Innospec Incorporated | 3.35 |
J & J Snack Foods Corporation | 2.93 |
Franklin Electric Company Incorporated | 2.90 |
Eagle Materials Incorporated | 2.84 |
Avient Corporation | 2.65 |
CSW Industrials Incorporated | 2.25 |
Belden Incorporated | 1.94 |
Spectrum Brands Holdings Incorporated | 1.88 |
NewMarket Corporation | 1.73 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g451799imgd93933c05.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 | $1,151.27 | $ 6.81 | 1.27% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $ 6.39 | 1.27% |
Class C | ||||
Actual | $1,000.00 | $1,147.07 | $10.76 | 2.01% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.91 | $10.10 | 2.01% |
Class R | ||||
Actual | $1,000.00 | $1,150.13 | $ 8.09 | 1.51% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.40 | $ 7.59 | 1.51% |
Class R6 | ||||
Actual | $1,000.00 | $1,153.75 | $ 4.51 | 0.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.74 | $ 4.23 | 0.84% |
Administrator Class | ||||
Actual | $1,000.00 | $1,151.75 | $ 6.33 | 1.18% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $ 5.94 | 1.18% |
Institutional Class | ||||
Actual | $1,000.00 | $1,153.07 | $ 4.99 | 0.93% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.29 | $ 4.68 | 0.93% |
Shares | Value | ||||
Common stocks: 93.22% | |||||
Communication services: 0.45% | |||||
Media: 0.45% | |||||
DallasNews Corporation Class A ♠ | 436,597 | $ 1,929,759 | |||
Thryv Holdings Incorporated † | 931,700 | 21,485,002 | |||
23,414,761 | |||||
Consumer discretionary: 4.97% | |||||
Automobile components: 0.29% | |||||
Holley Incorporated | 5,500,000 | 15,070,000 | |||
Hotels, restaurants & leisure: 2.87% | |||||
Denny’s Corporation ♠† | 4,604,112 | 51,381,890 | |||
Dine Brands Global Incorporated ♠ | 920,243 | 62,245,237 | |||
Jack in the Box Incorporated ## | 420,946 | 36,870,660 | |||
150,497,787 | |||||
Household durables: 1.00% | |||||
Helen of Troy Limited †## | 525,193 | 49,982,618 | |||
Tupperware Brands Corporation ♠† | 901,842 | 2,254,605 | |||
52,237,223 | |||||
Textiles, apparel & luxury goods: 0.81% | |||||
Delta Apparel Incorporated ♠† | 602,202 | 6,624,222 | |||
Levi Strauss & Company Class A | 362,148 | 6,601,958 | |||
Steven Madden Limited | 806,800 | 29,044,800 | |||
42,270,980 | |||||
Consumer staples: 9.08% | |||||
Beverages: 0.90% | |||||
Primo Water Corporation | 3,079,389 | 47,268,621 | |||
Food products: 4.70% | |||||
J & J Snack Foods Corporation ♠ | 1,032,637 | 153,057,456 | |||
Nomad Foods Limited † | 3,688,128 | 69,115,519 | |||
Tootsie Roll Industries Incorporated | 528,111 | 23,717,474 | |||
245,890,449 | |||||
Household products: 3.48% | |||||
Central Garden & Pet Company ♠† | 803,322 | 32,984,401 | |||
Central Garden & Pet Company Class A † | 1,295,751 | 50,624,992 | |||
Spectrum Brands Holdings Incorporated ## | 1,485,194 | 98,349,547 | |||
181,958,940 | |||||
Energy: 6.02% | |||||
Energy equipment & services: 1.62% | |||||
Forum Energy Technologies Incorporated † | 189,844 | 4,827,733 | |||
Liberty Oilfield Services Class A | 1,791,771 | 22,952,587 | |||
Patterson-UTI Energy Incorporated | 4,866,148 | 56,933,932 | |||
84,714,252 |
Shares | Value | ||||
Oil, gas & consumable fuels: 4.40% | |||||
Alto Ingredients Incorporated † | 1,346,903 | $ 2,020,355 | |||
Berry Corporation | 2,149,686 | 16,875,035 | |||
Callon Petroleum Company † | 499,230 | 16,694,251 | |||
Chord Energy Corporation ## | 375,212 | 50,503,535 | |||
Magnolia Oil & Gas Corporation Class A | 2,229,200 | 48,774,896 | |||
Nordic American Tankers Limited | 3,190,911 | 12,636,008 | |||
Northern Oil and Gas Incorporated | 929,760 | 28,218,216 | |||
SM Energy Company | 182,400 | 5,136,384 | |||
Southwestern Energy Company † | 9,857,980 | 49,289,900 | |||
230,148,580 | |||||
Financials: 15.48% | |||||
Banks: 5.84% | |||||
Associated Banc Corporation | 2,156,756 | 38,778,473 | |||
CVB Financial Corporation | 893,400 | 14,901,912 | |||
First Hawaiian Incorporated | 1,115,958 | 23,022,214 | |||
Hancock Whitney Corporation | 1,422,788 | 51,789,483 | |||
Renasant Corporation | 1,185,374 | 36,248,737 | |||
South State Corporation | 781,795 | 55,710,712 | |||
UMB Financial Corporation ## | 1,479,949 | 85,422,656 | |||
305,874,187 | |||||
Capital markets: 1.10% | |||||
Apollo Investment Corporation | 1,873,186 | 21,354,320 | |||
Capitol Investment Corporation V | 1,250,000 | 509,375 | |||
Glassbridge Enterprises Incorporated ♠♦† | 1,527 | 13,758 | |||
New Mountain Finance Corporation | 2,515,550 | 30,614,244 | |||
Pershing Square Escrow Shares ♦† | 1,415,995 | 1 | |||
Westwood Holdings Group Incorporated ♠ | 446,683 | 5,007,316 | |||
57,499,014 | |||||
Financial services: 0.84% | |||||
Jackson Financial Incorporation Class A | 1,172,793 | 43,874,186 | |||
Insurance: 4.62% | |||||
Enstar Group Limited † | 324,502 | 75,216,319 | |||
National Western Life Group Class A | 65,777 | 15,958,816 | |||
ProAssurance Corporation | 1,230,100 | 22,732,248 | |||
Stewart Information Services Corporation | 1,342,702 | 54,178,026 | |||
The Hanover Insurance Group Incorporated | 573,577 | 73,704,645 | |||
241,790,054 | |||||
Mortgage REITs: 3.08% | |||||
AGNC Investment Corporation | 4,840,342 | 48,790,647 | |||
Apollo Commercial Real Estate Finance Incorporated | 2,429,190 | 22,615,759 | |||
New York Mortgage Trust Incorporated REIT | 2,977,701 | 29,657,902 | |||
Two Harbors Investment Corporation | 4,089,086 | 60,150,455 | |||
161,214,763 |
Shares | Value | ||||
Health care: 4.72% | |||||
Health care equipment & supplies: 1.12% | |||||
Enovis Corporation | 493,100 | $ 26,375,919 | |||
Varex Imaging Corporation † | 1,764,589 | 32,097,874 | |||
58,473,793 | |||||
Health care providers & services: 1.60% | |||||
AMN Healthcare Services Incorporated † | 128,700 | 10,676,952 | |||
Owens & Minor Incorporated † | 1,127,934 | 16,411,440 | |||
Patterson Companies Incorporated | 1,237,551 | 33,129,240 | |||
Premier Incorporated Class A | 731,837 | 23,689,564 | |||
83,907,196 | |||||
Life sciences tools & services: 0.94% | |||||
Azenta Incorporated † | 1,107,141 | 49,400,631 | |||
Pharmaceuticals: 1.06% | |||||
Perrigo Company plc | 371,351 | 13,320,360 | |||
Prestige Consumer Healthcare Incorporated † | 668,726 | 41,882,309 | |||
55,202,669 | |||||
Industrials: 28.61% | |||||
Aerospace & defense: 0.61% | |||||
Parsons Corporation † | 711,516 | 31,833,226 | |||
Air freight & logistics: 0.36% | |||||
GXO Logistics Incorporated † | 371,957 | 18,768,950 | |||
Building products: 7.24% | |||||
CSW Industrials Incorporated ♠ | 846,863 | 117,654,677 | |||
Griffon Corporation | 1,439,310 | 46,072,313 | |||
Janus International Group Incorporated † | 2,513,602 | 24,784,116 | |||
JELD-WEN Holding Incorporated † | 567,421 | 7,183,550 | |||
Quanex Building Products Corporation ♠ | 2,799,480 | 60,272,804 | |||
Simpson Manufacturing Company Incorporated | 600,831 | 65,875,111 | |||
UFP Industries Incorporated | 681,559 | 54,163,494 | |||
Zurn Elkay Water Solutions Corporation | 130,500 | 2,787,480 | |||
378,793,545 | |||||
Commercial services & supplies: 2.04% | |||||
ACCO Brands Corporation | 3,860,700 | 20,538,918 | |||
Custom Truck One Source Incorporated | 3,475,000 | 23,595,250 | |||
Ennis Incorporated ♠ | 1,253,422 | 26,434,670 | |||
Harsco Corporation † | 680,399 | 4,647,125 | |||
Matthews International Corporation Class A | 238,364 | 8,595,406 | |||
Viad Corporation ♠† | 1,086,608 | 22,644,911 | |||
106,456,280 | |||||
Construction & engineering: 1.56% | |||||
APi Group Corporation † | 3,105,067 | 69,801,906 | |||
MDU Resources Group Incorporated | 394,700 | 12,030,456 | |||
81,832,362 |
Shares | Value | ||||
Electrical equipment: 1.03% | |||||
Atkore Incorporated †## | 327,809 | $ 46,050,608 | |||
Babcock & Wilcox Enterprises Incorporated † | 1,261,206 | 7,642,908 | |||
53,693,516 | |||||
Ground transportation: 0.79% | |||||
Werner Enterprises Incorporated | 913,289 | 41,545,517 | |||
Machinery: 12.04% | |||||
Alamo Group Incorporated | 213,849 | 39,382,432 | |||
Columbus McKinnon Corporation | 880,417 | 32,716,296 | |||
Douglas Dynamics Incorporated ♠ | 1,880,021 | 59,953,870 | |||
Franklin Electric Company Incorporated | 1,613,769 | 151,855,663 | |||
Hillenbrand Incorporated | 670,557 | 31,871,574 | |||
Hillman Group Incorporated | 3,622,900 | 30,504,818 | |||
Hillman Solutions Corporation † | 2,378,762 | 20,029,176 | |||
Kadant Incorporated | 268,889 | 56,068,734 | |||
Mayville Engineering Company Incorporated ♠† | 1,649,424 | 24,609,406 | |||
Mueller Industries Incorporated ♠ | 2,484,114 | 182,532,697 | |||
NN Incorporated † | 686,098 | 734,125 | |||
630,258,791 | |||||
Professional services: 2.02% | |||||
CBIZ Incorporated † | 990,861 | 49,037,711 | |||
Korn Ferry International | 1,097,937 | 56,807,260 | |||
105,844,971 | |||||
Trading companies & distributors: 0.92% | |||||
Air Lease Corporation | 989,100 | 38,940,867 | |||
Custom Truck One Source Incorporated † | 1,323,493 | 8,986,517 | |||
47,927,384 | |||||
Information technology: 5.48% | |||||
Electronic equipment, instruments & components: 1.94% | |||||
Belden Incorporated | 1,172,378 | 101,727,239 | |||
Financial services: 0.32% | |||||
Euronet Worldwide Incorporated † | 147,300 | 16,482,870 | |||
IT services: 1.37% | |||||
Global Blue Group Holding AG | 4,536,904 | 27,221,424 | |||
Kyndryl Holdings Incorporated †## | 3,016,189 | 44,518,950 | |||
71,740,374 | |||||
Professional services: 1.34% | |||||
Concentrix Corporation | 202,700 | 24,638,185 | |||
Maximus Incorporated | 579,400 | 45,598,780 | |||
70,236,965 | |||||
Software: 0.51% | |||||
E2open Parent Holding Incorporated † | 3,906,145 | 22,733,764 | |||
Synchronoss Technologies Incorporated † | 4,327,500 | 4,067,850 | |||
26,801,614 |
Shares | Value | ||||
Materials: 16.94% | |||||
Chemicals: 10.73% | |||||
Avient Corporation | 3,365,084 | $ 138,506,857 | |||
Diversey Holdings Limited † | 1,784,165 | 14,433,895 | |||
Ecovyst Incorporated † | 4,156,614 | 45,930,585 | |||
Element Solutions Incorporated | 523,792 | 10,114,424 | |||
Innospec Incorporated ♠ | 1,709,094 | 175,472,681 | |||
Mativ Holdings Inc ♠ | 3,164,910 | 67,950,618 | |||
Minerals Technologies Incorporated | 300,956 | 18,183,762 | |||
NewMarket Corporation | 248,493 | 90,694,975 | |||
561,287,797 | |||||
Construction materials: 2.84% | |||||
Eagle Materials Incorporated | 1,013,875 | 148,786,156 | |||
Containers & packaging: 3.37% | |||||
Myers Industries Incorporated | 1,707,960 | 36,601,583 | |||
Silgan Holdings Incorporated | 1,486,165 | 79,762,476 | |||
Trimas Corporation ♠ | 2,147,463 | 59,828,319 | |||
176,192,378 | |||||
Real estate: 0.74% | |||||
Office REITs: 0.17% | |||||
Kilroy Realty Corporation | 279,000 | 9,039,600 | |||
Residential REITs: 0.57% | |||||
Washington REIT | 1,664,509 | 29,728,131 | |||
Utilities: 0.73% | |||||
Electric utilities: 0.73% | |||||
Hawaiian Electric Industries Incorporated | 999,164 | 38,367,898 | |||
Total Common stocks (Cost $4,317,104,120) | 4,878,053,650 |
Investment companies: 0.54% | |||||
Exchange-traded funds: 0.54% | |||||
iShares Russell 2000 Value Index ETF | 205,000 | 28,089,100 | |||
Total Investment companies (Cost $27,734,589) | 28,089,100 |
Yield | |||||
Short-term investments: 2.90% | |||||
Investment companies: 2.90% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 151,876,865 | 151,876,865 | ||
Total Short-term investments (Cost $151,876,865) | 151,876,865 | ||||
Total investments in securities (Cost $4,496,715,574) | 96.66% | 5,058,019,615 | |||
Other assets and liabilities, net | 3.34 | 174,918,471 | |||
Total net assets | 100.00% | $5,232,938,086 |
† | 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. |
