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: 811-09689
Allspring Master Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: May 31
Registrant is making a filing for 12 of its series:
Allspring C&B Large Cap Value Portfolio, Allspring Emerging Growth Portfolio, Allspring Index Portfolio, Allspring Small Company Growth Portfolio, Allspring Small Company Value Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Diversified Large Cap Growth Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Large Company Value Portfolio, Allspring Core Bond Portfolio, Allspring Real Return Portfolio and Allspring Managed Fixed Income Portfolio.
Date of reporting period: November 30, 2021
ITEM 1. | REPORT TO STOCKHOLDERS |
2 | |
6 | |
9 | |
Allspring Core Bond Fund | |
11 | |
Financial statements | |
12 | |
13 | |
14 | |
15 | |
22 | |
Allspring Core Bond Portfolio | |
27 | |
Financial statements | |
50 | |
51 | |
52 | |
53 | |
54 | |
59 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Maulik Bhansali, CFA®‡, Jarad Vasquez |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
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 (MBFAX) | 10-31-2001 | -6.06 | 2.44 | 2.52 | -1.64 | 3.39 | 2.99 | 0.83 | 0.78 | ||
Class C (MBFCX) | 10-31-2001 | -3.39 | 2.62 | 2.22 | -2.39 | 2.62 | 2.22 | 1.58 | 1.53 | ||
Class R (WTRRX) | 7-9-2010 | – | – | – | -1.71 | 3.18 | 2.76 | 1.08 | 1.03 | ||
Class R4 (MBFRX)3 | 11-30-2012 | – | – | – | -1.37 | 3.68 | 3.28 | 0.60 | 0.52 | ||
Class R6 (WTRIX)4 | 11-30-2012 | – | – | – | -1.23 | 3.83 | 3.42 | 0.45 | 0.37 | ||
Administrator Class (MNTRX) | 6-30-1997 | – | – | – | -1.55 | 3.47 | 3.07 | 0.77 | 0.70 | ||
Institutional Class (MBFIX) | 10-31-2001 | – | – | – | -1.27 | 3.77 | 3.37 | 0.50 | 0.42 | ||
Bloomberg U.S. Aggregate Bond Index5 | – | – | – | – | -1.15 | 3.65 | 3.04 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 1.03% for Class R, 0.52% for Class R4, 0.37% for Class R6, 0.70% for Administrator Class, and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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 R4 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R4 shares would be higher. |
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 Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
FNMA, 2.50%, 12-13-2051 | 3.12 |
FNMA, 2.50%, 2-11-2051 | 2.84 |
U.S. Treasury Note, 1.25%, 11-30-2026 | 2.35 |
U.S. Treasury Note, 0.50%, 11-30-2023 | 1.72 |
U.S. Treasury Bond, 1.38%, 11-15-2040 | 1.67 |
U.S. Treasury Note, 1.50%, 9-30-2024 | 1.45 |
U.S. Treasury Bond, 1.13%, 5-15-2040 | 1.42 |
U.S. Treasury Bond, 1.75%, 8-15-2041 | 1.41 |
U.S. Treasury Note, 0.75%, 11-15-2024 | 1.39 |
U.S. Treasury Note, 0.13%, 12-31-2022 | 1.36 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. 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 November 30, 20211 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,006.91 | $3.92 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.16 | $3.95 | 0.78% |
Class C | ||||
Actual | $1,000.00 | $1,003.29 | $7.68 | 1.53% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.40 | $7.74 | 1.53% |
Class R | ||||
Actual | $1,000.00 | $1,006.24 | $4.63 | 0.92% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.46 | $4.66 | 0.92% |
Class R4 | ||||
Actual | $1,000.00 | $1,008.28 | $2.62 | 0.52% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.46 | $2.64 | 0.52% |
Class R6 | ||||
Actual | $1,000.00 | $1,009.04 | $1.86 | 0.37% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.21 | $1.88 | 0.37% |
Administrator Class | ||||
Actual | $1,000.00 | $1,007.38 | $3.52 | 0.70% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.56 | $3.55 | 0.70% |
Institutional Class | ||||
Actual | $1,000.00 | $1,009.56 | $2.12 | 0.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.96 | $2.13 | 0.42% |
Value | |||||
Investment companies: 100.05% | |||||
Affiliated master portfolio: 100.05% | |||||
Allspring Core Bond Portfolio | $5,127,213,213 | ||||
Total Investment companies (Cost $5,114,748,252) | 5,127,213,213 | ||||
Total investments in securities (Cost $5,114,748,252) | 100.05% | 5,127,213,213 | |||
Other assets and liabilities, net | (0.05) | (2,622,483) | |||
Total net assets | 100.00% | $5,124,590,730 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Core Bond Portfolio | 94.49% | 94.18% | $18,478,641 | $2,327,769 | $39,251,978 | $27,584 | $5,127,213,213 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $5,114,748,252) | $ 5,127,213,213 |
Receivable for Fund shares sold | 3,724,000 |
Receivable from manager | 83,483 |
Prepaid expenses and other assets | 90,720 |
Total assets | 5,131,111,416 |
Liabilities | |
Payable for Fund shares redeemed | 5,435,197 |
Dividends payable | 524,312 |
Administration fees payable | 293,237 |
Distribution fees payable | 7,101 |
Trustees’ fees and expenses payable | 655 |
Accrued expenses and other liabilities | 260,184 |
Total liabilities | 6,520,686 |
Total net assets | $5,124,590,730 |
Net assets consist of | |
Paid-in capital | $ 5,086,876,433 |
Total distributable earnings | 37,714,297 |
Total net assets | $5,124,590,730 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 367,087,999 |
Shares outstanding – Class A1 | 27,246,997 |
Net asset value per share – Class A | $13.47 |
Maximum offering price per share – Class A2 | $14.10 |
Net assets – Class C | $ 10,984,226 |
Shares outstanding �� Class C1 | 823,880 |
Net asset value per share – Class C | $13.33 |
Net assets – Class R | $ 1,568,531 |
Shares outstanding – Class R1 | 119,444 |
Net asset value per share – Class R | $13.13 |
Net assets – Class R4 | $ 1,829,632 |
Shares outstanding – Class R41 | 139,324 |
Net asset value per share – Class R4 | $13.13 |
Net assets – Class R6 | $ 1,765,026,824 |
Shares outstanding – Class R61 | 134,512,852 |
Net asset value per share – Class R6 | $13.12 |
Net assets – Administrator Class | $ 221,573,196 |
Shares outstanding – Administrator Class1 | 16,868,953 |
Net asset value per share – Administrator Class | $13.13 |
Net assets – Institutional Class | $ 2,756,520,322 |
Shares outstanding – Institutional Class1 | 210,149,958 |
Net asset value per share – Institutional Class | $13.12 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolio (net of foreign withholding taxes of $12,891) | $ 39,251,978 |
Affiliated income allocated from affiliated Master Portfolio | 27,584 |
Expenses allocated from affiliated Master Portfolio | (9,296,250) |
Total investment income | 29,983,312 |
Expenses | |
Management fee | 1,300,081 |
Administration fees | |
Class A | 298,204 |
Class C | 9,627 |
Class R | 1,349 |
Class R4 | 709 |
Class R6 | 279,155 |
Administrator Class | 111,419 |
Institutional Class | 1,109,945 |
Shareholder servicing fees | |
Class A | 465,944 |
Class C | 14,955 |
Class R | 1,583 |
Class R4 | 884 |
Administrator Class | 269,367 |
Distribution fees | |
Class C | 44,845 |
Class R | 1,583 |
Custody and accounting fees | 72,470 |
Professional fees | 18,191 |
Registration fees | 13,012 |
Shareholder report expenses | 6,285 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 33,503 |
Total expenses | 4,063,078 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (925,746) |
Class A | (13,227) |
Class C | (2) |
Class R4 | (301) |
Class R6 | (317,155) |
Administrator Class | (19,171) |
Institutional Class | (480,428) |
Net expenses | 2,307,048 |
Net investment income | 27,676,264 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 18,478,424 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 2,327,986 |
Net realized and unrealized gains (losses) on investments | 20,806,410 |
Net increase in net assets resulting from operations | $48,482,674 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 27,676,264 | $ 68,755,092 | ||
Net realized gains on investments | 18,478,424 | 124,275,417 | ||
Net change in unrealized gains (losses) on investments | 2,327,986 | (163,776,116) | ||
Net increase in net assets resulting from operations | 48,482,674 | 29,254,393 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,455,491) | (18,390,567) | ||
Class C | (3,566) | (826,028) | ||
Class R | (5,356) | (109,006) | ||
Class R4 | (9,201) | (255,450) | ||
Class R6 | (11,071,124) | (147,643,160) | ||
Administrator Class | (955,924) | (13,932,917) | ||
Institutional Class | (15,788,554) | (162,044,711) | ||
Total distributions to shareholders | (29,289,216) | (343,201,839) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,664,077 | 22,498,128 | 12,273,258 | 169,431,477 |
Class C | 52,600 | 704,410 | 429,511 | 6,062,121 |
Class R | 5,278 | 69,540 | 42,683 | 585,880 |
Class R4 | 19,599 | 258,288 | 73,596 | 1,019,265 |
Class R6 | 8,669,906 | 114,360,640 | 41,373,976 | 564,946,588 |
Administrator Class | 1,944,278 | 25,673,562 | 7,772,437 | 107,461,106 |
Institutional Class | 31,243,609 | 412,518,270 | 91,169,096 | 1,242,662,922 |
576,082,838 | 2,092,169,359 | |||
Reinvestment of distributions | ||||
Class A | 100,545 | 1,360,968 | 1,173,633 | 16,238,069 |
Class C | 262 | 3,515 | 58,078 | 794,241 |
Class R | 281 | 3,707 | 5,020 | 67,665 |
Class R4 | 693 | 9,141 | 18,865 | 254,704 |
Class R6 | 670,307 | 8,837,854 | 8,211,303 | 110,794,663 |
Administrator Class | 68,245 | 900,859 | 991,907 | 13,386,686 |
Institutional Class | 1,109,315 | 14,622,137 | 11,300,587 | 152,228,735 |
25,738,181 | 293,764,763 | |||
Payment for shares redeemed | ||||
Class A | (2,137,736) | (28,942,605) | (6,969,911) | (96,545,555) |
Class C | (236,998) | (3,177,776) | (1,472,599) | (20,765,992) |
Class R | (17,177) | (225,850) | (150,925) | (2,094,716) |
Class R4 | (16,948) | (224,737) | (285,459) | (3,858,168) |
Class R6 | (26,074,861) | (344,908,039) | (82,522,155) | (1,114,913,998) |
Administrator Class | (1,550,142) | (20,467,248) | (8,154,991) | (111,662,175) |
Institutional Class | (32,522,983) | (428,860,630) | (63,368,919) | (856,440,756) |
(826,806,885) | (2,206,281,360) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (224,985,866) | 179,652,762 | ||
Total decrease in net assets | (205,792,408) | (134,294,684) | ||
Net assets | ||||
Beginning of period | 5,330,383,138 | 5,464,677,822 | ||
End of period | $5,124,590,730 | $ 5,330,383,138 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.43 | $14.17 | $13.28 | $12.86 | $13.22 | $13.28 |
Net investment income | 0.05 | 0.12 1 | 0.25 | 0.32 | 0.24 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.06) | 0.93 | 0.42 | (0.36) | 0.00 |
Total from investment operations | 0.09 | 0.06 | 1.18 | 0.74 | (0.12) | 0.19 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.15) | (0.26) | (0.32) | (0.24) | (0.19) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.05) | (0.80) | (0.29) | (0.32) | (0.24) | (0.25) |
Net asset value, end of period | $13.47 | $13.43 | $14.17 | $13.28 | $12.86 | $13.22 |
Total return2 | 0.69% | 0.31% | 9.03% | 5.87% | (0.96)% | 1.48% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.82% | 0.82% | 0.82% | 0.83% | 0.83% | 0.83% |
Net expenses | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Net investment income | 0.72% | 0.87% | 1.85% | 2.50% | 1.79% | 1.40% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $367,088 | $370,882 | $299,642 | $302,246 | $320,208 | $360,276 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.29 | $14.03 | $13.15 | $12.74 | $13.09 | $13.15 |
Net investment income (loss) | (0.00) 1 | 0.03 | 0.15 | 0.23 | 0.14 | 0.09 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.07) | 0.92 | 0.40 | (0.35) | 0.00 |
Total from investment operations | 0.04 | (0.04) | 1.07 | 0.63 | (0.21) | 0.09 |
Distributions to shareholders from | ||||||
Net investment income | (0.00) 2 | (0.05) | (0.16) | (0.22) | (0.14) | (0.09) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.00) 2 | (0.70) | (0.19) | (0.22) | (0.14) | (0.15) |
Net asset value, end of period | $13.33 | $13.29 | $14.03 | $13.15 | $12.74 | $13.09 |
Total return3 | 0.33% | (0.45)% | 8.22% | 5.04% | (1.65)% | 0.72% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.57% | 1.57% | 1.57% | 1.58% | 1.58% | 1.58% |
Net expenses | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
Net investment income (loss) | (0.04)% | 0.16% | 1.11% | 1.75% | 1.04% | 0.68% |
Supplemental data | ||||||
Portfolio turnover rate4 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $10,984 | $13,399 | $27,971 | $34,494 | $47,843 | $59,049 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.36% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Amount is more than $(0.005) |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.09 | $13.83 | $12.96 | $12.55 | $12.90 | $12.97 |
Net investment income | 0.04 1 | 0.11 1 | 0.22 1 | 0.28 1 | 0.20 1 | 0.15 1 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.06) | 0.90 | 0.41 | (0.35) | (0.01) |
Total from investment operations | 0.08 | 0.05 | 1.12 | 0.69 | (0.15) | 0.14 |
Distributions to shareholders from | ||||||
Net investment income | (0.04) | (0.14) | (0.22) | (0.28) | (0.20) | (0.15) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.04) | (0.79) | (0.25) | (0.28) | (0.20) | (0.21) |
Net asset value, end of period | $13.13 | $13.09 | $13.83 | $12.96 | $12.55 | $12.90 |
Total return2 | 0.62% | 0.22% | 8.80% | 5.61% | (1.19)% | 1.15% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.95% | 0.87% | 1.05% | 1.07% | 1.08% | 1.08% |
Net expenses | 0.92% | 0.86% | 1.02% | 1.03% | 1.03% | 1.03% |
Net investment income | 0.57% | 0.81% | 1.66% | 2.25% | 1.54% | 1.18% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,569 | $1,716 | $3,241 | $8,565 | $12,230 | $13,826 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R4 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.09 | $13.83 | $12.95 | $12.55 | $12.89 | $12.95 |
Net investment income | 0.07 | 0.16 1 | 0.29 1 | 0.35 | 0.26 1 | 0.22 |
Net realized and unrealized gains (losses) on investments | 0.04 | (0.06) | 0.91 | 0.40 | (0.34) | 0.00 |
Total from investment operations | 0.11 | 0.10 | 1.20 | 0.75 | (0.08) | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.19) | (0.29) | (0.35) | (0.26) | (0.22) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.07) | (0.84) | (0.32) | (0.35) | (0.26) | (0.28) |
Net asset value, end of period | $13.13 | $13.09 | $13.83 | $12.95 | $12.55 | $12.89 |
Total return2 | 0.83% | 0.55% | 9.34% | 6.07% | (0.61)% | 1.74% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.59% | 0.59% | 0.59% | 0.60% | 0.60% | 0.60% |
Net expenses | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% | 0.52% |
Net investment income | 0.98% | 1.16% | 2.19% | 2.76% | 2.01% | 1.70% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,830 | $1,780 | $4,549 | $10,805 | $11,680 | $43,205 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.08 | $13.82 | $12.95 | $12.54 | $12.89 | $12.95 |
Net investment income | 0.07 | 0.18 1 | 0.30 | 0.37 | 0.28 | 0.24 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.06) | 0.91 | 0.41 | (0.35) | 0.00 |
Total from investment operations | 0.12 | 0.12 | 1.21 | 0.78 | (0.07) | 0.24 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.21) | (0.31) | (0.37) | (0.28) | (0.24) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.08) | (0.86) | (0.34) | (0.37) | (0.28) | (0.30) |
Net asset value, end of period | $13.12 | $13.08 | $13.82 | $12.95 | $12.54 | $12.89 |
Total return2 | 0.90% | 0.70% | 9.42% | 6.31% | (0.54)% | 1.90% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% | 0.45% |
Net expenses | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Net investment income | 1.13% | 1.29% | 2.26% | 2.92% | 2.24% | 1.87% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $1,765,027 | $1,978,164 | $2,545,332 | $2,513,644 | $1,360,847 | $797,896 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.09 | $13.83 | $12.96 | $12.56 | $12.90 | $12.97 |
Net investment income | 0.05 | 0.13 | 0.26 | 0.33 1 | 0.24 1 | 0.21 |
Net realized and unrealized gains (losses) on investments | 0.05 | (0.06) | 0.90 | 0.40 | (0.34) | (0.02) |
Total from investment operations | 0.10 | 0.07 | 1.16 | 0.73 | (0.10) | 0.19 |
Distributions to shareholders from | ||||||
Net investment income | (0.06) | (0.16) | (0.26) | (0.33) | (0.24) | (0.20) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.06) | (0.81) | (0.29) | (0.33) | (0.24) | (0.26) |
Net asset value, end of period | $13.13 | $13.09 | $13.83 | $12.96 | $12.56 | $12.90 |
Total return2 | 0.74% | 0.37% | 9.14% | 5.87% | (0.79)% | 1.48% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.75% | 0.76% | 0.76% | 0.76% | 0.77% | 0.77% |
Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Net investment income | 0.80% | 0.95% | 1.92% | 2.58% | 1.86% | 1.50% |
Supplemental data | ||||||
Portfolio turnover rate3 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $221,573 | $214,796 | $218,522 | $205,825 | $269,057 | $373,042 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.07 | $13.82 | $12.94 | $12.54 | $12.88 | $12.95 |
Net investment income | 0.07 | 0.17 | 0.29 | 0.36 | 0.28 | 0.23 |
Net realized and unrealized gains (losses) on investments | 0.06 | (0.07) | 0.92 | 0.40 | (0.34) | (0.01) |
Total from investment operations | 0.13 | 0.10 | 1.21 | 0.76 | (0.06) | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.20) | (0.30) | (0.36) | (0.28) | (0.23) |
Net realized gains | 0.00 | (0.65) | (0.03) | 0.00 | 0.00 | (0.06) |
Total distributions to shareholders | (0.08) | (0.85) | (0.33) | (0.36) | (0.28) | (0.29) |
Net asset value, end of period | $13.12 | $13.07 | $13.82 | $12.94 | $12.54 | $12.88 |
Total return1 | 0.96% | 0.58% | 9.45% | 6.18% | (0.51)% | 1.77% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.49% | 0.49% | 0.49% | 0.50% | 0.50% | 0.50% |
Net expenses | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Net investment income | 1.08% | 1.22% | 2.21% | 2.86% | 2.16% | 1.82% |
Supplemental data | ||||||
Portfolio turnover rate2 | 199% | 457% | 603% | 577% | 542% | 614% |
Net assets, end of period (000s omitted) | $2,756,520 | $2,749,647 | $2,365,421 | $2,343,238 | $3,318,290 | $3,166,348 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.35% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
Year ended May 31, 2018 | 0.35% |
Year ended May 31, 2017 | 0.35% |
1 | Returns for periods of less than one year are not annualized. |
2 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $ 0 |
Gross unrealized losses | (2,177,412) |
Net unrealized losses | $(2,177,412) |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation | $5,127,213,213 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R | 0.16 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.78% |
Class C | 1.53 |
Class R | 1.03 |
Class R4 | 0.52 |
Class R6 | 0.37 |
Administrator Class | 0.70 |
Institutional Class | 0.42 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$9,601,517,650 | $1,749,156,683 | $9,466,666,799 | $1,729,005,700 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 26.83% | ||||||
FHLMC ¤ | 0.00% | 9-15-2029 | $ | 10,190,000 | $ 8,953,596 | |
FHLMC ¤ | 0.00 | 12-14-2029 | 6,390,000 | 5,625,225 | ||
FHLMC (1 Month LIBOR +0.35%) ± | 0.44 | 12-15-2048 | 619,557 | 616,144 | ||
FHLMC | 1.75 | 5-15-2043 | 2,107,894 | 2,143,204 | ||
FHLMC | 2.00 | 12-1-2050 | 5,739,596 | 5,767,557 | ||
FHLMC | 2.50 | 1-1-2036 | 14,929,003 | 15,682,987 | ||
FHLMC (12 Month LIBOR +1.64%) ± | 2.82 | 5-1-2049 | 2,691,273 | 2,768,131 | ||
FHLMC | 3.00 | 12-1-2031 | 8,480,464 | 8,941,493 | ||
FHLMC | 3.00 | 1-1-2032 | 1,331,647 | 1,408,180 | ||
FHLMC | 3.00 | 7-1-2033 | 3,364,115 | 3,551,264 | ||
FHLMC | 3.00 | 10-15-2047 | 5,956,989 | 6,112,641 | ||
FHLMC | 3.00 | 5-15-2050 | 4,434,855 | 4,669,057 | ||
FHLMC | 4.00 | 1-1-2035 | 120,009 | 130,582 | ||
FHLMC | 4.00 | 1-1-2036 | 226,474 | 246,911 | ||
FHLMC | 4.00 | 10-1-2036 | 1,196,279 | 1,300,405 | ||
FHLMC | 4.00 | 3-1-2037 | 180,622 | 197,795 | ||
FHLMC | 4.00 | 3-1-2037 | 209,910 | 231,040 | ||
FHLMC | 4.00 | 3-1-2037 | 214,229 | 231,049 | ||
FHLMC | 4.00 | 4-1-2037 | 1,690,536 | 1,849,450 | ||
FHLMC | 4.00 | 4-1-2037 | 1,421,123 | 1,550,820 | ||
FHLMC | 4.00 | 8-1-2038 | 7,229,497 | 7,781,079 | ||
FHLMC | 4.00 | 11-1-2048 | 6,777,264 | 7,385,275 | ||
FHLMC | 4.00 | 7-1-2049 | 10,027,372 | 11,061,857 | ||
FHLMC | 4.50 | 6-1-2039 | 198,106 | 218,319 | ||
FHLMC | 4.50 | 7-1-2039 | 255,419 | 287,401 | ||
FHLMC | 5.00 | 5-1-2048 | 5,344,603 | 6,052,937 | ||
FHLMC | 5.00 | 3-1-2049 | 8,055,112 | 9,024,774 | ||
FHLMC Series 1897 Class K | 7.00 | 9-15-2026 | 191 | 209 | ||
FHLMC Series 264 Class 30 | 3.00 | 7-15-2042 | 7,269,563 | 7,537,618 | ||
FHLMC Series 4426 Class QC | 1.75 | 7-15-2037 | 3,777,382 | 3,830,855 | ||
FHLMC Series 4705 Class A | 4.50 | 9-15-2042 | 536,497 | 541,797 | ||
FHLMC Series 4763 Class CA | 3.00 | 9-15-2038 | 1,043,008 | 1,097,506 | ||
FHLMC Series 4767 Class KA | 3.00 | 3-15-2048 | 2,895,238 | 3,047,336 | ||
FHLMC Series 5091 Class AB | 1.50 | 3-25-2051 | 9,176,821 | 9,059,728 | ||
FHLMC Series 5119 Class AB | 1.50 | 8-25-2049 | 4,756,693 | 4,722,574 | ||
FNMA ¤ | 0.00 | 11-15-2030 | 18,777,000 | 16,170,060 | ||
FNMA | 1.50 | 1-25-2043 | 2,654,717 | 2,638,700 | ||
FNMA | 1.50 | 1-25-2043 | 8,577,150 | 8,582,288 | ||
FNMA | 1.70 | 8-25-2033 | 10,160,060 | 10,356,077 | ||
FNMA | 1.75 | 5-25-2043 | 2,971,996 | 3,015,961 | ||
FNMA | 1.75 | 6-25-2046 | 19,168,168 | 19,153,863 | ||
FNMA | 2.00 | 9-1-2030 | 1,793,432 | 1,840,237 | ||
FNMA | 2.00 | 5-1-2031 | 2,721,849 | 2,792,884 | ||
FNMA | 2.00 | 5-1-2031 | 2,719,050 | 2,790,012 | ||
FNMA %% | 2.00 | 1-16-2036 | 53,800,000 | 55,063,039 | ||
FNMA %% | 2.00 | 12-16-2036 | 17,400,000 | 17,841,117 | ||
FNMA | 2.00 | 6-25-2038 | 10,102,722 | 10,370,920 | ||
FNMA | 2.00 | 4-1-2051 | 11,188,213 | 11,242,755 | ||
FNMA %% | 2.00 | 12-13-2051 | 48,200,000 | 48,237,656 | ||
FNMA (12 Month LIBOR +1.58%) ± | 2.34 | 6-1-2045 | 2,228,251 | 2,312,392 | ||
FNMA | 2.50 | 2-1-2036 | 10,906,574 | 11,488,668 | ||
FNMA | 2.50 | 3-1-2036 | 8,760,858 | 9,236,988 | ||
FNMA | 2.50 | 3-1-2036 | 14,133,381 | 14,887,883 | ||
FNMA | 2.50 | 4-1-2036 | 3,055,554 | 3,221,560 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 2.50% | 5-1-2036 | $ | 10,467,341 | $ 11,036,230 | |
FNMA | 2.50 | 5-1-2036 | 10,788,585 | 11,374,813 | ||
FNMA | 2.50 | 11-25-2044 | 1,867,668 | 1,912,368 | ||
FNMA %% | 2.50 | 2-11-2051 | 151,700,000 | 154,775,481 | ||
FNMA %% | 2.50 | 12-13-2051 | 165,400,000 | 169,560,845 | ||
FNMA %% | 2.50 | 1-13-2052 | 48,800,000 | 49,905,625 | ||
FNMA (12 Month LIBOR +1.59%) ± | 2.70 | 1-1-2046 | 6,576,910 | 6,827,317 | ||
FNMA | 3.00 | 1-1-2043 | 5,690,750 | 6,039,109 | ||
FNMA | 3.00 | 5-25-2048 | 6,945,276 | 7,286,574 | ||
FNMA | 3.00 | 7-25-2049 | 2,616,320 | 2,699,131 | ||
FNMA %% | 3.00 | 2-14-2052 | 16,000,000 | 16,571,076 | ||
FNMA | 3.00 | 12-1-2054 | 24,147,118 | 25,573,127 | ||
FNMA | 3.00 | 2-1-2055 | 2,371,958 | 2,496,552 | ||
FNMA | 3.00 | 7-1-2060 | 31,903,510 | 33,985,757 | ||
FNMA | 3.00 | 7-1-2060 | 24,264,627 | 25,648,346 | ||
FNMA | 4.00 | 9-1-2033 | 1,977,725 | 2,103,621 | ||
FNMA | 4.00 | 12-1-2036 | 233,584 | 254,908 | ||
FNMA | 4.00 | 10-1-2037 | 1,408,911 | 1,520,399 | ||
FNMA | 4.00 | 9-1-2045 | 784,758 | 868,514 | ||
FNMA | 4.00 | 1-1-2046 | 5,464,579 | 6,071,735 | ||
FNMA | 4.00 | 2-1-2047 | 2,797,830 | 3,063,791 | ||
FNMA | 4.00 | 4-1-2047 | 630,450 | 694,709 | ||
FNMA | 4.00 | 4-1-2047 | 515,258 | 571,090 | ||
FNMA | 4.00 | 4-1-2047 | 357,523 | 383,106 | ||
FNMA | 4.00 | 10-1-2047 | 597,077 | 662,044 | ||
FNMA | 4.00 | 10-1-2047 | 510,760 | 562,012 | ||
FNMA | 4.00 | 7-1-2048 | 17,583,829 | 19,249,267 | ||
FNMA | 4.00 | 9-1-2048 | 3,643,066 | 3,960,132 | ||
FNMA | 4.00 | 10-1-2048 | 3,050,956 | 3,326,689 | ||
FNMA | 4.00 | 11-1-2048 | 3,354,954 | 3,665,211 | ||
FNMA | 4.00 | 12-1-2048 | 2,893,973 | 3,211,854 | ||
FNMA | 4.00 | 2-1-2049 | 3,235,202 | 3,547,888 | ||
FNMA | 4.00 | 5-1-2049 | 373,623 | 405,129 | ||
FNMA | 4.00 | 5-1-2049 | 2,505,981 | 2,764,255 | ||
FNMA | 4.00 | 12-1-2049 | 2,797,986 | 3,063,293 | ||
FNMA | 4.00 | 8-1-2059 | 3,308,612 | 3,697,742 | ||
FNMA | 4.50 | 5-1-2034 | 936,588 | 1,030,866 | ||
FNMA | 4.50 | 6-1-2041 | 203,633 | 227,473 | ||
FNMA | 4.50 | 3-1-2043 | 2,627,262 | 2,932,640 | ||
FNMA | 4.50 | 10-1-2045 | 4,037,123 | 4,506,685 | ||
FNMA | 4.50 | 2-1-2046 | 93,450 | 103,539 | ||
FNMA | 4.50 | 7-1-2048 | 4,529,158 | 5,040,979 | ||
FNMA | 4.50 | 8-1-2048 | 5,884,182 | 6,540,395 | ||
FNMA | 4.50 | 10-1-2048 | 5,293,655 | 5,850,040 | ||
FNMA | 4.50 | 11-1-2048 | 1,949,010 | 2,189,231 | ||
FNMA | 4.50 | 1-1-2049 | 9,832,851 | 10,911,278 | ||
FNMA | 4.50 | 2-1-2049 | 5,364,842 | 5,931,445 | ||
FNMA | 4.50 | 6-1-2049 | 4,178,791 | 4,640,225 | ||
FNMA | 4.50 | 7-1-2049 | 4,325,441 | 4,805,463 | ||
FNMA | 4.50 | 8-1-2049 | 4,040,222 | 4,470,917 | ||
FNMA | 4.50 | 4-1-2050 | 2,961,728 | 3,334,690 | ||
FNMA | 5.00 | 7-1-2044 | 264,878 | 294,496 | ||
FNMA | 5.00 | 10-1-2048 | 73,566 | 83,287 | ||
FNMA | 5.00 | 12-1-2048 | 2,932,578 | 3,265,859 | ||
FNMA | 5.00 | 6-1-2049 | 21,793,142 | 24,416,816 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 5.00% | 8-1-2049 | $ | 28,962,408 | $ 32,834,094 | |
FNMA | 5.00 | 8-1-2049 | 13,752,926 | 15,488,321 | ||
FNMA | 5.00 | 11-1-2049 | 4,184,519 | 4,649,873 | ||
FNMA | 5.50 | 12-1-2048 | 3,585,196 | 4,119,405 | ||
FNMA | 5.50 | 6-1-2049 | 9,831,120 | 11,311,736 | ||
FNMA | 6.00 | 4-1-2022 | 165 | 183 | ||
FNMA | 6.00 | 2-1-2029 | 1,623 | 1,807 | ||
FNMA | 6.00 | 3-1-2033 | 21,012 | 24,129 | ||
FNMA | 6.00 | 11-1-2033 | 6,936 | 8,046 | ||
FNMA | 2.50 | 12-1-2035 | 15,326,330 | 16,158,629 | ||
FNMA | 2.50 | 6-1-2036 | 9,803,675 | 10,336,323 | ||
FNMA Series 2017-13 Class PA | 3.00 | 8-25-2046 | 3,173,335 | 3,291,729 | ||
FNMA Series 2017-M7 Class A2 ±± | 2.96 | 2-25-2027 | 1,760,000 | 1,871,860 | ||
FNMA Series 2018-14 Class KC | 3.00 | 3-25-2048 | 3,400,706 | 3,576,942 | ||
FNMA Series 2018-15 Class AB | 3.00 | 3-25-2048 | 1,277,579 | 1,343,202 | ||
FNMA Series 2018-8 Class KL | 2.50 | 3-25-2047 | 3,435,272 | 3,529,318 | ||
FNMA Series 2019-15 Class AB | 3.50 | 5-25-2053 | 7,471,551 | 8,030,939 | ||
FNMA Series 2020-48 Class AB | 2.00 | 7-25-2050 | 5,078,938 | 5,161,914 | ||
FNMA Series 2020-48 Class DA | 2.00 | 7-25-2050 | 11,869,646 | 11,919,143 | ||
FNMA Series 2021-27 Class EC | 1.50 | 5-25-2051 | 13,566,722 | 13,460,952 | ||
FNMA Series 2021-78 Class ND | 1.50 | 11-25-2051 | 7,422,826 | 7,445,170 | ||
FNMA Series 414 Class A35 | 3.50 | 10-25-2042 | 6,727,788 | 7,236,429 | ||
GNMA | 2.50 | 9-20-2051 | 32,239,126 | 33,162,520 | ||
GNMA | 3.00 | 10-20-2051 | 36,257,450 | 37,745,891 | ||
GNMA | 3.50 | 1-20-2048 | 3,294,371 | 3,520,531 | ||
GNMA | 3.50 | 3-20-2049 | 2,274,045 | 2,412,162 | ||
GNMA | 4.00 | 6-20-2047 | 23,567,314 | 25,157,716 | ||
GNMA | 4.00 | 3-20-2048 | 753,019 | 808,779 | ||
GNMA | 4.00 | 4-20-2048 | 1,169,956 | 1,252,830 | ||
GNMA | 4.00 | 4-20-2048 | 1,001,788 | 1,081,828 | ||
GNMA | 4.00 | 4-20-2048 | 908,364 | 984,533 | ||
GNMA | 4.00 | 5-20-2049 | 1,396,650 | 1,488,030 | ||
GNMA | 4.00 | 6-20-2049 | 3,136,784 | 3,334,460 | ||
GNMA | 4.00 | 7-20-2049 | 3,237,929 | 3,492,790 | ||
GNMA | 4.50 | 8-15-2047 | 530,234 | 594,250 | ||
GNMA | 4.50 | 6-20-2048 | 4,044,370 | 4,310,817 | ||
GNMA | 4.50 | 2-20-2049 | 4,352,885 | 4,821,098 | ||
GNMA | 4.50 | 3-20-2049 | 361,905 | 390,845 | ||
GNMA | 4.50 | 4-20-2049 | 473,183 | 505,769 | ||
GNMA | 4.50 | 5-20-2049 | 971,417 | 1,038,736 | ||
GNMA | 4.50 | 5-20-2049 | 589,595 | 630,117 | ||
GNMA | 5.00 | 12-20-2039 | 132,388 | 147,480 | ||
GNMA | 5.00 | 3-20-2048 | 7,112,242 | 7,808,683 | ||
GNMA | 5.00 | 5-20-2048 | 3,304,124 | 3,573,719 | ||
GNMA | 5.00 | 6-20-2048 | 12,454,850 | 13,441,573 | ||
GNMA | 5.00 | 7-20-2048 | 2,200,250 | 2,377,850 | ||
GNMA | 5.00 | 8-20-2048 | 3,494,168 | 3,782,650 | ||
GNMA | 5.00 | 12-20-2048 | 3,482,526 | 3,749,855 | ||
GNMA | 5.00 | 1-20-2049 | 663,598 | 712,191 | ||
GNMA | 5.00 | 1-20-2049 | 3,485,138 | 3,802,129 | ||
GNMA | 5.00 | 2-20-2049 | 483,664 | 533,333 | ||
GNMA | 5.00 | 3-20-2049 | 955,765 | 1,051,234 | ||
GNMA | 2.50 | 7-20-2051 | 32,770,585 | 33,709,201 | ||
GNMA Series 2012-141 Class WA ±± | 4.53 | 11-16-2041 | 999,655 | 1,101,590 | ||
GNMA Series 2017-167 Class BQ | 2.50 | 8-20-2044 | 3,693,983 | 3,780,589 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
GNMA Series 2018-11 Class PC | 2.75% | 12-20-2047 | $ | 4,197,881 | $ 4,281,997 | |
GNMA Series 2019-132 Class NA | 3.50 | 9-20-2049 | 3,643,368 | 3,829,004 | ||
GNMA Series 2021-23 Class MG | 1.50 | 2-20-2051 | 9,719,214 | 9,608,950 | ||
Total Agency securities (Cost $1,448,541,174) | 1,460,611,794 | |||||
Asset-backed securities: 8.00% | ||||||
American Express Credit Account Master Trust Series 2021-1 Class A | 0.90 | 11-16-2026 | 17,380,000 | 17,296,164 | ||
AmeriCredit Automobile Receivables Series 2020-2 Class A2 | 0.60 | 12-18-2023 | 1,545,261 | 1,545,937 | ||
Avis Budget Rental Car Funding LLC Series 2019-3A Class A1 144A | 2.36 | 3-20-2026 | 3,825,000 | 3,928,256 | ||
Avis Budget Rental Car Funding LLC Series 2020-1A Class A 144A | 2.33 | 8-20-2026 | 1,721,000 | 1,773,160 | ||
Avis Budget Rental Car Funding LLC Series 2021 2A Class A 144A | 1.66 | 2-20-2028 | 7,680,000 | 7,649,997 | ||
Blackstone Secured Lending Fund 144A | 2.85 | 9-30-2028 | 4,403,000 | 4,269,921 | ||
Captial One Multi-Asset Execution Trust Series 2021-A2 Class A2 | 1.39 | 7-15-2030 | 9,776,000 | 9,638,287 | ||
College Avenue Student Loan Trust Series 2017-A Class A1 (1 Month LIBOR +1.65%) 144A± | 1.74 | 11-26-2046 | 2,097,912 | 2,121,740 | ||
College Avenue Student Loan Trust Series 2018-A Class A2 144A | 4.13 | 12-26-2047 | 1,654,796 | 1,720,477 | ||
College Avenue Student Loan Trust Series 2019- A Class A2 144A | 3.28 | 12-28-2048 | 2,725,993 | 2,795,942 | ||
College Avenue Student Loan Trust Series 2021-A Class-A2 144A | 1.60 | 7-25-2051 | 3,784,522 | 3,718,184 | ||
Ford Credit Auto Owner Trust Series 2018-1 Class A 144A | 3.19 | 7-15-2031 | 3,524,000 | 3,722,043 | ||
Hertz Vehicle Financing LLC Series 2021-2A Class A 144A | 1.68 | 12-27-2027 | 6,693,000 | 6,673,309 | ||
Hyundai Auto Receivables Trust Series 2021-C Class A4 | 1.03 | 12-15-2027 | 2,976,000 | 2,958,831 | ||
Mercedes Benz Auto Receivables Series 2021-1 Class A3 | 0.46 | 6-15-2026 | 4,523,000 | 4,479,352 | ||
Navient Student Loan Trust Series 2014-AA Class A3 (1 Month LIBOR +1.60%) 144A± | 1.69 | 10-15-2031 | 2,622,000 | 2,665,341 | ||
Navient Student Loan Trust Series 2016-AA Class A2B (1 Month LIBOR +2.15%) 144A± | 2.24 | 12-15-2045 | 1,493,457 | 1,532,402 | ||
Navient Student Loan Trust Series 2018-CA Class A2 144A | 3.52 | 6-16-2042 | 600,350 | 609,929 | ||
Navient Student Loan Trust Series 2018-DA Class A2A 144A | 4.00 | 12-15-2059 | 4,273,489 | 4,472,579 | ||
Navient Student Loan Trust Series 2019-A Class A2A 144A | 3.42 | 1-15-2043 | 5,554,014 | 5,666,614 | ||
Navient Student Loan Trust Series 2019-BA Class A2A 144A | 3.39 | 12-15-2059 | 6,718,960 | 6,928,274 | ||
Navient Student Loan Trust Series 2019-CA Class A2 144A | 3.13 | 2-15-2068 | 4,449,209 | 4,548,590 | ||
Navient Student Loan Trust Series 2019-D Class A2A 144A | 3.01 | 12-15-2059 | 8,329,888 | 8,597,376 | ||
Navient Student Loan Trust Series 2019-FA Class A2 144A | 2.60 | 8-15-2068 | 5,121,173 | 5,217,397 | ||
Navient Student Loan Trust Series 2019-GA Class A 144A | 2.40 | 10-15-2068 | 2,530,325 | 2,571,523 | ||
Navient Student Loan Trust Series 2020-BA ClassA2 144A | 2.12 | 1-15-2069 | 3,341,420 | 3,382,152 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
Navient Student Loan Trust Series 2020-GA Class A 144A | 1.17% | 9-16-2069 | $ | 5,786,373 | $ 5,766,653 | |
Navient Student Loan Trust Series 2020-HA Class A 144A | 1.31 | 1-15-2069 | 3,028,985 | 3,019,714 | ||
Navient Student Loan Trust Series 2020-IA Class A1A 144A | 1.33 | 4-15-2069 | 11,207,741 | 11,076,852 | ||
Navient Student Loan Trust Series 2021 Class A 144A | 0.97 | 12-16-2069 | 12,637,555 | 12,459,200 | ||
Navient Student Loan Trust Series 2021-3A Class A1A 144A | 1.77 | 8-25-2070 | 6,785,000 | 6,735,994 | ||
Navient Student Loan Trust Series 2021-A Class A 144A | 0.84 | 5-15-2069 | 1,337,846 | 1,321,606 | ||
Navient Student Loan Trust Series 2021-BA Class A 144A | 0.94 | 7-15-2069 | 1,863,876 | 1,848,411 | ||
Navient Student Loan Trust Series 2021-CA Class A 144A | 1.06 | 10-15-2069 | 7,712,481 | 7,629,823 | ||
Navient Student Loan Trust Series 2021-FA Class A 144A | 1.11 | 2-18-2070 | 13,970,326 | 13,776,719 | ||
Navient Student Loan Trust Series 2021-GA Class A 144A | 1.58 | 4-15-2070 | 6,023,000 | 6,013,240 | ||
Nelnet Student Loan Trust Series 2004-4 Class A5 (3 Month LIBOR +0.16%) ± | 0.28 | 1-25-2037 | 4,018,026 | 3,961,897 | ||
Nelnet Student Loan Trust Series 2004-5 Class A5 (3 Month LIBOR +0.18%) ± | 0.30 | 10-27-2036 | 1,985,650 | 1,957,614 | ||
Nelnet Student Loan Trust Series 2005-1 Class A5 (3 Month LIBOR +0.11%) ± | 0.23 | 10-25-2033 | 16,077,111 | 15,870,933 | ||
Nelnet Student Loan Trust Series 2005-2 Class A5 (3 Month LIBOR +0.10%) ± | 0.23 | 3-23-2037 | 15,799,914 | 15,558,335 | ||
Nelnet Student Loan Trust Series 2005-3 Class A5 (3 Month LIBOR +0.12%) ± | 0.25 | 12-24-2035 | 11,898,435 | 11,772,252 | ||
Nelnet Student Loan Trust Series 2005-4 Class A4 (3 Month LIBOR +0.18%) ± | 0.31 | 3-22-2032 | 2,918,708 | 2,835,351 | ||
Santander Drive Auto Receivables Trust Series 2020-1 Class A3 | 2.03 | 2-15-2024 | 383,552 | 383,788 | ||
Santander Drive Auto Receivables Trust Series 2020-3 Class A3 | 0.52 | 7-15-2024 | 1,703,510 | 1,704,047 | ||
Santander Drive Auto Receivables Trust Series 2020-4 Class A3 | 0.48 | 7-15-2024 | 2,726,237 | 2,726,902 | ||
SLM Student Loan Trust Series 2003-1 Class A5C (3 Month LIBOR +0.75%) 144A± | 0.87 | 12-15-2032 | 2,868,148 | 2,833,295 | ||
SLM Student Loan Trust Series 2003-10A Class A4 (3 Month LIBOR +0.67%) 144A± | 0.79 | 12-17-2068 | 8,967,000 | 8,968,245 | ||
SLM Student Loan Trust Series 2007-2 Class A4 (3 Month LIBOR +0.06%) ± | 0.18 | 7-25-2022 | 14,681,678 | 14,252,985 | ||
SLM Student Loan Trust Series 2010-1 Class A (1 Month LIBOR +0.40%) ± | 0.49 | 3-25-2025 | 1,330,359 | 1,308,688 | ||
SLM Student Loan Trust Series 2012-1 Class A3 (1 Month LIBOR +0.95%) ± | 1.04 | 9-25-2028 | 9,936,137 | 9,847,178 | ||
SLM Student Loan Trust Series 2012-2 Class A (1 Month LIBOR +0.70%) ± | 0.79 | 1-25-2029 | 8,366,299 | 8,229,873 | ||
SLM Student Loan Trust Series 2012-6 Class A3 (1 Month LIBOR +0.75%) ± | 0.84 | 5-26-2026 | 2,213,352 | 2,173,567 | ||
SMB Private Education Loan Trust Series 2015-B Class A2A 144A | 2.98 | 7-15-2027 | 73,939 | 74,280 | ||
SMB Private Education Loan Trust Series 2016-A Class A2A 144A | 2.70 | 5-15-2031 | 4,372,169 | 4,441,051 | ||
SMB Private Education Loan Trust Series 2016-B Class A2A 144A | 2.43 | 2-17-2032 | 2,162,458 | 2,196,517 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
SMB Private Education Loan Trust Series 2016-B Class A2B (1 Month LIBOR +1.45%) 144A± | 1.54% | 2-17-2032 | $ | 1,685,722 | $ 1,706,029 | |
SMB Private Education Loan Trust Series 2016-C Class A2B (1 Month LIBOR +1.10%) 144A± | 1.19 | 9-15-2034 | 1,923,249 | 1,932,270 | ||
SMB Private Education Loan Trust Series 2018-C Class A2A 144A | 3.63 | 11-15-2035 | 2,762,794 | 2,875,385 | ||
SMB Private Education Loan Trust Series 2019-A Class A2A 144A | 3.44 | 7-15-2036 | 10,300,353 | 10,603,774 | ||
SMB Private Education Loan Trust Series 2020-BA Class A1A 144A | 1.29 | 7-15-2053 | 6,597,860 | 6,542,611 | ||
SMB Private Education Loan Trust Series 2020-PTA Class A2A 144A | 1.60 | 9-15-2054 | 6,321,174 | 6,305,307 | ||
SMB Private Education Loan Trust Series 2020-PTB Class A2A 144A | 1.60 | 9-15-2054 | 19,110,522 | 18,895,198 | ||
SMB Private Education Loan Trust Series 2021-A Class APT1 144A | 1.07 | 1-15-2053 | 19,780,374 | 19,252,740 | ||
SMB Private Education Loan Trust Series 2021-B Class A 144A | 1.31 | 7-17-2051 | 8,250,452 | 8,221,564 | ||
SMB Private Education Loan Trust Series 2021-D Class A1A 144A | 1.34 | 3-17-2053 | 12,179,118 | 12,019,423 | ||
SMB Private Education Loan Trust Series 2021-E Class A1A 144A | 1.68 | 2-15-2051 | 8,559,000 | 8,510,171 | ||
SMB Private Education Loan Trust Series 2053 Class 1 (1 Month LIBOR +0.80%) 144A± | 0.89 | 1-15-2053 | 6,986,000 | 6,976,663 | ||
SoFi Professional Loan Program LLC Series 2016-A Class A2 144A | 2.76 | 12-26-2036 | 861,899 | 866,209 | ||
SoFi Professional Loan Program LLC Series 2016-E Class A1 (1 Month LIBOR +0.85%) 144A± | 0.94 | 7-25-2039 | 171,525 | 171,711 | ||
SoFi Professional Loan Program LLC Series 2017-A Class A1 (1 Month LIBOR +0.70%) 144A± | 0.79 | 3-26-2040 | 230,158 | 230,389 | ||
SoFi Professional Loan Program LLC Series 2017-D Class A2 144A | 2.65 | 9-25-2040 | 209,207 | 212,629 | ||
SoFi Professional Loan Program LLC Series 2017-E Class A1 (1 Month LIBOR +0.50%) 144A± | 0.59 | 11-26-2040 | 80,406 | 80,427 | ||
SoFi Professional Loan Program LLC Series 2017-E Class A2B 144A | 2.72 | 11-26-2040 | 770,703 | 780,341 | ||
SoFi Professional Loan Program LLC Series 2018-A Class A2B 144A | 2.95 | 2-25-2042 | 1,422,065 | 1,444,449 | ||
SoFi Professional Loan Program LLC Series 2018-B Class A2FX 144A | 3.34 | 8-25-2047 | 3,302,151 | 3,364,454 | ||
SoFi Professional Loan Program LLC Series 2020-C Class AFX 144A | 1.95 | 2-15-2046 | 2,801,284 | 2,826,627 | ||
SoFi Professional Loan Program LLC Series 2021-A Class AFX 144A | 1.03 | 8-17-2043 | 2,325,512 | 2,296,863 | ||
SoFi Professional Loan Program LLC Series 2021-B Class AFX 144A | 1.14 | 2-15-2047 | 5,108,777 | 5,056,399 | ||
Toyota Auto Loan Extended Note Series 2021-1A Class A 144A | 1.07 | 2-27-2034 | 7,837,000 | 7,717,233 | ||
Toyota Auto Receivables Owner Trust Series 2021-D Class A4 | 1.02 | 3-15-2027 | 3,197,000 | 3,176,728 | ||
Triton Container Finance LLC Series 2020-1A Class A 144A | 2.11 | 9-20-2045 | 2,265,596 | 2,249,084 | ||
Total Asset-backed securities (Cost $436,765,289) | 435,543,465 |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 24.97% | ||||||
Communication services: 2.42% | ||||||
Diversified telecommunication services: 1.60% | ||||||
AT&T Incorporated | 2.25% | 2-1-2032 | $ | 1,392,000 | $ 1,343,252 | |
AT&T Incorporated | 3.10 | 2-1-2043 | 856,000 | 826,069 | ||
AT&T Incorporated | 3.50 | 6-1-2041 | 1,807,000 | 1,856,518 | ||
AT&T Incorporated | 3.50 | 9-15-2053 | 7,253,000 | 7,326,374 | ||
AT&T Incorporated | 3.55 | 9-15-2055 | 1,772,000 | 1,781,279 | ||
AT&T Incorporated | 3.65 | 6-1-2051 | 1,357,000 | 1,408,940 | ||
AT&T Incorporated | 3.65 | 9-15-2059 | 3,562,000 | 3,605,568 | ||
AT&T Incorporated | 3.80 | 12-1-2057 | 3,242,000 | 3,385,686 | ||
T-Mobile USA Incorporated | 2.25 | 2-15-2026 | 3,916,000 | 3,868,891 | ||
T-Mobile USA Incorporated 144A | 2.25 | 2-15-2026 | 17,360,000 | 17,151,159 | ||
T-Mobile USA Incorporated | 2.88 | 2-15-2031 | 1,150,000 | 1,112,637 | ||
T-Mobile USA Incorporated 144A | 3.38 | 4-15-2029 | 8,464,000 | 8,516,900 | ||
T-Mobile USA Incorporated 144A | 3.50 | 4-15-2031 | 6,242,000 | 6,344,119 | ||
Verizon Communications Incorporated | 2.55 | 3-21-2031 | 1,617,000 | 1,634,347 | ||
Verizon Communications Incorporated | 2.65 | 11-20-2040 | 7,106,000 | 6,784,311 | ||
Verizon Communications Incorporated | 2.88 | 11-20-2050 | 1,366,000 | 1,330,830 | ||
Verizon Communications Incorporated | 3.40 | 3-22-2041 | 3,415,000 | 3,629,939 | ||
Verizon Communications Incorporated | 3.55 | 3-22-2051 | 3,968,000 | 4,350,943 | ||
Verizon Communications Incorporated | 3.70 | 3-22-2061 | 2,481,000 | 2,740,736 | ||
Verizon Communications Incorporated | 4.33 | 9-21-2028 | 1,176,000 | 1,339,428 | ||
Verizon Communications Incorporated | 1.68 | 10-30-2030 | 3,398,000 | 3,207,040 | ||
Verizon Communications Incorporated 144A | 2.36 | 3-15-2032 | 3,380,000 | 3,345,512 | ||
86,890,478 | ||||||
Entertainment: 0.13% | ||||||
Netflix Incorporated 144A | 3.63 | 6-15-2025 | 3,017,000 | 3,182,935 | ||
Netflix Incorporated | 5.88 | 11-15-2028 | 3,242,000 | 3,880,285 | ||
7,063,220 | ||||||
Media: 0.69% | ||||||
Charter Communications Operating LLC | 2.25 | 1-15-2029 | 8,181,000 | 7,928,967 | ||
Charter Communications Operating LLC | 3.50 | 6-1-2041 | 3,694,000 | 3,617,388 | ||
Charter Communications Operating LLC | 3.50 | 3-1-2042 | 4,119,000 | 3,985,413 | ||
Charter Communications Operating LLC | 3.90 | 6-1-2052 | 3,579,000 | 3,616,188 | ||
Charter Communications Operating LLC | 4.40 | 12-1-2061 | 2,604,000 | 2,713,947 | ||
Charter Communications Operating LLC | 4.46 | 7-23-2022 | 1,617,000 | 1,645,566 | ||
Charter Communications Operating LLC | 4.80 | 3-1-2050 | 3,320,000 | 3,739,632 | ||
Comcast Corporation | 1.50 | 2-15-2031 | 4,392,000 | 4,129,177 | ||
Comcast Corporation | 3.75 | 4-1-2040 | 2,066,000 | 2,327,671 | ||
Discovery Communications LLC | 4.00 | 9-15-2055 | 746,000 | 798,639 | ||
ViacomCBS Incorporated | 4.95 | 1-15-2031 | 942,000 | 1,117,667 | ||
ViacomCBS Incorporated | 4.95 | 5-19-2050 | 1,643,000 | 2,075,150 | ||
37,695,405 | ||||||
Consumer discretionary: 1.70% | ||||||
Automobiles: 0.16% | ||||||
Ford Motor Company | 3.63 | 6-17-2031 | 7,278,000 | 7,423,560 | ||
Ford Motor Company | 4.75 | 1-15-2043 | 1,402,000 | 1,500,140 | ||
8,923,700 |
Interest rate | Maturity date | Principal | Value | |||
Diversified consumer services: 0.15% | ||||||
Sodexo Incorporated 144A | 1.63% | 4-16-2026 | $ | 4,630,000 | $ 4,598,308 | |
Yale University | 0.87 | 4-15-2025 | 830,000 | 827,116 | ||
Yale University | 1.48 | 4-15-2030 | 2,594,000 | 2,543,239 | ||
7,968,663 | ||||||
Hotels, restaurants & leisure: 0.41% | ||||||
GLP Capital LP | 5.30 | 1-15-2029 | 1,712,000 | 1,953,854 | ||
Marriott International Incorporated | 2.85 | 4-15-2031 | 4,167,000 | 4,185,166 | ||
Marriott International Incorporated | 3.50 | 10-15-2032 | 2,550,000 | 2,682,512 | ||
Marriott International Incorporated | 4.63 | 6-15-2030 | 6,027,000 | 6,783,406 | ||
Marriott International Incorporated | 5.75 | 5-1-2025 | 1,043,000 | 1,177,142 | ||
Starbucks Corporation | 1.30 | 5-7-2022 | 2,153,000 | 2,160,666 | ||
Starbucks Corporation | 3.50 | 11-15-2050 | 3,372,000 | 3,642,359 | ||
22,585,105 | ||||||
Internet & direct marketing retail: 0.59% | ||||||
Amazon.com Incorporated | 1.00 | 5-12-2026 | 11,550,000 | 11,413,026 | ||
Amazon.com Incorporated | 1.65 | 5-12-2028 | 5,204,000 | 5,179,402 | ||
Amazon.com Incorporated | 2.10 | 5-12-2031 | 8,127,000 | 8,165,477 | ||
Amazon.com Incorporated | 2.70 | 6-3-2060 | 787,000 | 766,651 | ||
Amazon.com Incorporated | 3.10 | 5-12-2051 | 4,107,000 | 4,438,652 | ||
Amazon.com Incorporated | 3.25 | 5-12-2061 | 1,755,000 | 1,937,484 | ||
31,900,692 | ||||||
Specialty retail: 0.30% | ||||||
Advance Auto Parts Company | 3.90 | 4-15-2030 | 6,751,000 | 7,407,402 | ||
AutoNation Incorporated | 4.75 | 6-1-2030 | 1,701,000 | 1,967,655 | ||
Home Depot Incorporated | 2.38 | 3-15-2051 | 2,705,000 | 2,515,177 | ||
Home Depot Incorporated | 3.13 | 12-15-2049 | 3,285,000 | 3,512,108 | ||
Home Depot Incorporated | 3.30 | 4-15-2040 | 700,000 | 757,504 | ||
16,159,846 | ||||||
Textiles, apparel & luxury goods: 0.09% | ||||||
Tapestry Incorporated %% | 3.05 | 3-15-2032 | 4,706,000 | 4,756,728 | ||
Consumer staples: 0.91% | ||||||
Beverages: 0.50% | ||||||
Anheuser-Busch InBev Worldwide Incorporated | 3.50 | 6-1-2030 | 1,694,000 | 1,852,565 | ||
Anheuser-Busch InBev Worldwide Incorporated | 3.75 | 7-15-2042 | 1,548,000 | 1,692,650 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.38 | 4-15-2038 | 5,032,000 | 5,860,858 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.70 | 2-1-2036 | 4,790,000 | 5,759,975 | ||
Anheuser-Busch InBev Worldwide Incorporated | 4.90 | 2-1-2046 | 4,297,000 | 5,454,891 | ||
Molson Coors Beverage Company | 4.20 | 7-15-2046 | 5,879,000 | 6,510,572 | ||
27,131,511 | ||||||
Food & staples retailing: 0.03% | ||||||
Walmart Incorporated | 2.50 | 9-22-2041 | 1,357,000 | 1,389,763 | ||
Personal products: 0.09% | ||||||
Estee Lauder Incorporated | 1.95 | 3-15-2031 | 5,092,000 | 5,083,406 | ||
Tobacco: 0.29% | ||||||
Altria Group Incorporated | 2.35 | 5-6-2025 | 736,000 | 756,378 | ||
Altria Group Incorporated | 2.45 | 2-4-2032 | 1,997,000 | 1,879,932 |
Interest rate | Maturity date | Principal | Value | |||
Tobacco (continued) | ||||||
Altria Group Incorporated | 3.40% | 2-4-2041 | $ | 3,994,000 | $ 3,696,088 | |
BAT Capital Corporation | 2.26 | 3-25-2028 | 908,000 | 887,033 | ||
BAT Capital Corporation | 2.73 | 3-25-2031 | 7,928,000 | 7,668,013 | ||
BAT Capital Corporation | 4.39 | 8-15-2037 | 899,000 | 954,603 | ||
15,842,047 | ||||||
Energy: 0.82% | ||||||
Oil, gas & consumable fuels: 0.82% | ||||||
BP Capital Markets America Incorporated | 2.77 | 11-10-2050 | 2,550,000 | 2,408,357 | ||
BP Capital Markets America Incorporated | 3.38 | 2-8-2061 | 3,960,000 | 4,088,655 | ||
Devon Energy Corporation | 4.75 | 5-15-2042 | 890,000 | 1,017,964 | ||
Devon Energy Corporation | 5.00 | 6-15-2045 | 3,130,000 | 3,773,341 | ||
Diamondback Energy Incorporated | 4.40 | 3-24-2051 | 1,444,000 | 1,637,588 | ||
Enable Midstream Partners | 4.15 | 9-15-2029 | 1,988,000 | 2,140,857 | ||
Enable Midstream Partners | 4.40 | 3-15-2027 | 3,354,000 | 3,625,458 | ||
Enable Midstream Partners | 4.95 | 5-15-2028 | 5,689,000 | 6,338,968 | ||
Enable Midstream Partners | 5.00 | 5-15-2044 | 752,000 | 811,700 | ||
Energy Transfer Operating Partners LP | 5.15 | 3-15-2045 | 1,712,000 | 1,953,062 | ||
Energy Transfer Operating Partners LP | 5.30 | 4-15-2047 | 4,461,000 | 5,156,551 | ||
Energy Transfer Operating Partners LP | 6.00 | 6-15-2048 | 692,000 | 868,616 | ||
Energy Transfer Operating Partners LP | 6.05 | 6-1-2041 | 788,000 | 966,087 | ||
Energy Transfer Operating Partners LP | 6.10 | 2-15-2042 | 882,000 | 1,088,032 | ||
Energy Transfer Operating Partners LP | 6.13 | 12-15-2045 | 1,513,000 | 1,898,332 | ||
Marathon Oil Corporation | 5.20 | 6-1-2045 | 1,089,000 | 1,286,380 | ||
Pioneer Natural Resource | 1.90 | 8-15-2030 | 4,539,000 | 4,298,501 | ||
Sunoco Logistics Partner LP | 5.35 | 5-15-2045 | 1,297,000 | 1,505,752 | ||
44,864,201 | ||||||
Financials: 8.71% | ||||||
Banks: 2.89% | ||||||
Bank of America Corporation (U.S. SOFR +0.41%) ± | 0.52 | 6-14-2024 | 4,637,000 | 4,602,203 | ||
Bank of America Corporation (U.S. SOFR +1.01%) ± | 1.20 | 10-24-2026 | 3,805,000 | 3,725,573 | ||
Bank of America Corporation (U.S. SOFR +1.15%) ± | 1.32 | 6-19-2026 | 7,642,000 | 7,569,096 | ||
Bank of America Corporation (U.S. SOFR +0.91%) ± | 1.66 | 3-11-2027 | 17,083,000 | 16,952,385 | ||
Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73 | 7-22-2027 | 18,245,000 | 18,080,179 | ||
Bank of America Corporation (U.S. SOFR +1.53%) ± | 1.90 | 7-23-2031 | 3,363,000 | 3,215,945 | ||
Bank of America Corporation (U.S. SOFR +1.37%) ± | 1.92 | 10-24-2031 | 2,836,000 | 2,706,670 | ||
Bank of America Corporation (3 Month LIBOR +0.99%) ± | 2.50 | 2-13-2031 | 4,764,000 | 4,772,295 | ||
Bank of America Corporation (U.S. SOFR +2.15%) ± | 2.59 | 4-29-2031 | 5,473,000 | 5,518,373 | ||
Bank of America Corporation (U.S. SOFR +1.32%) ± | 2.69 | 4-22-2032 | 16,711,000 | 16,922,098 | ||
Bank of America Corporation (3 Month LIBOR +0.79%) ± | 3.00 | 12-20-2023 | 6,735,000 | 6,886,739 | ||
Bank of America Corporation (U.S. SOFR +1.65%) ± | 3.48 | 3-13-2052 | 1,677,000 | 1,870,494 | ||
Bank of America Corporation | 3.50 | 4-19-2026 | 866,000 | 932,574 | ||
Bank of America Corporation (3 Month LIBOR +1.06%) ± | 3.56 | 4-23-2027 | 4,184,000 | 4,464,746 | ||
Bank of America Corporation (U.S. SOFR +1.21%) ± | 2.57 | 10-20-2032 | 2,818,000 | 2,830,101 | ||
JPMorgan Chase & Company (U.S. SOFR +0.70%) ± | 1.04 | 2-4-2027 | 16,962,000 | 16,460,234 | ||
JPMorgan Chase & Company (U.S. SOFR +0.80%) ± | 1.05 | 11-19-2026 | 9,458,000 | 9,196,270 | ||
JPMorgan Chase & Company (U.S. SOFR +0.77%) ± | 1.47 | 9-22-2027 | 10,130,000 | 9,936,099 | ||
JPMorgan Chase & Company (U.S. SOFR +1.02%) ± | 2.07 | 6-1-2029 | 8,455,000 | 8,351,501 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
JPMorgan Chase & Company (U.S. SOFR +1.85%) ± | 2.08% | 4-22-2026 | $ | 7,418,000 | $ 7,544,573 | |
JPMorgan Chase & Company (U.S. SOFR +1.89%) ± | 2.18 | 6-1-2028 | 5,196,000 | 5,207,590 | ||
157,745,738 | ||||||
Capital markets: 4.07% | ||||||
Ares Capital Corporation | 3.20 | 11-15-2031 | 5,265,000 | 5,153,384 | ||
Athene Global Funding 144A | 1.73 | 10-2-2026 | 5,083,000 | 4,986,993 | ||
Athene Global Funding 144A | 1.99 | 8-19-2028 | 4,236,000 | 4,108,447 | ||
Athene Global Funding 144A | 2.50 | 3-24-2028 | 5,931,000 | 5,986,199 | ||
Athene Global Funding 144A | 2.65 | 10-4-2031 | 5,594,000 | 5,560,990 | ||
Bain Capital Specialty Finance | 2.55 | 10-13-2026 | 3,470,000 | 3,376,722 | ||
Blackstone Private Equity Funds 144A | 2.35 | 11-22-2024 | 4,349,000 | 4,349,884 | ||
Blackstone Private Equity Funds 144A | 2.63 | 12-15-2026 | 15,562,000 | 15,127,684 | ||
Blackstone Private Equity Funds 144A | 3.25 | 3-15-2027 | 6,088,000 | 6,085,381 | ||
Blue Owl Finance LLC 144A | 4.13 | 10-7-2051 | 728,000 | 750,717 | ||
CNO Global Funding 144A | 1.75 | 10-7-2026 | 5,324,000 | 5,276,672 | ||
Credit Suisse Group AG | 1.25 | 8-7-2026 | 11,017,000 | 10,746,019 | ||
F&G Global Funding 144A | 2.00 | 9-20-2028 | 6,752,000 | 6,586,550 | ||
FS KKR Capital Corporation | 3.13 | 10-12-2028 | 921,000 | 906,914 | ||
GA Global Funding Trust 144A | 0.80 | 9-13-2024 | 5,923,000 | 5,833,871 | ||
GA Global Funding Trust 144A | 1.95 | 9-15-2028 | 7,924,000 | 7,770,916 | ||
GE Capital Funding LLC | 3.45 | 5-15-2025 | 1,960,000 | 2,091,260 | ||
GE Capital Funding LLC | 4.40 | 5-15-2030 | 2,988,000 | 3,550,228 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +0.51%) ± | 0.66 | 9-10-2024 | 8,490,000 | 8,424,318 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +0.49%) ± | 0.93 | 10-21-2024 | 16,988,000 | 16,925,309 | ||
Goldman Sachs Group Incorporated (U.S. SOFR +1.26%) ± | 2.65 | 10-21-2032 | 2,931,000 | 2,937,846 | ||
Golub Capital LLC | 2.50 | 8-24-2026 | 3,851,000 | 3,794,338 | ||
Morgan Stanley (U.S. SOFR +0.51%) ± | 0.79 | 1-22-2025 | 20,974,000 | 20,744,174 | ||
Morgan Stanley (U.S. SOFR +0.53%) ± | 0.79 | 5-30-2025 | 17,680,000 | 17,409,645 | ||
Morgan Stanley (U.S. SOFR +0.75%) ± | 0.86 | 10-21-2025 | 6,112,000 | 6,011,025 | ||
Morgan Stanley (U.S. SOFR +0.72%) ± | 0.99 | 12-10-2026 | 8,628,000 | 8,344,521 | ||
Morgan Stanley (U.S. SOFR +1.18%) ± | 2.24 | 7-21-2032 | 5,032,000 | 4,931,156 | ||
Morgan Stanley (U.S. SOFR +0.56%) ± | 1.16 | 10-21-2025 | 12,743,000 | 12,641,594 | ||
Morgan Stanley (U.S. SOFR +0.86%) ± | 1.51 | 7-20-2027 | 6,596,000 | 6,469,802 | ||
Owl Rock Capital Corporation | 2.88 | 6-11-2028 | 1,772,000 | 1,731,263 | ||
Owl Rock Capital Corporation 144A | 3.13 | 4-13-2027 | 5,775,000 | 5,659,179 | ||
Owl Rock Capital Corporation | 3.40 | 7-15-2026 | 7,274,000 | 7,397,596 | ||
221,670,597 | ||||||
Consumer finance: 1.16% | ||||||
American Express Company | 1.65 | 11-4-2026 | 4,451,000 | 4,442,988 | ||
Bunge Limited Finance Corporation | 1.63 | 8-17-2025 | 2,948,000 | 2,949,063 | ||
Bunge Limited Finance Corporation | 2.75 | 5-14-2031 | 6,311,000 | 6,372,090 | ||
Bunge Limited Finance Corporation | 3.75 | 9-25-2027 | 8,568,000 | 9,331,961 | ||
Ford Motor Credit Company LLC | 2.70 | 8-10-2026 | 7,654,000 | 7,598,509 | ||
Ford Motor Credit Company LLC | 4.00 | 11-13-2030 | 2,630,000 | 2,758,213 | ||
Ford Motor Credit Company LLC | 4.06 | 11-1-2024 | 1,368,000 | 1,426,824 | ||
Hyundai Capital America Company 144A | 0.80 | 1-8-2024 | 4,507,000 | 4,469,745 | ||
Hyundai Capital America Company 144A | 1.25 | 9-18-2023 | 2,637,000 | 2,641,515 | ||
Hyundai Capital America Company 144A | 1.30 | 1-8-2026 | 5,265,000 | 5,124,205 | ||
Hyundai Capital America Company 144A | 1.80 | 10-15-2025 | 4,219,000 | 4,212,970 | ||
Hyundai Capital America Company 144A | 2.00 | 6-15-2028 | 2,559,000 | 2,478,581 |
Interest rate | Maturity date | Principal | Value | |||
Consumer finance (continued) | ||||||
John Deere Capital Corporation | 0.55% | 7-5-2022 | $ | 5,187,000 | $ 5,196,724 | |
John Deere Capital Corporation | 1.20 | 4-6-2023 | 3,994,000 | 4,025,748 | ||
63,029,136 | ||||||
Diversified financial services: 0.16% | ||||||
Jackson Financial Incorporated 144A | 3.13 | 11-23-2031 | 4,326,000 | 4,337,659 | ||
Jackson Financial Incorporated 144A | 4.00 | 11-23-2051 | 2,187,000 | 2,186,847 | ||
The Blackstone Group 144A | 2.85 | 8-5-2051 | 2,189,000 | 2,155,180 | ||
8,679,686 | ||||||
Insurance: 0.43% | ||||||
Alleghany Corporation | 3.25 | 8-15-2051 | 2,559,000 | 2,616,426 | ||
American International Group Incorporated | 3.40 | 6-30-2030 | 1,657,000 | 1,787,865 | ||
American International Group Incorporated | 4.38 | 6-30-2050 | 910,000 | 1,147,966 | ||
Brighthouse Financial Incorporated | 3.85 | 12-22-2051 | 1,681,000 | 1,645,688 | ||
Pricoa Global Funding 1 Company 144A | 1.20 | 9-1-2026 | 7,746,000 | 7,616,812 | ||
SBL Holdings Incorporated 144A | 5.00 | 2-18-2031 | 5,870,000 | 6,159,558 | ||
Stewart Information Services Corporation | 3.60 | 11-15-2031 | 2,286,000 | 2,323,765 | ||
23,298,080 | ||||||
Health care: 2.26% | ||||||
Biotechnology: 0.62% | ||||||
AbbVie Incorporated | 2.30 | 11-21-2022 | 5,282,000 | 5,361,640 | ||
AbbVie Incorporated | 4.05 | 11-21-2039 | 1,962,000 | 2,245,237 | ||
AbbVie Incorporated | 4.25 | 11-21-2049 | 2,689,000 | 3,234,217 | ||
AbbVie Incorporated | 4.30 | 5-14-2036 | 1,228,000 | 1,430,441 | ||
AbbVie Incorporated | 4.45 | 5-14-2046 | 1,245,000 | 1,511,355 | ||
Amgen Incorporated | 1.65 | 8-15-2028 | 6,813,000 | 6,618,846 | ||
Amgen Incorporated | 3.00 | 1-15-2052 | 1,876,000 | 1,831,844 | ||
Gilead Sciences Incorporated | 2.60 | 10-1-2040 | 2,931,000 | 2,800,892 | ||
Gilead Sciences Incorporated | 2.80 | 10-1-2050 | 1,941,000 | 1,885,633 | ||
Gilead Sciences Incorporated | 4.00 | 9-1-2036 | 1,513,000 | 1,731,242 | ||
Regeneron Pharmaceutical Incorporated | 1.75 | 9-15-2030 | 5,619,000 | 5,268,539 | ||
33,919,886 | ||||||
Health care equipment & supplies: 0.04% | ||||||
Danaher Corporation | 2.60 | 10-1-2050 | 2,016,000 | 1,964,258 | ||
Health care providers & services: 1.03% | ||||||
Centene Corporation | 2.45 | 7-15-2028 | 9,216,000 | 9,043,200 | ||
Centene Corporation | 2.50 | 3-1-2031 | 561,000 | 537,536 | ||
Centene Corporation | 3.00 | 10-15-2030 | 1,859,000 | 1,856,021 | ||
CVS Health Corporation | 2.70 | 8-21-2040 | 2,671,000 | 2,556,723 | ||
CVS Health Corporation | 3.00 | 8-15-2026 | 1,824,000 | 1,922,963 | ||
CVS Health Corporation | 3.70 | 3-9-2023 | 621,000 | 642,224 | ||
CVS Health Corporation | 4.30 | 3-25-2028 | 1,323,000 | 1,489,660 | ||
CVS Health Corporation | 4.78 | 3-25-2038 | 2,663,000 | 3,244,753 | ||
CVS Health Corporation | 5.05 | 3-25-2048 | 2,958,000 | 3,908,509 | ||
HCA Incorporated | 3.50 | 9-1-2030 | 2,397,000 | 2,495,217 | ||
HCA Incorporated | 5.38 | 2-1-2025 | 12,207,000 | 13,313,259 | ||
HCA Incorporated | 5.88 | 2-1-2029 | 1,532,000 | 1,798,185 | ||
Humana Incorporated | 1.35 | 2-3-2027 | 3,104,000 | 3,008,957 | ||
UnitedHealth Group Incorporated | 2.30 | 5-15-2031 | 1,885,000 | 1,908,837 |
Interest rate | Maturity date | Principal | Value | |||
Health care providers & services (continued) | ||||||
UnitedHealth Group Incorporated | 2.75% | 5-15-2040 | $ | 1,297,000 | $ 1,306,401 | |
UnitedHealth Group Incorporated | 2.90 | 5-15-2050 | 3,009,000 | 3,077,037 | ||
UnitedHealth Group Incorporated | 3.05 | 5-15-2041 | 882,000 | 919,319 | ||
