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: May 31
Registrant is making a filing for 11 of its series: Allspring C&B Large Cap Value Portfolio, Allspring Core Bond Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Diversified Large Cap Growth Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Emerging Growth Portfolio, Allspring Large Company Value Portfolio, Allspring Managed Fixed Income Portfolio, Allspring Real Return Portfolio, Allspring Small Company Growth Portfolio and Allspring Small Company Value Portfolio.
Date of reporting period: November 30, 2023
ITEM 1. REPORT TO STOCKHOLDERS
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Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
At a meeting held November 13-15, 2023, the Board of Trustees approved a number of changes to the Allspring C&B Large Cap Value Fund (the “Fund”) and the Allspring C&B Large Cap Value Portfolio, the master portfolio in which the Fund invests substantially all of its assets, including: |
• changing the Fund’s name to the Allspring Large Cap Value Fund and the master portfolio’s name to the Allspring Large Cap Value Portfolio; |
• modifying the Fund’s and the master portfolio’s principal investment strategy to allow it to invest up to 20% of its total assets in equity securities of foreign issuers through ADRs and similar investments; and |
• switching the master portfolio’s sub-adviser from Cooke & Bieler, L.P. to Allspring Global Investments, LLC. |
These changes as expected to become effective on or about March 4, 2024. |
Investment objective | The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal. |
Manager | Allspring Funds Management, LLC |
Subadviser for the affiliated master portfolio* | Cooke & Bieler, L.P. |
Portfolio managers | Andrew B. Armstrong, CFA, Wesley Lim, CFA, Steve Lyons, CFA, Michael M. Meyer, CFA, Edward W. O’Connor, CFA, R. James O’Neil, CFA, Mehul Trivedi, CFA, William Weber, CFA |
Average annual total returns (%) as of November 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (CBEAX) | 7-26-2004 | -0.83 | 7.86 | 8.08 | 5.22 | 9.15 | 8.72 | 1.21 | 1.07 |
Class C (CBECX) | 7-26-2004 | 3.43 | 8.31 | 8.07 | 4.43 | 8.31 | 8.07 | 1.96 | 1.82 |
Class R6 (CBEJX)3 | 10-31-2016 | – | – | – | 5.68 | 9.61 | 9.15 | 0.79 | 0.65 |
Administrator Class (CBLLX) | 7-26-2004 | – | – | – | 5.37 | 9.24 | 8.85 | 1.14 | 1.00 |
Institutional Class (CBLSX) | 7-26-2004 | – | – | – | 5.57 | 9.50 | 9.11 | 0.89 | 0.75 |
Russell 3000® Index4 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Russell 1000® Value Index5 | – | – | – | – | 1.36 | 7.52 | 8.09 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.07% for Class A, 1.82% for Class C, 0.65% for Class R6, 1.00% for Administrator Class and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
5 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Brookfield Corp. Class A | 3.49 |
AerCap Holdings NV | 3.42 |
Open Text Corp. | 3.10 |
State Street Corp. | 2.63 |
London Stock Exchange Group PLC | 2.57 |
Omnicom Group, Inc. | 2.55 |
Gildan Activewear, Inc. | 2.54 |
JPMorgan Chase & Co. | 2.45 |
Fidelity National Financial, Inc. | 2.44 |
Globe Life, Inc. | 2.41 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20231 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1, 2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,093.80 | $5.60 | 1.07 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.65 | $5.40 | 1.07 % |
Class C | ||||
Actual | $1,000.00 | $1,089.20 | $9.51 | 1.82 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.90 | $9.17 | 1.82 % |
Class R6 | ||||
Actual | $1,000.00 | $1,095.80 | $3.41 | 0.65 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.75 | $3.29 | 0.65 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,095.20 | $5.24 | 1.00 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.00 | $5.05 | 1.00 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,095.80 | $3.93 | 0.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.25 | $3.79 | 0.75 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
2 | Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests. |
Value | ||||||
Investment companies: 100.32% | ||||||
Affiliated master portfolio: 100.32% | ||||||
Allspring C&B Large Cap Value Portfolio | $206,130,242 | |||||
Total investment companies (Cost $173,417,379) | 206,130,242 | |||||
Total investments in securities (Cost $173,417,379) | 100.32 % | 206,130,242 | ||||
Other assets and liabilities, net | (0.32 ) | (658,625 ) | ||||
Total net assets | 100.00 % | $205,471,617 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Affiliated Income Allocated from affiliated Master Portfolio | Value, end of period | |
Allspring C&B Large Cap Value Portfolio | 78.60 % | 79.04 % | $9,406,841 | $7,376,589 | $2,537,211 | $1,822 | $139,539 | $206,130,242 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $173,417,379) | $206,130,242 |
Receivable for Fund shares sold | 483,257 |
Receivable from manager | 16,080 |
Prepaid expenses and other assets | 102,278 |
Total assets | 206,731,857 |
Liabilities | |
Payable for Fund shares redeemed | 1,177,913 |
Administration fees payable | 24,735 |
Distribution fee payable | 2,064 |
Trustees’ fees and expenses payable | 963 |
Accrued expenses and other liabilities | 54,565 |
Total liabilities | 1,260,240 |
Total net assets | $205,471,617 |
Net assets consist of | |
Paid-in capital | $152,124,641 |
Total distributable earnings | 53,346,976 |
Total net assets | $205,471,617 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $78,731,971 |
Shares outstanding–Class A1 | 6,248,842 |
Net asset value per share–Class A | $12.60 |
Maximum offering price per share – Class A2 | $13.37 |
Net assets–Class C | $3,492,128 |
Shares outstanding–Class C1 | 283,126 |
Net asset value per share–Class C | $12.33 |
Net assets–Class R6 | $15,752,461 |
Shares outstanding–Class R61 | 1,240,095 |
Net asset value per share–Class R6 | $12.70 |
Net assets–Administrator Class | $3,591,637 |
Shares outstanding–Administrator Class1 | 284,004 |
Net asset value per share–Administrator Class | $12.65 |
Net assets–Institutional Class | $103,903,420 |
Shares outstanding–Institutional Class1 | 8,179,419 |
Net asset value per share–Institutional Class | $12.70 |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $63,505) | $2,537,211 |
Affiliated income allocated from affiliated Master Portfolio | 139,539 |
Interest allocated from affiliated Master Portfolio | 1,822 |
Expenses allocated from affiliated Master Portfolio | (716,933 ) |
Waivers allocated from affiliated Master Portfolio | 51,489 |
Total investment income | 2,013,128 |
Expenses | |
Management fee | 52,004 |
Administration fees | |
Class A | 80,642 |
Class C | 3,486 |
Class R6 | 2,462 |
Administrator Class | 2,677 |
Institutional Class | 67,613 |
Shareholder servicing fees | |
Class A | 100,006 |
Class C | 4,283 |
Administrator Class | 5,149 |
Distribution fee | |
Class C | 12,853 |
Custody and accounting fees | 2,495 |
Professional fees | 21,551 |
Registration fees | 18,382 |
Shareholder report expenses | 16,171 |
Trustees’ fees and expenses | 12,075 |
Other fees and expenses | 2,005 |
Total expenses | 403,854 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (145,127 ) |
Net expenses | 258,727 |
Net investment income | 1,754,401 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments allocated from affiliated Master Portfolio | 9,279,352 |
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | 7,504,078 |
Net realized and unrealized gains (losses) on investments | 16,783,430 |
Net increase in net assets resulting from operations | $18,537,831 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,754,401 | $2,921,729 | ||
Net realized gains on investments | 9,279,352 | 19,848,834 | ||
Net change in unrealized gains (losses) on investments | 7,504,078 | (33,458,109 ) | ||
Net increase (decrease) in net assets resulting from operations | 18,537,831 | (10,687,546 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (16,304,617 ) | ||
Class C | 0 | (740,826 ) | ||
Class R6 | 0 | (3,797,016 ) | ||
Administrator Class | 0 | (1,047,406 ) | ||
Institutional Class | 0 | (21,328,025 ) | ||
Total distributions to shareholders | 0 | (43,217,890 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 139,352 | 1,717,668 | 415,820 | 5,265,311 |
Class C | 20,112 | 233,816 | 96,897 | 1,168,445 |
Class R6 | 90,404 | 1,135,535 | 123,974 | 1,716,518 |
Administrator Class | 1,486 | 18,316 | 3,961 | 50,313 |
Institutional Class | 685,331 | 8,513,914 | 1,322,276 | 17,070,664 |
11,619,249 | 25,271,251 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 1,348,065 | 16,067,784 |
Class C | 0 | 0 | 63,426 | 740,826 |
Class R6 | 0 | 0 | 148,681 | 1,785,702 |
Administrator Class | 0 | 0 | 53,517 | 639,939 |
Institutional Class | 0 | 0 | 1,765,170 | 21,195,384 |
0 | 40,429,635 | |||
Payment for shares redeemed | ||||
Class A | (594,372 ) | (7,278,785 ) | (1,910,541 ) | (24,861,078 ) |
Class C | (43,749 ) | (531,006 ) | (134,315 ) | (1,653,300 ) |
Class R6 | (188,565 ) | (2,351,049 ) | (510,778 ) | (6,892,525 ) |
Administrator Class | (88,993 ) | (1,112,204 ) | (89,944 ) | (1,125,103 ) |
Institutional Class | (1,019,345 ) | (12,561,929 ) | (3,362,511 ) | (44,116,398 ) |
(23,834,973 ) | (78,648,404 ) | |||
Net decrease in net assets resulting from capital share transactions | (12,215,724 ) | (12,947,518 ) | ||
Total increase (decrease) in net assets | 6,322,107 | (66,852,954 ) | ||
Net assets | ||||
Beginning of period | 199,149,510 | 266,002,464 | ||
End of period | $205,471,617 | $199,149,510 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.52 | $14.82 | $17.16 | $11.49 | $13.01 | $13.91 |
Net investment income | 0.09 1 | 0.15 1 | 0.11 | 0.10 | 0.12 | 0.11 |
Net realized and unrealized gains (losses) on investments | 0.99 | (0.71 ) | (0.34 ) | 6.29 | (0.33 ) | 0.02 |
Total from investment operations | 1.08 | (0.56 ) | (0.23 ) | 6.39 | (0.21 ) | 0.13 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.14 ) | (0.11 ) | (0.11 ) | (0.13 ) | (0.12 ) |
Net realized gains | 0.00 | (2.60 ) | (2.00 ) | (0.61 ) | (1.18 ) | (0.91 ) |
Total distributions to shareholders | 0.00 | (2.74 ) | (2.11 ) | (0.72 ) | (1.31 ) | (1.03 ) |
Net asset value, end of period | $12.60 | $11.52 | $14.82 | $17.16 | $11.49 | $13.01 |
Total return2 | 9.38 % | (4.19 )% | (1.37 )% | 56.98 % | (3.61 )% | 1.33 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.21 % | 1.22 % | 1.19 % | 1.24 % | 1.27 % | 1.23 % |
Net expenses | 1.07 % | 1.08 % | 1.07 % | 1.07 % | 1.07 % | 1.08 % |
Net investment income | 1.50 % | 1.13 % | 0.69 % | 0.73 % | 0.92 % | 0.83 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 10 % | 29 % | 32 % | 38 % | 33 % | 47 % |
Net assets, end of period (000s omitted) | $78,732 | $77,198 | $101,496 | $102,332 | $70,680 | $79,172 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.64% |
Year ended May 31, 2023 | 0.64% |
Year ended May 31, 2022 | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.32 | $14.61 | $16.97 | $11.36 | $12.87 | $13.75 |
Net investment income (loss) | 0.05 1 | 0.05 1 | (0.01 ) | (0.03 ) | 0.02 1 | 0.01 1 |
Net realized and unrealized gains (losses) on investments | 0.96 | (0.69 ) | (0.35 ) | 6.25 | (0.35 ) | 0.03 |
Total from investment operations | 1.01 | (0.64 ) | (0.36 ) | 6.22 | (0.33 ) | 0.04 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.05 ) | 0.00 | 0.00 | 0.00 | (0.01 ) |
Net realized gains | 0.00 | (2.60 ) | (2.00 ) | (0.61 ) | (1.18 ) | (0.91 ) |
Total distributions to shareholders | 0.00 | (2.65 ) | (2.00 ) | (0.61 ) | (1.18 ) | (0.92 ) |
Net asset value, end of period | $12.33 | $11.32 | $14.61 | $16.97 | $11.36 | $12.87 |
Total return2 | 8.92 % | (4.85 )% | (2.22 )% | 55.94 % | (4.41 )% | 0.61 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.95 % | 1.97 % | 1.94 % | 1.99 % | 2.02 % | 1.97 % |
Net expenses | 1.82 % | 1.83 % | 1.83 % | 1.83 % | 1.83 % | 1.83 % |
Net investment income (loss) | 0.76 % | 0.36 % | (0.08 )% | (0.04 )% | 0.16 % | 0.07 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 10 % | 29 % | 32 % | 38 % | 33 % | 47 % |
Net assets, end of period (000s omitted) | $3,492 | $3,471 | $4,103 | $4,719 | $3,576 | $5,098 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.64% |
Year ended May 31, 2023 | 0.64% |
Year ended May 31, 2022 | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.59 | $14.90 | $17.24 | $11.53 | $13.06 | $13.97 |
Net investment income | 0.12 1 | 0.20 1 | 0.18 1 | 0.16 1 | 0.18 1 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | 0.99 | (0.70 ) | (0.34 ) | 6.32 | (0.33 ) | 0.00 2 |
Total from investment operations | 1.11 | (0.50 ) | (0.16 ) | 6.48 | (0.15 ) | 0.18 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.21 ) | (0.18 ) | (0.16 ) | (0.20 ) | (0.18 ) |
Net realized gains | 0.00 | (2.60 ) | (2.00 ) | (0.61 ) | (1.18 ) | (0.91 ) |
Total distributions to shareholders | 0.00 | (2.81 ) | (2.18 ) | (0.77 ) | (1.38 ) | (1.09 ) |
Net asset value, end of period | $12.70 | $11.59 | $14.90 | $17.24 | $11.53 | $13.06 |
Total return3 | 9.58 % | (3.75 )% | (0.98 )% | 57.75 % | (3.25 )% | 1.74 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.79 % | 0.78 % | 0.76 % | 0.82 % | 0.84 % | 0.79 % |
Net expenses | 0.65 % | 0.65 % | 0.65 % | 0.65 % | 0.65 % | 0.65 % |
Net investment income | 1.92 % | 1.55 % | 1.11 % | 1.14 % | 1.33 % | 1.27 % |
Supplemental data | ||||||
Portfolio turnover rate4 | 10 % | 29 % | 32 % | 38 % | 33 % | 47 % |
Net assets, end of period (000s omitted) | $15,752 | $15,505 | $23,487 | $47,301 | $37,859 | $68,366 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.64% |
Year ended May 31, 2023 | 0.64% |
Year ended May 31, 2022 | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.55 | $14.86 | $17.20 | $11.51 | $13.03 | $13.92 |
Net investment income | 0.10 1 | 0.16 1 | 0.12 1 | 0.11 1 | 0.13 1 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | 1.00 | (0.72 ) | (0.33 ) | 6.30 | (0.33 ) | 0.02 |
Total from investment operations | 1.10 | (0.56 ) | (0.21 ) | 6.41 | (0.20 ) | 0.14 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15 ) | (0.13 ) | (0.11 ) | (0.14 ) | (0.12 ) |
Net realized gains | 0.00 | (2.60 ) | (2.00 ) | (0.61 ) | (1.18 ) | (0.91 ) |
Total distributions to shareholders | 0.00 | (2.75 ) | (2.13 ) | (0.72 ) | (1.32 ) | (1.03 ) |
Net asset value, end of period | $12.65 | $11.55 | $14.86 | $17.20 | $11.51 | $13.03 |
Total return2 | 9.52 % | (4.18 )% | (1.29 )% | 57.12 % | (3.56 )% | 1.44 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.14 % | 1.14 % | 1.11 % | 1.17 % | 1.19 % | 1.15 % |
Net expenses | 1.00 % | 1.00 % | 0.99 % | 0.99 % | 0.99 % | 1.00 % |
Net investment income | 1.57 % | 1.21 % | 0.76 % | 0.81 % | 1.00 % | 0.90 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 10 % | 29 % | 32 % | 38 % | 33 % | 47 % |
Net assets, end of period (000s omitted) | $3,592 | $4,292 | $6,001 | $5,980 | $6,167 | $9,274 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.64% |
Year ended May 31, 2023 | 0.64% |
Year ended May 31, 2022 | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.59 | $14.90 | $17.24 | $11.53 | $13.05 | $13.96 |
Net investment income | 0.11 1 | 0.19 1 | 0.16 | 0.15 | 0.16 | 0.14 |
Net realized and unrealized gains (losses) on investments | 1.00 | (0.71 ) | (0.34 ) | 6.32 | (0.33 ) | 0.02 |
Total from investment operations | 1.11 | (0.52 ) | (0.18 ) | 6.47 | (0.17 ) | 0.16 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.19 ) | (0.16 ) | (0.15 ) | (0.17 ) | (0.16 ) |
Net realized gains | 0.00 | (2.60 ) | (2.00 ) | (0.61 ) | (1.18 ) | (0.91 ) |
Total distributions to shareholders | 0.00 | (2.79 ) | (2.16 ) | (0.76 ) | (1.35 ) | (1.07 ) |
Net asset value, end of period | $12.70 | $11.59 | $14.90 | $17.24 | $11.53 | $13.05 |
Total return2 | 9.58 % | (3.92 )% | (1.08 )% | 57.58 % | (3.33 )% | 1.64 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.89 % | 0.89 % | 0.86 % | 0.91 % | 0.94 % | 0.90 % |
Net expenses | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 1.82 % | 1.45 % | 1.01 % | 1.05 % | 1.25 % | 1.17 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 10 % | 29 % | 32 % | 38 % | 33 % | 47 % |
Net assets, end of period (000s omitted) | $103,903 | $98,683 | $130,915 | $156,330 | $96,838 | $108,613 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.64% |
Year ended May 31, 2023 | 0.64% |
Year ended May 31, 2022 | 0.64% |
Year ended May 31, 2021 | 0.64% |
Year ended May 31, 2020 | 0.64% |
Year ended May 31, 2019 | 0.65% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $29,727,552 |
Gross unrealized losses | (0 ) |
Net unrealized gains | $29,727,552 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal | $206,130,242 |
Average daily net assets | Management fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.07 % |
Class C | 1.82 |
Class R6 | 0.65 |
Administrator Class | 1.00 |
Institutional Class | 0.75 |
Shares | Value | |||||
Common stocks: 95.77% | ||||||
Communication services: 6.73% | ||||||
Diversified telecommunication services: 1.80% | ||||||
Verizon Communications, Inc. | 122,400 | $4,691,592 | ||||
Entertainment: 2.38% | ||||||
Warner Music Group Corp. Class A | 187,200 | 6,198,192 | ||||
Media: 2.55% | ||||||
Omnicom Group, Inc. | 82,550 | 6,656,007 | ||||
Consumer discretionary: 9.09% | ||||||
Distributors: 1.44% | ||||||
LKQ Corp. | 84,540 | 3,764,566 | ||||
Household durables: 0.98% | ||||||
Whirlpool Corp. | 23,600 | 2,570,040 | ||||
Leisure products: 1.69% | ||||||
Hasbro, Inc. | 95,010 | 4,409,414 | ||||
Specialty retail: 1.85% | ||||||
CarMax, Inc.† | 75,280 | 4,813,403 | ||||
Textiles, apparel & luxury goods: 3.13% | ||||||
Gildan Activewear, Inc. | 182,700 | 6,615,567 | ||||
Hanesbrands, Inc.† | 422,800 | 1,538,992 | ||||
8,154,559 | ||||||
Consumer staples: 7.33% | ||||||
Food products: 2.70% | ||||||
Ingredion, Inc. | 26,260 | 2,691,387 | ||||
Kraft Heinz Co. | 123,680 | 4,342,405 | ||||
7,033,792 | ||||||
Personal care products: 2.78% | ||||||
Kenvue, Inc. | 113,273 | 2,315,300 | ||||
Unilever PLC ADR | 103,650 | 4,944,105 | ||||
7,259,405 | ||||||
Tobacco: 1.85% | ||||||
Philip Morris International, Inc. | 51,550 | 4,812,708 | ||||
Energy: 5.91% | ||||||
Oil, gas & consumable fuels: 5.91% | ||||||
ConocoPhillips | 48,760 | 5,635,193 | ||||
EOG Resources, Inc. | 39,910 | 4,911,724 | ||||
Williams Cos., Inc. | 132,100 | 4,859,959 | ||||
15,406,876 |
Shares | Value | |||||
Financials: 29.78% | ||||||
Banks: 7.43% | ||||||
Bank of America Corp. | 110,700 | $3,375,243 | ||||
JPMorgan Chase & Co. | 40,850 | 6,375,868 | ||||
PNC Financial Services Group, Inc. | 32,880 | 4,404,605 | ||||
U.S. Bancorp | 136,930 | 5,219,771 | ||||
19,375,487 | ||||||
Capital markets: 10.76% | ||||||
Brookfield Corp. Class A | 258,060 | 9,101,776 | ||||
Charles Schwab Corp. | 87,950 | 5,393,094 | ||||
London Stock Exchange Group PLC ADR | 234,800 | 6,710,584 | ||||
State Street Corp. | 94,120 | 6,853,819 | ||||
28,059,273 | ||||||
Consumer finance: 1.79% | ||||||
Discover Financial Services | 50,170 | 4,665,810 | ||||
Financial services: 1.86% | ||||||
Berkshire Hathaway, Inc. Class B† | 13,520 | 4,867,200 | ||||
Insurance: 7.94% | ||||||
Allstate Corp. | 17,540 | 2,418,240 | ||||
Chubb Ltd. | 24,550 | 5,632,506 | ||||
Fidelity National Financial, Inc. | 142,100 | 6,371,764 | ||||
Globe Life, Inc. | 51,000 | 6,279,630 | ||||
20,702,140 | ||||||
Health care: 12.23% | ||||||
Health care equipment & supplies: 6.37% | ||||||
Becton Dickinson & Co. | 20,210 | 4,773,198 | ||||
Dentsply Sirona, Inc. | 183,250 | 5,818,187 | ||||
Medtronic PLC | 76,100 | 6,032,447 | ||||
16,623,832 | ||||||
Health care providers & services: 4.15% | ||||||
HCA Healthcare, Inc. | 21,710 | 5,437,921 | ||||
Laboratory Corp. of America Holdings | 24,780 | 5,375,030 | ||||
10,812,951 | ||||||
Pharmaceuticals: 1.71% | ||||||
Johnson & Johnson | 28,842 | 4,460,704 | ||||
Industrials: 11.63% | ||||||
Aerospace & defense: 1.37% | ||||||
Woodward, Inc. | 26,469 | 3,578,079 | ||||
Commercial services & supplies: 1.97% | ||||||
RB Global, Inc. | 80,692 | 5,138,467 |
Shares | Value | |||||
Electrical equipment: 1.58% | ||||||
AMETEK, Inc. | 26,450 | $4,105,833 | ||||
Machinery: 1.83% | ||||||
Stanley Black & Decker, Inc. | 52,610 | 4,782,249 | ||||
Trading companies & distributors: 4.88% | ||||||
AerCap Holdings NV† | 130,600 | 8,909,532 | ||||
Ashtead Group PLC | 15,580 | 3,812,504 | ||||
12,722,036 | ||||||
Information technology: 7.59% | ||||||
Electronic equipment, instruments & components: 4.49% | ||||||
Arrow Electronics, Inc.† | 46,450 | 5,507,113 | ||||
TE Connectivity Ltd. | 47,435 | 6,213,985 | ||||
11,721,098 | ||||||
Software: 3.10% | ||||||
Open Text Corp. | 201,120 | 8,072,957 | ||||
Real estate: 3.65% | ||||||
Real estate management & development: 1.98% | ||||||
CBRE Group, Inc. Class A† | 65,440 | 5,167,142 | ||||
Specialized REITs : 1.67% | ||||||
Crown Castle, Inc. | 37,150 | 4,356,952 | ||||
Utilities: 1.83% | ||||||
Gas utilities: 1.83% | ||||||
Atmos Energy Corp. | 41,930 | 4,772,053 | ||||
Total common stocks (Cost $200,272,495) | 249,754,817 |
Yield | ||||||
Short-term investments: 3.88% | ||||||
Investment companies: 3.88% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 10,122,147 | 10,122,147 | |||
Total short-term investments (Cost $10,122,147) | 10,122,147 | |||||
Total investments in securities (Cost $210,394,642) | 99.65 % | 259,876,964 | ||||
Other assets and liabilities, net | 0.35 | 925,036 | ||||
Total net assets | 100.00 % | $260,802,000 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
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 | $5,079,661 | $34,768,809 | $(29,726,323 ) | $0 | $0 | $10,122,147 | 10,122,147 | $175,976 |
Assets | |
Investments in unaffiliated securities, at value (cost $200,272,495) | $249,754,817 |
Investments in affiliated securities, at value (cost $10,122,147) | 10,122,147 |
Receivable for dividends | 601,390 |
Receivable for investments sold | 485,464 |
Prepaid expenses and other assets | 2,422 |
Total assets | 260,966,240 |
Liabilities | |
Advisory fee payable | 123,901 |
Professional fees payable | 17,849 |
Custody and accounting fees payable | 15,105 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 6,571 |
Total liabilities | 164,240 |
Total net assets | $260,802,000 |
Investment income | |
Dividends (net of foreign withholdings taxes of $80,175) | $3,201,801 |
Income from affiliated securities | 175,976 |
Interest | 2,298 |
Total investment income | 3,380,075 |
Expenses | |
Advisory fee | 852,314 |
Custody and accounting fees | 2,694 |
Professional fees | 26,569 |
Interest holder report expenses | 4,556 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 6,077 |
Total expenses | 904,136 |
Less: Fee waivers and/or expense reimbursements | (64,934 ) |
Net expenses | 839,202 |
Net investment income | 2,540,873 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 11,723,637 |
Net change in unrealized gains (losses) on investments | 9,690,026 |
Net realized and unrealized gains (losses) on investments | 21,413,663 |
Net increase in net assets resulting from operations | $23,954,536 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $2,540,873 | $4,389,636 | ||
Net realized gains on investments | 11,723,637 | 24,842,159 | ||
Net change in unrealized gains (losses) on investments | 9,690,026 | (41,838,078 ) | ||
Net increase (decrease) in net assets resulting from operations | 23,954,536 | (12,606,283 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 5,191,774 | 9,137,304 | ||
Withdrawals | (21,559,458 ) | (76,376,645 ) | ||
Net decrease in net assets resulting from capital transactions | (16,367,684 ) | (67,239,341 ) | ||
Total increase (decrease) in net assets | 7,586,852 | (79,845,624 ) | ||
Net assets | ||||
Beginning of period | 253,215,148 | 333,060,772 | ||
End of period | $260,802,000 | $253,215,148 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | 9.65 % | (3.77 )% | (1.05 )% | 57.96 % | (3.40 )% | 1.80 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.69 % | 0.71 % | 0.69 % | 0.68 % | 0.68 % | 0.67 % |
Net expenses2 | 0.64 % | 0.64 % | 0.64 % | 0.64 % | 0.64 % | 0.67 % |
Net investment income | 1.94 % | 1.56 % | 1.12 % | 1.16 % | 1.36 % | 1.27 % |
Supplemental data | ||||||
Portfolio turnover rate | 10 % | 29 % | 32 % | 38 % | 33 % | 47 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $74,013,762 |
Gross unrealized losses | (24,954,075 ) |
Net unrealized gains | $49,059,687 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $17,545,791 | $0 | $0 | $17,545,791 |
Consumer discretionary | 23,711,982 | 0 | 0 | 23,711,982 |
Consumer staples | 19,105,905 | 0 | 0 | 19,105,905 |
Energy | 15,406,876 | 0 | 0 | 15,406,876 |
Financials | 77,669,910 | 0 | 0 | 77,669,910 |
Health care | 31,897,487 | 0 | 0 | 31,897,487 |
Industrials | 30,326,664 | 0 | 0 | 30,326,664 |
Information technology | 19,794,055 | 0 | 0 | 19,794,055 |
Real estate | 9,524,094 | 0 | 0 | 9,524,094 |
Utilities | 4,772,053 | 0 | 0 | 4,772,053 |
Short-term investments | ||||
Investment companies | 10,122,147 | 0 | 0 | 10,122,147 |
Total assets | $259,876,964 | $0 | $0 | $259,876,964 |
Average daily net assets | Advisory fee |
First $500 million | 0.650 % |
Next $500 million | 0.625 |
Next $1 billion | 0.600 |
Next $2 billion | 0.575 |
Next $4 billion | 0.550 |
Next $4 billion | 0.525 |
Next $4 billion | 0.500 |
Over $16 billion | 0.475 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR1863 11-23
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Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks total return, consisting of income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser for the affiliated master portfolio* | Allspring Global Investments, LLC |
Portfolio managers | Maulik Bhansali, CFA, Jarad Vasquez |
Average annual total returns (%) as of November 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (MBFAX) | 10-31-2001 | -3.32 | -0.43 | 0.64 | 1.28 | 0.50 | 1.10 | 0.83 | 0.70 |
Class C (MBFCX) | 10-31-2001 | -0.41 | -0.25 | 0.49 | 0.59 | -0.25 | 0.49 | 1.58 | 1.45 |
Class R6 (WTRIX) | 11-30-2012 | – | – | – | 1.70 | 0.92 | 1.51 | 0.46 | 0.33 |
Administrator Class (MNTRX) | 6-30-1997 | – | – | – | 1.37 | 0.57 | 1.18 | 0.78 | 0.65 |
Institutional Class (MBFIX) | 10-31-2001 | – | – | – | 1.65 | 0.87 | 1.47 | 0.51 | 0.38 |
Bloomberg U.S. Aggregate Bond Index3 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.70% for Class A, 1.45% for Class C, 0.33% for Class R6, 0.65% for Administrator Class and 0.38% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
U.S. Treasury Notes, 4.88%, 10-31-2028 | 3.21 |
FNMA, 6.00%, 12-13-2053 | 3.02 |
U.S. Treasury Notes, 4.63%, 11-15-2026 | 1.98 |
U.S. Treasury Bonds, 1.38%, 11-15-2040 | 1.92 |
U.S. Treasury Notes, 3.25%, 6-30-2029 | 1.61 |
GNMA, 6.50%, 12-20-2053 | 1.58 |
U.S. Treasury Bonds, 1.13%, 8-15-2040 | 1.57 |
U.S. Treasury Notes, 5.00%, 9-30-2025 | 1.39 |
U.S. Treasury Notes, 4.38%, 11-30-2028 | 1.24 |
U.S. Treasury Notes, 4.50%, 11-15-2033 | 1.21 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of November 30, 20231 |
1 | Figures represent the portfolio allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1, 2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $992.00 | $3.49 | 0.70 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.50 | $3.54 | 0.70 % |
Class C | ||||
Actual | $1,000.00 | $988.90 | $7.21 | 1.45 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.75 | $7.31 | 1.45 % |
Class R6 | ||||
Actual | $1,000.00 | $994.00 | $1.65 | 0.33 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.35 | $1.67 | 0.33 % |
Administrator Class | ||||
Actual | $1,000.00 | $992.50 | $3.24 | 0.65 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.75 | $3.29 | 0.65 % |
Institutional Class | ||||
Actual | $1,000.00 | $993.70 | $1.89 | 0.38 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.10 | $1.92 | 0.38 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
2 | Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests. |
Value | ||||||
Investment companies: 100.00% | ||||||
Affiliated master portfolio: 100.00% | ||||||
Allspring Core Bond Portfolio | $4,583,139,600 | |||||
Total investment companies (Cost $4,801,528,971) | 4,583,139,600 | |||||
Total investments in securities (Cost $4,801,528,971) | 100.00 % | 4,583,139,600 | ||||
Other assets and liabilities, net | 0.00 | 8,044 | ||||
Total net assets | 100.00 % | $4,583,147,644 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | Affiliated Income Allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Value, end of period | |
Allspring Core Bond Portfolio | 95.76 % | 96.45 % | $(138,516,235 ) | $22,569,338 | $4,130,115 | $94,739,947 | $4,583,139,600 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $4,801,528,971) | $4,583,139,600 |
Receivable for Fund shares sold | 8,002,237 |
Receivable from manager | 137,016 |
Prepaid expenses and other assets | 196,627 |
Total assets | 4,591,475,480 |
Liabilities | |
Payable for Fund shares redeemed | 5,885,088 |
Dividends payable | 1,888,973 |
Administration fees payable | 250,659 |
Distribution fees payable | 4,026 |
Trustees’ fees and expenses payable | 963 |
Accrued expenses and other liabilities | 298,127 |
Total liabilities | 8,327,836 |
Total net assets | $4,583,147,644 |
Net assets consist of | |
Paid-in capital | $5,450,360,554 |
Total distributable loss | (867,212,910 ) |
Total net assets | $4,583,147,644 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $267,788,243 |
Shares outstanding–Class A1 | 24,093,803 |
Net asset value per share–Class A | $11.11 |
Maximum offering price per share – Class A2 | $11.63 |
Net assets–Class C | $6,732,000 |
Shares outstanding–Class C1 | 612,137 |
Net asset value per share–Class C | $11.00 |
Net assets–Class R6 | $1,464,549,897 |
Shares outstanding–Class R61 | 135,333,195 |
Net asset value per share–Class R6 | $10.82 |
Net assets–Administrator Class | $144,789,978 |
Shares outstanding–Administrator Class1 | 13,365,416 |
Net asset value per share–Administrator Class | $10.83 |
Net assets–Institutional Class | $2,699,287,526 |
Shares outstanding–Institutional Class1 | 249,502,080 |
Net asset value per share–Institutional Class | $10.82 |
Investment income | |
Interest allocated from affiliated Master Portfolio | $94,739,947 |
Affiliated income allocated from affiliated Master Portfolio | 4,130,115 |
Expenses allocated from affiliated Master Portfolio | (7,874,534 ) |
Waivers allocated from affiliated Master Portfolio | 630,719 |
Total investment income | 91,626,247 |
Expenses | |
Management fee | 1,095,549 |
Administration fees | |
Class A | 201,664 |
Class C | 4,995 |
Class R | 109 1 |
Class R4 | 34 1 |
Class R6 | 211,885 |
Administrator Class | 44,359 |
Institutional Class | 1,043,242 |
Shareholder servicing fees | |
Class A | 332,014 |
Class C | 8,235 |
Class R | 104 1 |
Class R4 | 42 1 |
Administrator Class | 107,116 |
Distribution fees | |
Class C | 24,704 |
Class R | 104 1 |
Custody and accounting fees | 13,757 |
Professional fees | 21,898 |
Registration fees | 80,119 |
Shareholder report expenses | 59,390 |
Trustees’ fees and expenses | 12,075 |
Other fees and expenses | 27,481 |
Total expenses | 3,288,876 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,976,719 ) |
Net expenses | 1,312,157 |
Net investment income | 90,314,090 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments allocated from affiliated Master Portfolio | (138,516,235 ) |
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | 22,569,338 |
Net realized and unrealized gains (losses) on investments | (115,946,897 ) |
Net decrease in net assets resulting from operations | $(25,632,807 ) |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $90,314,090 | $129,513,108 | ||
Net realized losses on investments | (138,516,235 ) | (312,035,594 ) | ||
Net change in unrealized gains (losses) on investments | 22,569,338 | 85,016,436 | ||
Net decrease in net assets resulting from operations | (25,632,807 ) | (97,506,050 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (5,177,027 ) | (7,675,142 ) | ||
Class C | (103,538 ) | (131,223 ) | ||
Class R | (2,333 )1 | (34,090 ) | ||
Class R4 | (1,594 )1 | (48,723 ) | ||
Class R6 | (30,137,651 ) | (44,157,011 ) | ||
Administrator Class | (1,788,335 ) | (2,554,745 ) | ||
Institutional Class | (54,978,445 ) | (74,306,035 ) | ||
Total distributions to shareholders | (92,188,923 ) | (128,906,969 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 1,758,903 | 19,487,301 | 3,547,996 | 40,597,860 |
Class C | 90,118 | 984,042 | 203,641 | 2,319,261 |
Class R | 2,735 1 | 30,355 1 | 9,751 | 109,924 |
Class R4 | 247 1 | 2,744 1 | 81,024 | 891,840 |
Class R6 | 22,289,984 | 240,050,682 | 48,253,518 | 536,236,583 |
Administrator Class | 8,350,686 | 89,153,979 | 1,484,991 | 16,856,217 |
Institutional Class | 44,996,236 | 485,304,316 | 95,825,733 | 1,072,136,843 |
835,013,419 | 1,669,148,528 | |||
Reinvestment of distributions | ||||
Class A | 437,540 | 4,844,502 | 629,058 | 7,205,833 |
Class C | 9,415 | 103,148 | 11,516 | 130,427 |
Class R | 0 1 | 0 1 | 2,140 | 23,904 |
Class R4 | 0 1 | 0 1 | 4,370 | 48,723 |
Class R6 | 1,955,691 | 21,091,842 | 3,183,589 | 35,516,927 |
Administrator Class | 161,805 | 1,739,986 | 207,042 | 2,323,885 |
Institutional Class | 5,004,978 | 53,944,312 | 6,456,679 | 72,012,292 |
81,723,790 | 117,261,991 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Shares | Shares | |||
Payment for shares redeemed | ||||
Class A | (2,200,267 ) | $(24,352,830 ) | (7,212,437 ) | $(82,273,020 ) |
Class C | (94,586 ) | (1,035,587 ) | (264,946 ) | (3,003,853 ) |
Class R | (2,903 )1 | (32,239 )1 | (17,679 ) | (198,692 ) |
Class R4 | (2,032 )1 | (22,570 )1 | (144,850 ) | (1,619,238 ) |
Class R6 | (21,658,057 ) | (234,275,401 ) | (59,239,090 ) | (658,796,705 ) |
Administrator Class | (1,465,284 ) | (15,663,940 ) | (10,522,094 ) | (119,107,953 ) |
Institutional Class | (37,575,864 ) | (405,796,150 ) | (74,572,722 ) | (831,757,832 ) |
(681,178,717 ) | (1,696,757,293 ) | |||
Share conversions | ||||
Class A | 114,873 | 1,307,735 | 0 | 0 |
Class R | (117,853 )2 | (1,307,735 )2 | 0 | 0 |
Class R4 | (72,695 )2 | (806,720 )2 | 0 | 0 |
Institutional Class | 72,800 | 806,720 | 0 | 0 |
0 | 0 | |||
Net increase in net assets resulting from capital share transactions | 235,558,492 | 89,653,226 | ||
Total increase (decrease) in net assets | 117,736,762 | (136,759,793 ) | ||
Net assets | ||||
Beginning of period | 4,465,410,882 | 4,602,170,675 | ||
End of period | $4,583,147,644 | $4,465,410,882 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.42 | $12.01 | $13.43 | $14.17 | $13.28 | $12.86 |
Net investment income | 0.21 1 | 0.31 1 | 0.12 | 0.12 1 | 0.25 | 0.32 |
Net realized and unrealized gains (losses) on investments | (0.51 ) | (0.59 ) | (1.30 ) | (0.06 ) | 0.93 | 0.42 |
Total from investment operations | (0.30 ) | (0.28 ) | (1.18 ) | 0.06 | 1.18 | 0.74 |
