UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: April 30
Registrant is making a filing for 1 of its series: Allspring Absolute Return Fund.
Date of reporting period: October 31, 2023
ITEM 1. REPORT TO STOCKHOLDERS
Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
At a meeting held on November 13-15, 2023, the Board of Trustees approved a number of changes to the Fund. These changes include: |
• A change in the Fund’s principal investment strategy to no longer invest substantially all of its assets in the GMO Benchmark-Free Allocation Fund; |
• the adoption of a fund-of-funds structure whereby the Fund will employ a multi-asset, multi-style investment approach across equity, fixed income, and alternative investments, including commodities, by investing in various affiliated mutual funds as well as affiliated and unaffiliated exchange-traded funds; and |
• the addition of Allspring Global Investments, LLC and Allspring Global Investments (UK) Limited as sub-advisers to the Fund. |
These changes are expected to become effective on or about March 15, 2024. |
Investment objective | The Fund seeks a positive total return. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Ben Inker, CFA*, John Thorndike* |
Average annual total returns (%) as of October 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 | Net2 | |
Class A (WARAX) | 3-1-2012 | 3.15 | 0.66 | 0.84 | 9.46 | 1.86 | 1.43 | 1.74 | 1.74 |
Class C (WARCX) | 3-1-2012 | 7.62 | 1.17 | 0.85 | 8.62 | 1.17 | 0.85 | 2.49 | 2.49 |
Class R6 (WARRX)3 | 10-31-2014 | – | – | – | 9.78 | 2.28 | 1.87 | 1.32 | 1.32 |
Administrator Class (WARDX) | 3-1-2012 | – | – | – | 9.59 | 2.09 | 1.60 | 1.67 | 1.62 |
Institutional Class (WABIX) | 11-30-2012 | – | – | – | 9.87 | 2.23 | 1.81 | 1.42 | 1.38 |
MSCI ACWI (Net)4 | – | – | – | – | 10.50 | 7.47 | 6.81 | – | – |
Bloomberg U.S. TIPS 1-10 Year Index5 | – | – | – | – | 0.88 | 2.77 | 1.72 | – | – |
CPI6 | – | – | – | – | 3.24 | 4.00 | 2.79 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 1.05% in acquired fund fees and expenses and underlying GMO fees. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include the expenses of GMO Benchmark-Free Allocation Fund and other acquired fund fees and expenses. |
2 | The manager has contractually committed through August 31, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, 0.28% for Class R6, 0.57% for Administrator Class and 0.33% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any, including the expenses of GMO Benchmark-Free Allocation Fund), 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 Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
5 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 1-10 Year Index is an unmanaged index of U.S. Treasury securities with maturities of less than 10 years and more than 1 year. You cannot invest directly in an index. |
6 | 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. |
* | The Fund invests substantially all of its investable assets directly in GMO Benchmark-Free Allocation Fund, an investment company advised by Grantham, Mayo, Van Otterloo & Co. LLC (GMO). Mr. Inker and Mr. Thorndike have been responsible for coordinating the portfolio management of GMO Benchmark-Free Allocation Fund since 2003 and 2019, respectively. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Holdings (%) as of October 31, 20231 | |
GMO Implementation Fund | 91.56 |
GMO Debt Opportunities Fund, Class VI | 4.21 |
GMO Emerging Country Debt Fund, Class VI | 3.03 |
GMO High Yield Fund VI Fund | 1.13 |