UnitedHealth Group Incorporated | 3.25 | 5-15-2051 | 2,844,000 | 3,092,587 | ||
56,121,388 | ||||||
Life sciences tools & services: 0.26% | ||||||
Thermo Fisher Scientific Incorporated | 1.22 | 10-18-2024 | 6,795,000 | 6,795,865 | ||
Thermo Fisher Scientific Incorporated | 1.75 | 10-15-2028 | 3,216,000 | 3,161,880 | ||
Thermo Fisher Scientific Incorporated | 2.00 | 10-15-2031 | 2,862,000 | 2,803,017 | ||
Thermo Fisher Scientific Incorporated | 2.80 | 10-15-2041 | 1,357,000 | 1,369,565 | ||
14,130,327 | ||||||
Pharmaceuticals: 0.31% | ||||||
Astrazeneca Finance LLC | 1.75 | 5-28-2028 | 5,974,000 | 5,926,561 | ||
Bristol-Myers Squibb Company | 2.55 | 11-13-2050 | 3,563,000 | 3,392,150 | ||
Pfizer Incorporated | 2.55 | 5-28-2040 | 5,887,000 | 5,863,340 | ||
Pfizer Incorporated | 2.80 | 3-11-2022 | 1,625,000 | 1,635,704 | ||
16,817,755 | ||||||
Industrials: 1.30% | ||||||
Aerospace & defense: 0.70% | ||||||
Howmet Aerospace Incorporated | 3.00 | 1-15-2029 | 5,006,000 | 4,805,760 | ||
Northrop Grumman Corporation | 3.25 | 8-1-2023 | 4,945,000 | 5,139,771 | ||
Northrop Grumman Corporation | 3.25 | 1-15-2028 | 3,052,000 | 3,256,361 | ||
The Boeing Company | 2.20 | 2-4-2026 | 6,415,000 | 6,401,789 | ||
The Boeing Company | 3.25 | 2-1-2028 | 3,631,000 | 3,770,255 | ||
The Boeing Company | 3.25 | 2-1-2035 | 2,075,000 | 2,070,214 | ||
The Boeing Company | 3.63 | 2-1-2031 | 3,648,000 | 3,875,351 | ||
The Boeing Company | 3.75 | 2-1-2050 | 3,709,000 | 3,845,991 | ||
The Boeing Company | 5.15 | 5-1-2030 | 1,694,000 | 1,965,027 | ||
The Boeing Company | 5.71 | 5-1-2040 | 1,031,000 | 1,316,791 | ||
The Boeing Company | 5.81 | 5-1-2050 | 1,141,000 | 1,538,992 | ||
37,986,302 | ||||||
Airlines: 0.33% | ||||||
Delta Air Lines Incorporated 144A | 4.50 | 10-20-2025 | 6,873,000 | 7,205,096 | ||
Delta Air Lines Incorporated 144A | 4.75 | 10-20-2028 | 9,977,000 | 10,932,138 | ||
18,137,234 | ||||||
Construction & engineering: 0.07% | ||||||
Quanta Services Incorporated | 0.95 | 10-1-2024 | 4,107,000 | 4,064,360 | ||
Road & rail: 0.11% | ||||||
Union Pacific Corporation | 2.15 | 2-5-2027 | 2,680,000 | 2,741,814 | ||
Union Pacific Corporation | 2.40 | 2-5-2030 | 3,320,000 | 3,400,355 | ||
6,142,169 | ||||||
Transportation infrastructure: 0.09% | ||||||
Burlington Northern Santa Fe LLC %% | 2.88 | 6-15-2052 | 1,673,000 | 1,693,576 | ||
Crowley Conro LLC | 4.18 | 8-15-2043 | 2,551,075 | 2,983,052 | ||
4,676,628 |
Interest rate | Maturity date | Principal | Value | |||
Information technology: 2.66% | ||||||
Electronic equipment, instruments & components: 0.11% | ||||||
Dell International LLC | 4.90% | 10-1-2026 | $ | 866,000 | $ 978,139 | |
Dell International LLC | 6.10 | 7-15-2027 | 1,720,000 | 2,071,460 | ||
Dell International LLC | 8.35 | 7-15-2046 | 1,816,000 | 3,032,615 | ||
6,082,214 | ||||||
IT services: 0.20% | ||||||
Global Payments Incorporated | 1.50 | 11-15-2024 | 2,523,000 | 2,518,798 | ||
Global Payments Incorporated | 2.15 | 1-15-2027 | 5,043,000 | 5,042,039 | ||
Global Payments Incorporated | 2.90 | 11-15-2031 | 3,361,000 | 3,401,250 | ||
10,962,087 | ||||||
Semiconductors & semiconductor equipment: 0.90% | ||||||
Analog Devices Incorporated | 1.70 | 10-1-2028 | 2,542,000 | 2,539,494 | ||
Analog Devices Incorporated | 2.10 | 10-1-2031 | 3,380,000 | 3,385,715 | ||
Broadcom Incorporated 144A | 2.45 | 2-15-2031 | 2,957,000 | 2,845,859 | ||
Broadcom Incorporated | 3.15 | 11-15-2025 | 2,213,000 | 2,320,293 | ||
Broadcom Incorporated 144A | 3.42 | 4-15-2033 | 9,060,000 | 9,336,139 | ||
Broadcom Incorporated 144A | 3.47 | 4-15-2034 | 4,366,000 | 4,498,827 | ||
Broadcom Incorporated | 3.88 | 1-15-2027 | 1,280,000 | 1,378,384 | ||
Broadcom Incorporated | 4.15 | 11-15-2030 | 3,009,000 | 3,287,957 | ||
Intel Corporation | 1.60 | 8-12-2028 | 4,262,000 | 4,200,238 | ||
Intel Corporation | 2.00 | 8-12-2031 | 6,648,000 | 6,568,027 | ||
Intel Corporation | 2.80 | 8-12-2041 | 2,723,000 | 2,740,923 | ||
Intel Corporation | 3.20 | 8-12-2061 | 1,377,000 | 1,429,039 | ||
KLA Corporation | 3.30 | 3-1-2050 | 2,300,000 | 2,492,869 | ||
Texas Instruments Incorporated | 1.13 | 9-15-2026 | 1,694,000 | 1,675,279 | ||
48,699,043 | ||||||
Software: 0.77% | ||||||
Oracle Corporation | 2.30 | 3-25-2028 | 1,841,000 | 1,851,232 | ||
Oracle Corporation | 2.80 | 4-1-2027 | 5,170,000 | 5,356,480 | ||
Oracle Corporation | 2.88 | 3-25-2031 | 1,262,000 | 1,291,595 | ||
Oracle Corporation | 3.65 | 3-25-2041 | 1,755,000 | 1,825,823 | ||
Oracle Corporation | 3.95 | 3-25-2051 | 2,429,000 | 2,617,350 | ||
VMware Incorporated | 0.60 | 8-15-2023 | 8,395,000 | 8,345,368 | ||
VMware Incorporated | 1.00 | 8-15-2024 | 5,879,000 | 5,837,151 | ||
VMware Incorporated | 1.40 | 8-15-2026 | 6,717,000 | 6,563,767 | ||
VMware Incorporated | 1.80 | 8-15-2028 | 3,692,000 | 3,596,620 | ||
VMware Incorporated | 3.90 | 8-21-2027 | 683,000 | 744,200 | ||
VMware Incorporated | 4.70 | 5-15-2030 | 3,398,000 | 3,943,082 | ||
41,972,668 | ||||||
Technology hardware, storage & peripherals: 0.68% | ||||||
Apple Incorporated | 1.40 | 8-5-2028 | 6,769,000 | 6,612,851 | ||
Apple Incorporated | 1.70 | 8-5-2031 | 5,075,000 | 4,941,310 | ||
Apple Incorporated | 2.38 | 2-8-2041 | 1,379,000 | 1,350,834 | ||
Apple Incorporated | 2.55 | 8-20-2060 | 3,968,000 | 3,770,139 | ||
Apple Incorporated | 2.65 | 5-11-2050 | 4,176,000 | 4,129,374 | ||
Apple Incorporated | 2.65 | 2-8-2051 | 4,236,000 | 4,196,247 | ||
Apple Incorporated | 2.70 | 8-5-2051 | 3,052,000 | 3,052,101 |
Interest rate | Maturity date | Principal | Value | |||
Technology hardware, storage & peripherals (continued) | ||||||
Apple Incorporated | 2.85% | 8-5-2061 | $ | 3,376,000 | $ 3,401,005 | |
HP Incorporated | 2.20 | 6-17-2025 | 5,447,000 | 5,570,177 | ||
37,024,038 | ||||||
Materials: 0.41% | ||||||
Chemicals: 0.41% | ||||||
Dow Chemical Corporation | 3.60 | 11-15-2050 | 3,389,000 | 3,716,795 | ||
LYB International Finance III Company | 3.38 | 10-1-2040 | 5,066,000 | 5,270,306 | ||
LYB International Finance III Company | 3.63 | 4-1-2051 | 5,023,000 | 5,359,084 | ||
Westlake Chemical Corporation | 3.13 | 8-15-2051 | 6,060,000 | 5,909,076 | ||
Westlake Chemical Corporation | 3.60 | 8-15-2026 | 1,850,000 | 1,998,756 | ||
22,254,017 | ||||||
Real estate: 1.56% | ||||||
Equity REITs: 1.30% | ||||||
Agree LP | 2.00 | 6-15-2028 | 3,692,000 | 3,647,609 | ||
Agree LP | 2.60 | 6-15-2033 | 839,000 | 827,181 | ||
Brixmor Operating Partnership | 2.25 | 4-1-2028 | 1,184,000 | 1,185,984 | ||
Brixmor Operating Partnership | 2.50 | 8-16-2031 | 2,049,000 | 1,995,034 | ||
Crown Castle International Corporation | 1.05 | 7-15-2026 | 5,075,000 | 4,899,233 | ||
Crown Castle International Corporation | 2.10 | 4-1-2031 | 9,380,000 | 8,955,180 | ||
Crown Castle International Corporation | 2.50 | 7-15-2031 | 3,709,000 | 3,661,668 | ||
Crown Castle International Corporation | 2.90 | 4-1-2041 | 2,369,000 | 2,283,785 | ||
Crown Castle International Corporation | 4.00 | 3-1-2027 | 847,000 | 924,127 | ||
Federal Realty Investment Trust | 3.95 | 1-15-2024 | 2,343,000 | 2,469,539 | ||
Healthpeak Properties Incorporated | 2.13 | 12-1-2028 | 1,686,000 | 1,684,211 | ||
Mid-America Apartments LP | 3.95 | 3-15-2029 | 1,703,000 | 1,912,432 | ||
Mid-America Apartments LP | 4.00 | 11-15-2025 | 2,075,000 | 2,262,357 | ||
Mid-America Apartments LP | 4.30 | 10-15-2023 | 1,738,000 | 1,828,809 | ||
Realty Income Corporation | 2.20 | 6-15-2028 | 1,826,000 | 1,842,764 | ||
Realty Income Corporation | 2.85 | 12-15-2032 | 2,488,000 | 2,595,361 | ||
Realty Income Corporation | 3.40 | 1-15-2028 | 1,808,000 | 1,943,633 | ||
Regency Centers LP | 2.95 | 9-15-2029 | 3,683,000 | 3,826,805 | ||
Rexford Industrial Realty Trust Company | 2.15 | 9-1-2031 | 1,876,000 | 1,793,495 | ||
Spirit Realty LP | 2.10 | 3-15-2028 | 3,372,000 | 3,306,447 | ||
Spirit Realty LP | 2.70 | 2-15-2032 | 1,012,000 | 1,009,209 | ||
Spirit Realty LP | 3.40 | 1-15-2030 | 2,040,000 | 2,135,849 | ||
Store Capital Corporation | 2.70 | 12-1-2031 | 1,177,000 | 1,159,604 | ||
Store Capital Corporation | 2.75 | 11-18-2030 | 3,000,000 | 3,016,044 | ||
Store Capital Corporation | 4.50 | 3-15-2028 | 6,398,000 | 7,102,358 | ||
Store Capital Corporation | 4.63 | 3-15-2029 | 2,161,000 | 2,442,064 | ||
70,710,782 | ||||||
Real estate management & development: 0.26% | ||||||
American Campus Communities Company | 2.25 | 1-15-2029 | 2,542,000 | 2,519,248 | ||
Essex Portfolio LP | 1.70 | 3-1-2028 | 4,435,000 | 4,329,532 | ||
Essex Portfolio LP | 2.55 | 6-15-2031 | 1,746,000 | 1,761,124 | ||
Extra Space Storage LP | 2.35 | 3-15-2032 | 1,522,000 | 1,478,328 | ||
Kilroy Realty LP | 2.65 | 11-15-2033 | 2,308,000 | 2,253,089 | ||
Sun Communities Operating LP | 2.30 | 11-1-2028 | 1,694,000 | 1,690,598 | ||
14,031,919 |
Interest rate | Maturity date | Principal | Value | |||
Utilities: 2.22% | ||||||
Electric utilities: 1.54% | ||||||
American Transmission System Incorporated 144A%% | 2.65% | 1-15-2032 | $ | 1,172,000 | $ 1,183,913 | |
Duke Energy Carolinas LLC | 2.55 | 4-15-2031 | 1,712,000 | 1,748,149 | ||
Duke Energy Florida LLC %% | 2.40 | 12-15-2031 | 2,506,000 | 2,521,872 | ||
Duke Energy Progress LLC | 2.50 | 8-15-2050 | 2,542,000 | 2,378,167 | ||
Duke Energy Progress LLC | 2.55 | 6-15-2031 | 6,735,000 | 6,702,416 | ||
Duke Energy Progress LLC | 3.50 | 6-15-2051 | 1,012,000 | 1,060,894 | ||
Entergy Arkansas LLC | 2.65 | 6-15-2051 | 2,265,000 | 2,164,302 | ||
Eversource Energy | 1.40 | 8-15-2026 | 2,559,000 | 2,517,550 | ||
FirstEnergy Corporation 144A | 2.75 | 3-1-2032 | 2,767,000 | 2,820,262 | ||
Interstate Power & Light Company | 3.10 | 11-30-2051 | 212,000 | 216,406 | ||
Interstate Power & Light Company | 3.50 | 9-30-2049 | 1,044,000 | 1,150,705 | ||
ITC Holdings Corporation | 2.70 | 11-15-2022 | 3,424,000 | 3,484,137 | ||
Metropolitan Edison Company 144A | 4.30 | 1-15-2029 | 3,787,000 | 4,216,674 | ||
Mid-American Energy Company | 2.70 | 8-1-2052 | 2,187,000 | 2,189,794 | ||
Mississippi Power Company | 3.10 | 7-30-2051 | 3,026,000 | 3,061,189 | ||
Mississippi Power Company | 3.95 | 3-30-2028 | 4,176,000 | 4,580,630 | ||
Mississippi Power Company | 4.25 | 3-15-2042 | 1,158,000 | 1,366,120 | ||
Northern States Power Company | 3.20 | 4-1-2052 | 1,703,000 | 1,867,340 | ||
NSTAR Electric Company | 3.10 | 6-1-2051 | 1,556,000 | 1,682,786 | ||
Pacific Gas & Electric Company | 2.10 | 8-1-2027 | 3,268,000 | 3,146,310 | ||
Pacific Gas & Electric Company | 3.95 | 12-1-2047 | 3,781,000 | 3,739,813 | ||
Pacific Gas & Electric Company | 4.20 | 6-1-2041 | 1,461,000 | 1,488,346 | ||
Pacific Gas & Electric Company | 4.50 | 7-1-2040 | 865,000 | 905,436 | ||
Pacific Gas & Electric Company | 4.75 | 2-15-2044 | 847,000 | 881,951 | ||
Pacific Gas & Electric Company | 4.95 | 7-1-2050 | 3,409,000 | 3,826,576 | ||
PacifiCorp Electric Service Company | 2.90 | 6-15-2052 | 2,179,000 | 2,168,329 | ||
Pennsylvania Electric Company 144A | 3.25 | 3-15-2028 | 1,435,000 | 1,486,957 | ||
Public Service Company of Colorado | 1.88 | 6-15-2031 | 3,882,000 | 3,763,896 | ||
Public Service Company of Oklahoma | 2.20 | 8-15-2031 | 2,559,000 | 2,493,161 | ||
Public Service Company of Oklahoma | 3.15 | 8-15-2051 | 1,703,000 | 1,736,703 | ||
Public Service Electric and Gas Company | 1.90 | 8-15-2031 | 3,380,000 | 3,332,651 | ||
Public Service Electric and Gas Company | 2.05 | 8-1-2050 | 700,000 | 627,947 | ||
Public Service Electric and Gas Company | 2.70 | 5-1-2050 | 1,703,000 | 1,734,853 | ||
Southern California Edison Company | 4.13 | 3-1-2048 | 1,893,000 | 2,154,259 | ||
Southwestern Electric Power Company | 3.25 | 11-1-2051 | 1,322,000 | 1,331,235 | ||
Trans-Allegheny Interstate Line Company 144A | 3.85 | 6-1-2025 | 1,193,000 | 1,266,953 | ||
Virginia Electric & Power Company | 2.45 | 12-15-2050 | 981,000 | 922,041 | ||
83,920,723 | ||||||
Gas utilities: 0.14% | ||||||
Baltimore Gas & Electric Gas Company | 2.25 | 6-15-2031 | 2,524,000 | 2,517,296 | ||
Piedmont Natural Gas Company | 2.50 | 3-15-2031 | 2,542,000 | 2,532,873 | ||
Southern Company Gas Capital Corporation | 1.75 | 1-15-2031 | 2,663,000 | 2,489,683 | ||
7,539,852 | ||||||
Independent power & renewable electricity producers: 0.06% | ||||||
AES Corporation | 1.38 | 1-15-2026 | 3,648,000 | 3,542,810 | ||
Multi-utilities: 0.48% | ||||||
Black Hills Corporation | 3.88 | 10-15-2049 | 1,522,000 | 1,701,115 | ||
Consumers Energy Company | 2.50 | 5-1-2060 | 1,435,000 | 1,304,813 | ||
Consumers Energy Company | 2.65 | 8-15-2052 | 1,859,000 | 1,841,105 |
Interest rate | Maturity date | Principal | Value | |||
Multi-utilities (continued) | ||||||
Dominion Energy Incorporated | 1.45% | 4-15-2026 | $ | 2,144,000 | $ 2,119,211 | |
Dominion Energy Incorporated | 3.30 | 4-15-2041 | 519,000 | 545,938 | ||
DTE Energy Company | 1.05 | 6-1-2025 | 1,772,000 | 1,741,475 | ||
DTE Energy Company | 2.95 | 3-1-2030 | 2,265,000 | 2,349,977 | ||
DTE Energy Company | 2.95 | 3-1-2050 | 2,945,000 | 3,055,225 | ||
Public Service Enterprise Group | 1.60 | 8-15-2030 | 1,945,000 | 1,815,868 | ||
Public Service Enterprise Group | 2.45 | 11-15-2031 | 3,060,000 | 3,028,872 | ||
WEC Energy Group Incorporated | 0.80 | 3-15-2024 | 4,279,000 | 4,244,596 | ||
WEC Energy Group Incorporated | 1.38 | 10-15-2027 | 2,455,000 | 2,375,876 | ||
26,124,071 | ||||||
Total Corporate bonds and notes (Cost $1,354,188,986) | 1,359,502,533 | |||||
Municipal obligations: 0.44% | ||||||
Nevada: 0.10% | ||||||
Airport revenue: 0.10% | ||||||
Clark County NV Airport Authority Build America Bonds Series C | 6.82 | 7-1-2045 | 3,365,000 | 5,352,456 | ||
New York: 0.14% | ||||||
Airport revenue: 0.14% | ||||||
Port Authority of New York & New Jersey Consolidated Bonds Series 174 | 4.46 | 10-1-2062 | 5,505,000 | 7,539,669 | ||
Ohio: 0.06% | ||||||
Education revenue: 0.06% | ||||||
Ohio State University General Receipts Taxable Bonds Series A | 4.80 | 6-1-2111 | 1,957,000 | 3,118,824 | ||
Texas: 0.14% | ||||||
Education revenue: 0.03% | ||||||
University of Texas Financing System Bond Series B | 2.44 | 8-15-2049 | 1,695,000 | 1,711,849 | ||
Transportation revenue: 0.11% | ||||||
North Texas Tollway Authority | 6.72 | 1-1-2049 | 3,609,000 | 6,198,353 | ||
Total Municipal obligations (Cost $17,165,099) | 23,921,151 | |||||
Non-agency mortgage-backed securities: 5.15% | ||||||
3650R Commercial Mortgage Trust Series 2021-PF1 Class A5 | 2.52 | 11-15-2054 | 2,521,000 | 2,571,247 | ||
Angel Oak Mortgage Trust Series 2019-2 Class A1 144A±± | 3.63 | 3-25-2049 | 539,587 | 542,485 | ||
Angel Oak Mortgage Trust Series 2020-2 Class A1 144A±± | 2.53 | 1-26-2065 | 2,480,956 | 2,512,394 | ||
Angel Oak Mortgage Trust Series 2020-5 Class A1 144A±± | 1.37 | 5-25-2065 | 1,107,769 | 1,110,711 | ||
Angel Oak Mortgage Trust Series 2021-6 Class A1 144A±± | 1.46 | 9-25-2066 | 3,519,998 | 3,494,875 | ||
Barclays Commercial Mortgage Series 2018-C2 Class ASB | 4.24 | 12-15-2051 | 1,159,000 | 1,279,485 | ||
Barclays Commercial Mortgage Series 2019-C3 Class A3 | 3.32 | 5-15-2052 | 585,000 | 627,489 | ||
Barclays Commercial Mortgage Series 2021-C12 Class A5 | 2.69 | 11-15-2054 | 3,383,000 | 3,517,823 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1 144A±± | 2.88% | 7-25-2049 | $ | 3,123,905 | $ 3,141,899 | |
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1 144A±± | 2.72 | 11-25-2059 | 2,519,684 | 2,543,504 | ||
BX Trust Series 2021-VOLT Class A (1 Month LIBOR +0.70%) 144A± | 0.79 | 9-15-2036 | 10,912,000 | 10,857,283 | ||
BX Trust Series 2021-XL2 Class A (1 Month LIBOR +0.69%) 144A± | 0.78 | 10-15-2038 | 5,440,000 | 5,413,401 | ||
CD Commercial Mortgage Trust Series 2019-CD8 Class A4 | 2.91 | 8-15-2057 | 2,221,000 | 2,341,976 | ||
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB | 3.37 | 6-15-2050 | 1,631,000 | 1,715,797 | ||
Colt Funding LLC Series 2021-2 Class A1 144A±± | 0.92 | 8-25-2066 | 4,504,624 | 4,465,618 | ||
Colt Funding LLC Series 2021-4 Class A1 144A±± | 1.40 | 10-25-2066 | 4,555,956 | 4,532,934 | ||
Commercial Mortgage Trust Pass-Through Certificate Series 2012-CR3 Class A3 | 2.82 | 10-15-2045 | 2,478,730 | 2,495,760 | ||
Commercial Mortgage Trust Pass-Through Certificate Series 2015-LC21 Class A4 | 3.71 | 7-10-2048 | 1,629,000 | 1,743,915 | ||
Commercial Mortgage Trust Series 2013-CR10 Class A4 ±± | 4.21 | 8-10-2046 | 89,000 | 93,134 | ||
Commercial Mortgage Trust Series 2013-CR11 Class A4 | 4.26 | 8-10-2050 | 10,048,000 | 10,570,125 | ||
Commercial Mortgage Trust Series 2013-CR6 Class A4 | 3.10 | 3-10-2046 | 8,286,000 | 8,384,997 | ||
Commercial Mortgage Trust Series 2014-UBS4 Class A4 | 3.42 | 8-10-2047 | 4,178,000 | 4,314,596 | ||
Commercial Mortgage Trust Series 2015-LC23 Class A3 | 3.52 | 10-10-2048 | 1,982,000 | 2,091,900 | ||
CSAIL Commercial Mortgage Trust Series 2015-C2 Class A4 | 3.50 | 6-15-2057 | 2,484,176 | 2,629,302 | ||
CSAIL Commercial Mortgage Trust Series 2021-C20 Class A3 | 2.80 | 3-15-2054 | 1,257,000 | 1,313,305 | ||
EQUS 2021-EQAZ Mortgage Trust (1 Month LIBOR +0.75%) 144A± | 0.84 | 10-15-2038 | 4,285,000 | 4,260,944 | ||
Florida Power & Light Company 1st Mortgage Bonds | 2.88 | 12-4-2051 | 838,000 | 868,317 | ||
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5 | 4.24 | 8-10-2046 | 2,275,000 | 2,380,600 | ||
Goldman Sachs Mortgage Securities Trust Series 2014-GC18 Class A4 | 4.07 | 1-10-2047 | 5,471,323 | 5,743,881 | ||
Goldman Sachs Mortgage Securities Trust Series 2020-GC47 Class A5 | 2.38 | 5-12-2053 | 3,826,000 | 3,895,964 | ||
Goldman Sachs Mortgage Securities Trust Series 2020-GSA2 Class A4 | 1.72 | 12-12-2053 | 4,416,000 | 4,270,109 | ||
Impact Funding LLC Series 2010-1 Class A1 144A | 5.31 | 1-25-2051 | 5,559,138 | 5,800,515 | ||
JPMDB Commercial Mortgage Securities Series 2013-C12 Class A5 | 3.66 | 7-15-2045 | 3,316,000 | 3,422,545 | ||
JPMDB Commercial Mortgage Securities Series 2014-C23 Class A4 | 3.67 | 9-15-2047 | 1,659,938 | 1,734,819 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C16 Class A4 | 4.17 | 12-15-2046 | 4,973,000 | 5,220,356 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-C28 Class A3 | 2.91 | 10-15-2048 | 9,226,619 | 9,391,495 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3 Class A3 | 3.39 | 12-15-2049 | 1,080,000 | 1,155,483 | ||
Med Trust Series 2021-MDLN (1 Month LIBOR +0.95%) 144A± | 1.05 | 11-15-2038 | 6,906,000 | 6,912,494 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Mello Warehouse Securitization Trust Series 2020-2 Class A (1 Month LIBOR +0.80%) 144A± | 0.89% | 11-25-2053 | $ | 5,688,000 | $ 5,672,704 | |
Mello Warehouse Securitization Trust Series 2021-1 Class A (1 Month LIBOR +0.70%) 144A± | 0.79 | 2-25-2055 | 1,606,000 | 1,598,104 | ||
Mello Warehouse Securitization Trust Series 2021-2 Class A (1 Month LIBOR +0.75%) 144A± | 0.84 | 4-25-2055 | 4,340,000 | 4,322,351 | ||
MFRA Trust Series 2021-NQM2 Class A1 144A±± | 1.03 | 11-25-2064 | 2,525,946 | 2,510,435 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class A4 | 3.18 | 8-15-2045 | 1,105,478 | 1,110,694 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20 Class A4 | 3.25 | 2-15-2048 | 800,041 | 839,364 | ||
Morgan Stanley Capital International Trust Series 2020-HR8 Class A3 | 1.79 | 7-15-2053 | 3,163,000 | 3,077,569 | ||
Morgan Stanley Capital International Trust Series 2021-L7 Class A5 | 2.57 | 10-15-2054 | 4,228,000 | 4,334,891 | ||
MSG III Securitization Trust Series 2021-1 Class A (1 Month LIBOR +0.75%) 144A± | 0.84 | 6-25-2054 | 2,680,000 | 2,680,478 | ||
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1 144A±± | 2.49 | 9-25-2059 | 1,406,172 | 1,414,493 | ||
NewRez WareHouse Securitization Series 2021-1 Class A (1 Month LIBOR +0.75%) 144A± | 0.84 | 5-25-2055 | 10,288,000 | 10,259,914 | ||
Oncor Electric Delivery Company 1st Mortgage Bonds 144A | 2.70 | 11-15-2051 | 1,623,000 | 1,605,572 | ||
Peco Energy Company 1st Mortgage Bonds | 2.85 | 9-15-2051 | 3,043,000 | 3,050,592 | ||
Starwood Mortgage Residential Trust Series 2020-1 Class A1 144A±± | 2.28 | 2-25-2050 | 2,636,316 | 2,649,113 | ||
Starwood Mortgage Residential Trust Series 2020-INV1 Class A1 144A±± | 1.03 | 11-25-2055 | 2,322,745 | 2,311,810 | ||
Starwood Mortgage Residential Trust Series 2020-INV3 Class A1 144A±± | 1.49 | 4-25-2065 | 2,766,802 | 2,774,236 | ||
Starwood Mortgage Residential Trust Series 2021-1 Class A1 144A±± | 1.22 | 5-25-2065 | 2,502,874 | 2,497,632 | ||
Starwood Mortgage Residential Trust Series 2021-4 Class A1 144A±± | 1.16 | 8-25-2056 | 5,310,427 | 5,278,182 | ||
Verizon Master Trust Series 2021-1 Class A | 0.50 | 5-20-2027 | 8,833,000 | 8,737,293 | ||
Verizon Master Trust Series 2021-2 Class A | 0.99 | 4-20-2028 | 13,703,000 | 13,657,307 | ||
Verus Securitization Trust Series 2019-2 Class A1 144A±± | 2.91 | 7-25-2059 | 1,691,143 | 1,701,261 | ||
Verus Securitization Trust Series 2019-3 Class A1 144A±± | 2.69 | 11-25-2059 | 1,254,049 | 1,270,345 | ||
Verus Securitization Trust Series 2019-3 Class A1 144A±± | 2.78 | 7-25-2059 | 2,124,367 | 2,133,518 | ||
Verus Securitization Trust Series 2019-4 Class A1 144A±± | 2.64 | 11-25-2059 | 3,180,803 | 3,220,471 | ||
Verus Securitization Trust Series 2020-1 Class A1 144A±± | 2.42 | 1-25-2060 | 773,618 | 777,200 | ||
Verus Securitization Trust Series 2020-2 Class A1 144A±± | 2.23 | 5-25-2060 | 2,917,166 | 2,928,304 | ||
Verus Securitization Trust Series 2020-5 Class A1 144A±± | 1.22 | 5-25-2065 | 1,022,564 | 1,021,133 | ||
Verus Securitization Trust Series 2021-1 Class A1 144A±± | 0.82 | 1-25-2066 | 3,332,271 | 3,301,155 | ||
Verus Securitization Trust Series 2021-2 Class A1 144A±± | 1.03 | 2-25-2066 | 5,889,599 | 5,848,591 | ||
Verus Securitization Trust Series 2021-3 Class A1 144A±± | 1.05 | 6-25-2066 | 4,014,431 | 3,980,980 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Verus Securitization Trust Series 2021-4 Class A1 144A±± | 0.94% | 7-25-2066 | $ | 4,249,374 | $ 4,202,625 | |
Verus Securitization Trust Series 2021-5 Class A1 144A±± | 1.01 | 9-25-2066 | 14,795,617 | 14,585,241 | ||
Verus Securitization Trust Series 2021-7 Class A1 144A±± | 1.83 | 10-25-2066 | 5,967,000 | 5,964,855 | ||
Verus Securitization Trust Series 2021-R1 Class A1 144A±± | 0.82 | 10-25-2063 | 3,569,958 | 3,560,415 | ||
Verus Securitization Trust Series 2021-R3 Class A1 144A±± | 1.02 | 4-25-2064 | 3,419,905 | 3,401,655 | ||
Visio Trust Series 2020-1R Class A1 144A | 1.31 | 11-25-2055 | 2,635,244 | 2,627,036 | ||
Total Non-agency mortgage-backed securities (Cost $281,552,403) | 280,270,996 | |||||
U.S. Treasury securities: 36.34% | ||||||
U.S. Treasury Bond ## | 1.13 | 5-15-2040 | 87,097,000 | 77,250,956 | ||
U.S. Treasury Bond ## | 1.13 | 8-15-2040 | 61,545,000 | 54,414,434 | ||
U.S. Treasury Bond ## | 1.38 | 11-15-2040 | 98,406,000 | 90,741,096 | ||
U.S. Treasury Bond | 1.38 | 8-15-2050 | 30,117,000 | 27,179,416 | ||
U.S. Treasury Bond | 1.63 | 11-15-2050 | 31,350,000 | 30,060,486 | ||
U.S. Treasury Bond ## | 1.75 | 8-15-2041 | 78,366,000 | 76,933,372 | ||
U.S. Treasury Bond | 1.88 | 2-15-2041 | 18,046,000 | 18,104,509 | ||
U.S. Treasury Bond | 2.50 | 2-15-2045 | 15,047,000 | 16,857,930 | ||
U.S. Treasury Note | 0.13 | 5-31-2022 | 41,032,000 | 41,035,263 | ||
U.S. Treasury Note | 0.13 | 9-30-2022 | 29,297,000 | 29,275,256 | ||
U.S. Treasury Note ## | 0.13 | 12-31-2022 | 74,138,000 | 74,007,679 | ||
U.S. Treasury Note | 0.13 | 3-31-2023 | 480,000 | 478,463 | ||
U.S. Treasury Note | 0.13 | 8-31-2023 | 1,796,000 | 1,784,915 | ||
U.S. Treasury Note | 0.13 | 1-15-2024 | 32,633,000 | 32,299,021 | ||
U.S. Treasury Note | 0.25 | 5-15-2024 | 8,542,000 | 8,446,904 | ||
U.S. Treasury Note | 0.25 | 6-15-2024 | 20,963,000 | 20,709,151 | ||
U.S. Treasury Note | 0.25 | 8-31-2025 | 34,276,000 | 33,301,276 | ||
U.S. Treasury Note ## | 0.25 | 10-31-2025 | 61,838,000 | 59,951,458 | ||
U.S. Treasury Note | 0.38 | 10-31-2023 | 11,845,000 | 11,812,611 | ||
U.S. Treasury Note | 0.38 | 4-15-2024 | 45,675,000 | 45,344,927 | ||
U.S. Treasury Note ## | 0.38 | 11-30-2025 | 69,398,000 | 67,519,375 | ||
U.S. Treasury Note | 0.38 | 12-31-2025 | 52,737,000 | 51,264,072 | ||
U.S. Treasury Note | 0.38 | 1-31-2026 | 47,290,000 | 45,911,940 | ||
U.S. Treasury Note | 0.50 | 11-30-2023 | 93,556,000 | 93,457,327 | ||
U.S. Treasury Note ## | 0.50 | 2-28-2026 | 73,816,000 | 71,990,784 | ||
U.S. Treasury Note | 0.50 | 8-31-2027 | 46,306,000 | 44,388,642 | ||
U.S. Treasury Note | 0.75 | 11-15-2024 | 75,545,000 | 75,367,941 | ||
U.S. Treasury Note ## | 0.75 | 5-31-2026 | 52,745,000 | 51,894,075 | ||
U.S. Treasury Note | 0.88 | 6-30-2026 | 14,949,000 | 14,779,656 | ||
U.S. Treasury Note | 0.88 | 9-30-2026 | 10,563,000 | 10,426,836 | ||
U.S. Treasury Note | 1.13 | 10-31-2026 | 27,671,000 | 27,632,088 | ||
U.S. Treasury Note | 1.25 | 11-30-2026 | 127,093,000 | 127,658,960 | ||
U.S. Treasury Note | 1.38 | 10-31-2028 | 64,396,000 | 64,446,309 | ||
U.S. Treasury Note ## | 1.38 | 11-15-2031 | 60,339,000 | 59,971,309 | ||
U.S. Treasury Note ## | 1.50 | 9-30-2024 | 77,635,000 | 79,142,206 | ||
U.S. Treasury Note | 1.50 | 11-30-2024 | 36,672,000 | 37,386,818 | ||
U.S. Treasury Note | 1.50 | 11-30-2028 | 18,387,000 | 18,547,886 | ||
U.S. Treasury Note | 1.75 | 2-28-2022 | 3,579,000 | 3,593,831 | ||
U.S. Treasury Note ## | 1.88 | 2-28-2022 | 62,004,000 | 62,279,980 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Note | 1.88% | 11-15-2051 | $ | 21,052,000 | $ 21,466,461 | |
U.S. Treasury Note | 2.00 | 2-15-2022 | 45,444,000 | 45,626,585 | ||
U.S. Treasury Note | 2.00 | 11-15-2041 | 43,597,000 | 44,686,925 | ||
U.S. Treasury Note | 2.00 | 8-15-2051 | 32,764,000 | 34,310,051 | ||
U.S. Treasury Note | 2.13 | 5-15-2025 | 42,995,000 | 44,708,082 | ||
U.S. Treasury Note | 2.25 | 5-15-2041 | 28,155,000 | 29,967,478 | ||
Total U.S. Treasury securities (Cost $1,984,224,835) | 1,978,414,740 | |||||
Yankee corporate bonds and notes: 5.45% | ||||||
Consumer staples: 0.13% | ||||||
Beverages: 0.13% | ||||||
Bacardi Limited 144A | 4.70 | 5-15-2028 | 1,820,000 | 2,076,974 | ||
Bacardi Limited 144A | 5.30 | 5-15-2048 | 3,757,000 | 5,039,457 | ||
7,116,431 | ||||||
Energy: 0.45% | ||||||
Oil, gas & consumable fuels: 0.45% | ||||||
Aker BP ASA 144A | 4.00 | 1-15-2031 | 2,343,000 | 2,548,858 | ||
Galaxy Pipeline Assets Company 144A | 1.75 | 9-30-2027 | 5,125,190 | 5,145,439 | ||
Galaxy Pipeline Assets Company 144A | 2.16 | 3-31-2034 | 3,823,000 | 3,715,485 | ||
Galaxy Pipeline Assets Company 144A | 2.63 | 3-31-2036 | 2,354,000 | 2,289,962 | ||
Galaxy Pipeline Assets Company 144A | 2.94 | 9-30-2040 | 1,545,000 | 1,523,459 | ||
Oleoducto Central SA 144A | 4.00 | 7-14-2027 | 1,879,000 | 1,871,503 | ||
Petroleos del Peru 144A | 5.63 | 6-19-2047 | 2,568,000 | 2,507,010 | ||
Petroleos Mexicanos Company | 2.38 | 4-15-2025 | 1,270,150 | 1,302,795 | ||
Petroleos Mexicanos Company | 2.46 | 12-15-2025 | 3,629,250 | 3,733,658 | ||
24,638,169 | ||||||
Financials: 3.41% | ||||||
Banks: 1.83% | ||||||
ASB Bank Limited 144A | 2.38 | 10-22-2031 | 4,265,000 | 4,258,334 | ||
Banco de Credito e Inversiones 144A | 2.88 | 10-14-2031 | 3,417,000 | 3,389,664 | ||
Banco Santander SA (1 Year Treasury Constant Maturity +0.90%) ± | 1.72 | 9-14-2027 | 4,400,000 | 4,317,859 | ||
Banco Santander SA (1 Year Treasury Constant Maturity +1.60%) ± | 3.23 | 11-22-2032 | 4,200,000 | 4,184,712 | ||
Barclays plc (1 Year Treasury Constant Maturity +1.05%) ± | 2.28 | 11-24-2027 | 8,392,000 | 8,402,086 | ||
Barclays plc (1 Year Treasury Constant Maturity +1.30%) ± | 2.89 | 11-24-2032 | 2,608,000 | 2,618,414 | ||
Barclays plc (1 Year Treasury Constant Maturity +1.30%) ± | 3.33 | 11-24-2042 | 1,900,000 | 1,921,874 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.55%) ± | 0.95 | 7-19-2025 | 10,076,000 | 9,975,314 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.75%) ± | 1.54 | 7-20-2027 | 9,952,000 | 9,807,669 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.67%) ± | 1.64 | 10-13-2027 | 8,577,000 | 8,481,190 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.95%) ± | 2.31 | 7-20-2032 | 5,205,000 | 5,142,131 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.97%) ± | 2.49 | 10-13-2032 | 3,505,000 | 3,517,446 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Sumitomo Mitsui Financial Group Incorporated | 1.40% | 9-17-2026 | $ | 6,806,000 | $ 6,664,304 | |
Sumitomo Mitsui Financial Group Incorporated | 1.90 | 9-17-2028 | 10,599,000 | 10,367,026 | ||
Toronto Dominion Bank | 1.25 | 9-10-2026 | 8,455,000 | 8,305,898 | ||
Westpac Banking Corporation | 1.95 | 11-20-2028 | 6,804,000 | 6,771,727 | ||
Westpac Banking Corporation (5 Year Treasury Constant Maturity +1.53%) ± | 3.02 | 11-18-2036 | 853,000 | 848,026 | ||
Westpac Banking Corporation | 3.13 | 11-18-2041 | 853,000 | 843,285 | ||
99,816,959 | ||||||
Capital markets: 0.05% | ||||||
Macquarie Group Limited (U.S. SOFR +1.53%) 144A± | 2.87 | 1-14-2033 | 2,200,000 | 2,204,574 | ||
Nomura Holdings Incorporated | 2.61 | 7-14-2031 | 453,000 | 446,495 | ||
2,651,069 | ||||||
Diversified financial services: 1.45% | ||||||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 1.15 | 10-29-2023 | 13,638,000 | 13,596,863 | ||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 1.65 | 10-29-2024 | 13,584,000 | 13,559,500 | ||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 1.75 | 10-29-2024 | 11,078,000 | 11,061,372 | ||
AerCap Ireland Capital Designated Activity Company / AerCap Global Aviation Trust | 2.45 | 10-29-2026 | 1,200,000 | 1,203,019 | ||
DH Europe Finance II | 2.05 | 11-15-2022 | 2,697,000 | 2,734,327 | ||
DH Europe Finance II | 2.20 | 11-15-2024 | 4,643,000 | 4,767,706 | ||
GE Capital International Funding Company | 4.42 | 11-15-2035 | 7,287,000 | 8,807,299 | ||
Lundin Energy Finance Company 144A | 2.00 | 7-15-2026 | 9,848,000 | 9,786,086 | ||
Lundin Energy Finance Company 144A | 3.10 | 7-15-2031 | 7,856,000 | 7,938,167 | ||
Trust Fibrauno 144A | 5.25 | 1-30-2026 | 2,605,000 | 2,842,706 | ||
Trust Fibrauno 144A | 6.39 | 1-15-2050 | 2,091,000 | 2,410,923 | ||
78,707,968 | ||||||
Insurance: 0.08% | ||||||
Enstar Group Limited | 3.10 | 9-1-2031 | 4,262,000 | 4,183,940 | ||
Health care: 0.51% | ||||||
Health care equipment & supplies: 0.15% | ||||||
Steris plc | 3.75 | 3-15-2051 | 7,493,000 | 8,284,439 | ||
Pharmaceuticals: 0.36% | ||||||
Astrazeneca plc | 2.13 | 8-6-2050 | 847,000 | 755,793 | ||
Astrazeneca plc « | 3.00 | 5-28-2051 | 1,729,000 | 1,830,359 | ||
Shire Acquisitions Investments Ireland Designated Activity Company | 2.88 | 9-23-2023 | 3,519,000 | 3,631,234 | ||
Takeda Pharmaceutical | 2.05 | 3-31-2030 | 6,397,000 | 6,218,222 | ||
Takeda Pharmaceutical | 3.03 | 7-9-2040 | 1,927,000 | 1,958,668 | ||
Takeda Pharmaceutical | 3.18 | 7-9-2050 | 1,987,000 | 2,031,861 | ||
Takeda Pharmaceutical | 4.40 | 11-26-2023 | 2,956,000 | 3,146,093 | ||
19,572,230 | ||||||
Industrials: 0.52% | ||||||
Road & rail: 0.44% | ||||||
Canadian Pacific Railway Company %% | 1.35 | 12-2-2024 | 12,601,000 | 12,589,441 | ||
Canadian Pacific Railway Company %% | 1.75 | 12-2-2026 | 4,201,000 | 4,203,362 |
Interest rate | Maturity date | Principal | Value | |||
Road & rail (continued) | ||||||
Canadian Pacific Railway Company %% | 2.45% | 12-2-2031 | $ | 3,361,000 | $ 3,402,010 | |
Canadian Pacific Railway Company %% | 3.00 | 12-2-2041 | 1,344,000 | 1,368,366 | ||
Canadian Pacific Railway Company %% | 3.10 | 12-2-2051 | 2,174,000 | 2,235,918 | ||
23,799,097 | ||||||
Transportation infrastructure: 0.08% | ||||||
Adani Ports & Special Company 144A | 3.00 | 2-16-2031 | 1,403,360 | 1,364,150 | ||
Adani Ports & Special Company 144A | 4.20 | 8-4-2027 | 2,984,000 | 3,095,572 | ||
4,459,722 | ||||||
Information technology: 0.21% | ||||||
Semiconductors & semiconductor equipment: 0.21% | ||||||
NXP BV 144A | 3.15 | 5-1-2027 | 1,686,000 | 1,768,809 | ||
NXP BV 144A | 3.25 | 5-11-2041 | 1,850,000 | 1,896,607 | ||
NXP BV 144A | 3.88 | 6-18-2026 | 7,236,000 | 7,841,245 | ||
11,506,661 | ||||||
Materials: 0.13% | ||||||
Metals & mining: 0.13% | ||||||
Teck Resources Limited | 5.20 | 3-1-2042 | 1,997,000 | 2,386,303 | ||
Teck Resources Limited | 6.13 | 10-1-2035 | 1,729,000 | 2,245,577 | ||
Teck Resources Limited | 6.25 | 7-15-2041 | 1,945,000 | 2,566,380 | ||
7,198,260 | ||||||
Real estate: 0.05% | ||||||
Equity REITs: 0.05% | ||||||
Scentre Group Trust 144A | 3.63 | 1-28-2026 | 2,671,000 | 2,868,782 | ||
Utilities: 0.04% | ||||||
Electric utilities: 0.04% | ||||||
Comision Federal de Electricidad 144A | 3.88 | 7-26-2033 | 2,339,000 | 2,232,576 | ||
Total Yankee corporate bonds and notes (Cost $294,779,852) | 297,036,303 | |||||
Yankee government bonds: 1.21% | ||||||
Abu Dhabi Government International Bond 144A | 3.00 | 9-15-2051 | 2,611,000 | 2,596,504 | ||
Italy Government International Bond | 3.88 | 5-6-2051 | 5,372,000 | 5,860,416 | ||
Japan Bank for International Cooperation | 1.75 | 10-17-2024 | 4,732,000 | 4,831,498 | ||
Republic of Colombia | 5.20 | 5-15-2049 | 4,999,000 | 4,653,869 | ||
Republic of Paraguay 144A | 4.95 | 4-28-2031 | 989,000 | 1,087,910 | ||
Republic of Paraguay 144A | 5.40 | 3-30-2050 | 2,899,000 | 3,181,681 | ||
Republic of Peru | 2.39 | 1-23-2026 | 3,536,000 | 3,588,474 | ||
Republic of Peru | 2.78 | 1-23-2031 | 8,360,000 | 8,280,664 | ||
Republic of Peru | 3.00 | 1-15-2034 | 5,948,000 | 5,823,092 | ||
Republic of Peru | 3.60 | 1-15-2072 | 3,742,000 | 3,557,407 | ||
United Mexican States | 3.75 | 4-19-2071 | 4,678,000 | 4,104,945 | ||
United Mexican States | 4.28 | 8-14-2041 | 7,811,000 | 8,040,409 | ||
United Mexican States | 4.50 | 4-22-2029 | 6,226,000 | 6,932,215 | ||
United Mexican States | 4.50 | 1-31-2050 | 846,000 | 880,111 | ||
United Mexican States | 4.75 | 3-8-2044 | 2,076,000 | 2,241,312 | ||
Total Yankee government bonds (Cost $64,974,953) | 65,660,507 |
Yield | Shares | Value | ||||
Short-term investments: 3.80% | ||||||
Investment companies: 3.80% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 0.03% | 206,097,656 | $ 206,097,656 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 848,000 | 848,000 | |||
Total Short-term investments (Cost $206,945,656) | 206,945,656 | |||||
Total investments in securities (Cost $6,089,138,247) | 112.19% | 6,107,907,145 | ||||
Other assets and liabilities, net | (12.19) | (663,687,022) | ||||
Total net assets | 100.00% | $5,444,220,123 |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
## | All or a portion of this security is segregated for when-issued securities. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $270,350,377 | $2,390,887,836 | $(2,455,140,557) | $0 | $0 | $ 206,097,656 | 206,097,656 | $ 15,072 | ||
Securities Lending Cash Investments LLC | 0 | 358,385,103 | (357,537,103) | 0 | 0 | 848,000 | 848,000 | 812 # | ||
$0 | $0 | $206,945,656 | $15,884 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $831,090 of securities loaned), at value (cost $5,882,192,591) | $ 5,900,961,489 |
Investments in affiliated securities, at value (cost $206,945,656) | 206,945,656 |
Cash collateral due from broker | 1,470,000 |
Receivable for investments sold | 548,301,448 |
Receivable for interest | 16,530,349 |
Principal paydown receivable | 146,038 |
Receivable for securities lending income, net | 1,766 |
Prepaid expenses and other assets | 933,354 |
Total assets | 6,675,290,100 |
Liabilities | |
Payable for when-issued transactions | 978,167,971 |
Payable for investments purchased | 168,299,551 |
Overdraft due to custodian bank | 82,215,607 |
Advisory fee payable | 1,538,848 |
Payable upon receipt of securities loaned | 848,000 |
Total liabilities | 1,231,069,977 |
Total net assets | $5,444,220,123 |
Investment income | |
Interest (net of foreign withholding taxes of $13,666) | $ 41,615,722 |
Income from affiliated securities | 29,257 |
Total investment income | 41,644,979 |
Expenses | |
Advisory fee | 9,539,461 |
Custody and accounting fees | 168,764 |
Professional fees | 60,006 |
Interest holder report expenses | 10,980 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 66,973 |
Total expenses | 9,855,846 |
Net investment income | 31,789,133 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 21,098,993 |
Net change in unrealized gains (losses) on investments | 848,698 |
Net realized and unrealized gains (losses) on investments | 21,947,691 |
Net increase in net assets resulting from operations | $53,736,824 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 31,789,133 | $ 77,723,644 |
Net realized gains on investments | 21,098,993 | 129,629,293 |
Net change in unrealized gains (losses) on investments | 848,698 | (171,533,989) |
Net increase in net assets resulting from operations | 53,736,824 | 35,818,948 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 215,150,579 | 1,103,776,459 |
Withdrawals | (466,799,980) | (1,259,318,551) |
Net decrease in net assets resulting from capital transactions | (251,649,401) | (155,542,092) |
Total decrease in net assets | (197,912,577) | (119,723,144) |
Net assets | ||
Beginning of period | 5,642,132,700 | 5,761,855,844 |
End of period | $5,444,220,123 | $ 5,642,132,700 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 0.96% | 0.65% | 9.49% | 6.30% | (0.53)% | 1.89% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Net investment income | 1.14% | 1.30% | 2.28% | 2.93% | 2.23% | 1.87% |
Supplemental data | ||||||
Portfolio turnover rate | 199% | 457% | 603% | 577% | 542% | 614% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 65,660,516 |
Gross unrealized losses | (46,891,618) |
Net unrealized gains | $ 18,768,898 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $ 0 | $ 1,460,611,794 | $0 | $ 1,460,611,794 |
Asset-backed securities | 0 | 435,543,465 | 0 | 435,543,465 |
Corporate bonds and notes | 0 | 1,359,502,533 | 0 | 1,359,502,533 |
Municipal obligations | 0 | 23,921,151 | 0 | 23,921,151 |
Non-agency mortgage-backed securities | 0 | 280,270,996 | 0 | 280,270,996 |
U.S. Treasury securities | 1,978,414,740 | 0 | 0 | 1,978,414,740 |
Yankee corporate bonds and notes | 0 | 297,036,303 | 0 | 297,036,303 |
Yankee government bonds | 0 | 65,660,507 | 0 | 65,660,507 |
Short-term investments | ||||
Investment companies | 206,945,656 | 0 | 0 | 206,945,656 |
Total assets | $2,185,360,396 | $3,922,546,749 | $0 | $6,107,907,145 |
Average daily net assets | Advisory fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$10,161,411,419 | $1,851,155,342 | $10,018,697,004 | $1,829,829,294 |
Counterparty | Values of securities on loaned | Collateral received1 | Net amount |
Nomura Securities International Incorporated | $831,090 | $(831,090) | $0 |
Shares voted “For” | 222,470,589 |
Shares voted “Against” | 2,536,231 |
Shares voted “Abstain” | 2,681,236 |
Shares voted “For” | 222,578,756 |
Shares voted “Against” | 2,408,143 |
Shares voted “Abstain” | 2,701,157 |
Shares voted “For” | 222,358,286 |
Shares voted “Against” | 2,651,918 |
Shares voted “Abstain” | 2,677,852 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA287/SAR287 11-21
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Allspring Real Return Fund | |
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Financial statements | |
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Allspring Real Return Portfolio | |
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks returns that exceed the rate of inflation over the long-term. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Kandarp R. Acharya, CFA®‡, FRM, Petros N. Bocray, CFA®‡, FRM, Michael Bradshaw, CFA®‡, Christian L. Chan, CFA®‡, Garth B. Newport, CFA®‡, Michael Schueller, CFA®‡, Michal Stanczyk† |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
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 (IPBAX) | 2-28-2003 | 2.57 | 3.85 | 2.27 | 7.40 | 4.81 | 2.74 | 1.26 | 0.78 | ||
Class C (IPBCX) | 2-28-2003 | 5.46 | 4.01 | 1.96 | 6.46 | 4.01 | 1.96 | 2.01 | 1.53 | ||
Class R6 (IPBJX)3 | 10-31-2016 | – | – | – | 7.81 | 5.19 | 3.06 | 0.88 | 0.40 | ||
Administrator Class (IPBIX) | 2-28-2003 | – | – | – | 7.52 | 5.00 | 2.97 | 1.20 | 0.60 | ||
Institutional Class (IPBNX)4 | 10-31-2016 | – | – | – | 7.66 | 5.14 | 3.03 | 0.93 | 0.45 | ||
Bloomberg U.S. TIPS Index5 | – | – | – | – | 6.83 | 5.25 | 3.06 | – | – | ||
CPI 6 | – | – | – | – | 6.81 | 2.86 | 2.08 | – | – |
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 September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.78% for Class A, 1.53% for Class C, 0.40% for Class R6, 0.60% for Administrator Class, and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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 Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | 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 Institutional Class shares. If these expenses had been included, returns for the Institutional Class shares would be higher. |
5 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
6 | The Consumer Price Index (CPI) for All Urban Consumers in U.S. All Items is published monthly by the U.S. government as an indicator of changes in price levels (or inflation) paid by urban consumers for a representative basket of goods and services. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
† | Michal Stanczyk became portfolio manager of the Fund on June 30, 2021. |
Ten largest holdings (%) as of November 30, 20211 | |
TIPS, 0.63%, 1-15-2026 | 2.69 |
TIPS, 0.13%, 4-15-2026 | 2.69 |
TIPS, 0.63%, 1-15-2024 | 2.43 |
TIPS, 0.38%, 7-15-2023 | 2.23 |
TIPS, 0.25%, 1-15-2025 | 2.21 |
TIPS, 0.13%, 1-15-2031 | 2.18 |
TIPS, 0.13%, 1-15-2030 | 2.13 |
TIPS, 0.25%, 2-15-2050 | 2.04 |
TIPS, 0.63%, 4-15-2023 | 1.96 |
TIPS, 0.13%, 7-15-2030 | 1.93 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. 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 allocation as of November 30, 2021 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,036.48 | $3.98 | 0.78% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.16 | $3.95 | 0.78% |
Class C | ||||
Actual | $1,000.00 | $1,031.41 | $7.79 | 1.53% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.40 | $7.74 | 1.53% |
Class R6 | ||||
Actual | $1,000.00 | $1,037.94 | $2.04 | 0.40% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.06 | $2.03 | 0.40% |
Administrator Class | ||||
Actual | $1,000.00 | $1,037.05 | $3.06 | 0.60% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.06 | $3.04 | 0.60% |
Institutional Class | ||||
Actual | $1,000.00 | $1,037.75 | $2.30 | 0.45% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.81 | $2.28 | 0.45% |
Value | |||||
Investment companies: 99.86% | |||||
Affiliated master portfolio: 99.86% | |||||
Allspring Real Return Portfolio | $68,552,972 | ||||
Total Investment companies (Cost $60,296,444) | 68,552,972 | ||||
Total investments in securities (Cost $60,296,444) | 99.86% | 68,552,972 | |||
Other assets and liabilities, net | 0.14 | 92,976 | |||
Total net assets | 100.00% | $68,645,948 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Real Return Portfolio | 31.19% | 29.30% | $441,247 | $229,603 | $1,553,845 | $102,768 | $185 | $68,552,972 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $60,296,444) | $ 68,552,972 |
Receivable for Fund shares sold | 201,892 |
Receivable from manager | 20,635 |
Prepaid expenses and other assets | 18,848 |
Total assets | 68,794,347 |
Liabilities | |
Payable for Fund shares redeemed | 112,329 |
Shareholder report expenses payable | 13,269 |
Professional fees payable | 9,005 |
Administration fees payable | 5,297 |
Distribution fee payable | 998 |
Trustees’ fees and expenses payable | 966 |
Accrued expenses and other liabilities | 6,535 |
Total liabilities | 148,399 |
Total net assets | $68,645,948 |
Net assets consist of | |
Paid-in capital | $ 61,651,275 |
Total distributable earnings | 6,994,673 |
Total net assets | $68,645,948 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 16,554,866 |
Shares outstanding – Class A1 | 1,497,411 |
Net asset value per share – Class A | $11.06 |
Maximum offering price per share – Class A2 | $11.58 |
Net assets – Class C | $ 1,655,654 |
Shares outstanding – Class C1 | 152,535 |
Net asset value per share – Class C | $10.85 |
Net assets – Class R6 | $ 12,528,153 |
Shares outstanding – Class R61 | 1,120,624 |
Net asset value per share – Class R6 | $11.18 |
Net assets – Administrator Class | $ 13,143,262 |
Shares outstanding – Administrator Class1 | 1,167,432 |
Net asset value per share – Administrator Class | $11.26 |
Net assets – Institutional Class | $ 24,764,013 |
Shares outstanding – Institutional Class1 | 2,215,424 |
Net asset value per share – Institutional Class | $11.18 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Interest allocated from affiliated Master Portfolio | $ 1,553,845 |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,108) | 102,768 |
Affiliated income allocated from affiliated Master Portfolio | 185 |
Expenses allocated from affiliated Master Portfolio | (150,627) |
Waivers allocated from affiliated Master Portfolio | 26,478 |
Total investment income | 1,532,649 |
Expenses | |
Management fee | 15,934 |
Administration fees | |
Class A | 12,264 |
Class C | 1,060 |
Class R6 | 2,429 |
Administrator Class | 5,775 |
Institutional Class | 7,735 |
Shareholder servicing fees | |
Class A | 19,136 |
Class C | 1,650 |
Administrator Class | 14,118 |
Distribution fee | |
Class C | 4,951 |
Custody and accounting fees | 1,480 |
Professional fees | 21,786 |
Registration fees | 5,252 |
Shareholder report expenses | 24,786 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 3,736 |
Total expenses | 152,059 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (85,705) |
Class A | (764) |
Class C | (66) |
Administrator Class | (7,486) |
Institutional Class | (1,928) |
Net expenses | 56,110 |
Net investment income | 1,476,539 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 441,247 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 229,603 |
Net realized and unrealized gains (losses) on investments | 670,850 |
Net increase in net assets resulting from operations | $2,147,389 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,476,539 | $ 1,568,068 | ||
Net realized gains on investments | 441,247 | 277,416 | ||
Net change in unrealized gains (losses) on investments | 229,603 | 3,967,421 | ||
Net increase in net assets resulting from operations | 2,147,389 | 5,812,905 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (366,281) | (268,219) | ||
Class C | (26,113) | (19,136) | ||
Class R6 | (404,842) | (676,727) | ||
Administrator Class | (274,582) | (261,977) | ||
Institutional Class | (483,883) | (233,102) | ||
Total distributions to shareholders | (1,555,701) | (1,459,161) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 308,952 | 3,413,668 | 476,116 | 5,061,849 |
Class C | 57,864 | 627,100 | 26,515 | 273,931 |
Class R6 | 113,839 | 1,268,080 | 2,143,575 | 23,199,949 |
Administrator Class | 343,729 | 3,881,591 | 574,541 | 6,217,286 |
Institutional Class | 1,293,132 | 14,366,158 | 358,193 | 3,851,836 |
23,556,597 | 38,604,851 | |||
Reinvestment of distributions | ||||
Class A | 26,673 | 293,421 | 18,861 | 202,368 |
Class C | 2,385 | 25,779 | 1,759 | 18,532 |
Class R6 | 28,069 | 312,206 | 28,247 | 306,213 |
Administrator Class | 23,378 | 261,635 | 23,163 | 252,526 |
Institutional Class | 43,432 | 483,175 | 21,437 | 232,476 |
1,376,216 | 1,012,115 | |||
Payment for shares redeemed | ||||
Class A | (102,729) | (1,130,050) | (521,552) | (5,567,275) |
Class C | (18,964) | (204,924) | (87,496) | (914,008) |
Class R6 | (2,298,530) | (25,365,420) | (659,480) | (7,182,858) |
Administrator Class | (386,958) | (4,309,374) | (715,288) | (7,756,050) |
Institutional Class | (97,197) | (1,080,996) | (428,493) | (4,604,300) |
(32,090,764) | (26,024,491) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (7,157,951) | 13,592,475 | ||
Total increase (decrease) in net assets | (6,566,263) | 17,946,219 | ||
Net assets | ||||
Beginning of period | 75,212,211 | 57,265,992 | ||
End of period | $ 68,645,948 | $ 75,212,211 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.93 | $10.22 | $9.89 | $9.87 | $9.96 | $9.95 |
Net investment income | 0.24 1 | 0.22 | 0.12 | 0.15 | 0.21 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.70 | 0.42 | 0.09 | (0.09) | 0.03 |
Total from investment operations | 0.39 | 0.92 | 0.54 | 0.24 | 0.12 | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.26) | (0.21) | (0.21) | (0.19) | (0.21) | (0.20) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.26) | (0.21) | (0.21) | (0.22) | (0.21) | (0.21) |
Net asset value, end of period | $11.06 | $10.93 | $10.22 | $9.89 | $9.87 | $9.96 |
Total return2 | 3.65% | 9.10% | 5.48% | 2.56% | 1.25% | 2.23% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.06% | 1.29% | 1.43% | 1.16% | 1.04% | 1.11% |
Net expenses | 0.78% | 0.78% | 0.78% | 0.77% | 0.80% | 0.85% |
Net investment income | 4.35% | 2.09% | 1.79% | 1.95% | 2.15% | 1.92% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $16,555 | $13,825 | $13,196 | $17,716 | $26,133 | $29,678 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $10.74 | $10.06 | $9.73 | $9.73 | $9.82 | $9.77 |
Net investment income | 0.19 1 | 0.12 1 | 0.11 1 | 0.10 1 | 0.03 | 0.04 |
Net realized and unrealized gains (losses) on investments | 0.14 | 0.71 | 0.35 | 0.07 | 0.02 | 0.10 |
Total from investment operations | 0.33 | 0.83 | 0.46 | 0.17 | 0.05 | 0.14 |
Distributions to shareholders from | ||||||
Net investment income | (0.22) | (0.15) | (0.13) | (0.14) | (0.14) | (0.08) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.22) | (0.15) | (0.13) | (0.17) | (0.14) | (0.09) |
Net asset value, end of period | $10.85 | $10.74 | $10.06 | $9.73 | $9.73 | $9.82 |
Total return2 | 3.14% | 8.27% | 4.77% | 1.79% | 0.53% | 1.44% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.81% | 2.06% | 2.18% | 1.91% | 1.79% | 1.86% |
Net expenses | 1.53% | 1.53% | 1.53% | 1.52% | 1.56% | 1.60% |
Net investment income | 3.53% | 1.17% | 1.09% | 1.08% | 1.39% | 1.23% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $1,656 | $1,195 | $1,714 | $2,553 | $3,517 | $4,580 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.05 | $10.33 | $9.99 | $9.96 | $10.05 | $10.17 |
Net investment income | 0.29 2 | 0.29 | 0.22 | 0.23 2 | 0.22 | 0.10 |
Net realized and unrealized gains (losses) on investments | 0.12 | 0.69 | 0.37 | 0.06 | (0.06) | (0.07) |
Total from investment operations | 0.41 | 0.98 | 0.59 | 0.29 | 0.16 | 0.03 |
Distributions to shareholders from | ||||||
Net investment income | (0.28) | (0.26) | (0.25) | (0.23) | (0.25) | (0.14) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.28) | (0.26) | (0.25) | (0.26) | (0.25) | (0.15) |
Net asset value, end of period | $11.18 | $11.05 | $10.33 | $9.99 | $9.96 | $10.05 |
Total return3 | 3.79% | 9.52% | 5.94% | 2.99% | 1.63% | 0.36% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.67% | 0.85% | 1.05% | 0.82% | 0.66% | 0.69% |
Net expenses | 0.40% | 0.40% | 0.40% | 0.39% | 0.42% | 0.47% |
Net investment income | 5.21% | 2.70% | 2.08% | 2.34% | 2.52% | 1.32% |
Supplemental data | ||||||
Portfolio turnover rate4 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $12,528 | $36,202 | $18,224 | $14,358 | $11,750 | $7,438 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 20171 | 0.44% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $11.12 | $10.38 | $10.03 | $9.99 | $10.06 | $10.03 |
Net investment income | 0.26 1 | 0.25 1 | 0.20 1 | 0.21 1 | 0.24 1 | 0.22 1 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.71 | 0.36 | 0.06 | (0.09) | 0.02 |
Total from investment operations | 0.41 | 0.96 | 0.56 | 0.27 | 0.15 | 0.24 |
Distributions to shareholders from | ||||||
Net investment income | (0.27) | (0.22) | (0.21) | (0.20) | (0.22) | (0.20) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.27) | (0.22) | (0.21) | (0.23) | (0.22) | (0.21) |
Net asset value, end of period | $11.26 | $11.12 | $10.38 | $10.03 | $9.99 | $10.06 |
Total return2 | 3.70% | 9.31% | 5.67% | 2.78% | 1.50% | 2.46% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.00% | 1.23% | 1.37% | 1.10% | 0.97% | 1.04% |
Net expenses | 0.60% | 0.60% | 0.60% | 0.59% | 0.60% | 0.60% |
Net investment income | 4.57% | 2.26% | 1.92% | 2.15% | 2.39% | 2.20% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $13,143 | $13,203 | $13,544 | $13,562 | $23,331 | $26,100 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 2017 | 0.44% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $11.05 | $10.33 | $9.99 | $9.97 | $10.06 | $10.17 |
Net investment income | 0.29 | 0.26 | 0.21 | 0.22 | 0.24 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.12 | 0.71 | 0.37 | 0.05 | (0.08) | (0.10) |
Total from investment operations | 0.41 | 0.97 | 0.58 | 0.27 | 0.16 | 0.04 |
Distributions to shareholders from | ||||||
Net investment income | (0.28) | (0.25) | (0.24) | (0.22) | (0.25) | (0.14) |
Net realized gains | 0.00 | 0.00 | 0.00 | (0.03) | 0.00 | (0.01) |
Total distributions to shareholders | (0.28) | (0.25) | (0.24) | (0.25) | (0.25) | (0.15) |
Net asset value, end of period | $11.18 | $11.05 | $10.33 | $9.99 | $9.97 | $10.06 |
Total return2 | 3.78% | 9.46% | 5.88% | 2.84% | 1.57% | 0.41% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.74% | 0.95% | 1.10% | 0.84% | 0.71% | 0.76% |
Net expenses | 0.45% | 0.45% | 0.45% | 0.44% | 0.47% | 0.52% |
Net investment income | 4.49% | 2.37% | 2.09% | 2.20% | 2.62% | 2.24% |
Supplemental data | ||||||
Portfolio turnover rate3 | 14% | 20% | 24% | 39% | 29% | 25% |
Net assets, end of period (000s omitted) | $24,764 | $10,787 | $10,587 | $11,094 | $12,110 | $5,229 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
Year ended May 31, 2018 | 0.41% |
Year ended May 31, 20171 | 0.44% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $8,157,359 |
Gross unrealized losses | 0 |
Net unrealized gains | $8,157,359 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term | $68,552,972 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.16% |
Class C | 0.16 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
Expense ratio caps | |
Class A | 0.78% |
Class C | 1.53 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$3,704,659 | $5,380,772 | $6,413,035 | $5,213,545 |
Shares | Value | |||||
Common stocks: 14.86% | ||||||
Consumer staples: 4.66% | ||||||
Beverages: 0.71% | ||||||
PepsiCo Incorporated | 10,436 | $ 1,667,464 | ||||
Food & staples retailing: 1.64% | ||||||
Costco Wholesale Corporation | 2,807 | 1,514,040 | ||||
Sysco Corporation | 9,963 | 697,809 | ||||
Walmart Incorporated | 11,526 | 1,620,901 | ||||
3,832,750 | ||||||
Food products: 0.59% | ||||||
Mondelez International Incorporated Class A | 13,399 | 789,737 | ||||
Nomad Foods Limited † | 25,058 | 598,636 | ||||
1,388,373 | ||||||
Household products: 1.61% | ||||||
Church & Dwight Company Incorporated | 10,995 | 982,733 | ||||
The Clorox Company | 2,291 | 373,089 | ||||
The Procter & Gamble Company | 16,664 | 2,409,281 | ||||
3,765,103 | ||||||
Tobacco: 0.11% | ||||||
Philip Morris International Incorporated | 3,064 | 263,320 | ||||
Energy: 1.18% | ||||||
Oil, gas & consumable fuels: 1.18% | ||||||
Chevron Corporation | 15,613 | 1,762,239 | ||||
Phillips 66 | 14,305 | 989,477 | ||||
2,751,716 | ||||||
Materials: 3.53% | ||||||
Chemicals: 1.56% | ||||||
Ashland Global Holdings Incorporated | 4,915 | 496,759 | ||||
Ecolab Incorporated | 2,882 | 638,277 | ||||
Linde plc | 5,212 | 1,658,146 | ||||
The Sherwin-Williams Company | 1,085 | 359,395 | ||||
Westlake Chemical Corporation | 5,185 | 481,790 | ||||