Distributions to shareholders from | ||||||
Net investment income | (0.01 ) | (0.30 ) | (0.12 ) | (0.15 ) | (0.26 ) | (0.32 ) |
Net realized gains | 0.00 | (0.01 ) | (0.12 ) | (0.65 ) | (0.03 ) | 0.00 |
Total distributions to shareholders | (0.01 ) | (0.31 ) | (0.24 ) | (0.80 ) | (0.29 ) | (0.32 ) |
Net asset value, end of period | $11.11 | $11.42 | $12.01 | $13.43 | $14.17 | $13.28 |
Total return2 | (0.80 )% | (2.33 )% | (8.95 )% | 0.31 % | 9.03 % | 5.87 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.79 % | 0.83 % | 0.82 % | 0.82 % | 0.82 % | 0.83 % |
Net expenses | 0.70 % | 0.77 % | 0.78 % | 0.78 % | 0.78 % | 0.78 % |
Net investment income | 3.81 % | 2.66 % | 0.91 % | 0.87 % | 1.85 % | 2.50 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 176 % | 384 % | 432 % | 457 % | 603 % | 577 % |
Net assets, end of period (000s omitted) | $267,788 | $273,980 | $324,431 | $370,882 | $299,642 | $302,246 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.36% |
Year ended May 31, 2022 | 0.36% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.30 | $11.88 | $13.29 | $14.03 | $13.15 | $12.74 |
Net investment income | 0.17 1 | 0.22 1 | 0.05 | 0.03 | 0.15 | 0.23 |
Net realized and unrealized gains (losses) on investments | (0.46 ) | (0.58 ) | (1.32 ) | (0.07 ) | 0.92 | 0.40 |
Total from investment operations | (0.29 ) | (0.36 ) | (1.27 ) | (0.04 ) | 1.07 | 0.63 |
Distributions to shareholders from | ||||||
Net investment income | (0.01 ) | (0.21 ) | (0.02 ) | (0.05 ) | (0.16 ) | (0.22 ) |
Net realized gains | 0.00 | (0.01 ) | (0.12 ) | (0.65 ) | (0.03 ) | 0.00 |
Total distributions to shareholders | (0.01 ) | (0.22 ) | (0.14 ) | (0.70 ) | (0.19 ) | (0.22 ) |
Net asset value, end of period | $11.00 | $11.30 | $11.88 | $13.29 | $14.03 | $13.15 |
Total return2 | (1.11 )% | (3.03 )% | (9.65 )% | (0.45 )% | 8.22 % | 5.04 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.54 % | 1.58 % | 1.57 % | 1.57 % | 1.57 % | 1.58 % |
Net expenses | 1.45 % | 1.52 % | 1.53 % | 1.53 % | 1.53 % | 1.53 % |
Net investment income | 3.06 % | 1.92 % | 0.13 % | 0.16 % | 1.11 % | 1.75 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 176 % | 384 % | 432 % | 457 % | 603 % | 577 % |
Net assets, end of period (000s omitted) | $6,732 | $6,863 | $7,806 | $13,399 | $27,971 | $34,494 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.36% |
Year ended May 31, 2022 | 0.36% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.12 | $11.69 | $13.08 | $13.82 | $12.95 | $12.54 |
Net investment income | 0.23 1 | 0.34 1 | 0.17 | 0.18 1 | 0.30 | 0.37 |
Net realized and unrealized gains (losses) on investments | (0.52 ) | (0.56 ) | (1.27 ) | (0.06 ) | 0.91 | 0.41 |
Total from investment operations | (0.29 ) | (0.22 ) | (1.10 ) | 0.12 | 1.21 | 0.78 |
Distributions to shareholders from | ||||||
Net investment income | (0.01 ) | (0.34 ) | (0.17 ) | (0.21 ) | (0.31 ) | (0.37 ) |
Net realized gains | 0.00 | (0.01 ) | (0.12 ) | (0.65 ) | (0.03 ) | 0.00 |
Total distributions to shareholders | (0.01 ) | (0.35 ) | (0.29 ) | (0.86 ) | (0.34 ) | (0.37 ) |
Net asset value, end of period | $10.82 | $11.12 | $11.69 | $13.08 | $13.82 | $12.95 |
Total return2 | (0.60 )% | (1.90 )% | (8.61 )% | 0.70 % | 9.42 % | 6.31 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.42 % | 0.45 % | 0.44 % | 0.44 % | 0.44 % | 0.45 % |
Net expenses | 0.33 % | 0.37 % | 0.37 % | 0.37 % | 0.37 % | 0.37 % |
Net investment income | 4.18 % | 3.06 % | 1.32 % | 1.29 % | 2.26 % | 2.92 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 176 % | 384 % | 432 % | 457 % | 603 % | 577 % |
Net assets, end of period (000s omitted) | $1,464,550 | $1,476,551 | $1,643,353 | $1,978,164 | $2,545,332 | $2,513,644 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.36% |
Year ended May 31, 2022 | 0.36% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.13 | $11.70 | $13.09 | $13.83 | $12.96 | $12.56 |
Net investment income | 0.21 1 | 0.29 1 | 0.13 | 0.13 | 0.26 | 0.33 1 |
Net realized and unrealized gains (losses) on investments | (0.50 ) | (0.55 ) | (1.27 ) | (0.06 ) | 0.90 | 0.40 |
Total from investment operations | (0.29 ) | (0.26 ) | (1.14 ) | 0.07 | 1.16 | 0.73 |
Distributions to shareholders from | ||||||
Net investment income | (0.01 ) | (0.30 ) | (0.13 ) | (0.16 ) | (0.26 ) | (0.33 ) |
Net realized gains | 0.00 | (0.01 ) | (0.12 ) | (0.65 ) | (0.03 ) | 0.00 |
Total distributions to shareholders | (0.01 ) | (0.31 ) | (0.25 ) | (0.81 ) | (0.29 ) | (0.33 ) |
Net asset value, end of period | $10.83 | $11.13 | $11.70 | $13.09 | $13.83 | $12.96 |
Total return2 | (0.75 )% | (2.22 )% | (8.90 )% | 0.37 % | 9.14 % | 5.87 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.73 % | 0.76 % | 0.74 % | 0.76 % | 0.76 % | 0.76 % |
Net expenses | 0.65 % | 0.70 % | 0.69 % | 0.70 % | 0.70 % | 0.70 % |
Net investment income | 3.94 % | 2.60 % | 0.99 % | 0.95 % | 1.92 % | 2.58 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 176 % | 384 % | 432 % | 457 % | 603 % | 577 % |
Net assets, end of period (000s omitted) | $144,790 | $70,352 | $177,305 | $214,796 | $218,522 | $205,825 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.36% |
Year ended May 31, 2022 | 0.36% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.12 | $11.69 | $13.07 | $13.82 | $12.94 | $12.54 |
Net investment income | 0.22 1 | 0.34 1 | 0.16 | 0.17 | 0.29 | 0.36 |
Net realized and unrealized gains (losses) on investments | (0.51 ) | (0.57 ) | (1.26 ) | (0.07 ) | 0.92 | 0.40 |
Total from investment operations | (0.29 ) | (0.23 ) | (1.10 ) | 0.10 | 1.21 | 0.76 |
Distributions to shareholders from | ||||||
Net investment income | (0.01 ) | (0.33 ) | (0.16 ) | (0.20 ) | (0.30 ) | (0.36 ) |
Net realized gains | 0.00 | (0.01 ) | (0.12 ) | (0.65 ) | (0.03 ) | 0.00 |
Total distributions to shareholders | (0.01 ) | (0.34 ) | (0.28 ) | (0.85 ) | (0.33 ) | (0.36 ) |
Net asset value, end of period | $10.82 | $11.12 | $11.69 | $13.07 | $13.82 | $12.94 |
Total return2 | (0.63 )% | (1.95 )% | (8.59 )% | 0.58 % | 9.45 % | 6.18 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.47 % | 0.50 % | 0.49 % | 0.49 % | 0.49 % | 0.50 % |
Net expenses | 0.38 % | 0.41 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % |
Net investment income | 4.13 % | 3.05 % | 1.27 % | 1.22 % | 2.21 % | 2.86 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 176 % | 384 % | 432 % | 457 % | 603 % | 577 % |
Net assets, end of period (000s omitted) | $2,699,288 | $2,635,520 | $2,446,260 | $2,749,647 | $2,365,421 | $2,343,238 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.36% |
Year ended May 31, 2022 | 0.36% |
Year ended May 31, 2021 | 0.35% |
Year ended May 31, 2020 | 0.35% |
Year ended May 31, 2019 | 0.35% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $0 |
Gross unrealized losses | (236,757,258 ) |
Net unrealized losses | $(236,757,258 ) |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation | $4,583,139,600 |
Average daily net assets | Management fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.15 % |
Class C | 0.15 |
Class R | 0.16 |
Class R4 | 0.08 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.70 % |
Class C | 1.45 |
Class R6 | 0.33 |
Administrator Class | 0.65 |
Institutional Class | 0.38 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$4,319,740,449 | $4,096,979,703 | $4,017,954,875 | $4,089,880,477 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 43.89% | ||||||
FHLB | 1.25 % | 9-30-2031 | $ | 8,020,000 | $6,621,130 | |
FHLMC¤ | 0.00 | 12-14-2029 | 6,390,000 | 4,836,640 | ||
FHLMC | 2.00 | 6-1-2040 | 8,884,717 | 7,414,057 | ||
FHLMC | 2.00 | 7-1-2040 | 9,159,641 | 7,691,580 | ||
FHLMC | 2.00 | 8-1-2040 | 9,489,175 | 7,968,282 | ||
FHLMC | 2.00 | 11-1-2040 | 12,567,243 | 10,541,214 | ||
FHLMC | 2.00 | 12-1-2040 | 3,105,171 | 2,605,496 | ||
FHLMC | 2.00 | 1-1-2041 | 2,403,971 | 2,005,988 | ||
FHLMC | 2.00 | 2-1-2041 | 2,463,710 | 2,051,233 | ||
FHLMC | 2.00 | 4-1-2041 | 4,699,498 | 3,895,228 | ||
FHLMC | 2.00 | 7-1-2041 | 4,131,980 | 3,417,095 | ||
FHLMC | 2.00 | 11-1-2041 | 4,789,802 | 3,982,037 | ||
FHLMC | 2.00 | 1-1-2042 | 3,156,589 | 2,620,162 | ||
FHLMC | 2.00 | 2-1-2042 | 17,445,431 | 14,426,531 | ||
FHLMC | 2.00 | 2-1-2047 | 2,103,320 | 1,650,389 | ||
FHLMC | 2.00 | 12-1-2051 | 1,392,901 | 1,092,961 | ||
FHLMC | 2.50 | 4-1-2042 | 1,658,966 | 1,403,706 | ||
FHLMC | 2.50 | 5-1-2042 | 6,032,987 | 5,100,348 | ||
FHLMC | 2.50 | 6-1-2042 | 2,157,762 | 1,824,202 | ||
FHLMC | 2.50 | 8-1-2043 | 5,616,183 | 4,808,307 | ||
FHLMC | 2.50 | 6-1-2046 | 6,620,560 | 5,668,222 | ||
FHLMC | 2.50 | 9-1-2051 | 10,293,828 | 8,466,283 | ||
FHLMC | 2.50 | 2-1-2052 | 1,095,690 | 897,067 | ||
FHLMC | 2.50 | 3-1-2052 | 3,609,913 | 2,941,524 | ||
FHLMC | 3.00 | 4-1-2040 | 2,699,074 | 2,413,567 | ||
FHLMC | 3.00 | 4-1-2043 | 3,212,291 | 2,832,588 | ||
FHLMC | 3.00 | 8-1-2043 | 4,863,270 | 4,288,415 | ||
FHLMC | 3.00 | 4-1-2045 | 11,751,003 | 10,347,353 | ||
FHLMC | 3.00 | 5-1-2045 | 3,974,707 | 3,470,140 | ||
FHLMC | 3.00 | 9-1-2046 | 4,983,535 | 4,336,299 | ||
FHLMC | 3.00 | 2-1-2047 | 3,688,170 | 3,199,383 | ||
FHLMC | 3.00 | 1-1-2047 | 4,010,258 | 3,479,071 | ||
FHLMC | 4.00 | 4-1-2037 | 1,042,163 | 1,000,696 | ||
FHLMC | 4.00 | 7-1-2049 | 7,152,663 | 6,660,192 | ||
FHLMC | 4.00 | 3-1-2050 | 10,849,774 | 10,117,524 | ||
FHLMC | 4.50 | 6-1-2039 | 165,874 | 161,709 | ||
FHLMC | 4.50 | 7-1-2039 | 217,566 | 211,399 | ||
FHLMC STRIPS Series 264 Class 30 | 3.00 | 7-15-2042 | 5,052,352 | 4,508,023 | ||
FHLMC STRIPS Series 271 Class F5 (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 8-15-2042 | 1,532,210 | 1,474,282 | ||
FHLMC STRIPS Series 272 Class F1 (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 8-15-2042 | 2,409,882 | 2,319,377 | ||
FHLMC STRIPS Series 280 Class F1 (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 9-15-2042 | 2,434,714 | 2,342,523 | ||
FHLMC (30 Day Average U.S. SOFR+2.13%)± | 3.91 | 7-1-2052 | 2,182,095 | 2,059,111 | ||
FHLMC (30 Day Average U.S. SOFR+2.13%)± | 4.30 | 7-1-2052 | 2,572,578 | 2,458,762 | ||
FHLMC (30 Day Average U.S. SOFR+2.14%)± | 3.98 | 8-1-2052 | 2,978,700 | 2,776,117 | ||
FHLMC (30 Day Average U.S. SOFR+2.22%)± | 5.13 | 8-1-2053 | 1,806,174 | 1,778,763 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FHLMC (30 Day Average U.S. SOFR+2.30%)± | 4.19 % | 5-1-2053 | $ | 8,683,651 | $8,341,298 | |
FHLMC (30 Day Average U.S. SOFR+2.30%)± | 5.20 | 6-1-2053 | 1,670,256 | 1,649,499 | ||
FHLMC (30 Day Average U.S. SOFR+2.38%)± | 4.12 | 9-1-2052 | 1,651,565 | 1,567,841 | ||
FHLMC (RFUCCT1Y+1.60%)± | 7.17 | 9-1-2043 | 190,211 | 193,684 | ||
FHLMC (RFUCCT1Y+1.61%)± | 7.43 | 10-1-2043 | 358,675 | 365,976 | ||
FHLMC (RFUCCT1Y+1.63%)± | 3.07 | 2-1-2050 | 3,586,025 | 3,482,999 | ||
FHLMC (RFUCCT1Y+1.63%)± | 5.90 | 11-1-2043 | 312,320 | 317,661 | ||
FHLMC (RFUCCT1Y+1.64%)± | 2.95 | 5-1-2049 | 1,616,895 | 1,598,894 | ||
FHLMC (RFUCCT1Y+1.64%)± | 3.13 | 11-1-2048 | 2,512,616 | 2,447,806 | ||
FHLMC (RFUCCT1Y+1.64%)± | 5.22 | 3-1-2049 | 1,914,407 | 1,927,869 | ||
FHLMC (RFUCCT1Y+1.64%)± | 5.62 | 4-1-2048 | 4,786,706 | 4,833,902 | ||
FHLMC (RFUCCT1Y+1.64%)± | 6.81 | 8-1-2043 | 338,336 | 342,479 | ||
FHLMC (RFUCCT1Y+1.64%)± | 6.84 | 9-1-2045 | 3,245,719 | 3,300,814 | ||
FHLMC (RFUCCT1Y+1.64%)± | 6.88 | 7-1-2043 | 212,897 | 216,220 | ||
FHLMC (RFUCCT1Y+1.65%)± | 7.04 | 3-1-2043 | 342,335 | 347,666 | ||
FHLMC (RFUCCT1Y+1.65%)± | 7.04 | 10-1-2043 | 367,543 | 373,787 | ||
FHLMC (RFUCCT1Y+1.67%)± | 7.26 | 2-1-2043 | 513,707 | 525,073 | ||
FHLMC (RFUCCT1Y+1.68%)± | 5.97 | 9-1-2047 | 3,830,153 | 3,867,763 | ||
FHLMC (RFUCCT1Y+1.73%)± | 5.94 | 1-1-2044 | 740,787 | 751,758 | ||
FHLMC (RFUCCT1Y+1.77%)± | 7.45 | 9-1-2042 | 352,895 | 361,579 | ||
FHLMC Series 1897 Class K | 7.00 | 9-15-2026 | 73 | 72 | ||
FHLMC Series 2015-8 Class AP | 2.00 | 3-25-2045 | 4,503,077 | 3,822,764 | ||
FHLMC Series 2017-78 Class FC (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 10-25-2047 | 2,687,421 | 2,562,217 | ||
FHLMC Series 3924 Class NC | 4.00 | 9-15-2041 | 2,586,429 | 2,435,458 | ||
FHLMC Series 4047 Class CX | 3.50 | 5-15-2042 | 4,821,431 | 4,251,239 | ||
FHLMC Series 4091 Class BX | 3.25 | 10-15-2041 | 2,664,121 | 2,400,971 | ||
FHLMC Series 4091 Class EX | 3.38 | 7-15-2042 | 1,660,604 | 1,495,682 | ||
FHLMC Series 4117 Class HB | 2.50 | 10-15-2042 | 1,660,000 | 1,383,460 | ||
FHLMC Series 4122 Class FP (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 10-15-2042 | 3,309,263 | 3,175,809 | ||
FHLMC Series 4205 Class PA | 1.75 | 5-15-2043 | 1,605,033 | 1,320,999 | ||
FHLMC Series 4240 Class FA (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 8-15-2043 | 4,487,304 | 4,312,763 | ||
FHLMC Series 4248 Class FT (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 9-15-2043 | 1,678,369 | 1,620,194 | ||
FHLMC Series 4286 Class VF (30 Day Average U.S. SOFR+0.56%)± | 5.89 | 12-15-2043 | 3,527,279 | 3,396,087 | ||
FHLMC Series 4446 Class CP | 2.25 | 3-15-2045 | 2,128,170 | 1,809,177 | ||
FHLMC Series 4582 Class HA | 3.00 | 9-15-2045 | 8,315,026 | 7,528,590 | ||
FHLMC Series 4614 Class FG (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 9-15-2046 | 2,049,382 | 1,963,032 | ||
FHLMC Series 4628 Class KF (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 1-15-2055 | 2,380,462 | 2,249,302 | ||
FHLMC Series 4631 Class FA (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 11-15-2046 | 3,199,683 | 3,063,882 | ||
FHLMC Series 4719 Class LM | 3.00 | 9-15-2047 | 1,814,985 | 1,577,377 | ||
FHLMC Series 4719 Class LA | 3.50 | 9-15-2047 | 2,388,719 | 2,152,123 | ||
FHLMC Series 4742 Class PA | 3.00 | 10-15-2047 | 3,711,317 | 3,257,187 | ||
FHLMC Series 4793 Class FD (30 Day Average U.S. SOFR+0.41%)± | 5.74 | 6-15-2048 | 665,800 | 632,160 | ||
FHLMC Series 4826 Class KF (30 Day Average U.S. SOFR+0.41%)± | 5.74 | 9-15-2048 | 1,404,368 | 1,335,071 | ||
FHLMC Series 4857 Class JA | 3.35 | 1-15-2049 | 7,592,357 | 7,025,716 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FHLMC Series 4880 Class DA | 3.00 % | 5-15-2050 | $ | 3,063,022 | $2,700,521 | |
FHLMC Series 4903 Class NF (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 8-25-2049 | 1,463,918 | 1,402,224 | ||
FHLMC Series 4927 Class BG | 3.00 | 11-25-2049 | 3,239,038 | 2,827,446 | ||
FHLMC Series 4937 Class MD | 2.50 | 10-25-2049 | 3,266,886 | 2,788,353 | ||
FHLMC Series 4941 Class GA | 2.00 | 12-15-2047 | 1,847,580 | 1,496,475 | ||
FHLMC Series 4957 Class MY | 3.00 | 2-25-2050 | 1,883,000 | 1,489,132 | ||
FHLMC Series 4979 Class UC | 1.50 | 6-25-2050 | 5,952,097 | 4,656,328 | ||
FHLMC Series 4990 Class FN (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 5-25-2050 | 4,226,211 | 4,013,660 | ||
FHLMC Series 4993 Class KF (30 Day Average U.S. SOFR+0.56%)± | 5.89 | 7-25-2050 | 12,594,477 | 12,004,876 | ||
FHLMC Series 5004 Class FM (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 8-25-2050 | 2,664,120 | 2,522,402 | ||
FHLMC Series 5020 Class ET | 3.50 | 10-25-2050 | 2,661,409 | 2,354,901 | ||
FHLMC Series 5091 Class AB | 1.50 | 3-25-2051 | 5,716,752 | 4,473,446 | ||
FHLMC Series 5092 Class HE | 2.00 | 2-25-2051 | 3,297,075 | 2,662,576 | ||
FHLMC Series 5116 Class PB | 2.25 | 2-25-2051 | 3,371,592 | 2,775,434 | ||
FHLMC Series 5118 Class CA | 1.50 | 10-15-2033 | 2,796,228 | 2,393,243 | ||
FHLMC Series 5119 Class AB | 1.50 | 8-25-2049 | 3,226,978 | 2,483,067 | ||
FHLMC Series 5119 Class QF (30 Day Average U.S. SOFR+0.20%)± | 5.53 | 6-25-2051 | 3,809,930 | 3,555,961 | ||
FHLMC Series 5143 Class GA | 2.00 | 6-25-2049 | 1,895,690 | 1,508,035 | ||
FHLMC Series 5156 Class DC | 2.00 | 9-25-2051 | 3,657,550 | 3,017,560 | ||
FHLMC Series 5159 Class UA | 2.50 | 12-25-2048 | 3,543,341 | 3,007,714 | ||
FHLMC Series 5178 Class TP | 2.50 | 4-25-2049 | 4,409,908 | 3,718,267 | ||
FHLMC Series 5182 Class D | 2.50 | 11-25-2043 | 13,735,528 | 12,175,344 | ||
FHLMC Series 5182 Class M | 2.50 | 5-25-2049 | 2,668,879 | 2,250,567 | ||
FHLMC Series 5184 Class AB | 2.50 | 5-25-2048 | 2,016,046 | 1,724,508 | ||
FHLMC Series 5194 Class G | 2.50 | 1-25-2051 | 4,037,296 | 3,198,916 | ||
FHLMC Series 5201 Class CA | 2.50 | 7-25-2048 | 3,945,972 | 3,398,965 | ||
FHLMC Series 5202 Class BH | 2.00 | 12-25-2047 | 2,222,246 | 1,953,302 | ||
FHLMC Series 5202 Class LA | 2.50 | 5-25-2049 | 3,991,200 | 3,372,341 | ||
FHLMC Series 5203 Class G | 2.50 | 11-25-2048 | 1,767,971 | 1,513,346 | ||
FHLMC Series 5206 Class CD | 3.50 | 5-25-2049 | 4,097,197 | 3,614,426 | ||
FHLMC Series 5207 Class PA | 3.00 | 6-25-2051 | 4,314,479 | 3,744,942 | ||
FHLMC Series 5209 Class EA | 3.00 | 8-25-2050 | 3,423,096 | 3,004,483 | ||
FHLMC Series 5209 Class EJ | 3.00 | 8-25-2050 | 3,423,096 | 3,004,483 | ||
FHLMC Series 5210 Class DC | 3.00 | 9-25-2051 | 3,217,665 | 2,891,644 | ||
FHLMC Series 5217 Class CD | 2.50 | 7-25-2049 | 3,222,123 | 2,884,963 | ||
FHLMC Series 5220 Class QK | 3.50 | 9-25-2050 | 6,390,452 | 5,900,776 | ||
FHLMC Series 5228 Class TN | 3.50 | 7-25-2039 | 3,070,795 | 2,849,681 | ||
FHLMC Series 5300 Class C | 2.00 | 9-25-2047 | 5,173,207 | 4,670,278 | ||
FHLMC Series 5335 Class FB (30 Day Average U.S. SOFR+0.81%)± | 6.14 | 10-15-2039 | 5,546,051 | 5,518,049 | ||
FHLMC Series 5338 Class FH (30 Day Average U.S. SOFR+0.41%)± | 5.74 | 4-15-2045 | 5,328,843 | 5,100,970 | ||
FNMA | 1.50 | 11-1-2041 | 17,859,576 | 14,063,349 | ||
FNMA | 1.50 | 7-1-2051 | 16,561,634 | 12,236,317 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FNMA | 1.52 % | 8-21-2035 | $ | 8,018,000 | $5,395,253 | |
FNMA | 1.90 | 1-25-2036 | 7,437,000 | 5,154,050 | ||
FNMA | 2.00 | 6-1-2040 | 2,983,860 | 2,507,994 | ||
FNMA | 2.00 | 7-1-2040 | 9,019,147 | 7,575,194 | ||
FNMA | 2.00 | 9-1-2040 | 10,108,966 | 8,437,419 | ||
FNMA | 2.00 | 10-1-2040 | 11,100,553 | 9,182,722 | ||
FNMA | 2.00 | 11-1-2040 | 8,944,952 | 7,501,385 | ||
FNMA | 2.00 | 12-1-2040 | 55,376,328 | 46,287,108 | ||
FNMA | 2.00 | 1-1-2041 | 19,004,183 | 15,931,022 | ||
FNMA | 2.00 | 2-1-2041 | 10,647,410 | 8,865,434 | ||
FNMA | 2.00 | 4-1-2041 | 4,022,432 | 3,342,847 | ||
FNMA | 2.00 | 5-1-2041 | 20,207,886 | 16,900,625 | ||
FNMA | 2.00 | 6-1-2041 | 1,216,344 | 1,006,153 | ||
FNMA | 2.00 | 7-1-2041 | 19,121,016 | 15,815,296 | ||
FNMA | 2.00 | 10-1-2041 | 6,988,057 | 5,822,328 | ||
FNMA | 2.00 | 11-1-2041 | 5,857,366 | 4,851,355 | ||
FNMA | 2.00 | 1-1-2042 | 4,683,600 | 3,893,834 | ||
FNMA | 2.00 | 2-1-2042 | 44,026,943 | 36,603,016 | ||
FNMA | 2.00 | 4-1-2042 | 3,641,966 | 3,036,578 | ||
FNMA | 2.00 | 4-1-2046 | 10,609,779 | 8,364,096 | ||
FNMA | 2.00 | 1-1-2047 | 1,935,253 | 1,521,234 | ||
FNMA | 2.00 | 3-1-2047 | 14,092,695 | 11,074,961 | ||
FNMA | 2.50 | 12-1-2040 | 6,372,313 | 5,512,149 | ||
FNMA | 2.50 | 5-1-2041 | 6,789,437 | 5,816,500 | ||
FNMA | 2.50 | 8-1-2041 | 3,733,540 | 3,186,140 | ||
FNMA | 2.50 | 2-1-2042 | 3,888,366 | 3,352,206 | ||
FNMA | 2.50 | 4-1-2042 | 8,384,660 | 7,043,716 | ||
FNMA | 2.50 | 5-1-2042 | 4,992,786 | 4,225,391 | ||
FNMA | 2.50 | 6-1-2042 | 4,575,441 | 3,898,125 | ||
FNMA | 2.50 | 5-1-2046 | 1,923,928 | 1,590,624 | ||
FNMA | 2.50 | 12-1-2047 | 9,253,425 | 7,979,531 | ||
FNMA | 2.50 | 10-1-2050 | 6,042,537 | 4,987,521 | ||
FNMA | 2.50 | 3-1-2052 | 4,215,290 | 3,442,779 | ||
FNMA | 3.00 | 11-1-2039 | 2,302,953 | 2,121,800 | ||
FNMA | 3.00 | 5-1-2040 | 6,288,789 | 5,602,347 | ||
FNMA | 3.00 | 11-1-2042 | 3,335,238 | 2,945,217 | ||
FNMA | 3.00 | 1-1-2043 | 3,939,854 | 3,616,500 | ||
FNMA | 3.00 | 2-1-2043 | 16,697,108 | 14,412,526 | ||
FNMA | 3.00 | 7-1-2043 | 2,662,971 | 2,341,622 | ||
FNMA | 3.00 | 8-1-2043 | 3,649,283 | 3,210,425 | ||
FNMA | 3.00 | 9-1-2043 | 2,838,578 | 2,506,594 | ||
FNMA | 3.00 | 12-1-2043 | 3,446,474 | 3,030,597 | ||
FNMA | 3.00 | 2-1-2044 | 3,543,967 | 3,122,254 | ||
FNMA | 3.00 | 10-1-2044 | 17,850,623 | 15,696,745 | ||
FNMA | 3.00 | 2-1-2045 | 5,678,952 | 5,005,234 | ||
FNMA | 3.00 | 10-1-2046 | 12,910,192 | 11,267,819 | ||
FNMA | 3.00 | 11-1-2046 | 10,366,611 | 8,996,465 | ||
FNMA | 3.00 | 12-1-2046 | 14,353,835 | 12,448,938 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FNMA | 3.00 % | 1-1-2047 | $ | 10,230,343 | $8,865,668 | |
FNMA | 3.00 | 2-1-2047 | 17,375,888 | 15,238,606 | ||
FNMA | 3.00 | 9-1-2047 | 1,688,394 | 1,466,753 | ||
FNMA | 3.00 | 1-1-2048 | 5,227,818 | 4,521,230 | ||
FNMA | 3.00 | 2-1-2048 | 2,476,746 | 2,152,030 | ||
FNMA | 3.00 | 4-1-2048 | 11,329,452 | 9,977,496 | ||
FNMA | 3.00 | 8-1-2048 | 3,024,511 | 2,664,690 | ||
FNMA | 3.00 | 12-1-2048 | 6,420,674 | 5,559,499 | ||
FNMA | 3.00 | 1-1-2049 | 5,525,152 | 4,868,144 | ||
FNMA | 3.00 | 2-1-2049 | 6,099,243 | 5,290,639 | ||
FNMA | 3.00 | 10-1-2049 | 43,231,170 | 38,090,018 | ||
FNMA | 3.00 | 2-1-2050 | 59,893,275 | 52,059,342 | ||
FNMA | 3.00 | 5-1-2050 | 13,719,901 | 11,974,891 | ||
FNMA | 3.00 | 7-1-2050 | 18,011,207 | 15,623,404 | ||
FNMA | 3.00 | 7-1-2052 | 2,745,318 | 2,385,615 | ||
FNMA | 3.00 | 2-1-2055 | 1,944,997 | 1,664,416 | ||
FNMA | 3.00 | 7-1-2060 | 24,484,155 | 20,221,205 | ||
FNMA | 3.00 | 3-1-2047 | 2,066,241 | 1,777,276 | ||
FNMA | 3.50 | 6-1-2041 | 2,888,924 | 2,727,846 | ||
FNMA | 3.50 | 3-1-2042 | 2,179,697 | 1,993,334 | ||
FNMA | 3.50 | 4-1-2042 | 4,633,243 | 4,237,079 | ||
FNMA | 3.50 | 5-1-2042 | 1,310,823 | 1,237,720 | ||
FNMA | 3.50 | 6-1-2042 | 2,381,232 | 2,242,569 | ||
FNMA | 3.50 | 11-1-2042 | 1,884,615 | 1,723,444 | ||
FNMA | 3.50 | 8-1-2043 | 16,623,968 | 15,077,727 | ||
FNMA | 3.50 | 12-1-2043 | 8,812,464 | 7,992,731 | ||
FNMA | 3.50 | 1-1-2044 | 1,314,428 | 1,241,056 | ||
FNMA | 3.50 | 7-1-2047 | 22,759,302 | 20,811,611 | ||
FNMA | 3.50 | 6-1-2049 | 8,102,502 | 7,258,069 | ||
FNMA | 3.50 | 1-1-2050 | 3,700,677 | 3,308,895 | ||
FNMA | 3.50 | 2-1-2050 | 2,700,232 | 2,449,003 | ||
FNMA | 3.50 | 4-1-2050 | 13,340,799 | 11,969,613 | ||
FNMA | 4.00 | 1-1-2027 | 6,467,242 | 6,415,740 | ||
FNMA | 4.00 | 9-1-2033 | 1,266,230 | 1,229,462 | ||
FNMA | 4.00 | 3-1-2035 | 15,723,100 | 15,597,495 | ||
FNMA | 4.00 | 10-1-2037 | 884,980 | 849,951 | ||
FNMA | 4.00 | 6-1-2038 | 1,670,438 | 1,604,408 | ||
FNMA | 4.00 | 4-1-2045 | 51,164,904 | 47,926,335 | ||
FNMA | 4.00 | 9-1-2045 | 546,987 | 511,276 | ||
FNMA | 4.00 | 1-1-2046 | 3,935,750 | 3,678,820 | ||
FNMA | 4.00 | 1-1-2047 | 1,907,636 | 1,775,906 | ||
FNMA | 4.00 | 2-1-2047 | 1,569,283 | 1,460,914 | ||
FNMA | 4.00 | 4-1-2047 | 1,007,762 | 938,100 | ||
FNMA | 4.00 | 10-1-2047 | 809,647 | 755,230 | ||
FNMA | 4.00 | 7-1-2048 | 12,547,450 | 11,644,240 | ||
FNMA | 4.00 | 12-1-2048 | 1,979,162 | 1,849,962 | ||
FNMA | 4.00 | 5-1-2049 | 2,058,235 | 1,914,075 | ||
FNMA | 4.50 | 6-1-2041 | 167,078 | 161,449 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FNMA | 4.50 % | 3-1-2043 | $ | 2,064,041 | $1,994,512 | |
FNMA | 4.50 | 10-1-2045 | 3,294,476 | 3,163,079 | ||
FNMA | 4.50 | 2-1-2046 | 89,152 | 85,549 | ||
FNMA | 4.50 | 7-1-2048 | 3,317,054 | 3,170,593 | ||
FNMA | 4.50 | 11-1-2048 | 1,409,244 | 1,354,204 | ||
FNMA | 5.50 | 9-1-2052 | 4,151,457 | 4,171,647 | ||
FNMA | 5.50 | 10-1-2053 | 4,189,518 | 4,202,516 | ||
FNMA | 6.00 | 2-1-2029 | 967 | 980 | ||
FNMA | 6.00 | 3-1-2033 | 13,601 | 13,923 | ||
FNMA | 6.00 | 11-1-2033 | 4,790 | 4,911 | ||
FNMA | 6.00 | 7-1-2053 | 333,691 | 334,681 | ||
FNMA%% | 6.00 | 12-13-2053 | 143,000,000 | 143,397,035 | ||
FNMA%% | 6.00 | 1-16-2054 | 20,000,000 | 20,050,061 | ||
FNMA%% | 6.50 | 12-13-2053 | 49,400,000 | 50,179,587 | ||
FNMA%% | 7.00 | 1-16-2054 | 53,700,000 | 55,044,376 | ||
FNMA Interest STRIPS Series 414 Class A35 | 3.50 | 10-25-2042 | 4,540,136 | 4,175,647 | ||
FNMA Principal STRIPS¤ | 0.00 | 11-15-2030 | 18,777,000 | 13,491,597 | ||
FNMA (30 Day Average U.S. SOFR+2.12%)± | 3.96 | 8-1-2052 | 2,069,702 | 1,934,561 | ||
FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.13 | 9-1-2052 | 4,130,025 | 3,983,647 | ||
FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.14 | 7-1-2052 | 4,776,562 | 4,486,443 | ||
FNMA (30 Day Average U.S. SOFR+2.12%)± | 4.63 | 8-1-2052 | 4,991,995 | 4,776,700 | ||
FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.15 | 10-1-2052 | 10,810,394 | 10,429,478 | ||
FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.22 | 11-1-2052 | 3,621,080 | 3,501,807 | ||
FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.30 | 8-1-2052 | 5,937,331 | 5,691,971 | ||
FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.35 | 7-1-2052 | 5,428,618 | 5,214,186 | ||
FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.62 | 8-1-2052 | 6,160,019 | 5,965,920 | ||
FNMA (30 Day Average U.S. SOFR+2.13%)± | 4.65 | 8-1-2052 | 4,884,310 | 4,735,578 | ||
FNMA (30 Day Average U.S. SOFR+2.37%)± | 3.68 | 8-1-2052 | 3,178,305 | 2,985,860 | ||
FNMA (30 Day Average U.S. SOFR+2.37%)± | 4.22 | 9-1-2052 | 1,565,488 | 1,496,041 | ||
FNMA (RFUCCT1Y+1.56%)± | 6.73 | 6-1-2043 | 240,522 | 244,441 | ||
FNMA (RFUCCT1Y+1.56%)± | 6.95 | 3-1-2043 | 55,123 | 54,830 | ||
FNMA (RFUCCT1Y+1.58%)± | 4.75 | 1-1-2046 | 3,432,340 | 3,479,055 | ||
FNMA (RFUCCT1Y+1.58%)± | 5.00 | 6-1-2045 | 1,392,263 | 1,411,895 | ||
FNMA (RFUCCT1Y+1.58%)± | 6.99 | 10-1-2043 | 781,164 | 796,788 | ||
FNMA (RFUCCT1Y+1.60%)± | 3.04 | 3-1-2050 | 5,022,067 | 4,953,203 | ||
FNMA (RFUCCT1Y+1.61%)± | 2.77 | 6-1-2050 | 2,306,279 | 2,119,300 | ||
FNMA (RFUCCT1Y+1.66%)± | 6.94 | 1-1-2043 | 221,081 | 225,964 | ||
FNMA Series 2012-111 Class FC (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 10-25-2042 | 2,071,159 | 1,999,845 | ||
FNMA Series 2012-133 Class JF (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 12-25-2042 | 2,039,075 | 1,951,915 | ||
FNMA Series 2012-151 Class NX | 1.50 | 1-25-2043 | 1,825,321 | 1,492,965 | ||
FNMA Series 2013-11 Class AP | 1.50 | 1-25-2043 | 5,658,738 | 4,952,565 | ||
FNMA Series 2013-15 Class FA (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 3-25-2043 | 2,447,117 | 2,341,758 | ||
FNMA Series 2013-43 Class BP | 1.75 | 5-25-2043 | 2,182,565 | 1,802,295 | ||
FNMA Series 2014-25 Class EL | 3.00 | 5-25-2044 | 2,285,781 | 1,993,551 | ||
FNMA Series 2014-74 Class PC | 2.50 | 6-25-2044 | 2,013,337 | 1,821,943 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FNMA Series 2015-20 Class EF (30 Day Average U.S. SOFR+0.46%)± | 5.79 % | 4-25-2045 | $ | 5,757,019 | $5,486,054 | |
FNMA Series 2015-26 Class GF (30 Day Average U.S. SOFR+0.41%)± | 5.74 | 5-25-2045 | 3,575,058 | 3,417,038 | ||
FNMA Series 2015-32 Class FA (30 Day Average U.S. SOFR+0.41%)± | 5.74 | 5-25-2045 | 2,178,418 | 2,069,284 | ||
FNMA Series 2015-48 Class FB (30 Day Average U.S. SOFR+0.41%)± | 5.74 | 7-25-2045 | 2,670,981 | 2,539,847 | ||
FNMA Series 2015-84 Class PA | 1.70 | 8-25-2033 | 6,564,230 | 5,880,279 | ||
FNMA Series 2016-19 Class FD (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 4-25-2046 | 8,385,299 | 8,199,101 | ||
FNMA Series 2016-48 Class MA | 2.00 | 6-25-2038 | 6,610,707 | 5,920,052 | ||
FNMA Series 2016-57 Class PC | 1.75 | 6-25-2046 | 13,824,393 | 11,132,122 | ||
FNMA Series 2017-13 Class PA | 3.00 | 8-25-2046 | 1,965,716 | 1,749,496 | ||
FNMA Series 2017-30 Class FA (30 Day Average U.S. SOFR+0.46%)± | 5.79 | 5-25-2047 | 1,967,158 | 1,880,043 | ||
FNMA Series 2018-14 Class KC | 3.00 | 3-25-2048 | 2,350,866 | 2,154,135 | ||
FNMA Series 2018-38 Class MA | 3.30 | 6-25-2048 | 3,709,437 | 3,418,216 | ||
FNMA Series 2018-55 Class GA | 3.38 | 8-25-2048 | 2,926,420 | 2,702,030 | ||
FNMA Series 2018-64 Class A | 3.00 | 9-25-2048 | 2,464,458 | 2,099,195 | ||
FNMA Series 2018-8 Class KL | 2.50 | 3-25-2047 | 2,314,749 | 2,012,372 | ||
FNMA Series 2018-85 Class EA | 3.50 | 12-25-2048 | 1,908,259 | 1,761,567 | ||
FNMA Series 2019-15 Class FA (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 4-25-2049 | 1,345,785 | 1,294,290 | ||
FNMA Series 2019-25 Class PA | 3.00 | 5-25-2048 | 5,017,211 | 4,465,401 | ||
FNMA Series 2019-41 Class FG (30 Day Average U.S. SOFR+0.61%)± | 5.94 | 8-25-2059 | 3,521,001 | 3,340,752 | ||
FNMA Series 2019-43 Class FC (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 8-25-2049 | 2,678,235 | 2,560,720 | ||
FNMA Series 2019-67 Class FB (30 Day Average U.S. SOFR+0.56%)± | 5.89 | 11-25-2049 | 1,342,565 | 1,284,509 | ||
FNMA Series 2020-34 Class F (30 Day Average U.S. SOFR+0.56%)± | 5.89 | 6-25-2050 | 1,873,240 | 1,790,926 | ||
FNMA Series 2020-37 Class DA | 1.50 | 6-25-2050 | 2,001,519 | 1,702,184 | ||
FNMA Series 2020-45 Class JL | 3.00 | 7-25-2040 | 4,019,100 | 3,535,079 | ||
FNMA Series 2020-48 Class AB | 2.00 | 7-25-2050 | 3,214,645 | 2,561,927 | ||
FNMA Series 2020-48 Class DA | 2.00 | 7-25-2050 | 7,136,145 | 5,818,137 | ||
FNMA Series 2020-59 Class NC | 3.00 | 8-25-2040 | 3,073,544 | 2,727,973 | ||
FNMA Series 2021-22 Class MN | 2.75 | 10-25-2050 | 3,413,725 | 2,882,074 | ||
FNMA Series 2021-27 Class EC | 1.50 | 5-25-2051 | 9,385,428 | 7,353,227 | ||
FNMA Series 2021-33 Class AV | 2.50 | 3-25-2048 | 1,393,751 | 992,242 | ||
FNMA Series 2021-42 Class AC | 2.00 | 2-25-2051 | 2,732,747 | 2,239,764 | ||
FNMA Series 2021-42 Class DC | 2.00 | 11-25-2050 | 6,628,170 | 5,376,132 | ||
FNMA Series 2021-73 Class DJ | 2.00 | 3-25-2049 | 3,726,798 | 2,910,269 | ||
FNMA Series 2021-73 Class A | 2.50 | 11-25-2049 | 4,037,126 | 3,379,569 | ||
FNMA Series 2021-76 Class KB | 1.25 | 11-25-2051 | 1,658,629 | 1,312,714 | ||
FNMA Series 2021-78 Class ND | 1.50 | 11-25-2051 | 5,239,233 | 4,129,984 | ||
FNMA Series 2021-78 Class PA | 2.50 | 11-25-2051 | 3,481,853 | 2,915,932 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FNMA Series 2021-86 Class MA | 2.50 % | 11-25-2047 | $ | 5,842,044 | $5,073,187 | |
FNMA Series 2021-91 Class AB | 2.50 | 9-25-2049 | 3,440,364 | 2,894,230 | ||
FNMA Series 2021-95 Class MA | 2.50 | 4-25-2050 | 4,357,884 | 3,622,559 | ||
FNMA Series 2021-96 Class AH | 2.50 | 3-25-2049 | 3,901,998 | 3,261,523 | ||
FNMA Series 2022-11 Class A | 2.50 | 7-25-2047 | 8,666,020 | 7,583,786 | ||
FNMA Series 2022-11 Class D | 3.00 | 1-25-2050 | 2,313,726 | 2,028,747 | ||
FNMA Series 2022-18 Class DL | 3.25 | 7-25-2046 | 5,127,583 | 4,623,822 | ||
FNMA Series 2022-28 Class CA | 2.00 | 1-25-2048 | 3,273,758 | 2,861,074 | ||
FNMA Series 2022-3 Class N | 2.00 | 10-25-2047 | 10,657,979 | 8,922,782 | ||
FNMA Series 2022-4 Class MH | 3.00 | 9-25-2048 | 4,047,531 | 3,601,441 | ||
FNMA Series 2022-9 Class DJ | 3.25 | 3-25-2049 | 2,731,204 | 2,405,671 | ||
FNMA Series 2023-37 Class FG (30 Day Average U.S. SOFR+0.41%)± | 5.74 | 8-25-2050 | 9,621,776 | 9,169,968 | ||
FNMA Series 2023-37 Class FH (30 Day Average U.S. SOFR+0.51%)± | 5.84 | 1-25-2050 | 5,837,791 | 5,598,389 | ||
FNMA Series 2023-38 Class FC (30 Day Average U.S. SOFR+0.66%)± | 5.99 | 6-25-2040 | 3,779,663 | 3,699,979 | ||
GNMA | 2.50 | 12-20-2037 | 4,225,018 | 3,780,338 | ||
GNMA | 2.50 | 6-20-2038 | 7,904,037 | 7,061,913 | ||
GNMA | 3.00 | 6-20-2043 | 4,044,442 | 3,527,145 | ||
GNMA | 3.00 | 8-20-2043 | 1,305,751 | 1,138,736 | ||
GNMA | 3.00 | 10-20-2046 | 597,723 | 521,222 | ||
GNMA | 3.00 | 12-20-2046 | 2,025,780 | 1,766,992 | ||
GNMA | 3.00 | 1-20-2047 | 2,217,972 | 1,935,601 | ||
GNMA | 3.00 | 3-20-2047 | 2,240,255 | 1,953,523 | ||
GNMA | 3.00 | 4-20-2047 | 3,126,627 | 2,726,812 | ||
GNMA | 3.00 | 5-20-2047 | 540,916 | 471,683 | ||
GNMA | 3.00 | 7-20-2047 | 2,302,357 | 2,007,671 | ||
GNMA | 3.00 | 9-20-2047 | 1,755,047 | 1,524,375 | ||
GNMA | 3.00 | 11-15-2047 | 10,408,454 | 9,156,280 | ||
GNMA | 3.00 | 11-20-2047 | 822,444 | 717,267 | ||
GNMA | 3.00 | 12-20-2047 | 232,954 | 201,053 | ||
GNMA | 3.00 | 1-20-2048 | 1,362,257 | 1,184,495 | ||
GNMA | 3.00 | 2-20-2048 | 936,847 | 815,962 | ||
GNMA | 3.00 | 3-20-2048 | 357,230 | 311,505 | ||
GNMA | 3.00 | 10-20-2050 | 8,992,156 | 7,803,689 | ||
GNMA | 3.50 | 1-20-2048 | 2,202,603 | 1,997,168 | ||
GNMA | 4.00 | 3-20-2048 | 609,420 | 564,000 | ||
GNMA | 4.00 | 4-20-2048 | 2,129,894 | 1,971,538 | ||
GNMA | 4.50 | 8-15-2047 | 395,094 | 379,522 | ||
GNMA | 4.50 | 2-20-2049 | 2,708,735 | 2,529,223 | ||
GNMA | 6.00 | 1-20-2053 | 4,732,513 | 4,799,343 | ||
GNMA%% | 6.50 | 12-20-2053 | 73,900,000 | 75,149,949 | ||
GNMA Series 2010-163 Class NC | 4.00 | 12-20-2040 | 3,071,915 | 2,954,490 | ||
GNMA Series 2012-141 Class WA±± | 4.51 | 11-16-2041 | 766,579 | 726,678 | ||
GNMA Series 2013-152 Class HA | 2.50 | 6-20-2043 | 3,215,604 | 2,854,986 | ||
GNMA Series 2014-181 Class L | 3.00 | 12-20-2044 | 1,976,655 | 1,712,577 | ||
GNMA Series 2015-144 Class CA | 2.50 | 10-20-2045 | 3,339,153 | 2,817,602 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
GNMA Series 2015-161 Class GF (U.S. SOFR 1 Month+0.41%)± | 5.75 % | 11-20-2045 | $ | 1,795,433 | $1,715,216 | |
GNMA Series 2016-93 Class AB | 1.75 | 7-20-2044 | 3,594,443 | 2,772,022 | ||
GNMA Series 2017-139 Class GA | 3.00 | 9-20-2047 | 7,591,735 | 6,677,784 | ||
GNMA Series 2017-167 Class BQ | 2.50 | 8-20-2044 | 2,339,970 | 2,092,058 | ||
GNMA Series 2018-65 Class DC | 3.50 | 5-20-2048 | 2,433,839 | 2,123,202 | ||
GNMA Series 2020-133 Class GA | 1.00 | 9-20-2050 | 4,016,467 | 3,306,341 | ||
GNMA Series 2020-138 Class LE | 1.50 | 9-20-2050 | 9,187,528 | 7,009,254 | ||
GNMA Series 2021-227 Class E | 2.50 | 7-20-2050 | 14,746,587 | 12,382,109 | ||
GNMA Series 2021-27 Class BD | 5.00 | 2-20-2051 | 2,295,404 | 2,215,012 | ||
GNMA Series 2021-27 Class CW±± | 5.00 | 2-20-2051 | 1,359,615 | 1,293,736 | ||
GNMA Series 2021-27 Class NT | 5.00 | 2-20-2051 | 2,735,116 | 2,556,956 | ||
GNMA Series 2021-27 Class Q | 5.00 | 2-20-2051 | 2,415,517 | 2,265,372 | ||
GNMA Series 2021-8 Class CY | 5.00 | 1-20-2051 | 891,784 | 866,866 | ||
GNMA Series 2022-107 Class C | 2.50 | 6-20-2051 | 11,340,931 | 9,253,884 | ||
GNMA Series 2022-153 Class KA | 4.00 | 12-20-2049 | 3,406,773 | 3,231,947 | ||
GNMA Series 2022-191 Class B | 4.00 | 6-20-2041 | 14,145,835 | 12,769,962 | ||
GNMA Series 2022-191 Class BY | 4.00 | 8-20-2041 | 15,226,534 | 13,766,031 | ||
GNMA Series 2022-197 Class LF (30 Day Average U.S. SOFR+0.70%)± | 6.03 | 11-20-2052 | 10,100,661 | 9,878,341 | ||
GNMA Series 2022-205 Class A | 2.00 | 9-20-2051 | 4,170,726 | 3,151,163 | ||
GNMA Series 2022-31 Class GH | 2.50 | 12-20-2049 | 7,416,276 | 6,352,496 | ||
GNMA Series 2022-34 Class DN | 3.50 | 9-20-2041 | 6,349,618 | 5,775,971 | ||
GNMA Series 2022-5 Class BA | 2.00 | 10-20-2049 | 15,074,240 | 12,521,256 | ||
GNMA Series 2022-50 Class DC | 2.50 | 8-20-2051 | 3,469,513 | 2,937,918 | ||
GNMA Series 2022-66 Class CG | 3.50 | 4-20-2052 | 6,983,710 | 6,440,755 | ||
GNMA Series 2022-84 Class A | 2.50 | 1-20-2052 | 4,039,336 | 3,300,702 | ||
Total agency securities (Cost $2,161,187,406) | 2,085,829,687 | |||||
Asset-backed securities: 6.74% | ||||||
Ally Auto Receivables Trust Series 2022-3 Class A4 | 5.07 | 6-15-2031 | 1,860,000 | 1,847,388 | ||
American Express Credit Account Master Trust Series 2023-1 Class A | 4.87 | 5-15-2028 | 2,588,000 | 2,575,323 | ||
AmeriCredit Automobile Receivables Trust Series 2022-2 Class A3 | 4.38 | 4-18-2028 | 3,567,000 | 3,511,329 | ||
AmeriCredit Automobile Receivables Trust Series 2023-1 Class A3 | 5.62 | 11-18-2027 | 1,745,000 | 1,740,042 | ||
AmeriCredit Automobile Receivables Trust Series 2023-2 Class A3 | 5.81 | 5-18-2028 | 3,502,000 | 3,506,575 | ||
BMW Vehicle Lease Trust Series 2023-1 Class A4 | 5.07 | 6-25-2026 | 2,481,000 | 2,465,986 | ||