## | All or a portion of this security is segregated as collateral for investments in derivative instruments. |
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 | ||||||||||
Central Garden & Pet Company† | $ 35,722,863 | $ 29,713 | $ (430,916) | $ (162,760) | $ (2,174,499) | $ 32,984,401 | 803,322 | $ 0 | ||
CSW Industrials Incorporated | 100,337,313 | 2,986,656 | (4,061,225) | (67,770) | 18,459,703 | 117,654,677 | 846,863 | 583,733 | ||
DallasNews Corporation Class A | 3,757,683 | 0 | (850,593) | (3,501,583) | 2,524,252 | 1,929,759 | 436,597 | 967,374 | ||
Delta Apparel Incorporated† | 17,924,703 | 13,759 | 0 | 0 | (11,314,240) | 6,624,222 | 602,202 | 0 | ||
Denny’s Corporation† | 64,584,064 | 1,586,415 | (501,952) | (88,027) | (14,198,610) | 51,381,890 | 4,604,112 | 0 | ||
Dine Brands Global Incorporated | 81,172,687 | 375,260 | (8,802,460) | (1,468,448) | (9,031,802) | 62,245,237 | 920,243 | 2,484,987 | ||
Douglas Dynamics Incorporated | 63,549,474 | 1,529,830 | 0 | 0 | (5,125,434) | 59,953,870 | 1,880,021 | 2,167,111 | ||
Ennis Incorporated | 24,606,270 | 0 | (1,559,030) | (64,545) | �� | 3,451,975 | 26,434,670 | 1,253,422 | 1,276,624 | |
Glassbridge Enterprises Incorporated† | 9,926 | 0 | 0 | 0 | 3,832 | 13,758 | 1,527 | 0 | ||
Innospec Incorporated | 165,737,985 | 597,281 | (9,044,434) | (71,445) | 18,253,294 | 175,472,681 | 1,709,094 | 2,223,274 | ||
J & J Snack Foods Corporation | 158,418,985 | 8,947,010 | (7,032,037) | (1,073,922) | (6,202,580) | 153,057,456 | 1,032,637 | 2,697,618 | ||
Mativ Holdings Inc | 0 | 156,317,609 | (13,496,607) | (14,532,939) | (60,337,445) | 67,950,618 | 3,164,910 | 4,685,044 | ||
Mayville Engineering Company Incorporated† | 8,013,580 | 7,510,978 | (631,403) | (177,954) | 9,894,205 | 24,609,406 | 1,649,424 | 0 | ||
Mueller Industries Incorporated | 171,377,466 | 5,668,025 | (53,400,098) | 22,599,206 | 36,288,098 | 182,532,697 | 2,484,114 | 3,865,306 | ||
Quanex Building Products Corporation | 56,833,951 | 2,235,611 | (259,601) | (19,171) | 1,482,014 | 60,272,804 | 2,799,480 | 889,281 | ||
Trimas Corporation | 67,140,720 | 1,565,001 | (300,888) | (73,816) | (8,502,698) | 59,828,319 | 2,147,463 | 338,198 | ||
Tupperware Brands Corporation† | 51,130,899 | 1,062,750 | (10,722,431) | (30,649,248) | (8,567,365) | 2,254,605 | 901,842 | 0 | ||
Viad Corporation† | 42,137,421 | 1,235,320 | (5,622,052) | (2,441,330) | (12,664,448) | 22,644,911 | 1,086,608 | 0 | ||
Westwood Holdings Group Incorporated | 6,843,184 | 0 | 0 | 0 | (1,835,868) | 5,007,316 | 446,683 | 268,010 | ||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | 110,061,302 | 1,096,812,671 | (1,054,997,108) | 0 | 0 | 151,876,865 | 151,876,865 | 4,479,129 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Neenah Incorporated | 61,082,785 | 76,658 | (98,150,707) | 0 | 36,991,264 | 0 | 0 | 0 | ||
Securities Lending Cash Investments LLC | 3,452,615 | 83,594,760 | (87,048,154) | 779 | 0 | 0 | 0 | 214,081 # | ||
$ (31,792,973) | $ (12,606,352) | $1,264,730,162 | $27,139,770 |
† | Non-income-earning security |
# | Amount shown represents income before fees and rebates. |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call | ||||||
Atkore International Incorporated | Bank of America Securities Incorporated | (250) | $(3,875,000) | $155.00 | 4-21-2023 | $ (22,499) |
Description | Counterparty | Number of contracts | Notional amount | Exercise price | Expiration date | Value |
Call (continued) | ||||||
Atkore International Incorporated | Bank of America Securities Incorporated | (200) | $(3,000,000) | $150.00 | 4-21-2023 | $ (31,000) |
Atkore International Incorporated | Bank of America Securities Incorporated | (200) | (3,200,000) | 160.00 | 4-21-2023 | (9,500) |
Chord Energy Corporation | Bank of America Securities Incorporated | (200) | (2,800,000) | 140.00 | 5-19-2023 | (114,000) |
Helen of Troy Limited | Bank of America Securities Incorporated | (250) | (2,875,000) | 115.00 | 5-19-2023 | (63,125) |
Helen of Troy Limited | Bank of America Securities Incorporated | (500) | (5,500,000) | 110.00 | 5-19-2023 | (180,000) |
Helen of Troy Limited | Bank of America Securities Incorporated | (250) | (2,500,000) | 100.00 | 5-19-2023 | (177,500) |
Jack In The Box Incorporated | Bank of America Securities Incorporated | (250) | (2,250,000) | 90.00 | 4-21-2023 | (38,125) |
Kyndryl Holdings Incorporated | Bank of America Securities Incorporated | (1,000) | (1,800,000) | 18.00 | 6-16-2023 | (27,500) |
Spectrum Brands Holdings Incorporated | Bank of America Securities Incorporated | (250) | (1,875,000) | 75.00 | 7-21-2023 | (110,000) |
UMB Financial Corporation | Bank of America Securities Incorporated | (250) | (1,625,000) | 65.00 | 4-21-2023 | (18,750) |
Put | ||||||
Belden Incorporated | Bank of America Securities Incorporated | 250 | 2,000,000 | 80.00 | 4-21-2023 | (6,250) |
Denny’s Corporation | Bank of America Securities Incorporated | 1,000 | 1,250,000 | 12.50 | 5-19-2023 | (147,500) |
Helen of Troy Limited | Bank of America Securities Incorporated | 250 | 2,250,000 | 90.00 | 4-21-2023 | (68,125) |
Helen of Troy Limited | Bank of America Securities Incorporated | 250 | 2,375,000 | 95.00 | 5-19-2023 | (220,000) |
Helen of Troy Limited | Bank of America Securities Incorporated | 250 | 2,250,000 | 90.00 | 5-19-2023 | (167,500) |
Helen of Troy Limited | Bank of America Securities Incorporated | 250 | 2,000,000 | 80.00 | 5-19-2023 | (93,750) |
Jackson Financial Incorporation | Bank of America Securities Incorporated | 500 | 2,000,000 | 40.00 | 4-21-2023 | (162,500) |
Quanex Building Products Corporation | Bank of America Securities Incorporated | 500 | 1,000,000 | 20.00 | 6-16-2023 | (46,250) |
UFP Industries Incorporated | Bank of America Securities Incorporated | 500 | 4,000,000 | 80.00 | 4-21-2023 | (97,500) |
$(1,801,374) |
Assets | |
Investments in unaffiliated securities, at value (cost $3,380,413,185) | $ 3,793,289,453 |
Investments in affiliated securities, at value (cost $1,116,302,389) | 1,264,730,162 |
Cash | 658,506 |
Cash at broker segregated cash for written options | 19,124,952 |
Receivable for Fund shares sold | 161,581,890 |
Receivable for investments sold | 8,467,901 |
Receivable for dividends | 8,081,104 |
Receivable for securities lending income, net | 6,819 |
Prepaid expenses and other assets | 295,836 |
Total assets | 5,256,236,623 |
Liabilities | |
Payable for investments purchased | 11,832,470 |
Payable for Fund shares redeemed | 5,337,926 |
Management fee payable | 3,537,284 |
Written options at value (premiums received $2,232,366) | 1,801,374 |
Administration fees payable | 500,007 |
Distribution fees payable | 7,810 |
Trustees’ fees and expenses payable | 5,160 |
Accrued expenses and other liabilities | 276,506 |
Total liabilities | 23,298,537 |
Total net assets | $5,232,938,086 |
Net assets consist of | |
Paid-in capital | $ 4,711,335,830 |
Total distributable earnings | 521,602,256 |
Total net assets | $5,232,938,086 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 721,397,119 |
Shares outstanding – Class A1 | 20,267,733 |
Net asset value per share – Class A | $35.59 |
Maximum offering price per share – Class A2 | $37.76 |
Net assets – Class C | $ 7,115,718 |
Shares outstanding – Class C1 | 228,171 |
Net asset value per share – Class C | $31.19 |
Net assets – Class R | $ 13,092,694 |
Shares outstanding – Class R1 | 361,860 |
Net asset value per share – Class R | $36.18 |
Net assets – Class R6 | $ 1,659,114,555 |
Shares outstanding – Class R61 | 45,248,736 |
Net asset value per share – Class R6 | $36.67 |
Net assets – Administrator Class | $ 105,845,543 |
Shares outstanding – Administrator Class1 | 2,886,808 |
Net asset value per share – Administrator Class | $36.67 |
Net assets – Institutional Class | $ 2,726,372,457 |
Shares outstanding – Institutional Class1 | 74,336,691 |
Net asset value per share – Institutional Class | $36.68 |
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 $133,895) | $ 82,071,306 |
Income from affiliated securities | 27,186,694 |
Total investment income | 109,258,000 |
Expenses | |
Management fee | 40,823,850 |
Administration fees | |
Class A | 1,548,093 |
Class C | 18,005 |
Class R | 28,364 |
Class R6 | 492,104 |
Administrator Class | 152,321 |
Institutional Class | 3,568,716 |
Shareholder servicing fees | |
Class A | 1,842,968 |
Class C | 21,389 |
Class R | 33,766 |
Administrator Class | 283,073 |
Distribution fees | |
Class C | 64,119 |
Class R | 33,631 |
Custody and accounting fees | 435,168 |
Professional fees | 85,726 |
Registration fees | 153,592 |
Shareholder report expenses | 456,959 |
Trustees’ fees and expenses | 29,239 |
Other fees and expenses | 159,838 |
Total expenses | 50,230,921 |
Less: Fee waivers and/or expense reimbursements | |
Class A | (1,214) |
Class C | (1) |
Administrator Class | (811) |
Institutional Class | (26,533) |
Net expenses | 50,202,362 |
Net investment income | 59,055,638 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 23,497,467 |
Affiliated securities | (31,792,973) |
Written options | 22,300,972 |
Net realized gains on investments | 14,005,466 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (481,107,419) |
Affiliated securities | (12,606,352) |
Written options | 716,871 |
Net change in unrealized gains (losses) on investments | (492,996,900) |
Net realized and unrealized gains (losses) on investments | (478,991,434) |
Net decrease in net assets resulting from operations | $(419,935,796) |
Year ended March 31, 2023 | Year ended March 31, 2022 | |||
Operations | ||||
Net investment income | $ 59,055,638 | $ 27,875,748 | ||
Net realized gains on investments | 14,005,466 | 476,640,248 | ||
Net change in unrealized gains (losses) on investments | (492,996,900) | (343,672,729) | ||
Net increase (decrease) in net assets resulting from operations | (419,935,796) | 160,843,267 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (42,591,589) | (50,783,331) | ||
Class C | (463,826) | (807,798) | ||
Class R | (726,448) | (917,911) | ||
Class R6 | (100,176,931) | (114,036,990) | ||
Administrator Class | (6,550,499) | (11,844,857) | ||
Institutional Class | (155,567,068) | (204,793,322) | ||
Total distributions to shareholders | (306,076,361) | (383,184,209) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 3,144,073 | 115,444,516 | 4,280,098 | 184,277,105 |
Class C | 8,201 | 261,543 | 8,749 | 336,570 |
Class R | 77,769 | 2,911,756 | 103,689 | 4,505,291 |
Class R6 | 10,101,086 | 381,018,452 | 15,549,670 | 685,689,346 |
Administrator Class | 403,179 | 15,229,744 | 885,087 | 39,305,726 |
Institutional Class | 22,900,867 | 864,224,769 | 24,127,132 | 1,060,759,280 |
1,379,090,780 | 1,974,873,318 | |||
Reinvestment of distributions | ||||
Class A | 1,122,650 | 39,439,381 | 1,121,289 | 46,807,127 |
Class C | 14,894 | 457,404 | 21,112 | 778,823 |
Class R | 20,361 | 726,448 | 21,670 | 917,911 |
Class R6 | 2,638,058 | 95,564,223 | 2,465,581 | 106,043,414 |
Administrator Class | 178,990 | 6,477,362 | 273,495 | 11,744,267 |
Institutional Class | 3,335,094 | 120,823,133 | 3,574,870 | 153,704,110 |
263,487,951 | 319,995,652 | |||
Payment for shares redeemed | ||||
Class A | (3,531,086) | (129,875,544) | (4,682,744) | (200,722,890) |
Class C | (94,383) | (3,023,154) | (101,436) | (3,882,504) |
Class R | (96,511) | (3,584,025) | (107,696) | (4,664,636) |
Class R6 | (9,526,745) | (365,341,881) | (12,714,796) | (559,504,556) |
Administrator Class | (933,530) | (35,066,154) | (2,444,640) | (105,093,900) |
Institutional Class | (27,975,810) | (1,063,646,250) | (22,927,729) | (1,005,623,154) |
(1,600,537,008) | (1,879,491,640) | |||
Net increase in net assets resulting from capital share transactions | 42,041,723 | 415,377,330 | ||
Total increase (decrease) in net assets | (683,970,434) | 193,036,388 | ||
Net assets | ||||