3,634,367 | ||||||
Construction materials: 0.23% | ||||||
Martin Marietta Materials Incorporated | 1,344 | 542,317 | ||||
Containers & packaging: 0.19% | ||||||
Crown Holdings Incorporated | 4,258 | 450,496 | ||||
Metals & mining: 1.55% | ||||||
Agnico-Eagle Mines Limited-U.S. Exchange Traded Shares | 2,100 | 104,580 | ||||
Alamos Gold Incorporated Class A | 11,000 | 84,129 | ||||
AngloGold Ashanti Limited ADR | 3,000 | 62,820 | ||||
Artemis Gold Incorporated † | 6,000 | 31,328 | ||||
B2Gold Corporation | 29,000 | 114,869 | ||||
Barrick Gold Corporation | 9,456 | 179,569 | ||||
Dundee Precious Metals Incorporated | 7,000 | 44,550 |
Shares | Value | |||||
Metals & mining (continued) | ||||||
Endeavour Mining plc | 6,580 | $ 154,372 | ||||
Evolution Mining Limited | 22,000 | 62,877 | ||||
Franco-Nevada Corporation | 1,200 | 164,559 | ||||
Gold Fields Limited ADR | 16,000 | 181,440 | ||||
Kinross Gold Corporation | 37,500 | 222,514 | ||||
Kirkland Lake Gold Limited | 3,137 | 124,036 | ||||
Lundin Gold Incorporated † | 7,100 | 57,858 | ||||
MAG Silver Corporation † | 3,000 | 49,928 | ||||
Marathon Gold Corporation † | 7,000 | 16,494 | ||||
Newcrest Mining Limited | 6,600 | 109,483 | ||||
Newmont Corporation | 4,790 | 263,067 | ||||
Northern Star Resources Limited | 15,000 | 100,137 | ||||
Pan American Silver Corporation | 4,300 | 109,822 | ||||
Pretium Resources Incorporated † | 4,000 | 54,108 | ||||
Royal Gold Incorporated | 3,712 | 371,311 | ||||
SilverCrest Metals Incorporated † | 6,000 | 50,773 | ||||
Skeena Resources Limited † | 2,000 | 19,163 | ||||
SSR Mining Incorporated | 3,500 | 63,595 | ||||
SSR Mining Incorporated - U.S. Exchange Traded Shares | 1,272 | 23,091 | ||||
Steel Dynamics Incorporated | 8,889 | 531,562 | ||||
Torex Gold Resources Incorporated † | 6,200 | 67,899 | ||||
Triple Flag Precious Metals Corporation | 1,000 | 11,484 | ||||
Wheaton Precious Metals Corporation | 4,700 | 196,543 | ||||
3,627,961 | ||||||
Real estate: 5.49% | ||||||
Equity REITs: 5.49% | ||||||
Alexandria Real Estate Equities Incorporated | 2,806 | 561,396 | ||||
American Homes 4 Rent Class A | 12,675 | 508,141 | ||||
American Tower Corporation | 5,496 | 1,442,590 | ||||
Camden Property Trust | 2,694 | 445,076 | ||||
Duke Realty Corporation | 10,130 | 590,883 | ||||
Equinix Incorporated | 1,644 | 1,335,257 | ||||
Federal Realty Investment Trust | 2,656 | 325,812 | ||||
Four Corners Property Trust Incorporated | 17,549 | 474,174 | ||||
Gaming and Leisure Properties Incorporated | 8,807 | 397,372 | ||||
Healthcare Realty Trust Incorporated | 10,277 | 321,876 | ||||
Host Hotels & Resorts Incorporated † | 16,246 | 255,062 | ||||
Invitation Homes Incorporated | 13,941 | 563,774 | ||||
Life Storage Incorporated | 4,610 | 609,165 | ||||
Mid-America Apartment Communities Incorporated | 2,053 | 423,431 | ||||
Prologis Incorporated | 7,527 | 1,134,695 | ||||
SBA Communications Corporation | 2,838 | 975,704 | ||||
Simon Property Group Incorporated | 2,390 | 365,288 | ||||
Sun Communities Incorporated | 4,151 | 782,796 | ||||
VICI Properties Incorporated | 26,671 | 725,451 | ||||
Welltower Incorporated | 7,754 | 617,373 | ||||
12,855,316 | ||||||
Total Common stocks (Cost $23,957,760) | 34,779,183 |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 12.95% | ||||||
Communication services: 1.46% | ||||||
Diversified telecommunication services: 0.26% | ||||||
CenturyLink Incorporated | 6.75% | 12-1-2023 | $ | 260,000 | $ 280,033 | |
Level 3 Financing Incorporated | 5.38 | 5-1-2025 | 85,000 | 86,788 | ||
Lumen Technologies Incorporated | 7.50 | 4-1-2024 | 215,000 | 233,275 | ||
600,096 | ||||||
Entertainment: 0.19% | ||||||
Live Nation Entertainment Incorporated 144A | 4.88 | 11-1-2024 | 170,000 | 171,161 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 255,000 | 276,410 | ||
447,571 | ||||||
Media: 1.01% | ||||||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 600,000 | 617,571 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 335,000 | 355,938 | ||
Compression Partners LP | 6.88 | 9-1-2027 | 20,000 | 20,512 | ||
CSC Holdings LLC 144A | 5.50 | 4-15-2027 | 200,000 | 205,343 | ||
DISH DBS Corporation | 5.00 | 3-15-2023 | 200,000 | 203,200 | ||
DISH DBS Corporation | 5.88 | 7-15-2022 | 190,000 | 192,375 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 320,000 | 332,000 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 415,000 | 435,190 | ||
2,362,129 | ||||||
Consumer discretionary: 1.44% | ||||||
Auto components: 0.15% | ||||||
Allison Transmission Incorporated 144A | 5.88 | 6-1-2029 | 40,000 | 42,742 | ||
Clarios Global LP 144A | 6.25 | 5-15-2026 | 136,000 | 141,333 | ||
Clarios Global LP 144A | 6.75 | 5-15-2025 | 167,000 | 174,306 | ||
358,381 | ||||||
Automobiles: 0.18% | ||||||
Ford Motor Company | 4.13 | 8-17-2027 | 400,000 | 421,968 | ||
Hotels, restaurants & leisure: 0.57% | ||||||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 285,000 | 324,900 | ||
NCL Corporation Limited 144A | 12.25 | 5-15-2024 | 358,000 | 423,192 | ||
Royal Caribbean Cruises Limited 144A | 9.13 | 6-15-2023 | 325,000 | 344,713 | ||
Royal Caribbean Cruises Limited 144A | 11.50 | 6-1-2025 | 221,000 | 246,720 | ||
1,339,525 | ||||||
Household durables: 0.09% | ||||||
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 205,000 | 210,679 | ||
Internet & direct marketing retail: 0.06% | ||||||
QVC Incorporated | 4.38 | 3-15-2023 | 140,000 | 145,075 | ||
Leisure products: 0.10% | ||||||
SeaWorld Parks & Entertainment Incorporated 144A | 8.75 | 5-1-2025 | 210,000 | 223,650 | ||
Specialty retail: 0.20% | ||||||
Bath & Body Works Incorporated 144A | 9.38 | 7-1-2025 | 259,000 | 314,685 | ||
Penske Automotive Group Incorporated | 3.50 | 9-1-2025 | 140,000 | 141,575 | ||
456,260 |
Interest rate | Maturity date | Principal | Value | |||
Textiles, apparel & luxury goods: 0.09% | ||||||
G-III Apparel Group Limited 144A | 7.88% | 8-15-2025 | $ | 200,000 | $ 212,750 | |
Consumer staples: 0.26% | ||||||
Food products: 0.26% | ||||||
CHS Incorporated 144A | 6.63 | 2-15-2025 | 315,000 | 326,403 | ||
Performance Food Group Incorporated 144A | 6.88 | 5-1-2025 | 280,000 | 293,300 | ||
619,703 | ||||||
Energy: 2.98% | ||||||
Energy equipment & services: 0.33% | ||||||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 650,000 | 659,750 | ||
USA Compression Partners LP | 6.88 | 4-1-2026 | 115,000 | 117,013 | ||
776,763 | ||||||
Oil, gas & consumable fuels: 2.65% | ||||||
Antero Midstream Company 144A | 7.88 | 5-15-2026 | 105,000 | 112,443 | ||
Apache Corporation | 4.63 | 11-15-2025 | 70,000 | 74,025 | ||
Buckeye Partners LP 144A | 4.13 | 3-1-2025 | 35,000 | 35,214 | ||
Buckeye Partners LP | 4.15 | 7-1-2023 | 200,000 | 204,500 | ||
Crestwood Midstream Partners LP | 5.75 | 4-1-2025 | 605,000 | 606,788 | ||
DCP Midstream Operating LP | 5.38 | 7-15-2025 | 455,000 | 485,440 | ||
EnLink Midstream Partners LP | 4.15 | 6-1-2025 | 870,000 | 890,193 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 645,000 | 665,601 | ||
EQT Corporation | 6.63 | 2-1-2025 | 85,000 | 94,872 | ||
Murphy Oil Corporation | 5.75 | 8-15-2025 | 655,000 | 665,665 | ||
New Fortress Energy Incorporated 144A | 6.50 | 9-30-2026 | 220,000 | 207,973 | ||
Occidental Petroleum Corporation | 8.00 | 7-15-2025 | 305,000 | 347,182 | ||
Rockies Express Pipeline LLC 144A | 3.60 | 5-15-2025 | 529,000 | 542,172 | ||
Southwestern Energy Company | 4.10 | 3-15-2022 | 225,000 | 224,420 | ||
Southwestern Energy Company | 6.45 | 1-23-2025 | 127,000 | 137,801 | ||
Southwestern Energy Company | 7.75 | 10-1-2027 | 110,000 | 117,890 | ||
Tallgrass Energy Partners LP 144A | 7.50 | 10-1-2025 | 360,000 | 381,600 | ||
Western Gas Partners LP | 4.65 | 7-1-2026 | 385,000 | 410,988 | ||
6,204,767 | ||||||
Financials: 1.99% | ||||||
Consumer finance: 0.89% | ||||||
LFS Topco LLC 144A | 5.88 | 10-15-2026 | 75,000 | 77,615 | ||
Navient Corporation | 5.88 | 10-25-2024 | 590,000 | 616,709 | ||
Navient Corporation | 7.25 | 9-25-2023 | 145,000 | 155,875 | ||
OneMain Finance Corporation | 3.50 | 1-15-2027 | 110,000 | 106,150 | ||
PRA Group Incorporated 144A | 7.38 | 9-1-2025 | 200,000 | 212,000 | ||
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 165,000 | 160,778 | ||
Springleaf Finance Corporation | 6.13 | 3-15-2024 | 295,000 | 309,750 | ||
Springleaf Finance Corporation | 8.88 | 6-1-2025 | 414,000 | 444,015 | ||
2,082,892 | ||||||
Diversified financial services: 0.30% | ||||||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 245,000 | 241,019 | ||
United Shore Financial Services LLC 144A | 5.50 | 11-15-2025 | 450,000 | 447,750 | ||
688,769 |
Interest rate | Maturity date | Principal | Value | |||
Insurance: 0.35% | ||||||
Enact Holdings Incorporated 144A | 6.50% | 8-15-2025 | $ | 750,000 | $ 815,471 | |
Mortgage REITs: 0.25% | ||||||
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 495,000 | 513,415 | ||
Starwood Property Trust Incorporated | 5.00 | 12-15-2021 | 77,000 | 77,042 | ||
590,457 | ||||||
Thrifts & mortgage finance: 0.20% | ||||||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 475,000 | 477,423 | ||
Health care: 0.87% | ||||||
Health care providers & services: 0.87% | ||||||
Magellan Health Incorporated | 4.90 | 9-22-2024 | 828,000 | 890,100 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 364,000 | 382,167 | ||
Tenet Healthcare Corporation 144A | 4.88 | 1-1-2026 | 375,000 | 383,438 | ||
Tenet Healthcare Corporation 144A | 7.50 | 4-1-2025 | 220,000 | 231,334 | ||
Vizient Incorporated 144A | 6.25 | 5-15-2027 | 150,000 | 156,375 | ||
2,043,414 | ||||||
Industrials: 2.18% | ||||||
Aerospace & defense: 0.51% | ||||||
Spirit AeroSystems Holdings Incorporated 144A | 5.50 | 1-15-2025 | 525,000 | 540,750 | ||
TransDigm Group Incorporated 144A | 6.25 | 3-15-2026 | 305,000 | 316,438 | ||
TransDigm Group Incorporated | 7.50 | 3-15-2027 | 90,000 | 93,825 | ||
TransDigm Group Incorporated 144A | 8.00 | 12-15-2025 | 231,000 | 243,416 | ||
1,194,429 | ||||||
Airlines: 0.69% | ||||||
American Airlines Group Incorporated 144A | 5.00 | 6-1-2022 | 130,000 | 129,513 | ||
American Airlines Group Incorporated 144A | 5.50 | 4-20-2026 | 385,000 | 393,181 | ||
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 192,594 | 190,979 | ||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 340,000 | 347,436 | ||
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 425,000 | 453,688 | ||
United Airlines Incorporated 144A | 4.38 | 4-15-2026 | 90,000 | 90,358 | ||
1,605,155 | ||||||
Commercial services & supplies: 0.46% | ||||||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 425,000 | 437,533 | ||
Plastipak Holdings Incorporated 144A | 6.25 | 10-15-2025 | 620,000 | 629,734 | ||
1,067,267 | ||||||
Construction & engineering: 0.05% | ||||||
Taylor Morrison Communities Incorporated 144A | 5.88 | 4-15-2023 | 110,000 | 113,988 | ||
Electronic equipment, instruments & components: 0.02% | ||||||
Wesco Distribution Incorporated 144A | 7.13 | 6-15-2025 | 55,000 | 58,098 | ||
Machinery: 0.00% | ||||||
Stevens Holding Company Incorporated 144A | 6.13 | 10-1-2026 | 10,000 | 10,700 | ||
Road & rail: 0.16% | ||||||
Uber Technologies Incorporated 144A | 7.50 | 5-15-2025 | 350,000 | 368,813 |
Interest rate | Maturity date | Principal | Value | |||
Trading companies & distributors: 0.29% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50% | 10-1-2025 | $ | 660,000 | $ 672,652 | |
Information technology: 0.36% | ||||||
IT services: 0.32% | ||||||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 585,000 | 650,813 | ||
Square Incorporated 144A | 2.75 | 6-1-2026 | 85,000 | 84,587 | ||
735,400 | ||||||
Technology hardware, storage & peripherals: 0.04% | ||||||
NCR Corporation 144A | 5.75 | 9-1-2027 | 98,000 | 101,561 | ||
Materials: 0.53% | ||||||
Chemicals: 0.20% | ||||||
Kraton Polymers LLC 144A | 4.25 | 12-15-2025 | 450,000 | 464,625 | ||
Containers & packaging: 0.02% | ||||||
Sealed Air Corporation 144A | 5.13 | 12-1-2024 | 50,000 | 53,250 | ||
Metals & mining: 0.22% | ||||||
Cleveland-Cliffs Incorporated 144A | 6.75 | 3-15-2026 | 195,000 | 205,969 | ||
Cleveland-Cliffs Incorporated 144A | 9.88 | 10-17-2025 | 274,000 | 308,335 | ||
514,304 | ||||||
Paper & forest products: 0.09% | ||||||
Clearwater Paper Corporation 144A | 5.38 | 2-1-2025 | 185,000 | 199,795 | ||
Real estate: 0.40% | ||||||
Equity REITs: 0.40% | ||||||
Service Properties Trust Company | 4.35 | 10-1-2024 | 500,000 | 487,660 | ||
Service Properties Trust Company | 7.50 | 9-15-2025 | 420,000 | 445,786 | ||
933,446 | ||||||
Utilities: 0.48% | ||||||
Electric utilities: 0.04% | ||||||
NextEra Energy Operating Partners LP 144A | 4.25 | 7-15-2024 | 100,000 | 102,299 | ||
Independent power & renewable electricity producers: 0.44% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 196,750 | 209,539 | ||
TerraForm Power Operating LLC 144A | 4.25 | 1-31-2023 | 600,000 | 604,500 | ||
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 200,000 | 205,379 | ||
1,019,418 | ||||||
Total Corporate bonds and notes (Cost $30,175,769) | 30,292,943 | |||||
Loans: 4.06% | ||||||
Communication services: 0.54% | ||||||
Entertainment: 0.05% | ||||||
Live Nation Entertainment Incorporated (1 Month LIBOR +1.75%) ± | 1.88 | 10-17-2026 | 123,384 | 119,889 | ||
Media: 0.40% | ||||||
CSC Holdings LLC (1 Month LIBOR +2.50%) ± | 2.59 | 4-15-2027 | 365,114 | 357,943 | ||
Hubbard Radio LLC (3 Month LIBOR +4.25%) ‡± | 5.25 | 3-28-2025 | 75,000 | 74,906 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
Nexstar Broadcasting Incorporated (1 Month LIBOR +2.50%) ± | 2.59% | 9-18-2026 | $ | 325,000 | $ 322,504 | |
Virgin Media Bristol LLC (1 Month LIBOR +2.50%) ± | 2.59 | 1-31-2028 | 175,000 | 172,594 | ||
927,947 | ||||||
Wireless telecommunication services: 0.09% | ||||||
Consolidated Communications Holdings Incorporated (1 Month LIBOR +3.50%) ± | 4.25 | 10-2-2027 | 211,000 | 209,856 | ||
Consumer discretionary: 0.77% | ||||||
Auto components: 0.28% | ||||||
Clarios Global LP (1 Month LIBOR +3.25%) ± | 3.34 | 4-30-2026 | 297,779 | 293,685 | ||
Tenneco Incorporated (3 Month LIBOR +3.00%) ± | 3.09 | 10-1-2025 | 358,477 | 351,487 | ||
645,172 | ||||||
Hotels, restaurants & leisure: 0.12% | ||||||
Carnival Corporation (1 Month LIBOR +3.00%) ± | 3.75 | 6-30-2025 | 79,224 | 77,956 | ||
Wyndham Hotels & Resorts Incorporated (3 Month LIBOR +1.75%) ± | 1.84 | 5-30-2025 | 213,400 | 209,452 | ||
287,408 | ||||||
Household durables: 0.10% | ||||||
Wilsonart LLC (1 Month LIBOR +3.50%) ± | 4.50 | 12-19-2026 | 228,850 | 227,706 | ||
Leisure products: 0.16% | ||||||
SeaWorld Parks & Entertainment Incorporated (1 Month LIBOR +3.00%) ± | 3.50 | 8-25-2028 | 374,023 | 371,686 | ||
Specialty retail: 0.11% | ||||||
Rent-A-Center Incorporated (1 Month LIBOR +3.25%) ± | 3.75 | 2-17-2028 | 199,000 | 196,678 | ||
Sally Beauty Holdings Incorporated (3 Month LIBOR +2.25%) ‡± | 2.35 | 7-5-2024 | 62,605 | 62,057 | ||
258,735 | ||||||
Energy: 0.26% | ||||||
Oil, gas & consumable fuels: 0.26% | ||||||
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ± | 4.75 | 4-14-2028 | 54,863 | 54,771 | ||
Apergy Corporation (1 Month LIBOR +5.00%) ± | 6.00 | 6-3-2027 | 322,753 | 326,358 | ||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ‡<± | 5.50 | 9-29-2028 | 220,000 | 216,700 | ||
597,829 | ||||||
Financials: 0.21% | ||||||
Diversified financial services: 0.21% | ||||||
Claros Mortgage Trust Incorporated (U.S. SOFR +4.50%) ‡<± | 5.00 | 8-9-2026 | 120,000 | 119,700 | ||
Resolute Investment Managers Incorporated (1 Month LIBOR +3.75%) ‡± | 5.25 | 4-30-2024 | 94,751 | 94,277 | ||
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 4.50 | 5-30-2025 | 285,000 | 284,407 | ||
498,384 |
Interest rate | Maturity date | Principal | Value | |||
Health care: 0.67% | ||||||
Health care equipment & supplies: 0.24% | ||||||
Ortho Clinical Diagnostics SA (3 Month LIBOR +3.00%) ± | 3.08% | 6-30-2025 | $ | 220,000 | $ 218,570 | |
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 8-31-2026 | 347,762 | 346,169 | ||
564,739 | ||||||
Health care providers & services: 0.26% | ||||||
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ± | 3.75 | 3-2-2028 | 2,836 | 2,799 | ||
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 3-2-2028 | 60,951 | 60,146 | ||
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 3-2-2028 | 1,924 | 1,899 | ||
Select Medical Corporation (3 Month LIBOR +2.25%) ± | 2.35 | 3-6-2025 | 549,214 | 543,491 | ||
608,335 | ||||||
Health care technology: 0.04% | ||||||
Project Ruby Ultimate Parent Corporation (1 Month LIBOR +3.25%) ± | 4.00 | 3-3-2028 | 89,550 | 88,830 | ||
Pharmaceuticals: 0.13% | ||||||
Bausch Health Companies Incorporated (3 Month LIBOR +3.00%) ± | 3.09 | 6-2-2025 | 314,615 | 311,519 | ||
Industrials: 0.81% | ||||||
Aerospace & defense: 0.03% | ||||||
Spirit AeroSystems Incorporated (1 Month LIBOR +3.75%) ± | 4.25 | 1-15-2025 | 74,438 | 74,298 | ||
Airlines: 0.38% | ||||||
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ± | 5.50 | 4-20-2028 | 365,000 | 374,428 | ||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 6.25 | 6-21-2027 | 210,000 | 218,795 | ||
SkyMiles IP Limited (3 Month LIBOR +3.75%) ± | 4.75 | 10-20-2027 | 215,000 | 225,705 | ||
United Airlines Incorporated (1 Month LIBOR +3.75%) ± | 4.50 | 4-21-2028 | 59,700 | 59,451 | ||
878,379 | ||||||
Building products: 0.09% | ||||||
Advanced Drainage Systems Incorporated (1 Month LIBOR +2.25%) ± | 2.38 | 7-31-2026 | 218,000 | 217,183 | ||
Commercial services & supplies: 0.15% | ||||||
Aramark Services Incorporated (1 Month LIBOR +1.75%) ± | 1.84 | 3-11-2025 | 364,323 | 355,579 | ||
Machinery: 0.06% | ||||||
Werner FinCo LP (3 Month LIBOR +4.00%) ‡± | 5.00 | 7-24-2024 | 133,953 | 133,619 | ||
Road & rail: 0.05% | ||||||
Uber Technologies Incorporated (1 Month LIBOR +3.50%) ± | 3.59 | 4-4-2025 | 119,077 | 118,557 | ||
Software: 0.05% | ||||||
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ± | 1.84 | 4-16-2025 | 69,783 | 68,748 | ||
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) ± | 1.84 | 4-16-2025 | 56,648 | 55,807 | ||
124,555 |
Interest rate | Maturity date | Principal | Value | |||
Information technology: 0.13% | ||||||
Semiconductors & semiconductor equipment: 0.13% | ||||||
ON Semiconductor Corporation (1 Month LIBOR +2.00%) ± | 2.09% | 9-19-2026 | $ | 308,700 | $ 307,447 | |
Materials: 0.53% | ||||||
Chemicals: 0.04% | ||||||
Ineos US Finance LLC (3 Month LIBOR +2.00%) ± | 2.09 | 4-1-2024 | 107,711 | 106,679 | ||
Containers & packaging: 0.31% | ||||||
Flex Acquisition Company Incorporated (3 Month LIBOR +3.00%) ± | 3.13 | 6-29-2025 | 179,928 | 177,343 | ||
Flex Acquisition Company Incorporated (1 Month LIBOR +3.50%) ± | 4.00 | 2-23-2028 | 324,370 | 321,584 | ||
Graham Packaging Company Incorporated (1 Month LIBOR +3.00%) ± | 3.75 | 8-4-2027 | 218,900 | 217,046 | ||
715,973 | ||||||
Paper & forest products: 0.18% | ||||||
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) <± | 4.00 | 7-30-2027 | 423,938 | 422,280 | ||
Utilities: 0.14% | ||||||
Electric utilities: 0.14% | ||||||
ExGen Renewables IV LLC (1 Month LIBOR +2.50%) ± | 3.50 | 12-15-2027 | 325,000 | 324,594 | ||
Total Loans (Cost $9,557,238) | 9,497,178 | |||||
U.S. Treasury securities: 66.15% | ||||||
TIPS | 0.13 | 1-15-2023 | 398,081 | 414,672 | ||
TIPS | 0.13 | 7-15-2024 | 2,633,742 | 2,826,180 | ||
TIPS | 0.13 | 10-15-2024 | 3,955,559 | 4,248,827 | ||
TIPS | 0.13 | 4-15-2025 | 3,971,431 | 4,272,314 | ||
TIPS | 0.13 | 10-15-2025 | 2,093,058 | 2,267,289 | ||
TIPS | 0.13 | 4-15-2026 | 5,804,690 | 6,293,893 | ||
TIPS | 0.13 | 7-15-2026 | 3,884,831 | 4,237,500 | ||
TIPS | 0.13 | 1-15-2030 | 4,477,536 | 4,983,649 | ||
TIPS | 0.13 | 7-15-2030 | 4,043,806 | 4,528,694 | ||
TIPS | 0.13 | 1-15-2031 | 4,562,348 | 5,102,047 | ||
TIPS | 0.13 | 7-15-2031 | 2,788,683 | 3,130,152 | ||
TIPS | 0.13 | 2-15-2051 | 3,155,292 | 3,784,831 | ||
TIPS | 0.25 | 1-15-2025 | 4,805,825 | 5,179,308 | ||
TIPS | 0.25 | 7-15-2029 | 2,203,556 | 2,476,562 | ||
TIPS | 0.25 | 2-15-2050 | 3,904,708 | 4,783,724 | ||
TIPS | 0.38 | 7-15-2023 | 4,920,739 | 5,220,115 | ||
TIPS | 0.38 | 7-15-2025 | 2,694,925 | 2,943,626 | ||
TIPS | 0.38 | 1-15-2027 | 3,026,054 | 3,345,267 | ||
TIPS | 0.38 | 7-15-2027 | 3,700,224 | 4,127,846 | ||
TIPS | 0.50 | 4-15-2024 | 3,387,656 | 3,635,775 | ||
TIPS | 0.50 | 1-15-2028 | 2,846,643 | 3,202,807 | ||
TIPS | 0.63 | 4-15-2023 | 4,361,788 | 4,599,215 | ||
TIPS | 0.63 | 1-15-2024 | 5,319,228 | 5,703,002 | ||
TIPS | 0.63 | 1-15-2026 | 5,708,211 | 6,305,337 | ||
TIPS | 0.63 | 2-15-2043 | 2,189,173 | 2,763,147 | ||
TIPS | 0.75 | 7-15-2028 | 3,726,107 | 4,295,066 | ||
TIPS | 0.75 | 2-15-2042 | 2,955,749 | 3,790,344 | ||
TIPS | 0.75 | 2-15-2045 | 1,694,755 | 2,212,251 | ||
TIPS | 0.88 | 1-15-2029 | 3,063,281 | 3,565,612 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
TIPS | 0.88% | 2-15-2047 | $ | 1,675,984 | $ 2,293,784 | |
TIPS | 1.00 | 2-15-2046 | 1,655,354 | 2,291,156 | ||
TIPS | 1.00 | 2-15-2048 | 1,273,561 | 1,808,489 | ||
TIPS | 1.00 | 2-15-2049 | 1,455,163 | 2,092,707 | ||
TIPS | 1.38 | 2-15-2044 | 2,389,087 | 3,458,996 | ||
TIPS | 1.75 | 1-15-2028 | 2,507,233 | 3,027,631 | ||
TIPS | 2.00 | 1-15-2026 | 3,109,388 | 3,621,222 | ||
TIPS | 2.13 | 2-15-2040 | 1,319,781 | 2,046,279 | ||
TIPS | 2.13 | 2-15-2041 | 1,684,613 | 2,644,710 | ||
TIPS | 2.38 | 1-15-2025 | 3,201,264 | 3,675,014 | ||
TIPS | 2.38 | 1-15-2027 | 2,305,386 | 2,801,720 | ||
TIPS | 2.50 | 1-15-2029 | 2,414,532 | 3,108,332 | ||
TIPS | 3.38 | 4-15-2032 | 973,520 | 1,446,590 | ||
TIPS | 3.63 | 4-15-2028 | 1,958,695 | 2,625,455 | ||
TIPS | 3.88 | 4-15-2029 | 2,569,444 | 3,603,678 | ||
Total U.S. Treasury securities (Cost $138,744,059) | 154,784,815 | |||||
Yankee corporate bonds and notes: 1.04% | ||||||
Communication services: 0.03% | ||||||
Media: 0.03% | ||||||
Nielsen Holding and Finance BV 144A | 5.00 | 2-1-2025 | 65,000 | 65,813 | ||
Consumer discretionary: 0.10% | ||||||
Auto components: 0.10% | ||||||
Adient Global Holdings Limited 144A | 4.88 | 8-15-2026 | 220,000 | 220,275 | ||
Consumer staples: 0.14% | ||||||
Food products: 0.14% | ||||||
Cooke Omega Investments Incorporated 144A | 8.50 | 12-15-2022 | 330,000 | 337,013 | ||
Energy: 0.24% | ||||||
Oil, gas & consumable fuels: 0.24% | ||||||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 535,000 | 551,665 | ||
Financials: 0.16% | ||||||
Diversified financial services: 0.16% | ||||||
DAE Funding LLC 144A | 2.63 | 3-20-2025 | 370,000 | 371,565 | ||
Health care: 0.13% | ||||||
Pharmaceuticals: 0.13% | ||||||
Teva Pharmaceutical Finance Netherlands III BV « | 6.00 | 4-15-2024 | 295,000 | 306,725 | ||
Industrials: 0.24% | ||||||
Airlines: 0.24% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 180,000 | 221,201 | ||
Carlyle Aviation Elevate Merger Subsidiary Limited 144A | 7.00 | 10-15-2024 | 355,000 | 347,875 | ||
569,076 | ||||||
Total Yankee corporate bonds and notes (Cost $2,425,529) | 2,422,132 |
Yield | Shares | Value | ||||
Short-term investments: 0.89% | ||||||
Investment companies: 0.89% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 0.03% | 1,975,721 | $ 1,975,721 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 107,000 | 107,000 | |||
Total Short-term investments (Cost $2,082,721) | 2,082,721 | |||||
Total investments in securities (Cost $206,943,076) | 99.95% | 233,858,972 | ||||
Other assets and liabilities, net | 0.05 | 123,299 | ||||
Total net assets | 100.00% | $233,982,271 |
† | 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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
‡ | Security is valued using significant unobservable inputs. |
< | All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded. |
## | All or a portion of this security is segregated for unfunded loans. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
TIPS | Treasury inflation-protected securities |
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 | $2,265,095 | $32,953,916 | $(33,243,290) | $0 | $0 | $ 1,975,721 | 1,975,721 | $363 | ||
Securities Lending Cash Investments LLC | 0 | 1,438,725 | (1,331,725) | 0 | 0 | 107,000 | 107,000 | 12 # | ||
$0 | $0 | $2,082,721 | $375 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses | |
Long | |||||||
2-Year U.S. Treasury Notes | 14 | 3-31-2022 | $ 3,057,382 | $ 3,062,281 | $ 4,899 | $ 0 | |
Short | |||||||
10-Year Ultra Futures | (3) | 3-22-2022 | (432,181) | (440,672) | 0 | (8,491) | |
U.S. Ultra Bond | (36) | 3-22-2022 | (6,953,385) | (7,220,250) | 0 | (266,865) | |
5-Year U.S. Treasury Notes | (63) | 3-31-2022 | (7,590,504) | (7,648,102) | 0 | (57,598) | |
$4,899 | $(332,954) |
Assets | |
Investments in unaffiliated securities (including $104,750 of securities loaned), at value (cost $204,860,355) | $ 231,776,251 |
Investments in affiliated securities, at value (cost $2,082,721) | 2,082,721 |
Cash at broker segregated for futures contracts | 336,000 |
Foreign currency, at value (cost $10,712) | 10,536 |
Receivable for dividends and interest | 849,609 |
Receivable for investments sold | 470,208 |
Receivable for securities lending income, net | 97 |
Prepaid expenses and other assets | 38,470 |
Total assets | 235,563,892 |
Liabilities | |
Payable for investments purchased | 1,129,270 |
Overdraft due to custodian bank | 144,877 |
Payable for daily variation margin on open futures contracts | 136,820 |
Payable upon receipt of securities loaned | 107,000 |
Advisory fee payable | 60,818 |
Accrued expenses and other liabilities | 2,836 |
Total liabilities | 1,581,621 |
Total net assets | $233,982,271 |
Investment income | |
Interest | $ 5,628,064 |
Dividends (net of foreign withholdings taxes of $3,966) | 365,716 |
Income from affiliated securities | 667 |
Total investment income | 5,994,447 |
Expenses | |
Advisory fee | 460,143 |
Custody and accounting fees | 17,869 |
Professional fees | 36,546 |
Interest holder report expenses | 10,195 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 10,138 |
Total expenses | 544,553 |
Less: Fee waivers and/or expense reimbursements | (95,913) |
Net expenses | 448,640 |
Net investment income | 5,545,807 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 1,673,367 |
Futures contracts | (79,187) |
Net realized gains on investments | 1,594,180 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 1,571,680 |
Futures contracts | (336,313) |
Net change in unrealized gains (losses) on investments | 1,235,367 |
Net realized and unrealized gains (losses) on investments | 2,829,547 |
Net increase in net assets resulting from operations | $8,375,354 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 5,545,807 | $ 5,242,820 |
Net realized gains on investments | 1,594,180 | 859,659 |
Net change in unrealized gains (losses) on investments | 1,235,367 | 12,483,180 |
Net increase in net assets resulting from operations | 8,375,354 | 18,585,659 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 27,296,888 | 97,022,259 |
Withdrawals | (41,031,911) | (38,320,850) |
Net increase (decrease) in net assets resulting from capital transactions | (13,735,023) | 58,701,409 |
Total increase (decrease) in net assets | (5,359,669) | 77,287,068 |
Net assets | ||
Beginning of period | 239,341,940 | 162,054,872 |
End of period | $233,982,271 | $239,341,940 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 3.80% | 9.58% | 5.92% | 2.99% | 1.67% | 2.65% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.47% | 0.47% | 0.45% | 0.45% | 0.48% | 0.52% |
Net expenses2 | 0.39% | 0.39% | 0.39% | 0.40% | 0.41% | 0.44% |
Net investment income | 4.82% | 2.57% | 2.16% | 2.29% | 2.40% | 2.36% |
Supplemental data | ||||||
Portfolio turnover rate | 14% | 20% | 24% | 39% | 29% | 25% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $27,302,375 |
Gross unrealized losses | (771,565) |
Net unrealized gains | $26,530,810 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Consumer staples | $ 10,917,010 | $ 0 | $ 0 | $ 10,917,010 |
Energy | 2,751,716 | 0 | 0 | 2,751,716 |
Materials | 7,982,644 | 272,497 | 0 | 8,255,141 |
Real estate | 12,855,316 | 0 | 0 | 12,855,316 |
Corporate bonds and notes | 0 | 30,292,943 | 0 | 30,292,943 |
Loans | 0 | 8,795,919 | 701,259 | 9,497,178 |
U.S. Treasury securities | 154,784,815 | 0 | 0 | 154,784,815 |
Yankee corporate bonds and notes | 0 | 2,422,132 | 0 | 2,422,132 |
Short-term investments | ||||
Investment companies | 2,082,721 | 0 | 0 | 2,082,721 |
191,374,222 | 41,783,491 | 701,259 | 233,858,972 | |
Futures contracts | 4,899 | 0 | 0 | 4,899 |
Total assets | $191,379,121 | $41,783,491 | $701,259 | $233,863,871 |
Liabilities | ||||
Futures contracts | $ 332,954 | $ 0 | $ 0 | $ 332,954 |
Total liabilities | $ 332,954 | $ 0 | $ 0 | $ 332,954 |
Average daily net assets | Advisory fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$12,644,595 | $18,365,436 | $21,888,716 | $17,794,663 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Credit Suisse Securities (USA) LLC | $104,750 | $(104,750) | $0 |
Shares voted “For” | 3,422,036 | |
Shares voted “Against” | 53,145 | |
Shares voted “Abstain” | 71,955 |
Shares voted “For” | 3,423,535 | |
Shares voted “Against” | 50,485 | |
Shares voted “Abstain” | 73,116 |
Shares voted “For” | 3,401,523 | |
Shares voted “Against” | 53,736 | |
Shares voted “Abstain” | 91,877 |
Shares voted “For” | 3,397,942 | |
Shares voted “Against” | 75,245 | |
Shares voted “Abstain” | 73,949 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA288/SAR288 11-21
C&B Large Cap Value Fund
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Allspring C&B Large Cap Value Fund | |
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Allspring C&B Large Cap Value Portfolio | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Andrew B. Armstrong, CFA®‡, Wesley Lim, CFA®‡, Steve Lyons, CFA®‡, Michael M. Meyer, CFA®‡, Edward W. O'Connor, CFA®‡, R. James O'Neil, CFA®‡, Mehul Trivedi, CFA®‡, William Weber, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
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 (CBEAX) | 7-26-2004 | 13.29 | 10.05 | 11.50 | 20.18 | 11.36 | 12.17 | 1.25 | 1.08 | ||
Class C (CBECX) | 7-26-2004 | 18.28 | 10.51 | 11.32 | 19.28 | 10.51 | 11.32 | 2.00 | 1.83 | ||
Class R6 (CBEJX)3 | 10-31-2016 | – | – | – | 20.68 | 11.84 | 12.59 | 0.82 | 0.65 | ||
Administrator Class (CBLLX) | 7-26-2004 | – | – | – | 20.33 | 11.46 | 12.33 | 1.17 | 1.00 | ||
Institutional Class (CBLSX) | 7-26-2004 | – | – | – | 20.56 | 11.72 | 12.59 | 0.92 | 0.75 | ||
Russell 1000® Value Index4 | – | – | – | – | 22.25 | 10.36 | 12.50 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.08% for Class A, 1.83% for Class C, 0.65% for Class R6, 1.00% for Administrator Class, and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
Arrow Electronics Incorporated | 3.85 |
Arch Capital Group Limited | 3.25 |
AerCap Holdings NV | 3.17 |
Fidelity National Financial Incorporated | 2.93 |
Leidos Holdings Incorporated | 2.87 |
Brookfield Asset Management Incorporated Class A | 2.79 |
State Street Corporation | 2.77 |
Johnson & Johnson | 2.68 |
US Bancorp | 2.67 |
Gildan Activewear Incorporated | 2.56 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. 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. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $ 952.80 | $5.24 | 1.07% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.70 | $5.42 | 1.07% |
Class C | ||||
Actual | $1,000.00 | $ 948.73 | $8.94 | 1.83% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.89 | $9.25 | 1.83% |
Class R6 | ||||
Actual | $1,000.00 | $ 954.76 | $3.19 | 0.65% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.81 | $3.29 | 0.65% |
Administrator Class | ||||
Actual | $1,000.00 | $ 953.49 | $4.85 | 0.99% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.10 | $5.01 | 0.99% |
Institutional Class | ||||
Actual | $1,000.00 | $ 954.18 | $3.67 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Value | |||||
Investment companies: 100.04% | |||||
Affiliated master portfolio: 100.04% | |||||
Allspring C&B Large Cap Value Portfolio | $289,259,996 | ||||
Total Investment companies (Cost $212,213,043) | 289,259,996 | ||||
Total investments in securities (Cost $212,213,043) | 100.04% | 289,259,996 | |||
Other assets and liabilities, net | (0.04) | (110,851) | |||
Total net assets | 100.00% | $289,149,145 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring C&B Large Cap Value Portfolio | 76.92% | 79.43% | $19,898,996 | $(35,405,131) | $2,488,992 | $5,637 | $289,259,996 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $212,213,043) | $ 289,259,996 |
Receivable for Fund shares sold | 108,005 |
Receivable from manager | 15,777 |
Prepaid expenses and other assets | 9,383 |
Total assets | 289,393,161 |
Liabilities | |
Payable for Fund shares redeemed | 148,618 |
Administration fees payable | 36,042 |
Shareholder servicing fees payable | 24,040 |
Professional fees payable | 13,612 |
Distribution fee payable | 2,871 |
Trustees’ fees and expenses payable | 1,954 |
Accrued expenses and other liabilities | 16,879 |
Total liabilities | 244,016 |
Total net assets | $289,149,145 |
Net assets consist of | |
Paid-in capital | $ 173,051,642 |
Total distributable earnings | 116,097,503 |
Total net assets | $289,149,145 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 99,833,067 |
Shares outstanding – Class A1 | 6,105,806 |
Net asset value per share – Class A | $16.35 |
Maximum offering price per share – Class A2 | $17.35 |
Net assets – Class C | $ 4,331,110 |
Shares outstanding – Class C1 | 268,995 |
Net asset value per share – Class C | $16.10 |
Net assets – Class R6 | $ 45,866,598 |
Shares outstanding – Class R61 | 2,786,660 |
Net asset value per share – Class R6 | $16.46 |
Net assets – Administrator Class | $ 6,461,626 |
Shares outstanding – Administrator Class1 | 394,124 |
Net asset value per share – Administrator Class | $16.39 |
Net assets – Institutional Class | $ 132,656,744 |
Shares outstanding – Institutional Class1 | 8,064,203 |
Net asset value per share – Institutional Class | $16.45 |
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 allocated from affiliated Master Portfolio (net of foreign withholding taxes of $49,461) | $ 2,488,992 |
Affiliated income allocated from affiliated Master Portfolio | 5,637 |
Expenses allocated from affiliated Master Portfolio | (1,053,940) |
Waivers allocated from affiliated Master Portfolio | 70,182 |
Total investment income | 1,510,871 |
Expenses | |
Management fee | 76,848 |
Administration fees | |
Class A | 108,026 |
Class C | 4,855 |
Class R6 | 7,013 |
Administrator Class | 3,991 |
Institutional Class | 95,548 |
Shareholder servicing fees | |
Class A | 128,602 |
Class C | 5,772 |
Administrator Class | 7,670 |
Distribution fee | |
Class C | 17,316 |
Custody and accounting fees | 3,895 |
Professional fees | 17,914 |
Registration fees | 5,170 |
Shareholder report expenses | 3,920 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 3,784 |
Total expenses | 500,291 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (150,988) |
Class A | (5,130) |
Administrator Class | (306) |
Net expenses | 343,867 |
Net investment income | 1,167,004 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 19,898,996 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (35,405,131) |
Net realized and unrealized gains (losses) on investments | (15,506,135) |
Net decrease in net assets resulting from operations | $(14,339,131) |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,167,004 | $ 2,415,023 | ||
Net realized gains on investments | 19,898,996 | 25,510,777 | ||
Net change in unrealized gains (losses) on investments | (35,405,131) | 89,716,793 | ||
Net increase (decrease) in net assets resulting from operations | (14,339,131) | 117,642,593 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (4,170,269) | ||
Class C | 0 | (154,865) | ||
Class R6 | 0 | (2,183,532) | ||
Administrator Class | 0 | (299,002) | ||
Institutional Class | 0 | (6,446,162) | ||
Total distributions to shareholders | 0 | (13,253,830) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 467,500 | 7,945,482 | 610,000 | 8,963,843 |
Class C | 20,902 | 348,411 | 68,098 | 996,267 |
Class R6 | 202,148 | 3,473,235 | 281,375 | 4,009,424 |
Administrator Class | 51,100 | 882,850 | 19,784 | 279,674 |
Institutional Class | 585,138 | 9,979,605 | 3,644,970 | 49,931,868 |
22,629,583 | 64,181,076 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 291,093 | 4,115,619 |
Class C | 0 | 0 | 11,107 | 154,614 |
Class R6 | 0 | 0 | 24,172 | 343,838 |
Administrator Class | 0 | 0 | 13,379 | 189,677 |
Institutional Class | 0 | 0 | 451,083 | 6,414,372 |
0 | 11,218,120 | |||
Payment for shares redeemed | ||||
Class A | (323,507) | (5,506,935) | (1,092,566) | (14,863,709) |
Class C | (30,030) | (505,128) | (115,785) | (1,529,367) |
Class R6 | (158,780) | (2,718,702) | (844,970) | (11,496,464) |
Administrator Class | (4,568) | (78,012) | (221,462) | (3,119,176) |
Institutional Class | (1,588,158) | (26,994,852) | (3,426,687) | (47,236,282) |
(35,803,629) | (78,244,998) | |||
Net decrease in net assets resulting from capital share transactions | (13,174,046) | (2,845,802) | ||
Total increase (decrease) in net assets | (27,513,177) | 101,542,961 | ||
Net assets | ||||
Beginning of period | 316,662,322 | 215,119,361 | ||
End of period | $289,149,145 | $316,662,322 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.16 | $11.49 | $13.01 | $13.91 | $14.54 | $12.55 |
Net investment income | 0.05 | 0.10 | 0.12 | 0.11 | 0.09 1 | 0.08 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.29 | (0.33) | 0.02 | 0.87 | 2.23 |
Total from investment operations | (0.81) | 6.39 | (0.21) | 0.13 | 0.96 | 2.31 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.13) | (0.12) | (0.06) | (0.08) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.72) | (1.31) | (1.03) | (1.59) | (0.32) |
Net asset value, end of period | $16.35 | $17.16 | $11.49 | $13.01 | $13.91 | $14.54 |
Total return2 | (4.72)% | 56.98% | (3.61)% | 1.33% | 6.29% | 18.62% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.18% | 1.24% | 1.27% | 1.23% | 1.21% | 1.24% |
Net expenses | 1.07% | 1.07% | 1.07% | 1.08% | 1.10% | 1.15% |
Net investment income | 0.55% | 0.73% | 0.92% | 0.83% | 0.58% | 0.62% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $99,833 | $102,332 | $70,680 | $79,172 | $85,707 | $83,016 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $16.97 | $11.36 | $12.87 | $13.75 | $14.44 | $12.48 |
Net investment income (loss) | (0.02) | (0.03) | 0.02 1 | 0.01 1 | (0.02) 1 | (0.02) |
Net realized and unrealized gains (losses) on investments | (0.85) | 6.25 | (0.35) | 0.03 | 0.86 | 2.22 |
Total from investment operations | (0.87) | 6.22 | (0.33) | 0.04 | 0.84 | 2.20 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.01) | 0.00 | 0.00 |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.61) | (1.18) | (0.92) | (1.53) | (0.24) |
Net asset value, end of period | $16.10 | $16.97 | $11.36 | $12.87 | $13.75 | $14.44 |
Total return2 | (5.13)% | 55.94% | (4.41)% | 0.61% | 5.46% | 17.73% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.93% | 1.99% | 2.02% | 1.97% | 1.96% | 1.99% |
Net expenses | 1.83% | 1.83% | 1.83% | 1.83% | 1.85% | 1.90% |
Net investment income (loss) | (0.21)% | (0.04)% | 0.16% | 0.07% | (0.16)% | (0.13)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $4,331 | $4,719 | $3,576 | $5,098 | $11,031 | $8,043 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $17.24 | $11.53 | $13.06 | $13.97 | $14.59 | $12.73 |
Net investment income | 0.08 | 0.16 2 | 0.18 2 | 0.18 2 | 0.18 2 | 0.16 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.32 | (0.33) | 0.00 3 | 0.85 | 2.06 |
Total from investment operations | (0.78) | 6.48 | (0.15) | 0.18 | 1.03 | 2.22 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.16) | (0.20) | (0.18) | (0.12) | (0.12) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.77) | (1.38) | (1.09) | (1.65) | (0.36) |
Net asset value, end of period | $16.46 | $17.24 | $11.53 | $13.06 | $13.97 | $14.59 |
Total return4 | (4.52)% | 57.75% | (3.25)% | 1.74% | 6.76% | 17.65% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.75% | 0.82% | 0.84% | 0.79% | 0.77% | 0.81% |
Net expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.70% |
Net investment income | 0.97% | 1.14% | 1.33% | 1.27% | 1.28% | 1.04% |
Supplemental data | ||||||
Portfolio turnover rate5 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $45,867 | $47,301 | $37,859 | $68,366 | $110,665 | $3,532 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.65% |
Year ended May 31, 20171 | 0.68% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
5 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.20 | $11.51 | $13.03 | $13.92 | $14.56 | $12.54 |
Net investment income | 0.05 1 | 0.11 1 | 0.13 1 | 0.12 1 | 0.10 1 | 0.10 1 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.30 | (0.33) | 0.02 | 0.87 | 2.24 |
Total from investment operations | (0.81) | 6.41 | (0.20) | 0.14 | 0.97 | 2.34 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.14) | (0.12) | (0.08) | (0.08) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.72) | (1.32) | (1.03) | (1.61) | (0.32) |
Net asset value, end of period | $16.39 | $17.20 | $11.51 | $13.03 | $13.92 | $14.56 |
Total return2 | (4.71)% | 57.12% | (3.56)% | 1.44% | 6.36% | 18.82% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.10% | 1.17% | 1.19% | 1.15% | 1.13% | 1.16% |
Net expenses | 0.99% | 0.99% | 0.99% | 1.00% | 1.00% | 1.00% |
Net investment income | 0.62% | 0.81% | 1.00% | 0.90% | 0.69% | 0.77% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $6,462 | $5,980 | $6,167 | $9,274 | $12,742 | $11,467 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $17.24 | $11.53 | $13.05 | $13.96 | $14.58 | $12.58 |
Net investment income | 0.07 | 0.15 | 0.16 | 0.14 | 0.13 1 | 0.14 |
Net realized and unrealized gains (losses) on investments | (0.86) | 6.32 | (0.33) | 0.02 | 0.89 | 2.22 |
Total from investment operations | (0.79) | 6.47 | (0.17) | 0.16 | 1.02 | 2.36 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.17) | (0.16) | (0.11) | (0.12) |
Net realized gains | 0.00 | (0.61) | (1.18) | (0.91) | (1.53) | (0.24) |
Total distributions to shareholders | 0.00 | (0.76) | (1.35) | (1.07) | (1.64) | (0.36) |
Net asset value, end of period | $16.45 | $17.24 | $11.53 | $13.05 | $13.96 | $14.58 |
Total return2 | (4.58)% | 57.58% | (3.33)% | 1.64% | 6.68% | 19.05% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.85% | 0.91% | 0.94% | 0.90% | 0.88% | 0.91% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.77% | 0.80% |
Net investment income | 0.88% | 1.05% | 1.25% | 1.17% | 0.87% | 0.96% |
Supplemental data | ||||||
Portfolio turnover rate3 | 15% | 38% | 33% | 47% | 42% | 89% |
Net assets, end of period (000s omitted) | $132,657 | $156,330 | $96,838 | $108,613 | $135,082 | $220,257 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
Year ended May 31, 2018 | 0.66% |
Year ended May 31, 2017 | 0.68% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $74,865,473 |
Gross unrealized losses | 0 |
Net unrealized gains | $74,865,473 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal | $289,259,996 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
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 | 1.08% |
Class C | 1.83 |
Class R6 | 0.65 |
Administrator Class | 1.00 |
Institutional Class | 0.75 |
Shares | Value | ||||
Common stocks: 99.37% | |||||
Communication services: 6.59% | |||||
Diversified telecommunication services: 2.39% | |||||
Verizon Communications Incorporated | 173,100 | $ 8,701,737 | |||
Entertainment: 2.22% | |||||
Activision Blizzard Incorporated | 138,100 | 8,092,660 | |||
Media: 1.98% | |||||
Omnicom Group Incorporated | 106,800 | 7,188,708 | |||
Consumer discretionary: 6.15% | |||||
Household durables: 1.81% | |||||
Whirlpool Corporation | 30,300 | 6,597,522 | |||
Textiles, apparel & luxury goods: 4.34% | |||||
Gildan Activewear Incorporated | 229,800 | 9,320,688 | |||
HanesBrands Incorporated | 401,400 | 6,482,610 | |||
15,803,298 | |||||
Consumer staples: 6.98% | |||||
Food products: 3.10% | |||||
General Mills Incorporated | 121,900 | 7,529,763 | |||
Ingredion Incorporated | 40,260 | 3,749,414 | |||
11,279,177 | |||||
Personal products: 2.04% | |||||
Unilever plc ADR | 145,900 | 7,419,015 | |||
Tobacco: 1.84% | |||||
Philip Morris International Incorporated | 78,200 | 6,720,508 | |||
Energy: 2.83% | |||||
Energy equipment & services: 0.95% | |||||
Schlumberger Limited | 120,700 | 3,461,676 | |||
Oil, gas & consumable fuels: 1.88% | |||||
The Williams Companies Incorporated | 255,900 | 6,855,561 | |||
Financials: 33.50% | |||||
Banks: 5.83% | |||||
JPMorgan Chase & Company | 40,800 | 6,480,264 | |||
PNC Financial Services Group Incorporated | 25,400 | 5,003,800 | |||
US Bancorp | 175,900 | 9,734,306 | |||
21,218,370 | |||||
Capital markets: 10.33% | |||||
Brookfield Asset Management Incorporated Class A | 180,900 | 10,161,153 | |||
London Stock Exchange Group plc ADR | 399,300 | 8,724,705 | |||
State Street Corporation | 113,420 | 10,090,977 | |||
The Charles Schwab Corporation | 111,500 | 8,628,985 | |||
37,605,820 |
Shares | Value | ||||
Diversified financial services: 2.43% | |||||
Berkshire Hathaway Incorporated Class B † | 32,050 | $ 8,867,915 | |||
Insurance: 14.91% | |||||
Alleghany Corporation † | 10,800 | 6,986,304 | |||
Arch Capital Group Limited † | 292,600 | 11,815,188 | |||
Chubb Limited | 40,650 | 7,295,456 | |||
Fidelity National Financial Incorporated | 218,400 | 10,681,944 | |||
Globe Life Incorporated | 61,700 | 5,339,518 | |||
Progressive Corporation | 79,597 | 7,397,745 | |||
The Allstate Corporation | 44,000 | 4,783,680 | |||
54,299,835 | |||||
Health care: 14.26% | |||||
Health care equipment & supplies: 6.63% | |||||
Becton Dickinson & Company | 38,240 | 9,068,234 | |||
Dentsply Sirona Incorporated | 156,670 | 7,636,096 | |||
Medtronic plc | 69,600 | 7,426,320 | |||
24,130,650 | |||||
Health care providers & services: 4.95% | |||||
HCA Healthcare Incorporated | 30,050 | 6,778,980 | |||
Laboratory Corporation of America Holdings † | 13,850 | 3,951,821 | |||
UnitedHealth Group Incorporated | 16,420 | 7,294,092 | |||
18,024,893 | |||||
Pharmaceuticals: 2.68% | |||||
Johnson & Johnson | 62,650 | 9,769,015 | |||
Industrials: 18.63% | |||||
Air freight & logistics: 1.41% | |||||
United Parcel Service Incorporated Class B | 25,800 | 5,117,946 | |||
Commercial services & supplies: 2.29% | |||||
IAA Incorporated † | 172,940 | 8,353,002 | |||
Electrical equipment: 1.46% | |||||
AMETEK Incorporated | 39,000 | 5,323,500 | |||
Industrial conglomerates: 1.04% | |||||
3M Company | 22,150 | 3,766,386 | |||
Machinery: 6.39% | |||||
Colfax Corporation † | 156,580 | 7,271,575 | |||
PACCAR Incorporated | 62,900 | 5,247,118 | |||
Stanley Black & Decker Incorporated | 37,310 | 6,520,296 | |||
Woodward Incorporated | 40,050 | 4,237,290 | |||
23,276,279 | |||||
Professional services: 2.87% | |||||
Leidos Holdings Incorporated | 118,970 | 10,458,653 | |||
Trading companies & distributors: 3.17% | |||||
AerCap Holdings NV † | 205,800 | 11,533,032 |
Shares | Value | ||||
Information technology: 7.09% | |||||
Electronic equipment, instruments & components: 5.57% | |||||
Arrow Electronics Incorporated † | 115,070 | $ 13,998,262 | |||
TE Connectivity Limited | 40,760 | 6,274,187 | |||
20,272,449 | |||||
IT services: 1.52% | |||||
Amdocs Limited | 79,600 | 5,557,672 | |||
Materials: 1.10% | |||||
Metals & mining: 1.10% | |||||
Reliance Steel & Aluminum Company | 26,990 | 4,011,524 | |||
Utilities: 2.24% | |||||
Gas utilities: 2.24% | |||||
Atmos Energy Corporation | 90,360 | 8,161,315 | |||
Total Common stocks (Cost $257,852,773) | 361,868,118 |
Yield | |||||
Short-term investments: 0.81% | |||||
Investment companies: 0.81% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 2,942,989 | 2,942,989 | ||
Total Short-term investments (Cost $2,942,989) | 2,942,989 | ||||
Total investments in securities (Cost $260,795,762) | 100.18% | 364,811,107 | |||
Other assets and liabilities, net | (0.18) | (645,696) | |||
Total net assets | 100.00% | $364,165,411 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio 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 | $20,061,602 | $39,632,766 | $(56,751,379) | $0 | $0 | $ 2,942,989 | 2,942,989 | $ 1,225 | ||
Securities Lending Cash Investments LLC | 0 | 38,169,930 | (38,169,930) | 0 | 0 | 0 | 0 | 182 # | ||
$0 | $0 | $2,942,989 | $1,407 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $257,852,773) | $ 361,868,118 |
Investments in affiliated securities, at value (cost $2,942,989) | 2,942,989 |
Receivable for dividends | 481,735 |
Receivable for securities lending income, net | 1,432 |
Prepaid expenses and other assets | 21,934 |
Total assets | 365,316,208 |
Liabilities | |
Payable for investments purchased | 959,827 |
Advisory fee payable | 190,970 |
Total liabilities | 1,150,797 |
Total net assets | $364,165,411 |
Investment income | |
Dividends (net of foreign withholdings taxes of $63,238) | $ 3,166,864 |
Income from affiliated securities | 7,120 |
Total investment income | 3,173,984 |
Expenses | |
Advisory fee | 1,269,928 |
Custody and accounting fees | 10,025 |
Professional fees | 26,762 |
Interest holder report expenses | 9,318 |
Trustees’ fees and expenses | 10,582 |
Other fees and expenses | 12,896 |
Total expenses | 1,339,511 |
Less: Fee waivers and/or expense reimbursements | (89,120) |
Net expenses | 1,250,391 |
Net investment income | 1,923,593 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 25,173,657 |
Net change in unrealized gains (losses) on investments | (44,977,471) |
Net realized and unrealized gains (losses) on investments | (19,803,814) |
Net decrease in net assets resulting from operations | $(17,880,221) |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 1,923,593 | $ 3,900,892 |
Net realized gains on investments | 25,173,657 | 33,139,971 |
Net change in unrealized gains (losses) on investments | (44,977,471) | 117,846,464 |
Net increase (decrease) in net assets resulting from operations | (17,880,221) | 154,887,327 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 9,133,030 | 49,283,346 |
Withdrawals | (38,486,268) | (79,684,157) |
Net decrease in net assets resulting from capital transactions | (29,353,238) | (30,400,811) |
Total increase (decrease) in net assets | (47,233,459) | 124,486,516 |
Net assets | ||
Beginning of period | 411,398,870 | 286,912,354 |
End of period | $364,165,411 | $411,398,870 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | (4.56)% | 57.96% | (3.40)% | 1.80% | 6.65% | 19.17% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69% | 0.68% | 0.68% | 0.67% | 0.67% | 0.68% |
Net expenses2 | 0.64% | 0.64% | 0.64% | 0.65% | 0.66% | 0.68% |
Net investment income | 0.98% | 1.16% | 1.36% | 1.27% | 1.02% | 1.09% |
Supplemental data | ||||||
Portfolio turnover rate | 15% | 38% | 33% | 47% | 42% | 89% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $112,216,210 |
Gross unrealized losses | (8,200,865) |
Net unrealized gains | $104,015,345 |
■ | 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 Portfolio’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 | $ 23,983,105 | $0 | $0 | $ 23,983,105 |
Consumer discretionary | 22,400,820 | 0 | 0 | 22,400,820 |
Consumer staples | 25,418,700 | 0 | 0 | 25,418,700 |
Energy | 10,317,237 | 0 | 0 | 10,317,237 |
Financials | 121,991,940 | 0 | 0 | 121,991,940 |
Health care | 51,924,558 | 0 | 0 | 51,924,558 |
Industrials | 67,828,798 | 0 | 0 | 67,828,798 |
Information technology | 25,830,121 | 0 | 0 | 25,830,121 |
Materials | 4,011,524 | 0 | 0 | 4,011,524 |
Utilities | 8,161,315 | 0 | 0 | 8,161,315 |
Short-term investments | ||||
Investment companies | 2,942,989 | 0 | 0 | 2,942,989 |
Total assets | $364,811,107 | $0 | $0 | $364,811,107 |
Average daily net assets | Advisory fee |
First $500 million | 0.650% |
Next $500 million | 0.625 |
Next $1 billion | 0.600 |
Next $2 billion | 0.575 |
Next $4 billion | 0.550 |
Next $4 billion | 0.525 |
Next $4 billion | 0.500 |
Over $16 billion | 0.475 |
Shares voted “For” | 9,404,683 | |
Shares voted “Against” | 299,815 | |
Shares voted “Abstain” | 310,847 |
Shares voted “For” | 9,396,637 | |
Shares voted “Against” | 303,383 | |
Shares voted “Abstain” | 315,325 |
Shares voted “For” | 9,468,456 | |
Shares voted “Against” | 189,464 | |
Shares voted “Abstain” | 357,425 |
Shares voted “For” | 9,142,103 | |
Shares voted “Against” | 587,255 | |
Shares voted “Abstain” | 285,987 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA280/SAR280 11-21
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Allspring Emerging Growth Fund | |
9 | |
Financial statements | |
10 | |
11 | |
12 | |
13 | |
18 | |
Allspring Emerging Growth Portfolio | |
23 | |
Financial statements | |
28 | |
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37 |
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Robert Gruendyke, CFA®‡, David Nazaret, CFA®‡, Thomas C. Ognar, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
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 (WEMAX) | 3-31-2008 | 10.92 | 20.29 | 15.31 | 17.69 | 21.72 | 16.00 | 1.35 | 1.28 | ||
Class C (WEMCX) | 3-31-2008 | 15.86 | 20.83 | 15.14 | 16.86 | 20.83 | 15.14 | 2.10 | 2.03 | ||
Class R6 (WEGRX)3 | 7-31-2018 | – | – | – | 18.19 | 22.28 | 16.54 | 0.92 | 0.85 | ||
Administrator Class (WFGDX) | 1-31-2007 | – | – | – | 17.82 | 21.84 | 16.16 | 1.27 | 1.20 | ||
Institutional Class (WEMIX) | 3-31-2008 | – | – | – | 18.20 | 22.20 | 16.50 | 1.02 | 0.90 | ||
Russell 2000® Growth Index4 | – | – | – | – | 11.95 | 14.74 | 14.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.85% for Class R6, 1.20% for Administrator Class, and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
ASGN Incorporated | 3.48 |
Rapid7 Incorporated | 3.30 |
SPS Commerce Incorporated | 2.87 |
Shockwave Medical Incorporated | 2.83 |
Boot Barn Holdings Incorporated | 2.74 |
Crocs Incorporated | 2.71 |
Sprout Social Incorporated Class A | 2.63 |
Codexis Incorporated | 2.53 |
Workiva Incorporated | 2.51 |
Novanta Incorporated | 2.31 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. 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. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,062.05 | $ 6.56 | 1.27% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.70 | $ 6.43 | 1.27% |
Class C | ||||
Actual | $1,000.00 | $1,058.33 | $10.47 | 2.03% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.89 | $10.25 | 2.03% |
Class R6 | ||||
Actual | $1,000.00 | $1,063.95 | $ 4.40 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $ 4.31 | 0.85% |
Administrator Class | ||||
Actual | $1,000.00 | $1,062.70 | $ 6.21 | 1.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $ 6.07 | 1.20% |
Institutional Class | ||||
Actual | $1,000.00 | $1,064.23 | $ 4.66 | 0.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.56 | $ 4.56 | 0.90% |
Value | |||||
Investment companies: 99.79% | |||||
Affiliated master portfolio: 99.79% | |||||
Allspring Emerging Growth Portfolio | $518,157,292 | ||||
Total Investment companies (Cost $298,639,817) | 518,157,292 | ||||
Total investments in securities (Cost $298,639,817) | 99.79% | 518,157,292 | |||
Other assets and liabilities, net | 0.21 | 1,076,254 | |||