Capital One Prime Auto Receivables Trust Series 2023-1 Class A3 | 4.87 | 2-15-2028 | 6,556,000 | 6,502,170 | ||
Chase Auto Owner Trust Series 2022-AA Class A4144A | 3.99 | 3-27-2028 | 2,419,000 | 2,343,651 | ||
College Avenue Student Loans LLC Series 2017-A Class A1 (U.S. SOFR 1 Month+1.76%)144A± | 7.11 | 11-26-2046 | 1,265,947 | 1,264,375 | ||
College Avenue Student Loans LLC Series 2018-A Class A2144A | 4.13 | 12-26-2047 | 1,094,400 | 1,036,436 | ||
College Avenue Student Loans LLC Series 2019-A Class A2144A | 3.28 | 12-28-2048 | 1,840,421 | 1,673,975 | ||
Discover Card Execution Note Trust Series 2022-A3 Class A3 | 3.56 | 7-15-2027 | 9,813,000 | 9,532,212 | ||
Discover Card Execution Note Trust Series 2023-A1 Class A | 4.31 | 3-15-2028 | 6,877,000 | 6,750,923 | ||
Discover Card Execution Note Trust Series 2023-A2 Class A | 4.93 | 6-15-2028 | 15,637,000 | 15,562,598 | ||
Ford Credit Auto Owner Trust Series 2022-1 Class A144A | 3.88 | 11-15-2034 | 5,585,000 | 5,333,986 | ||
Ford Credit Auto Owner Trust Series 2022-D Class A4 | 5.30 | 3-15-2028 | 1,673,000 | 1,670,700 | ||
Ford Credit Auto Owner Trust Series 2023-A Class A3 | 4.65 | 2-15-2028 | 7,598,000 | 7,499,120 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities(continued) | ||||||
GM Financial Automobile Leasing Trust Series 2023-2 Class A4 | 5.09 % | 5-20-2027 | $ | 2,343,000 | $2,322,080 | |
GM Financial Automobile Leasing Trust Series 2023-3 Class A4 | 5.44 | 8-20-2027 | 1,557,000 | 1,553,501 | ||
GM Financial Consumer Automobile Receivables Trust Series 2022-4 Class A3 | 4.82 | 8-16-2027 | 3,022,000 | 2,993,398 | ||
Hertz Vehicle Financing III LLC Series 2023-4A Class A144A | 6.15 | 3-25-2030 | 2,639,000 | 2,664,867 | ||
Hertz Vehicle Financing LLC Series 2022-4A Class A144A | 3.73 | 9-25-2026 | 1,924,000 | 1,857,088 | ||
Hertz Vehicle Financing LLC Series 2023-2A Class A144A | 5.57 | 9-25-2029 | 4,506,000 | 4,447,103 | ||
Hyundai Auto Lease Securitization Trust Series 2023-B Class A4144A | 5.17 | 4-15-2027 | 3,749,000 | 3,712,772 | ||
Hyundai Auto Lease Securitization Trust Series 2023-C Class A4144A | 5.84 | 9-15-2027 | 2,612,000 | 2,630,996 | ||
Hyundai Auto Receivables Trust Series 2021-C Class A4 | 1.03 | 12-15-2027 | 2,976,000 | 2,773,253 | ||
Hyundai Auto Receivables Trust Series 2022-A Class A3 | 2.22 | 10-15-2026 | 5,544,000 | 5,396,083 | ||
Hyundai Auto Receivables Trust Series 2022-A Class A4 | 2.35 | 4-17-2028 | 1,708,000 | 1,609,557 | ||
Hyundai Auto Receivables Trust Series 2023-A Class A4 | 4.48 | 7-17-2028 | 3,320,000 | 3,253,237 | ||
Hyundai Auto Receivables Trust Series 2023-B Class A3 | 5.48 | 4-17-2028 | 2,010,000 | 2,021,317 | ||
Mercedes-Benz Auto Receivables Trust Series 2022-1 Class A4 | 5.25 | 2-15-2029 | 3,874,000 | 3,870,995 | ||
Mercedes-Benz Auto Receivables Trust Series 2023-1 Class A4 | 4.31 | 4-16-2029 | 2,935,000 | 2,862,840 | ||
Navient Private Education Loan Trust Series 2014-AA Class A3 (U.S. SOFR 1 Month+1.71%)144A± | 7.04 | 10-15-2031 | 1,497,582 | 1,499,850 | ||
Navient Private Education Loan Trust Series 2016-AA Class A2B (U.S. SOFR 1 Month+2.26%)144A± | 7.59 | 12-15-2045 | 754,847 | 758,725 | ||
Navient Private Education Refinance Loan Trust Series 2018-CA Class A2144A | 3.52 | 6-16-2042 | 93,495 | 92,386 | ||
Navient Private Education Refinance Loan Trust Series 2018-DA Class A2A144A | 4.00 | 12-15-2059 | 2,476,922 | 2,366,491 | ||
Navient Private Education Refinance Loan Trust Series 2019-A Class A2A144A | 3.42 | 1-15-2043 | 2,206,459 | 2,127,230 | ||
Navient Private Education Refinance Loan Trust Series 2019-CA Class A2144A | 3.13 | 2-15-2068 | 2,008,281 | 1,915,972 | ||
Navient Private Education Refinance Loan Trust Series 2019-D Class A2A144A | 3.01 | 12-15-2059 | 5,161,905 | 4,799,709 | ||
Navient Private Education Refinance Loan Trust Series 2019-FA Class A2144A | 2.60 | 8-15-2068 | 2,802,668 | 2,582,432 | ||
Navient Private Education Refinance Loan Trust Series 2020-GA Class A144A | 1.17 | 9-16-2069 | 2,303,925 | 2,034,956 | ||
Navient Private Education Refinance Loan Trust Series 2021-BA Class A144A | 0.94 | 7-15-2069 | 1,187,076 | 1,017,104 | ||
Navient Private Education Refinance Loan Trust Series 2021-CA Class A144A | 1.06 | 10-15-2069 | 4,954,571 | 4,229,333 | ||
Navient Private Education Refinance Loan Trust Series 2021-EA Class A144A | 0.97 | 12-16-2069 | 6,808,235 | 5,765,138 | ||
Navient Private Education Refinance Loan Trust Series 2021-FA Class A144A | 1.11 | 2-18-2070 | 4,415,308 | 3,664,856 | ||
Navient Private Education Refinance Loan Trust Series 2022-A Class A144A | 2.23 | 7-15-2070 | 3,195,018 | 2,766,582 | ||
Navient Student Loan Trust Series 2021-3A Class A1A144A | 1.77 | 8-25-2070 | 4,755,862 | 4,103,899 | ||
Nelnet Student Loan Trust Series 2004-3 Class A5 (90 Day Average U.S. SOFR+0.44%)± | 5.78 | 10-27-2036 | 1,041,334 | 1,020,110 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities(continued) | ||||||
Nelnet Student Loan Trust Series 2004-4 Class A5 (90 Day Average U.S. SOFR+0.42%)± | 5.76 % | 1-25-2037 | $ | 2,969,869 | $2,928,950 | |
Nelnet Student Loan Trust Series 2005-1 Class A5 (90 Day Average U.S. SOFR+0.37%)± | 5.71 | 10-25-2033 | 8,736,708 | 8,557,562 | ||
Nelnet Student Loan Trust Series 2005-2 Class A5 (90 Day Average U.S. SOFR+0.36%)± | 5.60 | 3-23-2037 | 8,527,817 | 8,364,883 | ||
Nelnet Student Loan Trust Series 2005-3 Class A5 (90 Day Average U.S. SOFR+0.38%)± | 5.62 | 12-24-2035 | 6,452,622 | 6,341,436 | ||
Nelnet Student Loan Trust Series 2005-4 Class A4 (90 Day Average U.S. SOFR+0.44%)± | 5.68 | 3-22-2032 | 1,668,158 | 1,580,830 | ||
Nissan Auto Lease Trust Series 2023-B Class A4 | 5.61 | 11-15-2027 | 3,476,000 | 3,481,556 | ||
Nissan Auto Receivables Owner Trust Series 2022-B Class A4 | 4.45 | 11-15-2029 | 2,437,000 | 2,383,719 | ||
PenFed Auto Receivables Owner Trust Series 2022-A Class A3144A | 3.96 | 4-15-2026 | 3,548,000 | 3,511,074 | ||
PenFed Auto Receivables Owner Trust Series 2022-A Class A4144A | 4.18 | 12-15-2028 | 1,743,000 | 1,707,051 | ||
Santander Drive Auto Receivables Trust Series 2022-2 Class A3 | 2.98 | 10-15-2026 | 3,639,140 | 3,614,365 | ||
Santander Drive Auto Receivables Trust Series 2022-3 Class A3 | 3.40 | 12-15-2026 | 1,938,418 | 1,920,785 | ||
Santander Drive Auto Receivables Trust Series 2022-4 Class A3 | 4.14 | 2-16-2027 | 4,020,979 | 3,987,327 | ||
Santander Drive Auto Receivables Trust Series 2022-5 Class A3 | 4.11 | 8-17-2026 | 2,977,955 | 2,961,599 | ||
Santander Drive Auto Receivables Trust Series 2022-6 Class A3 | 4.49 | 11-16-2026 | 7,570,636 | 7,526,649 | ||
Santander Drive Auto Receivables Trust Series 2022-7 Class A3 | 5.75 | 4-15-2027 | 1,964,000 | 1,960,232 | ||
SMB Private Education Loan Trust Series 2016-B Class A2A144A | 2.43 | 2-17-2032 | 617,134 | 599,752 | ||
SMB Private Education Loan Trust Series 2016-C Class A2B (U.S. SOFR 1 Month+1.21%)144A± | 6.54 | 9-15-2034 | 539,783 | 539,832 | ||
SMB Private Education Loan Trust Series 2020-B Class A1A144A | 1.29 | 7-15-2053 | 1,750,083 | 1,560,066 | ||
SMB Private Education Loan Trust Series 2020-PTB Class A2A144A | 1.60 | 9-15-2054 | 10,137,071 | 9,035,707 | ||
SMB Private Education Loan Trust Series 2021-A Class APT1144A | 1.07 | 1-15-2053 | 6,174,108 | 5,306,117 | ||
SMB Private Education Loan Trust Series 2021-B Class A144A | 1.31 | 7-17-2051 | 2,182,119 | 1,930,771 | ||
SMB Private Education Loan Trust Series 2021-E Class A1A144A | 1.68 | 2-15-2051 | 4,686,311 | 4,184,383 | ||
SoFi Professional Loan Program LLC Series 2017-D Class A2FX144A | 2.65 | 9-25-2040 | 79,738 | 76,317 | ||
SoFi Professional Loan Program LLC Series 2020-C Class AFX144A | 1.95 | 2-15-2046 | 395,513 | 355,374 | ||
SoFi Professional Loan Program LLC Series 2021-B Class AFX144A | 1.14 | 2-15-2047 | 3,470,108 | 2,858,736 | ||
Synchrony Card Funding LLC Series 2023-A1 Class A | 5.54 | 7-15-2029 | 11,090,000 | 11,144,808 | ||
T-Mobile U.S. Trust Series 2022-1A Class A144A | 4.91 | 5-22-2028 | 3,719,000 | 3,689,198 | ||
Toyota Auto Receivables Owner Trust Series 2022-D Class A4 | 5.43 | 4-17-2028 | 2,132,000 | 2,149,209 | ||
Toyota Auto Receivables Owner Trust Series 2023-A Class A4 | 4.42 | 8-15-2028 | 2,768,000 | 2,704,215 | ||
Toyota Auto Receivables Owner Trust Series 2023-B Class A3 | 4.71 | 2-15-2028 | 4,376,000 | 4,332,532 | ||
Toyota Auto Receivables Owner Trust Series 2023-C Class A3 | 5.16 | 4-17-2028 | 7,200,000 | 7,193,079 | ||
Verizon Master Trust Series 2022-2 Class A | 1.53 | 7-20-2028 | 3,146,000 | 3,007,436 | ||
Verizon Master Trust Series 2022-4 Class A | 3.40 | 11-20-2028 | 6,085,000 | 5,898,859 | ||
Verizon Master Trust Series 2022-6 Class A | 3.67 | 1-22-2029 | 4,554,000 | 4,424,633 | ||
Verizon Master Trust Series 2023-1 Class A | 4.49 | 1-22-2029 | 6,417,000 | 6,316,143 | ||
Verizon Master Trust Series 2023-2 Class A | 4.89 | 4-13-2028 | 2,391,000 | 2,369,461 | ||
Verizon Master Trust Series 2023-4 Class A1A | 5.16 | 6-20-2029 | 11,813,000 | 11,795,494 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities(continued) | ||||||
Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A3 | 5.02 % | 6-20-2028 | $ | 5,050,000 | $5,023,293 | |
World Omni Select Auto Trust Series 2023-A Class A2A | 5.92 | 3-15-2027 | 3,379,527 | 3,375,029 | ||
Total asset-backed securities (Cost $332,162,960) | 320,229,111 | |||||
Corporate bonds and notes: 18.34% | ||||||
Basic materials: 0.16% | ||||||
Chemicals: 0.08% | ||||||
Celanese U.S. Holdings LLC | 6.70 | 11-15-2033 | 3,576,000 | 3,705,322 | ||
Mining: 0.08% | ||||||
Glencore Funding LLC144A | 6.50 | 10-6-2033 | 3,576,000 | 3,741,684 | ||
Communications: 1.57% | ||||||
Internet: 0.14% | ||||||
Meta Platforms, Inc. | 5.60 | 5-15-2053 | 3,339,000 | 3,392,495 | ||
Meta Platforms, Inc. | 5.75 | 5-15-2063 | 3,339,000 | 3,397,051 | ||
6,789,546 | ||||||
Media: 0.36% | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital | 3.50 | 6-1-2041 | 911,000 | 609,500 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital | 3.50 | 3-1-2042 | 5,738,000 | 3,793,209 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital | 6.15 | 11-10-2026 | 3,717,000 | 3,763,802 | ||
Comcast Corp. | 2.99 | 11-1-2063 | 1,977,000 | 1,174,500 | ||
Comcast Corp. | 4.05 | 11-1-2052 | 1,704,000 | 1,337,887 | ||
Comcast Corp. | 5.35 | 11-15-2027 | 3,474,000 | 3,541,365 | ||
Discovery Communications LLC | 4.00 | 9-15-2055 | 1,847,000 | 1,221,710 | ||
Paramount Global | 4.95 | 5-19-2050 | 2,137,000 | 1,572,006 | ||
17,013,979 | ||||||
Telecommunications: 1.07% | ||||||
AT&T, Inc. | 3.50 | 6-1-2041 | 1,675,000 | 1,244,911 | ||
AT&T, Inc. | 3.50 | 9-15-2053 | 2,604,000 | 1,733,650 | ||
AT&T, Inc. | 3.55 | 9-15-2055 | 2,628,000 | 1,732,560 | ||
AT&T, Inc. | 3.65 | 9-15-2059 | 1,654,000 | 1,091,670 | ||
AT&T, Inc. | 3.80 | 12-1-2057 | 4,758,000 | 3,252,234 | ||
AT&T, Inc. | 5.40 | 2-15-2034 | 9,178,000 | 9,071,845 | ||
T-Mobile USA, Inc. | 1.50 | 2-15-2026 | 1,187,000 | 1,092,946 | ||
T-Mobile USA, Inc. | 2.25 | 2-15-2026 | 3,692,000 | 3,451,228 | ||
T-Mobile USA, Inc. | 2.55 | 2-15-2031 | 2,648,000 | 2,195,108 | ||
T-Mobile USA, Inc. | 3.75 | 4-15-2027 | 5,637,000 | 5,374,365 | ||
T-Mobile USA, Inc. | 4.80 | 7-15-2028 | 3,520,000 | 3,467,804 | ||
T-Mobile USA, Inc. | 4.95 | 3-15-2028 | 3,508,000 | 3,481,523 | ||
T-Mobile USA, Inc. | 5.05 | 7-15-2033 | 4,397,000 | 4,263,299 | ||
T-Mobile USA, Inc. | 5.75 | 1-15-2034 | 3,496,000 | 3,559,176 |
Interest rate | Maturity date | Principal | Value | |||
Telecommunications(continued) | ||||||
Verizon Communications, Inc. | 2.36 % | 3-15-2032 | $ | 5,343,000 | $4,262,047 | |
Verizon Communications, Inc. | 2.65 | 11-20-2040 | 2,213,000 | 1,506,410 | ||
50,780,776 | ||||||
Consumer, cyclical: 1.71% | ||||||
Airlines: 0.12% | ||||||
Delta Air Lines, Inc./SkyMiles IP Ltd.144A | 4.75 | 10-20-2028 | 5,824,000 | 5,592,175 | ||
Apparel: 0.19% | ||||||
Tapestry, Inc. | 7.35 | 11-27-2028 | 1,789,000 | 1,802,640 | ||
Tapestry, Inc. | 7.70 | 11-27-2030 | 3,578,000 | 3,627,171 | ||
Tapestry, Inc. | 7.85 | 11-27-2033 | 3,578,000 | 3,633,761 | ||
9,063,572 | ||||||
Auto manufacturers: 0.64% | ||||||
Ford Motor Credit Co. LLC | 2.90 | 2-10-2029 | 7,322,000 | 6,209,026 | ||
Hyundai Capital America144A | 0.80 | 1-8-2024 | 1,389,000 | 1,381,805 | ||
Hyundai Capital America144A | 1.30 | 1-8-2026 | 3,315,000 | 3,023,556 | ||
Hyundai Capital America144A | 5.50 | 3-30-2026 | 1,814,000 | 1,802,929 | ||
Hyundai Capital America144A | 5.60 | 3-30-2028 | 5,508,000 | 5,453,525 | ||
Hyundai Capital America144A | 5.70 | 6-26-2030 | 3,498,000 | 3,457,252 | ||
Hyundai Capital America144A | 5.95 | 9-21-2026 | 4,927,000 | 4,949,062 | ||
Hyundai Capital America144A | 6.50 | 1-16-2029 | 4,080,000 | 4,186,559 | ||
30,463,714 | ||||||
Entertainment: 0.09% | ||||||
Warnermedia Holdings, Inc. | 5.05 | 3-15-2042 | 1,747,000 | 1,442,380 | ||
Warnermedia Holdings, Inc. | 5.14 | 3-15-2052 | 1,634,000 | 1,305,992 | ||
Warnermedia Holdings, Inc. | 5.39 | 3-15-2062 | 1,690,000 | 1,346,715 | ||
4,095,087 | ||||||
Leisure time: 0.05% | ||||||
Harley-Davidson Financial Services, Inc. Series CO144A | 6.50 | 3-10-2028 | 2,644,000 | 2,647,537 | ||
Lodging: 0.08% | ||||||
Marriott International, Inc. | 5.55 | 10-15-2028 | 1,718,000 | 1,730,628 | ||
Marriott International, Inc. Series II | 2.75 | 10-15-2033 | 2,800,000 | 2,200,972 | ||
3,931,600 | ||||||
Retail: 0.54% | ||||||
Lowe’s Cos., Inc. | 4.25 | 4-1-2052 | 3,313,000 | 2,601,235 | ||
Lowe’s Cos., Inc. | 5.63 | 4-15-2053 | 6,109,000 | 5,942,483 | ||
Lowe’s Cos., Inc. | 5.75 | 7-1-2053 | 1,765,000 | 1,740,091 | ||
Lowe’s Cos., Inc. | 5.85 | 4-1-2063 | 883,000 | 855,361 | ||
McDonald’s Corp. | 4.70 | 12-9-2035 | 1,263,000 | 1,194,929 | ||
McDonald’s Corp. | 4.80 | 8-14-2028 | 3,520,000 | 3,509,965 | ||
McDonald’s Corp. | 5.45 | 8-14-2053 | 1,676,000 | 1,651,469 | ||
O’Reilly Automotive, Inc. | 5.75 | 11-20-2026 | 1,353,000 | 1,368,379 |
Interest rate | Maturity date | Principal | Value | |||
Retail(continued) | ||||||
Walmart, Inc. | 4.10 % | 4-15-2033 | $ | 4,418,000 | $4,201,899 | |
Walmart, Inc. | 4.50 | 4-15-2053 | 2,651,000 | 2,415,460 | ||
25,481,271 | ||||||
Consumer, non-cyclical: 2.96% | ||||||
Agriculture: 0.78% | ||||||
Altria Group, Inc. | 6.20 | 11-1-2028 | 4,819,000 | 4,958,479 | ||
Altria Group, Inc. | 6.88 | 11-1-2033 | 4,991,000 | 5,298,014 | ||
Bunge Ltd. Finance Corp. | 1.63 | 8-17-2025 | 1,811,000 | 1,695,512 | ||
Philip Morris International, Inc. | 4.88 | 2-15-2028 | 7,629,000 | 7,544,648 | ||
Philip Morris International, Inc. | 5.00 | 11-17-2025 | 3,732,000 | 3,713,788 | ||
Philip Morris International, Inc. | 5.13 | 11-17-2027 | 2,062,000 | 2,063,475 | ||
Philip Morris International, Inc. | 5.25 | 9-7-2028 | 3,790,000 | 3,806,799 | ||
Philip Morris International, Inc. | 5.38 | 2-15-2033 | 2,862,000 | 2,818,384 | ||
Philip Morris International, Inc. | 5.50 | 9-7-2030 | 2,489,000 | 2,499,075 | ||
Philip Morris International, Inc. | 5.63 | 9-7-2033 | 1,545,000 | 1,552,311 | ||
Philip Morris International, Inc. | 5.75 | 11-17-2032 | 898,000 | 918,540 | ||
36,869,025 | ||||||
Beverages: 0.46% | ||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | 4.70 | 2-1-2036 | 5,462,000 | 5,204,771 | ||
Anheuser-Busch InBev Worldwide, Inc. | 4.38 | 4-15-2038 | 2,300,000 | 2,080,133 | ||
Anheuser-Busch InBev Worldwide, Inc. | 5.80 | 1-23-2059 | 1,329,000 | 1,387,993 | ||
Constellation Brands, Inc. | 5.25 | 11-15-2048 | 3,641,000 | 3,383,898 | ||
Keurig Dr Pepper, Inc. | 4.50 | 4-15-2052 | 3,293,000 | 2,754,316 | ||
PepsiCo, Inc. | 5.13 | 11-10-2026 | 6,980,000 | 7,046,742 | ||
21,857,853 | ||||||
Biotechnology: 0.39% | ||||||
Amgen, Inc. | 5.25 | 3-2-2025 | 5,361,000 | 5,340,750 | ||
Amgen, Inc. | 5.65 | 3-2-2053 | 11,602,000 | 11,441,099 | ||
Gilead Sciences, Inc. | 2.60 | 10-1-2040 | 2,716,000 | 1,868,911 | ||
18,650,760 | ||||||
Commercial services: 0.06% | ||||||
Quanta Services, Inc. | 0.95 | 10-1-2024 | 3,124,000 | 2,996,935 | ||
Cosmetics/Personal Care: 0.12% | ||||||
Kenvue, Inc. | 5.05 | 3-22-2028 | 3,520,000 | 3,543,301 | ||
Kenvue, Inc. | 5.05 | 3-22-2053 | 2,337,000 | 2,236,594 | ||
5,779,895 | ||||||
Food: 0.10% | ||||||
J M Smucker Co. | 6.50 | 11-15-2043 | 1,775,000 | 1,853,865 | ||
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL144A | 6.75 | 3-15-2034 | 1,806,000 | 1,827,338 | ||
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL144A | 7.25 | 11-15-2053 | 1,100,000 | 1,115,323 | ||
4,796,526 |
Interest rate | Maturity date | Principal | Value | |||
Healthcare-products: 0.10% | ||||||
Abbott Laboratories | 1.40 % | 6-30-2030 | $ | 3,958,000 | $3,248,556 | |
Abbott Laboratories | 4.75 | 11-30-2036 | 1,773,000 | 1,734,635 | ||
4,983,191 | ||||||
Healthcare-services: 0.41% | ||||||
HCA, Inc. | 3.63 | 3-15-2032 | 2,722,000 | 2,349,568 | ||
HCA, Inc. | 4.63 | 3-15-2052 | 1,686,000 | 1,335,212 | ||
HCA, Inc. | 5.50 | 6-1-2033 | 2,755,000 | 2,708,871 | ||
HCA, Inc. | 5.90 | 6-1-2053 | 7,342,000 | 6,981,540 | ||
UnitedHealth Group, Inc. | 3.05 | 5-15-2041 | 824,000 | 608,846 | ||
UnitedHealth Group, Inc. | 5.20 | 4-15-2063 | 1,820,000 | 1,737,196 | ||
UnitedHealth Group, Inc. | 5.88 | 2-15-2053 | 3,343,000 | 3,552,527 | ||
19,273,760 | ||||||
Pharmaceuticals: 0.54% | ||||||
AbbVie, Inc. | 3.20 | 11-21-2029 | 6,680,000 | 6,065,469 | ||
AbbVie, Inc. | 4.05 | 11-21-2039 | 1,853,000 | 1,592,531 | ||
AbbVie, Inc. | 4.25 | 11-21-2049 | 5,608,000 | 4,717,967 | ||
AbbVie, Inc. | 4.45 | 5-14-2046 | 1,160,000 | 1,013,510 | ||
AbbVie, Inc. | 4.50 | 5-14-2035 | 3,923,000 | 3,688,233 | ||
AbbVie, Inc. | 4.55 | 3-15-2035 | 4,351,000 | 4,108,746 | ||
CVS Health Corp. | 5.88 | 6-1-2053 | 1,263,000 | 1,236,191 | ||
Merck & Co., Inc. | 5.00 | 5-17-2053 | 1,785,000 | 1,717,329 | ||
Merck & Co., Inc. | 5.15 | 5-17-2063 | 1,339,000 | 1,302,421 | ||
25,442,397 | ||||||
Energy: 1.19% | ||||||
Oil & gas: 0.38% | ||||||
BP Capital Markets America, Inc. | 3.00 | 3-17-2052 | 2,106,000 | 1,373,319 | ||
BP Capital Markets America, Inc. | 4.81 | 2-13-2033 | 9,646,000 | 9,362,284 | ||
Diamondback Energy, Inc. | 4.25 | 3-15-2052 | 532,000 | 401,295 | ||
Diamondback Energy, Inc. | 6.25 | 3-15-2033 | 2,645,000 | 2,738,260 | ||
Diamondback Energy, Inc. | 6.25 | 3-15-2053 | 4,490,000 | 4,514,144 | ||
18,389,302 | ||||||
Pipelines: 0.81% | ||||||
Energy Transfer LP | 4.40 | 3-15-2027 | 775,000 | 745,484 | ||
Energy Transfer LP | 4.95 | 5-15-2028 | 3,401,000 | 3,311,798 | ||
Energy Transfer LP | 5.30 | 4-15-2047 | 4,552,000 | 3,943,089 | ||
Energy Transfer LP | 5.40 | 10-1-2047 | 1,338,000 | 1,177,856 | ||
Energy Transfer LP | 5.75 | 2-15-2033 | 6,402,000 | 6,375,292 | ||
Energy Transfer LP | 6.10 | 12-1-2028 | 4,281,000 | 4,380,002 | ||
Energy Transfer LP | 6.13 | 12-15-2045 | 1,400,000 | 1,344,895 | ||
Energy Transfer LP | 6.40 | 12-1-2030 | 3,541,000 | 3,678,062 | ||
MPLX LP | 4.95 | 3-14-2052 | 3,267,000 | 2,726,850 | ||
MPLX LP | 5.00 | 3-1-2033 | 5,292,000 | 4,994,292 |
Interest rate | Maturity date | Principal | Value | |||
Pipelines(continued) | ||||||
MPLX LP | 5.65 % | 3-1-2053 | $ | 950,000 | $882,950 | |
ONEOK, Inc. | 6.63 | 9-1-2053 | 4,581,000 | 4,810,348 | ||
38,370,918 | ||||||
Financial: 5.21% | ||||||
Banks: 2.99% | ||||||
Bank of America Corp. (U.S. SOFR+0.96%)± | 1.73 | 7-22-2027 | 12,193,000 | 11,006,432 | ||
Bank of America Corp. (U.S. SOFR+1.34%)± | 5.93 | 9-15-2027 | 9,615,000 | 9,687,585 | ||
Bank of America Corp. (U.S. SOFR+1.57%)± | 5.82 | 9-15-2029 | 13,460,000 | 13,580,023 | ||
Bank of America Corp. (U.S. SOFR+1.84%)± | 5.87 | 9-15-2034 | 6,732,000 | 6,754,549 | ||
Bank of America Corp. (U.S. SOFR+1.91%)± | 5.29 | 4-25-2034 | 9,912,000 | 9,529,887 | ||
Bank of America Corp. (U.S. SOFR 3 Month+1.30%)± | 3.42 | 12-20-2028 | 12,375,000 | 11,367,750 | ||
Citibank NA | 5.80 | 9-29-2028 | 8,784,000 | 8,959,707 | ||
Citigroup, Inc. (U.S. SOFR+2.66%)± | 6.17 | 5-25-2034 | 4,246,000 | 4,213,379 | ||
KeyBank NA | 5.00 | 1-26-2033 | 2,617,000 | 2,295,428 | ||
M&T Bank Corp. (U.S. SOFR+2.80%)± | 7.41 | 10-30-2029 | 3,630,000 | 3,784,975 | ||
Morgan Stanley (U.S. SOFR+1.59%)± | 5.16 | 4-20-2029 | 1,750,000 | 1,720,917 | ||
Morgan Stanley (U.S. SOFR+1.63%)± | 5.45 | 7-20-2029 | 3,494,000 | 3,480,750 | ||
Morgan Stanley (U.S. SOFR+1.73%)± | 5.12 | 2-1-2029 | 1,750,000 | 1,722,507 | ||
Morgan Stanley (U.S. SOFR+1.87%)± | 5.25 | 4-21-2034 | 5,280,000 | 5,059,091 | ||
Morgan Stanley (U.S. SOFR+2.56%)± | 6.34 | 10-18-2033 | 6,013,000 | 6,227,504 | ||
Santander Holdings USA, Inc. (U.S. SOFR+3.28%)± | 7.66 | 11-9-2031 | 4,458,000 | 4,654,343 | ||
Truist Financial Corp. (U.S. SOFR+2.45%)± | 7.16 | 10-30-2029 | 6,188,000 | 6,469,233 | ||
Wells Fargo & Co. (U.S. SOFR+1.74%)± | 5.57 | 7-25-2029 | 1,775,000 | 1,772,152 | ||
Wells Fargo & Co. (U.S. SOFR+1.79%)± | 6.30 | 10-23-2029 | 6,219,000 | 6,406,354 | ||
Wells Fargo & Co. (U.S. SOFR+2.06%)± | 6.49 | 10-23-2034 | 9,789,000 | 10,223,689 | ||
Wells Fargo & Co. (U.S. SOFR+2.10%)± | 4.90 | 7-25-2033 | 12,461,000 | 11,654,798 | ||
Wells Fargo & Co. (U.S. SOFR+2.13%)± | 4.61 | 4-25-2053 | 1,749,000 | 1,464,720 | ||
142,035,773 | ||||||
Diversified financial services: 0.58% | ||||||
American Express Co. (U.S. SOFR+0.97%)± | 5.39 | 7-28-2027 | 5,186,000 | 5,180,032 | ||
American Express Co. (U.S. SOFR+1.28%)± | 5.28 | 7-27-2029 | 7,077,000 | 7,041,843 | ||
American Express Co. (U.S. SOFR+1.94%)± | 6.49 | 10-30-2031 | 2,651,000 | 2,790,631 | ||
Capital One Financial Corp. (U.S. SOFR+2.44%)± | 7.15 | 10-29-2027 | 4,427,000 | 4,503,243 | ||
Capital One Financial Corp. (U.S. SOFR+3.07%)± | 7.62 | 10-30-2031 | 4,427,000 | 4,626,748 | ||
Charles Schwab Corp. (U.S. SOFR+2.01%)± | 6.14 | 8-24-2034 | 3,475,000 | 3,483,877 | ||
27,626,374 | ||||||
REITS: 1.64% | ||||||
Agree LP | 2.00 | 6-15-2028 | 3,266,000 | 2,761,500 | ||
Agree LP | 2.60 | 6-15-2033 | 740,000 | 559,893 | ||
Agree LP | 4.80 | 10-1-2032 | 1,654,000 | 1,504,234 | ||
American Homes 4 Rent LP | 3.63 | 4-15-2032 | 3,006,000 | 2,576,254 | ||
American Homes 4 Rent LP | 4.30 | 4-15-2052 | 1,343,000 | 1,000,412 | ||
American Tower Corp. | 2.95 | 1-15-2051 | 883,000 | 543,793 | ||
American Tower Corp. | 3.13 | 1-15-2027 | 1,491,000 | 1,383,899 | ||
American Tower Corp. | 5.50 | 3-15-2028 | 3,513,000 | 3,512,530 |
Interest rate | Maturity date | Principal | Value | |||
REITS(continued) | ||||||
American Tower Corp. | 5.80 % | 11-15-2028 | $ | 4,371,000 | $4,426,623 | |
American Tower Corp. | 5.90 | 11-15-2033 | 5,246,000 | 5,331,405 | ||
Brixmor Operating Partnership LP | 2.50 | 8-16-2031 | 2,905,000 | 2,290,668 | ||
Crown Castle, Inc. | 1.05 | 7-15-2026 | 4,700,000 | 4,178,094 | ||
Crown Castle, Inc. | 2.10 | 4-1-2031 | 3,063,000 | 2,405,908 | ||
Crown Castle, Inc. | 2.90 | 4-1-2041 | 1,759,000 | 1,185,839 | ||
Crown Castle, Inc. | 3.65 | 9-1-2027 | 2,466,000 | 2,304,833 | ||
Crown Castle, Inc. | 3.80 | 2-15-2028 | 2,922,000 | 2,719,852 | ||
Crown Castle, Inc. | 4.80 | 9-1-2028 | 594,000 | 573,780 | ||
Crown Castle, Inc. | 5.00 | 1-11-2028 | 5,850,000 | 5,710,378 | ||
Crown Castle, Inc. | 5.10 | 5-1-2033 | 3,008,000 | 2,876,127 | ||
Essex Portfolio LP | 2.55 | 6-15-2031 | 1,553,000 | 1,244,488 | ||
Federal Realty Investment Trust | 3.95 | 1-15-2024 | 2,079,000 | 2,073,316 | ||
Invitation Homes Operating Partnership LP | 2.00 | 8-15-2031 | 524,000 | 396,083 | ||
Invitation Homes Operating Partnership LP | 4.15 | 4-15-2032 | 3,021,000 | 2,642,255 | ||
NNN REIT, Inc. | 5.60 | 10-15-2033 | 2,608,000 | 2,550,025 | ||
Realty Income Corp. | 2.20 | 6-15-2028 | 1,611,000 | 1,402,442 | ||
Realty Income Corp. | 2.85 | 12-15-2032 | 2,173,000 | 1,759,401 | ||
Realty Income Corp. | 4.90 | 7-15-2033 | 2,935,000 | 2,788,603 | ||
Realty Income Corp. | 5.63 | 10-13-2032 | 3,072,000 | 3,093,551 | ||
Regency Centers LP | 2.95 | 9-15-2029 | 4,156,000 | 3,622,254 | ||
STORE Capital Corp. | 2.70 | 12-1-2031 | 1,044,000 | 748,000 | ||
STORE Capital Corp. | 2.75 | 11-18-2030 | 2,658,000 | 1,949,917 | ||
STORE Capital Corp. | 4.50 | 3-15-2028 | 1,750,000 | 1,559,345 | ||
STORE Capital Corp. | 4.63 | 3-15-2029 | 1,918,000 | 1,669,699 | ||
Sun Communities Operating LP | 4.20 | 4-15-2032 | 3,002,000 | 2,625,060 | ||
77,970,461 | ||||||
Industrial: 1.57% | ||||||
Aerospace/defense: 0.75% | ||||||
Boeing Co. | 2.20 | 2-4-2026 | 5,944,000 | 5,556,737 | ||
Boeing Co. | 3.25 | 2-1-2035 | 1,925,000 | 1,547,278 | ||
Boeing Co. | 3.75 | 2-1-2050 | 3,429,000 | 2,490,848 | ||
Boeing Co. | 5.81 | 5-1-2050 | 4,927,000 | 4,805,365 | ||
Northrop Grumman Corp. | 4.40 | 5-1-2030 | 2,028,000 | 1,955,498 | ||
RTX Corp. | 5.38 | 2-27-2053 | 3,000,000 | 2,866,909 | ||
RTX Corp. | 5.75 | 1-15-2029 | 3,679,000 | 3,755,409 | ||
RTX Corp. | 6.00 | 3-15-2031 | 3,679,000 | 3,810,211 | ||
RTX Corp. | 6.10 | 3-15-2034 | 4,599,000 | 4,819,089 | ||
RTX Corp. | 6.40 | 3-15-2054 | 3,678,000 | 3,992,696 | ||
35,600,040 | ||||||
Building materials: 0.11% | ||||||
Carrier Global Corp.144A | 5.90 | 3-15-2034 | 3,578,000 | 3,681,966 | ||
Carrier Global Corp.144A | 6.20 | 3-15-2054 | 1,252,000 | 1,323,424 | ||
5,005,390 |
Interest rate | Maturity date | Principal | Value | |||
Environmental control: 0.16% | ||||||
Republic Services, Inc. | 5.00 % | 4-1-2034 | $ | 2,648,000 | $2,595,630 | |
Veralto Corp.144A | 5.50 | 9-18-2026 | 1,658,000 | 1,664,250 | ||
Waste Management, Inc. | 4.88 | 2-15-2034 | 3,540,000 | 3,472,545 | ||
7,732,425 | ||||||
Machinery-diversified: 0.39% | ||||||
John Deere Capital Corp. | 4.15 | 9-15-2027 | 4,916,000 | 4,806,265 | ||
John Deere Capital Corp. | 4.95 | 7-14-2028 | 1,395,000 | 1,397,396 | ||
John Deere Capital Corp. | 5.15 | 9-8-2026 | 6,108,000 | 6,151,210 | ||
John Deere Capital Corp. Series I | 5.15 | 9-8-2033 | 6,108,000 | 6,165,003 | ||
18,519,874 | ||||||
Transportation: 0.16% | ||||||
Burlington Northern Santa Fe LLC | 4.45 | 1-15-2053 | 705,000 | 612,517 | ||
Crowley Conro LLC | 4.18 | 8-15-2043 | 2,319,160 | 2,153,581 | ||
Union Pacific Corp. | 2.38 | 5-20-2031 | 1,674,000 | 1,397,125 | ||
Union Pacific Corp. | 2.80 | 2-14-2032 | 2,271,000 | 1,922,694 | ||
Union Pacific Corp. | 3.38 | 2-14-2042 | 1,878,000 | 1,436,294 | ||
7,522,211 | ||||||
Technology: 1.98% | ||||||
Computers: 0.17% | ||||||
Apple, Inc. | 2.38 | 2-8-2041 | 1,273,000 | 895,673 | ||
Apple, Inc. | 2.65 | 5-11-2050 | 1,388,000 | 902,239 | ||
Apple, Inc. | 2.65 | 2-8-2051 | 1,075,000 | 697,121 | ||
Apple, Inc. | 3.95 | 8-8-2052 | 2,478,000 | 2,060,395 | ||
Apple, Inc. | 4.15 | 5-10-2030 | 2,640,000 | 2,589,125 | ||
Apple, Inc. | 4.85 | 5-10-2053 | 886,000 | 857,582 | ||
8,002,135 | ||||||
Semiconductors: 0.86% | ||||||
Broadcom, Inc.144A | 2.45 | 2-15-2031 | 2,739,000 | 2,252,031 | ||
Broadcom, Inc. | 3.15 | 11-15-2025 | 2,052,000 | 1,969,008 | ||
Broadcom, Inc.144A | 3.47 | 4-15-2034 | 1,769,000 | 1,470,951 | ||
Broadcom, Inc.144A | 4.93 | 5-15-2037 | 2,505,000 | 2,294,408 | ||
Intel Corp. | 2.80 | 8-12-2041 | 1,519,000 | 1,074,020 | ||
Intel Corp. | 5.63 | 2-10-2043 | 1,012,000 | 1,030,339 | ||
Intel Corp. | 5.70 | 2-10-2053 | 3,536,000 | 3,592,427 | ||
Intel Corp. | 5.90 | 2-10-2063 | 2,456,000 | 2,568,842 | ||
KLA Corp. | 3.30 | 3-1-2050 | 1,445,000 | 1,027,539 | ||
Marvell Technology, Inc. | 5.75 | 2-15-2029 | 2,625,000 | 2,649,122 | ||
Marvell Technology, Inc. | 5.95 | 9-15-2033 | 2,625,000 | 2,659,261 | ||
Micron Technology, Inc. | 3.48 | 11-1-2051 | 864,000 | 578,915 | ||
Micron Technology, Inc. | 5.38 | 4-15-2028 | 8,829,000 | 8,780,246 | ||
Micron Technology, Inc. | 5.88 | 2-9-2033 | 1,038,000 | 1,039,906 | ||
QUALCOMM, Inc. | 6.00 | 5-20-2053 | 3,969,000 | 4,310,094 | ||
Texas Instruments, Inc. | 5.00 | 3-14-2053 | 3,898,000 | 3,746,235 | ||
41,043,344 |
Interest rate | Maturity date | Principal | Value | |||
Software: 0.95% | ||||||
Fiserv, Inc. | 5.38 % | 8-21-2028 | $ | 5,211,000 | $5,256,973 | |
Fiserv, Inc. | 5.60 | 3-2-2033 | 902,000 | 905,874 | ||
Fiserv, Inc. | 5.63 | 8-21-2033 | 5,211,000 | 5,239,295 | ||
Intuit, Inc. | 5.13 | 9-15-2028 | 3,549,000 | 3,580,784 | ||
Intuit, Inc. | 5.20 | 9-15-2033 | 3,550,000 | 3,578,159 | ||
Intuit, Inc. | 5.25 | 9-15-2026 | 4,440,000 | 4,471,156 | ||
Intuit, Inc. | 5.50 | 9-15-2053 | 3,500,000 | 3,591,362 | ||
Oracle Corp. | 4.00 | 7-15-2046 | 3,054,000 | 2,318,191 | ||
Oracle Corp. | 4.38 | 5-15-2055 | 1,064,000 | 824,302 | ||
Oracle Corp. | 5.55 | 2-6-2053 | 2,344,000 | 2,209,700 | ||
VMware, Inc. | 1.00 | 8-15-2024 | 5,446,000 | 5,267,887 | ||
VMware, Inc. | 1.40 | 8-15-2026 | 5,124,000 | 4,622,582 | ||
VMware, Inc. | 4.70 | 5-15-2030 | 3,147,000 | 2,998,080 | ||
44,864,345 | ||||||
Utilities: 1.99% | ||||||
Electric: 1.99% | ||||||
American Transmission Systems, Inc.144A | 2.65 | 1-15-2032 | 1,089,000 | 882,950 | ||
Baltimore Gas & Electric Co. | 2.25 | 6-15-2031 | 2,338,000 | 1,914,930 | ||
Baltimore Gas & Electric Co. | 5.40 | 6-1-2053 | 2,640,000 | 2,527,746 | ||
CenterPoint Energy Houston Electric LLC | 5.20 | 10-1-2028 | 2,645,000 | 2,667,843 | ||
CenterPoint Energy Houston Electric LLC Series AH | 3.60 | 3-1-2052 | 1,725,000 | 1,248,301 | ||
Consolidated Edison Co. of New York, Inc. | 5.20 | 3-1-2033 | 949,000 | 941,648 | ||
Consolidated Edison Co. of New York, Inc. | 5.50 | 3-15-2034 | 4,490,000 | 4,525,989 | ||
Consolidated Edison Co. of New York, Inc. | 5.90 | 11-15-2053 | 1,793,000 | 1,821,101 | ||
Consumers Energy Co. | 2.50 | 5-1-2060 | 1,423,000 | 777,216 | ||
DTE Electric Co. | 2.95 | 3-1-2050 | 2,728,000 | 1,746,386 | ||
DTE Electric Co. Series B | 3.65 | 3-1-2052 | 1,247,000 | 901,156 | ||
Duke Energy Carolinas LLC | 2.55 | 4-15-2031 | 1,590,000 | 1,325,702 | ||
Duke Energy Carolinas LLC | 2.85 | 3-15-2032 | 2,903,000 | 2,428,080 | ||
Duke Energy Carolinas LLC | 3.55 | 3-15-2052 | 2,123,000 | 1,503,039 | ||
Duke Energy Carolinas LLC | 4.95 | 1-15-2033 | 2,626,000 | 2,573,194 | ||
Duke Energy Carolinas LLC | 5.35 | 1-15-2053 | 3,525,000 | 3,340,185 | ||
Duke Energy Carolinas LLC | 5.40 | 1-15-2054 | 1,263,000 | 1,201,335 | ||
Duke Energy Corp. | 2.55 | 6-15-2031 | 2,628,000 | 2,145,812 | ||
Duke Energy Corp. | 3.50 | 6-15-2051 | 485,000 | 329,481 | ||
Duke Energy Corp. | 5.75 | 9-15-2033 | 1,405,000 | 1,424,321 | ||
Duke Energy Florida LLC | 2.40 | 12-15-2031 | 2,327,000 | 1,884,408 | ||
Duke Energy Progress LLC | 2.50 | 8-15-2050 | 2,355,000 | 1,341,834 | ||
Duke Energy Progress LLC | 5.25 | 3-15-2033 | 1,754,000 | 1,743,015 | ||
Entergy Arkansas LLC | 2.65 | 6-15-2051 | 2,102,000 | 1,206,567 | ||
Entergy Arkansas LLC | 5.15 | 1-15-2033 | 3,526,000 | 3,443,390 | ||
Exelon Corp. | 5.60 | 3-15-2053 | 1,157,000 | 1,108,504 | ||
Jersey Central Power & Light Co.144A | 2.75 | 3-1-2032 | 2,564,000 | 2,075,121 | ||
Metropolitan Edison Co.144A | 4.30 | 1-15-2029 | 2,748,000 | 2,603,119 | ||
Metropolitan Edison Co.144A | 5.20 | 4-1-2028 | 2,646,000 | 2,612,387 | ||
MidAmerican Energy Co. | 2.70 | 8-1-2052 | 2,025,000 | 1,214,999 | ||
Mississippi Power Co. Series 12-A | 4.25 | 3-15-2042 | 1,198,000 | 956,227 |
Interest rate | Maturity date | Principal | Value | |||
Electric(continued) | ||||||
Mississippi Power Co. Series B | 3.10 % | 7-30-2051 | $ | 2,799,000 | $1,719,190 | |
NSTAR Electric Co. | 3.10 | 6-1-2051 | 1,442,000 | 923,700 | ||
Pacific Gas & Electric Co. | 2.10 | 8-1-2027 | 1,250,000 | 1,102,624 | ||
Pacific Gas & Electric Co. | 3.95 | 12-1-2047 | 5,363,000 | 3,636,297 | ||
Pacific Gas & Electric Co. | 4.20 | 6-1-2041 | 1,355,000 | 1,002,001 | ||
Pacific Gas & Electric Co. | 4.50 | 7-1-2040 | 805,000 | 638,278 | ||
Pacific Gas & Electric Co. | 4.75 | 2-15-2044 | 785,000 | 612,522 | ||
Pacific Gas & Electric Co. | 4.95 | 7-1-2050 | 7,515,000 | 5,979,231 | ||
PacifiCorp. | 5.50 | 5-15-2054 | 1,337,000 | 1,160,158 | ||
PECO Energy Co. | 2.85 | 9-15-2051 | 2,815,000 | 1,729,998 | ||
Pennsylvania Electric Co.144A | 3.25 | 3-15-2028 | 2,279,000 | 2,078,831 | ||
Pennsylvania Electric Co.144A | 5.15 | 3-30-2026 | 1,765,000 | 1,746,453 | ||
Public Service Co. of Oklahoma Series K | 3.15 | 8-15-2051 | 1,579,000 | 995,309 | ||
Public Service Electric & Gas Co. | 1.90 | 8-15-2031 | 4,007,000 | 3,164,888 | ||
Public Service Electric & Gas Co. | 2.05 | 8-1-2050 | 650,000 | 346,617 | ||
Public Service Electric & Gas Co. | 2.70 | 5-1-2050 | 1,104,000 | 678,222 | ||
Public Service Enterprise Group, Inc. | 5.88 | 10-15-2028 | 5,291,000 | 5,397,246 | ||
Public Service Enterprise Group, Inc. | 6.13 | 10-15-2033 | 2,119,000 | 2,190,975 | ||
Southern California Edison Co. Series C | 4.13 | 3-1-2048 | 1,760,000 | 1,368,756 | ||
Virginia Electric & Power Co. | 2.95 | 11-15-2051 | 2,334,000 | 1,448,746 | ||
Virginia Electric & Power Co. | 5.45 | 4-1-2053 | 449,000 | 426,093 | ||
94,762,121 | ||||||
Total corporate bonds and notes (Cost $904,831,236) | 871,401,318 | |||||
Municipal obligations: 0.33% | ||||||
Nevada: 0.08% | ||||||
Airport revenue: 0.08% | ||||||
County of Clark Department of Aviation Series C | 6.82 | 7-1-2045 | 3,365,000 | 3,886,065 | ||
New York: 0.10% | ||||||
Airport revenue: 0.10% | ||||||
Port Authority of New York & New Jersey | 4.46 | 10-1-2062 | 5,505,000 | 4,640,778 | ||
Ohio: 0.04% | ||||||
Education revenue: 0.04% | ||||||
Ohio State University Series A | 4.80 | 6-1-2111 | 1,957,000 | 1,689,611 | ||
Texas: 0.11% | ||||||
Education revenue: 0.02% | ||||||
Board of Regents of the University of Texas System Series B | 2.44 | 8-15-2049 | 1,695,000 | 1,036,773 | ||
Transportation revenue: 0.09% | ||||||
North Texas Tollway Authority Series B | 6.72 | 1-1-2049 | 3,609,000 | 4,184,175 | ||
5,220,948 | ||||||
Total municipal obligations (Cost $17,128,023) | 15,437,402 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities: 2.17% | ||||||
Angel Oak Mortgage Trust Series 2020-2 Class A1A144A±± | 2.53 % | 1-26-2065 | $ | 1,175,872 | $1,067,527 | |
Angel Oak Mortgage Trust Series 2020-5 Class A1144A±± | 1.37 | 5-25-2065 | 441,033 | 389,777 | ||
Angel Oak Mortgage Trust Series 2021-6 Class A1144A±± | 1.46 | 9-25-2066 | 2,510,285 | 1,944,859 | ||
BBCMS Mortgage Trust Series 2018-C2 Class ASB | 4.24 | 12-15-2051 | 1,075,038 | 1,043,112 | ||
Bunker Hill Loan Depositary Trust Series 2019-2 Class A1144A | 2.88 | 7-25-2049 | 1,592,014 | 1,485,557 | ||
Bunker Hill Loan Depositary Trust Series 2019-3 Class A1144A | 2.72 | 11-25-2059 | 822,865 | 793,333 | ||
BX Commercial Mortgage Trust Series 2021-VOLT Class A (U.S. SOFR 1 Month+0.81%)144A± | 6.14 | 9-15-2036 | 10,912,000 | 10,583,201 | ||
BX Commercial Mortgage Trust Series 2021-XL2 Class A (U.S. SOFR 1 Month+0.80%)144A± | 6.13 | 10-15-2038 | 3,793,925 | 3,701,053 | ||
CFCRE Commercial Mortgage Trust Series 2017-C8 Class ASB | 3.37 | 6-15-2050 | 1,093,844 | 1,053,716 | ||
COLT Mortgage Loan Trust Series 2021-2 Class A1144A±± | 0.92 | 8-25-2066 | 3,482,692 | 2,717,100 | ||
COLT Mortgage Loan Trust Series 2021-4 Class A1144A±± | 1.40 | 10-25-2066 | 3,554,836 | 2,767,149 | ||
COMM Mortgage Trust Series 2014-UBS4 Class A4 | 3.42 | 8-10-2047 | 3,732,657 | 3,660,822 | ||
COMM Mortgage Trust Series 2015-LC23 Class A3 | 3.52 | 10-10-2048 | 1,901,886 | 1,842,254 | ||
