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)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: February 28
Registrant is making a filing for 10 of its series: Allspring Bloomberg US Aggregate ex-Corporate Portfolio, Allspring Emerging Markets Bond Portfolio, Allspring Factor Enhanced Emerging Markets Equity Portfolio, Allspring Factor Enhanced International Equity Portfolio, Allspring Factor Enhanced U.S. Large Cap Equity Portfolio, Allspring Factor Enhanced U.S. Small Cap Equity Portfolio, Allspring High Yield Corporate Bond Portfolio, Allspring Investment Grade Corporate Bond Portfolio, Allspring Strategic Retirement Bond Portfolio, and Allspring U.S. REIT Portfolio.
Date of reporting period: August 31, 2023
ITEM 1. REPORT TO STOCKHOLDERS
Investment objective | The Portfolio seeks to replicate the total return of the Bloomberg U.S. Aggregate ex-Corporate Index,† before fees and expenses. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Manjunath Boraiah, Christopher Y. Kauffman, CFA, Janet S. Rilling, CFA, CPA, Michal Stanczyk |
Ten largest holdings (%) as of August 31, 20231 | |
FNMA, 2.00, 02-1-2052 | 7.07 |
FNMA, 2.50%, 1-1-2052 | 4.37 |
U.S. Treasury Notes, 0.25%, 7-31-2025 | 2.78 |
U.S. Treasury Notes, 0.25%, 5-31-2025 | 2.66 |
U.S. Treasury Bonds, 1.13%, 5-15-2040 | 2.61 |
U.S. Treasury Bonds, 5.25%, 11-15-2028 | 2.49 |
U.S. Treasury Notes, 0.75%, 11-15-2024 | 2.00 |
U.S. Treasury Bonds, 3.00%, 5-15-2047 | 1.89 |
GNMA, 2.00%, 9-21-2053 | 1.81 |
U.S. Treasury Notes, 0.25%, 8-31-2025 | 1.72 |
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 composition as of August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
† | The Bloomberg U.S. Aggregate ex-Corporate Index is a broad-based benchmark that includes Treasuries, government-related securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 38.59% | ||||||
FFCB | 0.48 % | 9-3-2024 | $ | 70,000 | $66,662 | |
FFCB | 1.55 | 7-26-2030 | 160,000 | 129,672 | ||
FFCB | 1.57 | 4-5-2028 | 360,000 | 314,074 | ||
FFCB | 1.79 | 6-22-2035 | 60,000 | 43,189 | ||
FFCB | 4.25 | 9-30-2025 | 30,000 | 29,612 | ||
FFCB | 4.13 | 12-12-2025 | 60,000 | 58,492 | ||
FHLB | 0.96 | 3-5-2026 | 30,000 | 27,203 | ||
FHLB | 1.50 | 8-15-2024 | 10,000 | 9,638 | ||
FHLB | 2.75 | 12-13-2024 | 10,000 | 9,696 | ||
FHLB | 2.88 | 9-13-2024 | 60,000 | 58,478 | ||
FHLB | 3.00 | 3-10-2028 | 10,000 | 9,459 | ||
FHLB | 3.25 | 9-13-2024 | 260,000 | 254,678 | ||
FHLB | 5.63 | 3-14-2036 | 10,000 | 10,908 | ||
FHLB Series 677 | 5.50 | 7-15-2036 | 10,000 | 11,000 | ||
FHLMC | 0.38 | 7-21-2025 | 160,000 | 146,989 | ||
FHLMC | 0.62 | 12-1-2025 | 460,000 | 416,962 | ||
FHLMC | 1.50 | 11-1-2035 | 736,074 | 631,376 | ||
FHLMC | 1.50 | 3-1-2037 | 2,231,595 | 1,904,714 | ||
FHLMC | 1.50 | 6-1-2051 | 2,929,373 | 2,210,458 | ||
FHLMC | 2.50 | 3-1-2032 | 1,322,018 | 1,218,513 | ||
FHLMC | 2.50 | 6-1-2051 | 498,211 | 414,371 | ||
FHLMC | 3.00 | 2-1-2047 | 2,591,500 | 2,273,277 | ||
FHLMC | 3.00 | 3-1-2048 | 40,871 | 35,787 | ||
FHLMC | 3.00 | 6-1-2050 | 649,219 | 568,700 | ||
FHLMC | 3.00 | 7-1-2050 | 1,843,116 | 1,614,858 | ||
FHLMC | 3.00 | 8-1-2050 | 882,480 | 773,173 | ||
FHLMC | 3.00 | 3-1-2052 | 472,229 | 408,654 | ||
FHLMC | 3.50 | 2-1-2044 | 4,516,611 | 4,164,687 | ||
FHLMC | 3.50 | 4-1-2045 | 191,349 | 174,794 | ||
FHLMC | 3.50 | 5-1-2052 | 474,854 | 424,683 | ||
FHLMC | 4.00 | 11-25-2024 | 180,000 | 176,685 | ||
FHLMC | 6.00 | 7-1-2040 | 1,041,164 | 1,074,988 | ||
FHLMC | 6.75 | 3-15-2031 | 70,000 | 80,643 | ||
FHLMC Multifamily Structured Pass-Through Certificates Series K063 Class A2±± | 3.43 | 1-25-2027 | 45,000 | 42,852 | ||
FHLMC Multifamily Structured Pass-Through Certificates Series K070 Class A2±± | 3.30 | 11-25-2027 | 425,000 | 400,573 | ||
FHLMC Multifamily Structured Pass-Through Certificates Series K152 Class A1 | 2.83 | 5-25-2030 | 261,648 | 241,930 | ||
FHLMC Multifamily Structured Pass-Through Certificates Series K152 Class A2 | 3.08 | 1-25-2031 | 125,000 | 111,774 | ||
FHLMC Multifamily Structured Pass-Through Certificates Series K153 Class A3±± | 3.12 | 10-25-2031 | 70,000 | 61,954 | ||
FHLMC Multifamily Structured Pass-Through Certificates Series K155 Class A3 | 3.75 | 4-25-2033 | 40,000 | 36,685 | ||
FNMA | 0.50 | 11-7-2025 | 20,000 | 18,222 | ||
FNMA | 0.63 | 4-22-2025 | 530,000 | 493,668 | ||
FNMA | 1.50 | 2-1-2052 | 656,344 | 495,357 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA | 2.00 % | 4-1-2037 | $ | 752,438 | $659,167 | |
FNMA | 2.00 | 6-1-2037 | 3,343,583 | 2,928,894 | ||
FNMA | 2.00 | 1-1-2041 | 733,405 | 615,820 | ||
FNMA | 2.00 | 2-1-2042 | 770,007 | 639,460 | ||
FNMA | 2.00 | 2-1-2052 | 22,264,141 | 17,750,711 | ||
FNMA | 2.50 | 2-1-2035 | 657,551 | 597,826 | ||
FNMA | 2.50 | 11-1-2050 | 2,879,774 | 2,418,546 | ||
FNMA | 2.50 | 1-1-2052 | 13,222,132 | 10,981,518 | ||
FNMA | 3.00 | 12-1-2026 | 679,031 | 656,061 | ||
FNMA | 3.00 | 12-1-2030 | 190,061 | 179,399 | ||
FNMA | 3.00 | 1-1-2034 | 124,360 | 116,279 | ||
FNMA | 3.00 | 8-1-2036 | 94,293 | 86,655 | ||
FNMA | 3.00 | 2-1-2037 | 502,980 | 460,569 | ||
FNMA | 3.00 | 8-1-2043 | 1,041,690 | 921,770 | ||
FNMA | 3.00 | 11-1-2046 | 1,176,184 | 1,040,969 | ||
FNMA | 3.00 | 12-1-2047 | 581,425 | 508,785 | ||
FNMA | 3.50 | 4-1-2034 | 868,831 | 841,761 | ||
FNMA | 3.50 | 1-1-2035 | 72,823 | 69,222 | ||
FNMA | 3.50 | 4-1-2037 | 342,547 | 320,530 | ||
FNMA | 3.50 | 6-1-2042 | 212,465 | 195,671 | ||
FNMA | 3.50 | 7-1-2042 | 313,416 | 288,648 | ||
FNMA | 3.50 | 9-1-2043 | 726,592 | 669,150 | ||
FNMA | 3.50 | 3-1-2048 | 214,582 | 195,021 | ||
FNMA | 4.00 | 6-1-2042 | 280,927 | 266,885 | ||
FNMA | 4.00 | 8-1-2043 | 1,461,151 | 1,388,549 | ||
FNMA | 4.00 | 12-1-2047 | 842,475 | 793,219 | ||
FNMA | 4.00 | 2-1-2048 | 1,255,457 | 1,189,943 | ||
FNMA | 4.00 | 6-1-2048 | 224,781 | 211,295 | ||
FNMA | 4.00 | 8-1-2048 | 147,701 | 138,565 | ||
FNMA | 4.00 | 2-1-2050 | 359,426 | 335,779 | ||
FNMA | 4.00 | 10-1-2052 | 488,724 | 451,141 | ||
FNMA | 4.50 | 5-1-2040 | 159,328 | 155,214 | ||
FNMA | 4.50 | 2-1-2047 | 1,014,545 | 982,045 | ||
FNMA | 4.50 | 4-1-2048 | 287,884 | 278,610 | ||
FNMA | 4.50 | 8-1-2048 | 15,876 | 15,260 | ||
FNMA | 4.50 | 9-1-2052 | 1,425,219 | 1,352,089 | ||
FNMA | 5.00 | 1-1-2042 | 126,890 | 128,299 | ||
FNMA | 5.00 | 6-1-2045 | 560,564 | 560,185 | ||
FNMA | 5.00 | 7-1-2045 | 768,336 | 766,710 | ||
FNMA | 5.50 | 9-1-2040 | 1,064,270 | 1,083,617 | ||
FNMA | 6.00 | 5-1-2041 | 61,971 | 63,950 | ||
FNMA | 6.21 | 8-6-2038 | 60,000 | 70,823 | ||
FNMA | 6.25 | 5-15-2029 | 100,000 | 109,550 | ||
FNMA | 7.13 | 1-15-2030 | 20,000 | 23,081 | ||
FNMA | 7.25 | 5-15-2030 | 130,000 | 151,785 | ||
FNMA Series 2016-M5 Class A2 | 2.47 | 4-25-2026 | 206,037 | 193,346 | ||
FNMA Series 2016-M7 Class A2 | 2.50 | 9-25-2026 | 96,076 | 89,602 | ||
FNMA Series 2017-M1 Class A2±± | 2.50 | 10-25-2026 | 207,307 | 192,723 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities (continued) | ||||||
FNMA Series 2017-M11 Class A2 | 2.98 % | 8-25-2029 | $ | 861,454 | $783,568 | |
FNMA Series 2017-M5 Class A2±± | 3.17 | 4-25-2029 | 49,324 | 45,686 | ||
FNMA Series 2018-M1 Class A2±± | 3.09 | 12-25-2027 | 14,017 | 13,085 | ||
FNMA Series 2018-M13 Class A2±± | 3.87 | 9-25-2030 | 71,147 | 67,158 | ||
FNMA Series 2019-M4 Class A2 | 3.61 | 2-25-2031 | 1,700,975 | 1,584,996 | ||
FNMA Series 2019-M7 Class A2 | 3.14 | 4-25-2029 | 186,254 | 171,781 | ||
GNMA%% | 2.00 | 9-21-2053 | 5,515,000 | 4,548,582 | ||
GNMA | 2.50 | 3-20-2052 | 4,390,490 | 3,736,082 | ||
GNMA | 2.50 | 4-20-2052 | 869,345 | 739,613 | ||
GNMA | 3.00 | 4-20-2045 | 1,959,917 | 1,758,358 | ||
GNMA | 3.00 | 11-20-2045 | 161,804 | 145,447 | ||
GNMA | 3.00 | 3-20-2046 | 334,245 | 298,655 | ||
GNMA | 3.00 | 12-20-2049 | 177,616 | 157,322 | ||
GNMA | 3.00 | 10-20-2050 | 1,239,430 | 1,098,694 | ||
GNMA | 3.50 | 2-20-2045 | 970,638 | 895,668 | ||
GNMA | 3.50 | 6-20-2045 | 646,737 | 596,019 | ||
GNMA | 3.50 | 11-20-2045 | 749,213 | 690,463 | ||
GNMA | 3.50 | 7-20-2047 | 161,729 | 149,078 | ||
GNMA | 3.50 | 5-20-2048 | 45,278 | 41,575 | ||
GNMA | 4.00 | 8-20-2044 | 427,609 | 406,953 | ||
GNMA | 4.00 | 12-20-2047 | 984,767 | 931,638 | ||
GNMA | 4.50 | 7-20-2052 | 931,997 | 888,682 | ||
GNMA | 5.00 | 6-20-2053 | 1,075,749 | 1,046,872 | ||
TVA | 4.63 | 9-15-2060 | 55,000 | 51,216 | ||
TVA | 4.65 | 6-15-2035 | 9,000 | 8,927 | ||
TVA | 5.38 | 4-1-2056 | 50,000 | 52,929 | ||
TVA | 5.50 | 6-15-2038 | 30,000 | 31,789 | ||
TVA | 5.88 | 4-1-2036 | 10,000 | 11,127 | ||
TVA Series A | 2.88 | 2-1-2027 | 35,000 | 33,121 | ||
TVA Series B | 4.70 | 7-15-2033 | 90,000 | 91,578 | ||
Total agency securities (Cost $106,668,877) | 96,861,447 | |||||
Asset-backed securities: 0.17% | ||||||
BMW Vehicle Lease Trust Series 2021-2 Class A3 | 0.33 | 12-26-2024 | 56,457 | 56,023 | ||
Citibank Credit Card Issuance Trust Series 2018-A7 Class A7 | 3.96 | 10-13-2030 | 130,000 | 124,333 | ||
Ford Credit Floorplan Master Owner Trust Series 2019-2 Class A | 3.06 | 4-15-2026 | 65,000 | 63,878 | ||
T-Mobile U.S. Trust Series 2022-1A Class A144A | 4.91 | 5-22-2028 | 190,000 | 188,111 | ||
Total asset-backed securities (Cost $452,354) | 432,345 | |||||
Municipal obligations: 0.83% | ||||||
California: 0.32% | ||||||
Education revenue: 0.03% | ||||||
California State University Series B | 3.90 | 11-1-2047 | 15,000 | 12,505 | ||
University of California Series AD | 4.86 | 5-15-2112 | 70,000 | 61,473 | ||
73,978 |
Interest rate | Maturity date | Principal | Value | |||
GO revenue: 0.16% | ||||||
Los Angeles Community College District GO | 6.75 % | 8-1-2049 | $ | 5,000 | $6,080 | |
Los Angeles Unified School District GO | 5.75 | 7-1-2034 | 15,000 | 15,665 | ||
Los Angeles Unified School District GO | 5.76 | 7-1-2029 | 60,000 | 61,445 | ||
State of California GO | 1.75 | 11-1-2030 | 110,000 | 89,410 | ||
State of California GO | 7.35 | 11-1-2039 | 70,000 | 83,288 | ||
State of California GO | 7.50 | 4-1-2034 | 100,000 | 120,068 | ||
State of California GO | 7.60 | 11-1-2040 | 15,000 | 18,651 | ||
394,607 | ||||||
Health revenue: 0.02% | ||||||
Regents of the University of California Medical Center Pooled Revenue Series N | 3.26 | 5-15-2060 | 90,000 | 60,620 | ||
Transportation revenue: 0.08% | ||||||
Bay Area Toll Authority Series F-2 | 6.26 | 4-1-2049 | 100,000 | 114,685 | ||
Bay Area Toll Authority Series S1 | 6.92 | 4-1-2040 | 15,000 | 17,100 | ||
Bay Area Toll Authority Series S1 | 7.04 | 4-1-2050 | 60,000 | 74,118 | ||
205,903 | ||||||
Utilities revenue: 0.03% | ||||||
Los Angeles Department of Water & Power Power System Revenue | 6.57 | 7-1-2045 | 55,000 | 64,186 | ||
799,294 | ||||||
Florida: 0.02% | ||||||
Miscellaneous revenue: 0.02% | ||||||
State Board of Administration Finance Corp. Florida Hurricane Catastrophe Fund Series A | 2.15 | 7-1-2030 | 50,000 | 41,175 | ||
Georgia: 0.01% | ||||||
Utilities revenue: 0.01% | ||||||
Municipal Electric Authority of Georgia Series B | 7.06 | 4-1-2057 | 10,000 | 10,244 | ||
Illinois: 0.09% | ||||||
GO revenue: 0.04% | ||||||
State of Illinois GO | 5.10 | 6-1-2033 | 50,000 | 48,515 | ||
State of Illinois Series 3 GO | 6.73 | 4-1-2035 | 41,539 | 43,081 | ||
91,596 | ||||||
Tax revenue: 0.05% | ||||||
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue Series B | 6.90 | 12-1-2040 | 115,000 | 130,162 | ||
221,758 | ||||||
Kansas: 0.00% | ||||||
Housing revenue: 0.00% | ||||||
Kansas Development Finance Authority Department of Administration Series H | 4.93 | 4-15-2045 | 5,000 | 4,814 |
Interest rate | Maturity date | Principal | Value | |||
Massachusetts: 0.05% | ||||||
GO revenue: 0.05% | ||||||
Commonwealth of Massachusetts GO | 4.91 % | 5-1-2029 | $ | 130,000 | $130,735 | |
Commonwealth of Massachusetts Series D GO | 4.50 | 8-1-2031 | 5,000 | 4,904 | ||
135,639 | ||||||
New Jersey: 0.06% | ||||||
Housing revenue: 0.03% | ||||||
New Jersey TTFA Series B | 6.56 | 12-15-2040 | 60,000 | 67,098 | ||
Transportation revenue: 0.03% | ||||||
New Jersey Turnpike Authority Series A | 7.10 | 1-1-2041 | 70,000 | 83,596 | ||
150,694 | ||||||
New York: 0.12% | ||||||
Airport revenue: 0.05% | ||||||
Port Authority of New York & New Jersey | 4.03 | 9-1-2048 | 50,000 | 42,595 | ||
Port Authority of New York & New Jersey Series 201 | 4.23 | 10-15-2057 | 100,000 | 84,041 | ||
126,636 | ||||||
Miscellaneous revenue: 0.07% | ||||||
Metropolitan Transportation Authority Dedicated Tax Fund Series C | 7.34 | 11-15-2039 | 140,000 | 169,796 | ||
Water & sewer revenue: 0.00% | ||||||
New York City Municipal Water Finance Authority Water & Sewer System Series AA | 5.44 | 6-15-2043 | 10,000 | 10,346 | ||
306,778 | ||||||
Ohio: 0.00% | ||||||
Education revenue: 0.00% | ||||||
Ohio State University Series C | 4.91 | 6-1-2040 | 5,000 | 4,822 | ||
Oregon: 0.02% | ||||||
Tax revenue: 0.02% | ||||||
State of Oregon Department of Transportation Series A | 5.83 | 11-15-2034 | 50,000 | 53,761 | ||
Pennsylvania: 0.00% | ||||||
Transportation revenue: 0.00% | ||||||
Pennsylvania Turnpike Commission Series B | 5.51 | 12-1-2045 | 5,000 | 5,062 | ||
Texas: 0.11% | ||||||
Airport revenue: 0.05% | ||||||
Dallas Fort Worth International Airport Series C | 2.84 | 11-1-2046 | 170,000 | 121,580 | ||
GO revenue: 0.03% | ||||||
Texas Transportation Commission GO | 2.56 | 4-1-2042 | 90,000 | 66,337 |
Interest rate | Maturity date | Principal | Value | |||
Transportation revenue: 0.03% | ||||||
Grand Parkway Transportation Corp. Series E | 5.18 % | 10-1-2042 | $ | 50,000 | $49,689 | |
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners LLC Series B | 3.92 | 12-31-2049 | 50,000 | 40,340 | ||
90,029 | ||||||
277,946 | ||||||
Wisconsin: 0.03% | ||||||
Housing revenue: 0.03% | ||||||
State of Wisconsin Series C | 3.15 | 5-1-2027 | 80,000 | 75,152 | ||
Total municipal obligations (Cost $2,509,053) | 2,087,139 | |||||
Non-agency mortgage-backed securities: 0.70% | ||||||
Benchmark Mortgage Trust Series 2018-B1 Class A4 | 3.40 | 1-15-2051 | 19,994 | 18,721 | ||
Benchmark Mortgage Trust Series 2018-B6 Class A4 | 4.26 | 10-10-2051 | 135,000 | 124,729 | ||
CFCRE Commercial Mortgage Trust Series 2016-C7 Class A3 | 3.84 | 12-10-2054 | 20,000 | 18,875 | ||
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5 | 3.14 | 2-10-2048 | 55,000 | 52,839 | ||
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class B±± | 4.90 | 2-10-2049 | 40,000 | 33,198 | ||
Citigroup Commercial Mortgage Trust Series 2016-GC36 Class C±± | 4.90 | 2-10-2049 | 95,000 | 59,480 | ||
Citigroup Commercial Mortgage Trust Series 2016-GC37 Class B | 4.23 | 4-10-2049 | 110,000 | 98,305 | ||
Citigroup Commercial Mortgage Trust Series 2016-P4 Class A4 | 2.90 | 7-10-2049 | 135,000 | 123,785 | ||
COMM Mortgage Trust Series 2014-UBS5 Class C±± | 4.76 | 9-10-2047 | 195,000 | 172,229 | ||
COMM Mortgage Trust Series 2014-UBS6 Class C±± | 4.58 | 12-10-2047 | 60,000 | 50,152 | ||
COMM Mortgage Trust Series 2015-CR23 Class A3 | 3.23 | 5-10-2048 | 52,965 | 51,357 | ||
COMM Mortgage Trust Series 2016-COR1 Class C±± | 4.47 | 10-10-2049 | 65,000 | 53,387 | ||
COMM Mortgage Trust Series 2016-CR28 Class A4 | 3.76 | 2-10-2049 | 215,000 | 204,103 | ||
GS Mortgage Securities Trust Series 2018-GS10 Class AAB±± | 4.11 | 7-10-2051 | 172,810 | 167,107 | ||
GS Mortgage Securities Trust Series 2018-GS9 Class A4±± | 3.99 | 3-10-2051 | 140,000 | 129,926 | ||
JPMBB Commercial Mortgage Securities Trust Series 2015-C29 Class A4 | 3.61 | 5-15-2048 | 200,000 | 189,650 | ||
JPMBB Commercial Mortgage Securities Trust Series 2015-C31 Class A3 | 3.80 | 8-15-2048 | 168,348 | 159,841 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C22 Class A4 | 3.31 | 4-15-2048 | 60,000 | 57,224 | ||
Total non-agency mortgage-backed securities (Cost $1,963,662) | 1,764,908 | |||||
U.S. Treasury securities: 54.36% | ||||||
U.S. Treasury Bonds | 1.13 | 5-15-2040 | 10,565,000 | 6,543,284 | ||
U.S. Treasury Bonds | 1.13 | 8-15-2040 | 955,000 | 586,318 | ||
U.S. Treasury Bonds | 1.38 | 11-15-2040 | 735,000 | 469,223 | ||
U.S. Treasury Bonds | 1.63 | 11-15-2050 | 440,000 | 254,513 | ||
U.S. Treasury Bonds | 1.88 | 2-15-2041 | 315,000 | 218,605 | ||
U.S. Treasury Bonds | 1.88 | 2-15-2051 | 2,065,000 | 1,273,928 | ||
U.S. Treasury Bonds | 1.88 | 11-15-2051 | 3,350,000 | 2,058,418 | ||
U.S. Treasury Bonds | 2.00 | 2-15-2050 | 1,865,000 | 1,194,256 | ||
U.S. Treasury Bonds | 2.00 | 8-15-2051 | 2,940,000 | 1,866,555 | ||
U.S. Treasury Bonds | 2.25 | 5-15-2041 | 300,000 | 221,051 | ||
U.S. Treasury Bonds | 2.25 | 8-15-2046 | 390,000 | 268,643 | ||
U.S. Treasury Bonds | 2.38 | 5-15-2051 | 1,920,000 | 1,334,475 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Bonds | 2.50 % | 2-15-2045 | $ | 555,000 | $407,556 | |
U.S. Treasury Bonds | 2.50 | 2-15-2046 | 100,000 | 72,703 | ||
U.S. Treasury Bonds | 2.50 | 5-15-2046 | 200,000 | 145,227 | ||
U.S. Treasury Bonds | 2.75 | 11-15-2042 | 340,000 | 266,581 | ||
U.S. Treasury Bonds | 2.75 | 8-15-2047 | 270,000 | 204,641 | ||
U.S. Treasury Bonds | 2.75 | 11-15-2047 | 270,000 | 204,441 | ||
U.S. Treasury Bonds | 2.88 | 8-15-2045 | 265,000 | 207,352 | ||
U.S. Treasury Bonds | 2.88 | 11-15-2046 | 265,000 | 206,131 | ||
U.S. Treasury Bonds | 2.88 | 5-15-2052 | 645,000 | 500,706 | ||
U.S. Treasury Bonds | 3.00 | 5-15-2042 | 145,000 | 118,940 | ||
U.S. Treasury Bonds | 3.00 | 5-15-2045 | 105,000 | 84,139 | ||
U.S. Treasury Bonds | 3.00 | 11-15-2045 | 35,000 | 27,962 | ||
U.S. Treasury Bonds | 3.00 | 2-15-2047 | 310,000 | 246,438 | ||
U.S. Treasury Bonds | 3.00 | 5-15-2047 | 5,961,000 | 4,737,365 | ||
U.S. Treasury Bonds | 3.00 | 2-15-2048 | 435,000 | 345,298 | ||
U.S. Treasury Bonds | 3.00 | 2-15-2049 | 320,000 | 254,013 | ||
U.S. Treasury Bonds | 3.13 | 11-15-2041 | 1,090,000 | 919,560 | ||
U.S. Treasury Bonds | 3.13 | 2-15-2043 | 475,000 | 394,547 | ||
U.S. Treasury Bonds | 3.13 | 8-15-2044 | 110,000 | 90,509 | ||
U.S. Treasury Bonds | 3.13 | 5-15-2048 | 250,000 | 203,047 | ||
U.S. Treasury Bonds | 3.38 | 5-15-2044 | 20,000 | 17,150 | ||
U.S. Treasury Bonds | 3.63 | 8-15-2043 | 110,000 | 98,317 | ||
U.S. Treasury Bonds | 3.63 | 2-15-2044 | 35,000 | 31,221 | ||
U.S. Treasury Bonds | 3.75 | 8-15-2041 | 35,000 | 32,421 | ||
U.S. Treasury Bonds | 3.75 | 11-15-2043 | 350,000 | 318,377 | ||
U.S. Treasury Bonds | 3.88 | 8-15-2040 | 195,000 | 185,105 | ||
U.S. Treasury Bonds | 4.25 | 11-15-2040 | 480,000 | 478,031 | ||
U.S. Treasury Bonds | 5.25 | 11-15-2028 | 5,975,000 | 6,239,207 | ||
U.S. Treasury Bonds | 5.50 | 8-15-2028 | 275,000 | 289,642 | ||
U.S. Treasury Bonds | 6.00 | 2-15-2026 | 450,000 | 463,289 | ||
U.S. Treasury Bonds | 6.13 | 11-15-2027 | 245,000 | 261,643 | ||
U.S. Treasury Bonds | 6.38 | 8-15-2027 | 50,000 | 53,559 | ||
U.S. Treasury Bonds | 6.50 | 11-15-2026 | 745,000 | 788,885 | ||
U.S. Treasury Bonds | 6.88 | 8-15-2025 | 3,945,000 | 4,091,242 | ||
U.S. Treasury Bonds | 7.50 | 11-15-2024 | 1,085,000 | 1,114,287 | ||
U.S. Treasury Bonds | 7.63 | 2-15-2025 | 3,660,000 | 3,787,671 | ||
U.S. Treasury Notes | 0.25 | 5-31-2025 | 7,260,000 | 6,689,977 | ||
U.S. Treasury Notes | 0.25 | 6-30-2025 | 1,295,000 | 1,190,085 | ||
U.S. Treasury Notes | 0.25 | 7-31-2025 | 7,630,000 | 6,989,497 | ||
U.S. Treasury Notes | 0.25 | 8-31-2025 | 4,730,000 | 4,318,712 | ||
U.S. Treasury Notes | 0.38 | 4-30-2025 | 3,400,000 | 3,150,711 | ||
U.S. Treasury Notes | 0.50 | 2-28-2026 | 460,000 | 415,330 | ||
U.S. Treasury Notes | 0.63 | 7-31-2026 | 3,145,000 | 2,812,441 | ||
U.S. Treasury Notes | 0.63 | 11-30-2027 | 4,585,000 | 3,929,130 | ||
U.S. Treasury Notes | 0.63 | 12-31-2027 | 2,300,000 | 1,966,230 | ||
U.S. Treasury Notes | 0.63 | 5-15-2030 | 870,000 | 690,189 | ||
U.S. Treasury Notes | 0.63 | 8-15-2030 | 2,100,000 | 1,654,652 | ||
U.S. Treasury Notes | 0.75 | 11-15-2024 | 5,290,000 | 5,014,548 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Notes | 0.75 % | 5-31-2026 | $ | 260,000 | $234,488 | |
U.S. Treasury Notes | 0.75 | 8-31-2026 | 3,235,000 | 2,896,210 | ||
U.S. Treasury Notes | 0.75 | 1-31-2028 | 1,230,000 | 1,054,965 | ||
U.S. Treasury Notes | 0.88 | 6-30-2026 | 1,925,000 | 1,740,095 | ||
U.S. Treasury Notes | 1.00 | 7-31-2028 | 2,010,000 | 1,720,120 | ||
U.S. Treasury Notes | 1.13 | 2-28-2025 | 1,855,000 | 1,749,714 | ||
U.S. Treasury Notes | 1.13 | 8-31-2028 | 3,010,000 | 2,587,071 | ||
U.S. Treasury Notes | 1.25 | 8-31-2024 | 2,240,000 | 2,150,137 | ||
U.S. Treasury Notes | 1.25 | 9-30-2028 | 2,230,000 | 1,924,507 | ||
U.S. Treasury Notes | 1.25 | 8-15-2031 | 3,115,000 | 2,515,363 | ||
U.S. Treasury Notes | 1.38 | 10-31-2028 | 1,720,000 | 1,490,958 | ||
U.S. Treasury Notes | 1.38 | 11-15-2031 | 2,455,000 | 1,989,605 | ||
U.S. Treasury Notes | 1.50 | 10-31-2024 | 225,000 | 215,499 | ||
U.S. Treasury Notes | 1.50 | 8-15-2026 | 545,000 | 499,548 | ||
U.S. Treasury Notes | 1.50 | 11-30-2028 | 1,595,000 | 1,389,332 | ||
U.S. Treasury Notes | 1.63 | 5-15-2026 | 1,255,000 | 1,160,581 | ||
U.S. Treasury Notes | 1.88 | 2-15-2032 | 2,140,000 | 1,798,687 | ||
U.S. Treasury Notes | 2.00 | 2-15-2025 | 340,000 | 325,231 | ||
U.S. Treasury Notes | 2.00 | 8-15-2025 | 150,000 | 141,996 | ||
U.S. Treasury Notes | 2.13 | 11-30-2024 | 995,000 | 957,726 | ||
U.S. Treasury Notes | 2.13 | 5-15-2025 | 880,000 | 838,922 | ||
U.S. Treasury Notes | 2.25 | 11-15-2024 | 640,000 | 617,575 | ||
U.S. Treasury Notes | 2.25 | 12-31-2024 | 1,485,000 | 1,429,138 | ||
U.S. Treasury Notes | 2.25 | 11-15-2025 | 20,000 | 18,948 | ||
U.S. Treasury Notes | 2.25 | 11-15-2027 | 20,000 | 18,391 | ||
U.S. Treasury Notes | 2.38 | 3-31-2029 | 145,000 | 131,503 | ||
U.S. Treasury Notes | 2.38 | 5-15-2029 | 100,000 | 90,578 | ||
U.S. Treasury Notes | 2.50 | 1-31-2025 | 1,670,000 | 1,609,919 | ||
U.S. Treasury Notes | 2.50 | 2-28-2026 | 800,000 | 759,531 | ||
U.S. Treasury Notes | 2.63 | 12-31-2025 | 95,000 | 90,632 | ||
U.S. Treasury Notes | 2.63 | 2-15-2029 | 3,060,000 | 2,817,112 | ||
U.S. Treasury Notes | 2.75 | 2-28-2025 | 90,000 | 86,966 | ||
U.S. Treasury Notes | 2.75 | 8-15-2032 | 4,280,000 | 3,841,802 | ||
U.S. Treasury Notes | 2.88 | 5-31-2025 | 1,025,000 | 988,965 | ||
U.S. Treasury Notes | 2.88 | 11-30-2025 | 1,145,000 | 1,099,468 | ||
U.S. Treasury Notes | 2.88 | 5-15-2028 | 2,155,000 | 2,025,279 | ||
U.S. Treasury Notes | 2.88 | 8-15-2028 | 2,510,000 | 2,353,321 | ||
U.S. Treasury Notes | 2.88 | 5-15-2032 | 350,000 | 318,076 | ||
U.S. Treasury Notes | 3.13 | 11-15-2028 | 1,910,000 | 1,808,457 | ||
U.S. Treasury Notes | 3.38 | 5-15-2033 | 3,320,000 | 3,127,544 | ||
U.S. Treasury Notes | 3.50 | 2-15-2033 | 885,000 | 842,824 | ||
Total U.S. Treasury securities (Cost $151,098,732) | 136,454,758 | |||||
Yankee corporate bonds and notes: 2.33% | ||||||
Energy: 0.08% | ||||||
Oil & gas: 0.08% | ||||||
Equinor ASA | 1.75 | 1-22-2026 | 120,000 | 111,234 |
Interest rate | Maturity date | Principal | Value | |||
Oil & gas (continued) | ||||||
Equinor ASA | 3.00 % | 4-6-2027 | $ | 70,000 | $65,537 | |
Equinor ASA | 3.63 | 4-6-2040 | 40,000 | 32,267 | ||
209,038 | ||||||
Financial: 0.46% | ||||||
Banks: 0.46% | ||||||
Kreditanstalt fuer Wiederaufbau¤ | 0.00 | 4-18-2036 | 80,000 | 46,003 | ||
Kreditanstalt fuer Wiederaufbau | 0.50 | 9-20-2024 | 150,000 | 142,534 | ||
Kreditanstalt fuer Wiederaufbau | 0.63 | 1-22-2026 | 190,000 | 172,463 | ||
Kreditanstalt fuer Wiederaufbau | 0.75 | 9-30-2030 | 30,000 | 23,589 | ||
Kreditanstalt fuer Wiederaufbau | 2.00 | 5-2-2025 | 40,000 | 38,056 | ||
Kreditanstalt fuer Wiederaufbau | 2.50 | 11-20-2024 | 130,000 | 125,692 | ||
Kreditanstalt fuer Wiederaufbau | 2.88 | 4-3-2028 | 410,000 | 383,839 | ||
Landwirtschaftliche Rentenbank | 1.75 | 7-27-2026 | 10,000 | 9,213 | ||
Landwirtschaftliche Rentenbank | 2.00 | 1-13-2025 | 30,000 | 28,716 | ||
Oesterreichische Kontrollbank AG | 1.50 | 2-12-2025 | 190,000 | 180,056 | ||
1,150,161 | ||||||
Government securities: 1.79% | ||||||
Multi-national: 1.79% | ||||||
African Development Bank | 0.88 | 7-22-2026 | 140,000 | 125,630 | ||
Asian Development Bank | 0.38 | 9-3-2025 | 200,000 | 182,875 | ||
Asian Development Bank | 1.50 | 3-4-2031 | 110,000 | 90,350 | ||
Asian Development Bank | 1.75 | 9-19-2029 | 160,000 | 138,272 | ||
Asian Development Bank | 1.88 | 1-24-2030 | 110,000 | 94,810 | ||
Asian Development Bank | 2.00 | 4-24-2026 | 60,000 | 56,009 | ||
Asian Development Bank | 2.13 | 3-19-2025 | 60,000 | 57,309 | ||
Asian Development Bank | 2.63 | 1-12-2027 | 180,000 | 169,252 | ||
Asian Development Bank | 5.82 | 6-16-2028 | 10,000 | 10,530 | ||
Asian Development Bank | 6.22 | 8-15-2027 | 80,000 | 84,369 | ||
Asian Infrastructure Investment Bank | 0.50 | 5-28-2025 | 200,000 | 184,362 | ||
European Bank for Reconstruction & Development | 0.50 | 5-19-2025 | 120,000 | 111,069 | ||
European Investment Bank | 0.88 | 5-17-2030 | 50,000 | 40,144 | ||
European Investment Bank | 1.25 | 2-14-2031 | 170,000 | 137,869 | ||
European Investment Bank | 1.88 | 2-10-2025 | 20,000 | 19,095 | ||
European Investment Bank | 2.25 | 6-24-2024 | 640,000 | 623,770 | ||
Inter-American Development Bank | 0.88 | 4-20-2026 | 140,000 | 126,875 | ||
Inter-American Development Bank | 1.13 | 7-20-2028 | 280,000 | 240,018 | ||
Inter-American Development Bank | 2.00 | 6-2-2026 | 260,000 | 242,002 | ||
Inter-American Development Bank | 2.13 | 1-15-2025 | 80,000 | 76,739 | ||
Inter-American Development Bank | 2.38 | 7-7-2027 | 30,000 | 27,809 | ||
Inter-American Development Bank | 3.13 | 9-18-2028 | 50,000 | 47,123 | ||
Inter-American Development Bank | 7.00 | 6-15-2025 | 50,000 | 51,500 | ||
International Bank for Reconstruction & Development | 0.38 | 7-28-2025 | 220,000 | 201,922 | ||
International Bank for Reconstruction & Development | 0.75 | 8-26-2030 | 130,000 | 102,103 | ||
International Bank for Reconstruction & Development | 1.50 | 8-28-2024 | 30,000 | 28,890 | ||
International Bank for Reconstruction & Development | 1.63 | 11-3-2031 | 190,000 | 156,237 | ||
International Bank for Reconstruction & Development | 1.88 | 10-27-2026 | 130,000 | 119,698 |
Interest rate | Maturity date | Principal | Value | |||
Multi-national (continued) | ||||||
International Bank for Reconstruction & Development | 2.50 % | 3-19-2024 | $ | 160,000 | $157,384 | |
International Bank for Reconstruction & Development | 2.50 | 7-29-2025 | 270,000 | 258,080 | ||
International Bank for Reconstruction & Development | 2.50 | 11-22-2027 | 80,000 | 74,104 | ||
International Bank for Reconstruction & Development | 2.50 | 3-29-2032 | 70,000 | 61,385 | ||
International Finance Corp. | 1.38 | 10-16-2024 | 100,000 | 95,695 | ||
International Finance Corp. | 2.13 | 4-7-2026 | 100,000 | 93,760 | ||
Nordic Investment Bank | 0.38 | 9-20-2024 | 200,000 | 189,807 | ||
4,476,846 | ||||||
Total yankee corporate bonds and notes (Cost $6,351,866) | 5,836,045 | |||||
Yankee government bonds: 2.06% | ||||||
Canada | 1.63 | 1-22-2025 | 135,000 | 128,594 | ||
Chile | 2.55 | 1-27-2032 | 205,000 | 171,965 | ||
Chile | 3.63 | 10-30-2042 | 175,000 | 135,429 | ||
Export-Import Bank of Korea | 2.88 | 1-21-2025 | 200,000 | 192,858 | ||
Hungary | 7.63 | 3-29-2041 | 50,000 | 55,165 | ||
Indonesia | 4.10 | 4-24-2028 | 225,000 | 214,940 | ||
Israel | 3.38 | 1-15-2050 | 200,000 | 141,293 | ||
Israel | 5.50 | 9-18-2033 | 6,000 | 6,431 | ||
Italy | 2.88 | 10-17-2029 | 215,000 | 186,964 | ||
Japan Bank for International Cooperation | 1.88 | 4-15-2031 | 210,000 | 172,132 | ||
Japan Bank for International Cooperation | 2.38 | 4-20-2026 | 330,000 | 308,611 | ||
Korea | 5.63 | 11-3-2025 | 100,000 | 100,335 | ||
Korea Development Bank | 3.38 | 9-16-2025 | 210,000 | 201,896 | ||
Mexico | 2.66 | 5-24-2031 | 250,000 | 206,839 | ||
Mexico | 4.35 | 1-15-2047 | 225,000 | 175,193 | ||
Mexico | 4.50 | 1-31-2050 | 260,000 | 206,521 | ||
Mexico | 4.75 | 3-8-2044 | 20,000 | 16,762 | ||
Mexico | 5.75 | 10-12-2110 | 163,000 | 142,399 | ||
Mexico | 6.05 | 1-11-2040 | 40,000 | 39,891 | ||
Panama | 2.25 | 9-29-2032 | 200,000 | 151,577 | ||
Panama | 7.13 | 1-29-2026 | 175,000 | 180,765 | ||
Panama | 9.38 | 4-1-2029 | 25,000 | 29,557 | ||
Peru | 1.86 | 12-1-2032 | 195,000 | 147,209 | ||
Peru | 3.23 | 7-28-2121 | 75,000 | 43,294 | ||
Peru | 3.55 | 3-10-2051 | 75,000 | 53,828 | ||
Peru | 3.60 | 1-15-2072 | 100,000 | 65,481 | ||
Peru | 5.63 | 11-18-2050 | 20,000 | 19,874 | ||
Philippines | 3.70 | 2-2-2042 | 215,000 | 171,419 | ||
Philippines | 9.50 | 2-2-2030 | 150,000 | 186,036 | ||
Philippines | 10.63 | 3-16-2025 | 55,000 | 59,277 | ||
Poland | 3.25 | 4-6-2026 | 10,000 | 9,560 | ||
Poland | 5.75 | 11-16-2032 | 140,000 | 145,321 | ||
Province of Alberta | 1.88 | 11-13-2024 | 210,000 | 201,328 | ||
Province of British Columbia | 7.25 | 9-1-2036 | 100,000 | 124,357 | ||
Province of Ontario | 2.00 | 10-2-2029 | 90,000 | 78,198 | ||
Province of Ontario | 2.30 | 6-15-2026 | 70,000 | 65,452 | ||
Province of Ontario | 2.50 | 4-27-2026 | 70,000 | 65,972 |
Interest rate | Maturity date | Principal | Value | |||
Yankee government bonds (continued) | ||||||
Province of Quebec | 0.60 % | 7-23-2025 | $ | 90,000 | $82,872 | |
Province of Quebec | 2.50 | 4-20-2026 | 75,000 | 70,751 | ||
Svensk Exportkredit AB¤ | 0.00 | 5-11-2037 | 65,000 | 32,407 | ||
Svensk Exportkredit AB | 2.25 | 3-22-2027 | 200,000 | 183,976 | ||
Uruguay | 4.38 | 1-23-2031 | 75,000 | 73,667 | ||
Uruguay | 4.50 | 8-14-2024 | 5,000 | 4,994 | ||
Uruguay | 4.98 | 4-20-2055 | 90,000 | 84,592 | ||
Uruguay | 5.10 | 6-18-2050 | 35,000 | 33,611 | ||
Total yankee government bonds (Cost $5,832,920) | 5,169,593 |
Yield | Shares | |||||
Short-term investments: 2.39% | ||||||
Investment companies: 2.39% | ||||||
Allspring Government Money Market Fund Select Class♠∞## | 5.26 | 6,004,409 | 6,004,409 | |||
Total short-term investments (Cost $6,004,409) | 6,004,409 | |||||
Total investments in securities (Cost $280,881,873) | 101.43 % | 254,610,644 | ||||
Other assets and liabilities, net | (1.43 ) | (3,577,644 ) | ||||
Total net assets | 100.00 % | $251,033,000 |
±± | 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. |
%% | The security is purchased on a when-issued basis. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
♠ | The 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. |
## | All or a portion of this security is segregated as collateral for when-issued securities. |
Abbreviations: | |
FFCB | Federal Farm Credit Banks |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
TTFA | Transportation Trust Fund Authority |
TVA | Tennessee Valley Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $9,415,570 | $26,451,385 | $(29,862,546 ) | $0 | $0 | $6,004,409 | 6,004,409 | $166,634 |
Assets | |
Investments in unaffiliated securities, at value (cost $274,877,464) | $248,606,235 |
Investments in affiliated securities, at value (cost $6,004,409) | 6,004,409 |
Cash | 108 |
Foreign currency, at value (cost $19) | 21 |
Receivable for interest | 990,835 |
Total assets | 255,601,608 |
Liabilities | |
Payable for when-issued transactions | 4,523,670 |
Advisory fee payable | 1,340 |
Accrued expenses and other liabilities | 43,598 |
Total liabilities | 4,568,608 |
Total net assets | $251,033,000 |
Investment income | |
Interest (net of foreign withholding taxes of $442) | $3,745,867 |
Income from affiliated securities | 166,634 |
Total investment income | 3,912,501 |
Expenses | |
Advisory fee | 64,068 |
Custody and accounting fees | 6,196 |
Professional fees | 34,676 |
Interest holder report expenses | 3,936 |
Trustees’ fees and expenses | 11,547 |
Other fees and expenses | 6,055 |
Total expenses | 126,478 |
Less: Fee waivers and/or expense reimbursements | (59,848 ) |
Net expenses | 66,630 |
Net investment income | 3,845,871 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (1,054,489 ) |
Net change in unrealized gains (losses) on investments | (1,105,380 ) |
Net realized and unrealized gains (losses) on investments | (2,159,869 ) |
Net increase in net assets resulting from operations | $1,686,002 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $3,845,871 | $6,860,940 | ||
Net realized losses on investments | (1,054,489 ) | (27,974,809 ) | ||
Net change in unrealized gains (losses) on investments | (1,105,380 ) | (18,995,607 ) | ||
Net increase (decrease) in net assets resulting from operations | 1,686,002 | (40,109,476 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 16,301,706 | 70,065,960 | ||
Withdrawals | (27,610,816 ) | (304,424,236 ) | ||
Net decrease in net assets resulting from capital transactions | (11,309,110 ) | (234,358,276 ) | ||
Total decrease in net assets | (9,623,108 ) | (274,467,752 ) | ||
Net assets | ||||
Beginning of period | 260,656,108 | 535,123,860 | ||
End of period | $251,033,000 | $260,656,108 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 0.60 % | (9.35 )% | (2.47 )% | 0.52 % | 10.34 % | 3.23 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.10 % | 0.10 % | 0.07 % | 0.07 % | 0.07 % | 0.08 % |
Net expenses | 0.05 %* | 0.05 %* | 0.05 %* | 0.05 %* | 0.06 % | 0.07 % |
Net investment income | 3.00 % | 2.05 % | 1.18 % | 1.57 % | 2.32 % | 2.38 % |
Supplemental data | ||||||
Portfolio turnover rate | 24 % | 188 % | 209 % | 114 % | 46 % | 72 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.05% |
Year ended February 28, 2023 | 0.05% |
Year ended February 28, 2022 | 0.02% |
Year ended February 28, 2021 | 0.02% |
1 | Year ended February 29. |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $541,340 |
Gross unrealized losses | (26,783,245 ) |
Net unrealized losses | $(26,241,905 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $96,861,447 | $0 | $96,861,447 |
Asset-backed securities | 0 | 432,345 | 0 | 432,345 |
Municipal obligations | 0 | 2,087,139 | 0 | 2,087,139 |
Non-agency mortgage-backed securities | 0 | 1,764,908 | 0 | 1,764,908 |
U.S. Treasury securities | 136,454,758 | 0 | 0 | 136,454,758 |
Yankee corporate bonds and notes | 0 | 5,836,045 | 0 | 5,836,045 |
Yankee government bonds | 0 | 5,169,593 | 0 | 5,169,593 |
Short-term investments | ||||
Investment companies | 6,004,409 | 0 | 0 | 6,004,409 |
Total assets | $142,459,167 | $112,151,477 | $0 | $254,610,644 |
Average daily net assets | Advisory fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$54,471,619 | $6,403,548 | $56,507,099 | $5,918,423 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks to replicate the total return of the J.P. Morgan EMBI Global Diversified Index† , before fees and expenses. |
Adviser | Allspring Funds Management, LLC |
Subadvisers | Allspring Global Investments (UK) Limited |
Allspring Global Investments, LLC | |
Portfolio managers | Richard Bishop, CFA, Manjunath Boraiah, Michael Lee, Limin Xiao, CFA, Ph.D. |
Ten largest holdings (%) as of August 31, 20231 | |
Qatar, 4.63%, 6-2-2046 | 3.08 |
State Grid Overseas Investment 2014 Ltd., 4.13%, 5-7-2024 | 2.96 |
Dominican Republic, 5.95%, 1-25-2027 | 2.56 |
Panama, 4.50%, 5-15-2047 | 2.01 |
Petronas Capital Ltd., 4.50%, 3-18-2045 | 1.96 |
Republic of South Africa, 6.25%, 3-8-2041 | 1.82 |
Kazakhstan, 6.50%, 7-21-2045 | 1.57 |
Bahrain, 7.00%, 10-12-2028 | 1.54 |
State Oil Co. of the Azerbaijan Republic, 6.95%, 3-18-2030 | 1.54 |
Philippines, 5.50%, 3-30-2026 | 1.51 |
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 composition as of August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
† | The J.P. Morgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is a composite index representing an unleveraged investment in emerging market bonds that is broadly based across the spectrum of emerging market bonds and includes reinvestment of income (to represent real assets). You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Interest rate | Maturity date | Principal | Value | |||
Yankee corporate bonds and notes: 20.22% | ||||||
Azerbaijan: 1.54% | ||||||
State Oil Co. of the Azerbaijan Republic (Energy, Oil & gas) | 6.95 % | 3-18-2030 | $ | 200,000 | $205,508 | |
Chile: 1.49% | ||||||
Corp. Nacional del Cobre de Chile (Basic materials, Mining) | 4.25 | 7-17-2042 | 250,000 | 199,417 | ||
China: 4.36% | ||||||
State Grid Overseas Investment 2014 Ltd. (Utilities, Electric) | 4.13 | 5-7-2024 | 400,000 | 395,731 | ||
State Grid Overseas Investment BVI Ltd. (Utilities, Electric) | 2.88 | 5-18-2026 | 200,000 | 187,580 | ||
583,311 | ||||||
Indonesia: 2.42% | ||||||
Pertamina Persero PT (Energy, Oil & gas) | 5.63 | 5-20-2043 | 200,000 | 184,595 | ||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Utilities, Electric) | 4.00 | 6-30-2050 | 200,000 | 139,035 | ||
323,630 | ||||||
Malaysia: 3.32% | ||||||
Petronas Capital Ltd. (Energy, Oil & gas) | 3.50 | 4-21-2030 | 200,000 | 181,499 | ||
Petronas Capital Ltd. (Energy, Oil & gas) | 4.50 | 3-18-2045 | 300,000 | 262,985 | ||
444,484 | ||||||
Mexico: 1.79% | ||||||
Petroleos Mexicanos (Energy, Oil & gas) | 6.35 | 2-12-2048 | 30,000 | 18,036 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.38 | 1-23-2045 | 30,000 | 18,233 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.50 | 6-2-2041 | 30,000 | 18,684 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.75 | 9-21-2047 | 110,000 | 68,083 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 6.95 | 1-28-2060 | 90,000 | 55,690 | ||
Petroleos Mexicanos (Energy, Oil & gas) | 7.69 | 1-23-2050 | 90,000 | 60,218 | ||
238,944 | ||||||
Peru: 1.11% | ||||||
Petroleos del Peru SA (Energy, Oil & gas) | 4.75 | 6-19-2032 | 200,000 | 148,326 | ||
South Africa: 1.40% | ||||||
Eskom Holdings SOC Ltd. (Utilities, Electric) | 6.35 | 8-10-2028 | 200,000 | 187,000 | ||
United Arab Emirates: 2.79% | ||||||
Abu Dhabi Crude Oil Pipeline LLC (Energy, Pipelines) | 4.60 | 11-2-2047 | 200,000 | 177,750 | ||
MDGH GMTN RSC Ltd. (Financial, Investment Companies) | 3.00 | 4-19-2024 | 200,000 | 196,017 | ||
373,767 | ||||||
Total yankee corporate bonds and notes (Cost $3,113,311) | 2,704,387 | |||||
Yankee government bonds: 76.96% | ||||||
Abu Dhabi | 3.88 | 4-16-2050 | 200,000 | 160,575 | ||
Angolan | 8.25 | 5-9-2028 | 200,000 | 174,600 | ||
Argentinaøø | 0.75 | 7-9-2030 | 100,000 | 33,377 | ||
Argentinaøø | 3.50 | 7-9-2041 | 145,000 | 44,761 |
Interest rate | Maturity date | Principal | Value | |||
Yankee government bonds (continued) | ||||||
Argentinaøø | 3.63 % | 7-9-2035 | $ | 175,000 | $51,571 | |
Argentinaøø | 4.25 | 1-9-2038 | 215,000 | 75,225 | ||
Bahrain | 6.75 | 9-20-2029 | 200,000 | 199,512 | ||
Bahrain | 7.00 | 10-12-2028 | 200,000 | 205,490 | ||
Brazil | 4.50 | 5-30-2029 | 200,000 | 188,914 | ||
Brazil | 4.63 | 1-13-2028 | 200,000 | 193,977 | ||
Brazil | 5.00 | 1-27-2045 | 200,000 | 155,479 | ||
Chile | 3.13 | 1-21-2026 | 200,000 | 191,282 | ||
Colombia | 4.13 | 5-15-2051 | 200,000 | 120,036 | ||
Colombia | 4.50 | 1-28-2026 | 200,000 | 192,182 | ||
Colombia | 7.38 | 9-18-2037 | 150,000 | 144,938 | ||
Dominican Republic | 5.88 | 1-30-2060 | 200,000 | 153,227 | ||
Dominican Republic | 5.95 | 1-25-2027 | 350,000 | 341,970 | ||
Ecuadorøø | 2.50 | 7-31-2040 | 225,000 | 73,309 | ||
Ecuadorøø | 3.50 | 7-31-2035 | 200,000 | 73,082 | ||
Egypt | 5.88 | 6-11-2025 | 200,000 | 162,556 | ||
Egypt | 8.70 | 3-1-2049 | 200,000 | 105,526 | ||
El Salvador | 7.65 | 6-15-2035 | 150,000 | 106,957 | ||
Ghana† | 6.38 | 2-11-2027 | 200,000 | 86,480 | ||
Guatemala | 4.38 | 6-5-2027 | 200,000 | 188,044 | ||
Hungary | 5.38 | 3-25-2024 | 200,000 | 199,390 | ||
Hungary | 7.63 | 3-29-2041 | 170,000 | 187,561 | ||
Indonesia | 5.13 | 1-15-2045 | 200,000 | 193,234 | ||
Jamaica | 8.00 | 3-15-2039 | 100,000 | 117,742 | ||
Jordan | 7.50 | 1-13-2029 | 200,000 | 201,404 | ||
Kazakhstan | 6.50 | 7-21-2045 | 200,000 | 209,549 | ||
KSA Sukuk Ltd. | 2.97 | 10-29-2029 | 200,000 | 179,332 | ||
Lebanon† | 6.60 | 11-27-2026 | 250,000 | 19,425 | ||
Lebanon† | 7.05 | 11-2-2035 | 200,000 | 15,586 | ||
Mexico | 3.25 | 4-16-2030 | 200,000 | 176,917 | ||
Mexico | 4.75 | 3-8-2044 | 80,000 | 67,048 | ||
Mexico | 5.55 | 1-21-2045 | 100,000 | 93,212 | ||
Mexico | 6.05 | 1-11-2040 | 20,000 | 19,945 | ||
Mexico | 6.75 | 9-27-2034 | 130,000 | 138,986 | ||
Nigeria | 7.63 | 11-21-2025 | 200,000 | 190,042 | ||
Nigeria | 7.63 | 11-28-2047 | 200,000 | 137,516 | ||
Oman | 4.75 | 6-15-2026 | 200,000 | 194,916 | ||
Oman | 6.50 | 3-8-2047 | 200,000 | 188,000 | ||
Pakistan | 8.25 | 9-30-2025 | 200,000 | 121,887 | ||
Panama | 3.87 | 7-23-2060 | 200,000 | 127,738 | ||
Panama | 4.50 | 5-15-2047 | 350,000 | 268,432 | ||
Peru | 2.78 | 12-1-2060 | 160,000 | 93,713 | ||
Peru | 3.55 | 3-10-2051 | 40,000 | 28,709 | ||
Peru | 4.13 | 8-25-2027 | 70,000 | 67,658 | ||
Peru | 5.63 | 11-18-2050 | 100,000 | 99,368 | ||
Perusahaan Penerbit SBSN Indonesia III | 4.45 | 2-20-2029 | 200,000 | 194,185 | ||
Philippines | 2.65 | 12-10-2045 | 200,000 | 129,121 | ||
Philippines | 3.70 | 2-2-2042 | 200,000 | 159,460 |
Interest rate | Maturity date | Principal | Value | |||
Yankee government bonds (continued) | ||||||
Philippines | 5.50 % | 3-30-2026 | $ | 200,000 | $202,132 | |
Poland | 5.50 | 4-4-2053 | 150,000 | 145,619 | ||
Qatar | 4.00 | 3-14-2029 | 200,000 | 192,900 | ||
Qatar | 4.63 | 6-2-2046 | 450,000 | 412,033 | ||
Republic of Kenya | 6.88 | 6-24-2024 | 200,000 | 189,610 | ||
Republic of Poland | 5.50 | 11-16-2027 | 90,000 | 91,485 | ||
Republic of South Africa | 6.25 | 3-8-2041 | 300,000 | 243,315 | ||
Romania | 4.00 | 2-14-2051 | 270,000 | 184,561 | ||
Romania | 5.13 | 6-15-2048 | 140,000 | 116,168 | ||
Saudi | 3.63 | 3-4-2028 | 200,000 | 188,756 | ||
Saudi | 4.50 | 10-26-2046 | 200,000 | 168,500 | ||
Sri Lanka† | 6.35 | 6-28-2024 | 200,000 | 92,249 | ||
Turkey | 4.88 | 10-9-2026 | 200,000 | 184,420 | ||
Turkey | 5.60 | 11-14-2024 | 200,000 | 196,568 | ||
Turkey | 7.38 | 2-5-2025 | 180,000 | 180,900 | ||
Uruguay | 4.98 | 4-20-2055 | 100,000 | 93,992 | ||
Uruguay | 5.10 | 6-18-2050 | 175,000 | 168,054 | ||
Total yankee government bonds (Cost $12,526,585) | 10,294,408 |
Yield | Shares | |||||
Short-term investments: 1.41% | ||||||
Investment companies: 1.41% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 | 189,241 | 189,241 | |||
Total short-term investments (Cost $189,241) | 189,241 | |||||
Total investments in securities (Cost $15,829,137) | 98.59 % | 13,188,036 | ||||
Other assets and liabilities, net | 1.41 | 188,123 | ||||
Total net assets | 100.00 % | $13,376,159 |
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. |
† | 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. |
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 | $216,710 | $1,538,029 | $(1,565,498 ) | $0 | $0 | $189,241 | 189,241 | $5,031 |
Assets | |
Investments in unaffiliated securities, at value (cost $15,639,896) | $12,998,795 |
Investments in affiliated securities, at value (cost $189,241) | 189,241 |
Cash | 4 |
Foreign currency, at value (cost $8) | 8 |
Receivable for interest | 212,275 |
Receivable from adviser | 5,765 |
Prepaid expenses and other assets | 599 |
Total assets | 13,406,687 |
Liabilities | |
Professional fees payable | 19,835 |
Custody and accounting fees payable | 6,687 |
Interest holder report expenses payable | 3,939 |
Trustees’ fees and expenses payable | 67 |
Total liabilities | 30,528 |
Total net assets | $13,376,159 |
Investment income | |
Interest | $363,325 |
Income from affiliated securities | 5,031 |
Total investment income | 368,356 |
Expenses | |
Advisory fee | 16,785 |
Custody and accounting fees | 2,741 |
Professional fees | 34,141 |
Interest holder report expenses | 3,083 |
Trustees’ fees and expenses | 10,398 |
Other fees and expenses | 1,838 |
Total expenses | 68,986 |
Less: Fee waivers and/or expense reimbursements | (50,321 ) |
Net expenses | 18,665 |
Net investment income | 349,691 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (346,505 ) |
Net change in unrealized gains (losses) on investments | 349,794 |
Net realized and unrealized gains (losses) on investments | 3,289 |
Net increase in net assets resulting from operations | $352,980 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $349,691 | $1,089,935 | ||
Net realized losses on investments | (346,505 ) | (4,085,918 ) | ||
Net change in unrealized gains (losses) on investments | 349,794 | 697,448 | ||
Net increase (decrease) in net assets resulting from operations | 352,980 | (2,298,535 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 1,119,955 | 6,093,610 | ||
Withdrawals | (1,655,228 ) | (23,323,892 ) | ||
Net decrease in net assets resulting from capital transactions | (535,273 ) | (17,230,282 ) | ||
Total decrease in net assets | (182,293 ) | (19,528,817 ) | ||
Net assets | ||||
Beginning of period | 13,558,452 | 33,087,269 | ||
End of period | $13,376,159 | $13,558,452 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 2.68 % | (8.37 )% | (7.29 )% | (0.31 )% | 8.59 % | 2.84 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.02 % | 0.89 % | 0.62 % | 0.54 % | 0.51 % | 0.44 % |
Net expenses | 0.28 %* | 0.28 %* | 0.28 %* | 0.29 %* | 0.35 % | 0.40 % |
Net investment income | 5.19 % | 5.75 % | 4.41 % | 4.37 % | 4.95 % | 4.70 % |
Supplemental data | ||||||
Portfolio turnover rate | 3 % | 15 % | 25 % | 31 % | 36 % | 38 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.74% |
Year ended February 28, 2023 | 0.61% |
Year ended February 28, 2022 | 0.34% |
Year ended February 28, 2021 | 0.25% |
1 | Year ended February 29. |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $55,279 |
Gross unrealized losses | (2,696,380 ) |
Net unrealized losses | $(2,641,101 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Yankee corporate bonds and notes | $0 | $2,704,387 | $0 | $2,704,387 |
Yankee government bonds | 0 | 10,294,408 | 0 | 10,294,408 |
Short-term investments | ||||
Investment companies | 189,241 | 0 | 0 | 189,241 |
Total assets | $189,241 | $12,998,795 | $0 | $13,188,036 |
Average daily net assets | Advisory fee |
First $5 billion | 0.250 % |
Next $5 billion | 0.230 |
Over $10 billion | 0.210 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks long-term capital appreciation. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Harindra de Silva, Ph.D., CFA, Monisha Jayakumar |
Ten largest holdings (%) as of August 31, 20231 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.11 |