Total net assets | 100.00% | $519,233,546 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Securities lending income allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Emerging Growth Portfolio | 95.20% | 91.83% | $250,263,414 | $(175,003,562) | $301,687 | $173,697 | $1,021 | $518,157,292 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $298,639,817) | $ 518,157,292 |
Receivable for Fund shares sold | 1,716,564 |
Receivable from manager | 26,962 |
Prepaid expenses and other assets | 41,068 |
Total assets | 519,941,886 |
Liabilities | |
Payable for Fund shares redeemed | 495,671 |
Administration fees payable | 74,218 |
Shareholder servicing fees payable | 56,035 |
Shareholder report expenses payable | 52,428 |
Trustees’ fees and expenses payable | 2,931 |
Distribution fee payable | 1,522 |
Accrued expenses and other liabilities | 25,535 |
Total liabilities | 708,340 |
Total net assets | $519,233,546 |
Net assets consist of | |
Paid-in capital | $ (18,156,507) |
Total distributable earnings | 537,390,053 |
Total net assets | $519,233,546 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 218,391,096 |
Shares outstanding – Class A1 | 11,390,777 |
Net asset value per share – Class A | $19.17 |
Maximum offering price per share – Class A2 | $20.34 |
Net assets – Class C | $ 2,256,678 |
Shares outstanding – Class C1 | 148,057 |
Net asset value per share – Class C | $15.24 |
Net assets – Class R6 | $ 22,910,601 |
Shares outstanding – Class R61 | 1,043,065 |
Net asset value per share – Class R6 | $21.96 |
Net assets – Administrator Class | $ 29,403,311 |
Shares outstanding – Administrator Class1 | 1,458,041 |
Net asset value per share – Administrator Class | $20.17 |
Net assets – Institutional Class | $ 246,271,860 |
Shares outstanding – Institutional Class1 | 11,261,818 |
Net asset value per share – Institutional Class | $21.87 |
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 allocated from affiliated Master Portfolio | $ 301,687 |
Securities lending income allocated from affiliated Master Portfolio | 173,697 |
Affiliated income allocated from affiliated Master Portfolio | 1,021 |
Expenses allocated from affiliated Master Portfolio | (2,976,005) |
Total investment income | (2,499,600) |
Expenses | |
Management fee | 183,374 |
Administration fees | |
Class A | 238,896 |
Class C | 2,514 |
Class R6 | 3,545 |
Administrator Class | 19,925 |
Institutional Class | 292,043 |
Shareholder servicing fees | |
Class A | 284,400 |
Class C | 2,993 |
Administrator Class | 38,250 |
Distribution fee | |
Class C | 8,978 |
Custody and accounting fees | 6,755 |
Professional fees | 19,390 |
Registration fees | 32,399 |
Shareholder report expenses | 4,917 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 3,886 |
Total expenses | 1,152,232 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (254,514) |
Class A | (13,888) |
Institutional Class | (89,614) |
Net expenses | 794,216 |
Net investment loss | (3,293,816) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 250,263,414 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (175,003,562) |
Net realized and unrealized gains (losses) on investments | 75,259,852 |
Net increase in net assets resulting from operations | $ 71,966,036 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment loss | $ (3,293,816) | $ (6,987,906) | ||
Net realized gains on investments | 250,263,414 | 164,596,232 | ||
Net change in unrealized gains (losses) on investments | (175,003,562) | 172,105,999 | ||
Net increase in net assets resulting from operations | 71,966,036 | 329,714,325 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (40,824,693) | ||
Class C | 0 | (488,552) | ||
Class R6 | 0 | (4,264,478) | ||
Administrator Class | 0 | (5,278,969) | ||
Institutional Class | 0 | (104,301,425) | ||
Total distributions to shareholders | 0 | (155,158,117) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 141,556 | 2,780,841 | 594,602 | 10,958,344 |
Class C | 13,870 | 215,104 | 67,936 | 1,035,606 |
Class R6 | 197,273 | 4,647,257 | 203,245 | 4,206,281 |
Administrator Class | 47,460 | 976,328 | 354,817 | 6,842,617 |
Institutional Class | 2,042,244 | 45,741,214 | 8,415,847 | 166,124,291 |
54,360,744 | 189,167,139 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 2,332,324 | 38,903,166 |
Class C | 0 | 0 | 36,568 | 488,552 |
Class R6 | 0 | 0 | 68,148 | 1,296,851 |
Administrator Class | 0 | 0 | 299,668 | 5,253,185 |
Institutional Class | 0 | 0 | 5,494,647 | 104,178,513 |
0 | 150,120,267 | |||
Payment for shares redeemed | ||||
Class A | (430,719) | (8,463,044) | (1,365,780) | (24,392,486) |
Class C | (28,082) | (436,029) | (71,196) | (1,109,781) |
Class R6 | (207,156) | (4,825,842) | (409,558) | (8,565,269) |
Administrator Class | (103,096) | (2,094,375) | (528,979) | (9,983,853) |
Institutional Class | (22,338,472) | (503,478,220) | (11,301,966) | (220,272,610) |
(519,297,510) | (264,323,999) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (464,936,766) | 74,963,407 | ||
Total increase (decrease) in net assets | (392,970,730) | 249,519,615 | ||
Net assets | ||||
Beginning of period | 912,204,276 | 662,684,661 | ||
End of period | $ 519,233,546 | $ 912,204,276 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.05 | $14.71 | $13.51 | $17.04 | $14.57 | $12.55 |
Net investment loss | (0.11) 1 | (0.20) 1 | (0.17) | (0.16) 1 | (0.15) | (0.10) 1 |
Net realized and unrealized gains (losses) on investments | 1.23 | 7.69 | 2.13 | (0.19) | 4.57 | 2.96 |
Total from investment operations | 1.12 | 7.49 | 1.96 | (0.35) | 4.42 | 2.86 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $19.17 | $18.05 | $14.71 | $13.51 | $17.04 | $14.57 |
Total return2 | 6.20% | 53.22% | 14.97% | (0.84)% | 32.91% | 23.39% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.35% | 1.35% | 1.36% | 1.35% | 1.36% | 1.36% |
Net expenses | 1.27% | 1.27% | 1.27% | 1.29% | 1.35% | 1.35% |
Net investment loss | (1.13)% | (1.12)% | (1.08)% | (1.06)% | (1.01)% | (0.72)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $218,391 | $210,838 | $148,866 | $145,898 | $153,526 | $129,724 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $14.41 | $12.40 | $11.58 | $15.19 | $13.28 | $11.58 |
Net investment loss | (0.15) 1 | (0.28) 1 | (0.21) 1 | (0.25) 1 | (0.25) 1 | (0.19) 1 |
Net realized and unrealized gains (losses) on investments | 0.98 | 6.44 | 1.79 | (0.18) | 4.11 | 2.73 |
Total from investment operations | 0.83 | 6.16 | 1.58 | (0.43) | 3.86 | 2.54 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $15.24 | $14.41 | $12.40 | $11.58 | $15.19 | $13.28 |
Total return2 | 5.76% | 52.19% | 14.16% | (1.55)% | 31.82% | 22.56% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.10% | 2.10% | 2.11% | 2.10% | 2.11% | 2.11% |
Net expenses | 2.03% | 2.03% | 2.03% | 2.04% | 2.10% | 2.10% |
Net investment loss | (1.89)% | (1.89)% | (1.84)% | (1.78)% | (1.76)% | (1.46)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $2,257 | $2,338 | $1,599 | $1,761 | $4,190 | $3,328 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $20.64 | $16.34 | $14.86 | $18.70 |
Net investment loss | (0.08) | (0.14) | (0.10) 2 | (0.07) 2 |
Net realized and unrealized gains (losses) on investments | 1.40 | 8.59 | 2.34 | (0.59) |
Total from investment operations | 1.32 | 8.45 | 2.24 | (0.66) |
Distributions to shareholders from | ||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) |
Net asset value, end of period | $21.96 | $20.64 | $16.34 | $14.86 |
Total return3 | 6.40% | 53.85% | 15.51% | (2.35)% |
Ratios to average net assets (annualized)* | ||||
Gross expenses | 0.92% | 0.92% | 0.93% | 0.92% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% |
Net investment loss | (0.71)% | (0.68)% | (0.67)% | (0.51)% |
Supplemental data | ||||
Portfolio turnover rate4 | 28% | 48% | 55% | 71% |
Net assets, end of period (000s omitted) | $22,911 | $21,729 | $19,458 | $22 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 20191 | 0.81% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $18.98 | $15.31 | $14.02 | $17.54 | $14.93 | $12.82 |
Net investment loss | (0.11) 1 | (0.20) 1 | (0.14) 1 | (0.15) 1 | (0.14) 1 | (0.07) 1 |
Net realized and unrealized gains (losses) on investments | 1.30 | 8.02 | 2.19 | (0.19) | 4.70 | 3.02 |
Total from investment operations | 1.19 | 7.82 | 2.05 | (0.34) | 4.56 | 2.95 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $20.17 | $18.98 | $15.31 | $14.02 | $17.54 | $14.93 |
Total return2 | 6.27% | 53.31% | 15.07% | (0.75)% | 33.06% | 23.60% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.27% | 1.27% | 1.28% | 1.27% | 1.28% | 1.26% |
Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment loss | (1.06)% | (1.05)% | (1.01)% | (0.94)% | (0.86)% | (0.48)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $29,403 | $28,730 | $21,250 | $23,549 | $52,335 | $50,865 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $20.55 | $16.29 | $14.83 | $18.30 | $15.46 | $13.20 |
Net investment loss | (0.09) 1 | (0.15) | (0.11) 1 | (0.13) | (0.09) | (0.04) 1 |
Net realized and unrealized gains (losses) on investments | 1.41 | 8.56 | 2.33 | (0.16) | 4.88 | 3.14 |
Total from investment operations | 1.32 | 8.41 | 2.22 | (0.29) | 4.79 | 3.10 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (4.15) | (0.76) | (3.18) | (1.95) | (0.84) |
Net asset value, end of period | $21.87 | $20.55 | $16.29 | $14.83 | $18.30 | $15.46 |
Total return2 | 6.42% | 53.75% | 15.40% | (0.42)% | 33.44% | 24.08% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.01% | 1.02% | 1.03% | 1.02% | 1.03% | 1.03% |
Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Net investment loss | (0.78)% | (0.75)% | (0.71)% | (0.67)% | (0.56)% | (0.24)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 28% | 48% | 55% | 71% | 47% | 115% |
Net assets, end of period (000s omitted) | $246,272 | $648,569 | $471,512 | $578,073 | $606,729 | $534,846 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
Year ended May 31, 2018 | 0.81% |
Year ended May 31, 2017 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $219,517,475 |
Gross unrealized losses | (749,454) |
Net unrealized gains | $218,768,021 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Emerging Growth Portfolio | Seek long-term capital appreciation | $518,157,292 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
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 | 1.28% |
Class C | 2.03 |
Class R6 | 0.85 |
Administrator Class | 1.20 |
Institutional Class | 0.90 |
Date | Value of securities issued | Cash paid | Realized gains (losses) | % of the Fund |
8-27-2021 | $348,404,897 | $1,817,058 | $193,594,260 | 39.45% |
Shares | Value | ||||
Common stocks: 98.26% | |||||
Communication services: 1.58% | |||||
Interactive media & services: 0.85% | |||||
Eventbrite Incorporated Class A † | 316,060 | $ 4,772,506 | |||
Media: 0.73% | |||||
Magnite Incorporated † | 92,350 | 1,628,131 | |||
TechTarget Incorporated † | 25,900 | 2,502,717 | |||
4,130,848 | |||||
Consumer discretionary: 15.78% | |||||
Auto components: 2.08% | |||||
Fox Factory Holding Corporation † | 66,718 | 11,727,023 | |||
Hotels, restaurants & leisure: 3.96% | |||||
Bally's Corporation † | 89,576 | 3,434,344 | |||
F45 Training Holdings Incorporated †« | 122,845 | 1,307,071 | |||
Papa John's International Incorporated | 84,665 | 10,322,357 | |||
Wingstop Incorporated | 45,378 | 7,287,707 | |||
22,351,479 | |||||
Internet & direct marketing retail: 0.83% | |||||
CarParts.com Incorporated † | 136,120 | 1,683,804 | |||
Fiverr International Limited † | 21,156 | 2,996,113 | |||
4,679,917 | |||||
Leisure products: 1.39% | |||||
YETI Holdings Incorporated † | 84,940 | 7,828,070 | |||
Specialty retail: 4.02% | |||||
Boot Barn Holdings Incorporated † | 126,450 | 15,469,893 | |||
Leslie's Incorporated † | 199,514 | 4,181,813 | |||
Lithia Motors Incorporated Class A | 10,442 | 3,042,068 | |||
22,693,774 | |||||
Textiles, apparel & luxury goods: 3.50% | |||||
Crocs Incorporated † | 93,575 | 15,348,172 | |||
Deckers Outdoor Corporation † | 10,903 | 4,420,076 | |||
19,768,248 | |||||
Consumer staples: 3.35% | |||||
Beverages: 0.98% | |||||
Celsius Holdings Incorporated † | 81,085 | 5,547,025 | |||
Food & staples retailing: 1.10% | |||||
The Chef's Warehouse Incorporated † | 199,595 | 6,201,417 | |||
Food products: 1.27% | |||||
Freshpet Incorporated † | 43,318 | 4,679,210 | |||
Vital Farms Incorporated † | 145,271 | 2,456,533 | |||
7,135,743 |
Shares | Value | ||||
Financials: 4.89% | |||||
Capital markets: 1.86% | |||||
Assetmark Financial Holdings † | 20,544 | $ 520,996 | |||
Bakkt Holdings Incorporated †« | 57,995 | 905,302 | |||
Stifel Financial Corporation | 127,866 | 9,079,765 | |||
10,506,063 | |||||
Insurance: 3.03% | |||||
Goosehead Insurance Incorporated Class A | 33,296 | 4,372,431 | |||
Kinsale Capital Group Incorporated | 61,193 | 12,728,144 | |||
17,100,575 | |||||
Health care: 24.42% | |||||
Biotechnology: 6.00% | |||||
Arcutis Biotherapeutics Incorporated † | 183,756 | 3,044,837 | |||
Biohaven Pharmaceutical Holding Company † | 23,416 | 2,628,212 | |||
CareDx Incorporated † | 72,578 | 3,131,015 | |||
Cytokinetics Incorporated † | 51,500 | 2,026,010 | |||
Fate Therapeutics Incorporated † | 57,367 | 3,155,759 | |||
Halozyme Therapeutics Incorporated † | 177,240 | 5,827,651 | |||
Natera Incorporated † | 51,868 | 4,743,847 | |||
Vericel Corporation † | 250,133 | 9,307,449 | |||
33,864,780 | |||||
Health care equipment & supplies: 9.58% | |||||
Axonics Modulation Technologies Incorporated † | 140,350 | 7,636,444 | |||
Figs Incorporated Class A †« | 118,103 | 3,925,744 | |||
Nyxoah SA † | 39,070 | 820,470 | |||
Orthopediatrics Corporation † | 104,481 | 5,820,637 | |||
Outset Medical Incorporated † | 70,511 | 3,342,221 | |||
Pulmonx Corporation † | 92,744 | 2,995,631 | |||
Shockwave Medical Incorporated † | 88,925 | 16,027,842 | |||
SI-BONE Incorporated † | 222,393 | 4,281,065 | |||
Silk Road Medical Incorporated † | 39,824 | 1,616,058 | |||
Tandem Diabetes Care Incorporated † | 33,510 | 4,306,705 | |||
Vapotherm Incorporated † | 149,077 | 3,279,694 | |||
54,052,511 | |||||
Health care providers & services: 1.76% | |||||
Accolade Incorporated † | 76,350 | 1,959,905 | |||
Castle Biosciences Incorporated † | 135,756 | 5,610,795 | |||
Privia Health Group Incorporated † | 101,327 | 2,340,654 | |||
9,911,354 | |||||
Health care technology: 3.38% | |||||
CVRx Incorporated † | 74,188 | 859,097 | |||
Inspire Medical Systems Incorporated † | 41,599 | 9,287,809 | |||
Phreesia Incorporated † | 154,098 | 8,888,373 | |||
19,035,279 | |||||
Life sciences tools & services: 3.70% | |||||
Akoya Biosciences Incorporated † | 142,046 | 1,843,757 | |||
Alpha Teknova Incorporated † | 59,668 | 1,334,176 |
Shares | Value | ||||
Life sciences tools & services (continued) | |||||
Codexis Incorporated † | 411,927 | $ 14,297,986 | |||
Neogenomics Incorporated † | 99,744 | 3,417,229 | |||
20,893,148 | |||||
Industrials: 14.31% | |||||
Building products: 2.10% | |||||
The AZEK Company Incorporated † | 74,597 | 2,925,694 | |||
Zurn Water Solutions Corporation | 254,384 | 8,916,159 | |||
11,841,853 | |||||
Commercial services & supplies: 2.68% | |||||
ACV Auctions Incorporated Class A † | 198,305 | 4,200,100 | |||
Casella Waste Systems Incorporated Class A † | 128,941 | 10,931,618 | |||
15,131,718 | |||||
Construction & engineering: 0.66% | |||||
Construction Partners Incorporated Class A † | 107,285 | 3,705,624 | |||
Electrical equipment: 1.59% | |||||
Regal-Beloit Corporation | 56,717 | 8,966,958 | |||
Professional services: 3.51% | |||||
ASGN Incorporated † | 161,901 | 19,700,110 | |||
Legalzoom.com Incorporated †« | 7,111 | 128,069 | |||
19,828,179 | |||||
Road & rail: 1.95% | |||||
Saia Incorporated † | 33,211 | 10,998,819 | |||
Trading companies & distributors: 1.82% | |||||
SiteOne Landscape Supply Incorporated † | 42,727 | 10,269,862 | |||
Information technology: 33.22% | |||||
Electronic equipment, instruments & components: 2.72% | |||||
Novanta Incorporated † | 81,002 | 13,077,773 | |||
Par Technology Corporation †« | 43,520 | 2,279,142 | |||
15,356,915 | |||||
IT services: 4.78% | |||||
BigCommerce Holdings Incorporated Series 1 † | 148,710 | 6,732,102 | |||
DigitalOcean Holdings Incorporated † | 53,950 | 5,438,700 | |||
Endava plc ADR † | 57,514 | 9,003,242 | |||
EVO Payments Incorporated Class A † | 174,617 | 3,717,596 | |||
Paymentus Holdings Incorporated A †« | 69,730 | 2,061,219 | |||
26,952,859 | |||||
Semiconductors & semiconductor equipment: 5.73% | |||||
Allegro MicroSystems Incorporated † | 221,212 | 6,908,451 | |||
Diodes Incorporated † | 92,586 | 9,846,521 | |||
Semtech Corporation † | 116,756 | 10,002,487 | |||
Silicon Laboratories Incorporated † | 16,274 | 3,194,098 | |||
Skywater Technology Incorporated †« | 128,398 | 2,402,327 | |||
32,353,884 |
Shares | Value | ||||
Software: 19.99% | |||||
8x8 Incorporated † | 161,185 | $ 3,473,537 | |||
Alkami Technology Incorporated † | 175,622 | 5,038,595 | |||
CyberArk Software Limited † | 58,860 | 10,173,951 | |||
Domo Incorporated Class B † | 58,500 | 4,232,475 | |||
Everbridge Incorporated † | 32,551 | 3,691,934 | |||
Jamf Holding Corporation † | 176,618 | 5,692,398 | |||
Olo Incorporated Class A † | 101,349 | 2,489,131 | |||
Paycor HCM Incorporated † | 183,895 | 5,413,869 | |||
Q2 Holdings Incorporated † | 86,705 | 6,962,412 | |||
Rapid7 Incorporated † | 150,375 | 18,655,523 | |||
SimilarWeb Limited †« | 94,700 | 1,643,992 | |||
Sprout Social Incorporated Class A † | 133,196 | 14,875,329 | |||
SPS Commerce Incorporated † | 115,196 | 16,241,484 | |||
Workiva Incorporated † | 101,720 | 14,186,888 | |||
112,771,518 | |||||
Utilities: 0.71% | |||||
Independent power & renewable electricity producers: 0.71% | |||||
Sunnova Energy International Incorporated † | 108,872 | 4,024,998 | |||
Total Common stocks (Cost $311,142,999) | 554,402,947 |
Investment companies: 1.21% | |||||
Exchange-traded funds: 1.21% | |||||
iShares Russell 2000 Growth ETF « | 23,400 | 6,834,906 | |||
Total Investment companies (Cost $7,477,816) | 6,834,906 |
Yield | |||||
Short-term investments: 3.94% | |||||
Investment companies: 3.94% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 3,624,668 | 3,624,668 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 18,623,216 | 18,623,216 | ||
Total Short-term investments (Cost $22,247,884) | 22,247,884 | ||||
Total investments in securities (Cost $340,868,699) | 103.41% | 583,485,737 | |||
Other assets and liabilities, net | (3.41) | (19,238,893) | |||
Total net assets | 100.00% | $564,246,844 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $9,477,635 | $ 89,180,624 | $ (95,033,591) | $0 | $0 | $ 3,624,668 | 3,624,668 | $ 1,093 | ||
Securities Lending Cash Investments LLC | 3,883,200 | 119,094,272 | (104,354,256) | 0 | 0 | 18,623,216 | 18,623,216 | 1,810 # | ||
$0 | $0 | $22,247,884 | $2,903 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $18,183,893 of securities loaned), at value (cost $318,620,815) | $ 561,237,853 |
Investments in affiliated securities, at value (cost $22,247,884) | 22,247,884 |
Receivable for securities lending income, net | 122,329 |
Receivable for dividends | 41,491 |
Prepaid expenses and other assets | 10,929 |
Total assets | 583,660,486 |
Liabilities | |
Payable upon receipt of securities loaned | 18,623,216 |
Advisory fee payable | 402,497 |
Payable for investments purchased | 367,610 |
Accrued expenses and other liabilities | 20,319 |
Total liabilities | 19,413,642 |
Total net assets | $564,246,844 |
Investment income | |
Dividends | $ 321,726 |
Securities lending income (including from affiliate), net | 188,228 |
Income from affiliated securities | 1,093 |
Total investment income | 511,047 |
Expenses | |
Advisory fee | 3,092,830 |
Custody and accounting fees | 33,132 |
Professional fees | 25,304 |
Interest holder report expenses | 4,748 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 11,543 |
Total expenses | 3,177,219 |
Net investment loss | (2,666,172) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 271,451,909 |
Net change in unrealized gains (losses) on investments | (192,758,630) |
Net realized and unrealized gains (losses) on investments | 78,693,279 |
Net increase in net assets resulting from operations | $ 76,027,107 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment loss | $ (2,666,172) | $ (5,761,179) |
Net realized gains on investments | 271,451,909 | 181,278,904 |
Net change in unrealized gains (losses) on investments | (192,758,630) | 176,777,300 |
Net increase in net assets resulting from operations | 76,027,107 | 352,295,025 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 27,581,657 | 97,803,647 |
Withdrawals | (496,884,083) | (215,997,204) |
Net decrease in net assets resulting from capital transactions | (469,302,426) | (118,193,557) |
Total increase (decrease) in net assets | (393,275,319) | 234,101,468 |
Net assets | ||
Beginning of period | 957,522,163 | 723,420,695 |
End of period | $ 564,246,844 | $ 957,522,163 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 6.47% | 53.94% | 15.49% | (0.28)% | 33.60% | 23.97% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Net expenses | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% | 0.81% |
Net investment loss | (0.68)% | (0.66)% | (0.62)% | (0.57)% | (0.47)% | (0.15)% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 48% | 55% | 71% | 47% | 115% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $269,154,469 |
Gross unrealized losses | (23,016,273) |
Net unrealized gains | $246,138,196 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $ 8,903,354 | $0 | $0 | $ 8,903,354 |
Consumer discretionary | 89,048,511 | 0 | 0 | 89,048,511 |
Consumer staples | 18,884,185 | 0 | 0 | 18,884,185 |
Financials | 27,606,638 | 0 | 0 | 27,606,638 |
Health care | 137,757,072 | 0 | 0 | 137,757,072 |
Industrials | 80,743,013 | 0 | 0 | 80,743,013 |
Information technology | 187,435,176 | 0 | 0 | 187,435,176 |
Utilities | 4,024,998 | 0 | 0 | 4,024,998 |
Investment companies | 6,834,906 | 0 | 0 | 6,834,906 |
Short-term investments | ||||
Investment companies | 22,247,884 | 0 | 0 | 22,247,884 |
Total assets | $583,485,737 | $0 | $0 | $583,485,737 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $ 438,346 | $ (438,346) | $0 |
Barclays Capital Incorporated | 258,024 | (258,024) | 0 |
BNP Paribas Securities Corporation | 2,228,094 | (2,228,094) | 0 |
Citigroup Global Markets Incorporated | 327,908 | (327,908) | 0 |
JPMorgan Securities LLC | 7,310,570 | (7,310,570) | 0 |
Morgan Stanley & Company LLC | 7,494,991 | (7,494,991) | 0 |
National Financial Services LLC | 125,960 | (125,960) | 0 |
Shares voted “For” | 29,098,947 | |
Shares voted “Against” | 399,064 | |
Shares voted “Abstain” | 634,441 |
Shares voted “For” | 29,089,406 | |
Shares voted “Against” | 387,365 | |
Shares voted “Abstain” | 655,681 |
Shares voted “For” | 29,046,393 | |
Shares voted “Against” | 447,364 | |
Shares voted “Abstain” | 638,695 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA282/SAR282 11-21
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Allspring Index Fund | |
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Financial statements | |
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Allspring Index Portfolio | |
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks to replicate the total returns of the S&P 500 Index, before fees and expenses. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | John R. Campbell, CFA®‡, David Neal, CFA®‡, Robert M. Wicentowski, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
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 (WFILX) | 11-4-1998 | 20.03 | 15.93 | 14.88 | 27.34 | 17.31 | 15.57 | 0.66 | 0.45 | ||
Class C (WFINX) | 4-30-1999 | 25.39 | 16.46 | 14.72 | 26.39 | 16.46 | 14.72 | 1.41 | 1.20 | ||
Administrator Class (WFIOX) | 2-14-1985 | – | – | – | 27.59 | 17.54 | 15.85 | 0.43 | 0.25 | ||
S&P 500 Index3 | – | – | – | – | 27.92 | 17.90 | 16.16 | – | – |
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 September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.45% for Class A, 1.20% for Class C and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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 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 Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
Apple Incorporated | 6.56 |
Microsoft Corporation | 6.28 |
Amazon.com Incorporated | 3.86 |
Tesla Motors Incorporated | 2.35 |
Alphabet Incorporated Class A | 2.16 |
NVIDIA Corporation | 2.06 |
Alphabet Incorporated Class C | 2.03 |
Facebook Incorporated Class A | 1.95 |
Berkshire Hathaway Incorporated Class B | 1.30 |
JPMorgan Chase & Company | 1.20 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. 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. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,091.29 | $2.31 | 0.44% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.86 | $2.23 | 0.44% |
Class C | ||||
Actual | $1,000.00 | $1,087.32 | $6.28 | 1.20% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $6.07 | 1.20% |
Administrator Class | ||||
Actual | $1,000.00 | $1,092.39 | $1.31 | 0.25% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.82 | $1.27 | 0.25% |
Value | |||||
Investment companies: 100.07% | |||||
Affiliated master portfolio: 100.07% | |||||
Allspring Index Portfolio | $1,334,494,181 | ||||
Total Investment companies (Cost $119,011,332) | 1,334,494,181 | ||||
Total investments in securities (Cost $119,011,332) | 100.07% | 1,334,494,181 | |||
Other assets and liabilities, net | (0.07) | (879,445) | |||
Total net assets | 100.00% | $1,333,614,736 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Index Portfolio | 96.64% | 96.76% | $42,154,925 | $65,680,878 | $8,840,590 | $59,693 | $1,334,494,181 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $119,011,332) | $ 1,334,494,181 |
Receivable for Fund shares sold | 467,438 |
Receivable from manager | 127,545 |
Total assets | 1,335,089,164 |
Liabilities | |
Payable for Fund shares redeemed | 925,681 |
Shareholder servicing fees payable | 221,439 |
Administration fees payable | 206,382 |
Distribution fee payable | 8,119 |
Trustees’ fees and expenses payable | 2,966 |
Accrued expenses and other liabilities | 109,841 |
Total liabilities | 1,474,428 |
Total net assets | $1,333,614,736 |
Net assets consist of | |
Paid-in capital | $ 5,192,136 |
Total distributable earnings | 1,328,422,600 |
Total net assets | $1,333,614,736 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 882,187,192 |
Shares outstanding – Class A1 | 16,113,242 |
Net asset value per share – Class A | $54.75 |
Maximum offering price per share – Class A2 | $58.09 |
Net assets – Class C | $ 12,797,618 |
Shares outstanding – Class C1 | 229,938 |
Net asset value per share – Class C | $55.66 |
Net assets – Administrator Class | $ 438,629,926 |
Shares outstanding – Administrator Class1 | 7,810,633 |
Net asset value per share – Administrator Class | $56.16 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $42,718) | $ 8,840,590 |
Affiliated income allocated from affiliated Master Portfolio | 59,693 |
Expenses allocated from affiliated Master Portfolio | (708,177) |
Total investment income | 8,192,106 |
Expenses | |
Management fee | 329,078 |
Administration fees | |
Class A | 914,754 |
Class C | 13,406 |
Administrator Class | 281,028 |
Shareholder servicing fees | |
Class A | 1,088,993 |
Class C | 15,888 |
Administrator Class | 193,104 |
Distribution fee | |
Class C | 47,547 |
Custody and accounting fees | 1,925 |
Professional fees | 15,714 |
Registration fees | 3,657 |
Shareholder report expenses | 5,961 |
Trustees’ fees and expenses | 9,968 |
Other fees and expenses | 554 |
Total expenses | 2,921,577 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (865,129) |
Class A | (217,204) |
Class C | (2,547) |
Administrator Class | (712) |
Net expenses | 1,835,985 |
Net investment income | 6,356,121 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 42,154,925 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | 65,680,878 |
Net realized and unrealized gains (losses) on investments | 107,835,803 |
Net increase in net assets resulting from operations | $114,191,924 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 6,356,121 | $ 13,016,141 | ||
Net realized gains on investments | 42,154,925 | 101,189,274 | ||
Net change in unrealized gains (losses) on investments | 65,680,878 | 267,094,800 | ||
Net increase in net assets resulting from operations | 114,191,924 | 381,300,215 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (99,506,178) | ||
Class C | 0 | (1,661,488) | ||
Administrator Class | 0 | (50,898,614) | ||
Total distributions to shareholders | 0 | (152,066,280) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 184,441 | 9,825,473 | 543,966 | 25,097,626 |
Class C | 12,256 | 664,186 | 12,993 | 609,026 |
Administrator Class | 230,505 | 12,543,116 | 1,009,053 | 47,555,074 |
23,032,775 | 73,261,726 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 2,188,868 | 96,461,288 |
Class C | 0 | 0 | 31,396 | 1,403,441 |
Administrator Class | 0 | 0 | 1,056,266 | 47,713,951 |
0 | 145,578,680 | |||
Payment for shares redeemed | ||||
Class A | (731,527) | (38,746,447) | (2,068,334) | (95,239,910) |
Class C | (27,088) | (1,457,586) | (183,902) | (8,615,422) |
Administrator Class | (478,581) | (25,992,665) | (2,159,572) | (101,444,640) |
(66,196,698) | (205,299,972) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (43,163,923) | 13,540,434 | ||
Total increase in net assets | 71,028,001 | 242,774,369 | ||
Net assets | ||||
Beginning of period | 1,262,586,735 | 1,019,812,366 | ||
End of period | $1,333,614,736 | $1,262,586,735 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.17 | $41.27 | $49.48 | $63.35 | $66.85 | $62.85 |
Net investment income | 0.24 | 0.48 | 0.65 | 0.82 | 0.99 1 | 1.05 |
Net realized and unrealized gains (losses) on investments | 4.34 | 14.92 | 5.82 | 0.54 | 7.99 | 9.09 |
Total from investment operations | 4.58 | 15.40 | 6.47 | 1.36 | 8.98 | 10.14 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.57) | (0.67) | (0.90) | (1.02) | (1.16) |
Net realized gains | 0.00 | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | 0.00 | (6.50) | (14.68) | (15.23) | (12.48) | (6.14) |
Net asset value, end of period | $54.75 | $50.17 | $41.27 | $49.48 | $63.35 | $66.85 |
Total return2 | 9.13% | 39.71% | 12.02% | 3.32% | 13.87% | 16.94% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.62% | 0.65% | 0.67% | 0.65% | 0.63% | 0.62% |
Net expenses | 0.44% | 0.44% | 0.44% | 0.45% | 0.45% | 0.45% |
Net investment income | 0.91% | 1.08% | 1.47% | 1.51% | 1.49% | 1.68% |
Supplemental data | ||||||
Portfolio turnover rate3 | 1% | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $882,187 | $835,781 | $660,101 | $676,511 | $702,866 | $684,004 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $51.19 | $41.90 | $50.02 | $63.67 | $67.11 | $63.12 |
Net investment income | 0.17 | 0.16 1 | 0.30 | 0.46 1 | 0.50 1 | 0.66 |
Net realized and unrealized gains (losses) on investments | 4.30 | 15.21 | 5.84 | 0.52 | 8.00 | 9.02 |
Total from investment operations | 4.47 | 15.37 | 6.14 | 0.98 | 8.50 | 9.68 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15) | (0.25) | (0.30) | (0.48) | (0.71) |
Net realized gains | 0.00 | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | 0.00 | (6.08) | (14.26) | (14.63) | (11.94) | (5.69) |
Net asset value, end of period | $55.66 | $51.19 | $41.90 | $50.02 | $63.67 | $67.11 |
Total return2 | 8.73% | 38.83% | 11.17% | 2.54% | 13.02% | 16.07% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.37% | 1.40% | 1.42% | 1.39% | 1.38% | 1.37% |
Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment income | 0.15% | 0.34% | 0.72% | 0.77% | 0.72% | 0.93% |
Supplemental data | ||||||
Portfolio turnover rate3 | 1% | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $12,798 | $12,530 | $16,103 | $19,146 | $66,117 | $67,691 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $51.41 | $42.15 | $50.24 | $64.04 | $67.43 | $63.33 |
Net investment income | 0.34 | 0.58 | 0.81 | 1.02 1 | 1.26 | 1.41 |
Net realized and unrealized gains (losses) on investments | 4.41 | 15.26 | 5.85 | 0.48 | 7.94 | 8.94 |
Total from investment operations | 4.75 | 15.84 | 6.66 | 1.50 | 9.20 | 10.35 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.65) | (0.74) | (0.97) | (1.13) | (1.27) |
Net realized gains | 0.00 | (5.93) | (14.01) | (14.33) | (11.46) | (4.98) |
Total distributions to shareholders | 0.00 | (6.58) | (14.75) | (15.30) | (12.59) | (6.25) |
Net asset value, end of period | $56.16 | $51.41 | $42.15 | $50.24 | $64.04 | $67.43 |
Total return2 | 9.24% | 39.97% | 12.25% | 3.52% | 14.10% | 17.18% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.38% | 0.42% | 0.44% | 0.41% | 0.40% | 0.39% |
Net expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
Net investment income | 1.10% | 1.28% | 1.67% | 1.72% | 1.70% | 1.88% |
Supplemental data | ||||||
Portfolio turnover rate3 | 1% | 4% | 3% | 4% | 3% | 9% |
Net assets, end of period (000s omitted) | $438,630 | $414,276 | $343,609 | $460,934 | $829,004 | $1,151,522 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
Year ended May 31, 2018 | 0.10% |
Year ended May 31, 2017 | 0.10% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $1,210,548,309 |
Gross unrealized losses | 0 |
Net unrealized gains | $1,210,548,309 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Index Portfolio | Seeks to replicate the total return of the S&P 500 Index, before fees and expenses | $1,334,494,181 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Expense ratio caps | |
Class A | 0.45% |
Class C | 1.20 |
Administrator Class | 0.25 |
Shares | Value | ||||
Common stocks: 97.82% | |||||
Communication services: 10.13% | |||||
Diversified telecommunication services: 0.97% | |||||
AT&T Incorporated | 248,570 | $ 5,674,853 | |||
Lumen Technologies Incorporated | 34,629 | 427,322 | |||
Verizon Communications Incorporated | 144,133 | 7,245,566 | |||
13,347,741 | |||||
Entertainment: 1.67% | |||||
Activision Blizzard Incorporated | 27,075 | 1,586,595 | |||
Electronic Arts Incorporated | 9,907 | 1,230,648 | |||
Live Nation Entertainment Incorporated † | 4,587 | 489,204 | |||
Netflix Incorporated † | 15,408 | 9,890,395 | |||
Take-Two Interactive Software Incorporated † | 4,056 | 672,809 | |||
The Walt Disney Company † | 63,261 | 9,166,519 | |||
23,036,170 | |||||
Interactive media & services: 6.31% | |||||
Alphabet Incorporated Class A † | 10,482 | 29,747,383 | |||
Alphabet Incorporated Class C † | 9,809 | 27,946,233 | |||
Facebook Incorporated Class A † | 82,989 | 26,926,611 | |||
Match Group Incorporated † | 9,637 | 1,252,714 | |||
Twitter Incorporated † | 27,780 | 1,220,653 | |||
87,093,594 | |||||
Media: 1.02% | |||||
Charter Communications Incorporated Class A † | 4,416 | 2,853,972 | |||
Comcast Corporation Class A | 159,457 | 7,969,661 | |||
Discovery Incorporated Class A †« | 5,887 | 136,990 | |||
Discovery Incorporated Class C † | 10,574 | 240,136 | |||
DISH Network Corporation Class A † | 8,666 | 270,813 | |||
Fox Corporation Class A | 11,259 | 402,059 | |||
Fox Corporation Class B | 5,163 | 173,477 | |||
Interpublic Group of Companies Incorporated | 13,703 | 454,803 | |||
News Corporation Class A | 13,620 | 294,464 | |||
News Corporation Class B | 4,239 | 91,350 | |||
Omnicom Group Incorporated | 7,464 | 502,402 | |||
ViacomCBS Incorporated Class B | 21,091 | 652,766 | |||
14,042,893 | |||||
Wireless telecommunication services: 0.16% | |||||
T-Mobile US Incorporated † | 20,420 | 2,221,900 | |||
Consumer discretionary: 12.88% | |||||
Auto components: 0.14% | |||||
Aptiv plc † | 9,417 | 1,510,016 | |||
BorgWarner Incorporated | 8,348 | 361,301 | |||
1,871,317 | |||||
Automobiles: 2.75% | |||||
Ford Motor Company | 136,606 | 2,621,469 |
Shares | Value | ||||
Automobiles (continued) | |||||
General Motors Company † | 50,540 | $ 2,924,750 | |||
Tesla Motors Incorporated † | 28,249 | 32,338,325 | |||
37,884,544 | |||||
Distributors: 0.14% | |||||
Genuine Parts Company | 4,986 | 636,912 | |||
LKQ Corporation | 9,412 | 526,131 | |||
Pool Corporation | 1,396 | 773,552 | |||
1,936,595 | |||||
Hotels, restaurants & leisure: 1.82% | |||||
Booking Holdings Incorporated † | 1,429 | 3,003,544 | |||
Caesars Entertainment Incorporated † | 7,430 | 669,220 | |||
Carnival Corporation † | 27,800 | 489,836 | |||
Chipotle Mexican Grill Incorporated † | 978 | 1,607,255 | |||
Darden Restaurants Incorporated | 4,537 | 625,879 | |||
Domino's Pizza Incorporated | 1,283 | 672,472 | |||
Expedia Group Incorporated † | 5,058 | 814,793 | |||
Hilton Worldwide Holdings Incorporated † | 9,702 | 1,310,449 | |||
Las Vegas Sands Corporation † | 11,969 | 426,336 | |||
Marriott International Incorporated Class A † | 9,523 | 1,405,214 | |||
McDonald's Corporation | 25,999 | 6,359,355 | |||
MGM Resorts International | 13,924 | 551,112 | |||
Norwegian Cruise Line Holdings Limited †« | 12,882 | 251,328 | |||
Penn National Gaming Incorporated † | 5,782 | 296,212 | |||
Royal Caribbean Cruises Limited † | 7,803 | 544,805 | |||
Starbucks Corporation | 41,049 | 4,500,612 | |||
Wynn Resorts Limited † | 3,665 | 296,902 | |||
Yum! Brands Incorporated | 10,293 | 1,264,392 | |||
25,089,716 | |||||
Household durables: 0.37% | |||||
D.R. Horton Incorporated | 11,347 | 1,108,602 | |||
Garmin Limited | 5,289 | 706,293 | |||
Leggett & Platt Incorporated | 4,641 | 187,450 | |||
Lennar Corporation Class A | 9,563 | 1,004,593 | |||
Mohawk Industries Incorporated † | 1,947 | 326,843 | |||
Newell Rubbermaid Incorporated | 13,181 | 282,996 | |||
NVR Incorporated † | 117 | 611,365 | |||
PulteGroup Incorporated | 9,035 | 452,021 | |||
Whirlpool Corporation | 2,183 | 475,326 | |||
5,155,489 | |||||
Internet & direct marketing retail: 4.05% | |||||
Amazon.com Incorporated † | 15,163 | 53,177,702 | |||
eBay Incorporated | 22,631 | 1,526,687 | |||
Etsy Incorporated † | 4,407 | 1,210,074 | |||
55,914,463 | |||||
Leisure products: 0.03% | |||||
Hasbro Incorporated | 4,506 | 436,676 | |||
Multiline retail: 0.52% | |||||
Dollar General Corporation | 8,223 | 1,819,750 |
Shares | Value | ||||
Multiline retail (continued) | |||||
Dollar Tree Incorporated † | 8,075 | $ 1,080,677 | |||
Target Corporation | 17,223 | 4,199,656 | |||
7,100,083 | |||||
Specialty retail: 2.36% | |||||
Advance Auto Parts Incorporated | 2,278 | 502,800 | |||
AutoZone Incorporated † | 750 | 1,362,803 | |||
Bath & Body Works Incorporated | 9,217 | 692,473 | |||
Best Buy Company Incorporated | 7,848 | 838,637 | |||
CarMax Incorporated † | 5,672 | 801,170 | |||
Lowe's Companies Incorporated | 24,609 | 6,019,115 | |||
O'Reilly Automotive Incorporated † | 2,400 | 1,531,584 | |||
Ross Stores Incorporated | 12,433 | 1,356,316 | |||
The Gap Incorporated | 7,493 | 123,859 | |||
The Home Depot Incorporated | 37,016 | 14,828,980 | |||
The TJX Companies Incorporated | 42,002 | 2,914,939 | |||
Tractor Supply Company | 3,981 | 897,039 | |||
Ulta Beauty Incorporated † | 1,906 | 731,809 | |||
32,601,524 | |||||
Textiles, apparel & luxury goods: 0.70% | |||||
HanesBrands Incorporated | 12,155 | 196,303 | |||
Nike Incorporated Class B | 44,495 | 7,530,334 | |||
PVH Corporation | 2,484 | 265,242 | |||
Ralph Lauren Corporation | 1,693 | 196,456 | |||
Tapestry Incorporated | 9,708 | 389,485 | |||
Under Armour Incorporated Class A † | 6,567 | 154,916 | |||
Under Armour Incorporated Class C † | 7,255 | 145,608 | |||
VF Corporation | 11,345 | 813,777 | |||
9,692,121 | |||||
Consumer staples: 5.46% | |||||
Beverages: 1.30% | |||||
Brown-Forman Corporation Class B | 6,361 | 447,560 | |||
Constellation Brands Incorporated Class A | 5,857 | 1,319,758 | |||
Molson Coors Brewing Company Class B | 6,559 | 291,482 | |||
Monster Beverage Corporation † | 13,073 | 1,095,256 | |||
PepsiCo Incorporated | 48,117 | 7,688,134 | |||
The Coca-Cola Company | 135,250 | 7,093,863 | |||
17,936,053 | |||||
Food & staples retailing: 1.35% | |||||
Costco Wholesale Corporation | 15,390 | 8,301,058 | |||
Sysco Corporation | 17,810 | 1,247,412 | |||
The Kroger Company | 23,673 | 983,140 | |||
Walgreens Boots Alliance Incorporated | 24,994 | 1,119,731 | |||
Walmart Incorporated | 49,752 | 6,996,624 | |||
18,647,965 | |||||
Food products: 0.81% | |||||
Archer Daniels Midland Company | 19,474 | 1,211,478 | |||
Campbell Soup Company | 7,069 | 285,093 | |||
ConAgra Foods Incorporated | 16,722 | 510,857 | |||
General Mills Incorporated | 21,107 | 1,303,779 |
Shares | Value | ||||
Food products (continued) | |||||
Hormel Foods Corporation | 9,813 | $ 406,258 | |||
Kellogg Company | 8,900 | 544,502 | |||
Lamb Weston Holdings Incorporated | 5,052 | 262,300 | |||
McCormick & Company Incorporated | 8,675 | 744,489 | |||
Mondelez International Incorporated Class A | 48,663 | 2,868,197 | |||
The Hershey Company | 5,063 | 898,632 | |||
The J.M. Smucker Company | 3,772 | 477,045 | |||
The Kraft Heinz Company | 24,716 | 830,705 | |||
Tyson Foods Incorporated Class A | 10,264 | 810,445 | |||
11,153,780 | |||||
Household products: 1.26% | |||||
Church & Dwight Company Incorporated | 8,548 | 764,020 | |||
Colgate-Palmolive Company | 29,366 | 2,203,037 | |||
Kimberly-Clark Corporation | 11,724 | 1,527,754 | |||
The Clorox Company | 4,276 | 696,347 | |||
The Procter & Gamble Company | 84,508 | 12,218,167 | |||
17,409,325 | |||||
Personal products: 0.20% | |||||
The Estee Lauder Companies Incorporated Class A | 8,073 | 2,680,801 | |||
Tobacco: 0.54% | |||||
Altria Group Incorporated | 64,199 | 2,737,445 | |||
Philip Morris International Incorporated | 54,259 | 4,663,018 | |||
7,400,463 | |||||
Energy: 2.65% | |||||
Energy equipment & services: 0.20% | |||||
Baker Hughes Incorporated | 28,843 | 673,196 | |||
Halliburton Company | 31,002 | 669,333 | |||
Schlumberger Limited | 48,685 | 1,396,286 | |||
2,738,815 | |||||
Oil, gas & consumable fuels: 2.45% | |||||
APA Corporation | 13,160 | 339,133 | |||
Cabot Oil & Gas Corporation | 28,283 | 567,923 | |||
Chevron Corporation | 67,327 | 7,599,198 | |||
ConocoPhillips | 46,618 | 3,269,320 | |||
Devon Energy Corporation | 21,919 | 921,913 | |||
Diamondback Energy Incorporated | 5,925 | 632,375 | |||
EOG Resources Incorporated | 20,326 | 1,768,362 | |||
Exxon Mobil Corporation | 147,386 | 8,819,578 | |||
Hess Corporation | 9,595 | 715,019 | |||
Kinder Morgan Incorporated | 67,859 | 1,049,100 | |||
Marathon Oil Corporation | 27,447 | 425,154 | |||
Marathon Petroleum Corporation | 22,218 | 1,351,965 | |||
Occidental Petroleum Corporation | 30,881 | 915,622 | |||
ONEOK Incorporated | 15,515 | 928,418 | |||
Phillips 66 | 15,248 | 1,054,704 | |||
Pioneer Natural Resources Company | 7,899 | 1,408,550 | |||
The Williams Companies Incorporated | 42,297 | 1,133,137 | |||
Valero Energy Corporation | 14,233 | 952,757 | |||
33,852,228 |
Shares | Value | ||||
Financials: 10.60% | |||||
Banks: 4.05% | |||||
Bank of America Corporation | 257,799 | $ 11,464,322 | |||
Citigroup Incorporated | 70,560 | 4,494,672 | |||
Citizens Financial Group Incorporated | 14,834 | 701,203 | |||
Comerica Incorporated | 4,662 | 384,755 | |||
Fifth Third Bancorp | 24,046 | 1,013,539 | |||
First Republic Bank | 6,138 | 1,286,893 | |||
Huntington Bancshares Incorporated | 51,404 | 762,835 | |||
JPMorgan Chase & Company | 104,029 | 16,522,926 | |||
KeyCorp | 33,295 | 747,140 | |||
M&T Bank Corporation | 4,480 | 656,813 | |||
People's United Financial Incorporated | 14,899 | 253,879 | |||
PNC Financial Services Group Incorporated | 14,796 | 2,914,812 | |||
Regions Financial Corporation | 33,231 | 756,005 | |||
SVB Financial Group † | 2,042 | 1,413,738 | |||
Truist Financial Corporation | 46,470 | 2,756,136 | |||
US Bancorp | 46,970 | 2,599,320 | |||
Wells Fargo & Company | 142,959 | 6,830,581 | |||
Zions Bancorporation | 5,642 | 355,897 | |||
55,915,466 | |||||
Capital markets: 2.91% | |||||
Ameriprise Financial Incorporated | 3,960 | 1,146,816 | |||
Bank of New York Mellon Corporation | 27,646 | 1,514,724 | |||
BlackRock Incorporated | 4,981 | 4,505,862 | |||
Cboe Global Markets Incorporated | 3,712 | 478,625 | |||
CME Group Incorporated | 12,503 | 2,757,162 | |||
Franklin Resources Incorporated | 9,803 | 317,617 | |||
Intercontinental Exchange Incorporated | 19,606 | 2,562,896 | |||
Invesco Limited | 11,886 | 265,414 | |||
MarketAxess Holdings Incorporated | 1,323 | 466,609 | |||
Moody's Corporation | 5,640 | 2,203,210 | |||
Morgan Stanley | 50,816 | 4,818,373 | |||
MSCI Incorporated | 2,870 | 1,806,522 | |||
Northern Trust Corporation | 7,255 | 839,404 | |||
Raymond James Financial Incorporated | 6,448 | 633,774 | |||
S&P Global Incorporated | 8,390 | 3,823,575 | |||
State Street Corporation | 12,729 | 1,132,499 | |||
T. Rowe Price Group Incorporated | 7,901 | 1,579,805 | |||
The Charles Schwab Corporation | 52,263 | 4,044,634 | |||
The Goldman Sachs Group Incorporated | 11,736 | 4,471,299 | |||
The NASDAQ Incorporated | 4,075 | 828,162 | |||
40,196,982 | |||||
Consumer finance: 0.55% | |||||
American Express Company | 22,402 | 3,411,825 | |||
Capital One Financial Corporation | 15,531 | 2,182,571 | |||
Discover Financial Services | 10,426 | 1,124,444 | |||
Synchrony Financial | 19,833 | 888,320 | |||
7,607,160 | |||||
Diversified financial services: 1.30% | |||||
Berkshire Hathaway Incorporated Class B † | 64,533 | 17,855,636 |
Shares | Value | ||||
Insurance: 1.79% | |||||
AFLAC Incorporated | 21,483 | $ 1,163,090 | |||
American International Group Incorporated | 29,773 | 1,566,060 | |||
Aon plc Class A | 7,859 | 2,324,456 | |||
Arthur J. Gallagher & Company | 7,198 | 1,172,554 | |||
Assurant Incorporated | 2,048 | 311,501 | |||
Brown & Brown Incorporated | 8,137 | 524,104 | |||
Chubb Limited | 15,274 | 2,741,225 | |||
Cincinnati Financial Corporation | 5,219 | 594,444 | |||
Everest Reinsurance Group Limited | 1,388 | 355,855 | |||
Globe Life Incorporated | 3,258 | 281,947 | |||
Lincoln National Corporation | 6,150 | 407,930 | |||
Loews Corporation | 7,076 | 378,283 | |||
Marsh & McLennan Companies Incorporated | 17,638 | 2,892,985 | |||
MetLife Incorporated | 25,357 | 1,487,442 | |||
Principal Financial Group Incorporated | 8,690 | 595,960 | |||
Progressive Corporation | 20,372 | 1,893,374 | |||
Prudential Financial Incorporated | 13,466 | 1,377,033 | |||
The Allstate Corporation | 10,294 | 1,119,164 | |||
The Hartford Financial Services Group Incorporated | 12,087 | 798,951 | |||
The Travelers Companies Incorporated | 8,686 | 1,276,408 | |||
W.R. Berkley Corporation | 4,883 | 374,233 | |||
Willis Towers Watson plc | 4,492 | 1,014,473 | |||
24,651,472 | |||||
Health care: 12.44% | |||||
Biotechnology: 1.74% | |||||
AbbVie Incorporated | 61,522 | 7,092,256 | |||
Amgen Incorporated | 19,769 | 3,931,659 | |||
Biogen Incorporated † | 5,188 | 1,223,019 | |||
Gilead Sciences Incorporated | 43,650 | 3,008,795 | |||
Incyte Corporation † | 6,535 | 442,550 | |||
Moderna Incorporated † | 12,226 | 4,308,809 | |||
Regeneron Pharmaceuticals Incorporated † | 3,659 | 2,329,063 | |||
Vertex Pharmaceuticals Incorporated † | 9,032 | 1,688,442 | |||
24,024,593 | |||||
Health care equipment & supplies: 2.86% | |||||
Abbott Laboratories | 61,718 | 7,762,273 | |||
ABIOMED Incorporated † | 1,580 | 497,352 | |||
Align Technology Incorporated † | 2,558 | 1,564,294 | |||
Baxter International Incorporated | 17,404 | 1,297,816 | |||
Becton Dickinson & Company | 9,998 | 2,370,926 | |||
Boston Scientific Corporation † | 49,570 | 1,887,130 | |||
Dentsply Sirona Incorporated | 7,609 | 370,863 | |||
DexCom Incorporated † | 3,368 | 1,894,803 | |||
Edwards Lifesciences Corporation † | 21,700 | 2,328,627 | |||
Hologic Incorporated † | 8,825 | 659,492 | |||
IDEXX Laboratories Incorporated † | 2,962 | 1,801,103 | |||
Intuitive Surgical Incorporated † | 12,418 | 4,027,654 | |||
Medtronic plc | 46,786 | 4,992,066 | |||
ResMed Incorporated | 5,066 | 1,291,070 | |||
STERIS plc | 3,473 | 758,955 | |||
Stryker Corporation | 11,684 | 2,764,785 | |||
Teleflex Incorporated | 1,629 | 484,497 |
Shares | Value | ||||
Health care equipment & supplies (continued) | |||||
The Cooper Companies Incorporated | 1,715 | $ 645,646 | |||
West Pharmaceutical Services Incorporated | 2,575 | 1,139,850 | |||
Zimmer Biomet Holdings Incorporated | 7,271 | 869,612 | |||
39,408,814 | |||||
Health care providers & services: 2.49% | |||||
AmerisourceBergen Corporation | 5,208 | 602,826 | |||
Anthem Incorporated | 8,488 | 3,448,080 | |||
Cardinal Health Incorporated | 10,101 | 466,969 | |||
Centene Corporation † | 20,298 | 1,449,480 | |||
Cigna Corporation | 11,840 | 2,272,096 | |||
CVS Health Corporation | 45,939 | 4,091,327 | |||
DaVita HealthCare Partners Incorporated † | 2,335 | 220,658 | |||
HCA Healthcare Incorporated | 8,582 | 1,936,013 | |||
Henry Schein Incorporated † | 4,863 | 345,565 | |||
Humana Incorporated | 4,474 | 1,877,783 | |||
Laboratory Corporation of America Holdings † | 3,366 | 960,421 | |||
McKesson Corporation | 5,385 | 1,167,253 | |||
Quest Diagnostics Incorporated | 4,254 | 632,485 | |||
UnitedHealth Group Incorporated | 32,826 | 14,581,966 | |||
Universal Health Services Incorporated Class B | 2,641 | 313,566 | |||
34,366,488 | |||||
Health care technology: 0.05% | |||||
Cerner Corporation | 10,290 | 724,931 | |||
Life sciences tools & services: 1.85% | |||||
Agilent Technologies Incorporated | 10,564 | 1,594,108 | |||
Bio-Rad Laboratories Incorporated Class A † | 748 | 563,394 | |||
Bio-Techne Corporation | 1,354 | 639,129 | |||
Charles River Laboratories International Incorporated † | 1,755 | 642,102 | |||
Danaher Corporation | 22,120 | 7,114,677 | |||
Illumina Incorporated † | 5,107 | 1,865,740 | |||
IQVIA Holdings Incorporated † | 6,671 | 1,728,656 | |||
Mettler-Toledo International Incorporated † | 805 | 1,218,875 | |||
PerkinElmer Incorporated | 3,903 | 710,970 | |||
Thermo Fisher Scientific Incorporated | 13,696 | 8,667,240 | |||
Waters Corporation † | 2,136 | 700,758 | |||
25,445,649 | |||||
Pharmaceuticals: 3.45% | |||||
Bristol-Myers Squibb Company | 77,360 | 4,148,817 | |||
Catalent Incorporated † | 5,930 | 762,954 | |||
Eli Lilly & Company | 27,641 | 6,856,074 | |||
Johnson & Johnson | 91,646 | 14,290,361 | |||
Merck & Company Incorporated | 88,127 | 6,601,594 | |||
Organon & Company | 8,826 | 257,984 | |||
Pfizer Incorporated | 195,190 | 10,487,559 | |||
Viatris Incorporated | 42,100 | 518,251 | |||
Zoetis Incorporated | 16,500 | 3,663,660 | |||
47,587,254 | |||||
Industrials: 7.63% | |||||
Aerospace & defense: 1.30% | |||||
General Dynamics Corporation | 8,077 | 1,526,311 |
Shares | Value | ||||
Aerospace & defense (continued) | |||||
Howmet Aerospace Incorporated | 13,439 | $ 378,039 | |||
Huntington Ingalls Industries Incorporated | 1,397 | 247,981 | |||
L3Harris Technologies Incorporated | 6,996 | 1,462,724 | |||
Lockheed Martin Corporation | 8,580 | 2,859,886 | |||
Northrop Grumman Corporation | 5,240 | 1,827,712 | |||
Raytheon Technologies Corporation | 52,495 | 4,247,895 | |||
Textron Incorporated | 7,803 | 552,452 | |||
The Boeing Company † | 19,182 | 3,795,159 | |||
TransDigm Group Incorporated † | 1,823 | 1,053,785 | |||
17,951,944 | |||||
Air freight & logistics: 0.59% | |||||
C.H. Robinson Worldwide Incorporated | 4,585 | 435,988 | |||
Expeditors International of Washington Incorporated | 5,915 | 719,382 | |||
FedEx Corporation | 8,563 | 1,972,658 | |||
United Parcel Service Incorporated Class B | 25,354 | 5,029,473 | |||
8,157,501 | |||||
Airlines: 0.20% | |||||
Alaska Air Group Incorporated † | 4,360 | 211,765 | |||
American Airlines Group Incorporated † | 22,540 | 398,733 | |||
Delta Air Lines Incorporated † | 22,278 | 806,464 | |||
Southwest Airlines Company † | 20,597 | 914,507 | |||
United Airlines Holdings Incorporated † | 11,266 | 476,101 | |||
2,807,570 | |||||
Building products: 0.50% | |||||
A.O. Smith Corporation | 4,637 | 366,555 | |||
Allegion plc | 3,123 | 386,128 | |||
Carrier Global Corporation | 30,208 | 1,634,857 | |||
Fortune Brands Home & Security Incorporated | 4,800 | 482,544 | |||
Johnson Controls International plc | 24,795 | 1,853,674 | |||
Masco Corporation | 8,605 | 567,070 | |||
Trane Technologies plc | 8,272 | 1,543,969 | |||
6,834,797 | |||||
Commercial services & supplies: 0.42% | |||||
Cintas Corporation | 3,047 | 1,286,413 | |||
Copart Incorporated † | 7,413 | 1,076,071 | |||
Republic Services Incorporated | 7,315 | 967,482 | |||
Rollins Incorporated | 7,880 | 262,246 | |||
Waste Management Incorporated | 13,487 | 2,166,956 | |||
5,759,168 | |||||
Construction & engineering: 0.04% | |||||
Quanta Services Incorporated | 4,844 | 551,150 | |||
Electrical equipment: 0.54% | |||||
AMETEK Incorporated | 8,049 | 1,098,689 | |||
Eaton Corporation plc | 13,877 | 2,248,907 | |||
Emerson Electric Company | 20,812 | 1,828,126 | |||
Generac Holdings Incorporated † | 2,197 | 925,464 | |||
Rockwell Automation Incorporated | 4,039 | 1,357,912 | |||
7,459,098 |
Shares | Value | ||||
Industrial conglomerates: 0.99% | |||||
3M Company | 20,145 | $ 3,425,456 | |||
General Electric Company | 38,214 | 3,629,948 | |||
Honeywell International Incorporated | 24,035 | 4,860,838 | |||
Roper Technologies Incorporated | 3,670 | 1,703,431 | |||
13,619,673 | |||||
Machinery: 1.48% | |||||
Caterpillar Incorporated | 19,060 | 3,685,251 | |||
Cummins Incorporated | 4,999 | 1,048,540 | |||
Deere & Company | 9,882 | 3,414,626 | |||
Dover Corporation | 5,012 | 821,216 | |||
Fortive Corporation | 12,477 | 921,676 | |||
IDEX Corporation | 2,646 | 594,265 | |||
Illinois Tool Works Incorporated | 9,978 | 2,316,393 | |||
Ingersoll Rand Incorporated | 14,106 | 822,944 | |||
Otis Worldwide Corporation | 14,858 | 1,194,583 | |||
PACCAR Incorporated | 12,086 | 1,008,214 | |||
Parker-Hannifin Corporation | 4,493 | 1,357,156 | |||
Pentair plc | 5,774 | 425,486 | |||
Snap-on Incorporated | 1,879 | 386,905 | |||
Stanley Black & Decker Incorporated | 5,673 | 991,413 | |||
Wabtec Corporation | 6,581 | 584,195 | |||
Xylem Incorporated | 6,272 | 759,602 | |||
20,332,465 | |||||
Professional services: 0.43% | |||||
Equifax Incorporated | 4,242 | 1,182,033 | |||
IHS Markit Limited | 13,877 | 1,773,758 | |||
Jacobs Engineering Group Incorporated | 4,537 | 646,795 | |||
Leidos Holdings Incorporated | 4,928 | 433,220 | |||
Nielsen Holdings plc | 12,491 | 239,328 | |||
Robert Half International Incorporated | 3,898 | 433,341 | |||
Verisk Analytics Incorporated | 5,617 | 1,263,095 | |||
5,971,570 | |||||
Road & rail: 0.94% | |||||
CSX Corporation | 78,487 | 2,720,359 | |||
J.B. Hunt Transport Services Incorporated | 2,930 | 560,099 | |||
Kansas City Southern | 3,167 | 921,122 | |||
Norfolk Southern Corporation | 8,598 | 2,280,791 | |||
Old Dominion Freight Line Incorporated | 3,266 | 1,159,985 | |||
Union Pacific Corporation | 22,703 | 5,349,735 | |||
12,992,091 | |||||
Trading companies & distributors: 0.20% | |||||
Fastenal Company | 20,009 | 1,183,933 | |||
United Rentals Incorporated † | 2,520 | 853,625 | |||
W.W. Grainger Incorporated | 1,523 | 733,187 | |||
2,770,745 | |||||
Information technology: 28.71% | |||||
Communications equipment: 0.82% | |||||
Arista Networks Incorporated † | 7,800 | 967,668 | |||
Cisco Systems Incorporated | 146,712 | 8,045,686 |
Shares | Value | ||||
Communications equipment (continued) | |||||
F5 Networks Incorporated † | 2,100 | $ 477,918 | |||