EQUS Mortgage Trust Series 2021-EQAZ Class A (U.S. SOFR 1 Month+0.87%)144A± | 6.19 | 10-15-2038 | 4,122,917 | 4,019,347 | ||
GS Mortgage Securities Trust Series 2014-GC18 Class A4 | 4.07 | 1-10-2047 | 1,000,917 | 998,509 | ||
GS Mortgage Securities Trust Series 2015-GC32 Class A3 | 3.50 | 7-10-2048 | 1,702,843 | 1,632,154 | ||
GS Mortgage Securities Trust Series 2020-GSA2 Class A4 | 1.72 | 12-12-2053 | 5,595,000 | 4,355,601 | ||
Impact Funding Affordable Multifamily Housing Mortgage Loan Trust Series 2010-1 Class A1144A | 5.31 | 1-25-2051 | 2,015,977 | 1,964,214 | ||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP4 Class A3 | 3.39 | 12-15-2049 | 1,080,000 | 1,010,205 | ||
JPMBB Commercial Mortgage Securities Trust Series 2013-C17 Class A4 | 4.20 | 1-15-2047 | 77,974 | 76,804 | ||
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class A4 | 3.67 | 9-15-2047 | 1,345,164 | 1,326,398 | ||
JPMBB Commercial Mortgage Securities Trust Series 2015-C28 Class A3 | 2.91 | 10-15-2048 | 5,566,736 | 5,395,992 | ||
JPMBB Commercial Mortgage Securities Trust Series 2015-C30 Class A5 | 3.82 | 7-15-2048 | 3,008,000 | 2,852,300 | ||
Med Trust Series 2021-MDLN Class A (U.S. SOFR 1 Month+1.06%)144A± | 6.39 | 11-15-2038 | 6,630,180 | 6,467,903 | ||
MFA Trust Series 2021-NQM2 Class A1144A±± | 1.03 | 11-25-2064 | 1,374,854 | 1,137,614 | ||
Morgan Stanley Capital I Trust Series 2020-HR8 Class A3 | 1.79 | 7-15-2053 | 3,030,000 | 2,391,705 | ||
New Residential Mortgage Loan Trust Series 2019-NQM4 Class A1144A±± | 2.49 | 9-25-2059 | 686,841 | 623,871 | ||
NewRez Warehouse Securitization Trust Series 2021-1 Class A (U.S. SOFR 1 Month+0.86%)144A± | 6.21 | 5-25-2055 | 5,037,067 | 5,025,217 | ||
STAR Trust Series 2021-1 Class A1144A±± | 1.22 | 5-25-2065 | 1,202,440 | 1,046,216 | ||
Starwood Mortgage Residential Trust Series 2020-1 Class A1144A±± | 2.28 | 2-25-2050 | 236,997 | 220,566 | ||
Starwood Mortgage Residential Trust Series 2020-3 Class A1144A±± | 1.49 | 4-25-2065 | 1,132,351 | 1,042,005 | ||
Starwood Mortgage Residential Trust Series 2020-INV1 Class A1144A±± | 1.03 | 11-25-2055 | 1,004,022 | 886,191 | ||
Starwood Mortgage Residential Trust Series 2021-4 Class A1144A±± | 1.16 | 8-25-2056 | 3,230,763 | 2,606,651 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities(continued) | ||||||
Verus Securitization Trust Series 2019-4 Class A1144A | 3.64 % | 11-25-2059 | $ | 1,130,560 | $1,080,905 | |
Verus Securitization Trust Series 2019-INV3 Class A1144A±± | 3.69 | 11-25-2059 | 457,584 | 441,413 | ||
Verus Securitization Trust Series 2020-2 Class A1144A±± | 2.23 | 5-25-2060 | 561,402 | 547,893 | ||
Verus Securitization Trust Series 2021-1 Class A1144A±± | 0.82 | 1-25-2066 | 1,677,857 | 1,406,945 | ||
Verus Securitization Trust Series 2021-2 Class A1144A±± | 1.03 | 2-25-2066 | 3,110,921 | 2,595,525 | ||
Verus Securitization Trust Series 2021-3 Class A1144A±± | 1.05 | 6-25-2066 | 2,342,461 | 1,905,368 | ||
Verus Securitization Trust Series 2021-4 Class A1144A±± | 0.94 | 7-25-2066 | 3,023,766 | 2,329,244 | ||
Verus Securitization Trust Series 2021-5 Class A1144A±± | 1.01 | 9-25-2066 | 7,443,243 | 5,796,872 | ||
Verus Securitization Trust Series 2021-7 Class A1144A±± | 1.83 | 10-25-2066 | 3,224,774 | 2,711,430 | ||
Verus Securitization Trust Series 2021-8 Class A1144A±± | 1.82 | 11-25-2066 | 3,178,881 | 2,663,834 | ||
Verus Securitization Trust Series 2021-R1 Class A1144A±± | 0.82 | 10-25-2063 | 1,371,036 | 1,227,161 | ||
Verus Securitization Trust Series 2021-R3 Class A1144A±± | 1.02 | 4-25-2064 | 1,418,246 | 1,252,389 | ||
Visio Trust Series 2020-1R Class A1144A | 1.31 | 11-25-2055 | 1,056,457 | 937,315 | ||
Total non-agency mortgage-backed securities (Cost $115,245,013) | 103,025,217 | |||||
U.S. Treasury securities: 27.24% | ||||||
U.S. Treasury Bonds | 1.13 | 5-15-2040 | 5,206,000 | 3,086,182 | ||
U.S. Treasury Bonds | 1.13 | 8-15-2040 | 126,786,000 | 74,506,585 | ||
U.S. Treasury Bonds | 1.38 | 11-15-2040 | 148,686,000 | 91,017,903 | ||
U.S. Treasury Bonds | 1.63 | 11-15-2050 | 18,032,000 | 9,816,170 | ||
U.S. Treasury Bonds | 1.75 | 8-15-2041 | 87,846,000 | 56,533,705 | ||
U.S. Treasury Bonds | 2.00 | 11-15-2041 | 72,211,000 | 48,378,549 | ||
U.S. Treasury Bonds | 2.00 | 8-15-2051 | 6,165,000 | 3,692,739 | ||
U.S. Treasury Bonds | 2.38 | 2-15-2042 | 12,685,000 | 9,035,089 | ||
U.S. Treasury Bonds | 2.88 | 5-15-2052 | 13,255,000 | 9,734,658 | ||
U.S. Treasury Bonds | 3.00 | 8-15-2052 | 54,456,000 | 41,084,499 | ||
U.S. Treasury Bonds | 3.63 | 2-15-2053 | 13,016,000 | 11,105,800 | ||
U.S. Treasury Bonds | 3.63 | 5-15-2053 | 6,624,000 | 5,654,205 | ||
U.S. Treasury Bonds | 3.88 | 5-15-2043 | 51,895,000 | 46,251,419 | ||
U.S. Treasury Bonds | 4.13 | 8-15-2053 | 37,220,000 | 34,806,516 | ||
U.S. Treasury Bonds | 4.38 | 8-15-2043 | 22,003,000 | 21,030,055 | ||
U.S. Treasury Bonds | 4.75 | 11-15-2053 | 12,715,000 | 13,244,460 | ||
U.S. Treasury Notes | 0.38 | 7-31-2027 | 34,288,000 | 29,659,120 | ||
U.S. Treasury Notes | 1.13 | 8-31-2028 | 3,003,000 | 2,591,730 | ||
U.S. Treasury Notes | 1.50 | 8-15-2026 | 24,320,000 | 22,469,400 | ||
U.S. Treasury Notes | 2.00 | 11-15-2026 | 32,604,000 | 30,401,956 | ||
U.S. Treasury Notes | 2.38 | 3-31-2029 | 16,662,000 | 15,104,494 | ||
U.S. Treasury Notes | 2.63 | 7-31-2029 | 8,779,000 | 8,017,353 | ||
U.S. Treasury Notes | 2.75 | 7-31-2027 | 9,559,000 | 9,028,401 | ||
U.S. Treasury Notes | 2.88 | 8-15-2028 | 8,219,000 | 7,707,239 | ||
U.S. Treasury Notes | 3.13 | 11-15-2028 | 637,000 | 602,463 | ||
U.S. Treasury Notes | 3.25 | 6-30-2029 | 80,913,000 | 76,469,106 | ||
U.S. Treasury Notes | 3.88 | 4-30-2025 | 7,754,000 | 7,638,296 | ||
U.S. Treasury Notes | 4.00 | 2-15-2026 | 270,000 | 266,425 | ||
U.S. Treasury Notes | 4.00 | 2-28-2030 | 23,049,000 | 22,601,181 | ||
U.S. Treasury Notes | 4.13 | 1-31-2025 | 2,792,000 | 2,761,135 | ||
U.S. Treasury Notes | 4.25 | 5-31-2025 | 54,357,000 | 53,832,540 | ||
U.S. Treasury Notes | 4.38 | 10-31-2024 | 1,068,000 | 1,059,740 |
Interest rate | Maturity date | Principal | Value | |||
U.S. Treasury securities(continued) | ||||||
U.S. Treasury Notes | 4.38 % | 8-15-2026 | $ | 8,502,000 | $8,470,450 | |
U.S. Treasury Notes | 4.38 | 11-30-2028 | 58,559,000 | 58,769,754 | ||
U.S. Treasury Notes | 4.38 | 11-30-2030 | 8,551,000 | 8,556,344 | ||
U.S. Treasury Notes | 4.50 | 11-30-2024 | 224,000 | 222,451 | ||
U.S. Treasury Notes | 4.50 | 11-15-2033 | 56,886,000 | 57,588,186 | ||
U.S. Treasury Notes## | 4.63 | 11-15-2026 | 93,775,000 | 94,177,940 | ||
U.S. Treasury Notes | 4.88 | 11-30-2025 | 18,270,000 | 18,327,094 | ||
U.S. Treasury Notes## | 4.88 | 10-31-2028 | 148,800,000 | 152,450,250 | ||
U.S. Treasury Notes | 5.00 | 8-31-2025 | 50,565,000 | 50,719,065 | ||
U.S. Treasury Notes | 5.00 | 9-30-2025 | 65,741,000 | 65,982,393 | ||
U.S. Treasury Notes | 5.00 | 10-31-2025 | 10,098,000 | 10,143,757 | ||
Total U.S. Treasury securities (Cost $1,381,397,420) | 1,294,596,797 | |||||
Yankee corporate bonds and notes: 3.87% | ||||||
Basic materials: 0.15% | ||||||
Mining: 0.15% | ||||||
Anglo American Capital PLC144A | 4.75 | 3-16-2052 | 4,986,000 | 3,998,985 | ||
Glencore Finance Canada Ltd.144A | 5.55 | 10-25-2042 | 792,000 | 722,024 | ||
Glencore Finance Canada Ltd.144A | 6.00 | 11-15-2041 | 644,000 | 622,970 | ||
Glencore Finance Canada Ltd.144A | 6.90 | 11-15-2037 | 1,808,000 | 1,896,803 | ||
7,240,782 | ||||||
Consumer, non-cyclical: 0.56% | ||||||
Commercial services: 0.02% | ||||||
Adani International Container Terminal Pvt Ltd.144A | 3.00 | 2-16-2031 | 1,270,900 | 1,019,897 | ||
Healthcare-products: 0.09% | ||||||
DH Europe Finance II Sarl | 2.20 | 11-15-2024 | 4,301,000 | 4,167,991 | ||
Pharmaceuticals: 0.45% | ||||||
Pfizer Investment Enterprises Pte. Ltd. | 4.75 | 5-19-2033 | 10,414,000 | 10,130,973 | ||
Pfizer Investment Enterprises Pte. Ltd. | 5.30 | 5-19-2053 | 8,114,000 | 7,911,433 | ||
Pfizer Investment Enterprises Pte. Ltd. | 5.34 | 5-19-2063 | 3,517,000 | 3,382,569 | ||
21,424,975 | ||||||
Energy: 0.58% | ||||||
Oil & gas: 0.27% | ||||||
Aker BP ASA144A | 5.60 | 6-13-2028 | 4,643,000 | 4,647,551 | ||
Aker BP ASA144A | 6.00 | 6-13-2033 | 5,675,000 | 5,684,834 | ||
Petroleos Mexicanos | 2.38 | 4-15-2025 | 544,350 | 528,664 | ||
Petroleos Mexicanos | 2.46 | 12-15-2025 | 2,016,250 | 1,940,648 | ||
12,801,697 | ||||||
Pipelines: 0.31% | ||||||
Enbridge, Inc. | 6.00 | 11-15-2028 | 2,674,000 | 2,748,529 | ||
Enbridge, Inc. | 6.20 | 11-15-2030 | 2,675,000 | 2,780,851 | ||
Enbridge, Inc. | 6.70 | 11-15-2053 | 3,923,000 | 4,287,457 | ||
Galaxy Pipeline Assets Bidco Ltd.144A | 2.16 | 3-31-2034 | 3,095,359 | 2,616,246 |
Interest rate | Maturity date | Principal | Value | |||
Pipelines(continued) | ||||||
Galaxy Pipeline Assets Bidco Ltd.144A | 2.63 % | 3-31-2036 | $ | 2,354,000 | $1,870,413 | |
Galaxy Pipeline Assets Bidco Ltd.144A | 2.94 | 9-30-2040 | 734,366 | 576,318 | ||
14,879,814 | ||||||
Financial: 2.36% | ||||||
Banks: 2.33% | ||||||
Banco Bilbao Vizcaya Argentaria SA (1 Year Treasury Constant Maturity+3.30%)± | 7.88 | 11-15-2034 | 3,400,000 | 3,514,496 | ||
Banco Santander SA | 6.61 | 11-7-2028 | 4,200,000 | 4,349,570 | ||
Banco Santander SA | 6.94 | 11-7-2033 | 3,400,000 | 3,600,480 | ||
Banco Santander SA (1 Year Treasury Constant Maturity+1.65%)± | 6.53 | 11-7-2027 | 4,200,000 | 4,272,585 | ||
Barclays PLC (U.S. SOFR+2.22%)± | 6.49 | 9-13-2029 | 5,229,000 | 5,287,784 | ||
Barclays PLC (U.S. SOFR+2.62%)± | 6.69 | 9-13-2034 | 5,463,000 | 5,566,377 | ||
Barclays PLC (U.S. SOFR+2.98%)± | 6.22 | 5-9-2034 | 5,396,000 | 5,302,247 | ||
BNP Paribas SA (1 Year Treasury Constant Maturity+1.50%)144A± | 5.34 | 6-12-2029 | 6,962,000 | 6,891,668 | ||
BNP Paribas SA (U.S. SOFR+1.87%)144A±%% | 5.89 | 12-5-2034 | 5,407,000 | 5,414,651 | ||
BPCE SA (U.S. SOFR+1.98%)144A± | 6.61 | 10-19-2027 | 5,393,000 | 5,461,975 | ||
BPCE SA (U.S. SOFR+2.27%)144A± | 6.71 | 10-19-2029 | 3,680,000 | 3,754,877 | ||
BPCE SA (U.S. SOFR+2.59%)144A± | 7.00 | 10-19-2034 | 2,767,000 | 2,851,494 | ||
Canadian Imperial Bank of Commerce | 6.09 | 10-3-2033 | 5,284,000 | 5,387,033 | ||
Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity+1.40%)144A± | 5.56 | 2-28-2029 | 12,323,000 | 12,235,413 | ||
Credit Suisse Group AG144A | 4.28 | 1-9-2028 | 4,010,000 | 3,790,189 | ||
Credit Suisse Group AG (U.S. SOFR+3.73%)144A± | 4.19 | 4-1-2031 | 2,774,000 | 2,490,197 | ||
Deutsche Bank AG (U.S. SOFR+2.26%)± | 3.74 | 1-7-2033 | 6,840,000 | 5,234,135 | ||
HSBC Holdings PLC (U.S. SOFR+3.02%)± | 7.40 | 11-13-2034 | 4,494,000 | 4,677,703 | ||
HSBC Holdings PLC (U.S. SOFR 3 Month+1.80%)± | 4.58 | 6-19-2029 | 1,000,000 | 951,937 | ||
HSBC Holdings PLC (U.S. SOFR 3 Month+1.87%)± | 3.97 | 5-22-2030 | 4,466,000 | 4,058,680 | ||
ING Groep NV (U.S. SOFR+1.56%)± | 6.08 | 9-11-2027 | 5,235,000 | 5,271,047 | ||
ING Groep NV (U.S. SOFR+2.09%)± | 6.11 | 9-11-2034 | 3,607,000 | 3,618,153 | ||
UBS AG | 5.65 | 9-11-2028 | 4,077,000 | 4,124,072 | ||
UBS Group AG (1 Year Treasury Constant Maturity+2.00%)144A± | 6.30 | 9-22-2034 | 2,739,000 | 2,764,742 | ||
110,871,505 | ||||||
REITS: 0.03% | ||||||
Trust Fibra Uno144A | 6.39 | 1-15-2050 | 1,883,000 | 1,444,450 | ||
Industrial: 0.09% | ||||||
Transportation: 0.09% | ||||||
Canadian Pacific Railway Co. | 1.35 | 12-2-2024 | 3,895,000 | 3,731,750 | ||
Canadian Pacific Railway Co. | 1.75 | 12-2-2026 | 750,000 | 680,059 | ||
4,411,809 | ||||||
Technology: 0.10% | ||||||
Semiconductors: 0.10% | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 2.50 | 5-11-2031 | 1,756,000 | 1,425,913 |
Interest rate | Maturity date | Principal | Value | |||
Semiconductors(continued) | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 3.25 % | 5-11-2041 | $ | 1,719,000 | $1,226,303 | |
NXP BV/NXP Funding LLC/NXP USA, Inc. | 4.40 | 6-1-2027 | 1,895,000 | 1,829,129 | ||
4,481,345 | ||||||
Utilities: 0.03% | ||||||
Electric: 0.03% | ||||||
Israel Electric Corp. Ltd.144A | 3.75 | 2-22-2032 | 1,561,000 | 1,272,059 | ||
Total yankee corporate bonds and notes (Cost $187,452,827) | 184,016,324 | |||||
Yankee government bonds: 0.68% | ||||||
Australia: 0.13% | ||||||
Export Finance & Insurance Corp.144A | 4.63 | 10-26-2027 | 5,920,000 | 5,942,846 | ||
Bermuda: 0.04% | ||||||
Bermuda144A | 5.00 | 7-15-2032 | 1,940,000 | 1,835,240 | ||
Israel: 0.10% | ||||||
Israel | 3.88 | 7-3-2050 | 1,283,000 | 924,109 | ||
Israel | 4.50 | 1-17-2033 | 4,019,000 | 3,687,224 | ||
4,611,333 | ||||||
Mexico: 0.22% | ||||||
Mexico | 2.66 | 5-24-2031 | 2,923,000 | 2,388,874 | ||
Mexico | 3.50 | 2-12-2034 | 5,326,000 | 4,338,086 | ||
Mexico | 3.75 | 4-19-2071 | 2,084,000 | 1,296,421 | ||
Mexico | 6.34 | 5-4-2053 | 2,699,000 | 2,574,911 | ||
10,598,292 | ||||||
Panama: 0.09% | ||||||
Panama | 6.85 | 3-28-2054 | 4,993,000 | 4,411,439 | ||
Paraguay: 0.10% | ||||||
Paraguay144A | 5.85 | 8-21-2033 | 2,777,000 | 2,687,133 | ||
Paraguay 144A | 5.40 | 3-30-2050 | 2,726,000 | 2,221,622 | ||
4,908,755 | ||||||
Total yankee government bonds (Cost $33,714,507) | 32,307,905 |
Yield | Shares | |||||
Short-term investments: 5.17% | ||||||
Investment companies: 5.17% | ||||||
Allspring Government Money Market Fund Select Class♠∞## | 5.29 | 245,852,568 | 245,852,568 | |||
Total short-term investments (Cost $245,852,568) | 245,852,568 | |||||
Total investments in securities (Cost $5,378,971,960) | 108.43 % | 5,152,696,329 | ||||
Other assets and liabilities, net | (8.43 ) | (400,678,841 ) | ||||
Total net assets | 100.00 % | $4,752,017,488 |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
%% | The security is purchased on a when-issued basis. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
## | All or a portion of this security is segregated as collateral for when-issued securities. |
♠ | 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: | |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
REIT | Real estate investment trust |
RFUCCT1Y | Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year |
SOFR | Secured Overnight Financing Rate |
STRIPS | Separate trading of registered interest and principal securities |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $117,290,523 | $1,477,354,237 | $(1,348,792,192 ) | $0 | $0 | $245,852,568 | 245,852,568 | $4,305,652 |
Assets | |
Investments in unaffiliated securities, at value (cost $5,133,119,392) | $4,906,843,761 |
Investments in affiliated securities, at value (cost $245,852,568) | 245,852,568 |
Cash | 217,499 |
Receivable for investments sold | 200,176,189 |
Receivable for interest | 26,119,567 |
Principal paydown receivable | 707,991 |
Prepaid expenses and other assets | 64,696 |
Total assets | 5,379,982,271 |
Liabilities | |
Payable for when-issued transactions | 452,697,740 |
Payable for investments purchased | 169,416,558 |
Cash due to broker | 4,430,000 |
Advisory fee payable | 1,214,067 |
Trustees’ fees and expenses payable | 913 |
Accrued expenses and other liabilities | 205,505 |
Total liabilities | 627,964,783 |
Total net assets | $4,752,017,488 |
Investment income | |
Interest (net of foreign withholding taxes of $3,604) | $98,798,021 |
Income from affiliated securities | 4,305,652 |
Total investment income | 103,103,673 |
Expenses | |
Advisory fee | 8,002,437 |
Custody and accounting fees | 94,513 |
Professional fees | 44,764 |
Interest holder report expenses | 5,012 |
Trustees’ fees and expenses | 12,025 |
Other fees and expenses | 53,409 |
Total expenses | 8,212,160 |
Less: Fee waivers and/or expense reimbursements | (657,763 ) |
Net expenses | 7,554,397 |
Net investment income | 95,549,276 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (144,743,088 ) |
Securities sold short | 255,348 |
Net realized losses on investments | (144,487,740 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 22,917,924 |
Securities sold short | (204,688 ) |
Net change in unrealized gains (losses) on investments | 22,713,236 |
Net realized and unrealized gains (losses) on investments | (121,774,504 ) |
Net decrease in net assets resulting from operations | $(26,225,228 ) |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $95,549,276 | $139,288,154 | ||
Net realized losses on investments | (144,487,740 ) | (329,727,880 ) | ||
Net change in unrealized gains (losses) on investments | 22,713,236 | 90,165,043 | ||
Net decrease in net assets resulting from operations | (26,225,228 ) | (100,274,683 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 365,719,281 | 747,955,348 | ||
Withdrawals | (250,459,806 ) | (843,243,755 ) | ||
Net increase (decrease) in net assets resulting from capital transactions | 115,259,475 | (95,288,407 ) | ||
Total increase (decrease) in net assets | 89,034,247 | (195,563,090 ) | ||
Net assets | ||||
Beginning of period | 4,662,983,241 | 4,858,546,331 | ||
End of period | $4,752,017,488 | $4,662,983,241 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | (0.61 )% | (1.88 )% | (8.55 )% | 0.65 % | 9.49 % | 6.30 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.36 % | 0.36 % | 0.36 % | 0.35 % | 0.35 % | 0.35 % |
Net expenses2 | 0.33 % | 0.36 % | 0.36 % | 0.35 % | 0.35 % | 0.35 % |
Net investment income | 4.17 % | 3.08 % | 1.33 % | 1.30 % | 2.28 % | 2.93 % |
Supplemental data | ||||||
Portfolio turnover rate | 176 % | 384 % | 432 % | 457 % | 603 % | 577 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $50,247,697 |
Gross unrealized losses | (280,610,500 ) |
Net unrealized losses | $(230,362,803 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $2,085,829,687 | $0 | $2,085,829,687 |
Asset-backed securities | 0 | 320,229,111 | 0 | 320,229,111 |
Corporate bonds and notes | 0 | 871,401,318 | 0 | 871,401,318 |
Municipal obligations | 0 | 15,437,402 | 0 | 15,437,402 |
Non-agency mortgage-backed securities | 0 | 103,025,217 | 0 | 103,025,217 |
U.S. Treasury securities | 1,294,596,797 | 0 | 0 | 1,294,596,797 |
Yankee corporate bonds and notes | 0 | 184,016,324 | 0 | 184,016,324 |
Yankee government bonds | 0 | 32,307,905 | 0 | 32,307,905 |
Short-term investments | ||||
Investment companies | 245,852,568 | 0 | 0 | 245,852,568 |
Total assets | $1,540,449,365 | $3,612,246,964 | $0 | $5,152,696,329 |
Average daily net assets | Advisory fee |
First $500 million | 0.400 % |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$4,503,763,896 | $4,267,607,164 | $4,189,122,081 | $4,260,754,215 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR0940 11-23
Investment objective | The Portfolio seeks long-term capital appreciation. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Justin P. Carr, CFA, Vince Fioramonti, CFA |
Average annual total returns (%) as of November 30, 2023 | ||||
Inception date | 1 year | 5 year | 10 year | |
Allspring Disciplined International Developed Markets Portfolio | 10-6-2004 | 9.90 | 8.08 | 4.78 |
MSCI ACWI ex USA Index (Net)1 | – | 9.26 | 5.06 | 3.41 |
MSCI EAFE Index (Net)2 | – | 12.36 | 5.99 | 3.89 |
1 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
2 | The MSCI Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Novo Nordisk AS Class B | 2.07 |
Nestle SA | 1.91 |
ASML Holding NV | 1.81 |
Novartis AG | 1.60 |
Shell PLC | 1.55 |
LVMH Moet Hennessy Louis Vuitton SE | 1.18 |
Roche Holding AG | 1.14 |
Toyota Motor Corp. | 1.12 |
HSBC Holdings PLC | 1.07 |
AstraZeneca PLC | 1.06 |
1 | Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 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. |
Geographic allocation as of November 30, 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. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,047.50 | $2.82 | 0.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.25 | $2.78 | 0.55 % |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 96.06% | ||||||
Australia: 6.96% | ||||||
ANZ Group Holdings Ltd. (Financials, Banks) | 27,362 | $440,596 | ||||
Aristocrat Leisure Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 12,169 | 326,371 | ||||
BHP Group Ltd. (Materials, Metals & mining) | 23,920 | 731,778 | ||||
BHP Group Ltd. Class DI (Materials, Metals & mining) | 16,251 | 493,206 | ||||
BlueScope Steel Ltd. (Materials, Metals & mining) | 14,247 | 195,617 | ||||
Brambles Ltd. (Industrials, Commercial services & supplies) | 14,681 | 129,404 | ||||
Cochlear Ltd. (Health care, Health care equipment & supplies) | 730 | 131,700 | ||||
Coles Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 14,773 | 149,640 | ||||
Commonwealth Bank of Australia (Financials, Banks) | 13,482 | 932,335 | ||||
CSL Ltd. (Health care, Biotechnology) | 3,458 | 599,162 | ||||
Dexus (Real estate, Office REITs) | 31,498 | 146,519 | ||||
Fortescue Ltd. (Materials, Metals & mining) | 14,696 | 242,662 | ||||
Glencore PLC (Materials, Metals & mining) | 112,439 | 627,129 | ||||
IGO Ltd. (Materials, Metals & mining) | 16,550 | 93,826 | ||||
Macquarie Group Ltd. (Financials, Capital markets) | 1,208 | 134,933 | ||||
National Australia Bank Ltd. (Financials, Banks) | 32,504 | 609,947 | ||||
Northern Star Resources Ltd. (Materials, Metals & mining) | 14,734 | 123,933 | ||||
Origin Energy Ltd. (Utilities, Electric utilities) | 35,874 | 195,319 | ||||
Pilbara Minerals Ltd. (Materials, Metals & mining) | 80,756 | 194,229 | ||||
QBE Insurance Group Ltd. (Financials, Insurance) | 11,982 | 121,686 | ||||
Rio Tinto Ltd. (Materials, Metals & mining) | 2,610 | 215,639 | ||||
Santos Ltd. (Energy, Oil, gas & consumable fuels) | 35,880 | 163,820 | ||||
Scentre Group (Real estate, Retail REITs) | 88,222 | 154,476 | ||||
Sonic Healthcare Ltd. (Health care, Health care providers & services) | 8,437 | 162,615 | ||||
Stockland (Real estate, Diversified REITs) | 68,939 | 188,127 | ||||
Suncorp Group Ltd. (Financials, Insurance) | 13,316 | 122,916 | ||||
Vicinity Ltd. (Real estate, Retail REITs) | 103,986 | 130,203 | ||||
Wesfarmers Ltd. (Consumer discretionary, Broadline retail) | 5,161 | 179,577 | ||||
Westpac Banking Corp. (Financials, Banks) | 43,245 | 610,629 | ||||
Woodside Energy Group Ltd. (Energy, Oil, gas & consumable fuels) | 12,236 | 250,633 | ||||
Woolworths Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 6,890 | 158,885 | ||||
8,957,512 | ||||||
Austria: 0.41% | ||||||
Erste Group Bank AG (Financials, Banks) | 6,413 | 259,048 | ||||
OMV AG (Energy, Oil, gas & consumable fuels) | 2,630 | 112,077 | ||||
Verbund AG (Utilities, Electric utilities) | 1,635 | 155,724 | ||||
526,849 | ||||||
Belgium: 0.43% | ||||||
Anheuser-Busch InBev SA (Consumer staples, Beverages) | 4,352 | 272,907 | ||||
KBC Group NV (Financials, Banks) | 3,210 | 183,789 | ||||
Umicore SA (Materials, Chemicals) | 3,783 | 101,010 | ||||
557,706 | ||||||
Denmark: 3.04% | ||||||
AP Moller - Maersk AS Class A (Industrials, Marine transportation) | 152 | 235,480 | ||||
Carlsberg AS Class B (Consumer staples, Beverages) | 1,451 | 179,663 |
Shares | Value | |||||
Denmark(continued) | ||||||
Demant AS (Health care, Health care equipment & supplies)† | 3,067 | $130,049 | ||||
DSV AS (Industrials, Air freight & logistics) | 2,166 | 325,913 | ||||
Genmab AS (Health care, Biotechnology)† | 908 | 286,507 | ||||
Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 26,276 | 2,668,403 | ||||
Pandora AS (Consumer discretionary, Textiles, apparel & luxury goods) | 626 | 84,476 | ||||
3,910,491 | ||||||
Finland: 0.77% | ||||||
Elisa Oyj (Communication services, Diversified telecommunication services) | 3,066 | 137,098 | ||||
Kone Oyj Class B (Industrials, Machinery) | 3,809 | 169,119 | ||||
Metso Oyj (Industrials, Machinery) | 9,836 | 96,680 | ||||
Nordea Bank Abp (Financials, Banks) | 38,325 | 427,840 | ||||
Wartsila Oyj Abp (Industrials, Machinery) | 11,389 | 156,945 | ||||
987,682 | ||||||
France: 11.53% | ||||||
Accor SA (Consumer discretionary, Hotels, restaurants & leisure) | 3,571 | 123,647 | ||||
Air Liquide SA (Materials, Chemicals) | 3,095 | 585,516 | ||||
AXA SA (Financials, Insurance) | 15,852 | 493,404 | ||||
BNP Paribas SA (Financials, Banks) | 12,749 | 801,691 | ||||
Capgemini SE (Information technology, IT services) | 1,904 | 389,631 | ||||
Carrefour SA (Consumer staples, Consumer staples distribution & retail) | 12,893 | 244,122 | ||||
CIE de Saint-Gobain SA (Industrials, Building products) | 6,200 | 403,640 | ||||
Cie Generale des Etablissements Michelin SCA (Consumer discretionary, Automobile components) | 4,860 | 162,988 | ||||
Credit Agricole Corporate & Investment Bank SA (Financials, Banks) | 22,742 | 297,601 | ||||
Danone SA (Consumer staples, Food products) | 7,545 | 484,305 | ||||
Dassault Aviation SA (Industrials, Aerospace & defense) | 773 | 153,473 | ||||
Dassault Systemes SE (Information technology, Software) | 4,177 | 195,348 | ||||
Edenred SE (Financials, Financial services) | 3,982 | 216,720 | ||||
Eiffage SA (Industrials, Construction & engineering) | 3,129 | 316,750 | ||||
Engie SA (Utilities, Multi-utilities) | 31,512 | 546,001 | ||||
EssilorLuxottica SA (Health care, Health care equipment & supplies) | 2,800 | 533,731 | ||||
Hermes International SCA (Consumer discretionary, Textiles, apparel & luxury goods) | 264 | 547,199 | ||||
Ipsen SA (Health care, Pharmaceuticals) | 912 | 102,746 | ||||
Legrand SA (Industrials, Electrical equipment) | 3,368 | 324,154 | ||||
L’Oreal SA (Consumer staples, Personal care products) | 1,906 | 894,292 | ||||
LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | 1,979 | 1,513,716 | ||||
Orange SA (Communication services, Diversified telecommunication services) | 19,580 | 240,920 | ||||
Pernod Ricard SA (Consumer staples, Beverages) | 871 | 150,319 | ||||
Publicis Groupe SA (Communication services, Media) | 4,241 | 358,135 | ||||
Renault SA (Consumer discretionary, Automobiles) | 3,285 | 128,690 | ||||
Safran SA (Industrials, Aerospace & defense) | 3,335 | 584,527 | ||||
Sanofi SA (Health care, Pharmaceuticals) | 9,000 | 837,209 | ||||
Schneider Electric SE (Industrials, Electrical equipment) | 3,677 | 674,887 | ||||
Societe Generale SA (Financials, Banks) | 6,331 | 159,017 | ||||
Teleperformance SE (Industrials, Professional services) | 989 | 138,388 | ||||
Thales SA (Industrials, Aerospace & defense) | 1,070 | 159,505 |
Shares | Value | |||||
France(continued) | ||||||
TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 18,736 | $1,269,740 | ||||
Veolia Environnement SA (Utilities, Multi-utilities) | 4,367 | 137,423 | ||||
Vinci SA (Industrials, Construction & engineering) | 5,520 | 674,757 | ||||
14,844,192 | ||||||
Germany: 7.89% | ||||||
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 723 | 151,211 | ||||
Allianz SE (Financials, Insurance) | 4,080 | 1,024,114 | ||||
BASF SE (Materials, Chemicals) | 3,151 | 146,404 | ||||
Bayer AG (Health care, Pharmaceuticals) | 3,358 | 114,627 | ||||
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | 4,569 | 475,403 | ||||
Beiersdorf AG (Consumer staples, Personal care products) | 1,094 | 153,258 | ||||
Brenntag SE (Industrials, Trading companies & distributors) | 2,378 | 205,213 | ||||
Daimler Truck Holding AG (Industrials, Machinery) | 4,248 | 137,932 | ||||
Deutsche Bank AG (Financials, Capital markets) | 15,228 | 189,394 | ||||
Deutsche Boerse AG (Financials, Capital markets) | 1,372 | 260,304 | ||||
Deutsche Post AG (Industrials, Air freight & logistics) | 6,522 | 305,550 | ||||
Deutsche Telekom AG (Communication services, Diversified telecommunication services) | 29,805 | 712,930 | ||||
E.ON SE (Utilities, Multi-utilities) | 40,129 | 521,326 | ||||
Fresenius Medical Care AG & Co. KGaA (Health care, Health care providers & services) | 6,595 | 270,133 | ||||
GEA Group AG (Industrials, Machinery) | 3,336 | 122,445 | ||||
Henkel AG & Co. KGaA (Consumer staples, Household products) | 1,957 | 136,503 | ||||
Infineon Technologies AG (Information technology, Semiconductors & semiconductor equipment) | 14,567 | 563,687 | ||||
Mercedes-Benz Group AG (Consumer discretionary, Automobiles) | 7,593 | 492,428 | ||||
Merck KGaA (Health care, Pharmaceuticals) | 951 | 165,781 | ||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials, Insurance) | 1,078 | 458,566 | ||||
Puma SE (Consumer discretionary, Textiles, apparel & luxury goods) | 2,068 | 133,215 | ||||
Rational AG (Industrials, Machinery) | 192 | 122,783 | ||||
RWE AG (Utilities, Independent power and renewable electricity producers) | 5,857 | 250,997 | ||||
SAP SE (Information technology, Software) | 8,308 | 1,315,614 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 5,989 | 1,003,931 | ||||
Siemens Healthineers AG (Health care, Health care equipment & supplies)144A | 2,699 | 155,530 | ||||
Talanx AG (Financials, Insurance)† | 4,077 | 295,559 | ||||
Telefonica Deutschland Holding AG (Communication services, Diversified telecommunication services) | 78,968 | 201,998 | ||||
Zalando SE (Consumer discretionary, Specialty retail)144A† | 3,116 | 74,144 | ||||
10,160,980 | ||||||
Hong Kong: 1.94% | ||||||
AIA Group Ltd. (Financials, Insurance) | 87,000 | 750,682 | ||||
BOC Hong Kong Holdings Ltd. (Financials, Banks) | 115,000 | 307,695 | ||||
CK Asset Holdings Ltd. (Real estate, Real estate management & development) | 31,500 | 149,409 | ||||
Henderson Land Development Co. Ltd. (Real estate, Real estate management & development) | 49,000 | 133,300 | ||||
Hong Kong Exchanges & Clearing Ltd. (Financials, Capital markets) | 11,300 | 401,004 | ||||
Hongkong Land Holdings Ltd. (Real estate, Real estate management & development) | 36,440 | 117,337 |
Shares | Value | |||||
Hong Kong(continued) | ||||||
Jardine Matheson Holdings Ltd. (Industrials, Industrial conglomerates) | 3,000 | $115,830 | ||||
New World Development Co. Ltd. (Real estate, Real estate management & development) | 96,000 | 142,808 | ||||
Sino Land Co. Ltd. (Real estate, Real estate management & development) | 88,000 | 88,661 | ||||
Sun Hung Kai Properties Ltd. (Real estate, Real estate management & development) | 13,000 | 127,565 | ||||
WH Group Ltd. (Consumer staples, Food products)144A | 244,000 | 156,809 | ||||
2,491,100 | ||||||
Ireland: 0.92% | ||||||
CRH PLC (Materials, Construction materials) | 6,502 | 408,000 | ||||
DCC PLC (Industrials, Industrial conglomerates) | 7,388 | 498,247 | ||||
James Hardie Industries PLC (Materials, Construction materials)† | 4,546 | 146,344 | ||||
Kingspan Group PLC (Industrials, Building products)† | 1,716 | 135,981 | ||||
1,188,572 | ||||||
Israel: 0.95% | ||||||
Check Point Software Technologies Ltd. (Information technology, Software)† | 1,745 | 254,770 | ||||
Global-E Online Ltd. (Consumer discretionary, Broadline retail)† | 3,229 | 110,593 | ||||
Israel Discount Bank Ltd. Class A (Financials, Banks) | 42,204 | 203,285 | ||||
Monday.com Ltd. (Information technology, Software)† | 714 | 128,406 | ||||
Nice Ltd. (Information technology, Software)† | 1,064 | 204,372 | ||||
Teva Pharmaceutical Industries Ltd. ADR (Health care, Pharmaceuticals)† | 15,561 | 152,809 | ||||
Wix.com Ltd. (Information technology, IT services)† | 1,606 | 163,009 | ||||
1,217,244 | ||||||
Italy: 1.92% | ||||||
Assicurazioni Generali SpA (Financials, Insurance) | 17,082 | 353,374 | ||||
ENEL SpA (Utilities, Electric utilities) | 102,821 | 725,918 | ||||
ENI SpA (Energy, Oil, gas & consumable fuels) | 7,006 | 115,672 | ||||
Intesa Sanpaolo SpA (Financials, Banks) | 127,379 | 366,250 | ||||
Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | 2,210 | 122,396 | ||||
Prysmian SpA (Industrials, Electrical equipment) | 5,158 | 198,360 | ||||
Terna - Rete Elettrica Nazionale (Utilities, Electric utilities) | 15,044 | 121,112 | ||||
UniCredit SpA (Financials, Banks) | 16,977 | 461,710 | ||||
2,464,792 | ||||||
Japan: 21.59% | ||||||
Advantest Corp. (Information technology, Semiconductors & semiconductor equipment) | 5,400 | 170,494 | ||||
Aeon Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 8,000 | 165,169 | ||||
ANA Holdings, Inc. (Industrials, Passenger airlines)† | 12,400 | 255,260 | ||||
Astellas Pharma, Inc. (Health care, Pharmaceuticals) | 21,600 | 261,878 | ||||
BayCurrent Consulting, Inc. (Industrials, Professional services) | 5,500 | 184,595 | ||||
Bridgestone Corp. (Consumer discretionary, Automobile components) | 6,300 | 259,122 | ||||
Brother Industries Ltd. (Information technology, Technology hardware, storage & peripherals) | 7,300 | 122,898 | ||||
Canon, Inc. (Information technology, Technology hardware, storage & peripherals) | 14,500 | 372,329 | ||||
Capcom Co. Ltd. (Communication services, Entertainment) | 4,700 | 157,966 | ||||
Central Japan Railway Co. (Industrials, Ground transportation) | 28,400 | 680,022 |
Shares | Value | |||||
Japan(continued) | ||||||
Chubu Electric Power Co., Inc. (Utilities, Electric utilities) | 26,200 | $322,861 | ||||
Chugai Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 3,900 | 137,260 | ||||
Dai-ichi Life Holdings, Inc. (Financials, Insurance) | 13,300 | 276,388 | ||||
Daiichi Sankyo Co. Ltd. (Health care, Pharmaceuticals) | 12,900 | 348,037 | ||||
Daikin Industries Ltd. (Industrials, Building products) | 1,500 | 224,150 | ||||
Daito Trust Construction Co. Ltd. (Real estate, Real estate management & development) | 1,900 | 208,890 | ||||
Daiwa House Industry Co. Ltd. (Real estate, Real estate management & development) | 11,800 | 334,198 | ||||
Disco Corp. (Information technology, Semiconductors & semiconductor equipment) | 1,300 | 281,377 | ||||
Fast Retailing Co. Ltd. (Consumer discretionary, Specialty retail) | 1,400 | 354,013 | ||||
FUJIFILM Holdings Corp. (Information technology, Technology hardware, storage & peripherals) | 3,700 | 216,120 | ||||
GMO Payment Gateway, Inc. (Financials, Financial services) | 2,700 | 158,565 | ||||
Hitachi Ltd. (Industrials, Industrial conglomerates) | 6,400 | 443,977 | ||||
Honda Motor Co. Ltd. (Consumer discretionary, Automobiles) | 72,200 | 734,856 | ||||
Hoya Corp. (Health care, Health care equipment & supplies) | 3,200 | 359,692 | ||||
INPEX Corp. (Energy, Oil, gas & consumable fuels) | 11,800 | 166,343 | ||||
Isuzu Motors Ltd. (Consumer discretionary, Automobiles) | 10,100 | 133,216 | ||||
ITOCHU Corp. (Industrials, Trading companies & distributors) | 13,600 | 526,351 | ||||
Japan Airlines Co. Ltd. (Industrials, Passenger airlines) | 14,200 | 269,231 | ||||
Japan Metropolitan Fund Invest (Real estate, Retail REITs) | 300 | 199,312 | ||||
Japan Post Insurance Co. Ltd. (Financials, Insurance) | 8,900 | 165,982 | ||||
Japan Tobacco, Inc. (Consumer staples, Tobacco) | 8,700 | 223,045 | ||||
Keyence Corp. (Information technology, Electronic equipment, instruments & components) | 1,400 | 598,206 | ||||
Kintetsu Group Holdings Co. Ltd. (Industrials, Ground transportation) | 5,100 | 142,618 | ||||
Kobayashi Pharmaceutical Co. Ltd. (Consumer staples, Personal care products) | 3,200 | 147,201 | ||||
Kobe Bussan Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 4,700 | 123,761 | ||||
Komatsu Ltd. (Industrials, Machinery) | 7,700 | 195,902 | ||||
LY Corp. (Communication services, Interactive media & services) | 33,900 | 98,458 | ||||
M3, Inc. (Health care, Health care technology) | 3,900 | 64,329 | ||||
Marubeni Corp. (Industrials, Trading companies & distributors) | 12,800 | 199,174 | ||||