Tencent Holdings Ltd. | 3.86 |
Samsung Electronics Co. Ltd. | 3.40 |
Alibaba Group Holding Ltd. | 2.72 |
Reliance Industries Ltd. | 1.10 |
Meituan Class B | 1.04 |
ICICI Bank Ltd. | 0.90 |
Infosys Ltd. | 0.76 |
Vale SA | 0.70 |
Baidu, Inc. Class A | 0.69 |
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 August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Country allocation as of August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations 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: 94.05% | ||||||
Brazil: 3.96% | ||||||
Ambev SA (Consumer staples, Beverages) | 65,500 | $183,060 | ||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 105,200 | 274,681 | ||||
Banco Bradesco SA (Financials, Banks) | 2,200 | 5,882 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 17,000 | 111,467 | ||||
Banco do Brasil SA (Financials, Banks) | 26,000 | 247,292 | ||||
Banco Santander Brasil SA (Financials, Banks) | 22,900 | 125,366 | ||||
BB Seguridade Participacoes SA (Financials, Insurance) | 22,900 | 140,488 | ||||
CCR SA (Industrials, Transportation infrastructure) | 16,000 | 40,258 | ||||
Cia de Saneamento Basico do Estado de Sao Paulo (Utilities, Water utilities) | 6,900 | 80,704 | ||||
Cia Siderurgica Nacional SA (Materials, Metals & mining) | 12,300 | 30,079 | ||||
CPFL Energia SA (Utilities, Electric utilities) | 10,300 | 71,030 | ||||
Energisa SA (Utilities, Electric utilities) | 11,100 | 103,333 | ||||
Engie Brasil Energia SA (Utilities, Independent power and renewable electricity producers) | 8,100 | 68,895 | ||||
Equatorial Energia SA (Utilities, Electric utilities) | 6,800 | 43,474 | ||||
JBS SA (Consumer staples, Food products) | 18,500 | 68,739 | ||||
Klabin SA (Materials, Containers & packaging) | 21,000 | 96,518 | ||||
Localiza Rent a Car SA (Industrials, Ground transportation) | 6,960 | 88,896 | ||||
Lojas Renner SA (Consumer discretionary, Specialty retail) | 4,400 | 14,243 | ||||
Magazine Luiza SA (Consumer discretionary, Broadline retail)† | 31,600 | 17,612 | ||||
Natura & Co. Holding SA (Consumer staples, Personal care products)† | 2,500 | 7,663 | ||||
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | 64,100 | 447,090 | ||||
PRIO SA (Energy, Oil, gas & consumable fuels)† | 6,700 | 62,805 | ||||
Raia Drogasil SA (Consumer staples, Consumer staples distribution & retail) | 26,936 | 149,474 | ||||
Rumo SA (Industrials, Ground transportation) | 12,100 | 54,611 | ||||
Sendas Distribuidora S/A (Consumer staples, Consumer staples distribution & retail) | 38,500 | 90,263 | ||||
Suzano SA (Materials, Paper & forest products) | 12,800 | 129,627 | ||||
Telefonica Brasil SA (Communication services, Diversified telecommunication services) | 5,455 | 45,550 | ||||
TIM SA (Communication services, Wireless telecommunication services) | 12,600 | 36,665 | ||||
TOTVS SA (Information technology, Software) | 2,700 | 15,125 | ||||
Ultrapar Participacoes SA (Energy, Oil, gas & consumable fuels) | 41,500 | 152,187 | ||||
Vale SA (Materials, Metals & mining) | 56,500 | 742,525 | ||||
Vibra Energia SA (Consumer discretionary, Specialty retail) | 60,000 | 223,665 | ||||
WEG SA (Industrials, Electrical equipment) | 31,900 | 231,131 | ||||
4,200,398 | ||||||
Chile: 0.72% | ||||||
Banco de Chile (Financials, Banks) | 1,539,963 | 167,983 | ||||
Banco de Credito e Inversiones SA (Financials, Banks) | 2,089 | 60,097 | ||||
Banco Santander Chile (Financials, Banks) | 1,560,210 | 74,665 | ||||
Cencosud SA (Consumer staples, Consumer staples distribution & retail) | 85,288 | 182,567 | ||||
Cia Cervecerias Unidas SA (Consumer staples, Beverages) | 6,676 | 49,340 | ||||
Empresas CMPC SA (Materials, Paper & forest products) | 21,260 | 38,602 | ||||
Enel Chile SA (Utilities, Electric utilities) | 2,689,667 | 181,243 | ||||
Falabella SA (Consumer discretionary, Broadline retail) | 3,484 | 8,582 | ||||
763,079 |
Shares | Value | |||||
China: 29.03% | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd. Class A (Communication services, Entertainment) | 41,600 | $140,831 | ||||
3SBio, Inc. (Health care, Biotechnology)144A† | 247,500 | 207,030 | ||||
AAC Technologies Holdings, Inc. (Information technology, Electronic equipment, instruments & components)† | 15,500 | 30,042 | ||||
Agricultural Bank of China Ltd. Class H (Financials, Banks) | 299,000 | 102,560 | ||||
Airtac International Group (Industrials, Machinery)† | 2,000 | 57,777 | ||||
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail)† | 250,500 | 2,881,164 | ||||
Aluminum Corp. of China Ltd. Class A (Materials, Metals & mining) | 55,800 | 45,312 | ||||
Aluminum Corp. of China Ltd. Class H (Materials, Metals & mining) | 425,334 | 205,553 | ||||
Amlogic Shanghai Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 1,327 | 15,942 | ||||
Anhui Conch Cement Co. Ltd. Class H (Materials, Construction materials) | 37,000 | 102,852 | ||||
Anhui Gujing Distillery Co. Ltd. Class B (Consumer staples, Beverages) | 8,413 | 139,953 | ||||
ANTA Sports Products Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 8,600 | 96,885 | ||||
Autobio Diagnostics Co. Ltd. Class A (Health care, Health care equipment & supplies) | 5,100 | 32,075 | ||||
AviChina Industry & Technology Co. Ltd. Class H (Industrials, Aerospace & defense) | 49,000 | 21,993 | ||||
Baidu, Inc. Class A (Communication services, Interactive media & services)† | 40,950 | 727,898 | ||||
Bank of Beijing Co. Ltd. Class A (Financials, Banks) | 16,500 | 10,117 | ||||
Bank of Changsha Co. Ltd. Class A (Financials, Banks) | 33,400 | 37,248 | ||||
Bank of China Ltd. Class A (Financials, Banks) | 69,900 | 35,956 | ||||
Bank of China Ltd. Class H (Financials, Banks) | 1,451,000 | 492,156 | ||||
Bank of Communications Co. Ltd. Class A (Financials, Banks) | 66,700 | 50,778 | ||||
Bank of Communications Co. Ltd. Class H (Financials, Banks) | 225,000 | 128,820 | ||||
Bank of Suzhou Co. Ltd. Class A (Financials, Banks) | 15,800 | 14,608 | ||||
BeiGene Ltd. (Health care, Biotechnology)† | 17,300 | 280,600 | ||||
Beijing E-Hualu Information Technology Co. Ltd. Class A (Information technology, Software)† | 5,100 | 21,099 | ||||
Beijing Kingsoft Office Software, Inc. Class A (Information technology, Software) | 252 | 13,640 | ||||
Beijing Tiantan Biological Products Corp. Ltd. Class A (Health care, Biotechnology) | 33,700 | 116,028 | ||||
Beijing United Information Technology Co. Ltd. Class A (Industrials, Trading companies & distributors) | 5,975 | 29,596 | ||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A (Health care, Biotechnology) | 6,995 | 47,870 | ||||
Beijing Yanjing Brewery Co. Ltd. Class A (Consumer staples, Beverages) | 8,200 | 11,675 | ||||
BGI Genomics Co. Ltd. Class A (Health care, Biotechnology) | 19,322 | 142,380 | ||||
Bilibili, Inc. Class Z (Communication services, Entertainment)† | 4,020 | 60,128 | ||||
Bloomage Biotechnology Corp. Ltd. Class A (Health care, Biotechnology) | 1,129 | 14,334 | ||||
BYD Co. Ltd. Class H (Consumer discretionary, Automobiles) | 10,500 | 329,098 | ||||
By-health Co. Ltd. Class A (Consumer staples, Personal care products) | 28,600 | 75,833 | ||||
Canmax Technologies Co. Ltd. Class A (Materials, Chemicals) | 880 | 3,259 | ||||
CGN Power Co. Ltd. Class H (Utilities, Independent power and renewable electricity producers)144A | 740,000 | 184,945 | ||||
China Cinda Asset Management Co. Ltd. Class H (Financials, Capital markets) | 1,157,000 | 113,600 | ||||
China CITIC Bank Corp. Ltd. Class H (Financials, Banks) | 532,000 | 236,750 | ||||
China Coal Energy Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 99,000 | 67,537 | ||||
China Communications Services Corp. Ltd. Class H (Industrials, Construction & engineering) | 274,000 | 123,333 |
Shares | Value | |||||
China (continued) | ||||||
China Construction Bank Corp. Class A (Financials, Banks) | 139,800 | $115,059 | ||||
China Construction Bank Corp. Class H (Financials, Banks) | 1,093,000 | 585,360 | ||||
China Feihe Ltd. (Consumer staples, Food products)144A | 18,000 | 10,833 | ||||
China Galaxy Securities Co. Ltd. Class H (Financials, Capital markets) | 202,000 | 108,697 | ||||
China Hongqiao Group Ltd. (Materials, Metals & mining) | 23,000 | 22,934 | ||||
China International Capital Corp. Ltd. Class H (Financials, Capital markets)144A | 43,600 | 83,838 | ||||
China Lesso Group Holdings Ltd. (Industrials, Building products)† | 90,000 | 49,577 | ||||
China Life Insurance Co. Ltd. Class H (Financials, Insurance) | 123,000 | 186,640 | ||||
China Literature Ltd. (Communication services, Media)144A† | 600 | 2,410 | ||||
China Longyuan Power Group Corp. Ltd. Class H (Utilities, Independent power and renewable electricity producers) | 28,000 | 22,172 | ||||
China Medical System Holdings Ltd. (Health care, Pharmaceuticals) | 36,000 | 51,964 | ||||
China Meheco Co. Ltd. Class A (Health care, Health care providers & services) | 28,300 | 48,563 | ||||
China Meidong Auto Holdings Ltd. (Consumer discretionary, Specialty retail) | 46,000 | 34,666 | ||||
China Mengniu Dairy Co. Ltd. (Consumer staples, Food products)† | 2,334 | 7,857 | ||||
China Merchants Bank Co. Ltd. Class A (Financials, Banks) | 6,700 | 28,996 | ||||
China Merchants Bank Co. Ltd. Class H (Financials, Banks) | 75,500 | 298,444 | ||||
China Minsheng Banking Corp. Ltd. Class A (Financials, Banks) | 34,500 | 17,888 | ||||
China Minsheng Banking Corp. Ltd. Class H (Financials, Banks) | 190,000 | 61,053 | ||||
China National Building Material Co. Ltd. Class H (Materials, Construction materials) | 240,000 | 122,106 | ||||
China National Medicines Corp. Ltd. Class A (Health care, Health care providers & services) | 40,200 | 179,489 | ||||
China National Software & Service Co. Ltd. Class A (Information technology, Software) | 6,010 | 35,614 | ||||
China Oilfield Services Ltd. Class H (Energy, Energy equipment & services) | 66,000 | 74,817 | ||||
China Overseas Property Holdings Ltd. (Real estate, Real estate management & development) | 65,000 | 77,662 | ||||
China Pacific Insurance Group Co. Ltd. Class H (Financials, Insurance) | 8,000 | 18,321 | ||||
China Petroleum & Chemical Corp. Class A (Energy, Oil, gas & consumable fuels) | 16,300 | 13,572 | ||||
China Petroleum & Chemical Corp. Class H (Energy, Oil, gas & consumable fuels) | 486,000 | 284,448 | ||||
China Railway Group Ltd. Class H (Industrials, Construction & engineering) | 167,000 | 88,373 | ||||
China Rare Earth Resources & Technology Co. Ltd. Class A (Materials, Metals & mining) | 6,900 | 27,060 | ||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 28,000 | 118,357 | ||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals) | 10,300 | 67,224 | ||||
China Shenhua Energy Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 53,000 | 154,424 | ||||
China Tourism Group Duty Free Corp. Ltd. Class H (Consumer discretionary, Specialty retail)144A† | 5,200 | 69,821 | ||||
China Tower Corp. Ltd. Class H (Communication services, Diversified telecommunication services)144A | 1,054,000 | 102,143 | ||||
China Vanke Co. Ltd. Class H (Real estate, Real estate management & development) | 136,600 | 159,377 | ||||
Chinasoft International Ltd. (Information technology, IT services)† | 92,000 | 61,002 | ||||
Chongqing Rural Commercial Bank Co. Ltd. Class A (Financials, Banks) | 53,800 | 27,748 | ||||
Chongqing Zhifei Biological Products Co. Ltd. Class A (Health care, Biotechnology) | 4,950 | 30,012 | ||||
CMOC Group Ltd. Class H (Materials, Metals & mining) | 132,000 | 78,941 | ||||
COSCO SHIPPING Energy Transportation Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 74,000 | 77,563 | ||||
COSCO SHIPPING Holdings Co. Ltd. Class H (Industrials, Marine transportation) | 168,675 | 173,141 |
Shares | Value | |||||
China (continued) | ||||||
COSCO SHIPPING Ports Ltd. (Industrials, Transportation infrastructure) | 98,000 | $60,357 | ||||
Country Garden Holdings Co. Ltd. (Real estate, Real estate management & development)† | 86,000 | 9,760 | ||||
Country Garden Services Holdings Co. Ltd. (Real estate, Real estate management & development) | 97,000 | 111,566 | ||||
CRRC Corp. Ltd. Class A (Industrials, Machinery) | 30,200 | 24,607 | ||||
CRRC Corp. Ltd. Class H (Industrials, Machinery) | 392,000 | 192,942 | ||||
Daan Gene Co. Ltd. Class A (Health care, Biotechnology) | 99,940 | 128,726 | ||||
Daqin Railway Co. Ltd. Class A (Industrials, Ground transportation) | 121,900 | 119,221 | ||||
DaShenLin Pharmaceutical Group Co. Ltd. Class A (Consumer staples, Consumer staples distribution & retail) | 11,140 | 40,632 | ||||
Datang International Power Generation Co. Ltd. Class A (Utilities, Independent power and renewable electricity producers) | 14,100 | 5,377 | ||||
Dong-E-E-Jiao Co. Ltd. Class A (Health care, Pharmaceuticals) | 4,400 | 31,282 | ||||
Dongfang Electric Corp. Ltd. Class A (Industrials, Electrical equipment) | 7,200 | 16,572 | ||||
Dongfeng Motor Group Co. Ltd. Class H (Consumer discretionary, Automobiles) | 398,000 | 146,160 | ||||
Dongyue Group Ltd. (Materials, Chemicals) | 97,000 | 83,365 | ||||
East Buy Holding Ltd. (Consumer discretionary, Diversified consumer services)144A† | 15,000 | 76,030 | ||||
ENN Energy Holdings Ltd. (Utilities, Gas utilities) | 3,000 | 23,526 | ||||
Flat Glass Group Co. Ltd. Class H (Information technology, Semiconductors & semiconductor equipment)† | 30,000 | 74,518 | ||||
Focus Media Information Technology Co. Ltd. Class A (Communication services, Media)† | 24,600 | 25,983 | ||||
Foxconn Industrial Internet Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 16,000 | 48,086 | ||||
Fuyao Glass Industry Group Co. Ltd. Class H (Consumer discretionary, Automobile components)144A | 13,200 | 59,752 | ||||
Ganfeng Lithium Group Co. Ltd. Class H (Materials, Chemicals)144A | 23,600 | 112,849 | ||||
G-bits Network Technology Xiamen Co. Ltd. Class A (Communication services, Entertainment) | 2,600 | 148,970 | ||||
GCL Technology Holdings Ltd. (Information technology, Semiconductors & semiconductor equipment)† | 182,000 | 31,562 | ||||
Giant Network Group Co. Ltd. Class A (Communication services, Entertainment)† | 49,800 | 99,734 | ||||
GoodWe Technologies Co. Ltd. Class A (Industrials, Electrical equipment) | 309 | 5,867 | ||||
Great Wall Motor Co. Ltd. Class H (Consumer discretionary, Automobiles) | 72,000 | 85,383 | ||||
Greenland Holdings Corp. Ltd. Class A (Real estate, Real estate management & development)† | 38,500 | 15,474 | ||||
Greentown China Holdings Ltd. (Real estate, Real estate management & development) | 64,000 | 76,059 | ||||
Greentown Service Group Co. Ltd. (Real estate, Real estate management & development) | 76,000 | 35,469 | ||||
Guangzhou Automobile Group Co. Ltd. Class H (Consumer discretionary, Automobiles) | 112,400 | 59,193 | ||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. Class A (Health care, Health care providers & services) | 12,500 | 53,016 | ||||
Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A (Health care, Health care providers & services) | 3,900 | 31,916 | ||||
Haidilao International Holding Ltd. (Consumer discretionary, Hotels, restaurants & leisure)144A | 41,000 | 111,618 |
Shares | Value | |||||
China (continued) | ||||||
Haier Smart Home Co. Ltd. Class H (Consumer discretionary, Household durables) | 28,000 | $86,581 | ||||
Haitian International Holdings Ltd. (Industrials, Machinery)† | 25,000 | 53,683 | ||||
Hangzhou Tigermed Consulting Co. Ltd. Class A (Health care, Life sciences tools & services) | 2,800 | 25,572 | ||||
Hangzhou Tigermed Consulting Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 31,000 | 168,986 | ||||
Hebei Yangyuan Zhihui Beverage Co. Ltd. Class A (Consumer staples, Food products) | 16,800 | 56,575 | ||||
Henan Shenhuo Coal & Power Co. Ltd. Class A (Materials, Metals & mining) | 29,300 | 63,823 | ||||
Henan Shuanghui Investment & Development Co. Ltd. Class A (Consumer staples, Food products) | 9,300 | 34,265 | ||||
Hengan International Group Co. Ltd. (Consumer staples, Personal care products) | 6,000 | 22,264 | ||||
Hengyi Petrochemical Co. Ltd. Class A (Materials, Chemicals)† | 6,400 | 6,733 | ||||
Hithink RoyalFlush Information Network Co. Ltd. Class A (Financials, Capital markets) | 2,900 | 66,571 | ||||
Huadian Power International Corp. Ltd. Class A (Utilities, Independent power and renewable electricity producers) | 128,600 | 89,965 | ||||
Hualan Biological Engineering, Inc. Class A (Health care, Biotechnology) | 10,800 | 31,451 | ||||
Huaneng Power International, Inc. Class A (Utilities, Independent power and renewable electricity producers)† | 16,800 | 18,781 | ||||
Huaneng Power International, Inc. Class H (Utilities, Independent power and renewable electricity producers)† | 289,334 | 144,624 | ||||
Huaxia Bank Co. Ltd. Class A (Financials, Banks) | 35,600 | 27,053 | ||||
Hubei Jumpcan Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals) | 13,300 | 47,762 | ||||
Humanwell Healthcare Group Co. Ltd. Class A (Health care, Pharmaceuticals) | 34,500 | 110,548 | ||||
Hunan Changyuan Lico Co. Ltd. Class A (Materials, Chemicals) | 41,262 | 53,260 | ||||
Hunan Valin Steel Co. Ltd. Class A (Materials, Metals & mining) | 54,200 | 44,013 | ||||
Hundsun Technologies, Inc. Class A (Information technology, Software) | 2,100 | 10,370 | ||||
Imeik Technology Development Co. Ltd. Class A (Health care, Biotechnology) | 100 | 6,015 | ||||
Industrial & Commercial Bank of China Ltd. Class H (Financials, Banks) | 927,000 | 425,536 | ||||
Inner Mongolia Yitai Coal Co. Ltd. Class B (Energy, Oil, gas & consumable fuels)† | 50,800 | 67,716 | ||||
Isoftstone Information Technology Group Co. Ltd. Class A (Information technology, IT services)† | 5,000 | 14,156 | ||||
JCET Group Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 19,700 | 88,094 | ||||
JD.com, Inc. Class A (Consumer discretionary, Broadline retail)† | 35,635 | 585,257 | ||||
Jiangsu Expressway Co. Ltd. Class H (Industrials, Transportation infrastructure) | 194,000 | 175,141 | ||||
Jiangsu Pacific Quartz Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 1,300 | 17,058 | ||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A (Health care, Health care equipment & supplies) | 19,900 | 92,564 | ||||
Jiangsu Zhongtian Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 3,000 | 5,996 | ||||
Jiangxi Copper Co. Ltd. Class A (Materials, Metals & mining) | 29,200 | 75,702 | ||||
Jiangxi Copper Co. Ltd. Class H (Materials, Metals & mining) | 131,000 | 204,459 | ||||
Jiangxi Special Electric Motor Co. Ltd. Class A (Industrials, Electrical equipment)† | 23,400 | 29,145 | ||||
Jiumaojiu International Holdings Ltd. (Consumer discretionary, Hotels, restaurants & leisure)144A | 24,000 | 38,499 | ||||
Jizhong Energy Resources Co. Ltd. Class A (Energy, Oil, gas & consumable fuels) | 4,800 | 4,016 | ||||
Joincare Pharmaceutical Group Industry Co. Ltd. Class A (Health care, Pharmaceuticals) | 12,500 | 19,547 |
Shares | Value | |||||
China (continued) | ||||||
Joinn Laboratories China Co. Ltd. Class A (Health care, Life sciences tools & services) | 8,400 | $27,654 | ||||
Jointown Pharmaceutical Group Co. Ltd. Class A (Health care, Health care providers & services) | 121,729 | 172,486 | ||||
Kingboard Holdings Ltd. (Information technology, Electronic equipment, instruments & components) | 39,000 | 88,519 | ||||
Kuaishou Technology (Communication services, Interactive media & services)144A† | 38,800 | 317,629 | ||||
Kunlun Energy Co. Ltd. (Utilities, Gas utilities) | 100,000 | 73,192 | ||||
Kunlun Tech Co. Ltd. Class A (Communication services, Entertainment)† | 19,300 | 95,783 | ||||
Kweichow Moutai Co. Ltd. Class A (Consumer staples, Beverages) | 700 | 177,348 | ||||
Lepu Medical Technology Beijing Co. Ltd. Class A (Health care, Health care equipment & supplies) | 31,100 | 69,067 | ||||
Li Auto, Inc. Class A (Consumer discretionary, Automobiles)† | 14,700 | 302,909 | ||||
Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 15,000 | 70,865 | ||||
Lingyi iTech Guangdong Co. Class A (Information technology, Electronic equipment, instruments & components)† | 24,800 | 20,479 | ||||
Livzon Pharmaceutical Group, Inc. Class A (Health care, Pharmaceuticals) | 12,000 | 56,624 | ||||
Longfor Group Holdings Ltd. (Real estate, Real estate management & development)144A | 49,500 | 104,272 | ||||
Luxi Chemical Group Co. Ltd. Class A (Materials, Chemicals) | 52,800 | 73,657 | ||||
Meituan Class B (Consumer discretionary, Hotels, restaurants & leisure)144A† | 67,160 | 1,100,443 | ||||
Minth Group Ltd. (Consumer discretionary, Automobile components) | 4,000 | 11,859 | ||||
NetEase, Inc. (Communication services, Entertainment) | 27,200 | 568,115 | ||||
New Oriental Education & Technology Group, Inc. (Consumer discretionary, Diversified consumer services)† | 22,800 | 123,124 | ||||
PDD Holdings, Inc. ADR (Consumer discretionary, Broadline retail)† | 2,468 | 244,258 | ||||
People’s Insurance Co. Group of China Ltd. Class H (Financials, Insurance)† | 521,000 | 177,379 | ||||
Perfect World Co. Ltd. Class A (Communication services, Entertainment) | 63,900 | 121,223 | ||||
PetroChina Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 420,000 | 303,123 | ||||
Pharmaron Beijing Co. Ltd. Class A (Health care, Life sciences tools & services) | 8,050 | 32,906 | ||||
Pharmaron Beijing Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 76,875 | 179,387 | ||||
PICC Property & Casualty Co. Ltd. Class H (Financials, Insurance) | 164,000 | 188,627 | ||||
Ping An Insurance Group Co. of China Ltd. Class H (Financials, Insurance) | 72,000 | 431,044 | ||||
Postal Savings Bank of China Co. Ltd. Class H (Financials, Banks)144A | 163,000 | 80,436 | ||||
Risen Energy Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 1,800 | 4,958 | ||||
SDIC Power Holdings Co. Ltd. Class A (Utilities, Independent power and renewable electricity producers) | 11,800 | 20,573 | ||||
Seazen Holdings Co. Ltd. Class A (Real estate, Real estate management & development)† | 22,200 | 44,155 | ||||
Shandong Hualu Hengsheng Chemical Co. Ltd. Class A (Materials, Chemicals) | 7,900 | 35,869 | ||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health care, Health care equipment & supplies) | 44,000 | 43,762 | ||||
Shanghai Aiko Solar Energy Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment)† | 16,280 | 49,598 | ||||
Shanghai Baosight Software Co. Ltd. Class A (Information technology, Software) | 6,531 | 42,939 | ||||
Shanghai Baosight Software Co. Ltd. Class B (Information technology, Software) | 108,680 | 246,812 | ||||
Shanghai Fudan Microelectronics Group Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 1,684 | 12,208 |
Shares | Value | |||||
China (continued) | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd. Class H (Information technology, Semiconductors & semiconductor equipment) | 45,000 | $107,876 | ||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B (Real estate, Real estate management & development) | 74,961 | 30,734 | ||||
Shanghai M&G Stationery, Inc. Class A (Industrials, Commercial services & supplies) | 7,400 | 38,268 | ||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class A (Health care, Health care providers & services) | 21,200 | 51,995 | ||||
Shanghai Pharmaceuticals Holding Co. Ltd. Class H (Health care, Health care providers & services) | 44,700 | 73,528 | ||||
Shanghai RAAS Blood Products Co. Ltd. Class A (Health care, Biotechnology) | 119,700 | 116,741 | ||||
Shanxi Coal International Energy Group Co. Ltd. Class A (Industrials, Trading companies & distributors) | 67,200 | 155,136 | ||||
Shenergy Co. Ltd. Class A (Utilities, Independent power and renewable electricity producers) | 46,800 | 41,856 | ||||
Shenzhen International Holdings Ltd. (Industrials, Transportation infrastructure) | 51,500 | 36,643 | ||||
Shenzhen Kstar Science & Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 21,900 | 90,962 | ||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care equipment & supplies) | 500 | 18,518 | ||||
Shenzhen New Industries Biomedical Engineering Co. Ltd. Class A (Health care, Health care equipment & supplies) | 7,000 | 58,361 | ||||
Shenzhen SED Industry Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 19,400 | 73,074 | ||||
Shenzhen Transsion Holdings Co. Ltd. Class A (Information technology, Technology hardware, storage & peripherals) | 2,007 | 40,420 | ||||
Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 3,800 | 39,006 | ||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals) | 15,700 | 50,114 | ||||
Sichuan Kelun Pharmaceutical Co. Ltd. Class A (Health care, Pharmaceuticals) | 12,300 | 45,723 | ||||
Sichuan Yahua Industrial Group Co. Ltd. Class A (Materials, Chemicals) | 2,000 | 4,299 | ||||
Sieyuan Electric Co. Ltd. Class A (Industrials, Electrical equipment) | 1,900 | 13,339 | ||||
Silergy Corp. (Information technology, Semiconductors & semiconductor equipment) | 3,000 | 27,036 | ||||
Sinopec Shanghai Petrochemical Co. Ltd. Class A (Materials, Chemicals)† | 96,100 | 39,942 | ||||
Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) | 79,200 | 229,753 | ||||
Tencent Holdings Ltd. (Communication services, Interactive media & services) | 98,700 | 4,090,292 | ||||
Tingyi Cayman Islands Holding Corp. (Consumer staples, Food products) | 28,000 | 41,131 | ||||
Toly Bread Co. Ltd. Class A (Consumer staples, Food products) | 25,980 | 31,075 | ||||
TongFu Microelectronics Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 10,300 | 28,808 | ||||
Tongling Nonferrous Metals Group Co. Ltd. Class A (Materials, Metals & mining) | 76,300 | 33,596 | ||||
Topsports International Holdings Ltd. (Consumer discretionary, Specialty retail)144A | 115,000 | 93,556 | ||||
TravelSky Technology Ltd. Class H (Consumer discretionary, Hotels, restaurants & leisure) | 53,000 | 95,020 | ||||
Trip.com Group Ltd. (Consumer discretionary, Hotels, restaurants & leisure)† | 9,200 | 362,963 | ||||
Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages) | 4,000 | 33,332 | ||||
Uni-President China Holdings Ltd. (Consumer staples, Food products) | 42,000 | 31,062 | ||||
Unisplendour Corp. Ltd. Class A (Information technology, Electronic equipment, instruments & components)† | 11,800 | 43,589 |
Shares | Value | |||||
China (continued) | ||||||
Universal Scientific Industrial Shanghai Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 8,400 | $16,995 | ||||
Vipshop Holdings Ltd. ADR (Consumer discretionary, Broadline retail)† | 9,601 | 151,600 | ||||
Weibo Corp. ADR (Communication services, Interactive media & services) | 1,188 | 15,325 | ||||
Weichai Power Co. Ltd. Class H (Industrials, Machinery)† | 106,000 | 137,597 | ||||
Western Mining Co. Ltd. Class A (Materials, Metals & mining) | 13,600 | 23,841 | ||||
WUS Printed Circuit Kunshan Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 9,400 | 27,245 | ||||
WuXi AppTec Co. Ltd. Class A (Health care, Life sciences tools & services) | 2,100 | 23,477 | ||||
WuXi AppTec Co. Ltd. Class H (Health care, Life sciences tools & services)144A | 18,636 | 204,127 | ||||
Wuxi Biologics Cayman, Inc. (Health care, Life sciences tools & services)144A† | 47,500 | 267,410 | ||||
Xiamen C & D, Inc. Class A (Industrials, Trading companies & distributors) | 3,000 | 4,469 | ||||
Xiaomi Corp. Class B (Information technology, Technology hardware, storage & peripherals)144A† | 92,800 | 146,258 | ||||
Xinjiang Daqo New Energy Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) | 9,875 | 56,309 | ||||
Xinjiang Zhongtai Chemical Co. Ltd. Class A (Materials, Chemicals) | 12,500 | 11,522 | ||||
XPeng, Inc. Class A (Consumer discretionary, Automobiles)† | 9,700 | 90,972 | ||||
Yadea Group Holdings Ltd. (Consumer discretionary, Automobiles)144A | 8,000 | 15,383 | ||||
Yankuang Energy Group Co. Ltd. Class H (Energy, Oil, gas & consumable fuels) | 62,000 | 97,399 | ||||
Yifeng Pharmacy Chain Co. Ltd. Class A (Consumer staples, Consumer staples distribution & retail) | 1,620 | 7,902 | ||||
Yihai International Holding Ltd. (Consumer staples, Food products)† | 23,000 | 43,112 | ||||
Yonghui Superstores Co. Ltd. Class A (Consumer staples, Consumer staples distribution & retail)† | 116,300 | 51,368 | ||||
Youngor Group Co. Ltd. Class A (Real estate, Real estate management & development) | 46,300 | 44,139 | ||||
Youngy Co. Ltd. Class A (Materials, Metals & mining)† | 2,000 | 14,118 | ||||
Yunnan Aluminium Co. Ltd. Class A (Materials, Metals & mining) | 45,800 | 90,718 | ||||
Yunnan Tin Co. Ltd. Class A (Materials, Metals & mining) | 30,800 | 59,148 | ||||
Yunnan Yuntianhua Co. Ltd. Class A (Materials, Chemicals)† | 14,400 | 34,053 | ||||
Zai Lab Ltd. (Health care, Biotechnology)† | 38,200 | 102,047 | ||||
Zhefu Holding Group Co. Ltd. Class A (Industrials, Electrical equipment) | 74,900 | 40,583 | ||||
Zhejiang China Commodities City Group Co. Ltd. Class A (Real estate, Real estate management & development) | 6,800 | 7,667 | ||||
Zhejiang Expressway Co. Ltd. Class H (Industrials, Transportation infrastructure) | 190,000 | 141,973 | ||||
Zhejiang Supor Co. Ltd. Class A (Consumer discretionary, Household durables) | 6,300 | 41,143 | ||||
Zhejiang Weixing New Building Materials Co. Ltd. Class A (Industrials, Building products) | 7,500 | 20,792 | ||||
Zhejiang Zheneng Electric Power Co. Ltd. Class A (Utilities, Independent power and renewable electricity producers)† | 77,400 | 46,821 | ||||
Zhongjin Gold Corp. Ltd. Class A (Materials, Metals & mining) | 44,400 | 67,725 | ||||
Zhongsheng Group Holdings Ltd. (Consumer discretionary, Specialty retail) | 16,000 | 48,761 | ||||
Zhuzhou CRRC Times Electric Co. Ltd. (Industrials, Machinery) | 3,600 | 12,555 | ||||
Zijin Mining Group Co. Ltd. Class H (Materials, Metals & mining)† | 70,000 | 110,146 | ||||
ZTE Corp. Class H (Information technology, Communications equipment) | 41,400 | 133,295 | ||||
30,773,799 |
Shares | Value | |||||
Colombia: 0.06% | ||||||
Bancolombia SA (Financials, Banks) | 8,177 | $58,172 | ||||
Czech Republic: 0.25% | ||||||
Komercni Banka AS (Financials, Banks) | 4,903 | 153,413 | ||||
Moneta Money Bank AS (Financials, Banks)144A | 28,721 | 107,142 | ||||
260,555 | ||||||
Egypt: 0.05% | ||||||
Commercial International Bank Egypt SAE ADR (Financials, Banks) | 39,045 | 49,197 | ||||
Greece: 0.58% | ||||||
Alpha Services & Holdings SA (Financials, Banks)† | 37,516 | 63,319 | ||||
Eurobank Ergasias Services & Holdings SA Class A (Financials, Banks)† | 65,753 | 114,293 | ||||
FF Group (Consumer discretionary, Textiles, apparel & luxury goods)♦† | 3,820 | 0 | ||||
Hellenic Telecommunications Organization SA (Communication services, Diversified telecommunication services) | 1,504 | 22,506 | ||||
JUMBO SA (Consumer discretionary, Specialty retail) | 2,385 | 73,758 | ||||
Motor Oil Hellas Corinth Refineries SA (Energy, Oil, gas & consumable fuels) | 1,292 | 32,923 | ||||
Mytilineos SA (Industrials, Industrial conglomerates) | 1,267 | 51,438 | ||||
National Bank of Greece SA (Financials, Banks)† | 15,473 | 105,266 | ||||
OPAP SA (Consumer discretionary, Hotels, restaurants & leisure)† | 9,196 | 155,359 | ||||
618,862 | ||||||
Hong Kong: 0.84% | ||||||
Beijing Enterprises Holdings Ltd. (Utilities, Gas utilities) | 3,000 | 11,247 | ||||
China Everbright Environment Group Ltd. (Industrials, Commercial services & supplies) | 138,000 | 50,327 | ||||
China Jinmao Holdings Group Ltd. (Real estate, Real estate management & development) | 622,000 | 88,037 | ||||
China Merchants Port Holdings Co. Ltd. (Industrials, Transportation infrastructure) | 26,000 | 31,098 | ||||
China Overseas Land & Investment Ltd. (Real estate, Real estate management & development) | 22,000 | 46,399 | ||||
China Resources Beer Holdings Co. Ltd. (Consumer staples, Beverages) | 2,000 | 11,757 | ||||
China Resources Pharmaceutical Group Ltd. (Health care, Pharmaceuticals)144A | 153,000 | 102,230 | ||||
China Resources Power Holdings Co. Ltd. (Utilities, Independent power and renewable electricity producers) | 48,000 | 94,013 | ||||
China Taiping Insurance Holdings Co. Ltd. (Financials, Insurance) | 6,800 | 7,162 | ||||
China Traditional Chinese Medicine Holdings Co. Ltd. (Health care, Pharmaceuticals)† | 98,000 | 38,238 | ||||
CITIC Ltd. (Industrials, Industrial conglomerates) | 10,000 | 9,933 | ||||
CSPC Pharmaceutical Group Ltd. (Health care, Pharmaceuticals) | 52,000 | 39,121 | ||||
Far East Horizon Ltd. (Financials, Financial services) | 174,000 | 118,923 | ||||
Hua Hong Semiconductor Ltd. (Information technology, Semiconductors & semiconductor equipment)144A† | 7,000 | 18,298 | ||||
Kingboard Laminates Holdings Ltd. (Information technology, Electronic equipment, instruments & components) | 108,500 | 90,205 | ||||
Lenovo Group Ltd. (Information technology, Technology hardware, storage & peripherals) | 70,000 | 79,173 |
Shares | Value | |||||
Hong Kong (continued) | ||||||
Orient Overseas International Ltd. (Industrials, Marine transportation) | 3,500 | $46,950 | ||||
Yuexiu Property Co. Ltd. (Real estate, Real estate management & development) | 7,400 | 9,172 | ||||
892,283 | ||||||
Hungary: 0.38% | ||||||
MOL Hungarian Oil & Gas PLC (Energy, Oil, gas & consumable fuels) | 6,512 | 49,298 | ||||
OTP Bank Nyrt (Financials, Banks) | 5,964 | 243,638 | ||||
Richter Gedeon Nyrt (Health care, Pharmaceuticals) | 4,369 | 109,648 | ||||
402,584 | ||||||
India: 14.08% | ||||||
ABB India Ltd. (Industrials, Electrical equipment) | 1,839 | 97,331 | ||||
Apollo Hospitals Enterprise Ltd. (Health care, Health care providers & services) | 1,140 | 66,292 | ||||
Asian Paints Ltd. (Materials, Chemicals) | 4,189 | 164,759 | ||||
AU Small Finance Bank Ltd. (Financials, Banks)144A | 8,005 | 69,964 | ||||
Aurobindo Pharma Ltd. (Health care, Pharmaceuticals) | 9,229 | 92,528 | ||||
Avenue Supermarts Ltd. (Consumer staples, Consumer staples distribution & retail)144A† | 674 | 30,289 | ||||
Axis Bank Ltd. (Financials, Banks) | 45,008 | 529,258 | ||||
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 3,056 | 170,315 | ||||
Bajaj Finance Ltd. (Financials, Consumer finance) | 2,310 | 199,871 | ||||
Bajaj Finserv Ltd. (Financials, Financial services) | 2,424 | 43,595 | ||||
Bandhan Bank Ltd. (Financials, Banks)144A | 49,674 | 137,766 | ||||
Bank of Baroda (Financials, Banks) | 106,633 | 241,059 | ||||
Bharat Electronics Ltd. (Industrials, Aerospace & defense) | 78,966 | 127,053 | ||||
Bharat Petroleum Corp. Ltd. (Energy, Oil, gas & consumable fuels) | 9,581 | 39,413 | ||||
Bharti Airtel Ltd. (Communication services, Wireless telecommunication services) | 28,488 | 294,700 | ||||
Britannia Industries Ltd. (Consumer staples, Food products) | 3,343 | 180,413 | ||||
CG Power & Industrial Solutions Ltd. (Industrials, Electrical equipment) | 48,151 | 249,723 | ||||
Cholamandalam Investment & Finance Co. Ltd. (Financials, Consumer finance) | 6,887 | 93,327 | ||||
Cipla Ltd. (Health care, Pharmaceuticals) | 6,133 | 93,166 | ||||
Coal India Ltd. (Energy, Oil, gas & consumable fuels) | 27,605 | 76,710 | ||||
Colgate-Palmolive India Ltd. (Consumer staples, Personal care products) | 7,767 | 182,203 | ||||
Container Corp. Of India Ltd. (Industrials, Ground transportation) | 10,758 | 87,378 | ||||
Dabur India Ltd. (Consumer staples, Personal care products) | 1,078 | 7,202 | ||||
Divi’s Laboratories Ltd. (Health care, Life sciences tools & services) | 2,090 | 90,685 | ||||
DLF Ltd. (Real estate, Real estate management & development) | 3,465 | 21,099 | ||||
Dr Reddy’s Laboratories Ltd. (Health care, Pharmaceuticals) | 2,562 | 173,547 | ||||
Eicher Motors Ltd. (Consumer discretionary, Automobiles) | 2,549 | 102,734 | ||||
GAIL India Ltd. (Utilities, Gas utilities) | 67,785 | 94,162 | ||||
Godrej Consumer Products Ltd. (Consumer staples, Personal care products)† | 6,722 | 81,615 | ||||
Havells India Ltd. (Industrials, Electrical equipment) | 6,394 | 106,936 | ||||
HCL Technologies Ltd. (Information technology, IT services) | 22,370 | 316,731 | ||||
HDFC Life Insurance Co. Ltd. (Financials, Insurance)144A | 2,950 | 22,975 | ||||
Hero MotoCorp Ltd. (Consumer discretionary, Automobiles) | 4,848 | 170,759 | ||||
Hindalco Industries Ltd. (Materials, Metals & mining) | 18,308 | 101,695 | ||||
Hindustan Aeronautics Ltd. (Industrials, Aerospace & defense) | 3,644 | 171,679 | ||||
Hindustan Petroleum Corp. Ltd. (Energy, Oil, gas & consumable fuels) | 9,203 | 27,580 | ||||
Hindustan Unilever Ltd. (Consumer staples, Personal care products) | 10,869 | 328,888 |
Shares | Value | |||||
India (continued) | ||||||
ICICI Bank Ltd. (Financials, Banks) | 82,133 | $951,185 | ||||
ICICI Lombard General Insurance Co. Ltd. (Financials, Insurance)144A | 2,074 | 32,911 | ||||
Indian Hotels Co. Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 32,166 | 163,538 | ||||
Indian Oil Corp. Ltd. (Energy, Oil, gas & consumable fuels) | 74,585 | 80,273 | ||||
Indraprastha Gas Ltd. (Utilities, Gas utilities) | 13,934 | 78,720 | ||||
Info Edge India Ltd. (Communication services, Interactive media & services) | 1,107 | 57,920 | ||||
Infosys Ltd. (Information technology, IT services) | 46,772 | 810,991 | ||||
InterGlobe Aviation Ltd. (Industrials, Passenger airlines)144A† | 3,319 | 97,622 | ||||
ITC Ltd. (Consumer staples, Tobacco) | 57,900 | 307,522 | ||||
Jindal Steel & Power Ltd. (Materials, Metals & mining) | 18,763 | 155,138 | ||||
Jio Financial Services Ltd. (Financials, Financial services)† | 40,088 | 113,069 | ||||
JSW Steel Ltd. (Materials, Metals & mining) | 848 | 7,986 | ||||
Jubilant Foodworks Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 3,454 | 21,364 | ||||
Kotak Mahindra Bank Ltd. (Financials, Banks) | 16,337 | 347,071 | ||||
Larsen & Toubro Ltd. (Industrials, Construction & engineering) | 7,061 | 230,519 | ||||
LTIMindtree Ltd. (Information technology, IT services)144A | 960 | 60,223 | ||||
Lupin Ltd. (Health care, Pharmaceuticals) | 4,476 | 59,357 | ||||
Mahindra & Mahindra Ltd. (Consumer discretionary, Automobiles) | 14,156 | 269,385 | ||||
Marico Ltd. (Consumer staples, Food products) | 8,664 | 59,659 | ||||
Maruti Suzuki India Ltd. (Consumer discretionary, Automobiles) | 2,091 | 252,674 | ||||
MRF Ltd. (Consumer discretionary, Automobile components) | 70 | 91,900 | ||||
Muthoot Finance Ltd. (Financials, Consumer finance) | 8,768 | 133,485 | ||||
Nestle India Ltd. (Consumer staples, Food products) | 591 | 156,958 | ||||
NTPC Ltd. (Utilities, Independent power and renewable electricity producers) | 112,428 | 299,179 | ||||
Oil & Natural Gas Corp. Ltd. (Energy, Oil, gas & consumable fuels) | 86,756 | 182,501 | ||||
Petronet LNG Ltd. (Energy, Oil, gas & consumable fuels) | 44,310 | 115,236 | ||||
PI Industries Ltd. (Materials, Chemicals) | 1,899 | 83,228 | ||||
Pidilite Industries Ltd. (Materials, Chemicals) | 1,136 | 34,511 | ||||
Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 88,027 | 260,031 | ||||
Reliance Industries Ltd. (Energy, Oil, gas & consumable fuels) | 40,088 | 1,165,554 | ||||
Samvardhana Motherson International Ltd. (Consumer discretionary, Automobile components) | 8,568 | 9,915 | ||||
SBI Life Insurance Co. Ltd. (Financials, Insurance)144A | 43 | 671 | ||||
Shree Cement Ltd. (Materials, Construction materials) | 4 | 1,150 | ||||
Shriram Finance Ltd. (Financials, Consumer finance) | 7,092 | 165,191 | ||||
Siemens Ltd. (Industrials, Industrial conglomerates) | 1,207 | 57,183 | ||||
SRF Ltd. (Materials, Chemicals) | 958 | 27,269 | ||||
State Bank of India (Financials, Banks) | 39,181 | 265,675 | ||||
Sun Pharmaceutical Industries Ltd. (Health care, Pharmaceuticals) | 8,827 | 118,523 | ||||
Tata Consultancy Services Ltd. (Information technology, IT services) | 14,335 | 581,253 | ||||
Tata Elxsi Ltd. (Information technology, Software) | 430 | 37,642 | ||||
Tata Motors Ltd. (Consumer discretionary, Automobiles) | 31,915 | 231,692 | ||||
Tata Power Co. Ltd. (Utilities, Electric utilities) | 5,690 | 16,846 | ||||
Tata Steel Ltd. (Materials, Metals & mining) | 108,234 | 160,678 | ||||
Tech Mahindra Ltd. (Information technology, IT services) | 11,224 | 162,958 | ||||
Titan Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 4,637 | 173,886 | ||||
Torrent Pharmaceuticals Ltd. (Health care, Pharmaceuticals) | 3,493 | 77,741 | ||||
Tube Investments of India Ltd. (Consumer discretionary, Automobile components) | 5,289 | 185,306 | ||||
TVS Motor Co. Ltd. (Consumer discretionary, Automobiles) | 6,120 | 104,967 |
Shares | Value | |||||
India (continued) | ||||||
UltraTech Cement Ltd. (Materials, Construction materials) | 2,137 | $214,186 | ||||
United Spirits Ltd. (Consumer staples, Beverages)† | 10,725 | 130,529 | ||||
UPL Ltd. (Materials, Chemicals) | 10,040 | 71,692 | ||||
Varun Beverages Ltd. (Consumer staples, Beverages) | 13,164 | 143,031 | ||||
Vedanta Ltd. (Materials, Metals & mining) | 44,154 | 123,897 | ||||
Yes Bank Ltd. (Financials, Banks)† | 473,248 | 96,037 | ||||
14,923,028 | ||||||
Indonesia: 2.41% | ||||||
Adaro Energy Indonesia Tbk PT (Energy, Oil, gas & consumable fuels) | 263,100 | 46,125 | ||||
Aneka Tambang Tbk PT (Materials, Metals & mining) | 900,800 | 117,701 | ||||
Astra International Tbk PT (Industrials, Industrial conglomerates) | 353,800 | 149,837 | ||||
Bank Central Asia Tbk PT (Financials, Banks) | 857,200 | 516,402 | ||||
Bank Mandiri Persero Tbk PT (Financials, Banks) | 750,200 | 296,780 | ||||
Bank Negara Indonesia Persero Tbk PT (Financials, Banks) | 296,500 | 178,620 | ||||
Bank Rakyat Indonesia Persero Tbk PT (Financials, Banks)† | 1,190,800 | 433,942 | ||||
Charoen Pokphand Indonesia Tbk PT (Consumer staples, Food products)† | 20,200 | 6,864 | ||||
Hanson International Tbk PT (Real estate, Real estate management & development)♦† | 10,045,000 | 0 | ||||
Indofood CBP Sukses Makmur Tbk PT (Consumer staples, Food products) | 89,500 | 65,817 | ||||
Indofood Sukses Makmur Tbk PT (Consumer staples, Food products) | 272,100 | 126,849 | ||||
Kalbe Farma Tbk PT (Health care, Pharmaceuticals) | 1,393,900 | 166,115 | ||||
Semen Indonesia Persero Tbk PT (Materials, Construction materials) | 114,400 | 51,078 | ||||
Sumber Alfaria Trijaya Tbk PT (Consumer staples, Consumer staples distribution & retail) | 1,038,000 | 197,649 | ||||
Telkom Indonesia Persero Tbk PT (Communication services, Diversified telecommunication services) | 775,700 | 189,978 | ||||
Unilever Indonesia Tbk PT (Consumer staples, Household products) | 43,200 | 10,410 | ||||
2,554,167 | ||||||
Kuwait: 1.06% | ||||||
Agility Public Warehousing Co. KSC (Industrials, Air freight & logistics)† | 89,503 | 166,956 | ||||
Gulf Bank KSCP (Financials, Banks) | 155,921 | 127,468 | ||||
Kuwait Finance House KSCP (Financials, Banks) | 115,465 | 279,064 | ||||
Mabanee Co. KPSC (Real estate, Real estate management & development) | 27,455 | 74,460 | ||||
Mobile Telecommunications Co. KSCP (Communication services, Wireless telecommunication services) | 51,462 | 85,144 | ||||
National Bank of Kuwait SAKP (Financials, Banks) | 132,398 | 395,154 | ||||
1,128,246 | ||||||
Luxembourg: 0.05% | ||||||
Reinet Investments SCA (Financials, Capital markets) | 2,654 | 56,829 | ||||
Malaysia: 2.03% | ||||||
AMMB Holdings Bhd (Financials, Banks) | 181,000 | 145,611 | ||||
CIMB Group Holdings Bhd (Financials, Banks) | 138,600 | 168,014 | ||||
Gamuda Bhd (Industrials, Construction & engineering) | 114,300 | 110,965 | ||||
Genting Bhd (Consumer discretionary, Hotels, restaurants & leisure) | 128,500 | 121,095 | ||||
Genting Malaysia Bhd (Consumer discretionary, Hotels, restaurants & leisure) | 85,100 | 47,141 |
Shares | Value | |||||
Malaysia (continued) | ||||||
Hong Leong Bank Bhd (Financials, Banks) | 5,800 | $24,956 | ||||
Hong Leong Financial Group Bhd (Financials, Banks) | 17,967 | 70,551 | ||||
Inari Amertron Bhd (Information technology, Semiconductors & semiconductor equipment) | 93,000 | 63,263 | ||||
IOI Corp. Bhd (Consumer staples, Food products) | 134,900 | 117,207 | ||||
Kuala Lumpur Kepong Bhd (Consumer staples, Food products) | 12,400 | 57,588 | ||||
Malayan Banking Bhd (Financials, Banks) | 85,300 | 167,442 | ||||
Malaysia Airports Holdings Bhd (Industrials, Transportation infrastructure)† | 46,600 | 73,997 | ||||
Maxis Bhd (Communication services, Wireless telecommunication services) | 102,900 | 88,959 | ||||
Nestle Malaysia Bhd (Consumer staples, Food products) | 300 | 8,438 | ||||
Petronas Chemicals Group Bhd (Materials, Chemicals) | 7,700 | 11,817 | ||||
Petronas Dagangan Bhd (Energy, Oil, gas & consumable fuels) | 2,500 | 11,961 | ||||
PPB Group Bhd (Consumer staples, Food products) | 9,200 | 31,169 | ||||
Press Metal Aluminium Holdings Bhd (Materials, Metals & mining) | 11,400 | 11,917 | ||||
Public Bank Bhd (Financials, Banks) | 158,800 | 144,751 | ||||
QL Resources Bhd (Consumer staples, Food products) | 97,700 | 113,703 | ||||
RHB Bank Bhd (Financials, Banks) | 64,000 | 77,363 | ||||
Sime Darby Bhd (Industrials, Industrial conglomerates) | 251,500 | 124,506 | ||||
Sime Darby Plantation Bhd (Consumer staples, Food products) | 45,300 | 42,988 | ||||
Telekom Malaysia Bhd (Communication services, Diversified telecommunication services) | 62,300 | 68,524 | ||||
Tenaga Nasional Bhd (Utilities, Electric utilities) | 64,800 | 137,437 | ||||
Top Glove Corp. Bhd (Health care, Health care equipment & supplies)† | 642,550 | 106,002 | ||||
2,147,365 | ||||||
Mexico: 3.01% | ||||||
Alfa SAB de CV Class A (Industrials, Industrial conglomerates) | 179,200 | 118,657 | ||||
America Movil SAB de CV (Communication services, Wireless telecommunication services) | 405,623 | 390,148 | ||||
Arca Continental SAB de CV (Consumer staples, Beverages) | 12,500 | 122,064 | ||||
Banco del Bajio SA (Financials, Banks)144A | 48,100 | 151,433 | ||||
Cemex SAB de CV (Materials, Construction materials)† | 264,000 | 210,420 | ||||
Coca-Cola Femsa SAB de CV (Consumer staples, Beverages) | 23,480 | 199,264 | ||||
Fibra Uno Administracion SA de CV (Real estate, Diversified REITs) | 39,100 | 56,779 | ||||