Juniper Networks Incorporated | 11,320 | 352,392 | |||
Motorola Solutions Incorporated | 5,895 | 1,492,496 | |||
11,336,160 | |||||
Electronic equipment, instruments & components: 0.67% | |||||
Amphenol Corporation Class A | 20,825 | 1,678,079 | |||
CDW Corporation of Delaware | 4,787 | 906,466 | |||
Corning Incorporated | 26,759 | 992,491 | |||
IPG Photonics Corporation † | 1,248 | 204,909 | |||
Keysight Technologies Incorporated † | 6,414 | 1,247,395 | |||
TE Connectivity Limited | 11,419 | 1,757,727 | |||
Teledyne Technologies Incorporated † | 1,623 | 674,016 | |||
Trimble Incorporated † | 8,760 | 752,221 | |||
Zebra Technologies Corporation Class A † | 1,859 | 1,094,542 | |||
9,307,846 | |||||
IT services: 4.07% | |||||
Accenture plc Class A | 22,077 | 7,890,320 | |||
Akamai Technologies Incorporated † | 5,669 | 638,896 | |||
Automatic Data Processing Incorporated | 14,729 | 3,400,779 | |||
Broadridge Financial Solutions Incorporated | 4,044 | 681,697 | |||
Cognizant Technology Solutions Corporation Class A | 18,298 | 1,426,878 | |||
DXC Technology Company † | 8,770 | 263,012 | |||
Fidelity National Information Services Incorporated | 21,504 | 2,247,168 | |||
Fiserv Incorporated † | 20,748 | 2,002,597 | |||
FleetCor Technologies Incorporated † | 2,876 | 595,706 | |||
Gartner Incorporated † | 2,912 | 909,272 | |||
Global Payments Incorporated | 10,226 | 1,217,303 | |||
International Business Machines Corporation | 31,204 | 3,653,988 | |||
Jack Henry & Associates Incorporated | 2,586 | 392,115 | |||
MasterCard Incorporated Class A | 30,328 | 9,550,894 | |||
Paychex Incorporated | 11,149 | 1,328,961 | |||
PayPal Holdings Incorporated † | 40,907 | 7,563,295 | |||
The Western Union Company | 14,146 | 223,790 | |||
VeriSign Incorporated † | 3,388 | 812,815 | |||
Visa Incorporated Class A | 58,753 | 11,384,569 | |||
56,184,055 | |||||
Semiconductors & semiconductor equipment: 6.53% | |||||
Advanced Micro Devices Incorporated † | 42,228 | 6,687,648 | |||
Analog Devices Incorporated | 18,726 | 3,375,362 | |||
Applied Materials Incorporated | 31,819 | 4,683,439 | |||
Broadcom Incorporated | 14,283 | 7,908,211 | |||
Enphase Energy Incorporated † | 4,687 | 1,171,750 | |||
Intel Corporation | 141,239 | 6,948,959 | |||
KLA Corporation | 5,317 | 2,170,027 | |||
Lam Research Corporation | 4,961 | 3,372,736 | |||
Microchip Technology Incorporated | 19,080 | 1,591,844 | |||
Micron Technology Incorporated | 39,192 | 3,292,128 | |||
Monolithic Power Systems Incorporated | 1,503 | 831,850 | |||
NVIDIA Corporation | 86,756 | 28,348,391 | |||
NXP Semiconductors NV | 9,230 | 2,061,613 | |||
Qorvo Incorporated † | 3,869 | 565,764 | |||
Qualcomm Incorporated | 39,270 | 7,090,591 |
Shares | Value | ||||
Semiconductors & semiconductor equipment (continued) | |||||
Skyworks Solutions Incorporated | 5,749 | $ 871,893 | |||
Teradyne Incorporated | 5,743 | 877,932 | |||
Texas Instruments Incorporated | 32,140 | 6,182,772 | |||
Xilinx Incorporated | 8,615 | 1,968,097 | |||
90,001,007 | |||||
Software: 9.76% | |||||
Adobe Incorporated † | 16,585 | 11,109,462 | |||
ANSYS Incorporated † | 3,038 | 1,189,316 | |||
Autodesk Incorporated † | 7,659 | 1,946,841 | |||
Cadence Design Systems Incorporated † | 9,636 | 1,710,005 | |||
Ceridian HCM Holding Incorporated † | 4,696 | 513,742 | |||
Citrix Systems Incorporated | 4,325 | 347,860 | |||
Fortinet Incorporated † | 4,719 | 1,567,227 | |||
Intuit Incorporated | 9,513 | 6,205,330 | |||
Microsoft Corporation | 261,621 | 86,489,286 | |||
NortonLifeLock Incorporated | 20,236 | 502,865 | |||
Oracle Corporation | 57,348 | 5,203,758 | |||
Paycom Software Incorporated † | 1,674 | 732,342 | |||
PTC Incorporated † | 3,678 | 403,035 | |||
Salesforce.com Incorporated † | 33,823 | 9,638,202 | |||
ServiceNow Incorporated † | 6,897 | 4,467,187 | |||
Synopsys Incorporated † | 5,312 | 1,811,392 | |||
Tyler Technologies Incorporated † | 1,422 | 737,990 | |||
134,575,840 | |||||
Technology hardware, storage & peripherals: 6.86% | |||||
Apple Incorporated | 546,702 | 90,369,841 | |||
Hewlett Packard Enterprise Company | 45,464 | 652,408 | |||
HP Incorporated | 41,820 | 1,475,410 | |||
NetApp Incorporated | 7,799 | 693,175 | |||
Seagate Technology Holdings plc | 7,290 | 748,464 | |||
Western Digital Corporation † | 10,669 | 617,095 | |||
94,556,393 | |||||
Materials: 2.44% | |||||
Chemicals: 1.69% | |||||
Air Products & Chemicals Incorporated | 7,707 | 2,215,300 | |||
Albemarle Corporation | 4,071 | 1,084,881 | |||
Celanese Corporation Series A | 3,868 | 585,460 | |||
CF Industries Holdings Incorporated | 7,488 | 453,698 | |||
Corteva Incorporated | 25,560 | 1,150,200 | |||
Dow Incorporated | 25,963 | 1,426,148 | |||
DuPont de Nemours Incorporated | 18,210 | 1,346,812 | |||
Eastman Chemical Company | 4,727 | 492,979 | |||
Ecolab Incorporated | 8,665 | 1,919,038 | |||
FMC Corporation | 4,480 | 448,851 | |||
International Flavors & Fragrances Incorporated | 8,671 | 1,232,756 | |||
Linde plc | 17,978 | 5,719,521 | |||
LyondellBasell Industries NV Class A | 9,200 | 801,596 | |||
PPG Industries Incorporated | 8,263 | 1,273,907 | |||
The Mosaic Company | 12,895 | 441,267 | |||
The Sherwin-Williams Company | 8,433 | 2,793,347 | |||
23,385,761 |
Shares | Value | ||||
Construction materials: 0.13% | |||||
Martin Marietta Materials Incorporated | 2,172 | $ 876,424 | |||
Vulcan Materials Company | 4,619 | 885,185 | |||
1,761,609 | |||||
Containers & packaging: 0.29% | |||||
Amcor plc | 53,676 | 607,612 | |||
Avery Dennison Corporation | 2,885 | 591,627 | |||
Ball Corporation | 11,371 | 1,062,620 | |||
International Paper Company | 13,606 | 619,345 | |||
Packaging Corporation of America | 3,307 | 431,861 | |||
Sealed Air Corporation | 5,218 | 324,142 | |||
WestRock Company | 9,295 | 403,310 | |||
4,040,517 | |||||
Metals & mining: 0.33% | |||||
Freeport-McMoRan Incorporated | 51,109 | 1,895,122 | |||
Newmont Corporation | 27,821 | 1,527,929 | |||
Nucor Corporation | 10,225 | 1,086,509 | |||
4,509,560 | |||||
Real estate: 2.56% | |||||
Equity REITs: 2.48% | |||||
Alexandria Real Estate Equities Incorporated | 4,827 | 965,738 | |||
American Tower Corporation | 15,845 | 4,158,996 | |||
AvalonBay Communities Incorporated | 4,861 | 1,161,147 | |||
Boston Properties Incorporated | 4,948 | 533,592 | |||
Crown Castle International Corporation | 15,046 | 2,733,106 | |||
Digital Realty Trust Incorporated | 9,838 | 1,650,226 | |||
Duke Realty Corporation | 13,171 | 768,264 | |||
Equinix Incorporated | 3,125 | 2,538,125 | |||
Equity Residential | 11,863 | 1,012,033 | |||
Essex Property Trust Incorporated | 2,264 | 768,492 | |||
Extra Space Storage Incorporated | 4,658 | 931,600 | |||
Federal Realty Investment Trust | 2,437 | 298,947 | |||
Healthpeak Properties Incorporated | 18,763 | 616,552 | |||
Host Hotels & Resorts Incorporated † | 24,856 | 390,239 | |||
Iron Mountain Incorporated | 10,077 | 457,899 | |||
Kimco Realty Corporation | 21,359 | 478,869 | |||
Mid-America Apartment Communities Incorporated | 4,039 | 833,044 | |||
Prologis Incorporated | 25,736 | 3,879,702 | |||
Public Storage Incorporated | 5,307 | 1,737,406 | |||
Realty Income Corporation | 19,180 | 1,302,706 | |||
Regency Centers Corporation | 5,323 | 369,097 | |||
SBA Communications Corporation | 3,814 | 1,311,253 | |||
Simon Property Group Incorporated | 11,440 | 1,748,490 | |||
UDR Incorporated | 9,714 | 551,075 | |||
Ventas Incorporated | 13,698 | 642,710 | |||
Vornado Realty Trust | 5,535 | 222,175 | |||
Welltower Incorporated | 14,711 | 1,171,290 | |||
Weyerhaeuser Company | 26,103 | 981,734 | |||
34,214,507 | |||||
Real estate management & development: 0.08% | |||||
CBRE Group Incorporated Class A † | 11,688 | 1,117,022 |
Shares | Value | ||||
Utilities: 2.32% | |||||
Electric utilities: 1.50% | |||||
Alliant Energy Corporation | 8,712 | $ 477,330 | |||
American Electric Power Company Incorporated | 17,416 | 1,411,567 | |||
Duke Energy Corporation | 26,783 | 2,598,219 | |||
Edison International | 13,219 | 862,936 | |||
Entergy Corporation | 6,996 | 701,979 | |||
Evergy Incorporated | 7,983 | 505,324 | |||
Eversource Energy | 11,963 | 984,196 | |||
Exelon Corporation | 34,042 | 1,795,035 | |||
FirstEnergy Corporation | 18,945 | 713,469 | |||
NextEra Energy Incorporated | 68,296 | 5,926,727 | |||
NRG Energy Incorporated | 8,522 | 306,962 | |||
Pinnacle West Capital Corporation | 3,926 | 255,386 | |||
PPL Corporation | 26,793 | 745,649 | |||
The Southern Company | 36,862 | 2,252,268 | |||
Xcel Energy Incorporated | 18,745 | 1,194,619 | |||
20,731,666 | |||||
Gas utilities: 0.03% | |||||
Atmos Energy Corporation | 4,553 | 411,227 | |||
Independent power & renewable electricity producers: 0.04% | |||||
AES Corporation | 23,198 | 542,369 | |||
Multi-utilities: 0.67% | |||||
Ameren Corporation | 8,952 | 730,394 | |||
CenterPoint Energy Incorporated | 20,641 | 534,808 | |||
CMS Energy Corporation | 10,084 | 593,443 | |||
Consolidated Edison Incorporated | 12,303 | 955,205 | |||
Dominion Energy Incorporated | 28,146 | 2,003,995 | |||
DTE Energy Company | 6,745 | 730,753 | |||
NiSource Incorporated | 13,661 | 334,831 | |||
Public Service Enterprise Group Incorporated | 17,601 | 1,099,886 | |||
Sempra Energy | 11,117 | 1,332,595 | |||
WEC Energy Group Incorporated | 10,981 | 954,578 | |||
9,270,488 | |||||
Water utilities: 0.08% | |||||
American Water Works Company Incorporated | 6,319 | 1,065,194 | |||
Total Common stocks (Cost $291,040,100) | 1,349,247,694 |
Yield | |||||
Short-term investments: 1.94% | |||||
Investment companies: 1.94% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 26,342,178 | 26,342,178 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 391,200 | 391,200 | ||
Total Short-term investments (Cost $26,733,378) | 26,733,378 | ||||
Total investments in securities (Cost $317,773,478) | 99.76% | 1,375,981,072 | |||
Other assets and liabilities, net | 0.24 | 3,258,518 | |||
Total net assets | 100.00% | $1,379,239,590 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Common Stocks | ||||||||||
Wells Fargo & Company* | $ 6,988,518 | $ 10,147 | $ (311,851) | $ 133,986 | $ 9,781 | $ 6,830,581 | 142,959 | $ 24,088 | ||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | 14,730,757 | 53,766,184 | (42,154,763) | 0 | 0 | 26,342,178 | 26,342,178 | 3,051 | ||
Securities Lending Cash Investments LLC | 182,600 | 2,440,725 | (2,232,125) | 0 | 0 | 391,200 | 391,200 | 28 # | ||
$133,986 | $9,781 | $33,563,959 | $27,167 |
* | No longer an affiliate of the Fund at the end of the period. |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 131 | 12-17-2021 | $28,732,155 | $29,908,938 | $1,176,783 | $0 |
Assets | |
Investments in unaffiliated securities (including $381,929 of securities loaned), at value (cost $291,040,100) | $ 1,349,247,694 |
Investments in affiliated securities, at value (cost $26,733,378) | 26,733,378 |
Cash at broker segregated for futures contracts | 2,475,002 |
Receivable for dividends | 1,717,008 |
Receivable for securities lending income, net | 92 |
Prepaid expenses and other assets | 131,410 |
Total assets | 1,380,304,584 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 555,113 |
Payable upon receipt of securities loaned | 391,200 |
Advisory fee payable | 107,651 |
Accrued expenses and other liabilities | 11,030 |
Total liabilities | 1,064,994 |
Total net assets | $1,379,239,590 |
Investment income | |
Dividends (net of foreign withholdings taxes of $44,181) | $ 9,177,426 |
Income from affiliated securities | 27,718 |
Total investment income | 9,205,144 |
Expenses | |
Advisory fee | 635,983 |
Custody and accounting fees | 32,431 |
Professional fees | 31,016 |
Interest holder report expenses | 5,683 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 17,610 |
Total expenses | 732,385 |
Net investment income | 8,472,759 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 40,085,830 |
Futures contracts | 3,513,398 |
Net realized gains on investments | 43,599,228 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 67,941,119 |
Futures contracts | (14,982) |
Net change in unrealized gains (losses) on investments | 67,926,137 |
Net realized and unrealized gains (losses) on investments | 111,525,365 |
Net increase in net assets resulting from operations | $119,998,124 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 8,472,759 | $ 16,723,882 |
Net realized gains on investments | 43,599,228 | 104,436,025 |
Net change in unrealized gains (losses) on investments | 67,926,137 | 276,635,342 |
Net increase in net assets resulting from operations | 119,998,124 | 397,795,249 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 2,126,891 | 13,277,558 |
Withdrawals | (49,681,149) | (159,782,351) |
Net decrease in net assets resulting from capital transactions | (47,554,258) | (146,504,793) |
Total increase in net assets | 72,443,866 | 251,290,456 |
Net assets | ||
Beginning of period | 1,306,795,724 | 1,055,505,268 |
End of period | $1,379,239,590 | $1,306,795,724 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 9.31% | 40.16% | 12.74% | 3.67% | 14.27% | 17.36% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.11% | 0.11% | 0.12% | 0.11% | 0.10% | 0.10% |
Net expenses | 0.11% | 0.11% | 0.12% | 0.11% | 0.10% | 0.10% |
Net investment income | 1.24% | 1.41% | 1.80% | 1.86% | 1.84% | 2.03% |
Supplemental data | ||||||
Portfolio turnover rate | 1% | 4% | 3% | 4% | 3% | 9% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,063,505,350 |
Gross unrealized losses | (4,747,998) |
Net unrealized gains | $1,058,757,352 |
■ | 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 Portfolio’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 | $ 139,742,298 | $0 | $0 | $ 139,742,298 |
Consumer discretionary | 177,682,528 | 0 | 0 | 177,682,528 |
Consumer staples | 75,228,387 | 0 | 0 | 75,228,387 |
Energy | 36,591,043 | 0 | 0 | 36,591,043 |
Financials | 146,226,716 | 0 | 0 | 146,226,716 |
Health care | 171,557,729 | 0 | 0 | 171,557,729 |
Industrials | 105,207,772 | 0 | 0 | 105,207,772 |
Information technology | 395,961,301 | 0 | 0 | 395,961,301 |
Materials | 33,697,447 | 0 | 0 | 33,697,447 |
Real estate | 35,331,529 | 0 | 0 | 35,331,529 |
Utilities | 32,020,944 | 0 | 0 | 32,020,944 |
Short-term investments | ||||
Investment companies | 26,733,378 | 0 | 0 | 26,733,378 |
Total assets | $1,375,981,072 | $0 | $0 | $1,375,981,072 |
Liabilities | ||||
Futures contracts | $ 1,176,783 | $0 | $0 | $ 1,176,783 |
Total liabilities | $ 1,176,783 | $0 | $0 | $ 1,176,783 |
Average daily net assets | Advisory fee |
First $500 million | 0.100% |
Next $500 million | 0.100 |
Next $2 billion | 0.075 |
Next $2 billion | 0.075 |
Over $5 billion | 0.050 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas Securities Corporation | $246,684 | $(246,684) | $0 |
Citigroup Global Markets Incorporated | 135,245 | (135,245) | 0 |
Shares voted “For” | 11,082,401 |
Shares voted “Against” | 728,519 |
Shares voted “Abstain” | 1,117,729 |
Shares voted “For” | 11,051,440 |
Shares voted “Against” | 727,175 |
Shares voted “Abstain” | 1,150,034 |
Shares voted “For” | 10,990,940 |
Shares voted “Against” | 782,586 |
Shares voted “Abstain” | 1,155,123 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA283/SAR283 11-21
Small Company Growth Fund
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Allspring Small Company Growth Fund | |
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Financial statements | |
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Allspring Small Company Growth Portfolio | |
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | William A. Grierson, CFA®‡, Daniel J. Hagen, CFA®‡, Paul E. von Kuster, CFA®‡, Ryan H. Smith, CFA®‡, Samuel D. Smith, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
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 (WFSAX) | 1-30-2004 | 13.26 | 13.96 | 13.63 | 20.17 | 15.32 | 14.31 | 1.34 | 1.29 | ||
Class C (WSMCX) | 1-30-2004 | 18.29 | 14.48 | 13.47 | 19.29 | 14.48 | 13.47 | 2.09 | 2.04 | ||
Class R6 (WSCRX)3 | 10-31-2014 | – | – | – | 20.69 | 15.82 | 14.82 | 0.91 | 0.86 | ||
Administrator Class (NVSCX) | 11-11-1994 | – | – | – | 20.29 | 15.45 | 14.49 | 1.26 | 1.19 | ||
Institutional Class (WSCGX) | 3-31-2008 | – | – | – | 20.59 | 15.74 | 14.77 | 1.01 | 0.94 | ||
Russell 2000® Growth Index4 | – | – | – | – | 11.95 | 14.74 | 14.06 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.29% for Class A, 2.04% for Class C, 0.86% for Class R6, 1.19% for Administrator Class, and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
ICON plc ADR | 2.10 |
Syneos Health Incorporated | 1.72 |
Avantor Incorporated | 1.57 |
ASGN Incorporated | 1.57 |
Omnicell Incorporated | 1.50 |
Ciena Corporation | 1.44 |
SS&C Technologies Holdings Incorporated | 1.39 |
Element Solutions Incorporated | 1.36 |
Triumph Bancorp Incorporated | 1.34 |
International Game Technology plc | 1.31 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. 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. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,003.74 | $ 6.48 | 1.29% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $ 6.53 | 1.29% |
Class C | ||||
Actual | $1,000.00 | $1,000.00 | $10.23 | 2.04% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.84 | $10.30 | 2.04% |
Class R6 | ||||
Actual | $1,000.00 | $1,005.89 | $ 4.32 | 0.86% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.76 | $ 4.36 | 0.86% |
Administrator Class | ||||
Actual | $1,000.00 | $1,004.16 | $ 5.98 | 1.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.10 | $ 6.02 | 1.19% |
Institutional Class | ||||
Actual | $1,000.00 | $1,005.47 | $ 4.73 | 0.94% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.36 | $ 4.76 | 0.94% |
Value | |||||
Investment companies: 100.02% | |||||
Affiliated master portfolio: 100.02% | |||||
Allspring Small Company Growth Portfolio | $992,296,788 | ||||
Total Investment companies (Cost $658,348,180) | 992,296,788 | ||||
Total investments in securities (Cost $658,348,180) | 100.02% | 992,296,788 | |||
Other assets and liabilities, net | (0.02) | (219,917) | |||
Total net assets | 100.00% | $992,076,871 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated income allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Small Company Growth Portfolio | 97.88% | 97.63% | $207,951,506 | $(196,784,511) | $2,305,653 | $57,441 | $992,296,788 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $658,348,180) | $ 992,296,788 |
Receivable for Fund shares sold | 854,874 |
Receivable from manager | 11,203 |
Total assets | 993,162,865 |
Liabilities | |
Payable for Fund shares redeemed | 888,694 |
Administration fees payable | 90,413 |
Distribution fee payable | 4,977 |
Trustees’ fees and expenses payable | 2,957 |
Accrued expenses and other liabilities | 98,953 |
Total liabilities | 1,085,994 |
Total net assets | $992,076,871 |
Net assets consist of | |
Paid-in capital | $ 250,951,240 |
Total distributable earnings | 741,125,631 |
Total net assets | $992,076,871 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 44,503,760 |
Shares outstanding – Class A1 | 721,611 |
Net asset value per share – Class A | $61.67 |
Maximum offering price per share – Class A2 | $65.43 |
Net assets – Class C | $ 7,486,418 |
Shares outstanding – Class C1 | 147,814 |
Net asset value per share – Class C | $50.65 |
Net assets – Class R6 | $ 287,516,242 |
Shares outstanding – Class R61 | 4,206,526 |
Net asset value per share – Class R6 | $68.35 |
Net assets – Administrator Class | $ 57,493,793 |
Shares outstanding – Administrator Class1 | 881,061 |
Net asset value per share – Administrator Class | $65.26 |
Net assets – Institutional Class | $ 595,076,658 |
Shares outstanding – Institutional Class1 | 8,752,197 |
Net asset value per share – Institutional Class | $67.99 |
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 allocated from affiliated Master Portfolio | $ 2,305,653 |
Affiliated income allocated from affiliated Master Portfolio | 57,441 |
Expenses allocated from affiliated Master Portfolio | (4,498,332) |
Total investment income | (2,135,238) |
Expenses | |
Management fee | 279,599 |
Administration fees | |
Class A | 47,591 |
Class C | 9,013 |
Class R6 | 50,338 |
Administrator Class | 39,434 |
Institutional Class | 434,351 |
Shareholder servicing fees | |
Class A | 56,619 |
Class C | 10,713 |
Administrator Class | 75,785 |
Distribution fee | |
Class C | 32,045 |
Custody and accounting fees | 11,488 |
Professional fees | 19,113 |
Registration fees | 5,646 |
Shareholder report expenses | 31,390 |
Trustees’ fees and expenses | 9,967 |
Other fees and expenses | 6,102 |
Total expenses | 1,119,194 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (220,422) |
Class A | (301) |
Class C | (1) |
Administrator Class | (6,050) |
Institutional Class | (66,641) |
Net expenses | 825,779 |
Net investment loss | (2,961,017) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 207,951,506 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (196,784,511) |
Net realized and unrealized gains (losses) on investments | 11,166,995 |
Net increase in net assets resulting from operations | $ 8,205,978 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment loss | $ (2,961,017) | $ (6,950,209) | ||
Net realized gains on investments | 207,951,506 | 376,204,644 | ||
Net change in unrealized gains (losses) on investments | (196,784,511) | 243,393,279 | ||
Net increase in net assets resulting from operations | 8,205,978 | 612,647,714 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,976,918) | ||
Class C | 0 | (1,628,455) | ||
Class R6 | 0 | (56,097,914) | ||
Administrator Class | 0 | (8,234,181) | ||
Institutional Class | 0 | (121,915,798) | ||
Total distributions to shareholders | 0 | (193,853,266) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 112,208 | 7,246,853 | 191,250 | 10,831,002 |
Class C | 1,818 | 92,690 | 11,378 | 530,387 |
Class R6 | 260,962 | 18,211,489 | 1,135,839 | 70,387,361 |
Administrator Class | 46,330 | 3,113,347 | 140,592 | 8,368,325 |
Institutional Class | 1,423,197 | 100,258,385 | 2,938,525 | 180,832,983 |
128,922,764 | 270,950,058 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 99,100 | 5,314,718 |
Class C | 0 | 0 | 34,708 | 1,539,630 |
Class R6 | 0 | 0 | 860,364 | 50,924,923 |
Administrator Class | 0 | 0 | 144,949 | 8,217,170 |
Institutional Class | 0 | 0 | 1,402,732 | 82,663,012 |
0 | 148,659,453 | |||
Payment for shares redeemed | ||||
Class A | (110,742) | (7,076,147) | (353,897) | (19,407,294) |
Class C | (36,322) | (1,896,552) | (98,121) | (4,589,705) |
Class R6 | (2,048,632) | (142,209,326) | (5,125,700) | (309,662,461) |
Administrator Class | (120,791) | (8,064,265) | (474,181) | (27,971,851) |
Institutional Class | (4,793,447) | (328,451,405) | (7,943,243) | (491,545,106) |
(487,697,695) | (853,176,417) | |||
Net decrease in net assets resulting from capital share transactions | (358,774,931) | (433,566,906) | ||
Total decrease in net assets | (350,568,953) | (14,772,458) | ||
Net assets | ||||
Beginning of period | 1,342,645,824 | 1,357,418,282 | ||
End of period | $ 992,076,871 | $1,342,645,824 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $61.44 | $46.62 | $48.98 | $56.66 | $44.26 | $37.69 |
Net investment loss | (0.35) | (0.47) 1 | (0.34) 1 | (0.36) | (0.35) 1 | (0.28) 1 |
Net realized and unrealized gains (losses) on investments | 0.58 | 24.27 | 2.49 | (3.22) | 12.75 | 6.85 |
Total from investment operations | 0.23 | 23.80 | 2.15 | (3.58) | 12.40 | 6.57 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $61.67 | $61.44 | $46.62 | $48.98 | $56.66 | $44.26 |
Total return2 | 0.37% | 53.84% | 3.70% | (6.13)% | 28.02% | 17.43% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.33% | 1.33% | 1.32% | 1.31% | 1.32% | 1.33% |
Net expenses | 1.29% | 1.29% | 1.32% | 1.31% | 1.32% | 1.33% |
Net investment loss | (1.14)% | (0.85)% | (0.69)% | (0.63)% | (0.71)% | (0.68)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $44,504 | $44,249 | $36,534 | $64,182 | $76,065 | $76,087 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.81% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $50.65 | $39.84 | $42.75 | $50.38 | $39.65 | $34.02 |
Net investment loss | (0.45) 1 | (0.75) 1 | (0.61) 1 | (0.66) 1 | (0.64) 1 | (0.54) 1 |
Net realized and unrealized gains (losses) on investments | 0.45 | 20.54 | 2.21 | (2.87) | 11.37 | 6.17 |
Total from investment operations | 0.00 | 19.79 | 1.60 | (3.53) | 10.73 | 5.63 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $50.65 | $50.65 | $39.84 | $42.75 | $50.38 | $39.65 |
Total return2 | 0.00% | 52.86% | 2.92% | (6.82)% | 27.06% | 16.55% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.08% | 2.08% | 2.07% | 2.06% | 2.07% | 2.08% |
Net expenses | 2.04% | 2.04% | 2.07% | 2.06% | 2.07% | 2.08% |
Net investment loss | (1.73)% | (1.60)% | (1.44)% | (1.38)% | (1.47)% | (1.43)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $7,486 | $9,235 | $9,336 | $13,968 | $19,979 | $22,410 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $67.95 | $50.64 | $52.65 | $60.31 | $46.91 | $39.77 |
Net investment loss | (0.16) 1 | (0.17) | (0.14) 1 | (0.12) | (0.14) | (0.11) |
Net realized and unrealized gains (losses) on investments | 0.56 | 26.46 | 2.64 | (3.44) | 13.54 | 7.25 |
Total from investment operations | 0.40 | 26.29 | 2.50 | (3.56) | 13.40 | 7.14 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $68.35 | $67.95 | $50.64 | $52.65 | $60.31 | $46.91 |
Total return2 | 0.59% | 54.53% | 4.12% | (5.73)% | 28.59% | 17.95% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.90% | 0.90% | 0.90% | 0.88% | 0.89% | 0.90% |
Net expenses | 0.86% | 0.86% | 0.89% | 0.88% | 0.89% | 0.90% |
Net investment loss | (0.46)% | (0.41)% | (0.27)% | (0.20)% | (0.29)% | (0.25)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $287,516 | $407,311 | $462,050 | $564,516 | $618,523 | $418,111 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $64.98 | $48.87 | $51.10 | $58.85 | $45.91 | $39.05 |
Net investment loss | (0.34) 1 | (0.44) 1 | (0.29) 1 | (0.29) 1 | (0.30) 1 | (0.24) 1 |
Net realized and unrealized gains (losses) on investments | 0.62 | 25.53 | 2.57 | (3.36) | 13.24 | 7.10 |
Total from investment operations | 0.28 | 25.09 | 2.28 | (3.65) | 12.94 | 6.86 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $65.26 | $64.98 | $48.87 | $51.10 | $58.85 | $45.91 |
Total return2 | 0.42% | 54.02% | 3.80% | (6.02)% | 28.19% | 17.57% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.25% | 1.25% | 1.24% | 1.23% | 1.24% | 1.25% |
Net expenses | 1.19% | 1.19% | 1.20% | 1.20% | 1.20% | 1.20% |
Net investment loss | (1.00)% | (0.74)% | (0.57)% | (0.51)% | (0.60)% | (0.55)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $57,494 | $62,092 | $55,917 | $87,850 | $114,429 | $130,311 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $67.62 | $50.47 | $52.51 | $60.20 | $46.85 | $39.75 |
Net investment loss | (0.16) 1 | (0.29) | (0.17) 1 | (0.15) | (0.19) | (0.15) |
Net realized and unrealized gains (losses) on investments | 0.53 | 26.42 | 2.64 | (3.44) | 13.54 | 7.25 |
Total from investment operations | 0.37 | 26.13 | 2.47 | (3.59) | 13.35 | 7.10 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (8.98) | (4.51) | (4.10) | 0.00 | 0.00 |
Net asset value, end of period | $67.99 | $67.62 | $50.47 | $52.51 | $60.20 | $46.85 |
Total return2 | 0.55% | 54.39% | 4.07% | (5.77)% | 28.50% | 17.86% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.00% | 1.00% | 1.00% | 0.98% | 0.99% | 1.00% |
Net expenses | 0.94% | 0.94% | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment loss | (0.46)% | (0.49)% | (0.32)% | (0.26)% | (0.35)% | (0.31)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 44% | 41% | 54% | 37% | 82% |
Net assets, end of period (000s omitted) | $595,077 | $819,760 | $793,581 | $1,047,883 | $1,169,555 | $1,014,847 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.80% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
Year ended May 31, 2018 | 0.78% |
Year ended May 31, 2017 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $322,548,317 |
Gross unrealized losses | 0 |
Net unrealized gains | $322,548,317 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Small Company Growth Portfolio | Seek long-term capital appreciation | $992,296,788 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
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 | 1.29% |
Class C | 2.04 |
Class R6 | 0.86 |
Administrator Class | 1.19 |
Institutional Class | 0.94 |
Shares | Value | ||||
Common stocks: 96.20% | |||||
Communication services: 1.12% | |||||
Entertainment: 1.12% | |||||
Lions Gate Entertainment Class B † | 350,517 | $ 4,784,557 | |||
Zynga Incorporated Class A † | 1,096,312 | 6,610,761 | |||
11,395,318 | |||||
Consumer discretionary: 9.92% | |||||
Auto components: 0.80% | |||||
Fox Factory Holding Corporation † | 46,150 | 8,111,786 | |||
Hotels, restaurants & leisure: 2.12% | |||||
International Game Technology plc | 493,551 | 13,335,748 | |||
Papa John's International Incorporated | 67,079 | 8,178,272 | |||
21,514,020 | |||||
Household durables: 1.39% | |||||
Skyline Champion Corporation † | 144,173 | 11,281,537 | |||
Traeger Incorporated †« | 224,455 | 2,897,714 | |||
14,179,251 | |||||
Leisure products: 1.52% | |||||
Callaway Golf Company † | 263,121 | 7,093,742 | |||
Hayward Holdings Incorporated † | 340,434 | 8,333,824 | |||
15,427,566 | |||||
Multiline retail: 0.74% | |||||
Ollie's Bargain Outlet Holdings Incorporated † | 121,944 | 7,547,114 | |||
Specialty retail: 3.35% | |||||
American Eagle Outfitters Incorporated | 309,314 | 8,008,139 | |||
Burlington Stores Incorporated † | 28,905 | 8,472,923 | |||
Five Below Incorporated † | 34,342 | 6,986,536 | |||
Monro Muffler Brake Incorporated | 77,147 | 4,321,775 | |||
Sleep Number Corporation † | 78,348 | 6,250,603 | |||
34,039,976 | |||||
Consumer staples: 2.91% | |||||
Beverages: 0.20% | |||||
Zevia PBC Class A † | 260,461 | 1,992,527 | |||
Food & staples retailing: 1.01% | |||||
Performance Food Group Company † | 253,727 | 10,227,735 | |||
Food products: 0.65% | |||||
Lamb Weston Holdings Incorporated | 128,090 | 6,650,433 | |||
Personal products: 1.05% | |||||
e.l.f. Beauty Incorporated † | 354,472 | 10,676,697 | |||
Financials: 10.67% | |||||
Banks: 1.34% | |||||
Triumph Bancorp Incorporated † | 106,677 | 13,585,316 |
Shares | Value | ||||
Capital markets: 3.98% | |||||
Evercore Partners Incorporated Class A | 63,235 | $ 8,770,695 | |||
Focus Financial Partners Class A † | 146,102 | 8,991,117 | |||
Open Lending Corporation Class A † | 155,052 | 3,603,408 | |||
Stifel Financial Corporation | 162,654 | 11,550,061 | |||
VIRTU Financial Incorporated Class A | 267,152 | 7,528,343 | |||
40,443,624 | |||||
Insurance: 4.49% | |||||
BRP Group Incorporated Class A † | 324,660 | 12,025,406 | |||
Goosehead Insurance Incorporated Class A | 99,107 | 13,014,731 | |||
Palomar Holdings Incorporated † | 134,990 | 9,865,069 | |||
Ryan Specialty Group Holdings Incorporated † | 281,651 | 10,778,784 | |||
45,683,990 | |||||
Thrifts & mortgage finance: 0.86% | |||||
Essent Group Limited | 209,688 | 8,718,827 | |||
Health care: 24.46% | |||||
Biotechnology: 5.02% | |||||
Amicus Therapeutics Incorporated † | 521,166 | 5,581,688 | |||
Arena Pharmaceuticals Incorporated † | 70,353 | 3,833,535 | |||
Avid Bioservices Incorporated † | 267,689 | 8,180,576 | |||
Blueprint Medicines Corporation † | 72,733 | 6,996,915 | |||
Cytokinetics Incorporated † | 141,098 | 5,550,795 | |||
Insmed Incorporated † | 208,522 | 5,738,525 | |||
Ionis Pharmaceuticals Incorporated † | 82,134 | 2,176,551 | |||
Iovance Biotherapeutics Incorporated † | 125,200 | 2,343,744 | |||
Mirati Therapeutics Incorporated † | 25,017 | 3,421,575 | |||
Neurocrine Biosciences Incorporated † | 57,553 | 4,791,287 | |||
Turning Point Therapeutics Incorporated † | 62,473 | 2,377,722 | |||
50,992,913 | |||||
Health care equipment & supplies: 5.81% | |||||
Atricure Incorporated † | 145,688 | 9,236,619 | |||
Axonics Modulation Technologies Incorporated † | 179,796 | 9,782,700 | |||
Cerus Corporation † | 774,848 | 5,338,703 | |||
Conmed Corporation | 77,840 | 10,232,846 | |||
Haemonetics Corporation † | 105,737 | 5,419,021 | |||
Novocure Limited † | 24,910 | 2,332,572 | |||
Silk Road Medical Incorporated † | 213,534 | 8,665,210 | |||
Tactile Systems Technology Class I † | 202,424 | 3,947,268 | |||
ViewRay Incorporated † | 798,262 | 4,103,067 | |||
59,058,006 | |||||
Health care providers & services: 3.21% | |||||
AMN Healthcare Services Incorporated † | 97,847 | 11,155,536 | |||
HealthEquity Incorporated † | 127,837 | 6,990,127 | |||
Oak Street Health Incorporated †« | 169,593 | 5,248,903 | |||
Privia Health Group Incorporated † | 185,549 | 4,286,182 | |||
U.S. Physical Therapy Incorporated | 57,468 | 4,941,099 | |||
32,621,847 | |||||
Health care technology: 3.80% | |||||
Allscripts Healthcare Solutions Incorporated † | 466,763 | 7,762,269 |
Shares | Value | ||||
Health care technology (continued) | |||||
Evolent Health Incorporated Class A † | 284,238 | $ 7,390,188 | |||
Omnicell Incorporated † | 86,376 | 15,288,552 | |||
Phreesia Incorporated † | 142,655 | 8,228,340 | |||
38,669,349 | |||||
Life sciences tools & services: 5.85% | |||||
Adaptive Biotechnologies Corporation † | 180,587 | 4,711,515 | |||
Avantor Incorporated † | 403,584 | 15,933,496 | |||
ICON plc ADR † | 78,949 | 21,353,336 | |||
Syneos Health Incorporated † | 179,801 | 17,469,465 | |||
59,467,812 | |||||
Pharmaceuticals: 0.77% | |||||
Axsome Therapeutics Incorporated †« | 70,597 | 2,438,420 | |||
Pacira Pharmaceuticals Incorporated † | 102,634 | 5,400,601 | |||
7,839,021 | |||||
Industrials: 19.96% | |||||
Aerospace & defense: 1.25% | |||||
Kratos Defense & Security Solutions Incorporated † | 311,605 | 6,141,735 | |||
Mercury Systems Incorporated † | 133,107 | 6,515,588 | |||
12,657,323 | |||||
Airlines: 0.68% | |||||
Sun Country Airlines Holding † | 253,323 | 6,948,650 | |||
Building products: 3.60% | |||||
A.O. Smith Corporation | 54,654 | 4,320,401 | |||
Advanced Drainage Systems Incorporated | 82,336 | 10,185,787 | |||
Masonite International Corporation † | 89,533 | 9,580,031 | |||
PGT Incorporated † | 258,486 | 5,309,302 | |||
The AZEK Company Incorporated † | 183,833 | 7,209,930 | |||
36,605,451 | |||||
Commercial services & supplies: 0.96% | |||||
IAA Incorporated † | 110,774 | 5,350,384 | |||
KAR Auction Services Incorporated † | 291,289 | 4,366,422 | |||
9,716,806 | |||||
Construction & engineering: 0.60% | |||||
Dycom Industries Incorporated † | 65,139 | 6,089,194 | |||
Electrical equipment: 0.80% | |||||
Atkore International Incorporated † | 76,378 | 8,134,257 | |||
Machinery: 3.00% | |||||
Chart Industries Incorporated † | 48,671 | 8,495,523 | |||
SPX Corporation † | 191,942 | 11,161,427 | |||
Wabash National Corporation | 335,155 | 5,597,089 | |||
Woodward Incorporated | 49,877 | 5,276,987 | |||
30,531,026 | |||||
Professional services: 6.10% | |||||
ASGN Incorporated † | 130,768 | 15,911,850 |
Shares | Value | ||||
Professional services (continued) | |||||
Clarivate plc † | 327,721 | $ 7,649,008 | |||
FTI Consulting Incorporated † | 59,255 | 8,656,563 | |||
ICF International Incorporated | 112,405 | 10,874,060 | |||
KBR Incorporated | 252,788 | 11,122,672 | |||
Sterling Check Corporation † | 326,298 | 7,756,103 | |||
61,970,256 | |||||
Road & rail: 1.46% | |||||
Knight-Swift Transportation Holdings Incorporated | 142,495 | 8,157,839 | |||
Schneider National Incorporated Class B | 271,937 | 6,689,650 | |||
14,847,489 | |||||
Trading companies & distributors: 1.51% | |||||
Boise Cascade Company | 116,366 | 7,544,008 | |||
Core & Main Incorporated † | 293,869 | 7,825,731 | |||
15,369,739 | |||||
Information technology: 23.33% | |||||
Communications equipment: 2.51% | |||||
Ciena Corporation † | 242,658 | 14,615,291 | |||
Lumentum Holdings Incorporated † | 125,486 | 10,888,420 | |||
25,503,711 | |||||
Electronic equipment, instruments & components: 1.18% | |||||
Itron Incorporated † | 86,082 | 5,329,337 | |||
Par Technology Corporation †« | 126,470 | 6,623,234 | |||
11,952,571 | |||||
IT services: 2.48% | |||||
EVO Payments Incorporated Class A † | 286,950 | 6,109,166 | |||
LiveRamp Holdings Incorporated † | 169,224 | 7,941,682 | |||
Verra Mobility Corporation † | 500,594 | 7,203,548 | |||
WEX Incorporated † | 31,284 | 3,954,923 | |||
25,209,319 | |||||
Semiconductors & semiconductor equipment: 5.24% | |||||
CMC Materials Incorporated | 50,490 | 6,705,072 | |||
FormFactor Incorporated † | 132,549 | 5,556,454 | |||
Onto Innovation Incorporated † | 91,410 | 8,607,166 | |||
Silicon Motion Technology Corporation ADR | 128,867 | 8,895,689 | |||
Synaptics Incorporated † | 45,319 | 12,790,835 | |||
Teradyne Incorporated | 70,232 | 10,736,366 | |||
53,291,582 | |||||
Software: 11.92% | |||||
Black Knight Incorporated † | 155,500 | 11,113,585 | |||
Box Incorporated Class A † | 458,831 | 10,741,234 | |||
CyberArk Software Limited † | 59,530 | 10,289,761 | |||
Doubleverify Holdings Incorporated † | 109,611 | 3,384,788 | |||
Jamf Holding Corporation † | 273,923 | 8,828,538 | |||
Mimecast Limited † | 111,607 | 9,040,167 | |||
Nutanix Incorporated Class A † | 266,966 | 8,868,611 | |||
Pagerduty Incorporated † | 282,896 | 10,028,663 | |||
PTC Incorporated † | 111,407 | 12,207,979 |
Shares | Value | ||||
Software (continued) | |||||
Sprout Social Incorporated Class A † | 61,373 | $ 6,854,137 | |||
SS&C Technologies Holdings Incorporated | 184,502 | 14,083,038 | |||
Zendesk Incorporated † | 60,759 | 6,204,101 | |||
Zuora Incorporated † | 480,222 | 9,513,198 | |||
121,157,800 | |||||
Materials: 2.79% | |||||
Chemicals: 2.07% | |||||
Element Solutions Incorporated | 603,904 | 13,811,284 | |||
Orion Engineered Carbons SA † | 410,126 | 7,197,711 | |||
21,008,995 | |||||
Metals & mining: 0.72% | |||||
Steel Dynamics Incorporated | 122,225 | 7,309,055 | |||
Real estate: 1.04% | |||||
Equity REITs: 0.72% | |||||
Ryman Hospitality Properties Incorporated † | 94,547 | 7,317,938 | |||
Real estate management & development: 0.32% | |||||
Compass Incorporated Class A †« | 342,861 | 3,277,751 | |||
Total Common stocks (Cost $589,401,350) | 977,742,041 |
Expiration date | |||||
Rights: 0.00% | |||||
Communication services: 0.00% | |||||
Media: 0.00% | |||||
Media General Incorporated ♦† | 12-31-2021 | 347,897 | 0 | ||
Total Rights (Cost $0) | 0 |
Yield | |||||
Short-term investments: 5.17% | |||||
Investment companies: 5.17% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 36,582,556 | 36,582,556 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 15,956,833 | 15,956,833 | ||
Total Short-term investments (Cost $52,539,389) | 52,539,389 | ||||
Total investments in securities (Cost $641,940,739) | 101.37% | 1,030,281,430 | |||
Other assets and liabilities, net | (1.37) | (13,886,763) | |||
Total net assets | 100.00% | $1,016,394,667 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $40,275,255 | $197,459,065 | $(201,151,764) | $0 | $0 | $ 36,582,556 | 36,582,556 | $ 4,249 | ||
Securities Lending Cash Investments LLC | 21,935,055 | 129,473,795 | (135,452,017) | 0 | 0 | 15,956,833 | 15,956,833 | 2,474 # | ||
$0 | $0 | $52,539,389 | $6,723 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $15,508,431 of securities loaned), at value (cost $589,401,350) | $ 977,742,041 |
Investments in affiliated securities, at value (cost $52,539,389) | 52,539,389 |
Receivable for investments sold | 1,970,110 |
Receivable for dividends | 757,587 |
Receivable for securities lending income, net | 4,791 |
Prepaid expenses and other assets | 37,606 |
Total assets | 1,033,051,524 |
Liabilities | |
Payable upon receipt of securities loaned | 15,956,833 |
Advisory fee payable | 692,880 |
Accrued expenses and other liabilities | 7,144 |
Total liabilities | 16,656,857 |
Total net assets | $1,016,394,667 |
Investment income | |
Dividends | $ 2,347,903 |
Income from affiliated securities | 58,796 |
Total investment income | 2,406,699 |
Expenses | |
Advisory fee | 4,486,153 |
Custody and accounting fees | 41,148 |
Professional fees | 32,306 |
Interest holder report expenses | 11,742 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 24,485 |
Total expenses | 4,605,496 |
Net investment loss | (2,198,797) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 212,663,542 |
Net change in unrealized gains (losses) on investments | (201,183,961) |
Net realized and unrealized gains (losses) on investments | 11,479,581 |
Net increase in net assets resulting from operations | $ 9,280,784 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment loss | $ (2,198,797) | $ (4,920,462) |
Net realized gains on investments | 212,663,542 | 383,642,418 |
Net change in unrealized gains (losses) on investments | (201,183,961) | 248,333,561 |
Net increase in net assets resulting from operations | 9,280,784 | 627,055,517 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 47,121,064 | 27,183,074 |
Withdrawals | (418,298,101) | (661,328,291) |
Net decrease in net assets resulting from capital transactions | (371,177,037) | (634,145,217) |
Total decrease in net assets | (361,896,253) | (7,089,700) |
Net assets | ||
Beginning of period | 1,378,290,920 | 1,385,380,620 |
End of period | $1,016,394,667 | $1,378,290,920 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 0.62% | 54.64% | 4.08% | (5.64)% | 28.74% | 18.15% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.80% | 0.79% | 0.78% | 0.78% | 0.78% | 0.79% |
Net expenses | 0.80% | 0.79% | 0.78% | 0.78% | 0.78% | 0.79% |
Net investment loss | (0.38)% | (0.34)% | (0.16)% | (0.09)% | (0.18)% | (0.14)% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 44% | 41% | 54% | 37% | 82% |
1 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $422,625,083 |
Gross unrealized losses | (53,064,248) |
Net unrealized gains | $369,560,835 |
■ | 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 Portfolio’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 | $ 11,395,318 | $0 | $0 | $ 11,395,318 |
Consumer discretionary | 100,819,713 | 0 | 0 | 100,819,713 |
Consumer staples | 29,547,392 | 0 | 0 | 29,547,392 |
Financials | 108,431,757 | 0 | 0 | 108,431,757 |
Health care | 248,648,948 | 0 | 0 | 248,648,948 |
Industrials | 202,870,191 | 0 | 0 | 202,870,191 |
Information technology | 237,114,983 | 0 | 0 | 237,114,983 |
Materials | 28,318,050 | 0 | 0 | 28,318,050 |
Real estate | 10,595,689 | 0 | 0 | 10,595,689 |
Rights | ||||
Communication services | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 52,539,389 | 0 | 0 | 52,539,389 |
Total assets | $1,030,281,430 | $0 | $0 | $1,030,281,430 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BMO Capital Markets Corporation | $5,331,200 | $(5,331,200) | $0 |
BNP Paribas Securities Corporation | 4,861,195 | (4,861,195) | 0 |
Credit Suisse Securities (USA) LLC | 2,992,000 | (2,992,000) | 0 |
Morgan Stanley & Co. LLC | 2,300,780 | (2,300,780) | 0 |
UBS Securities LLC | 23,256 | (23,256) | 0 |
Shares voted “For” | 9,908,243 |
Shares voted “Against” | 99,861 |
Shares voted “Abstain” | 107,942 |
Shares voted “Uninstructed” | 216,349 |
Shares voted “For” | 9,901,468 |
Shares voted “Against” | 71,819 |
Shares voted “Abstain” | 142,759 |
Shares voted “Uninstructed" | 216,349 |
Shares voted “For” | 9,929,920 |
Shares voted “Against” | 76,875 |
Shares voted “Abstain” | 109,251 |
Shares voted “Uninstructed” | 216,349 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA285/SAR285 11-21
Small Company Value Fund
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Allspring Small Company Value Fund | |
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Financial statements | |
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Allspring Small Company Value Portfolio | |
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Financial statements | |
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
1 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
President
Allspring Funds
1 | As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Portfolio managers | Jeff Goverman, Garth R. Nisbet, CFA®‡, Craig Pieringer, CFA®‡ |
Average annual total returns (%) as of November 30, 2021 | |||||||||||
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 (SCVAX) | 1-31-2002 | 32.34 | 8.94 | 11.13 | 40.41 | 10.24 | 11.79 | 1.35 | 1.15 | ||
Class C (SCVFX) | 8-30-2002 | 38.38 | 9.45 | 10.97 | 39.38 | 9.45 | 10.97 | 2.10 | 1.90 | ||
Class R6 (SCVJX)3 | 10-31-2016 | – | – | – | 40.92 | 10.70 | 12.16 | 0.92 | 0.75 | ||
Administrator Class (SCVIX) | 1-31-2002 | – | – | – | 40.50 | 10.35 | 11.96 | 1.27 | 1.05 | ||
Institutional Class (SCVNX) | 7-30-2010 | – | – | – | 40.77 | 10.58 | 12.19 | 1.02 | 0.85 | ||
Russell 2000® Value Index4 | – | – | – | – | 33.01 | 9.08 | 11.76 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.03% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2022, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class, and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in 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® 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. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20211 | |
Lexington Corporate Properties Trust | 1.52 |
Piper Jaffray Companies Incorporated | 1.45 |
STAG Industrial Incorporated | 1.40 |
Arcbest Corporation | 1.37 |
Customers Bancorp Incorporated | 1.35 |
Comfort Systems Incorporated | 1.35 |
Centerspace REIT | 1.33 |
Regal-Beloit Corporation | 1.31 |
Diamondback Energy Incorporated | 1.23 |
Kadant Incorporated | 1.22 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. 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. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2021 | Ending account value 11-30-2021 | Expenses paid during the period1,2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,002.96 | $5.72 | 1.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.35 | $5.77 | 1.14% |
Class C | ||||
Actual | $1,000.00 | $ 999.39 | $9.52 | 1.90% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.54 | $9.60 | 1.90% |
Class R6 | ||||
Actual | $1,000.00 | $1,004.96 | $3.77 | 0.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.31 | $3.80 | 0.75% |
Administrator Class | ||||
Actual | $1,000.00 | $1,003.69 | $5.27 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.80 | $5.32 | 1.05% |
Institutional Class | ||||
Actual | $1,000.00 | $1,004.46 | $4.27 | 0.85% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.81 | $4.31 | 0.85% |
Value | |||||
Investment companies: 100.03% | |||||
Affiliated master portfolio: 100.03% | |||||
Allspring Small Company Value Portfolio | $519,434,761 | ||||
Total Investment companies (Cost $389,487,298) | 519,434,761 | ||||
Total investments in securities (Cost $389,487,298) | 100.03% | 519,434,761 | |||
Other assets and liabilities, net | (0.03) | (132,163) | |||
Total net assets | 100.00% | $519,302,598 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Value, end of period | ||
Allspring Small Company Value Portfolio | 85.41% | 86.18% | $42,393,871 | $(42,498,214) | $4,390,601 | $519,434,761 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $389,487,298) | $ 519,434,761 |
Receivable for Fund shares sold | 429,458 |
Receivable from manager | 54,399 |
Prepaid expenses and other assets | 156,754 |
Total assets | 520,075,372 |
Liabilities | |
Payable for Fund shares redeemed | 566,586 |
Shareholder servicing fees payable | 95,401 |
Administration fees payable | 86,708 |
Trustees’ fees and expenses payable | 3,289 |
Distribution fee payable | 1,920 |
Accrued expenses and other liabilities | 18,870 |
Total liabilities | 772,774 |
Total net assets | $519,302,598 |
Net assets consist of | |
Paid-in capital | $ 365,413,164 |
Total distributable earnings | 153,889,434 |
Total net assets | $519,302,598 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 398,911,801 |
Shares outstanding – Class A1 | 10,713,356 |
Net asset value per share – Class A | $37.23 |
Maximum offering price per share – Class A2 | $39.50 |
Net assets – Class C | $ 3,161,072 |
Shares outstanding – Class C1 | 96,768 |
Net asset value per share – Class C | $32.67 |
Net assets – Class R6 | $ 10,277,090 |
Shares outstanding – Class R61 | 266,765 |
Net asset value per share – Class R6 | $38.52 |
Net assets – Administrator Class | $ 31,705,708 |
Shares outstanding – Administrator Class1 | 831,660 |
Net asset value per share – Administrator Class | $38.12 |
Net assets – Institutional Class | $ 75,246,927 |
Shares outstanding – Institutional Class1 | 1,964,451 |
Net asset value per share – Institutional Class | $38.30 |
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 allocated from affiliated Master Portfolio (net of foreign withholding taxes of $4,059) | $ 4,390,601 |
Affiliated income allocated from affiliated Master Portfolio | 15,819 |
Expenses allocated from affiliated Master Portfolio | (2,170,028) |
Waivers allocated from affiliated Master Portfolio | 225,979 |
Total investment income | 2,462,371 |
Expenses | |
Management fee | 131,417 |
Administration fees | |
Class A | 428,092 |
Class C | 3,264 |
Class R6 | 1,403 |
Administrator Class | 20,869 |
Institutional Class | 47,705 |
Shareholder servicing fees | |
Class A | 509,633 |
Class C | 3,872 |
Administrator Class | 40,122 |
Distribution fee | |
Class C | 11,614 |
Custody and accounting fees | 8,715 |
Professional fees | 26,004 |
Registration fees | 25,565 |
Shareholder report expenses | 42,496 |
Trustees’ fees and expenses | 9,968 |
Other fees and expenses | 64,983 |
Total expenses | 1,375,722 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (364,200) |
Class A | (81,319) |
Class C | (310) |
Administrator Class | (8,005) |
Net expenses | 921,888 |
Net investment income | 1,540,483 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on securities transactions allocated from affiliated Master Portfolio | 42,393,871 |
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio | (42,498,214) |
Net realized and unrealized gains (losses) on investments | (104,343) |
Net increase in net assets resulting from operations | $ 1,436,140 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |||
Operations | ||||
Net investment income | $ 1,540,483 | $ 1,435,966 | ||
Net realized gains on investments | 42,393,871 | 29,216,420 | ||
Net change in unrealized gains (losses) on investments | (42,498,214) | 204,433,580 | ||
Net increase in net assets resulting from operations | 1,436,140 | 235,085,966 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (1,293,657) | ||
Class R6 | 0 | (57,563) | ||
Administrator Class | 0 | (111,552) | ||
Institutional Class | 0 | (291,793) | ||
Total distributions to shareholders | 0 | (1,754,565) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 312,261 | 11,772,002 | 941,668 | 26,856,731 |
Class C | 13,959 | 480,144 | 13,195 | 384,992 |
Class R6 | 54,301 | 2,140,644 | 191,063 | 5,140,970 |
Administrator Class | 227,179 | 8,736,857 | 324,601 | 9,607,503 |
Institutional Class | 391,586 | 15,018,881 | 788,867 | 24,838,642 |
38,148,528 | 66,828,838 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 44,468 | 1,263,434 |
Class R6 | 0 | 0 | 1,957 | 57,318 |
Administrator Class | 0 | 0 | 3,678 | 106,887 |
Institutional Class | 0 | 0 | 9,851 | 287,148 |
0 | 1,714,787 | |||
Payment for shares redeemed | ||||
Class A | (753,906) | (27,978,319) | (2,387,672) | (63,689,654) |
Class C | (20,839) | (681,310) | (149,932) | (3,213,714) |
Class R6 | (22,561) | (852,223) | (258,998) | (7,165,322) |
Administrator Class | (256,984) | (9,916,812) | (194,898) | (5,830,131) |
Institutional Class | (318,867) | (12,106,154) | (472,719) | (13,399,558) |
(51,534,818) | (93,298,379) | |||
Net decrease in net assets resulting from capital share transactions | (13,386,290) | (24,754,754) | ||
Total increase (decrease) in net assets | (11,950,150) | 208,576,647 | ||
Net assets | ||||
Beginning of period | 531,252,748 | 322,676,101 | ||
End of period | $519,302,598 | $531,252,748 |
Year ended May 31 | ||||||
Class A | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $37.11 | $20.91 | $24.22 | $28.60 | $24.01 | $20.22 |
Net investment income | 0.10 | 0.09 | 0.18 1 | 0.09 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | 0.02 | 16.22 | (3.35) | (4.31) | 4.58 | 3.75 |
Total from investment operations | 0.12 | 16.31 | (3.17) | (4.22) | 4.67 | 3.80 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.11) | (0.14) | (0.16) | (0.08) | (0.01) |
Net asset value, end of period | $37.23 | $37.11 | $20.91 | $24.22 | $28.60 | $24.01 |
Total return2 | 0.32% | 77.80% | (13.25)% | (14.72)% | 19.48% | 18.86% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.32% | 1.32% | 1.32% | 1.49% | 1.47% | 1.47% |
Net expenses | 1.14% | 1.14% | 1.13% | 1.15% | 1.33% | 1.35% |
Net investment income | 0.54% | 0.33% | 0.74% | 0.38% | 0.46% | 0.20% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $398,912 | $414,013 | $262,574 | $11,902 | $15,665 | $16,280 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class C | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $32.69 | $18.43 | $21.48 | $25.38 | $21.40 | $18.15 |
Net investment income (loss) | (0.04) 1 | (0.07) 1 | 0.01 1 | (0.08) 1 | (0.07) 1 | (0.11) 1 |
Net realized and unrealized gains (losses) on investments | 0.02 | 14.33 | (3.00) | (3.82) | 4.05 | 3.36 |
Total from investment operations | (0.02) | 14.26 | (2.99) | (3.90) | 3.98 | 3.25 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.06) | 0.00 | 0.00 | 0.00 |
Net asset value, end of period | $32.67 | $32.69 | $18.43 | $21.48 | $25.38 | $21.40 |
Total return2 | (0.06)% | 76.80% | (13.98)% | (15.37)% | 18.60% | 17.97% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.06% | 2.06% | 2.08% | 2.22% | 2.21% | 2.22% |
Net expenses | 1.90% | 1.90% | 1.90% | 1.90% | 2.08% | 2.10% |
Net investment income (loss) | (0.24)% | (0.29)% | 0.02% | (0.35)% | (0.29)% | (0.54)% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $3,161 | $3,388 | $4,431 | $1,099 | $1,980 | $1,962 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
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 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Class R6 | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 1 |
Net asset value, beginning of period | $38.33 | $21.56 | $24.92 | $29.44 | $24.69 | $21.37 |
Net investment income | 0.18 2 | 0.20 | 0.31 | 0.21 2 | 0.29 2 | 0.08 |
Net realized and unrealized gains (losses) on investments | 0.01 | 16.78 | (3.50) | (4.45) | 4.65 | 3.33 |
Total from investment operations | 0.19 | 16.98 | (3.19) | (4.24) | 4.94 | 3.41 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.21) | (0.17) | (0.28) | (0.19) | (0.09) |
Net asset value, end of period | $38.52 | $38.33 | $21.56 | $24.92 | $29.44 | $24.69 |
Total return3 | 0.50% | 78.63% | (12.97)% | (14.38)% | 20.03% | 15.95% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.89% | 0.89% | 0.90% | 1.09% | 1.03% | 1.02% |
Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.88% | 0.90% |
Net investment income | 0.94% | 0.73% | 1.22% | 0.77% | 1.04% | 0.58% |
Supplemental data | ||||||
Portfolio turnover rate4 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $10,277 | $9,007 | $6,491 | $731 | $322 | $29 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 20171 | 0.83% |