Mazda Motor Corp. (Consumer discretionary, Automobiles) | 13,400 | 142,668 | ||||
Mitsubishi Corp. (Industrials, Trading companies & distributors) | 15,800 | 733,838 | ||||
Mitsubishi Heavy Industries Ltd. (Industrials, Machinery) | 2,500 | 139,417 | ||||
Mitsubishi UFJ Financial Group, Inc. (Financials, Banks) | 55,900 | 473,186 | ||||
Mitsui & Co. Ltd. (Industrials, Trading companies & distributors) | 15,700 | 570,986 | ||||
Mitsui OSK Lines Ltd. (Industrials, Marine transportation) | 4,300 | 117,782 | ||||
MS&AD Insurance Group Holdings, Inc. (Financials, Insurance) | 7,900 | 294,825 | ||||
NEC Corp. (Information technology, IT services) | 4,700 | 261,217 | ||||
Nexon Co. Ltd. (Communication services, Entertainment) | 9,900 | 213,545 | ||||
Nintendo Co. Ltd. (Communication services, Entertainment) | 15,300 | 713,298 | ||||
Nippon Paint Holdings Co. Ltd. (Materials, Chemicals) | 17,700 | 131,861 | ||||
Nippon Steel Corp. (Materials, Metals & mining) | 11,100 | 258,820 | ||||
Nippon Telegraph & Telephone Corp. (Communication services, Diversified telecommunication services) | 212,500 | 248,103 | ||||
Nissan Motor Co. Ltd. (Consumer discretionary, Automobiles) | 63,800 | 250,837 | ||||
Nitto Denko Corp. (Materials, Chemicals) | 3,600 | 255,322 | ||||
Nomura Research Institute Ltd. (Information technology, IT services) | 6,400 | 179,231 |
Shares | Value | |||||
Japan(continued) | ||||||
Obic Co. Ltd. (Information technology, IT services) | 2,400 | $367,382 | ||||
Odakyu Electric Railway Co. Ltd. (Industrials, Ground transportation) | 9,900 | 138,858 | ||||
Olympus Corp. (Health care, Health care equipment & supplies) | 12,800 | 187,001 | ||||
Omron Corp. (Information technology, Electronic equipment, instruments & components) | 3,400 | 142,160 | ||||
Ono Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 12,800 | 234,917 | ||||
Open House Group Co. Ltd. (Consumer discretionary, Household durables) | 5,200 | 144,784 | ||||
Oriental Land Co. Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 9,100 | 308,428 | ||||
Otsuka Corp. (Information technology, IT services) | 4,400 | 179,104 | ||||
Otsuka Holdings Co. Ltd. (Health care, Pharmaceuticals) | 11,100 | 425,927 | ||||
Pan Pacific International Holdings Corp. (Consumer discretionary, Broadline retail) | 9,500 | 205,302 | ||||
Panasonic Holdings Corp. (Consumer discretionary, Household durables) | 25,100 | 259,025 | ||||
Persol Holdings Co. Ltd. (Industrials, Professional services) | 83,100 | 142,816 | ||||
Recruit Holdings Co. Ltd. (Industrials, Professional services) | 16,300 | 605,231 | ||||
Renesas Electronics Corp. (Information technology, Semiconductors & semiconductor equipment)† | 10,000 | 175,604 | ||||
Seiko Epson Corp. (Information technology, Technology hardware, storage & peripherals) | 12,300 | 182,351 | ||||
Sekisui House Ltd. (Consumer discretionary, Household durables) | 13,300 | 271,723 | ||||
Seven & i Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 6,700 | 248,324 | ||||
Shimano, Inc. (Consumer discretionary, Leisure products) | 1,000 | 153,480 | ||||
Shin-Etsu Chemical Co. Ltd. (Materials, Chemicals) | 21,400 | 752,305 | ||||
Shionogi & Co. Ltd. (Health care, Pharmaceuticals) | 5,800 | 272,983 | ||||
SoftBank Group Corp. (Communication services, Wireless telecommunication services) | 8,100 | 328,895 | ||||
Sompo Holdings, Inc. (Financials, Insurance) | 7,200 | 328,143 | ||||
Sony Group Corp. (Consumer discretionary, Household durables) | 9,800 | 847,403 | ||||
Subaru Corp. (Consumer discretionary, Automobiles) | 16,300 | 288,158 | ||||
SUMCO Corp. (Information technology, Semiconductors & semiconductor equipment) | 11,700 | 174,916 | ||||
Sumitomo Corp. (Industrials, Trading companies & distributors) | 22,600 | 472,548 | ||||
Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | 3,300 | 161,550 | ||||
Suzuki Motor Corp. (Consumer discretionary, Automobiles) | 3,700 | 150,261 | ||||
Sysmex Corp. (Health care, Health care equipment & supplies) | 3,300 | 182,094 | ||||
Takeda Pharmaceutical Co. Ltd. (Health care, Pharmaceuticals) | 10,800 | 303,399 | ||||
Terumo Corp. (Health care, Health care equipment & supplies) | 5,000 | 159,112 | ||||
Toho Co. Ltd. (Communication services, Entertainment) | 9,900 | 342,620 | ||||
Tokio Marine Holdings, Inc. (Financials, Insurance) | 22,300 | 548,701 | ||||
Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor equipment) | 2,400 | 388,911 | ||||
Tokyo Gas Co. Ltd. (Utilities, Gas utilities) | 5,700 | 131,754 | ||||
Toyota Motor Corp. (Consumer discretionary, Automobiles) | 76,800 | 1,447,576 | ||||
Toyota Tsusho Corp. (Industrials, Trading companies & distributors) | 6,600 | 364,589 | ||||
Trend Micro, Inc. (Information technology, Software) | 2,700 | 136,839 | ||||
Unicharm Corp. (Consumer staples, Household products) | 3,400 | 109,228 | ||||
Yakult Honsha Co. Ltd. (Consumer staples, Food products) | 5,200 | 115,848 | ||||
Yokogawa Electric Corp. (Information technology, Electronic equipment, instruments & components) | 7,500 | 141,694 | ||||
27,790,126 |
Shares | Value | |||||
Luxembourg: 0.34% | ||||||
ArcelorMittal SA (Materials, Metals & mining)† | 9,970 | $250,581 | ||||
Eurofins Scientific SE (Health care, Life sciences tools & services) | 3,324 | 193,066 | ||||
443,647 | ||||||
Netherlands: 5.51% | ||||||
ABN AMRO Bank NV (Financials, Banks)144A | 11,731 | 157,253 | ||||
Adyen NV (Financials, Financial services)144A† | 146 | 170,204 | ||||
Aegon Ltd. (Financials, Insurance) | 35,702 | 195,319 | ||||
Airbus SE (Industrials, Aerospace & defense) | 3,231 | 479,008 | ||||
ASM International NV (Information technology, Semiconductors & semiconductor equipment) | 305 | 156,269 | ||||
ASML Holding NV (Information technology, Semiconductors & semiconductor equipment)† | 3,430 | 2,326,006 | ||||
Ferrari NV (Consumer discretionary, Automobiles) | 771 | 277,451 | ||||
IMCD NV (Industrials, Trading companies & distributors) | 1,173 | 180,733 | ||||
ING Groep NV (Financials, Banks) | 34,398 | 482,181 | ||||
Koninklijke Ahold Delhaize NV (Consumer staples, Consumer staples distribution & retail) | 10,028 | 289,915 | ||||
Koninklijke Philips NV (Health care, Health care equipment & supplies)† | 15,124 | 309,001 | ||||
NN Group NV (Financials, Insurance) | 3,622 | 137,555 | ||||
Prosus NV (Consumer discretionary, Broadline retail)† | 10,355 | 342,651 | ||||
QIAGEN NV (Health care, Life sciences tools & services)† | 4,223 | 173,067 | ||||
Randstad NV (Industrials, Professional services) | 2,460 | 145,935 | ||||
Stellantis NV (Consumer discretionary, Automobiles) | 28,337 | 613,874 | ||||
STMicroelectronics NV (Information technology, Semiconductors & semiconductor equipment) | 8,766 | 414,639 | ||||
Wolters Kluwer NV (Industrials, Professional services) | 1,762 | 242,236 | ||||
7,093,297 | ||||||
New Zealand: 0.23% | ||||||
Spark New Zealand Ltd. (Communication services, Diversified telecommunication services) | 58,571 | 187,012 | ||||
Xero Ltd. (Information technology, Software)† | 1,660 | 113,030 | ||||
300,042 | ||||||
Norway: 0.91% | ||||||
DNB Bank ASA (Financials, Banks) | 26,460 | 504,014 | ||||
Equinor ASA (Energy, Oil, gas & consumable fuels) | 4,984 | 160,346 | ||||
Gjensidige Forsikring ASA (Financials, Insurance) | 11,700 | 196,911 | ||||
Norsk Hydro ASA (Materials, Metals & mining) | 26,479 | 153,638 | ||||
Orkla ASA (Consumer staples, Food products) | 21,090 | 155,232 | ||||
1,170,141 | ||||||
Portugal: 0.20% | ||||||
Galp Energia SGPS SA (Energy, Oil, gas & consumable fuels) | 7,484 | 111,238 | ||||
Jeronimo Martins SGPS SA (Consumer staples, Consumer staples distribution & retail) | 5,822 | 143,856 | ||||
255,094 |
Shares | Value | |||||
Singapore: 1.68% | ||||||
DBS Group Holdings Ltd. (Financials, Banks) | 25,300 | $600,300 | ||||
Genting Singapore Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 708,200 | 484,416 | ||||
Jardine Cycle & Carriage Ltd. (Industrials, Industrial conglomerates) | 5,500 | 117,261 | ||||
Oversea-Chinese Banking Corp. Ltd. (Financials, Banks) | 49,700 | 465,903 | ||||
Sea Ltd. ADR (Communication services, Entertainment)† | 3,445 | 124,778 | ||||
Singapore Airlines Ltd. (Industrials, Passenger airlines) | 29,000 | 137,445 | ||||
United Overseas Bank Ltd. (Financials, Banks) | 11,600 | 236,041 | ||||
2,166,144 | ||||||
Spain: 3.10% | ||||||
Amadeus IT Group SA (Consumer discretionary, Hotels, restaurants & leisure) | 2,854 | 195,155 | ||||
Banco Bilbao Vizcaya Argentaria SA (Financials, Banks) | 81,796 | 757,332 | ||||
Banco Santander SA (Financials, Banks) | 131,070 | 542,288 | ||||
CaixaBank SA (Financials, Banks) | 56,804 | 255,425 | ||||
Enagas SA (Utilities, Gas utilities) | 9,577 | 175,133 | ||||
Iberdrola SA (Utilities, Electric utilities) | 50,333 | 621,564 | ||||
Industria de Diseno Textil SA (Consumer discretionary, Specialty retail) | 12,267 | 505,130 | ||||
Naturgy Energy Group SA (Utilities, Gas utilities) | 6,202 | 185,109 | ||||
Redeia Corp. SA (Utilities, Electric utilities) | 11,938 | 199,856 | ||||
Repsol SA (Energy, Oil, gas & consumable fuels) | 10,194 | 155,790 | ||||
Telefonica SA (Communication services, Diversified telecommunication services) | 93,291 | 401,518 | ||||
3,994,300 | ||||||
Sweden: 3.27% | ||||||
Assa Abloy AB Class B (Industrials, Building products) | 9,335 | 238,798 | ||||
Atlas Copco AB Class A (Industrials, Machinery) | 35,832 | 552,290 | ||||
Epiroc AB Class A (Industrials, Machinery) | 7,318 | 136,273 | ||||
Essity AB Class B (Consumer staples, Household products) | 5,184 | 129,552 | ||||
Evolution AB (Consumer discretionary, Hotels, restaurants & leisure)144A | 1,827 | 189,137 | ||||
Fastighets AB Balder Class B (Real estate, Real estate management & development)† | 27,615 | 162,631 | ||||
Getinge AB Class B (Health care, Health care equipment & supplies) | 9,741 | 206,804 | ||||
Hexagon AB Class B (Information technology, Electronic equipment, instruments & components) | 18,957 | 189,319 | ||||
Holmen AB Class B (Materials, Paper & forest products) | 4,381 | 183,475 | ||||
Indutrade AB (Industrials, Machinery) | 8,901 | 194,902 | ||||
Investor AB Class B (Financials, Financial services) | 12,445 | 258,049 | ||||
Lifco AB Class B (Industrials, Industrial conglomerates) | 10,051 | 217,882 | ||||
Nibe Industrier AB Class B (Industrials, Building products) | 28,627 | 168,864 | ||||
Sandvik AB (Industrials, Machinery) | 6,843 | 134,855 | ||||
Skandinaviska Enskilda Banken AB Class A (Financials, Banks) | 30,395 | 367,498 | ||||
Svenska Handelsbanken AB Class A (Financials, Banks) | 18,945 | 179,280 | ||||
Swedbank AB Class A (Financials, Banks) | 17,799 | 325,940 | ||||
Volvo AB Class B (Industrials, Machinery) | 11,964 | 277,063 | ||||
Volvo Car AB Class B (Consumer discretionary, Automobiles)† | 27,758 | 90,299 | ||||
4,202,911 | ||||||
Switzerland: 9.30% | ||||||
ABB Ltd. (Industrials, Electrical equipment) | 14,714 | 583,217 | ||||
Alcon, Inc. (Health care, Health care equipment & supplies) | 3,794 | 285,601 |
Shares | Value | |||||
Switzerland(continued) | ||||||
Avolta AG (Consumer discretionary, Specialty retail)† | 4,093 | $142,696 | ||||
Chocoladefabriken Lindt & Spruengli AG (Consumer staples, Food products) | 31 | 383,031 | ||||
CIE Financiere Richemont SA Class A (Consumer discretionary, Textiles, apparel & luxury goods) | 4,484 | 559,156 | ||||
Coca-Cola HBC AG (Consumer staples, Beverages)† | 4,045 | 112,141 | ||||
DSM-Firmenich AG (Materials, Chemicals) | 2,057 | 194,506 | ||||
EMS-Chemie Holding AG (Materials, Chemicals) | 242 | 171,475 | ||||
Givaudan SA (Materials, Chemicals) | 39 | 145,721 | ||||
Holcim AG (Materials, Construction materials) | 6,133 | 450,328 | ||||
Julius Baer Group Ltd. (Financials, Capital markets) | 2,090 | 105,586 | ||||
Logitech International SA (Information technology, Technology hardware, storage & peripherals) | 1,709 | 148,789 | ||||
Lonza Group AG (Health care, Life sciences tools & services) | 731 | 282,483 | ||||
Nestle SA (Consumer staples, Food products) | 21,715 | 2,463,612 | ||||
Novartis AG (Health care, Pharmaceuticals) | 21,142 | 2,055,050 | ||||
Partners Group Holding AG (Financials, Capital markets) | 164 | 215,839 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 5,439 | 1,466,114 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 967 | 275,844 | ||||
Sandoz Group AG (Health care, Pharmaceuticals)† | 3,988 | 113,897 | ||||
Schindler Holding AG (Industrials, Machinery) | 842 | 188,217 | ||||
Sika AG (Materials, Chemicals) | 564 | 152,770 | ||||
Sonova Holding AG (Health care, Health care equipment & supplies) | 1,162 | 334,787 | ||||
Straumann Holding AG (Health care, Health care equipment & supplies) | 1,272 | 174,669 | ||||
Swatch Group AG (Consumer discretionary, Textiles, apparel & luxury goods) | 991 | 259,717 | ||||
Swiss Re AG (Financials, Insurance) | 1,205 | 142,076 | ||||
Swisscom AG (Communication services, Diversified telecommunication services) | 392 | 228,476 | ||||
UBS Group AG (Financials, Capital markets) | 12,080 | 339,763 | ||||
11,975,561 | ||||||
United Kingdom: 12.94% | ||||||
3i Group PLC (Financials, Capital markets) | 14,791 | 416,779 | ||||
Anglo American PLC (Materials, Metals & mining) | 10,453 | 282,667 | ||||
Ashtead Group PLC (Industrials, Trading companies & distributors) | 4,702 | 282,733 | ||||
Associated British Foods PLC (Consumer staples, Food products) | 5,751 | 172,651 | ||||
AstraZeneca PLC (Health care, Pharmaceuticals) | 10,714 | 1,369,631 | ||||
BAE Systems PLC (Industrials, Aerospace & defense) | 29,217 | 387,292 | ||||
Barratt Developments PLC (Consumer discretionary, Household durables) | 23,114 | 149,928 | ||||
BP PLC (Energy, Oil, gas & consumable fuels) | 135,094 | 817,102 | ||||
British American Tobacco PLC (Consumer staples, Tobacco) | 21,993 | 697,458 | ||||
British Land Co. PLC (Real estate, Diversified REITs) | 32,117 | 142,560 | ||||
Bunzl PLC (Industrials, Trading companies & distributors) | 6,960 | 263,775 | ||||
Centrica PLC (Utilities, Multi-utilities) | 111,834 | 210,436 | ||||
Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) | 4,211 | 255,355 | ||||
Compass Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 10,433 | 263,818 | ||||
Diageo PLC (Consumer staples, Beverages) | 9,847 | 343,540 | ||||
GSK PLC (Health care, Pharmaceuticals) | 16,670 | 298,713 | ||||
Hargreaves Lansdown PLC (Financials, Capital markets) | 18,063 | 163,821 | ||||
Hikma Pharmaceuticals PLC (Health care, Pharmaceuticals) | 4,797 | 104,375 | ||||
HSBC Holdings PLC (Financials, Banks) | 180,650 | 1,373,158 |
Shares | Value | |||||
United Kingdom(continued) | ||||||
Imperial Brands PLC (Consumer staples, Tobacco) | 20,432 | $476,293 | ||||
Informa PLC (Communication services, Media) | 36,881 | 345,944 | ||||
J Sainsbury PLC (Consumer staples, Consumer staples distribution & retail) | 43,725 | 157,819 | ||||
JD Sports Fashion PLC (Consumer discretionary, Specialty retail) | 78,275 | 155,194 | ||||
Land Securities Group PLC (Real estate, Diversified REITs) | 24,246 | 191,064 | ||||
London Stock Exchange Group PLC (Financials, Capital markets) | 2,249 | 252,863 | ||||
Mondi PLC (Materials, Paper & forest products) | 11,145 | 197,965 | ||||
National Grid PLC (Utilities, Multi-utilities) | 13,709 | 177,829 | ||||
Prudential PLC (Financials, Insurance) | 21,428 | 233,457 | ||||
Reckitt Benckiser Group PLC (Consumer staples, Household products) | 6,046 | 412,017 | ||||
RELX PLC (Industrials, Professional services) | 10,969 | 420,973 | ||||
Rio Tinto PLC (Materials, Metals & mining) | 8,438 | 575,131 | ||||
Rolls-Royce Holdings PLC (Industrials, Aerospace & defense)† | 74,020 | 251,184 | ||||
Sage Group PLC (Information technology, Software) | 10,560 | 150,712 | ||||
Schroders PLC (Financials, Capital markets) | 16,586 | 84,091 | ||||
Shell PLC (Energy, Oil, gas & consumable fuels) | 61,817 | 1,997,845 | ||||
Smith & Nephew PLC (Health care, Health care equipment & supplies) | 11,439 | 147,805 | ||||
Smiths Group PLC (Industrials, Industrial conglomerates) | 6,056 | 125,996 | ||||
SSE PLC (Utilities, Electric utilities) | 5,341 | 123,561 | ||||
St. James’s Place plc (Financials, Capital markets) | 15,208 | 124,527 | ||||
Standard Chartered PLC (Financials, Banks) | 18,786 | 154,915 | ||||
Tesco PLC (Consumer staples, Consumer staples distribution & retail) | 72,555 | 261,784 | ||||
Unilever PLC (Consumer staples, Personal care products) | 5,775 | 274,796 | ||||
Unilever PLC London Stock Exchange (Consumer staples, Personal care products) | 16,631 | 791,436 | ||||
Vodafone Group PLC (Communication services, Wireless telecommunication services) | 362,946 | 326,835 | ||||
Whitbread PLC (Consumer discretionary, Hotels, restaurants & leisure) | 3,012 | 117,535 | ||||
WPP PLC (Communication services, Media) | 15,133 | 135,032 | ||||
16,660,395 | ||||||
United States: 0.23% | ||||||
Experian PLC (Industrials, Professional services) | 4,953 | 181,522 | ||||
Newmont Corp. (Materials, Metals & mining) | 2,748 | 109,344 | ||||
290,866 | ||||||
Total common stocks (Cost $99,459,766) | 123,649,644 |
Yield | ||||||
Short-term investments: 2.98% | ||||||
Investment companies: 2.98% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 3,839,053 | 3,839,053 | |||
Total short-term investments (Cost $3,839,053) | 3,839,053 | |||||
Total investments in securities (Cost $103,298,819) | 99.04 % | 127,488,697 | ||||
Other assets and liabilities, net | 0.96 | 1,235,143 | ||||
Total net assets | 100.00 % | $128,723,840 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The issuer of the security is an affiliated person of the 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 |
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 | $3,401,432 | $8,326,542 | $(7,888,921 ) | $0 | $0 | $3,839,053 | 3,839,053 | $69,518 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
MSCI EAFE Index | 37 | 12-15-2023 | $3,863,939 | $3,934,210 | $70,271 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $99,459,766) | $123,649,644 |
Investments in affiliated securities, at value (cost $3,839,053) | 3,839,053 |
Cash at broker segregated for futures contracts | 182,609 |
Foreign currency, at value (cost $118,909) | 118,809 |
Receivable for dividends | 1,111,851 |
Prepaid expenses and other assets | 1,183 |
Total assets | 128,903,149 |
Liabilities | |
Custody and accounting fees payable | 116,418 |
Advisory fee payable | 25,995 |
Professional fees payable | 19,074 |
Contingent tax liability | 6,000 |
Payable for daily variation margin on open futures contracts | 5,550 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 5,458 |
Total liabilities | 179,309 |
Total net assets | $128,723,840 |
Investment income | |
Dividends (net of foreign withholdings taxes of $136,814) | $1,359,774 |
Income from affiliated securities | 69,518 |
Interest | 4,310 |
Total investment income | 1,433,602 |
Expenses | |
Advisory fee | 161,724 |
Custody and accounting fees | 96,863 |
Professional fees | 47,017 |
Interest holder report expenses | 4,483 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 32,138 |
Total expenses | 354,151 |
Net investment income | 1,079,451 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 799,838 |
Foreign currency and foreign currency translations | (19,832 ) |
Futures contracts | (77,360 ) |
Net realized gains on investments | 702,646 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 4,013,228 |
Foreign currency and foreign currency translations | 39,615 |
Futures contracts | 219,804 |
Net change in unrealized gains (losses) on investments | 4,272,647 |
Net realized and unrealized gains (losses) on investments | 4,975,293 |
Net increase in net assets resulting from operations | $6,054,744 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,079,451 | $3,716,578 | ||
Net realized gains (losses) on investments | 702,646 | (3,761,543 ) | ||
Net change in unrealized gains (losses) on investments | 4,272,647 | 3,496,757 | ||
Net increase in net assets resulting from operations | 6,054,744 | 3,451,792 | ||
Capital share transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 1,162,745 | 7,947,810 | ||
Withdrawals | (6,872,693 ) | (42,935,013 ) | ||
Net decrease in net assets resulting from capital share transactions | (5,709,948 ) | (34,987,203 ) | ||
Total increase (decrease) in net assets | 344,796 | (31,535,411 ) | ||
Net assets | ||||
Beginning of period | 128,379,044 | 159,914,455 | ||
End of period | $128,723,840 | $128,379,044 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | 4.75 % | 3.07 % | (9.56 )% | 39.97 % | 1.76 % | (0.14 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.55 % | 0.50 % | 0.43 % | 0.43 % | 0.91 % | 0.89 % |
Net expenses2 | 0.55 % | 0.50 % | 0.43 % | 0.43 % | 0.91 % | 0.89 % |
Net investment income | 1.67 % | 2.66 % | 2.62 % | 2.23 % | 0.34 % | 1.24 % |
Supplemental data | ||||||
Portfolio turnover rate | 22 % | 27 % | 17 % | 127 % | 53 % | 100 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $28,727,280 |
Gross unrealized losses | (4,923,811 ) |
Net unrealized gains | $23,803,469 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $8,957,512 | $0 | $0 | $8,957,512 |
Austria | 526,849 | 0 | 0 | 526,849 |
Belgium | 557,706 | 0 | 0 | 557,706 |
Denmark | 3,910,491 | 0 | 0 | 3,910,491 |
Finland | 987,682 | 0 | 0 | 987,682 |
France | 14,844,192 | 0 | 0 | 14,844,192 |
Germany | 10,160,980 | 0 | 0 | 10,160,980 |
Hong Kong | 2,491,100 | 0 | 0 | 2,491,100 |
Ireland | 1,188,572 | 0 | 0 | 1,188,572 |
Israel | 1,217,244 | 0 | 0 | 1,217,244 |
Italy | 2,464,792 | 0 | 0 | 2,464,792 |
Japan | 27,790,126 | 0 | 0 | 27,790,126 |
Luxembourg | 443,647 | 0 | 0 | 443,647 |
Netherlands | 7,093,297 | 0 | 0 | 7,093,297 |
New Zealand | 300,042 | 0 | 0 | 300,042 |
Norway | 1,170,141 | 0 | 0 | 1,170,141 |
Portugal | 255,094 | 0 | 0 | 255,094 |
Singapore | 2,166,144 | 0 | 0 | 2,166,144 |
Spain | 3,994,300 | 0 | 0 | 3,994,300 |
Sweden | 4,202,911 | 0 | 0 | 4,202,911 |
Switzerland | 11,975,561 | 0 | 0 | 11,975,561 |
United Kingdom | 16,660,395 | 0 | 0 | 16,660,395 |
United States | 290,866 | 0 | 0 | 290,866 |
Short-term investments | ||||
Investment companies | 3,839,053 | 0 | 0 | 3,839,053 |
127,488,697 | 0 | 0 | 127,488,697 | |
Futures contracts | 70,271 | 0 | 0 | 70,271 |
Total assets | $127,558,968 | $0 | $0 | $127,558,968 |
Average daily net assets | Advisory fee |
First $1 billion | 0.250 % |
Next $4 billion | 0.225 |
Over $5 billion | 0.200 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
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 | Justin P. Carr, CFA, Robert M. Wicentowski, CFA |
Average annual total returns (%) as of November 30, 2023 | ||||
Inception date | 1 year | 5 year | Since inception | |
Allspring Disciplined Large Cap Portfolio | 6-12-2018 | 13.16 | 12.17 | 10.78 |
Russell 3000® Index1 | – | 12.61 | 11.77 | 10.47 * |
Russell 1000® Index2 | – | 13.57 | 12.25 | 11.02 * |
* | Based on the Portfolio’s inception date. |
1 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
2 | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Microsoft Corp. | 6.96 |
Apple, Inc. | 6.56 |
Amazon.com, Inc. | 3.08 |
NVIDIA Corp. | 2.64 |
Meta Platforms, Inc. Class A | 2.14 |
Alphabet, Inc. Class C | 2.04 |
Alphabet, Inc. Class A | 2.00 |
Berkshire Hathaway, Inc. Class B | 1.58 |
Tesla, Inc. | 1.48 |
Visa, Inc. Class A | 1.46 |
1 | Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 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. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,102.90 | $1.58 | 0.30 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.50 | $1.52 | 0.30 % |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 97.97% | ||||||
Communication services: 8.75% | ||||||
Diversified telecommunication services: 0.55% | ||||||
AT&T, Inc. | 56,954 | $943,728 | ||||
Verizon Communications, Inc. | 5,531 | 212,003 | ||||
1,155,731 | ||||||
Entertainment: 1.21% | ||||||
Live Nation Entertainment, Inc.† | 3,648 | 307,235 | ||||
Netflix, Inc.† | 4,196 | 1,988,778 | ||||
Walt Disney Co.† | 2,837 | 262,961 | ||||
2,558,974 | ||||||
Interactive media & services: 6.30% | ||||||
Alphabet, Inc. Class A† | 31,892 | 4,226,647 | ||||
Alphabet, Inc. Class C† | 32,096 | 4,298,296 | ||||
Meta Platforms, Inc. Class A† | 13,829 | 4,524,158 | ||||
TripAdvisor, Inc.† | 14,170 | 252,651 | ||||
13,301,752 | ||||||
Media: 0.69% | ||||||
Comcast Corp. Class A | 30,374 | 1,272,367 | ||||
Trade Desk, Inc. Class A† | 2,536 | 178,686 | ||||
1,451,053 | ||||||
Consumer discretionary: 10.16% | ||||||
Automobiles: 1.97% | ||||||
Ford Motor Co. | 40,709 | 417,675 | ||||
General Motors Co. | 19,402 | 613,103 | ||||
Tesla, Inc.† | 13,064 | 3,136,405 | ||||
4,167,183 | ||||||
Broadline retail: 3.26% | ||||||
Amazon.com, Inc.† | 44,495 | 6,500,275 | ||||
eBay, Inc. | 9,125 | 374,216 | ||||
6,874,491 | ||||||
Hotels, restaurants & leisure: 1.69% | ||||||
Airbnb, Inc. Class A† | 4,928 | 622,603 | ||||
Booking Holdings, Inc.† | 139 | 434,472 | ||||
Expedia Group, Inc.† | 3,713 | 505,636 | ||||
McDonald’s Corp. | 5,927 | 1,670,466 | ||||
Penn Entertainment, Inc.† | 4,485 | 110,152 | ||||
Royal Caribbean Cruises Ltd.† | 2,054 | 220,723 | ||||
3,564,052 | ||||||
Household durables: 0.93% | ||||||
Lennar Corp. Class A | 2,728 | 348,966 |
Shares | Value | |||||
Household durables(continued) | ||||||
NVR, Inc.† | 125 | $769,423 | ||||
PulteGroup, Inc. | 9,571 | 846,268 | ||||
1,964,657 | ||||||
Specialty retail: 1.60% | ||||||
Home Depot, Inc. | 5,610 | 1,758,679 | ||||
O’Reilly Automotive, Inc.† | 405 | 397,864 | ||||
TJX Cos., Inc. | 6,596 | 581,174 | ||||
Ulta Beauty, Inc.† | 1,481 | 630,891 | ||||
3,368,608 | ||||||
Textiles, apparel & luxury goods: 0.71% | ||||||
Deckers Outdoor Corp.† | 588 | 390,414 | ||||
lululemon athletica, Inc.† | 787 | 351,632 | ||||
NIKE, Inc. Class B | 6,801 | 749,946 | ||||
1,491,992 | ||||||
Consumer staples: 5.94% | ||||||
Beverages: 1.02% | ||||||
Coca-Cola Co. | 12,880 | 752,707 | ||||
PepsiCo, Inc. | 8,312 | 1,398,827 | ||||
2,151,534 | ||||||
Consumer staples distribution & retail: 2.41% | ||||||
Costco Wholesale Corp. | 3,124 | 1,851,720 | ||||
Kroger Co. | 19,594 | 867,426 | ||||
Target Corp. | 3,814 | 510,351 | ||||
Walmart, Inc. | 11,963 | 1,862,520 | ||||
5,092,017 | ||||||
Food products: 0.58% | ||||||
Archer-Daniels-Midland Co. | 8,938 | 658,999 | ||||
Bunge Global SA | 3,321 | 364,878 | ||||
Hershey Co. | 1,099 | 206,524 | ||||
1,230,401 | ||||||
Household products: 1.08% | ||||||
Colgate-Palmolive Co. | 9,610 | 756,980 | ||||
Kimberly-Clark Corp. | 3,178 | 393,214 | ||||
Procter & Gamble Co. | 7,266 | 1,115,476 | ||||
2,265,670 | ||||||
Tobacco: 0.85% | ||||||
Altria Group, Inc. | 14,548 | 611,598 | ||||
Philip Morris International, Inc. | 12,659 | 1,181,844 | ||||
1,793,442 |
Shares | Value | |||||
Energy: 3.92% | ||||||
Energy equipment & services: 0.35% | ||||||
Halliburton Co. | 19,833 | $734,416 | ||||
Oil, gas & consumable fuels: 3.57% | ||||||
Cheniere Energy, Inc. | 3,768 | 686,341 | ||||
Chevron Corp. | 11,285 | 1,620,526 | ||||
ConocoPhillips | 4,352 | 502,961 | ||||
EOG Resources, Inc. | 914 | 112,486 | ||||
Exxon Mobil Corp. | 24,580 | 2,525,349 | ||||
Marathon Petroleum Corp. | 6,451 | 962,425 | ||||
Phillips 66 | 2,369 | 305,340 | ||||
Valero Energy Corp. | 6,611 | 828,755 | ||||
7,544,183 | ||||||
Financials: 12.89% | ||||||
Banks: 2.84% | ||||||
Bank of America Corp. | 21,981 | 670,201 | ||||
Bank OZK | 10,720 | 448,739 | ||||
Citigroup, Inc. | 17,142 | 790,246 | ||||
JPMorgan Chase & Co. | 17,977 | 2,805,850 | ||||
New York Community Bancorp, Inc. | 21,316 | 200,584 | ||||
Wells Fargo & Co. | 24,324 | 1,084,607 | ||||
6,000,227 | ||||||
Capital markets: 1.79% | ||||||
Ameriprise Financial, Inc. | 887 | 313,564 | ||||
Bank of New York Mellon Corp. | 11,851 | 572,640 | ||||
CME Group, Inc. | 3,709 | 809,897 | ||||
Coinbase Global, Inc. Class A† | 2,643 | 329,635 | ||||
Goldman Sachs Group, Inc. | 613 | 209,364 | ||||
Interactive Brokers Group, Inc. Class A | 11,104 | 864,335 | ||||
Jefferies Financial Group, Inc. | 12,956 | 459,161 | ||||
S&P Global, Inc. | 513 | 213,321 | ||||
3,771,917 | ||||||
Consumer finance: 0.49% | ||||||
American Express Co. | 1,657 | 282,966 | ||||
Capital One Financial Corp. | 3,315 | 370,153 | ||||
Synchrony Financial | 11,743 | 380,003 | ||||
1,033,122 | ||||||
Financial services: 5.45% | ||||||
Apollo Global Management, Inc. | 7,035 | 647,220 | ||||
Berkshire Hathaway, Inc. Class B† | 9,238 | 3,325,680 | ||||
Block, Inc.† | 1,901 | 120,580 | ||||
Corebridge Financial, Inc. | 18,702 | 393,303 | ||||
Euronet Worldwide, Inc.† | 2,446 | 213,340 | ||||
FleetCor Technologies, Inc.† | 479 | 115,200 | ||||
Mastercard, Inc. Class A | 4,484 | 1,855,614 |
Shares | Value | |||||
Financial services(continued) | ||||||
MGIC Investment Corp. | 19,733 | $347,104 | ||||
PayPal Holdings, Inc.† | 14,379 | 828,374 | ||||
Visa, Inc. Class A | 11,958 | 3,069,379 | ||||
WEX, Inc.† | 3,253 | 574,415 | ||||
11,490,209 | ||||||
Insurance: 2.32% | ||||||
Arch Capital Group Ltd.† | 4,912 | 411,085 | ||||
Cincinnati Financial Corp. | 2,892 | 297,269 | ||||
Everest Group Ltd. | 1,593 | 654,006 | ||||
F&G Annuities & Life, Inc. | 5,745 | 234,453 | ||||
Hartford Financial Services Group, Inc. | 9,513 | 743,536 | ||||
Markel Group, Inc.† | 104 | 149,665 | ||||
MetLife, Inc. | 15,113 | 961,640 | ||||
Reinsurance Group of America, Inc. | 4,791 | 781,221 | ||||
Unum Group | 9,930 | 426,990 | ||||
W R Berkley Corp. | 3,232 | 234,482 | ||||
4,894,347 | ||||||
Health care: 12.66% | ||||||
Biotechnology: 2.13% | ||||||
AbbVie, Inc. | 5,284 | 752,389 | ||||
Amgen, Inc. | 900 | 242,676 | ||||
Biogen, Inc.† | 1,550 | 362,824 | ||||
Exelixis, Inc.† | 32,137 | 700,908 | ||||
Gilead Sciences, Inc. | 5,375 | 411,725 | ||||
Moderna, Inc.† | 3,300 | 256,410 | ||||
United Therapeutics Corp.† | 3,544 | 850,560 | ||||
Vertex Pharmaceuticals, Inc.† | 2,576 | 913,990 | ||||
4,491,482 | ||||||
Health care equipment & supplies: 2.83% | ||||||
Abbott Laboratories | 11,936 | 1,244,805 | ||||
Align Technology, Inc.† | 464 | 99,203 | ||||
Boston Scientific Corp.† | 13,259 | 741,045 | ||||
Edwards Lifesciences Corp.† | 11,318 | 766,342 | ||||
Intuitive Surgical, Inc.† | 4,180 | 1,299,311 | ||||
ResMed, Inc. | 620 | 97,793 | ||||
Shockwave Medical, Inc.† | 1,556 | 271,600 | ||||
Stryker Corp. | 2,096 | 621,108 | ||||
Zimmer Biomet Holdings, Inc. | 7,187 | 835,920 | ||||
5,977,127 | ||||||
Health care providers & services: 3.43% | ||||||
Cencora, Inc. | 5,499 | 1,118,332 | ||||
Centene Corp.† | 12,974 | 955,924 | ||||
CVS Health Corp. | 16,355 | 1,111,322 | ||||
Elevance Health, Inc. | 1,102 | 528,398 | ||||
McKesson Corp. | 2,867 | 1,349,095 |
Shares | Value | |||||
Health care providers & services(continued) | ||||||
Tenet Healthcare Corp.† | 10,919 | $753,520 | ||||
UnitedHealth Group, Inc. | 2,580 | 1,426,663 | ||||
7,243,254 | ||||||
Health care technology: 0.13% | ||||||
Veeva Systems, Inc. Class A† | 1,560 | 271,924 | ||||
Life sciences tools & services: 0.40% | ||||||
Medpace Holdings, Inc.† | 455 | 123,178 | ||||
Thermo Fisher Scientific, Inc. | 1,462 | 724,801 | ||||
847,979 | ||||||
Pharmaceuticals: 3.74% | ||||||
Bristol-Myers Squibb Co. | 12,228 | 603,819 | ||||
Eli Lilly & Co. | 3,894 | 2,301,510 | ||||
Johnson & Johnson | 12,095 | 1,870,613 | ||||
Merck & Co., Inc. | 13,902 | 1,424,677 | ||||
Organon & Co. | 25,689 | 290,799 | ||||
Pfizer, Inc. | 29,859 | 909,804 | ||||
Zoetis, Inc. | 2,689 | 475,065 | ||||
7,876,287 | ||||||
Industrials: 9.55% | ||||||
Aerospace & defense: 1.40% | ||||||
General Dynamics Corp. | 2,242 | 553,707 | ||||
Lockheed Martin Corp. | 2,195 | 982,855 | ||||
Northrop Grumman Corp. | 1,076 | 511,272 | ||||
Textron, Inc. | 11,840 | 907,655 | ||||
2,955,489 | ||||||
Air freight & logistics: 0.80% | ||||||
Expeditors International of Washington, Inc. | 6,544 | 787,505 | ||||
United Parcel Service, Inc. Class B | 5,971 | 905,263 | ||||
1,692,768 | ||||||
Building products: 1.23% | ||||||
Builders FirstSource, Inc.† | 4,044 | 542,341 | ||||
Carrier Global Corp. | 14,376 | 746,977 | ||||
Masco Corp. | 4,471 | 270,719 | ||||
Owens Corning | 7,697 | 1,043,559 | ||||
2,603,596 | ||||||
Commercial services & supplies: 0.58% | ||||||
Copart, Inc.† | 15,403 | 773,539 | ||||
Waste Management, Inc. | 2,565 | 438,589 | ||||
1,212,128 | ||||||
Construction & engineering: 0.47% | ||||||
EMCOR Group, Inc. | 4,687 | 996,081 |
Shares | Value | |||||
Electrical equipment: 0.86% | ||||||
Acuity Brands, Inc. | 948 | $169,938 | ||||
Emerson Electric Co. | 10,401 | 924,649 | ||||
nVent Electric PLC | 3,870 | 206,078 | ||||
Rockwell Automation, Inc. | 1,852 | 510,115 | ||||
1,810,780 | ||||||
Ground transportation: 0.27% | ||||||
CSX Corp. | 17,547 | 566,768 | ||||
Industrial conglomerates: 0.26% | ||||||
General Electric Co. | 2,711 | 330,200 | ||||
Honeywell International, Inc. | 1,088 | 213,161 | ||||
543,361 | ||||||
Machinery: 2.30% | ||||||
AGCO Corp. | 5,793 | 657,679 | ||||
Allison Transmission Holdings, Inc. | 15,486 | 828,191 | ||||
Caterpillar, Inc. | 3,583 | 898,330 | ||||
Cummins, Inc. | 771 | 172,827 | ||||
Otis Worldwide Corp. | 6,628 | 568,616 | ||||
PACCAR, Inc. | 11,197 | 1,028,109 | ||||
Parker-Hannifin Corp. | 1,594 | 690,489 | ||||
4,844,241 | ||||||
Passenger airlines: 0.41% | ||||||
United Airlines Holdings, Inc.† | 21,916 | 863,491 | ||||
Professional services: 0.58% | ||||||
Automatic Data Processing, Inc. | 3,903 | 897,378 | ||||
Paycom Software, Inc. | 1,281 | 232,706 | ||||
Verisk Analytics, Inc. | 421 | 101,642 | ||||
1,231,726 | ||||||
Trading companies & distributors: 0.39% | ||||||
MSC Industrial Direct Co., Inc. Class A | 4,084 | 397,863 | ||||
WW Grainger, Inc. | 546 | 429,260 | ||||
827,123 | ||||||
Information technology: 28.02% | ||||||
Communications equipment: 1.21% | ||||||
Arista Networks, Inc.† | 2,554 | 561,139 | ||||
Cisco Systems, Inc. | 36,885 | 1,784,496 | ||||
F5, Inc.† | 1,225 | 209,708 | ||||
2,555,343 | ||||||
Electronic equipment, instruments & components: 0.38% | ||||||
Jabil, Inc. | 6,930 | 799,168 | ||||
IT services: 0.99% | ||||||
Accenture PLC Class A | 4,416 | 1,471,146 |
Shares | Value | |||||
IT services(continued) | ||||||
Amdocs Ltd. | 3,184 | $266,724 | ||||
EPAM Systems, Inc.† | 930 | 240,117 | ||||
Snowflake, Inc. Class A† | 605 | 113,546 | ||||
2,091,533 | ||||||
Semiconductors & semiconductor equipment: 7.10% | ||||||
Advanced Micro Devices, Inc.† | 4,492 | 544,251 | ||||
Analog Devices, Inc. | 1,346 | 246,829 | ||||
Applied Materials, Inc. | 11,054 | 1,655,668 | ||||
Broadcom, Inc. | 3,150 | 2,916,050 | ||||
Enphase Energy, Inc.† | 932 | 94,151 | ||||
Intel Corp. | 2,621 | 117,159 | ||||
KLA Corp. | 2,355 | 1,282,580 | ||||
Lam Research Corp. | 722 | 516,894 | ||||
Microchip Technology, Inc. | 10,242 | 854,592 | ||||
NVIDIA Corp. | 11,919 | 5,574,516 | ||||
QUALCOMM, Inc. | 9,124 | 1,177,452 | ||||
14,980,142 | ||||||
Software: 11.78% | ||||||
Adobe, Inc.† | 3,672 | 2,243,629 | ||||