Fomento Economico Mexicano SAB de CV (Consumer staples, Beverages) | 34,900 | 390,746 | ||||
Gruma SAB de CV Class B (Consumer staples, Food products) | 2,475 | 41,169 | ||||
Grupo Aeroportuario del Pacifico SAB de CV Class B (Industrials, Transportation infrastructure) | 5,200 | 95,086 | ||||
Grupo Aeroportuario del Sureste SAB de CV Class B (Industrials, Transportation infrastructure) | 5,050 | 137,472 | ||||
Grupo Bimbo SAB de CV Class A (Consumer staples, Food products) | 27,000 | 132,843 | ||||
Grupo Carso SAB de CV (Industrials, Industrial conglomerates) | 2,300 | 18,181 | ||||
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 42,500 | 360,753 | ||||
Grupo Financiero Inbursa SAB de CV Class O (Financials, Banks)† | 35,000 | 78,414 | ||||
Grupo Mexico SAB de CV Class B (Materials, Metals & mining) | 32,800 | 156,781 | ||||
Kimberly-Clark de Mexico SAB de CV Class A (Consumer staples, Household products) | 28,300 | 63,735 | ||||
Orbia Advance Corp. SAB de CV (Materials, Chemicals) | 38,900 | 86,581 |
Shares | Value | |||||
Mexico (continued) | ||||||
Promotora y Operadora de Infraestructura SAB de CV (Industrials, Transportation infrastructure) | 10,380 | $99,128 | ||||
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | 69,839 | 275,334 | ||||
3,184,988 | ||||||
Netherlands: 0.21% | ||||||
NEPI Rockcastle NV (Real estate, Real estate management & development)† | 13,158 | 78,969 | ||||
Pepco Group NV (Consumer discretionary, Broadline retail)† | 18,289 | 143,450 | ||||
222,419 | ||||||
Peru: 0.22% | ||||||
Credicorp Ltd. (Financials, Banks) | 1,630 | 230,531 | ||||
Philippines: 0.89% | ||||||
ACEN Corp. (Utilities, Independent power and renewable electricity producers) | 4,342 | 384 | ||||
Ayala Corp. (Industrials, Industrial conglomerates) | 1,890 | 20,562 | ||||
Bank of the Philippine Islands (Financials, Banks) | 73,710 | 143,202 | ||||
BDO Unibank, Inc. (Financials, Banks) | 69,604 | 171,244 | ||||
Energy Development Corp. (Utilities, Independent power and renewable electricity producers)♦† | 231,800 | 0 | ||||
International Container Terminal Services, Inc. (Industrials, Transportation infrastructure) | 14,070 | 51,489 | ||||
Jollibee Foods Corp. (Consumer discretionary, Hotels, restaurants & leisure) | 31,160 | 130,430 | ||||
Manila Electric Co. (Utilities, Electric utilities) | 15,150 | 91,938 | ||||
Metropolitan Bank & Trust Co. (Financials, Banks) | 157,517 | 153,567 | ||||
PLDT, Inc. (Communication services, Wireless telecommunication services) | 1,110 | 22,545 | ||||
Universal Robina Corp. (Consumer staples, Food products) | 79,710 | 157,252 | ||||
942,613 | ||||||
Poland: 0.82% | ||||||
Bank Polska Kasa Opieki SA (Financials, Banks) | 3,164 | 82,748 | ||||
CD Projekt SA (Communication services, Entertainment) | 2,644 | 94,559 | ||||
Cyfrowy Polsat SA (Communication services, Media)† | 27,218 | 89,458 | ||||
Dino Polska SA (Consumer staples, Consumer staples distribution & retail)144A† | 645 | 59,236 | ||||
KGHM Polska Miedz SA (Materials, Metals & mining) | 922 | 25,499 | ||||
mBank SA (Financials, Banks)† | 614 | 63,845 | ||||
PGE Polska Grupa Energetyczna SA (Utilities, Electric utilities)† | 27,341 | 56,237 | ||||
Polski Koncern Naftowy ORLEN SA (Energy, Oil, gas & consumable fuels) | 3,557 | 54,359 | ||||
Powszechna Kasa Oszczednosci Bank Polski SA (Financials, Banks)† | 18,080 | 163,678 | ||||
Powszechny Zaklad Ubezpieczen SA (Financials, Insurance)† | 7,569 | 75,824 | ||||
Santander Bank Polska SA (Financials, Banks)† | 1,188 | 107,003 | ||||
872,446 | ||||||
Russia: 0.00% | ||||||
Alrosa PJSC (Acquired 5-6-2021, cost $89,583) (Materials, Metals & mining)♦†˃ | 52,390 | 0 | ||||
Gazprom PJSC (Acquired 1-29-2019, cost $384,585) (Energy, Oil, gas & consumable fuels)♦†˃ | 143,160 | 0 | ||||
Inter RAO UES PJSC (Acquired 5-7-2020, cost $59,563) (Utilities, Electric utilities)♦†˃ | 862,002 | 0 |
Shares | Value | |||||
Russia (continued) | ||||||
LUKOIL PJSC (Acquired 3-18-2020, cost $576,228) (Energy, Oil, gas & consumable fuels)♦†˃ | 8,545 | $0 | ||||
Magnit PJSC GDR (Acquired 7-8-2021, cost $58) (Consumer staples, Consumer staples distribution & retail)♦‡†˃ | 4 | 0 | ||||
MMC Norilsk Nickel PJSC (Acquired 6-6-2017, cost $349,985) (Materials, Metals & mining)♦†˃ | 1,210 | 0 | ||||
Mobile TeleSystems PJSC (Acquired 10-9-2020, cost $54,568) (Communication services, Wireless telecommunication services)♦†˃ | 12,728 | 0 | ||||
Novolipetsk Steel PJSC (Acquired 5-7-2020, cost $58,368) (Materials, Metals & mining)♦†˃ | 28,410 | 0 | ||||
PhosAgro PJSC (Acquired 4-8-2021, cost $323) (Materials, Chemicals)♦‡†˃ | 18 | 0 | ||||
PhosAgro PJSC (Acquired 4-8-2021, cost $50,199) (Materials, Chemicals)♦†˃ | 912 | 0 | ||||
PhosAgro PJSC GDR (Acquired 4-8-2021, cost $0) (Materials, Chemicals)♦‡†˃ | 2 | 0 | ||||
Polyus PJSC (Acquired 10-15-2021, cost $135,672) (Materials, Metals & mining)♦†˃ | 772 | 0 | ||||
Rosneft Oil Co. PJSC (Acquired 1-31-2020, cost $125,766) (Energy, Oil, gas & consumable fuels)♦†˃ | 17,010 | 0 | ||||
Sberbank of Russia PJSC (Acquired 7-31-2019, cost $713,153) (Financials, Banks)♦†˃ | 194,870 | 0 | ||||
Severstal PAO (Acquired 7-5-2020, cost $62,518) (Materials, Metals & mining)♦†˃ | 4,920 | 0 | ||||
Tatneft PJSC (Acquired 5-7-2020, cost $171,025) (Energy, Oil, gas & consumable fuels)♦†˃ | 28,052 | 0 | ||||
VTB Bank PJSC (Acquired 7-2-2018, cost $13,240) (Financials, Banks)♦†˃ | 17,390,000 | 0 | ||||
0 | ||||||
South Africa: 2.98% | ||||||
Absa Group Ltd. (Financials, Banks) | 16,911 | 163,236 | ||||
African Rainbow Minerals Ltd. (Materials, Metals & mining) | 6,822 | 64,662 | ||||
Anglo American Platinum Ltd. (Materials, Metals & mining) | 2,091 | 73,197 | ||||
AngloGold Ashanti Ltd. (Materials, Metals & mining) | 2,488 | 42,521 | ||||
Aspen Pharmacare Holdings Ltd. (Health care, Pharmaceuticals) | 5,531 | 50,434 | ||||
Bid Corp. Ltd. (Consumer staples, Consumer staples distribution & retail) | 6,239 | 140,350 | ||||
Bidvest Group Ltd. (Industrials, Industrial conglomerates) | 5,135 | 77,480 | ||||
Capitec Bank Holdings Ltd. (Financials, Banks) | 643 | 53,956 | ||||
Clicks Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 6,500 | 94,135 | ||||
Exxaro Resources Ltd. (Energy, Oil, gas & consumable fuels) | 2,388 | 21,222 | ||||
FirstRand Ltd. (Financials, Financial services) | 56,548 | 219,784 | ||||
Foschini Group Ltd. (Consumer discretionary, Specialty retail) | 1,463 | 8,092 | ||||
Gold Fields Ltd. (Materials, Metals & mining) | 10,875 | 139,858 | ||||
Harmony Gold Mining Co. Ltd. (Materials, Metals & mining)† | 27,581 | 115,100 | ||||
Impala Platinum Holdings Ltd. (Materials, Metals & mining) | 5,937 | 30,639 | ||||
Kumba Iron Ore Ltd. (Materials, Metals & mining) | 3,462 | 76,147 | ||||
Mr Price Group Ltd. (Consumer discretionary, Specialty retail) | 4,793 | 33,572 | ||||
MTN Group Ltd. (Communication services, Wireless telecommunication services) | 19,639 | 125,124 | ||||
MultiChoice Group (Communication services, Media)† | 3,277 | 13,583 | ||||
Naspers Ltd. Class N (Consumer discretionary, Broadline retail) | 2,992 | 509,676 | ||||
Nedbank Group Ltd. (Financials, Banks) | 13,201 | 150,856 | ||||
Old Mutual Ltd. (Financials, Insurance) | 97,510 | 65,523 | ||||
OUTsurance Group Ltd. (Financials, Insurance) | 56,298 | 119,244 | ||||
Remgro Ltd. (Financials, Financial services) | 13,755 | 115,117 |
Shares | Value | |||||
South Africa (continued) | ||||||
Sanlam Ltd. (Financials, Insurance) | 10,756 | $38,815 | ||||
Sasol Ltd. (Materials, Chemicals) | 6,861 | 88,741 | ||||
Shoprite Holdings Ltd. (Consumer staples, Consumer staples distribution & retail) | 1,950 | 27,242 | ||||
Sibanye Stillwater Ltd. (Materials, Metals & mining) | 34,134 | 51,947 | ||||
Standard Bank Group Ltd. (Financials, Banks) | 20,393 | 208,638 | ||||
Woolworths Holdings Ltd. (Consumer discretionary, Broadline retail) | 61,255 | 240,609 | ||||
3,159,500 | ||||||
South Korea: 12.25% | ||||||
Amorepacific Corp. (Consumer staples, Personal care products) | 478 | 48,424 | ||||
BGF retail Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 1,673 | 197,963 | ||||
Celltrion, Inc. (Health care, Biotechnology) | 1,475 | 160,584 | ||||
CJ Corp. (Industrials, Industrial conglomerates) | 3,062 | 162,859 | ||||
Coway Co. Ltd. (Consumer discretionary, Household durables) | 598 | 19,545 | ||||
DB Insurance Co. Ltd. (Financials, Insurance) | 3,230 | 199,653 | ||||
Doosan Bobcat, Inc. (Industrials, Machinery) | 5,092 | 207,263 | ||||
Doosan Enerbility Co. Ltd. (Industrials, Electrical equipment)† | 5,387 | 74,258 | ||||
Ecopro BM Co. Ltd. (Industrials, Electrical equipment) | 599 | 147,059 | ||||
E-MART, Inc. (Consumer staples, Consumer staples distribution & retail) | 1,894 | 105,752 | ||||
F&F Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 1,410 | 109,877 | ||||
GS Holdings Corp. (Industrials, Industrial conglomerates) | 6,548 | 186,024 | ||||
Hana Financial Group, Inc. (Financials, Banks) | 4,581 | 137,075 | ||||
Hankook Tire & Technology Co. Ltd. (Consumer discretionary, Automobile components) | 4,167 | 122,165 | ||||
Hanmi Pharm Co. Ltd. (Health care, Pharmaceuticals) | 235 | 52,360 | ||||
Hanon Systems (Consumer discretionary, Automobile components) | 3,180 | 21,918 | ||||
Hanwha Aerospace Co. Ltd. (Industrials, Aerospace & defense) | 543 | 46,916 | ||||
Hanwha Solutions Corp. (Materials, Chemicals)† | 1,098 | 30,280 | ||||
HMM Co. Ltd. (Industrials, Marine transportation) | 8,601 | 108,411 | ||||
Hotel Shilla Co. Ltd. (Consumer discretionary, Specialty retail) | 1,123 | 74,937 | ||||
Hyundai Engineering & Construction Co. Ltd. (Industrials, Construction & engineering) | 421 | 11,307 | ||||
Hyundai Glovis Co. Ltd. (Industrials, Air freight & logistics) | 1,728 | 225,519 | ||||
Hyundai Mobis Co. Ltd. (Consumer discretionary, Automobile components) | 1,160 | 202,731 | ||||
Hyundai Motor Co. (Consumer discretionary, Automobiles) | 2,352 | 336,496 | ||||
Hyundai Steel Co. (Materials, Metals & mining) | 4,714 | 129,107 | ||||
Industrial Bank of Korea (Financials, Banks) | 22,230 | 180,968 | ||||
Kakao Corp. (Communication services, Interactive media & services) | 3,178 | 115,651 | ||||
Kangwon Land, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 2,321 | 27,236 | ||||
KB Financial Group, Inc. (Financials, Banks) | 7,152 | 292,736 | ||||
Kia Corp. (Consumer discretionary, Automobiles) | 6,250 | 379,232 | ||||
Korea Investment Holdings Co. Ltd. (Financials, Capital markets) | 4,043 | 159,059 | ||||
Korea Zinc Co. Ltd. (Materials, Metals & mining) | 24 | 9,569 | ||||
Korean Air Lines Co. Ltd. (Industrials, Passenger airlines) | 2,977 | 51,353 | ||||
Krafton, Inc. (Communication services, Entertainment)† | 754 | 88,421 | ||||
KT&G Corp. (Consumer staples, Tobacco) | 1,514 | 99,540 | ||||
Kumho Petrochemical Co. Ltd. (Materials, Chemicals) | 2,528 | 238,694 | ||||
LG Chem Ltd. (Materials, Chemicals) | 618 | 272,589 | ||||
LG Corp. (Industrials, Industrial conglomerates) | 1,091 | 67,767 |
Shares | Value | |||||
South Korea (continued) | ||||||
LG Electronics, Inc. (Consumer discretionary, Household durables) | 2,342 | $174,531 | ||||
LG H&H Co. Ltd. (Consumer staples, Personal care products) | 278 | 97,697 | ||||
LG Innotek Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 567 | 115,824 | ||||
LG Uplus Corp. (Communication services, Diversified telecommunication services) | 14,363 | 113,557 | ||||
Lotte Chemical Corp. (Materials, Chemicals) | 461 | 47,643 | ||||
Meritz Financial Group, Inc. (Financials, Financial services) | 2,826 | 116,953 | ||||
Mirae Asset Securities Co. Ltd. (Financials, Capital markets) | 29,485 | 148,568 | ||||
NAVER Corp. (Communication services, Interactive media & services) | 1,901 | 308,503 | ||||
NCSoft Corp. (Communication services, Entertainment) | 667 | 126,915 | ||||
NH Investment & Securities Co. Ltd. Class C (Financials, Capital markets) | 7,460 | 58,134 | ||||
Orion Corp. (Consumer staples, Food products) | 1,343 | 123,758 | ||||
Pan Ocean Co. Ltd. (Industrials, Marine transportation) | 39,840 | 134,433 | ||||
POSCO Future M Co. Ltd. (Industrials, Electrical equipment) | 118 | 40,129 | ||||
POSCO Holdings, Inc. (Materials, Metals & mining) | 1,086 | 475,728 | ||||
Posco International Corp. (Industrials, Trading companies & distributors) | 1,702 | 101,985 | ||||
Samsung C&T Corp. (Industrials, Industrial conglomerates) | 1,181 | 93,551 | ||||
Samsung Electro-Mechanics Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 1,087 | 111,352 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 71,208 | 3,604,173 | ||||
Samsung Engineering Co. Ltd. (Industrials, Construction & engineering)† | 2,256 | 58,032 | ||||
Samsung Fire & Marine Insurance Co. Ltd. (Financials, Insurance) | 962 | 179,408 | ||||
Samsung Life Insurance Co. Ltd. (Financials, Insurance) | 1,706 | 87,252 | ||||
Samsung SDI Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 644 | 299,161 | ||||
Samsung SDS Co. Ltd. (Information technology, IT services) | 567 | 60,915 | ||||
Samsung Securities Co. Ltd. (Financials, Capital markets) | 4,789 | 135,327 | ||||
Shinhan Financial Group Co. Ltd. (Financials, Banks) | 9,782 | 263,098 | ||||
SK Hynix, Inc. (Information technology, Semiconductors & semiconductor equipment) | 7,138 | 657,771 | ||||
S-Oil Corp. (Energy, Oil, gas & consumable fuels) | 590 | 32,586 | ||||
Woori Financial Group, Inc. (Financials, Banks) | 9,477 | 85,395 | ||||
Yuhan Corp. (Health care, Pharmaceuticals) | 445 | 24,510 | ||||
12,978,187 | ||||||
Taiwan: 14.79% | ||||||
Accton Technology Corp. (Information technology, Communications equipment) | 9,000 | 135,086 | ||||
Acer, Inc. (Information technology, Technology hardware, storage & peripherals) | 107,000 | 122,971 | ||||
Advantech Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 3,299 | 35,635 | ||||
ASE Technology Holding Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 85,000 | 314,948 | ||||
Asia Cement Corp. (Materials, Construction materials) | 46,500 | 58,259 | ||||
Asustek Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | 6,000 | 75,833 | ||||
AUO Corp. (Information technology, Electronic equipment, instruments & components)† | 10,000 | 5,589 |
Shares | Value | |||||
Taiwan (continued) | ||||||
Catcher Technology Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 4,000 | $22,671 | ||||
Cathay Financial Holding Co. Ltd. (Financials, Insurance)† | 69,000 | 98,799 | ||||
Chailease Holding Co. Ltd. (Financials, Financial services) | 20,210 | 112,643 | ||||
Cheng Shin Rubber Industry Co. Ltd. (Consumer discretionary, Automobile components) | 99,000 | 123,258 | ||||
China Airlines Ltd. (Industrials, Passenger airlines) | 157,000 | 111,416 | ||||
China Steel Corp. (Materials, Metals & mining) | 62,000 | 51,591 | ||||
Chunghwa Telecom Co. Ltd. (Communication services, Diversified telecommunication services) | 44,000 | 160,269 | ||||
Compal Electronics, Inc. (Information technology, Technology hardware, storage & peripherals) | 178,000 | 178,299 | ||||
CTBC Financial Holding Co. Ltd. (Financials, Banks) | 224,000 | 167,755 | ||||
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | 28,000 | 304,209 | ||||
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) | 2,000 | 11,461 | ||||
E.Sun Financial Holding Co. Ltd. (Financials, Banks) | 25,319 | 19,439 | ||||
Eclat Textile Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 7,667 | 122,541 | ||||
eMemory Technology, Inc. (Information technology, Semiconductors & semiconductor equipment) | 2,000 | 113,984 | ||||
Eva Airways Corp. (Industrials, Passenger airlines) | 142,000 | 140,455 | ||||
Evergreen Marine Corp. Taiwan Ltd. (Industrials, Marine transportation) | 20,800 | 69,559 | ||||
Far Eastern New Century Corp. (Industrials, Industrial conglomerates) | 57,000 | 50,384 | ||||
Far EasTone Telecommunications Co. Ltd. (Communication services, Wireless telecommunication services) | 33,000 | 73,157 | ||||
Feng TAY Enterprise Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 21,280 | 112,258 | ||||
First Financial Holding Co. Ltd. (Financials, Banks) | 74,180 | 61,261 | ||||
Formosa Chemicals & Fibre Corp. (Materials, Chemicals) | 17,000 | 33,096 | ||||
Formosa Plastics Corp. (Materials, Chemicals) | 43,000 | 107,343 | ||||
Fubon Financial Holding Co. Ltd. (Financials, Insurance) | 76,570 | 152,916 | ||||
Giant Manufacturing Co. Ltd. (Consumer discretionary, Leisure products) | 3,000 | 18,464 | ||||
Global Unichip Corp. (Information technology, Semiconductors & semiconductor equipment) | 3,000 | 137,535 | ||||
Globalwafers Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 4,000 | 57,652 | ||||
Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 195,400 | 653,450 | ||||
Hua Nan Financial Holdings Co. Ltd. Class C (Financials, Banks) | 35,134 | 22,616 | ||||
Inventec Corp. (Information technology, Technology hardware, storage & peripherals) | 65,000 | 115,115 | ||||
Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 1,000 | 64,371 | ||||
Lite-On Technology Corp. (Information technology, Technology hardware, storage & peripherals) | 27,000 | 116,151 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | 26,000 | 575,573 | ||||
Mega Financial Holding Co. Ltd. (Financials, Banks) | 103,698 | 116,897 |
Shares | Value | |||||
Taiwan (continued) | ||||||
Micro-Star International Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 36,000 | $180,302 | ||||
momo.com, Inc. (Consumer discretionary, Broadline retail) | 12,100 | 197,573 | ||||
Nan Ya Plastics Corp. (Materials, Chemicals) | 71,000 | 147,366 | ||||
Nan Ya Printed Circuit Board Corp. (Information technology, Electronic equipment, instruments & components) | 8,000 | 60,666 | ||||
Nanya Technology Corp. (Information technology, Semiconductors & semiconductor equipment) | 17,000 | 35,552 | ||||
Nien Made Enterprise Co. Ltd. (Consumer discretionary, Household durables) | 12,000 | 112,665 | ||||
Novatek Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment) | 21,000 | 263,436 | ||||
Pegatron Corp. (Information technology, Technology hardware, storage & peripherals) | 60,000 | 146,955 | ||||
Pharmally International Holding Co. Ltd. (Health care, Pharmaceuticals)♦† | 2,064 | 0 | ||||
Pou Chen Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | 279,000 | 250,558 | ||||
Powerchip Semiconductor Manufacturing Corp. (Information technology, Semiconductors & semiconductor equipment)† | 38,000 | 33,231 | ||||
President Chain Store Corp. (Consumer staples, Consumer staples distribution & retail) | 11,000 | 92,396 | ||||
Quanta Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | 32,000 | 254,722 | ||||
Realtek Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment)† | 11,000 | 144,380 | ||||
Ruentex Development Co. Ltd. (Real estate, Real estate management & development)† | 59,000 | 68,270 | ||||
Shanghai Commercial & Savings Bank Ltd. (Financials, Banks) | 15,000 | 20,065 | ||||
SinoPac Financial Holdings Co. Ltd. (Financials, Banks) | 130,915 | 70,295 | ||||
Synnex Technology International Corp. (Information technology, Electronic equipment, instruments & components) | 67,000 | 128,545 | ||||
Taishin Financial Holding Co. Ltd. (Financials, Banks) | 155,008 | 86,639 | ||||
Taiwan High Speed Rail Corp. (Industrials, Transportation infrastructure) | 10,000 | 9,342 | ||||
Taiwan Mobile Co. Ltd. (Communication services, Wireless telecommunication services) | 17,000 | 49,751 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 376,000 | 6,481,843 | ||||
Unimicron Technology Corp. (Information technology, Electronic equipment, instruments & components) | 15,000 | 87,372 | ||||
Uni-President Enterprises Corp. (Consumer staples, Food products) | 86,000 | 190,922 | ||||
United Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment) | 236,000 | 337,180 | ||||
Vanguard International Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment) | 40,000 | 85,787 | ||||
Voltronic Power Technology Corp. (Industrials, Electrical equipment) | 3,000 | 136,593 | ||||
Walsin Lihwa Corp. (Industrials, Electrical equipment) | 59,000 | 70,400 | ||||
Win Semiconductors Corp. (Information technology, Semiconductors & semiconductor equipment) | 17,000 | 72,598 | ||||
Winbond Electronics Corp. (Information technology, Semiconductors & semiconductor equipment)† | 116,000 | 95,979 | ||||
Wistron Corp. (Information technology, Technology hardware, storage & peripherals) | 65,000 | 238,802 |
Shares | Value | |||||
Taiwan (continued) | ||||||
Wiwynn Corp. (Information technology, Technology hardware, storage & peripherals) | 2,000 | $97,970 | ||||
WPG Holdings Ltd. (Information technology, Electronic equipment, instruments & components) | 107,440 | 185,215 | ||||
Yageo Corp. (Information technology, Electronic equipment, instruments & components) | 3,000 | 45,688 | ||||
Yuanta Financial Holding Co. Ltd. (Financials, Financial services) | 125,713 | 96,318 | ||||
Zhen Ding Technology Holding Ltd. (Information technology, Electronic equipment, instruments & components) | 26,000 | 78,947 | ||||
15,679,232 | ||||||
Thailand: 1.88% | ||||||
Advanced Info Service PCL (Communication services, Wireless telecommunication services) | 16,500 | 101,778 | ||||
Asset World Corp. PCL (Consumer discretionary, Hotels, restaurants & leisure) | 257,200 | 32,024 | ||||
Bangkok Dusit Medical Services PCL (Health care, Health care providers & services) | 151,900 | 121,459 | ||||
Berli Jucker PCL (Consumer staples, Consumer staples distribution & retail) | 40,700 | 39,227 | ||||
Bumrungrad Hospital PCL (Health care, Health care providers & services) | 28,900 | 213,753 | ||||
Carabao Group PCL (Consumer staples, Beverages) | 14,700 | 36,102 | ||||
Central Pattana PCL (Real estate, Real estate management & development) | 11,900 | 23,363 | ||||
Central Retail Corp. PCL (Consumer discretionary, Broadline retail) | 171,800 | 202,377 | ||||
Delta Electronics Thailand PCL (Information technology, Electronic equipment, instruments & components) | 27,000 | 83,658 | ||||
Electricity Generating PCL (Utilities, Independent power and renewable electricity producers) | 6,800 | 25,924 | ||||
Home Product Center PCL (Consumer discretionary, Specialty retail) | 272,600 | 106,650 | ||||
Indorama Ventures PCL (Materials, Chemicals) | 26,200 | 21,698 | ||||
Intouch Holdings PCL (Communication services, Wireless telecommunication services) | 31,000 | 64,403 | ||||
Kasikornbank PCL (Financials, Banks) | 11,400 | 42,484 | ||||
Krung Thai Bank PCL (Financials, Banks) | 339,900 | 187,337 | ||||
Krungthai Card PCL (Financials, Consumer finance) | 40,800 | 56,509 | ||||
Land & Houses PCL (Real estate, Real estate management & development) | 563,000 | 133,445 | ||||
Minor International PCL (Consumer discretionary, Hotels, restaurants & leisure)† | 68,100 | 64,663 | ||||
Muangthai Capital PCL NVDR (Financials, Consumer finance) | 16,200 | 18,852 | ||||
Osotspa PCL (Consumer staples, Beverages) | 157,200 | 134,676 | ||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 5,600 | 25,347 | ||||
PTT Oil & Retail Business PCL (Consumer discretionary, Specialty retail) | 60,300 | 35,129 | ||||
Ratch Group PCL (Utilities, Independent power and renewable electricity producers) | 53,100 | 53,832 | ||||
Siam Cement PCL (Materials, Construction materials) | 3,000 | 26,815 | ||||
Srisawad Corp. PCL (Financials, Consumer finance) | 89,200 | 129,912 | ||||
Thai Oil PCL (Energy, Oil, gas & consumable fuels) | 10,400 | 15,295 | ||||
1,996,712 | ||||||
Turkey: 1.04% | ||||||
Akbank TAS (Financials, Banks) | 154,193 | 166,079 | ||||
Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials, Aerospace & defense) | 1,276 | 1,839 | ||||
BIM Birlesik Magazalar AS (Consumer staples, Consumer staples distribution & retail) | 13,114 | 123,777 | ||||
Ford Otomotiv Sanayi AS (Consumer discretionary, Automobiles) | 334 | 10,784 |
Shares | Value | |||||
Turkey (continued) | ||||||
Haci Omer Sabanci Holding AS (Financials, Banks) | 67,771 | $151,672 | ||||
KOC Holding AS (Industrials, Industrial conglomerates) | 4,480 | 23,775 | ||||
Pegasus Hava Tasimaciligi AS (Industrials, Passenger airlines)† | 2,190 | 71,707 | ||||
Tofas Turk Otomobil Fabrikasi AS (Consumer discretionary, Automobiles) | 12,052 | 121,737 | ||||
Turk Hava Yollari AO (Industrials, Passenger airlines)† | 10,662 | 97,761 | ||||
Turkcell Iletisim Hizmetleri AS (Communication services, Wireless telecommunication services) | 18,136 | 37,873 | ||||
Turkiye Is Bankasi AS Class C (Financials, Banks) | 175,932 | 138,664 | ||||
Yapi ve Kredi Bankasi AS (Financials, Banks) | 266,553 | 158,613 | ||||
1,104,281 | ||||||
United States: 0.46% | ||||||
Parade Technologies Ltd. (Information technology, Semiconductors & semiconductor equipment) | 5,000 | 140,989 | ||||
Yum China Holdings, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 6,363 | 341,629 | ||||
482,618 | ||||||
Total common stocks (Cost $97,490,280) | 99,682,091 |
Dividend rate | ||||||
Preferred stocks: 2.89% | ||||||
Brazil: 1.91% | ||||||
Banco Bradesco SA (Financials, Banks) | 0.00 | 95,594 | 288,594 | |||
Centrais Eletricas Brasileiras SA Class B (Utilities, Electric utilities) | 0.30 | 4,200 | 32,857 | |||
Cia Energetica de Minas Gerais (Utilities, Electric utilities) | 0.02 | 88,687 | 220,820 | |||
Gerdau SA (Materials, Metals & mining) | 0.09 | 35,615 | 185,912 | |||
Itau Unibanco Holding SA (Financials, Banks) | 0.00 | 76,570 | 424,130 | |||
Itausa SA (Financials, Banks) | 0.00 | 175,645 | 327,735 | |||
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | 0.12 | 85,400 | 550,817 | |||
2,030,865 | ||||||
Chile: 0.15% | ||||||
Sociedad Quimica y Minera de Chile SA Class B (Industrials, Electrical equipment) | 0.00 | 2,571 | 159,224 | |||
Colombia: 0.10% | ||||||
Bancolombia SA (Financials, Banks) | 0.22 | 15,706 | 104,438 | |||
South Korea: 0.73% | ||||||
Hyundai Motor Co. (Consumer discretionary, Automobiles) | 1.13 | 3,242 | 252,229 | |||
LG Chem Ltd. (Materials, Chemicals) | 7.54 | 115 | 29,713 | |||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 0.27 | 12,099 | 494,304 | |||
776,246 | ||||||
Total preferred stocks (Cost $2,908,934) | 3,070,773 |
Yield | �� | Shares | Value | |||
Short-term investments: 3.28% | ||||||
Investment companies: 3.28% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 3,475,967 | $3,475,967 | |||
Total short-term investments (Cost $3,475,967) | 3,475,967 | |||||
Total investments in securities (Cost $103,875,181) | 100.22 % | 106,228,831 | ||||
Other assets and liabilities, net | (0.22 ) | (237,626 ) | ||||
Total net assets | 100.00 % | $105,991,205 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $2,844,834), representing 0.00% of its net assets as of period end. |
‡ | Security is valued using significant unobservable inputs. |
♠ | 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 |
GDR | Global depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $5,201,225 | $9,152,498 | $(10,877,756 ) | $0 | $0 | $3,475,967 | 3,475,967 | $66,179 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
MSCI Emerging Markets Index | 74 | 9-15-2023 | $3,687,250 | $3,623,410 | $0 | $(63,840 ) |
Assets | |
Investments in unaffiliated securities, at value (cost $100,399,215) | $102,752,864 |
Investments in affiliated securities, at value (cost $3,475,967) | 3,475,967 |
Cash at broker segregated for futures contracts | 272,831 |
Foreign currency, at value (cost $51,280) | 44,911 |
Receivable for dividends | 244,122 |
Receivable from adviser | 3,539 |
Prepaid expenses and other assets | 235 |
Total assets | 106,794,469 |
Liabilities | |
Custody and accounting fees payable | 441,418 |
Contingent tax liability | 302,890 |
Payable for daily variation margin on open futures contracts | 48,470 |
Accrued expenses and other liabilities | 10,486 |
Total liabilities | 803,264 |
Total net assets | $105,991,205 |
Investment income | |
Dividends (net of foreign withholdings taxes of $330,315) | $2,337,837 |
Income from affiliated securities | 66,179 |
Interest | 6,142 |
Total investment income | 2,410,158 |
Expenses | |
Advisory fee | 80,521 |
Custody and accounting fees | 33,593 |
Professional fees | 77,715 |
Interest holder report expenses | 1,485 |
Trustees’ fees and expenses | 10,781 |
Other fees and expenses | 11,098 |
Total expenses | 215,193 |
Less: Fee waivers and/or expense reimbursements | (111,860 ) |
Net expenses | 103,333 |
Net investment income | 2,306,825 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (2,237,182 ) |
Foreign currency and foreign currency translations | (15,936 ) |
Futures contracts | (258,679 ) |
Net realized losses on investments | (2,511,797 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax of $181,975) | 3,017,980 |
Foreign currency and foreign currency translations | 4,383 |
Futures contracts | 435,587 |
Net change in unrealized gains (losses) on investments | 3,457,950 |
Net realized and unrealized gains (losses) on investments | 946,153 |
Net increase in net assets resulting from operations | $3,252,978 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $2,306,825 | $4,206,596 | ||
Net realized losses on investments | (2,511,797 ) | (14,809,769 ) | ||
Net change in unrealized gains (losses) on investments | 3,457,950 | (6,407,398 ) | ||
Net increase (decrease) in net assets resulting from operations | 3,252,978 | (17,010,571 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 3,648,692 | 39,543,853 | ||
Withdrawals | (4,712,676 ) | (77,108,326 ) | ||
Net decrease in net assets resulting from capital transactions | (1,063,984 ) | (37,564,473 ) | ||
Total increase (decrease) in net assets | 2,188,994 | (54,575,044 ) | ||
Net assets | ||||
Beginning of period | 103,802,211 | 158,377,255 | ||
End of period | $105,991,205 | $103,802,211 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 3.03 % | (13.27 )% | (9.21 )% | 23.70 % | (6.15 )% | (11.16 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.40 % | 0.43 % | 0.43 % | 0.53 % | 0.52 % | 0.58 % |
Net expenses | 0.19 %* | 0.19 %* | 0.19 %* | 0.22 %* | 0.39 % | 0.45 % |
Net investment income | 4.29 % | 3.56 % | 2.66 % | 2.15 % | 2.51 % | 2.33 % |
Supplemental data | ||||||
Portfolio turnover rate | 33 % | 59 % | 87 % | 133 % | 59 % | 81 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.21% |
Year ended February 28, 2023 | 0.24% |
Year ended February 28, 2022 | 0.24% |
Year ended February 28, 2021 | 0.31% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $15,471,239 |
Gross unrealized losses | (13,128,695 ) |
Net unrealized gains | $2,342,544 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $4,200,398 | $0 | $0 | $4,200,398 |
Chile | 763,079 | 0 | 0 | 763,079 |
China | 30,773,799 | 0 | 0 | 30,773,799 |
Colombia | 58,172 | 0 | 0 | 58,172 |
Czech Republic | 260,555 | 0 | 0 | 260,555 |
Egypt | 49,197 | 0 | 0 | 49,197 |
Greece | 618,862 | 0 | 0 | 618,862 |
Hong Kong | 892,283 | 0 | 0 | 892,283 |
Hungary | 402,584 | 0 | 0 | 402,584 |
India | 14,923,028 | 0 | 0 | 14,923,028 |
Indonesia | 2,554,167 | 0 | 0 | 2,554,167 |
Kuwait | 1,128,246 | 0 | 0 | 1,128,246 |
Luxembourg | 56,829 | 0 | 0 | 56,829 |
Malaysia | 235,822 | 1,911,543 | 0 | 2,147,365 |
Mexico | 3,184,988 | 0 | 0 | 3,184,988 |
Netherlands | 222,419 | 0 | 0 | 222,419 |
Peru | 230,531 | 0 | 0 | 230,531 |
Philippines | 942,613 | 0 | 0 | 942,613 |
Poland | 872,446 | 0 | 0 | 872,446 |
Russia | 0 | 0 | 0 | 0 |
South Africa | 3,159,500 | 0 | 0 | 3,159,500 |
South Korea | 12,978,187 | 0 | 0 | 12,978,187 |
Taiwan | 15,679,232 | 0 | 0 | 15,679,232 |
Thailand | 1,996,712 | 0 | 0 | 1,996,712 |
Turkey | 1,104,281 | 0 | 0 | 1,104,281 |
United States | 482,618 | 0 | 0 | 482,618 |
Preferred stocks | ||||
Brazil | 2,030,865 | 0 | 0 | 2,030,865 |
Chile | 159,224 | 0 | 0 | 159,224 |
Colombia | 104,438 | 0 | 0 | 104,438 |
South Korea | 776,246 | 0 | 0 | 776,246 |
Short-term investments | ||||
Investment companies | 3,475,967 | 0 | 0 | 3,475,967 |
Total assets | $104,317,288 | $1,911,543 | $0 | $106,228,831 |
Liabilities | ||||
Futures contracts | $63,840 | $0 | $0 | $63,840 |
Total liabilities | $63,840 | $0 | $0 | $63,840 |
Average daily net assets | Advisory fee |
First $5 billion | 0.150 % |
Next $5 billion | 0.130 |
Over $10 billion | 0.110 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks long-term capital appreciation. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Harindra de Silva, Ph.D., CFA, Monisha Jayakumar |
Ten largest holdings (%) as of August 31, 20231 | |
Novo Nordisk AS Class B | 1.66 |
Nestle SA | 1.64 |
ASML Holding NV | 1.37 |
LVMH Moet Hennessy Louis Vuitton SE | 1.18 |
Roche Holding AG | 1.16 |
Novartis AG | 1.15 |
Shell PLC | 1.14 |
AstraZeneca PLC | 1.01 |
BHP Group Ltd. | 0.91 |
Toyota Motor Corp. | 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 August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Country allocation as of August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations 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: 94.42% | ||||||
Australia: 6.19% | ||||||
Ampol Ltd. (Energy, Oil, gas & consumable fuels) | 14,386 | $329,046 | ||||
ANZ Group Holdings Ltd. (Financials, Banks) | 53,206 | 873,247 | ||||
Aristocrat Leisure Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 15,037 | 398,498 | ||||
Aurizon Holdings Ltd. (Industrials, Ground transportation) | 111,308 | 263,245 | ||||
BHP Group Ltd. (Materials, Metals & mining) | 137,481 | 3,995,274 | ||||
BlueScope Steel Ltd. (Materials, Metals & mining) | 42,009 | 571,887 | ||||
Brambles Ltd. (Industrials, Commercial services & supplies) | 41,232 | 399,943 | ||||
Cochlear Ltd. (Health care, Health care equipment & supplies) | 3,224 | 567,140 | ||||
Coles Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 21,747 | 229,260 | ||||
Commonwealth Bank of Australia (Financials, Banks) | 27,807 | 1,841,033 | ||||
CSL Ltd. (Health care, Biotechnology) | 9,429 | 1,671,137 | ||||
Dexus (Real estate, Office REITs) | 112,615 | 565,509 | ||||
Fortescue Metals Group Ltd. (Materials, Metals & mining) | 50,663 | 703,485 | ||||
Glencore PLC (Materials, Metals & mining) | 281,120 | 1,500,879 | ||||
Goodman Group (Real estate, Industrial REITs) | 27,764 | 420,239 | ||||
GPT Group (Real estate, Diversified REITs) | 164,067 | 446,490 | ||||
IGO Ltd. (Materials, Metals & mining) | 37,546 | 338,645 | ||||
Insurance Australia Group Ltd. (Financials, Insurance) | 74,425 | 280,662 | ||||
Macquarie Group Ltd. (Financials, Capital markets) | 4,740 | 545,245 | ||||
Medibank Pvt Ltd. (Financials, Insurance) | 86,866 | 206,002 | ||||
Mineral Resources Ltd. (Materials, Metals & mining) | 1,446 | 67,019 | ||||
Mirvac Group (Real estate, Diversified REITs) | 309,571 | 485,419 | ||||
National Australia Bank Ltd. (Financials, Banks) | 31,873 | 598,085 | ||||
Northern Star Resources Ltd. (Materials, Metals & mining) | 32,052 | 247,348 | ||||
Orica Ltd. (Materials, Chemicals) | 12,406 | 126,284 | ||||
Pilbara Minerals Ltd. (Materials, Metals & mining) | 231,682 | 701,053 | ||||
Qantas Airways Ltd. (Industrials, Passenger airlines)† | 61,640 | 236,043 | ||||
QBE Insurance Group Ltd. (Financials, Insurance) | 38,000 | 368,839 | ||||
REA Group Ltd. (Communication services, Interactive media & services) | 2,884 | 308,483 | ||||
Reece Ltd. (Industrials, Trading companies & distributors) | 723 | 9,557 | ||||
Rio Tinto Ltd. (Materials, Metals & mining) | 14,664 | 1,072,724 | ||||
Scentre Group (Real estate, Retail REITs) | 170,067 | 303,036 | ||||
SEEK Ltd. (Communication services, Interactive media & services) | 12,776 | 191,309 | ||||
Sonic Healthcare Ltd. (Health care, Health care providers & services) | 21,607 | 450,248 | ||||
South32 Ltd. (Materials, Metals & mining) | 87,695 | 193,195 | ||||
Stockland (Real estate, Diversified REITs) | 327,803 | 900,576 | ||||
Telstra Group Ltd. (Communication services, Diversified telecommunication services) | 121,922 | 316,787 | ||||
Treasury Wine Estates Ltd. (Consumer staples, Beverages) | 22,984 | 173,795 | ||||
Vicinity Ltd. (Real estate, Retail REITs) | 342,864 | 415,437 | ||||
Washington H Soul Pattinson & Co. Ltd. (Financials, Financial services) | 20,323 | 434,685 | ||||
Wesfarmers Ltd. (Consumer discretionary, Broadline retail) | 30,695 | 1,071,411 | ||||
Westpac Banking Corp. (Financials, Banks) | 52,767 | 750,479 | ||||
WiseTech Global Ltd. (Information technology, Software) | 3,163 | 142,438 |
Shares | Value | |||||
Australia (continued) | ||||||
Woodside Energy Group Ltd. (Energy, Oil, gas & consumable fuels) | 29,713 | $712,729 | ||||
Woolworths Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 28,245 | 697,830 | ||||
27,121,675 | ||||||
Austria: 0.20% | ||||||
Erste Group Bank AG (Financials, Banks) | 5,410 | 193,413 | ||||
OMV AG (Energy, Oil, gas & consumable fuels) | 10,505 | 487,198 | ||||
voestalpine AG (Materials, Metals & mining) | 6,679 | 195,399 | ||||
876,010 | ||||||
Belgium: 0.92% | ||||||
Ageas SA (Financials, Insurance) | 15,397 | 612,400 | ||||
Anheuser-Busch InBev SA (Consumer staples, Beverages) | 18,576 | 1,057,502 | ||||
D’ieteren Group (Consumer discretionary, Distributors) | 388 | 63,446 | ||||
Groupe Bruxelles Lambert NV (Financials, Financial services) | 126 | 10,160 | ||||
KBC Group NV (Financials, Banks)† | 9,643 | 633,239 | ||||
Solvay SA (Materials, Chemicals) | 7,182 | 832,516 | ||||
UCB SA (Health care, Pharmaceuticals) | 3,881 | 348,453 | ||||
Umicore SA (Materials, Chemicals) | 18,289 | 485,281 | ||||
4,042,997 | ||||||
Canada: 9.25% | ||||||
Alimentation Couche-Tard, Inc. (Consumer staples, Consumer staples distribution & retail) | 26,170 | 1,368,541 | ||||
AltaGas Ltd. (Utilities, Gas utilities) | 7,400 | 144,692 | ||||
ARC Resources Ltd. (Energy, Oil, gas & consumable fuels) | 24,500 | 373,701 | ||||
Bank of Montreal (Financials, Banks) | 11,691 | 1,006,869 | ||||
Bank of Nova Scotia (Financials, Banks) | 15,208 | 721,682 | ||||
Barrick Gold Corp. (Materials, Metals & mining) | 25,700 | 416,541 | ||||
Brookfield Asset Management Ltd. Class A (Financials, Capital markets) | 19,857 | 686,148 | ||||
Brookfield Renewable Corp. Class A (Utilities, Independent power and renewable electricity producers) | 16,300 | 455,030 | ||||
BRP, Inc. (Consumer discretionary, Leisure products) | 9,500 | 726,491 | ||||
Canadian Imperial Bank of Commerce (Financials, Banks) | 8,848 | 350,594 | ||||
Canadian National Railway Co. (Industrials, Ground transportation) | 12,437 | 1,400,911 | ||||
Canadian Natural Resources Ltd. (Energy, Oil, gas & consumable fuels) | 27,700 | 1,792,136 | ||||
Canadian Pacific Kansas City Ltd. (Industrials, Ground transportation) | 14,410 | 1,143,884 | ||||
Canadian Tire Corp. Ltd. Class A (Consumer discretionary, Broadline retail) | 6,500 | 771,129 | ||||
Canadian Utilities Ltd. Class A (Utilities, Multi-utilities) | 6,800 | 161,143 | ||||
CCL Industries, Inc. Class B (Materials, Containers & packaging) | 9,600 | 429,059 | ||||
Cenovus Energy, Inc. (Energy, Oil, gas & consumable fuels) | 48,700 | 970,972 | ||||
CGI, Inc. (Information technology, IT services)† | 11,365 | 1,185,116 | ||||
Constellation Software, Inc. (Information technology, Software) | 428 | 879,142 | ||||
Descartes Systems Group, Inc. (Information technology, Software)† | 3,500 | 262,422 | ||||
Dollarama, Inc. (Consumer discretionary, Broadline retail) | 7,900 | 512,225 |
Shares | Value | |||||
Canada (continued) | ||||||
Element Fleet Management Corp. (Financials, Financial services) | 54,600 | $839,285 | ||||
Empire Co. Ltd. Class A (Consumer staples, Consumer staples distribution & retail) | 11,600 | 302,191 | ||||
Enbridge, Inc. (Energy, Oil, gas & consumable fuels) | 21,200 | 744,322 | ||||
Fairfax Financial Holdings Ltd. (Financials, Insurance) | 900 | 742,187 | ||||
First Quantum Minerals Ltd. (Materials, Metals & mining) | 6,000 | 161,190 | ||||
FirstService Corp. (Real estate, Real estate management & development) | 700 | 105,855 | ||||
Fortis, Inc. (Utilities, Electric utilities) | 6,444 | 252,714 | ||||
Franco-Nevada Corp. (Materials, Metals & mining) | 100 | 14,406 | ||||
George Weston Ltd. (Consumer staples, Consumer staples distribution & retail) | 3,200 | 354,885 | ||||
Gildan Activewear, Inc. (Consumer discretionary, Textiles, apparel & luxury goods) | 24,700 | 736,686 | ||||
Hydro One Ltd. (Utilities, Electric utilities)144A | 15,000 | 389,876 | ||||
iA Financial Corp., Inc. (Financials, Insurance) | 10,500 | 658,737 | ||||
IGM Financial, Inc. (Financials, Capital markets) | 25,500 | 726,954 | ||||
Imperial Oil Ltd. (Energy, Oil, gas & consumable fuels) | 11,900 | 675,760 | ||||
Intact Financial Corp. (Financials, Insurance) | 2,375 | 334,841 | ||||
Kinross Gold Corp. (Materials, Metals & mining) | 18,000 | 91,385 | ||||
Loblaw Cos. Ltd. (Consumer staples, Consumer staples distribution & retail) | 3,900 | 338,652 | ||||
Lundin Mining Corp. (Materials, Metals & mining) | 32,400 | 251,297 | ||||
Magna International, Inc. (Consumer discretionary, Automobile components) | 8,427 | 495,691 | ||||
Manulife Financial Corp. (Financials, Insurance) | 62,500 | 1,155,454 | ||||
Metro, Inc. (Consumer staples, Consumer staples distribution & retail) | 10,130 | 522,094 | ||||
National Bank of Canada (Financials, Banks) | 5,008 | 349,026 | ||||
Northland Power, Inc. (Utilities, Independent power and renewable electricity producers) | 9,800 | 185,309 | ||||
Nutrien Ltd. (Materials, Chemicals) | 9,900 | 627,103 | ||||
Open Text Corp. (Information technology, Software) | 15,118 | 609,218 | ||||
Parkland Corp. (Energy, Oil, gas & consumable fuels) | 9,600 | 253,996 | ||||
Pembina Pipeline Corp. (Energy, Oil, gas & consumable fuels) | 4,900 | 152,309 | ||||
Power Corp. of Canada (Financials, Insurance) | 6,300 | 172,047 | ||||
Quebecor, Inc. Class B (Communication services, Media) | 28,000 | 640,113 | ||||
Restaurant Brands International, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 11,403 | 792,016 | ||||
RioCan REIT (Real estate, Retail REITs) | 34,700 | 495,898 | ||||
Rogers Communications, Inc. Class B (Communication services, Wireless telecommunication services) | 6,537 | 265,941 | ||||
Royal Bank of Canada (Financials, Banks) | 26,731 | 2,408,401 | ||||
Saputo, Inc. (Consumer staples, Food products) | 13,100 | 283,193 | ||||
Shopify, Inc. Class A (Information technology, IT services)† | 19,800 | 1,317,216 | ||||
Sun Life Financial, Inc. (Financials, Insurance) | 12,058 | 588,176 | ||||
Suncor Energy, Inc. (Energy, Oil, gas & consumable fuels) | 35,300 | 1,195,738 | ||||
TFI International, Inc. (Industrials, Ground transportation) | 7,000 | 953,848 | ||||
Thomson Reuters Corp. (Industrials, Professional services) | 3,895 | 501,548 |
Shares | Value | |||||
Canada (continued) | ||||||
TMX Group Ltd. (Financials, Capital markets) | 6,500 | $143,835 | ||||
Toromont Industries Ltd. (Industrials, Trading companies & distributors) | 1,400 | 114,843 | ||||
Toronto-Dominion Bank (Financials, Banks) | 35,018 | 2,136,015 | ||||
Tourmaline Oil Corp. (Energy, Oil, gas & consumable fuels) | 3,000 | 153,841 | ||||
West Fraser Timber Co. Ltd. (Materials, Paper & forest products) | 7,200 | 544,263 | ||||
Wheaton Precious Metals Corp. (Materials, Metals & mining) | 1,000 | 43,620 | ||||
40,580,403 | ||||||
China: 0.15% | ||||||
SITC International Holdings Co. Ltd. (Industrials, Marine transportation) | 160,000 | 298,278 | ||||
Xinyi Glass Holdings Ltd. (Industrials, Building products) | 247,000 | 364,720 | ||||
662,998 | ||||||
Denmark: 2.90% | ||||||
AP Moller - Maersk AS Class B (Industrials, Marine transportation) | 122 | 221,968 | ||||
Carlsberg AS Class B (Consumer staples, Beverages) | 6,796 | 984,827 | ||||
Coloplast AS Class B (Health care, Health care equipment & supplies) | 1,596 | 182,331 | ||||
Danske Bank AS (Financials, Banks) | 19,035 | 428,302 | ||||
Demant AS (Health care, Health care equipment & supplies)† | 10,589 | 433,999 | ||||
DSV AS (Industrials, Air freight & logistics) | 3,317 | 631,008 | ||||
Genmab AS (Health care, Biotechnology)† | 2,565 | 985,232 | ||||
Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 39,156 | 7,257,969 | ||||
Pandora AS (Consumer discretionary, Textiles, apparel & luxury goods)† | 8,997 | 934,376 | ||||
ROCKWOOL AS Class B (Industrials, Building products) | 2,237 | 572,342 | ||||
Vestas Wind Systems AS (Industrials, Electrical equipment)† | 3,485 | 80,611 | ||||
12,712,965 | ||||||
Finland: 0.82% | ||||||
Elisa Oyj (Communication services, Diversified telecommunication services) | 4,747 | 233,023 | ||||
Kesko Oyj Class B (Consumer staples, Consumer staples distribution & retail) | 4,876 | 95,277 | ||||
Kone Oyj Class B (Industrials, Machinery) | 10,406 | 473,918 | ||||
Metso Oyj (Industrials, Machinery) | 39,782 | 458,337 | ||||
Nokia Oyj (Information technology, Communications equipment) | 95,181 | 380,534 | ||||
Nordea Bank Abp (Financials, Banks) | 77,575 | 851,529 | ||||
Orion Oyj Class B (Health care, Pharmaceuticals) | 9,523 | 390,230 | ||||
Sampo Oyj Class A (Financials, Insurance) | 10,762 | 472,976 | ||||
Wartsila Oyj Abp (Industrials, Machinery) | 17,185 | 218,490 | ||||
3,574,314 | ||||||
France: 9.10% | ||||||
Aeroports de Paris (Industrials, Transportation infrastructure)† | 2,206 | 290,877 | ||||
Air Liquide SA (Materials, Chemicals) | 10,498 | 1,899,453 | ||||
Amundi SA (Financials, Capital markets)144A | 12,367 | 738,229 | ||||
Arkema SA (Materials, Chemicals) | 2,605 | 272,982 |
Shares | Value | |||||
France (continued) | ||||||
AXA SA (Financials, Insurance) | 51,076 | $1,538,299 | ||||
BioMerieux (Health care, Health care equipment & supplies) | 300 | 31,099 | ||||
BNP Paribas SA (Financials, Banks)† | 25,136 | 1,627,470 | ||||
Bollore SE (Communication services, Entertainment) | 75,403 | 446,836 | ||||
Bouygues SA (Industrials, Construction & engineering) | 376 | 13,006 | ||||
Capgemini SE (Information technology, IT services) | 3,414 | 638,035 | ||||