Beginning of period | 5,916,908,520 | 5,723,872,132 | ||
End of period | $ 5,232,938,086 | $ 5,916,908,520 |
Year ended March 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $40.81 | $42.37 | $23.39 | $31.74 | $34.42 |
Net investment income | 0.29 | 0.07 | 0.14 1 | 0.24 | 0.22 |
Net realized and unrealized gains (losses) on investments | (3.35) | 1.07 | 18.98 | (8.00) | (0.69) |
Total from investment operations | (3.06) | 1.14 | 19.12 | (7.76) | (0.47) |
Distributions to shareholders from | |||||
Net investment income | (0.25) | (0.10) | (0.13) | (0.28) | (0.15) |
Net realized gains | (1.91) | (2.60) | (0.01) | (0.31) | (2.06) |
Total distributions to shareholders | (2.16) | (2.70) | (0.14) | (0.59) | (2.21) |
Net asset value, end of period | $35.59 | $40.81 | $42.37 | $23.39 | $31.74 |
Total return2 | (7.41)% | 2.56% | 81.92% | (25.08)% | (0.87)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.26% | 1.24% | 1.27% | 1.27% | 1.29% |
Net expenses | 1.26% | 1.24% | 1.27% | 1.27% | 1.29% |
Net investment income | 0.82% | 0.17% | 0.43% | 0.75% | 0.67% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 28% | 40% | 39% | 32% |
Net assets, end of period (000s omitted) | $721,397 | $797,067 | $797,193 | $381,058 | $526,656 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $36.04 | $37.90 | $20.99 | $28.49 | $31.21 |
Net investment income (loss) | 0.02 1 | (0.22) 1 | (0.08) 1 | (0.01) 1 | (0.05) 1 |
Net realized and unrealized gains (losses) on investments | (2.96) | 0.96 | 17.00 | (7.18) | (0.61) |
Total from investment operations | (2.94) | 0.74 | 16.92 | (7.19) | (0.66) |
Distributions to shareholders from | |||||
Net realized gains | (1.91) | (2.60) | (0.01) | (0.31) | (2.06) |
Net asset value, end of period | $31.19 | $36.04 | $37.90 | $20.99 | $28.49 |
Total return2 | (8.11)% | 1.79% | 80.71% | (25.65)% | (1.63)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.01% | 1.99% | 2.01% | 2.02% | 2.04% |
Net expenses | 2.01% | 1.99% | 2.01% | 2.02% | 2.04% |
Net investment income (loss) | 0.06% | (0.58)% | (0.29)% | (0.04)% | (0.13)% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 28% | 40% | 39% | 32% |
Net assets, end of period (000s omitted) | $7,116 | $10,792 | $14,063 | $11,419 | $24,334 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class R | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $41.44 | $43.01 | $23.73 | $32.20 | $34.94 |
Net investment income (loss) | 0.21 | (0.03) | 0.07 | 0.16 | 0.18 |
Net realized and unrealized gains (losses) on investments | (3.41) | 1.07 | 19.25 | (8.12) | (0.74) |
Total from investment operations | (3.20) | 1.04 | 19.32 | (7.96) | (0.56) |
Distributions to shareholders from | |||||
Net investment income | (0.15) | (0.01) | (0.03) | (0.20) | (0.12) |
Net realized gains | (1.91) | (2.60) | (0.01) | (0.31) | (2.06) |
Total distributions to shareholders | (2.06) | (2.61) | (0.04) | (0.51) | (2.18) |
Net asset value, end of period | $36.18 | $41.44 | $43.01 | $23.73 | $32.20 |
Total return | (7.63)% | 2.27% | 81.50% | (25.29)% | (1.11)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.51% | 1.49% | 1.51% | 1.52% | 1.55% |
Net expenses | 1.51% | 1.49% | 1.51% | 1.52% | 1.55% |
Net investment income (loss) | 0.57% | (0.08)% | 0.13% | 0.46% | 0.47% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 28% | 40% | 39% | 32% |
Net assets, end of period (000s omitted) | $13,093 | $14,929 | $14,733 | $5,209 | $6,656 |
Year ended March 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $41.98 | $43.51 | $24.00 | $32.55 | $35.25 |
Net investment income | 0.46 | 0.26 1 | 0.28 | 0.37 | 0.38 |
Net realized and unrealized gains (losses) on investments | (3.45) | 1.10 | 19.49 | (8.17) | (0.72) |
Total from investment operations | (2.99) | 1.36 | 19.77 | (7.80) | (0.34) |
Distributions to shareholders from | |||||
Net investment income | (0.41) | (0.29) | (0.25) | (0.44) | (0.30) |
Net realized gains | (1.91) | (2.60) | (0.01) | (0.31) | (2.06) |
Total distributions to shareholders | (2.32) | (2.89) | (0.26) | (0.75) | (2.36) |
Net asset value, end of period | $36.67 | $41.98 | $43.51 | $24.00 | $32.55 |
Total return | (7.02)% | 2.99% | 82.77% | (24.78)% | (0.42)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.83% | 0.81% | 0.84% | 0.84% | 0.86% |
Net expenses | 0.83% | 0.81% | 0.84% | 0.84% | 0.86% |
Net investment income | 1.25% | 0.59% | 0.84% | 1.12% | 1.16% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 28% | 40% | 39% | 32% |
Net assets, end of period (000s omitted) | $1,659,115 | $1,764,529 | $1,598,341 | $580,535 | $518,377 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $41.96 | $43.50 | $24.00 | $32.55 | $35.22 |
Net investment income | 0.35 1 | 0.11 1 | 0.16 1 | 0.26 1 | 0.27 1 |
Net realized and unrealized gains (losses) on investments | (3.46) | 1.09 | 19.48 | (8.18) | (0.71) |
Total from investment operations | (3.11) | 1.20 | 19.64 | (7.92) | (0.44) |
Distributions to shareholders from | |||||
Net investment income | (0.27) | (0.14) | (0.13) | (0.32) | (0.17) |
Net realized gains | (1.91) | (2.60) | (0.01) | (0.31) | (2.06) |
Total distributions to shareholders | (2.18) | (2.74) | (0.14) | (0.63) | (2.23) |
Net asset value, end of period | $36.67 | $41.96 | $43.50 | $24.00 | $32.55 |
Total return | (7.33)% | 2.62% | 82.13% | (25.03)% | (0.77)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.17% | 1.16% | 1.19% | 1.19% | 1.21% |
Net expenses | 1.17% | 1.16% | 1.18% | 1.19% | 1.20% |
Net investment income | 0.91% | 0.26% | 0.51% | 0.79% | 0.74% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 28% | 40% | 39% | 32% |
Net assets, end of period (000s omitted) | $105,846 | $135,870 | $196,801 | $105,286 | $160,369 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $41.98 | $43.52 | $24.01 | $32.56 | $35.27 |
Net investment income | 0.44 | 0.22 1 | 0.25 1 | 0.31 | 0.33 |
Net realized and unrealized gains (losses) on investments | (3.46) | 1.08 | 19.50 | (8.14) | (0.70) |
Total from investment operations | (3.02) | 1.30 | 19.75 | (7.83) | (0.37) |
Distributions to shareholders from | |||||
Net investment income | (0.37) | (0.24) | (0.23) | (0.41) | (0.28) |
Net realized gains | (1.91) | (2.60) | (0.01) | (0.31) | (2.06) |
Total distributions to shareholders | (2.28) | (2.84) | (0.24) | (0.72) | (2.34) |
Net asset value, end of period | $36.68 | $41.98 | $43.52 | $24.01 | $32.56 |
Total return | (7.11)% | 2.87% | 82.59% | (24.85)% | (0.53)% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.93% | 0.91% | 0.94% | 0.94% | 0.96% |
Net expenses | 0.93% | 0.91% | 0.93% | 0.94% | 0.94% |
Net investment income | 1.14% | 0.49% | 0.77% | 1.07% | 1.04% |
Supplemental data | |||||
Portfolio turnover rate | 22% | 28% | 40% | 39% | 32% |
Net assets, end of period (000s omitted) | $2,726,372 | $3,193,721 | $3,102,741 | $1,465,398 | $1,359,038 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $1,014,397,581 |
Gross unrealized losses | (496,392,824) |
Net unrealized gains | $ 518,004,757 |
■ | 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 | $ 23,414,761 | $ 0 | $0 | $ 23,414,761 |
Consumer discretionary | 260,075,990 | 0 | 0 | 260,075,990 |
Consumer staples | 475,118,010 | 0 | 0 | 475,118,010 |
Energy | 314,862,832 | 0 | 0 | 314,862,832 |
Financials | 810,238,445 | 13,759 | 0 | 810,252,204 |
Health care | 246,984,289 | 0 | 0 | 246,984,289 |
Industrials | 1,496,954,542 | 0 | 0 | 1,496,954,542 |
Information technology | 286,989,062 | 0 | 0 | 286,989,062 |
Materials | 886,266,331 | 0 | 0 | 886,266,331 |
Real estate | 38,767,731 | 0 | 0 | 38,767,731 |
Utilities | 38,367,898 | 0 | 0 | 38,367,898 |
Investment companies | 28,089,100 | 0 | 0 | 28,089,100 |
Short-term investments | ||||
Investment companies | 151,876,865 | 0 | 0 | 151,876,865 |
Total assets | $5,058,005,856 | $13,759 | $0 | $5,058,019,615 |
Liabilities | ||||
Written options | $ 1,795,124 | $ 6,250 | $0 | $ 1,801,374 |
Total liabilities | $ 1,795,124 | $ 6,250 | $0 | $ 1,801,374 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.825 |
Next $1 billion | 0.800 |
Next $1 billion | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.730 |
Next $5 billion | 0.720 |
Over $10 billion | 0.710 |
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 | 1.31% |
Class C | 2.06 |
Class R | 1.56 |
Class R6 | 0.89 |
Administrator Class | 1.20 |
Institutional Class | 0.94 |
Counterparty | Value of written options | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $1,801,374 | $(1,801,374) | $0 |
Year ended March 31 | ||
2023 | 2022 | |
Ordinary income | $ 59,275,487 | $175,473,103 |
Long-term capital gain | 246,800,874 | 207,711,106 |
Undistributed ordinary income | Unrealized gains | Post-October capital losses deferred |
$8,272,529 | $518,004,757 | $(4,651,190) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g451799img2b9db6876.jpg)
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-CSR/0001193125-23-157848/g451799img975640fc1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g451799imga11083317.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0637 03-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453130imge2d8e9421.jpg)
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![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453130imgb029f5372.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. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453130img8ec12fd93.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael Bradshaw, CFA, Oleg Makhorine |
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 (EKWAX) | 1-20-1998 | -15.05 | 7.82 | -0.82 | -9.87 | 9.10 | -0.23 | 1.18 | 1.09 | ||
Class C (EKWCX) | 1-29-1998 | -11.56 | 8.28 | -0.83 | -10.56 | 8.28 | -0.83 | 1.93 | 1.84 | ||
Administrator Class (EKWDX) | 7-30-2010 | – | – | – | -9.75 | 9.25 | -0.09 | 1.10 | 0.95 | ||
Institutional Class (EKWYX) | 2-29-2000 | – | – | – | -9.59 | 9.43 | 0.06 | 0.85 | 0.79 | ||
FTSE Gold Mines Index3 | – | – | – | – | -17.24 | 8.39 | -0.30 | – | – | ||
S&P 500 Index4 | – | – | – | – | -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 July 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.09% for Class A, 1.84% for Class C, 0.95% for Administrator Class, and 0.79% 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 | FTSE Gold Mines Index is an unmanaged, open-ended index designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. You cannot invest directly in an index. |
4 | 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453130img015549af4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the FTSE Gold Mines Index and S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund outperformed its benchmark, the FTSE Gold Mines Index, for the 12-month period that ended March 31, 2023. |
■ | The Fund’s overweights to Lundin Gold Inc., Torex Gold Resources Inc., and Alamos Gold Inc. enhanced results, along with underweights to Newmont Corp. and Barrick Gold Corp. |
■ | The Fund’s overweights to SSR Mining Inc. and Centerra Gold Inc. and underweights to AngloGold Ashanti Ltd. and Newcrest Mining Ltd. detracted from results during the period. The Fund’s positions in Artemis Gold Inc. and Marathon Gold Corp. also detracted from results. |
■ | The price of gold rose more than 1.5% during the 12-month period, and the share prices of precious metals stocks underperformed the gold price. |
Ten largest holdings (%) as of March 31, 20231 | |
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares | 5.62 |
Franco-Nevada Corporation-Legend Shares | 5.56 |
Barrick Gold Corporation | 5.36 |
Endeavour Mining plc | 5.24 |
Royal Gold Incorporated | 5.05 |
Agnico-Eagle Mines Limited | 4.89 |
Gold Bullion | 4.78 |
Gold Fields Limited ADR | 4.62 |
Alamos Gold Incorporated Class A | 4.25 |