AppLovin Corp. Class A† | 6,146 | 230,352 | ||||
Autodesk, Inc.† | 2,401 | 524,450 | ||||
Cadence Design Systems, Inc.† | 717 | 195,935 | ||||
Crowdstrike Holdings, Inc. Class A† | 1,447 | 342,924 | ||||
Datadog, Inc. Class A† | 778 | 90,691 | ||||
Dropbox, Inc. Class A† | 17,683 | 498,307 | ||||
Fortinet, Inc.† | 13,473 | 708,141 | ||||
Intuit, Inc. | 755 | 431,452 | ||||
Manhattan Associates, Inc.† | 1,135 | 253,162 | ||||
Microsoft Corp. | 38,743 | 14,680,110 | ||||
Nutanix, Inc. Class A† | 5,847 | 251,947 | ||||
Oracle Corp. | 2,884 | 335,150 | ||||
Palantir Technologies, Inc. Class A† | 5,375 | 107,769 | ||||
RingCentral, Inc. Class A† | 3,599 | 102,428 | ||||
Salesforce, Inc.† | 6,814 | 1,716,447 | ||||
ServiceNow, Inc.† | 1,141 | 782,429 | ||||
Synopsys, Inc.† | 1,886 | 1,024,532 | ||||
Zoom Video Communications, Inc. Class A† | 4,870 | 330,332 | ||||
24,850,187 | ||||||
Technology hardware, storage & peripherals: 6.56% | ||||||
Apple, Inc. | 72,915 | 13,850,204 | ||||
Materials: 1.88% | ||||||
Chemicals: 0.81% | ||||||
Albemarle Corp. | 1,490 | 180,692 | ||||
CF Industries Holdings, Inc. | 10,462 | 786,219 | ||||
LyondellBasell Industries NV Class A | 1,405 | 133,616 |
Shares | Value | |||||
Chemicals(continued) | ||||||
Mosaic Co. | 4,739 | $170,083 | ||||
Sherwin-Williams Co. | 920 | 256,496 | ||||
Westlake Corp. | 1,430 | 183,598 | ||||
1,710,704 | ||||||
Containers & packaging: 0.15% | ||||||
Graphic Packaging Holding Co. | 7,204 | 163,314 | ||||
Packaging Corp. of America | 868 | 145,833 | ||||
309,147 | ||||||
Metals & mining: 0.92% | ||||||
Cleveland-Cliffs, Inc.† | 24,982 | 428,691 | ||||
Nucor Corp. | 2,701 | 459,089 | ||||
Reliance Steel & Aluminum Co. | 2,536 | 698,059 | ||||
Steel Dynamics, Inc. | 3,006 | 358,105 | ||||
1,943,944 | ||||||
Real estate: 2.49% | ||||||
Hotel & resort REITs: 0.18% | ||||||
Host Hotels & Resorts, Inc. | 21,668 | 378,540 | ||||
Industrial REITs : 0.61% | ||||||
Prologis, Inc. | 11,143 | 1,280,665 | ||||
Residential REITs : 0.28% | ||||||
AvalonBay Communities, Inc. | 1,002 | 173,286 | ||||
Equity Residential | 7,242 | 411,635 | ||||
584,921 | ||||||
Retail REITs : 0.50% | ||||||
NNN REIT, Inc. | 5,997 | 243,598 | ||||
Simon Property Group, Inc. | 6,564 | 819,778 | ||||
1,063,376 | ||||||
Specialized REITs : 0.92% | ||||||
CubeSmart | 8,354 | 332,155 | ||||
Extra Space Storage, Inc. | 3,202 | 416,804 | ||||
Public Storage | 2,552 | 660,356 | ||||
VICI Properties, Inc. | 17,686 | 528,635 | ||||
1,937,950 | ||||||
Utilities: 1.71% | ||||||
Electric utilities: 0.77% | ||||||
American Electric Power Co., Inc. | 9,756 | 776,090 | ||||
Evergy, Inc. | 4,625 | 236,060 | ||||
NextEra Energy, Inc. | 4,746 | 277,688 | ||||
PPL Corp. | 12,890 | 336,687 | ||||
1,626,525 |
Shares | Value | |||||
Gas utilities: 0.15% | ||||||
National Fuel Gas Co. | 6,104 | $310,022 | ||||
Independent power and renewable electricity producers: 0.33% | ||||||
Brookfield Renewable Corp. Class A | 15,855 | 420,792 | ||||
Vistra Corp. | 7,777 | 275,383 | ||||
696,175 | ||||||
Multi-utilities: 0.46% | ||||||
Consolidated Edison, Inc. | 1,628 | 146,699 | ||||
Public Service Enterprise Group, Inc. | 13,430 | 838,435 | ||||
985,134 | ||||||
Total common stocks (Cost $132,414,364) | 206,709,263 |
Yield | ||||||
Short-term investments: 1.74% | ||||||
Investment companies: 1.74% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 3,682,291 | 3,682,291 | |||
Total short-term investments (Cost $3,682,291) | 3,682,291 | |||||
Total investments in securities (Cost $136,096,655) | 99.71 % | 210,391,554 | ||||
Other assets and liabilities, net | 0.29 | 601,846 | ||||
Total net assets | 100.00 % | $210,993,400 |
† | 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 | $1,921,909 | $25,991,672 | $(24,231,290 ) | $0 | $0 | $3,682,291 | 3,682,291 | $79,252 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 17 | 12-15-2023 | $3,733,000 | $3,890,238 | $157,238 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $132,414,364) | $206,709,263 |
Investments in affiliated securities, at value (cost $3,682,291) | 3,682,291 |
Cash | 131 |
Cash at broker segregated for futures contracts | 349,800 |
Receivable for dividends | 330,845 |
Receivable for daily variation margin on open futures contracts | 14,875 |
Prepaid expenses and other assets | 1,548 |
Total assets | 211,088,753 |
Liabilities | |
Advisory fee payable | 42,377 |
Professional fees payable | 21,782 |
Custody and accounting fees payable | 19,853 |
Interest holder report expenses payable | 8,260 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 2,267 |
Total liabilities | 95,353 |
Total net assets | $210,993,400 |
Investment income | |
Dividends (net of foreign withholdings taxes of $5,538) | $1,592,075 |
Income from affiliated securities | 79,252 |
Interest | 7,937 |
Total investment income | 1,679,264 |
Expenses | |
Advisory fee | 266,399 |
Custody and accounting fees | 6,858 |
Professional fees | 27,891 |
Interest holder report expenses | 773 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 4,077 |
Total expenses | 317,924 |
Net investment income | 1,361,340 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 9,879,184 |
Futures contracts | 257,894 |
Net realized gains on investments | 10,137,078 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 9,624,050 |
Futures contracts | 133,050 |
Net change in unrealized gains (losses) on investments | 9,757,100 |
Net realized and unrealized gains (losses) on investments | 19,894,178 |
Net increase in net assets resulting from operations | $21,255,518 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,361,340 | $3,354,247 | ||
Net realized gains on investments | 10,137,078 | 12,339,615 | ||
Net change in unrealized gains (losses) on investments | 9,757,100 | (14,292,932 ) | ||
Net increase in net assets resulting from operations | 21,255,518 | 1,400,930 | ||
Capital share transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 1,344,714 | 19,605,714 | ||
Withdrawals | (27,904,333 ) | (73,106,530 ) | ||
Net decrease in net assets resulting from capital share transactions | (26,559,619 ) | (53,500,816 ) | ||
Total decrease in net assets | (5,304,101 ) | (52,099,886 ) | ||
Net assets | ||||
Beginning of period | 216,297,501 | 268,397,387 | ||
End of period | $210,993,400 | $216,297,501 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 20191 | ||
Total return2 | 10.29 % | 1.90 % | 0.87 % | 41.79 % | 11.56 % | (2.40 )% |
Ratios to average net assets (annualized) | ||||||
Expenses | 0.30 % | 0.32 % | 0.30 % | 0.29 % | 0.29 % | 0.28 % |
Net investment income | 1.28 % | 1.47 % | 1.12 % | 1.36 % | 1.82 % | 1.84 % |
Supplemental data | ||||||
Portfolio turnover rate | 16 % | 38 % | 48 % | 53 % | 81 % | 92 % |
1 | For the period from June 12, 2018 (commencement of operations) to May 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $81,149,294 |
Gross unrealized losses | (7,343,125 ) |
Net unrealized gains | $73,806,169 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $18,467,510 | $0 | $0 | $18,467,510 |
Consumer discretionary | 21,430,983 | 0 | 0 | 21,430,983 |
Consumer staples | 12,533,064 | 0 | 0 | 12,533,064 |
Energy | 8,278,599 | 0 | 0 | 8,278,599 |
Financials | 27,189,822 | 0 | 0 | 27,189,822 |
Health care | 26,708,053 | 0 | 0 | 26,708,053 |
Industrials | 20,147,552 | 0 | 0 | 20,147,552 |
Information technology | 59,126,577 | 0 | 0 | 59,126,577 |
Materials | 3,963,795 | 0 | 0 | 3,963,795 |
Real estate | 5,245,452 | 0 | 0 | 5,245,452 |
Utilities | 3,617,856 | 0 | 0 | 3,617,856 |
Short-term investments | ||||
Investment companies | 3,682,291 | 0 | 0 | 3,682,291 |
210,391,554 | 0 | 0 | 210,391,554 | |
Futures contracts | 157,238 | 0 | 0 | 157,238 |
Total assets | $210,548,792 | $0 | $0 | $210,548,792 |
Average daily net assets | Advisory fee |
First $1 billion | 0.250 % |
Next $4 billion | 0.225 |
Over $5 billion | 0.200 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | John R. Campbell, CFA, Vince Fioramonti, CFA, Robert Gruendyke, CFA, David Nazaret, CFA†, Thomas C. Ognar, CFA |
Average annual total returns (%) as of November 30, 2023 | ||||
Inception date | 1 year | 5 year | 10 year | |
Allspring Diversified Large Cap Growth Portfolio | 6-1-1997 | 18.58 | 11.42 | 10.77 |
Russell 3000® Index1 | – | 12.61 | 11.77 | 11.19 |
Russell 1000® Growth Index2 | – | 26.17 | 16.36 | 14.69 |
1 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
2 | The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
† | Mr. Nazaret became a portfolio manager of the Portfolio on June 30, 2023. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Microsoft Corp. | 10.36 |
Apple, Inc. | 5.74 |
Amazon.com, Inc. | 5.07 |
NVIDIA Corp. | 4.21 |
Alphabet, Inc. Class C | 2.72 |
Meta Platforms, Inc. Class A | 2.67 |
Mastercard, Inc. Class A | 2.32 |
Alphabet, Inc. Class A | 2.22 |
Oracle Corp. | 1.98 |
Copart, Inc. | 1.70 |
1 | Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 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. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,120.10 | $3.18 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.00 | $3.03 | 0.60 % |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 98.98% | ||||||
Communication services: 9.55% | ||||||
Entertainment: 1.11% | ||||||
Live Nation Entertainment, Inc.† | 4,181 | $352,124 | ||||
Netflix, Inc.† | 1,167 | 553,123 | ||||
Take-Two Interactive Software, Inc.† | 3,093 | 489,313 | ||||
1,394,560 | ||||||
Interactive media & services: 7.61% | ||||||
Alphabet, Inc. Class A† | 20,953 | 2,776,901 | ||||
Alphabet, Inc. Class C† | 25,426 | 3,405,050 | ||||
Meta Platforms, Inc. Class A† | 10,209 | 3,339,874 | ||||
9,521,825 | ||||||
Media: 0.83% | ||||||
Fox Corp. Class A | 25,817 | 762,634 | ||||
Trade Desk, Inc. Class A† | 3,906 | 275,217 | ||||
1,037,851 | ||||||
Consumer discretionary: 15.16% | ||||||
Broadline retail: 5.37% | ||||||
Amazon.com, Inc.† | 43,467 | 6,350,094 | ||||
MercadoLibre, Inc.† | 229 | 371,085 | ||||
6,721,179 | ||||||
Hotels, restaurants & leisure: 2.47% | ||||||
Airbnb, Inc. Class A† | 1,124 | 142,006 | ||||
Booking Holdings, Inc.† | 249 | 778,299 | ||||
Chipotle Mexican Grill, Inc.† | 206 | 453,664 | ||||
Hilton Worldwide Holdings, Inc. | 3,171 | 531,206 | ||||
Royal Caribbean Cruises Ltd.† | 8,975 | 964,453 | ||||
Starbucks Corp. | 2,296 | 227,993 | ||||
3,097,621 | ||||||
Household durables: 1.43% | ||||||
Lennar Corp. Class A | 7,040 | 900,557 | ||||
PulteGroup, Inc. | 10,046 | 888,267 | ||||
1,788,824 | ||||||
Specialty retail: 4.25% | ||||||
AutoZone, Inc.† | 327 | 853,447 | ||||
Home Depot, Inc. | 358 | 112,230 | ||||
O’Reilly Automotive, Inc.† | 1,330 | 1,306,566 | ||||
Ross Stores, Inc. | 7,174 | 935,346 | ||||
TJX Cos., Inc. | 8,049 | 709,197 | ||||
Ulta Beauty, Inc.† | 3,284 | 1,398,951 | ||||
5,315,737 | ||||||
Textiles, apparel & luxury goods: 1.64% | ||||||
Deckers Outdoor Corp.† | 1,158 | 768,877 |
Shares | Value | |||||
Textiles, apparel & luxury goods(continued) | ||||||
lululemon athletica, Inc.† | 2,344 | $1,047,299 | ||||
NIKE, Inc. Class B | 2,183 | 240,720 | ||||
2,056,896 | ||||||
Consumer staples: 2.04% | ||||||
Beverages: 0.39% | ||||||
Celsius Holdings, Inc.† | 5,558 | 275,177 | ||||
Constellation Brands, Inc. Class A | 866 | 208,264 | ||||
483,441 | ||||||
Consumer staples distribution & retail : 0.90% | ||||||
Costco Wholesale Corp. | 1,896 | 1,123,835 | ||||
Food products: 0.51% | ||||||
Archer-Daniels-Midland Co. | 8,750 | 645,138 | ||||
Personal care products: 0.24% | ||||||
BellRing Brands, Inc.† | 5,689 | 300,948 | ||||
Energy: 2.55% | ||||||
Energy equipment & services: 0.63% | ||||||
Halliburton Co. | 21,267 | 787,517 | ||||
Oil, gas & consumable fuels: 1.92% | ||||||
Chevron Corp. | 5,006 | 718,862 | ||||
ConocoPhillips | 6,992 | 808,065 | ||||
EOG Resources, Inc. | 7,133 | 877,858 | ||||
2,404,785 | ||||||
Financials: 8.40% | ||||||
Banks: 2.15% | ||||||
Citigroup, Inc. | 11,254 | 518,810 | ||||
Citizens Financial Group, Inc. | 15,877 | 432,966 | ||||
First Citizens BancShares, Inc. Class A | 624 | 915,963 | ||||
JPMorgan Chase & Co. | 5,261 | 821,137 | ||||
2,688,876 | ||||||
Capital markets: 2.85% | ||||||
BlackRock, Inc. | 397 | 298,238 | ||||
Goldman Sachs Group, Inc. | 2,186 | 746,607 | ||||
Moody’s Corp. | 166 | 60,583 | ||||
S&P Global, Inc. | 3,001 | 1,247,906 | ||||
Tradeweb Markets, Inc. Class A | 8,039 | 778,979 | ||||
Virtu Financial, Inc. Class A | 24,040 | 432,239 | ||||
3,564,552 | ||||||
Financial services: 3.03% | ||||||
Mastercard, Inc. Class A | 7,021 | 2,905,500 | ||||
Visa, Inc. Class A | 3,460 | 888,113 | ||||
3,793,613 |
Shares | Value | |||||
Insurance: 0.37% | ||||||
Kinsale Capital Group, Inc. | 1,325 | $463,883 | ||||
Health care: 12.11% | ||||||
Biotechnology: 4.03% | ||||||
AbbVie, Inc. | 4,532 | 645,312 | ||||
Amgen, Inc. | 3,449 | 929,988 | ||||
Argenx SE ADR† | 863 | 388,876 | ||||
Exact Sciences Corp.† | 7,259 | 464,576 | ||||
Karuna Therapeutics, Inc.† | 839 | 160,425 | ||||
Regeneron Pharmaceuticals, Inc.† | 1,014 | 835,343 | ||||
Sarepta Therapeutics, Inc.† | 2,426 | 197,185 | ||||
Seagen, Inc.† | 769 | 163,959 | ||||
United Therapeutics Corp.† | 2,886 | 692,640 | ||||
Vertex Pharmaceuticals, Inc.† | 1,591 | 564,503 | ||||
5,042,807 | ||||||
Health care equipment & supplies: 3.42% | ||||||
Becton Dickinson & Co. | 386 | 91,166 | ||||
Boston Scientific Corp.† | 21,535 | 1,203,591 | ||||
Edwards Lifesciences Corp.† | 10,020 | 678,454 | ||||
Intuitive Surgical, Inc.† | 5,004 | 1,555,443 | ||||
Penumbra, Inc.† | 703 | 156,129 | ||||
Shockwave Medical, Inc.† | 1,150 | 200,733 | ||||
Stryker Corp. | 1,351 | 400,342 | ||||
4,285,858 | ||||||
Health care providers & services: 1.47% | ||||||
Cencora, Inc. | 4,284 | 871,237 | ||||
UnitedHealth Group, Inc. | 1,764 | 975,439 | ||||
1,846,676 | ||||||
Health care technology: 0.59% | ||||||
Veeva Systems, Inc. Class A† | 4,232 | 737,680 | ||||
Pharmaceuticals: 2.60% | ||||||
Eli Lilly & Co. | 3,454 | 2,041,452 | ||||
Novo Nordisk AS ADR | 5,099 | 519,282 | ||||
Pfizer, Inc. | 16,958 | 516,710 | ||||
Zoetis, Inc. | 974 | 172,077 | ||||
3,249,521 | ||||||
Industrials: 6.94% | ||||||
Aerospace & defense: 0.59% | ||||||
HEICO Corp. | 2,771 | 473,924 | ||||
TransDigm Group, Inc. | 270 | 259,975 | ||||
733,899 | ||||||
Commercial services & supplies: 1.70% | ||||||
Copart, Inc.† | 42,317 | 2,125,160 |
Shares | Value | |||||
Construction & engineering: 1.06% | ||||||
EMCOR Group, Inc. | 4,072 | $865,381 | ||||
Quanta Services, Inc. | 2,480 | 467,009 | ||||
1,332,390 | ||||||
Electrical equipment: 1.07% | ||||||
Eaton Corp. PLC | 2,164 | 492,721 | ||||
nVent Electric PLC | 15,921 | 847,793 | ||||
1,340,514 | ||||||
Ground transportation: 1.22% | ||||||
Uber Technologies, Inc.† | 26,967 | 1,520,399 | ||||
Machinery: 0.93% | ||||||
AGCO Corp. | 5,976 | 678,456 | ||||
Fortive Corp. | 6,986 | 481,894 | ||||
1,160,350 | ||||||
Professional services: 0.37% | ||||||
Verisk Analytics, Inc. | 1,930 | 465,960 | ||||
Information technology: 37.71% | ||||||
Communications equipment: 1.65% | ||||||
Arista Networks, Inc.† | 9,424 | 2,070,547 | ||||
IT services: 1.00% | ||||||
EPAM Systems, Inc.† | 890 | 229,789 | ||||
MongoDB, Inc.† | 1,540 | 640,239 | ||||
Shopify, Inc. Class A† | 5,313 | 386,893 | ||||
1,256,921 | ||||||
Semiconductors & semiconductor equipment: 9.35% | ||||||
Advanced Micro Devices, Inc.† | 6,027 | 730,231 | ||||
Allegro MicroSystems, Inc.† | 1,152 | 31,357 | ||||
Applied Materials, Inc. | 5,863 | 878,160 | ||||
Broadcom, Inc. | 1,329 | 1,230,154 | ||||
KLA Corp. | 1,662 | 905,158 | ||||
Marvell Technology, Inc. | 4,694 | 261,597 | ||||
Microchip Technology, Inc. | 14,491 | 1,209,129 | ||||
Monolithic Power Systems, Inc. | 951 | 521,833 | ||||
NVIDIA Corp. | 11,255 | 5,263,964 | ||||
ON Semiconductor Corp.† | 9,486 | 676,636 | ||||
11,708,219 | ||||||
Software: 19.97% | ||||||
Adobe, Inc.† | 1,891 | 1,155,420 | ||||
Cadence Design Systems, Inc.† | 5,579 | 1,524,573 | ||||
Crowdstrike Holdings, Inc. Class A† | 2,215 | 524,933 | ||||
Datadog, Inc. Class A† | 2,690 | 313,573 | ||||
Dynatrace, Inc.† | 8,696 | 465,671 | ||||
Fair Isaac Corp.† | 686 | 746,094 |
Shares | Value | |||||
Software(continued) | ||||||
Intuit, Inc. | 812 | $464,026 | ||||
Microsoft Corp. | 34,221 | 12,966,679 | ||||
Oracle Corp. | 21,286 | 2,473,646 | ||||
Palo Alto Networks, Inc.† | 5,376 | 1,586,404 | ||||
Salesforce, Inc.† | 1,246 | 313,867 | ||||
ServiceNow, Inc.† | 1,824 | 1,250,790 | ||||
Tyler Technologies, Inc.† | 1,099 | 449,315 | ||||
Workday, Inc. Class A† | 1,624 | 439,649 | ||||
Zscaler, Inc.† | 1,603 | 316,641 | ||||
24,991,281 | ||||||
Technology hardware, storage & peripherals: 5.74% | ||||||
Apple, Inc. | 37,803 | 7,180,680 | ||||
Materials: 2.85% | ||||||
Chemicals: 1.50% | ||||||
CF Industries Holdings, Inc. | 7,557 | 567,909 | ||||
Linde PLC | 3,159 | 1,307,099 | ||||
1,875,008 | ||||||
Metals & mining: 1.35% | ||||||
Nucor Corp. | 5,096 | 866,167 | ||||
Reliance Steel & Aluminum Co. | 3,010 | 828,533 | ||||
1,694,700 | ||||||
Real estate: 1.67% | ||||||
Real estate management & development: 0.19% | ||||||
CoStar Group, Inc.† | 2,798 | 232,346 | ||||
Retail REITs : 0.73% | ||||||
Simon Property Group, Inc. | 7,370 | 920,439 | ||||
Specialized REITs : 0.75% | ||||||
Equinix, Inc. | 286 | 233,093 | ||||
Weyerhaeuser Co. | 22,485 | 704,905 | ||||
937,998 | ||||||
Total common stocks (Cost $65,327,489) | 123,900,434 |
Yield | ||||||
Short-term investments: 0.99% | ||||||
Investment companies: 0.99% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 1,236,010 | 1,236,010 | |||
Total short-term investments (Cost $1,236,010) | 1,236,010 | |||||
Total investments in securities (Cost $66,563,499) | 99.97 % | 125,136,444 | ||||
Other assets and liabilities, net | 0.03 | 40,100 | ||||
Total net assets | 100.00 % | $125,176,544 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $1,071,110 | $22,741,993 | $(22,577,093 ) | $0 | $0 | $1,236,010 | 1,236,010 | $46,853 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
Micro E-Mini S&P 500 | 26 | 12-15-2023 | $576,123 | $594,978 | $18,855 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $65,327,489) | $123,900,434 |
Investments in affiliated securities, at value (cost $1,236,010) | 1,236,010 |
Cash | 19 |
Cash at broker segregated for futures contracts | 78,400 |
Receivable for dividends | 122,164 |
Receivable for investments sold | 86,258 |
Receivable for daily variation margin on open futures contracts | 2,275 |
Prepaid expenses and other assets | 45 |
Total assets | 125,425,605 |
Liabilities | |
Payable for investments purchased | 132,486 |
Advisory fee payable | 57,322 |
Professional fees payable | 28,292 |
Custody and accounting fees payable | 23,720 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 6,427 |
Total liabilities | 249,061 |
Total net assets | $125,176,544 |
Investment income | |
Dividends (net of foreign withholdings taxes of $2,173) | $667,571 |
Income from affiliated securities | 46,853 |
Interest | 1,441 |
Total investment income | 715,865 |
Expenses | |
Advisory fee | 535,826 |
Custody and accounting fees | 1,855 |
Professional fees | 36,502 |
Interest holder report expenses | 5,858 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 3,215 |
Total expenses | 595,182 |
Less: Fee waivers and/or expense reimbursements | (100,574 ) |
Net expenses | 494,608 |
Net investment income | 221,257 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 21,418,874 |
Futures contracts | 38,651 |
Net realized gains on investments | 21,457,525 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (3,483,892 ) |
Futures contracts | 21,032 |
Net change in unrealized gains (losses) on investments | (3,462,860 ) |
Net realized and unrealized gains (losses) on investments | 17,994,665 |
Net increase in net assets resulting from operations | $18,215,922 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $221,257 | $847,982 | ||
Net realized gains on investments | 21,457,525 | 10,643,954 | ||
Net change in unrealized gains (losses) on investments | (3,462,860 ) | (2,004,927 ) | ||
Net increase in net assets resulting from operations | 18,215,922 | 9,487,009 | ||
Capital share transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 2,620,264 | 7,312,030 | ||
Withdrawals | (69,497,824 ) | (38,650,437 ) | ||
Net decrease in net assets resulting from capital share transactions | (66,877,560 ) | (31,338,407 ) | ||
Total decrease in net assets | (48,661,638 ) | (21,851,398 ) | ||
Net assets | ||||
Beginning of period | 173,838,182 | 195,689,580 | ||
End of period | $125,176,544 | $173,838,182 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | 12.01 % | 5.37 % | (11.89 )% | 35.78 % | 16.10 % | 3.79 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.72 % | 0.73 % | 0.70 % | 0.70 % | 0.71 % | 0.70 % |
Net expenses2 | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.62 % | 0.62 % |
Net investment income | 0.27 % | 0.47 % | 0.13 % | 0.14 % | 0.46 % | 0.68 % |
Supplemental data | ||||||
Portfolio turnover rate | 20 % | 51 % | 45 % | 58 % | 43 % | 100 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $60,943,796 |
Gross unrealized losses | (2,828,944 ) |
Net unrealized gains | $58,114,852 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $11,954,236 | $0 | $0 | $11,954,236 |
Consumer discretionary | 18,980,257 | 0 | 0 | 18,980,257 |
Consumer staples | 2,553,362 | 0 | 0 | 2,553,362 |
Energy | 3,192,302 | 0 | 0 | 3,192,302 |
Financials | 10,510,924 | 0 | 0 | 10,510,924 |
Health care | 15,162,542 | 0 | 0 | 15,162,542 |
Industrials | 8,678,672 | 0 | 0 | 8,678,672 |
Information technology | 47,207,648 | 0 | 0 | 47,207,648 |
Materials | 3,569,708 | 0 | 0 | 3,569,708 |
Real estate | 2,090,783 | 0 | 0 | 2,090,783 |
Short-term investments | ||||
Investment companies | 1,236,010 | 0 | 0 | 1,236,010 |
125,136,444 | 0 | 0 | 125,136,444 | |
Futures contracts | 18,855 | 0 | 0 | 18,855 |
Total assets | $125,155,299 | $0 | $0 | $125,155,299 |
Average daily net assets | Advisory fee |
First $500 million | 0.650 % |
Next $500 million | 0.625 |
Next $1 billion | 0.600 |
Next $2 billion | 0.575 |
Next $4 billion | 0.550 |
Next $4 billion | 0.525 |
Next $4 billion | 0.500 |
Over $16 billion | 0.475 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
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Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser for the affiliated master portfolio* | Allspring Global Investments, LLC |
Portfolio managers | Robert Gruendyke, CFA, David Nazaret, CFA, Thomas C. Ognar, CFA |
Average annual total returns (%) as of November 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WEMAX) | 3-31-2008 | -15.19 | 2.07 | 5.15 | -10.01 | 3.29 | 5.77 | 1.39 | 1.27 |
Class C (WEMCX) | 3-31-2008 | -11.62 | 2.54 | 5.15 | -10.62 | 2.54 | 5.15 | 2.14 | 2.02 |
Class R6 (WEGRX)3 | 7-31-2018 | – | – | – | -9.58 | 3.75 | 6.25 | 0.97 | 0.85 |
Administrator Class (WFGDX) | 1-31-2007 | – | – | – | -9.91 | 3.36 | 5.89 | 1.32 | 1.20 |
Institutional Class (WEMIX) | 3-31-2008 | – | – | – | -9.64 | 3.66 | 6.20 | 1.07 | 0.90 |
Russell 3000ョ Index4 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Russell 2000ョ Growth Index5 | – | – | – | – | -0.83 | 4.16 | 6.17 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.27% for Class A, 2.02% for Class C, 0.85% for Class R6, 1.20% for Administrator Class and 0.90% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
5 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
SPS Commerce, Inc. | 3.41 |
TransMedics Group, Inc. | 3.27 |
Kinsale Capital Group, Inc. | 3.26 |
CyberArk Software Ltd. | 3.15 |
SPX Technologies, Inc. | 2.87 |
Casella Waste Systems, Inc. Class A | 2.71 |
Five9, Inc. | 2.46 |
BellRing Brands, Inc. | 2.43 |
Applied Industrial Technologies, Inc. | 2.22 |
e.l.f. Beauty, Inc. | 2.22 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20231 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1, 2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $958.70 | $6.22 | 1.27 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.65 | $6.41 | 1.27 % |
Class C | ||||
Actual | $1,000.00 | $955.60 | $9.88 | 2.02 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.90 | $10.18 | 2.02 % |
Class R6 | ||||
Actual | $1,000.00 | $960.40 | $4.17 | 0.85 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.75 | $4.29 | 0.85 % |
Administrator Class | ||||
Actual | $1,000.00 | $958.50 | $5.88 | 1.20 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.00 | $6.06 | 1.20 % |
Institutional Class | ||||
Actual | $1,000.00 | $960.20 | $4.41 | 0.90 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.50 | $4.55 | 0.90 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
2 | Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests. |
Value | ||||||
Investment companies: 100.11% | ||||||
Affiliated master portfolio: 100.11% | ||||||
Allspring Emerging Growth Portfolio | $265,499,139 | |||||
Total investment companies (Cost $197,863,556) | 265,499,139 | |||||
Total investments in securities (Cost $197,863,556) | 100.11 % | 265,499,139 | ||||
Other assets and liabilities, net | (0.11 ) | (303,336 ) | ||||
Total net assets | 100.00 % | $265,195,803 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Affiliated Income Allocated from affiliated Master Portfolio | Value, end of period | |
Allspring Emerging Growth Portfolio | 89.59 % | 88.62 % | $(10,214,447 ) | $(806,079 ) | $207,085 | $2,165 | $174,819 | $265,499,139 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $197,863,556) | $265,499,139 |
Receivable for Fund shares sold | 80,528 |
Receivable from manager | 20,712 |
Prepaid expenses and other assets | 100,246 |
Total assets | 265,700,625 |
Liabilities | |
Payable for Fund shares redeemed | 359,446 |
Administration fees payable | 30,609 |
Shareholder servicing fee payable | 24,697 |
Trustees’ fees and expenses payable | 1,070 |
Distribution fee payable | 449 |
Accrued expenses and other liabilities | 88,551 |
Total liabilities | 504,822 |
Total net assets | $265,195,803 |
Net assets consist of | |
Paid-in capital | $225,696,641 |
Total distributable earnings | 39,499,162 |
Total net assets | $265,195,803 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $110,898,111 |
Shares outstanding–Class A1 | 13,267,916 |
Net asset value per share–Class A | $8.36 |
Maximum offering price per share – Class A2 | $8.87 |
Net assets–Class C | $752,790 |
Shares outstanding–Class C1 | 129,628 |
Net asset value per share–Class C | $5.81 |
Net assets–Class R6 | $36,958,949 |
Shares outstanding–Class R61 | 3,626,882 |
Net asset value per share–Class R6 | $10.19 |
Net assets–Administrator Class | $13,549,100 |
Shares outstanding–Administrator Class1 | 1,505,128 |
Net asset value per share–Administrator Class | $9.00 |
Net assets–Institutional Class | $103,036,853 |
Shares outstanding–Institutional Class1 | 10,181,988 |
Net asset value per share–Institutional Class | $10.12 |
Investment income | |
Dividends allocated from affiliated Master Portfolio | $207,085 |
Affiliated income allocated from affiliated Master Portfolio | 174,819 |
Interest allocated from affiliated Master Portfolio | 2,165 |
Expenses allocated from affiliated Master Portfolio | (1,188,267 ) |
Waivers allocated from affiliated Master Portfolio | 102 |
Total investment income | (804,096 ) |
Expenses | |
Management fee | 71,693 |
Administration fees | |
Class A | 119,037 |
Class C | 896 |
Class R6 | 5,420 |
Administrator Class | 9,570 |
Institutional Class | 76,043 |
Shareholder servicing fees | |
Class A | 147,545 |
Class C | 1,110 |
Administrator Class | 18,376 |
Distribution fee | |
Class C | 3,329 |
Custody and accounting fees | 2 |
Professional fees | 21,363 |
Registration fees | 26,702 |
Shareholder report expenses | 18,918 |
Trustees’ fees and expenses | 12,021 |
Other fees and expenses | 2,568 |
Total expenses | 534,593 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (168,755 ) |
Institutional Class | (26,230 ) |
Net expenses | 339,608 |
Net investment loss | (1,143,704 ) |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments allocated from affiliated Master Portfolio | (10,214,447 ) |
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | (806,079 ) |
Net realized and unrealized gains (losses) on investments | (11,020,526 ) |
Net decrease in net assets resulting from operations | $(12,164,230 ) |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment loss | $(1,143,704 ) | $(2,344,941 ) | ||
Net realized losses on investments | (10,214,447 ) | (5,001,838 ) | ||
Net change in unrealized gains (losses) on investments | (806,079 ) | 1,055,644 | ||
Net decrease in net assets resulting from operations | (12,164,230 ) | (6,291,135 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 94,829 | 823,136 | 411,868 | 3,634,624 |
Class C | 855 | 5,139 | 4,232 | 26,812 |
Class R6 | 1,223,067 | 13,405,121 | 728,487 | 8,110,513 |
Administrator Class | 66,445 | 610,207 | 169,603 | 1,635,469 |
Institutional Class | 703,204 | 7,316,164 | 1,811,034 | 19,525,541 |
22,159,767 | 32,932,959 | |||
Payment for shares redeemed | ||||
Class A | (702,692 ) | (6,012,175 ) | (1,671,745 ) | (14,944,143 ) |
Class C | (28,372 ) | (166,809 ) | (127,934 ) | (770,829 ) |
Class R6 | (277,849 ) | (2,983,533 ) | (270,345 ) | (2,758,578 ) |
Administrator Class | (203,278 ) | (1,893,505 ) | (372,127 ) | (3,604,407 ) |
Institutional Class | (2,267,884 ) | (23,403,142 ) | (4,697,411 ) | (50,099,244 ) |
(34,459,164 ) | (72,177,201 ) | |||
Net decrease in net assets resulting from capital share transactions | (12,299,397 ) | (39,244,242 ) | ||
Total decrease in net assets | (24,463,627 ) | (45,535,377 ) | ||
Net assets | ||||
Beginning of period | 289,659,430 | 335,194,807 | ||
End of period | $265,195,803 | $289,659,430 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $8.72 | $8.91 | $18.05 | $14.71 | $13.51 | $17.04 |
Net investment loss | (0.04 )1 | (0.08 )1 | (0.16 )1 | (0.20 )1 | (0.17 ) | (0.16 )1 |
Net realized and unrealized gains (losses) on investments | (0.32 ) | (0.11 ) | (3.47 ) | 7.69 | 2.13 | (0.19 ) |
Total from investment operations | (0.36 ) | (0.19 ) | (3.63 ) | 7.49 | 1.96 | (0.35 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | 0.00 | (5.51 ) | (4.15 ) | (0.76 ) | (3.18 ) |
Net asset value, end of period | $8.36 | $8.72 | $8.91 | $18.05 | $14.71 | $13.51 |
Total return2 | (4.13 )% | (2.13 )% | (29.16 )% | 53.22 % | 14.97 % | (0.84 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.39 % | 1.40 % | 1.36 % | 1.35 % | 1.36 % | 1.35 % |
Net expenses | 1.27 % | 1.27 % | 1.26 % | 1.27 % | 1.27 % | 1.29 % |
Net investment loss | (1.00 )% | (0.95 )% | (1.10 )% | (1.12 )% | (1.08 )% | (1.06 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 59 % | 70 % | 51 % | 48 % | 55 % | 71 % |
Net assets, end of period (000s omitted) | $110,898 | $121,019 | $134,825 | $210,838 | $148,866 | $145,898 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.83% |
Year ended May 31, 2023 | 0.84% |
Year ended May 31, 2022 | 0.82% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $6.08 | $6.26 | $14.41 | $12.40 | $11.58 | $15.19 |
Net investment loss | (0.05 )1 | (0.11 )1 | (0.20 )1 | (0.28 )1 | (0.21 )1 | (0.25 )1 |
Net realized and unrealized gains (losses) on investments | (0.22 ) | (0.07 ) | (2.44 ) | 6.44 | 1.79 | (0.18 ) |
Total from investment operations | (0.27 ) | (0.18 ) | (2.64 ) | 6.16 | 1.58 | (0.43 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | 0.00 | (5.51 ) | (4.15 ) | (0.76 ) | (3.18 ) |
Net asset value, end of period | $5.81 | $6.08 | $6.26 | $14.41 | $12.40 | $11.58 |
Total return2 | (4.44 )% | (2.88 )% | (29.71 )% | 52.19 % | 14.16 % | (1.55 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.14 % | 2.14 % | 2.10 % | 2.10 % | 2.11 % | 2.10 % |
Net expenses | 2.02 % | 2.03 % | 2.03 % | 2.03 % | 2.03 % | 2.04 % |
Net investment loss | (1.76 )% | (1.70 )% | (1.86 )% | (1.89 )% | (1.84 )% | (1.78 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 59 % | 70 % | 51 % | 48 % | 55 % | 71 % |
Net assets, end of period (000s omitted) | $753 | $956 | $1,758 | $2,338 | $1,599 | $1,761 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.83% |
Year ended May 31, 2023 | 0.84% |
Year ended May 31, 2022 | 0.82% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $10.61 | $10.79 | $20.64 | $16.34 | $14.86 | $18.70 |
Net investment loss | (0.03 )2 | (0.06 )2 | (0.10 ) | (0.14 ) | (0.10 )2 | (0.07 )2 |
Net realized and unrealized gains (losses) on investments | (0.39 ) | (0.12 ) | (4.24 ) | 8.59 | 2.34 | (0.59 ) |
Total from investment operations | (0.42 ) | (0.18 ) | (4.34 ) | 8.45 | 2.24 | (0.66 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | 0.00 | (5.51 ) | (4.15 ) | (0.76 ) | (3.18 ) |
Net asset value, end of period | $10.19 | $10.61 | $10.79 | $20.64 | $16.34 | $14.86 |
Total return3 | (3.96 )% | (1.67 )% | (28.91 )% | 53.85 % | 15.51 % | (2.35 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.97 % | 0.97 % | 0.94 % | 0.92 % | 0.93 % | 0.92 % |
Net expenses | 0.85 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % |
Net investment loss | (0.57 )% | (0.52 )% | (0.68 )% | (0.68 )% | (0.67 )% | (0.51 )% |
Supplemental data | ||||||
Portfolio turnover rate4 | 59 % | 70 % | 51 % | 48 % | 55 % | 71 % |
Net assets, end of period (000s omitted) | $36,959 | $28,458 | $23,999 | $21,729 | $19,458 | $22 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.83% |
Year ended May 31, 2023 | 0.84% |
Year ended May 31, 2022 | 0.83% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 20191 | 0.81% |
1 | For the period from July 31, 2018 (commencement of class operations) to May 31, 2019. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.39 | $9.58 | $18.98 | $15.31 | $14.02 | $17.54 |
Net investment loss | (0.04 )1 | (0.08 )1 | (0.17 )1 | (0.20 )1 | (0.14 )1 | (0.15 )1 |
Net realized and unrealized gains (losses) on investments | (0.35 ) | (0.11 ) | (3.72 ) | 8.02 | 2.19 | (0.19 ) |
Total from investment operations | (0.39 ) | (0.19 ) | (3.89 ) | 7.82 | 2.05 | (0.34 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | 0.00 | (5.51 ) | (4.15 ) | (0.76 ) | (3.18 ) |
Net asset value, end of period | $9.00 | $9.39 | $9.58 | $18.98 | $15.31 | $14.02 |
Total return2 | (4.15 )% | (1.98 )% | (29.09 )% | 53.31 % | 15.07 % | (0.75 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.32 % | 1.32 % | 1.28 % | 1.27 % | 1.28 % | 1.27 % |
Net expenses | 1.20 % | 1.20 % | 1.20 % | 1.20 % | 1.20 % | 1.20 % |
Net investment loss | (0.93 )% | (0.87 )% | (1.04 )% | (1.05 )% | (1.01 )% | (0.94 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 59 % | 70 % | 51 % | 48 % | 55 % | 71 % |
Net assets, end of period (000s omitted) | $13,549 | $15,418 | $17,676 | $28,730 | $21,250 | $23,549 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.83% |
Year ended May 31, 2023 | 0.84% |
Year ended May 31, 2022 | 0.82% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.54 | $10.72 | $20.55 | $16.29 | $14.83 | $18.30 |