Carrefour SA (Consumer staples, Consumer staples distribution & retail) | 14,246 | 272,960 | ||||
CIE de Saint-Gobain (Industrials, Building products) | 14,645 | 955,360 | ||||
Cie Generale des Etablissements Michelin SCA (Consumer discretionary, Automobile components) | 12,635 | 396,089 | ||||
Covivio SA (Real estate, Office REITs) | 12,905 | 630,549 | ||||
Credit Agricole Corporate & Investment Bank SA (Financials, Banks) | 35,778 | 452,205 | ||||
Danone SA (Consumer staples, Food products) | 11,986 | 699,630 | ||||
Dassault Systemes SE (Information technology, Software) | 9,196 | 365,063 | ||||
Edenred (Financials, Financial services) | 3,081 | 196,578 | ||||
Eiffage SA (Industrials, Construction & engineering) | 2,137 | 211,612 | ||||
Engie SA (Utilities, Multi-utilities) | 45,210 | 729,960 | ||||
EssilorLuxottica SA (Health care, Health care equipment & supplies) | 6,439 | 1,214,193 | ||||
Eurazeo SE (Financials, Financial services) | 3,650 | 215,507 | ||||
Gecina SA (Real estate, Office REITs) | 1,180 | 126,482 | ||||
Hermes International (Consumer discretionary, Textiles, apparel & luxury goods) | 456 | 939,877 | ||||
Ipsen SA (Health care, Pharmaceuticals) | 3,164 | 411,020 | ||||
Kering SA (Consumer discretionary, Textiles, apparel & luxury goods) | 1,025 | 549,283 | ||||
Klepierre SA (Real estate, Retail REITs)† | 25,518 | 675,159 | ||||
La Francaise des Jeux SAEM (Consumer discretionary, Hotels, restaurants & leisure)144A | 10,497 | 380,173 | ||||
Legrand SA (Industrials, Electrical equipment) | 5,805 | 573,443 | ||||
L’Oreal SA (Consumer staples, Personal care products) | 5,305 | 2,334,356 | ||||
LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | 6,097 | 5,171,347 | ||||
Orange SA (Communication services, Diversified telecommunication services) | 75,205 | 844,680 | ||||
Pernod Ricard SA (Consumer staples, Beverages) | 3,300 | 648,398 | ||||
Publicis Groupe SA (Communication services, Media) | 2,911 | 227,461 | ||||
Renault SA (Consumer discretionary, Automobiles) | 11,064 | 447,917 | ||||
Safran SA (Industrials, Aerospace & defense) | 3,142 | 505,262 | ||||
Sanofi (Health care, Pharmaceuticals) | 27,378 | 2,928,360 | ||||
Schneider Electric SE (Industrials, Electrical equipment) | 12,414 | 2,134,666 | ||||
SEB SA (Consumer discretionary, Household durables) | 1,282 | 141,099 | ||||
Societe Generale SA (Financials, Banks) | 19,776 | 562,158 | ||||
Sodexo SA (Consumer discretionary, Hotels, restaurants & leisure)† | 7,766 | 833,854 | ||||
Teleperformance (Industrials, Professional services) | 629 | 87,201 | ||||
Thales SA (Industrials, Aerospace & defense) | 2,265 | 331,076 | ||||
TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 53,242 | 3,352,555 | ||||
Veolia Environnement SA (Utilities, Multi-utilities) | 6,134 | 191,960 | ||||
Vinci SA (Industrials, Construction & engineering) | 8,469 | 945,519 |
Shares | Value | |||||
France (continued) | ||||||
Vivendi SE (Communication services, Media) | 4,363 | $39,788 | ||||
Wendel SE (Financials, Financial services) | 7,426 | 680,024 | ||||
39,899,110 | ||||||
Germany: 6.67% | ||||||
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 1,378 | 275,567 | ||||
Allianz SE (Financials, Insurance) | 9,377 | 2,281,181 | ||||
BASF SE (Materials, Chemicals) | 20,820 | 1,056,339 | ||||
Bayer AG (Health care, Pharmaceuticals) | 24,131 | 1,322,453 | ||||
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | 9,081 | 956,832 | ||||
Bechtle AG (Information technology, IT services) | 1,819 | 88,641 | ||||
Beiersdorf AG (Consumer staples, Personal care products) | 2,466 | 323,020 | ||||
Brenntag SE (Industrials, Trading companies & distributors) | 3,318 | 268,905 | ||||
Commerzbank AG (Financials, Banks) | 67,539 | 743,345 | ||||
Continental AG (Consumer discretionary, Automobile components) | 3,581 | 266,456 | ||||
Covestro AG (Materials, Chemicals)144A† | 7,862 | 418,330 | ||||
Daimler Truck Holding AG (Industrials, Machinery) | 14,250 | 502,035 | ||||
Deutsche Bank AG (Financials, Capital markets) | 86,820 | 946,329 | ||||
Deutsche Lufthansa AG (Industrials, Passenger airlines)† | 34,151 | 305,400 | ||||
Deutsche Telekom AG (Communication services, Diversified telecommunication services) | 70,664 | 1,512,722 | ||||
DHL Group (Industrials, Air freight & logistics) | 22,667 | 1,058,985 | ||||
Evonik Industries AG (Materials, Chemicals) | 769 | 14,764 | ||||
Fresenius Medical Care AG & Co. KGaA (Health care, Health care providers & services) | 5,810 | 280,668 | ||||
Fresenius SE & Co. KGaA (Health care, Health care providers & services) | 17,381 | 558,063 | ||||
GEA Group AG (Industrials, Machinery) | 9,861 | 389,217 | ||||
Hannover Rueck SE (Financials, Insurance) | 1,432 | 304,735 | ||||
Heidelberg Materials AG (Materials, Construction materials) | 8,849 | 712,748 | ||||
Henkel AG & Co. KGaA (Consumer staples, Household products) | 3,862 | 267,096 | ||||
Infineon Technologies AG (Information technology, Semiconductors & semiconductor equipment) | 34,635 | 1,239,927 | ||||
Knorr-Bremse AG (Industrials, Machinery) | 4,308 | 294,764 | ||||
Mercedes-Benz Group AG (Consumer discretionary, Automobiles) | 26,807 | 1,963,265 | ||||
Merck KGaA (Health care, Pharmaceuticals) | 2,886 | 519,486 | ||||
MTU Aero Engines AG (Industrials, Aerospace & defense) | 1,391 | 325,498 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials, Insurance) | 4,302 | 1,670,959 | ||||
Rheinmetall AG (Industrials, Aerospace & defense) | 1,736 | 473,055 | ||||
RWE AG (Utilities, Independent power and renewable electricity producers) | 6,546 | 270,156 | ||||
SAP SE (Information technology, Software) | 24,097 | 3,366,014 | ||||
Scout24 SE (Communication services, Interactive media & services)144A | 12,231 | 843,772 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 17,217 | 2,592,787 | ||||
Siemens Healthineers AG (Health care, Health care equipment & supplies)144A | 3,802 | 190,675 |
Shares | Value | |||||
Germany (continued) | ||||||
Talanx AG (Financials, Insurance)† | 7,736 | $520,509 | ||||
Wacker Chemie AG (Materials, Chemicals) | 784 | 115,703 | ||||
29,240,401 | ||||||
Hong Kong: 1.75% | ||||||
AIA Group Ltd. (Financials, Insurance) | 194,600 | 1,766,756 | ||||
CK Asset Holdings Ltd. (Real estate, Real estate management & development) | 68,690 | 379,258 | ||||
CK Infrastructure Holdings Ltd. (Utilities, Electric utilities) | 72,500 | 367,014 | ||||
CLP Holdings Ltd. (Utilities, Electric utilities) | 4,000 | 31,368 | ||||
Hang Lung Properties Ltd. (Real estate, Real estate management & development) | 313,000 | 418,272 | ||||
Henderson Land Development Co. Ltd. (Real estate, Real estate management & development) | 46,000 | 126,403 | ||||
Hong Kong Exchanges & Clearing Ltd. (Financials, Capital markets) | 12,100 | 469,043 | ||||
Jardine Matheson Holdings Ltd. (Industrials, Industrial conglomerates) | 8,248 | 392,275 | ||||
Link REIT (Real estate, Retail REITs) | 49,900 | 247,516 | ||||
New World Development Co. Ltd. (Real estate, Real estate management & development) | 118,000 | 250,675 | ||||
Power Assets Holdings Ltd. (Utilities, Electric utilities) | 46,000 | 226,705 | ||||
Sino Land Co. Ltd. (Real estate, Real estate management & development) | 59,899 | 68,665 | ||||
Sun Hung Kai Properties Ltd. (Real estate, Real estate management & development) | 49,000 | 551,710 | ||||
Swire Pacific Ltd. Class A (Real estate, Real estate management & development) | 80,478 | 663,950 | ||||
Swire Properties Ltd. (Real estate, Real estate management & development) | 140,800 | 294,442 | ||||
Techtronic Industries Co. Ltd. (Industrials, Machinery) | 35,500 | 350,820 | ||||
WH Group Ltd. (Consumer staples, Food products)144A | 1,538,500 | 792,561 | ||||
Wharf Real Estate Investment Co. Ltd. (Real estate, Real estate management & development) | 67,000 | 279,368 | ||||
7,676,801 | ||||||
Ireland: 0.63% | ||||||
AIB Group PLC (Financials, Banks) | 31,734 | 144,594 | ||||
Bank of Ireland Group PLC (Financials, Banks)† | 70,611 | 704,264 | ||||
CRH PLC (Materials, Construction materials) | 13,501 | 777,667 | ||||
DCC PLC (Industrials, Industrial conglomerates) | 7,388 | 404,969 | ||||
Flutter Entertainment PLC (Consumer discretionary, Hotels, restaurants & leisure)† | 1,055 | 192,076 | ||||
Smurfit Kappa Group PLC (Materials, Containers & packaging) | 12,506 | 525,891 | ||||
2,749,461 | ||||||
Israel: 0.83% | ||||||
Bank Hapoalim BM (Financials, Banks) | 56,378 | 467,562 | ||||
Bank Leumi Le-Israel BM (Financials, Banks) | 46,394 | 360,729 | ||||
Check Point Software Technologies Ltd. (Information technology, Software)† | 7,613 | 1,024,634 |
Shares | Value | |||||
Israel (continued) | ||||||
ICL Group Ltd. (Materials, Chemicals) | 60,336 | $361,726 | ||||
Israel Discount Bank Ltd. Class A (Financials, Banks) | 73,807 | 369,709 | ||||
Mizrahi Tefahot Bank Ltd. (Financials, Banks) | 8,012 | 263,762 | ||||
Nice Ltd. (Information technology, Software)† | 2,281 | 451,036 | ||||
Tower Semiconductor Ltd. (Information technology, Semiconductors & semiconductor equipment)† | 4,794 | 140,049 | ||||
Wix.com Ltd. (Information technology, IT services)† | 1,932 | 190,824 | ||||
3,630,031 | ||||||
Italy: 2.02% | ||||||
Assicurazioni Generali SpA (Financials, Insurance) | 38,062 | 789,544 | ||||
ENEL SpA (Utilities, Electric utilities) | 182,797 | 1,230,921 | ||||
ENI SpA (Energy, Oil, gas & consumable fuels)† | 60,701 | 940,189 | ||||
Infrastrutture Wireless Italiane SpA (Communication services, Diversified telecommunication services)144A | 12,443 | 154,018 | ||||
Intesa Sanpaolo SpA (Financials, Banks) | 504,432 | 1,352,137 | ||||
Mediobanca Banca di Credito Finanziario SpA (Financials, Banks) | 33,388 | 436,986 | ||||
Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | 5,780 | 392,599 | ||||
Poste Italiane SpA (Financials, Insurance)144A | 48,916 | 543,947 | ||||
Prysmian SpA (Industrials, Electrical equipment) | 18,020 | 738,416 | ||||
Snam SpA (Utilities, Gas utilities) | 32,299 | 166,852 | ||||
Telecom Italia SpA (Communication services, Diversified telecommunication services)† | 270,430 | 84,014 | ||||
Terna - Rete Elettrica Nazionale (Utilities, Electric utilities) | 34,424 | 284,437 | ||||
UniCredit SpA (Financials, Banks) | 71,844 | 1,757,906 | ||||
8,871,966 | ||||||
Japan: 18.92% | ||||||
Advantest Corp. (Information technology, Semiconductors & semiconductor equipment) | 6,600 | 830,585 | ||||
AGC, Inc. (Industrials, Building products) | 9,400 | 330,336 | ||||
Aisin Corp. (Consumer discretionary, Automobile components) | 10,500 | 351,239 | ||||
Ajinomoto Co., Inc. (Consumer staples, Food products) | 17,550 | 744,604 | ||||
Asahi Group Holdings Ltd. (Consumer staples, Beverages) | 15,000 | 585,175 | ||||
Astellas Pharma, Inc. (Health care, Pharmaceuticals) | 47,900 | 729,060 | ||||
Azbil Corp. (Information technology, Electronic equipment, instruments & components) | 17,000 | 567,855 | ||||
BayCurrent Consulting, Inc. (Industrials, Professional services) | 15,800 | 544,386 | ||||
Bridgestone Corp. (Consumer discretionary, Automobile components) | 11,200 | 435,776 | ||||
Canon, Inc. (Information technology, Technology hardware, storage & peripherals) | 21,500 | 530,204 | ||||
Capcom Co. Ltd. (Communication services, Entertainment) | 10,400 | 439,102 | ||||
Central Japan Railway Co. (Industrials, Ground transportation) | 4,600 | 590,907 | ||||
Chubu Electric Power Co., Inc. (Utilities, Electric utilities) | 47,800 | 638,998 | ||||
Chugai Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 15,200 | 465,627 | ||||
CyberAgent, Inc. (Communication services, Media) | 79,400 | 506,431 |
Shares | Value | |||||
Japan (continued) | ||||||
Dai Nippon Printing Co. Ltd. (Industrials, Commercial services & supplies) | 24,200 | $662,487 | ||||
Daifuku Co. Ltd. (Industrials, Machinery) | 2,300 | 42,579 | ||||
Dai-ichi Life Holdings, Inc. (Financials, Insurance) | 20,300 | 378,319 | ||||
Daiichi Sankyo Co. Ltd. (Health care, Pharmaceuticals) | 26,000 | 768,233 | ||||
Daikin Industries Ltd. (Industrials, Building products) | 3,766 | 652,925 | ||||
Daito Trust Construction Co. Ltd. (Real estate, Real estate management & development) | 4,800 | 529,998 | ||||
Daiwa House Industry Co. Ltd. (Real estate, Real estate management & development) | 16,700 | 464,632 | ||||
Daiwa Securities Group, Inc. (Financials, Capital markets) | 46,400 | 264,377 | ||||
Denso Corp. (Consumer discretionary, Automobile components) | 4,400 | 301,176 | ||||
Disco Corp. (Information technology, Semiconductors & semiconductor equipment) | 3,300 | 651,971 | ||||
East Japan Railway Co. (Industrials, Ground transportation) | 1,700 | 96,185 | ||||
ENEOS Holdings, Inc. (Energy, Oil, gas & consumable fuels) | 64,800 | 243,309 | ||||
FANUC Corp. (Industrials, Machinery) | 8,200 | 234,060 | ||||
Fast Retailing Co. Ltd. (Consumer discretionary, Specialty retail) | 2,500 | 575,278 | ||||
Fuji Electric Co. Ltd. (Industrials, Electrical equipment) | 11,300 | 533,953 | ||||
FUJIFILM Holdings Corp. (Information technology, Technology hardware, storage & peripherals) | 500 | 29,602 | ||||
Fujitsu Ltd. (Information technology, IT services) | 4,400 | 550,548 | ||||
Hamamatsu Photonics KK (Information technology, Electronic equipment, instruments & components) | 7,900 | 366,290 | ||||
Hankyu Hanshin Holdings, Inc. (Industrials, Ground transportation) | 15,700 | 564,356 | ||||
Hikari Tsushin, Inc. (Industrials, Industrial conglomerates) | 1,500 | 250,112 | ||||
Hirose Electric Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 1,200 | 145,613 | ||||
Hitachi Construction Machinery Co. Ltd. (Industrials, Machinery) | 20,000 | 624,214 | ||||
Hitachi Ltd. (Industrials, Industrial conglomerates) | 16,700 | 1,112,683 | ||||
Honda Motor Co. Ltd. (Consumer discretionary, Automobiles) | 28,000 | 905,076 | ||||
Hoshizaki Corp. (Industrials, Machinery) | 6,200 | 238,378 | ||||
Hoya Corp. (Health care, Health care equipment & supplies) | 9,100 | 1,010,416 | ||||
Hulic Co. Ltd. (Real estate, Real estate management & development) | 50,800 | 456,692 | ||||
Ibiden Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 6,200 | 374,655 | ||||
Idemitsu Kosan Co. Ltd. (Energy, Oil, gas & consumable fuels) | 13,900 | 295,684 | ||||
INPEX Corp. (Energy, Oil, gas & consumable fuels) | 24,100 | 337,080 | ||||
ITOCHU Corp. (Industrials, Trading companies & distributors) | 36,600 | 1,376,509 | ||||
Japan Post Holdings Co. Ltd. (Financials, Insurance) | 29,500 | 226,479 | ||||
Japan Post Insurance Co. Ltd. (Financials, Insurance) | 3,800 | 61,311 | ||||
Japan Tobacco, Inc. (Consumer staples, Tobacco) | 22,300 | 489,084 | ||||
JFE Holdings, Inc. (Materials, Metals & mining) | 42,400 | 671,284 | ||||
Kajima Corp. (Industrials, Construction & engineering) | 42,300 | 707,495 | ||||
Kansai Electric Power Co., Inc. (Utilities, Electric utilities) | 51,600 | 735,547 | ||||
Kao Corp. (Consumer staples, Personal care products) | 9,200 | 356,568 | ||||
Kawasaki Kisen Kaisha Ltd. (Industrials, Marine transportation) | 1,900 | 63,806 | ||||
KDDI Corp. (Communication services, Wireless telecommunication services) | 36,900 | 1,096,893 |
Shares | Value | |||||
Japan (continued) | ||||||
Keisei Electric Railway Co. Ltd. (Industrials, Ground transportation) | 15,000 | $575,071 | ||||
Keyence Corp. (Information technology, Electronic equipment, instruments & components) | 3,500 | 1,455,858 | ||||
Kintetsu Group Holdings Co. Ltd. (Industrials, Ground transportation) | 17,600 | 557,534 | ||||
Kirin Holdings Co. Ltd. (Consumer staples, Beverages) | 19,800 | 278,434 | ||||
Kobayashi Pharmaceutical Co. Ltd. (Consumer staples, Personal care products) | 100 | 4,950 | ||||
Kobe Bussan Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 1,200 | 29,890 | ||||
Koei Tecmo Holdings Co. Ltd. (Communication services, Entertainment) | 3,100 | 48,206 | ||||
Komatsu Ltd. (Industrials, Machinery) | 25,700 | 733,049 | ||||
Konami Group Corp. (Communication services, Entertainment) | 1,400 | 81,366 | ||||
Kose Corp. (Consumer staples, Personal care products) | 2,000 | 166,191 | ||||
Kyocera Corp. (Information technology, Electronic equipment, instruments & components) | 1,100 | 56,537 | ||||
M3, Inc. (Health care, Health care technology) | 13,900 | 277,389 | ||||
Marubeni Corp. (Industrials, Trading companies & distributors) | 65,500 | 1,073,472 | ||||
Mazda Motor Corp. (Consumer discretionary, Automobiles) | 68,000 | 716,245 | ||||
McDonald’s Holdings Co. Japan Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 10,700 | 425,808 | ||||
MEIJI Holdings Co. Ltd. (Consumer staples, Food products) | 4,900 | 122,993 | ||||
MinebeaMitsumi, Inc. (Industrials, Machinery) | 18,500 | 314,765 | ||||
Mitsubishi Chemical Group Corp. (Materials, Chemicals) | 92,900 | 555,695 | ||||
Mitsubishi Corp. (Industrials, Trading companies & distributors) | 33,700 | 1,666,760 | ||||
Mitsubishi Electric Corp. (Industrials, Electrical equipment) | 82,300 | 1,074,179 | ||||
Mitsubishi HC Capital, Inc. (Financials, Financial services) | 3,500 | 22,778 | ||||
Mitsubishi Heavy Industries Ltd. (Industrials, Machinery) | 14,500 | 824,186 | ||||
Mitsubishi UFJ Financial Group, Inc. (Financials, Banks) | 222,200 | 1,776,898 | ||||
Mitsui & Co. Ltd. (Industrials, Trading companies & distributors) | 38,800 | 1,448,583 | ||||
Mitsui Chemicals, Inc. (Materials, Chemicals) | 26,600 | 723,252 | ||||
Mitsui OSK Lines Ltd. (Industrials, Marine transportation) | 8,400 | 233,014 | ||||
Mizuho Financial Group, Inc. (Financials, Banks) | 45,670 | 756,484 | ||||
MS&AD Insurance Group Holdings, Inc. (Financials, Insurance) | 4,400 | 158,466 | ||||
Murata Manufacturing Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 7,800 | 438,799 | ||||
NEC Corp. (Information technology, IT services) | 8,300 | 438,460 | ||||
Nexon Co. Ltd. (Communication services, Entertainment) | 12,700 | 258,111 | ||||
NGK Insulators Ltd. (Industrials, Machinery) | 11,000 | 146,218 | ||||
Nintendo Co. Ltd. (Communication services, Entertainment) | 27,400 | 1,180,218 | ||||
NIPPON EXPRESS HOLDINGS, Inc. (Industrials, Air freight & logistics) | 900 | 46,820 | ||||
Nippon Sanso Holdings Corp. (Materials, Chemicals) | 4,800 | 116,029 | ||||
Nippon Shinyaku Co. Ltd. (Health care, Pharmaceuticals) | 1,800 | 79,166 | ||||
Nippon Steel Corp. (Materials, Metals & mining) | 37,500 | 888,433 | ||||
Nippon Telegraph & Telephone Corp. (Communication services, Diversified telecommunication services) | 815,300 | 943,091 | ||||
Nippon Yusen KK (Industrials, Marine transportation) | 9,000 | 240,379 | ||||
Nissan Motor Co. Ltd. (Consumer discretionary, Automobiles) | 34,400 | 146,778 | ||||
Nisshin Seifun Group, Inc. (Consumer staples, Food products) | 8,900 | 117,478 |
Shares | Value | |||||
Japan (continued) | ||||||
Nissin Foods Holdings Co. Ltd. (Consumer staples, Food products) | 1,100 | $96,168 | ||||
Nitto Denko Corp. (Materials, Chemicals) | 6,800 | 464,986 | ||||
Nomura Holdings, Inc. (Financials, Capital markets) | 76,500 | 296,651 | ||||
Nomura Real Estate Holdings, Inc. (Real estate, Real estate management & development) | 10,800 | 272,273 | ||||
Nomura Real Estate Master Fund, Inc. (Real estate, Diversified REITs) | 186 | 218,733 | ||||
NTT Data Corp. (Information technology, IT services) | 67 | 903 | ||||
Obayashi Corp. (Industrials, Construction & engineering) | 26,500 | 240,239 | ||||
Odakyu Electric Railway Co. Ltd. (Industrials, Ground transportation) | 6,700 | 99,744 | ||||
Oji Holdings Corp. (Materials, Paper & forest products) | 54,600 | 223,661 | ||||
Olympus Corp. (Health care, Health care equipment & supplies) | 24,600 | 333,168 | ||||
Omron Corp. (Information technology, Electronic equipment, instruments & components) | 3,400 | 164,468 | ||||
Ono Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 9,800 | 186,004 | ||||
Open House Group Co. Ltd. (Consumer discretionary, Household durables) | 14,500 | 490,924 | ||||
Oracle Corp. Japan (Information technology, Software) | 17,100 | 1,195,278 | ||||
Oriental Land Co. Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 13,800 | 497,860 | ||||
ORIX Corp. (Financials, Financial services) | 38,600 | 721,619 | ||||
Otsuka Corp. (Information technology, IT services) | 24,600 | 1,098,161 | ||||
Otsuka Holdings Co. Ltd. (Health care, Pharmaceuticals) | 15,200 | 579,396 | ||||
Pan Pacific International Holdings Corp. (Consumer discretionary, Broadline retail) | 31,000 | 618,849 | ||||
Panasonic Holdings Corp. (Consumer discretionary, Household durables) | 43,400 | 500,981 | ||||
Persol Holdings Co. Ltd. (Industrials, Professional services) | 24,000 | 411,561 | ||||
Recruit Holdings Co. Ltd. (Industrials, Professional services) | 20,800 | 746,252 | ||||
Renesas Electronics Corp. (Information technology, Semiconductors & semiconductor equipment)† | 60,300 | 1,015,603 | ||||
Ricoh Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 55,800 | 455,620 | ||||
SBI Holdings, Inc. (Financials, Capital markets) | 1,600 | 32,721 | ||||
SCSK Corp. (Information technology, IT services) | 5,400 | 93,752 | ||||
Secom Co. Ltd. (Industrials, Commercial services & supplies) | 1,800 | 126,128 | ||||
Seiko Epson Corp. (Information technology, Technology hardware, storage & peripherals) | 13,100 | 205,511 | ||||
Sekisui Chemical Co. Ltd. (Consumer discretionary, Household durables) | 19,700 | 302,754 | ||||
Sekisui House Ltd. (Consumer discretionary, Household durables) | 30,500 | 622,704 | ||||
Seven & i Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 4,400 | 180,875 | ||||
Shimano, Inc. (Consumer discretionary, Leisure products) | 400 | 58,834 | ||||
Shimizu Corp. (Industrials, Construction & engineering) | 16,400 | 110,430 | ||||
Shin-Etsu Chemical Co. Ltd. (Materials, Chemicals) | 41,400 | 1,325,699 | ||||
Shiseido Co. Ltd. (Consumer staples, Personal care products) | 4,200 | 170,777 | ||||
Shizuoka Financial Group, Inc. (Financials, Banks) | 7,800 | 63,528 | ||||
SMC Corp. (Industrials, Machinery) | 700 | 339,668 | ||||
SoftBank Corp. (Communication services, Wireless telecommunication services) | 48,200 | 553,242 |
Shares | Value | |||||
Japan (continued) | ||||||
SoftBank Group Corp. (Communication services, Wireless telecommunication services) | 6,300 | $283,402 | ||||
Sompo Holdings, Inc. (Financials, Insurance) | 900 | 39,261 | ||||
Sony Group Corp. (Consumer discretionary, Household durables) | 19,100 | 1,594,347 | ||||
Square Enix Holdings Co. Ltd. (Communication services, Entertainment) | 14,800 | 562,521 | ||||
Subaru Corp. (Consumer discretionary, Automobiles) | 10,200 | 196,961 | ||||
SUMCO Corp. (Information technology, Semiconductors & semiconductor equipment) | 37,633 | 503,601 | ||||
Sumitomo Corp. (Industrials, Trading companies & distributors) | 40,900 | 843,047 | ||||
Sumitomo Electric Industries Ltd. (Consumer discretionary, Automobile components) | 12,600 | 154,626 | ||||
Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | 27,500 | 1,262,775 | ||||
Sumitomo Mitsui Trust Holdings, Inc. (Financials, Banks) | 1,300 | 48,705 | ||||
Sumitomo Realty & Development Co. Ltd. (Real estate, Real estate management & development) | 2,300 | 58,948 | ||||
Suntory Beverage & Food Ltd. (Consumer staples, Beverages) | 1,200 | 38,880 | ||||
Suzuki Motor Corp. (Consumer discretionary, Automobiles) | 6,100 | 240,445 | ||||
Sysmex Corp. (Health care, Health care equipment & supplies) | 2,700 | 143,838 | ||||
T&D Holdings, Inc. (Financials, Insurance) | 3,000 | 47,703 | ||||
Taisei Corp. (Industrials, Construction & engineering) | 3,900 | 131,425 | ||||
Takeda Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 30,200 | 935,713 | ||||
TDK Corp. (Information technology, Electronic equipment, instruments & components) | 12,000 | 438,283 | ||||
Terumo Corp. (Health care, Health care equipment & supplies) | 7,000 | 212,317 | ||||
TIS, Inc. (Information technology, IT services) | 7,100 | 167,722 | ||||
Tobu Railway Co. Ltd. (Industrials, Ground transportation) | 16,800 | 461,063 | ||||
Toho Co. Ltd. (Communication services, Entertainment) | 200 | 7,636 | ||||
Tokio Marine Holdings, Inc. (Financials, Insurance) | 25,300 | 561,140 | ||||
Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor equipment) | 10,300 | 1,527,355 | ||||
Tokyo Gas Co. Ltd. (Utilities, Gas utilities) | 19,500 | 452,603 | ||||
TOPPAN, Inc. (Industrials, Commercial services & supplies) | 36,300 | 878,465 | ||||
Toray Industries, Inc. (Materials, Chemicals) | 39,100 | 211,255 | ||||
Tosoh Corp. (Materials, Chemicals) | 52,200 | 676,650 | ||||
TOTO Ltd. (Industrials, Building products) | 9,000 | 247,122 | ||||
Toyota Motor Corp. (Consumer discretionary, Automobiles) | 206,400 | 3,567,793 | ||||
Toyota Tsusho Corp. (Industrials, Trading companies & distributors) | 13,700 | 818,733 | ||||
Unicharm Corp. (Consumer staples, Household products) | 700 | 27,962 | ||||
Welcia Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 1,900 | 34,965 | ||||
West Japan Railway Co. (Industrials, Ground transportation) | 2,600 | 112,653 | ||||
Yakult Honsha Co. Ltd. (Consumer staples, Food products) | 700 | 36,728 | ||||
Yamaha Motor Co. Ltd. (Consumer discretionary, Automobiles) | 17,000 | 441,548 | ||||
Yamato Holdings Co. Ltd. (Industrials, Air freight & logistics) | 20,200 | 379,926 | ||||
Yaskawa Electric Corp. (Industrials, Machinery) | 1,000 | 39,321 |
Shares | Value | |||||
Japan (continued) | ||||||
Yokogawa Electric Corp. (Information technology, Electronic equipment, instruments & components) | 11,500 | $228,309 | ||||
ZOZO, Inc. (Consumer discretionary, Specialty retail) | 15,300 | 305,958 | ||||
82,971,605 | ||||||
Luxembourg: 0.19% | ||||||
ArcelorMittal SA (Materials, Metals & mining)† | 15,027 | 399,705 | ||||
Eurofins Scientific SE (Health care, Life sciences tools & services) | 6,456 | 397,912 | ||||
Tenaris SA (Energy, Energy equipment & services) | 3,511 | 56,194 | ||||
853,811 | ||||||
Netherlands: 4.83% | ||||||
ABN AMRO Bank NV (Financials, Banks)144A | 948 | 13,975 | ||||
Adyen NV (Financials, Financial services)144A† | 75 | 62,825 | ||||
Airbus SE (Industrials, Aerospace & defense) | 12,301 | 1,805,779 | ||||
Akzo Nobel NV (Materials, Chemicals) | 3,342 | 271,937 | ||||
ASM International NV (Information technology, Semiconductors & semiconductor equipment) | 736 | 355,306 | ||||
ASML Holding NV (Information technology, Semiconductors & semiconductor equipment) | 9,118 | 6,010,373 | ||||
CNH Industrial NV (Industrials, Machinery) | 10,465 | 145,024 | ||||
EXOR NV (Financials, Financial services)† | 29,179 | 2,586,275 | ||||
Heineken Holding NV (Consumer staples, Beverages) | 4,373 | 350,424 | ||||
Heineken NV (Consumer staples, Beverages) | 4,360 | 424,648 | ||||
ING Groep NV (Financials, Banks) | 118,808 | 1,687,667 | ||||
JDE Peet’s NV (Consumer staples, Food products) | 462 | 12,865 | ||||
Koninklijke Ahold Delhaize NV (Consumer staples, Consumer staples distribution & retail) | 36,864 | 1,206,200 | ||||
Koninklijke KPN NV (Communication services, Diversified telecommunication services) | 174,561 | 610,824 | ||||
Koninklijke Philips NV (Health care, Health care equipment & supplies)† | 33,549 | 756,681 | ||||
NN Group NV (Financials, Insurance) | 2,050 | 79,047 | ||||
OCI NV (Materials, Chemicals)† | 8,396 | 212,674 | ||||
Prosus NV (Consumer discretionary, Broadline retail)† | 15,563 | 1,076,335 | ||||
Randstad NV (Industrials, Professional services) | 16,759 | 984,593 | ||||
Stellantis NV (Consumer discretionary, Automobiles) | 70,343 | 1,310,125 | ||||
STMicroelectronics NV (Information technology, Semiconductors & semiconductor equipment) | 6,637 | 314,250 | ||||
Universal Music Group NV (Communication services, Entertainment) | 11,241 | 279,010 | ||||
Wolters Kluwer NV (Industrials, Professional services) | 5,312 | 640,520 | ||||
21,197,357 | ||||||
New Zealand: 0.23% | ||||||
Fisher & Paykel Healthcare Corp. Ltd. Class C (Health care, Health care equipment & supplies) | 18,429 | 249,565 |
Shares | Value | |||||
New Zealand (continued) | ||||||
Meridian Energy Ltd. (Utilities, Independent power and renewable electricity producers) | 114,501 | $366,306 | ||||
Spark New Zealand Ltd. (Communication services, Diversified telecommunication services) | 131,473 | 397,867 | ||||
1,013,738 | ||||||
Norway: 0.75% | ||||||
DNB Bank ASA (Financials, Banks) | 13,574 | 268,883 | ||||
Equinor ASA (Energy, Oil, gas & consumable fuels) | 23,132 | 714,083 | ||||
Kongsberg Gruppen ASA (Industrials, Aerospace & defense) | 14,853 | 615,819 | ||||
Mowi ASA (Consumer staples, Food products) | 14,225 | 258,230 | ||||
Norsk Hydro ASA (Materials, Metals & mining) | 76,477 | 425,124 | ||||
Orkla ASA (Consumer staples, Food products) | 11,312 | 86,481 | ||||
Telenor ASA (Communication services, Diversified telecommunication services) | 27,557 | 295,225 | ||||
Yara International ASA (Materials, Chemicals) | 16,846 | 616,215 | ||||
3,280,060 | ||||||
Portugal: 0.17% | ||||||
EDP - Energias de Portugal SA (Utilities, Electric utilities) | 292 | 1,332 | ||||
Galp Energia SGPS SA (Energy, Oil, gas & consumable fuels) | 32,419 | 446,626 | ||||
Jeronimo Martins SGPS SA (Consumer staples, Consumer staples distribution & retail) | 11,432 | 291,313 | ||||
739,271 | ||||||
Singapore: 1.44% | ||||||
CapitaLand Ascendas REIT (Real estate, Industrial REITs)† | 229,200 | 469,780 | ||||
CapitaLand Integrated Commercial Trust (Real estate, Retail REITs)† | 102,100 | 144,298 | ||||
CapitaLand Investment Ltd. (Real estate, Real estate management & development) | 104,600 | 250,771 | ||||
City Developments Ltd. (Real estate, Real estate management & development) | 12,100 | 59,808 | ||||
DBS Group Holdings Ltd. (Financials, Banks) | 32,813 | 808,519 | ||||
Genting Singapore Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 861,524 | 557,796 | ||||
Jardine Cycle & Carriage Ltd. (Industrials, Industrial conglomerates) | 29,300 | 724,560 | ||||
Keppel Corp. Ltd. (Industrials, Industrial conglomerates) | 11,600 | 59,569 | ||||
Mapletree Logistics Trust (Real estate, Industrial REITs)† | 82,900 | 103,054 | ||||
Oversea-Chinese Banking Corp. Ltd. (Financials, Banks) | 88,496 | 821,802 | ||||
Singapore Airlines Ltd. (Industrials, Passenger airlines)† | 21,900 | 111,327 | ||||
Singapore Exchange Ltd. (Financials, Capital markets) | 22,800 | 162,465 | ||||
Singapore Telecommunications Ltd. (Communication services, Diversified telecommunication services) | 172,300 | 303,433 | ||||
United Overseas Bank Ltd. (Financials, Banks) | 19,786 | 416,378 | ||||
UOL Group Ltd. (Real estate, Real estate management & development) | 11,273 | 55,387 |
Shares | Value | |||||
Singapore (continued) | ||||||
Venture Corp. Ltd. (Information technology, Electronic equipment, instruments & components) | 81,500 | $790,606 | ||||
Wilmar International Ltd. (Consumer staples, Food products) | 176,585 | 493,907 | ||||
6,333,460 | ||||||
Spain: 2.49% | ||||||
ACS Actividades de Construccion y Servicios SA (Industrials, Construction & engineering) | 17,600 | 618,149 | ||||
Aena SME SA (Industrials, Transportation infrastructure)144A | 5,825 | 915,870 | ||||
Amadeus IT Group SA (Consumer discretionary, Hotels, restaurants & leisure) | 10,614 | 728,539 | ||||
Banco Bilbao Vizcaya Argentaria SA (Financials, Banks) | 198,472 | 1,563,739 | ||||
Banco Santander SA (Financials, Banks) | 425,866 | 1,663,361 | ||||
CaixaBank SA (Financials, Banks) | 184,810 | 748,289 | ||||
Enagas SA (Utilities, Gas utilities) | 22,466 | 383,564 | ||||
Endesa SA (Utilities, Electric utilities) | 3,675 | 76,432 | ||||
Grifols SA (Health care, Biotechnology)† | 19,001 | 260,534 | ||||
Iberdrola SA (Utilities, Electric utilities) | 116,614 | 1,385,897 | ||||
Industria de Diseno Textil SA (Consumer discretionary, Specialty retail) | 29,008 | 1,112,243 | ||||
Naturgy Energy Group SA (Utilities, Gas utilities) | 1,374 | 39,840 | ||||
Red Electrica Corp. SA (Utilities, Electric utilities) | 4,113 | 66,921 | ||||
Repsol SA (Energy, Oil, gas & consumable fuels) | 60,110 | 926,864 | ||||
Telefonica SA (Communication services, Diversified telecommunication services) | 104,705 | 434,165 | ||||
10,924,407 | ||||||
Sweden: 2.99% | ||||||
Alfa Laval AB (Industrials, Machinery) | 6,809 | 239,560 | ||||
Assa Abloy AB Class B (Industrials, Building products) | 18,553 | 418,389 | ||||
Atlas Copco AB Class A (Industrials, Machinery) | 62,516 | 827,665 | ||||
Atlas Copco AB Class B (Industrials, Machinery) | 25,686 | 296,426 | ||||
Boliden AB (Materials, Metals & mining)† | 16,074 | 428,038 | ||||
Embracer Group AB Class B (Communication services, Entertainment)† | 8,742 | 21,199 | ||||
Epiroc AB Class A (Industrials, Machinery) | 11,795 | 226,883 | ||||
Essity AB Class B (Consumer staples, Household products) | 10,930 | 255,268 | ||||
Evolution AB (Consumer discretionary, Hotels, restaurants & leisure)144A | 7,031 | 761,764 | ||||
Fastighets AB Balder Class B (Real estate, Real estate management & development)† | 35,632 | 170,862 | ||||
Getinge AB Class B (Health care, Health care equipment & supplies) | 34,378 | 597,694 | ||||
H & M Hennes & Mauritz AB Class B (Consumer discretionary, Specialty retail) | 25,596 | 391,544 | ||||
Hexagon AB Class B (Information technology, Electronic equipment, instruments & components) | 9,251 | 82,721 | ||||
Husqvarna AB Class B (Industrials, Machinery) | 34,930 | 301,492 | ||||
Industrivarden AB Class C (Financials, Financial services) | 2,589 | 67,441 | ||||
Investor AB Class B (Financials, Financial services) | 52,841 | 1,018,837 |
Shares | Value | |||||
Sweden (continued) | ||||||
Kinnevik AB Class B (Financials, Financial services)† | 49,714 | $585,525 | ||||
Saab AB Class B (Industrials, Aerospace & defense) | 8,289 | 438,052 | ||||
Sandvik AB (Industrials, Machinery) | 11,334 | 214,703 | ||||
Securitas AB Class B (Industrials, Commercial services & supplies)† | 52,514 | 428,132 | ||||
Skandinaviska Enskilda Banken AB Class A (Financials, Banks) | 24,978 | 290,081 | ||||
Skanska AB Class B (Industrials, Construction & engineering) | 20,739 | 304,214 | ||||
SKF AB Class B (Industrials, Machinery) | 32,263 | 523,793 | ||||
Svenska Handelsbanken AB Class A (Financials, Banks) | 39,259 | 327,598 | ||||
Swedbank AB Class A (Financials, Banks) | 40,795 | 723,419 | ||||
Swedish Orphan Biovitrum AB (Health care, Biotechnology)† | 48,509 | 937,526 | ||||
Tele2 AB Class B (Communication services, Wireless telecommunication services) | 96,870 | 684,288 | ||||
Telefonaktiebolaget LM Ericsson Class B (Information technology, Communications equipment) | 77,489 | 398,681 | ||||
Volvo AB Class A (Industrials, Machinery) | 6,015 | 123,283 | ||||
Volvo AB Class B (Industrials, Machinery) | 49,713 | 1,004,386 | ||||
13,089,464 | ||||||
Switzerland: 8.62% | ||||||
ABB Ltd. (Industrials, Electrical equipment) | 41,129 | 1,568,615 | ||||
Adecco Group AG (Industrials, Professional services) | 9,615 | 415,034 | ||||
Alcon, Inc. (Health care, Health care equipment & supplies) | 6,937 | 580,498 | ||||
Bachem Holding AG (Health care, Life sciences tools & services) | 4,697 | 439,471 | ||||
BKW AG (Utilities, Electric utilities) | 4,150 | 714,100 | ||||
Chocoladefabriken Lindt & Spruengli AG (Consumer staples, Food products) | 29 | 347,009 | ||||
Chocoladefabriken Lindt & Spruengli AG (Consumer staples, Food products) | 1 | 117,960 | ||||
CIE Financiere Richemont SA Class A (Consumer discretionary, Textiles, apparel & luxury goods) | 12,862 | 1,828,796 | ||||
Coca-Cola HBC AG (Consumer staples, Beverages)† | 14,177 | 409,115 | ||||
Dufry AG (Consumer discretionary, Specialty retail)† | 1,070 | 47,677 | ||||
Geberit AG (Industrials, Building products) | 797 | 413,770 | ||||
Givaudan SA (Materials, Chemicals) | 26 | 86,770 | ||||
Helvetia Holding AG (Financials, Insurance) | 1,981 | 301,854 | ||||
Holcim AG (Materials, Construction materials) | 15,592 | 1,033,642 | ||||
Julius Baer Group Ltd. (Financials, Capital markets) | 10,620 | 738,898 | ||||
Kuehne & Nagel International AG (Industrials, Marine transportation) | 87 | 26,188 | ||||
Logitech International SA (Information technology, Technology hardware, storage & peripherals) | 3,938 | 273,099 | ||||
Lonza Group AG (Health care, Life sciences tools & services) | 2,288 | 1,266,319 | ||||
Nestle SA (Consumer staples, Food products) | 59,899 | 7,214,868 | ||||
Novartis AG (Health care, Pharmaceuticals) | 49,995 | 5,054,682 | ||||
Partners Group Holding AG (Financials, Capital markets) | 491 | 530,937 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 17,233 | 5,078,112 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 1,926 | 602,209 | ||||
Schindler Holding AG (Industrials, Machinery) | 1,366 | 287,473 | ||||
Schindler Holding AG (Industrials, Machinery) | 2,258 | 503,950 | ||||
SGS SA (Industrials, Professional services) | 1,726 | 157,056 |
Shares | Value | |||||
Switzerland (continued) | ||||||
Sika AG (Materials, Chemicals) | 2,627 | $744,666 | ||||
Sonova Holding AG (Health care, Health care equipment & supplies) | 2,188 | 578,860 | ||||
Straumann Holding AG (Health care, Health care equipment & supplies) | 2,031 | 308,093 | ||||
Swatch Group AG (Consumer discretionary, Textiles, apparel & luxury goods) | 1,366 | 384,586 | ||||
Swiss Life Holding AG (Financials, Insurance) | 592 | 371,680 | ||||
Swiss Re AG (Financials, Insurance) | 7,868 | 765,111 | ||||
Swisscom AG (Communication services, Diversified telecommunication services) | 839 | 510,989 | ||||
Temenos AG (Information technology, Software) | 1,382 | 109,922 | ||||
UBS Group AG (Financials, Capital markets) | 86,951 | 2,313,181 | ||||
VAT Group AG (Industrials, Machinery)144A | 285 | 114,342 | ||||
Zurich Insurance Group AG (Financials, Insurance) | 3,361 | 1,579,006 | ||||
37,818,538 | ||||||
United Kingdom: 12.28% | ||||||
3i Group PLC (Financials, Capital markets) | 60,175 | 1,519,638 | ||||
abrdn PLC (Financials, Capital markets) | 117,535 | 245,823 | ||||
Admiral Group PLC (Financials, Insurance) | 4,844 | 152,796 | ||||
Anglo American PLC (Materials, Metals & mining) | 24,312 | 646,921 | ||||
Ashtead Group PLC (Industrials, Trading companies & distributors) | 3,621 | 253,390 | ||||
Associated British Foods PLC (Consumer staples, Food products) | 14,363 | 362,536 | ||||
AstraZeneca PLC (Health care, Pharmaceuticals) | 32,759 | 4,424,632 | ||||
Auto Trader Group PLC (Communication services, Interactive media & services)144A | 71,053 | 545,820 | ||||
Aviva PLC (Financials, Insurance) | 122,413 | 581,833 | ||||
BAE Systems PLC (Industrials, Aerospace & defense) | 100,255 | 1,279,555 | ||||
Barclays PLC (Financials, Banks) | 343,769 | 641,733 | ||||
Barratt Developments PLC (Consumer discretionary, Household durables) | 21,040 | 120,820 | ||||
BP PLC (Energy, Oil, gas & consumable fuels) | 412,958 | 2,550,283 | ||||
British American Tobacco PLC (Consumer staples, Tobacco) | 37,382 | 1,241,898 | ||||
BT Group PLC (Communication services, Diversified telecommunication services) | 492,556 | 721,309 | ||||
Bunzl PLC (Industrials, Trading companies & distributors) | 1,542 | 55,281 | ||||
Burberry Group PLC (Consumer discretionary, Textiles, apparel & luxury goods) | 23,651 | 654,350 | ||||
Centrica PLC (Utilities, Multi-utilities) | 270,407 | 519,822 | ||||
CK Hutchison Holdings Ltd. (Industrials, Industrial conglomerates) | 154,070 | 839,862 | ||||
Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) | 8,993 | 576,541 | ||||
Compass Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 57,614 | 1,454,599 | ||||
Diageo PLC (Consumer staples, Beverages) | 37,704 | 1,549,206 | ||||
Endeavour Mining PLC (Materials, Metals & mining) | 575 | 11,749 | ||||
Entain PLC (Consumer discretionary, Hotels, restaurants & leisure) | 5,696 | 83,522 | ||||
GSK PLC (Health care, Pharmaceuticals) | 113,648 | 1,999,444 | ||||
Haleon PLC (Consumer staples, Personal care products) | 54,825 | 223,984 | ||||
Hargreaves Lansdown PLC (Financials, Capital markets) | 108,296 | 1,044,285 |
Shares | Value | |||||
United Kingdom (continued) | ||||||
Hikma Pharmaceuticals PLC (Health care, Pharmaceuticals) | 10,524 | $291,833 | ||||
HSBC Holdings PLC (Financials, Banks)† | 442,597 | 3,269,334 | ||||
Imperial Brands PLC (Consumer staples, Tobacco) | 29,677 | 672,759 | ||||
InterContinental Hotels Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 5,210 | 392,965 | ||||
Intertek Group PLC (Industrials, Professional services) | 863 | 45,260 | ||||
J Sainsbury PLC (Consumer staples, Consumer staples distribution & retail) | 183,213 | 626,886 | ||||
JD Sports Fashion PLC (Consumer discretionary, Specialty retail) | 84,007 | 154,575 | ||||
Johnson Matthey PLC (Materials, Chemicals) | 42,230 | 872,000 | ||||
Kingfisher PLC (Consumer discretionary, Specialty retail) | 244,641 | 725,192 | ||||
Lloyds Banking Group PLC (Financials, Banks) | 1,875,419 | 1,006,261 | ||||
London Stock Exchange Group PLC (Financials, Capital markets) | 3,601 | 373,059 | ||||
National Grid PLC (Utilities, Multi-utilities) | 71,847 | 901,238 | ||||
NatWest Group PLC (Financials, Banks) | 219,333 | 640,168 | ||||
Next PLC (Consumer discretionary, Broadline retail) | 9,720 | 860,453 | ||||
NMC Health PLC (Health care, Health care providers & services)♦† | 7,509 | 0 | ||||
Pearson PLC (Consumer discretionary, Diversified consumer services) | 48,579 | 516,319 | ||||
Persimmon PLC (Consumer discretionary, Household durables) | 7,725 | 104,319 | ||||
Prudential PLC (Financials, Insurance) | 2,597 | 31,787 | ||||
Reckitt Benckiser Group PLC (Consumer staples, Household products) | 11,338 | 818,977 | ||||
RELX PLC (Industrials, Professional services) | 35,091 | 1,146,005 | ||||
Rio Tinto PLC (Materials, Metals & mining) | 28,152 | 1,737,677 | ||||
Rolls-Royce Holdings PLC (Industrials, Aerospace & defense)† | 97,519 | 274,623 | ||||
Sage Group PLC (Information technology, Software) | 57,708 | 709,844 | ||||
Schroders PLC (Financials, Capital markets) | 75,836 | 395,612 | ||||
Shell PLC (Energy, Oil, gas & consumable fuels) | 163,734 | 5,001,888 | ||||
Smith & Nephew PLC (Health care, Health care equipment & supplies) | 61,481 | 833,360 | ||||
Smiths Group PLC (Industrials, Industrial conglomerates) | 9,540 | 198,198 | ||||
SSE PLC (Utilities, Electric utilities) | 23,898 | 492,406 | ||||
Standard Chartered PLC (Financials, Banks) | 42,787 | 385,705 | ||||
Taylor Wimpey PLC (Consumer discretionary, Household durables) | 223,251 | 323,257 | ||||
Tesco PLC (Consumer staples, Consumer staples distribution & retail) | 211,973 | 713,477 | ||||
Unilever PLC (Consumer staples, Personal care products) | 64,383 | 3,296,669 | ||||
United Utilities Group PLC (Utilities, Water utilities) | 24,497 | 293,880 | ||||
Vodafone Group PLC (Communication services, Wireless telecommunication services) | 779,650 | 723,066 | ||||
Whitbread PLC (Consumer discretionary, Hotels, restaurants & leisure) | 11,402 | 496,875 | ||||
WPP PLC (Communication services, Media) | 22,521 | 218,480 | ||||
53,846,039 | ||||||
United States: 0.08% | ||||||
Experian PLC (Industrials, Professional services) | 10,503 | 367,489 | ||||
Total common stocks (Cost $348,251,419) | 414,074,371 |
Dividend rate | Shares | Value | ||||
Preferred stocks: 0.44% | ||||||
Germany: 0.44% | ||||||
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | 9.12 | 837 | $80,550 | |||
Henkel AG & Co. KGaA (Consumer staples, Household products) | 1.98 | 9,189 | 704,661 | |||
Sartorius AG (Health care, Life sciences tools & services) | 1.54 | 654 | 267,639 | |||
Volkswagen AG (Consumer discretionary, Automobiles) | 9.37 | 7,182 | 880,333 | |||
Total preferred stocks (Cost $2,073,180) | 1,933,183 |
Expiration date | ||||||
Rights: 0.01% | ||||||
Canada: 0.00% | ||||||
Constellation Software, Inc. (Information technology, Software)† | 9-29-2023 | 428 | 238 | |||
Sweden: 0.01% | ||||||
Swedish Orphan Biovitrum AB (Health care, Biotechnology)† | 9-14-2023 | 48,509 | 43,819 | |||
Total rights (Cost $190) | 44,057 | |||||
Warrants: 0.00% | ||||||
Canada: 0.00% | ||||||
Constellation Software, Inc. (Information technology, Software)♦† | 3-31-2040 | 428 | 0 | |||
Total warrants (Cost $0) | 0 |
Yield | ||||||
Short-term investments: 4.13% | ||||||
Investment companies: 4.13% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 18,101,648 | 18,101,648 | |||
Total short-term investments (Cost $18,101,648) | 18,101,648 | |||||
Total investments in securities (Cost $368,426,437) | 99.00 % | 434,153,259 | ||||
Other assets and liabilities, net | 1.00 | 4,371,289 | ||||
Total net assets | 100.00 % | $438,524,548 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
♠ | 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 | $14,960,264 | $31,140,632 | $(27,999,248 ) | $0 | $0 | $18,101,648 | 18,101,648 | $258,002 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
MSCI EAFE Index | 178 | 9-15-2023 | $19,002,756 | $18,772,770 | $0 | $(229,986 ) |
Assets | |
Investments in unaffiliated securities, at value (cost $350,324,789) | $416,051,611 |
Investments in affiliated securities, at value (cost $18,101,648) | 18,101,648 |
Cash at broker segregated for futures contracts | 1,044,690 |
Foreign currency, at value (cost $139,317) | 138,989 |
Receivable for dividends | 3,486,957 |
Prepaid expenses and other assets | 559 |
Total assets | 438,824,454 |
Liabilities | |
Custody and accounting fees payable | 140,999 |
Payable for daily variation margin on open futures contracts | 93,450 |
Advisory fee payable | 38,756 |
Interest holder report expenses payable | 8,620 |
Professional fees payable | 8,591 |
Trustees’ fees and expenses payable | 706 |
Payable for investments purchased | 307 |
Accrued expenses and other liabilities | 8,477 |
Total liabilities | 299,906 |
Total net assets | $438,524,548 |
Investment income | |
Dividends (net of foreign withholdings taxes of $1,399,425) | $9,342,548 |
Income from affiliated securities | 258,002 |
Interest | 24,249 |
Total investment income | 9,624,799 |
Expenses | |