Lundin Gold Incorporated | 4.23 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Country allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453130img172b1e715.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 | $1,355.92 | $ 6.40 | 1.09% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.50 | $ 5.49 | 1.09% |
Class C | ||||
Actual | $1,000.00 | $1,350.40 | $10.78 | 1.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.76 | $ 9.25 | 1.84% |
Administrator Class | ||||
Actual | $1,000.00 | $1,356.51 | $ 5.58 | 0.95% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.19 | $ 4.78 | 0.95% |
Institutional Class | ||||
Actual | $1,000.00 | $1,357.95 | $ 4.64 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.99 | $ 3.98 | 0.79% |
Shares | Value | |||||
Common stocks: 91.92% | ||||||
Australia: 8.06% | ||||||
Evolution Mining Limited (Materials, Metals & mining) | 800,000 | $ 1,660,990 | ||||
Newcrest Mining Limited (Materials, Metals & mining) | 702,294 | 12,536,223 | ||||
Northern Star Resources Limited (Materials, Metals & mining) | 1,385,412 | 11,360,596 | ||||
25,557,809 | ||||||
Canada: 62.46% | ||||||
Agnico-Eagle Mines Limited (Materials, Metals & mining) | 304,527 | 15,524,906 | ||||
Agnico-Eagle Mines Limited-Legend Shares (Materials, Metals & mining) | 35,000 | 1,783,950 | ||||
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares (Materials, Metals & mining) | 114,164 | 5,818,939 | ||||
Alamos Gold Incorporated Class A (Materials, Metals & mining) | 1,103,980 | 13,478,113 | ||||
Artemis Gold Incorporated (Materials, Metals & mining) † | 1,100,000 | 3,646,320 | ||||
Ascot Resources Limited (Materials, Metals & mining) † | 2,650,000 | 1,352,941 | ||||
B2Gold Corporation (Materials, Metals & mining) | 3,300,000 | 13,038,846 | ||||
Barrick Gold Corporation (Materials, Metals & mining) | 915,723 | 17,004,976 | ||||
Centerra Gold Incorporated (Materials, Metals & mining) | 200,000 | 1,291,898 | ||||
Centerra Gold Incorporated-Legend Shares (Materials, Metals & mining) 144A | 250,000 | 1,614,872 | ||||
Dundee Precious Metals Incorporated (Materials, Metals & mining) | 1,075,000 | 7,842,767 | ||||
Franco-Nevada Corporation-Legend Shares (Materials, Metals & mining) 144A | 120,948 | 17,641,494 | ||||
Kinross Gold Corporation (Materials, Metals & mining) | 2,732,483 | 12,858,744 | ||||
Lundin Gold Incorporated (Materials, Metals & mining) | 1,150,000 | 13,427,303 | ||||
MAG Silver Corporation (Materials, Metals & mining) † | 500,000 | 6,318,905 | ||||
MAG Silver Corporation-Legend Shares (Materials, Metals & mining) | 100,000 | 1,262,301 | ||||
Marathon Gold Corporation (Materials, Metals & mining) † | 700,000 | 414,354 | ||||
Orla Mining Limited (Materials, Metals & mining) † | 300,000 | 1,422,863 | ||||
Osisko Mining Incorporated (Materials, Metals & mining) † | 450,000 | 1,431,743 | ||||
Pan American Silver Corporation (Materials, Metals & mining) | 265,000 | 4,823,000 | ||||
SilverCrest Metals Incorporated (Materials, Metals & mining) † | 1,185,000 | 8,426,082 | ||||
Skeena Resources Limited (Materials, Metals & mining) † | 300,000 | 1,837,958 | ||||
SSR Mining Incorporated (Materials, Metals & mining) | 195,000 | 2,948,400 | ||||
SSR Mining Incorporated-U.S. Exchange Traded Shares (Materials, Metals & mining) | 403,552 | 6,103,295 | ||||
Torex Gold Resources Incorporated (Materials, Metals & mining) | 360,000 | 5,990,677 | ||||
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & mining) 144A | 185,000 | 3,078,542 | ||||
Torex Gold Resources Incorporated-Legend Shares (Materials, Metals & mining) | 266,250 | 4,430,605 | ||||
Triple Flag Precious Metals Corporation (Materials, Metals & mining) | 210,000 | 3,127,858 | ||||
Wheaton Precious Metals Corporation (Materials, Metals & mining) | 12,950 | 623,689 |
Shares | Value | |||||
Canada: (continued) | ||||||
Wheaton Precious Metals Corporation-U.S. Exchange Traded Shares (Materials, Metals & mining) | 370,000 | $ 17,819,200 | ||||
Yamana Gold Incorporated (Materials, Metals & mining) | 300,000 | 1,749,168 | ||||
198,134,709 | ||||||
South Africa: 6.91% | ||||||
AngloGold Ashanti Limited ADR (Materials, Metals & mining) | 300,591 | 7,271,296 | ||||
Gold Fields Limited ADR (Materials, Metals & mining) | 1,100,000 | 14,652,000 | ||||
21,923,296 | ||||||
United Kingdom: 5.24% | ||||||
Endeavour Mining plc (Materials, Metals & mining) | 690,000 | 16,628,413 | ||||
United States: 9.25% | ||||||
Newmont Corporation (Materials, Metals & mining) | 140,802 | 6,902,114 | ||||
Newmont Corporation-Toronto Exchange Traded Shares (Materials, Metals & mining) | 131,348 | 6,434,740 | ||||
Royal Gold Incorporated (Materials, Metals & mining) | 123,436 | 16,010,884 | ||||
29,347,738 | ||||||
Total Common stocks (Cost $168,150,377) | 291,591,965 |
Expiration date | ||||||
Rights: 0.00% | ||||||
Canada: 0.00% | ||||||
Kinross Gold Corporation Contingent Value Rights (Materials, Metals & mining) ♦† | 3-1-2032 | 75,000 | 0 | |||
Total Rights (Cost $0) | 0 |
Warrants: 0.00% | ||||||
Canada: 0.00% | ||||||
Marathon Gold Corporation (Materials, Metals & mining) ♦† | 9-20-2024 | 250,000 | 0 | |||
Total Warrants (Cost $0) | 0 |
Troy ounces | ||||||
Commodities: 4.78% | ||||||
Gold Bullion * | 7,690 | 15,157,203 | ||||
Total Commodities (Cost $4,532,552) | 15,157,203 |
Yield | Shares | Value | ||||
Short-term investments: 3.08% | ||||||
Investment companies: 3.08% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 9,767,739 | $ 9,767,739 | |||
Total Short-term investments (Cost $9,767,739) | 9,767,739 | |||||
Total investments in securities (Cost $182,450,668) | 99.78% | 316,516,907 | ||||
Other assets and liabilities, net | 0.22 | 686,840 | ||||
Total net assets | 100.00% | $317,203,747 |
† | 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 security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
* | Represents an investment held in Special Investments (Cayman) SPC, the consolidated entity. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $8,444,788 | $69,237,222 | $(67,914,271) | $0 | $0 | $9,767,739 | 9,767,739 | $134,275 |
Assets | |
Investments in unaffiliated securities, at value (cost $168,150,377) | $ 291,591,965 |
Investments in affiliated securities, at value (cost $9,767,739) | 9,767,739 |
Investments in commodities, at value (cost $4,532,552) | 15,157,203 |
Cash | 72,374 |
Foreign currency, at value (cost $101,702) | 101,768 |
Receivable for dividends | 499,742 |
Receivable for Fund shares sold | 406,687 |
Prepaid expenses and other assets | 87,219 |
Total assets | 317,684,697 |
Liabilities | |
Payable for Fund shares redeemed | 178,188 |
Management fee payable | 113,125 |
Administration fees payable | 45,742 |
Shareholder servicing fees payable | 41,776 |
Transfer agent fee payable | 34,764 |
Distribution fee payable | 5,762 |
Trustees’ fees and expenses payable | 1,520 |
Accrued expenses and other liabilities | 60,073 |
Total liabilities | 480,950 |
Total net assets | $317,203,747 |
Net assets consist of | |
Paid-in capital | $ 329,328,391 |
Total distributable loss | (12,124,644) |
Total net assets | $317,203,747 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 167,510,721 |
Shares outstanding – Class A1 | 3,474,009 |
Net asset value per share – Class A | $48.22 |
Maximum offering price per share – Class A2 | $51.16 |
Net assets – Class C | $ 9,252,576 |
Shares outstanding – Class C1 | 218,035 |
Net asset value per share – Class C | $42.44 |
Net assets – Administrator Class | $ 25,300,444 |
Shares outstanding – Administrator Class1 | 519,982 |
Net asset value per share – Administrator Class | $48.66 |
Net assets – Institutional Class | $ 115,140,006 |
Shares outstanding – Institutional Class1 | 2,344,574 |
Net asset value per share – Institutional Class | $49.11 |
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 $664,372) | $ 5,651,732 |
Income from affiliated securities | 134,275 |
Total investment income | 5,786,007 |
Expenses | |
Management fee | 1,902,930 |
Administration fees | |
Class A | 330,913 |
Class C | 18,492 |
Administrator Class | 27,010 |
Institutional Class | 137,277 |
Shareholder servicing fees | |
Class A | 393,944 |
Class C | 22,014 |
Administrator Class | 51,943 |
Distribution fee | |
Class C | 65,963 |
Custody and accounting fees | 36,814 |
Professional fees | 65,721 |
Registration fees | 54,470 |
Shareholder report expenses | 41,151 |
Trustees’ fees and expenses | 20,205 |
Transfer agent fees | 4,385 |
Other fees and expenses | 15,757 |
Total expenses | 3,188,989 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (204,371) |
Class A | (55,652) |
Class C | (2,530) |
Administrator Class | (19,405) |
Net expenses | 2,907,031 |
Net investment income | 2,878,976 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (119,568) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (49,636,318) |
Commodities | 263,264 |
Net change in unrealized gains (losses) on investments | (49,373,054) |
Net realized and unrealized gains (losses) on investments | (49,492,622) |
Net decrease in net assets resulting from operations | $(46,613,646) |
Year ended March 31, 2023 | Year ended March 31, 2022 | |||
Operations | ||||
Net investment income | $ 2,878,976 | $ 2,289,676 | ||
Net realized gains (losses) on investments | (119,568) | 11,771,865 | ||
Net change in unrealized gains (losses) on investments | (49,373,054) | 43,339,500 | ||
Net increase (decrease) in net assets resulting from operations | (46,613,646) | 57,401,041 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (2,956,684) | (2,465,823) | ||
Class C | (144,308) | (23,828) | ||
Administrator Class | (443,165) | (285,008) | ||
Institutional Class | (2,106,907) | (1,978,706) | ||
Total distributions to shareholders | (5,651,064) | (4,753,365) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 584,270 | 26,451,279 | 635,264 | 31,820,827 |
Class C | 23,913 | 948,346 | 34,189 | 1,491,358 |
Administrator Class | 405,456 | 17,875,345 | 546,383 | 27,219,384 |
Institutional Class | 910,151 | 40,502,765 | 908,294 | 46,314,183 |
85,777,735 | 106,845,752 | |||
Reinvestment of distributions | ||||
Class A | 66,225 | 2,743,689 | 50,693 | 2,290,305 |
Class C | 3,934 | 143,766 | 590 | 23,631 |
Administrator Class | 10,504 | 438,944 | 6,179 | 281,352 |
Institutional Class | 41,254 | 1,739,258 | 32,848 | 1,507,057 |
5,065,657 | 4,102,345 | |||
Payment for shares redeemed | ||||
Class A | (994,493) | (41,172,521) | (999,369) | (48,762,130) |
Class C | (63,233) | (2,396,577) | (72,521) | (3,120,098) |
Administrator Class | (350,294) | (15,010,210) | (393,345) | (19,388,309) |
Institutional Class | (1,135,668) | (48,911,874) | (1,081,288) | (53,579,450) |
(107,491,182) | (124,849,987) | |||
Net decrease in net assets resulting from capital share transactions | (16,647,790) | (13,901,890) | ||
Total increase (decrease) in net assets | (68,912,500) | 38,745,786 | ||
Net assets | ||||
Beginning of period | 386,116,247 | 347,370,461 | ||
End of period | $ 317,203,747 | $ 386,116,247 |
Year ended March 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $54.61 | $46.95 | $35.30 | $33.94 | $32.80 |
Net investment income (loss) | 0.38 1 | 0.27 1 | 0.08 | (0.03) 1 | (0.03) 1 |
Net realized and unrealized gains (losses) on investments | (5.91) | 8.03 | 12.35 | 1.44 | 1.17 |
Total from investment operations | (5.53) | 8.30 | 12.43 | 1.41 | 1.14 |
Distributions to shareholders from | |||||
Net investment income | (0.86) | (0.64) | (0.78) | (0.05) | 0.00 |
Net asset value, end of period | $48.22 | $54.61 | $46.95 | $35.30 | $33.94 |
Total return2 | (9.87)% | 17.96% | 34.95% | 4.13% | 3.48% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.19% | 1.18% | 1.17% | 1.20% | 1.22% |
Net expenses | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% |