1 | Each holding represents the Fund’s allocable portion of the investments of the GMO Benchmark-Free Allocation Fund. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio composition as of October 31, 20231 |
1 | Figures represent the portfolio allocation of the GMO Benchmark-Free Allocation Fund. These amounts are subject to change and may have changed since the date specified. |
Allspring Absolute Return Fund (excluding GMO Benchmark-Free Allocation Fund and its underlying fund expenses) | Beginning account value 5-1-2023 | Ending account value 10-31-2023 | Expenses paid during the period1 | Annualized net expense ratio |
Class A | ||||
Actual | $1,000.00 | $999.00 | $3.48 | 0.69 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.73 | $3.52 | 0.69 % |
Class C | ||||
Actual | $1,000.00 | $995.20 | $7.19 | 1.43 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.00 | $7.27 | 1.43 % |
Class R6 | ||||
Actual | $1,000.00 | $1,001.00 | $1.36 | 0.27 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.84 | $1.38 | 0.27 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.00 | $2.87 | 0.57 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.33 | $2.91 | 0.57 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,001.00 | $1.66 | 0.33 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.54 | $1.68 | 0.33 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half-year period). |
Allspring Absolute Return Fund (including GMO Benchmark-Free Allocation Fund and its underlying fund expenses) | Beginning account value 5-1-2023 | Ending account value 10-31-2023 | Expenses paid during the period1 | Annualized net expense ratio |
Class A | ||||
Actual | $1,000.00 | $999.00 | $9.52 | 1.89 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.70 | $9.60 | 1.89 % |
Class C | ||||
Actual | $1,000.00 | $995.20 | $13.23 | 2.63 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,011.90 | $13.34 | 2.63 % |
Class R6 | ||||
Actual | $1,000.00 | $1,001.00 | $7.41 | 1.47 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.80 | $7.48 | 1.47 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,000.00 | $8.92 | 1.77 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.30 | $9.00 | 1.77 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,001.00 | $7.72 | 1.53 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.50 | $7.78 | 1.53 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 184 divided by 365 (to reflect the one-half-year period). |
Shares | Value | |||||
Investment companies: 98.13% | ||||||
Multi-asset funds: 98.13% | ||||||
GMO Benchmark-Free Allocation Fund Class MF♠ | 38,567,069 | $970,347,468 | ||||
Total investment companies (Cost $911,553,912) | 970,347,468 | |||||
Total investments in securities (Cost $911,553,912) | 98.13 % | 970,347,468 | ||||
Other assets and liabilities, net | 1.87 | 18,495,438 | ||||
Total net assets | 100.00 % | $988,842,906 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) from affiliated investment companies | Net change in unrealized gains (losses) from affiliated investment companies | Value, end of period | Shares, end of period | Dividends from Affiliated Investment Companies | |
Investment companies | ||||||||
GMO Benchmark-Free Allocation Fund Class MF | $1,053,736,128 | $7,044,703 | $(90,346,380 ) | $4,333,372 | $(4,420,355 ) | $970,347,468 | 38,567,069 | $3,160,669 |
Assets | |
Investments in affiliated investment companies, at value (cost $911,553,912) | $970,347,468 |
Cash | 19,718,196 |
Receivable for investments sold | 366,002 |
Receivable for Fund shares sold | 303,022 |