Advisory fee | 330,823 |
Custody and accounting fees | 50,238 |
Professional fees | 29,774 |
Interest holder report expenses | 1,971 |
Trustees’ fees and expenses | 10,002 |
Other fees and expenses | 4,217 |
Total expenses | 427,025 |
Less: Fee waivers and/or expense reimbursements | (80,763 ) |
Net expenses | 346,262 |
Net investment income | 9,278,537 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 3,904,046 |
Foreign currency and foreign currency translations | (23,260 ) |
Futures contracts | 840 |
Net realized gains on investments | 3,881,626 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 7,880,443 |
Foreign currency and foreign currency translations | 95,666 |
Futures contracts | 268,755 |
Net change in unrealized gains (losses) on investments | 8,244,864 |
Net realized and unrealized gains (losses) on investments | 12,126,490 |
Net increase in net assets resulting from operations | $21,405,027 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $9,278,537 | $15,198,428 | ||
Net realized gains (losses) on investments | 3,881,626 | (16,913,543 ) | ||
Net change in unrealized gains (losses) on investments | 8,244,864 | (13,792,576 ) | ||
Net increase (decrease) in net assets resulting from operations | 21,405,027 | (15,507,691 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 8,027,857 | 103,565,479 | ||
Withdrawals | (33,842,871 ) | (281,654,630 ) | ||
Net decrease in net assets resulting from capital transactions | (25,815,014 ) | (178,089,151 ) | ||
Total decrease in net assets | (4,409,987 ) | (193,596,842 ) | ||
Net assets | ||||
Beginning of period | 442,934,535 | 636,531,377 | ||
End of period | $438,524,548 | $442,934,535 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 4.89 % | (2.72 )% | 5.25 % | 22.14 % | 1.23 % | (2.91 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.19 % | 0.20 % | 0.20 % | 0.22 % | 0.24 % | 0.23 % |
Net expenses | 0.16 %* | 0.16 %* | 0.16 %* | 0.16 %* | 0.19 % | 0.20 % |
Net investment income | 4.20 % | 3.13 % | 2.72 % | 2.25 % | 2.58 % | 3.03 % |
Supplemental data | ||||||
Portfolio turnover rate | 26 % | 39 % | 70 % | 92 % | 44 % | 47 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.03% |
Year ended February 28, 2023 | 0.04% |
Year ended February 28, 2022 | 0.04% |
Year ended February 28, 2021 | 0.06% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $83,458,705 |
Gross unrealized losses | (20,295,293 ) |
Net unrealized gains | $63,163,412 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $27,121,675 | $0 | $0 | $27,121,675 |
Austria | 876,010 | 0 | 0 | 876,010 |
Belgium | 4,042,997 | 0 | 0 | 4,042,997 |
Canada | 40,580,403 | 0 | 0 | 40,580,403 |
China | 662,998 | 0 | 0 | 662,998 |
Denmark | 12,712,965 | 0 | 0 | 12,712,965 |
Finland | 3,574,314 | 0 | 0 | 3,574,314 |
France | 39,899,110 | 0 | 0 | 39,899,110 |
Germany | 29,240,401 | 0 | 0 | 29,240,401 |
Hong Kong | 7,676,801 | 0 | 0 | 7,676,801 |
Ireland | 2,749,461 | 0 | 0 | 2,749,461 |
Israel | 3,630,031 | 0 | 0 | 3,630,031 |
Italy | 8,871,966 | 0 | 0 | 8,871,966 |
Japan | 82,971,605 | 0 | 0 | 82,971,605 |
Luxembourg | 853,811 | 0 | 0 | 853,811 |
Netherlands | 21,197,357 | 0 | 0 | 21,197,357 |
New Zealand | 1,013,738 | 0 | 0 | 1,013,738 |
Norway | 3,280,060 | 0 | 0 | 3,280,060 |
Portugal | 739,271 | 0 | 0 | 739,271 |
Singapore | 6,333,460 | 0 | 0 | 6,333,460 |
Spain | 10,924,407 | 0 | 0 | 10,924,407 |
Sweden | 13,089,464 | 0 | 0 | 13,089,464 |
Switzerland | 37,818,538 | 0 | 0 | 37,818,538 |
United Kingdom | 53,846,039 | 0 | 0 | 53,846,039 |
United States | 367,489 | 0 | 0 | 367,489 |
Preferred stocks | ||||
Germany | 1,933,183 | 0 | 0 | 1,933,183 |
Rights | ||||
Canada | 0 | 238 | 0 | 238 |
Sweden | 0 | 43,819 | 0 | 43,819 |
Warrants | ||||
Canada | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 18,101,648 | 0 | 0 | 18,101,648 |
Total assets | $434,109,202 | $44,057 | $0 | $434,153,259 |
Liabilities | ||||
Futures contracts | $229,986 | $0 | $0 | $229,986 |
Total liabilities | $229,986 | $0 | $0 | $229,986 |
Average daily net assets | Advisory fee |
First $5 billion | 0.150 % |
Next $5 billion | 0.130 |
Over $10 billion | 0.110 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks long-term capital appreciation. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Harindra de Silva, Ph.D., CFA, Monisha Jayakumar |
Ten largest holdings (%) as of August 31, 20231 | |
Apple, Inc. | 6.37 |
Microsoft Corp. | 5.60 |
NVIDIA Corp. | 2.68 |
Amazon.com, Inc. | 2.62 |
Alphabet, Inc. Class A | 1.87 |
Alphabet, Inc. Class C | 1.64 |
Berkshire Hathaway, Inc. Class B | 1.53 |
Meta Platforms, Inc. Class A | 1.52 |
Tesla, Inc. | 1.45 |
Eli Lilly & Co. | 1.07 |
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 August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations 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: 96.27% | ||||||
Communication services: 8.29% | ||||||
Diversified telecommunication services: 0.65% | ||||||
AT&T, Inc. | 113,389 | $1,677,024 | ||||
Verizon Communications, Inc. | 42,135 | 1,473,882 | ||||
3,150,906 | ||||||
Entertainment: 1.22% | ||||||
AMC Entertainment Holdings, Inc. Class A† | 648 | 8,127 | ||||
Electronic Arts, Inc. | 3,279 | 393,414 | ||||
Madison Square Garden Sports Corp. | 1,337 | 237,986 | ||||
Netflix, Inc.† | 5,788 | 2,510,140 | ||||
Playtika Holding Corp.† | 35,115 | 342,722 | ||||
Spotify Technology SA† | 5,903 | 908,885 | ||||
Walt Disney Co.† | 17,492 | 1,463,731 | ||||
5,865,005 | ||||||
Interactive media & services: 5.22% | ||||||
Alphabet, Inc. Class A† | 66,310 | 9,029,433 | ||||
Alphabet, Inc. Class C† | 57,631 | 7,915,618 | ||||
IAC, Inc.† | 3,477 | 192,382 | ||||
Match Group, Inc.† | 4,663 | 218,555 | ||||
Meta Platforms, Inc. Class A† | 24,779 | 7,331,858 | ||||
Pinterest, Inc. Class A† | 8,924 | 245,321 | ||||
TripAdvisor, Inc.† | 16,997 | 256,824 | ||||
25,189,991 | ||||||
Media: 1.03% | ||||||
Charter Communications, Inc. Class A† | 562 | 246,223 | ||||
Comcast Corp. Class A | 43,972 | 2,056,131 | ||||
Fox Corp. Class A | 12,157 | 401,910 | ||||
Interpublic Group of Cos., Inc. | 20,611 | 672,125 | ||||
New York Times Co. Class A | 265 | 11,732 | ||||
News Corp. Class B | 8,558 | 188,276 | ||||
Omnicom Group, Inc. | 12,135 | 983,056 | ||||
Paramount Global Class A | 22,611 | 415,138 | ||||
4,974,591 | ||||||
Wireless telecommunication services: 0.17% | ||||||
T-Mobile U.S., Inc.† | 5,927 | 807,554 | ||||
Consumer discretionary: 10.01% | ||||||
Automobile components: 0.31% | ||||||
BorgWarner, Inc. | 22,916 | 933,827 | ||||
Lear Corp. | 3,982 | 573,766 | ||||
1,507,593 | ||||||
Automobiles: 2.31% | ||||||
Ford Motor Co. | 116,662 | 1,415,110 | ||||
General Motors Co. | 35,946 | 1,204,551 |
Shares | Value | |||||
Automobiles (continued) | ||||||
Harley-Davidson, Inc. | 11,603 | $391,601 | ||||
Tesla, Inc.† | 27,137 | 7,003,517 | ||||
Thor Industries, Inc. | 10,527 | 1,103,440 | ||||
11,118,219 | ||||||
Broadline retail: 2.88% | ||||||
Amazon.com, Inc.† | 91,734 | 12,660,209 | ||||
eBay, Inc. | 1,838 | 82,306 | ||||
Kohl’s Corp. | 12,176 | 324,369 | ||||
Macy’s, Inc. | 49,056 | 599,955 | ||||
Nordstrom, Inc. | 13,889 | 225,279 | ||||
13,892,118 | ||||||
Distributors: 0.08% | ||||||
Genuine Parts Co. | 1,256 | 193,085 | ||||
LKQ Corp. | 3,198 | 167,991 | ||||
361,076 | ||||||
Diversified consumer services: 0.24% | ||||||
Grand Canyon Education, Inc.† | 5,975 | 700,569 | ||||
H&R Block, Inc. | 11,971 | 478,600 | ||||
1,179,169 | ||||||
Hotels, restaurants & leisure: 1.64% | ||||||
Aramark | 12,266 | 456,050 | ||||
Booking Holdings, Inc.† | 330 | 1,024,660 | ||||
Boyd Gaming Corp. | 2,204 | 147,381 | ||||
Chipotle Mexican Grill, Inc.† | 207 | 398,814 | ||||
Darden Restaurants, Inc. | 4,630 | 720,011 | ||||
Domino’s Pizza, Inc. | 734 | 284,352 | ||||
Expedia Group, Inc.† | 127 | 13,766 | ||||
Hyatt Hotels Corp. Class A | 871 | 97,909 | ||||
Marriott International, Inc. Class A | 2,088 | 424,929 | ||||
McDonald’s Corp. | 5,941 | 1,670,312 | ||||
Royal Caribbean Cruises Ltd.† | 1,485 | 146,926 | ||||
Starbucks Corp. | 12,144 | 1,183,311 | ||||
Texas Roadhouse, Inc. Class A | 7,247 | 754,413 | ||||
Travel & Leisure Co. | 6,204 | 249,401 | ||||
Yum! Brands, Inc. | 2,578 | 333,542 | ||||
7,905,777 | ||||||
Household durables: 0.32% | ||||||
D.R. Horton, Inc. | 1,614 | 192,098 | ||||
Lennar Corp. Class A | 1,003 | 119,447 | ||||
Lennar Corp. Class B | 2,595 | 276,783 | ||||
NVR, Inc.† | 60 | 382,640 | ||||
PulteGroup, Inc. | 3,303 | 271,044 | ||||
Toll Brothers, Inc. | 3,775 | 309,286 | ||||
1,551,298 |
Shares | Value | |||||
Leisure products: 0.08% | ||||||
Brunswick Corp. | 993 | $78,566 | ||||
Peloton Interactive, Inc. Class A† | 28,021 | 178,774 | ||||
Polaris, Inc. | 1,171 | 131,258 | ||||
388,598 | ||||||
Specialty retail: 1.94% | ||||||
AutoNation, Inc.† | 4,381 | 688,211 | ||||
Bath & Body Works, Inc. | 2,322 | 85,612 | ||||
Best Buy Co., Inc. | 7,586 | 579,950 | ||||
Dick’s Sporting Goods, Inc. | 3,848 | 447,676 | ||||
Gap, Inc. | 8,202 | 94,979 | ||||
Home Depot, Inc. | 9,284 | 3,066,505 | ||||
Lithia Motors, Inc. | 78 | 24,026 | ||||
Lowe’s Cos., Inc. | 6,606 | 1,522,551 | ||||
Murphy USA, Inc. | 2,553 | 810,935 | ||||
O’Reilly Automotive, Inc.† | 114 | 107,126 | ||||
Penske Automotive Group, Inc. | 2,402 | 394,649 | ||||
Ross Stores, Inc. | 1,808 | 220,232 | ||||
TJX Cos., Inc. | 12,681 | 1,172,739 | ||||
Tractor Supply Co. | 349 | 76,256 | ||||
Victoria’s Secret & Co.† | 1,054 | 20,216 | ||||
Wayfair, Inc. Class A† | 552 | 38,149 | ||||
9,349,812 | ||||||
Textiles, apparel & luxury goods: 0.21% | ||||||
Carter’s, Inc. | 1,437 | 102,846 | ||||
Deckers Outdoor Corp.† | 247 | 130,685 | ||||
NIKE, Inc. Class B | 3,539 | 359,952 | ||||
Ralph Lauren Corp. | 2,188 | 255,187 | ||||
Under Armour, Inc. Class A† | 8,863 | 67,713 | ||||
Under Armour, Inc. Class C† | 11,778 | 81,150 | ||||
997,533 | ||||||
Consumer staples: 6.14% | ||||||
Beverages: 1.60% | ||||||
Boston Beer Co., Inc. Class A† | 1,657 | 605,518 | ||||
Coca-Cola Co. | 38,274 | 2,289,933 | ||||
Constellation Brands, Inc. Class A | 1,394 | 363,221 | ||||
Molson Coors Beverage Co. Class B | 13,114 | 832,608 | ||||
Monster Beverage Corp.† | 8,407 | 482,646 | ||||
PepsiCo, Inc. | 17,733 | 3,155,055 | ||||
7,728,981 | ||||||
Consumer staples distribution & retail: 1.55% | ||||||
BJ’s Wholesale Club Holdings, Inc.† | 2,914 | 196,374 | ||||
Casey’s General Stores, Inc. | 1,180 | 288,404 | ||||
Costco Wholesale Corp. | 4,274 | 2,347,623 | ||||
Kroger Co. | 7,263 | 336,930 | ||||
Performance Food Group Co.† | 7,997 | 496,854 |
Shares | Value | |||||
Consumer staples distribution & retail (continued) | ||||||
Sysco Corp. | 2,782 | $193,766 | ||||
Target Corp. | 3,324 | 420,652 | ||||
U.S. Foods Holding Corp.† | 5,336 | 215,734 | ||||
Walgreens Boots Alliance, Inc. | 677 | 17,135 | ||||
Walmart, Inc. | 18,124 | 2,947,144 | ||||
7,460,616 | ||||||
Food products: 1.14% | ||||||
Archer-Daniels-Midland Co. | 8,952 | 709,894 | ||||
Bunge Ltd. | 1,672 | 191,143 | ||||
Campbell Soup Co. | 4,928 | 205,498 | ||||
Conagra Brands, Inc. | 9,862 | 294,677 | ||||
Flowers Foods, Inc. | 9,704 | 228,626 | ||||
General Mills, Inc. | 7,853 | 531,334 | ||||
Hershey Co. | 1,087 | 233,553 | ||||
Ingredion, Inc. | 6,865 | 706,477 | ||||
J M Smucker Co. | 4,040 | 585,598 | ||||
Kellogg Co. | 586 | 35,758 | ||||
Kraft Heinz Co. | 1,416 | 46,855 | ||||
Lamb Weston Holdings, Inc. | 7,327 | 713,723 | ||||
Mondelez International, Inc. Class A | 10,016 | 713,740 | ||||
Post Holdings, Inc.† | 3,278 | 294,069 | ||||
5,490,945 | ||||||
Household products: 1.23% | ||||||
Clorox Co. | 4,025 | 629,711 | ||||
Colgate-Palmolive Co. | 6,443 | 473,367 | ||||
Kimberly-Clark Corp. | 5,969 | 768,986 | ||||
Procter & Gamble Co. | 24,749 | 3,819,761 | ||||
Reynolds Consumer Products, Inc. | 9,164 | 250,086 | ||||
5,941,911 | ||||||
Personal care products: 0.12% | ||||||
Coty, Inc. Class A† | 45,880 | 530,373 | ||||
Estee Lauder Cos., Inc. Class A | 443 | 71,114 | ||||
601,487 | ||||||
Tobacco: 0.50% | ||||||
Altria Group, Inc. | 29,131 | 1,288,173 | ||||
Philip Morris International, Inc. | 11,585 | 1,112,855 | ||||
2,401,028 | ||||||
Energy: 3.55% | ||||||
Energy equipment & services: 0.20% | ||||||
Baker Hughes Co. | 3,136 | 113,492 | ||||
Schlumberger NV | 5,037 | 296,981 | ||||
TechnipFMC PLC | 29,665 | 564,822 | ||||
975,295 |
Shares | Value | |||||
Oil, gas & consumable fuels: 3.35% | ||||||
APA Corp. | 3,424 | $150,108 | ||||
Cheniere Energy, Inc. | 2,677 | 436,886 | ||||
Chevron Corp. | 17,813 | 2,869,674 | ||||
ConocoPhillips | 12,196 | 1,451,690 | ||||
Devon Energy Corp. | 417 | 21,304 | ||||
EOG Resources, Inc. | 4,061 | 522,326 | ||||
Exxon Mobil Corp. | 45,182 | 5,023,787 | ||||
HF Sinclair Corp. | 8,320 | 458,349 | ||||
Marathon Petroleum Corp. | 10,802 | 1,542,202 | ||||
Occidental Petroleum Corp. | 1,735 | 108,941 | ||||
ONEOK, Inc. | 2,674 | 174,345 | ||||
Ovintiv, Inc. | 2,650 | 124,444 | ||||
Phillips 66 | 8,328 | 950,724 | ||||
Pioneer Natural Resources Co. | 1,689 | 401,864 | ||||
Range Resources Corp. | 1,962 | 63,530 | ||||
Southwestern Energy Co.† | 80,303 | 544,454 | ||||
Targa Resources Corp. | 1,178 | 101,602 | ||||
Valero Energy Corp. | 9,396 | 1,220,540 | ||||
16,166,770 | ||||||
Financials: 11.18% | ||||||
Banks: 1.96% | ||||||
Bank of America Corp. | 67,303 | 1,929,577 | ||||
Bank OZK | 7,658 | 307,622 | ||||
BOK Financial Corp. | 1,973 | 163,976 | ||||
Citigroup, Inc. | 20,533 | 847,808 | ||||
Comerica, Inc. | 1,466 | 70,529 | ||||
Fifth Third Bancorp | 1,833 | 48,666 | ||||
First Citizens BancShares, Inc. Class A | 301 | 409,480 | ||||
First Horizon Corp. | 3,890 | 48,820 | ||||
Huntington Bancshares, Inc. | 4,954 | 54,940 | ||||
JPMorgan Chase & Co. | 34,118 | 4,992,487 | ||||
NU Holdings Ltd. Class A† | 7,998 | 54,786 | ||||
PNC Financial Services Group, Inc. | 1,028 | 124,110 | ||||
Popular, Inc. | 1,724 | 117,715 | ||||
Regions Financial Corp. | 3,700 | 67,858 | ||||
U.S. Bancorp | 6,041 | 220,678 | ||||
9,459,052 | ||||||
Capital markets: 2.85% | ||||||
Affiliated Managers Group, Inc. | 4,722 | 632,795 | ||||
Ameriprise Financial, Inc. | 2,190 | 739,300 | ||||
Ares Management Corp. Class A | 931 | 96,303 | ||||
Bank of New York Mellon Corp. | 16,876 | 757,226 | ||||
BlackRock, Inc. | 1,617 | 1,132,773 | ||||
Cboe Global Markets, Inc. | 5,459 | 817,267 | ||||
Charles Schwab Corp. | 8,954 | 529,629 | ||||
Evercore, Inc. Class A | 7,141 | 1,000,097 | ||||
Franklin Resources, Inc. | 1,140 | 30,484 |
Shares | Value | |||||
Capital markets (continued) | ||||||
Goldman Sachs Group, Inc. | 2,989 | $979,525 | ||||
Houlihan Lokey, Inc. | 7,944 | 836,821 | ||||
Interactive Brokers Group, Inc. Class A | 4,918 | 447,931 | ||||
Intercontinental Exchange, Inc. | 1,966 | 231,968 | ||||
Invesco Ltd. | 29,959 | 476,947 | ||||
Janus Henderson Group PLC | 23,434 | 643,732 | ||||
Jefferies Financial Group, Inc. | 16,353 | 583,639 | ||||
LPL Financial Holdings, Inc. | 2,054 | 473,632 | ||||
Moody’s Corp. | 487 | 164,022 | ||||
Morgan Stanley | 11,495 | 978,799 | ||||
Raymond James Financial, Inc. | 730 | 76,351 | ||||
S&P Global, Inc. | 862 | 336,921 | ||||
SEI Investments Co. | 7,421 | 460,547 | ||||
State Street Corp. | 7,016 | 482,280 | ||||
Stifel Financial Corp. | 1,318 | 85,696 | ||||
T Rowe Price Group, Inc. | 1,991 | 223,450 | ||||
TPG, Inc. | 707 | 19,881 | ||||
Virtu Financial, Inc. Class A | 27,686 | 518,836 | ||||
13,756,852 | ||||||
Consumer finance: 0.30% | ||||||
American Express Co. | 3,622 | 572,240 | ||||
Capital One Financial Corp. | 724 | 74,130 | ||||
OneMain Holdings, Inc. | 8,735 | 362,590 | ||||
SLM Corp. | 27,315 | 388,966 | ||||
Synchrony Financial | 1,932 | 62,365 | ||||
1,460,291 | ||||||
Financial services: 4.10% | ||||||
Berkshire Hathaway, Inc. Class B† | 20,467 | 7,372,214 | ||||
Equitable Holdings, Inc. | 20,465 | 589,392 | ||||
Euronet Worldwide, Inc.† | 7,731 | 675,380 | ||||
Fiserv, Inc.† | 5,651 | 685,975 | ||||
FleetCor Technologies, Inc.† | 56 | 15,217 | ||||
Mastercard, Inc. Class A | 7,234 | 2,985,038 | ||||
MGIC Investment Corp. | 28,143 | 494,754 | ||||
PayPal Holdings, Inc.† | 3,002 | 187,655 | ||||
Rocket Cos., Inc. Class A† | 62,468 | 667,158 | ||||
Shift4 Payments, Inc. Class A† | 608 | 34,528 | ||||
Toast, Inc. Class A† | 3,320 | 73,604 | ||||
UWM Holdings Corp. | 207,473 | 1,236,539 | ||||
Visa, Inc. Class A | 14,986 | 3,681,761 | ||||
Voya Financial, Inc. | 10,166 | 708,367 | ||||
Western Union Co. | 28,377 | 350,456 | ||||
19,758,038 | ||||||
Insurance: 1.94% | ||||||
Aflac, Inc. | 6,331 | 472,103 | ||||
Allstate Corp. | 4,582 | 493,985 |
Shares | Value | |||||
Insurance (continued) | ||||||
American International Group, Inc. | 6,479 | $379,151 | ||||
Aon PLC Class A | 1,049 | 349,726 | ||||
Arch Capital Group Ltd.† | 5,630 | 432,722 | ||||
Axis Capital Holdings Ltd. | 4,326 | 237,324 | ||||
Brighthouse Financial, Inc.† | 5,660 | 281,076 | ||||
Chubb Ltd. | 2,099 | 421,626 | ||||
Everest Group Ltd. | 1,098 | 396,027 | ||||
First American Financial Corp. | 1,463 | 90,238 | ||||
Globe Life, Inc. | 571 | 63,706 | ||||
Hartford Financial Services Group, Inc. | 6,297 | 452,250 | ||||
Kemper Corp. | 6,571 | 308,640 | ||||
Marsh & McLennan Cos., Inc. | 3,650 | 711,713 | ||||
MetLife, Inc. | 5,164 | 327,088 | ||||
Old Republic International Corp. | 12,253 | 335,120 | ||||
Primerica, Inc. | 1,149 | 230,903 | ||||
Progressive Corp. | 6,589 | 879,434 | ||||
Prudential Financial, Inc. | 2,618 | 247,846 | ||||
Reinsurance Group of America, Inc. | 3,930 | 544,777 | ||||
RenaissanceRe Holdings Ltd. | 544 | 102,212 | ||||
Travelers Cos., Inc. | 2,895 | 466,761 | ||||
Unum Group | 15,347 | 754,919 | ||||
Willis Towers Watson PLC | 1,686 | 348,597 | ||||
9,327,944 | ||||||
Mortgage real estate investment trusts (REITs): 0.03% | ||||||
Rithm Capital Corp. | 5,390 | 55,571 | ||||
Starwood Property Trust, Inc. | 3,473 | 70,953 | ||||
126,524 | ||||||
Health care: 12.99% | ||||||
Biotechnology: 2.55% | ||||||
AbbVie, Inc. | 22,165 | 3,257,368 | ||||
Alnylam Pharmaceuticals, Inc.† | 278 | 54,994 | ||||
Amgen, Inc. | 6,024 | 1,544,192 | ||||
Biogen, Inc.† | 4,106 | 1,097,780 | ||||
BioMarin Pharmaceutical, Inc.† | 590 | 53,914 | ||||
Exact Sciences Corp.† | 6,078 | 508,546 | ||||
Exelixis, Inc.† | 156 | 3,493 | ||||
Gilead Sciences, Inc. | 29,251 | 2,237,117 | ||||
Moderna, Inc.† | 3,715 | 420,055 | ||||
Neurocrine Biosciences, Inc.† | 2,240 | 243,914 | ||||
Regeneron Pharmaceuticals, Inc.† | 1,696 | 1,401,727 | ||||
Roivant Sciences Ltd.† | 2,839 | 32,847 | ||||
Sarepta Therapeutics, Inc.† | 651 | 78,778 | ||||
United Therapeutics Corp.† | 1,016 | 227,950 | ||||
Vertex Pharmaceuticals, Inc.† | 3,286 | 1,144,645 | ||||
12,307,320 |
Shares | Value | |||||
Health care equipment & supplies: 2.64% | ||||||
Abbott Laboratories | 18,251 | $1,878,028 | ||||
Align Technology, Inc.† | 116 | 42,936 | ||||
Baxter International, Inc. | 3,966 | 161,020 | ||||
Becton Dickinson & Co. | 3,646 | 1,018,875 | ||||
Boston Scientific Corp.† | 24,394 | 1,315,812 | ||||
Dentsply Sirona, Inc. | 18,963 | 703,338 | ||||
DexCom, Inc.† | 1,027 | 103,706 | ||||
Edwards Lifesciences Corp.† | 595 | 45,500 | ||||
Enovis Corp.† | 8,464 | 474,323 | ||||
Envista Holdings Corp.† | 3,267 | 104,609 | ||||
GE HealthCare Technologies, Inc.† | 4,795 | 337,808 | ||||
Globus Medical, Inc. Class A† | 883 | 47,770 | ||||
Hologic, Inc.† | 5,687 | 425,046 | ||||
ICU Medical, Inc.† | 886 | 128,497 | ||||
IDEXX Laboratories, Inc.† | 888 | 454,132 | ||||
Integra LifeSciences Holdings Corp.† | 6,447 | 274,255 | ||||
Intuitive Surgical, Inc.† | 2,500 | 781,700 | ||||
Masimo Corp.† | 2,450 | 279,986 | ||||
Medtronic PLC | 12,622 | 1,028,693 | ||||
Penumbra, Inc.† | 2,011 | 531,910 | ||||
STERIS PLC | 102 | 23,418 | ||||
Stryker Corp. | 5,229 | 1,482,683 | ||||
Teleflex, Inc. | 1,179 | 250,820 | ||||
Zimmer Biomet Holdings, Inc. | 7,123 | 848,492 | ||||
12,743,357 | ||||||
Health care providers & services: 1.86% | ||||||
Centene Corp.† | 892 | 54,992 | ||||
Cigna Group | 3,934 | 1,086,807 | ||||
CVS Health Corp. | 6,751 | 439,963 | ||||
DaVita, Inc.† | 4,193 | 429,447 | ||||
Elevance Health, Inc. | 2,001 | 884,462 | ||||
Encompass Health Corp. | 4,992 | 354,632 | ||||
HCA Healthcare, Inc. | 2,387 | 661,915 | ||||
Henry Schein, Inc.† | 3,123 | 239,034 | ||||
Humana, Inc. | 861 | 397,463 | ||||
Molina Healthcare, Inc.† | 578 | 179,249 | ||||
Tenet Healthcare Corp.† | 2,096 | 162,566 | ||||
UnitedHealth Group, Inc. | 8,029 | 3,826,461 | ||||
Universal Health Services, Inc. Class B | 1,797 | 242,056 | ||||
8,959,047 | ||||||
Health care technology: 0.15% | ||||||
Teladoc Health, Inc.† | 32,035 | 725,272 | ||||
Life sciences tools & services: 1.80% | ||||||
10X Genomics, Inc. Class A† | 2,690 | 139,476 | ||||
Agilent Technologies, Inc. | 4,248 | 514,305 | ||||
Avantor, Inc.† | 13,581 | 294,029 |
Shares | Value | |||||
Life sciences tools & services (continued) | ||||||
Bio-Rad Laboratories, Inc. Class A† | 272 | $108,854 | ||||
Bruker Corp. | 7,125 | 467,400 | ||||
Charles River Laboratories International, Inc.† | 804 | 166,283 | ||||
Danaher Corp. | 4,811 | 1,274,915 | ||||
Fortrea Holdings, Inc.† | 10,860 | 299,193 | ||||
ICON PLC† | 1,254 | 325,965 | ||||
IQVIA Holdings, Inc.† | 2,925 | 651,193 | ||||
Medpace Holdings, Inc.† | 4,020 | 1,086,485 | ||||
Mettler-Toledo International, Inc.† | 473 | 573,976 | ||||
QIAGEN NV† | 2,966 | 134,923 | ||||
Thermo Fisher Scientific, Inc. | 3,526 | 1,964,335 | ||||
Waters Corp.† | 891 | 250,193 | ||||
West Pharmaceutical Services, Inc. | 1,002 | 407,714 | ||||
8,659,239 | ||||||
Pharmaceuticals: 3.99% | ||||||
Bristol-Myers Squibb Co. | 27,334 | 1,685,141 | ||||
Elanco Animal Health, Inc.† | 8,342 | 101,773 | ||||
Eli Lilly & Co. | 9,267 | 5,135,772 | ||||
Johnson & Johnson | 28,027 | 4,531,405 | ||||
Merck & Co., Inc. | 31,753 | 3,460,442 | ||||
Organon & Co. | 31,446 | 690,554 | ||||
Perrigo Co. PLC | 8,354 | 292,390 | ||||
Pfizer, Inc. | 48,037 | 1,699,549 | ||||
Viatris, Inc. | 107,683 | 1,157,592 | ||||
Zoetis, Inc. | 2,461 | 468,845 | ||||
19,223,463 | ||||||
Industrials: 8.88% | ||||||
Aerospace & defense: 1.27% | ||||||
Boeing Co.† | 4,502 | 1,008,583 | ||||
BWX Technologies, Inc. | 5,475 | 403,836 | ||||
Curtiss-Wright Corp. | 300 | 62,397 | ||||
General Dynamics Corp. | 2,347 | 531,924 | ||||
Howmet Aerospace, Inc. | 2,373 | 117,392 | ||||
Huntington Ingalls Industries, Inc. | 2,119 | 466,858 | ||||
L3Harris Technologies, Inc. | 444 | 79,072 | ||||
Lockheed Martin Corp. | 3,251 | 1,457,586 | ||||
Northrop Grumman Corp. | 1,481 | 641,406 | ||||
RTX Corp. | 13,570 | 1,167,563 | ||||
Spirit AeroSystems Holdings, Inc. Class A† | 5,098 | 108,690 | ||||
TransDigm Group, Inc.† | 59 | 53,327 | ||||
6,098,634 | ||||||
Air freight & logistics: 0.52% | ||||||
CH Robinson Worldwide, Inc. | 4,403 | 398,163 | ||||
Expeditors International of Washington, Inc. | 5,823 | 679,603 |
Shares | Value | |||||
Air freight & logistics (continued) | ||||||
FedEx Corp. | 1,588 | $414,500 | ||||
United Parcel Service, Inc. Class B | 6,068 | 1,027,919 | ||||
2,520,185 | ||||||
Building products: 0.62% | ||||||
A O Smith Corp. | 354 | 25,665 | ||||
Builders FirstSource, Inc.† | 7,507 | 1,088,815 | ||||
Carrier Global Corp. | 7,196 | 413,410 | ||||
Fortune Brands Innovations, Inc. | 881 | 60,807 | ||||
Johnson Controls International PLC | 4,758 | 281,008 | ||||
Lennox International, Inc. | 236 | 88,927 | ||||
Masco Corp. | 3,776 | 222,822 | ||||
Owens Corning | 2,252 | 324,085 | ||||
Trane Technologies PLC | 2,319 | 475,998 | ||||
2,981,537 | ||||||
Commercial services & supplies: 0.47% | ||||||
Cintas Corp. | 950 | 478,961 | ||||
Clean Harbors, Inc.† | 3,767 | 637,904 | ||||
Copart, Inc.† | 620 | 27,795 | ||||
MSA Safety, Inc. | 1,006 | 183,776 | ||||
Republic Services, Inc. | 231 | 33,294 | ||||
Stericycle, Inc.† | 6,991 | 309,072 | ||||
Tetra Tech, Inc. | 158 | 24,861 | ||||
Waste Management, Inc. | 3,569 | 559,548 | ||||
2,255,211 | ||||||
Construction & engineering: 0.13% | ||||||
AECOM | 393 | 34,486 | ||||
EMCOR Group, Inc. | 2,487 | 557,710 | ||||
Quanta Services, Inc. | 118 | 24,764 | ||||
616,960 | ||||||
Electrical equipment: 1.10% | ||||||
Acuity Brands, Inc. | 3,730 | 601,575 | ||||
AMETEK, Inc. | 2,720 | 433,867 | ||||
Eaton Corp. PLC | 5,601 | 1,290,302 | ||||
Hubbell, Inc. | 2,849 | 928,917 | ||||
nVent Electric PLC | 8,867 | 501,340 | ||||
Rockwell Automation, Inc. | 1,417 | 442,217 | ||||
Sensata Technologies Holding plc | 6,581 | 247,577 | ||||
Vertiv Holdings Co. | 21,592 | 850,509 | ||||
5,296,304 | ||||||
Ground transportation: 0.94% | ||||||
Landstar System, Inc. | 5,111 | 970,119 | ||||
Old Dominion Freight Line, Inc. | 42 | 17,950 | ||||
Ryder System, Inc. | 4,283 | 431,298 | ||||
Schneider National, Inc. Class B | 23,867 | 689,995 |
Shares | Value | |||||
Ground transportation (continued) | ||||||
Uber Technologies, Inc.† | 21,131 | $998,017 | ||||
U-Haul Holding Co. | 9,652 | 549,874 | ||||
Union Pacific Corp. | 1,480 | 326,444 | ||||
XPO, Inc.† | 7,473 | 557,710 | ||||
4,541,407 | ||||||
Industrial conglomerates: 0.63% | ||||||
3M Co. | 1,647 | 175,685 | ||||
General Electric Co. | 15,691 | 1,795,992 | ||||
Honeywell International, Inc. | 5,783 | 1,086,857 | ||||
3,058,534 | ||||||
Machinery: 1.40% | ||||||
AGCO Corp. | 3,253 | 421,361 | ||||
Allison Transmission Holdings, Inc. | 6,046 | 365,481 | ||||
Caterpillar, Inc. | 5,142 | 1,445,571 | ||||
CNH Industrial NV | 34,294 | 472,571 | ||||
Cummins, Inc. | 570 | 131,123 | ||||
Deere & Co. | 2,043 | 839,550 | ||||
Donaldson Co., Inc. | 1,319 | 84,245 | ||||
Esab Corp. | 3,704 | 267,318 | ||||
Flowserve Corp. | 2,675 | 105,850 | ||||
Gates Industrial Corp. PLC† | 6,274 | 77,045 | ||||
Illinois Tool Works, Inc. | 2,172 | 537,244 | ||||
Ingersoll Rand, Inc. | 826 | 57,498 | ||||
Lincoln Electric Holdings, Inc. | 1,009 | 194,192 | ||||
Oshkosh Corp. | 1,044 | 108,399 | ||||
Otis Worldwide Corp. | 6,819 | 583,365 | ||||
PACCAR, Inc. | 7,555 | 621,701 | ||||
Snap-on, Inc. | 602 | 161,697 | ||||
Timken Co. | 2,370 | 181,115 | ||||
Toro Co. | 798 | 81,651 | ||||
6,736,977 | ||||||
Passenger airlines: 0.00% | ||||||
Delta Air Lines, Inc. | 281 | 12,049 | ||||
Professional services: 1.55% | ||||||
Automatic Data Processing, Inc. | 1,695 | 431,564 | ||||
Booz Allen Hamilton Holding Corp. | 6,093 | 690,398 | ||||
Broadridge Financial Solutions, Inc. | 685 | 127,554 | ||||
CACI International, Inc. Class A† | 1,288 | 422,477 | ||||
FTI Consulting, Inc.† | 3,951 | 734,175 | ||||
Genpact Ltd. | 3,348 | 124,981 | ||||
Jacobs Solutions, Inc. | 1,927 | 259,798 | ||||
KBR, Inc. | 13,831 | 850,883 | ||||
Leidos Holdings, Inc. | 4,919 | 479,652 | ||||
ManpowerGroup, Inc. | 19,282 | 1,520,771 | ||||
Robert Half International, Inc. | 9,772 | 722,737 |
Shares | Value | |||||
Professional services (continued) | ||||||
Science Applications International Corp. | 7,191 | $846,093 | ||||
SS&C Technologies Holdings, Inc. | 2,400 | 137,808 | ||||
Verisk Analytics, Inc. | 589 | 142,667 | ||||
7,491,558 | ||||||
Trading companies & distributors: 0.25% | ||||||
Core & Main, Inc. Class A† | 2,225 | 73,069 | ||||
Ferguson PLC | 949 | 153,320 | ||||
MSC Industrial Direct Co., Inc. Class A | 2,260 | 230,656 | ||||
Watsco, Inc. | 698 | 254,456 | ||||
WESCO International, Inc. | 1,781 | 288,255 | ||||
WW Grainger, Inc. | 314 | 224,240 | ||||
1,223,996 | ||||||
Information technology: 27.65% | ||||||
Communications equipment: 0.93% | ||||||
Arista Networks, Inc.† | 2,082 | 406,469 | ||||
Ciena Corp.† | 2,082 | 104,058 | ||||
Cisco Systems, Inc. | 48,128 | 2,760,141 | ||||
Juniper Networks, Inc. | 23,051 | 671,245 | ||||
Motorola Solutions, Inc. | 2,009 | 569,692 | ||||
4,511,605 | ||||||
Electronic equipment, instruments & components: 0.92% | ||||||
Amphenol Corp. Class A | 691 | 61,071 | ||||
Arrow Electronics, Inc.† | 5,961 | 795,376 | ||||
Avnet, Inc. | 17,329 | 879,447 | ||||
CDW Corp. | 961 | 202,915 | ||||
Crane NXT Co. | 6,458 | 383,347 | ||||
Jabil, Inc. | 11,529 | 1,319,148 | ||||
TD SYNNEX Corp. | 4,994 | 508,139 | ||||
Vontier Corp. | 8,886 | 279,109 | ||||
4,428,552 | ||||||
IT services: 1.83% | ||||||
Accenture PLC Class A | 6,786 | 2,197,103 | ||||
Akamai Technologies, Inc.† | 1,778 | 186,850 | ||||
Amdocs Ltd. | 11,359 | 1,013,223 | ||||
Cognizant Technology Solutions Corp. Class A | 10,247 | 733,788 | ||||
DXC Technology Co.† | 40,921 | 848,702 | ||||
Gartner, Inc.† | 2,303 | 805,313 | ||||
GoDaddy, Inc. Class A† | 1,981 | 143,642 | ||||
International Business Machines Corp. | 11,932 | 1,751,976 | ||||
Kyndryl Holdings, Inc.† | 52,540 | 886,875 | ||||
VeriSign, Inc.† | 1,142 | 237,296 | ||||
8,804,768 | ||||||
Semiconductors & semiconductor equipment: 6.47% | ||||||
Advanced Micro Devices, Inc.† | 11,715 | 1,238,510 |
Shares | Value | |||||
Semiconductors & semiconductor equipment (continued) | ||||||
Allegro MicroSystems, Inc.† | 3,953 | $151,202 | ||||
Analog Devices, Inc. | 3,832 | 696,581 | ||||
Applied Materials, Inc. | 11,424 | 1,745,130 | ||||
Broadcom, Inc. | 4,578 | 4,224,990 | ||||
Cirrus Logic, Inc.† | 7,349 | 602,912 | ||||
First Solar, Inc.† | 2,667 | 504,383 | ||||
Intel Corp. | 36,717 | 1,290,235 | ||||
KLA Corp. | 1,581 | 793,456 | ||||
Lam Research Corp. | 1,600 | 1,123,840 | ||||
Lattice Semiconductor Corp.† | 1,012 | 98,427 | ||||
Marvell Technology, Inc. | 2,494 | 145,276 | ||||
Microchip Technology, Inc. | 9,643 | 789,183 | ||||
Micron Technology, Inc. | 3,161 | 221,080 | ||||
NVIDIA Corp. | 26,182 | 12,922,126 | ||||
ON Semiconductor Corp.† | 5,073 | 499,488 | ||||
Qorvo, Inc.† | 3,291 | 353,421 | ||||
QUALCOMM, Inc. | 11,794 | 1,350,767 | ||||
Skyworks Solutions, Inc. | 3,815 | 414,843 | ||||
Teradyne, Inc. | 5,554 | 599,110 | ||||
Texas Instruments, Inc. | 8,544 | 1,435,905 | ||||
31,200,865 | ||||||
Software: 10.85% | ||||||
Adobe, Inc.† | 4,940 | 2,763,140 | ||||
Alteryx, Inc. Class A† | 12,665 | 373,871 | ||||
ANSYS, Inc.† | 247 | 78,761 | ||||
Atlassian Corp. Class A† | 440 | 89,786 | ||||
Autodesk, Inc.† | 1,052 | 233,481 | ||||
Cadence Design Systems, Inc.† | 2,459 | 591,242 | ||||
CCC Intelligent Solutions Holdings, Inc.† | 9,100 | 97,370 | ||||
DocuSign, Inc.† | 4,495 | 226,098 | ||||
Dolby Laboratories, Inc. Class A | 9,612 | 811,926 | ||||
DoubleVerify Holdings, Inc.† | 5,385 | 182,067 | ||||
Dropbox, Inc. Class A† | 42,880 | 1,191,635 | ||||
Dynatrace, Inc.† | 5,916 | 285,151 | ||||
Fair Isaac Corp.† | 1,045 | 945,297 | ||||
Five9, Inc.† | 672 | 48,633 | ||||
Fortinet, Inc.† | 11,686 | 703,614 | ||||
Guidewire Software, Inc.† | 1,941 | 167,761 | ||||
HubSpot, Inc.† | 506 | 276,539 | ||||
Intuit, Inc. | 1,960 | 1,061,948 | ||||
Manhattan Associates, Inc.† | 3,827 | 775,427 | ||||
Microsoft Corp. | 82,398 | 27,006,768 | ||||
NCR Corp.† | 33,947 | 1,044,210 | ||||
Nutanix, Inc. Class A† | 30,224 | 939,966 | ||||
Oracle Corp. | 19,764 | 2,379,388 | ||||
Palantir Technologies, Inc. Class A† | 1,624 | 24,327 | ||||
Palo Alto Networks, Inc.† | 3,101 | 754,473 | ||||
Pegasystems, Inc. | 23,514 | 1,167,705 |
Shares | Value | |||||
Software (continued) | ||||||
PTC, Inc.† | 249 | $36,645 | ||||
RingCentral, Inc. Class A† | 24,744 | 765,332 | ||||
Roper Technologies, Inc. | 600 | 299,436 | ||||
Salesforce, Inc.† | 9,441 | 2,090,804 | ||||
ServiceNow, Inc.† | 1,741 | 1,025,153 | ||||
Smartsheet, Inc. Class A† | 7,008 | 292,444 | ||||
Splunk, Inc.† | 3,382 | 410,101 | ||||
Synopsys, Inc.† | 1,227 | 563,058 | ||||
Teradata Corp.† | 27,670 | 1,280,291 | ||||
Tyler Technologies, Inc.† | 605 | 241,050 | ||||
Workday, Inc. Class A† | 3,302 | 807,339 | ||||
Zoom Video Communications, Inc. Class A† | 3,755 | 266,718 | ||||
52,298,955 | ||||||
Technology hardware, storage & peripherals: 6.65% | ||||||
Apple, Inc. | 163,456 | 30,708,479 | ||||
Hewlett Packard Enterprise Co. | 36,659 | 622,836 | ||||
HP, Inc. | 22,187 | 659,176 | ||||
NetApp, Inc. | 914 | 70,104 | ||||
32,060,595 | ||||||
Materials: 2.62% | ||||||
Chemicals: 1.51% | ||||||
Air Products & Chemicals, Inc. | 552 | 163,110 | ||||
Axalta Coating Systems Ltd.† | 16,575 | 469,072 | ||||
Chemours Co. | 10,146 | 345,167 | ||||
Dow, Inc. | 11,721 | 639,498 | ||||
Eastman Chemical Co. | 2,854 | 242,619 | ||||
Huntsman Corp. | 14,480 | 403,558 | ||||
Linde PLC | 4,763 | 1,843,472 | ||||
LyondellBasell Industries NV Class A | 7,098 | 701,069 | ||||
NewMarket Corp. | 1,772 | 832,202 | ||||
Olin Corp. | 8,893 | 515,972 | ||||
PPG Industries, Inc. | 3,744 | 530,749 | ||||
Scotts Miracle-Gro Co. | 4,431 | 251,060 | ||||
Sherwin-Williams Co. | 1,197 | 325,249 | ||||
Westlake Corp. | 60 | 7,859 | ||||
7,270,656 | ||||||
Construction materials: 0.05% | ||||||
Eagle Materials, Inc. | 1,215 | 230,024 | ||||
Containers & packaging: 0.37% | ||||||
Berry Global Group, Inc. | 9,159 | 598,449 | ||||
Crown Holdings, Inc. | 1,634 | 151,407 | ||||
Graphic Packaging Holding Co. | 15,934 | 354,372 | ||||
International Paper Co. | 2,735 | 95,506 | ||||
Silgan Holdings, Inc. | 12,733 | 574,640 | ||||
1,774,374 |
Shares | Value | |||||
Metals & mining: 0.69% | ||||||
Cleveland-Cliffs, Inc.† | 27,506 | $420,567 | ||||
Freeport-McMoRan, Inc. | 1,105 | 44,101 | ||||
Newmont Corp. | 5,199 | 204,945 | ||||
Nucor Corp. | 2,854 | 491,173 | ||||
Reliance Steel & Aluminum Co. | 3,137 | 893,919 | ||||
Steel Dynamics, Inc. | 6,747 | 719,163 | ||||
U.S. Steel Corp. | 18,811 | 584,834 | ||||
3,358,702 | ||||||
Real estate: 2.58% | ||||||
Health care REITs: 0.20% | ||||||
Medical Properties Trust, Inc. | 33,905 | 244,794 | ||||
Omega Healthcare Investors, Inc. | 11,343 | 360,934 | ||||
Ventas, Inc. | 3,576 | 156,200 | ||||
Welltower, Inc. | 2,177 | 180,430 | ||||
942,358 | ||||||
Hotel & resort REITs: 0.34% | ||||||
Host Hotels & Resorts, Inc. | 55,741 | 880,150 | ||||
Park Hotels & Resorts, Inc. | 58,089 | 745,282 | ||||
1,625,432 | ||||||
Industrial REITs : 0.34% | ||||||
Americold Realty Trust, Inc. | 22,493 | 756,890 | ||||
First Industrial Realty Trust, Inc. | 2,380 | 123,617 | ||||
Prologis, Inc. | 4,222 | 524,372 | ||||
STAG Industrial, Inc. | 5,807 | 212,130 | ||||
1,617,009 | ||||||
Office REITs : 0.01% | ||||||
Highwoods Properties, Inc. | 2,063 | 49,161 | ||||
Real estate management & development: 0.21% | ||||||
CBRE Group, Inc. Class A† | 5,279 | 448,979 | ||||
Jones Lang LaSalle, Inc.† | 1,501 | 259,373 | ||||
Zillow Group, Inc. Class A† | 6,241 | 317,792 | ||||
1,026,144 | ||||||
Residential REITs : 0.06% | ||||||
AvalonBay Communities, Inc. | 432 | 79,410 | ||||
Equity LifeStyle Properties, Inc. | 1,826 | 122,269 | ||||
Equity Residential | 1,614 | 104,636 | ||||
306,315 | ||||||
Retail REITs : 0.28% | ||||||
Brixmor Property Group, Inc. | 14,570 | 320,249 | ||||
Federal Realty Investment Trust | 666 | 65,228 |
Shares | Value | |||||
Retail REITs (continued) | ||||||
Regency Centers Corp. | 3,087 | $192,011 | ||||
Simon Property Group, Inc. | 7,033 | 798,175 | ||||
1,375,663 | ||||||
Specialized REITs : 1.14% | ||||||
American Tower Corp. | 2,359 | 427,734 | ||||
Crown Castle, Inc. | 129 | 12,965 | ||||
CubeSmart | 8,257 | 344,399 | ||||
Digital Realty Trust, Inc. | 1,780 | 234,462 | ||||
EPR Properties | 7,050 | 315,699 | ||||
Equinix, Inc. | 1,170 | 914,215 | ||||
Gaming & Leisure Properties, Inc. | 2,948 | 139,735 | ||||
Iron Mountain, Inc. | 16,223 | 1,030,809 | ||||
Lamar Advertising Co. Class A | 5,542 | 505,541 | ||||
Public Storage | 1,798 | 496,931 | ||||
Rayonier, Inc. | 8,587 | 256,751 | ||||
Weyerhaeuser Co. | 25,158 | 823,925 | ||||
5,503,166 | ||||||
Utilities: 2.38% | ||||||
Electric utilities: 1.42% | ||||||
American Electric Power Co., Inc. | 2,614 | 204,938 | ||||
Constellation Energy Corp. | 11,130 | 1,159,301 | ||||
Duke Energy Corp. | 2,399 | 213,031 | ||||
Edison International | 6,654 | 458,128 | ||||
Entergy Corp. | 1,917 | 182,594 | ||||
Exelon Corp. | 12,532 | 502,784 | ||||
FirstEnergy Corp. | 8,852 | 319,292 | ||||
NextEra Energy, Inc. | 10,051 | 671,407 | ||||
NRG Energy, Inc. | 30,541 | 1,146,814 | ||||
OGE Energy Corp. | 1,794 | 61,086 | ||||
PG&E Corp.† | 57,711 | 940,689 | ||||
Pinnacle West Capital Corp. | 4,651 | 359,383 | ||||
Southern Co. | 8,071 | 546,649 | ||||
Xcel Energy, Inc. | 1,641 | 93,750 | ||||
6,859,846 | ||||||
Gas utilities: 0.10% | ||||||
Atmos Energy Corp. | 310 | 35,944 | ||||
UGI Corp. | 17,231 | 433,877 | ||||
469,821 | ||||||
Independent power and renewable electricity producers: 0.10% | ||||||
AES Corp. | 8,132 | 145,807 | ||||
Clearway Energy, Inc. Class A | 9,422 | 220,851 | ||||
Vistra Corp. | 4,109 | 129,105 | ||||
495,763 |
Shares | Value | |||||
Multi-utilities: 0.66% | ||||||
Ameren Corp. | 1,975 | $156,558 | ||||
CenterPoint Energy, Inc. | 10,837 | 302,244 | ||||
CMS Energy Corp. | 5,113 | 287,299 | ||||
Consolidated Edison, Inc. | 6,711 | 597,011 | ||||
DTE Energy Co. | 3,896 | 402,768 | ||||
NiSource, Inc. | 7,668 | 205,196 | ||||
Public Service Enterprise Group, Inc. | 11,019 | 673,041 | ||||
Sempra Energy | 4,306 | 302,367 | ||||
WEC Energy Group, Inc. | 2,855 | 240,163 | ||||
3,166,647 | ||||||
Water utilities: 0.10% | ||||||
American Water Works Co., Inc. | 3,139 | 435,505 | ||||
Essential Utilities, Inc. | 1,427 | 52,656 | ||||
488,161 | ||||||
Total common stocks (Cost $349,991,534) | 464,210,606 |
Yield | ||||||
Short-term investments: 3.18% | ||||||
Investment companies: 3.18% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 15,328,636 | 15,328,636 | |||
Total short-term investments (Cost $15,328,636) | 15,328,636 | |||||
Total investments in securities (Cost $365,320,170) | 99.45 % | 479,539,242 | ||||
Other assets and liabilities, net | 0.55 | 2,654,419 | ||||
Total net assets | 100.00 % | $482,193,661 |
† | 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 | $15,693,994 | $51,785,564 | $(52,150,922 ) | $0 | $0 | $15,328,636 | 15,328,636 | $242,458 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 73 | 9-15-2023 | $16,543,823 | $16,483,400 | $0 | $(60,423 ) |
Assets | |
Investments in unaffiliated securities, at value (cost $349,991,534) | $464,210,606 |
Investments in affiliated securities, at value (cost $15,328,636) | 15,328,636 |
Cash | 25 |
Cash at broker segregated for futures contracts | 2,000,000 |
Receivable for dividends | 755,187 |
Prepaid expenses and other assets | 1,203 |
Total assets | 482,295,657 |
Liabilities | |
Advisory fee payable | 30,623 |
Payable for daily variation margin on open futures contracts | 30,112 |
Custody and accounting fees payable | 25,666 |
Professional fees payable | 13,201 |
Accrued expenses and other liabilities | 2,394 |
Total liabilities | 101,996 |
Total net assets | $482,193,661 |
Investment income | |
Dividends (net of foreign withholdings taxes of $17,786) | $3,927,773 |
Income from affiliated securities | 242,458 |
Interest | 46,560 |
Total investment income | 4,216,791 |
Expenses | |
Advisory fee | 239,523 |
Custody and accounting fees | 6,923 |
Professional fees | 27,070 |
Interest holder report expenses | 2,967 |
Trustees’ fees and expenses | 10,781 |
Other fees and expenses | 15,518 |
Total expenses | 302,782 |
Less: Fee waivers and/or expense reimbursements | (58,469 ) |
Net expenses | 244,313 |
Net investment income | 3,972,478 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 10,019,119 |
Futures contracts | 710,688 |
Net realized gains on investments | 10,729,807 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 45,033,559 |
Futures contracts | 362,273 |
Net change in unrealized gains (losses) on investments | 45,395,832 |
Net realized and unrealized gains (losses) on investments | 56,125,639 |
Net increase in net assets resulting from operations | $60,098,117 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $3,972,478 | $8,062,829 | ||
Net realized gains on investments | 10,729,807 | 57,183,218 | ||
Net change in unrealized gains (losses) on investments | 45,395,832 | (100,774,452 ) | ||
Net increase (decrease) in net assets resulting from operations | 60,098,117 | (35,528,405 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 2,712,801 | 110,598,690 | ||
Withdrawals | (56,477,593 ) | (349,948,040 ) | ||
Net decrease in net assets resulting from capital transactions | (53,764,792 ) | (239,349,350 ) | ||
Total increase (decrease) in net assets | 6,333,325 | (274,877,755 ) | ||
Net assets | ||||
Beginning of period | 475,860,336 | 750,738,091 | ||
End of period | $482,193,661 | $475,860,336 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 13.41 % | (6.54 )% | 15.65 % | 24.03 % | 4.00 % | 7.60 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.13 % | 0.13 % | 0.12 % | 0.12 % | 0.12 % | 0.12 % |
Net expenses | 0.10 %* | 0.10 %* | 0.10 %* | 0.10 %* | 0.11 % | 0.11 % |
Net investment income | 1.66 % | 1.54 % | 1.23 % | 1.72 % | 2.10 % | 2.09 % |
Supplemental data | ||||||
Portfolio turnover rate | 27 % | 47 % | 50 % | 71 % | 25 % | 23 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.03% |
Year ended February 28, 2023 | 0.03% |
Year ended February 28, 2022 | 0.02% |
Year ended February 28, 2021 | 0.02% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $124,668,748 |
Gross unrealized losses | (12,153,046 ) |
Net unrealized gains | $112,515,702 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $39,988,047 | $0 | $0 | $39,988,047 |
Consumer discretionary | 48,251,193 | 0 | 0 | 48,251,193 |
Consumer staples | 29,624,968 | 0 | 0 | 29,624,968 |
Energy | 17,142,065 | 0 | 0 | 17,142,065 |
Financials | 53,888,701 | 0 | 0 | 53,888,701 |
Health care | 62,617,698 | 0 | 0 | 62,617,698 |
Industrials | 42,833,352 | 0 | 0 | 42,833,352 |
Information technology | 133,305,340 | 0 | 0 | 133,305,340 |
Materials | 12,633,756 | 0 | 0 | 12,633,756 |
Real estate | 12,445,248 | 0 | 0 | 12,445,248 |
Utilities | 11,480,238 | 0 | 0 | 11,480,238 |
Short-term investments | ||||
Investment companies | 15,328,636 | 0 | 0 | 15,328,636 |
Total assets | $479,539,242 | $0 | $0 | $479,539,242 |
Liabilities | ||||
Futures contracts | $60,423 | $0 | $0 | $60,423 |
Total liabilities | $60,423 | $0 | $0 | $60,423 |
Average daily net assets | Advisory fee |
First $5 billion | 0.100 % |
Next $5 billion | 0.080 |
Over $10 billion | 0.060 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks long-term capital appreciation. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio manager | Harindra de Silva, Ph.D., CFA, Monisha Jayakumar |
Ten largest holdings (%) as of August 31, 20231 | |
Super Micro Computer, Inc. | 0.45 |
Atkore, Inc. | 0.37 |
SPS Commerce, Inc. | 0.31 |
Winnebago Industries, Inc. | 0.30 |
Commercial Metals Co. | 0.29 |
Qualys, Inc. | 0.29 |
Workiva, Inc. | 0.28 |
Chord Energy Corp. | 0.27 |
Encore Wire Corp. | 0.27 |
Weatherford International PLC | 0.27 |
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 August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations 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: 95.29% | ||||||
Communication services: 2.82% | ||||||
Diversified telecommunication services: 0.83% | ||||||
Bandwidth, Inc. Class A† | 13,552 | $194,742 | ||||
Charge Enterprises, Inc.† | 39,243 | 21,325 | ||||
Cogent Communications Holdings, Inc. | 1,746 | 123,233 | ||||
IDT Corp. Class B† | 5,284 | 123,540 | ||||
Liberty Latin America Ltd. Class A† | 23,859 | 213,299 | ||||
Liberty Latin America Ltd. Class C† | 19,321 | 173,116 | ||||
Lumen Technologies, Inc.† | 79,471 | 126,359 | ||||
Ooma, Inc.† | 2,119 | 29,857 | ||||
1,005,471 | ||||||
Entertainment: 0.24% | ||||||
Akazoo SA♦† | 5,400 | 0 | ||||
Cinemark Holdings, Inc.† | 5,262 | 85,665 | ||||
IMAX Corp.† | 1,574 | 30,111 | ||||
Lions Gate Entertainment Corp. Class A† | 1,787 | 14,153 | ||||
Lions Gate Entertainment Corp. Class B† | 2,827 | 21,061 | ||||
Madison Square Garden Entertainment Corp.† | 2,253 | 72,299 | ||||
Marcus Corp. | 1,678 | 25,489 | ||||
Playstudios, Inc.† | 7,663 | 27,280 | ||||
Sphere Entertainment Co.† | 272 | 9,536 | ||||
285,594 | ||||||
Interactive media & services: 0.88% | ||||||
Cargurus, Inc.† | 4,416 | 79,974 | ||||
Cars.com, Inc.† | 6,243 | 116,682 | ||||
DHI Group, Inc.† | 11,145 | 42,017 | ||||
Eventbrite, Inc. Class A† | 1,112 | 11,265 | ||||
EverQuote, Inc. Class A† | 9,952 | 61,503 | ||||
fuboTV, Inc.† | 8,242 | 19,286 | ||||
Liberty TripAdvisor Holdings, Inc. Class B† | 881 | 27,267 | ||||
MediaAlpha, Inc. Class A† | 8,235 | 69,092 | ||||
Nextdoor Holdings, Inc.† | 3,767 | 8,174 | ||||
Outbrain, Inc.† | 3,047 | 17,398 | ||||
QuinStreet, Inc.† | 6,838 | 67,696 | ||||
Shutterstock, Inc. | 3,009 | 126,709 | ||||
TrueCar, Inc.† | 14,022 | 33,513 | ||||
Vimeo, Inc.† | 4,239 | 16,871 | ||||
Yelp, Inc.† | 3,767 | 161,416 | ||||
Ziff Davis, Inc.† | 2,443 | 162,826 | ||||
ZipRecruiter, Inc. Class A† | 2,824 | 42,896 | ||||
1,064,585 | ||||||
Media: 0.74% | ||||||
Advantage Solutions, Inc.† | 2,502 | 7,006 | ||||
AMC Networks, Inc. Class A† | 5,924 | 68,955 | ||||
Clear Channel Outdoor Holdings, Inc.† | 12,022 | 17,432 | ||||
Emerald Holding, Inc.† | 12,630 | 53,299 |
Shares | Value | |||||
Media (continued) | ||||||
Entravision Communications Corp. Class A | 8,832 | $33,827 | ||||
EW Scripps Co. Class A† | 8,375 | 63,985 | ||||
Gannett Co., Inc.† | 14,141 | 41,150 | ||||
Gray Television, Inc. | 3,150 | 25,389 | ||||
iHeartMedia, Inc. Class A† | 5,321 | 19,209 | ||||
John Wiley & Sons, Inc. Class A | 46 | 1,709 | ||||
Magnite, Inc.† | 2,704 | 22,308 | ||||
Scholastic Corp. | 111 | 4,823 | ||||
Sinclair, Inc. | 13,735 | 173,336 | ||||
Stagwell, Inc.† | 16,786 | 91,484 | ||||
TEGNA, Inc. | 6,299 | 104,122 | ||||
Thryv Holdings, Inc.† | 2,323 | 47,366 | ||||
Urban One, Inc.† | 8,024 | 43,249 | ||||
Urban One, Inc. XNCM† | 13,886 | 77,206 | ||||
895,855 | ||||||
Wireless telecommunication services: 0.13% | ||||||
NII Holdings, Inc.♦‡† | 14,979 | 7,489 | ||||
Spok Holdings, Inc. | 8,973 | 127,776 | ||||
Telephone & Data Systems, Inc. | 1,253 | 26,927 | ||||
162,192 | ||||||
Consumer discretionary: 9.70% | ||||||