1 | For the period from October 31, 2016 (commencement of class operations) to May 31, 2017 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Administrator Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $37.98 | $21.40 | $24.80 | $29.23 | $24.53 | $20.66 |
Net investment income | 0.12 1 | 0.10 1 | 0.21 1 | 0.14 1 | 0.20 | 0.08 1 |
Net realized and unrealized gains (losses) on investments | 0.02 | 16.62 | (3.43) | (4.43) | 4.63 | 3.83 |
Total from investment operations | 0.14 | 16.72 | (3.22) | (4.29) | 4.83 | 3.91 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.14) | (0.18) | (0.14) | (0.13) | (0.04) |
Net asset value, end of period | $38.12 | $37.98 | $21.40 | $24.80 | $29.23 | $24.53 |
Total return2 | 0.37% | 77.91% | (13.18)% | (14.65)% | 19.71% | 19.00% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.24% | 1.24% | 1.32% | 1.35% | 1.38% | 1.39% |
Net expenses | 1.05% | 1.05% | 1.05% | 1.05% | 1.19% | 1.20% |
Net investment income | 0.63% | 0.35% | 0.82% | 0.49% | 0.59% | 0.36% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $31,706 | $32,721 | $15,581 | $13,905 | $60,379 | $57,591 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Year ended May 31 | ||||||
Institutional Class | Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $38.13 | $21.46 | $24.86 | $29.40 | $24.68 | $20.77 |
Net investment income | 0.16 1 | 0.15 1 | 0.25 | 0.19 1 | 0.21 | 0.11 |
Net realized and unrealized gains (losses) on investments | 0.01 | 16.70 | (3.43) | (4.45) | 4.69 | 3.89 |
Total from investment operations | 0.17 | 16.85 | (3.18) | (4.26) | 4.90 | 4.00 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.18) | (0.22) | (0.28) | (0.18) | (0.09) |
Net asset value, end of period | $38.30 | $38.13 | $21.46 | $24.86 | $29.40 | $24.68 |
Total return2 | 0.45% | 78.39% | (13.03)% | (14.46)% | 19.90% | 13.70% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.99% | 0.99% | 1.07% | 1.14% | 1.14% | 1.14% |
Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.99% | 1.00% |
Net investment income | 0.83% | 0.52% | 1.04% | 0.68% | 0.78% | 0.55% |
Supplemental data | ||||||
Portfolio turnover rate3 | 31% | 62% | 78% | 168% | 144% | 110% |
Net assets, end of period (000s omitted) | $75,247 | $72,123 | $33,600 | $33,116 | $60,973 | $52,072 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2021 (unaudited) | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
Year ended May 31, 2018 | 0.84% |
Year ended May 31, 2017 | 0.84% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $114,884,037 |
Gross unrealized losses | 0 |
Net unrealized gains | $114,884,037 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Small Company Value Portfolio | Seek long-term capital appreciation | $519,434,761 |
Average daily net assets | Management fee |
First $5 billion | 0.050% |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
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 | 1.15% |
Class C | 1.90 |
Class R6 | 0.75 |
Administrator Class | 1.05 |
Institutional Class | 0.85 |
Shares | Value | ||||
Common stocks: 98.78% | |||||
Consumer discretionary: 10.98% | |||||
Auto components: 2.01% | |||||
Dana Incorporated | 185,423 | $ 3,986,595 | |||
Patrick Industries Incorporated | 62,974 | 5,023,436 | |||
Standard Motor Products Incorporated | 61,670 | 3,085,967 | |||
12,095,998 | |||||
Diversified consumer services: 0.10% | |||||
H&R Block Incorporated | 26,653 | 631,143 | |||
Hotels, restaurants & leisure: 1.12% | |||||
Dine Brands Global Incorporated † | 59,747 | 4,291,030 | |||
Wyndham Hotels & Resorts Incorporated | 30,734 | 2,442,738 | |||
6,733,768 | |||||
Household durables: 1.11% | |||||
GoPro Incorporated Class A † | 162,832 | 1,628,320 | |||
Green Brick Partners Incorporated † | 59,778 | 1,491,461 | |||
Hooker Furniture Corporation | 110,503 | 2,623,341 | |||
iRobot Corporation †« | 12,399 | 941,208 | |||
6,684,330 | |||||
Leisure products: 1.66% | |||||
Johnson Outdoors Incorporated Class A | 48,169 | 5,011,503 | |||
Malibu Boats Incorporated Class A † | 71,663 | 4,978,429 | |||
9,989,932 | |||||
Multiline retail: 0.61% | |||||
Big Lots Stores Incorporated | 66,028 | 2,864,295 | |||
Nordstrom Incorporated † | 40,029 | 847,414 | |||
3,711,709 | |||||
Specialty retail: 3.35% | |||||
American Eagle Outfitters Incorporated | 154,831 | 4,008,575 | |||
Bed Bath & Beyond Incorporated † | 145,629 | 2,669,380 | |||
Destination XL Group Incorporated † | 212,841 | 1,521,813 | |||
Dick's Sporting Goods Incorporated | 50,586 | 5,946,890 | |||
Shoe Carnival Incorporated | 154,269 | 6,031,918 | |||
20,178,576 | |||||
Textiles, apparel & luxury goods: 1.02% | |||||
Lakeland Industries Incorporated † | 133,606 | 2,557,219 | |||
Rocky Brands Incorporated | 101,002 | 3,588,601 | |||
6,145,820 | |||||
Consumer staples: 0.52% | |||||
Food & staples retailing: 0.52% | |||||
Grocery Outlet Holding Corporation † | 108,801 | 3,150,877 |
Shares | Value | ||||
Energy: 5.51% | |||||
Energy equipment & services: 2.01% | |||||
Helmerich & Payne Incorporated | 269,602 | $ 6,052,565 | |||
Patterson-UTI Energy Incorporated | 862,030 | 6,085,932 | |||
12,138,497 | |||||
Oil, gas & consumable fuels: 3.50% | |||||
Diamondback Energy Incorporated | 69,492 | 7,416,881 | |||
Marathon Oil Corporation | 199,647 | 3,092,532 | |||
Southwestern Energy Company † | 1,226,449 | 5,494,492 | |||
W&T Offshore Incorporated † | 1,478,501 | 5,086,043 | |||
21,089,948 | |||||
Financials: 24.19% | |||||
Banks: 15.87% | |||||
Ameris Bancorp | 137,774 | 6,705,461 | |||
Atlantic Union Bankshares Corporation | 185,517 | 6,031,158 | |||
Banc of California Incorporated | 244,261 | 4,785,073 | |||
Banner Corporation | 107,261 | 6,143,910 | |||
Customers Bancorp Incorporated † | 141,619 | 8,162,919 | |||
FB Financial Corporation | 131,094 | 5,623,933 | |||
First Foundation Incorporated | 249,848 | 6,351,136 | |||
First Interstate BancSystem Class A | 129,617 | 5,288,374 | |||
Great Southern Bancorp Incorporated | 78,989 | 4,394,158 | |||
Heritage Financial Corporation | 196,785 | 4,610,673 | |||
Independent Bank Corporation | 174,631 | 3,937,929 | |||
OceanFirst Financial Corporation | 230,443 | 4,749,430 | |||
OFG Bancorp | 210,933 | 5,083,485 | |||
Synovus Financial Corporation | 160,839 | 7,284,398 | |||
Umpqua Holdings Corporation | 321,639 | 6,130,439 | |||
Univest Corporation of Pennsylvania | 176,019 | 4,852,844 | |||
Western Alliance Bancorp | 50,223 | 5,513,481 | |||
95,648,801 | |||||
Capital markets: 1.75% | |||||
Piper Jaffray Companies Incorporated | 52,764 | 8,745,633 | |||
Sculptor Capital Management Incorporated | 98,228 | 1,779,891 | |||
10,525,524 | |||||
Diversified financial services: 0.31% | |||||
A-Mark Precious Metals Incorporated | 27,108 | 1,877,229 | |||
Insurance: 1.97% | |||||
American Equity Investment Life Holding Company | 178,086 | 5,989,032 | |||
Horace Mann Educators Corporation | 87,102 | 3,228,871 | |||
United Fire Group Incorporated | 128,297 | 2,683,973 | |||
11,901,876 | |||||
Mortgage REITs: 1.61% | |||||
AGNC Investment Corporation | 314,682 | 4,811,488 | |||
Annaly Capital Management Incorporated | 605,674 | 4,905,959 | |||
9,717,447 |
Shares | Value | ||||
Thrifts & mortgage finance: 2.68% | |||||
Axos Financial Incorporated † | 119,886 | $ 6,786,746 | |||
Homestreet Incorporated | 46,391 | 2,290,324 | |||
Walker & Dunlop Incorporated | 50,172 | 7,058,699 | |||
16,135,769 | |||||
Health care: 9.25% | |||||
Biotechnology: 1.22% | |||||
Chemocentryx Incorporated † | 56,425 | 2,047,099 | |||
Eagle Pharmaceuticals Incorporated † | 74,287 | 3,542,004 | |||
Global Blood Therapeutics Incorporated † | 52,656 | 1,488,059 | |||
Immunovant Incorporated † | 33,453 | 257,588 | |||
7,334,750 | |||||
Health care equipment & supplies: 2.84% | |||||
AngioDynamics Incorporated † | 233,206 | 6,005,055 | |||
ICU Medical Incorporated † | 20,101 | 4,547,047 | |||
Integer Holdings Corporation † | 46,099 | 3,675,934 | |||
Merit Medical Systems Incorporated † | 46,065 | 2,895,646 | |||
17,123,682 | |||||
Health care providers & services: 4.48% | |||||
Addus Homecare Corporation † | 43,148 | 3,763,369 | |||
AMN Healthcare Services Incorporated † | 36,444 | 4,154,980 | |||
Brookdale Senior Living Incorporated † | 436,407 | 2,557,345 | |||
LHC Group Incorporated † | 13,979 | 1,603,671 | |||
Option Care Health Incorporated † | 97,171 | 2,459,398 | |||
Premier Incorporated Class A | 152,891 | 5,667,669 | |||
The Ensign Group Incorporated | 56,055 | 4,278,678 | |||
U.S. Physical Therapy Incorporated | 29,107 | 2,502,620 | |||
26,987,730 | |||||
Health care technology: 0.53% | |||||
Computer Programs & Systems Incorporated † | 108,137 | 3,186,797 | |||
Pharmaceuticals: 0.18% | |||||
Phibro Animal Health Corporation Class A | 57,372 | 1,123,917 | |||
Industrials: 17.44% | |||||
Air freight & logistics: 0.54% | |||||
Radiant Logistics Incorporated † | 429,422 | 3,237,842 | |||
Airlines: 0.56% | |||||
Alaska Air Group Incorporated † | 69,986 | 3,399,220 | |||
Building products: 1.68% | |||||
CSW Industrials Incorporated | 29,475 | 3,542,895 | |||
Zurn Water Solutions Corporation | 187,454 | 6,570,263 | |||
10,113,158 | |||||
Commercial services & supplies: 0.92% | |||||
ABM Industries Incorporated | 81,687 | 3,675,915 | |||
Herman Miller Incorporated | 48,741 | 1,849,234 | |||
5,525,149 |
Shares | Value | ||||
Construction & engineering: 4.40% | |||||
Comfort Systems Incorporated | 85,830 | $ 8,142,692 | |||
Great Lakes Dredge & Dock Company † | 335,945 | 4,965,267 | |||
MYR Group Incorporated † | 64,139 | 7,100,829 | |||
Northwest Pipe Company † | 51,280 | 1,475,838 | |||
Sterling Construction Company Incorporated † | 187,625 | 4,835,096 | |||
26,519,722 | |||||
Electrical equipment: 1.77% | |||||
Atkore International Incorporated † | 25,982 | 2,767,083 | |||
Regal-Beloit Corporation | 49,957 | 7,898,202 | |||
10,665,285 | |||||
Machinery: 4.91% | |||||
Columbus McKinnon Corporation | 82,180 | 3,650,436 | |||
Federal Signal Corporation | 118,104 | 5,011,153 | |||
Hillenbrand Incorporated | 109,047 | 4,863,496 | |||
Kadant Incorporated | 31,339 | 7,347,742 | |||
Miller Industries Incorporated | 85,709 | 2,803,541 | |||
The Shyft Group Incorporated | 121,569 | 5,909,469 | |||
29,585,837 | |||||
Professional services: 1.29% | |||||
CBIZ Incorporated † | 155,416 | 5,599,638 | |||
Kelly Services Incorporated Class A | 66,528 | 1,121,662 | |||
Mastech Digital Incorporated † | 59,937 | 1,057,888 | |||
7,779,188 | |||||
Road & rail: 1.37% | |||||
Arcbest Corporation | 80,264 | 8,273,613 | |||
Information technology: 8.84% | |||||
Electronic equipment, instruments & components: 3.58% | |||||
ePlus Incorporated † | 35,429 | 3,737,405 | |||
Insight Enterprises Incorporated † | 62,713 | 6,184,756 | |||
Methode Electronics Incorporated | 126,641 | 5,631,725 | |||
PC Connection Incorporated | 56,476 | 2,475,908 | |||
Sanmina Corporation † | 96,667 | 3,532,212 | |||
21,562,006 | |||||
IT services: 1.22% | |||||
BM Technologies Incorporated † | 43,806 | 527,862 | |||
Conduent Incorporated † | 421,028 | 2,121,981 | |||
TTEC Holdings Incorporated | 30,797 | 2,598,959 | |||
Unisys Corporation † | 117,853 | 2,140,210 | |||
7,389,012 | |||||
Semiconductors & semiconductor equipment: 3.48% | |||||
Cirrus Logic Incorporated † | 43,629 | 3,498,173 | |||
Diodes Incorporated † | 42,685 | 4,539,550 | |||
FormFactor Incorporated † | 99,387 | 4,166,303 | |||
Ichor Holdings Limited † | 82,206 | 3,936,845 | |||
Onto Innovation Incorporated † | 51,132 | 4,814,589 | |||
20,955,460 |
Shares | Value | ||||
Software: 0.56% | |||||
NCR Corporation † | 86,974 | $ 3,383,289 | |||
Materials: 7.78% | |||||
Chemicals: 4.90% | |||||
Advansix Incorporated | 158,131 | 7,161,753 | |||
Hawkins Incorporated | 142,578 | 4,730,738 | |||
Ingevity Corporation † | 55,475 | 3,989,207 | |||
Intrepid Potash Incorporated † | 63,961 | 2,628,797 | |||
Minerals Technologies Incorporated | 93,180 | 6,119,131 | |||
Stepan Company | 43,568 | 4,910,549 | |||
29,540,175 | |||||
Construction materials: 0.99% | |||||
Eagle Materials Incorporated | 38,727 | 5,972,478 | |||
Containers & packaging: 0.69% | |||||
UFP Technologies Incorporated † | 61,632 | 4,121,332 | |||
Metals & mining: 1.20% | |||||
Schnitzer Steel Industries Incorporated Class A | 150,462 | 7,237,222 | |||
Real estate: 14.27% | |||||
Equity REITs: 14.27% | |||||
Agree Realty Corporation | 87,241 | 5,894,002 | |||
American Campus Communities Incorporated | 130,902 | 6,772,869 | |||
Armada Hoffler Properties Incorporated | 349,124 | 4,870,280 | |||
Centerspace REIT | 78,347 | 8,006,280 | |||
Global Medical REIT Incorporated | 354,449 | 5,791,697 | |||
Independence Realty Trust Incorporated | 213,284 | 5,225,458 | |||
Lexington Corporate Properties Trust | 610,486 | 9,187,814 | |||
Monmouth Real Estate Investment Corporation | 306,663 | 6,369,391 | |||
One Liberty Properties Incorporated | 154,638 | 5,030,374 | |||
Outfront Media Incorporated | 186,999 | 4,673,105 | |||
PotlatchDeltic Corporation | 63,912 | 3,460,196 | |||
Retail Opportunity Investment Corporation | 245,845 | 4,317,038 | |||
RLJ Lodging Trust | 265,964 | 3,348,487 | |||
STAG Industrial Incorporated | 193,220 | 8,420,528 | |||
Summit Hotel Properties Incorporated † | 522,702 | 4,678,183 | |||
86,045,702 | |||||
Total Common stocks (Cost $424,609,907) | 595,419,810 |
Expiration date | |||||
Warrants: 0.00% | |||||
Energy: 0.00% | |||||
Energy equipment & services: 0.00% | |||||
Parker Drilling Company † | 9-16-2024 | 8,457 | 0 | ||
Total Warrants (Cost $0) | 0 |
Yield | Shares | Value | |||
Short-term investments: 1.30% | |||||
Investment companies: 1.30% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 6,987,351 | $ 6,987,351 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 826,529 | 826,529 | ||
Total Short-term investments (Cost $7,813,880) | 7,813,880 | ||||
Total investments in securities (Cost $432,423,787) | 100.08% | 603,233,690 | |||
Other assets and liabilities, net | (0.08) | (466,551) | |||
Total net assets | 100.00% | $602,767,139 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $5,823,369 | $37,179,672 | $(36,015,690) | $0 | $0 | $ 6,987,351 | 6,987,351 | $ 716 | ||
Securities Lending Cash Investments LLC | 1,657,815 | 56,114,366 | (56,945,652) | 0 | 0 | 826,529 | 826,529 | 422 # | ||
$0 | $0 | $7,813,880 | $1,138 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $810,154 of securities loaned), at value (cost $424,609,907) | $ 595,419,810 |
Investments in affiliated securities, at value (cost $7,813,880) | 7,813,880 |
Receivable for dividends | 671,160 |
Receivable for securities lending income, net | 3,496 |
Prepaid expenses and other assets | 70,687 |
Total assets | 603,979,033 |
Liabilities | |
Payable upon receipt of securities loaned | 826,529 |
Advisory fee payable | 375,695 |
Accrued expenses and other liabilities | 9,670 |
Total liabilities | 1,211,894 |
Total net assets | $602,767,139 |
Investment income | |
Dividends (net of foreign withholdings taxes of $4,745) | $ 5,122,978 |
Income from affiliated securities | 18,460 |
Total investment income | 5,141,438 |
Expenses | |
Advisory fee | 2,439,356 |
Custody and accounting fees | 26,850 |
Professional fees | 31,126 |
Interest holder report expenses | 16,545 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 9,597 |
Total expenses | 2,533,136 |
Less: Fee waivers and/or expense reimbursements | (263,786) |
Net expenses | 2,269,350 |
Net investment income | 2,872,088 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 47,589,144 |
Net change in unrealized gains (losses) on investments | (49,453,171) |
Net realized and unrealized gains (losses) on investments | (1,864,027) |
Net increase in net assets resulting from operations | $ 1,008,061 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 2,872,088 | $ 3,476,701 |
Net realized gains on investments | 47,589,144 | 37,164,709 |
Net change in unrealized gains (losses) on investments | (49,453,171) | 242,793,164 |
Net increase in net assets resulting from operations | 1,008,061 | 283,434,574 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 15,809,544 | 44,706,834 |
Withdrawals | (34,073,132) | (109,788,132) |
Net decrease in net assets resulting from capital transactions | (18,263,588) | (65,081,298) |
Total increase (decrease) in net assets | (17,255,527) | 218,353,276 |
Net assets | ||
Beginning of period | 620,022,666 | 401,669,390 |
End of period | $602,767,139 | $ 620,022,666 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 0.23% | 78.76% | (13.74)% | (14.51)% | 20.10% | 19.44% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.83% | 0.83% | 0.82% | 0.86% | 0.85% | 0.84% |
Net expenses2 | 0.74% | 0.74% | 0.74% | 0.75% | 0.84% | 0.84% |
Net investment income | 0.94% | 0.71% | 1.15% | 0.80% | 0.87% | 0.72% |
Supplemental data | ||||||
Portfolio turnover rate | 34% | 62% | 78% | 168% | 144% | 110% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $179,281,201 |
Gross unrealized losses | (20,314,904) |
Net unrealized gains | $158,966,297 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Consumer discretionary | $ 66,171,276 | $0 | $0 | $ 66,171,276 |
Consumer staples | 3,150,877 | 0 | 0 | 3,150,877 |
Energy | 33,228,445 | 0 | 0 | 33,228,445 |
Financials | 145,806,646 | 0 | 0 | 145,806,646 |
Health care | 55,756,876 | 0 | 0 | 55,756,876 |
Industrials | 105,099,014 | 0 | 0 | 105,099,014 |
Information technology | 53,289,767 | 0 | 0 | 53,289,767 |
Materials | 46,871,207 | 0 | 0 | 46,871,207 |
Real estate | 86,045,702 | 0 | 0 | 86,045,702 |
Warrants | ||||
Energy | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 7,813,880 | 0 | 0 | 7,813,880 |
Total assets | $603,233,690 | $0 | $0 | $603,233,690 |
Average daily net assets | Advisory fee |
First $500 million | 0.800% |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
National Financial Services LLC | $810,154 | $(810,154) | $0 |
Shares voted “For” | 4,908,036 | |
Shares voted “Against” | 660,279 | |
Shares voted “Abstain” | 1,372,226 | |
Shares voted “Uninstructed” | 243,892 |
Shares voted “For” | 4,893,380 | |
Shares voted “Against” | 678,697 | |
Shares voted “Abstain” | 1,368,464 | |
Shares voted “Uninstructed” | 243,892 |
Shares voted “For” | 4,872,860 | |
Shares voted “Against” | 699,122 | |
Shares voted “Abstain” | 1,368,559 | |
Shares voted “Uninstructed” | 243,892 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA286/SAR286 11-21
Growth Portfolio
Investment objective | The Portfolio seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | John R. Campbell, CFA®‡, Joseph M. Eberhardy, CFA®‡, CPA, Vince Fioramonti, CFA®‡, Thomas C. Ognar, CFA®‡ |
Ten largest holdings (%) as of November 30, 20211 | |
Microsoft Corporation | 9.35 |
Amazon.com Incorporated | 6.19 |
Alphabet Incorporated Class A | 4.33 |
Apple Incorporated | 3.91 |
Alphabet Incorporated Class C | 2.64 |
MasterCard Incorporated Class A | 2.19 |
Linde plc | 1.74 |
NVIDIA Corporation | 1.51 |
ServiceNow Incorporated | 1.48 |
Facebook Incorporated Class A | 1.34 |
1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Shares | Value | ||||
Common stocks: 99.09% | |||||
Communication services: 10.51% | |||||
Entertainment: 0.83% | |||||
Activision Blizzard Incorporated | 16,967 | $ 994,266 | |||
Live Nation Entertainment Incorporated † | 9,735 | 1,038,238 | |||
Roku Incorporated † | 400 | 91,044 | |||
2,123,548 | |||||
Interactive media & services: 9.38% | |||||
Alphabet Incorporated Class A † | 3,885 | 11,025,436 | |||
Alphabet Incorporated Class C † | 2,359 | 6,720,886 | |||
Bumble Incorporated Class A † | 4,835 | 165,647 | |||
Facebook Incorporated Class A † | 10,509 | 3,409,750 | |||
Snap Incorporated Class A † | 37,741 | 1,796,849 | |||
ZoomInfo Technologies Incorporated † | 12,563 | 775,137 | |||
23,893,705 | |||||
Media: 0.30% | |||||
Discovery Incorporated Class A †« | 32,711 | 761,185 | |||
Consumer discretionary: 16.97% | |||||
Auto components: 0.67% | |||||
Aptiv plc † | 4,120 | 660,642 | |||
Lear Corporation | 6,265 | 1,051,204 | |||
1,711,846 | |||||
Hotels, restaurants & leisure: 1.67% | |||||
Airbnb Incorporated Class A † | 13,772 | 2,376,221 | |||
Chipotle Mexican Grill Incorporated † | 1,144 | 1,880,061 | |||
4,256,282 | |||||
Household durables: 0.96% | |||||
PulteGroup Incorporated | 25,223 | 1,261,907 | |||
Whirlpool Corporation | 5,431 | 1,182,546 | |||
2,444,453 | |||||
Internet & direct marketing retail: 6.57% | |||||
Amazon.com Incorporated † | 4,500 | 15,781,815 | |||
MercadoLibre Incorporated † | 810 | 962,612 | |||
16,744,427 | |||||
Leisure products: 0.70% | |||||
The Brunswick Corporation | 12,183 | 1,144,106 | |||
YETI Holdings Incorporated † | 6,910 | 636,826 | |||
1,780,932 | |||||
Multiline retail: 0.59% | |||||
Target Corporation | 6,164 | 1,503,030 | |||
Specialty retail: 3.59% | |||||
Five Below Incorporated † | 2,355 | 479,101 | |||
Floor & Decor Holdings Incorporated Class A † | 13,781 | 1,776,509 | |||
O'Reilly Automotive Incorporated † | 2,328 | 1,485,636 | |||
Petco Health & Wellness Company † | 8,150 | 156,236 |
Shares | Value | ||||
Specialty retail (continued) | |||||
RH † | 1,680 | $ 979,742 | |||
The Home Depot Incorporated | 5,303 | 2,124,435 | |||
The TJX Companies Incorporated | 30,751 | 2,134,119 | |||
9,135,778 | |||||
Textiles, apparel & luxury goods: 2.22% | |||||
Crocs Incorporated † | 3,560 | 583,911 | |||
Deckers Outdoor Corporation † | 3,480 | 1,410,792 | |||
lululemon athletica Incorporated † | 5,909 | 2,685,109 | |||
Nike Incorporated Class B | 5,716 | 967,376 | |||
5,647,188 | |||||
Consumer staples: 1.00% | |||||
Food & staples retailing: 0.74% | |||||
Costco Wholesale Corporation | 3,498 | 1,886,751 | |||
Personal products: 0.26% | |||||
The Estee Lauder Companies Incorporated Class A | 1,962 | 651,521 | |||
Energy: 1.06% | |||||
Oil, gas & consumable fuels: 1.06% | |||||
Chevron Corporation | 9,166 | 1,034,566 | |||
ConocoPhillips | 23,683 | 1,660,889 | |||
2,695,455 | |||||
Financials: 8.25% | |||||
Banks: 1.76% | |||||
Citigroup Incorporated | 20,892 | 1,330,820 | |||
Citizens Financial Group Incorporated | 29,529 | 1,395,836 | |||
JPMorgan Chase & Company | 11,005 | 1,747,924 | |||
4,474,580 | |||||
Capital markets: 5.89% | |||||
BlackRock Incorporated | 1,777 | 1,607,492 | |||
Evercore Partners Incorporated Class A | 11,178 | 1,550,389 | |||
LPL Financial Holdings Incorporated | 9,100 | 1,434,251 | |||
MarketAxess Holdings Incorporated | 7,049 | 2,486,112 | |||
MSCI Incorporated | 2,300 | 1,447,735 | |||
The Charles Schwab Corporation | 28,177 | 2,180,618 | |||
The Goldman Sachs Group Incorporated | 4,073 | 1,551,772 | |||
Tradeweb Markets Incorporated Class A | 28,673 | 2,752,608 | |||
15,010,977 | |||||
Insurance: 0.60% | |||||
Fidelity National Financial Incorporated | 31,398 | 1,535,676 | |||
Health care: 13.19% | |||||
Biotechnology: 2.82% | |||||
AbbVie Incorporated | 8,508 | 980,803 | |||
Alnylam Pharmaceuticals Incorporated † | 1,311 | 240,962 | |||
Biohaven Pharmaceutical Holding Company † | 5,725 | 642,574 | |||
Horizon Therapeutics plc † | 15,374 | 1,595,206 | |||
Natera Incorporated † | 9,475 | 866,584 |
Shares | Value | ||||
Biotechnology (continued) | |||||
Regeneron Pharmaceuticals Incorporated † | 1,908 | $ 1,214,499 | |||
Seagen Incorporated † | 1,974 | 315,840 | |||
United Therapeutics Corporation † | 7,061 | 1,338,060 | |||
7,194,528 | |||||
Health care equipment & supplies: 3.82% | |||||
Abbott Laboratories | 13,240 | 1,665,195 | |||
Boston Scientific Corporation † | 26,979 | 1,027,091 | |||
Edwards Lifesciences Corporation † | 22,022 | 2,363,181 | |||
Hologic Incorporated † | 14,528 | 1,085,677 | |||
IDEXX Laboratories Incorporated † | 1,190 | 723,603 | |||
Insulet Corporation † | 5,905 | 1,703,238 | |||
Intuitive Surgical Incorporated † | 675 | 218,930 | |||
Stryker Corporation | 4,013 | 949,596 | |||
9,736,511 | |||||
Health care providers & services: 1.66% | |||||
Anthem Incorporated | 3,467 | 1,408,399 | |||
CVS Health Corporation | 15,384 | 1,370,099 | |||
Laboratory Corporation of America Holdings † | 5,101 | 1,455,468 | |||
4,233,966 | |||||
Health care technology: 0.54% | |||||
Veeva Systems Incorporated Class A † | 4,835 | 1,366,274 | |||
Life sciences tools & services: 2.13% | |||||
Agilent Technologies Incorporated | 7,308 | 1,102,777 | |||
Bio-Techne Corporation | 2,390 | 1,128,152 | |||
Danaher Corporation | 4,701 | 1,512,030 | |||
Maravai LifeSciences Holdings Class A † | 5,960 | 273,802 | |||
Repligen Corporation † | 4,915 | 1,408,148 | |||
5,424,909 | |||||
Pharmaceuticals: 2.22% | |||||
Bristol-Myers Squibb Company | 15,988 | 857,436 | |||
Pfizer Incorporated | 31,436 | 1,689,056 | |||
Zoetis Incorporated | 13,979 | 3,103,897 | |||
5,650,389 | |||||
Industrials: 6.90% | |||||
Aerospace & defense: 0.28% | |||||
HEICO Corporation | 5,100 | 706,452 | |||
Air freight & logistics: 0.53% | |||||
United Parcel Service Incorporated Class B | 6,850 | 1,358,835 | |||
Building products: 1.85% | |||||
Advanced Drainage Systems Incorporated | 6,785 | 839,372 | |||
Johnson Controls International plc | 23,348 | 1,745,496 | |||
Masco Corporation | 21,447 | 1,413,357 | |||
The AZEK Company Incorporated † | 18,618 | 730,198 | |||
4,728,423 | |||||
Commercial services & supplies: 0.78% | |||||
Copart Incorporated † | 13,682 | 1,986,079 |
Shares | Value | ||||
Construction & engineering: 0.56% | |||||
EMCOR Group Incorporated | 11,923 | $ 1,422,891 | |||
Electrical equipment: 1.02% | |||||
Generac Holdings Incorporated † | 6,163 | 2,596,102 | |||
Machinery: 0.44% | |||||
Cummins Incorporated | 5,333 | 1,118,597 | |||
Road & rail: 1.44% | |||||
J.B. Hunt Transport Services Incorporated | 8,257 | 1,578,408 | |||
Norfolk Southern Corporation | 5,343 | 1,417,338 | |||
TFI International Incorporated | 6,555 | 666,971 | |||
3,662,717 | |||||
Information technology: 37.68% | |||||
Electronic equipment, instruments & components: 1.09% | |||||
CDW Corporation of Delaware | 7,108 | 1,345,971 | |||
Zebra Technologies Corporation Class A † | 2,407 | 1,417,193 | |||
2,763,164 | |||||
IT services: 7.24% | |||||
Cloudflare Incorporated Class A † | 8,962 | 1,687,007 | |||
Cognizant Technology Solutions Corporation Class A | 15,119 | 1,178,980 | |||
MasterCard Incorporated Class A | 17,726 | 5,582,271 | |||
MongoDB Incorporated † | 5,270 | 2,624,987 | |||
PayPal Holdings Incorporated † | 4,512 | 834,224 | |||
Shopify Incorporated Class A † | 950 | 1,445,701 | |||
Snowflake Incorporated Class A † | 1,524 | 518,389 | |||
Square Incorporated Class A † | 13,631 | 2,839,746 | |||
Twilio Incorporated Class A † | 4,320 | 1,236,168 | |||
Visa Incorporated Class A | 2,508 | 485,975 | |||
18,433,448 | |||||
Semiconductors & semiconductor equipment: 7.47% | |||||
Allegro MicroSystems Incorporated † | 18,379 | 573,976 | |||
Applied Materials Incorporated | 12,257 | 1,804,108 | |||
ASML Holding NV | 1,544 | 1,222,091 | |||
Enphase Energy Incorporated † | 6,380 | 1,595,000 | |||
Intel Corporation | 20,775 | 1,022,130 | |||
Microchip Technology Incorporated | 40,690 | 3,394,767 | |||
Monolithic Power Systems Incorporated | 3,390 | 1,876,229 | |||
NVIDIA Corporation | 11,805 | 3,857,402 | |||
NXP Semiconductors NV | 5,205 | 1,162,589 | |||
Qorvo Incorporated † | 8,431 | 1,232,865 | |||
Qualcomm Incorporated | 4,965 | 896,480 | |||
Wolfspeed Incorporated † | 3,280 | 402,194 | |||
19,039,831 | |||||
Software: 17.97% | |||||
Adobe Incorporated † | 3,065 | 2,053,090 | |||
Atlassian Corporation plc Class A † | 2,585 | 972,787 | |||
Avalara Incorporated † | 4,920 | 687,226 | |||
Bill.com Holdings Incorporated † | 2,180 | 612,253 | |||
Crowdstrike Holdings Incorporated Class A † | 4,332 | 940,650 | |||
Dynatrace Incorporated † | 43,905 | 2,759,429 |
Shares | Value | ||||
Software (continued) | |||||
Elastic NV † | 6,661 | $ 1,035,519 | |||
Five9 Incorporated † | 2,240 | 318,819 | |||
Fortinet Incorporated † | 5,052 | 1,677,820 | |||
HubSpot Incorporated † | 2,204 | 1,778,430 | |||
Microsoft Corporation | 72,027 | 23,811,406 | |||
Oracle Corporation | 16,009 | 1,452,657 | |||
Procore Technologies Incorporated † | 487 | 41,278 | |||
RingCentral Incorporated Class A † | 2,314 | 499,778 | |||
ServiceNow Incorporated † | 5,825 | 3,772,853 | |||
Unity Software Incorporated † | 12,898 | 2,223,486 | |||
Workday Incorporated Class A † | 2,435 | 667,750 | |||
Zendesk Incorporated † | 4,705 | 480,428 | |||
45,785,659 | |||||
Technology hardware, storage & peripherals: 3.91% | |||||
Apple Incorporated | 60,207 | 9,952,217 | |||
Materials: 2.92% | |||||
Chemicals: 1.74% | |||||
Linde plc | 13,957 | 4,440,280 | |||
Metals & mining: 1.18% | |||||
Nucor Corporation | 14,886 | 1,581,786 | |||
Reliance Steel & Aluminum Company | 9,486 | 1,409,904 | |||
2,991,690 | |||||
Real estate: 0.61% | |||||
Equity REITs: 0.61% | |||||
Weyerhaeuser Company | 41,653 | 1,566,569 | |||
Total Common stocks (Cost $135,283,186) | 252,416,865 |
Yield | |||||
Short-term investments: 1.09% | |||||
Investment companies: 1.09% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 1,960,965 | 1,960,965 | ||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 811,595 | 811,595 | ||
Total Short-term investments (Cost $2,772,560) | 2,772,560 | ||||
Total investments in securities (Cost $138,055,746) | 100.18% | 255,189,425 | |||
Other assets and liabilities, net | (0.18) | (466,669) | |||
Total net assets | 100.00% | $254,722,756 |
† | Non-income-earning security |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $1,367,980 | $27,646,495 | $(27,053,510) | $0 | $0 | $ 1,960,965 | 1,960,965 | $235 | ||
Securities Lending Cash Investments LLC | 1,198,950 | 4,165,465 | (4,552,820) | 0 | 0 | 811,595 | 811,595 | 136 # | ||
$0 | $0 | $2,772,560 | $371 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $791,798 of securities loaned), at value (cost $135,283,186) | $ 252,416,865 |
Investments in affiliated securities, at value (cost $2,772,560) | 2,772,560 |
Receivable for investments sold | 759,199 |
Receivable for dividends | 173,722 |
Receivable for securities lending income, net | 274 |
Total assets | 256,122,620 |
Liabilities | |
Payable upon receipt of securities loaned | 810,683 |
Payable for investments purchased | 415,244 |
Advisory fee payable | 120,594 |
Accrued expenses and other liabilities | 53,343 |
Total liabilities | 1,399,864 |
Total net assets | $254,722,756 |
Investment income | |
Dividends (net of foreign withholdings taxes of $2,811) | $ 846,167 |
Income from affiliated securities | 3,614 |
Total investment income | 849,781 |
Expenses | |
Advisory fee | 886,137 |
Custody and accounting fees | 18,094 |
Professional fees | 21,774 |
Interest holder report expenses | 6,035 |
Trustees’ fees and expenses | 9,662 |
Interest expense | 1,073 |
Other fees and expenses | 2,743 |
Total expenses | 945,518 |
Less: Fee waivers and/or expense reimbursements | (126,472) |
Net expenses | 819,046 |
Net investment income | 30,735 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 30,021,724 |
Net change in unrealized gains (losses) on investments | (4,202,120) |
Net realized and unrealized gains (losses) on investments | 25,819,604 |
Net increase in net assets resulting from operations | $25,850,339 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 30,735 | $ 354,603 |
Net realized gains on investments | 30,021,724 | 30,420,160 |
Net change in unrealized gains (losses) on investments | (4,202,120) | 42,384,795 |
Net increase in net assets resulting from operations | 25,850,339 | 73,159,558 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 613,707 | 41,984,976 |
Withdrawals | (57,078,234) | (56,173,469) |
Net decrease in net assets resulting from capital transactions | (56,464,527) | (14,188,493) |
Total increase (decrease) in net assets | (30,614,188) | 58,971,065 |
Net assets | ||
Beginning of period | 285,336,944 | 226,365,879 |
End of period | $254,722,756 | $285,336,944 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return | 9.17% | 35.78% | 16.10% | 3.79% | 24.12% | 15.36% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69% | 0.70% | 0.71% | 0.70% | 0.80% | 0.78% |
Net expenses1 | 0.60% | 0.60% | 0.62% | 0.62% | 0.62% | 0.62% |
Net investment income | 0.01% | 0.14% | 0.46% | 0.68% | 0.53% | 0.51% |
Supplemental data | ||||||
Portfolio turnover rate | 22% | 58% | 43% | 100% | 37% | 98% |
1 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $120,760,641 |
Gross unrealized losses | (2,165,028) |
Net unrealized gains | $118,595,613 |
■ | 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 Portfolio’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 | $ 26,778,438 | $0 | $0 | $ 26,778,438 |
Consumer discretionary | 43,223,936 | 0 | 0 | 43,223,936 |
Consumer staples | 2,538,272 | 0 | 0 | 2,538,272 |
Energy | 2,695,455 | 0 | 0 | 2,695,455 |
Financials | 21,021,233 | 0 | 0 | 21,021,233 |
Health care | 33,606,577 | 0 | 0 | 33,606,577 |
Industrials | 17,580,096 | 0 | 0 | 17,580,096 |
Information technology | 95,974,319 | 0 | 0 | 95,974,319 |
Materials | 7,431,970 | 0 | 0 | 7,431,970 |
Real estate | 1,566,569 | 0 | 0 | 1,566,569 |
Short-term investments | ||||
Investment companies | 2,772,560 | 0 | 0 | 2,772,560 |
Total assets | $255,189,425 | $0 | $0 | $255,189,425 |
Average daily net assets | Advisory fee |
First $500 million | 0.650% |
Next $500 million | 0.625 |
Next $1 billion | 0.600 |
Next $2 billion | 0.575 |
Next $4 billion | 0.550 |
Next $4 billion | 0.525 |
Next $4 billion | 0.500 |
Over $16 billion | 0.475 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
BNP Paribas Securities Corporation | $553,275 | $(553,275) | $0 |
JPMorgan Securities LLC | 238,523 | (238,523) | 0 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Portfolio's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Disciplined Large Cap Portfolio
Investment objective | The Portfolio 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®‡ |
Ten largest holdings (%) as of November 30, 20211 | |
Apple Incorporated | 6.19 |
Microsoft Corporation | 6.05 |
Amazon.com Incorporated | 3.40 |
Alphabet Incorporated Class C | 2.21 |
NVIDIA Corporation | 2.08 |
Alphabet Incorporated Class A | 2.06 |
Tesla Motors Incorporated | 1.96 |
Facebook Incorporated Class A | 1.86 |
JPMorgan Chase & Company | 1.38 |
Berkshire Hathaway Incorporated Class B | 1.27 |
1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Shares | Value | ||||
Common stocks: 98.10% | |||||
Communication services: 8.97% | |||||
Diversified telecommunication services: 0.97% | |||||
AT&T Incorporated | 70,720 | $ 1,614,538 | |||
Verizon Communications Incorporated | 40,692 | 2,045,587 | |||
3,660,125 | |||||
Entertainment: 1.19% | |||||
Activision Blizzard Incorporated | 13,250 | 776,450 | |||
Netflix Incorporated † | 3,151 | 2,022,627 | |||
Roku Incorporated † | 1,886 | 429,272 | |||
The Walt Disney Company † | 8,621 | 1,249,183 | |||
4,477,532 | |||||
Interactive media & services: 6.13% | |||||
Alphabet Incorporated Class A † | 2,739 | 7,773,145 | |||
Alphabet Incorporated Class C † | 2,915 | 8,304,952 | |||
Facebook Incorporated Class A † | 21,553 | 6,993,086 | |||
23,071,183 | |||||
Media: 0.68% | |||||
Comcast Corporation Class A | 30,222 | 1,510,496 | |||
Interpublic Group of Companies Incorporated | 14,237 | 472,526 | |||
Omnicom Group Incorporated | 8,316 | 559,750 | |||
2,542,772 | |||||
Consumer discretionary: 12.12% | |||||
Automobiles: 2.25% | |||||
General Motors Company † | 18,676 | 1,080,780 | |||
Tesla Motors Incorporated † | 6,461 | 7,396,294 | |||
8,477,074 | |||||
Diversified consumer services: 0.30% | |||||
Service Corporation International | 17,097 | 1,131,138 | |||
Hotels, restaurants & leisure: 1.41% | |||||
Boyd Gaming Corporation † | 12,612 | 739,189 | |||
Chipotle Mexican Grill Incorporated † | 447 | 734,604 | |||
Darden Restaurants Incorporated | 2,504 | 345,427 | |||
McDonald's Corporation | 7,576 | 1,853,090 | |||
Royal Caribbean Cruises Limited † | 3,438 | 240,041 | |||
Starbucks Corporation | 12,484 | 1,368,746 | |||
5,281,097 | |||||
Household durables: 0.72% | |||||
D.R. Horton Incorporated | 14,235 | 1,390,760 | |||
Lennar Corporation Class A | 5,096 | 535,335 | |||
PulteGroup Incorporated | 15,732 | 787,072 | |||
2,713,167 |
Shares | Value | ||||
Internet & direct marketing retail: 3.54% | |||||
Amazon.com Incorporated † | 3,649 | $ 12,797,298 | |||
Etsy Incorporated † | 1,849 | 507,698 | |||
13,304,996 | |||||
Leisure products: 0.24% | |||||
Polaris Industries Incorporated | 3,755 | 419,771 | |||
The Brunswick Corporation | 5,245 | 492,558 | |||
912,329 | |||||
Multiline retail: 0.56% | |||||
Target Corporation | 8,680 | 2,116,531 | |||
Specialty retail: 2.51% | |||||
AutoNation Incorporated † | 3,567 | 441,773 | |||
AutoZone Incorporated † | 493 | 895,816 | |||
Best Buy Company Incorporated | 8,830 | 943,574 | |||
Dick's Sporting Goods Incorporated | 5,854 | 688,196 | |||
Lowe's Companies Incorporated | 8,183 | 2,001,480 | |||
The Home Depot Incorporated | 10,188 | 4,081,415 | |||
The TJX Companies Incorporated | 5,603 | 388,848 | |||
9,441,102 | |||||
Textiles, apparel & luxury goods: 0.59% | |||||
lululemon athletica Incorporated † | 1,501 | 682,069 | |||
Nike Incorporated Class B | 9,148 | 1,548,208 | |||
2,230,277 | |||||
Consumer staples: 5.17% | |||||
Beverages: 0.46% | |||||
Monster Beverage Corporation † | 6,300 | 527,814 | |||
PepsiCo Incorporated | 2,375 | 379,478 | |||
The Coca-Cola Company | 15,637 | 820,161 | |||
1,727,453 | |||||
Food & staples retailing: 1.95% | |||||
Costco Wholesale Corporation | 6,706 | 3,617,082 | |||
The Kroger Company | 9,237 | 383,613 | |||
Walmart Incorporated | 23,760 | 3,341,369 | |||
7,342,064 | |||||
Food products: 0.99% | |||||
Archer Daniels Midland Company | 8,515 | 529,718 | |||
Bunge Limited | 7,753 | 671,177 | |||
Pilgrim's Pride Corporation † | 20,175 | 566,514 | |||
Tyson Foods Incorporated Class A | 25,129 | 1,984,186 | |||
3,751,595 | |||||
Household products: 1.12% | |||||
The Procter & Gamble Company | 29,107 | 4,208,290 | |||
Personal products: 0.26% | |||||
The Estee Lauder Companies Incorporated Class A | 2,913 | 967,320 |
Shares | Value | ||||
Tobacco: 0.39% | |||||
Altria Group Incorporated | 8,103 | $ 345,512 | |||
Philip Morris International Incorporated | 13,111 | 1,126,759 | |||
1,472,271 | |||||
Energy: 2.63% | |||||
Energy equipment & services: 0.10% | |||||
Baker Hughes Incorporated | 16,145 | 376,824 | |||
Oil, gas & consumable fuels: 2.53% | |||||
Cabot Oil & Gas Corporation | 21,204 | 425,776 | |||
Chevron Corporation | 18,953 | 2,139,225 | |||
ConocoPhillips | 17,228 | 1,208,200 | |||
Diamondback Energy Incorporated | 17,043 | 1,818,999 | |||
EOG Resources Incorporated | 13,388 | 1,164,756 | |||
Exxon Mobil Corporation | 45,889 | 2,745,998 | |||
9,502,954 | |||||
Financials: 11.36% | |||||
Banks: 4.06% | |||||
Bank of America Corporation | 64,882 | 2,885,303 | |||
Bank OZK | 11,740 | 524,895 | |||
Citigroup Incorporated | 25,090 | 1,598,233 | |||
JPMorgan Chase & Company | 32,699 | 5,193,582 | |||
Regions Financial Corporation | 78,312 | 1,781,598 | |||
Signature Bank | 4,468 | 1,350,676 | |||
US Bancorp | 34,768 | 1,924,061 | |||
15,258,348 | |||||
Capital markets: 2.99% | |||||
Bank of New York Mellon Corporation | 21,952 | 1,202,750 | |||
BlackRock Incorporated | 510 | 461,351 | |||
Jefferies Financial Group Incorporated | 38,599 | 1,450,550 | |||
KKR & Company Incorporated Class A | 20,779 | 1,546,997 | |||
Morgan Stanley | 8,543 | 810,047 | |||
Northern Trust Corporation | 11,316 | 1,309,261 | |||
S&P Global Incorporated | 1,336 | 608,855 | |||
T. Rowe Price Group Incorporated | 1,776 | 355,111 | |||
The Blackstone Group Incorporated Class A | 5,851 | 827,624 | |||
The Carlyle Group Incorporated | 6,981 | 381,791 | |||
The Goldman Sachs Group Incorporated | 6,064 | 2,310,323 | |||
11,264,660 | |||||
Consumer finance: 0.39% | |||||
Capital One Financial Corporation | 5,774 | 811,420 | |||
SLM Corporation | 19,317 | 343,456 | |||
Synchrony Financial | 6,551 | 293,419 | |||
1,448,295 | |||||
Diversified financial services: 1.63% | |||||
Berkshire Hathaway Incorporated Class B † | 17,315 | 4,790,887 | |||
Equitable Holdings Incorporated | 43,210 | 1,359,387 | |||
6,150,274 |
Shares | Value | ||||
Insurance: 2.29% | |||||
Arch Capital Group Limited † | 26,382 | $ 1,065,305 | |||
Athene Holding Limited Class A † | 19,151 | 1,568,850 | |||
Axis Capital Holdings Limited | 13,828 | 686,975 | |||
Everest Reinsurance Group Limited | 4,362 | 1,118,330 | |||
Lincoln National Corporation | 14,934 | 990,572 | |||
MetLife Incorporated | 30,906 | 1,812,946 | |||
Old Republic International Corporation | 37,018 | 886,951 | |||
Reinsurance Group of America Incorporated | 5,274 | 500,555 | |||
8,630,484 | |||||
Health care: 12.86% | |||||
Biotechnology: 2.04% | |||||
AbbVie Incorporated | 13,289 | 1,531,956 | |||
Amgen Incorporated | 5,805 | 1,154,498 | |||
Exelixis Incorporated † | 50,988 | 856,089 | |||
Horizon Therapeutics plc † | 3,207 | 332,758 | |||
Moderna Incorporated † | 2,419 | 852,528 | |||
United Therapeutics Corporation † | 8,430 | 1,597,485 | |||
Vertex Pharmaceuticals Incorporated † | 7,253 | 1,355,876 | |||
7,681,190 | |||||
Health care equipment & supplies: 2.46% | |||||
Abbott Laboratories | 19,488 | 2,451,006 | |||
Baxter International Incorporated | 8,825 | 658,080 | |||
Edwards Lifesciences Corporation † | 13,808 | 1,481,736 | |||
Globus Medical Incorporated Class A † | 8,351 | 522,940 | |||
Intuitive Surgical Incorporated † | 5,162 | 1,674,243 | |||
Medtronic plc | 23,236 | 2,479,281 | |||
9,267,286 | |||||
Health care providers & services: 2.86% | |||||
AmerisourceBergen Corporation | 14,867 | 1,720,855 | |||
Anthem Incorporated | 3,043 | 1,236,158 | |||
CVS Health Corporation | 15,647 | 1,393,522 | |||
McKesson Corporation | 9,544 | 2,068,757 | |||
Molina Healthcare Incorporated † | 4,932 | 1,406,508 | |||
UnitedHealth Group Incorporated | 6,575 | 2,920,747 | |||
10,746,547 | |||||
Health care technology: 0.42% | |||||
Veeva Systems Incorporated Class A † | 5,522 | 1,560,407 | |||
Life sciences tools & services: 1.77% | |||||
Avantor Incorporated † | 9,393 | 370,836 | |||
Danaher Corporation | 8,032 | 2,583,412 | |||
Maravai LifeSciences Holdings Class A † | 23,011 | 1,057,125 | |||
Thermo Fisher Scientific Incorporated | 4,184 | 2,647,761 | |||
6,659,134 | |||||
Pharmaceuticals: 3.31% | |||||
Bristol-Myers Squibb Company | 36,249 | 1,944,034 | |||
Eli Lilly & Company | 1,532 | 379,997 | |||
Johnson & Johnson | 28,799 | 4,490,628 | |||
Merck & Company Incorporated | 20,287 | 1,519,699 |
Shares | Value | ||||
Pharmaceuticals (continued) | |||||
Nektar Therapeutics † | 16,159 | $ 181,950 | |||
Pfizer Incorporated | 65,938 | 3,542,849 | |||
Royalty Pharma plc Class A | 10,366 | 412,256 | |||
12,471,413 | |||||
Industrials: 8.41% | |||||
Aerospace & defense: 0.65% | |||||
General Dynamics Corporation | 2,616 | 494,346 | |||
Lockheed Martin Corporation | 5,824 | 1,941,256 | |||
2,435,602 | |||||
Air freight & logistics: 1.23% | |||||
Expeditors International of Washington Incorporated | 12,279 | 1,493,372 | |||
FedEx Corporation | 5,884 | 1,355,497 | |||
United Parcel Service Incorporated Class B | 8,946 | 1,774,618 | |||
4,623,487 | |||||
Airlines: 0.16% | |||||
Delta Air Lines Incorporated † | 16,096 | 582,675 | |||
Building products: 1.26% | |||||
Carrier Global Corporation | 27,019 | 1,462,268 | |||
Lennox International Incorporated | 1,707 | 527,497 | |||
Masco Corporation | 23,570 | 1,553,263 | |||
Owens Corning Incorporated | 13,979 | 1,185,978 | |||
4,729,006 | |||||
Commercial services & supplies: 0.66% | |||||
Copart Incorporated † | 6,994 | 1,015,249 | |||
Waste Management Incorporated | 9,242 | 1,484,912 | |||
2,500,161 | |||||
Construction & engineering: 0.74% | |||||
MasTec Incorporated † | 10,168 | 937,185 | |||
Quanta Services Incorporated | 16,307 | 1,855,410 | |||
2,792,595 | |||||
Electrical equipment: 0.87% | |||||
AMETEK Incorporated | 3,720 | 507,780 | |||
Eaton Corporation plc | 9,068 | 1,469,560 | |||
Generac Holdings Incorporated † | 1,390 | 585,524 | |||
Regal-Beloit Corporation | 4,502 | 711,766 | |||
3,274,630 | |||||
Industrial conglomerates: 0.15% | |||||
Honeywell International Incorporated | 2,876 | 581,642 | |||
Machinery: 1.90% | |||||
AGCO Corporation | 8,292 | 913,867 | |||
Crane Company | 3,856 | 372,258 | |||
Cummins Incorporated | 7,087 | 1,486,498 | |||
Deere & Company | 1,466 | 506,562 | |||
Nordson Corporation | 1,481 | 376,455 | |||
Oshkosh Corporation | 5,729 | 616,440 |
Shares | Value | ||||
Machinery (continued) | |||||
Parker-Hannifin Corporation | 3,266 | $ 986,528 | |||
Snap-on Incorporated | 3,944 | 812,109 | |||
Stanley Black & Decker Incorporated | 1,982 | 346,374 | |||
The Toro Company | 7,273 | 731,373 | |||
7,148,464 | |||||
Professional services: 0.11% | |||||
Manpower Incorporated | 4,572 | 409,788 | |||
Road & rail: 0.52% | |||||
Landstar System Incorporated | 4,262 | 718,360 | |||
Schneider National Incorporated Class B | 49,837 | 1,225,990 | |||
1,944,350 | |||||
Trading companies & distributors: 0.16% | |||||
W.W. Grainger Incorporated | 1,281 | 616,686 | |||
Information technology: 29.38% | |||||
Communications equipment: 0.78% | |||||
Cisco Systems Incorporated | 53,654 | 2,942,385 | |||
Electronic equipment, instruments & components: 0.83% | |||||
Keysight Technologies Incorporated † | 3,472 | 675,235 | |||
SYNNEX Corporation | 11,282 | 1,167,236 | |||
Vontier Corporation | 10,671 | 336,243 | |||
Zebra Technologies Corporation Class A † | 1,584 | 932,628 | |||
3,111,342 | |||||
IT services: 3.57% | |||||
Accenture plc Class A | 8,313 | 2,971,066 | |||
Amdocs Limited | 9,593 | 669,783 | |||
Cognizant Technology Solutions Corporation Class A | 13,468 | 1,050,235 | |||
EPAM Systems Incorporated † | 802 | 488,057 | |||
International Business Machines Corporation | 3,179 | 372,261 | |||
Kyndryl Holdings Incorporated † | 635 | 10,033 | |||
MasterCard Incorporated Class A | 8,212 | 2,586,123 | |||
PayPal Holdings Incorporated † | 8,561 | 1,582,843 | |||
Visa Incorporated Class A | 19,095 | 3,700,038 | |||
13,430,439 | |||||
Semiconductors & semiconductor equipment: 6.15% | |||||
Applied Materials Incorporated | 18,970 | 2,792,194 | |||
Broadcom Incorporated | 5,722 | 3,168,157 | |||
Enphase Energy Incorporated † | 1,766 | 441,500 | |||
Intel Corporation | 34,935 | 1,718,802 | |||
KLA Corporation | 2,327 | 949,719 | |||
Lam Research Corporation | 2,143 | 1,456,919 | |||
Micron Technology Incorporated | 7,610 | 639,240 | |||
NVIDIA Corporation | 23,984 | 7,837,012 | |||
Qorvo Incorporated † | 5,596 | 818,303 | |||
Qualcomm Incorporated | 18,450 | 3,331,332 | |||
23,153,178 | |||||
Software: 11.55% | |||||
Adobe Incorporated † | 5,223 | 3,498,627 |
Shares | Value | ||||
Software (continued) | |||||
Atlassian Corporation plc Class A † | 2,173 | $ 817,743 | |||
Cadence Design Systems Incorporated † | 6,618 | 1,174,430 | |||
DocuSign Incorporated † | 1,888 | 465,128 | |||
Dolby Laboratories Incorporated Class A | 13,684 | 1,141,382 | |||
Dropbox Incorporated Class A † | 21,342 | 525,227 | |||
Fortinet Incorporated † | 4,972 | 1,651,251 | |||
HubSpot Incorporated † | 721 | 581,782 | |||
Intuit Incorporated | 4,218 | 2,751,401 | |||
Microsoft Corporation | 68,902 | 22,778,312 | |||
Oracle Corporation | 25,112 | 2,278,663 | |||
Paycom Software Incorporated † | 678 | 296,611 | |||
Salesforce.com Incorporated † | 8,042 | 2,291,648 | |||
ServiceNow Incorporated † | 1,095 | 709,232 | |||
Synopsys Incorporated † | 2,743 | 935,363 | |||
The Trade Desk Incorporated † | 7,767 | 803,263 | |||
VMware Incorporated Class A | 2,721 | 317,650 | |||
Zoom Video Communications Incorporated † | 2,096 | 443,115 | |||
43,460,828 | |||||
Technology hardware, storage & peripherals: 6.50% | |||||
Apple Incorporated | 140,885 | 23,288,291 | |||
Dell Technologies Incorporated | 6,176 | 348,759 | |||
HP Incorporated | 23,469 | 827,986 | |||
24,465,036 | |||||
Materials: 2.33% | |||||
Chemicals: 0.88% | |||||
Dow Incorporated | 7,939 | 436,089 | |||
Eastman Chemical Company | 4,096 | 427,172 | |||
LyondellBasell Industries NV Class A | 7,845 | 683,535 | |||
Olin Corporation | 10,598 | 576,001 | |||
The Chemours Company | 21,655 | 643,154 | |||
Westlake Chemical Corporation | 5,974 | 555,104 | |||
3,321,055 | |||||
Containers & packaging: 0.53% | |||||
Avery Dennison Corporation | 1,728 | 354,361 | |||
Berry Global Group Incorporated † | 14,009 | 967,321 | |||
Packaging Corporation of America | 5,247 | 685,206 | |||
2,006,888 | |||||
Metals & mining: 0.92% | |||||
Freeport-McMoRan Incorporated | 14,767 | 547,560 | |||
Newmont Corporation | 11,222 | 616,312 | |||
Nucor Corporation | 12,290 | 1,305,935 | |||
Reliance Steel & Aluminum Company | 6,635 | 986,160 | |||
3,455,967 | |||||
Real estate: 3.19% | |||||
Equity REITs: 3.19% | |||||
Alexandria Real Estate Equities Incorporated | 5,176 | 1,035,562 | |||
American Tower Corporation | 6,729 | 1,766,228 | |||
AvalonBay Communities Incorporated | 4,664 | 1,114,090 |
Shares | Value | ||||
Equity REITs (continued) | |||||
Essex Property Trust Incorporated | 2,859 | $ 970,459 | |||
Gaming and Leisure Properties Incorporated | 18,910 | 853,219 | |||
Invitation Homes Incorporated | 22,699 | 917,948 | |||
National Retail Properties Incorporated | 7,152 | 315,403 | |||
Prologis Incorporated | 14,916 | 2,248,587 | |||
Public Storage Incorporated | 2,823 | 924,194 | |||
SBA Communications Corporation | 3,113 | 1,070,249 | |||
Spirit Realty Capital Incorporated REIT | 7,600 | 338,656 | |||
Store Capital Corporation | 13,564 | 446,798 | |||
12,001,393 | |||||
Utilities: 1.68% | |||||
Electric utilities: 0.91% | |||||
Exelon Corporation | 15,046 | 793,376 | |||
NRG Energy Incorporated | 24,135 | 869,343 | |||
PPL Corporation | 24,459 | 680,694 | |||
The Southern Company | 17,554 | 1,072,549 | |||
3,415,962 | |||||
Independent power & renewable electricity producers: 0.39% | |||||
AES Corporation | 62,618 | 1,464,009 | |||
Multi-utilities: 0.38% | |||||
DTE Energy Company | 7,236 | 783,948 | |||
Sempra Energy | 5,375 | 644,301 | |||
1,428,249 | |||||
Total Common stocks (Cost $235,172,456) | 369,141,949 |
Yield | |||||
Short-term investments: 1.65% | |||||
Investment companies: 1.65% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 6,190,773 | 6,190,773 | ||
Total Short-term investments (Cost $6,190,773) | 6,190,773 | ||||
Total investments in securities (Cost $241,363,229) | 99.75% | 375,332,722 | |||
Other assets and liabilities, net | 0.25 | 940,858 | |||
Total net assets | 100.00% | $376,273,580 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio 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 | $5,124,422 | $84,770,090 | $(83,703,739) | $0 | $0 | $ 6,190,773 | 6,190,773 | $750 | ||
Securities Lending Cash Investments LLC | 202,520 | 39,955 | (242,475) | 0 | 0 | 0 | 0 | 7 # | ||
$0 | $0 | $6,190,773 | $757 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 27 | 12-17-2021 | $6,338,912 | $6,164,437 | $0 | $(174,475) |
Assets | |
Investments in unaffiliated securities, at value (cost $235,172,456) | $ 369,141,949 |
Investments in affiliated securities, at value (cost $6,190,773) | 6,190,773 |
Cash at broker segregated for futures contracts | 693,000 |
Receivable for dividends | 432,588 |
Prepaid expenses and other assets | 29,593 |
Total assets | 376,487,903 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 114,412 |
Advisory fee payable | 79,986 |
Professional fees payable | 16,203 |
Accrued expenses and other liabilities | 3,722 |
Total liabilities | 214,323 |
Total net assets | $376,273,580 |
Investment income | |
Dividends (net of foreign withholdings taxes of $14,991) | $ 2,549,365 |
Income from affiliated securities | 1,001 |
Total investment income | 2,550,366 |
Expenses | |
Advisory fee | 460,733 |
Custody and accounting fees | 22,800 |
Professional fees | 29,830 |
Interest holder report expenses | 12,839 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 5,391 |
Total expenses | 541,255 |
Net investment income | 2,009,111 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 14,051,567 |
Futures contracts | 636,710 |
Net realized gains on investments | 14,688,277 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 16,355,573 |
Futures contracts | (149,164) |
Net change in unrealized gains (losses) on investments | 16,206,409 |
Net realized and unrealized gains (losses) on investments | 30,894,686 |
Net increase in net assets resulting from operations | $32,903,797 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 2,009,111 | $ 4,374,651 |
Net realized gains on investments | 14,688,277 | 21,928,585 |
Net change in unrealized gains (losses) on investments | 16,206,409 | 84,159,527 |
Net increase in net assets resulting from operations | 32,903,797 | 110,462,763 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 54,824,967 | 87,991,362 |
Withdrawals | (40,864,797) | (122,800,676) |
Net increase (decrease) in net assets resulting from capital transactions | 13,960,170 | (34,809,314) |
Total increase in net assets | 46,863,967 | 75,653,449 |
Net assets | ||
Beginning of period | 329,409,613 | 253,756,164 |
End of period | $376,273,580 | $ 329,409,613 |
Year ended May 31 | ||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 1 | |
Total return2 | 9.57% | 41.79% | 11.56% | (2.40)% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 0.29% | 0.29% | 0.29% | 0.28% |
Net expenses | 0.29% | 0.29% | 0.29% | 0.28% |
Net investment income | 1.09% | 1.36% | 1.82% | 1.84% |
Supplemental data | ||||
Portfolio turnover rate | 25% | 53% | 81% | 92% |
1 | For the period from June 12, 2018 (commencement of operations) to May 31, 2019. |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $137,718,810 |
Gross unrealized losses | (10,572,816) |
Net unrealized gains | $127,145,994 |
■ | 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 Portfolio’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 | $ 33,751,612 | $0 | $0 | $ 33,751,612 |
Consumer discretionary | 45,607,711 | 0 | 0 | 45,607,711 |
Consumer staples | 19,468,993 | 0 | 0 | 19,468,993 |
Energy | 9,879,778 | 0 | 0 | 9,879,778 |
Financials | 42,752,061 | 0 | 0 | 42,752,061 |
Health care | 48,385,977 | 0 | 0 | 48,385,977 |
Industrials | 31,639,086 | 0 | 0 | 31,639,086 |
Information technology | 110,563,208 | 0 | 0 | 110,563,208 |
Materials | 8,783,910 | 0 | 0 | 8,783,910 |
Real estate | 12,001,393 | 0 | 0 | 12,001,393 |
Utilities | 6,308,220 | 0 | 0 | 6,308,220 |
Short-term investments | ||||
Investment companies | 6,190,773 | 0 | 0 | 6,190,773 |
Total assets | $375,332,722 | $0 | $0 | $375,332,722 |
Liabilities | ||||
Futures contracts | $ 174,475 | $0 | $0 | $ 174,475 |
Total liabilities | $ 174,475 | $0 | $0 | $ 174,475 |
Average daily net assets | Advisory fee |
First $1 billion | 0.250% |
Next $4 billion | 0.225 |
Over $5 billion | 0.200 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Portfolio's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Developed Markets Portfolio
Investment objective | The Portfolio seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Justin P. Carr, CFA®‡, Vince Fioramonti, CFA®‡ |
Ten largest holdings (%) as of November 30, 20211 | |
Nestle SA | 2.10 |
ASML Holding NV | 2.04 |
Roche Holding AG | 1.79 |
LVMH Moët Hennessy Louis Vuitton SE | 1.45 |