Prepaid expenses and other assets | 123,784 |
Total assets | 990,858,472 |
Liabilities | |
Payable for Fund shares redeemed | 1,085,739 |
Shareholder report expenses payable | 534,602 |
Management fee payable | 166,852 |
Administration fees payable | 124,518 |
Distribution fees payable | 14,887 |
Accrued expenses and other liabilities | 88,968 |
Total liabilities | 2,015,566 |
Total net assets | $988,842,906 |
Net assets consist of | |
Paid-in capital | $1,384,654,663 |
Total distributable loss | (395,811,757 ) |
Total net assets | $988,842,906 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $268,459,794 |
Shares outstanding–Class A1 | 26,039,123 |
Net asset value per share–Class A | $10.31 |
Maximum offering price per share – Class A2 | $10.94 |
Net assets–Class C | $22,964,298 |
Shares outstanding–Class C1 | 2,195,554 |
Net asset value per share–Class C | $10.46 |
Net assets–Class R6 | $45,904,376 |
Shares outstanding–Class R61 | 4,428,869 |
Net asset value per share–Class R6 | $10.36 |
Net assets–Administrator Class | $16,773,077 |
Shares outstanding–Administrator Class1 | 1,600,593 |
Net asset value per share–Administrator Class | $10.48 |
Net assets–Institutional Class | $634,741,361 |
Shares outstanding–Institutional Class1 | 61,262,059 |
Net asset value per share–Institutional Class | $10.36 |
Investment income | |
Dividends from affiliated investment companies | $3,160,669 |
Interest | 486,655 |
Total investment income | 3,647,324 |
Expenses | |
Management fee | 1,173,483 |
Administration fees | |
Class A | 286,125 |
Class C | 27,021 |
Class R | 38 1 |
Class R6 | 5,439 |
Administrator Class | 11,710 |
Institutional Class | 445,558 |
Shareholder servicing fees | |
Class A | 351,880 |
Class C | 33,009 |
Class R | 45 1 |
Administrator Class | 22,105 |
Distribution fees | |
Class C | 98,927 |
Class R | 33 1 |
Custody and accounting fees | 9,499 |
Professional fees | 25,902 |
Registration fees | 35,595 |
Trustees’ fees and expenses | 12,225 |
Other fees and expenses | 8,132 |
Total expenses | 2,546,726 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1 ) |
Administrator Class | (4,213 ) |
Institutional Class | (141,708 ) |
Net expenses | 2,400,804 |
Net investment income | 1,246,520 |
Realized and unrealized gains (losses) on investments | |
Net realized gains from affiliated investment companies | 4,333,372 |
Net change in unrealized gains (losses) from affiliated investment companies | (4,420,355 ) |
Net realized and unrealized gains (losses) on investments | (86,983 ) |
Net increase in net assets resulting from operations | $1,159,537 |
Six months ended October 31, 2023 (unaudited) | Year ended April 30, 2023 | |||
Operations | ||||
Net investment income | $1,246,520 | $28,939,453 | ||
Net realized gains on investments | 4,333,372 | 2,136,897 | ||
Net change in unrealized gains (losses) on investments | (4,420,355 ) | 2,371,266 | ||
Net increase in net assets resulting from operations | 1,159,537 | 33,447,616 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (6,719,824 ) | ||
Class R | 0 1 | (2,678 ) | ||
Class R6 | 0 | (108,458 ) | ||
Administrator Class | 0 | (376,429 ) | ||
Institutional Class | 0 | (20,031,988 ) | ||
Total distributions to shareholders | 0 | (27,239,377 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 897,550 | 9,308,690 | 3,729,620 | 37,413,303 |
Class C | 22,940 | 244,064 | 245,682 | 2,488,851 |
Class R | 0 1 | 0 1 | 212 | 2,157 |
Class R6 | 4,274,736 | 44,509,818 | 59,556 | 598,463 |
Administrator Class | 47,458 | 500,662 | 194,104 | 1,981,679 |