Automobile components: 1.45% | ||||||
Adient PLC† | 5,451 | 213,516 | ||||
American Axle & Manufacturing Holdings, Inc.† | 13,102 | 98,920 | ||||
Cooper-Standard Holdings, Inc.† | 4,185 | 62,524 | ||||
Dana, Inc. | 7,214 | 116,217 | ||||
Dorman Products, Inc.† | 35 | 2,888 | ||||
Fox Factory Holding Corp.† | 1,770 | 196,134 | ||||
Gentherm, Inc.† | 638 | 38,414 | ||||
Goodyear Tire & Rubber Co.† | 14,641 | 189,015 | ||||
LCI Industries | 1,235 | 154,721 | ||||
Modine Manufacturing Co.† | 4,731 | 225,148 | ||||
Patrick Industries, Inc. | 2,048 | 171,295 | ||||
Standard Motor Products, Inc. | 938 | 34,734 | ||||
Stoneridge, Inc.† | 156 | 3,206 | ||||
Visteon Corp.† | 1,308 | 182,165 | ||||
XPEL, Inc.† | 853 | 71,055 | ||||
1,759,952 | ||||||
Automobiles: 0.37% | ||||||
Livewire Group, Inc.† | 1,157 | 12,935 | ||||
Winnebago Industries, Inc. | 5,628 | 364,976 | ||||
Workhorse Group, Inc.† | 91,906 | 72,440 | ||||
450,351 |
Shares | Value | |||||
Broadline retail: 0.15% | ||||||
Dillard’s, Inc. Class A | 509 | $175,666 | ||||
Qurate Retail, Inc. Class B† | 361 | 2,242 | ||||
177,908 | ||||||
Diversified consumer services: 1.05% | ||||||
2U, Inc.† | 8,577 | 27,189 | ||||
Adtalem Global Education, Inc.† | 1,951 | 85,551 | ||||
Carriage Services, Inc. | 872 | 26,875 | ||||
Chegg, Inc.† | 16,126 | 164,647 | ||||
Coursera, Inc.† | 1,115 | 19,390 | ||||
Duolingo, Inc.† | 574 | 84,470 | ||||
Frontdoor, Inc.† | 4,618 | 151,563 | ||||
Graham Holdings Co. Class B | 142 | 83,259 | ||||
Laureate Education, Inc. | 11,839 | 164,917 | ||||
Lincoln Educational Services Corp.† | 5,928 | 50,566 | ||||
Nerdy, Inc.† | 7,752 | 36,279 | ||||
OneSpaWorld Holdings Ltd.† | 11,408 | 130,508 | ||||
Perdoceo Education Corp. | 3,774 | 62,535 | ||||
Strategic Education, Inc. | 717 | 55,568 | ||||
Stride, Inc.† | 2,554 | 108,519 | ||||
WW International, Inc.† | 1,575 | 15,293 | ||||
1,267,129 | ||||||
Hotels, restaurants & leisure: 1.98% | ||||||
Biglari Holdings, Inc. Class B† | 333 | 61,938 | ||||
BJ’s Restaurants, Inc.† | 1,471 | 43,262 | ||||
Bloomin’ Brands, Inc. | 6,227 | 174,730 | ||||
Bluegreen Vacations Holding Corp. | 658 | 23,596 | ||||
Bowlero Corp.† | 5,752 | 63,272 | ||||
Brinker International, Inc.† | 4,044 | 132,360 | ||||
Cheesecake Factory, Inc. | 3,238 | 103,130 | ||||
Chuy’s Holdings, Inc.† | 2,072 | 78,943 | ||||
Cracker Barrel Old Country Store, Inc. | 1,289 | 106,252 | ||||
Dave & Buster’s Entertainment, Inc.† | 516 | 20,263 | ||||
Denny’s Corp.† | 4,472 | 42,618 | ||||
Dine Brands Global, Inc. | 807 | 44,207 | ||||
El Pollo Loco Holdings, Inc. | 2,162 | 20,561 | ||||
Everi Holdings, Inc.† | 433 | 6,261 | ||||
Golden Entertainment, Inc. | 1,048 | 38,158 | ||||
Hilton Grand Vacations, Inc.† | 2,912 | 127,313 | ||||
Inspired Entertainment, Inc.† | 7,419 | 97,782 | ||||
International Game Technology PLC | 5,111 | 163,654 | ||||
Jack in the Box, Inc. | 233 | 18,726 | ||||
Light & Wonder, Inc.† | 3,114 | 238,750 | ||||
Monarch Casino & Resort, Inc. | 602 | 40,575 | ||||
Nathan’s Famous, Inc. | 1,516 | 110,228 | ||||
Noodles & Co.† | 15,824 | 43,991 | ||||
ONE Group Hospitality, Inc.† | 2,494 | 17,084 | ||||
Papa John’s International, Inc. | 1,394 | 105,526 |
Shares | Value | |||||
Hotels, restaurants & leisure (continued) | ||||||
PlayAGS, Inc.† | 2,860 | $19,534 | ||||
Potbelly Corp.† | 4,609 | 36,826 | ||||
RCI Hospitality Holdings, Inc. | 420 | 27,418 | ||||
Red Robin Gourmet Burgers, Inc.† | 2,472 | 25,635 | ||||
Red Rock Resorts, Inc. Class A | 2,959 | 129,989 | ||||
Sabre Corp.† | 1,852 | 9,260 | ||||
SeaWorld Entertainment, Inc.† | 3,543 | 172,544 | ||||
Shake Shack, Inc. Class A† | 749 | 52,430 | ||||
2,396,816 | ||||||
Household durables: 1.73% | ||||||
Beazer Homes USA, Inc.† | 2,613 | 76,587 | ||||
Cavco Industries, Inc.† | 326 | 91,123 | ||||
Century Communities, Inc. | 1,697 | 126,002 | ||||
Cricut, Inc. Class A | 4,920 | 46,543 | ||||
Dream Finders Homes, Inc. Class A† | 2,068 | 59,600 | ||||
Ethan Allen Interiors, Inc. | 1,520 | 47,698 | ||||
Green Brick Partners, Inc.† | 1,677 | 82,944 | ||||
Hovnanian Enterprises, Inc. Class A† | 526 | 62,510 | ||||
Installed Building Products, Inc. | 660 | 95,522 | ||||
KB Home | 3,852 | 195,682 | ||||
La-Z-Boy, Inc. | 1,597 | 49,267 | ||||
LGI Homes, Inc.† | 322 | 39,638 | ||||
M/I Homes, Inc.† | 1,756 | 172,404 | ||||
MDC Holdings, Inc. | 2,331 | 110,606 | ||||
Meritage Homes Corp. | 1,689 | 234,838 | ||||
Skyline Champion Corp.† | 1,514 | 107,903 | ||||
Taylor Morrison Home Corp.† | 6,059 | 287,197 | ||||
Tri Pointe Homes, Inc.† | 6,728 | 209,241 | ||||
2,095,305 | ||||||
Leisure products: 0.27% | ||||||
Acushnet Holdings Corp. | 419 | 24,532 | ||||
JAKKS Pacific, Inc.† | 4,625 | 91,020 | ||||
Johnson Outdoors, Inc. Class A | 190 | 10,623 | ||||
Malibu Boats, Inc. Class A† | 1,763 | 85,611 | ||||
Marine Products Corp. | 444 | 6,212 | ||||
MasterCraft Boat Holdings, Inc.† | 4,541 | 98,812 | ||||
Sturm Ruger & Co., Inc. | 203 | 10,471 | ||||
Vista Outdoor, Inc.† | 28 | 819 | ||||
328,100 | ||||||
Specialty retail: 2.20% | ||||||
Abercrombie & Fitch Co. Class A† | 2,455 | 131,956 | ||||
Academy Sports & Outdoors, Inc. | 4,075 | 222,373 | ||||
American Eagle Outfitters, Inc. | 6,735 | 114,226 | ||||
Asbury Automotive Group, Inc.† | 1,131 | 260,130 | ||||
Boot Barn Holdings, Inc.† | 579 | 53,123 | ||||
Buckle, Inc. | 2,706 | 98,877 |
Shares | Value | |||||
Specialty retail (continued) | ||||||
Build-A-Bear Workshop, Inc. | 3,236 | $85,333 | ||||
Caleres, Inc. | 1,843 | 52,839 | ||||
Camping World Holdings, Inc. Class A | 2,202 | 54,455 | ||||
Carvana Co.† | 1,370 | 68,979 | ||||
Chico’s FAS, Inc.† | 11,427 | 58,621 | ||||
Designer Brands, Inc. Class A | 2,917 | 30,658 | ||||
Destination XL Group, Inc.† | 6,901 | 31,469 | ||||
Foot Locker, Inc. | 4,362 | 85,582 | ||||
Genesco, Inc.† | 553 | 18,957 | ||||
Group 1 Automotive, Inc. | 884 | 233,747 | ||||
Guess?, Inc. | 1,810 | 43,549 | ||||
Haverty Furniture Cos., Inc. | 2,538 | 79,439 | ||||
Hibbett, Inc. | 964 | 44,643 | ||||
J Jill, Inc.† | 2,733 | 68,626 | ||||
National Vision Holdings, Inc.† | 623 | 11,407 | ||||
ODP Corp.† | 1,899 | 93,659 | ||||
Overstock.com, Inc.† | 1,164 | 30,392 | ||||
Party City Holdco, Inc.† | 82,206 | 830 | ||||
Sally Beauty Holdings, Inc.† | 9,816 | 99,731 | ||||
Shoe Carnival, Inc. | 352 | 8,142 | ||||
Signet Jewelers Ltd. | 1,855 | 139,125 | ||||
Sleep Number Corp.† | 353 | 9,030 | ||||
Sonic Automotive, Inc. Class A | 1,468 | 78,274 | ||||
Stitch Fix, Inc. Class A† | 331 | 1,453 | ||||
Tile Shop Holdings, Inc.† | 4,578 | 27,102 | ||||
Torrid Holdings, Inc.† | 24,328 | 54,981 | ||||
Upbound Group, Inc. | 4,150 | 127,073 | ||||
Urban Outfitters, Inc.† | 2,588 | 85,947 | ||||
Winmark Corp. | 174 | 66,212 | ||||
2,670,940 | ||||||
Textiles, apparel & luxury goods: 0.50% | ||||||
Fossil Group, Inc.† | 10,017 | 21,236 | ||||
Kontoor Brands, Inc. | 4,720 | 216,129 | ||||
Movado Group, Inc. | 527 | 14,413 | ||||
Oxford Industries, Inc. | 778 | 78,570 | ||||
Rocky Brands, Inc. | 3,143 | 55,851 | ||||
Steven Madden Ltd. | 4,777 | 164,807 | ||||
Vera Bradley, Inc.† | 6,626 | 47,508 | ||||
Wolverine World Wide, Inc. | 758 | 6,125 | ||||
604,639 | ||||||
Consumer staples: 2.91% | ||||||
Beverages: 0.37% | ||||||
Coca-Cola Consolidated, Inc. | 246 | 171,929 | ||||
MGP Ingredients, Inc. | 447 | 53,595 | ||||
National Beverage Corp.† | 577 | 29,606 | ||||
Primo Water Corp. | 5,114 | 78,040 |
Shares | Value | |||||
Beverages (continued) | ||||||
Vita Coco Co., Inc.† | 2,774 | $78,477 | ||||
Zevia PBC Class A† | 14,013 | 36,013 | ||||
447,660 | ||||||
Consumer staples distribution & retail: 0.37% | ||||||
Andersons, Inc. | 2,157 | 110,784 | ||||
PriceSmart, Inc. | 461 | 36,640 | ||||
Sprouts Farmers Market, Inc.† | 4,474 | 182,494 | ||||
United Natural Foods, Inc.† | 5,573 | 112,185 | ||||
442,103 | ||||||
Food products: 1.08% | ||||||
Beyond Meat, Inc.† | 1,200 | 14,160 | ||||
Calavo Growers, Inc. | 715 | 23,566 | ||||
Cal-Maine Foods, Inc. | 2,916 | 139,356 | ||||
Dole PLC | 10,972 | 130,786 | ||||
Fresh Del Monte Produce, Inc. | 1,642 | 41,953 | ||||
Hostess Brands, Inc.† | 5,940 | 169,171 | ||||
J & J Snack Foods Corp. | 487 | 78,957 | ||||
John B Sanfilippo & Son, Inc. | 1,696 | 170,194 | ||||
Lancaster Colony Corp. | 1,083 | 178,901 | ||||
Limoneira Co. | 4,162 | 64,136 | ||||
Simply Good Foods Co.† | 4,096 | 147,784 | ||||
TreeHouse Foods, Inc.† | 2,819 | 131,140 | ||||
Utz Brands, Inc. | 558 | 8,616 | ||||
Vital Farms, Inc.† | 1,236 | 14,560 | ||||
1,313,280 | ||||||
Household products: 0.19% | ||||||
Central Garden & Pet Co.† | 874 | 38,578 | ||||
Central Garden & Pet Co. Class A† | 554 | 22,603 | ||||
Energizer Holdings, Inc. | 2,768 | 95,081 | ||||
WD-40 Co. | 314 | 67,469 | ||||
223,731 | ||||||
Personal care products: 0.81% | ||||||
BellRing Brands, Inc.† | 6,588 | 273,402 | ||||
Edgewell Personal Care Co. | 1,337 | 51,555 | ||||
elf Beauty, Inc.† | 2,212 | 306,827 | ||||
Herbalife Ltd.† | 9,545 | 143,366 | ||||
Inter Parfums, Inc. | 469 | 65,533 | ||||
Medifast, Inc. | 1,258 | 106,100 | ||||
Nu Skin Enterprises, Inc. Class A | 1,415 | 33,804 | ||||
980,587 | ||||||
Tobacco: 0.09% | ||||||
Vector Group Ltd. | 10,400 | 111,384 |
Shares | Value | |||||
Energy: 6.55% | ||||||
Energy equipment & services: 1.99% | ||||||
Archrock, Inc. | 4,593 | $58,745 | ||||
Bristow Group, Inc.† | 932 | 25,816 | ||||
Cactus, Inc. Class A | 1,503 | 80,170 | ||||
ChampionX Corp. | 7,902 | 285,183 | ||||
Core Laboratories, Inc. | 1,302 | 31,300 | ||||
Diamond Offshore Drilling, Inc.† | 5,241 | 77,934 | ||||
Expro Group Holdings NV† | 1,952 | 45,892 | ||||
Helmerich & Payne, Inc. | 3,475 | 138,965 | ||||
Liberty Energy, Inc. | 11,232 | 179,150 | ||||
Mammoth Energy Services, Inc.† | 8,089 | 37,452 | ||||
Nabors Industries Ltd.† | 292 | 32,322 | ||||
Noble Corp. PLC | 2,609 | 137,599 | ||||
Oceaneering International, Inc.† | 4,023 | 91,684 | ||||
Oil States International, Inc.† | 944 | 7,401 | ||||
Patterson-UTI Energy, Inc. | 8,601 | 121,618 | ||||
ProPetro Holding Corp.† | 599 | 5,774 | ||||
Ranger Energy Services, Inc. | 7,391 | 88,027 | ||||
RPC, Inc. | 5,780 | 46,182 | ||||
Seadrill Ltd.† | 3,283 | 159,718 | ||||
Select Water Solutions, Inc. Class A | 3,464 | 27,885 | ||||
Tidewater, Inc.† | 1,322 | 85,970 | ||||
U.S. Silica Holdings, Inc.† | 5,162 | 63,647 | ||||
Valaris Ltd.† | 3,351 | 252,397 | ||||
Weatherford International PLC† | 3,753 | 332,216 | ||||
2,413,047 | ||||||
Oil, gas & consumable fuels: 4.56% | ||||||
Amplify Energy Corp.† | 14,912 | 97,525 | ||||
Ardmore Shipping Corp. | 7,419 | 92,292 | ||||
Berry Corp. | 6,078 | 52,088 | ||||
California Resources Corp. | 3,657 | 204,207 | ||||
Callon Petroleum Co.† | 3,933 | 154,292 | ||||
Centrus Energy Corp. Class A† | 353 | 16,753 | ||||
Chord Energy Corp. | 2,056 | 332,044 | ||||
Civitas Resources, Inc. | 3,318 | 272,806 | ||||
CNX Resources Corp.† | 8,987 | 200,859 | ||||
Comstock Resources, Inc. | 6,931 | 84,974 | ||||
CONSOL Energy, Inc. | 2,368 | 203,743 | ||||
Crescent Energy Co. Class A | 830 | 11,313 | ||||
CVR Energy, Inc. | 1,709 | 55,884 | ||||
Delek U.S. Holdings, Inc. | 2,486 | 64,015 | ||||
DHT Holdings, Inc. | 7,941 | 73,454 | ||||
Dorian LPG Ltd. | 3,979 | 102,658 | ||||
Earthstone Energy, Inc. Class A† | 2,796 | 56,983 | ||||
Equitrans Midstream Corp. | 9,940 | 95,424 | ||||
Evolution Petroleum Corp. | 5,118 | 43,298 | ||||
Golar LNG Ltd. | 3,372 | 74,521 | ||||
Green Plains, Inc.† | 758 | 23,528 |
Shares | Value | |||||
Oil, gas & consumable fuels (continued) | ||||||
Gulfport Energy Corp.† | 1,360 | $160,480 | ||||
Hallador Energy Co.† | 2,370 | 25,454 | ||||
International Seaways, Inc. | 2,037 | 87,530 | ||||
Kosmos Energy Ltd.† | 21,171 | 154,125 | ||||
Magnolia Oil & Gas Corp. Class A | 6,945 | 158,346 | ||||
Matador Resources Co. | 4,559 | 289,497 | ||||
Murphy Oil Corp. | 6,988 | 317,255 | ||||
Nordic American Tankers Ltd. | 12,113 | 47,362 | ||||
Northern Oil & Gas, Inc. | 4,713 | 197,145 | ||||
Par Pacific Holdings, Inc.† | 2,687 | 92,298 | ||||
PBF Energy, Inc. Class A | 7,001 | 328,277 | ||||
Peabody Energy Corp. | 7,527 | 162,433 | ||||
Permian Resources Corp. | 13,583 | 192,607 | ||||
Riley Exploration Permian, Inc. | 3,133 | 104,924 | ||||
Scorpio Tankers, Inc. | 4,094 | 206,788 | ||||
SilverBow Resources, Inc.† | 1,311 | 56,085 | ||||
SM Energy Co. | 5,737 | 242,732 | ||||
Talos Energy, Inc.† | 3,460 | 59,581 | ||||
Teekay Corp.† | 13,641 | 87,439 | ||||
Teekay Tankers Ltd. Class A | 3,221 | 131,030 | ||||
Vital Energy, Inc.† | 811 | 48,895 | ||||
W&T Offshore, Inc.† | 11,297 | 46,092 | ||||
World Kinect Corp. | 668 | 14,629 | ||||
5,523,665 | ||||||
Financials: 14.41% | ||||||
Banks: 7.13% | ||||||
1st Source Corp. | 817 | 36,512 | ||||
ACNB Corp. | 2,732 | 86,960 | ||||
Amalgamated Financial Corp. | 412 | 7,383 | ||||
Ameris Bancorp | 2,744 | 111,818 | ||||
Arrow Financial Corp. | 1,583 | 27,877 | ||||
Associated Banc-Corp. | 7,831 | 135,711 | ||||
Atlantic Union Bankshares Corp. | 3,058 | 90,792 | ||||
Axos Financial, Inc.† | 3,369 | 145,170 | ||||
Banc of California, Inc. | 206 | 2,581 | ||||
BancFirst Corp. | 268 | 25,615 | ||||
Bancorp, Inc.† | 4,598 | 168,793 | ||||
Bank of Hawaii Corp. | 747 | 40,144 | ||||
Bank of NT Butterfield & Son Ltd. | 5,062 | 147,405 | ||||
Bank7 Corp. | 2,270 | 57,022 | ||||
BankUnited, Inc. | 3,615 | 94,894 | ||||
Banner Corp. | 2,446 | 106,523 | ||||
Bar Harbor Bankshares | 302 | 7,502 | ||||
BCB Bancorp, Inc. | 1,898 | 21,599 | ||||
Berkshire Hills Bancorp, Inc. | 1,009 | 21,088 | ||||
Brookline Bancorp, Inc. | 1,250 | 11,962 | ||||
Burke & Herbert Financial Services Corp. | 936 | 46,304 | ||||
Byline Bancorp, Inc. | 371 | 7,858 |
Shares | Value | |||||
Banks (continued) | ||||||
C&F Financial Corp. | 1,198 | $63,877 | ||||
Cadence Bank | 6,290 | 143,915 | ||||
Capital City Bank Group, Inc. | 508 | 15,499 | ||||
Carter Bankshares, Inc.† | 6,703 | 95,920 | ||||
Cathay General Bancorp | 3,559 | 126,807 | ||||
Central Pacific Financial Corp. | 579 | 9,826 | ||||
Central Valley Community Bancorp | 5,394 | 78,860 | ||||
Chemung Financial Corp. | 756 | 29,703 | ||||
ChoiceOne Financial Services, Inc. | 688 | 16,540 | ||||
Citizens Financial Services, Inc. | 765 | 41,876 | ||||
City Holding Co. | 1,020 | 93,187 | ||||
Civista Bancshares, Inc. | 2,329 | 39,570 | ||||
CNB Financial Corp. | 463 | 8,431 | ||||
Coastal Financial Corp.† | 755 | 33,258 | ||||
Codorus Valley Bancorp, Inc. | 206 | 4,171 | ||||
Community Bank System, Inc. | 203 | 9,653 | ||||
Community Trust Bancorp, Inc. | 1,065 | 37,807 | ||||
ConnectOne Bancorp, Inc. | 906 | 17,323 | ||||
Customers Bancorp, Inc.† | 1,377 | 48,388 | ||||
CVB Financial Corp. | 4,437 | 77,470 | ||||
Dime Community Bancshares, Inc. | 2,005 | 42,727 | ||||
Eagle Bancorp, Inc. | 1,432 | 34,454 | ||||
Enterprise Financial Services Corp. | 2,626 | 101,652 | ||||
Esquire Financial Holdings, Inc. | 1,425 | 66,633 | ||||
ESSA Bancorp, Inc. | 2,142 | 34,079 | ||||
Evans Bancorp, Inc. | 783 | 22,175 | ||||
Farmers National Banc Corp. | 1,246 | 15,824 | ||||
Fidelity D&D Bancorp, Inc. | 242 | 11,467 | ||||
First Bancorp NASDAQ GS | 787 | 23,327 | ||||
First Bancorp New York Stock Exchange | 12,232 | 169,536 | ||||
First Bancshares, Inc. | 878 | 24,926 | ||||
First Busey Corp. | 2,991 | 60,418 | ||||
First Business Financial Services, Inc. | 1,669 | 52,624 | ||||
First Commonwealth Financial Corp. | 5,422 | 70,866 | ||||
First Community Bankshares, Inc. | 876 | 27,095 | ||||
First Community Corp. | 1,270 | 21,946 | ||||
First Financial Bancorp | 5,700 | 118,446 | ||||
First Financial Bankshares, Inc. | 1,597 | 45,866 | ||||
First Merchants Corp. | 1,348 | 40,224 | ||||
FS Bancorp, Inc. | 1,528 | 45,305 | ||||
Fulton Financial Corp. | 7,527 | 100,335 | ||||
Glacier Bancorp, Inc. | 3,228 | 97,518 | ||||
Hancock Whitney Corp. | 4,807 | 198,289 | ||||
Hanmi Financial Corp. | 694 | 12,020 | ||||
HBT Financial, Inc. | 1,357 | 25,376 | ||||
Heartland Financial USA, Inc. | 1,675 | 51,322 | ||||
Heritage Commerce Corp. | 7,355 | 63,768 | ||||
Heritage Financial Corp. | 2,511 | 43,239 | ||||
Hilltop Holdings, Inc. | 4,670 | 141,921 |
Shares | Value | |||||
Banks (continued) | ||||||
Home Bancorp, Inc. | 785 | $25,638 | ||||
Home BancShares, Inc. | 6,386 | 141,641 | ||||
HomeStreet, Inc. | 4,326 | 40,881 | ||||
HomeTrust Bancshares, Inc. | 685 | 15,652 | ||||
Hope Bancorp, Inc. | 165 | 1,596 | ||||
Horizon Bancorp, Inc. | 793 | 8,874 | ||||
Independent Bank Corp. | 2,230 | 42,571 | ||||
Independent Bank Corp. NASDAQ GS | 530 | 28,631 | ||||
International Bancshares Corp. | 2,596 | 116,249 | ||||
LCNB Corp. | 2,518 | 37,543 | ||||
Live Oak Bancshares, Inc. | 1,386 | 44,823 | ||||
Macatawa Bank Corp. | 8,790 | 80,516 | ||||
MainStreet Bancshares, Inc. | 3,237 | 73,221 | ||||
Mercantile Bank Corp. | 1,324 | 44,195 | ||||
Metrocity Bankshares, Inc. | 878 | 17,121 | ||||
Metropolitan Bank Holding Corp.† | 1,967 | 78,306 | ||||
Mid Penn Bancorp, Inc. | 359 | 7,858 | ||||
Middlefield Banc Corp. | 391 | 10,139 | ||||
Midland States Bancorp, Inc. | 1,265 | 28,083 | ||||
National Bank Holdings Corp. Class A | 230 | 7,254 | ||||
National Bankshares, Inc. | 2,382 | 62,694 | ||||
NBT Bancorp, Inc. | 2,047 | 70,458 | ||||
Northeast Community Bancorp, Inc. | 5,943 | 94,256 | ||||
Northrim BanCorp, Inc. | 1,345 | 55,858 | ||||
Northwest Bancshares, Inc. | 2,041 | 22,451 | ||||
Norwood Financial Corp. | 508 | 13,782 | ||||
Oak Valley Bancorp | 2,185 | 54,865 | ||||
OceanFirst Financial Corp. | 4,088 | 68,965 | ||||
OFG Bancorp | 4,454 | 134,333 | ||||
Old National Bancorp | 8,929 | 136,257 | ||||
Old Second Bancorp, Inc. | 3,152 | 45,609 | ||||
Orange County Bancorp, Inc. | 1,396 | 64,900 | ||||
Pacific Premier Bancorp, Inc. | 4,477 | 103,061 | ||||
Park National Corp. | 493 | 50,168 | ||||
Pathward Financial, Inc. | 4,676 | 230,387 | ||||
Peapack-Gladstone Financial Corp. | 2,716 | 74,065 | ||||
Penns Woods Bancorp, Inc. | 1,379 | 35,909 | ||||
Peoples Bancorp, Inc. | 2,078 | 53,550 | ||||
Plumas Bancorp | 1,230 | 42,976 | ||||
Preferred Bank | 1,036 | 64,346 | ||||
Princeton Bancorp, Inc. | 2,728 | 79,849 | ||||
Provident Financial Services, Inc. | 3,568 | 58,801 | ||||
RBB Bancorp | 3,429 | 46,737 | ||||
Renasant Corp. | 2,523 | 70,266 | ||||
Republic Bancorp, Inc. Class A | 1,330 | 59,105 | ||||
S&T Bancorp, Inc. | 3,964 | 112,300 | ||||
ServisFirst Bancshares, Inc. | 1,006 | 56,376 | ||||
Simmons First National Corp. Class A | 1,954 | 34,820 | ||||
South Plains Financial, Inc. | 506 | 13,272 |
Shares | Value | |||||
Banks (continued) | ||||||
Southern States Bancshares, Inc. | 679 | $15,556 | ||||
SouthState Corp. | 2,660 | 192,318 | ||||
Texas Capital Bancshares, Inc.† | 2,922 | 182,450 | ||||
Tompkins Financial Corp. | 26 | 1,350 | ||||
Towne Bank | 2,938 | 69,337 | ||||
TriCo Bancshares | 1,142 | 39,216 | ||||
Triumph Financial, Inc.† | 1,400 | 89,922 | ||||
TrustCo Bank Corp. NY | 1,769 | 50,363 | ||||
Trustmark Corp. | 655 | 15,091 | ||||
UMB Financial Corp. | 2,523 | 159,479 | ||||
United Bankshares, Inc. | 4,710 | 141,677 | ||||
United Community Banks, Inc. | 3,465 | 93,555 | ||||
Unity Bancorp, Inc. | 274 | 6,621 | ||||
Univest Financial Corp. | 2,775 | 49,922 | ||||
Valley National Bancorp | 13,133 | 120,561 | ||||
Veritex Holdings, Inc. | 2,586 | 48,643 | ||||
Virginia National Bankshares Corp. | 1,807 | 59,703 | ||||
Washington Federal, Inc. | 3,168 | 86,106 | ||||
WesBanco, Inc. | 2,935 | 74,432 | ||||
Westamerica BanCorp | 950 | 41,828 | ||||
WSFS Financial Corp. | 2,109 | 82,884 | ||||
8,639,194 | ||||||
Capital markets: 1.56% | ||||||
Artisan Partners Asset Management, Inc. Class A | 3,029 | 116,374 | ||||
AssetMark Financial Holdings, Inc.† | 1,722 | 49,749 | ||||
BGC Group, Inc. Class A | 25,943 | 128,158 | ||||
Brightsphere Investment Group, Inc. | 8,838 | 183,035 | ||||
Donnelley Financial Solutions, Inc.† | 2,797 | 137,808 | ||||
GCM Grosvenor, Inc. Class A | 11,071 | 84,582 | ||||
Hamilton Lane, Inc. Class A | 1,447 | 134,267 | ||||
MarketWise, Inc. | 33,934 | 45,811 | ||||
Moelis & Co. Class A | 2,951 | 139,907 | ||||
Open Lending Corp. Class A† | 1,316 | 10,857 | ||||
Patria Investments Ltd. Class A | 1,544 | 22,265 | ||||
Perella Weinberg Partners | 6,077 | 63,991 | ||||
Piper Sandler Cos., | 937 | 139,594 | ||||
PJT Partners, Inc. Class A | 749 | 59,164 | ||||
Silvercrest Asset Management Group, Inc. Class A | 5,200 | 100,204 | ||||
StoneX Group, Inc.† | 2,072 | 194,519 | ||||
Victory Capital Holdings, Inc. Class A | 2,088 | 71,869 | ||||
Virtus Investment Partners, Inc. | 557 | 115,355 | ||||
WisdomTree, Inc. | 11,973 | 87,403 | ||||
1,884,912 | ||||||
Consumer finance: 0.58% | ||||||
Atlanticus Holdings Corp.† | 462 | 16,124 | ||||
Bread Financial Holdings, Inc. | 2,988 | 112,289 | ||||
Encore Capital Group, Inc.† | 29 | 1,359 |
Shares | Value | |||||
Consumer finance (continued) | ||||||
Enova International, Inc.† | 1,985 | $100,143 | ||||
FirstCash Holdings, Inc. | 1,241 | 110,846 | ||||
LendingTree, Inc.† | 1,043 | 19,723 | ||||
Navient Corp. | 8,687 | 153,326 | ||||
Nelnet, Inc. Class A | 80 | 7,348 | ||||
OppFi, Inc.† | 8,530 | 22,007 | ||||
PROG Holdings, Inc.† | 4,787 | 164,194 | ||||
707,359 | ||||||
Financial services: 2.35% | ||||||
A-Mark Precious Metals, Inc. | 5,611 | 191,447 | ||||
Banco Latinoamericano de Comercio Exterior SA | 3,060 | 72,216 | ||||
BM Technologies, Inc.† | 1,787 | 2,859 | ||||
Cannae Holdings, Inc.† | 1,363 | 26,756 | ||||
Cass Information Systems, Inc. | 205 | 7,860 | ||||
Compass Diversified Holdings | 278 | 5,741 | ||||
Enact Holdings, Inc. | 3,877 | 111,115 | ||||
Essent Group Ltd. | 6,186 | 310,661 | ||||
Evertec, Inc. | 3,548 | 140,394 | ||||
Federal Agricultural Mortgage Corp. Class C | 564 | 94,932 | ||||
Flywire Corp.† | 3,465 | 119,820 | ||||
International Money Express, Inc.† | 1,761 | 30,465 | ||||
Jackson Financial, Inc. Class A | 8,576 | 322,458 | ||||
Marqeta, Inc. Class A† | 192 | 1,181 | ||||
Merchants Bancorp | 538 | 15,693 | ||||
Mr Cooper Group, Inc.† | 4,558 | 258,256 | ||||
NewtekOne, Inc. | 1,061 | 19,003 | ||||
NMI Holdings, Inc. Class A† | 8,837 | 252,915 | ||||
Pagseguro Digital Ltd. Class A† | 7,725 | 69,370 | ||||
Paysign, Inc.† | 1,099 | 2,473 | ||||
PennyMac Financial Services, Inc. | 2,117 | 151,937 | ||||
Radian Group, Inc. | 10,975 | 297,203 | ||||
Remitly Global, Inc.† | 3,200 | 80,480 | ||||
Repay Holdings Corp.† | 2,860 | 26,369 | ||||
Security National Financial Corp. Class A† | 4,368 | 35,818 | ||||
StoneCo Ltd. Class A† | 10,243 | 125,579 | ||||
Walker & Dunlop, Inc. | 922 | 78,683 | ||||
2,851,684 | ||||||
Insurance: 1.45% | ||||||
Ambac Financial Group, Inc.† | 9,126 | 117,543 | ||||
AMERISAFE, Inc. | 1,938 | 100,388 | ||||
BRP Group, Inc. Class A† | 417 | 11,088 | ||||
CNO Financial Group, Inc. | 10,262 | 240,131 | ||||
Crawford & Co. Class A | 12,178 | 130,426 | ||||
eHealth, Inc.† | 3,689 | 28,848 | ||||
Employers Holdings, Inc. | 1,340 | 52,568 | ||||
Enstar Group Ltd.† | 165 | 41,793 | ||||
Genworth Financial, Inc. Class A† | 38,530 | 223,089 |
Shares | Value | |||||
Insurance (continued) | ||||||
Goosehead Insurance, Inc. Class A† | 15 | $1,048 | ||||
Greenlight Capital Re Ltd. Class A† | 8,051 | 88,803 | ||||
Horace Mann Educators Corp. | 392 | 11,235 | ||||
Kingsway Financial Services, Inc.† | 21,111 | 186,410 | ||||
National Western Life Group, Inc. Class A | 111 | 50,454 | ||||
Oscar Health, Inc. Class A† | 1,316 | 8,251 | ||||
Palomar Holdings, Inc.† | 59 | 3,010 | ||||
Selective Insurance Group, Inc. | 2,678 | 265,684 | ||||
Selectquote, Inc.† | 24,605 | 30,018 | ||||
SiriusPoint Ltd.† | 9,257 | 102,382 | ||||
Stewart Information Services Corp. | 916 | 42,429 | ||||
Trupanion, Inc.† | 516 | 15,341 | ||||
1,750,939 | ||||||
Mortgage real estate investment trusts (REITs): 1.34% | ||||||
AFC Gamma, Inc. | 5,374 | 71,259 | ||||
Apollo Commercial Real Estate Finance, Inc. | 15,234 | 166,355 | ||||
Arbor Realty Trust, Inc. | 10,634 | 169,719 | ||||
Ares Commercial Real Estate Corp. | 2,151 | 22,263 | ||||
Blackstone Mortgage Trust, Inc. Class A | 6,613 | 145,618 | ||||
BrightSpire Capital, Inc. | 12,876 | 89,617 | ||||
Chicago Atlantic Real Estate Finance, Inc. | 1,674 | 25,311 | ||||
Chimera Investment Corp. | 10,812 | 65,413 | ||||
Claros Mortgage Trust, Inc. | 6,229 | 70,948 | ||||
Franklin BSP Realty Trust, Inc. | 6,011 | 84,996 | ||||
Granite Point Mortgage Trust, Inc. | 5,595 | 29,877 | ||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3,306 | 73,955 | ||||
Invesco Mortgage Capital, Inc. | 9,757 | 109,766 | ||||
Ladder Capital Corp. | 12,468 | 136,649 | ||||
MFA Financial, Inc. | 5,310 | 58,198 | ||||
Nexpoint Real Estate Finance, Inc. | 973 | 16,629 | ||||
PennyMac Mortgage Investment Trust | 7,858 | 105,376 | ||||
Ready Capital Corp. | 7,645 | 83,483 | ||||
Redwood Trust, Inc. | 7,965 | 63,800 | ||||
TPG RE Finance Trust, Inc. | 3,910 | 29,403 | ||||
1,618,635 | ||||||
Health care: 16.67% | ||||||
Biotechnology: 7.40% | ||||||
Acadia Pharmaceuticals, Inc.† | 9,846 | 266,039 | ||||
Acrivon Therapeutics, Inc.† | 1,564 | 18,330 | ||||
ADMA Biologics, Inc.† | 26,881 | 103,492 | ||||
Aduro Biotech, Inc.♦† | 9,490 | 0 | ||||
Agios Pharmaceuticals, Inc.† | 4,604 | 126,288 | ||||
Akero Therapeutics, Inc.† | 482 | 23,922 | ||||
Aldeyra Therapeutics, Inc.† | 8,641 | 64,462 | ||||
Alkermes PLC† | 9,995 | 291,754 | ||||
Alpine Immune Sciences, Inc.† | 176 | 2,174 | ||||
Amicus Therapeutics, Inc.† | 18,502 | 237,196 |
Shares | Value | |||||
Biotechnology (continued) | ||||||
Anavex Life Sciences Corp.† | 3,061 | $24,182 | ||||
Anika Therapeutics, Inc.† | 6,385 | 113,972 | ||||
Arcturus Therapeutics Holdings, Inc.† | 7,847 | 238,156 | ||||
Arcus Biosciences, Inc.† | 823 | 16,871 | ||||
Ardelyx, Inc.† | 28,853 | 122,914 | ||||
Arrowhead Pharmaceuticals, Inc.† | 3,810 | 105,308 | ||||
Atara Biotherapeutics, Inc.† | 10,704 | 15,628 | ||||
Aurinia Pharmaceuticals, Inc.† | 6,612 | 59,971 | ||||
Avid Bioservices, Inc.† | 2,874 | 33,913 | ||||
Avita Medical, Inc.† | 6,687 | 108,998 | ||||
BioAtla, Inc.† | 3,169 | 7,954 | ||||
BioCryst Pharmaceuticals, Inc.† | 2,478 | 17,619 | ||||
Biohaven Ltd.† | 8,542 | 156,233 | ||||
Biomea Fusion, Inc.† | 1,133 | 19,114 | ||||
Bluebird Bio, Inc.† | 8,243 | 31,076 | ||||
Blueprint Medicines Corp.† | 3,137 | 156,411 | ||||
Bridgebio Pharma, Inc.† | 7,244 | 216,668 | ||||
Cabaletta Bio, Inc.† | 4,136 | 58,566 | ||||
CareDx, Inc.† | 8,702 | 81,016 | ||||
Carisma Therapeutics, Inc. | 1,204 | 8,332 | ||||
Catalyst Pharmaceuticals, Inc.† | 14,888 | 209,028 | ||||
Celldex Therapeutics, Inc.† | 1,941 | 54,154 | ||||
Coherus Biosciences, Inc.† | 19,600 | 104,468 | ||||
Cytokinetics, Inc.† | 1,633 | 57,057 | ||||
Deciphera Pharmaceuticals, Inc.† | 2,736 | 38,413 | ||||
Denali Therapeutics, Inc.† | 5,166 | 119,283 | ||||
Disc Medicine, Inc.† | 232 | 12,284 | ||||
Dynavax Technologies Corp.† | 14,812 | 212,700 | ||||
Dyne Therapeutics, Inc.† | 3,310 | 37,734 | ||||
Eagle Pharmaceuticals, Inc.† | 3,464 | 58,715 | ||||
Fennec Pharmaceuticals, Inc.† | 6,705 | 54,713 | ||||
FibroGen, Inc.† | 11,661 | 11,195 | ||||
Halozyme Therapeutics, Inc.† | 5,817 | 247,572 | ||||
Heron Therapeutics, Inc.† | 41,034 | 67,296 | ||||
Humacyte, Inc.† | 3,885 | 14,880 | ||||
Ideaya Biosciences, Inc.† | 3,599 | 105,667 | ||||
ImmunoGen, Inc.† | 12,927 | 204,764 | ||||
Immunovant, Inc.† | 4,952 | 112,460 | ||||
Insmed, Inc.† | 4,697 | 102,817 | ||||
Intellia Therapeutics, Inc.† | 1,638 | 61,392 | ||||
Intercept Pharmaceuticals, Inc.† | 584 | 6,325 | ||||
Ironwood Pharmaceuticals, Inc.† | 6,525 | 57,420 | ||||
iTeos Therapeutics, Inc.† | 439 | 5,297 | ||||
Janux Therapeutics, Inc.† | 1,159 | 12,749 | ||||
Karyopharm Therapeutics, Inc.† | 5,701 | 7,297 | ||||
Keros Therapeutics, Inc.† | 124 | 4,354 | ||||
Kiniksa Pharmaceuticals Ltd. Class A† | 9,508 | 163,823 | ||||
Krystal Biotech, Inc.† | 754 | 93,858 | ||||
Kura Oncology, Inc.† | 350 | 3,475 |
Shares | Value | |||||
Biotechnology (continued) | ||||||
Kymera Therapeutics, Inc.† | 2,766 | $52,775 | ||||
Lyell Immunopharma, Inc.† | 12,393 | 29,619 | ||||
MacroGenics, Inc.† | 22,533 | 105,004 | ||||
Madrigal Pharmaceuticals, Inc.† | 314 | 56,520 | ||||
MannKind Corp.† | 26,328 | 121,372 | ||||
MiMedx Group, Inc.† | 20,526 | 152,303 | ||||
Mineralys Therapeutics, Inc.† | 1,663 | 21,353 | ||||
Morphic Holding, Inc.† | 2,917 | 160,668 | ||||
Myriad Genetics, Inc.† | 6,594 | 117,703 | ||||
Novavax, Inc.† | 12,075 | 96,600 | ||||
Nuvalent, Inc. Class A† | 447 | 20,370 | ||||
Ocean Biomedical, Inc.† | 6,170 | 27,827 | ||||
Omega Therapeutics, Inc.† | 2,577 | 9,458 | ||||
ORIC Pharmaceuticals, Inc.† | 3,414 | 30,589 | ||||
Outlook Therapeutics, Inc.† | 10,339 | 2,357 | ||||
Ovid therapeutics, Inc.† | 6,294 | 21,179 | ||||
PDL BioPharma, Inc.♦‡† | 91,928 | 169,383 | ||||
PDS Biotechnology Corp.† | 5,997 | 35,202 | ||||
PepGen, Inc.† | 6,564 | 41,353 | ||||
Point Biopharma Global, Inc.† | 2,446 | 19,470 | ||||
Poseida Therapeutics, Inc.† | 12,247 | 25,596 | ||||
Precigen, Inc.† | 13,321 | 23,312 | ||||
Prelude Therapeutics, Inc.† | 6,107 | 22,779 | ||||
Prime Medicine, Inc.† | 3,067 | 40,607 | ||||
ProKidney Corp.† | 71 | 609 | ||||
Protagonist Therapeutics, Inc.† | 6,266 | 124,192 | ||||
Protalix BioTherapeutics, Inc.† | 137,906 | 260,642 | ||||
Prothena Corp. PLC† | 1,720 | 90,850 | ||||
PTC Therapeutics, Inc.† | 5,075 | 200,462 | ||||
Recursion Pharmaceuticals, Inc. Class A† | 10,123 | 88,070 | ||||
Reneo Pharmaceuticals, Inc.† | 525 | 3,161 | ||||
REVOLUTION Medicines, Inc.† | 3,250 | 110,402 | ||||
Rhythm Pharmaceuticals, Inc.† | 2,260 | 58,783 | ||||
Rigel Pharmaceuticals, Inc.† | 105,067 | 119,776 | ||||
Rocket Pharmaceuticals, Inc.† | 5,145 | 80,519 | ||||
Sage Therapeutics, Inc.† | 2,184 | 43,680 | ||||
Sana Biotechnology, Inc.† | 3,159 | 16,901 | ||||
Sangamo Therapeutics, Inc.† | 24,405 | 23,656 | ||||
Savara, Inc.† | 5,861 | 21,217 | ||||
Selecta Biosciences, Inc.† | 47,895 | 58,911 | ||||
Tango Therapeutics, Inc.† | 8,157 | 52,939 | ||||
TG Therapeutics, Inc.† | 14,046 | 147,062 | ||||
Travere Therapeutics, Inc.† | 1,014 | 14,480 | ||||
Twist Bioscience Corp.† | 3,453 | 75,931 | ||||
Vanda Pharmaceuticals, Inc.† | 5,360 | 27,818 | ||||
Vaxcyte, Inc.† | 2,045 | 106,176 | ||||
Veracyte, Inc.† | 6,275 | 165,660 | ||||
Vericel Corp.† | 3,586 | 117,728 | ||||
Viking Therapeutics, Inc.† | 7,144 | 98,659 |
Shares | Value | |||||
Biotechnology (continued) | ||||||
Vir Biotechnology, Inc.† | 2,084 | $26,383 | ||||
Voyager Therapeutics, Inc.† | 17,104 | 171,382 | ||||
Xencor, Inc.† | 1,740 | 38,245 | ||||
Y-mAbs Therapeutics, Inc.† | 6,352 | 32,205 | ||||
Zymeworks, Inc.† | 29,975 | 217,019 | ||||
8,964,666 | ||||||
Health care equipment & supplies: 3.37% | ||||||
Alphatec Holdings, Inc.† | 11,605 | 189,742 | ||||
Artivion, Inc.† | 2,748 | 46,496 | ||||
AtriCure, Inc.† | 2,074 | 93,641 | ||||
Atrion Corp. | 81 | 37,673 | ||||
Avanos Medical, Inc.† | 2,601 | 54,725 | ||||
Axogen, Inc.† | 6,534 | 40,903 | ||||
Axonics, Inc.† | 547 | 31,343 | ||||
Butterfly Network, Inc.† | 9,191 | 16,268 | ||||
ClearPoint Neuro, Inc.† | 4,465 | 25,942 | ||||
CONMED Corp. | 1,485 | 165,518 | ||||
CVRx, Inc.† | 1,093 | 18,964 | ||||
Embecta Corp. | 5,255 | 96,324 | ||||
Glaukos Corp.† | 1,827 | 137,281 | ||||
Haemonetics Corp.† | 2,977 | 267,126 | ||||
Inari Medical, Inc.† | 286 | 19,053 | ||||
Inmode Ltd.† | 5,676 | 221,875 | ||||
Inogen, Inc.† | 2,739 | 17,009 | ||||
Integer Holdings Corp.† | 2,049 | 174,800 | ||||
iRadimed Corp. | 1,556 | 71,934 | ||||
iRhythm Technologies, Inc.† | 834 | 86,211 | ||||
Lantheus Holdings, Inc.† | 2,250 | 153,990 | ||||
LeMaitre Vascular, Inc. | 1,963 | 113,481 | ||||
LivaNova PLC† | 1,362 | 75,659 | ||||
Merit Medical Systems, Inc.† | 4,233 | 276,330 | ||||
Mesa Laboratories, Inc. | 599 | 85,873 | ||||
Neogen Corp.† | 3,033 | 70,123 | ||||
Nevro Corp.† | 2,041 | 40,902 | ||||
Omnicell, Inc.† | 1,792 | 101,893 | ||||
OraSure Technologies, Inc.† | 32,795 | 211,856 | ||||
Orchestra BioMed Holdings, Inc.† | 4,904 | 30,601 | ||||
Outset Medical, Inc.† | 5,932 | 80,734 | ||||
RxSight, Inc.† | 892 | 25,877 | ||||
SI-BONE, Inc.† | 4,822 | 110,327 | ||||
STAAR Surgical Co.† | 2,741 | 118,850 | ||||
Surmodics, Inc.† | 253 | 9,315 | ||||
Tactile Systems Technology, Inc.† | 6,782 | 128,519 | ||||
TransMedics Group, Inc.† | 914 | 59,986 | ||||
Treace Medical Concepts, Inc.† | 3,656 | 56,851 | ||||
UFP Technologies, Inc.† | 1,030 | 180,981 | ||||
Utah Medical Products, Inc. | 610 | 55,876 | ||||
Varex Imaging Corp.† | 4,699 | 92,429 |
Shares | Value | |||||
Health care equipment & supplies (continued) | ||||||
ViewRay, Inc.† | 5,249 | $70 | ||||
Zimvie, Inc.† | 4,196 | 49,513 | ||||
Zynex, Inc.† | 17,777 | 136,883 | ||||
4,079,747 | ||||||
Health care providers & services: 2.62% | ||||||
Accolade, Inc.† | 4,728 | 63,781 | ||||
AdaptHealth Corp.† | 4,403 | 52,528 | ||||
Addus HomeCare Corp.† | 1,055 | 92,524 | ||||
AMN Healthcare Services, Inc.† | 2,625 | 231,998 | ||||
Apollo Medical Holdings, Inc.† | 920 | 34,831 | ||||
ATI Physical Therapy, Inc.† | 57 | 514 | ||||
Brookdale Senior Living, Inc.† | 12,244 | 52,037 | ||||
Cano Health, Inc.† | 5,045 | 1,560 | ||||
Community Health Systems, Inc.† | 34,925 | 118,047 | ||||
CorVel Corp.† | 508 | 109,957 | ||||
Cross Country Healthcare, Inc.† | 5,399 | 139,078 | ||||
DocGo, Inc.† | 4,456 | 39,881 | ||||
Ensign Group, Inc. | 2,606 | 261,173 | ||||
Guardant Health, Inc.† | 3,864 | 151,005 | ||||
HealthEquity, Inc.† | 2,482 | 167,659 | ||||
Hims & Hers Health, Inc.† | 10,694 | 71,757 | ||||
InfuSystem Holdings, Inc.† | 892 | 9,170 | ||||
Innovage Holding Corp.† | 5,078 | 27,827 | ||||
ModivCare, Inc.† | 2,559 | 82,144 | ||||
National Research Corp. | 1,946 | 81,343 | ||||
NeoGenomics, Inc.† | 6,289 | 94,524 | ||||
Option Care Health, Inc.† | 6,635 | 231,097 | ||||
Owens & Minor, Inc.† | 6,280 | 106,132 | ||||
P3 Health Partners, Inc.† | 10,447 | 20,685 | ||||
Patterson Cos., Inc. | 6,759 | 203,040 | ||||
Pediatrix Medical Group, Inc.† | 4,935 | 69,732 | ||||
Pennant Group, Inc.† | 5,443 | 65,207 | ||||
PetIQ, Inc.† | 1,793 | 34,210 | ||||
Privia Health Group, Inc.† | 417 | 10,946 | ||||
Progyny, Inc.† | 3,303 | 123,334 | ||||
Quipt Home Medical Corp.† | 9,498 | 56,133 | ||||
RadNet, Inc.† | 3,487 | 116,501 | ||||
Select Medical Holdings Corp. | 6,489 | 189,544 | ||||
Surgery Partners, Inc.† | 1,621 | 58,777 | ||||
3,168,676 | ||||||
Health care technology: 0.64% | ||||||
Computer Programs & Systems, Inc.† | 1,441 | 23,445 | ||||
Evolent Health, Inc. Class A† | 3,350 | 85,458 | ||||
Health Catalyst, Inc.† | 2,146 | 25,087 | ||||
HealthStream, Inc. | 2,721 | 57,223 | ||||
Multiplan Corp.† | 14,265 | 24,393 | ||||
NextGen Healthcare, Inc.† | 1,268 | 23,090 |
Shares | Value | |||||
Health care technology (continued) | ||||||
OptimizeRx Corp.† | 1,615 | $13,760 | ||||
Phreesia, Inc.† | 6,690 | 190,464 | ||||
Schrodinger, Inc.† | 3,682 | 135,829 | ||||
Sharecare, Inc.† | 40,371 | 38,256 | ||||
Veradigm, Inc.† | 12,240 | 163,771 | ||||
780,776 | ||||||
Life sciences tools & services: 0.69% | ||||||
Adaptive Biotechnologies Corp.† | 11,459 | 77,577 | ||||
Akoya Biosciences, Inc.† | 4,991 | 25,953 | ||||
BioLife Solutions, Inc.† | 8,895 | 117,503 | ||||
Codexis, Inc.† | 16,499 | 28,708 | ||||
CryoPort, Inc.† | 2,156 | 30,400 | ||||
Cytek Biosciences, Inc.† | 4,803 | 36,503 | ||||
Harvard Bioscience, Inc.† | 28,828 | 127,132 | ||||
NanoString Technologies, Inc.† | 14,823 | 37,947 | ||||
OmniAb, Inc. $12.5 Earnout shares♦† | 602 | 0 | ||||
OmniAb, Inc. $15 Earnout shares♦† | 602 | 0 | ||||
Pacific Biosciences of California, Inc.† | 20,962 | 236,451 | ||||
Quanterix Corp.† | 3,599 | 96,453 | ||||
SomaLogic, Inc.† | 7,811 | 17,262 | ||||
831,889 | ||||||
Pharmaceuticals: 1.95% | ||||||
Amneal Pharmaceuticals, Inc.† | 37,196 | 152,132 | ||||
Amphastar Pharmaceuticals, Inc.† | 2,047 | 109,126 | ||||
ANI Pharmaceuticals, Inc.† | 1,357 | 87,377 | ||||
Assertio Holdings, Inc.† | 4,366 | 14,321 | ||||
Axsome Therapeutics, Inc.† | 332 | 26,826 | ||||
Biote Corp. Class A† | 24,538 | 121,218 | ||||
Bright Green Corp.† | 31,796 | 14,855 | ||||
Cassava Sciences, Inc.† | 4,633 | 97,154 | ||||
Citius Pharmaceuticals, Inc.† | 111,428 | 101,645 | ||||
Collegium Pharmaceutical, Inc.† | 4,327 | 101,338 | ||||
Corcept Therapeutics, Inc.† | 3,454 | 113,049 | ||||
Enliven Therapeutics, Inc.† | 566 | 8,841 | ||||
Evolus, Inc.† | 2,569 | 25,407 | ||||
Harmony Biosciences Holdings, Inc.† | 2,433 | 88,196 | ||||
Ikena Oncology, Inc.† | 1,678 | 7,786 | ||||
Innoviva, Inc.† | 9,459 | 120,602 | ||||
Intra-Cellular Therapies, Inc.† | 2,940 | 163,229 | ||||
Ligand Pharmaceuticals, Inc.† | 3,413 | 224,473 | ||||
Longboard Pharmaceuticals, Inc.† | 1,371 | 7,938 | ||||
Ocular Therapeutix, Inc.† | 16,081 | 60,786 | ||||
Pacira BioSciences, Inc.† | 2,555 | 90,192 | ||||
Phibro Animal Health Corp. Class A | 8,633 | 120,430 | ||||
Prestige Consumer Healthcare, Inc.† | 2,470 | 144,075 | ||||
Revance Therapeutics, Inc.† | 4,395 | 77,484 | ||||
Scilex Holding Co.♦‡† | 6,434 | 18,466 |
Shares | Value | |||||
Pharmaceuticals (continued) | ||||||
SIGA Technologies, Inc. | 1,687 | $7,743 | ||||
Supernus Pharmaceuticals, Inc.† | 2,954 | 94,055 | ||||
Taro Pharmaceutical Industries Ltd.† | 1,728 | 68,463 | ||||
Third Harmonic Bio, Inc.† | 7,309 | 44,366 | ||||
Tricida, Inc.♦† | 6,980 | 0 | ||||
Verrica Pharmaceuticals, Inc.† | 6,279 | 28,569 | ||||
Zevra Therapeutics, Inc.† | 4,565 | 23,145 | ||||
2,363,287 | ||||||
Industrials: 14.89% | ||||||
Aerospace & defense: 1.11% | ||||||
AAR Corp.† | 2,799 | 172,418 | ||||
AeroVironment, Inc.† | 1,206 | 117,018 | ||||
AerSale Corp.† | 4,953 | 73,354 | ||||
Astronics Corp.† | 3,741 | 65,580 | ||||
Cadre Holdings, Inc. | 209 | 5,522 | ||||
Ducommun, Inc.† | 560 | 25,463 | ||||
Kratos Defense & Security Solutions, Inc.† | 5,041 | 81,110 | ||||
Leonardo DRS, Inc.† | 6,108 | 104,569 | ||||
Moog, Inc. Class A | 1,819 | 211,295 | ||||
National Presto Industries, Inc. | 615 | 46,033 | ||||
Park Aerospace Corp. | 4,211 | 57,396 | ||||
Parsons Corp.† | 1,675 | 95,508 | ||||
Redwire Corp.† | 8,204 | 26,417 | ||||
Rocket Lab USA, Inc.† | 9,170 | 57,863 | ||||
Triumph Group, Inc.† | 18,499 | 174,076 | ||||
V2X, Inc.† | 707 | 35,569 | ||||
1,349,191 | ||||||
Air freight & logistics: 0.15% | ||||||
Forward Air Corp. | 841 | 59,560 | ||||
HUB Group, Inc. Class A† | 1,438 | 112,221 | ||||
Radiant Logistics, Inc.† | 1,505 | 10,159 | ||||
181,940 | ||||||
Building products: 1.35% | ||||||
AAON, Inc. | 1,792 | 113,004 | ||||
American Woodmark Corp.† | 1,495 | 116,117 | ||||
Apogee Enterprises, Inc. | 1,767 | 89,163 | ||||
CSW Industrials, Inc. | 615 | 110,472 | ||||
Gibraltar Industries, Inc.† | 1,429 | 107,218 | ||||
Griffon Corp. | 943 | 39,483 | ||||
Insteel Industries, Inc. | 2,254 | 78,327 | ||||
Janus International Group, Inc.† | 1,894 | 21,686 | ||||
JELD-WEN Holding, Inc.† | 5,238 | 78,989 | ||||
Masonite International Corp.† | 1,461 | 150,059 | ||||
PGT Innovations, Inc.† | 2,489 | 70,165 | ||||
Quanex Building Products Corp. | 2,182 | 58,870 | ||||
Resideo Technologies, Inc.† | 5,105 | 86,070 |
Shares | Value | |||||
Building products (continued) | ||||||
Simpson Manufacturing Co., Inc. | 1,135 | $181,328 | ||||
UFP Industries, Inc. | 2,591 | 270,371 | ||||
Zurn Elkay Water Solutions Corp. Class C | 1,986 | 58,825 | ||||
1,630,147 | ||||||
Commercial services & supplies: 1.11% | ||||||
ABM Industries, Inc. | 2,644 | 120,091 | ||||
ACCO Brands Corp. | 983 | 5,239 | ||||
ACV Auctions, Inc. Class A† | 4,752 | 79,881 | ||||
Brink’s Co. | 1,458 | 110,531 | ||||
Casella Waste Systems, Inc. Class A† | 1,462 | 115,162 | ||||
CECO Environmental Corp.† | 1,124 | 15,489 | ||||
Cimpress PLC† | 265 | 17,122 | ||||
CoreCivic, Inc.† | 5,509 | 59,277 | ||||
Deluxe Corp. | 2,469 | 49,923 | ||||
Ennis, Inc. | 27 | 575 | ||||
Enviri Corp.† | 5,232 | 38,978 | ||||
GEO Group, Inc.† | 17,721 | 128,300 | ||||
Healthcare Services Group, Inc.† | 8,793 | 101,559 | ||||
HNI Corp. | 1,624 | 53,202 | ||||
Matthews International Corp. Class A | 1,295 | 54,623 | ||||
MillerKnoll, Inc. | 1,487 | 28,402 | ||||
Openlane, Inc.† | 3,443 | 53,745 | ||||
Pitney Bowes, Inc. | 18,616 | 61,247 | ||||
Quad/Graphics, Inc.† | 20,463 | 104,566 | ||||
SP Plus Corp.† | 1,937 | 75,872 | ||||
Steelcase, Inc. Class A | 5,828 | 52,860 | ||||
VSE Corp. | 233 | 13,223 | ||||
1,339,867 | ||||||
Construction & engineering: 1.11% | ||||||
API Group Corp.† | 3,353 | 94,387 | ||||
Arcosa, Inc. | 2,001 | 156,518 | ||||
Argan, Inc. | 1,112 | 47,238 | ||||
Comfort Systems USA, Inc. | 1,222 | 225,545 | ||||
Construction Partners, Inc. Class A† | 343 | 11,919 | ||||
Dycom Industries, Inc.† | 974 | 97,332 | ||||
Fluor Corp.† | 6,179 | 216,203 | ||||
Granite Construction, Inc. | 2,634 | 108,758 | ||||
IES Holdings, Inc.† | 584 | 43,788 | ||||
INNOVATE Corp.† | 59,478 | 95,165 | ||||
MYR Group, Inc.† | 767 | 108,968 | ||||
Primoris Services Corp. | 1,308 | 46,264 | ||||
Sterling Infrastructure, Inc.† | 1,169 | 96,746 | ||||
1,348,831 | ||||||
Electrical equipment: 2.49% | ||||||
Allied Motion Technologies, Inc. | 2,666 | 90,724 | ||||
Amprius Technologies, Inc.† | 3,471 | 17,077 |
Shares | Value | |||||
Electrical equipment (continued) | ||||||
Array Technologies, Inc.† | 8,485 | $211,022 | ||||
Atkore, Inc.† | 2,910 | 448,053 | ||||
Babcock & Wilcox Enterprises, Inc.† | 2,639 | 13,855 | ||||
Bloom Energy Corp. Class A† | 7,687 | 115,228 | ||||
Dragonfly Energy Holdings Corp.† | 22,189 | 38,165 | ||||
Encore Wire Corp. | 2,012 | 331,598 | ||||
Energy Vault Holdings, Inc.† | 5,284 | 16,856 | ||||
EnerSys | 2,773 | 291,110 | ||||
Enovix Corp.† | 2,502 | 34,478 | ||||
Fluence Energy, Inc.† | 2,137 | 56,310 | ||||
FTC Solar, Inc.† | 12,835 | 24,130 | ||||
FuelCell Energy, Inc.† | 24,933 | 34,906 | ||||
GrafTech International Ltd.† | 30,645 | 108,483 | ||||
LSI Industries, Inc. | 15,434 | 243,086 | ||||
NEXTracker, Inc. Class A† | 2,575 | 108,459 | ||||
Powell Industries, Inc. | 1,488 | 124,947 | ||||
Preformed Line Products Co. | 821 | 139,151 | ||||
Shoals Technologies Group, Inc. Class A† | 8,530 | 167,870 | ||||
Stem, Inc.† | 635 | 3,232 | ||||
SunPower Corp.† | 12,106 | 86,679 | ||||
Thermon Group Holdings, Inc.† | 6,113 | 167,985 | ||||
TPI Composites, Inc.† | 14,875 | 75,119 | ||||
Vicor Corp.† | 1,034 | 70,074 | ||||
3,018,597 | ||||||
Ground transportation: 0.45% | ||||||
ArcBest Corp. | 1,553 | 163,981 | ||||
Covenant Logistics Group, Inc. | 1,231 | 60,528 | ||||
Daseke, Inc.† | 9,239 | 48,967 | ||||
FTAI Infrastructure, Inc. | 8,793 | 30,600 | ||||
Marten Transport Ltd. | 2,220 | 46,620 | ||||
RXO, Inc.† | 1,837 | 33,213 | ||||
Universal Logistics Holdings, Inc. | 2,576 | 69,861 | ||||
Werner Enterprises, Inc. | 2,245 | 93,414 | ||||
547,184 | ||||||
Machinery: 3.22% | ||||||
Alamo Group, Inc. | 606 | 104,020 | ||||
Albany International Corp. Class A | 875 | 81,130 | ||||
Astec Industries, Inc. | 288 | 15,788 | ||||
Barnes Group, Inc. | 1,916 | 75,299 | ||||
Briggs & Stratton Corp.♦† | 1,723 | 0 | ||||
Chart Industries, Inc.† | 831 | 150,062 | ||||
Columbus McKinnon Corp. | 1,985 | 74,775 | ||||
Commercial Vehicle Group, Inc.† | 4,429 | 40,791 | ||||
Douglas Dynamics, Inc. | 352 | 10,655 | ||||
Energy Recovery, Inc.† | 1,686 | 45,826 | ||||
Enerpac Tool Group Corp. | 2,136 | 55,963 | ||||
EnPro Industries, Inc. | 452 | 61,648 |
Shares | Value | |||||
Machinery (continued) | ||||||
ESCO Technologies, Inc. | 1,065 | $113,966 | ||||
Federal Signal Corp. | 2,502 | 152,497 | ||||
Franklin Electric Co., Inc. | 1,932 | 186,844 | ||||
Gencor Industries, Inc.† | 1,298 | 18,535 | ||||
Greenbrier Cos., Inc. | 1,121 | 47,710 | ||||
Helios Technologies, Inc. | 940 | 54,407 | ||||
Hillenbrand, Inc. | 2,687 | 130,158 | ||||
Hillman Solutions Corp.† | 7,375 | 66,744 | ||||
Hyster-Yale Materials Handling, Inc. | 811 | 37,038 | ||||
John Bean Technologies Corp. | 1,074 | 118,043 | ||||
Kadant, Inc. | 548 | 120,418 | ||||
Kennametal, Inc. | 4,447 | 117,712 | ||||
Manitowoc Co., Inc.† | 3,016 | 51,031 | ||||
Mayville Engineering Co., Inc.† | 545 | 6,398 | ||||
Miller Industries, Inc. | 414 | 16,560 | ||||
Mueller Industries, Inc. | 3,434 | 264,967 | ||||
Mueller Water Products, Inc. Class A | 7,873 | 111,167 | ||||
Park-Ohio Holdings Corp. | 2,920 | 54,633 | ||||
REV Group, Inc. | 3,232 | 43,891 | ||||
Shyft Group, Inc. | 5,248 | 82,289 | ||||
SPX Technologies, Inc.† | 2,539 | 200,632 | ||||
Standex International Corp. | 1,006 | 154,552 | ||||
Tennant Co. | 1,557 | 128,344 | ||||
Terex Corp. | 4,543 | 275,351 | ||||
Titan International, Inc.† | 6,709 | 84,466 | ||||
Trinity Industries, Inc. | 2,492 | 62,474 | ||||
Velo3D, Inc.† | 33,433 | 52,824 | ||||
Wabash National Corp. | 7,658 | 172,688 | ||||
Watts Water Technologies, Inc. Class A | 1,361 | 256,916 | ||||
3,899,212 | ||||||
Marine transportation: 0.02% | ||||||
Golden Ocean Group Ltd. | 217 | 1,586 | ||||
Matson, Inc. | 247 | 21,707 | ||||
23,293 | ||||||
Passenger airlines: 0.37% | ||||||
Allegiant Travel Co. | 877 | 77,913 | ||||
Blade Air Mobility, Inc.† | 1,851 | 5,905 | ||||
Frontier Group Holdings, Inc.† | 5,890 | 36,989 | ||||
Hawaiian Holdings, Inc.† | 5,840 | 50,107 | ||||
JetBlue Airways Corp.† | 15,921 | 94,252 | ||||
SkyWest, Inc.† | 2,835 | 127,858 | ||||
Sun Country Airlines Holdings, Inc.† | 3,593 | 53,500 | ||||
446,524 | ||||||
Professional services: 2.15% | ||||||
Alight, Inc. Class A† | 12,182 | 93,071 | ||||
ASGN, Inc.† | 1,830 | 150,353 |
Shares | Value | |||||
Professional services (continued) | ||||||
Asure Software, Inc.† | 2,404 | $30,146 | ||||
Barrett Business Services, Inc. | 1,407 | 134,622 | ||||
CBIZ, Inc.† | 2,320 | 130,175 | ||||
CRA International, Inc. | 552 | 59,964 | ||||
CSG Systems International, Inc. | 1,029 | 55,885 | ||||
ExlService Holdings, Inc.† | 5,718 | 167,137 | ||||