Novo Nordisk AS Class B | 1.18 |
AstraZeneca plc | 1.09 |
Toyota Motor Corporation | 1.03 |
Novartis AG | 0.92 |
Siemens AG | 0.88 |
SAP SE | 0.81 |
1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Geographic allocation as of November 30, 20211 |
1 | Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Shares | Value | |||||
Common stocks: 96.02% | ||||||
Australia: 6.32% | ||||||
Afterpay Limited (Information technology, IT services) † | 2,289 | $ 175,293 | ||||
Aristocrat Leisure Limited (Consumer discretionary, Hotels, restaurants & leisure) | 8,342 | 259,271 | ||||
Aurizon Holdings Limited (Industrials, Road & rail) | 91,692 | 219,279 | ||||
Australia & New Zealand Banking Group Limited (Financials, Banks) | 41,072 | 776,346 | ||||
BHP Billiton Limited (Materials, Metals & mining) | 32,443 | 908,851 | ||||
Brambles Limited (Industrials, Commercial services & supplies) | 42,605 | 301,843 | ||||
Coles Group Limited (Consumer staples, Food & staples retailing) | 20,042 | 255,932 | ||||
Commonwealth Bank of Australia (Financials, Banks) | 17,479 | 1,153,985 | ||||
CSL Limited (Health care, Biotechnology) | 5,336 | 1,160,246 | ||||
Fortescue Metals Group Limited (Materials, Metals & mining) | 20,150 | 241,976 | ||||
Goodman Group (Real estate, Equity REITs) | 22,849 | 398,811 | ||||
Macquarie Group Limited (Financials, Capital markets) | 4,072 | 567,076 | ||||
National Australia Bank Limited (Financials, Banks) | 38,852 | 750,739 | ||||
Newcrest Mining Limited (Materials, Metals & mining) | 13,047 | 216,429 | ||||
Reece Limited (Industrials, Trading companies & distributors) | 5,802 | 95,889 | ||||
Rio Tinto Limited (Materials, Metals & mining) | 5,240 | 347,688 | ||||
Scentre Group (Real estate, Equity REITs) | 77,615 | 169,870 | ||||
Sonic Healthcare Limited (Health care, Health care providers & services) | 8,339 | 252,150 | ||||
Stockland Corporation Limited (Real estate, Equity REITs) | 78,659 | 242,843 | ||||
Suncorp Group Limited (Financials, Insurance) | 27,287 | 209,075 | ||||
The GPT Group (Real estate, Equity REITs) | 61,351 | 228,915 | ||||
Transurban Group (Industrials, Transportation infrastructure) | 27,723 | 267,611 | ||||
Wesfarmers Limited (Consumer discretionary, Multiline retail) | 16,771 | 676,029 | ||||
Westpac Banking Corporation (Financials, Banks) | 42,331 | 613,287 | ||||
Woodside Petroleum Limited (Energy, Oil, gas & consumable fuels) | 29,984 | 454,926 | ||||
Woolworths Group Limited (Consumer staples, Food & staples retailing) | 13,167 | 381,213 | ||||
11,325,573 | ||||||
Austria: 0.27% | ||||||
Erste Bank Der Oesterreichischen Sparkassen AG (Financials, Banks) | 5,763 | 252,495 | ||||
Voestalpine AG (Materials, Metals & mining) | 6,837 | 230,732 | ||||
483,227 | ||||||
Belgium: 0.57% | ||||||
Anheuser-Busch InBev SA (Consumer staples, Beverages) | 7,205 | 402,055 | ||||
Colruyt SA (Consumer staples, Food & staples retailing) | 3,319 | 155,811 | ||||
KBC Group NV (Financials, Banks) | 3,969 | 333,159 | ||||
Umicore SA (Materials, Chemicals) | 2,766 | 135,254 | ||||
1,026,279 | ||||||
Denmark: 2.81% | ||||||
A.P. Moller - Maersk AS Class B (Industrials, Marine) | 192 | 549,494 | ||||
Carlsberg AS Class B (Consumer staples, Beverages) | 1,341 | 208,256 | ||||
Coloplast AS Class B (Health care, Health care equipment & supplies) | 1,340 | 218,883 | ||||
Danske Bank AS (Financials, Banks) | 12,904 | 213,348 | ||||
DSV Panalpina AS (Industrials, Air freight & logistics) | 2,778 | 604,842 | ||||
Genmab AS (Health care, Biotechnology) † | 1,232 | 477,451 | ||||
GN Store Nord AS (Health care, Health care equipment & supplies) | 5,289 | 304,594 | ||||
Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 19,734 | 2,112,524 |
Shares | Value | |||||
Denmark: (continued) | ||||||
Vestas Wind System AS Class A (Industrials, Electrical equipment) | 6,082 | $ 204,214 | ||||
William Demant Holding (Health care, Health care equipment & supplies) † | 2,851 | 136,730 | ||||
5,030,336 | ||||||
Finland: 1.37% | ||||||
Elisa Oyj (Communication services, Diversified telecommunication services) | 2,821 | 169,393 | ||||
Fortum Oyj (Utilities, Electric utilities) | 10,946 | 314,721 | ||||
Kesko Oyj Class B (Consumer staples, Food & staples retailing) | 6,877 | 215,919 | ||||
Kone Oyj Class B (Industrials, Machinery) | 3,560 | 233,873 | ||||
Neste Oil Oyj (Energy, Oil, gas & consumable fuels) | 2,145 | 101,452 | ||||
Nokia Oyj (Information technology, Communications equipment) † | 75,940 | 425,617 | ||||
Nordea Bank AB (Financials, Banks) | 44,735 | 529,795 | ||||
Sampo Oyj Class A (Financials, Insurance) | 4,739 | 232,530 | ||||
Stora Enso Oyj (Materials, Paper & forest products) | 14,050 | 237,856 | ||||
2,461,156 | ||||||
France: 11.32% | ||||||
Air Liquide SA (Materials, Chemicals) | 3,817 | 630,349 | ||||
Amundi SA (Financials, Capital markets) 144A | 2,098 | 174,540 | ||||
Arkema SA (Materials, Chemicals) | 1,687 | 221,202 | ||||
AXA SA (Financials, Insurance) | 24,504 | 673,567 | ||||
BNP Paribas SA (Financials, Banks) | 15,670 | 973,885 | ||||
Bolloré SA (Industrials, Air freight & logistics) | 36,958 | 198,298 | ||||
Bouygues SA (Industrials, Construction & engineering) | 6,845 | 231,190 | ||||
Capgemini SE (Information technology, IT services) | 2,147 | 495,681 | ||||
Carrefour SA (Consumer staples, Food & staples retailing) | 12,426 | 205,530 | ||||
CNP Assurances SA (Financials, Insurance) | 16,801 | 409,593 | ||||
Compagnie de Saint-Gobain SA (Industrials, Building products) | 8,411 | 533,507 | ||||
Compagnie Generale des Etablissements Michelin SCA (Consumer discretionary, Auto components) | 2,921 | 431,053 | ||||
Credit Agricole SA (Financials, Banks) | 23,808 | 324,187 | ||||
Danone SA (Consumer staples, Food products) | 6,861 | 403,520 | ||||
Edenred Group (Information technology, IT services) | 7,097 | 317,473 | ||||
Eiffage SA (Industrials, Construction & engineering) | 4,245 | 395,366 | ||||
Engie SA (Utilities, Multi-utilities) | 24,197 | 350,049 | ||||
Essilor International (Compagnie Generale d'Optique) (Consumer discretionary, Textiles, apparel & luxury goods) | 3,339 | 669,162 | ||||
Hermes International SA (Consumer discretionary, Textiles, apparel & luxury goods) | 358 | 671,825 | ||||
Kering SA (Consumer discretionary, Textiles, apparel & luxury goods) | 754 | 580,648 | ||||
La Francaise Des Jeux SA (Consumer discretionary, Hotels, restaurants & leisure) 144A | 3,608 | 167,106 | ||||
Legrand SA (Industrials, Electrical equipment) | 4,569 | 501,927 | ||||
L'Oréal SA (Consumer staples, Personal products) | 2,626 | 1,185,738 | ||||
LVMH Moët Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | 3,336 | 2,594,054 | ||||
Orange SA (Communication services, Diversified telecommunication services) | 26,571 | 285,658 | ||||
Pernod-Ricard SA (Consumer staples, Beverages) | 2,589 | 594,071 | ||||
Publicis Groupe SA (Communication services, Media) | 5,753 | 372,270 | ||||
Safran SA (Industrials, Aerospace & defense) | 3,370 | 376,408 | ||||
Sanofi SA (Health care, Pharmaceuticals) | 11,295 | 1,073,729 | ||||
Sartorius Stedim Biotech SA (Health care, Life sciences tools & services) | 542 | 319,983 | ||||
Schneider Electric SE (Industrials, Electrical equipment) | 6,788 | 1,204,693 | ||||
Societe Generale SA (Financials, Banks) | 8,589 | 267,267 |
Shares | Value | |||||
France: (continued) | ||||||
Teleperformance SE (Industrials, Professional services) | 1,012 | $ 416,269 | ||||
Thales SA (Industrials, Aerospace & defense) | 2,175 | 178,450 | ||||
Total SA (Energy, Oil, gas & consumable fuels) | 25,410 | 1,169,184 | ||||
Vinci SA (Industrials, Construction & engineering) « | 6,055 | 572,874 | ||||
Vivendi SE (Communication services, Entertainment) | 10,532 | 134,124 | ||||
20,304,430 | ||||||
Germany: 8.27% | ||||||
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 1,738 | 502,660 | ||||
Allianz AG (Financials, Insurance) | 4,602 | 998,759 | ||||
BASF SE (Materials, Chemicals) | 11,421 | 748,030 | ||||
Bayer AG (Health care, Pharmaceuticals) | 5,186 | 261,569 | ||||
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | 5,483 | 525,564 | ||||
Bechtle AG (Information technology, IT services) | 3,003 | 216,485 | ||||
Beiersdorf AG (Consumer staples, Personal products) | 2,372 | 235,924 | ||||
Brenntag AG (Industrials, Trading companies & distributors) | 2,569 | 220,036 | ||||
Continental AG (Consumer discretionary, Auto components) | 1,545 | 165,245 | ||||
Covestro AG (Materials, Chemicals) 144A | 4,730 | 266,762 | ||||
Daimler AG (Consumer discretionary, Automobiles) | 11,524 | 1,079,257 | ||||
Delivery Hero SE (Consumer discretionary, Internet & direct marketing retail) 144A† | 1,406 | 186,592 | ||||
Deutsche Bank AG (Financials, Capital markets) † | 20,650 | 247,838 | ||||
Deutsche Boerse AG (Financials, Capital markets) | 3,531 | 554,448 | ||||
Deutsche Post AG (Industrials, Air freight & logistics) | 13,801 | 815,108 | ||||
Deutsche Telekom AG (Communication services, Diversified telecommunication services) | 36,547 | 643,691 | ||||
E.ON SE (Utilities, Multi-utilities) | 34,038 | 419,905 | ||||
Heidelbergcement AG (Materials, Construction materials) | 3,933 | 261,668 | ||||
Hellofresh SE (Consumer discretionary, Internet & direct marketing retail) † | 2,753 | 279,208 | ||||
Infineon Technologies AG (Information technology, Semiconductors & semiconductor equipment) | 11,317 | 511,681 | ||||
LANXESS AG (Materials, Chemicals) | 1,044 | 60,460 | ||||
LEG Immobilien AG (Real estate, Real estate management & development) | 1,963 | 274,664 | ||||
Merck KGaA (Health care, Pharmaceuticals) | 2,192 | 541,764 | ||||
Muenchener Rueckversicherungs Gesellschaft AG (Financials, Insurance) | 1,462 | 393,109 | ||||
RWE AG (Utilities, Multi-utilities) | 11,382 | 438,321 | ||||
SAP SE (Information technology, Software) | 11,266 | 1,443,752 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 9,859 | 1,571,679 | ||||
Siemens Healthineers AG (Health care, Health care equipment & supplies) 144A | 3,663 | 266,053 | ||||
Uniper SE (Utilities, Independent power & renewable electricity producers) | 4,578 | 198,758 | ||||
Vonovia SE (Real estate, Real estate management & development) | 5,571 | 309,168 | ||||
Zalando SE (Consumer discretionary, Internet & direct marketing retail) 144A† | 2,128 | 193,528 | ||||
14,831,686 | ||||||
Hong Kong: 2.85% | ||||||
AIA Group Limited (Financials, Insurance) | 117,800 | 1,240,133 | ||||
BOC Hong Kong (Holdings) Limited (Financials, Banks) | 85,500 | 258,450 | ||||
CK Asset Holdings Limited (Real estate, Real estate management & development) | 43,000 | 245,961 | ||||
Galaxy Entertainment Group Limited (Consumer discretionary, Hotels, restaurants & leisure) † | 31,000 | 168,529 | ||||
Henderson Land Development Company Limited (Real estate, Real estate management & development) | 43,000 | 175,832 |
Shares | Value | |||||
Hong Kong: (continued) | ||||||
Hong Kong Exchanges & Clearing Limited (Financials, Capital markets) | 12,700 | $ 698,391 | ||||
Hong Kong Land Holdings Limited (Real estate, Real estate management & development) | 60,740 | 327,457 | ||||
New World Development Company Limited (Real estate, Real estate management & development) | 92,000 | 363,258 | ||||
Sino Land Company (Real estate, Real estate management & development) | 178,000 | 211,918 | ||||
SITC International Holdings Incorporated (Industrials, Marine) | 41,000 | 163,688 | ||||
Sun Hung Kai Properties Limited (Real estate, Real estate management & development) | 22,000 | 267,887 | ||||
Swire Pacific Limited Class A (Real estate, Real estate management & development) | 49,000 | 270,535 | ||||
Techtronic Industries Company Limited (Industrials, Machinery) | 19,000 | 390,767 | ||||
WH Group Limited (Consumer staples, Food products) 144A | 331,500 | 208,579 | ||||
Xinyi Glass Holdings Limited (Consumer discretionary, Auto components) | 48,000 | 117,087 | ||||
5,108,472 | ||||||
Ireland: 0.69% | ||||||
CRH plc (Materials, Construction materials) | 8,823 | 428,927 | ||||
DCC plc (Industrials, Industrial conglomerates) | 5,899 | 434,494 | ||||
Flutter Entertainment plc (Consumer discretionary, Hotels, restaurants & leisure) † | 1,407 | 192,688 | ||||
James Hardie Industries CDI (Materials, Construction materials) | 4,457 | 174,689 | ||||
1,230,798 | ||||||
Israel: 0.48% | ||||||
Bank Leumi Le-Israel (Financials, Banks) | 21,886 | 210,600 | ||||
Check Point Software Technologies Limited (Information technology, Software) † | 2,367 | 263,471 | ||||
Nice Systems Limited ADR (Information technology, Software) † | 952 | 276,546 | ||||
Wix.com Limited (Information technology, IT services) † | 656 | 100,237 | ||||
850,854 | ||||||
Italy: 1.71% | ||||||
Assicurazioni Generali SpA (Financials, Insurance) | 23,168 | 464,110 | ||||
Enel SpA (Utilities, Electric utilities) | 86,703 | 656,980 | ||||
Eni SpA (Energy, Oil, gas & consumable fuels) | 30,199 | 397,956 | ||||
FinecoBank SpA (Financials, Banks) | 20,481 | 358,704 | ||||
Intesa Sanpaolo SpA (Financials, Banks) | 103,079 | 246,824 | ||||
Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | 1,761 | 127,138 | ||||
Poste Italiane SpA (Financials, Insurance) 144A | 31,806 | 399,986 | ||||
Snam SpA (Utilities, Gas utilities) | 35,997 | 202,855 | ||||
UniCredit SpA (Financials, Banks) | 17,381 | 209,855 | ||||
3,064,408 | ||||||
Japan: 23.10% | ||||||
Advantest Corporation (Information technology, Semiconductors & semiconductor equipment) | 3,400 | 296,822 | ||||
Astellas Pharma Incorporated (Health care, Pharmaceuticals) | 23,500 | 368,488 | ||||
Bridgestone Corporation (Consumer discretionary, Auto components) | 8,400 | 336,828 | ||||
Brother Industries Limited (Information technology, Technology hardware, storage & peripherals) | 20,700 | 355,263 | ||||
Canon Incorporated (Information technology, Technology hardware, storage & peripherals) | 16,400 | 360,681 | ||||
Capcom Company Limited (Communication services, Entertainment) | 8,000 | 199,123 | ||||
Chugai Pharmaceutical Company Limited (Health care, Pharmaceuticals) | 7,800 | 252,671 |
Shares | Value | |||||
Japan: (continued) | ||||||
CyberAgent Incorporated (Communication services, Media) | 9,900 | $ 182,210 | ||||
Dai Nippon Printing Company Limited (Industrials, Commercial services & supplies) | 9,300 | 218,272 | ||||
Dai-ichi Life Holdings Incorporated (Financials, Insurance) | 17,900 | 358,619 | ||||
Daiichi Sankyo Company Limited (Health care, Pharmaceuticals) | 17,400 | 432,496 | ||||
Daikin Industries Limited (Industrials, Building products) | 2,500 | 509,060 | ||||
Daiwa House Industry Company Limited (Real estate, Real estate management & development) | 6,900 | 200,377 | ||||
DENSO Corporation (Consumer discretionary, Auto components) | 4,200 | 307,252 | ||||
Dentsu Incorporated (Communication services, Media) | 6,400 | 202,685 | ||||
Disco Corporation (Information technology, Semiconductors & semiconductor equipment) | 900 | 257,627 | ||||
Eisai Company Limited (Health care, Pharmaceuticals) | 2,800 | 169,219 | ||||
ENEOS Holdings Incorporated (Energy, Oil, gas & consumable fuels) | 51,000 | 189,326 | ||||
FANUC Corporation (Industrials, Machinery) | 2,300 | 450,897 | ||||
Fast Retailing Company Limited (Consumer discretionary, Specialty retail) | 600 | 355,214 | ||||
FUJIFILM Holdings Incorporated (Information technology, Technology hardware, storage & peripherals) | 5,100 | 401,171 | ||||
Fujitsu Limited (Information technology, IT services) | 3,300 | 545,436 | ||||
Hitachi Limited (Industrials, Industrial conglomerates) | 9,200 | 538,919 | ||||
Honda Motor Company Limited (Consumer discretionary, Automobiles) | 24,000 | 657,234 | ||||
Hoya Corporation (Health care, Health care equipment & supplies) | 4,600 | 728,118 | ||||
Iida Group Holdings Company Limited (Consumer discretionary, Household durables) | 13,200 | 272,585 | ||||
Inpex Holdings Incorporated (Energy, Oil, gas & consumable fuels) | 28,000 | 229,113 | ||||
Isuzu Motors Limited (Consumer discretionary, Automobiles) | 13,700 | 183,616 | ||||
Itochu Corporation (Industrials, Trading companies & distributors) | 18,400 | 526,205 | ||||
Itochu Techno-Solutions Corporation (Information technology, IT services) | 6,700 | 217,963 | ||||
Japan Post Holdings Company Limited (Financials, Insurance) | 15,000 | 231,713 | ||||
Japan Post Holdings Company Limited (Financials, Insurance) | 44,300 | 333,861 | ||||
Japan Post Holdings Company Limited (Financials, Insurance) | 39,300 | 321,101 | ||||
Kao Corporation (Consumer staples, Personal products) | 5,000 | 255,058 | ||||
KDDI Corporation (Communication services, Wireless telecommunication services) | 17,000 | 493,258 | ||||
Keyence Corporation (Information technology, Electronic equipment, instruments & components) | 2,000 | 1,235,162 | ||||
Kirin Holdings Company Limited (Consumer staples, Beverages) | 10,900 | 173,666 | ||||
Komatsu Limited (Industrials, Machinery) | 11,100 | 251,116 | ||||
Konami Holdings Corporation (Communication services, Entertainment) | 4,700 | 240,267 | ||||
Kubota Corporation (Industrials, Machinery) | 13,500 | 280,908 | ||||
Lawson Incorporated (Consumer staples, Food & staples retailing) | 7,800 | 382,431 | ||||
M3 Incorporated (Health care, Health care technology) | 6,100 | 327,926 | ||||
Marubeni Corporation (Industrials, Trading companies & distributors) | 41,600 | 372,003 | ||||
MediPal Holdings Corporation (Health care, Health care providers & services) | 11,500 | 206,687 | ||||
Mitsubishi Corporation (Industrials, Trading companies & distributors) | 18,500 | 550,087 | ||||
Mitsubishi Electric Corporation (Industrials, Electrical equipment) | 25,700 | 321,115 | ||||
Mitsubishi Estate Company Limited (Real estate, Real estate management & development) | 14,400 | 197,912 | ||||
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks) | 62,200 | 328,502 | ||||
Mitsui & Company Limited (Industrials, Trading companies & distributors) | 26,200 | 589,065 | ||||
Mitsui Chemicals Incorporated (Materials, Chemicals) | 6,800 | 181,131 | ||||
Mitsui Fudosan Company Limited (Real estate, Real estate management & development) | 7,900 | 162,386 | ||||
Murata Manufacturing Company Limited (Information technology, Electronic equipment, instruments & components) | 7,800 | 572,239 | ||||
NEC Corporation (Information technology, IT services) | 7,800 | 351,915 |
Shares | Value | |||||
Japan: (continued) | ||||||
Nexon Company Limited (Communication services, Entertainment) | 13,100 | $ 260,070 | ||||
Nidec Corporation (Industrials, Electrical equipment) | 4,700 | 538,185 | ||||
Nintendo Company Limited (Communication services, Entertainment) | 1,900 | 837,934 | ||||
Nissan Motor Company Limited (Consumer discretionary, Automobiles) † | 58,500 | 289,261 | ||||
Nitori Holdings Company Limited (Consumer discretionary, Specialty retail) | 900 | 142,637 | ||||
Nitto Denko Corporation (Materials, Chemicals) | 6,000 | 415,974 | ||||
Nomura Holdings Incorporated (Financials, Capital markets) | 34,000 | 142,466 | ||||
Nomura Research Institute Limited (Information technology, IT services) | 5,700 | 243,687 | ||||
NTT Data Corporation (Information technology, IT services) | 14,100 | 297,564 | ||||
OBIC Company Limited (Information technology, IT services) | 1,800 | 331,043 | ||||
Olympus Corporation (Health care, Health care equipment & supplies) | 17,100 | 382,070 | ||||
Omron Corporation (Information technology, Electronic equipment, instruments & components) | 3,500 | 336,282 | ||||
Ono Pharmaceutical Company Limited (Health care, Pharmaceuticals) | 10,200 | 224,979 | ||||
ORIX Corporation (Financials, Diversified financial services) | 13,400 | 264,026 | ||||
Osaka Gas Company Limited (Utilities, Gas utilities) | 25,200 | 404,815 | ||||
Otsuka Corporation (Information technology, IT services) | 3,900 | 178,231 | ||||
Otsuka Holdings Company Limited (Health care, Pharmaceuticals) | 10,100 | 365,818 | ||||
Panasonic Corporation (Consumer discretionary, Household durables) | 34,000 | 370,686 | ||||
Rakuten Incorporated (Consumer discretionary, Internet & direct marketing retail) | 22,600 | 230,660 | ||||
Recruit Holdings Company Limited (Industrials, Professional services) | 14,600 | 886,507 | ||||
Rinnai Corporation (Consumer discretionary, Household durables) | 3,200 | 302,753 | ||||
Rohm Company Limited (Information technology, Semiconductors & semiconductor equipment) | 3,100 | 287,879 | ||||
Secom Company Limited (Industrials, Commercial services & supplies) | 4,400 | 297,846 | ||||
Seiko Epson Corporation (Information technology, Technology hardware, storage & peripherals) | 11,500 | 185,420 | ||||
Sekisui House Limited (Consumer discretionary, Household durables) | 9,000 | 174,913 | ||||
Seven & I Holdings Company Limited (Consumer staples, Food & staples retailing) | 9,000 | 362,497 | ||||
SG Holdings Company Limited (Industrials, Air freight & logistics) | 8,300 | 183,195 | ||||
Sharp Corporation (Consumer discretionary, Household durables) | 14,100 | 157,295 | ||||
Shimano Incorporated (Consumer discretionary, Leisure products) | 1,300 | 359,562 | ||||
Shin-Etsu Chemical Company Limited (Materials, Chemicals) | 3,600 | 599,640 | ||||
SMC Corporation (Industrials, Machinery) | 700 | 446,909 | ||||
SoftBank Corporation (Communication services, Wireless telecommunication services) | 38,600 | 531,312 | ||||
SoftBank Group Corporation (Communication services, Wireless telecommunication services) | 14,600 | 767,260 | ||||
Sompo Holdings Incorporated (Financials, Insurance) | 5,600 | 229,981 | ||||
Sony Corporation (Consumer discretionary, Household durables) | 11,700 | 1,427,502 | ||||
Square Enix Company Limited (Communication services, Entertainment) | 3,600 | 188,354 | ||||
Sumitomo Chemical Company Limited (Materials, Chemicals) | 70,900 | 325,222 | ||||
Sumitomo Corporation (Industrials, Trading companies & distributors) | 30,500 | 415,266 | ||||
Sumitomo Metal Mining Company Limited (Materials, Metals & mining) | 2,700 | 99,796 | ||||
Suntory Beverage & Food Limited (Consumer staples, Beverages) | 7,000 | 246,938 | ||||
Suzuki Motor Corporation (Consumer discretionary, Automobiles) | 5,100 | 205,875 | ||||
Sysmex Corporation (Health care, Health care equipment & supplies) | 1,100 | 136,821 | ||||
T&D Holdings Incorporated (Financials, Insurance) | 19,100 | 224,485 | ||||
Taisho Pharmaceutical (Health care, Pharmaceuticals) | 4,000 | 196,652 | ||||
Takeda Pharmaceutical Company Limited (Health care, Pharmaceuticals) | 19,100 | 510,981 | ||||
TDK Corporation (Information technology, Electronic equipment, instruments & components) | 9,100 | 359,991 | ||||
Terumo Corporation (Health care, Health care equipment & supplies) | 6,800 | 276,924 | ||||
Tokio Marine Holdings Incorporated (Financials, Insurance) | 7,500 | 376,645 |
Shares | Value | |||||
Japan: (continued) | ||||||
Tokyo Electron Limited (Information technology, Semiconductors & semiconductor equipment) | 2,000 | $ 1,050,939 | ||||
Tokyo Gas Company Limited (Utilities, Gas utilities) | 10,600 | 181,342 | ||||
Toppan Printing Company Limited (Industrials, Commercial services & supplies) | 12,800 | 194,023 | ||||
Toray Industries Incorporated (Materials, Chemicals) | 37,900 | 219,138 | ||||
Tosoh Corporation (Materials, Chemicals) | 17,700 | 253,044 | ||||
Toyo Suisan Kaisha Limited (Consumer staples, Food products) | 3,900 | 157,812 | ||||
Toyota Motor Corporation (Consumer discretionary, Automobiles) | 104,000 | 1,844,882 | ||||
Toyota Tsusho Corporation (Industrials, Trading companies & distributors) | 5,600 | 242,504 | ||||
Trend Micro Incorporated (Information technology, Software) | 5,200 | 299,849 | ||||
Unicharm Corporation (Consumer staples, Household products) | 6,100 | 264,229 | ||||
USS Company Limited (Consumer discretionary, Specialty retail) | 9,300 | 136,436 | ||||
Yahoo! Japan Corporation (Communication services, Interactive media & services) | 47,900 | 317,022 | ||||
Yamada Denki Company Limited (Consumer discretionary, Specialty retail) | 50,800 | 177,513 | ||||
Yamaha Motor Company Limited (Consumer discretionary, Automobiles) | 6,600 | 165,980 | ||||
Yamato Holdings Company Limited (Industrials, Air freight & logistics) | 10,200 | 225,156 | ||||
41,413,677 | ||||||
Luxembourg: 0.37% | ||||||
ArcelorMittal SA (Materials, Metals & mining) | 10,711 | 290,781 | ||||
Eurofins Scientific SE (Health care, Life sciences tools & services) | 2,942 | 376,369 | ||||
667,150 | ||||||
Netherlands: 5.54% | ||||||
Adyen NV (Information technology, IT services) 144A† | 205 | 567,816 | ||||
Airbus SE (Industrials, Aerospace & defense) † | 5,812 | 648,736 | ||||
Akzo Nobel NV (Materials, Chemicals) | 1,943 | 204,455 | ||||
ASML Holding NV (Information technology, Semiconductors & semiconductor equipment) | 4,652 | 3,651,264 | ||||
CNH Industrial NV (Industrials, Machinery) | 22,875 | 375,474 | ||||
ING Groep NV (Financials, Banks) | 48,979 | 676,569 | ||||
Koninklijke Ahold Delhaize NV (Consumer staples, Food & staples retailing) | 19,921 | 670,337 | ||||
Koninklijke Philips NV (Health care, Health care equipment & supplies) | 11,160 | 393,282 | ||||
NN Group NV (Financials, Insurance) | 8,354 | 415,106 | ||||
Prosus NV (Consumer discretionary, Internet & direct marketing retail) | 9,041 | 726,561 | ||||
Qiagen NV (Health care, Life sciences tools & services) † | 4,197 | 231,895 | ||||
Randstad Holdings NV (Industrials, Professional services) | 3,336 | 210,505 | ||||
Stellantis NV (Consumer discretionary, Automobiles) | 16,375 | 279,419 | ||||
STMicroelectronics NV (Information technology, Semiconductors & semiconductor equipment) | 8,664 | 421,952 | ||||
Universal Music Group NV (Communication services, Entertainment) | 7,006 | 201,101 | ||||
Wolters Kluwer NV (Communication services, Media) | 2,326 | 261,584 | ||||
9,936,056 | ||||||
New Zealand: 0.15% | ||||||
Fisher & Paykel Healthcare Corporation (Health care, Health care equipment & supplies) | 11,692 | 264,538 | ||||
Norway: 0.43% | ||||||
DNB Bank ASA (Financials, Banks) | 10,746 | 234,531 | ||||
Equinor ASA (Energy, Oil, gas & consumable fuels) | 21,657 | 541,879 | ||||
776,410 |
Shares | Value | |||||
Singapore: 0.68% | ||||||
DBS Group Holdings Limited (Financials, Banks) | 21,200 | $ 461,791 | ||||
Genting Singapore Limited (Consumer discretionary, Hotels, restaurants & leisure) | 252,500 | 142,314 | ||||
Oversea-Chinese Banking Corporation Limited (Financials, Banks) | 42,400 | 339,802 | ||||
Wilmar International Limited (Consumer staples, Food products) | 93,200 | 279,524 | ||||
1,223,431 | ||||||
Spain: 2.31% | ||||||
Banco Bilbao Vizcaya Argentaria SA (Financials, Banks) | 86,240 | 457,212 | ||||
Banco Santander Central Hispano SA (Financials, Banks) | 177,780 | 552,763 | ||||
CaixaBank SA (Financials, Banks) | 126,667 | 327,038 | ||||
Cellnex Telecom SA (Communication services, Diversified telecommunication services) 144A | 4,052 | 238,970 | ||||
Enagás SA (Utilities, Gas utilities) | 11,100 | 253,256 | ||||
Endesa SA (Utilities, Electric utilities) | 11,260 | 253,292 | ||||
Iberdrola SA (Utilities, Electric utilities) | 68,265 | 766,762 | ||||
Industria de Diseno Textil SA (Consumer discretionary, Specialty retail) | 11,494 | 363,333 | ||||
Red Eléctrica Corporacion SA (Utilities, Electric utilities) | 11,934 | 253,669 | ||||
Repsol SA (Energy, Oil, gas & consumable fuels) | 22,258 | 245,950 | ||||
Telefónica SA (Communication services, Diversified telecommunication services) | 96,060 | 435,828 | ||||
4,148,073 | ||||||
Sweden: 3.00% | ||||||
Alfa Laval AB (Industrials, Machinery) | 5,520 | 212,992 | ||||
Assa Abloy AB Class B (Industrials, Building products) | 12,534 | 351,198 | ||||
Atlas Copco AB Class A (Industrials, Machinery) | 10,598 | 648,373 | ||||
Electrolux AB (Industrials, Electronic equipment, instruments & components) | 11,377 | 255,437 | ||||
Epiroc AB Class A (Industrials, Machinery) | 9,928 | 240,354 | ||||
Ericsson LM Class B (Information technology, Communications equipment) | 32,131 | 322,996 | ||||
Evolution Gaming Group (Consumer discretionary, Hotels, restaurants & leisure) 144A | 2,463 | 258,609 | ||||
Hennes & Mauritz AB Class B (Consumer discretionary, Specialty retail) | 4,817 | 84,912 | ||||
Hexagon AB Class B (Information technology, Electronic equipment, instruments & components) | 28,199 | 410,089 | ||||
Husqvarna AB Class B (Industrials, Machinery) | 23,609 | 332,380 | ||||
Industrivarden AB Class A (Financials, Diversified financial services) | 478 | 14,191 | ||||
Investor AB (Financials, Diversified financial services) | 15,366 | 357,053 | ||||
Kinnevik AB (Financials, Diversified financial services) | 6,801 | 242,478 | ||||
Sandvik AB (Industrials, Machinery) | 15,921 | 393,077 | ||||
Skanska AB Class B (Industrials, Construction & engineering) | 10,140 | 233,313 | ||||
Svenska Handelsbanken AB Class A (Financials, Banks) | 31,129 | 329,344 | ||||
Swedbank AB Class A (Financials, Banks) | 11,086 | 223,214 | ||||
Swedish Match AB (Consumer staples, Tobacco) | 28,224 | 205,918 | ||||
Volvo AB Class B (Industrials, Machinery) | 12,268 | 264,125 | ||||
5,380,053 | ||||||
Switzerland: 10.51% | ||||||
ABB Limited (Industrials, Electrical equipment) | 17,459 | 603,781 | ||||
Adecco SA (Industrials, Professional services) | 2,961 | 137,223 | ||||
Alcon Incorporated (Health care, Health care equipment & supplies) | 3,908 | 308,688 | ||||
Barry Callebaut AG (Consumer staples, Food products) | 141 | 333,581 | ||||
Chocoladefabriken Lindt & Sprungli AG (Consumer staples, Food products) | 33 | 406,546 | ||||
Compagnie Financière Richemont SA (Consumer discretionary, Textiles, apparel & luxury goods) | 5,423 | 807,026 |
Shares | Value | |||||
Switzerland: (continued) | ||||||
Geberit AG (Industrials, Building products) | 672 | $ 513,079 | ||||
Givaudan SA (Materials, Chemicals) | 54 | 263,992 | ||||
Julius Bär Gruppe AG (Financials, Capital markets) | 5,236 | 324,967 | ||||
Kuehne & Nagel International AG (Industrials, Marine) | 1,119 | 319,887 | ||||
LafargeHolcim Limited (Materials, Construction materials) | 8,321 | 400,855 | ||||
Logitech International SA (Information technology, Technology hardware, storage & peripherals) | 3,258 | 259,838 | ||||
Lonza Group AG (Health care, Life sciences tools & services) | 570 | 459,618 | ||||
Nestle SA (Consumer staples, Food products) | 29,451 | 3,774,786 | ||||
Novartis AG (Health care, Pharmaceuticals) | 20,650 | 1,645,923 | ||||
Partners Group Holding AG (Financials, Capital markets) | 330 | 569,530 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 8,205 | 3,203,315 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 753 | 312,229 | ||||
Schindler Holding AG (Industrials, Machinery) | 1,054 | 261,594 | ||||
Sika AG (Materials, Chemicals) | 1,687 | 658,775 | ||||
Sonova Holding AG (Health care, Health care equipment & supplies) | 972 | 365,296 | ||||
Straumann Holding AG (Health care, Health care equipment & supplies) | 100 | 212,595 | ||||
Swiss Life Holding AG (Financials, Insurance) | 506 | 290,414 | ||||
Swisscom AG (Communication services, Diversified telecommunication services) | 532 | 295,532 | ||||
The Swatch Group AG Class B (Consumer discretionary, Textiles, apparel & luxury goods) | 2,122 | 623,251 | ||||
UBS Group AG (Financials, Capital markets) | 50,649 | 875,796 | ||||
Zurich Insurance Group AG (Financials, Insurance) | 1,501 | 617,075 | ||||
18,845,192 | ||||||
United Kingdom: 13.26% | ||||||
Admiral Group plc (Financials, Insurance) | 6,556 | 257,744 | ||||
Anglo American plc (Materials, Metals & mining) | 15,833 | 582,810 | ||||
Ashtead Group plc (Industrials, Trading companies & distributors) | 6,377 | 513,017 | ||||
AstraZeneca plc (Health care, Pharmaceuticals) | 17,800 | 1,951,499 | ||||
Aviva plc (Financials, Insurance) | 52,818 | 269,565 | ||||
BAE Systems plc (Industrials, Aerospace & defense) | 39,622 | 288,561 | ||||
Barclays plc (Financials, Banks) | 130,732 | 319,206 | ||||
Barratt Developments plc (Consumer discretionary, Household durables) | 24,676 | 228,521 | ||||
Berkeley Group Holdings (Consumer discretionary, Household durables) | 3,382 | 192,522 | ||||
BHP Group plc (Materials, Metals & mining) | 22,040 | 602,266 | ||||
BP plc (Energy, Oil, gas & consumable fuels) | 225,318 | 977,593 | ||||
British American Tobacco plc (Consumer staples, Tobacco) | 31,496 | 1,054,083 | ||||
BT Group plc (Communication services, Diversified telecommunication services) † | 111,678 | 235,093 | ||||
Bunzl plc (Industrials, Trading companies & distributors) | 9,440 | 359,182 | ||||
Burberry Group plc (Consumer discretionary, Textiles, apparel & luxury goods) | 7,488 | 175,870 | ||||
Compass Group plc (Consumer discretionary, Hotels, restaurants & leisure) † | 20,409 | 398,136 | ||||
Diageo plc (Consumer staples, Beverages) | 26,806 | 1,352,851 | ||||
Experian Group Limited plc (Industrials, Professional services) | 8,463 | 379,954 | ||||
Ferguson plc (Industrials, Trading companies & distributors) | 3,141 | 478,147 | ||||
GlaxoSmithKline plc (Health care, Pharmaceuticals) | 41,354 | 839,614 | ||||
Glencore plc (Materials, Metals & mining) | 105,113 | 499,055 | ||||
GVC Holdings plc (Consumer discretionary, Hotels, restaurants & leisure) † | 7,756 | 172,394 | ||||
Hargreaves Lansdown plc (Financials, Capital markets) | 8,749 | 155,288 | ||||
HSBC Holdings plc (Financials, Banks) | 219,857 | 1,215,017 | ||||
Imperial Tobacco Group plc (Consumer staples, Tobacco) | 18,002 | 367,902 | ||||
Johnson Matthey plc (Materials, Chemicals) | 4,009 | 111,378 | ||||
Kingfisher plc (Consumer discretionary, Specialty retail) | 49,372 | 207,472 |
Shares | Value | |||||
United Kingdom: (continued) | ||||||
Lloyds Banking Group plc (Financials, Banks) | 711,760 | $ 441,962 | ||||
London Stock Exchange Group plc (Financials, Capital markets) | 3,050 | 264,224 | ||||
National Grid plc (Utilities, Multi-utilities) | 28,800 | 382,149 | ||||
Persimmon plc (Consumer discretionary, Household durables) | 5,066 | 184,102 | ||||
Phoenix Group Holdings plc (Financials, Insurance) | 21,023 | 178,517 | ||||
Prudential plc (Financials, Insurance) | 29,066 | 490,961 | ||||
RELX plc (Industrials, Professional services) | 13,306 | 412,761 | ||||
Rentokil Initial plc (Industrials, Commercial services & supplies) | 19,374 | 157,775 | ||||
Rio Tinto plc (Materials, Metals & mining) | 11,445 | 701,626 | ||||
Rolls-Royce Holdings plc (Industrials, Aerospace & defense) † | 73,316 | 119,604 | ||||
Royal Dutch Shell plc Class A (Energy, Oil, gas & consumable fuels) | 51,326 | 1,073,707 | ||||
Royal Dutch Shell plc Class B (Energy, Oil, gas & consumable fuels) | 32,512 | 681,319 | ||||
Schroders plc (Financials, Capital markets) | 6,156 | 280,737 | ||||
Segro plc (Real estate, Equity REITs) | 13,967 | 261,032 | ||||
Smith & Nephew plc (Health care, Health care equipment & supplies) | 11,422 | 183,567 | ||||
Smiths Group plc (Industrials, Industrial conglomerates) | 10,216 | 195,118 | ||||
SSE plc (Utilities, Electric utilities) | 24,088 | 495,222 | ||||
Standard Chartered plc (Financials, Banks) | 43,017 | 236,727 | ||||
Unilever plc (Consumer staples, Personal products) | 14,887 | 766,758 | ||||
Unilever plc (London Exchange) (Consumer staples, Personal products) | 20,951 | 1,070,030 | ||||
Vodafone Group plc (Communication services, Wireless telecommunication services) | 354,400 | 513,815 | ||||
WPP plc (Communication services, Media) | 36,335 | 504,334 | ||||
23,780,787 | ||||||
United States: 0.01% | ||||||
Jackson Financial Incorporated Class A (Financials, Diversified financial services) | 726 | 23,472 | ||||
Total Common stocks (Cost $142,232,468) | 172,176,058 |
Dividend yield | ||||||
Preferred stocks: 0.74% | ||||||
Germany: 0.74% | ||||||
Fuchs Petrolub SE (Materials, Chemicals) | 2.46% | 3,710 | 166,618 | |||
Henkel AG & Company KGaA (Consumer staples, Household products) | 2.82 | 3,081 | 243,092 | |||
Sartorius AG Vorzug (Health care, Health care equipment & supplies) | 0.12 | 379 | 260,726 | |||
Volkswagen AG ADR (Consumer discretionary, Automobiles) | 2.57 | 3,565 | 651,308 | |||
1,321,744 | ||||||
Total Preferred stocks (Cost $1,359,367) | 1,321,744 |
Yield | ||||||
Short-term investments: 2.59% | ||||||
Investment companies: 2.59% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03 | 4,080,632 | 4,080,632 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 567,720 | 567,720 | |||
Total Short-term investments (Cost $4,648,352) | 4,648,352 | |||||
Total investments in securities (Cost $148,240,187) | 99.35% | 178,146,154 | ||||
Other assets and liabilities, net | 0.65 | 1,166,192 | ||||
Total net assets | 100.00% | $179,312,346 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $1,648,018 | $19,126,269 | $(16,693,655) | $0 | $0 | $ 4,080,632 | 4,080,632 | $460 | ||
Securities Lending Cash Investments LLC | 2,186,481 | 6,592,679 | (8,211,440) | 0 | 0 | 567,720 | 567,720 | 90 # | ||
$0 | $0 | $4,648,352 | $550 |
# | Amount shown represents income before fees and rebates. |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
MSCI EAFE Index | 38 | 12-17-2021 | $4,434,976 | $4,247,450 | $0 | $(187,526) |
Assets | |
Investments in unaffiliated securities (including $540,563 of securities loaned), at value (cost $143,591,835) | $ 173,497,802 |
Investments in affiliated securities, at value (cost $4,648,352) | 4,648,352 |
Cash at broker segregated for futures contracts | 540,573 |
Foreign currency, at value (cost $142,950) | 143,912 |
Receivable for dividends | 1,070,472 |
Receivable for investments sold | 19,697 |
Receivable for securities lending income, net | 572 |
Prepaid expenses and other assets | 26,508 |
Total assets | 179,947,888 |
Liabilities | |
Payable upon receipt of securities loaned | 567,720 |
Advisory fee payable | 38,741 |
Payable for daily variation margin on open futures contracts | 29,081 |
Total liabilities | 635,542 |
Total net assets | $179,312,346 |
Investment income | |
Dividends (net of foreign withholdings taxes of $302,588) | $ 2,325,024 |
Income from affiliated securities | 90,040 |
Total investment income | 2,415,064 |
Expenses | |
Advisory fee | 240,666 |
Custody and accounting fees | 76,735 |
Professional fees | 27,194 |
Interest holder report expenses | 14,208 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 30,887 |
Total expenses | 399,352 |
Net investment income | 2,015,712 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 5,640,971 |
Futures contracts | 372,286 |
Net realized gains on investments | 6,013,257 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (15,271,526) |
Futures contracts | (245,595) |
Net change in unrealized gains (losses) on investments | (15,517,121) |
Net realized and unrealized gains (losses) on investments | (9,503,864) |
Net decrease in net assets resulting from operations | $ (7,488,152) |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 2,015,712 | $ 4,321,572 |
Net realized gains on investments | 6,013,257 | 41,094,177 |
Net change in unrealized gains (losses) on investments | (15,517,121) | 19,528,673 |
Net increase (decrease) in net assets resulting from operations | (7,488,152) | 64,944,422 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 705,589 | 3,259,460 |
Withdrawals | (18,542,249) | (42,716,944) |
Net decrease in net assets resulting from capital transactions | (17,836,660) | (39,457,484) |
Total increase (decrease) in net assets | (25,324,812) | 25,486,938 |
Net assets | ||
Beginning of period | 204,637,158 | 179,150,220 |
End of period | $179,312,346 | $204,637,158 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | (4.44)% | 39.97% | 1.76% | (0.14)% | 9.46% | 10.31% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.41% | 0.43% | 0.91% | 0.89% | 1.10% | 0.98% |
Net expenses2 | 0.41% | 0.43% | 0.91% | 0.89% | 1.06% | 0.98% |
Net investment income | 2.09% | 2.23% | 0.34% | 1.24% | 0.70% | 1.25% |
Supplemental data | ||||||
Portfolio turnover rate | 12% | 127% | 53% | 100% | 71% | 121% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $35,655,791 |
Gross unrealized losses | (5,690,187) |
Net unrealized gains | $29,965,604 |
■ | 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 Portfolio’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 | $ 11,325,573 | $0 | $ 11,325,573 |
Austria | 0 | 483,227 | 0 | 483,227 |
Belgium | 0 | 1,026,279 | 0 | 1,026,279 |
Denmark | 0 | 5,030,336 | 0 | 5,030,336 |
Finland | 0 | 2,461,156 | 0 | 2,461,156 |
France | 0 | 20,304,430 | 0 | 20,304,430 |
Germany | 0 | 14,831,686 | 0 | 14,831,686 |
Hong Kong | 0 | 5,108,472 | 0 | 5,108,472 |
Ireland | 0 | 1,230,798 | 0 | 1,230,798 |
Israel | 363,708 | 487,146 | 0 | 850,854 |
Italy | 0 | 3,064,408 | 0 | 3,064,408 |
Japan | 0 | 41,413,677 | 0 | 41,413,677 |
Luxembourg | 0 | 667,150 | 0 | 667,150 |
Netherlands | 201,101 | 9,734,955 | 0 | 9,936,056 |
New Zealand | 0 | 264,538 | 0 | 264,538 |
Norway | 0 | 776,410 | 0 | 776,410 |
Singapore | 0 | 1,223,431 | 0 | 1,223,431 |
Spain | 1,020,054 | 3,128,019 | 0 | 4,148,073 |
Sweden | 0 | 5,380,053 | 0 | 5,380,053 |
Switzerland | 406,546 | 18,438,646 | 0 | 18,845,192 |
United Kingdom | 766,758 | 23,014,029 | 0 | 23,780,787 |
United States | 23,472 | 0 | 0 | 23,472 |
Preferred stocks | ||||
Germany | 166,618 | 1,155,126 | 0 | 1,321,744 |
Short-term investments | ||||
Investment companies | 4,648,352 | 0 | 0 | 4,648,352 |
Total assets | $7,596,609 | $170,549,545 | $0 | $178,146,154 |
Liabilities | ||||
Futures contracts | $ 187,526 | $ 0 | $0 | $ 187,526 |
Total liabilities | $ 187,526 | $ 0 | $0 | $ 187,526 |
Average daily net assets | Advisory fee |
First $1 billion | 0.250% |
Next $4 billion | 0.225 |
Over $5 billion | 0.200 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
UBS Securities LLC | $540,563 | $(540,563) | $0 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Portfolio's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Large Company Value Portfolio
Investment objective | The Portfolio seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Dennis Bein, CFA®‡, Ryan Brown, CFA®‡, Harindra de Silva, Ph.D., CFA®‡ |
Ten largest holdings (%) as of November 30, 20211 | |
Berkshire Hathaway Incorporated Class B | 4.55 |
JPMorgan Chase & Company | 3.59 |
Pfizer Incorporated | 2.98 |
Johnson & Johnson | 2.87 |
Marsh & McLennan Companies Incorporated | 2.46 |
Target Corporation | 2.30 |
The Procter & Gamble Company | 2.12 |
Colgate-Palmolive Company | 1.93 |
Dolby Laboratories Incorporated Class A | 1.92 |
Mueller Industries Incorporated | 1.91 |
1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20211 |
1 | Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Shares | Value | ||||
Common stocks: 98.44% | |||||
Communication services: 9.11% | |||||
Diversified telecommunication services: 1.82% | |||||
AT&T Incorporated | 55,810 | $ 1,274,142 | |||
Verizon Communications Incorporated | 64,904 | 3,262,724 | |||
4,536,866 | |||||
Entertainment: 1.01% | |||||
Activision Blizzard Incorporated | 42,880 | 2,512,768 | |||
Interactive media & services: 3.41% | |||||
Alphabet Incorporated Class A † | 1,396 | 3,961,778 | |||
Alphabet Incorporated Class C † | 1,602 | 4,564,162 | |||
8,525,940 | |||||
Media: 2.68% | |||||
Comcast Corporation Class A | 56,149 | 2,806,327 | |||
Interpublic Group of Companies Incorporated | 117,015 | 3,883,728 | |||
6,690,055 | |||||
Wireless telecommunication services: 0.19% | |||||
T-Mobile US Incorporated † | 4,433 | 482,355 | |||
Consumer discretionary: 5.63% | |||||
Auto components: 1.37% | |||||
Aptiv plc † | 21,290 | 3,413,852 | |||
Automobiles: 0.30% | |||||
Ford Motor Company | 16,696 | 320,396 | |||
Winnebago Industries Incorporated | 5,828 | 420,898 | |||
741,294 | |||||
Hotels, restaurants & leisure: 0.49% | |||||
Chipotle Mexican Grill Incorporated † | 744 | 1,222,697 | |||
Multiline retail: 2.52% | |||||
Macy's Incorporated | 19,827 | 565,070 | |||
Target Corporation | 23,520 | 5,735,117 | |||
6,300,187 | |||||
Textiles, apparel & luxury goods: 0.95% | |||||
lululemon athletica Incorporated † | 5,230 | 2,376,564 | |||
Consumer staples: 7.90% | |||||
Food & staples retailing: 2.40% | |||||
Costco Wholesale Corporation | 3,744 | 2,019,439 | |||
Walmart Incorporated | 28,278 | 3,976,735 | |||
5,996,174 | |||||
Food products: 1.21% | |||||
Bunge Limited | 2,674 | 231,488 |
Shares | Value | ||||
Food products (continued) | |||||
Mondelez International Incorporated Class A | 18,930 | $ 1,115,734 | |||
The Simply Good Foods Company † | 45,623 | 1,686,682 | |||
3,033,904 | |||||
Household products: 4.16% | |||||
Colgate-Palmolive Company | 64,358 | 4,828,137 | |||
Kimberly-Clark Corporation | 2,025 | 263,878 | |||
The Procter & Gamble Company | 36,617 | 5,294,086 | |||
10,386,101 | |||||
Personal products: 0.13% | |||||
The Estee Lauder Companies Incorporated Class A | 948 | 314,802 | |||
Energy: 4.91% | |||||
Oil, gas & consumable fuels: 4.91% | |||||
Chevron Corporation | 16,425 | 1,853,890 | |||
ConocoPhillips | 39,883 | 2,796,995 | |||
EOG Resources Incorporated | 21,831 | 1,899,297 | |||
Exxon Mobil Corporation | 48,305 | 2,890,571 | |||
Marathon Petroleum Corporation | 46,194 | 2,810,905 | |||
12,251,658 | |||||
Financials: 21.33% | |||||
Banks: 6.65% | |||||
Bank of America Corporation | 36,692 | 1,631,693 | |||
Citigroup Incorporated | 34,556 | 2,201,217 | |||
Hancock Holding Company | 33,865 | 1,618,070 | |||
JPMorgan Chase & Company | 56,411 | 8,959,759 | |||
PNC Financial Services Group Incorporated | 5,136 | 1,011,792 | |||
Truist Financial Corporation | 20,022 | 1,187,505 | |||
16,610,036 | |||||
Capital markets: 3.80% | |||||
Bank of New York Mellon Corporation | 10,039 | 550,037 | |||
BlackRock Incorporated | 102 | 92,270 | |||
Intercontinental Exchange Incorporated | 7,012 | 916,609 | |||
KKR & Company Incorporated Class A | 29,770 | 2,216,377 | |||
Moody's Corporation | 1,813 | 708,230 | |||
Piper Jaffray Companies Incorporated | 11,035 | 1,829,051 | |||
S&P Global Incorporated | 285 | 129,883 | |||
The Goldman Sachs Group Incorporated | 8,022 | 3,056,302 | |||
9,498,759 | |||||
Consumer finance: 1.60% | |||||
American Express Company | 6,422 | 978,071 | |||
Capital One Financial Corporation | 21,451 | 3,014,509 | |||
3,992,580 | |||||
Diversified financial services: 4.55% | |||||
Berkshire Hathaway Incorporated Class B † | 41,056 | 11,359,781 | |||
Insurance: 4.73% | |||||
Enstar Group Limited † | 122 | 27,218 | |||
Marsh & McLennan Companies Incorporated | 37,350 | 6,126,147 |
Shares | Value | ||||
Insurance (continued) | |||||
MetLife Incorporated | 25,495 | $ 1,495,537 | |||
Old Republic International Corporation | 25,160 | 602,834 | |||
Progressive Corporation | 7,215 | 670,562 | |||
W.R. Berkley Corporation | 37,545 | 2,877,449 | |||
11,799,747 | |||||
Health care: 18.60% | |||||
Biotechnology: 3.46% | |||||
AbbVie Incorporated | 25,353 | 2,922,694 | |||
Horizon Therapeutics plc † | 16,325 | 1,693,882 | |||
United Therapeutics Corporation † | 4,447 | 842,707 | |||
Vertex Pharmaceuticals Incorporated † | 16,922 | 3,163,399 | |||
8,622,682 | |||||
Health care equipment & supplies: 1.62% | |||||
Abbott Laboratories | 18,064 | 2,271,909 | |||
Medtronic plc | 16,595 | 1,770,687 | |||
4,042,596 | |||||
Health care providers & services: 3.34% | |||||
Anthem Incorporated | 9,939 | 4,037,520 | |||
Cigna Corporation | 21,799 | 4,183,228 | |||
Humana Incorporated | 284 | 119,198 | |||
8,339,946 | |||||
Life sciences tools & services: 2.51% | |||||
Danaher Corporation | 2,469 | 794,129 | |||
IQVIA Holdings Incorporated † | 7,736 | 2,004,630 | |||
Medpace Holdings Incorporated † | 11,103 | 2,302,873 | |||
Thermo Fisher Scientific Incorporated | 1,853 | 1,172,634 | |||
6,274,266 | |||||
Pharmaceuticals: 7.67% | |||||
Johnson & Johnson | 45,985 | 7,170,441 | |||
Merck & Company Incorporated | 60,812 | 4,555,427 | |||
Pfizer Incorporated | 138,329 | 7,432,417 | |||
19,158,285 | |||||
Industrials: 9.58% | |||||
Aerospace & defense: 1.54% | |||||
General Dynamics Corporation | 20,374 | 3,850,075 | |||
Air freight & logistics: 0.73% | |||||
Expeditors International of Washington Incorporated | 11,661 | 1,418,211 | |||
FedEx Corporation | 1,727 | 397,849 | |||
1,816,060 | |||||
Airlines: 0.38% | |||||
SkyWest Incorporated † | 24,009 | 940,433 | |||
Commercial services & supplies: 0.42% | |||||
Clean Harbors Incorporated † | 10,418 | 1,056,802 |
Shares | Value | ||||
Electrical equipment: 3.05% | |||||
Emerson Electric Company | 39,455 | $ 3,465,727 | |||
Encore Wire Corporation | 29,538 | 4,148,907 | |||
7,614,634 | |||||
Machinery: 2.82% | |||||
Caterpillar Incorporated | 3,232 | 624,907 | |||
Deere & Company | 4,765 | 1,646,498 | |||
Mueller Industries Incorporated | 86,342 | 4,777,303 | |||
7,048,708 | |||||
Professional services: 0.25% | |||||
IHS Markit Limited | 2,483 | 317,377 | |||
Korn Ferry International | 4,331 | 315,037 | |||
632,414 | |||||
Trading companies & distributors: 0.39% | |||||
Boise Cascade Company | 15,037 | 974,849 | |||
Information technology: 8.32% | |||||
Electronic equipment, instruments & components: 1.44% | |||||
Amphenol Corporation Class A | 14,740 | 1,187,749 | |||
Vishay Intertechnology Incorporated | 118,022 | 2,404,108 | |||
3,591,857 | |||||
IT services: 2.48% | |||||
Accenture plc Class A | 5,726 | 2,046,472 | |||
Fidelity National Information Services Incorporated | 4,981 | 520,515 | |||
Genpact Limited | 14,458 | 697,888 | |||
Global Payments Incorporated | 9,677 | 1,151,950 | |||
Twilio Incorporated Class A † | 6,185 | 1,769,838 | |||
6,186,663 | |||||
Semiconductors & semiconductor equipment: 0.79% | |||||
Diodes Incorporated † | 3,297 | 350,636 | |||
Intel Corporation | 12,779 | 628,727 | |||
Micron Technology Incorporated | 11,838 | 994,392 | |||
1,973,755 | |||||
Software: 3.61% | |||||
Autodesk Incorporated † | 2,333 | 593,025 | |||
Cadence Design Systems Incorporated † | 5,110 | 906,821 | |||
Dolby Laboratories Incorporated Class A | 57,422 | 4,789,569 | |||
InterDigital Incorporated | 5,848 | 397,138 | |||
Intuit Incorporated | 2,624 | 1,711,635 | |||
Microsoft Corporation | 1,265 | 418,196 | |||
Synopsys Incorporated † | 635 | 216,535 | |||
9,032,919 | |||||
Materials: 2.63% | |||||
Chemicals: 0.89% | |||||
CF Industries Holdings Incorporated | 24,130 | 1,462,037 | |||
Dow Incorporated | 13,822 | 759,242 | |||
2,221,279 |
Shares | Value | ||||
Metals & mining: 1.74% | |||||
Freeport-McMoRan Incorporated | 112,048 | $ 4,154,740 | |||
Newmont Corporation | 3,604 | 197,932 | |||
4,352,672 | |||||
Real estate: 5.32% | |||||
Equity REITs: 3.14% | |||||
Gaming and Leisure Properties Incorporated | 24,552 | 1,107,786 | |||
Invitation Homes Incorporated | 31,787 | 1,285,466 | |||
Life Storage Incorporated | 19,256 | 2,544,488 | |||
Orion Office Incorporated † | 112 | 1,990 | |||
Public Storage Incorporated | 6,662 | 2,181,006 | |||
Realty Income Corporation | 1,123 | 76,274 | |||
Simon Property Group Incorporated | 4,131 | 631,382 | |||
7,828,392 | |||||
Real estate management & development: 2.18% | |||||
CBRE Group Incorporated Class A † | 12,307 | 1,176,180 | |||
Jones Lang LaSalle Incorporated † | 15,599 | 3,664,361 | |||
Kennedy Wilson Holdings Incorporated | 28,122 | 609,966 | |||
5,450,507 | |||||
Utilities: 5.11% | |||||
Electric utilities: 2.77% | |||||
American Electric Power Company Incorporated | 39,814 | 3,226,925 | |||
Exelon Corporation | 53,968 | 2,845,733 | |||
The Southern Company | 14,017 | 856,439 | |||
6,929,097 | |||||
Independent power & renewable electricity producers: 1.81% | |||||
Vistra Energy Corporation | 227,250 | 4,517,730 | |||
Multi-utilities: 0.53% | |||||
Dominion Energy Incorporated | 10,061 | 716,343 | |||
MDU Resources Group Incorporated | 22,280 | 606,684 | |||
1,323,027 | |||||
Total Common stocks (Cost $240,526,885) | 245,825,768 |
Yield | |||||
Short-term investments: 0.72% | |||||
Investment companies: 0.72% | |||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.03% | 1,789,222 | 1,789,222 | ||
Total Short-term investments (Cost $1,789,222) | 1,789,222 | ||||
Total investments in securities (Cost $242,316,107) | 99.16% | 247,614,990 | |||
Other assets and liabilities, net | 0.84 | 2,091,391 | |||
Total net assets | 100.00% | $249,706,381 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio 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 | $3,849,497 | $15,640,880 | $(17,701,155) | $0 | $0 | $1,789,222 | 1,789,222 | $386 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 17 | 12-17-2021 | $3,829,515 | $3,881,313 | $51,798 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $240,526,885) | $ 245,825,768 |
Investments in affiliated securities, at value (cost $1,789,222) | 1,789,222 |
Cash | 1,201,000 |
Cash at broker segregated for futures contracts | 535,000 |
Receivable for dividends | 486,871 |
Prepaid expenses and other assets | 13,975 |
Total assets | 249,851,836 |
Liabilities | |
Advisory fee payable | 73,422 |
Payable for daily variation margin on open futures contracts | 72,033 |
Total liabilities | 145,455 |
Total net assets | $249,706,381 |
Investment income | |
Dividends (net of foreign withholdings taxes of $20,057) | $ 2,660,606 |
Income from affiliated securities | 386 |
Total investment income | 2,660,992 |
Expenses | |
Advisory fee | 467,706 |
Custody and accounting fees | 14,593 |
Professional fees | 28,749 |
Interest holder report expenses | 13,484 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 6,382 |
Total expenses | 540,576 |
Less: Fee waivers and/or expense reimbursements | (7,924) |
Net expenses | 532,652 |
Net investment income | 2,128,340 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 13,543,003 |
Futures contracts | 824,378 |
Net realized gains on investments | 14,367,381 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (16,158,423) |
Futures contracts | (8,644) |
Net change in unrealized gains (losses) on investments | (16,167,067) |
Net realized and unrealized gains (losses) on investments | (1,799,686) |
Net increase in net assets resulting from operations | $ 328,654 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 2,128,340 | $ 3,775,447 |
Net realized gains on investments | 14,367,381 | 101,388,910 |
Net change in unrealized gains (losses) on investments | (16,167,067) | (3,681,890) |
Net increase in net assets resulting from operations | 328,654 | 101,482,467 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 209,299 | 42,173,014 |
Withdrawals | (40,446,281) | (76,489,354) |
Net decrease in net assets resulting from capital transactions | (40,236,982) | (34,316,340) |
Total increase (decrease) in net assets | (39,908,328) | 67,166,127 |
Net assets | ||
Beginning of period | 289,614,709 | 222,448,582 |
End of period | $249,706,381 | $289,614,709 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 0.12% | 51.44% | (0.09)% | (0.94)% | 9.80% | 13.22% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.40% | 0.40% | 0.39% | 0.39% | 0.49% | 0.68% |
Net expenses2 | 0.40% | 0.40% | 0.39% | 0.39% | 0.42% | 0.66% |
Net investment income | 1.59% | 1.55% | 2.05% | 2.29% | 1.56% | 1.45% |
Supplemental data | ||||||
Portfolio turnover rate | 217% | 482% | 335% | 246% | 244% | 203% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $14,361,858 |
Gross unrealized losses | (9,071,619) |
Net unrealized gains | $ 5,290,239 |