Net investment income (loss) | 0.89% | 0.55% | 0.12% | (0.08)% | (0.11)% |
Supplemental data | |||||
Portfolio turnover rate3 | 9% | 15% | 22% | 25% | 19% |
Net assets, end of period (000s omitted) | $167,511 | $208,497 | $193,949 | $147,020 | $162,860 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $48.30 | $41.35 | $30.87 | $29.88 | $29.09 |
Net investment income (loss) | 0.05 1 | (0.09) 1 | (0.32) 1 | (0.29) 1 | (0.24) 1 |
Net realized and unrealized gains (losses) on investments | (5.25) | 7.13 | 10.80 | 1.28 | 1.03 |
Total from investment operations | (5.20) | 7.04 | 10.48 | 0.99 | 0.79 |
Distributions to shareholders from | |||||
Net investment income | (0.66) | (0.09) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $42.44 | $48.30 | $41.35 | $30.87 | $29.88 |
Total return2 | (10.56)% | 17.07% | 33.95% | 3.31% | 2.72% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.94% | 1.93% | 1.92% | 1.95% | 1.97% |
Net expenses | 1.84% | 1.84% | 1.84% | 1.84% | 1.84% |
Net investment income (loss) | 0.13% | (0.21)% | (0.68)% | (0.83)% | (0.88)% |
Supplemental data | |||||
Portfolio turnover rate3 | 9% | 15% | 22% | 25% | 19% |
Net assets, end of period (000s omitted) | $9,253 | $12,241 | $12,039 | $11,834 | $14,908 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
3 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $55.06 | $47.36 | $35.66 | $34.29 | $33.09 |
Net investment income | 0.47 1 | 0.38 1 | 0.17 1 | 0.02 1 | 0.01 1 |
Net realized and unrealized gains (losses) on investments | (5.98) | 8.05 | 12.47 | 1.45 | 1.19 |
Total from investment operations | (5.51) | 8.43 | 12.64 | 1.47 | 1.20 |
Distributions to shareholders from | |||||
Net investment income | (0.89) | (0.73) | (0.94) | (0.10) | 0.00 |
Net asset value, end of period | $48.66 | $55.06 | $47.36 | $35.66 | $34.29 |
Total return | (9.75)% | 18.13% | 35.13% | 4.24% | 3.63% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.11% | 1.10% | 1.09% | 1.12% | 1.14% |
Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment income | 1.07% | 0.78% | 0.31% | 0.06% | 0.04% |
Supplemental data | |||||
Portfolio turnover rate2 | 9% | 15% | 22% | 25% | 19% |
Net assets, end of period (000s omitted) | $25,300 | $25,016 | $13,976 | $7,994 | $8,086 |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Year ended March 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $55.50 | $47.74 | $35.96 | $34.57 | $33.30 |
Net investment income | 0.64 | 0.50 | 0.24 | 0.09 1 | 0.04 |
Net realized and unrealized gains (losses) on investments | (6.11) | 8.07 | 12.59 | 1.46 | 1.23 |
Total from investment operations | (5.47) | 8.57 | 12.83 | 1.55 | 1.27 |
Distributions to shareholders from | |||||
Net investment income | (0.92) | (0.81) | (1.05) | (0.16) | 0.00 |
Net asset value, end of period | $49.11 | $55.50 | $47.74 | $35.96 | $34.57 |
Total return | (9.59)% | 18.30% | 35.34% | 4.43% | 3.81% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.86% | 0.85% | 0.84% | 0.87% | 0.89% |
Net expenses | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
Net investment income | 1.18% | 0.85% | 0.37% | 0.22% | 0.21% |
Supplemental data | |||||
Portfolio turnover rate2 | 9% | 15% | 22% | 25% | 19% |
Net assets, end of period (000s omitted) | $115,140 | $140,363 | $127,406 | $107,907 | $95,431 |
1 | Calculated based upon average shares outstanding |
2 | Portfolio turnover rate includes the purchases and sales transactions of its wholly-owned subsidiary. |
Gross unrealized gains | $131,245,063 |
Gross unrealized losses | (7,122,525) |
Net unrealized gains | $124,122,538 |
Paid-in capital | Total distributable loss |
$(1,087,639) | $1,087,639 |
■ | 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 | ||||
Australia | $ 0 | $ 25,557,809 | $0 | $ 25,557,809 |
Canada | 168,322,945 | 29,811,764 | 0 | 198,134,709 |
South Africa | 21,923,296 | 0 | 0 | 21,923,296 |
United Kingdom | 16,628,413 | 0 | 0 | 16,628,413 |
United States | 29,347,738 | 0 | 0 | 29,347,738 |
Rights | ||||
Canada | 0 | 0 | 0 | 0 |
Warrants | ||||
Canada | 0 | 0 | 0 | 0 |
Commodities | 15,157,203 | 0 | 0 | 15,157,203 |
Short-term investments | ||||
Investment companies | 9,767,739 | 0 | 0 | 9,767,739 |
Total assets | $261,147,334 | $55,369,573 | $0 | $316,516,907 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $1 billion | 0.550 |
Next $2 billion | 0.525 |
Next $1 billion | 0.500 |
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 | 1.09% |
Class C | 1.84 |
Administrator Class | 0.95 |
Institutional Class | 0.79 |
Unrealized gains | Late-year ordinary losses deferred | Capital loss carryforward |
$124,122,336 | $(169,332) | $(136,069,252) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453130imgbd9307b56.jpg)
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$654,386 | $0.0998 | 48% |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital 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-CSR/0001193125-23-157848/g453130imge2d8e9421.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453130imgf05d81fb7.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0654 03-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453553imgd038388b1.jpg)
Discovery Innovation Fund
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![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453553img25c53e8f2.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. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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. |
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President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Michael T. Smith#, 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 (WFSTX) | 9-18-2000 | -25.94 | 8.96 | 15.02 | -21.42 | 10.26 | 15.71 | 1.28 | 1.23 | ||
Class C (WFTCX) | 9-18-2000 | -23.09 | 9.45 | 15.03 | -22.09 | 9.45 | 15.03 | 2.03 | 1.98 | ||
Administrator Class (WFTDX) | 7-30-2010 | – | – | – | -21.30 | 10.36 | 15.84 | 1.20 | 1.15 | ||
Institutional Class (WFTIX)3 | 10-31-2016 | – | – | – | -21.13 | 10.62 | 16.01 | 0.95 | 0.90 | ||
Russell 3000® Growth Index4 | – | – | – | – | -10.88 | 13.02 | 14.16 | – | – | ||
S&P North American Technology Sector Index5 | – | – | – | – | -11.73 | 14.66 | 17.98 | – | – |
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 July 31, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.23% for Class A, 1.98% for Class C, 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 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 | The Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. The Fund has changed its primary benchmark from the S&P North American Technology Sector Index to the Russell 3000® Growth Index to more accurately reflect the revised strategy of the Fund. The S&P North American Technology Sector Index will remain as a secondary benchmark for the Fund. |
5 | The S&P North American Technology Sector Index is a modified market-capitalization-weighted index of select technology stocks. You cannot invest directly in an index |
# | Mr. Smith and Mr. Warner became portfolio managers of the Fund on July 15, 2022. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453553img57c68f7f4.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the Russell 3000® Growth Index and S&P North American Technology Sector Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Discovery Growth Equity team assumed management of the Fund on September 6, 2022, at which time the Russell 3000® Growth Index replaced the S&P North American Technology Sector Index as the Fund’s primary benchmark. |
■ | The Fund underperformed the Russell 3000® Growth Index for the 12-month period that ended March 31, 2023. |
■ | Holdings within the information technology (IT) and communication services sectors detracted from performance. |
■ | Security selection within the consumer discretionary and financials sectors contributed to the Fund’s performance. |
Ten largest holdings (%) as of March 31, 20231 | |
Microsoft Corporation | 9.56 |
Alphabet Incorporated Class C | 7.99 |
Visa Incorporated Class A | 6.96 |
Teledyne Technologies Incorporated | 6.16 |
Amazon.com Incorporated | 4.48 |
UnitedHealth Group Incorporated | 3.90 |
Novanta Incorporated | 3.79 |
Chipotle Mexican Grill Incorporated | 3.50 |
Apple Incorporated | 3.27 |
WNS Holdings Limited ADR | 2.90 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
* | The 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. |
Sector allocation as of March 31, 20231 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453553imge3c5f6535.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. |
* | 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. |
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 | $1,100.63 | $ 6.44 | 1.23% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.80 | $ 6.19 | 1.23% |
Class C | ||||
Actual | $1,000.00 | $1,095.93 | $10.35 | 1.98% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.06 | $ 9.95 | 1.98% |
Administrator Class | ||||
Actual | $1,000.00 | $1,101.42 | $ 6.03 | 1.15% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $ 5.79 | 1.15% |
Institutional Class | ||||
Actual | $1,000.00 | $1,101.95 | $ 4.72 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.44 | $ 4.53 | 0.90% |
Shares | Value | ||||
Common stocks: 97.89% | |||||
Communication services: 12.92% | |||||
Entertainment: 2.57% | |||||
Activision Blizzard Incorporated | 38,871 | $ 3,326,969 | |||
Spotify Technology SA † | 52,719 | 7,044,313 | |||
10,371,282 | |||||
Interactive media & services: 10.35% | |||||
Alphabet Incorporated Class C † | 309,852 | 32,224,608 | |||
Bumble Incorporated Class A † | 109,700 | 2,144,635 | |||
IAC/InterActiveCorp † | 71,078 | 3,667,625 | |||
ZoomInfo Technologies Incorporated † | 150,559 | 3,720,313 | |||
41,757,181 | |||||
Consumer discretionary: 10.82% | |||||
Broadline retail: 7.32% | |||||
Amazon.com Incorporated † | 175,179 | 18,094,239 | |||
Global-E Online Limited † | 92,313 | 2,975,248 | |||
MercadoLibre Incorporated † | 6,438 | 8,485,670 | |||
29,555,157 | |||||
Hotels, restaurants & leisure: 3.50% | |||||
Chipotle Mexican Grill Incorporated † | 8,257 | 14,105,351 | |||
Financials: 16.03% | |||||
Capital markets: 2.83% | |||||
MSCI Incorporated | 8,897 | 4,979,562 | |||
S&P Global Incorporated | 18,730 | 6,457,542 | |||
11,437,104 | |||||
Financial services: 10.84% | |||||
Adyen NV ADR † | 138,645 | 2,196,137 | |||
Fiserv Incorporated † | 98,528 | 11,136,620 | |||
MasterCard Incorporated Class A | 6,368 | 2,314,195 | |||
Visa Incorporated Class A | 124,526 | 28,075,632 | |||
43,722,584 | |||||
Insurance: 2.36% | |||||
Progressive Corporation | 66,645 | 9,534,234 | |||
Health care: 11.95% | |||||
Biotechnology: 0.75% | |||||
Exact Sciences Corporation † | 44,797 | 3,037,685 | |||
Health care equipment & supplies: 1.30% | |||||
Intuitive Surgical Incorporated † | 20,484 | 5,233,047 | |||
Health care providers & services: 5.17% | |||||
HealthEquity Incorporated † | 86,967 | 5,105,833 | |||
UnitedHealth Group Incorporated | 33,294 | 15,734,411 | |||
20,840,244 |
Shares | Value | ||||
Life sciences tools & services: 4.73% | |||||
Bio-Rad Laboratories Incorporated Class A † | 21,280 | $ 10,193,546 | |||
Bio-Techne Corporation | 93,677 | 6,949,897 | |||
Illumina Incorporated † | 8,382 | 1,949,234 | |||
19,092,677 | |||||
Industrials: 4.82% | |||||
Ground transportation: 1.45% | |||||
J.B. Hunt Transport Services Incorporated | 33,231 | 5,830,711 | |||
Professional services: 3.37% | |||||
Automatic Data Processing Incorporated | 8,590 | 1,912,392 | |||
WNS Holdings Limited ADR † | 125,416 | 11,685,009 | |||
13,597,401 | |||||
Information technology: 41.35% | |||||
Communications equipment: 1.73% | |||||