Institutional Class | 2,123,843 | 22,147,444 | 13,180,027 | 132,816,423 |
76,710,678 | 175,300,876 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 603,481 | 5,986,532 |
Class R | 0 1 | 0 1 | 55 | 567 |
Class R6 | 0 | 0 | 3,522 | 35,004 |
Administrator Class | 0 | 0 | 35,692 | 359,419 |
Institutional Class | 0 | 0 | 1,584,576 | 15,734,837 |
0 | 22,116,359 | |||
Payment for shares redeemed | ||||
Class A | (2,517,631 ) | (26,219,781 ) | (8,596,591 ) | (86,304,096 ) |
Class C | (710,870 ) | (7,517,262 ) | (3,130,552 ) | (31,500,444 ) |
Class R | 0 1 | 0 1 | (19 ) | (199 ) |
Class R6 | (237,705 ) | (2,496,876 ) | (696,767 ) | (6,988,934 ) |
Administrator Class | (225,436 ) | (2,392,815 ) | (1,613,354 ) | (16,464,413 ) |
Institutional Class | (11,795,147 ) | (122,915,896 ) | (34,029,605 ) | (340,305,290 ) |
(161,542,630 ) | (481,563,376 ) |
Six months ended October 31, 2023 (unaudited) | Year ended April 30, 2023 | |||
Shares | Shares | |||
Share conversions | ||||
Class A | 12,992 2 | $135,235 2 | 0 | $0 |
Class R | (12,620 )2 | (135,235 )2 | 0 | 0 |
0 | 0 | |||
Net decrease in net assets resulting from capital share transactions | (84,831,952 ) | (284,146,141 ) | ||
Total decrease in net assets | (83,672,415 ) | (277,937,902 ) | ||
Net assets | ||||
Beginning of period | 1,072,515,321 | 1,350,453,223 | ||
End of period | $988,842,906 | $1,072,515,321 |
Six months ended October 31, 2023 (unaudited) | Year ended April 30 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.32 | $10.20 | $11.07 | $10.11 | $11.15 | $11.40 |
Net investment income | 0.00 1,2 | 0.24 2 | 0.17 2 | 0.22 | 0.29 2 | 0.27 2 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | 0.11 | (0.70 ) | 1.09 | (1.04 ) | (0.24 ) |
Total from investment operations | (0.01 ) | 0.35 | (0.53 ) | 1.31 | (0.75 ) | 0.03 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.23 ) | (0.34 ) | (0.35 ) | (0.29 ) | (0.28 ) |
Net asset value, end of period | $10.31 | $10.32 | $10.20 | $11.07 | $10.11 | $11.15 |
Total return3 | (0.10 )% | 3.55 % | (4.89 )% | 13.16 % | (6.99 )% | 0.42 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.69 % | 0.71 % | 0.70 % | 0.69 % | 0.69 % | 0.69 % |
Net expenses* | 0.69 % | 0.70 % | 0.70 % | 0.69 % | 0.69 % | 0.69 % |
Net investment income | 0.00 % | 2.36 % | 1.62 % | 2.33 % | 2.68 % | 2.43 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 8 % | 6 % | 5 % | 4 % | 5 % |
Net assets, end of period (000s omitted) | $268,460 | $285,240 | $325,369 | $353,134 | $297,590 | $415,011 |
* | Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, Class MF, the ratios would be increased by the following amounts: |
Six months ended October 31, 2023 (unaudited) | 0.70% |
Year ended April 30, 2023 | 0.69% |
Year ended April 30, 2022 | 0.70% |
Year ended April 30, 2021 | 0.67% |
Year ended April 30, 2020 | 0.61% |
Year ended April 30, 2019 | 0.60% |
1 | Amount is less than $0.005. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Six months ended October 31, 2023 (unaudited) | Year ended April 30 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.51 | $10.22 | $10.90 | $9.95 | $10.96 | $11.19 |
Net investment income (loss) | (0.04 )1 | 0.13 1 | 0.06 1 | 0.12 1 | 0.12 | 0.19 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.05 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | 0.16 | (0.67 ) | 1.08 | (0.95 ) | (0.24 ) |
Total from investment operations | (0.05 ) | 0.29 | (0.61 ) | 1.25 | (0.83 ) | 0.05 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.07 ) | (0.30 ) | (0.18 ) | (0.18 ) |
Net asset value, end of period | $10.46 | $10.51 | $10.22 | $10.90 | $9.95 | $10.96 |