■ | 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 Portfolio’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 | $ 22,747,984 | $0 | $0 | $ 22,747,984 |
Consumer discretionary | 14,054,594 | 0 | 0 | 14,054,594 |
Consumer staples | 19,730,981 | 0 | 0 | 19,730,981 |
Energy | 12,251,658 | 0 | 0 | 12,251,658 |
Financials | 53,260,903 | 0 | 0 | 53,260,903 |
Health care | 46,437,775 | 0 | 0 | 46,437,775 |
Industrials | 23,933,975 | 0 | 0 | 23,933,975 |
Information technology | 20,785,194 | 0 | 0 | 20,785,194 |
Materials | 6,573,951 | 0 | 0 | 6,573,951 |
Real estate | 13,278,899 | 0 | 0 | 13,278,899 |
Utilities | 12,769,854 | 0 | 0 | 12,769,854 |
Short-term investments | ||||
Investment companies | 1,789,222 | 0 | 0 | 1,789,222 |
Total assets | $247,614,990 | $0 | $0 | $247,614,990 |
Liabilities | ||||
Futures contracts | $ 51,798 | $0 | $0 | $ 51,798 |
Total liabilities | $ 51,798 | $0 | $0 | $ 51,798 |
Average daily net assets | Advisory fee |
First $1 billion | 0.350% |
Next $4 billion | 0.325 |
Over $5 billion | 0.300 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Portfolio's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Managed Fixed Income Portfolio
Investment objective | The Portfolio seeks consistent fixed-income returns. |
Manager | Allspring Funds Management, LLC |
Subadviser | Galliard Capital Management, Inc. |
Portfolio managers | Andrea Johnson, CFA®‡, Brandon Kanz, CFA®‡ |
Ten largest holdings (%) as of November 30, 20211 | |
U.S. Treasury Bond, 2.38%, 11-15-2049 | 2.24 |
FNMA, 2.50%, 12-13-2051 | 2.06 |
FNMA, 4.50%, 1-1-2051 | 1.97 |
FNMA, 4.00%, 8-1-2051 | 1.75 |
U.S. Treasury Note, 0.63%, 10-15-2024 | 1.47 |
FNMA, 3.97%, 6-1-2025 | 1.44 |
U.S. Treasury Note, 0.13%, 12-31-2022 | 1.27 |
U.S. Treasury Bond, 1.38%, 11-15-2040 | 1.25 |
U.S. Treasury Bond, 1.63%, 11-15-2050 | 1.22 |
U.S. Treasury Bond, 1.88%, 2-15-2041 | 1.19 |
1 | Figures represent the percentage of the Portfolio's net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of November 30, 20211 |
1 | Figures represent the percentage of the Portfolio's long-term investments. These amounts are subject to change and may have changed since the date specified. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 21.01% | ||||||
FHLMC | 2.00% | 12-1-2051 | $ | 970,000 | $ 976,684 | |
FHLMC | 2.00 | 12-1-2051 | 1,660,000 | 1,669,380 | ||
FHLMC | 2.00 | 11-25-2059 | 1,101,096 | 1,104,188 | ||
FHLMC | 3.00 | 7-1-2046 | 359,016 | 379,730 | ||
FHLMC | 3.00 | 7-1-2046 | 404,443 | 426,235 | ||
FHLMC | 3.00 | 11-1-2049 | 1,640,902 | 1,718,935 | ||
FHLMC | 3.50 | 4-1-2043 | 460,397 | 495,416 | ||
FHLMC | 3.50 | 5-1-2044 | 282,511 | 305,189 | ||
FHLMC | 3.50 | 6-1-2046 | 194,226 | 207,686 | ||
FHLMC | 3.50 | 2-1-2047 | 1,154,889 | 1,235,496 | ||
FHLMC | 3.50 | 4-1-2047 | 224,330 | 240,709 | ||
FHLMC | 3.50 | 12-1-2047 | 856,166 | 918,649 | ||
FHLMC | 3.50 | 3-1-2048 | 917,695 | 979,577 | ||
FHLMC | 3.50 | 8-1-2049 | 259,577 | 272,631 | ||
FHLMC | 4.00 | 4-1-2044 | 340,572 | 375,309 | ||
FHLMC | 4.00 | 8-1-2044 | 193,959 | 213,476 | ||
FHLMC | 4.00 | 6-1-2048 | 1,004,083 | 1,089,741 | ||
FHLMC | 4.50 | 8-1-2048 | 1,279,694 | 1,382,396 | ||
FHLMC | 4.50 | 11-1-2048 | 1,293,966 | 1,411,902 | ||
FHLMC | 4.50 | 11-1-2048 | 2,378,747 | 2,589,799 | ||
FHLMC Series 2018-3 Class MA ±± | 3.50 | 8-25-2057 | 3,678,718 | 3,832,028 | ||
FHLMC Series 2019-3 Class M55D | 4.00 | 10-25-2058 | 722,303 | 779,430 | ||
FHLMC Structured Pass-Through Securities Series T-20 Class A6 øø | 7.99 | 9-25-2029 | 7,583 | 8,022 | ||
FHLMC Structured Pass-Through Securities Series T-58 Class 4A | 7.50 | 9-25-2043 | 569,221 | 657,749 | ||
FNMA | 1.47 | 11-1-2029 | 2,020,000 | 1,994,101 | ||
FNMA %% | 2.00 | 1-13-2052 | 2,284,000 | 2,280,788 | ||
FNMA ±± | 2.50 | 5-1-2023 | 141,563 | 143,357 | ||
FNMA | 2.50 | 8-1-2031 | 186,594 | 194,849 | ||
FNMA | 2.50 | 2-1-2035 | 757,360 | 793,246 | ||
FNMA | 2.50 | 2-1-2035 | 938,834 | 980,021 | ||
FNMA %% | 2.50 | 12-13-2051 | 10,210,000 | 10,466,845 | ||
FNMA | 2.73 | 1-1-2023 | 514,160 | 525,402 | ||
FNMA | 2.73 | 9-1-2023 | 532,635 | 548,733 | ||
FNMA | 3.00 | 12-1-2032 | 24,772 | 26,242 | ||
FNMA | 3.00 | 7-1-2046 | 265,135 | 280,360 | ||
FNMA | 3.00 | 4-1-2047 | 1,101,740 | 1,155,291 | ||
FNMA | 3.00 | 12-1-2049 | 1,523,503 | 1,596,721 | ||
FNMA | 3.00 | 12-1-2049 | 1,343,945 | 1,409,169 | ||
FNMA | 3.07 | 2-1-2026 | 353,444 | 374,649 | ||
FNMA ±± | 3.08 | 11-1-2022 | 183,346 | 184,240 | ||
FNMA ±± | 3.08 | 9-1-2025 | 2,958,819 | 3,112,949 | ||
FNMA | 3.08 | 1-1-2026 | 473,679 | 503,734 | ||
FNMA ±± | 3.34 | 11-1-2026 | 2,101,220 | 2,257,440 | ||
FNMA | 3.35 | 1-1-2028 | 268,033 | 293,873 | ||
FNMA ±± | 3.37 | 12-1-2027 | 1,041,852 | 1,133,236 | ||
FNMA | 3.50 | 10-1-2032 | 397,305 | 425,905 | ||
FNMA | 3.50 | 11-1-2042 | 156,440 | 168,917 | ||
FNMA | 3.50 | 11-1-2042 | 162,031 | 174,963 | ||
FNMA | 3.50 | 2-1-2043 | 81,734 | 88,263 | ||
FNMA | 3.50 | 11-1-2045 | 716,294 | 768,802 | ||
FNMA | 3.50 | 4-1-2046 | 94,948 | 101,838 | ||
FNMA | 3.50 | 7-1-2046 | 230,775 | 246,285 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 3.50% | 11-1-2046 | $ | 327,704 | $ 350,729 | |
FNMA | 3.50 | 8-1-2047 | 1,570,238 | 1,677,514 | ||
FNMA | 3.97 | 6-1-2025 | 6,766,295 | 7,329,115 | ||
FNMA | 4.00 | 11-1-2040 | 147,071 | 160,225 | ||
FNMA | 4.00 | 4-1-2041 | 207,885 | 226,476 | ||
FNMA | 4.00 | 8-1-2046 | 225,953 | 249,045 | ||
FNMA | 4.00 | 3-1-2049 | 630,006 | 680,620 | ||
FNMA | 4.00 | 8-1-2051 | 7,986,165 | 8,889,448 | ||
FNMA | 4.00 | 7-1-2056 | 350,546 | 388,187 | ||
FNMA | 4.50 | 8-1-2048 | 1,005,022 | 1,086,540 | ||
FNMA | 4.50 | 1-1-2051 | 9,013,338 | 10,035,791 | ||
FNMA | 4.50 | 6-1-2056 | 285,760 | 321,028 | ||
FNMA | 4.50 | 6-1-2056 | 258,588 | 290,501 | ||
FNMA | 4.50 | 6-1-2056 | 372,412 | 418,374 | ||
FNMA | 5.00 | 9-1-2033 | 72,465 | 82,021 | ||
FNMA | 5.50 | 2-1-2036 | 31,963 | 33,217 | ||
FNMA Series 2002-90 Class A2 | 6.50 | 11-25-2042 | 246,995 | 282,315 | ||
FNMA Series 2002-T4 Class A2 | 7.00 | 12-25-2041 | 89,296 | 103,330 | ||
FNMA Series 2002-W4 Class A4 | 6.25 | 5-25-2042 | 839,329 | 959,770 | ||
FNMA Series 2003-W4 Class 3A ±± | 5.39 | 10-25-2042 | 145,474 | 165,686 | ||
FNMA Series 2004-T2 Class 1A1 | 6.00 | 11-25-2043 | 300,067 | 340,964 | ||
FNMA Series 2004-T3 Class A1 | 6.00 | 2-25-2044 | 487,051 | 551,505 | ||
FNMA Series 2004-W01 Class 2A2 | 7.00 | 12-25-2033 | 77,774 | 90,111 | ||
FNMA Series 2004-W11 Class 1A3 | 7.00 | 5-25-2044 | 496,123 | 558,984 | ||
FNMA Series 2004-W8 Class 3A | 7.50 | 6-25-2044 | 115,511 | 135,531 | ||
GNMA | 6.50 | 10-15-2023 | 3,565 | 3,948 | ||
GNMA | 6.50 | 11-15-2023 | 1,852 | 2,051 | ||
GNMA | 6.50 | 12-15-2023 | 2,776 | 3,074 | ||
GNMA | 6.50 | 1-15-2024 | 3,814 | 4,224 | ||
GNMA | 7.00 | 8-15-2027 | 26,496 | 29,285 | ||
SBA Series 2006-20B Class 1 | 5.35 | 2-1-2026 | 86,737 | 91,751 | ||
SBA Series 2006-20H Class 1 | 5.70 | 8-1-2026 | 47,821 | 51,456 | ||
SBA Series 2007-20J Class 1 | 5.57 | 10-1-2027 | 143,615 | 155,347 | ||
SBA Series 2013-20A Class 1 | 2.13 | 1-1-2033 | 188,580 | 191,394 | ||
SBA Series 2013-20J Class 1 | 3.37 | 10-1-2033 | 190,584 | 202,156 | ||
SBA Series 2014-10A Class 1 | 3.19 | 3-10-2024 | 69,588 | 70,709 | ||
SBA Series 2014-10B Class 1 | 3.02 | 9-10-2024 | 96,962 | 97,699 | ||
SBA Series 2014-20A Class 1 | 3.46 | 1-1-2034 | 197,637 | 209,958 | ||
SBA Series 2015-10B Class 1 | 2.83 | 9-10-2025 | 152,033 | 155,330 | ||
SBA Series 2015-20C Class 1 | 2.72 | 3-1-2035 | 241,642 | 250,070 | ||
SBA Series 2015-20E Class 1 | 2.77 | 5-1-2035 | 352,633 | 366,563 | ||
SBA Series 2015-20F Class 1 | 2.98 | 6-1-2035 | 282,270 | 295,609 | ||
SBA Series 2017-10A Class 1 | 2.85 | 3-10-2027 | 285,509 | 295,420 | ||
SBA Series 2017-20F Class 1 | 2.81 | 6-1-2037 | 208,011 | 218,473 | ||
SBA Series 2018-10B Class 1 | 3.55 | 9-10-2028 | 3,547,548 | 3,769,753 | ||
SBA Series 2018-20E Class 1 | 3.50 | 5-1-2038 | 1,704,521 | 1,842,791 | ||
SBA Series 2018-20G Class 1 | 3.54 | 7-1-2038 | 2,149,998 | 2,328,032 | ||
SBA Series 2018-20H Class 1 | 3.58 | 8-1-2038 | 2,895,010 | 3,140,829 | ||
SBA Series 2018-20K Class 1 | 3.87 | 11-1-2038 | 1,970,322 | 2,174,661 | ||
Total Agency securities (Cost $101,703,789) | 106,858,186 | |||||
Asset-backed securities: 1.84% | ||||||
ECMC Group Student Loan Trust Series 16-1A Class A (1 Month LIBOR +1.35%) 144A± | 1.44 | 7-26-2066 | 286,257 | 294,362 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
ECMC Group Student Loan Trust Series 2018-2A Class A (1 Month LIBOR +0.80%) 144A± | 0.89% | 9-25-2068 | $ | 2,111,776 | $ 2,126,004 | |
Ford Credit Auto Owner Trust Series 2018-2 Class A 144A | 3.47 | 1-15-2030 | 3,200,000 | 3,338,482 | ||
Ford Credit Auto Owner Trust Series 2021-1 Class A 144A | 1.37 | 10-17-2033 | 1,225,000 | 1,217,565 | ||
MMAF Equipment Finance LLC Series 2017-AA Class A5 144A | 2.68 | 7-16-2027 | 571,721 | 576,923 | ||
SLM Student Loan Trust Series 2003-10A Class A4 (3 Month LIBOR +0.67%) 144A± | 0.79 | 12-17-2068 | 1,310,000 | 1,310,182 | ||
South Carolina Student Loan Corporation Series 2014-1 Class B (1 Month LIBOR +1.50%) ± | 1.59 | 8-1-2035 | 500,000 | 512,062 | ||
Total Asset-backed securities (Cost $9,186,135) | 9,375,580 | |||||
Corporate bonds and notes: 34.81% | ||||||
Communication services: 1.77% | ||||||
Diversified telecommunication services: 1.01% | ||||||
AT&T Incorporated | 2.25 | 2-1-2032 | 460,000 | 443,891 | ||
AT&T Incorporated | 2.75 | 6-1-2031 | 535,000 | 543,578 | ||
AT&T Incorporated | 4.75 | 5-15-2046 | 1,280,000 | 1,558,159 | ||
AT&T Incorporated | 5.25 | 3-1-2037 | 60,000 | 74,759 | ||
Verizon Communications Incorporated | 2.10 | 3-22-2028 | 500,000 | 498,698 | ||
Verizon Communications Incorporated | 4.81 | 3-15-2039 | 1,228,000 | 1,533,997 | ||
Verizon Communications Incorporated 144A | 2.36 | 3-15-2032 | 470,000 | 465,204 | ||
5,118,286 | ||||||
Entertainment: 0.11% | ||||||
Walt Disney Company | 2.65 | 1-13-2031 | 540,000 | 560,562 | ||
Media: 0.48% | ||||||
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 381,000 | 384,027 | ||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 925,000 | 952,089 | ||
Comcast Corporation | 1.95 | 1-15-2031 | 550,000 | 537,436 | ||
Lamar Media Corporation | 4.88 | 1-15-2029 | 550,000 | 570,625 | ||
2,444,177 | ||||||
Wireless telecommunication services: 0.17% | ||||||
T-Mobile USA Incorporated | 3.38 | 4-15-2029 | 875,000 | 880,469 | ||
Consumer discretionary: 3.67% | ||||||
Auto components: 0.22% | ||||||
Allison Transmission Incorporated 144A | 4.75 | 10-1-2027 | 1,075,000 | 1,109,938 | ||
Automobiles: 0.15% | ||||||
General Motors Company | 4.88 | 10-2-2023 | 400,000 | 425,318 | ||
Volkswagen Group of America Incorporated 144A | 2.85 | 9-26-2024 | 300,000 | 311,665 | ||
736,983 | ||||||
Diversified consumer services: 2.59% | ||||||
Duke University | 3.20 | 10-1-2038 | 1,175,000 | 1,279,909 | ||
Johns Hopkins University | 2.81 | 1-1-2060 | 280,000 | 289,162 | ||
Massachusetts Institute of Technology | 3.96 | 7-1-2038 | 1,780,000 | 2,130,562 | ||
Massachusetts Institute of Technology | 4.68 | 7-1-2114 | 120,000 | 187,804 | ||
Massachusetts Institute of Technology | 7.25 | 11-2-2096 | 500,000 | 1,054,201 | ||
Northwestern University | 3.66 | 12-1-2057 | 105,000 | 133,422 |
Interest rate | Maturity date | Principal | Value | |||
Diversified consumer services (continued) | ||||||
Northwestern University | 3.69% | 12-1-2038 | $ | 1,915,000 | $ 2,173,341 | |
President and Fellows of Harvard College | 3.62 | 10-1-2037 | 275,000 | 322,929 | ||
President and Fellows of Harvard College | 4.88 | 10-15-2040 | 183,000 | 249,737 | ||
President and Fellows of Harvard College | 5.63 | 10-1-2038 | 525,000 | 755,230 | ||
Princeton University | 5.70 | 3-1-2039 | 1,640,000 | 2,378,501 | ||
Service Corporation International | 4.63 | 12-15-2027 | 450,000 | 468,468 | ||
Service Corporation International | 7.50 | 4-1-2027 | 345,000 | 413,138 | ||
University of Southern California | 3.03 | 10-1-2039 | 1,250,000 | 1,339,949 | ||
13,176,353 | ||||||
Hotels, restaurants & leisure: 0.16% | ||||||
Cedar Fair LP | 5.38 | 6-1-2024 | 795,000 | 803,355 | ||
Specialty retail: 0.08% | ||||||
Lowe's Companies Incorporated | 1.70 | 9-15-2028 | 420,000 | 410,071 | ||
Textiles, apparel & luxury goods: 0.47% | ||||||
HanesBrands Incorporated 144A | 4.63 | 5-15-2024 | 200,000 | 208,000 | ||
HanesBrands Incorporated 144A | 4.88 | 5-15-2026 | 1,250,000 | 1,334,625 | ||
The William Carter Company 144A | 5.63 | 3-15-2027 | 185,000 | 190,465 | ||
Wolverine World Wide Company 144A | 4.00 | 8-15-2029 | 700,000 | 679,000 | ||
2,412,090 | ||||||
Consumer staples: 0.41% | ||||||
Beverages: 0.21% | ||||||
Anheuser-Busch InBev Worldwide Incorporated | 4.70 | 2-1-2036 | 870,000 | 1,046,175 | ||
Food products: 0.11% | ||||||
7 Eleven Incorporated 144A | 0.95 | 2-10-2026 | 220,000 | 212,232 | ||
Ingredion Incorporated | 2.90 | 6-1-2030 | 320,000 | 334,577 | ||
546,809 | ||||||
Household products: 0.09% | ||||||
Central Garden & Pet Company | 5.13 | 2-1-2028 | 460,000 | 477,586 | ||
Energy: 4.53% | ||||||
Energy equipment & services: 0.48% | ||||||
Baker Hughes LLC | 3.34 | 12-15-2027 | 1,500,000 | 1,602,173 | ||
Halliburton Company | 2.92 | 3-1-2030 | 820,000 | 839,267 | ||
2,441,440 | ||||||
Oil, gas & consumable fuels: 4.05% | ||||||
Antero Resources Corporation | 5.00 | 3-1-2025 | 1,360,000 | 1,366,800 | ||
Antero Resources Corporation 144A | 5.38 | 3-1-2030 | 245,000 | 252,656 | ||
Apache Corporation | 4.38 | 10-15-2028 | 100,000 | 105,401 | ||
Buckeye Partners LP | 3.95 | 12-1-2026 | 247,000 | 242,284 | ||
Coterra Energy Incorporated 144A | 3.90 | 5-15-2027 | 500,000 | 542,107 | ||
Devon Energy Corporation 144A | 4.50 | 1-15-2030 | 450,000 | 483,270 | ||
Enable Midstream Partners | 4.95 | 5-15-2028 | 790,000 | 880,258 | ||
EnLink Midstream Partners LP | 4.85 | 7-15-2026 | 430,000 | 440,999 | ||
Enterprise Products Operating LLC | 4.15 | 10-16-2028 | 260,000 | 293,013 | ||
Florida Gas Transmission Company 144A | 4.35 | 7-15-2025 | 1,521,000 | 1,653,620 | ||
Gray Oak Pipeline LLC 144A | 2.60 | 10-15-2025 | 860,000 | 874,627 | ||
Gulfstream Natural Gas System LLC 144A | 6.19 | 11-1-2025 | 210,000 | 243,816 |
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Hess Corporation | 4.30% | 4-1-2027 | $ | 460,000 | $ 499,565 | |
HollyFrontier Corporation | 4.50 | 10-1-2030 | 910,000 | 980,139 | ||
Magellan Midstream Partners LP | 5.00 | 3-1-2026 | 170,000 | 190,545 | ||
Marathon Petroleum Corporation | 5.13 | 12-15-2026 | 1,500,000 | 1,704,461 | ||
MPLX LP | 4.13 | 3-1-2027 | 1,500,000 | 1,631,608 | ||
Newfield Exploration Company | 5.38 | 1-1-2026 | 959,000 | 1,056,942 | ||
Newfield Exploration Company | 5.63 | 7-1-2024 | 249,000 | 270,958 | ||
NuStar Logistics LP | 6.00 | 6-1-2026 | 600,000 | 635,250 | ||
Occidental Petroleum Corporation | 3.20 | 8-15-2026 | 1,070,000 | 1,051,275 | ||
Plains All American Pipeline LP | 4.70 | 6-15-2044 | 600,000 | 636,477 | ||
Plains All American Pipeline LP | 4.90 | 2-15-2045 | 80,000 | 88,704 | ||
Range Resources Corporation | 4.88 | 5-15-2025 | 200,000 | 204,042 | ||
Range Resources Corporation | 5.00 | 3-15-2023 | 753,000 | 763,339 | ||
Transcontinental Gas Pipe Line Company LLC | 3.25 | 5-15-2030 | 790,000 | 832,778 | ||
Transcontinental Gas Pipe Line Company LLC | 7.85 | 2-1-2026 | 1,200,000 | 1,472,322 | ||
Western Midstream Operating LP | 5.30 | 2-1-2030 | 1,100,000 | 1,183,930 | ||
20,581,186 | ||||||
Financials: 5.97% | ||||||
Banks: 2.84% | ||||||
Bank of America Corporation (U.S. SOFR +1.15%) ± | 1.32 | 6-19-2026 | 790,000 | 782,463 | ||
Bank of America Corporation (U.S. SOFR +0.96%) ± | 1.73 | 7-22-2027 | 1,400,000 | 1,387,353 | ||
Bank of America Corporation (U.S. SOFR +1.37%) ± | 1.92 | 10-24-2031 | 540,000 | 515,374 | ||
Bank of America Corporation (3 Month LIBOR +1.51%) ± | 3.71 | 4-24-2028 | 1,440,000 | 1,554,866 | ||
Bank of America Corporation (U.S. SOFR +1.21%) ± | 2.57 | 10-20-2032 | 170,000 | 170,730 | ||
Citigroup Incorporated (U.S. SOFR +0.77%) ± | 1.12 | 1-28-2027 | 330,000 | 320,397 | ||
Citigroup Incorporated (U.S. SOFR +1.18%) ± | 2.52 | 11-3-2032 | 450,000 | 449,771 | ||
Citigroup Incorporated (U.S. SOFR +2.11%) ± | 2.57 | 6-3-2031 | 370,000 | 372,067 | ||
Citigroup Incorporated | 3.40 | 5-1-2026 | 1,000,000 | 1,075,600 | ||
Citigroup Incorporated (3 Month LIBOR +1.39%) ± | 3.67 | 7-24-2028 | 900,000 | 968,158 | ||
Citigroup Incorporated | 4.40 | 6-10-2025 | 65,000 | 70,593 | ||
JPMorgan Chase & Company (U.S. SOFR +0.77%) ± | 1.47 | 9-22-2027 | 660,000 | 647,367 | ||
JPMorgan Chase & Company (U.S. SOFR +1.89%) ± | 2.18 | 6-1-2028 | 310,000 | 310,691 | ||
JPMorgan Chase & Company (U.S. SOFR +1.25%) ± | 2.58 | 4-22-2032 | 110,000 | 110,927 | ||
JPMorgan Chase & Company | 3.20 | 6-15-2026 | 500,000 | 530,810 | ||
JPMorgan Chase & Company (3 Month LIBOR +1.34%) ± | 3.78 | 2-1-2028 | 1,100,000 | 1,191,969 | ||
JPMorgan Chase & Company (3 Month LIBOR +1.26%) ± | 4.20 | 7-23-2029 | 600,000 | 670,689 | ||
JPMorgan Chase & Company (3 Month LIBOR +1.33%) ± | 4.45 | 12-5-2029 | 470,000 | 534,080 | ||
KeyCorp | 2.25 | 4-6-2027 | 690,000 | 705,219 | ||
National Capital Commerce Incorporated (3 Month LIBOR +0.98%) ± | 1.11 | 4-1-2027 | 400,000 | 395,448 | ||
PNC Bank | 4.05 | 7-26-2028 | 1,000,000 | 1,130,014 | ||
Regions Financial Corporation | 1.80 | 8-12-2028 | 540,000 | 529,276 | ||
14,423,862 | ||||||
Capital markets: 1.07% | ||||||
Goldman Sachs Capital II (3 Month LIBOR +0.77%) ± | 4.00 | 12-29-2049 | 6,000 | 5,850 | ||
Goldman Sachs Group Incorporated | 3.75 | 2-25-2026 | 1,500,000 | 1,615,548 | ||
Goldman Sachs Group Incorporated | 4.25 | 10-21-2025 | 120,000 | 130,492 | ||
Goldman Sachs Group Incorporated (3 Month LIBOR +1.30%) ± | 4.22 | 5-1-2029 | 570,000 | 632,022 | ||
Morgan Stanley | 3.88 | 1-27-2026 | 1,000,000 | 1,085,067 | ||
Morgan Stanley | 3.95 | 4-23-2027 | 1,000,000 | 1,092,651 |
Interest rate | Maturity date | Principal | Value | |||
Capital markets (continued) | ||||||
Morgan Stanley (U.S. SOFR +0.86%) ± | 1.51% | 7-20-2027 | $ | 300,000 | $ 294,260 | |
MSCI Incorporated 144A | 4.00 | 11-15-2029 | 590,000 | 611,388 | ||
5,467,278 | ||||||
Consumer finance: 1.62% | ||||||
American Express Company | 1.65 | 11-4-2026 | 780,000 | 778,596 | ||
American Honda Finance Corporation | 1.30 | 9-9-2026 | 680,000 | 669,979 | ||
BMW US Capital LLC Company 144A | 3.15 | 4-18-2024 | 945,000 | 990,278 | ||
Capital One Financial Corporation | 3.30 | 10-30-2024 | 1,500,000 | 1,581,361 | ||
Daimler Finance North America LLC 144A | 2.70 | 6-14-2024 | 740,000 | 767,451 | ||
Daimler Finance North America LLC 144A | 3.35 | 2-22-2023 | 1,490,000 | 1,536,813 | ||
Ford Motor Credit Company LLC | 5.58 | 3-18-2024 | 1,130,000 | 1,205,484 | ||
General Motors Finance Company | 2.40 | 10-15-2028 | 380,000 | 376,377 | ||
Toyota Motor Credit Corporation | 1.13 | 6-18-2026 | 340,000 | 333,779 | ||
8,240,118 | ||||||
Insurance: 0.41% | ||||||
Minnesota Life Insurance Company 144A« | 8.25 | 9-15-2025 | 650,000 | 793,666 | ||
NLV Financial Corporation 144A | 7.50 | 8-15-2033 | 565,000 | 763,489 | ||
Northwestern Mutual Life 144A | 3.45 | 3-30-2051 | 470,000 | 520,766 | ||
2,077,921 | ||||||
Mortgage REITs: 0.03% | ||||||
Ventas Realty LP | 3.50 | 2-1-2025 | 150,000 | 158,864 | ||
Health care: 3.62% | ||||||
Biotechnology: 0.28% | ||||||
AbbVie Incorporated | 4.55 | 3-15-2035 | 1,200,000 | 1,432,617 | ||
Health care equipment & supplies: 0.84% | ||||||
Baxter International Incorporated 144A%% | 1.92 | 2-1-2027 | 260,000 | 259,890 | ||
Baxter International Incorporated 144A%% | 2.27 | 12-1-2028 | 1,130,000 | 1,136,190 | ||
Hill-Rom Holdings Incorporated 144A | 4.38 | 9-15-2027 | 810,000 | 840,251 | ||
Hologic Incorporated 144A | 3.25 | 2-15-2029 | 505,000 | 495,531 | ||
Hologic Incorporated 144A | 4.63 | 2-1-2028 | 575,000 | 596,563 | ||
Teleflex Incorporated 144A | 4.25 | 6-1-2028 | 800,000 | 808,000 | ||
Teleflex Incorporated | 4.63 | 11-15-2027 | 150,000 | 154,313 | ||
4,290,738 | ||||||
Health care providers & services: 1.63% | ||||||
Advocate Health Corporation | 4.27 | 8-15-2048 | 290,000 | 373,179 | ||
BayCare Health System Incorporated | 3.83 | 11-15-2050 | 145,000 | 178,969 | ||
Cleveland Clinic Foundation | 4.86 | 1-1-2114 | 347,000 | 544,758 | ||
CVS Health Corporation | 1.75 | 8-21-2030 | 200,000 | 190,197 | ||
CVS Health Corporation | 4.30 | 3-25-2028 | 285,000 | 320,902 | ||
CVS Health Corporation | 5.05 | 3-25-2048 | 130,000 | 171,774 | ||
Kaiser Foundation Hospitals | 3.27 | 11-1-2049 | 160,000 | 177,004 | ||
Mayo Clinic | 4.13 | 11-15-2052 | 650,000 | 842,359 | ||
MEDNAX Incorporated 144A | 6.25 | 1-15-2027 | 342,000 | 356,945 | ||
Memorial Health Services | 3.45 | 11-1-2049 | 590,000 | 671,189 | ||
Memorial Sloan Kettering Cancer Center | 4.20 | 7-1-2055 | 185,000 | 241,386 | ||
Northwestern Memorial Hospital | 2.63 | 7-15-2051 | 480,000 | 476,831 | ||
NYU Hospitals Center | 3.38 | 7-1-2055 | 690,000 | 750,146 | ||
OhioHealth Corporation | 2.83 | 11-15-2041 | 730,000 | 755,288 |
Interest rate | Maturity date | Principal | Value | |||
Health care providers & services (continued) | ||||||
OhioHealth Corporation | 3.04% | 11-15-2050 | $ | 260,000 | $ 276,539 | |
Stanford Health Care | 3.80 | 11-15-2048 | 145,000 | 176,056 | ||
Texas Health Resources | 4.33 | 11-15-2055 | 687,000 | 926,151 | ||
The New York-Presbyterian Hospital | 3.56 | 8-1-2036 | 750,000 | 834,858 | ||
8,264,531 | ||||||
Health care technology: 0.09% | ||||||
IQVIA Incorporated 144A | 5.00 | 10-15-2026 | 445,000 | 455,013 | ||
Life sciences tools & services: 0.42% | ||||||
Agilent Technologies Incorporated | 2.75 | 9-15-2029 | 600,000 | 622,059 | ||
Charles River Laboratories Incorporated 144A | 4.25 | 5-1-2028 | 745,000 | 755,218 | ||
Perkinelmer Incorporated | 1.90 | 9-15-2028 | 490,000 | 478,180 | ||
Thermo Fisher Scientific Incorporated | 1.75 | 10-15-2028 | 280,000 | 275,288 | ||
2,130,745 | ||||||
Pharmaceuticals: 0.36% | ||||||
Astrazeneca Finance LLC | 1.20 | 5-28-2026 | 250,000 | 246,774 | ||
Bayer US Finance LLC 144A | 3.38 | 10-8-2024 | 240,000 | 251,611 | ||
Bayer US Finance LLC 144A | 4.38 | 12-15-2028 | 1,170,000 | 1,313,804 | ||
1,812,189 | ||||||
Industrials: 3.10% | ||||||
Aerospace & defense: 1.05% | ||||||
BAE Systems Holdings Incorporated 144A | 3.80 | 10-7-2024 | 1,345,000 | 1,433,441 | ||
Hexcel Corporation | 4.20 | 2-15-2027 | 1,302,000 | 1,387,889 | ||
Moog Incorporated 144A | 4.25 | 12-15-2027 | 700,000 | 710,973 | ||
Raytheon Technologies Corporation | 2.25 | 7-1-2030 | 360,000 | 359,485 | ||
Raytheon Technologies Corporation | 2.38 | 3-15-2032 | 250,000 | 250,138 | ||
The Boeing Company | 2.70 | 2-1-2027 | 840,000 | 856,283 | ||
The Boeing Company | 5.15 | 5-1-2030 | 155,000 | 179,799 | ||
The Boeing Company | 5.71 | 5-1-2040 | 110,000 | 140,492 | ||
5,318,500 | ||||||
Air freight & logistics: 0.06% | ||||||
Fedex Corporation | 3.90 | 2-1-2035 | 280,000 | 313,270 | ||
Building products: 0.34% | ||||||
Fortune Brands Home | 3.25 | 9-15-2029 | 460,000 | 494,594 | ||
Lennox International Incorporated | 1.70 | 8-1-2027 | 530,000 | 524,199 | ||
Masco Corporation | 6.50 | 8-15-2032 | 150,000 | 199,165 | ||
Masonite International Company 144A | 5.38 | 2-1-2028 | 510,000 | 531,038 | ||
1,748,996 | ||||||
Chemicals: 0.14% | ||||||
Axalta Coating Systems LLC 144A | 4.75 | 6-15-2027 | 670,000 | 692,412 | ||
Commercial services & supplies: 0.28% | ||||||
Clean Harbors Incorporated 144A | 4.88 | 7-15-2027 | 425,000 | 436,688 | ||
Stericycle Incorporated 144A | 3.88 | 1-15-2029 | 1,010,000 | 984,750 | ||
1,421,438 |
Interest rate | Maturity date | Principal | Value | |||
Electrical equipment: 0.16% | ||||||
Carrier Global Corporation | 2.49% | 2-15-2027 | $ | 780,000 | $ 797,764 | |
Machinery: 0.34% | ||||||
Mueller Water Products Incorporated 144A | 4.00 | 6-15-2029 | 700,000 | 700,000 | ||
Oshkosh Corporation | 3.10 | 3-1-2030 | 490,000 | 516,201 | ||
Oshkosh Corporation | 4.60 | 5-15-2028 | 200,000 | 227,942 | ||
Vessel Management Services Incorporated | 3.43 | 8-15-2036 | 255,000 | 281,329 | ||
1,725,472 | ||||||
Professional services: 0.10% | ||||||
Equifax Incorporated | 2.35 | 9-15-2031 | 180,000 | 177,145 | ||
Relx Capital Incorporated | 3.00 | 5-22-2030 | 70,000 | 73,744 | ||
Relx Capital Incorporated | 4.00 | 3-18-2029 | 240,000 | 266,812 | ||
517,701 | ||||||
Road & rail: 0.33% | ||||||
Norfolk Southern Corporation | 5.10 | 12-31-2049 | 760,000 | 1,025,357 | ||
Ryder System Incorporated | 3.65 | 3-18-2024 | 620,000 | 654,770 | ||
1,680,127 | ||||||
Transportation infrastructure: 0.30% | ||||||
Crowley Conro LLC | 4.18 | 8-15-2043 | 1,315,076 | 1,537,759 | ||
Information technology: 2.20% | ||||||
Electronic equipment, instruments & components: 0.29% | ||||||
Amphenol Corporation | 2.20 | 9-15-2031 | 480,000 | 471,672 | ||
Jabil Incorporated | 3.95 | 1-12-2028 | 900,000 | 986,905 | ||
1,458,577 | ||||||
IT services: 0.18% | ||||||
Gartner Incorporated 144A | 4.50 | 7-1-2028 | 580,000 | 602,794 | ||
Verisign Incorporated | 4.75 | 7-15-2027 | 300,000 | 311,658 | ||
914,452 | ||||||
Semiconductors & semiconductor equipment: 0.77% | ||||||
KLA Tencor Corporation | 4.10 | 3-15-2029 | 150,000 | 170,491 | ||
Maxim Integrated Products Incorporated | 3.45 | 6-15-2027 | 1,550,000 | 1,685,879 | ||
Microchip Technology Incorporated | 4.33 | 6-1-2023 | 1,500,000 | 1,570,554 | ||
ON Semiconductor Corporation 144A | 3.88 | 9-1-2028 | 500,000 | 508,695 | ||
3,935,619 | ||||||
Software: 0.58% | ||||||
CDK Global Incorporated 144A | 5.25 | 5-15-2029 | 475,000 | 502,313 | ||
Fair Isaac Corporation 144A | 4.00 | 6-15-2028 | 725,000 | 723,188 | ||
Fair Isaac Corporation 144A | 5.25 | 5-15-2026 | 705,000 | 774,619 | ||
Oracle Corporation | 2.30 | 3-25-2028 | 970,000 | 975,391 | ||
2,975,511 | ||||||
Technology hardware, storage & peripherals: 0.38% | ||||||
Apple Incorporated | 1.40 | 8-5-2028 | 560,000 | 547,082 | ||
Hewlett Packard Enterprise Company | 4.90 | 10-15-2025 | 375,000 | 416,775 |
Interest rate | Maturity date | Principal | Value | |||
Technology hardware, storage & peripherals (continued) | ||||||
HP Incorporated 144A | 1.45% | 6-17-2026 | $ | 350,000 | $ 344,659 | |
TSMC Arizona Corporation | 1.75 | 10-25-2026 | 600,000 | 602,421 | ||
1,910,937 | ||||||
Materials: 3.89% | ||||||
Chemicals: 2.37% | ||||||
Albemarle Corporation | 4.15 | 12-1-2024 | 1,390,000 | 1,496,968 | ||
Ashland LLC 144A | 3.38 | 9-1-2031 | 875,000 | 855,313 | ||
DuPont de Nemours Incorporated | 4.49 | 11-15-2025 | 430,000 | 475,624 | ||
DuPont de Nemours Incorporated | 4.73 | 11-15-2028 | 930,000 | 1,083,621 | ||
FMC Corporation | 3.20 | 10-1-2026 | 1,120,000 | 1,190,752 | ||
Ingevity Corporation 144A | 4.50 | 2-1-2026 | 2,015,000 | 2,032,631 | ||
Mosaic Company | 4.05 | 11-15-2027 | 1,090,000 | 1,198,662 | ||
PPG Industries Incorporated | 2.55 | 6-15-2030 | 770,000 | 790,713 | ||
RPM International Incorporated | 4.55 | 3-1-2029 | 420,000 | 478,108 | ||
Scotts Miracle-Gro Company | 4.50 | 10-15-2029 | 120,000 | 123,900 | ||
Scotts Miracle-Gro Company | 5.25 | 12-15-2026 | 800,000 | 820,000 | ||
The Sherwin-Williams Company | 2.95 | 8-15-2029 | 450,000 | 473,343 | ||
The Sherwin-Williams Company | 3.30 | 2-1-2025 | 100,000 | 104,740 | ||
Valvoline Incorporated 144A | 4.25 | 2-15-2030 | 720,000 | 713,808 | ||
WR Grace Holding LLC 144A | 5.63 | 10-1-2024 | 200,000 | 212,821 | ||
12,051,004 | ||||||
Construction materials: 0.10% | ||||||
CRH America Finance Incorporated 144A | 3.40 | 5-9-2027 | 200,000 | 214,913 | ||
Martin Marietta Materials Incorporated | 2.50 | 3-15-2030 | 280,000 | 282,281 | ||
497,194 | ||||||
Containers & packaging: 1.02% | ||||||
Graphic Packaging International Company 144A | 3.50 | 3-15-2028 | 275,000 | 272,250 | ||
Graphic Packaging International Company 144A | 3.50 | 3-1-2029 | 420,000 | 413,364 | ||
Graphic Packaging International Company | 4.13 | 8-15-2024 | 355,000 | 375,413 | ||
Packaging Corporation of America | 3.00 | 12-15-2029 | 480,000 | 505,078 | ||
Sealed Air Corporation 144A | 5.50 | 9-15-2025 | 450,000 | 490,500 | ||
Silgan Holdings Incorporated | 4.13 | 2-1-2028 | 760,000 | 769,500 | ||
Westrock Company | 3.00 | 9-15-2024 | 1,680,000 | 1,758,324 | ||
WRKCo Incorporated | 3.90 | 6-1-2028 | 560,000 | 618,322 | ||
5,202,751 | ||||||
Metals & mining: 0.25% | ||||||
Freeport-McMoRan Incorporated | 4.13 | 3-1-2028 | 840,000 | 863,100 | ||
Freeport-McMoRan Incorporated | 4.55 | 11-14-2024 | 385,000 | 411,769 | ||
1,274,869 | ||||||
Paper & forest products: 0.15% | ||||||
Clearwater Paper Corporation 144A | 4.75 | 8-15-2028 | 775,000 | 782,750 | ||
Real estate: 2.64% | ||||||
Equity REITs: 2.64% | ||||||
Alexandria Real Estate Equities Incorporated | 3.95 | 1-15-2027 | 240,000 | 261,910 | ||
Alexandria Real Estate Equities Incorporated | 4.30 | 1-15-2026 | 1,500,000 | 1,656,899 | ||
Boston Properties LP | 2.75 | 10-1-2026 | 780,000 | 812,109 |
Interest rate | Maturity date | Principal | Value | |||
Equity REITs (continued) | ||||||
Boston Properties LP | 3.20% | 1-15-2025 | $ | 250,000 | $ 262,439 | |
CubeSmart LP | 2.25 | 12-15-2028 | 160,000 | 160,590 | ||
Digital Realty Trust LP | 4.45 | 7-15-2028 | 510,000 | 579,393 | ||
Duke Realty LP | 3.25 | 6-30-2026 | 1,500,000 | 1,603,624 | ||
Duke Realty LP | 4.00 | 9-15-2028 | 230,000 | 257,099 | ||
HCP Incorporated | 3.50 | 7-15-2029 | 560,000 | 610,020 | ||
Healthcare Trust of America Incorporated | 3.50 | 8-1-2026 | 255,000 | 273,800 | ||
Healthpeak Properties Incorporated | 2.13 | 12-1-2028 | 40,000 | 39,958 | ||
Healthpeak Properties Incorporated | 2.88 | 1-15-2031 | 190,000 | 197,204 | ||
Host Hotels & Resorts Incorporated | 3.88 | 4-1-2024 | 265,000 | 278,388 | ||
Kimco Realty Corporation | 3.30 | 2-1-2025 | 1,500,000 | 1,585,180 | ||
Mid-America Apartments LP | 3.60 | 6-1-2027 | 845,000 | 916,711 | ||
Mid-America Apartments LP | 4.20 | 6-15-2028 | 160,000 | 180,660 | ||
National Retail Properties Incorporated | 4.30 | 10-15-2028 | 370,000 | 418,330 | ||
Simon Property Group LP | 1.38 | 1-15-2027 | 750,000 | 734,417 | ||
Ventas Realty LP | 3.85 | 4-1-2027 | 1,500,000 | 1,635,739 | ||
Welltower Incorporated | 2.05 | 1-15-2029 | 190,000 | 187,063 | ||
Welltower Incorporated | 2.70 | 2-15-2027 | 460,000 | 478,284 | ||
Welltower Incorporated | 2.75 | 1-15-2032 | 320,000 | 322,784 | ||
13,452,601 | ||||||
Utilities: 3.01% | ||||||
Electric utilities: 2.46% | ||||||
American Transmission System Incorporated 144A%% | 2.65 | 1-15-2032 | 380,000 | 383,862 | ||
Dominion Energy South Carolina Incorporated | 2.30 | 12-1-2031 | 450,000 | 452,900 | ||
Duke Energy Carolinas LLC | 6.05 | 4-15-2038 | 830,000 | 1,168,043 | ||
Duke Energy Florida LLC %% | 2.40 | 12-15-2031 | 200,000 | 201,267 | ||
Duke Energy Progress LLC | 2.00 | 8-15-2031 | 620,000 | 608,211 | ||
Evergy Metro Incorporated | 2.25 | 6-1-2030 | 350,000 | 352,877 | ||
FirstEnergy Corporation | 4.40 | 7-15-2027 | 365,000 | 390,259 | ||
ITC Holdings Corporation | 3.65 | 6-15-2024 | 120,000 | 126,029 | ||
MidAmerican Energy Holdings Company | 5.80 | 10-15-2036 | 900,000 | 1,236,584 | ||
Monongahela Power Company 144A | 4.10 | 4-15-2024 | 1,660,000 | 1,756,485 | ||
NextEra Energy Operating Partners LP 144A | 4.25 | 9-15-2024 | 6,000 | 6,266 | ||
NextEra Energy Operating Partners LP 144A | 4.50 | 9-15-2027 | 500,000 | 529,065 | ||
Northern States Power Company of Minnesota | 5.35 | 11-1-2039 | 1,580,000 | 2,173,457 | ||
Public Service Electric & Gas Company | 5.70 | 12-1-2036 | 590,000 | 798,899 | ||
Rochester Gas & Electric Corporation 144A | 3.10 | 6-1-2027 | 1,790,000 | 1,898,910 | ||
Southern California Edison Company | 6.00 | 1-15-2034 | 188,000 | 244,700 | ||
Trans-Allegheny Interstate Line Company 144A | 3.85 | 6-1-2025 | 200,000 | 212,398 | ||
12,540,212 | ||||||
Gas utilities: 0.39% | ||||||
AmeriGas Partners LP | 5.50 | 5-20-2025 | 450,000 | 481,500 | ||
AmeriGas Partners LP | 5.88 | 8-20-2026 | 500,000 | 545,630 | ||
Boardwalk Pipelines Company | 5.95 | 6-1-2026 | 550,000 | 635,780 | ||
CenterPoint Energy Incorporated | 1.75 | 10-1-2030 | 330,000 | 309,868 | ||
1,972,778 | ||||||
Multi-utilities: 0.16% | ||||||
Black Hills Corporation | 4.35 | 5-1-2033 | 710,000 | 815,099 | ||
Total Corporate bonds and notes (Cost $165,354,019) | 177,037,149 |
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 9.02% | ||||||
Alabama: 0.17% | ||||||
Miscellaneous revenue: 0.17% | ||||||
Alabama Federal Aid Highway Finance Authority Series B | 2.65% | 9-1-2037 | $ | 835,000 | $ 841,933 | |
Arizona: 0.09% | ||||||
Miscellaneous revenue: 0.09% | ||||||
Yuma AZ Pledged Revenue Obligations Series 2021 | 2.10 | 7-15-2030 | 430,000 | 436,856 | ||
California: 1.61% | ||||||
GO revenue: 1.52% | ||||||
Alameda County CA Series A | 3.70 | 8-1-2031 | 275,000 | 307,983 | ||
Campbell Union High School District | 2.31 | 8-1-2035 | 660,000 | 662,504 | ||
Coast Community College District | 2.89 | 8-1-2035 | 1,165,000 | 1,250,873 | ||
Desert Community College District %% | 2.78 | 8-1-2035 | 450,000 | 457,642 | ||
Oxnard Union High School District | 1.87 | 8-1-2030 | 800,000 | 788,051 | ||
Palomar Community College District | 2.32 | 8-1-2034 | 500,000 | 505,144 | ||
San Diego Community College District Series B | 2.88 | 8-1-2033 | 1,935,000 | 2,063,814 | ||
San Ramon Valley Unified School District | 1.91 | 8-1-2030 | 740,000 | 741,347 | ||
Solano California Community College District Series B | 1.76 | 8-1-2030 | 950,000 | 944,687 | ||
7,722,045 | ||||||
Tax revenue: 0.09% | ||||||
San Jose CA RDA Senior Taxable Refunding Bonds Series A-T | 3.38 | 8-1-2034 | 455,000 | 487,729 | ||
Florida: 0.25% | ||||||
Water & sewer revenue: 0.25% | ||||||
Florida Water Pollution Control Financing Corporation Series A | 2.60 | 1-15-2030 | 1,175,000 | 1,254,711 | ||
Georgia: 0.11% | ||||||
GO revenue: 0.11% | ||||||
Cherokee County GA School System Build America Bonds | 5.87 | 8-1-2028 | 500,000 | 580,900 | ||
Hawaii: 0.37% | ||||||
GO revenue: 0.37% | ||||||
Hawaii State Taxable Series FZ | 1.60 | 8-1-2031 | 770,000 | 748,790 | ||
Hawaii State Taxable Series GD | 2.52 | 10-1-2035 | 1,110,000 | 1,137,457 | ||
1,886,247 | ||||||
Idaho: 0.04% | ||||||
Miscellaneous revenue: 0.04% | ||||||
Idaho Building Authority State Office Campus Project Series B | 3.28 | 9-1-2028 | 170,000 | 185,507 | ||
Illinois: 0.03% | ||||||
GO revenue: 0.03% | ||||||
Lake County IL Community Consolidated School District Series A | 3.40 | 11-1-2027 | 150,000 | 167,627 |
Interest rate | Maturity date | Principal | Value | |||
Indiana: 0.34% | ||||||
Health revenue: 0.27% | ||||||
Indiana Finance Authority Community Foundation | 3.63% | 3-1-2039 | $ | 1,235,000 | $ 1,382,466 | |
Miscellaneous revenue: 0.07% | ||||||
Indianapolis IN Local Public Improvement Bonds Series A-2 | 6.00 | 1-15-2040 | 235,000 | 335,826 | ||
Massachusetts: 0.28% | ||||||
GO revenue: 0.07% | ||||||
Boston MA Qualified School Construction Bonds Series C | 4.40 | 4-1-2026 | 370,000 | 371,093 | ||
Tax revenue: 0.21% | ||||||
Massachusetts State Taxable Consolidated Loan Series E | 5.46 | 12-1-2039 | 750,000 | 1,033,190 | ||
Michigan: 0.20% | ||||||
Health revenue: 0.20% | ||||||
Michigan Finance Authority Trinity Health Credit Group Series T | 3.08 | 12-1-2034 | 930,000 | 1,002,965 | ||
Mississippi: 0.33% | ||||||
Education revenue: 0.06% | ||||||
Mississippi Higher Education Assistance Corporation Series 2014-1 Class A1 (1 Month LIBOR +0.68%) ± | 0.77 | 10-25-2035 | 284,120 | 284,800 | ||
Miscellaneous revenue: 0.27% | ||||||
Mississippi Series E %% | 2.49 | 10-1-2035 | 1,350,000 | 1,386,917 | ||
New Jersey: 0.12% | ||||||
Miscellaneous revenue: 0.12% | ||||||
Hudson County NJ Improvement Authority Hudson County Lease Project | 7.40 | 12-1-2025 | 540,000 | 606,173 | ||
New York: 0.30% | ||||||
GO revenue: 0.10% | ||||||
New York Refunding Bond Series B | 2.65 | 2-15-2030 | 500,000 | 527,416 | ||
Miscellaneous revenue: 0.20% | ||||||
New York Dormitory Authority Personal Income Taxable General Purpose Series C | 1.54 | 3-15-2027 | 660,000 | 659,498 | ||
New York State Taxable Bonds Series 2010C | 5.62 | 3-1-2040 | 250,000 | 354,769 | ||
1,014,267 | ||||||
North Carolina: 0.44% | ||||||
Education revenue: 0.44% | ||||||
North Carolina Education Assistance Authority Student Loan (3 Month LIBOR +0.90%) ± | 1.02 | 7-25-2041 | 1,300,518 | 1,301,790 | ||
North Carolina Education Assistance Authority Student Loan Series A-3 (3 Month LIBOR +0.90%) ± | 1.02 | 10-25-2041 | 380,320 | 380,709 | ||
University of North Carolina Chapel Hill Refunding Bonds Series C | 3.33 | 12-1-2036 | 500,000 | 575,282 | ||
2,257,781 | ||||||
Ohio: 0.54% | ||||||
Education revenue: 0.27% | ||||||
Ohio State University Build America Bonds | 4.91 | 6-1-2040 | 1,000,000 | 1,397,525 |
Interest rate | Maturity date | Principal | Value | |||
Health revenue: 0.16% | ||||||
Ohio Hospital Facility Refunding Bond Cleveland Clinic | 3.28% | 1-1-2042 | $ | 725,000 | $ 797,858 | |
Miscellaneous revenue: 0.11% | ||||||
Jobsohio Beverage System Ohio Statewide Senior Lien Liquor Profits Series A | 2.83 | 1-1-2038 | 515,000 | 545,810 | ||
Oklahoma: 0.16% | ||||||
Water & sewer revenue: 0.16% | ||||||
Oklahoma Water Resources Board Refunding Bond Series 2019 | 2.56 | 4-1-2031 | 770,000 | 812,438 | ||
Pennsylvania: 0.76% | ||||||
Education revenue: 0.53% | ||||||
Pennsylvania HEFAR Refunding Taxable Bonds Series B | 2.94 | 8-15-2039 | 1,000,000 | 1,082,985 | ||
Pennsylvania Higher Education Authority Class A (1 Month LIBOR +1.15%) 144A± | 1.24 | 9-25-2065 | 786,445 | 800,144 | ||
University of Pittsburgh Series A | 3.65 | 9-15-2036 | 715,000 | 837,303 | ||
2,720,432 | ||||||
GO revenue: 0.23% | ||||||
Northampton County PA Series C | 2.54 | 10-1-2028 | 1,100,000 | 1,160,148 | ||
Rhode Island: 0.35% | ||||||
Education revenue: 0.35% | ||||||
Rhode Island Student Loan Authority Class A-1 (1 Month LIBOR +0.90%) ± | 0.98 | 7-1-2031 | 1,794,949 | 1,797,651 | ||
South Carolina: 0.08% | ||||||
GO revenue: 0.08% | ||||||
Richland County SC School District #1 Refunding Bond Series 2020B | 1.78 | 3-1-2028 | 385,000 | 392,015 | ||
Texas: 0.92% | ||||||
Education revenue: 0.25% | ||||||
University of Texas Build America Bonds Series A | 5.26 | 7-1-2039 | 550,000 | 786,587 | ||
University of Texas Build America Bonds Series C | 4.79 | 8-15-2046 | 120,000 | 164,304 | ||
University of Texas Build America Bonds Series D | 5.13 | 8-15-2042 | 215,000 | 298,349 | ||
1,249,240 | ||||||
GO revenue: 0.47% | ||||||
Hidalgo County TX Refunding Bonds Series 2018C | 4.04 | 8-15-2030 | 1,270,000 | 1,449,038 | ||
Houston TX Pension Obligation Bonds Series 2017 | 3.73 | 3-1-2030 | 110,000 | 122,564 | ||
Stafford TX Municipal School District Refunding Bond Series B | 3.08 | 8-15-2041 | 750,000 | 823,715 | ||
2,395,317 | ||||||
Miscellaneous revenue: 0.14% | ||||||
Texas Transportation Commission Series 2020 | 1.53 | 10-1-2029 | 710,000 | 703,220 | ||
Tax revenue: 0.06% | ||||||
Texas Transportation Commission Highway Fund Series B | 5.18 | 4-1-2030 | 250,000 | 305,176 |
Interest rate | Maturity date | Principal | Value | |||
Utah: 0.45% | ||||||
Education revenue: 0.45% | ||||||
State Board of Regents of Utah Series 1-A (1 Month LIBOR +0.75%) ± | 0.84% | 9-25-2056 | $ | 2,291,541 | $ 2,290,040 | |
Vermont: 0.02% | ||||||
Housing revenue: 0.02% | ||||||
Vermont Housing Finance Agency | 3.80 | 11-1-2037 | 110,000 | 122,714 | ||
Virginia: 0.19% | ||||||
Education revenue: 0.17% | ||||||
University of Virginia Build America Bonds | 6.20 | 9-1-2039 | 315,000 | 490,539 | ||
University of Virginia Revenue Bond Series C | 4.18 | 9-1-2117 | 265,000 | 379,704 | ||
870,243 | ||||||
Housing revenue: 0.02% | ||||||
Virginia Housing Development Authority | 3.10 | 6-25-2041 | 92,221 | 94,210 | ||
Washington: 0.49% | ||||||
GO revenue: 0.49% | ||||||
King County WA Build America Bonds Series B | 6.05 | 12-1-2030 | 350,000 | 451,441 | ||
King County WA Public Hospital District | 2.70 | 12-1-2035 | 915,000 | 939,859 | ||
Washington Series T | 3.45 | 8-1-2029 | 1,000,000 | 1,120,015 | ||
2,511,315 | ||||||
West Virginia: 0.09% | ||||||
Tax revenue: 0.09% | ||||||
Ohio County WV Special District Excise Tax Series A | 8.25 | 3-1-2035 | 415,000 | 451,607 | ||
Wisconsin: 0.29% | ||||||
GO revenue: 0.15% | ||||||
Wisconsin State Refunding Bond Series 1 | 2.50 | 5-1-2032 | 750,000 | 794,062 | ||
Miscellaneous revenue: 0.14% | ||||||
Wisconsin State Refunding Bond Taxable Series 4 | 2.10 | 5-1-2035 | 690,000 | 694,453 | ||
Total Municipal obligations (Cost $43,470,316) | 45,871,923 | |||||
Non-agency mortgage-backed securities: 6.14% | ||||||
Commercial Mortgage Pass-Through Certificate Series 2012-CR2 Class A4 | 3.15 | 8-15-2045 | 550,000 | 553,411 | ||
Commercial Mortgage Pass-Through Certificate Series 2012-UBS5 Class A3 | 3.55 | 9-10-2047 | 334,387 | 344,619 | ||
Commercial Mortgage Pass-Through Certificate Series 2013-CR12 Class ASB | 3.62 | 10-10-2046 | 223,987 | 229,559 | ||
Commercial Mortgage Pass-Through Certificate Series 2013-CR13 Class A4 ±± | 4.19 | 11-10-2046 | 600,000 | 632,254 | ||
Commercial Mortgage Pass-Through Certificate Series 2014-CR17 Class A5 | 3.98 | 5-10-2047 | 1,795,000 | 1,903,260 | ||
Commercial Mortgage Pass-Through Certificate Series 2014-CR21 Class A3 | 3.53 | 12-10-2047 | 2,649,561 | 2,764,907 | ||
Commercial Mortgage Pass-Through Certificate Series 2014-UBS5 Class A4 | 3.84 | 9-10-2047 | 620,000 | 657,147 | ||
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class A4 | 3.38 | 5-10-2045 | 85,821 | 85,824 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Goldman Sachs Mortgage Securities Trust Series 2013-GC14 Class A5 | 4.24% | 8-10-2046 | $ | 615,000 | $ 643,547 | |
Goldman Sachs Mortgage Securities Trust Series 2013-GC16 Class A4 | 4.27 | 11-10-2046 | 350,000 | 367,899 | ||
Goldman Sachs Mortgage Securities Trust Series 2014-GC26 Class A5 | 3.63 | 11-10-2047 | 2,565,000 | 2,713,673 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C19 Class A4 | 4.00 | 4-15-2047 | 450,000 | 472,961 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-C20 Class A5 | 3.80 | 7-15-2047 | 4,065,000 | 4,269,676 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-GC26 Class A4 | 3.49 | 1-15-2048 | 1,338,000 | 1,412,153 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB | 3.65 | 4-15-2047 | 234,057 | 240,808 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 Class A4 | 3.53 | 12-15-2047 | 1,790,000 | 1,886,262 | ||
Small Business Investment Company Series 2021-10A Class 1 | 1.67 | 3-10-2031 | 586,643 | 592,218 | ||
Small Business Investment Company Series 2021-10B Class 1 | 1.30 | 9-10-2031 | 1,665,000 | 1,662,638 | ||
Towd Point Mortgage Trust Series 2016-2 Class A1A 144A±± | 2.75 | 8-25-2055 | 32,103 | 32,213 | ||
Towd Point Mortgage Trust Series 2016-3 Class A1 144A±± | 2.25 | 4-25-2056 | 21,122 | 21,141 | ||
Towd Point Mortgage Trust Series 2018-3 Class A1 144A±± | 3.75 | 5-25-2058 | 1,432,932 | 1,477,695 | ||
Towd Point Mortgage Trust Series 2019-4 Class A1 144A±± | 2.90 | 10-25-2059 | 1,671,753 | 1,707,156 | ||
WFRBS Commercial Mortgage Trust Series 2013-C17 Class A4 | 4.02 | 12-15-2046 | 4,370,000 | 4,569,667 | ||
WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5 | 4.00 | 5-15-2047 | 1,876,047 | 1,973,291 | ||
Total Non-agency mortgage-backed securities (Cost $30,079,824) | 31,213,979 | |||||
U.S. Treasury securities: 19.51% | ||||||
U.S. Treasury Bond | 1.13 | 5-15-2040 | 930,000 | 824,866 | ||
U.S. Treasury Bond | 1.13 | 8-15-2040 | 6,120,000 | 5,410,941 | ||
U.S. Treasury Bond | 1.25 | 5-15-2050 | 2,255,000 | 1,972,156 | ||
U.S. Treasury Bond | 1.38 | 11-15-2040 | 6,905,000 | 6,367,165 | ||
U.S. Treasury Bond | 1.38 | 8-15-2050 | 3,718,000 | 3,355,350 | ||
U.S. Treasury Bond | 1.63 | 11-15-2050 | 6,467,000 | 6,200,994 | ||
U.S. Treasury Bond | 1.88 | 2-15-2041 | 6,005,000 | 6,024,469 | ||
U.S. Treasury Bond | 1.88 | 2-15-2051 | 2,244,000 | 2,281,517 | ||
U.S. Treasury Bond | 2.38 | 11-15-2049 | 10,063,000 | 11,363,328 | ||
U.S. Treasury Bond | 4.25 | 5-15-2039 | 1,890,000 | 2,627,469 | ||
U.S. Treasury Bond | 4.50 | 5-15-2038 | 1,540,000 | 2,187,101 | ||
U.S. Treasury Note | 0.13 | 12-31-2022 | 6,475,000 | 6,463,618 | ||
U.S. Treasury Note | 0.13 | 1-31-2023 | 4,800,000 | 4,789,125 | ||
U.S. Treasury Note | 0.13 | 5-31-2023 | 5,000,000 | 4,978,125 | ||
U.S. Treasury Note | 0.13 | 7-31-2023 | 5,000,000 | 4,972,070 | ||
U.S. Treasury Note | 0.25 | 11-15-2023 | 4,575,000 | 4,548,193 | ||
U.S. Treasury Note | 0.25 | 3-15-2024 | 4,825,000 | 4,780,708 | ||
U.S. Treasury Note | 0.63 | 10-15-2024 | 7,525,000 | 7,487,375 | ||
U.S. Treasury Note | 1.13 | 10-31-2026 | 2,550,000 | 2,546,414 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Note | 1.25% | 5-31-2028 | $ | 3,750,000 | $ 3,731,982 | |
U.S. Treasury Note | 2.00 | 8-15-2051 | 495,000 | 518,358 | ||
U.S. Treasury Note | 2.25 | 5-15-2041 | 3,219,000 | 3,426,223 | ||
U.S. Treasury Note | 2.38 | 5-15-2051 | 2,070,000 | 2,347,833 | ||
Total U.S. Treasury securities (Cost $99,913,796) | 99,205,380 | |||||
Yankee corporate bonds and notes: 5.62% | ||||||
Consumer staples: 0.12% | ||||||
Food products: 0.12% | ||||||
Mondelez International Holdings Company 144A | 1.25 | 9-24-2026 | 620,000 | 606,664 | ||
Energy: 0.37% | ||||||
Oil, gas & consumable fuels: 0.37% | ||||||
BP Capital Markets plc | 3.28 | 9-19-2027 | 155,000 | 165,700 | ||
Cenovus Energy Incorporated | 4.25 | 4-15-2027 | 550,000 | 599,345 | ||
Petroleos Mexicanos | 2.29 | 2-15-2024 | 68,750 | 69,891 | ||
Petroleos Mexicanos | 2.83 | 2-15-2024 | 143,750 | 147,066 | ||
Petroleos Mexicanos | 6.38 | 1-23-2045 | 1,080,000 | 871,992 | ||
1,853,994 | ||||||
Financials: 3.21% | ||||||
Banks: 2.28% | ||||||
Bank of Montreal | 1.25 | 9-15-2026 | 765,000 | 749,922 | ||
Bank of Nova Scotia | 1.30 | 9-15-2026 | 1,040,000 | 1,020,580 | ||
Bank of Nova Scotia | 4.50 | 12-16-2025 | 80,000 | 88,425 | ||
BNP Paribas SA (3 Month LIBOR +1.11%) 144A± | 2.82 | 11-19-2025 | 820,000 | 846,251 | ||
BNP Paribas SA 144A | 4.40 | 8-14-2028 | 520,000 | 588,436 | ||
Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity +1.00%) 144A± | 1.34 | 6-24-2026 | 530,000 | 525,178 | ||
HSBC Holdings plc (U.S. SOFR +1.41%) ± | 2.87 | 11-22-2032 | 270,000 | 270,356 | ||
HSBC Holdings plc (3 Month LIBOR +1.35%) ± | 4.29 | 9-12-2026 | 950,000 | 1,028,792 | ||
HSBC Holdings plc (3 Month LIBOR +1.53%) ± | 4.58 | 6-19-2029 | 1,500,000 | 1,680,461 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.75%) ± | 1.54 | 7-20-2027 | 1,050,000 | 1,034,772 | ||
Mitsubishi UFJ Financial Group (1 Year Treasury Constant Maturity +0.97%) ± | 2.49 | 10-13-2032 | 260,000 | 260,923 | ||
Royal Bank of Canada | 1.15 | 7-14-2026 | 500,000 | 490,216 | ||
Royal Bank of Canada | 1.40 | 11-2-2026 | 830,000 | 817,821 | ||
Sumitomo Mitsui Financial Group Incorporated | 1.47 | 7-8-2025 | 430,000 | 429,087 | ||
Sumitomo Mitsui Financial Group Incorporated | 1.90 | 9-17-2028 | 660,000 | 645,555 | ||
Toronto Dominion Bank | 1.25 | 9-10-2026 | 1,130,000 | 1,110,073 | ||
11,586,848 | ||||||
Capital markets: 0.48% | ||||||
Credit Suisse Group AG (3 Month LIBOR +1.41%) 144A± | 3.87 | 1-12-2029 | 1,500,000 | 1,606,590 | ||
NXP BV 144A | 2.65 | 2-15-2032 | 870,000 | 873,754 | ||
2,480,344 |
Interest rate | Maturity date | Principal | Value | |||
Consumer finance: 0.45% | ||||||
NTT Finance Corporation 144A | 1.16% | 4-3-2026 | $ | 630,000 | $ 618,793 | |
UBS Group Funding Switzerland 144A | 4.25 | 3-23-2028 | 1,500,000 | 1,659,280 | ||
2,278,073 | ||||||
Health care: 0.07% | ||||||
Pharmaceuticals: 0.07% | ||||||
Teva Pharmaceutical Finance BV | 3.15 | 10-1-2026 | 350,000 | 327,688 | ||
Industrials: 0.84% | ||||||
Aerospace & defense: 0.24% | ||||||
Embraer Netherlands Finance BV | 5.05 | 6-15-2025 | 1,200,000 | 1,230,000 | ||
Electrical equipment: 0.24% | ||||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 935,000 | 948,090 | ||
Sensata Technologies BV 144A | 5.63 | 11-1-2024 | 265,000 | 288,850 | ||
1,236,940 | ||||||
Machinery: 0.25% | ||||||
CNH Industrial NV | 4.50 | 8-15-2023 | 600,000 | 633,116 | ||
Siemens Finance 144A | 1.70 | 3-11-2028 | 660,000 | 650,682 | ||
1,283,798 | ||||||
Road & rail: 0.11% | ||||||
Canadian Pacific Railway Company %% | 2.45 | 12-2-2031 | 520,000 | 526,345 | ||
Information technology: 0.42% | ||||||
Software: 0.21% | ||||||
Experian Finance plc 144A | 4.25 | 2-1-2029 | 510,000 | 571,574 | ||
OpenText Corporation 144A | 3.88 | 2-15-2028 | 520,000 | 514,800 | ||
1,086,374 | ||||||
Technology hardware, storage & peripherals: 0.21% | ||||||
Seagate HDD 144A | 3.13 | 7-15-2029 | 375,000 | 357,000 | ||
TSMC Global Limited 144A | 1.25 | 4-23-2026 | 700,000 | 688,919 | ||
1,045,919 | ||||||
Materials: 0.59% | ||||||
Chemicals: 0.04% | ||||||
Nutrien Limited | 2.95 | 5-13-2030 | 180,000 | 188,822 | ||
Metals & mining: 0.55% | ||||||
Anglo American Capital plc 144A | 4.75 | 4-10-2027 | 1,000,000 | 1,113,657 | ||
Vale Overseas Limited | 6.25 | 8-10-2026 | 1,500,000 | 1,707,300 | ||
2,820,957 | ||||||
Total Yankee corporate bonds and notes (Cost $27,626,159) | 28,552,766 |
Yield | Shares | Value | ||||
Short-term investments: 3.86% | ||||||
Investment companies: 3.86% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 0.03% | 19,639,478 | $ 19,639,478 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.04 | 6,313 | 6,313 | |||
Total Short-term investments (Cost $19,645,791) | 19,645,791 | |||||
Total investments in securities (Cost $496,979,829) | 101.81% | 517,760,754 | ||||
Other assets and liabilities, net | (1.81) | (9,200,893) | ||||
Total net assets | 100.00% | $508,559,861 |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
## | All or a portion of this security is segregated for when-issued securities. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
HEFAR | Higher Education Facilities Authority Revenue |
LIBOR | London Interbank Offered Rate |
RDA | Redevelopment Authority |
REIT | Real estate investment trust |
SBA | Small Business Authority |
SOFR | Secured Overnight Financing Rate |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $23,036,815 | $74,317,263 | $(77,714,600) | $0 | $0 | $ 19,639,478 | 19,639,478 | $ 2,846 | ||
Securities Lending Cash Investments LLC | 127,000 | 3,138 | (123,825) | 0 | 0 | 6,313 | 6,313 | 4 # | ||
$0 | $0 | $19,645,791 | $2,850 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $6,186 of securities loaned), at value (cost $477,334,038) | $ 498,114,963 |
Investments in affiliated securities, at value (cost $19,645,791) | 19,645,791 |
Cash | 3,977,878 |
Receivable for investments sold | 8,666,464 |
Receivable for interest | 2,910,447 |
Receivable for securities lending income, net | 12 |
Prepaid expenses and other assets | 34,844 |
Total assets | 533,350,399 |
Liabilities | |
Payable for when-issued transactions | 24,639,565 |
Advisory fee payable | 144,660 |
Payable upon receipt of securities loaned | 6,313 |
Total liabilities | 24,790,538 |
Total net assets | $508,559,861 |
Investment income | |
Interest | $ 7,154,746 |
Income from affiliated securities | 3,289 |
Total investment income | 7,158,035 |
Expenses | |
Advisory fee | 1,016,148 |
Custody and accounting fees | 21,146 |
Professional fees | 36,552 |
Interest holder report expenses | 19,274 |
Trustees’ fees and expenses | 9,662 |
Other fees and expenses | 18,459 |
Total expenses | 1,121,241 |
Less: Fee waivers and/or expense reimbursements | (132,639) |
Net expenses | 988,602 |
Net investment income | 6,169,433 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 1,543,621 |
Net change in unrealized gains (losses) on investments | (778,025) |
Net realized and unrealized gains (losses) on investments | 765,596 |
Net increase in net assets resulting from operations | $6,935,029 |
Six months ended November 30, 2021 (unaudited) | Year ended May 31, 2021 | |
Operations | ||
Net investment income | $ 6,169,433 | $ 11,781,229 |
Net realized gains on investments | 1,543,621 | 3,530,420 |
Net change in unrealized gains (losses) on investments | (778,025) | (3,700,898) |
Net increase in net assets resulting from operations | 6,935,029 | 11,610,751 |
Capital transactions | ||
Transactions in investors’ beneficial interests | ||
Contributions | 31,192,718 | 59,804,501 |
Withdrawals | (25,743,207) | (37,488,593) |
Net increase in net assets resulting from capital transactions | 5,449,511 | 22,315,908 |
Total increase in net assets | 12,384,540 | 33,926,659 |
Net assets | ||
Beginning of period | 496,175,321 | 462,248,662 |
End of period | $508,559,861 | $496,175,321 |
Year ended May 31 | ||||||
Six months ended November 30, 2021 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total return1 | 1.30% | 2.52% | 7.51% | 7.22% | 0.05% | 3.13% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.44% | 0.44% | 0.42% | 0.41% | 0.49% | 0.48% |
Net expenses2 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Net investment income | 2.43% | 2.49% | 3.10% | 3.24% | 3.09% | 2.99% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 31% | 40% | 232% | 23% | 47% |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers. |
Gross unrealized gains | $24,735,884 |
Gross unrealized losses | (3,807,610) |
Net unrealized gains | $20,928,274 |
■ | 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 Portfolio’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $ 0 | $ 106,858,186 | $0 | $ 106,858,186 |
Asset-backed securities | 0 | 9,375,580 | 0 | 9,375,580 |
Corporate bonds and notes | 0 | 177,037,149 | 0 | 177,037,149 |
Municipal obligations | 0 | 45,871,923 | 0 | 45,871,923 |
Non-agency mortgage-backed securities | 0 | 31,213,979 | 0 | 31,213,979 |
U.S. Treasury securities | 99,205,380 | 0 | 0 | 99,205,380 |
Yankee corporate bonds and notes | 0 | 28,552,766 | 0 | 28,552,766 |
Short-term investments | ||||
Investment companies | 19,645,791 | 0 | 0 | 19,645,791 |
Total assets | $118,851,171 | $398,909,583 | $0 | $517,760,754 |
Average daily net assets | Advisory fee |
First $500 million | 0.400% |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
$136,938,322 | $54,296,622 | $132,817,798 | $19,964,549 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Morgan Stanley & Company LLC | $6,186 | $(6,186) | $0 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
Judith M. Johnson** (Born 1949) | Trustee, since 2008 | Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant. | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
1-800-222-8222 or visit the Portfolio's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
ITEM 2. | CODE OF ETHICS |
Not applicable.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable.
ITEM 6. | INVESTMENTS |
A Portfolio of Investments for each series of Allspring Master 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 Master Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable
assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. | DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable.
ITEM 13. | EXHIBITS |
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Master Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | January 27, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Master Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: | January 27, 2022 | |
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: | January 27, 2022 |