Motorola Solutions Incorporated | 24,358 | 6,969,555 | |||
Electronic equipment, instruments & components: 9.95% | |||||
Novanta Incorporated † | 96,029 | 15,277,254 | |||
Teledyne Technologies Incorporated † | 55,546 | 24,849,059 | |||
40,126,313 | |||||
IT services: 3.02% | |||||
Globant SA † | 41,413 | 6,792,146 | |||
MongoDB Incorporated † | 23,165 | 5,400,225 | |||
12,192,371 | |||||
Professional services: 0.66% | |||||
Maximus Incorporated | 33,918 | 2,669,347 | |||
Semiconductors & semiconductor equipment: 5.90% | |||||
Advanced Micro Devices Incorporated † | 31,697 | 3,106,623 | |||
Enphase Energy Incorporated † | 28,806 | 6,057,326 | |||
Impinj Incorporated † | 31,394 | 4,254,515 | |||
Micron Technology Incorporated | 76,097 | 4,591,693 | |||
Monolithic Power Systems Incorporated | 5,546 | 2,775,995 | |||
Wolfspeed Incorporated † | 46,536 | 3,022,513 | |||
23,808,665 | |||||
Software: 16.82% | |||||
BILL Holdings Incorporated † | 45,438 | 3,686,839 | |||
Crowdstrike Holdings Incorporated Class A † | 46,443 | 6,374,766 | |||
Gen Digital | 76,407 | 1,311,144 | |||
HubSpot Incorporated † | 20,422 | 8,755,933 | |||
Microsoft Corporation | 133,763 | 38,563,868 | |||
Oracle Corporation | 31,041 | 2,884,330 | |||
Tyler Technologies Incorporated † | 17,788 | 6,308,336 | |||
67,885,216 | |||||
Technology hardware, storage & peripherals: 3.27% | |||||
Apple Incorporated | 80,064 | 13,202,554 | |||
Total Common stocks (Cost $321,869,054) | 394,968,679 |
Yield | Shares | Value | |||
Short-term investments: 2.29% | |||||
Investment companies: 2.29% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 9,241,903 | $ 9,241,903 | ||
Total Short-term investments (Cost $9,241,903) | 9,241,903 | ||||
Total investments in securities (Cost $331,110,957) | 100.18% | 404,210,582 | |||
Other assets and liabilities, net | (0.18) | (710,050) | |||
Total net assets | 100.00% | $403,500,532 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $31,826,516 | $117,338,727 | $(139,923,340) | $0 | $0 | $ 9,241,903 | 9,241,903 | $ 258,429 | ||
Investments in affiliates no longer held at end of period | ||||||||||
Securities Lending Cash Investments LLC | 786,600 | 78,600 | (865,200) | 0 | 0 | 0 | 0 | 43 # | ||
$0 | $0 | $9,241,903 | $258,472 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $321,869,054) | $ 394,968,679 |
Investments in affiliated securities, at value (cost $9,241,903) | 9,241,903 |
Receivable for Fund shares sold | 89,415 |
Receivable for dividends | 86,358 |
Prepaid expenses and other assets | 68,171 |
Total assets | 404,454,526 |
Liabilities | |
Payable for Fund shares redeemed | 417,170 |
Management fee payable | 212,785 |
Shareholder servicing fees payable | 81,418 |
Administration fees payable | 71,263 |
Distribution fee payable | 3,538 |
Accrued expenses and other liabilities | 167,820 |
Total liabilities | 953,994 |
Total net assets | $403,500,532 |
Net assets consist of | |
Paid-in capital | $ 375,288,254 |
Total distributable earnings | 28,212,278 |
Total net assets | $403,500,532 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 362,753,711 |
Shares outstanding – Class A1 | 40,474,537 |
Net asset value per share – Class A | $8.96 |
Maximum offering price per share – Class A2 | $9.51 |
Net assets – Class C | $ 5,440,555 |
Shares outstanding – Class C1 | 1,312,910 |
Net asset value per share – Class C | $4.14 |
Net assets – Administrator Class | $ 6,305,031 |
Shares outstanding – Administrator Class1 | 668,178 |
Net asset value per share – Administrator Class | $9.44 |
Net assets – Institutional Class | $ 29,001,235 |
Shares outstanding – Institutional Class1 | 2,986,322 |
Net asset value per share – Institutional Class | $9.71 |
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 (net of foreign withholdings taxes of $21,937) | $ 1,734,640 |
Income from affiliated securities | 258,475 |
Total investment income | 1,993,115 |
Expenses | |
Management fee | 3,638,127 |
Administration fees | |
Class A | 821,172 |
Class C | 13,711 |
Administrator Class | 9,548 |
Institutional Class | 53,308 |
Shareholder servicing fees | |
Class A | 974,873 |
Class C | 16,206 |
Administrator Class | 18,349 |
Distribution fee | |
Class C | 48,618 |
Custody and accounting fees | 59,137 |
Professional fees | 60,269 |
Registration fees | 70,570 |
Shareholder report expenses | 63,825 |
Trustees’ fees and expenses | 21,289 |
Other fees and expenses | 11,609 |
Total expenses | 5,880,611 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (286,687) |
Class A | (78,207) |
Administrator Class | (734) |
Net expenses | 5,514,983 |
Net investment loss | (3,521,868) |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (34,236,670) |
Net change in unrealized gains (losses) on investments | (95,863,238) |
Net realized and unrealized gains (losses) on investments | (130,099,908) |
Net decrease in net assets resulting from operations | $(133,621,776) |
Year ended March 31, 2023 | Year ended March 31, 2022 | |||
Operations | ||||
Net investment loss | $ (3,521,868) | $ (7,037,826) | ||
Net realized gains (losses) on investments | (34,236,670) | 87,045,702 | ||
Net change in unrealized gains (losses) on investments | (95,863,238) | (66,380,714) | ||
Net increase (decrease) in net assets resulting from operations | (133,621,776) | 13,627,162 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (77,771,985) | (143,063,634) | ||
Class C | (2,125,424) | (4,200,146) | ||
Administrator Class | (1,410,630) | (2,584,254) | ||
Institutional Class | (6,753,501) | (19,099,092) | ||
Total distributions to shareholders | (88,061,540) | (168,947,126) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 852,022 | 8,699,357 | 1,025,768 | 18,709,362 |
Class C | 61,306 | 290,149 | 69,766 | 881,654 |
Administrator Class | 83,471 | 914,122 | 109,867 | 2,157,542 |
Institutional Class | 348,109 | 3,826,959 | 807,805 | 15,521,449 |
13,730,587 | 37,270,007 | |||
Reinvestment of distributions | ||||
Class A | 8,944,591 | 74,508,445 | 8,259,821 | 138,104,208 |
Class C | 549,256 | 2,120,127 | 429,463 | 4,200,146 |
Administrator Class | 158,499 | 1,390,039 | 146,691 | 2,550,952 |
Institutional Class | 741,739 | 6,690,485 | 1,064,445 | 18,883,248 |
84,709,096 | 163,738,554 | |||
Payment for shares redeemed | ||||
Class A | (5,446,007) | (54,863,931) | (4,175,414) | (73,339,383) |
Class C | (452,426) | (2,496,526) | (295,041) | (3,224,878) |
Administrator Class | (245,670) | (2,560,384) | (88,403) | (1,634,898) |
Institutional Class | (2,392,279) | (26,303,223) | (2,000,907) | (37,260,346) |
(86,224,064) | (115,459,505) | |||
Net increase in net assets resulting from capital share transactions | 12,215,619 | 85,549,056 | ||
Total decrease in net assets | (209,467,697) | (69,770,908) | ||
Net assets | ||||
Beginning of period | 612,968,229 | 682,739,137 | ||
End of period | $ 403,500,532 | $ 612,968,229 |
Year ended March 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $14.58 | $18.55 | $12.08 | $13.33 | $14.08 |
Net investment loss | (0.09) 1 | (0.19) 1 | (0.16) | (0.11) | (0.11) |
Net realized and unrealized gains (losses) on investments | (3.21) | 1.04 | 9.44 | (0.01) | 2.06 |
Total from investment operations | (3.30) | 0.85 | 9.28 | (0.12) | 1.95 |
Distributions to shareholders from | |||||
Net realized gains | (2.32) | (4.82) | (2.81) | (1.13) | (2.70) |
Net asset value, end of period | $8.96 | $14.58 | $18.55 | $12.08 | $13.33 |
Total return2 | (21.42)% | 1.26% | 77.67% | (1.31)% | 16.80% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.34% | 1.34% | 1.35% | 1.39% | 1.40% |
Net expenses | 1.25% | 1.33% | 1.34% | 1.37% | 1.39% |
Net investment loss | (0.81)% | (1.02)% | (0.98)% | (0.80)% | (0.77)% |
Supplemental data | |||||
Portfolio turnover rate | 117% | 93% | 146% | 149% | 107% |
Net assets, end of period (000s omitted) | $362,754 | $526,555 | $575,422 | $344,949 | $401,990 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $8.51 | $12.64 | $8.80 | $10.09 | $11.38 |
Net investment loss | (0.09) 1 | (0.21) 1 | (0.17) | (0.16) 1 | (0.17) 1 |
Net realized and unrealized gains (losses) on investments | (1.96) | 0.90 | 6.82 | (0.00) 2 | 1.58 |
Total from investment operations | (2.05) | 0.69 | 6.65 | (0.16) | 1.41 |
Distributions to shareholders from | |||||
Net realized gains | (2.32) | (4.82) | (2.81) | (1.13) | (2.70) |
Net asset value, end of period | $4.14 | $8.51 | $12.64 | $8.80 | $10.09 |
Total return3 | (22.09)% | 0.51% | 76.67% | (2.15)% | 16.01% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 2.08% | 2.09% | 2.10% | 2.14% | 2.15% |
Net expenses | 2.02% | 2.09% | 2.10% | 2.13% | 2.14% |
Net investment loss | (1.57)% | (1.79)% | (1.75)% | (1.57)% | (1.52)% |
Supplemental data | |||||
Portfolio turnover rate | 117% | 93% | 146% | 149% | 107% |
Net assets, end of period (000s omitted) | $5,441 | $9,822 | $12,017 | $8,035 | $11,615 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005) |
3 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $15.17 | $19.13 | $12.40 | $13.65 | $14.34 |
Net investment loss | (0.08) 1 | (0.18) 1 | (0.16) | (0.10) 1 | (0.09) 1 |
Net realized and unrealized gains (losses) on investments | (3.33) | 1.04 | 9.70 | (0.02) | 2.10 |
Total from investment operations | (3.41) | 0.86 | 9.54 | (0.12) | 2.01 |
Distributions to shareholders from | |||||
Net realized gains | (2.32) | (4.82) | (2.81) | (1.13) | (2.70) |
Net asset value, end of period | $9.44 | $15.17 | $19.13 | $12.40 | $13.65 |
Total return | (21.30)% | 1.28% | 77.92% | (1.28)% | 17.02% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.26% | 1.27% | 1.27% | 1.31% | 1.32% |
Net expenses | 1.19% | 1.26% | 1.27% | 1.28% | 1.29% |
Net investment loss | (0.74)% | (0.95)% | (0.91)% | (0.71)% | (0.65)% |
Supplemental data | |||||
Portfolio turnover rate | 117% | 93% | 146% | 149% | 107% |
Net assets, end of period (000s omitted) | $6,305 | $10,192 | $9,636 | $11,873 | $22,480 |
1 | Calculated based upon average shares outstanding |
Year ended March 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $15.48 | $19.39 | $12.51 | $13.73 | $14.37 |
Net investment loss | (0.06) 1 | (0.13) | (0.12) | (0.07) | (0.07) |
Net realized and unrealized gains (losses) on investments | (3.39) | 1.04 | 9.81 | (0.02) | 2.13 |
Total from investment operations | (3.45) | 0.91 | 9.69 | (0.09) | 2.06 |
Distributions to shareholders from | |||||
Net realized gains | (2.32) | (4.82) | (2.81) | (1.13) | (2.70) |
Net asset value, end of period | $9.71 | $15.48 | $19.39 | $12.51 | $13.73 |
Total return | (21.13)% | 1.53% | 78.30% | (1.05)% | 17.25% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.01% | 1.01% | 1.02% | 1.06% | 1.07% |
Net expenses | 0.95% | 1.01% | 1.02% | 1.03% | 1.04% |
Net investment loss | (0.50)% | (0.71)% | (0.66)% | (0.47)% | (0.42)% |
Supplemental data | |||||
Portfolio turnover rate | 117% | 93% | 146% | 149% | 107% |
Net assets, end of period (000s omitted) | $29,001 | $66,399 | $85,664 | $48,504 | $51,223 |
1 | Calculated based upon average shares outstanding |
Gross unrealized gains | $ 79,553,240 |
Gross unrealized losses | (12,649,555) |
Net unrealized gains | $ 66,903,685 |
distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting
principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax
reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference
causing such reclassification is due to net operating loss. At March 31, 2023, as a result of permanent book-to-tax differences,
the following reclassification adjustments were made on the Statement of Assets and Liabilities:
Paid-in capital | Total distributable earnings |
$(4,036,793) | $4,036,793 |
The Fund also had a qualified late-year ordinary loss of $769,024 which will be recognized on the first day of the following fiscal year.