Total return2 | (0.48 )% | 2.84 % | (5.59 )% | 12.66 %3 | (7.73 )% | (0.31 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.43 % | 1.45 % | 1.43 % | 1.44 % | 1.44 % | 1.44 % |
Net expenses* | 1.43 % | 1.45 % | 1.43 % | 1.44 % | 1.44 % | 1.44 % |
Net investment income (loss) | (0.73 )% | 1.34 % | 0.61 % | 1.18 % | 1.71 % | 1.78 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 8 % | 6 % | 5 % | 4 % | 5 % |
Net assets, end of period (000s omitted) | $22,964 | $30,295 | $58,948 | $131,690 | $254,485 | $419,656 |
* | Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, Class MF, the ratios would be increased by the following amounts: |
Six months ended October 31, 2023 (unaudited) | 0.70% |
Year ended April 30, 2023 | 0.69% |
Year ended April 30, 2022 | 0.70% |
Year ended April 30, 2021 | 0.67% |
Year ended April 30, 2020 | 0.61% |
Year ended April 30, 2019 | 0.60% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended April 30, 2021, the Fund received a payment from an affiliate that had an impact of 0.53% on total return. |
Six months ended October 31, 2023 (unaudited) | Year ended April 30 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.35 | $10.23 | $11.10 | $10.11 | $11.15 | $11.41 |
Net investment income | 0.03 1 | 0.19 1 | 0.21 1 | 0.28 | 0.35 | 0.34 |
Net realized and unrealized gains (losses) on investments | (0.02 ) | 0.21 | (0.70 ) | 1.08 | (1.05 ) | (0.27 ) |
Total from investment operations | 0.01 | 0.40 | (0.49 ) | 1.36 | (0.70 ) | 0.07 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.28 ) | (0.38 ) | (0.37 ) | (0.34 ) | (0.33 ) |
Net asset value, end of period | $10.36 | $10.35 | $10.23 | $11.10 | $10.11 | $11.15 |
Total return2 | 0.10 % | 3.99 % | (4.50 )% | 13.62 % | (6.57 )% | 0.86 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.27 % | 0.27 % | 0.27 % | 0.26 % | 0.26 % | 0.26 % |
Net expenses* | 0.27 % | 0.27 % | 0.27 % | 0.26 % | 0.26 % | 0.26 % |
Net investment income | 0.58 % | 1.89 % | 1.91 % | 2.63 % | 3.05 % | 2.64 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 8 % | 6 % | 5 % | 4 % | 5 % |
Net assets, end of period (000s omitted) | $45,904 | $4,057 | $10,494 | $17,332 | $25,363 | $31,838 |
* | Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, Class MF, the ratios would be increased by the following amounts: |
Six months ended October 31, 2023 (unaudited) | 0.70% |
Year ended April 30, 2023 | 0.69% |
Year ended April 30, 2022 | 0.70% |
Year ended April 30, 2021 | 0.67% |
Year ended April 30, 2020 | 0.61% |
Year ended April 30, 2019 | 0.60% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Six months ended October 31, 2023 (unaudited) | Year ended April 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.48 | $10.32 | $11.18 | $10.15 | $11.18 | $11.43 |
Net investment income | 0.01 1 | 0.23 1 | 0.17 1 | 0.24 1 | 0.27 1 | 0.27 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | 0.15 | (0.70 ) | 1.08 | (1.01 ) | (0.24 ) |
Total from investment operations | 0.00 2 | 0.38 | (0.53 ) | 1.38 | (0.74 ) | 0.03 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.22 ) | (0.33 ) | (0.35 ) | (0.29 ) | (0.28 ) |
Net asset value, end of period | $10.48 | $10.48 | $10.32 | $11.18 | $10.15 | $11.18 |
Total return3 | 0.00 % | 3.75 % | (4.81 )% | 13.76 %4 | (6.85 )% | 0.48 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.62 % | 0.62 % | 0.61 % | 0.61 % | 0.61 % | 0.60 % |
Net expenses* | 0.57 % | 0.57 % | 0.57 % | 0.57 % | 0.57 % | 0.57 % |
Net investment income | 0.13 % | 2.26 % | 1.60 % | 2.20 % | 2.42 % | 2.44 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 8 % | 6 % | 5 % | 4 % | 5 % |