Net investment loss | (0.03 )1 | (0.06 )1 | (0.14 )1 | (0.15 ) | (0.11 )1 | (0.13 ) |
Net realized and unrealized gains (losses) on investments | (0.39 ) | (0.12 ) | (4.18 ) | 8.56 | 2.33 | (0.16 ) |
Total from investment operations | (0.42 ) | (0.18 ) | (4.32 ) | 8.41 | 2.22 | (0.29 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | 0.00 | (5.51 ) | (4.15 ) | (0.76 ) | (3.18 ) |
Net asset value, end of period | $10.12 | $10.54 | $10.72 | $20.55 | $16.29 | $14.83 |
Total return2 | (3.98 )% | (1.68 )% | (28.95 )% | 53.75 % | 15.40 % | (0.42 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.06 % | 1.07 % | 1.02 % | 1.02 % | 1.03 % | 1.02 % |
Net expenses | 0.90 % | 0.90 % | 0.90 % | 0.90 % | 0.90 % | 0.90 % |
Net investment loss | (0.63 )% | (0.57 )% | (0.75 )% | (0.75 )% | (0.71 )% | (0.67 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 59 % | 70 % | 51 % | 48 % | 55 % | 71 % |
Net assets, end of period (000s omitted) | $103,037 | $123,809 | $156,936 | $648,569 | $471,512 | $578,073 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.83% |
Year ended May 31, 2023 | 0.84% |
Year ended May 31, 2022 | 0.82% |
Year ended May 31, 2021 | 0.81% |
Year ended May 31, 2020 | 0.81% |
Year ended May 31, 2019 | 0.81% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $136,873,583 |
Gross unrealized losses | (0 ) |
Net unrealized gains | $136,873,583 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Emerging Growth Portfolio | Seek long-term capital appreciation | $265,499,139 |
Average daily net assets | Management fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.27 % |
Class C | 2.02 |
Class R6 | 0.85 |
Administrator Class | 1.20 |
Institutional Class | 0.90 |
Shares | Value | |||||
Common stocks: 99.49% | ||||||
Communication services: 0.55% | ||||||
Entertainment: 0.29% | ||||||
Madison Square Garden Entertainment Corp.† | 29,024 | $878,847 | ||||
Media: 0.26% | ||||||
Thryv Holdings, Inc.† | 42,858 | 762,444 | ||||
Consumer discretionary: 9.63% | ||||||
Automobile components: 1.01% | ||||||
Fox Factory Holding Corp.† | 11,785 | 736,680 | ||||
Modine Manufacturing Co.† | 28,900 | 1,421,880 | ||||
Visteon Corp.† | 7,211 | 855,730 | ||||
3,014,290 | ||||||
Diversified consumer services: 3.67% | ||||||
Bright Horizons Family Solutions, Inc.† | 54,745 | 4,786,903 | ||||
Duolingo, Inc.† | 22,200 | 4,712,838 | ||||
Rover Group, Inc.† | 108,000 | 1,181,520 | ||||
Udemy, Inc.† | 21,600 | 321,408 | ||||
11,002,669 | ||||||
Hotels, restaurants & leisure: 2.57% | ||||||
Dutch Bros, Inc. Class A† | 62,400 | 1,667,952 | ||||
First Watch Restaurant Group, Inc.† | 171,663 | 3,103,667 | ||||
Hilton Grand Vacations, Inc.† | 24,916 | 853,622 | ||||
Wingstop, Inc. | 8,668 | 2,083,441 | ||||
7,708,682 | ||||||
Specialty retail: 2.38% | ||||||
American Eagle Outfitters, Inc. | 45,200 | 860,156 | ||||
Boot Barn Holdings, Inc.† | 85,430 | 6,260,310 | ||||
7,120,466 | ||||||
Consumer staples: 7.76% | ||||||
Beverages: 1.85% | ||||||
Celsius Holdings, Inc.† | 44,055 | 2,181,163 | ||||
MGP Ingredients, Inc. | 20,739 | 1,772,148 | ||||
Vita Coco Co., Inc.† | 56,000 | 1,571,360 | ||||
5,524,671 | ||||||
Consumer staples distribution & retail : 0.40% | ||||||
Chefs’ Warehouse, Inc.† | 44,995 | 1,210,366 | ||||
Food products: 0.86% | ||||||
Freshpet, Inc.† | 21,500 | 1,525,425 | ||||
Simply Good Foods Co.† | 26,875 | 1,041,137 | ||||
2,566,562 |
Shares | Value | |||||
Personal care products: 4.65% | ||||||
BellRing Brands, Inc.† | 137,900 | $7,294,910 | ||||
e.l.f. Beauty, Inc.† | 56,203 | 6,637,012 | ||||
13,931,922 | ||||||
Energy: 1.80% | ||||||
Energy equipment & services: 0.48% | ||||||
Helmerich & Payne, Inc. | 39,400 | 1,427,462 | ||||
Oil, gas & consumable fuels: 1.32% | ||||||
Matador Resources Co. | 33,300 | 1,927,404 | ||||
Viper Energy, Inc. | 66,000 | 2,034,120 | ||||
3,961,524 | ||||||
Financials: 6.97% | ||||||
Financial services: 0.53% | ||||||
Flywire Corp.† | 68,911 | 1,605,626 | ||||
Insurance: 6.44% | ||||||
Goosehead Insurance, Inc. Class A† | 67,123 | 4,918,773 | ||||
Kinsale Capital Group, Inc. | 27,877 | 9,759,738 | ||||
Skyward Specialty Insurance Group, Inc.† | 140,900 | 4,607,430 | ||||
19,285,941 | ||||||
Health care: 14.64% | ||||||
Biotechnology: 3.35% | ||||||
Apellis Pharmaceuticals, Inc.† | 20,749 | 1,117,748 | ||||
Immunocore Holdings PLC ADR† | 29,793 | 1,570,985 | ||||
Krystal Biotech, Inc.† | 20,135 | 2,098,671 | ||||
Vericel Corp.† | 147,329 | 5,236,073 | ||||
10,023,477 | ||||||
Health care equipment & supplies: 7.22% | ||||||
Glaukos Corp.† | 12,800 | 817,792 | ||||
Inari Medical, Inc.† | 32,076 | 1,914,616 | ||||
PROCEPT BioRobotics Corp.† | 54,533 | 2,021,538 | ||||
RxSight, Inc.† | 66,897 | 2,017,614 | ||||
Shockwave Medical, Inc.† | 11,301 | 1,972,590 | ||||
SI-BONE, Inc.† | 162,696 | 3,084,716 | ||||
TransMedics Group, Inc.† | 129,442 | 9,796,171 | ||||
21,625,037 | ||||||
Health care providers & services: 3.41% | ||||||
Ensign Group, Inc. | 14,000 | 1,498,980 | ||||
HealthEquity, Inc.† | 60,300 | 4,041,306 | ||||
RadNet, Inc.† | 141,153 | 4,690,514 | ||||
10,230,800 |
Shares | Value | |||||
Pharmaceuticals: 0.66% | ||||||
Structure Therapeutics, Inc. ADR† | 16,500 | $918,885 | ||||
Tarsus Pharmaceuticals, Inc.† | 65,000 | 1,074,450 | ||||
1,993,335 | ||||||
Industrials: 22.53% | ||||||
Aerospace & defense: 1.33% | ||||||
AeroVironment, Inc.† | 7,000 | 963,270 | ||||
Hexcel Corp. | 43,443 | 3,011,034 | ||||
3,974,304 | ||||||
Building products: 2.42% | ||||||
AZEK Co., Inc. Class A† | 65,846 | 2,271,028 | ||||
Zurn Elkay Water Solutions Corp. Class C | 169,086 | 4,977,892 | ||||
7,248,920 | ||||||
Commercial services & supplies: 3.37% | ||||||
Casella Waste Systems, Inc. Class A† | 100,260 | 8,109,029 | ||||
Cimpress PLC† | 28,269 | 1,992,682 | ||||
10,101,711 | ||||||
Construction & engineering: 2.57% | ||||||
Comfort Systems USA, Inc. | 25,900 | 5,013,722 | ||||
Construction Partners, Inc. Class A† | 64,113 | 2,690,182 | ||||
7,703,904 | ||||||
Electrical equipment: 1.14% | ||||||
NEXTracker, Inc. Class A† | 24,202 | 983,569 | ||||
Shoals Technologies Group, Inc. Class A† | 175,761 | 2,434,290 | ||||
3,417,859 | ||||||
Ground transportation: 2.53% | ||||||
ArcBest Corp. | 35,248 | 4,201,209 | ||||
Marten Transport Ltd. | 129,634 | 2,443,601 | ||||
Saia, Inc.† | 2,400 | 936,936 | ||||
7,581,746 | ||||||
Machinery: 3.47% | ||||||
ESCO Technologies, Inc. | 17,200 | 1,805,656 | ||||
SPX Technologies, Inc.† | 100,590 | 8,581,333 | ||||
10,386,989 | ||||||
Professional services: 2.26% | ||||||
ASGN, Inc.† | 33,401 | 2,980,705 | ||||
Paycor HCM, Inc.† | 179,524 | 3,807,704 | ||||
6,788,409 |
Shares | Value | |||||
Trading companies & distributors: 3.44% | ||||||
Applied Industrial Technologies, Inc. | 41,539 | $6,649,148 | ||||
SiteOne Landscape Supply, Inc.† | 25,963 | 3,656,109 | ||||
10,305,257 | ||||||
Information technology: 34.23% | ||||||
Communications equipment: 1.18% | ||||||
Calix, Inc.† | 73,992 | 2,855,351 | ||||
Extreme Networks, Inc.† | 42,577 | 687,193 | ||||
3,542,544 | ||||||
Electronic equipment, instruments & components: 1.72% | ||||||
Fabrinet† | 10,600 | 1,716,140 | ||||
Novanta, Inc.† | 23,780 | 3,434,783 | ||||
5,150,923 | ||||||
IT services: 2.33% | ||||||
Globant SA† | 12,600 | 2,782,080 | ||||
Wix.com Ltd.† | 41,200 | 4,181,800 | ||||
6,963,880 | ||||||
Semiconductors & semiconductor equipment: 6.50% | ||||||
ACM Research, Inc. Class A† | 151,200 | 2,515,968 | ||||
Allegro MicroSystems, Inc.† | 100,912 | 2,746,825 | ||||
Credo Technology Group Holding Ltd.† | 56,200 | 1,006,542 | ||||
Diodes, Inc.† | 60,587 | 4,024,189 | ||||
Onto Innovation, Inc.† | 11,500 | 1,621,615 | ||||
PDF Solutions, Inc.† | 22,974 | 688,990 | ||||
Silicon Laboratories, Inc.† | 19,531 | 2,057,981 | ||||
SiTime Corp.† | 43,530 | 4,814,418 | ||||
19,476,528 | ||||||
Software: 22.50% | ||||||
Appfolio, Inc. Class A† | 7,100 | 1,343,675 | ||||
BILL Holdings, Inc.† | 13,900 | 910,033 | ||||
Braze, Inc. Class A† | 75,336 | 4,138,960 | ||||
Clearwater Analytics Holdings, Inc. Class A† | 234,830 | 5,004,227 | ||||
CyberArk Software Ltd.† | 47,333 | 9,432,047 | ||||
Descartes Systems Group, Inc.† | 29,100 | 2,358,264 | ||||
DoubleVerify Holdings, Inc.† | 61,900 | 2,055,080 | ||||
EngageSmart, Inc.† | 57,629 | 1,314,518 | ||||
Five9, Inc.† | 96,842 | 7,381,297 | ||||
JFrog Ltd.† | 164,265 | 4,431,870 | ||||
PowerSchool Holdings, Inc. Class A† | 140,929 | 3,286,464 | ||||
Sprinklr, Inc. Class A† | 160,158 | 2,511,277 | ||||
Sprout Social, Inc. Class A† | 89,339 | 5,083,389 | ||||
SPS Commerce, Inc.† | 59,373 | 10,228,781 | ||||
Varonis Systems, Inc.† | 97,600 | 4,088,464 | ||||
Workiva, Inc.† | 40,000 | 3,846,800 | ||||
67,415,146 |
Shares | Value | |||||
Materials: 1.38% | ||||||
Metals & mining: 1.38% | ||||||
ATI, Inc.† | 93,864 | $4,125,323 | ||||
Total common stocks (Cost $234,344,662) | 298,057,564 |
Yield | ||||||
Short-term investments: 0.95% | ||||||
Investment companies: 0.95% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 2,855,919 | 2,855,919 | |||
Total short-term investments (Cost $2,855,919) | 2,855,919 | |||||
Total investments in securities (Cost $237,200,581) | 100.44 % | 300,913,483 | ||||
Other assets and liabilities, net | (0.44 ) | (1,310,046 ) | ||||
Total net assets | 100.00 % | $299,603,437 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $9,781,514 | $75,068,409 | $(81,994,004 ) | $0 | $0 | $2,855,919 | 2,855,919 | $195,323 |
Assets | |
Investments in unaffiliated securities, at value (cost $234,344,662) | $298,057,564 |
Investments in affiliated securities, at value (cost $2,855,919) | 2,855,919 |
Receivable for investments sold | 216,923 |
Receivable for dividends | 71,019 |
Prepaid expenses and other assets | 10,103 |
Total assets | 301,211,528 |
Liabilities | |
Payable for investments purchased | 1,366,183 |
Advisory fee payable | 189,662 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 51,432 |
Total liabilities | 1,608,091 |
Total net assets | $299,603,437 |
Investment income | |
Dividends | $232,057 |
Income from affiliated securities | 195,323 |
Interest | 2,420 |
Total investment income | 429,800 |
Expenses | |
Advisory fee | 1,280,278 |
Custody and accounting fees | 2 |
Professional fees | 28,463 |
Interest holder report expenses | 4,584 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 2,492 |
Total expenses | 1,327,745 |
Less: Fee waivers and/or expense reimbursements | (115 ) |
Net expenses | 1,327,630 |
Net investment loss | (897,830 ) |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (11,451,664 ) |
Net change in unrealized gains (losses) on investments | (611,459 ) |
Net realized and unrealized gains (losses) on investments | (12,063,123 ) |
Net decrease in net assets resulting from operations | $(12,960,953 ) |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment loss | $(897,830 ) | $(1,802,249 ) | ||
Net realized gains (losses) on investments | (11,451,664 ) | 5,257,885 | ||
Net change in unrealized gains (losses) on investments | (611,459 ) | (9,158,116 ) | ||
Net decrease in net assets resulting from operations | (12,960,953 ) | (5,702,480 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 16,780,069 | 16,642,379 | ||
Withdrawals | (28,355,514 ) | (58,772,131 ) | ||
Net decrease in net assets resulting from capital transactions | (11,575,445 ) | (42,129,752 ) | ||
Total decrease in net assets | (24,536,398 ) | (47,832,232 ) | ||
Net assets | ||||
Beginning of period | 324,139,835 | 371,972,067 | ||
End of period | $299,603,437 | $324,139,835 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | (3.95 )% | (1.62 )% | (28.85 )% | 53.94 % | 15.49 % | (0.28 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.83 % | 0.84 % | 0.82 % | 0.81 % | 0.81 % | 0.81 % |
Net expenses2 | 0.83 % | 0.84 % | 0.82 % | 0.81 % | 0.81 % | 0.81 % |
Net investment loss | (0.56 )% | (0.51 )% | (0.67 )% | (0.66 )% | (0.62 )% | (0.57 )% |
Supplemental data | ||||||
Portfolio turnover rate | 59 % | 70 % | 51 % | 48 % | 55 % | 71 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $73,157,255 |
Gross unrealized losses | (9,776,771 ) |
Net unrealized gains | $63,380,484 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $1,641,291 | $0 | $0 | $1,641,291 |
Consumer discretionary | 28,846,107 | 0 | 0 | 28,846,107 |
Consumer staples | 23,233,521 | 0 | 0 | 23,233,521 |
Energy | 5,388,986 | 0 | 0 | 5,388,986 |
Financials | 20,891,567 | 0 | 0 | 20,891,567 |
Health care | 43,872,649 | 0 | 0 | 43,872,649 |
Industrials | 67,509,099 | 0 | 0 | 67,509,099 |
Information technology | 102,549,021 | 0 | 0 | 102,549,021 |
Materials | 4,125,323 | 0 | 0 | 4,125,323 |
Short-term investments | ||||
Investment companies | 2,855,919 | 0 | 0 | 2,855,919 |
Total assets | $300,913,483 | $0 | $0 | $300,913,483 |
Average daily net assets | Advisory fee |
First $500 million | 0.800 % |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR3326 11-23
Investment objective | The Portfolio seeks long-term capital appreciation. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Ryan Brown, CFA, Harindra de Silva, Ph.D., CFA |
Average annual total returns (%) as of November 30, 2023 | ||||
Inception date | 1 year | 5 year | 10 year | |
Allspring Large Company Value Portfolio | 6-1-1997 | -0.35 | 8.41 | 7.65 |
Russell 3000® Index1 | – | 12.61 | 11.77 | 11.19 |
Russell 1000® Value Index2 | – | 1.36 | 7.52 | 8.09 |
1 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
2 | The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Berkshire Hathaway, Inc. Class B | 4.48 |
General Electric Co. | 2.70 |
Bristol-Myers Squibb Co. | 2.42 |
Altria Group, Inc. | 2.42 |
Southern Co. | 2.41 |
Prologis, Inc. | 2.39 |
Duke Energy Corp. | 2.37 |
Exxon Mobil Corp. | 2.33 |
General Dynamics Corp. | 2.25 |
Arthur J Gallagher & Co. | 2.23 |
1 | Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 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. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,066.90 | $2.07 | 0.40 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.00 | $2.02 | 0.40 % |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 96.82% | ||||||
Communication services: 2.77% | ||||||
Diversified telecommunication services: 2.10% | ||||||
AT&T, Inc. | 16,591 | $274,913 | ||||
Verizon Communications, Inc. | 89,280 | 3,422,102 | ||||
3,697,015 | ||||||
Entertainment: 0.50% | ||||||
Spotify Technology SA† | 4,797 | 887,973 | ||||
Interactive media & services: 0.10% | ||||||
Yelp, Inc.† | 3,886 | 169,857 | ||||
Wireless telecommunication services: 0.07% | ||||||
T-Mobile U.S., Inc. | 770 | 115,847 | ||||
Consumer discretionary: 6.34% | ||||||
Broadline retail: 0.16% | ||||||
Coupang, Inc.† | 17,896 | 273,451 | ||||
Distributors: 1.04% | ||||||
Genuine Parts Co. | 13,814 | 1,834,223 | ||||
Hotels, restaurants & leisure: 1.95% | ||||||
Booking Holdings, Inc.† | 221 | 690,780 | ||||
Chipotle Mexican Grill, Inc.† | 204 | 449,259 | ||||
Marriott International, Inc. Class A | 778 | 157,700 | ||||
Marriott Vacations Worldwide Corp. | 9,673 | 705,162 | ||||
Royal Caribbean Cruises Ltd.† | 3,708 | 398,462 | ||||
Starbucks Corp. | 10,265 | 1,019,314 | ||||
3,420,677 | ||||||
Household durables: 0.78% | ||||||
M/I Homes, Inc.† | 3,662 | 386,378 | ||||
Taylor Morrison Home Corp.† | 21,879 | 986,743 | ||||
1,373,121 | ||||||
Leisure products: 0.05% | ||||||
Polaris, Inc. | 1,138 | 93,851 | ||||
Specialty retail: 2.36% | ||||||
ODP Corp.† | 12,766 | 581,491 | ||||
TJX Cos., Inc. | 36,950 | 3,255,664 | ||||
Victoria’s Secret & Co.† | 11,267 | 303,646 | ||||
4,140,801 | ||||||
Consumer staples: 9.25% | ||||||
Beverages: 1.36% | ||||||
Coca-Cola Consolidated, Inc. | 3,251 | 2,387,924 |
Shares | Value | |||||
Consumer staples distribution & retail: 3.23% | ||||||
Andersons, Inc. | 4,314 | $215,096 | ||||
Kroger Co. | 2,026 | 89,691 | ||||
Target Corp. | 25,753 | 3,446,009 | ||||
Walmart, Inc. | 12,308 | 1,916,232 | ||||
5,667,028 | ||||||
Food products: 1.61% | ||||||
Archer-Daniels-Midland Co. | 14,085 | 1,038,487 | ||||
Bunge Global SA | 1,304 | 143,271 | ||||
Mondelez International, Inc. Class A | 23,118 | 1,642,765 | ||||
2,824,523 | ||||||
Household products: 0.60% | ||||||
Colgate-Palmolive Co. | 2,797 | 220,320 | ||||
Procter & Gamble Co. | 5,375 | 825,170 | ||||
1,045,490 | ||||||
Tobacco: 2.45% | ||||||
Altria Group, Inc. | 101,027 | 4,247,175 | ||||
Vector Group Ltd. | 5,784 | 61,947 | ||||
4,309,122 | ||||||
Energy: 7.77% | ||||||
Energy equipment & services: 0.25% | ||||||
Schlumberger NV | 8,331 | 433,545 | ||||
Oil, gas & consumable fuels: 7.52% | ||||||
Chevron Corp. | 25,846 | 3,711,486 | ||||
CONSOL Energy, Inc. | 1,800 | 192,006 | ||||
EOG Resources, Inc. | 2,791 | 343,488 | ||||
Exxon Mobil Corp. | 39,850 | 4,094,189 | ||||
Kinder Morgan, Inc. | 17,320 | 304,312 | ||||
Marathon Petroleum Corp. | 7,211 | 1,075,809 | ||||
ONEOK, Inc. | 830 | 57,146 | ||||
PBF Energy, Inc. Class A | 43,549 | 1,933,576 | ||||
Phillips 66 | 11,635 | 1,499,635 | ||||
13,211,647 | ||||||
Financials: 22.50% | ||||||
Banks: 4.32% | ||||||
Bank of America Corp. | 70,494 | 2,149,362 | ||||
Bank of NT Butterfield & Son Ltd. | 11,871 | 329,183 | ||||
Citigroup, Inc. | 37,051 | 1,708,051 | ||||
JPMorgan Chase & Co. | 12,937 | 2,019,207 | ||||
U.S. Bancorp | 35,847 | 1,366,488 | ||||
7,572,291 | ||||||
Capital markets: 3.40% | ||||||
Affiliated Managers Group, Inc. | 8,708 | 1,180,369 |
Shares | Value | |||||
Capital markets(continued) | ||||||
Blackstone, Inc. | 3,507 | $394,082 | ||||
CME Group, Inc. | 5,136 | 1,121,497 | ||||
Coinbase Global, Inc. Class A† | 683 | 85,184 | ||||
Goldman Sachs Group, Inc. | 3,617 | 1,235,350 | ||||
Intercontinental Exchange, Inc. | 3,410 | 388,194 | ||||
Morgan Stanley | 5,114 | 405,745 | ||||
S&P Global, Inc. | 2,546 | 1,058,703 | ||||
StoneX Group, Inc.† | 1,659 | 101,415 | ||||
5,970,539 | ||||||
Consumer finance: 2.88% | ||||||
American Express Co. | 7,727 | 1,319,540 | ||||
Discover Financial Services | 22,008 | 2,046,744 | ||||
OneMain Holdings, Inc. | 3,056 | 129,269 | ||||
PROG Holdings, Inc.† | 53,244 | 1,451,431 | ||||
Synchrony Financial | 3,512 | 113,648 | ||||
5,060,632 | ||||||
Financial services: 6.30% | ||||||
Berkshire Hathaway, Inc. Class B† | 21,847 | 7,864,920 | ||||
Equitable Holdings, Inc. | 17,149 | 526,303 | ||||
Jackson Financial, Inc. Class A | 9,105 | 434,582 | ||||
NCR Atleos Corp.† | 1,223 | 27,163 | ||||
PayPal Holdings, Inc.† | 21,486 | 1,237,808 | ||||
Visa, Inc. Class A | 3,800 | 975,384 | ||||
11,066,160 | ||||||
Insurance: 5.30% | ||||||
Aflac, Inc. | 17,499 | 1,447,342 | ||||
American Financial Group, Inc. | 474 | 54,221 | ||||
Arthur J Gallagher & Co. | 15,741 | 3,919,509 | ||||
Progressive Corp. | 22,704 | 3,724,137 | ||||
Unum Group | 3,708 | 159,444 | ||||
9,304,653 | ||||||
Mortgage real estate investment trusts (REITs): 0.30% | ||||||
Arbor Realty Trust, Inc. | 42,397 | 529,114 | ||||
Health care: 14.26% | ||||||
Biotechnology: 1.94% | ||||||
Acadia Pharmaceuticals, Inc.† | 34,815 | 775,678 | ||||
Alkermes PLC† | 36,275 | 875,679 | ||||
Amgen, Inc. | 890 | 239,980 | ||||
Catalyst Pharmaceuticals, Inc.† | 15,770 | 227,561 | ||||
Gilead Sciences, Inc. | 15,682 | 1,201,241 | ||||
Mural Oncology PLC† | 3,627 | 13,093 | ||||
Regeneron Pharmaceuticals, Inc.† | 90 | 74,143 | ||||
3,407,375 |
Shares | Value | |||||
Health care equipment & supplies: 1.53% | ||||||
CONMED Corp. | 1,343 | $144,064 | ||||
Intuitive Surgical, Inc.† | 5,847 | 1,817,482 | ||||
Medtronic PLC | 9,109 | 722,070 | ||||
2,683,616 | ||||||
Health care providers & services: 4.85% | ||||||
Cigna Group | 3,992 | 1,049,417 | ||||
CVS Health Corp. | 27,355 | 1,858,772 | ||||
Elevance Health, Inc. | 5,981 | 2,867,830 | ||||
Humana, Inc. | 5,667 | 2,747,701 | ||||
8,523,720 | ||||||
Life sciences tools & services: 0.29% | ||||||
Medpace Holdings, Inc.† | 1,843 | 498,937 | ||||
Pharmaceuticals: 5.65% | ||||||
Amphastar Pharmaceuticals, Inc.† | 3,833 | 215,874 | ||||
Bristol-Myers Squibb Co. | 86,129 | 4,253,050 | ||||
Merck & Co., Inc. | 33,291 | 3,411,662 | ||||
Pfizer, Inc. | 55,285 | 1,684,534 | ||||
Viatris, Inc. | 39,435 | 362,013 | ||||
9,927,133 | ||||||
Industrials: 13.56% | ||||||
Aerospace & defense: 4.37% | ||||||
General Dynamics Corp. | 16,032 | 3,959,423 | ||||
Lockheed Martin Corp. | 1,321 | 591,504 | ||||
Northrop Grumman Corp. | 4,892 | 2,324,483 | ||||
RTX Corp. | 9,814 | 799,645 | ||||
7,675,055 | ||||||
Air freight & logistics: 0.31% | ||||||
FedEx Corp. | 2,117 | 547,943 | ||||
Building products: 0.32% | ||||||
Carrier Global Corp. | 4,196 | 218,024 | ||||
MasterBrand, Inc.† | 18,275 | 245,251 | ||||
Owens Corning | 766 | 103,854 | ||||
567,129 | ||||||
Construction & engineering: 0.12% | ||||||
Fluor Corp.† | 5,382 | 204,678 | ||||
Electrical equipment: 0.98% | ||||||
Emerson Electric Co. | 19,359 | 1,721,015 | ||||
Industrial conglomerates: 3.39% | ||||||
3M Co. | 12,265 | 1,215,094 | ||||
General Electric Co. | 38,943 | 4,743,257 | ||||
5,958,351 |
Shares | Value | |||||
Machinery: 2.11% | ||||||
CNH Industrial NV | 4,006 | $43,024 | ||||
Parker-Hannifin Corp. | 2,686 | 1,163,521 | ||||
Terex Corp. | 50,559 | 2,502,671 | ||||
3,709,216 | ||||||
Passenger airlines: 1.88% | ||||||
Delta Air Lines, Inc. | 46,922 | 1,732,829 | ||||
United Airlines Holdings, Inc.† | 39,837 | 1,569,578 | ||||
3,302,407 | ||||||
Trading companies & distributors: 0.08% | ||||||
Herc Holdings, Inc. | 1,083 | 133,924 | ||||
Information technology: 9.15% | ||||||
Communications equipment: 0.98% | ||||||
Cisco Systems, Inc. | 35,709 | 1,727,602 | ||||
IT services: 0.78% | ||||||
Accenture PLC Class A | 2,393 | 797,204 | ||||
Cognizant Technology Solutions Corp. Class A | 1,994 | 140,338 | ||||
DXC Technology Co.† | 18,488 | 427,627 | ||||
1,365,169 | ||||||
Semiconductors & semiconductor equipment: 5.81% | ||||||
Advanced Micro Devices, Inc.† | 2,414 | 292,480 | ||||
Amkor Technology, Inc. | 49,191 | 1,385,710 | ||||
Axcelis Technologies, Inc.† | 943 | 117,196 | ||||
Diodes, Inc.† | 21,583 | 1,433,543 | ||||
Intel Corp. | 28,047 | 1,253,701 | ||||
KLA Corp. | 1,839 | 1,001,556 | ||||
Lam Research Corp. | 748 | 535,508 | ||||
Microchip Technology, Inc. | 1,595 | 133,087 | ||||
NVIDIA Corp. | 133 | 62,204 | ||||
QUALCOMM, Inc. | 28,177 | 3,636,242 | ||||
Skyworks Solutions, Inc. | 3,563 | 345,362 | ||||
10,196,589 | ||||||
Software: 1.46% | ||||||
Appfolio, Inc. Class A† | 4,900 | 927,325 | ||||
Cadence Design Systems, Inc.† | 1,408 | 384,764 | ||||
LiveRamp Holdings, Inc.† | 18,260 | 605,501 | ||||
NCR Voyix Corp.† | 4,413 | 69,196 | ||||
Oracle Corp. | 2,890 | 335,847 | ||||
Synopsys, Inc.† | 460 | 249,886 | ||||
2,572,519 | ||||||
Technology hardware, storage & peripherals: 0.12% | ||||||
Super Micro Computer, Inc.† | 750 | 205,103 |
Shares | Value | |||||
Materials: 3.84% | ||||||
Chemicals: 0.76% | ||||||
Air Products & Chemicals, Inc. | 1,231 | $333,047 | ||||
Cabot Corp. | 1,541 | 116,962 | ||||
Chemours Co. | 7,287 | 199,882 | ||||
Mosaic Co. | 19,205 | 689,268 | ||||
1,339,159 | ||||||
Metals & mining: 3.08% | ||||||
Alpha Metallurgical Resources, Inc. | 733 | 205,650 | ||||
Arch Resources, Inc. | 3,908 | 648,572 | ||||
Commercial Metals Co. | 6,719 | 304,572 | ||||
Freeport-McMoRan, Inc. | 102,888 | 3,839,780 | ||||
Newmont Corp. | 5,116 | 205,612 | ||||
Steel Dynamics, Inc. | 1,661 | 197,875 | ||||
5,402,061 | ||||||
Real estate: 2.60% | ||||||
Hotel & resort REITs: 0.08% | ||||||
Park Hotels & Resorts, Inc. | 9,268 | 137,444 | ||||
Industrial REITs : 2.39% | ||||||
Prologis, Inc. | 36,588 | 4,205,059 | ||||
Real estate management & development: 0.11% | ||||||
DigitalBridge Group, Inc. | 10,824 | 186,822 | ||||
Specialized REITs : 0.02% | ||||||
Weyerhaeuser Co. | 1,125 | 35,269 | ||||
Utilities: 4.78% | ||||||
Electric utilities: 4.78% | ||||||
Duke Energy Corp. | 45,061 | 4,158,229 | ||||
Southern Co. | 59,609 | 4,231,047 | ||||
8,389,276 | ||||||
Total common stocks (Cost $165,330,415) | 170,012,055 |
Yield | ||||||
Short-term investments: 2.80% | ||||||
Investment companies: 2.80% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 4,928,849 | 4,928,849 | |||
Total short-term investments (Cost $4,928,849) | 4,928,849 | |||||
Total investments in securities (Cost $170,259,264) | 99.62 % | 174,940,904 | ||||
Other assets and liabilities, net | 0.38 | 659,294 | ||||
Total net assets | 100.00 % | $175,600,198 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Portfolio as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $5,543,508 | $14,863,801 | $(15,478,460 ) | $0 | $0 | $4,928,849 | 4,928,849 | $97,282 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 22 | 12-15-2023 | $4,898,897 | $5,034,425 | $135,528 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $165,330,415) | $170,012,055 |
Investments in affiliated securities, at value (cost $4,928,849) | 4,928,849 |
Cash | 18,620 |
Cash at broker segregated for futures contracts | 275,000 |
Receivable for dividends | 435,290 |
Receivable for daily variation margin on open futures contracts | 19,250 |
Prepaid expenses and other assets | 3,864 |
Total assets | 175,692,928 |
Liabilities | |
Advisory fee payable | 47,476 |
Professional fees payable | 22,099 |
Custody and accounting fees payable | 15,693 |
Interest holder report expenses payable | 6,601 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 47 |
Total liabilities | 92,730 |
Total net assets | $175,600,198 |
Investment income | |
Dividends (net of foreign withholdings taxes of $4,387) | $1,958,246 |
Income from affiliated securities | 97,282 |
Interest | 10,420 |
Total investment income | 2,065,948 |
Expenses | |
Advisory fee | 308,329 |
Custody and accounting fees | 4,675 |
Professional fees | 25,080 |
Interest holder report expenses | 2,669 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 3,766 |
Total expenses | 356,445 |
Less: Fee waivers and/or expense reimbursements | (4,519 ) |
Net expenses | 351,926 |
Net investment income | 1,714,022 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 3,090,001 |
Futures contracts | 469,330 |
Net realized gains on investments | 3,559,331 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 6,630,360 |
Futures contracts | (60,588 ) |
Net change in unrealized gains (losses) on investments | 6,569,772 |
Net realized and unrealized gains (losses) on investments | 10,129,103 |
Net increase in net assets resulting from operations | $11,843,125 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,714,022 | $3,790,038 | ||
Net realized gains (losses) on investments | 3,559,331 | (10,342,832 ) | ||
Net change in unrealized gains (losses) on investments | 6,569,772 | (7,175,489 ) | ||
Net increase (decrease) in net assets resulting from operations | 11,843,125 | (13,728,283 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 1,374,436 | 4,277,012 | ||
Withdrawals | (14,506,892 ) | (30,334,525 ) | ||
Net decrease in net assets resulting from capital transactions | (13,132,456 ) | (26,057,513 ) | ||
Total decrease in net assets | (1,289,331 ) | (39,785,796 ) | ||
Net assets | ||||
Beginning of period | 176,889,529 | 216,675,325 | ||
End of period | $175,600,198 | $176,889,529 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | 6.69 % | (6.63 )% | 2.39 % | 51.44 % | (0.09 )% | (0.94 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.40 % | 0.43 % | 0.41 % | 0.40 % | 0.39 % | 0.39 % |
Net expenses2 | 0.40 % | 0.40 % | 0.40 % | 0.40 % | 0.39 % | 0.39 % |
Net investment income | 1.95 % | 2.00 % | 1.61 % | 1.55 % | 2.05 % | 2.29 % |
Supplemental data | ||||||
Portfolio turnover rate | 200 % | 443 % | 399 % | 482 % | 335 % | 246 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $10,834,332 |
Gross unrealized losses | (7,291,548 ) |
Net unrealized gains | $3,542,784 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $4,870,692 | $0 | $0 | $4,870,692 |
Consumer discretionary | 11,136,124 | 0 | 0 | 11,136,124 |
Consumer staples | 16,234,087 | 0 | 0 | 16,234,087 |
Energy | 13,645,192 | 0 | 0 | 13,645,192 |
Financials | 39,503,389 | 0 | 0 | 39,503,389 |
Health care | 25,040,781 | 0 | 0 | 25,040,781 |
Industrials | 23,819,718 | 0 | 0 | 23,819,718 |
Information technology | 16,066,982 | 0 | 0 | 16,066,982 |
Materials | 6,741,220 | 0 | 0 | 6,741,220 |
Real estate | 4,564,594 | 0 | 0 | 4,564,594 |
Utilities | 8,389,276 | 0 | 0 | 8,389,276 |
Short-term investments | ||||
Investment companies | 4,928,849 | 0 | 0 | 4,928,849 |
174,940,904 | 0 | 0 | 174,940,904 | |
Futures contracts | 135,528 | 0 | 0 | 135,528 |
Total assets | $175,076,432 | $0 | $0 | $175,076,432 |
Average daily net assets | Advisory fee |
First $1 billion | 0.350 % |
Next $4 billion | 0.325 |
Over $5 billion | 0.300 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
Investment objective | The Portfolio seeks consistent fixed-income returns. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Galliard Capital Management, LLC |
Portfolio managers | Andrea Johnson, CFA, Brandon Kanz, CFA |
Average annual total returns (%) as of November 30, 2023 | ||||
Inception date | 1 year | 5 year | 10 year | |
Allspring Managed Fixed Income Portfolio | 6-1-1997 | 2.22 | 1.33 | 2.16 |
Bloomberg U.S. Aggregate Bond Index1 | – | 1.18 | 0.71 | 1.37 |
1 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
FNMA, 2.50%, 1-1-2052 | 2.92 |
U.S. Treasury Bonds, 2.38%, 11-15-2049 | 1.91 |
FNMA, 4.50%, 1-1-2051 | 1.74 |
FNMA, 4.00%, 8-1-2051 | 1.56 |
U.S. Treasury Notes, 4.63%, 11-15-2026 | 1.46 |
FNMA, 3.50%, 6-1-2052 | 1.43 |
U.S. Treasury Bonds, 1.38%, 11-15-2040 | 1.21 |
JP Morgan Chase Commercial Mortgage Securities Trust, 3.80%, 7-15-2047 | 1.15 |
U.S. Treasury Bonds, 4.38%, 8-15-2043 | 1.11 |
U.S. Treasury Notes, 5.00%, 10-31-2025 | 0.97 |
1 | Figures represent the percentage of the Portfolio’s net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of November 30, 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. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $996.50 | $1.95 | 0.39 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.05 | $1.97 | 0.39 % |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 19.79% | ||||||
FHLMC | 2.00 % | 12-1-2051 | $ | 2,308,864 | $1,815,504 | |
FHLMC | 2.50 | 12-1-2051 | 2,749,165 | 2,241,865 | ||
FHLMC | 2.50 | 1-1-2052 | 3,406,599 | 2,789,085 | ||
FHLMC | 3.00 | 7-1-2046 | 565,591 | 493,245 | ||
FHLMC | 3.00 | 11-1-2049 | 1,199,429 | 1,027,014 | ||
FHLMC | 3.00 | 12-1-2049 | 1,175,191 | 1,005,884 | ||
FHLMC | 3.50 | 4-1-2043 | 334,850 | 306,642 | ||
FHLMC | 3.50 | 5-1-2044 | 210,526 | 192,138 | ||
FHLMC | 3.50 | 6-1-2046 | 143,426 | 129,324 | ||
FHLMC | 3.50 | 2-1-2047 | 805,035 | 724,552 | ||
FHLMC | 3.50 | 4-1-2047 | 163,544 | 147,262 | ||
FHLMC | 3.50 | 12-1-2047 | 624,236 | 561,744 | ||
FHLMC | 3.50 | 3-1-2048 | 661,175 | 593,428 | ||
FHLMC | 3.50 | 8-1-2049 | 166,803 | 148,842 | ||
FHLMC | 4.00 | 4-1-2044 | 244,702 | 229,382 | ||
FHLMC | 4.00 | 8-1-2044 | 135,979 | 127,466 | ||
FHLMC | 4.00 | 6-1-2048 | 703,973 | 654,554 | ||
FHLMC | 4.50 | 8-1-2048 | 1,012,429 | 966,361 | ||
FHLMC | 4.50 | 11-1-2048 | 2,381,915 | 2,274,799 | ||
FHLMC Structured Pass-Through Certificates Series T-20 Class A6 | 7.99 | 9-25-2029 | 3,562 | 3,461 | ||
FHLMC Structured Pass-Through Certificates Series T-58 Class 4A | 7.50 | 9-25-2043 | 450,695 | 452,518 | ||
FNMA | 1.47 | 11-1-2029 | 2,020,000 | 1,658,686 | ||
FNMA | 2.00 | 12-1-2051 | 2,008,574 | 1,582,281 | ||
FNMA | 2.27 | 4-1-2029 | 710,000 | 621,744 | ||
FNMA | 2.50 | 8-1-2031 | 122,430 | 114,309 | ||
FNMA | 2.50 | 2-1-2035 | 1,170,443 | 1,068,910 | ||
FNMA | 2.50 | 12-1-2051 | 2,284,901 | 1,863,259 | ||
FNMA | 2.50 | 1-1-2052 | 12,461,387 | 10,191,165 | ||
FNMA | 3.00 | 12-1-2032 | 17,109 | 15,873 | ||
FNMA | 3.00 | 7-1-2046 | 195,420 | 170,072 | ||
FNMA | 3.00 | 4-1-2047 | 821,449 | 712,546 | ||
FNMA | 3.00 | 12-1-2049 | 998,813 | 855,105 | ||
FNMA | 3.07 | 2-1-2026 | 342,024 | 328,147 | ||
FNMA±± | 3.28 | 11-1-2026 | 1,087,035 | 1,044,901 | ||
FNMA±± | 3.33 | 12-1-2027 | 764,795 | 726,107 | ||
FNMA | 3.35 | 1-1-2028 | 258,500 | 243,365 | ||
FNMA | 3.50 | 10-1-2032 | 239,088 | 228,571 | ||
FNMA | 3.50 | 11-1-2042 | 234,860 | 214,642 | ||
FNMA | 3.50 | 2-1-2043 | 50,697 | 46,360 | ||
FNMA | 3.50 | 11-1-2045 | 531,419 | 480,654 | ||
FNMA | 3.50 | 4-1-2046 | 65,150 | 58,766 | ||
FNMA | 3.50 | 7-1-2046 | 173,361 | 155,943 | ||
FNMA | 3.50 | 11-1-2046 | 236,094 | 211,788 | ||
FNMA | 3.50 | 8-1-2047 | 1,151,531 | 1,034,989 | ||
FNMA | 3.50 | 6-1-2052 | 5,591,222 | 4,971,132 | ||
FNMA | 4.00 | 11-1-2040 | 98,279 | 93,159 | ||
FNMA | 4.00 | 4-1-2041 | 138,544 | 131,328 | ||
FNMA | 4.00 | 8-1-2046 | 156,898 | 146,788 |
Interest rate | Maturity date | Principal | Value | |||
Agency securities(continued) | ||||||
FNMA | 4.00 % | 3-1-2049 | $ | 402,089 | $372,875 | |
FNMA | 4.00 | 8-1-2051 | 5,861,219 | 5,424,657 | ||
FNMA | 4.00 | 7-1-2052 | 1,338,529 | 1,219,827 | ||
FNMA | 4.00 | 7-1-2056 | 263,086 | 239,721 | ||
FNMA | 4.50 | 8-1-2048 | 666,421 | 634,898 | ||
FNMA | 4.50 | 1-1-2051 | 6,344,987 | 6,052,649 | ||
FNMA | 4.50 | 10-1-2052 | 530,107 | 500,309 | ||
FNMA | 4.50 | 11-1-2052 | 2,298,914 | 2,169,555 | ||
FNMA | 4.50 | 6-1-2056 | 658,824 | 624,519 | ||
FNMA | 5.00 | 9-1-2033 | 47,875 | 47,973 | ||
FNMA | 5.00 | 8-1-2052 | 799,819 | 775,899 | ||
FNMA | 5.00 | 10-1-2052 | 2,006,705 | 1,942,598 | ||
FNMA | 5.50 | 2-1-2036 | 19,883 | 19,556 | ||
FNMA | 5.50 | 10-1-2052 | 922,160 | 916,921 | ||
FNMA Series 2002-90 Class A2 | 6.50 | 11-25-2042 | 209,317 | 213,022 | ||
FNMA Series 2002-T4 Class A2 | 7.00 | 12-25-2041 | 68,814 | 70,517 | ||
FNMA Series 2002-W4 Class A4 | 6.25 | 5-25-2042 | 616,389 | 615,039 | ||
FNMA Series 2003-W4 Class 3A±± | 4.97 | 10-25-2042 | 107,850 | 107,240 | ||
FNMA Series 2004-T2 Class 1A1 | 6.00 | 11-25-2043 | 231,439 | 229,445 | ||
FNMA Series 2004-T3 Class 1A1 | 6.00 | 2-25-2044 | 376,405 | 370,769 | ||
FNMA Series 2004-W1 Class 2A2 | 7.00 | 12-25-2033 | 56,145 | 57,819 | ||
FNMA Series 2004-W11 Class 1A3 | 7.00 | 5-25-2044 | 395,959 | 391,499 | ||
FNMA Series 2004-W8 Class 3A | 7.50 | 6-25-2044 | 69,222 | 70,084 | ||
GNMA | 7.00 | 8-15-2027 | 11,939 | 12,051 | ||
Total agency securities (Cost $78,063,273) | 68,935,102 | |||||
Asset-backed securities: 8.38% | ||||||
ECMC Group Student Loan Trust Series 2016-1A Class A (30 Day Average U.S. SOFR+1.46%)144A± | 6.79 | 7-26-2066 | 233,698 | 233,298 | ||
ECMC Group Student Loan Trust Series 2018-2A Class A (30 Day Average U.S. SOFR+0.91%)144A± | 6.24 | 9-25-2068 | 1,642,289 | 1,610,045 | ||
Fifth Third Auto Trust Series 2023-1 Class A3 | 5.53 | 8-15-2028 | 575,000 | 577,772 | ||
Ford Credit Auto Owner Trust Series 2021-1 Class A144A | 1.37 | 10-17-2033 | 1,225,000 | 1,111,306 | ||
Ford Credit Auto Owner Trust Series 2023-2 Class A144A | 5.28 | 2-15-2036 | 1,150,000 | 1,149,011 | ||
Louisiana Local Government Environmental Facilities & CDA Series 2022-ELL Class A3 | 4.28 | 2-1-2036 | 1,365,000 | 1,275,523 | ||