■ | 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 | $ 52,128,463 | $0 | $0 | $ 52,128,463 |
Consumer discretionary | 43,660,508 | 0 | 0 | 43,660,508 |
Financials | 64,693,922 | 0 | 0 | 64,693,922 |
Health care | 48,203,653 | 0 | 0 | 48,203,653 |
Industrials | 19,428,112 | 0 | 0 | 19,428,112 |
Information technology | 166,854,021 | 0 | 0 | 166,854,021 |
Short-term investments | ||||
Investment companies | 9,241,903 | 0 | 0 | 9,241,903 |
Total assets | $404,210,582 | $0 | $0 | $404,210,582 |
Average daily net assets | Management fee |
First $500 million | 0.800% |
Next $500 million | 0.750 |
Next $1 billion | 0.700 |
Next $2 billion | 0.675 |
Next $1 billion | 0.650 |
Next $3 billion | 0.640 |
Next $2 billion | 0.615 |
Next $2 billion | 0.605 |
Next $4 billion | 0.580 |
Over $16 billion | 0.555 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.840 |
Next $1 billion | 0.815 |
Next $2 billion | 0.790 |
Next $1 billion | 0.765 |
Next $5 billion | 0.755 |
Over $10 billion | 0.745 |
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 | 1.23% |
Class C | 1.98 |
Administrator Class | 1.15 |
Institutional Class | 0.90 |
Year ended March 31 | ||
2023 | 2022 | |
Ordinary income | $ 0 | $ 59,299,754 |
Long-term capital gain | 88,061,540 | 109,647,372 |
Unrealized gains | Late-year ordinary losses deferred | Capital loss carryforward |
$66,902,147 | $(769,024) | $(37,920,845) |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453553img5047ba866.jpg)
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-CSR/0001193125-23-157848/g453553imgd038388b1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g453553img3b610e557.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR1600 03-23
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g454899img0692201d1.jpg)
Telecommunications Fund
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![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g454899img366064a32.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. |
8 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g454899img98b887493.jpg)
President
Allspring Funds
1 | 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. |
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kent Newcomb, CFA, Jack Spudich, 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 (EVUAX) | 1-4-1994 | -13.43 | 7.36 | 7.26 | -8.15 | 8.64 | 7.89 | 1.16 | 1.05 | ||
Class C (EVUCX) | 9-2-1994 | -9.83 | 7.82 | 7.25 | -8.83 | 7.82 | 7.25 | 1.91 | 1.80 | ||
Administrator Class (EVUDX) | 7-30-2010 | – | – | – | -8.01 | 8.80 | 8.08 | 1.08 | 0.92 | ||
Institutional Class (EVUYX) | 2-28-1994 | – | – | – | -7.80 | 9.01 | 8.25 | 0.83 | 0.72 | ||
S&P 500 Utilities Index3 | – | – | – | – | -6.21 | 9.59 | 9.37 | – | – | ||
S&P 500 Index4 | – | – | – | – | -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 July 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.05% for Class A, 1.80% for Class C, 0.92% for Administrator Class, and 0.72% 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 S&P 500 Utilities Index is a market-value-weighted index that measures the performance of all stocks within the utilities sector of the S&P 500 Index. You cannot invest directly in an index. |
4 | 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g454899img206102174.gif)
1 | The chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Utilities Index and S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%. |
■ | The Fund underperformed its benchmark, the S&P 500 Utilities Index, for the 12-month period that ended March 31, 2023. |
■ | The Fund’s utilities holdings underperformed the benchmark. |
■ | Holdings outside of utilities performed roughly in line with the benchmark. |
Ten largest holdings (%) as of March 31, 20231 | |
NextEra Energy Incorporated | 12.30 |
Sempra Energy | 4.50 |
American Tower Corporation | 4.44 |
American Electric Power Company Incorporated | 4.35 |
Duke Energy Corporation | 4.20 |
The Southern Company | 4.15 |
Cisco Systems Incorporated | 3.91 |
Exelon Corporation | 3.85 |
Xcel Energy Incorporated | 3.79 |
Comcast Corporation Class A | 3.41 |
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-CSR/0001193125-23-157848/g454899img911ee04e5.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 | $1,056.47 | $5.38 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.70 | $5.29 | 1.05% |
Class C | ||||
Actual | $1,000.00 | $1,051.96 | $9.21 | 1.80% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.96 | $9.05 | 1.80% |
Administrator Class | ||||
Actual | $1,000.00 | $1,056.99 | $4.72 | 0.92% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.34 | $4.63 | 0.92% |
Institutional Class | ||||
Actual | $1,000.00 | $1,058.25 | $3.69 | 0.72% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.34 | $3.63 | 0.72% |
Shares | Value | ||||
Common stocks: 98.70% | |||||
Communication services: 6.09% | |||||
Diversified telecommunication services: 2.68% | |||||
Verizon Communications Incorporated | 274,564 | $ 10,677,794 | |||
Media: 3.41% | |||||
Comcast Corporation Class A | 357,700 | 13,560,407 | |||
Consumer discretionary: 1.36% | |||||
Specialty retail: 1.36% | |||||
The Home Depot Incorporated | 18,381 | 5,424,601 | |||
Consumer staples: 0.92% | |||||
Consumer staples distribution & retail: 0.92% | |||||
Target Corporation | 22,069 | 3,655,288 | |||
Financials: 5.05% | |||||
Banks: 1.30% | |||||
JPMorgan Chase & Company | 39,772 | 5,182,689 | |||
Financial services: 3.75% | |||||
MasterCard Incorporated Class A | 20,588 | 7,481,885 | |||
Visa Incorporated Class A | 32,898 | 7,417,183 | |||
14,899,068 | |||||
Health care: 2.72% | |||||
Biotechnology: 1.42% | |||||
Amgen Incorporated | 23,353 | 5,645,588 | |||
Health care providers & services: 1.30% | |||||
UnitedHealth Group Incorporated | 10,974 | 5,186,203 | |||
Information technology: 3.91% | |||||
Communications equipment: 3.91% | |||||
Cisco Systems Incorporated | 297,717 | 15,563,156 | |||
Real estate: 4.44% | |||||
Specialized REITs: 4.44% | |||||
American Tower Corporation | 86,348 | 17,644,350 | |||
Utilities: 74.21% | |||||
Electric utilities: 43.88% | |||||
Alliant Energy Corporation | 137,556 | 7,345,489 | |||
American Electric Power Company Incorporated | 190,274 | 17,313,031 | |||
Constellation Energy Corporation | 98,341 | 7,719,769 | |||
Duke Energy Corporation | 173,169 | 16,705,613 | |||
Entergy Corporation | 77,022 | 8,298,350 | |||
Evergy Incorporated | 103,291 | 6,313,146 | |||
Eversource Energy | 86,901 | 6,800,872 | |||
Exelon Corporation | 366,037 | 15,333,290 | |||
FirstEnergy Corporation | 205,868 | 8,247,072 | |||
NextEra Energy Incorporated | 635,221 | 48,962,835 |
Shares | Value | ||||
Electric utilities (continued) | |||||
The Southern Company | 237,076 | $ 16,495,748 | |||
Xcel Energy Incorporated | 223,699 | 15,086,261 | |||
174,621,476 | |||||
Gas utilities: 2.75% | |||||
Atmos Energy Corporation | 97,312 | 10,933,976 | |||
Multi-utilities: 25.30% | |||||
Ameren Corporation | 133,679 | 11,548,529 | |||
CenterPoint Energy Incorporated | 361,174 | 10,640,186 | |||
CMS Energy Corporation | 208,002 | 12,767,163 | |||
Dominion Energy Incorporated | 211,988 | 11,852,249 | |||
DTE Energy Company | 121,890 | 13,351,831 | |||
Public Service Enterprise Group Incorporated | 158,388 | 9,891,331 | |||
Sempra Energy | 118,368 | 17,892,507 | |||
WEC Energy Group Incorporated | 134,050 | 12,706,600 | |||
100,650,396 | |||||
Water utilities: 2.28% | |||||
American Water Works Company Incorporated | 61,932 | 9,072,419 | |||
Total Common stocks (Cost $267,895,383) | 392,717,411 |
Yield | |||||
Short-term investments: 1.00% | |||||
Investment companies: 1.00% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.69% | 3,987,005 | 3,987,005 | ||
Total Short-term investments (Cost $3,987,005) | 3,987,005 | ||||
Total investments in securities (Cost $271,882,388) | 99.70% | 396,704,416 | |||
Other assets and liabilities, net | 0.30 | 1,207,389 | |||
Total net assets | 100.00% | $397,911,805 |
♠ | 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 | $2,507,848 | $47,123,976 | $(45,644,819) | $0 | $0 | $3,987,005 | 3,987,005 | $131,471 |
Assets | |
Investments in unaffiliated securities, at value (cost $267,895,383) | $ 392,717,411 |
Investments in affiliated securities, at value (cost $3,987,005) | 3,987,005 |
Receivable for investments sold | 5,142,508 |
Receivable for dividends | 377,915 |
Receivable for Fund shares sold | 66,730 |
Prepaid expenses and other assets | 39,926 |
Total assets | 402,331,495 |
Liabilities | |
Payable for investments purchased | 3,950,321 |
Management fee payable | 171,842 |
Payable for Fund shares redeemed | 77,759 |
Administration fees payable | 68,552 |
Distribution fee payable | 2,718 |
Trustees’ fees and expenses payable | 1,764 |
Accrued expenses and other liabilities | 146,734 |
Total liabilities | 4,419,690 |
Total net assets | $397,911,805 |
Net assets consist of | |
Paid-in capital | $ 268,981,375 |
Total distributable earnings | 128,930,430 |
Total net assets | $397,911,805 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 321,506,981 |
Shares outstanding – Class A1 | 18,092,539 |
Net asset value per share – Class A | $17.77 |
Maximum offering price per share – Class A2 | $18.85 |
Net assets – Class C | $ 4,182,964 |
Shares outstanding – Class C1 | 233,944 |
Net asset value per share – Class C | $17.88 |
Net assets – Administrator Class | $ 6,267,099 |
Shares outstanding – Administrator Class1 | 351,979 |
Net asset value per share – Administrator Class | $17.81 |
Net assets – Institutional Class | $ 65,954,761 |
Shares outstanding – Institutional Class1 | 3,714,138 |
Net asset value per share – Institutional Class | $17.76 |
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 | $ 11,845,726 |
Income from affiliated securities | 131,471 |
Total investment income | 11,977,197 |
Expenses | |
Management fee | 2,846,346 |
Administration fees | |
Class A | 732,891 |
Class C | 10,326 |