Net assets, end of period (000s omitted) | $16,773 | $18,641 | $32,644 | $40,694 | $60,846 | $116,871 |
* | Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, Class MF, the ratios would be increased by the following amounts: |
Six months ended October 31, 2023 (unaudited) | 0.70% |
Year ended April 30, 2023 | 0.69% |
Year ended April 30, 2022 | 0.70% |
Year ended April 30, 2021 | 0.67% |
Year ended April 30, 2020 | 0.61% |
Year ended April 30, 2019 | 0.60% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended April 30, 2021, the Fund received a payment from an affiliate that had an impact of 0.62% on total return. |
Six months ended October 31, 2023 (unaudited) | Year ended April 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.35 | $10.23 | $11.10 | $10.11 | $11.15 | $11.41 |
Net investment income | 0.02 1 | 0.26 1 | 0.21 1 | 0.26 1 | 0.33 1 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | (0.01 ) | 0.13 | (0.71 ) | 1.09 | (1.04 ) | (0.25 ) |
Total from investment operations | 0.01 | 0.39 | (0.50 ) | 1.35 | (0.71 ) | 0.06 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.27 ) | (0.37 ) | (0.36 ) | (0.33 ) | (0.32 ) |
Net asset value, end of period | $10.36 | $10.35 | $10.23 | $11.10 | $10.11 | $11.15 |
Total return2 | 0.10 % | 3.97 % | (4.59 )% | 13.57 % | (6.65 )% | 0.76 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.37 % | 0.38 % | 0.37 % | 0.36 % | 0.36 % | 0.36 % |
Net expenses* | 0.33 % | 0.33 % | 0.33 % | 0.33 % | 0.33 % | 0.33 % |
Net investment income | 0.36 % | 2.56 % | 1.90 % | 2.43 % | 3.00 % | 2.82 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 8 % | 6 % | 5 % | 4 % | 5 % |
Net assets, end of period (000s omitted) | $634,741 | $734,148 | $922,867 | $1,188,488 | $1,664,020 | $2,890,106 |
* | Ratios do not include net expenses of GMO Benchmark-Free Allocation Fund, Class MF. Including net expenses allocated from GMO Benchmark-Free Allocation Fund, Class MF, the ratios would be increased by the following amounts: |
Six months ended October 31, 2023 (unaudited) | 0.70% |
Year ended April 30, 2023 | 0.69% |
Year ended April 30, 2022 | 0.70% |
Year ended April 30, 2021 | 0.67% |
Year ended April 30, 2020 | 0.61% |
Year ended April 30, 2019 | 0.60% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $58,232,101 |
Gross unrealized losses | (0 ) |
Net unrealized gains | $58,232,101 |
Average daily net assets | Management fee |
First $1 billion | 0.225 % |
Next $4 billion | 0.200 |
Next $5 billion | 0.175 |
Next $10 billion | 0.165 |
Over $20 billion | 0.160 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 0.70 % |
Class C | 1.45 |
Class R6 | 0.28 |
Administrator Class | 0.57 |
Institutional Class | 0.33 |
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 |
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 |
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 |
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 |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
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 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. |
Appendix (unaudited)
GMO Benchmark-Free Allocation Fund
(A Series of GMO Trust)
Schedule of Investments
(showing percentage of total net assets)
October 31, 2023 (Unaudited)
Shares | Description | Value ($) | ||||||||
MUTUAL FUNDS — 100.0% | ||||||||||
Affiliated Issuers — 100.0% | ||||||||||
6,569,914 | GMO Emerging Country Debt Fund, Class VI | 119,112,537 | ||||||||
2,603,966 | GMO High Yield Fund, Class VI | 44,397,629 | ||||||||