Exponent, Inc. | 1,850 | 166,241 | ||||
Heidrick & Struggles International, Inc. | 2,085 | 55,232 | ||||
Huron Consulting Group, Inc.† | 1,192 | 119,140 | ||||
IBEX Holdings Ltd.† | 4,293 | 83,971 | ||||
ICF International, Inc. | 997 | 134,655 | ||||
Innodata, Inc.† | 2,906 | 37,778 | ||||
Insperity, Inc. | 2,118 | 214,617 | ||||
Kelly Services, Inc. Class A | 2,157 | 39,883 | ||||
Kforce, Inc. | 3,124 | 195,719 | ||||
Korn Ferry | 1,326 | 67,599 | ||||
Legalzoom.com, Inc.† | 662 | 7,553 | ||||
Maximus, Inc. | 3,488 | 281,900 | ||||
Mistras Group, Inc.† | 9,672 | 51,648 | ||||
NV5 Global, Inc.† | 90 | 9,160 | ||||
TriNet Group, Inc.† | 1,495 | 165,840 | ||||
TrueBlue, Inc.† | 4,746 | 71,807 | ||||
Verra Mobility Corp.† | 4,616 | 82,119 | ||||
2,606,215 | ||||||
Trading companies & distributors: 1.36% | ||||||
Applied Industrial Technologies, Inc. | 1,506 | 232,481 | ||||
Beacon Roofing Supply, Inc.† | 1,804 | 144,049 | ||||
BlueLinx Holdings, Inc.† | 1,475 | 131,659 | ||||
Boise Cascade Co. | 1,987 | 217,318 | ||||
FTAI Aviation Ltd. | 1,705 | 63,017 | ||||
GATX Corp. | 809 | 95,575 | ||||
GMS, Inc.† | 2,310 | 160,175 | ||||
H&E Equipment Services, Inc. | 1,076 | 48,764 | ||||
Herc Holdings, Inc. | 805 | 104,763 | ||||
Hudson Technologies, Inc.† | 6,586 | 79,427 | ||||
McGrath RentCorp | 253 | 25,578 | ||||
MRC Global, Inc.† | 3,287 | 30,635 | ||||
NOW, Inc.† | 2,760 | 30,829 | ||||
Rush Enterprises, Inc. Class A | 3,379 | 139,945 | ||||
Rush Enterprises, Inc. Class B | 1,145 | 52,613 | ||||
Textainer Group Holdings Ltd. | 885 | 35,073 | ||||
Titan Machinery, Inc.† | 1,640 | 50,873 | ||||
1,642,774 | ||||||
Information technology: 14.07% | ||||||
Communications equipment: 0.49% | ||||||
Aviat Networks, Inc.† | 2,269 | 79,960 | ||||
Calix, Inc.† | 1,072 | 49,859 |
Shares | Value | |||||
Communications equipment (continued) | ||||||
Cambium Networks Corp.† | 632 | $5,821 | ||||
CommScope Holding Co., Inc.† | 30,128 | 100,627 | ||||
Comtech Telecommunications Corp. | 233 | 2,342 | ||||
Digi International, Inc.† | 816 | 27,238 | ||||
Extreme Networks, Inc.† | 6,120 | 167,994 | ||||
Harmonic, Inc.† | 7,390 | 78,925 | ||||
Infinera Corp.† | 2,296 | 10,745 | ||||
NetScout Systems, Inc.† | 1,187 | 33,984 | ||||
Ribbon Communications, Inc.† | 10,318 | 30,541 | ||||
588,036 | ||||||
Electronic equipment, instruments & components: 2.64% | ||||||
Advanced Energy Industries, Inc. | 1,552 | 183,245 | ||||
Badger Meter, Inc. | 1,227 | 203,780 | ||||
Bel Fuse, Inc. Class B | 2,974 | 155,540 | ||||
Belden, Inc. | 2,835 | 266,206 | ||||
Benchmark Electronics, Inc. | 1,689 | 43,475 | ||||
Climb Global Solutions, Inc. | 2,206 | 94,880 | ||||
CTS Corp. | 558 | 24,915 | ||||
Daktronics, Inc.† | 4,440 | 37,118 | ||||
ePlus, Inc.† | 933 | 61,933 | ||||
Fabrinet† | 1,951 | 313,662 | ||||
Insight Enterprises, Inc.† | 1,634 | 261,587 | ||||
Iteris, Inc.† | 11,032 | 50,637 | ||||
Itron, Inc.† | 1,369 | 93,653 | ||||
Kimball Electronics, Inc.† | 1,531 | 46,221 | ||||
Methode Electronics, Inc. | 996 | 32,121 | ||||
Mirion Technologies, Inc.† | 5,958 | 50,881 | ||||
Napco Security Technologies, Inc. | 1,632 | 40,441 | ||||
Novanta, Inc.† | 918 | 153,288 | ||||
OSI Systems, Inc.† | 786 | 107,171 | ||||
PC Connection, Inc. | 1,071 | 56,891 | ||||
Plexus Corp.† | 1,006 | 102,159 | ||||
Presto Automation, Inc.† | 1,673 | 5,571 | ||||
Richardson Electronics Ltd. | 11,235 | 141,449 | ||||
Rogers Corp.† | 119 | 17,197 | ||||
Sanmina Corp.† | 3,847 | 214,278 | ||||
ScanSource, Inc.† | 2,227 | 73,001 | ||||
TTM Technologies, Inc.† | 5,600 | 83,440 | ||||
Vishay Intertechnology, Inc. | 8,581 | 235,463 | ||||
Vishay Precision Group, Inc.† | 1,385 | 49,888 | ||||
3,200,091 | ||||||
IT services: 0.83% | ||||||
BigBear.ai Holdings, Inc.† | 31,870 | 52,267 | ||||
BigCommerce Holdings, Inc.† | 1,829 | 19,387 | ||||
Brightcove, Inc.† | 6,148 | 23,670 | ||||
Core Scientific, Inc. Class A† | 31,144 | 22,579 | ||||
DigitalOcean Holdings, Inc.† | 1,765 | 47,743 |
Shares | Value | |||||
IT services (continued) | ||||||
Fastly, Inc. Class A† | 8,721 | $207,473 | ||||
Hackett Group, Inc. | 6,607 | 155,727 | ||||
Information Services Group, Inc. | 20,169 | 104,879 | ||||
Perficient, Inc.† | 2,050 | 130,769 | ||||
Rackspace Technology, Inc.† | 16,480 | 41,200 | ||||
Squarespace, Inc. Class A† | 3,758 | 113,304 | ||||
Thoughtworks Holding, Inc.† | 2,743 | 13,633 | ||||
Tucows, Inc. Class A† | 359 | 8,490 | ||||
Unisys Corp.† | 15,025 | 60,551 | ||||
1,001,672 | ||||||
Semiconductors & semiconductor equipment: 3.14% | ||||||
ACM Research, Inc. Class A† | 2,913 | 51,152 | ||||
Aehr Test Systems† | 2,333 | 119,006 | ||||
Alpha & Omega Semiconductor Ltd.† | 553 | 17,447 | ||||
Ambarella, Inc.† | 680 | 42,262 | ||||
Amkor Technology, Inc. | 5,974 | 167,033 | ||||
Axcelis Technologies, Inc.† | 1,636 | 314,357 | ||||
Cohu, Inc.† | 4,715 | 176,294 | ||||
Diodes, Inc.† | 2,724 | 222,959 | ||||
FormFactor, Inc.† | 2,956 | 104,406 | ||||
Ichor Holdings Ltd.† | 3,069 | 112,418 | ||||
inTEST Corp.† | 6,475 | 113,442 | ||||
Kulicke & Soffa Industries, Inc. | 3,873 | 200,350 | ||||
MACOM Technology Solutions Holdings, Inc.† | 2,115 | 178,844 | ||||
MaxLinear, Inc.† | 5,362 | 126,007 | ||||
NVE Corp. | 1,491 | 131,879 | ||||
Onto Innovation, Inc.† | 2,184 | 303,532 | ||||
PDF Solutions, Inc.† | 994 | 36,122 | ||||
Photronics, Inc.† | 4,331 | 102,905 | ||||
Power Integrations, Inc. | 2,994 | 251,556 | ||||
Rambus, Inc.† | 5,745 | 324,420 | ||||
Silicon Laboratories, Inc.† | 1,646 | 221,980 | ||||
SMART Global Holdings, Inc.† | 3,956 | 102,184 | ||||
Spirit MTA REIT♦† | 6,981 | 0 | ||||
Synaptics, Inc.† | 1,599 | 139,977 | ||||
Ultra Clean Holdings, Inc.† | 4,059 | 142,714 | ||||
Veeco Instruments, Inc.† | 3,543 | 103,420 | ||||
3,806,666 | ||||||
Software: 6.25% | ||||||
8x8, Inc.† | 28,095 | 91,309 | ||||
A10 Networks, Inc. | 8,173 | 121,696 | ||||
ACI Worldwide, Inc.† | 7,212 | 175,107 | ||||
Adeia, Inc. | 22,562 | 226,974 | ||||
Agilysys, Inc.† | 1,871 | 131,990 | ||||
Altair Engineering, Inc. Class A† | 1,991 | 132,362 | ||||
Amplitude, Inc. Class A† | 1,151 | 13,444 | ||||
Appfolio, Inc. Class A† | 1,341 | 258,505 |
Shares | Value | |||||
Software (continued) | ||||||
Appian Corp. Class A† | 1,824 | $88,829 | ||||
Asana, Inc. Class A† | 2,520 | 54,155 | ||||
AvePoint, Inc.† | 8,458 | 58,698 | ||||
Blackbaud, Inc.† | 1,138 | 86,613 | ||||
Blackline, Inc.† | 2,379 | 142,883 | ||||
Box, Inc. Class A† | 8,812 | 233,342 | ||||
C3.ai, Inc. Class A† | 2,028 | 62,908 | ||||
Cerence, Inc.† | 3,171 | 82,763 | ||||
Clear Secure, Inc. Class A | 804 | 17,479 | ||||
CommVault Systems, Inc.† | 2,545 | 173,849 | ||||
Consensus Cloud Solutions, Inc.† | 6,449 | 205,917 | ||||
CoreCard Corp.† | 5,117 | 108,685 | ||||
Couchbase, Inc.† | 3,920 | 67,032 | ||||
CXApp, Inc.† | 8,152 | 32,363 | ||||
Digital Turbine, Inc.† | 16,601 | 147,915 | ||||
Domo, Inc. Class B† | 256 | 2,729 | ||||
E2open Parent Holdings, Inc.† | 1,319 | 6,371 | ||||
Ebix, Inc. | 6,672 | 111,422 | ||||
EngageSmart, Inc.† | 215 | 3,808 | ||||
Envestnet, Inc.† | 2,536 | 138,542 | ||||
Everbridge, Inc.† | 6,623 | 164,317 | ||||
EverCommerce, Inc.† | 107 | 1,131 | ||||
Freshworks, Inc. Class A† | 7,538 | 164,856 | ||||
Intapp, Inc.† | 1,998 | 73,147 | ||||
InterDigital, Inc. | 1,794 | 155,558 | ||||
LivePerson, Inc.† | 5,643 | 23,701 | ||||
LiveRamp Holdings, Inc.† | 2,844 | 91,975 | ||||
LiveVox Holdings, Inc.† | 26,932 | 86,721 | ||||
Marathon Digital Holdings, Inc.† | 3,269 | 41,091 | ||||
Matterport, Inc.† | 9,440 | 25,299 | ||||
MeridianLink, Inc.† | 520 | 9,209 | ||||
MicroStrategy, Inc. Class A† | 441 | 157,671 | ||||
Mitek Systems, Inc.† | 8,906 | 99,480 | ||||
Model N, Inc.† | 2,507 | 67,689 | ||||
N-able, Inc.† | 7,859 | 105,075 | ||||
ON24, Inc. | 4,254 | 29,182 | ||||
OneSpan, Inc.† | 4,644 | 56,889 | ||||
PagerDuty, Inc.† | 3,327 | 85,703 | ||||
PowerSchool Holdings, Inc. Class A† | 3,046 | 67,377 | ||||
Progress Software Corp. | 3,324 | 202,232 | ||||
PROS Holdings, Inc.† | 3,571 | 128,056 | ||||
Q2 Holdings, Inc.† | 2,799 | 96,314 | ||||
Qualys, Inc.† | 2,269 | 353,170 | ||||
Rapid7, Inc.† | 2,917 | 146,988 | ||||
Rimini Street, Inc.† | 27,934 | 67,600 | ||||
Riot Platforms, Inc.† | 4,404 | 49,985 | ||||
Sapiens International Corp. NV | 3,775 | 112,835 | ||||
SolarWinds Corp.† | 4,852 | 51,674 | ||||
Sprinklr, Inc. Class A† | 5,124 | 77,526 |
Shares | Value | |||||
Software (continued) | ||||||
Sprout Social, Inc. Class A† | 2,061 | $110,346 | ||||
SPS Commerce, Inc.† | 2,030 | 377,844 | ||||
Tenable Holdings, Inc.† | 4,196 | 190,372 | ||||
Varonis Systems, Inc.† | 5,649 | 180,373 | ||||
Verint Systems, Inc.† | 3,277 | 106,142 | ||||
Veritone, Inc.† | 1,097 | 3,368 | ||||
Viant Technology, Inc. Class A† | 18,108 | 113,537 | ||||
Workiva, Inc.† | 3,053 | 341,478 | ||||
Xperi, Inc.† | 5,898 | 69,596 | ||||
Yext, Inc.† | 22,669 | 198,580 | ||||
Zeta Global Holdings Corp. Class A† | 10,495 | 85,324 | ||||
Zuora, Inc. Class A† | 3,021 | 27,521 | ||||
7,574,622 | ||||||
Technology hardware, storage & peripherals: 0.72% | ||||||
Avid Technology, Inc.† | 773 | 20,608 | ||||
CompoSecure, Inc.† | 25,430 | 159,701 | ||||
Corsair Gaming, Inc.† | 422 | 6,634 | ||||
CPI Card Group, Inc.† | 4,530 | 93,635 | ||||
Immersion Corp. | 1,968 | 13,815 | ||||
Super Micro Computer, Inc.† | 1,994 | 548,510 | ||||
Xerox Holdings Corp. | 1,608 | 25,551 | ||||
868,454 | ||||||
Materials: 5.08% | ||||||
Chemicals: 2.18% | ||||||
AdvanSix, Inc. | 2,621 | 86,703 | ||||
Avient Corp. | 2,732 | 109,581 | ||||
Balchem Corp. | 738 | 103,689 | ||||
Cabot Corp. | 3,025 | 219,191 | ||||
Core Molding Technologies, Inc.† | 6,070 | 164,558 | ||||
Ecovyst, Inc.† | 10,176 | 104,202 | ||||
FutureFuel Corp. | 7,267 | 51,450 | ||||
Hawkins, Inc. | 2,115 | 131,532 | ||||
HB Fuller Co. | 2,957 | 214,471 | ||||
Ingevity Corp.† | 2,384 | 128,474 | ||||
Innospec, Inc. | 1,262 | 135,564 | ||||
Koppers Holdings, Inc. | 4,352 | 166,638 | ||||
Livent Corp.† | 7,564 | 162,399 | ||||
LSB Industries, Inc.† | 4,277 | 43,283 | ||||
Mativ Holdings, Inc. | 2,070 | 33,948 | ||||
Minerals Technologies, Inc. | 1,526 | 93,239 | ||||
Orion Engineered Carbons SA | 5,875 | 132,892 | ||||
Quaker Chemical Corp. | 754 | 133,820 | ||||
Rayonier Advanced Materials, Inc.† | 25,149 | 88,776 | ||||
Sensient Technologies Corp. | 614 | 37,829 | ||||
Stepan Co. | 679 | 59,256 | ||||
Trinseo PLC | 630 | 6,634 |
Shares | Value | |||||
Chemicals (continued) | ||||||
Tronox Holdings PLC | 15,938 | $217,394 | ||||
Valhi, Inc. | 1,167 | 15,451 | ||||
2,640,974 | ||||||
Construction materials: 0.18% | ||||||
Knife River Corp.† | 497 | 25,575 | ||||
Summit Materials, Inc. Class A† | 5,124 | 191,689 | ||||
U.S. Lime & Minerals, Inc. | 15 | 3,249 | ||||
220,513 | ||||||
Containers & packaging: 0.24% | ||||||
Greif, Inc. Class A | 1,145 | 83,116 | ||||
Greif, Inc. Class B | 85 | 6,335 | ||||
O-I Glass, Inc.† | 10,289 | 204,339 | ||||
293,790 | ||||||
Metals & mining: 2.41% | ||||||
Alpha Metallurgical Resources, Inc. | 1,284 | 260,447 | ||||
Arch Resources, Inc. | 1,421 | 185,583 | ||||
ATI, Inc.† | 6,432 | 291,563 | ||||
Caledonia Mining Corp. PLC | 5,109 | 52,827 | ||||
Carpenter Technology Corp. | 2,746 | 171,982 | ||||
Century Aluminum Co.† | 6,661 | 49,558 | ||||
Commercial Metals Co. | 6,197 | 348,829 | ||||
Compass Minerals International, Inc. | 1,221 | 36,813 | ||||
Constellium SE† | 11,938 | 214,884 | ||||
Haynes International, Inc. | 1,488 | 72,629 | ||||
Hecla Mining Co. | 7,022 | 30,827 | ||||
Ivanhoe Electric, Inc.† | 6,096 | 95,280 | ||||
Kaiser Aluminum Corp. | 1,388 | 105,377 | ||||
Materion Corp. | 1,113 | 121,083 | ||||
Olympic Steel, Inc. | 2,790 | 149,321 | ||||
Ramaco Resources, Inc. Class A | 7,432 | 58,267 | ||||
Ryerson Holding Corp. | 6,286 | 195,746 | ||||
Schnitzer Steel Industries, Inc. Class A | 1,789 | 59,395 | ||||
SunCoke Energy, Inc. | 11,640 | 108,252 | ||||
TimkenSteel Corp.† | 3,741 | 81,965 | ||||
Tredegar Corp.† | 2,266 | 11,398 | ||||
Warrior Met Coal, Inc. | 689 | 27,257 | ||||
Worthington Industries, Inc. | 2,420 | 182,153 | ||||
2,911,436 | ||||||
Paper & forest products: 0.07% | ||||||
Sylvamo Corp. | 1,916 | 80,031 | ||||
Real estate: 5.82% | ||||||
Diversified REITs: 0.53% | ||||||
Alexander & Baldwin, Inc. | 3,516 | 63,323 | ||||
Alpine Income Property Trust, Inc. | 4,279 | 74,412 |
Shares | Value | |||||
Diversified REITs (continued) | ||||||
American Assets Trust, Inc. | 815 | $17,449 | ||||
Armada Hoffler Properties, Inc. | 6,439 | 73,340 | ||||
Broadstone Net Lease, Inc. | 3,890 | 62,901 | ||||
Empire State Realty Trust, Inc. Class A | 9,297 | 81,163 | ||||
Essential Properties Realty Trust, Inc. | 7,122 | 171,071 | ||||
Global Net Lease, Inc. | 4,240 | 48,124 | ||||
New York, Inc.♦‡† | 4,209 | 31,862 | ||||
Star Holdings† | 1,430 | 19,477 | ||||
643,122 | ||||||
Health care REITs: 0.34% | ||||||
CareTrust REIT, Inc. | 6,709 | 135,186 | ||||
Global Medical REIT, Inc. | 170 | 1,646 | ||||
LTC Properties, Inc. | 1,555 | 51,097 | ||||
National Health Investors, Inc. | 2,127 | 108,754 | ||||
Physicians Realty Trust | 5,750 | 79,982 | ||||
Sabra Health Care REIT, Inc. | 2,309 | 28,932 | ||||
Universal Health Realty Income Trust | 3 | 140 | ||||
405,737 | ||||||
Hotel & resort REITs: 1.23% | ||||||
Apple Hospitality REIT, Inc. | 12,208 | 183,364 | ||||
Braemar Hotels & Resorts, Inc. | 5,700 | 15,504 | ||||
Chatham Lodging Trust | 2,932 | 28,675 | ||||
DiamondRock Hospitality Co. | 15,993 | 128,904 | ||||
Hersha Hospitality Trust Class A | 27,615 | 271,179 | ||||
Pebblebrook Hotel Trust | 5,364 | 77,617 | ||||
RLJ Lodging Trust | 11,411 | 113,996 | ||||
Ryman Hospitality Properties, Inc. | 3,079 | 261,807 | ||||
Service Properties Trust | 16,562 | 136,802 | ||||
Summit Hotel Properties, Inc. | 6,308 | 36,649 | ||||
Sunstone Hotel Investors, Inc. | 14,204 | 127,552 | ||||
Xenia Hotels & Resorts, Inc. | 9,132 | 107,758 | ||||
1,489,807 | ||||||
Industrial REITs : 0.53% | ||||||
Innovative Industrial Properties, Inc. | 2,068 | 180,495 | ||||
LXP Industrial Trust | 15,876 | 155,903 | ||||
Plymouth Industrial REIT, Inc. | 2,519 | 57,710 | ||||
Terreno Realty Corp. | 4,008 | 244,047 | ||||
638,155 | ||||||
Office REITs : 0.39% | ||||||
Corporate Office Properties Trust | 5,816 | 150,518 | ||||
Douglas Emmett, Inc. | 1,097 | 14,996 | ||||
Equity Commonwealth | 4,579 | 87,138 | ||||
JBG SMITH Properties | 4,941 | 77,475 | ||||
Office Properties Income Trust | 2,276 | 16,842 | ||||
Peakstone Realty Trust | 2,515 | 49,420 |
Shares | Value | |||||
Office REITs (continued) | ||||||
Piedmont Office Realty Trust, Inc. Class A | 2,657 | $18,254 | ||||
SL Green Realty Corp. | 1,491 | 58,537 | ||||
473,180 | ||||||
Real estate management & development: 0.96% | ||||||
American Realty Investors, Inc.† | 2,756 | 54,982 | ||||
Anywhere Real Estate, Inc.† | 10,387 | 68,139 | ||||
Compass, Inc. Class A† | 37,718 | 135,785 | ||||
Cushman & Wakefield PLC† | 11,598 | 106,586 | ||||
DigitalBridge Group, Inc. | 6,701 | 116,731 | ||||
Douglas Elliman, Inc.† | 5,681 | 14,259 | ||||
eXp World Holdings, Inc. | 7,321 | 140,710 | ||||
Forestar Group, Inc.† | 2,280 | 65,003 | ||||
Newmark Group, Inc. Class A | 7,171 | 50,842 | ||||
Opendoor Technologies, Inc.† | 28,400 | 110,760 | ||||
Redfin Corp.† | 10,442 | 99,408 | ||||
RMR Group, Inc. Class A | 4,095 | 103,522 | ||||
St. Joe Co. | 167 | 10,310 | ||||
Transcontinental Realty Investors, Inc.† | 2,550 | 87,541 | ||||
1,164,578 | ||||||
Residential REITs : 0.24% | ||||||
Apartment Investment & Management Co. Class A | 17,919 | 136,364 | ||||
Centerspace | 85 | 5,503 | ||||
Clipper Realty, Inc. | 1,937 | 11,913 | ||||
Elme Communities | 143 | 2,199 | ||||
Independence Realty Trust, Inc. | 2,956 | 49,749 | ||||
Veris Residential, Inc.† | 4,754 | 88,472 | ||||
294,200 | ||||||
Retail REITs : 1.17% | ||||||
Acadia Realty Trust | 2,253 | 33,547 | ||||
Alexander’s, Inc. | 122 | 23,394 | ||||
CBL & Associates Properties, Inc. | 42 | 898 | ||||
Getty Realty Corp. | 4,914 | 147,518 | ||||
InvenTrust Properties Corp. | 1,898 | 45,381 | ||||
Kite Realty Group Trust | 7,686 | 173,473 | ||||
Macerich Co. | 10,833 | 126,638 | ||||
Phillips Edison & Co., Inc. | 5,857 | 198,318 | ||||
Retail Opportunity Investments Corp. | 2,791 | 37,567 | ||||
RPT Realty | 10,318 | 117,006 | ||||
SITE Centers Corp. | 12,072 | 161,161 | ||||
Tanger Factory Outlet Centers, Inc. | 8,364 | 194,463 | ||||
Urban Edge Properties | 5,728 | 93,710 | ||||
Whitestone REIT | 5,798 | 57,980 | ||||
1,411,054 | ||||||
Specialized REITs : 0.43% | ||||||
Farmland Partners, Inc. | 804 | 8,925 |
Shares | Value | |||||
Specialized REITs (continued) | ||||||
Four Corners Property Trust, Inc. | 3,621 | $91,104 | ||||
Outfront Media, Inc. | 13,767 | 156,256 | ||||
PotlatchDeltic Corp. | 4,105 | 194,002 | ||||
Uniti Group, Inc. | 14,187 | 76,184 | ||||
526,471 | ||||||
Utilities: 2.37% | ||||||
Electric utilities: 0.48% | ||||||
ALLETE, Inc. | 2,047 | 112,381 | ||||
Genie Energy Ltd. Class B | 5,446 | 83,378 | ||||
MGE Energy, Inc. | 947 | 68,591 | ||||
Otter Tail Corp. | 2,003 | 164,987 | ||||
Portland General Electric Co. | 3,527 | 154,694 | ||||
584,031 | ||||||
Gas utilities: 0.77% | ||||||
Brookfield Infrastructure Corp. Class A | 4,694 | 182,362 | ||||
Chesapeake Utilities Corp. | 505 | 55,601 | ||||
New Jersey Resources Corp. | 5,553 | 234,170 | ||||
Northwest Natural Holding Co. | 1,061 | 41,676 | ||||
ONE Gas, Inc. | 3,105 | 225,019 | ||||
RGC Resources, Inc. | 3,076 | 55,614 | ||||
Spire, Inc. | 2,251 | 131,481 | ||||
925,923 | ||||||
Independent power and renewable electricity producers: 0.43% | ||||||
Altus Power, Inc.† | 13,319 | 86,041 | ||||
Montauk Renewables, Inc.† | 9,646 | 92,119 | ||||
Ormat Technologies, Inc. | 3,184 | 241,793 | ||||
Sunnova Energy International, Inc.† | 7,036 | 97,871 | ||||
517,824 | ||||||
Multi-utilities: 0.38% | ||||||
Avista Corp. | 3,583 | 119,278 | ||||
Black Hills Corp. | 2,236 | 122,980 | ||||
NorthWestern Corp. | 3,201 | 161,331 | ||||
Unitil Corp. | 1,132 | 55,264 | ||||
458,853 | ||||||
Water utilities: 0.31% | ||||||
American States Water Co. | 1,647 | 138,694 | ||||
California Water Service Group | 1,876 | 94,269 | ||||
Middlesex Water Co. | 466 | 35,071 | ||||
SJW Group | 1,653 | 108,701 | ||||
376,735 | ||||||
Total common stocks (Cost $103,715,039) | 115,391,788 |
Yield | Shares | Value | ||||
Short-term investments: 4.16% | ||||||
Investment companies: 4.16% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 5,041,771 | $5,041,771 | |||
Total short-term investments (Cost $5,041,771) | 5,041,771 | |||||
Total investments in securities (Cost $108,756,810) | 99.45 % | 120,433,559 | ||||
Other assets and liabilities, net | 0.55 | 669,489 | ||||
Total net assets | 100.00 % | $121,103,048 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
♠ | 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 | $3,122,623 | $15,328,208 | $(13,409,060 ) | $0 | $0 | $5,041,771 | 5,041,771 | $99,396 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini Russell 2000 Index | 56 | 9-15-2023 | $5,338,982 | $5,324,480 | $0 | $(14,502 ) |
Assets | |
Investments in unaffiliated securities, at value (cost $103,715,039) | $115,391,788 |
Investments in affiliated securities, at value (cost $5,041,771) | 5,041,771 |
Cash | 124 |
Cash at broker segregated for futures contracts | 595,200 |
Receivable for dividends | 138,318 |
Prepaid expenses and other assets | 9,285 |
Total assets | 121,176,486 |
Liabilities | |
Custody and accounting fees payable | 29,590 |
Professional fees payable | 15,901 |
Payable for daily variation margin on open futures contracts | 14,000 |
Advisory fee payable | 12,238 |
Interest holder report expenses payable | 1,597 |
Trustees’ fees and expenses payable | 67 |
Accrued expenses and other liabilities | 45 |
Total liabilities | 73,438 |
Total net assets | $121,103,048 |
Investment income | |
Dividends (net of foreign withholdings taxes of $2,242) | $949,030 |
Income from affiliated securities | 99,396 |
Interest | 26,032 |
Total investment income | 1,074,458 |
Expenses | |
Advisory fee | 90,503 |
Custody and accounting fees | 2,921 |
Professional fees | 29,481 |
Interest holder report expenses | 3,362 |
Trustees’ fees and expenses | 10,398 |
Other fees and expenses | 14,521 |
Total expenses | 151,186 |
Less: Fee waivers and/or expense reimbursements | (57,063 ) |
Net expenses | 94,123 |
Net investment income | 980,335 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (1,654,795 ) |
Futures contracts | 143,233 |
Net realized losses on investments | (1,511,562 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 900,259 |
Futures contracts | 59,018 |
Net change in unrealized gains (losses) on investments | 959,277 |
Net realized and unrealized gains (losses) on investments | (552,285 ) |
Net increase in net assets resulting from operations | $428,050 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $980,335 | $1,725,901 | ||
Net realized losses on investments | (1,511,562 ) | (542,578 ) | ||
Net change in unrealized gains (losses) on investments | 959,277 | (10,238,640 ) | ||
Net increase (decrease) in net assets resulting from operations | 428,050 | (9,055,317 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 9,088,805 | 37,991,254 | ||
Withdrawals | (10,303,720 ) | (99,015,425 ) | ||
Net decrease in net assets resulting from capital transactions | (1,214,915 ) | (61,024,171 ) | ||
Total decrease in net assets | (786,865 ) | (70,079,488 ) | ||
Net assets | ||||
Beginning of period | 121,889,913 | 191,969,401 | ||
End of period | $121,103,048 | $121,889,913 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | (0.08 )% | (5.83 )% | (2.87 )% | 43.18 % | (5.94 )% | 7.05 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.25 % | 0.26 % | 0.22 % | 0.22 % | 0.23 % | 0.21 % |
Net expenses | 0.16 %* | 0.16 %* | 0.16 %* | 0.16 %* | 0.18 % | 0.19 % |
Net investment income | 1.62 % | 1.29 % | 0.77 % | 1.02 % | 1.35 % | 1.29 % |
Supplemental data | ||||||
Portfolio turnover rate | 46 % | 67 % | 92 % | 98 % | 40 % | 37 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.09% |
Year ended February 28, 2023 | 0.10% |
Year ended February 28, 2022 | 0.06% |
Year ended February 28, 2021 | 0.06% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $20,985,268 |
Gross unrealized losses | (9,856,582 ) |
Net unrealized gains | $11,128,686 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $3,406,208 | $0 | $7,489 | $3,413,697 |
Consumer discretionary | 11,751,140 | 0 | 0 | 11,751,140 |
Consumer staples | 3,518,745 | 0 | 0 | 3,518,745 |
Energy | 7,936,712 | 0 | 0 | 7,936,712 |
Financials | 17,452,723 | 0 | 0 | 17,452,723 |
Health care | 20,001,192 | 0 | 187,849 | 20,189,041 |
Industrials | 18,033,775 | 0 | 0 | 18,033,775 |
Information technology | 17,039,541 | 0 | 0 | 17,039,541 |
Materials | 6,146,744 | 0 | 0 | 6,146,744 |
Real estate | 7,014,442 | 0 | 31,862 | 7,046,304 |
Utilities | 2,863,366 | 0 | 0 | 2,863,366 |
Short-term investments | ||||
Investment companies | 5,041,771 | 0 | 0 | 5,041,771 |
Total assets | $120,206,359 | $0 | $227,200 | $120,433,559 |
Liabilities | ||||
Futures contracts | $14,502 | $0 | $0 | $14,502 |
Total liabilities | $14,502 | $0 | $0 | $14,502 |
Average daily net assets | Advisory fee |
First $5 billion | 0.150 % |
Next $5 billion | 0.130 |
Over $10 billion | 0.110 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks to replicate the total return of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index,† before fees and expenses. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Manjunath Boraiah, Brian Prucyk, Janet S. Rilling, CFA, CPA, Michael J. Schueller, CFA |
Ten largest holdings (%) as of August 31, 20231 | |
DaVita, Inc., 4.63%, 6-1-2030 | 1.60 |
DISH Network Corp., 11.75%, 11-15-2027 | 1.59 |
Brand Industrial Services, Inc., 10.38%, 8-1-2030 | 1.58 |
Cloud Software Group, Inc., 9.00%, 9-30-2029 | 1.57 |
BroadStreet Partners, Inc., 5.88%, 4-15-2029 | 1.55 |
Staples, Inc., 7.50%, 4-15-2026 | 1.55 |
Aston Martin Capital Holdings Ltd., 10.50%, 11-30-2025 | 1.52 |
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5-1-2032 | 1.52 |
Tenet Healthcare Corp., 4.88%, 1-1-2026 | 1.52 |
Bombardier, Inc., 7.13%, 6-15-2026 | 1.51 |
1 | Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified. |
Credit quality as of August 31, 20231 |
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Portfolio and not to the Portfolio itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Portfolio. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short- term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
† | The Bloomberg U.S. High Yield 2% Issuer Capped Bond Index is composed of fixed-rate, publicly issued, non-investment-grade debt with at least one year remaining tomaturity as well as an outstanding par value of $100 million. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 79.70% | ||||||
Basic materials: 2.74% | ||||||
Chemicals: 1.40% | ||||||
Chemours Co. | 5.38 % | 5-15-2027 | $ | 200,000 | $188,272 | |
Mining: 1.34% | ||||||
Novelis Corp.144A | 4.75 | 1-30-2030 | 200,000 | 178,988 | ||
Communications: 15.56% | ||||||
Advertising: 2.57% | ||||||
Lamar Media Corp. | 3.75 | 2-15-2028 | 200,000 | 181,680 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 4.63 | 3-15-2030 | 200,000 | 162,604 | ||
344,284 | ||||||
Media: 8.47% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | 4.50 | 5-1-2032 | 250,000 | 202,674 | ||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | 6-1-2033 | 80,000 | 63,150 | ||
CSC Holdings LLC144A | 5.50 | 4-15-2027 | 200,000 | 172,676 | ||
DISH DBS Corp. | 5.13 | 6-1-2029 | 370,000 | 200,059 | ||
DISH Network Corp.144A | 11.75 | 11-15-2027 | 210,000 | 213,074 | ||
Gray Television, Inc.144A | 4.75 | 10-15-2030 | 205,000 | 143,137 | ||
Univision Communications, Inc.144A | 5.13 | 2-15-2025 | 140,000 | 138,075 | ||
1,132,845 | ||||||
Telecommunications: 4.52% | ||||||
CommScope Technologies LLC144A | 5.00 | 3-15-2027 | 325,000 | 180,693 | ||
Frontier Communications Holdings LLC144A | 5.00 | 5-1-2028 | 200,000 | 171,371 | ||
Level 3 Financing, Inc.144A | 3.75 | 7-15-2029 | 200,000 | 119,302 | ||
Level 3 Financing, Inc.144A | 10.50 | 5-15-2030 | 132,000 | 134,084 | ||
605,450 | ||||||
Consumer, cyclical: 19.02% | ||||||
Airlines: 2.80% | ||||||
Delta Air Lines, Inc. | 3.75 | 10-28-2029 | 210,000 | 186,795 | ||
United Airlines, Inc.144A | 4.38 | 4-15-2026 | 200,000 | 188,486 | ||
375,281 | ||||||
Auto manufacturers: 2.90% | ||||||
Allison Transmission, Inc.144A | 5.88 | 6-1-2029 | 200,000 | 193,165 | ||
Ford Motor Co. | 4.75 | 1-15-2043 | 260,000 | 194,377 | ||
387,542 | ||||||
Auto parts & equipment: 4.19% | ||||||
Adient Global Holdings Ltd.144A | 4.88 | 8-15-2026 | 200,000 | 192,610 | ||
Dana, Inc. | 5.63 | 6-15-2028 | 200,000 | 188,272 | ||
Goodyear Tire & Rubber Co. | 5.25 | 4-30-2031 | 205,000 | 179,824 | ||
560,706 |
Interest rate | Maturity date | Principal | Value | |||
Distribution/wholesale: 2.20% | ||||||
American Builders & Contractors Supply Co., Inc.144A | 4.00 % | 1-15-2028 | $ | 200,000 | $181,072 | |
Openlane, Inc.144A | 5.13 | 6-1-2025 | 108,000 | 105,372 | ||
Wesco Aircraft Holdings, Inc.144A† | 8.50 | 11-15-2024 | 195,000 | 7,800 | ||
294,244 | ||||||
Leisure time: 1.50% | ||||||
NCL Corp. Ltd.144A | 3.63 | 12-15-2024 | 210,000 | 200,981 | ||
Lodging: 2.48% | ||||||
Hilton Domestic Operating Co., Inc. | 4.88 | 1-15-2030 | 200,000 | 186,582 | ||
MGM Resorts International | 4.63 | 9-1-2026 | 154,000 | 145,048 | ||
331,630 | ||||||
Retail: 2.95% | ||||||
Ferrellgas LP/Ferrellgas Finance Corp.144A | 5.38 | 4-1-2026 | 200,000 | 188,006 | ||
Staples, Inc.144A | 7.50 | 4-15-2026 | 250,000 | 206,850 | ||
394,856 | ||||||
Consumer, non-cyclical: 12.63% | ||||||
Commercial services: 2.72% | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A | 6.63 | 7-15-2026 | 210,000 | 199,740 | ||
Block, Inc. | 3.50 | 6-1-2031 | 200,000 | 163,993 | ||
363,733 | ||||||
Food: 1.44% | ||||||
Performance Food Group, Inc.144A | 5.50 | 10-15-2027 | 200,000 | 192,581 | ||
Healthcare-products: 1.39% | ||||||
Avantor Funding, Inc.144A | 4.63 | 7-15-2028 | 200,000 | 185,657 | ||
Healthcare-services: 5.73% | ||||||
CHS/Community Health Systems, Inc.144A | 4.75 | 2-15-2031 | 210,000 | 156,450 | ||
DaVita, Inc.144A | 4.63 | 6-1-2030 | 250,000 | 214,439 | ||
Encompass Health Corp. | 4.63 | 4-1-2031 | 220,000 | 192,925 | ||
Tenet Healthcare Corp. | 4.88 | 1-1-2026 | 210,000 | 203,570 | ||
767,384 | ||||||
Pharmaceuticals: 1.35% | ||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV144A | 4.13 | 4-30-2028 | 200,000 | 180,992 | ||
Energy: 10.74% | ||||||
Oil & gas: 5.05% | ||||||
Moss Creek Resources Holdings, Inc.144A | 10.50 | 5-15-2027 | 200,000 | 198,442 | ||
Range Resources Corp. | 4.88 | 5-15-2025 | 100,000 | 97,750 | ||
SM Energy Co. | 6.75 | 9-15-2026 | 200,000 | 199,160 | ||
Sunoco LP/Sunoco Finance Corp. | 4.50 | 5-15-2029 | 200,000 | 180,870 | ||
676,222 |
Interest rate | Maturity date | Principal | Value | |||
Oil & gas services: 1.48% | ||||||
USA Compression Partners LP/USA Compression Finance Corp. | 6.88 % | 4-1-2026 | $ | 200,000 | $197,754 | |
Pipelines: 4.21% | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A | 5.75 | 1-15-2028 | 200,000 | 191,516 | ||
Buckeye Partners LP144A | 4.50 | 3-1-2028 | 200,000 | 181,500 | ||
EQM Midstream Partners LP | 5.50 | 7-15-2028 | 200,000 | 191,077 | ||
564,093 | ||||||
Financial: 10.61% | ||||||
Diversified financial services: 1.36% | ||||||
OneMain Finance Corp. | 5.38 | 11-15-2029 | 210,000 | 181,398 | ||
Insurance: 4.48% | ||||||
Acrisure LLC/Acrisure Finance, Inc.144A | 7.00 | 11-15-2025 | 200,000 | 193,279 | ||
BroadStreet Partners, Inc.144A | 5.88 | 4-15-2029 | 235,000 | 206,807 | ||
HUB International Ltd.144A | 7.00 | 5-1-2026 | 200,000 | 199,625 | ||
599,711 | ||||||
Investment Companies: 1.17% | ||||||
Compass Group Diversified Holdings LLC144A | 5.25 | 4-15-2029 | 170,000 | 156,121 | ||
Real estate: 1.23% | ||||||
Howard Hughes Corp.144A | 4.13 | 2-1-2029 | 200,000 | 165,000 | ||
REITS: 2.37% | ||||||
MPT Operating Partnership LP/MPT Finance Corp. | 5.00 | 10-15-2027 | 200,000 | 157,989 | ||
Service Properties Trust | 4.38 | 2-15-2030 | 210,000 | 159,429 | ||
317,418 | ||||||
Industrial: 4.35% | ||||||
Aerospace/defense: 1.49% | ||||||
TransDigm, Inc. | 6.38 | 6-15-2026 | 200,000 | 199,978 | ||
Electrical components & equipment: 1.28% | ||||||
Energizer Holdings, Inc.144A | 4.38 | 3-31-2029 | 200,000 | 171,298 | ||
Engineering & construction: 1.58% | ||||||
Brand Industrial Services, Inc.144A | 10.38 | 8-1-2030 | 205,000 | 211,412 | ||
Technology: 2.85% | ||||||
Computers: 1.28% | ||||||
Seagate HDD Cayman | 4.13 | 1-15-2031 | 210,000 | 171,518 | ||
Software: 1.57% | ||||||
Cloud Software Group, Inc.144A | 9.00 | 9-30-2029 | 235,000 | 210,061 | ||
Utilities: 1.20% | ||||||
Electric: 1.20% | ||||||
Calpine Corp.144A | 5.00 | 2-1-2031 | 190,000 | 160,754 | ||
Total corporate bonds and notes (Cost $11,780,834) | 10,668,164 |
Interest rate | Maturity date | Principal | Value | |||
Yankee corporate bonds and notes: 16.75% | ||||||
Communications: 5.51% | ||||||
Media: 2.69% | ||||||
Videotron Ltd.144A | 5.13 % | 4-15-2027 | $ | 200,000 | $191,500 | |
Ziggo BV144A | 4.88 | 1-15-2030 | 200,000 | 168,053 | ||
359,553 | ||||||
Telecommunications: 2.82% | ||||||
VEON Holdings BV144A | 4.00 | 4-9-2025 | 210,000 | 176,400 | ||
Vodafone Group PLC (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year+4.87%)± | 7.00 | 4-4-2079 | 200,000 | 201,443 | ||
377,843 | ||||||
Consumer, cyclical: 6.95% | ||||||
Auto manufacturers: 1.52% | ||||||
Aston Martin Capital Holdings Ltd.144A | 10.50 | 11-30-2025 | 200,000 | 203,130 | ||
Leisure time: 2.81% | ||||||
Carnival Corp.144A | 5.75 | 3-1-2027 | 195,000 | 183,517 | ||
Royal Caribbean Cruises Ltd.144A | 5.50 | 4-1-2028 | 205,000 | 192,167 | ||
375,684 | ||||||
Retail: 2.62% | ||||||
1011778 BC ULC/New Red Finance, Inc.144A | 3.88 | 1-15-2028 | 200,000 | 181,909 | ||
1011778 BC ULC/New Red Finance, Inc.144A | 4.00 | 10-15-2030 | 200,000 | 169,430 | ||
351,339 | ||||||
Consumer, non-cyclical: 1.45% | ||||||
Pharmaceuticals: 1.45% | ||||||
Bausch Health Cos., Inc.144A | 6.13 | 2-1-2027 | 295,000 | 193,962 | ||
Industrial: 1.51% | ||||||
Aerospace/defense: 1.51% | ||||||
Bombardier, Inc.144A | 7.13 | 6-15-2026 | 205,000 | 201,594 | ||
Utilities: 1.33% | ||||||
Electric: 1.33% | ||||||
Atlantica Sustainable Infrastructure PLC144A | 4.13 | 6-15-2028 | 200,000 | 178,339 | ||
Total yankee corporate bonds and notes (Cost $2,408,209) | 2,241,444 |
Yield | Shares | Value | ||||
Short-term investments: 2.01% | ||||||
Investment companies: 2.01% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 269,334 | $269,334 | |||
Total short-term investments (Cost $269,334) | 269,334 | |||||
Total investments in securities (Cost $14,458,377) | 98.46 % | 13,178,942 | ||||
Other assets and liabilities, net | 1.54 | 206,013 | ||||
Total net assets | 100.00 % | $13,384,955 |
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. |
† | Non-income-earning security |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $87,750 | $2,151,882 | $(1,970,298 ) | $0 | $0 | $269,334 | 269,334 | $7,683 |
Assets | |
Investments in unaffiliated securities, at value (cost $14,189,043) | $12,909,608 |
Investments in affiliated securities, at value (cost $269,334) | 269,334 |
Cash | 2 |
Receivable for interest | 231,125 |
Receivable from adviser | 5,109 |
Prepaid expenses and other assets | 1,045 |
Total assets | 13,416,223 |
Liabilities | |
Professional fees payable | 24,107 |
Custody and accounting fees payable | 4,925 |
Interest holder report expenses payable | 2,236 |
Total liabilities | 31,268 |
Total net assets | $13,384,955 |
Investment income | |
Interest | $418,003 |
Income from affiliated securities | 7,683 |
Total investment income | 425,686 |
Expenses | |
Advisory fee | 16,769 |
Custody and accounting fees | 1,802 |
Professional fees | 33,280 |
Interest holder report expenses | 3,231 |
Trustees’ fees and expenses | 10,973 |
Other fees and expenses | 1,256 |
Total expenses | 67,311 |
Less: Fee waivers and/or expense reimbursements | (49,200 ) |
Net expenses | 18,111 |
Net investment income | 407,575 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (798,204 ) |
Net change in unrealized gains (losses) on investments | 726,608 |
Net realized and unrealized gains (losses) on investments | (71,596 ) |
Net increase in net assets resulting from operations | $335,979 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $407,575 | $1,036,810 | ||
Net realized losses on investments | (798,204 ) | (1,802,294 ) | ||
Net change in unrealized gains (losses) on investments | 726,608 | (811,771 ) | ||
Net increase (decrease) in net assets resulting from operations | 335,979 | (1,577,255 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 1,211,374 | 4,418,836 | ||
Withdrawals | (1,755,169 ) | (23,419,375 ) | ||
Net decrease in net assets resulting from capital transactions | (543,795 ) | (19,000,539 ) | ||
Total decrease in net assets | (207,816 ) | (20,577,794 ) | ||
Net assets | ||||
Beginning of period | 13,592,771 | 34,170,565 | ||
End of period | $13,384,955 | $13,592,771 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 2.57 % | (5.28 )% | (0.21 )% | 6.34 % | 3.97 % | 3.70 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.00 % | 0.97 % | 0.53 % | 0.35 % | 0.42 % | 0.34 % |
Net expenses | 0.27 %* | 0.27 %* | 0.27 %* | 0.27 %* | 0.30 % | 0.32 % |
Net investment income | 6.08 % | 5.45 % | 4.64 % | 5.54 % | 5.54 % | 6.06 % |
Supplemental data | ||||||
Portfolio turnover rate | 25 % | 34 % | 73 % | 169 % | 52 % | 47 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.73% |
Year ended February 28, 2023 | 0.70% |
Year ended February 28, 2022 | 0.26% |
Year ended February 28, 2021 | 0.08% |
1 | Year ended February 29 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $122,777 |
Gross unrealized losses | (1,447,263 ) |
Net unrealized losses | $(1,324,486 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Corporate bonds and notes | $0 | $10,668,164 | $0 | $10,668,164 |
Yankee corporate bonds and notes | 0 | 2,241,444 | 0 | 2,241,444 |
Short-term investments | ||||
Investment companies | 269,334 | 0 | 0 | 269,334 |
Total assets | $269,334 | $12,909,608 | $0 | $13,178,942 |
Average daily net assets | Advisory fee |
First $5 billion | 0.250 % |
Next $5 billion | 0.230 |
Over $10 billion | 0.210 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks to replicate the total return of the Bloomberg U.S. Corporate Bond Index,1 before fees and expenses. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Manjunath Boraiah, Mark Clegg, CFA, Brian Prucyk, Janet S. Rilling, CFA, CPA |
Ten largest holdings (%) as of August 31, 20231 | |
Andrew W Mellon Foundation, 0.95%, 8-1-2027 | 1.01 |
CHRISTUS Health, 4.34%, 7-1-2028 | 0.96 |
Boston Scientific Corp., 1.90%, 6-1-2025 | 0.95 |
Johnson & Johnson, 4.38%, 12-5-2033 | 0.92 |
Air Lease Corp., 2.30%, 2-1-2025 | 0.91 |
National Australia Bank Ltd., 2.50%, 7-12-2026 | 0.90 |
Toronto-Dominion Bank, 3.63%, 9-15-2031 | 0.90 |
Walt Disney Co., 2.65%, 1-13-2031 | 0.89 |
Kemper Corp., 4.35%, 2-15-2025 | 0.88 |
Eaton Corp., 4.15%, 3-15-2033 | 0.87 |
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 August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. | |
1 | The Bloomberg U.S. Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index. |
Interest rate | Maturity date | Principal | Value | |||
Corporate bonds and notes: 80.78% | ||||||
Basic materials: 2.24% | ||||||
Chemicals: 1.38% | ||||||
Celanese U.S. Holdings LLC | 1.40 % | 8-5-2026 | $ | 200,000 | $174,812 | |
Dow Chemical Co. | 2.10 | 11-15-2030 | 750,000 | 611,448 | ||
DuPont de Nemours, Inc. | 5.42 | 11-15-2048 | 140,000 | 135,535 | ||
Eastman Chemical Co. | 4.80 | 9-1-2042 | 140,000 | 118,536 | ||
LYB International Finance III LLC | 3.80 | 10-1-2060 | 150,000 | 97,674 | ||
1,138,005 | ||||||
Mining: 0.86% | ||||||
Freeport-McMoRan, Inc. | 4.25 | 3-1-2030 | 325,000 | 294,981 | ||
Newmont Corp. | 2.60 | 7-15-2032 | 370,000 | 297,884 | ||
Southern Copper Corp. | 5.88 | 4-23-2045 | 115,000 | 113,180 | ||
706,045 | ||||||
Communications: 7.51% | ||||||
Internet: 1.65% | ||||||
Alphabet, Inc. | 2.25 | 8-15-2060 | 385,000 | 225,235 | ||
Amazon.com, Inc. | 1.00 | 5-12-2026 | 615,000 | 555,777 | ||
Amazon.com, Inc. | 3.95 | 4-13-2052 | 280,000 | 233,564 | ||
eBay, Inc. | 4.00 | 7-15-2042 | 175,000 | 136,628 | ||
Meta Platforms, Inc. | 4.45 | 8-15-2052 | 245,000 | 207,926 | ||
1,359,130 | ||||||
Media: 3.25% | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 3.85 | 4-1-2061 | 165,000 | 98,575 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital | 6.48 | 10-23-2045 | 245,000 | 225,388 | ||
Comcast Corp. | 2.35 | 1-15-2027 | 210,000 | 192,662 | ||
Comcast Corp. | 2.99 | 11-1-2063 | 285,000 | 172,299 | ||
Comcast Corp. | 5.50 | 5-15-2064 | 595,000 | 581,329 | ||
Discovery Communications LLC | 3.95 | 3-20-2028 | 400,000 | 372,019 | ||
Discovery Communications LLC | 4.00 | 9-15-2055 | 1,000 | 652 | ||
Paramount Global | 4.85 | 7-1-2042 | 140,000 | 101,678 | ||
Time Warner Cable LLC | 4.50 | 9-15-2042 | 270,000 | 197,284 | ||
Walt Disney Co. | 2.65 | 1-13-2031 | 855,000 | 732,471 | ||
2,674,357 | ||||||
Telecommunications: 2.61% | ||||||
AT&T, Inc. | 3.50 | 9-15-2053 | 360,000 | 236,954 | ||
AT&T, Inc. | 3.65 | 9-15-2059 | 340,000 | 220,038 | ||
AT&T, Inc. | 3.80 | 12-1-2057 | 235,000 | 158,484 | ||
Cisco Systems, Inc. | 2.95 | 2-28-2026 | 340,000 | 326,167 | ||
Corning, Inc. | 5.45 | 11-15-2079 | 215,000 | 192,771 | ||
T-Mobile USA, Inc. | 3.60 | 11-15-2060 | 295,000 | 197,559 |
Interest rate | Maturity date | Principal | Value | |||
Telecommunications (continued) | ||||||
Verizon Communications, Inc. | 3.00 % | 11-20-2060 | $ | 370,000 | $217,264 | |
Verizon Communications, Inc. | 3.15 | 3-22-2030 | 680,000 | 596,424 | ||
2,145,661 | ||||||
Consumer, cyclical: 4.12% | ||||||
Airlines: 0.36% | ||||||
American Airlines Pass-Through Trust Series 2016-2 Class AA | 3.20 | 6-15-2028 | 192,372 | 174,769 | ||
United Airlines Pass-Through Trust Series 2013-1 Class A | 4.30 | 8-15-2025 | 127,248 | 121,943 | ||
296,712 | ||||||
Apparel: 0.07% | ||||||
NIKE, Inc. | 3.63 | 5-1-2043 | 70,000 | 58,279 | ||
Auto manufacturers: 0.37% | ||||||
General Motors Co. | 6.25 | 10-2-2043 | 175,000 | 164,552 | ||
General Motors Financial Co., Inc. | 5.65 | 1-17-2029 | 140,000 | 137,612 | ||
302,164 | ||||||
Distribution/wholesale: 0.31% | ||||||
WW Grainger, Inc. | 4.60 | 6-15-2045 | 280,000 | 256,108 | ||
Entertainment: 0.22% | ||||||
Warnermedia Holdings, Inc. | 5.14 | 3-15-2052 | 225,000 | 179,350 | ||
Retail: 2.79% | ||||||
Home Depot, Inc. | 4.88 | 2-15-2044 | 225,000 | 212,390 | ||
Lowe’s Cos., Inc. | 4.45 | 4-1-2062 | 130,000 | 101,385 | ||
Lowe’s Cos., Inc. | 4.50 | 4-15-2030 | 300,000 | 289,071 | ||
McDonald’s Corp. | 4.60 | 9-9-2032 | 460,000 | 450,080 | ||
Starbucks Corp. | 4.00 | 11-15-2028 | 500,000 | 478,458 | ||
Target Corp. | 3.63 | 4-15-2046 | 250,000 | 193,726 | ||
TJX Cos., Inc. | 3.88 | 4-15-2030 | 600,000 | 565,990 | ||
2,291,100 | ||||||
Consumer, non-cyclical: 16.54% | ||||||
Agriculture: 1.10% | ||||||
Altria Group, Inc. | 4.50 | 5-2-2043 | 175,000 | 136,381 | ||
BAT Capital Corp. | 4.54 | 8-15-2047 | 140,000 | 101,807 | ||
Philip Morris International, Inc. | 3.25 | 11-10-2024 | 210,000 | 204,500 | ||
Philip Morris International, Inc. | 4.50 | 3-20-2042 | 140,000 | 118,829 | ||
Reynolds American, Inc. | 4.45 | 6-12-2025 | 350,000 | 342,414 | ||
903,931 | ||||||
Beverages: 2.64% | ||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 4.90 | 2-1-2046 | 295,000 | 274,423 | ||
Anheuser-Busch InBev Worldwide, Inc. | 4.60 | 6-1-2060 | 105,000 | 91,552 | ||
Anheuser-Busch InBev Worldwide, Inc. | 5.80 | 1-23-2059 | 75,000 | 78,644 | ||
Coca-Cola Co. | 2.75 | 6-1-2060 | 280,000 | 182,005 | ||
Constellation Brands, Inc. | 3.15 | 8-1-2029 | 300,000 | 268,039 |
Interest rate | Maturity date | Principal | Value | |||
Beverages (continued) | ||||||
Keurig Dr Pepper, Inc. | 4.60 % | 5-25-2028 | $ | 700,000 | $683,761 | |
Molson Coors Beverage Co. | 3.00 | 7-15-2026 | 635,000 | 594,993 | ||
2,173,417 | ||||||
Biotechnology: 1.54% | ||||||
Amgen, Inc. | 4.40 | 2-22-2062 | 225,000 | 178,201 | ||
Amgen, Inc. | 5.65 | 3-2-2053 | 175,000 | 173,486 | ||
Biogen, Inc. | 2.25 | 5-1-2030 | 700,000 | 576,259 | ||
Gilead Sciences, Inc. | 3.65 | 3-1-2026 | 350,000 | 336,751 | ||
1,264,697 | ||||||
Commercial services: 0.19% | ||||||
Ford Foundation Series 2020 | 2.82 | 6-1-2070 | 260,000 | 154,989 | ||
Cosmetics/Personal Care: 0.18% | ||||||
Estee Lauder Cos., Inc. | 6.00 | 5-15-2037 | 140,000 | 149,270 | ||
Food: 1.57% | ||||||
Kraft Heinz Foods Co. | 5.50 | 6-1-2050 | 180,000 | 173,761 | ||
Kroger Co. | 5.00 | 4-15-2042 | 175,000 | 156,222 | ||
Mondelez International, Inc. | 2.75 | 4-13-2030 | 440,000 | 380,332 | ||
Pilgrim’s Pride Corp. | 3.50 | 3-1-2032 | 370,000 | 297,964 | ||
Tyson Foods, Inc. | 4.35 | 3-1-2029 | 300,000 | 283,887 | ||
1,292,166 | ||||||
Healthcare-products: 1.28% | ||||||
Abbott Laboratories | 6.15 | 11-30-2037 | 166,000 | 184,632 | ||
Boston Scientific Corp. | 1.90 | 6-1-2025 | 835,000 | 784,337 | ||
Stryker Corp. | 4.63 | 3-15-2046 | 95,000 | 85,444 | ||
1,054,413 | ||||||
Healthcare-services: 3.57% | ||||||
Aetna, Inc. | 4.50 | 5-15-2042 | 105,000 | 87,501 | ||
Ascension Health | 3.95 | 11-15-2046 | 95,000 | 77,372 | ||
Baptist Health South Florida Obligated Group Series 2021 | 3.12 | 11-15-2071 | 295,000 | 171,285 | ||
CHRISTUS Health Series C | 4.34 | 7-1-2028 | 825,000 | 791,449 | ||
CommonSpirit Health | 4.35 | 11-1-2042 | 175,000 | 145,990 | ||
Elevance Health, Inc. | 2.38 | 1-15-2025 | 265,000 | 253,381 | ||
Elevance Health, Inc. | 5.85 | 1-15-2036 | 200,000 | 201,435 | ||
HCA, Inc.144A | 4.38 | 3-15-2042 | 180,000 | 144,361 | ||
HCA, Inc.144A | 4.63 | 3-15-2052 | 315,000 | 252,753 | ||
Quest Diagnostics, Inc. | 2.95 | 6-30-2030 | 300,000 | 260,518 | ||
UnitedHealth Group, Inc. | 4.20 | 1-15-2047 | 200,000 | 168,972 | ||
UnitedHealth Group, Inc. | 4.25 | 4-15-2047 | 300,000 | 255,023 | ||
UnitedHealth Group, Inc. | 5.88 | 2-15-2053 | 120,000 | 128,340 | ||
2,938,380 | ||||||
Household products/wares: 0.20% | ||||||
Kimberly-Clark Corp. | 6.63 | 8-1-2037 | 140,000 | 160,722 |
Interest rate | Maturity date | Principal | Value | |||
Pharmaceuticals: 4.27% | ||||||
AbbVie, Inc. | 4.85 % | 6-15-2044 | $ | 475,000 | $434,243 | |
AmerisourceBergen Corp. | 4.25 | 3-1-2045 | 175,000 | 141,387 | ||
Bristol-Myers Squibb Co. | 3.90 | 3-15-2062 | 175,000 | 132,619 | ||
Cigna Group | 4.80 | 7-15-2046 | 210,000 | 186,453 | ||
CVS Health Corp. | 5.05 | 3-25-2048 | 585,000 | 513,110 | ||
Eli Lilly & Co. | 2.50 | 9-15-2060 | 625,000 | 372,192 | ||
Eli Lilly & Co. | 2.75 | 6-1-2025 | 70,000 | 67,246 | ||
Johnson & Johnson | 4.38 | 12-5-2033 | 770,000 | 760,550 | ||
Mead Johnson Nutrition Co. | 5.90 | 11-1-2039 | 70,000 | 71,388 | ||
Merck & Co., Inc. | 2.75 | 2-10-2025 | 380,000 | 367,380 | ||
Merck & Co., Inc. | 2.90 | 12-10-2061 | 400,000 | 251,227 | ||
Zoetis, Inc. | 4.70 | 2-1-2043 | 240,000 | 217,587 | ||
3,515,382 | ||||||
Energy: 5.54% | ||||||
Oil & gas: 1.46% | ||||||
BP Capital Markets America, Inc. | 3.94 | 9-21-2028 | 200,000 | 190,940 | ||
ConocoPhillips | 5.90 | 10-15-2032 | 175,000 | 187,257 | ||
Exxon Mobil Corp. | 2.71 | 3-6-2025 | 345,000 | 332,646 | ||
Marathon Petroleum Corp. | 3.80 | 4-1-2028 | 385,000 | 359,605 | ||
Phillips 66 | 4.65 | 11-15-2034 | 140,000 | 131,361 | ||
1,201,809 | ||||||
Oil & gas services: 0.93% | ||||||
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc. | 3.34 | 12-15-2027 | 670,000 | 621,323 | ||