Administrator Class | 9,614 |
Institutional Class | 99,568 |
Shareholder servicing fees | |
Class A | 872,346 |
Class C | 12,284 |
Administrator Class | 18,489 |
Distribution fee | |
Class C | 36,466 |
Custody and accounting fees | 20,896 |
Professional fees | 53,135 |
Registration fees | 67,345 |
Shareholder report expenses | 18,194 |
Trustees’ fees and expenses | 20,204 |
Other fees and expenses | 10,382 |
Total expenses | 4,828,486 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (413,573) |
Class A | (59,952) |
Administrator Class | (4,327) |
Institutional Class | (6,676) |
Net expenses | 4,343,958 |
Net investment income | 7,633,239 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 5,466,729 |
Net change in unrealized gains (losses) on investments | (51,532,523) |
Net realized and unrealized gains (losses) on investments | (46,065,794) |
Net decrease in net assets resulting from operations | $(38,432,555) |
Year ended March 31, 2023 | Year ended March 31, 2022 | |||
Operations | ||||
Net investment income | $ 7,633,239 | $ 7,075,173 | ||
Net realized gains on investments | 5,466,729 | 34,747,201 | ||
Net change in unrealized gains (losses) on investments | (51,532,523) | 16,262,033 | ||
Net increase (decrease) in net assets resulting from operations | (38,432,555) | 58,084,407 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (34,647,628) | (44,877,027) | ||
Class C | (452,433) | (572,530) | ||
Administrator Class | (746,991) | (791,404) | ||
Institutional Class | (7,988,969) | (9,166,657) | ||
Total distributions to shareholders | (43,836,021) | (55,407,618) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 567,314 | 11,393,388 | 1,015,898 | 22,075,851 |
Class C | 96,311 | 1,962,630 | 37,936 | 829,370 |
Administrator Class | 110,693 | 2,290,942 | 247,879 | 5,407,252 |
Institutional Class | 1,031,081 | 20,941,432 | 1,249,622 | 26,754,319 |
36,588,392 | 55,066,792 | |||
Reinvestment of distributions | ||||
Class A | 1,772,009 | 32,801,515 | 2,096,156 | 42,565,818 |
Class C | 24,186 | 449,470 | 27,825 | 565,194 |
Administrator Class | 40,151 | 745,417 | 38,712 | 787,414 |
Institutional Class | 429,815 | 7,960,567 | 448,365 | 9,114,183 |
41,956,969 | 53,032,609 | |||
Payment for shares redeemed | ||||
Class A | (1,902,224) | (36,626,328) | (2,391,654) | (51,265,683) |
Class C | (97,108) | (1,868,400) | (150,982) | (3,277,302) |
Administrator Class | (144,989) | (2,765,351) | (82,475) | (1,755,120) |
Institutional Class | (1,436,434) | (27,459,910) | (1,067,904) | (22,740,013) |
(68,719,989) | (79,038,118) | |||
Net increase in net assets resulting from capital share transactions | 9,825,372 | 29,061,283 | ||
Total increase (decrease) in net assets | (72,443,204) | 31,738,072 | ||
Net assets | ||||
Beginning of period | 470,355,009 | 438,616,937 | ||
End of period | $397,911,805 | $470,355,009 |
Year ended March 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $21.48 | $21.47 | $20.19 | $24.03 | $20.46 |
Net investment income | 0.33 | 0.33 | 0.34 | 0.34 | 0.32 |
Net realized and unrealized gains (losses) on investments | (2.03) | 2.40 | 3.82 | 0.02 | 3.65 |
Total from investment operations | (1.70) | 2.73 | 4.16 | 0.36 | 3.97 |
Distributions to shareholders from | |||||
Net investment income | (0.33) | (0.32) | (0.35) | (0.34) | (0.34) |
Net realized gains | (1.68) | (2.40) | (2.53) | (3.86) | (0.06) |
Total distributions to shareholders | (2.01) | (2.72) | (2.88) | (4.20) | (0.40) |
Net asset value, end of period | $17.77 | $21.48 | $21.47 | $20.19 | $24.03 |
Total return1 | (8.15)% | 13.62% | 21.23% | 0.04% | 19.59% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.15% | 1.16% | 1.17% | 1.17% | 1.19% |
Net expenses | 1.04% | 1.04% | 1.04% | 1.09% | 1.14% |
Net investment income | 1.69% | 1.52% | 1.58% | 1.42% | 1.47% |
Supplemental data | |||||
Portfolio turnover rate | 4% | 11% | 20% | 49% | 10% |
Net assets, end of period (000s omitted) | $321,507 | $379,164 | $363,540 | $319,200 | $337,848 |
1 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $21.60 | $21.57 | $20.25 | $24.06 | $20.47 |
Net investment income | 0.19 1 | 0.17 1 | 0.17 1 | 0.16 1 | 0.16 1 |
Net realized and unrealized gains (losses) on investments | (2.05) | 2.40 | 3.85 | 0.01 | 3.63 |
Total from investment operations | (1.86) | 2.57 | 4.02 | 0.17 | 3.79 |
Distributions to shareholders from | |||||
Net investment income | (0.18) | (0.14) | (0.17) | (0.12) | (0.14) |
Net realized gains | (1.68) | (2.40) | (2.53) | (3.86) | (0.06) |
Total distributions to shareholders | (1.86) | (2.54) | (2.70) | (3.98) | (0.20) |
Net asset value, end of period | $17.88 | $21.60 | $21.57 | $20.25 | $24.06 |
Total return2 | (8.83)% | 12.75% | 20.34% | (0.73)% | 18.65% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.89% | 1.90% | 1.91% | 1.92% | 1.94% |
Net expenses | 1.80% | 1.80% | 1.80% | 1.86% | 1.89% |
Net investment income | 0.94% | 0.77% | 0.80% | 0.63% | 0.74% |
Supplemental data | |||||
Portfolio turnover rate | 4% | 11% | 20% | 49% | 10% |
Net assets, end of period (000s omitted) | $4,183 | $4,548 | $6,379 | $10,274 | $19,618 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. |
Year ended March 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $21.52 | $21.51 | $20.22 | $24.05 | $20.48 |
Net investment income | 0.35 | 0.37 | 0.37 | 0.36 | 0.36 |
Net realized and unrealized gains (losses) on investments | (2.03) | 2.39 | 3.83 | 0.04 | 3.65 |
Total from investment operations | (1.68) | 2.76 | 4.20 | 0.40 | 4.01 |
Distributions to shareholders from | |||||
Net investment income | (0.35) | (0.35) | (0.38) | (0.37) | (0.38) |
Net realized gains | (1.68) | (2.40) | (2.53) | (3.86) | (0.06) |
Total distributions to shareholders | (2.03) | (2.75) | (2.91) | (4.23) | (0.44) |
Net asset value, end of period | $17.81 | $21.52 | $21.51 | $20.22 | $24.05 |
Total return | (8.01)% | 13.76% | 21.39% | 0.20% | 19.80% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.07% | 1.08% | 1.09% | 1.09% | 1.11% |
Net expenses | 0.92% | 0.92% | 0.92% | 0.94% | 0.95% |
Net investment income | 1.82% | 1.63% | 1.70% | 1.49% | 1.66% |
Supplemental data | |||||
Portfolio turnover rate | 4% | 11% | 20% | 49% | 10% |
Net assets, end of period (000s omitted) | $6,267 | $7,447 | $3,054 | $2,449 | $5,296 |
Year ended March 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Net asset value, beginning of period | $21.46 | $21.46 | $20.18 | $24.01 | $20.45 |
Net investment income | 0.39 | 0.40 | 0.43 | 0.44 | 0.41 |
Net realized and unrealized gains (losses) on investments | (2.02) | 2.39 | 3.80 | 0.01 | 3.62 |
Total from investment operations | (1.63) | 2.79 | 4.23 | 0.45 | 4.03 |
Distributions to shareholders from | |||||
Net investment income | (0.39) | (0.39) | (0.42) | (0.42) | (0.41) |
Net realized gains | (1.68) | (2.40) | (2.53) | (3.86) | (0.06) |
Total distributions to shareholders | (2.07) | (2.79) | (2.95) | (4.28) | (0.47) |
Net asset value, end of period | $17.76 | $21.46 | $21.46 | $20.18 | $24.01 |
Total return | (7.80)% | 13.94% | 21.62% | 0.42% | 20.03% |
Ratios to average net assets (annualized) | |||||
Gross expenses | 0.82% | 0.83% | 0.84% | 0.84% | 0.86% |
Net expenses | 0.72% | 0.72% | 0.72% | 0.75% | 0.78% |
Net investment income | 2.02% | 1.84% | 1.92% | 1.76% | 1.83% |
Supplemental data | |||||
Portfolio turnover rate | 4% | 11% | 20% | 49% | 10% |
Net assets, end of period (000s omitted) | $65,955 | $79,196 | $65,644 | $45,888 | $42,427 |
Gross unrealized gains | $130,601,737 |
Gross unrealized losses | (5,802,443) |
Net unrealized gains | $124,799,294 |
■ | 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 | $ 24,238,201 | $0 | $0 | $ 24,238,201 |
Consumer discretionary | 5,424,601 | 0 | 0 | 5,424,601 |
Consumer staples | 3,655,288 | 0 | 0 | 3,655,288 |
Financials | 20,081,757 | 0 | 0 | 20,081,757 |
Health care | 10,831,791 | 0 | 0 | 10,831,791 |
Information technology | 15,563,156 | 0 | 0 | 15,563,156 |
Real estate | 17,644,350 | 0 | 0 | 17,644,350 |
Utilities | 295,278,267 | 0 | 0 | 295,278,267 |
Short-term investments | ||||
Investment companies | 3,987,005 | 0 | 0 | 3,987,005 |
Total assets | $396,704,416 | $0 | $0 | $396,704,416 |
Average daily net assets | Management fee |
First $500 million | 0.650% |
Next $500 million | 0.600 |
Next $1 billion | 0.550 |
Next $2 billion | 0.525 |
Next $1 billion | 0.500 |
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 | 1.05% |
Class C | 1.80 |
Administrator Class | 0.92 |
Institutional Class | 0.72 |
Year ended March 31 | ||
2023 | 2022 | |
Ordinary income | $ 7,584,760 | $ 6,960,059 |
Long-term capital gain | 36,251,261 | 48,447,559 |
Undistributed ordinary income | Undistributed long-term gain | Unrealized gains |
$209,865 | $3,926,426 | $124,799,294 |
Allspring Funds Trust:
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g454899img463f44056.jpg)
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-CSR/0001193125-23-157848/g454899img0692201d1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSR/0001193125-23-157848/g454899imgbe34339d7.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
AR0667 03-23
ITEM 2. | CODE OF ETHICS |
(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.
Fiscal year ended March 31, 2023 | Fiscal year ended March 31, 2022 | |||||||
Audit fees | $ | 245,380 | $ | 239,400 | ||||
Audit-related fees | — | — | ||||||
Tax fees (1) | 34,870 | 33,925 | ||||||
All other fees | — | — | ||||||
|
|
|
| |||||
$ | 280,250 | $ | 273,325 | |||||
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(1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management.
Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(f) Not applicable
(g) Not applicable
(h) Not applicable
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. | CONTROLS AND PROCEDURES |
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) Code of Ethics.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: 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 |