290,916,628 | GMO Implementation Fund | 3,604,457,022 | ||||||||
6,778,283 | GMO Opportunistic Income Fund, Class VI | 165,932,369 | ||||||||
|
| |||||||||
TOTAL MUTUAL FUNDS (COST $4,084,893,943) | 3,933,899,557 | |||||||||
|
| |||||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||||
Money Market Funds — 0.1% | ||||||||||
2,891,948 | State Street Institutional Treasury Money Market Fund – Premier Class, 5.31%(a) | 2,891,948 | ||||||||
|
| |||||||||
TOTAL SHORT-TERM INVESTMENTS (COST $2,891,948) | 2,891,948 | |||||||||
|
| |||||||||
TOTAL INVESTMENTS — 100.1% (Cost $4,087,785,891) | 3,936,791,505 | |||||||||
Other Assets and Liabilities (net) — (0.1%) | (2,102,533 | ) | ||||||||
|
| |||||||||
TOTAL NET ASSETS — 100.0% | $ | 3,934,688,972 | ||||||||
|
|
Notes to Schedule of Investments:
(a) | The rate disclosed is the 7 day net yield as of October 31, 2023. |
Allspring Absolute Return Fund | 33
Appendix (unaudited)
GMO Benchmark-Free Allocation Fund
(A Series of GMO Trust)
Statement of Assets and Liabilities — October 31, 2023 (Unaudited)
Assets: |
| |||
Investments in affiliated issuers, at value(a) | $ | 3,933,899,557 | ||
Investments in unaffiliated issuers, at value(b) | 2,891,948 | |||
Receivable for investments sold | 1,000,000 | |||
Receivable for Fund shares sold | 117,165 | |||
Dividends and interest receivable | 11,437 | |||
Receivable for expenses reimbursed and/or waived by GMO | 173,445 | |||
|
| |||
Total assets | 3,938,093,552 | |||
|
| |||
Liabilities: |
| |||
Payable for Fund shares repurchased | 562,896 | |||
Payable to affiliate for: | ||||
Management fee | 2,197,743 | |||
Supplemental support fee – Class MF | 84,117 | |||
Shareholder service fee | 334,033 | |||
Payable to Trustees and related expenses | 8,112 | |||
Accrued expenses | 217,679 | |||
|
| |||
Total liabilities | 3,404,580 | |||
|
| |||
Net assets | $ | 3,934,688,972 | ||
|
| |||
Net assets consist of: | ||||
Paid-in capital | $ | 4,475,397,715 | ||
Distributable earnings (accumulated loss) | (540,708,743 | ) | ||
|
| |||
$ | 3,934,688,972 | |||
|
| |||
Net assets attributable to: | ||||
Class III | $ | 1,291,294,525 | ||
|
| |||
Class IV | $ | 1,110,237,942 | ||
|
| |||
Class MF | $ | 970,206,052 | ||
|
| |||
Class R6 | $ | 279,121,985 | ||
|
| |||
Class I | $ | 283,828,468 | ||
|
| |||
Shares outstanding: | ||||
Class III | 51,389,910 | |||
|
| |||
Class IV | 44,175,307 | |||
|
| |||
Class MF | 38,567,069 | |||
|
| |||
Class R6 | 11,117,855 | |||
|
| |||
Class I | 11,310,815 | |||
|
| |||
Net asset value per share: | ||||
Class III | $ | 25.13 | ||
|
| |||
Class IV | $ | 25.13 | ||
|
| |||
Class MF | $ | 25.16 | ||
|
| |||
Class R6 | $ | 25.11 | ||
|
| |||
Class I | $ | 25.09 | ||
|
| |||
(a) Cost of investments – affiliated issuers: | $ | 4,084,893,943 | ||
(b) Cost of investments – unaffiliated issuers: | $ | 2,891,948 |
For further information regarding GMO Benchmark-Free Allocation Fund, please refer to its audited financial statements for the semi-annual report on August 31, 2023, which are available at:
https://www.sec.gov/Archives/edgar/data/772129/000119312523268294/d577830dncsrs.htm
34 | Allspring Absolute Return Fund
P.O. Box 219967
Kansas City, MO 64121-9967
SAR3355 10-23
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for the series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(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: December 21, 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: December 21, 2023 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: December 21, 2023 |