Halliburton Co. | 4.50 | 11-15-2041 | 175,000 | 147,523 | ||
768,846 | ||||||
Pipelines: 3.15% | ||||||
Enbridge Energy Partners LP | 5.50 | 9-15-2040 | 140,000 | 130,519 | ||
Energy Transfer LP | 5.00 | 5-15-2050 | 255,000 | 209,899 | ||
Energy Transfer LP | 5.95 | 10-1-2043 | 140,000 | 127,841 | ||
Enterprise Products Operating LLC | 5.35 | 1-31-2033 | 335,000 | 336,866 | ||
Enterprise Products Operating LLC | 5.70 | 2-15-2042 | 140,000 | 137,993 | ||
Kinder Morgan Energy Partners LP | 5.00 | 8-15-2042 | 175,000 | 146,880 | ||
Kinder Morgan Energy Partners LP | 5.50 | 3-1-2044 | 210,000 | 187,342 | ||
Kinder Morgan Energy Partners LP | 5.80 | 3-15-2035 | 70,000 | 68,383 | ||
ONEOK, Inc. | 4.55 | 7-15-2028 | 500,000 | 476,764 | ||
Plains All American Pipeline LP/PAA Finance Corp. | 3.60 | 11-1-2024 | 210,000 | 204,443 | ||
Spectra Energy Partners LP | 3.38 | 10-15-2026 | 300,000 | 282,448 | ||
Williams Cos., Inc. | 6.30 | 4-15-2040 | 273,000 | 279,789 | ||
2,589,167 | ||||||
Financial: 28.00% | ||||||
Banks: 9.44% | ||||||
Bank of America Corp. (5 Year Treasury Constant Maturity+1.20%)± | 2.48 | 9-21-2036 | 285,000 | 216,499 | ||
Bank of America Corp. (U.S. SOFR+1.37%)± | 1.92 | 10-24-2031 | 630,000 | 493,559 | ||
Bank of America Corp. (U.S. SOFR+1.56%)± | 2.97 | 7-21-2052 | 125,000 | 82,440 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Bank of America Corp. (U.S. SOFR 3 Month+3.41%)± | 4.08 % | 3-20-2051 | $ | 380,000 | $305,376 | |
Citigroup, Inc. (U.S. SOFR+0.69%)± | 2.01 | 1-25-2026 | 375,000 | 354,759 | ||
Citigroup, Inc. (U.S. SOFR+1.17%)± | 2.56 | 5-1-2032 | 155,000 | 124,881 | ||
Citigroup, Inc. (U.S. SOFR+1.94%)± | 3.79 | 3-17-2033 | 170,000 | 147,803 | ||
Citigroup, Inc. (U.S. SOFR+2.66%)± | 6.17 | 5-25-2034 | 155,000 | 154,459 | ||
Citigroup, Inc. (U.S. SOFR 3 Month+1.65%)± | 3.67 | 7-24-2028 | 325,000 | 302,242 | ||
Citizens Financial Group, Inc. (5 Year Treasury Constant Maturity+2.50%)± | 4.30 | 2-11-2031 | 200,000 | 167,582 | ||
Discover Bank | 4.25 | 3-13-2026 | 250,000 | 237,688 | ||
Fifth Third Bancorp | 3.95 | 3-14-2028 | 400,000 | 370,778 | ||
Fifth Third Bank NA | 2.25 | 2-1-2027 | 250,000 | 221,545 | ||
Goldman Sachs Group, Inc. | 4.75 | 10-21-2045 | 360,000 | 323,424 | ||
Goldman Sachs Group, Inc. (U.S. SOFR 3 Month+1.42%)± | 3.81 | 4-23-2029 | 415,000 | 384,002 | ||
Goldman Sachs Group, Inc. (U.S. SOFR 3 Month+1.69%)± | 4.41 | 4-23-2039 | 125,000 | 108,286 | ||
JPMorgan Chase & Co. | 6.40 | 5-15-2038 | 110,000 | 121,146 | ||
JPMorgan Chase & Co. (U.S. SOFR+2.58%)± | 5.72 | 9-14-2033 | 440,000 | 439,749 | ||
JPMorgan Chase & Co. (U.S. SOFR 3 Month+2.52%)± | 2.96 | 5-13-2031 | 720,000 | 612,015 | ||
KeyBank NA | 3.30 | 6-1-2025 | 250,000 | 234,214 | ||
Morgan Stanley | 4.30 | 1-27-2045 | 290,000 | 246,388 | ||
Morgan Stanley (U.S. SOFR+1.36%)± | 2.48 | 9-16-2036 | 385,000 | 290,354 | ||
Northern Trust Corp. | 3.95 | 10-30-2025 | 175,000 | 169,423 | ||
PNC Bank NA | 3.88 | 4-10-2025 | 250,000 | 241,455 | ||
Santander Holdings USA, Inc. | 4.50 | 7-17-2025 | 350,000 | 341,531 | ||
Truist Bank | 3.30 | 5-15-2026 | 600,000 | 557,478 | ||
U.S. Bancorp Series V | 2.38 | 7-22-2026 | 190,000 | 175,164 | ||
U.S. Bancorp Series W | 3.60 | 9-11-2024 | 350,000 | 342,466 | ||
7,766,706 | ||||||
Diversified financial services: 7.39% | ||||||
Air Lease Corp. | 2.30 | 2-1-2025 | 795,000 | 752,384 | ||
Air Lease Corp. | 3.25 | 3-1-2025 | 200,000 | 191,408 | ||
American Express Co. (U.S. SOFR+1.76%)± | 4.42 | 8-3-2033 | 590,000 | 547,203 | ||
American Express Credit Corp. | 3.30 | 5-3-2027 | 200,000 | 187,374 | ||
Andrew W Mellon Foundation Series 2020 | 0.95 | 8-1-2027 | 960,000 | 829,349 | ||
BlackRock, Inc. | 3.25 | 4-30-2029 | 435,000 | 401,954 | ||
Capital One Financial Corp. | 3.75 | 7-28-2026 | 525,000 | 490,890 | ||
Charles Schwab Corp. | 3.63 | 4-1-2025 | 140,000 | 135,642 | ||
Charles Schwab Corp. | 4.63 | 3-22-2030 | 650,000 | 631,712 | ||
Intercontinental Exchange, Inc. | 3.75 | 9-21-2028 | 500,000 | 471,841 | ||
Mastercard, Inc. | 3.50 | 2-26-2028 | 400,000 | 380,520 | ||
Mastercard, Inc. | 3.95 | 2-26-2048 | 140,000 | 118,990 | ||
Synchrony Financial | 3.95 | 12-1-2027 | 150,000 | 134,016 | ||
Visa, Inc. | 2.05 | 4-15-2030 | 475,000 | 403,066 | ||
Visa, Inc. | 2.75 | 9-15-2027 | 300,000 | 278,249 | ||
Western Union Co. | 6.20 | 11-17-2036 | 122,000 | 122,332 | ||
6,076,930 |
Interest rate | Maturity date | Principal | Value | |||
Insurance: 4.44% | ||||||
Allstate Corp. (3 Month LIBOR+2.12%)± | 6.50 % | 5-15-2057 | $ | 115,000 | $110,030 | |
American International Group, Inc. Series A-9 (3 Month LIBOR+2.87%)± | 5.75 | 4-1-2048 | 200,000 | 188,850 | ||
Aon Corp. | 6.25 | 9-30-2040 | 70,000 | 72,534 | ||
Arch Capital Group U.S., Inc. | 5.14 | 11-1-2043 | 147,000 | 130,716 | ||
Berkshire Hathaway Finance Corp. | 5.75 | 1-15-2040 | 240,000 | 259,223 | ||
Berkshire Hathaway, Inc. | 3.13 | 3-15-2026 | 565,000 | 541,734 | ||
Chubb Corp. | 6.00 | 5-11-2037 | 196,000 | 208,305 | ||
Kemper Corp. | 4.35 | 2-15-2025 | 745,000 | 723,684 | ||
Loews Corp. | 4.13 | 5-15-2043 | 140,000 | 114,879 | ||
Marsh & McLennan Cos., Inc. | 4.90 | 3-15-2049 | 110,000 | 100,880 | ||
MetLife, Inc. | 6.38 | 6-15-2034 | 196,000 | 210,461 | ||
Principal Financial Group, Inc. | 3.40 | 5-15-2025 | 140,000 | 134,841 | ||
Progressive Corp. | 6.25 | 12-1-2032 | 252,000 | 270,447 | ||
Prudential Financial, Inc. Series B | 5.75 | 7-15-2033 | 350,000 | 368,588 | ||
Transatlantic Holdings, Inc. | 8.00 | 11-30-2039 | 70,000 | 85,515 | ||
XL Group Ltd. | 5.25 | 12-15-2043 | 140,000 | 132,489 | ||
3,653,176 | ||||||
Investment Companies: 0.82% | ||||||
Ares Capital Corp. | 3.20 | 11-15-2031 | 240,000 | 186,482 | ||
Bain Capital Specialty Finance, Inc. | 2.55 | 10-13-2026 | 185,000 | 159,936 | ||
Blackstone Private Credit Fund | 3.25 | 3-15-2027 | 215,000 | 187,221 | ||
Prospect Capital Corp. | 3.71 | 1-22-2026 | 160,000 | 145,018 | ||
678,657 | ||||||
REITS: 5.91% | ||||||
Alexandria Real Estate Equities, Inc. | 4.70 | 7-1-2030 | 615,000 | 582,359 | ||
Boston Properties LP | 2.75 | 10-1-2026 | 500,000 | 450,854 | ||
Equinix, Inc. | 1.55 | 3-15-2028 | 775,000 | 655,049 | ||
GLP Capital LP/GLP Financing II, Inc. | 5.30 | 1-15-2029 | 120,000 | 113,148 | ||
Healthpeak OP LLC | 6.75 | 2-1-2041 | 95,000 | 98,547 | ||
Kimco Realty OP LLC | 2.80 | 10-1-2026 | 350,000 | 321,890 | ||
Prologis LP | 1.25 | 10-15-2030 | 885,000 | 681,369 | ||
Realty Income Corp. | 4.88 | 6-1-2026 | 119,000 | 117,576 | ||
Simon Property Group LP | 3.30 | 1-15-2026 | 410,000 | 390,796 | ||
Ventas Realty LP | 3.50 | 2-1-2025 | 400,000 | 384,734 | ||
Ventas Realty LP | 4.40 | 1-15-2029 | 485,000 | 455,360 | ||
VICI Properties LP | 5.13 | 5-15-2032 | 210,000 | 194,632 | ||
Welltower OP LLC | 4.00 | 6-1-2025 | 210,000 | 203,503 | ||
Welltower OP LLC | 4.95 | 9-1-2048 | 240,000 | 208,922 | ||
4,858,739 | ||||||
Industrial: 4.12% | ||||||
Aerospace/defense: 1.05% | ||||||
Boeing Co. | 2.60 | 10-30-2025 | 120,000 | 112,474 | ||
Boeing Co. | 5.88 | 2-15-2040 | 186,000 | 184,403 | ||
Boeing Co. | 5.93 | 5-1-2060 | 155,000 | 149,618 | ||
Lockheed Martin Corp. Series B | 6.15 | 9-1-2036 | 122,000 | 132,578 |
Interest rate | Maturity date | Principal | Value | |||
Aerospace/defense (continued) | ||||||
Northrop Grumman Corp. | 5.05 % | 11-15-2040 | $ | 70,000 | $66,405 | |
RTX Corp. | 5.38 | 2-27-2053 | 225,000 | 219,316 | ||
864,794 | ||||||
Electronics: 0.38% | ||||||
Honeywell International, Inc. | 3.81 | 11-21-2047 | 175,000 | 142,198 | ||
Keysight Technologies, Inc. | 4.55 | 10-30-2024 | 175,000 | 172,127 | ||
314,325 | ||||||
Machinery-construction & mining: 0.24% | ||||||
Caterpillar Financial Services Corp. | 3.25 | 12-1-2024 | 200,000 | 194,992 | ||
Machinery-diversified: 0.51% | ||||||
Dover Corp. | 5.38 | 10-15-2035 | 140,000 | 140,982 | ||
John Deere Capital Corp. | 0.63 | 9-10-2024 | 190,000 | 180,933 | ||
Rockwell Automation, Inc. | 2.80 | 8-15-2061 | 160,000 | 98,395 | ||
420,310 | ||||||
Metal fabricate/hardware: 0.14% | ||||||
Precision Castparts Corp. | 3.90 | 1-15-2043 | 140,000 | 115,113 | ||
Miscellaneous manufacturing: 0.87% | ||||||
Eaton Corp. | 4.15 | 3-15-2033 | 755,000 | 711,849 | ||
Transportation: 0.93% | ||||||
Burlington Northern Santa Fe LLC | 2.88 | 6-15-2052 | 285,000 | 188,114 | ||
CSX Corp. | 4.25 | 11-1-2066 | 140,000 | 112,254 | ||
Norfolk Southern Corp. | 5.10 | 12-31-2049 | 80,000 | 67,076 | ||
Union Pacific Corp. | 3.80 | 4-6-2071 | 230,000 | 168,912 | ||
United Parcel Service, Inc. | 6.20 | 1-15-2038 | 206,000 | 230,267 | ||
766,623 | ||||||
Technology: 5.11% | ||||||
Computers: 1.77% | ||||||
Apple, Inc. | 1.20 | 2-8-2028 | 730,000 | 630,959 | ||
Apple, Inc. | 2.80 | 2-8-2061 | 155,000 | 100,099 | ||
Apple, Inc. | 3.95 | 8-8-2052 | 185,000 | 156,738 | ||
Apple, Inc. | 4.65 | 2-23-2046 | 350,000 | 335,266 | ||
Dell International LLC/EMC Corp. | 6.10 | 7-15-2027 | 230,000 | 235,147 | ||
1,458,209 | ||||||
Semiconductors: 1.96% | ||||||
Applied Materials, Inc. | 5.85 | 6-15-2041 | 380,000 | 405,334 | ||
Broadcom, Inc.144A | 3.14 | 11-15-2035 | 170,000 | 129,752 | ||
Broadcom, Inc. | 4.15 | 11-15-2030 | 325,000 | 297,160 | ||
Intel Corp. | 2.60 | 5-19-2026 | 220,000 | 207,219 | ||
Intel Corp. | 4.25 | 12-15-2042 | 175,000 | 146,897 |
Interest rate | Maturity date | Principal | Value | |||
Semiconductors (continued) | ||||||
Intel Corp. | 5.70 % | 2-10-2053 | $ | 185,000 | $183,204 | |
QUALCOMM, Inc. | 1.65 | 5-20-2032 | 315,000 | 244,641 | ||
1,614,207 | ||||||
Software: 1.38% | ||||||
Fiserv, Inc. | 3.85 | 6-1-2025 | 210,000 | 203,819 | ||
Microsoft Corp. | 2.68 | 6-1-2060 | 355,000 | 228,353 | ||
Microsoft Corp. | 3.04 | 3-17-2062 | 180,000 | 124,621 | ||
Microsoft Corp. | 5.20 | 6-1-2039 | 77,000 | 80,315 | ||
Oracle Corp. | 3.85 | 4-1-2060 | 215,000 | 146,119 | ||
Salesforce, Inc. | 3.05 | 7-15-2061 | 245,000 | 158,801 | ||
Salesforce, Inc. | 3.70 | 4-11-2028 | 200,000 | 191,638 | ||
1,133,666 | ||||||
Utilities: 7.60% | ||||||
Electric: 7.52% | ||||||
Ameren Illinois Co. | 3.70 | 12-1-2047 | 165,000 | 127,318 | ||
Appalachian Power Co. | 3.40 | 6-1-2025 | 175,000 | 168,190 | ||
Appalachian Power Co. | 4.45 | 6-1-2045 | 175,000 | 142,153 | ||
Appalachian Power Co. | 7.00 | 4-1-2038 | 70,000 | 77,546 | ||
Arizona Public Service Co. | 3.15 | 5-15-2025 | 105,000 | 100,908 | ||
Arizona Public Service Co. | 4.50 | 4-1-2042 | 70,000 | 58,146 | ||
CenterPoint Energy Houston Electric LLC | 4.50 | 4-1-2044 | 175,000 | 151,860 | ||
Commonwealth Edison Co. | 3.80 | 10-1-2042 | 70,000 | 55,526 | ||
Consolidated Edison Co. of New York, Inc. Series A | 4.13 | 5-15-2049 | 370,000 | 292,815 | ||
Consumers Energy Co. | 4.05 | 5-15-2048 | 290,000 | 235,692 | ||
Dominion Energy, Inc. Series B | 5.95 | 6-15-2035 | 157,000 | 160,252 | ||
Duke Energy Florida LLC | 5.65 | 4-1-2040 | 87,000 | 86,736 | ||
Duke Energy Indiana LLC Series WWW | 4.90 | 7-15-2043 | 105,000 | 94,733 | ||
Duke Energy Progress LLC | 4.10 | 3-15-2043 | 210,000 | 171,045 | ||
Entergy Arkansas LLC | 4.20 | 4-1-2049 | 280,000 | 223,369 | ||
Entergy Louisiana LLC | 5.59 | 10-1-2024 | 84,000 | 84,126 | ||
Evergy Kansas Central, Inc. | 4.10 | 4-1-2043 | 210,000 | 166,017 | ||
Exelon Corp. | 4.95 | 6-15-2035 | 140,000 | 130,691 | ||
Florida Power & Light Co. | 5.96 | 4-1-2039 | 175,000 | 184,094 | ||
MidAmerican Energy Co. | 3.65 | 4-15-2029 | 685,000 | 638,320 | ||
National Rural Utilities Cooperative Finance Corp. | 4.02 | 11-1-2032 | 140,000 | 126,705 | ||
NSTAR Electric Co. | 5.50 | 3-15-2040 | 70,000 | 68,856 | ||
Oglethorpe Power Corp. | 5.95 | 11-1-2039 | 105,000 | 103,719 | ||
Oncor Electric Delivery Co. LLC | 7.00 | 5-1-2032 | 122,000 | 136,310 | ||
Pacific Gas & Electric Co. | 2.50 | 2-1-2031 | 410,000 | 319,945 | ||
PECO Energy Co. | 2.85 | 9-15-2051 | 160,000 | 100,792 | ||
PPL Capital Funding, Inc. | 3.10 | 5-15-2026 | 100,000 | 94,376 | ||
PPL Electric Utilities Corp. | 4.75 | 7-15-2043 | 105,000 | 95,322 | ||
Progress Energy, Inc. | 7.75 | 3-1-2031 | 365,000 | 409,399 | ||
Public Service Electric & Gas Co. | 3.80 | 1-1-2043 | 140,000 | 112,586 | ||
Public Service Electric & Gas Co. | 3.95 | 5-1-2042 | 70,000 | 58,203 | ||
Public Service Electric & Gas Co. Series E | 5.80 | 5-1-2037 | 70,000 | 71,452 |
Interest rate | Maturity date | Principal | Value | |||
Electric (continued) | ||||||
Sempra Energy | 3.25 % | 6-15-2027 | $ | 300,000 | $277,265 | |
Southern California Edison Co. | 5.50 | 3-15-2040 | 140,000 | 135,207 | ||
Southern California Edison Co. Series 2004-B | 6.00 | 1-15-2034 | 70,000 | 72,379 | ||
Southern California Edison Co. Series 2005-E | 5.35 | 7-15-2035 | 126,000 | 125,068 | ||
Southern Co. | 4.40 | 7-1-2046 | 185,000 | 152,352 | ||
Union Electric Co. | 8.45 | 3-15-2039 | 56,000 | 71,323 | ||
Virginia Electric & Power Co. | 4.45 | 2-15-2044 | 105,000 | 88,794 | ||
Virginia Electric & Power Co. Series A | 3.10 | 5-15-2025 | 70,000 | 67,143 | ||
Virginia Electric & Power Co. Series B | 6.00 | 1-15-2036 | 70,000 | 72,342 | ||
Wisconsin Electric Power Co. | 5.63 | 5-15-2033 | 70,000 | 71,717 | ||
6,180,792 | ||||||
Gas: 0.08% | ||||||
Southern California Gas Co. Series MM | 5.13 | 11-15-2040 | 70,000 | 65,740 | ||
Total corporate bonds and notes (Cost $73,666,973) | 66,448,928 | |||||
Yankee corporate bonds and notes: 17.73% | ||||||
Basic materials: 0.79% | ||||||
Chemicals: 0.14% | ||||||
Nutrien Ltd. | 6.13 | 1-15-2041 | 115,000 | 115,255 | ||
Iron/steel: 0.65% | ||||||
ArcelorMittal SA | 4.55 | 3-11-2026 | 245,000 | 240,044 | ||
Vale Overseas Ltd. | 3.75 | 7-8-2030 | 335,000 | 292,951 | ||
532,995 | ||||||
Communications: 1.83% | ||||||
Internet: 1.08% | ||||||
Alibaba Group Holding Ltd. | 3.25 | 2-9-2061 | 200,000 | 115,476 | ||
Alibaba Group Holding Ltd. | 3.40 | 12-6-2027 | 200,000 | 185,684 | ||
Alibaba Group Holding Ltd. | 3.60 | 11-28-2024 | 600,000 | 584,165 | ||
885,325 | ||||||
Telecommunications: 0.75% | ||||||
America Movil SAB de CV | 4.38 | 4-22-2049 | 100,000 | 84,703 | ||
Bell Telephone Co. of Canada or Bell Canada | 4.46 | 4-1-2048 | 150,000 | 123,447 | ||
Rogers Communications, Inc. | 3.63 | 12-15-2025 | 235,000 | 223,777 | ||
Vodafone Group PLC | 4.38 | 2-19-2043 | 230,000 | 187,335 | ||
619,262 | ||||||
Consumer, non-cyclical: 1.77% | ||||||
Beverages: 0.16% | ||||||
Diageo Capital PLC | 5.88 | 9-30-2036 | 122,000 | 128,809 | ||
Healthcare-products: 0.11% | ||||||
DH Europe Finance II Sarl | 3.40 | 11-15-2049 | 125,000 | 93,340 |
Interest rate | Maturity date | Principal | Value | |||
Pharmaceuticals: 1.50% | ||||||
AstraZeneca PLC | 3.38 % | 11-16-2025 | $ | 500,000 | $480,570 | |
AstraZeneca PLC | 4.38 | 11-16-2045 | 200,000 | 177,989 | ||
Pfizer Investment Enterprises Pte. Ltd. | 4.65 | 5-19-2030 | 380,000 | 374,061 | ||
Pfizer Investment Enterprises Pte. Ltd. | 5.30 | 5-19-2053 | 205,000 | 205,074 | ||
1,237,694 | ||||||
Energy: 1.27% | ||||||
Oil & gas: 1.02% | ||||||
Canadian Natural Resources Ltd. | 4.95 | 6-1-2047 | 110,000 | 95,502 | ||
Cenovus Energy, Inc. | 6.80 | 9-15-2037 | 70,000 | 72,138 | ||
Shell International Finance BV | 3.25 | 5-11-2025 | 350,000 | 338,820 | ||
Shell International Finance BV | 3.75 | 9-12-2046 | 145,000 | 114,057 | ||
Shell International Finance BV | 4.00 | 5-10-2046 | 175,000 | 143,872 | ||
TotalEnergies Capital International SA | 3.39 | 6-29-2060 | 105,000 | 72,420 | ||
836,809 | ||||||
Pipelines: 0.25% | ||||||
TransCanada PipeLines Ltd. | 6.10 | 6-1-2040 | 210,000 | 211,549 | ||
Financial: 10.34% | ||||||
Banks: 9.52% | ||||||
Banco Santander SA (1 Year Treasury Constant Maturity+0.90%)± | 1.72 | 9-14-2027 | 600,000 | 527,378 | ||
Bank of Nova Scotia | 4.50 | 12-16-2025 | 500,000 | 484,757 | ||
Barclays PLC (1 Year Treasury Constant Maturity+2.30%)± | 5.30 | 8-9-2026 | 400,000 | 394,095 | ||
Barclays PLC (3 Month LIBOR+1.90%)± | 4.97 | 5-16-2029 | 300,000 | 285,118 | ||
Barclays PLC (U.S. SOFR+3.57%)± | 7.12 | 6-27-2034 | 200,000 | 199,730 | ||
Cooperatieve Rabobank UA | 3.75 | 7-21-2026 | 280,000 | 262,783 | ||
Deutsche Bank AG | 1.69 | 3-19-2026 | 150,000 | 136,268 | ||
Deutsche Bank AG (U.S. SOFR+2.26%)± | 3.74 | 1-7-2033 | 400,000 | 300,372 | ||
HSBC Holdings PLC (U.S. SOFR+1.19%)± | 2.80 | 5-24-2032 | 600,000 | 479,240 | ||
HSBC Holdings PLC (U.S. SOFR 3 Month+1.80%)± | 4.58 | 6-19-2029 | 400,000 | 377,632 | ||
ING Groep NV | 4.55 | 10-2-2028 | 500,000 | 479,767 | ||
ING Groep NV (U.S. SOFR+1.83%)± | 4.02 | 3-28-2028 | 200,000 | 188,176 | ||
Lloyds Banking Group PLC (1 Year Treasury Constant Maturity+3.75%)± | 7.95 | 11-15-2033 | 200,000 | 214,226 | ||
National Australia Bank Ltd. | 2.50 | 7-12-2026 | 800,000 | 743,562 | ||
Royal Bank of Canada | 4.65 | 1-27-2026 | 700,000 | 686,570 | ||
Sumitomo Mitsui Financial Group, Inc. | 3.01 | 10-19-2026 | 655,000 | 607,546 | ||
Toronto-Dominion Bank (USD Swap Semi Annual (vs. 3 Month LIBOR) 5 Year+2.21%)± | 3.63 | 9-15-2031 | 790,000 | 737,506 | ||
Westpac Banking Corp. | 2.15 | 6-3-2031 | 305,000 | 250,113 | ||
Westpac Banking Corp. | 2.85 | 5-13-2026 | 500,000 | 471,574 | ||
7,826,413 | ||||||
Diversified financial services: 0.46% | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 3.00 | 10-29-2028 | 300,000 | 259,969 | ||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust | 3.30 | 1-30-2032 | 150,000 | 121,895 | ||
381,864 |
Interest rate | Maturity date | Principal | Value | |||
Private equity: 0.36% | ||||||
Brookfield Finance, Inc. | 3.63 % | 2-15-2052 | $ | 155,000 | $102,823 | |
Brookfield Finance, Inc. | 4.25 | 6-2-2026 | 200,000 | 192,428 | ||
295,251 | ||||||
Industrial: 0.73% | ||||||
Miscellaneous manufacturing: 0.64% | ||||||
GE Capital International Funding Co. Unlimited Co. | 3.37 | 11-15-2025 | 550,000 | 522,830 | ||
Transportation: 0.09% | ||||||
Canadian National Railway Co. | 3.65 | 2-3-2048 | 100,000 | 78,430 | ||
Technology: 0.34% | ||||||
Semiconductors: 0.34% | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 5.00 | 1-15-2033 | 290,000 | 275,461 | ||
Utilities: 0.66% | ||||||
Electric: 0.66% | ||||||
National Grid PLC | 5.81 | 6-12-2033 | 540,000 | 541,060 | ||
Total yankee corporate bonds and notes (Cost $15,599,994) | 14,582,347 |
Yield | Shares | |||||
Short-term investments: 0.36% | ||||||
Investment companies: 0.36% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 | 294,636 | 294,636 | |||
Total short-term investments (Cost $294,636) | 294,636 | |||||
Total investments in securities (Cost $89,561,603) | 98.87 % | 81,325,911 | ||||
Other assets and liabilities, net | 1.13 | 933,072 | ||||
Total net assets | 100.00 % | $82,258,983 |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
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 | $733,533 | $8,331,607 | $(8,770,504 ) | $0 | $0 | $294,636 | 294,636 | $26,135 |
Assets | |
Investments in unaffiliated securities, at value (cost $89,266,967) | $81,031,275 |
Investments in affiliated securities, at value (cost $294,636) | 294,636 |
Receivable for interest | 960,853 |
Receivable from adviser | 5,302 |
Prepaid expenses and other assets | 1,774 |
Total assets | 82,293,840 |
Liabilities | |
Professional fees payable | 22,041 |
Custody and accounting fees payable | 9,254 |
Interest holder report expenses payable | 3,562 |
Total liabilities | 34,857 |
Total net assets | $82,258,983 |
Investment income | |
Interest | $1,700,269 |
Income from affiliated securities | 26,135 |
Total investment income | 1,726,404 |
Expenses | |
Advisory fee | 20,569 |
Custody and accounting fees | 3,153 |
Professional fees | 34,163 |
Interest holder report expenses | 5,597 |
Trustees’ fees and expenses | 10,747 |
Other fees and expenses | 4,718 |
Total expenses | 78,947 |
Less: Fee waivers and/or expense reimbursements | (56,321 ) |
Net expenses | 22,626 |
Net investment income | 1,703,778 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (728,372 ) |
Net change in unrealized gains (losses) on investments | 437,886 |
Net realized and unrealized gains (losses) on investments | (290,486 ) |
Net increase in net assets resulting from operations | $1,413,292 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $1,703,778 | $4,116,828 | ||
Net realized losses on investments | (728,372 ) | (14,613,866 ) | ||
Net change in unrealized gains (losses) on investments | 437,886 | (6,502,402 ) | ||
Net increase (decrease) in net assets resulting from operations | 1,413,292 | (16,999,440 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 6,070,430 | 28,448,205 | ||
Withdrawals | (8,578,724 ) | (138,513,787 ) | ||
Net decrease in net assets resulting from capital transactions | (2,508,294 ) | (110,065,582 ) | ||
Total decrease in net assets | (1,095,002 ) | (127,065,022 ) | ||
Net assets | ||||
Beginning of period | 83,353,985 | 210,419,007 | ||
End of period | $82,258,983 | $83,353,985 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 1.71 % | (10.08 )% | (3.73 )% | 2.46 % | 15.72 % | 2.29 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.19 % | 0.17 % | 0.10 % | 0.10 % | 0.10 % | 0.09 % |
Net expenses | 0.06 %* | 0.06 %* | 0.06 %* | 0.06 %* | 0.07 % | 0.08 % |
Net investment income | 4.14 % | 3.53 % | 2.94 % | 3.24 % | 3.59 % | 3.74 % |
Supplemental data | ||||||
Portfolio turnover rate | 10 % | 44 % | 46 % | 37 % | 18 % | 25 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.14% |
Year ended February 28, 2023 | 0.11% |
Year ended February 28, 2022 | 0.04% |
Year ended February 28, 2021 | 0.04% |
1 | Year ended February 29. |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $461,771 |
Gross unrealized losses | (8,769,660 ) |
Net unrealized losses | $(8,307,889 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Corporate bonds and notes | $0 | $66,448,928 | $0 | $66,448,928 |
Yankee corporate bonds and notes | 0 | 14,582,347 | 0 | 14,582,347 |
Short-term investments | ||||
Investment companies | 294,636 | 0 | 0 | 294,636 |
Total assets | $294,636 | $81,031,275 | $0 | $81,325,911 |
Average daily net assets | Advisory fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks to replicate the total return of a blended index that is weighted 50% to the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Index† and 50% to the Bloomberg U.S. Government Intermediate Bond Index,†† before fees and expenses. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Manjunath Boraiah, Brian Prucyk, Janet S. Rilling, CFA, CPA, Michal Stanczyk, Nick Toporkov, CFA |
Ten largest holdings (%) as of August 31, 20231 | |
TIPS, 0.25%, 1-15-2025 | 4.84 |
TIPS, 0.13%, 7-15-2026 | 4.11 |
TIPS, 0.38%, 7-15-2027 | 4.09 |
TIPS, 0.13%, 10-15-2025 | 3.49 |
TIPS, 0.75%, 7-15-2028 | 2.97 |
U.S. Treasury Bonds, 6.13%, 11-15-2027 | 2.68 |
U.S. Treasury Notes, 1.13%, 2-15-2031 | 2.64 |
TIPS, 0.13%, 1-15-2030 | 2.57 |
TIPS, 2.38%, 1-15-2025 | 2.44 |
TIPS, 0.13%, 7-15-2030 | 2.42 |
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 composition as of August 31, 20231 |
1 | Figures represent the percentage of the Portfolio’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
† | The Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index measures the performance of the U.S. Treasury Inflation-Protected Securities (TIPS) market with maturities of more than 1 year and less than 10 years. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. You cannot invest directly in an index. |
†† | The Bloomberg U.S. Government Intermediate Bond Index is an unmanaged index composed of U.S. government securities with maturities in the 1- to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 2.69% | ||||||
FFCB | 3.38 % | 8-26-2024 | $ | 115,000 | $112,777 | |
FHLB | 2.75 | 12-13-2024 | 20,000 | 19,393 | ||
FHLB | 4.63 | 12-13-2024 | 120,000 | 119,142 | ||
FHLMC | 0.38 | 7-21-2025 | 95,000 | 87,275 | ||
FHLMC | 1.50 | 2-12-2025 | 125,000 | 118,699 | ||
FNMA | 1.63 | 1-7-2025 | 190,000 | 181,354 | ||
TVA | 2.88 | 9-15-2024 | 120,000 | 116,897 | ||
Total agency securities (Cost $770,522) | 755,537 | |||||
U.S. Treasury securities: 95.99% | ||||||
TIPS | 0.13 | 4-15-2025 | 141,731 | 135,174 | ||
TIPS | 0.13 | 10-15-2025 | 1,034,678 | 982,287 | ||
TIPS | 0.13 | 4-15-2026 | 127,964 | 120,014 | ||
TIPS | 0.13 | 7-15-2026 | 1,230,740 | 1,155,729 | ||
TIPS | 0.13 | 10-15-2026 | 145,138 | 135,723 | ||
TIPS | 0.13 | 4-15-2027 | 664,514 | 614,480 | ||
TIPS | 0.13 | 1-15-2030 | 812,246 | 722,597 | ||
TIPS | 0.13 | 7-15-2030 | 767,479 | 680,118 | ||
TIPS | 0.13 | 1-15-2031 | 240,250 | 210,430 | ||
TIPS | 0.13 | 7-15-2031 | 517,908 | 451,622 | ||
TIPS | 0.13 | 1-15-2032 | 643,828 | 554,767 | ||
TIPS | 0.25 | 1-15-2025 | 1,416,844 | 1,361,646 | ||
TIPS | 0.25 | 7-15-2029 | 202,754 | 184,027 | ||
TIPS | 0.38 | 7-15-2025 | 45,026 | 43,155 | ||
TIPS | 0.38 | 1-15-2027 | 195,757 | 183,268 | ||
TIPS | 0.38 | 7-15-2027 | 1,228,453 | 1,148,951 | ||
TIPS | 0.50 | 1-15-2028 | 463,800 | 432,167 | ||
TIPS | 0.63 | 1-15-2026 | 141,232 | 134,674 | ||
TIPS | 0.63 | 7-15-2032 | 588,006 | 527,741 | ||
TIPS | 0.75 | 7-15-2028 | 887,220 | 836,482 | ||
TIPS | 0.88 | 1-15-2029 | 616,192 | 580,292 | ||
TIPS | 1.13 | 1-15-2033 | 588,903 | 549,060 | ||
TIPS | 1.25 | 4-15-2028 | 116,966 | 112,594 | ||
TIPS | 1.38 | 7-15-2033 | 396,781 | 379,771 | ||
TIPS | 1.63 | 10-15-2027 | 334,708 | 328,337 | ||
TIPS | 2.00 | 1-15-2026 | 122,967 | 121,015 | ||
TIPS | 2.38 | 1-15-2025 | 694,328 | 686,361 | ||
TIPS | 2.50 | 1-15-2029 | 42,629 | 43,596 | ||
TIPS | 3.38 | 4-15-2032 | 171,875 | 190,623 | ||
TIPS | 3.63 | 4-15-2028 | 18,862 | 20,092 | ||
TIPS | 3.88 | 4-15-2029 | 389,714 | 426,318 | ||
U.S. Treasury Bonds | 6.00 | 2-15-2026 | 146,000 | 150,312 | ||
U.S. Treasury Bonds | 6.13 | 11-15-2027 | 705,000 | 752,890 | ||
U.S. Treasury Bonds | 6.13 | 8-15-2029 | 115,000 | 126,186 | ||
U.S. Treasury Bonds | 6.25 | 5-15-2030 | 135,000 | 150,894 | ||
U.S. Treasury Bonds | 6.38 | 8-15-2027 | 125,000 | 133,896 | ||
U.S. Treasury Bonds | 6.50 | 11-15-2026 | 30,000 | 31,767 | ||
U.S. Treasury Bonds | 6.63 | 2-15-2027 | 235,000 | 251,138 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Bonds | 6.75 % | 8-15-2026 | $ | 220,000 | $233,260 | |
U.S. Treasury Bonds | 6.88 | 8-15-2025 | 20,000 | 20,741 | ||
U.S. Treasury Bonds | 7.50 | 11-15-2024 | 360,000 | 369,717 | ||
U.S. Treasury Notes | 0.25 | 5-31-2025 | 230,000 | 211,941 | ||
U.S. Treasury Notes | 0.25 | 7-31-2025 | 470,000 | 430,546 | ||
U.S. Treasury Notes | 0.38 | 7-31-2027 | 185,000 | 158,565 | ||
U.S. Treasury Notes | 0.50 | 2-28-2026 | 255,000 | 230,237 | ||
U.S. Treasury Notes | 0.50 | 6-30-2027 | 320,000 | 276,512 | ||
U.S. Treasury Notes | 0.50 | 8-31-2027 | 10,000 | 8,592 | ||
U.S. Treasury Notes | 0.63 | 10-15-2024 | 240,000 | 227,897 | ||
U.S. Treasury Notes | 0.63 | 5-15-2030 | 140,000 | 111,065 | ||
U.S. Treasury Notes | 0.63 | 8-15-2030 | 45,000 | 35,457 | ||
U.S. Treasury Notes | 0.75 | 3-31-2026 | 50,000 | 45,379 | ||
U.S. Treasury Notes | 0.75 | 5-31-2026 | 140,000 | 126,263 | ||
U.S. Treasury Notes | 0.88 | 11-15-2030 | 265,000 | 212,124 | ||
U.S. Treasury Notes | 1.00 | 7-31-2028 | 765,000 | 654,673 | ||
U.S. Treasury Notes | 1.13 | 2-15-2031 | 915,000 | 743,402 | ||
U.S. Treasury Notes | 1.25 | 4-30-2028 | 255,000 | 222,388 | ||
U.S. Treasury Notes | 1.25 | 8-15-2031 | 135,000 | 109,013 | ||
U.S. Treasury Notes | 1.38 | 8-31-2026 | 380,000 | 346,691 | ||
U.S. Treasury Notes | 1.38 | 10-31-2028 | 205,000 | 177,701 | ||
U.S. Treasury Notes | 1.38 | 11-15-2031 | 535,000 | 433,580 | ||
U.S. Treasury Notes | 1.50 | 8-15-2026 | 325,000 | 297,896 | ||
U.S. Treasury Notes | 1.50 | 1-31-2027 | 275,000 | 249,444 | ||
U.S. Treasury Notes | 1.50 | 2-15-2030 | 140,000 | 118,765 | ||
U.S. Treasury Notes | 1.63 | 11-30-2026 | 410,000 | 374,862 | ||
U.S. Treasury Notes | 1.63 | 5-15-2031 | 135,000 | 113,078 | ||
U.S. Treasury Notes | 1.75 | 12-31-2026 | 140,000 | 128,330 | ||
U.S. Treasury Notes | 1.75 | 11-15-2029 | 85,000 | 73,917 | ||
U.S. Treasury Notes | 1.88 | 7-31-2026 | 20,000 | 18,552 | ||
U.S. Treasury Notes | 1.88 | 2-28-2029 | 445,000 | 393,495 | ||
U.S. Treasury Notes | 2.00 | 2-15-2025 | 37,000 | 35,393 | ||
U.S. Treasury Notes | 2.00 | 8-15-2025 | 235,000 | 222,461 | ||
U.S. Treasury Notes | 2.25 | 11-15-2024 | 240,000 | 231,591 | ||
U.S. Treasury Notes | 2.25 | 8-15-2027 | 40,000 | 36,933 | ||
U.S. Treasury Notes | 2.25 | 11-15-2027 | 390,000 | 358,632 | ||
U.S. Treasury Notes | 2.63 | 3-31-2025 | 345,000 | 332,278 | ||
U.S. Treasury Notes | 2.63 | 1-31-2026 | 445,000 | 424,019 | ||
U.S. Treasury Notes | 2.63 | 2-15-2029 | 85,000 | 78,253 | ||
U.S. Treasury Notes | 2.63 | 7-31-2029 | 95,000 | 87,007 | ||
U.S. Treasury Notes | 2.75 | 8-31-2025 | 325,000 | 311,975 | ||
U.S. Treasury Notes | 2.75 | 2-15-2028 | 240,000 | 224,850 | ||
U.S. Treasury Notes | 2.75 | 8-15-2032 | 430,000 | 385,975 | ||
U.S. Treasury Notes | 2.88 | 4-30-2025 | 10,000 | 9,659 | ||
U.S. Treasury Notes | 2.88 | 5-31-2025 | 490,000 | 472,773 | ||
U.S. Treasury Notes | 2.88 | 11-30-2025 | 125,000 | 120,029 | ||
U.S. Treasury Notes | 2.88 | 5-15-2028 | 250,000 | 234,951 | ||
U.S. Treasury Notes | 2.88 | 8-15-2028 | 245,000 | 229,707 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities (continued) | ||||||
U.S. Treasury Notes | 4.00 % | 12-15-2025 | $ | 110,000 | $108,221 | |
U.S. Treasury Notes | 4.00 | 7-31-2030 | 180,000 | 177,863 | ||
U.S. Treasury Notes | 4.13 | 11-15-2032 | 110,000 | 109,948 | ||
Total U.S. Treasury securities (Cost $29,079,166) | 26,996,795 |
Yield | Shares | |||||
Short-term investments: 1.09% | ||||||
Investment companies: 1.09% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 | 306,207 | 306,207 | |||
Total short-term investments (Cost $306,207) | 306,207 | |||||
Total investments in securities (Cost $30,155,895) | 99.77 % | 28,058,539 | ||||
Other assets and liabilities, net | 0.23 | 64,650 | ||||
Total net assets | 100.00 % | $28,123,189 |
♠ | 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: | |
FFCB | Federal Farm Credit Banks |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
TIPS | Treasury Inflation-Protected Securities |
TVA | Tennessee Valley Authority |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $19,514 | $3,520,864 | $(3,234,171 ) | $0 | $0 | $306,207 | 306,207 | $6,700 |
Assets | |
Investments in unaffiliated securities, at value (cost $29,849,688) | $27,752,332 |
Investments in affiliated securities, at value (cost $306,207) | 306,207 |
Receivable for interest | 83,228 |
Receivable from adviser | 8,222 |
Prepaid expenses and other assets | 326 |
Total assets | 28,150,315 |
Liabilities | |
Professional fees payable | 17,525 |
Custody and accounting fees payable | 6,525 |
Interest holder report expenses payable | 3,009 |
Trustees’ fees and expenses payable | 67 |
Total liabilities | 27,126 |
Total net assets | $28,123,189 |
Investment income | |
Interest | $616,573 |
Income from affiliated securities | 6,700 |
Total investment income | 623,273 |
Expenses | |
Advisory fee | 7,109 |
Custody and accounting fees | 2,515 |
Professional fees | 40,551 |
Interest holder report expenses | 4,337 |
Trustees’ fees and expenses | 10,398 |
Other fees and expenses | 1,525 |
Total expenses | 66,435 |
Less: Fee waivers and/or expense reimbursements | (57,478 ) |
Net expenses | 8,957 |
Net investment income | 614,316 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (150,857 ) |
Net change in unrealized gains (losses) on investments | (54,156 ) |
Net realized and unrealized gains (losses) on investments | (205,013 ) |
Net increase in net assets resulting from operations | $409,303 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $614,316 | $1,764,282 | ||
Net realized losses on investments | (150,857 ) | (1,699,554 ) | ||
Net change in unrealized gains (losses) on investments | (54,156 ) | (3,019,013 ) | ||
Net increase (decrease) in net assets resulting from operations | 409,303 | (2,954,285 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 1,858,492 | 7,946,181 | ||
Withdrawals | (3,092,702 ) | (41,936,041 ) | ||
Net decrease in net assets resulting from capital transactions | (1,234,210 ) | (33,989,860 ) | ||
Total decrease in net assets | (824,907 ) | (36,944,145 ) | ||
Net assets | ||||
Beginning of period | 28,948,096 | 65,892,241 | ||
End of period | $28,123,189 | $28,948,096 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | 1.40 % | (6.60 )% | 1.82 % | 3.73 % | 7.75 % | 2.47 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.47 % | 0.42 % | 0.12 % | 0.15 % | 0.18 % | 0.16 % |
Net expenses | 0.06 %* | 0.06 %* | 0.06 %* | 0.07 %* | 0.11 % | 0.14 % |
Net investment income | 4.31 % | 4.69 % | 3.21 % | 1.01 % | 2.27 % | 2.23 % |
Supplemental data | ||||||
Portfolio turnover rate | 13 % | 43 % | 27 % | 44 % | 41 % | 23 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.41% |
Year ended February 28, 2023 | 0.36% |
Year ended February 28, 2022 | 0.06% |
Year ended February 28, 2021 | 0.08% |
1 | Year ended February 29. |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $0 |
Gross unrealized losses | (2,178,589 ) |
Net unrealized losses | $(2,178,589 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $755,537 | $0 | $755,537 |
U.S. Treasury securities | 26,996,795 | 0 | 0 | 26,996,795 |
Short-term investments | ||||
Investment companies | 306,207 | 0 | 0 | 306,207 |
Total assets | $27,303,002 | $755,537 | $0 | $28,058,539 |
Average daily net assets | Advisory fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks to replicate the total return of the Dow Jones U.S. Select REIT Index,† before fees and expenses. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio manager | Petros N. Bocray, CFA, FRM |
Ten largest holdings (%) as of August 31, 20231 | |
Prologis, Inc. | 12.54 |
Equinix, Inc. | 7.99 |
Public Storage | 4.78 |
Welltower, Inc. | 4.50 |
Digital Realty Trust, Inc. | 4.19 |
Realty Income Corp. | 4.12 |
Simon Property Group, Inc. | 4.05 |
Extra Space Storage, Inc. | 2.97 |
AvalonBay Communities, Inc. | 2.85 |
Equity Residential | 2.42 |
1 | Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified. |
† | The Dow Jones U.S. Select REIT Index tracks the performance of publicly traded REITs and REIT-like securities and is designed to serve as a proxy for direct real estate investment, in part by excluding companies whose performance may be driven by factors other than the value of real estate. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Shares | Value | |||||
Common stocks: 99.19% | ||||||
Real estate: 99.19% | ||||||
Diversified REITs: 2.62% | ||||||
American Assets Trust, Inc. | 972 | $20,811 | ||||
Broadstone Net Lease, Inc. | 3,488 | 56,401 | ||||
Empire State Realty Trust, Inc. Class A | 2,435 | 21,258 | ||||
Essential Properties Realty Trust, Inc. | 2,773 | 66,607 | ||||
Global Net Lease, Inc. | 1,934 | 21,951 | ||||
WP Carey, Inc. | 3,986 | 259,289 | ||||
446,317 | ||||||
Health care REITs: 10.56% | ||||||
CareTrust REIT, Inc. | 1,853 | 37,338 | ||||
Community Healthcare Trust, Inc. | 455 | 15,102 | ||||
Diversified Healthcare Trust | 4,466 | 12,125 | ||||
Global Medical REIT, Inc. | 1,147 | 11,103 | ||||
Healthcare Realty Trust, Inc. Class A | 7,097 | 124,339 | ||||
Healthpeak Properties, Inc. | 10,194 | 209,793 | ||||
LTC Properties, Inc. | 770 | 25,302 | ||||
Medical Properties Trust, Inc. | 11,150 | 80,503 | ||||
National Health Investors, Inc. | 808 | 41,313 | ||||
Omega Healthcare Investors, Inc. | 4,367 | 138,958 | ||||
Universal Health Realty Income Trust | 236 | 11,005 | ||||
Ventas, Inc. | 7,455 | 325,634 | ||||
Welltower, Inc. | 9,263 | 767,717 | ||||
1,800,232 | ||||||
Hotel & resort REITs: 3.64% | ||||||
Apple Hospitality REIT, Inc. | 3,969 | 59,614 | ||||
Ashford Hospitality Trust, Inc.† | 641 | 1,904 | ||||
Chatham Lodging Trust | 909 | 8,890 | ||||
DiamondRock Hospitality Co. | 3,909 | 31,507 | ||||
Hersha Hospitality Trust Class A | 616 | 6,049 | ||||
Host Hotels & Resorts, Inc. | 13,255 | 209,296 | ||||
Park Hotels & Resorts, Inc. | 4,018 | 51,551 | ||||
Pebblebrook Hotel Trust | 2,294 | 33,194 | ||||
RLJ Lodging Trust | 2,966 | 29,630 | ||||
Ryman Hospitality Properties, Inc. | 1,101 | 93,618 | ||||
Service Properties Trust | 3,083 | 25,466 | ||||
Summit Hotel Properties, Inc. | 2,002 | 11,632 | ||||
Sunstone Hotel Investors, Inc. | 3,860 | 34,663 | ||||
Xenia Hotels & Resorts, Inc. | 2,040 | 24,072 | ||||
621,086 | ||||||
Industrial REITs : 18.18% | ||||||
Americold Realty Trust, Inc. | 5,035 | 169,428 | ||||
EastGroup Properties, Inc. | 828 | 148,734 | ||||
First Industrial Realty Trust, Inc. | 2,464 | 127,980 | ||||
Industrial Logistics Properties Trust | 1,221 | 4,799 | ||||
Innovative Industrial Properties, Inc. | 399 | 34,825 |
Shares | Value | |||||
Industrial REITs (continued) | ||||||
LXP Industrial Trust | 5,453 | $53,548 | ||||
Plymouth Industrial REIT, Inc. | 729 | 16,701 | ||||
Prologis, Inc. | 17,212 | 2,137,730 | ||||
Rexford Industrial Realty, Inc. | 3,744 | 200,192 | ||||
STAG Industrial, Inc. | 3,342 | 122,083 | ||||
Terreno Realty Corp. | 1,380 | 84,028 | ||||
3,100,048 | ||||||
Office REITs : 6.42% | ||||||
Alexandria Real Estate Equities, Inc. | 2,934 | 341,342 | ||||
Boston Properties, Inc. | 2,660 | 177,608 | ||||
Brandywine Realty Trust | 3,203 | 16,015 | ||||
City Office REIT, Inc. | 743 | 3,745 | ||||
Corporate Office Properties Trust | 2,096 | 54,244 | ||||
Cousins Properties, Inc. | 2,826 | 66,411 | ||||
Douglas Emmett, Inc. | 3,164 | 43,252 | ||||
Easterly Government Properties, Inc. | 1,740 | 23,264 | ||||
Equity Commonwealth | 2,044 | 38,897 | ||||
Franklin Street Properties Corp. Class C | 1,712 | 3,287 | ||||
Highwoods Properties, Inc. | 1,964 | 46,802 | ||||
Hudson Pacific Properties, Inc. | 2,388 | 16,262 | ||||
JBG SMITH Properties | 1,806 | 28,318 | ||||
Kilroy Realty Corp. | 1,963 | 72,533 | ||||
Office Properties Income Trust | 904 | 6,690 | ||||
Orion Office REIT, Inc. | 1,055 | 6,151 | ||||
Paramount Group, Inc. | 3,035 | 15,600 | ||||
Piedmont Office Realty Trust, Inc. Class A | 2,304 | 15,828 | ||||
SL Green Realty Corp. | 1,198 | 47,033 | ||||
Vornado Realty Trust† | 3,003 | 72,132 | ||||
1,095,414 | ||||||
Residential REITs : 19.44% | ||||||
American Homes 4 Rent Class A | 5,855 | 211,014 | ||||
Apartment Income REIT Corp. | 2,780 | 94,687 | ||||
Apartment Investment & Management Co. Class A | 2,769 | 21,072 | ||||
AvalonBay Communities, Inc. | 2,647 | 486,572 | ||||
Camden Property Trust | 1,989 | 214,056 | ||||
Centerspace | 278 | 17,998 | ||||
Elme Communities | 1,634 | 25,131 | ||||
Equity LifeStyle Properties, Inc. | 3,262 | 218,424 | ||||
Equity Residential | 6,355 | 411,995 | ||||
Essex Property Trust, Inc. | 1,196 | 285,114 | ||||
Independence Realty Trust, Inc. | 4,180 | 70,349 | ||||
Invitation Homes, Inc. | 10,835 | 369,365 | ||||
Mid-America Apartment Communities, Inc. | 2,175 | 315,875 | ||||
NexPoint Residential Trust, Inc. | 425 | 15,959 | ||||
Sun Communities, Inc. | 2,319 | 283,892 | ||||
UDR, Inc. | 5,767 | 230,103 |
Shares | Value | |||||
Residential REITs (continued) | ||||||
UMH Properties, Inc. | 1,051 | $15,712 | ||||
Veris Residential, Inc.† | 1,485 | 27,636 | ||||
3,314,954 | ||||||
Retail REITs : 16.47% | ||||||
Acadia Realty Trust | 1,774 | 26,415 | ||||
Agree Realty Corp. | 1,736 | 107,319 | ||||
Brixmor Property Group, Inc. | 5,601 | 123,110 | ||||
Federal Realty Investment Trust | 1,366 | 133,786 | ||||
Getty Realty Corp. | 839 | 25,187 | ||||
Kimco Realty Corp. | 11,553 | 218,814 | ||||
Kite Realty Group Trust | 4,087 | 92,244 | ||||
Macerich Co. | 4,008 | 46,853 | ||||
Necessity Retail REIT, Inc. | 2,500 | 18,750 | ||||
NETSTREIT Corp. | 1,135 | 19,216 | ||||
NNN REIT, Inc. | 3,393 | 133,650 | ||||
Realty Income Corp. | 12,546 | 703,134 | ||||
Regency Centers Corp. | 3,062 | 190,456 | ||||
Retail Opportunity Investments Corp. | 2,348 | 31,604 | ||||
RPT Realty | 1,615 | 18,314 | ||||
Simon Property Group, Inc. | 6,093 | 691,495 | ||||
SITE Centers Corp. | 3,393 | 45,296 | ||||
Spirit Realty Capital, Inc. | 2,633 | 101,660 | ||||
Tanger Factory Outlet Centers, Inc. | 1,959 | 45,547 | ||||
Urban Edge Properties | 2,191 | 35,845 | ||||
2,808,695 | ||||||
Specialized REITs : 21.86% | ||||||
CubeSmart | 4,186 | 174,598 | ||||
Digital Realty Trust, Inc. | 5,430 | 715,240 | ||||
EPR Properties | 1,402 | 62,782 | ||||
Equinix, Inc. | 1,743 | 1,361,945 | ||||
Extra Space Storage, Inc. | 3,937 | 506,613 | ||||
Four Corners Property Trust, Inc. | 1,621 | 40,784 | ||||
National Storage Affiliates Trust | 1,529 | 51,374 | ||||
Public Storage | 2,950 | 815,321 | ||||
3,728,657 | ||||||
Total common stocks (Cost $15,486,764) | 16,915,403 |
Yield | Shares | Value | ||||
Short-term investments: 0.86% | ||||||
Investment companies: 0.86% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.26 % | 146,638 | $146,638 | |||
Total short-term investments (Cost $146,638) | 146,638 | |||||
Total investments in securities (Cost $15,633,402) | 100.05 % | 17,062,041 | ||||
Other assets and liabilities, net | (0.05 ) | (7,963 ) | ||||
Total net assets | 100.00 % | $17,054,078 |
† | 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 | $218,495 | $2,422,027 | $(2,493,884 ) | $0 | $0 | $146,638 | 146,638 | $3,304 |
Assets | |
Investments in unaffiliated securities, at value (cost $15,486,764) | $16,915,403 |
Investments in affiliated securities, at value (cost $146,638) | 146,638 |
Cash | 6 |
Receivable for dividends | 14,007 |
Receivable from adviser | 5,388 |
Prepaid expenses and other assets | 438 |
Total assets | 17,081,880 |
Liabilities | |
Custody and accounting fees payable | 16,000 |
Professional fees payable | 9,847 |
Interest holder report expenses payable | 1,955 |
Total liabilities | 27,802 |
Total net assets | $17,054,078 |
Investment income | |
Dividends | $357,854 |
Income from affiliated securities | 3,304 |
Interest | 7 |
Total investment income | 361,165 |
Expenses | |
Advisory fee | 8,540 |
Custody and accounting fees | 7,110 |
Professional fees | 25,032 |
Interest holder report expenses | 4,270 |
Trustees’ fees and expenses | 11,549 |
Other fees and expenses | 2,010 |
Total expenses | 58,511 |
Less: Fee waivers and/or expense reimbursements | (46,896 ) |
Net expenses | 11,615 |
Net investment income | 349,550 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (342,611 ) |
Net change in unrealized gains (losses) on investments | 12,325 |
Net realized and unrealized gains (losses) on investments | (330,286 ) |
Net increase in net assets resulting from operations | $19,264 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28, 2023 | |||
Operations | ||||
Net investment income | $349,550 | $469,379 | ||
Net realized gains (losses) on investments | (342,611 ) | 3,163,687 | ||
Net change in unrealized gains (losses) on investments | 12,325 | (5,403,593 ) | ||
Net increase (decrease) in net assets resulting from operations | 19,264 | (1,770,527 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 1,821,289 | 9,157,697 | ||
Withdrawals | (1,968,816 ) | (14,709,412 ) | ||
Net decrease in net assets resulting from capital transactions | (147,527 ) | (5,551,715 ) | ||
Total decrease in net assets | (128,263 ) | (7,322,242 ) | ||
Net assets | ||||
Beginning of period | 17,182,341 | 24,504,583 | ||
End of period | $17,054,078 | $17,182,341 |
Six months ended August 31, 2023 (unaudited) | Year ended February 28 | |||||
2023 | 2022 | 2021 | 20201 | 2019 | ||
Total return2 | (0.28 )% | (13.39 )% | 25.46 % | 3.45 % | 2.65 % | 19.52 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69 % | 0.84 % | 0.67 % | 0.48 % | 0.43 % | 0.26 % |
Net expenses | 0.14 %* | 0.14 %* | 0.14 %* | 0.14 %* | 0.19 % | 0.23 % |
Net investment income | 4.09 % | 2.72 % | 1.85 % | 1.93 % | 2.73 % | 2.91 % |
Supplemental data | ||||||
Portfolio turnover rate | 8 % | 54 % | 41 % | 71 % | 26 % | 20 % |
* | Ratio includes expenses which were voluntarily waived by the adviser. Without these voluntary waivers, the net expense ratios would be increased by the following amounts: |
Six months ended August 31, 2023 (unaudited) | 0.54% |
Year ended February 28, 2023 | 0.70% |
Year ended February 28, 2022 | 0.53% |
Year ended February 28, 2021 | 0.34% |
1 | Year ended February 29. |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $3,602,910 |
Gross unrealized losses | (2,109,111 ) |
Net unrealized gains | $1,493,799 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Real estate | $16,915,403 | $0 | $0 | $16,915,403 |
Short-term investments | ||||
Investment companies | 146,638 | 0 | 0 | 146,638 |
Total assets | $17,062,041 | $0 | $0 | $17,062,041 |
Average daily net assets | Advisory fee |
First $5 billion | 0.100 % |
Next $5 billion | 0.080 |
Over $10 billion | 0.060 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Master Portfolios | Sub-Adviser |
Allspring Bloomberg Barclays US Aggregate ex-Corporate Portfolio | Allspring Global Investments, LLC |
Allspring Emerging Markets Bond Portfolio | Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced International Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Allspring Global Investments, LLC |
Allspring High Yield Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Investment Grade Corporate Bond Portfolio | Allspring Global Investments, LLC |
Allspring Strategic Retirement Bond Portfolio | Allspring Global Investments, LLC |
Allspring U.S. REIT Portfolio | Allspring Global Investments, LLC |
P.O. Box 219967
Kansas City, MO 64121-9967
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for the series of Allspring 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 MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring 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. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Master Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: October 26, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Master Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: October 26, 2023 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: October 26, 2023 |