Mississippi Higher Education Assistance Corp. Series 2014-1 Class A1 (30 Day Average U.S. SOFR+0.79%)± | 6.12 | 10-25-2035 | 174,179 | 172,148 | ||
PFS Financing Corp. Series 2023-C Class A144A | 5.52 | 10-15-2028 | 1,090,000 | 1,088,067 | ||
PHEAA Student Loan Trust Series 2016-1A Class A (30 Day Average U.S. SOFR+1.26%)144A± | 6.59 | 9-25-2065 | 468,534 | 467,977 | ||
Rhode Island Student Loan Authority Series 2012-1 Class A1 (30 Day Average U.S. SOFR+1.01%)± | 6.33 | 7-1-2031 | 905,059 | 900,328 | ||
SBA Small Business Investment Cos. Series 2014-10A Class 1 | 3.19 | 3-10-2024 | 53,242 | 52,866 | ||
SBA Small Business Investment Cos. Series 2014-10B Class 1 | 3.02 | 9-10-2024 | 23,760 | 23,299 | ||
SBA Small Business Investment Cos. Series 2015-10B Class 1 | 2.83 | 9-10-2025 | 52,132 | 49,976 | ||
SBA Small Business Investment Cos. Series 2017-10A Class 1 | 2.85 | 3-10-2027 | 101,755 | 94,383 | ||
SBA Small Business Investment Cos. Series 2018-10B Class 1 | 3.55 | 9-10-2028 | 1,919,678 | 1,797,670 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities(continued) | ||||||
SBA Small Business Investment Cos. Series 2021-10A Class 1 | 1.67 % | 3-10-2031 | $ | 538,588 | $461,092 | |
SBA Small Business Investment Cos. Series 2021-10B Class 1 | 1.30 | 9-10-2031 | 1,654,290 | 1,352,448 | ||
SBA Small Business Investment Cos. Series 2022-10A Class 1 | 2.94 | 3-10-2032 | 3,468,429 | 3,064,592 | ||
SLM Student Loan Trust Series 2003-10A Class A4 (90 Day Average U.S. SOFR+0.93%)144A± | 6.15 | 12-17-2068 | 965,851 | 943,572 | ||
South Carolina Student Loan Corp. Series 2014-1 Class B (30 Day Average U.S. SOFR+1.61%)± | 6.94 | 8-1-2035 | 500,000 | 492,286 | ||
U.S. Small Business Administration Series 2006-20B Class 1 | 5.35 | 2-1-2026 | 37,255 | 36,624 | ||
U.S. Small Business Administration Series 2006-20H Class 1 | 5.70 | 8-1-2026 | 22,944 | 22,685 | ||
U.S. Small Business Administration Series 2007-20J Class 1 | 5.57 | 10-1-2027 | 74,934 | 73,729 | ||
U.S. Small Business Administration Series 2013-20A Class 1 | 2.13 | 1-1-2033 | 116,460 | 105,157 | ||
U.S. Small Business Administration Series 2013-20J Class 1 | 3.37 | 10-1-2033 | 102,482 | 95,716 | ||
U.S. Small Business Administration Series 2014-20A Class 1 | 3.46 | 1-1-2034 | 120,222 | 113,018 | ||
U.S. Small Business Administration Series 2015-20C Class 1 | 2.72 | 3-1-2035 | 153,177 | 139,305 | ||
U.S. Small Business Administration Series 2015-20E Class 1 | 2.77 | 5-1-2035 | 240,890 | 220,125 | ||
U.S. Small Business Administration Series 2015-20F Class 1 | 2.98 | 6-1-2035 | 176,368 | 161,293 | ||
U.S. Small Business Administration Series 2017-20F Class 1 | 2.81 | 6-1-2037 | 142,288 | 128,032 | ||
U.S. Small Business Administration Series 2018-20E Class 1 | 3.50 | 5-1-2038 | 1,236,901 | 1,129,503 | ||
U.S. Small Business Administration Series 2018-20G Class 1 | 3.54 | 7-1-2038 | 1,596,208 | 1,463,666 | ||
U.S. Small Business Administration Series 2018-20H Class 1 | 3.58 | 8-1-2038 | 2,145,628 | 1,967,058 | ||
U.S. Small Business Administration Series 2018-20K Class 1 | 3.87 | 11-1-2038 | 1,358,870 | 1,255,133 | ||
U.S. Small Business Administration Series 2022-25G Class 1 | 3.93 | 7-1-2047 | 1,848,774 | 1,695,503 | ||
U.S. Small Business Administration Series 2022-25L Class 1 | 4.71 | 12-1-2047 | 1,444,636 | 1,395,552 | ||
U.S. Small Business Administration Series 2023-25A Class 1 | 4.91 | 1-1-2048 | 889,462 | 866,001 | ||
U.S. Small Business Administration Series 2023-25D Class 1 | 4.48 | 4-1-2048 | 1,456,412 | 1,381,421 | ||
Total asset-backed securities (Cost $31,244,520) | 29,167,180 | |||||
Corporate bonds and notes: 36.99% | ||||||
Basic materials: 1.96% | ||||||
Chemicals: 1.57% | ||||||
Albemarle Corp. | 5.05 | 6-1-2032 | 190,000 | 175,896 | ||
Ashland LLC144A | 3.38 | 9-1-2031 | 875,000 | 710,743 | ||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV144A | 4.75 | 6-15-2027 | 670,000 | 635,167 | ||
Celanese U.S. Holdings LLC | 6.17 | 7-15-2027 | 840,000 | 847,402 | ||
FMC Corp. | 3.20 | 10-1-2026 | 1,120,000 | 1,038,373 | ||
HB Fuller Co. | 4.25 | 10-15-2028 | 375,000 | 335,854 | ||
Ingevity Corp.144A | 3.88 | 11-1-2028 | 200,000 | 169,501 | ||
PPG Industries, Inc. | 2.55 | 6-15-2030 | 770,000 | 647,114 | ||
RPM International, Inc. | 4.55 | 3-1-2029 | 420,000 | 400,298 | ||
Sherwin-Williams Co. | 2.95 | 8-15-2029 | 450,000 | 401,808 | ||
Sherwin-Williams Co. | 3.30 | 2-1-2025 | 100,000 | 97,170 | ||
5,459,326 | ||||||
Mining: 0.39% | ||||||
Freeport-McMoRan, Inc. | 4.13 | 3-1-2028 | 840,000 | 787,097 | ||
Newmont Corp. | 2.60 | 7-15-2032 | 725,000 | 591,819 | ||
1,378,916 |
Interest rate | Maturity date | Principal | Value | |||
Communications: 1.96% | ||||||
Advertising: 0.15% | ||||||
Lamar Media Corp. | 4.88 % | 1-15-2029 | $ | 550,000 | $521,125 | |
Internet: 0.09% | ||||||
VeriSign, Inc. | 4.75 | 7-15-2027 | 300,000 | 291,072 | ||
Media: 0.48% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | 8-15-2030 | 381,000 | 326,903 | ||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.13 | 5-1-2027 | 925,000 | 880,096 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital | 4.40 | 4-1-2033 | 340,000 | 301,672 | ||
Comcast Corp. | 4.80 | 5-15-2033 | 170,000 | 165,641 | ||
1,674,312 | ||||||
Telecommunications: 1.24% | ||||||
AT&T, Inc. | 2.25 | 2-1-2032 | 460,000 | 364,573 | ||
AT&T, Inc. | 2.75 | 6-1-2031 | 535,000 | 449,883 | ||
AT&T, Inc. | 4.75 | 5-15-2046 | 1,280,000 | 1,084,792 | ||
T-Mobile USA, Inc. | 2.40 | 3-15-2029 | 150,000 | 130,577 | ||
T-Mobile USA, Inc. | 3.38 | 4-15-2029 | 875,000 | 793,002 | ||
Verizon Communications, Inc. | 2.36 | 3-15-2032 | 470,000 | 374,913 | ||
Verizon Communications, Inc. | 4.81 | 3-15-2039 | 1,228,000 | 1,124,914 | ||
4,322,654 | ||||||
Consumer, cyclical: 2.74% | ||||||
Apparel: 0.55% | ||||||
Hanesbrands, Inc.144A | 4.88 | 5-15-2026 | 1,250,000 | 1,177,862 | ||
William Carter Co.144A | 5.63 | 3-15-2027 | 185,000 | 179,406 | ||
Wolverine World Wide, Inc.144A | 4.00 | 8-15-2029 | 700,000 | 539,357 | ||
1,896,625 | ||||||
Auto manufacturers: 1.44% | ||||||
Allison Transmission, Inc.144A | 4.75 | 10-1-2027 | 1,075,000 | 1,014,006 | ||
Daimler Truck Finance North America LLC144A | 2.00 | 12-14-2026 | 270,000 | 244,392 | ||
Daimler Truck Finance North America LLC144A | 2.38 | 12-14-2028 | 450,000 | 388,895 | ||
Daimler Truck Finance North America LLC144A | 5.40 | 9-20-2028 | 240,000 | 239,323 | ||
Ford Motor Credit Co. LLC | 4.95 | 5-28-2027 | 1,200,000 | 1,144,741 | ||
General Motors Co. | 5.60 | 10-15-2032 | 500,000 | 489,098 | ||
General Motors Financial Co., Inc. | 2.40 | 10-15-2028 | 380,000 | 325,697 | ||
General Motors Financial Co., Inc. | 4.30 | 4-6-2029 | 180,000 | 167,128 | ||
Nissan Motor Acceptance Co. LLC144A | 7.05 | 9-15-2028 | 650,000 | 660,665 | ||
Volkswagen Group of America Finance LLC144A | 4.60 | 6-8-2029 | 370,000 | 349,111 | ||
5,023,056 | ||||||
Entertainment: 0.23% | ||||||
Warnermedia Holdings, Inc. | 4.28 | 3-15-2032 | 900,000 | 793,947 |
Interest rate | Maturity date | Principal | Value | |||
Housewares: 0.25% | ||||||
Scotts Miracle-Gro Co. | 4.50 % | 10-15-2029 | $ | 120,000 | $102,318 | |
Scotts Miracle-Gro Co. | 5.25 | 12-15-2026 | 800,000 | 762,185 | ||
864,503 | ||||||
Retail: 0.27% | ||||||
7-Eleven, Inc.144A | 0.95 | 2-10-2026 | 220,000 | 199,943 | ||
Foot Locker, Inc.144A | 4.00 | 10-1-2029 | 400,000 | 322,888 | ||
Lowe’s Cos., Inc. | 3.75 | 4-1-2032 | 170,000 | 152,112 | ||
Lowe’s Cos., Inc. | 5.00 | 4-15-2033 | 280,000 | 273,924 | ||
948,867 | ||||||
Consumer, non-cyclical: 5.84% | ||||||
Agriculture: 0.03% | ||||||
Darling Ingredients, Inc.144A | 6.00 | 6-15-2030 | 95,000 | 91,721 | ||
Commercial services: 2.45% | ||||||
Duke University | 3.20 | 10-1-2038 | 1,000,000 | 788,486 | ||
Equifax, Inc. | 2.35 | 9-15-2031 | 180,000 | 143,091 | ||
Equifax, Inc. | 5.10 | 12-15-2027 | 140,000 | 138,604 | ||
Gartner, Inc.144A | 4.50 | 7-1-2028 | 390,000 | 365,280 | ||
Johns Hopkins University Series A | 2.81 | 1-1-2060 | 180,000 | 107,012 | ||
Massachusetts Institute of Technology | 3.96 | 7-1-2038 | 500,000 | 436,717 | ||
Massachusetts Institute of Technology | 7.25 | 11-2-2096 | 500,000 | 613,662 | ||
Northwestern University | 3.69 | 12-1-2038 | 1,915,000 | 1,586,047 | ||
President & Fellows of Harvard College | 3.62 | 10-1-2037 | 275,000 | 231,471 | ||
President & Fellows of Harvard College | 4.88 | 10-15-2040 | 183,000 | 174,266 | ||
President & Fellows of Harvard College | 5.63 | 10-1-2038 | 330,000 | 342,772 | ||
Service Corp. International | 4.63 | 12-15-2027 | 450,000 | 425,812 | ||
Service Corp. International | 7.50 | 4-1-2027 | 345,000 | 351,729 | ||
Trustees of Princeton University | 5.70 | 3-1-2039 | 1,415,000 | 1,487,364 | ||
University of Notre Dame du Lac Series 2010 | 4.90 | 3-1-2041 | 400,000 | 378,712 | ||
University of Southern California | 3.03 | 10-1-2039 | 1,250,000 | 965,788 | ||
8,536,813 | ||||||
Food: 0.34% | ||||||
General Mills, Inc. | 5.50 | 10-17-2028 | 430,000 | 437,021 | ||
Ingredion, Inc. | 2.90 | 6-1-2030 | 880,000 | 755,808 | ||
1,192,829 | ||||||
Healthcare-products: 1.25% | ||||||
Agilent Technologies, Inc. | 2.75 | 9-15-2029 | 600,000 | 523,429 | ||
Baxter International, Inc. | 1.92 | 2-1-2027 | 260,000 | 234,001 | ||
Baxter International, Inc. | 2.27 | 12-1-2028 | 1,130,000 | 976,508 | ||
GE HealthCare Technologies, Inc. | 5.86 | 3-15-2030 | 380,000 | 387,242 | ||
GE HealthCare Technologies, Inc. | 5.91 | 11-22-2032 | 240,000 | 244,879 | ||
Hologic, Inc.144A | 3.25 | 2-15-2029 | 505,000 | 443,416 | ||
Hologic, Inc.144A | 4.63 | 2-1-2028 | 575,000 | 541,995 | ||
Revvity, Inc. | 1.90 | 9-15-2028 | 490,000 | 413,631 |
Interest rate | Maturity date | Principal | Value | |||
Healthcare-products(continued) | ||||||
Teleflex, Inc.144A | 4.25 % | 6-1-2028 | $ | 500,000 | $460,486 | |
Teleflex, Inc. | 4.63 | 11-15-2027 | 150,000 | 142,125 | ||
4,367,712 | ||||||
Healthcare-services: 1.04% | ||||||
Ascension Health Series B | 3.11 | 11-15-2039 | 250,000 | 184,483 | ||
BayCare Health System, Inc. Series 2020 | 3.83 | 11-15-2050 | 145,000 | 112,609 | ||
Charles River Laboratories International, Inc.144A | 4.25 | 5-1-2028 | 745,000 | 690,386 | ||
Cleveland Clinic Foundation | 4.86 | 1-1-2114 | 347,000 | 294,694 | ||
Kaiser Foundation Hospitals Series 2021 | 2.81 | 6-1-2041 | 310,000 | 214,933 | ||
Mayo Clinic Series 2021 | 3.20 | 11-15-2061 | 500,000 | 320,756 | ||
Memorial Sloan-Kettering Cancer Center Series 2015 | 4.20 | 7-1-2055 | 185,000 | 148,603 | ||
Nationwide Children’s Hospital, Inc. | 4.56 | 11-1-2052 | 145,000 | 127,243 | ||
Northwestern Memorial Healthcare Obligated Group Series 2021 | 2.63 | 7-15-2051 | 355,000 | 217,018 | ||
OhioHealth Corp. | 2.83 | 11-15-2041 | 250,000 | 170,370 | ||
Pediatrix Medical Group, Inc.144A | 5.38 | 2-15-2030 | 550,000 | 463,311 | ||
Presbyterian Healthcare Services | 4.88 | 8-1-2052 | 350,000 | 318,108 | ||
Providence St. Joseph Health Obligated Group | 5.40 | 10-1-2033 | 365,000 | 357,041 | ||
3,619,555 | ||||||
Household products/wares: 0.12% | ||||||
Central Garden & Pet Co. | 5.13 | 2-1-2028 | 460,000 | 437,412 | ||
Pharmaceuticals: 0.61% | ||||||
Bayer U.S. Finance II LLC144A | 4.38 | 12-15-2028 | 1,170,000 | 1,083,807 | ||
Bayer U.S. Finance LLC144A | 3.38 | 10-8-2024 | 240,000 | 234,497 | ||
Becton Dickinson & Co. | 4.30 | 8-22-2032 | 260,000 | 241,466 | ||
CVS Health Corp. | 1.75 | 8-21-2030 | 200,000 | 159,927 | ||
CVS Health Corp. | 4.30 | 3-25-2028 | 285,000 | 275,715 | ||
CVS Health Corp. | 5.05 | 3-25-2048 | 130,000 | 113,962 | ||
2,109,374 | ||||||
Energy: 4.10% | ||||||
Oil & gas: 1.39% | ||||||
Antero Resources Corp.144A | 5.38 | 3-1-2030 | 565,000 | 529,190 | ||
Apache Corp. | 4.25 | 1-15-2030 | 100,000 | 90,859 | ||
Apache Corp. | 4.38 | 10-15-2028 | 100,000 | 92,027 | ||
BP Capital Markets America, Inc. | 4.89 | 9-11-2033 | 140,000 | 136,542 | ||
Coterra Energy, Inc. | 3.90 | 5-15-2027 | 500,000 | 476,593 | ||
HF Sinclair Corp. | 4.50 | 10-1-2030 | 910,000 | 820,797 | ||
Ovintiv, Inc. | 6.25 | 7-15-2033 | 775,000 | 772,581 | ||
Patterson-UTI Energy, Inc. | 7.15 | 10-1-2033 | 530,000 | 540,789 | ||
Permian Resources Operating LLC144A | 5.88 | 7-1-2029 | 400,000 | 382,259 | ||
Range Resources Corp.144A | 4.75 | 2-15-2030 | 575,000 | 524,437 | ||
Southwestern Energy Co. | 5.38 | 3-15-2030 | 320,000 | 303,412 | ||
Sunoco LP/Sunoco Finance Corp. | 4.50 | 4-30-2030 | 200,000 | 179,748 | ||
4,849,234 |
Interest rate | Maturity date | Principal | Value | |||
Oil & gas services: 0.21% | ||||||
Halliburton Co. | 2.92 % | 3-1-2030 | $ | 820,000 | $718,478 | |
Pipelines: 2.50% | ||||||
Boardwalk Pipelines LP | 3.60 | 9-1-2032 | 625,000 | 530,641 | ||
Buckeye Partners LP | 3.95 | 12-1-2026 | 247,000 | 232,797 | ||
Cheniere Energy Partners LP | 4.50 | 10-1-2029 | 675,000 | 629,708 | ||
Energy Transfer LP | 4.95 | 5-15-2028 | 790,000 | 769,280 | ||
Florida Gas Transmission Co. LLC144A | 4.35 | 7-15-2025 | 1,521,000 | 1,481,010 | ||
Gray Oak Pipeline LLC144A | 2.60 | 10-15-2025 | 860,000 | 805,259 | ||
Gulfstream Natural Gas System LLC144A | 6.19 | 11-1-2025 | 210,000 | 209,575 | ||
Magellan Midstream Partners LP | 5.00 | 3-1-2026 | 170,000 | 167,770 | ||
MPLX LP | 4.13 | 3-1-2027 | 1,500,000 | 1,440,927 | ||
NuStar Logistics LP | 6.00 | 6-1-2026 | 600,000 | 598,014 | ||
Plains All American Pipeline LP/PAA Finance Corp. | 4.70 | 6-15-2044 | 600,000 | 473,920 | ||
Plains All American Pipeline LP/PAA Finance Corp. | 4.90 | 2-15-2045 | 80,000 | 64,836 | ||
Sabine Pass Liquefaction LLC | 4.50 | 5-15-2030 | 300,000 | 283,228 | ||
Transcontinental Gas Pipe Line Co. LLC | 3.25 | 5-15-2030 | 790,000 | 697,228 | ||
Williams Cos., Inc. | 4.65 | 8-15-2032 | 220,000 | 206,187 | ||
Williams Cos., Inc. | 5.65 | 3-15-2033 | 130,000 | 130,435 | ||
8,720,815 | ||||||
Financial: 9.44% | ||||||
Banks: 6.38% | ||||||
Bank of America Corp. (U.S. SOFR+0.96%)± | 1.73 | 7-22-2027 | 1,400,000 | 1,263,758 | ||
Bank of America Corp. (U.S. SOFR+1.21%)± | 2.57 | 10-20-2032 | 170,000 | 135,295 | ||
Bank of America Corp. (U.S. SOFR+1.37%)± | 1.92 | 10-24-2031 | 540,000 | 422,146 | ||
Bank of America Corp. (U.S. SOFR+2.16%)± | 5.02 | 7-22-2033 | 200,000 | 190,035 | ||
Bank of America Corp. (U.S. SOFR 3 Month+1.77%)± | 3.71 | 4-24-2028 | 1,440,000 | 1,353,279 | ||
Bank of New York Mellon Corp. (U.S. SOFR+1.42%)± | 4.29 | 6-13-2033 | 260,000 | 238,258 | ||
Bank of New York Mellon Corp. (U.S. SOFR+1.60%)± | 6.32 | 10-25-2029 | 190,000 | 197,132 | ||
Bank of New York Mellon Corp. (U.S. SOFR+1.76%)± | 4.60 | 7-26-2030 | 360,000 | 345,950 | ||
Bank of New York Mellon Corp. (U.S. SOFR+1.80%)± | 5.80 | 10-25-2028 | 50,000 | 50,838 | ||
Citigroup, Inc. (U.S. SOFR+0.77%)± | 1.12 | 1-28-2027 | 330,000 | 298,819 | ||
Citigroup, Inc. (U.S. SOFR+1.18%)± | 2.52 | 11-3-2032 | 450,000 | 356,252 | ||
Citigroup, Inc. (U.S. SOFR+1.28%)± | 3.07 | 2-24-2028 | 340,000 | 315,195 | ||
Citigroup, Inc. (U.S. SOFR+1.35%)± | 3.06 | 1-25-2033 | 240,000 | 196,875 | ||
Citigroup, Inc. (U.S. SOFR+2.09%)± | 4.91 | 5-24-2033 | 160,000 | 150,529 | ||
Citigroup, Inc. (U.S. SOFR+2.11%)± | 2.57 | 6-3-2031 | 370,000 | 305,509 | ||
Citigroup, Inc. (U.S. SOFR 3 Month+1.65%)± | 3.67 | 7-24-2028 | 900,000 | 842,847 | ||
Citizens Bank NA (U.S. SOFR+2.00%)± | 4.58 | 8-9-2028 | 300,000 | 276,757 | ||
Fifth Third Bancorp (U.S. SOFR+2.13%)± | 4.77 | 7-28-2030 | 490,000 | 458,213 | ||
Fifth Third Bancorp (U.S. SOFR+2.19%)± | 6.36 | 10-27-2028 | 180,000 | 181,101 | ||
Goldman Sachs Group, Inc. (U.S. SOFR+0.91%)± | 1.95 | 10-21-2027 | 210,000 | 188,577 | ||
Goldman Sachs Group, Inc. (U.S. SOFR+1.11%)± | 2.64 | 2-24-2028 | 390,000 | 355,217 | ||
Goldman Sachs Group, Inc. (U.S. SOFR+1.85%)± | 3.62 | 3-15-2028 | 720,000 | 677,484 | ||
Goldman Sachs Group, Inc. (U.S. SOFR 3 Month+1.56%)± | 4.22 | 5-1-2029 | 570,000 | 538,095 | ||
Huntington Bancshares, Inc. (U.S. SOFR+2.05%)± | 5.02 | 5-17-2033 | 210,000 | 191,524 | ||
Huntington National Bank | 5.65 | 1-10-2030 | 250,000 | 242,370 |
Interest rate | Maturity date | Principal | Value | |||
Banks(continued) | ||||||
JPMorgan Chase & Co. (U.S. SOFR+1.26%)± | 2.96 % | 1-25-2033 | $ | 390,000 | $322,221 | |
JPMorgan Chase & Co. (U.S. SOFR+1.89%)± | 2.18 | 6-1-2028 | 310,000 | 278,234 | ||
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.25%)± | 2.58 | 4-22-2032 | 110,000 | 89,905 | ||
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.52%)± | 4.20 | 7-23-2029 | 600,000 | 570,817 | ||
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.59%)± | 4.45 | 12-5-2029 | 470,000 | 450,194 | ||
JPMorgan Chase & Co. (U.S. SOFR 3 Month+1.60%)± | 3.78 | 2-1-2028 | 1,100,000 | 1,047,215 | ||
KeyBank NA | 3.90 | 4-13-2029 | 420,000 | 349,502 | ||
KeyCorp | 2.25 | 4-6-2027 | 690,000 | 600,172 | ||
KeyCorp (U.S. SOFR+2.06%)± | 4.79 | 6-1-2033 | 410,000 | 355,160 | ||
M&T Bank Corp. (U.S. SOFR+1.85%)± | 5.05 | 1-27-2034 | 420,000 | 376,496 | ||
Morgan Stanley (U.S. SOFR+0.86%)± | 1.51 | 7-20-2027 | 300,000 | 269,354 | ||
Morgan Stanley (U.S. SOFR+1.00%)± | 2.48 | 1-21-2028 | 740,000 | 674,361 | ||
Morgan Stanley (U.S. SOFR+1.59%)± | 5.16 | 4-20-2029 | 480,000 | 472,023 | ||
Morgan Stanley (U.S. SOFR+1.63%)± | 5.45 | 7-20-2029 | 90,000 | 89,659 | ||
Morgan Stanley (U.S. SOFR+2.08%)± | 4.89 | 7-20-2033 | 360,000 | 337,220 | ||
PNC Bank NA | 4.05 | 7-26-2028 | 1,000,000 | 933,519 | ||
PNC Financial Services Group, Inc. (U.S. SOFR+1.93%)± | 5.07 | 1-24-2034 | 270,000 | 253,189 | ||
PNC Financial Services Group, Inc. (U.S. SOFR+2.14%)± | 6.04 | 10-28-2033 | 260,000 | 260,177 | ||
Regions Financial Corp. | 1.80 | 8-12-2028 | 540,000 | 445,776 | ||
State Street Corp. (U.S. SOFR+1.00%)± | 2.62 | 2-7-2033 | 770,000 | 623,887 | ||
State Street Corp. (U.S. SOFR+1.61%)± | 4.42 | 5-13-2033 | 90,000 | 83,466 | ||
State Street Corp. (U.S. SOFR+1.73%)± | 4.16 | 8-4-2033 | 400,000 | 360,786 | ||
Truist Financial Corp. (U.S. SOFR+1.37%)± | 4.12 | 6-6-2028 | 200,000 | 188,012 | ||
Truist Financial Corp. (U.S. SOFR+2.30%)± | 6.12 | 10-28-2033 | 180,000 | 177,586 | ||
Truist Financial Corp. (U.S. SOFR 3 Month+1.24%)± | 6.64 | 4-1-2027 | 400,000 | 368,277 | ||
U.S. Bancorp (U.S. SOFR+1.66%)± | 4.55 | 7-22-2028 | 320,000 | 307,670 | ||
U.S. Bancorp (U.S. SOFR+2.09%)± | 5.85 | 10-21-2033 | 160,000 | 157,434 | ||
Wells Fargo & Co. (U.S. SOFR+1.50%)± | 3.35 | 3-2-2033 | 680,000 | 569,174 | ||
Wells Fargo & Co. (U.S. SOFR+1.51%)± | 3.53 | 3-24-2028 | 720,000 | 675,049 | ||
Wells Fargo & Co. (U.S. SOFR+2.02%)± | 5.39 | 4-24-2034 | 210,000 | 202,040 | ||
Wells Fargo & Co. (U.S. SOFR+2.10%)± | 4.90 | 7-25-2033 | 590,000 | 551,828 | ||
22,212,458 | ||||||
Diversified financial services: 0.60% | ||||||
American Express Co. (U.S. SOFR+1.28%)± | 5.28 | 7-27-2029 | 340,000 | 338,311 | ||
American Express Co. (U.S. SOFR+1.76%)± | 4.42 | 8-3-2033 | 630,000 | 585,976 | ||
American Express Co. (U.S. SOFR+1.94%)± | 6.49 | 10-30-2031 | 130,000 | 136,847 | ||
Capital One Financial Corp. (U.S. SOFR+1.79%)± | 3.27 | 3-1-2030 | 450,000 | 386,688 | ||
Capital One Financial Corp. (U.S. SOFR+2.37%)± | 5.27 | 5-10-2033 | 290,000 | 266,154 | ||
Charles Schwab Corp. (U.S. SOFR+1.88%)± | 6.20 | 11-17-2029 | 230,000 | 233,456 | ||
Charles Schwab Corp. (U.S. SOFR+2.21%)± | 5.64 | 5-19-2029 | 160,000 | 159,401 | ||
2,106,833 | ||||||
Insurance: 0.58% | ||||||
Aon Corp./Aon Global Holdings PLC | 2.85 | 5-28-2027 | 180,000 | 166,505 | ||
Marsh & McLennan Cos., Inc. | 2.38 | 12-15-2031 | 510,000 | 415,583 | ||
Metropolitan Life Global Funding I144A | 5.15 | 3-28-2033 | 200,000 | 195,262 | ||
NLV Financial Corp.144A | 7.50 | 8-15-2033 | 565,000 | 575,812 |
Interest rate | Maturity date | Principal | Value | |||
Insurance(continued) | ||||||
Northwestern Mutual Life Insurance Co.144A | 3.45 % | 3-30-2051 | $ | 470,000 | $316,499 | |
Pacific Life Global Funding II144A | 5.50 | 7-18-2028 | 360,000 | 360,696 | ||
2,030,357 | ||||||
REITS: 1.88% | ||||||
Alexandria Real Estate Equities, Inc. | 3.95 | 1-15-2027 | 240,000 | 228,360 | ||
Alexandria Real Estate Equities, Inc. | 3.95 | 1-15-2028 | 380,000 | 355,977 | ||
Boston Properties LP | 2.75 | 10-1-2026 | 780,000 | 706,426 | ||
CubeSmart LP | 2.25 | 12-15-2028 | 160,000 | 136,523 | ||
Digital Realty Trust LP | 4.45 | 7-15-2028 | 510,000 | 485,934 | ||
Extra Space Storage LP | 3.90 | 4-1-2029 | 400,000 | 366,945 | ||
Healthpeak OP LLC | 2.13 | 12-1-2028 | 40,000 | 34,143 | ||
Healthpeak OP LLC | 2.88 | 1-15-2031 | 190,000 | 156,839 | ||
Healthpeak OP LLC | 3.50 | 7-15-2029 | 560,000 | 502,410 | ||
Host Hotels & Resorts LP | 3.88 | 4-1-2024 | 265,000 | 262,625 | ||
Kimco Realty OP LLC | 2.25 | 12-1-2031 | 265,000 | 205,480 | ||
Kimco Realty OP LLC | 4.60 | 2-1-2033 | 130,000 | 119,051 | ||
Mid-America Apartments LP | 4.20 | 6-15-2028 | 160,000 | 152,696 | ||
NNN REIT, Inc. | 4.30 | 10-15-2028 | 370,000 | 348,450 | ||
NNN REIT, Inc. | 5.60 | 10-15-2033 | 200,000 | 195,554 | ||
UDR, Inc. | 3.20 | 1-15-2030 | 350,000 | 307,290 | ||
Ventas Realty LP | 3.50 | 2-1-2025 | 150,000 | 145,440 | ||
Ventas Realty LP | 3.85 | 4-1-2027 | 1,500,000 | 1,412,217 | ||
Welltower OP LLC | 2.05 | 1-15-2029 | 190,000 | 160,915 | ||
Welltower OP LLC | 2.75 | 1-15-2032 | 320,000 | 259,097 | ||
6,542,372 | ||||||
Industrial: 4.76% | ||||||
Aerospace/defense: 1.03% | ||||||
Boeing Co. | 2.70 | 2-1-2027 | 840,000 | 775,987 | ||
Boeing Co. | 5.15 | 5-1-2030 | 155,000 | 153,570 | ||
Boeing Co. | 5.71 | 5-1-2040 | 110,000 | 108,454 | ||
Hexcel Corp. | 4.20 | 2-15-2027 | 602,000 | 573,130 | ||
L3Harris Technologies, Inc. | 5.40 | 7-31-2033 | 380,000 | 378,756 | ||
Moog, Inc.144A | 4.25 | 12-15-2027 | 700,000 | 649,558 | ||
Raytheon Technologies Corp. | 2.25 | 7-1-2030 | 360,000 | 299,619 | ||
Raytheon Technologies Corp. | 2.38 | 3-15-2032 | 250,000 | 200,649 | ||
RTX Corp. | 6.10 | 3-15-2034 | 440,000 | 461,057 | ||
3,600,780 | ||||||
Building materials: 0.63% | ||||||
Carrier Global Corp. | 2.49 | 2-15-2027 | 780,000 | 714,398 | ||
CRH America Finance, Inc.144A | 3.95 | 4-4-2028 | 210,000 | 199,188 | ||
Fortune Brands Innovations, Inc. | 3.25 | 9-15-2029 | 460,000 | 409,550 | ||
Lennox International, Inc. | 1.70 | 8-1-2027 | 530,000 | 468,119 | ||
Martin Marietta Materials, Inc. Series CB | 2.50 | 3-15-2030 | 280,000 | 235,050 | ||
Masco Corp. | 6.50 | 8-15-2032 | 150,000 | 156,212 | ||
2,182,517 |
Interest rate | Maturity date | Principal | Value | |||
Electronics: 0.35% | ||||||
Amphenol Corp. | 2.20 % | 9-15-2031 | $ | 480,000 | $388,645 | |
Jabil, Inc. | 3.95 | 1-12-2028 | 900,000 | 841,810 | ||
1,230,455 | ||||||
Environmental control: 0.40% | ||||||
Clean Harbors, Inc.144A | 4.88 | 7-15-2027 | 325,000 | 312,996 | ||
Clean Harbors, Inc.144A | 6.38 | 2-1-2031 | 180,000 | 178,622 | ||
Stericycle, Inc.144A | 3.88 | 1-15-2029 | 1,010,000 | 890,561 | ||
1,382,179 | ||||||
Hand/machine tools: 0.05% | ||||||
Stanley Black & Decker, Inc. | 4.25 | 11-15-2028 | 190,000 | 180,173 | ||
Machinery-construction & mining: 0.18% | ||||||
Oshkosh Corp. | 3.10 | 3-1-2030 | 490,000 | 432,126 | ||
Oshkosh Corp. | 4.60 | 5-15-2028 | 200,000 | 193,593 | ||
625,719 | ||||||
Machinery-diversified: 0.36% | ||||||
GrafTech Finance, Inc.144A | 4.63 | 12-15-2028 | 640,000 | 429,261 | ||
GrafTech Global Enterprises, Inc.144A | 9.88 | 12-15-2028 | 280,000 | 219,800 | ||
Mueller Water Products, Inc.144A | 4.00 | 6-15-2029 | 700,000 | 617,750 | ||
1,266,811 | ||||||
Packaging & containers: 1.19% | ||||||
Ball Corp. | 3.13 | 9-15-2031 | 550,000 | 454,194 | ||
Clearwater Paper Corp.144A | 4.75 | 8-15-2028 | 775,000 | 691,599 | ||
Graphic Packaging International LLC144A | 3.50 | 3-15-2028 | 275,000 | 248,886 | ||
Graphic Packaging International LLC144A | 3.50 | 3-1-2029 | 420,000 | 365,168 | ||
Packaging Corp. of America | 3.00 | 12-15-2029 | 480,000 | 421,452 | ||
Sealed Air Corp./Sealed Air Corp. U.S.144A | 6.13 | 2-1-2028 | 400,000 | 395,682 | ||
Silgan Holdings, Inc. | 4.13 | 2-1-2028 | 400,000 | 368,095 | ||
WRKCo, Inc. | 3.00 | 9-15-2024 | 680,000 | 664,338 | ||
WRKCo, Inc. | 3.90 | 6-1-2028 | 560,000 | 523,587 | ||
4,133,001 | ||||||
Transportation: 0.57% | ||||||
FedEx Corp. | 3.90 | 2-1-2035 | 280,000 | 241,835 | ||
FedEx Corp. | 4.25 | 5-15-2030 | 660,000 | 626,247 | ||
Norfolk Southern Corp. | 5.05 | 8-1-2030 | 190,000 | 188,902 | ||
Norfolk Southern Corp. | 5.10 | 8-1-2118 | 760,000 | 635,084 | ||
Ryder System, Inc. | 2.85 | 3-1-2027 | 300,000 | 276,398 | ||
1,968,466 | ||||||
Technology: 1.42% | ||||||
Computers: 0.26% | ||||||
Hewlett Packard Enterprise Co. | 4.90 | 10-15-2025 | 375,000 | 371,275 |
Interest rate | Maturity date | Principal | Value | |||
Computers(continued) | ||||||
HP, Inc. | 4.00 % | 4-15-2029 | $ | 270,000 | $255,162 | |
Seagate HDD Cayman | 3.13 | 7-15-2029 | 375,000 | 292,429 | ||
918,866 | ||||||
Semiconductors: 0.32% | ||||||
Microchip Technology, Inc. | 4.25 | 9-1-2025 | 375,000 | 365,608 | ||
Micron Technology, Inc. | 6.75 | 11-1-2029 | 285,000 | 298,812 | ||
ON Semiconductor Corp.144A | 3.88 | 9-1-2028 | 175,000 | 158,204 | ||
TSMC Arizona Corp. | 1.75 | 10-25-2026 | 300,000 | 272,802 | ||
1,095,426 | ||||||
Software: 0.84% | ||||||
Concentrix Corp. | 6.60 | 8-2-2028 | 625,000 | 624,342 | ||
Fair Isaac Corp.144A | 4.00 | 6-15-2028 | 430,000 | 395,585 | ||
Fidelity National Information Services, Inc. | 4.70 | 7-15-2027 | 185,000 | 181,897 | ||
Fiserv, Inc. | 5.45 | 3-2-2028 | 110,000 | 110,907 | ||
Oracle Corp. | 2.30 | 3-25-2028 | 970,000 | 862,501 | ||
Oracle Corp. | 6.15 | 11-9-2029 | 160,000 | 167,883 | ||
Roper Technologies, Inc. | 2.95 | 9-15-2029 | 470,000 | 417,899 | ||
Take-Two Interactive Software, Inc. | 3.70 | 4-14-2027 | 180,000 | 171,464 | ||
2,932,478 | ||||||
Utilities: 4.77% | ||||||
Electric: 4.30% | ||||||
Alabama Power Co. | 5.85 | 11-15-2033 | 260,000 | 268,511 | ||
American Transmission Systems, Inc.144A | 2.65 | 1-15-2032 | 380,000 | 308,100 | ||
Black Hills Corp. | 4.35 | 5-1-2033 | 710,000 | 623,318 | ||
Commonwealth Edison Co. Series 133 | 3.85 | 3-15-2052 | 450,000 | 337,514 | ||
Connecticut Light & Power Co. | 5.25 | 1-15-2053 | 130,000 | 123,077 | ||
Dominion Energy South Carolina, Inc. | 6.25 | 10-15-2053 | 230,000 | 245,268 | ||
Dominion Energy South Carolina, Inc. Series A | 2.30 | 12-1-2031 | 450,000 | 360,513 | ||
DTE Electric Co. | 5.40 | 4-1-2053 | 200,000 | 194,389 | ||
DTE Electric Securitization Funding II LLC Series A-2 | 6.09 | 9-1-2037 | 590,000 | 618,936 | ||
Duke Energy Carolinas LLC | 3.55 | 3-15-2052 | 230,000 | 162,835 | ||
Duke Energy Carolinas LLC | 6.05 | 4-15-2038 | 830,000 | 857,867 | ||
Duke Energy Progress LLC | 2.00 | 8-15-2031 | 620,000 | 491,748 | ||
Evergy Kansas Central, Inc. | 5.70 | 3-15-2053 | 180,000 | 174,622 | ||
Evergy Metro, Inc. Series 2020 | 2.25 | 6-1-2030 | 350,000 | 288,779 | ||
Evergy Missouri West, Inc.144A | 3.75 | 3-15-2032 | 330,000 | 283,574 | ||
Florida Power & Light Co. | 5.30 | 4-1-2053 | 200,000 | 194,661 | ||
Indianapolis Power & Light Co.144A | 5.65 | 12-1-2032 | 360,000 | 361,331 | ||
Kentucky Utilities Co. Series KENT | 5.45 | 4-15-2033 | 310,000 | 310,039 | ||
Louisville Gas & Electric Co. Series LOU | 5.45 | 4-15-2033 | 310,000 | 310,937 | ||
MidAmerican Energy Co. | 5.80 | 10-15-2036 | 900,000 | 920,447 | ||
NextEra Energy Capital Holdings, Inc. | 1.88 | 1-15-2027 | 230,000 | 207,321 | ||
NextEra Energy Operating Partners LP144A | 4.25 | 9-15-2024 | 6,000 | 5,715 | ||
NextEra Energy Operating Partners LP144A | 4.50 | 9-15-2027 | 275,000 | 253,883 | ||
Northern States Power Co. | 4.50 | 6-1-2052 | 210,000 | 177,804 |
Interest rate | Maturity date | Principal | Value | |||
Electric(continued) | ||||||
Northern States Power Co. | 5.35 % | 11-1-2039 | $ | 1,580,000 | $1,531,904 | |
Oncor Electric Delivery Co. LLC | 2.75 | 5-15-2030 | 392,000 | 339,228 | ||
PPL Electric Utilities Corp. | 5.25 | 5-15-2053 | 220,000 | 209,317 | ||
Public Service Electric & Gas Co. Series D | 5.70 | 12-1-2036 | 590,000 | 581,150 | ||
Puget Sound Energy, Inc. | 5.45 | 6-1-2053 | 300,000 | 287,931 | ||
Rochester Gas & Electric Corp.144A | 3.10 | 6-1-2027 | 1,000,000 | 926,845 | ||
San Diego Gas & Electric Co. | 3.00 | 3-15-2032 | 490,000 | 416,650 | ||
Sigeco Securitization I LLC Series A2 | 5.17 | 5-15-2041 | 750,000 | 697,172 | ||
Southern California Edison Co. Series 2004-B | 6.00 | 1-15-2034 | 188,000 | 195,090 | ||
Tucson Electric Power Co. | 3.25 | 5-15-2032 | 420,000 | 359,265 | ||
Union Electric Co. | 5.45 | 3-15-2053 | 330,000 | 316,791 | ||
WEC Energy Group, Inc. | 2.20 | 12-15-2028 | 790,000 | 682,865 | ||
Wisconsin Power & Light Co. | 3.95 | 9-1-2032 | 370,000 | 334,846 | ||
14,960,243 | ||||||
Gas: 0.47% | ||||||
AmeriGas Partners LP/AmeriGas Finance Corp. | 5.88 | 8-20-2026 | 500,000 | 488,254 | ||
Atmos Energy Corp. | 5.90 | 11-15-2033 | 240,000 | 248,933 | ||
CenterPoint Energy Resources Corp. | 1.75 | 10-1-2030 | 330,000 | 264,074 | ||
Sempra Global144A | 3.25 | 1-15-2032 | 825,000 | 652,964 | ||
1,654,225 | ||||||
Total corporate bonds and notes (Cost $142,111,141) | 128,841,705 | |||||
Municipal obligations: 7.39% | ||||||
Alabama: 0.24% | ||||||
Miscellaneous revenue: 0.24% | ||||||
Alabama Federal Aid Highway Finance Authority Series B | 1.86 | 9-1-2029 | 1,000,000 | 852,145 | ||
Arizona: 0.10% | ||||||
Miscellaneous revenue: 0.10% | ||||||
City of Yuma Excise Tax Revenue | 2.10 | 7-15-2030 | 430,000 | 360,673 | ||
California: 1.28% | ||||||
GO revenue: 1.17% | ||||||
Campbell Union High School District | 2.31 | 8-1-2035 | 660,000 | 492,932 | ||
Desert Community College District | 2.78 | 8-1-2035 | 450,000 | 355,224 | ||
Oxnard Union High School District | 1.87 | 8-1-2030 | 800,000 | 659,429 | ||
Palomar Community College District | 2.32 | 8-1-2034 | 500,000 | 384,886 | ||
San Ramon Valley Unified School District | 1.91 | 8-1-2030 | 740,000 | 615,447 | ||
Solano County Community College District Series B | 1.76 | 8-1-2030 | 950,000 | 774,793 | ||
State of California | 5.75 | 10-1-2031 | 750,000 | 775,990 | ||
4,058,701 | ||||||
Tax revenue: 0.11% | ||||||
San Jose Redevelopment Agency Successor Agency Series T | 3.38 | 8-1-2034 | 455,000 | 392,617 | ||
4,451,318 |
Interest rate | Maturity date | Principal | Value | |||
Florida: 0.32% | ||||||
Housing revenue: 0.07% | ||||||
Florida Housing Finance Corp. Series 4 (GNMA / FNMA / FHLMC Insured) | 5.50 % | 7-1-2054 | $ | 225,000 | $223,114 | |
Water & sewer revenue: 0.25% | ||||||
Florida Water Pollution Control Financing Corp. Clean Water State Revolving Fund Series A | 2.60 | 1-15-2030 | 1,000,000 | 879,696 | ||
1,102,810 | ||||||
Georgia: 0.15% | ||||||
GO revenue: 0.15% | ||||||
Cherokee County Board of Education | 5.87 | 8-1-2028 | 500,000 | 506,322 | ||
Idaho: 0.13% | ||||||
Housing revenue: 0.13% | ||||||
Idaho Housing & Finance Association Series D-1 (GNMA / FNMA / FHLMC Insured) | 6.50 | 7-1-2053 | 450,000 | 467,250 | ||
Indiana: 0.36% | ||||||
Health revenue: 0.29% | ||||||
Indiana Finance Authority Community Foundation of Northwest Indiana Obligated Group | 3.63 | 3-1-2039 | 1,235,000 | 1,019,919 | ||
Miscellaneous revenue: 0.07% | ||||||
Indianapolis Local Public Improvement Bond Bank Series A-2 | 6.00 | 1-15-2040 | 235,000 | 244,810 | ||
1,264,729 | ||||||
Louisiana: 0.18% | ||||||
Miscellaneous revenue: 0.07% | ||||||
Louisiana Local Government Environmental Facilities & CDA Series A | 4.48 | 8-1-2039 | 250,000 | 230,004 | ||
Tax revenue: 0.11% | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue Series A | 2.80 | 5-1-2035 | 500,000 | 395,927 | ||
625,931 | ||||||
Massachusetts: 0.18% | ||||||
GO revenue: 0.11% | ||||||
Commonwealth of Massachusetts Series D | 2.66 | 9-1-2039 | 489,995 | 381,848 | ||
Water & sewer revenue: 0.07% | ||||||
Massachusetts Water Resources Authority Series C | 2.49 | 8-1-2034 | 300,000 | 236,131 | ||
617,979 | ||||||
Michigan: 0.22% | ||||||
Health revenue: 0.22% | ||||||
Michigan Finance Authority Trinity Health Corp. Obligated Group Series T | 3.08 | 12-1-2034 | 930,000 | 777,167 |
Interest rate | Maturity date | Principal | Value | |||
Minnesota: 0.17% | ||||||
GO revenue: 0.11% | ||||||
State of Minnesota Series F | 1.32 % | 8-1-2031 | $ | 500,000 | $387,911 | |
Housing revenue: 0.06% | ||||||
Minnesota Housing Finance Agency Series U (GNMA / FNMA / FHLMC Insured)%% | 6.50 | 7-1-2054 | 210,000 | 216,771 | ||
604,682 | ||||||
Mississippi: 0.30% | ||||||
GO revenue: 0.30% | ||||||
State of Mississippi Series E | 2.49 | 10-1-2035 | 1,350,000 | 1,037,669 | ||
Nebraska: 0.17% | ||||||
Education revenue: 0.17% | ||||||
University of Nebraska Facilities Corp. Series A | 3.19 | 10-1-2039 | 750,000 | 598,342 | ||
New Jersey: 0.09% | ||||||
Miscellaneous revenue: 0.09% | ||||||
Hudson County Improvement Authority (AGM Insured) | 7.40 | 12-1-2025 | 290,000 | 296,250 | ||
New York: 0.20% | ||||||
GO revenue: 0.20% | ||||||
State of New York Series B | 2.65 | 2-15-2030 | 500,000 | 440,953 | ||
State of New York Series C | 5.62 | 3-1-2040 | 250,000 | 254,458 | ||
695,411 | ||||||
North Dakota: 0.16% | ||||||
Housing revenue: 0.16% | ||||||
North Dakota PFA | 2.68 | 12-1-2035 | 750,000 | 570,133 | ||
Ohio: 0.38% | ||||||
GO revenue: 0.06% | ||||||
State of Ohio Series A | 1.88 | 9-15-2034 | 300,000 | 221,279 | ||
Health revenue: 0.17% | ||||||
State of Ohio Cleveland Clinic Health System Obligated Group Series G | 3.28 | 1-1-2042 | 725,000 | 579,335 | ||
Housing revenue: 0.15% | ||||||
Ohio Housing Finance Agency Series C%% | 6.50 | 3-1-2054 | 500,000 | 514,746 | ||
1,315,360 | ||||||
Oklahoma: 0.64% | ||||||
Utilities revenue: 0.45% | ||||||
Oklahoma Development Finance Authority Oklahoma Gas and Electric Co. Series A-2 | 4.85 | 2-1-2045 | 605,000 | 574,308 | ||
Oklahoma Development Finance Authority Public Service Co. of Oklahoma Series A-2 | 4.62 | 6-1-2044 | 1,085,000 | 1,008,060 | ||
1,582,368 |
Interest rate | Maturity date | Principal | Value | |||
Water & sewer revenue: 0.19% | ||||||
Oklahoma Water Resources Board (Credit Enhancement Reserve Fund Insured) | 2.56 % | 4-1-2031 | $ | 770,000 | $660,990 | |
2,243,358 | ||||||
Oregon: 0.32% | ||||||
GO revenue: 0.15% | ||||||
State of Oregon Series A | 5.90 | 8-1-2038 | 500,000 | 520,623 | ||
Tax revenue: 0.17% | ||||||
State of Oregon Department of Transportation Series B | 3.17 | 11-15-2038 | 750,000 | 594,604 | ||
1,115,227 | ||||||
Pennsylvania: 0.18% | ||||||
Education revenue: 0.18% | ||||||
University of Pittsburgh-of the Commonwealth System of Higher Education Series A | 3.65 | 9-15-2036 | 715,000 | 610,923 | ||
South Dakota: 0.15% | ||||||
Housing revenue: 0.15% | ||||||
South Dakota Housing Development Authority Series E (GNMA / FNMA / FHLMC Insured) | 6.25 | 5-1-2054 | 500,000 | 511,468 | ||
Texas: 0.75% | ||||||
Education revenue: 0.20% | ||||||
Board of Regents of the University of Texas System Series D | 5.13 | 8-15-2042 | 150,000 | 147,768 | ||
Permanent University Fund - University of Texas System | 5.26 | 7-1-2039 | 550,000 | 541,596 | ||
689,364 | ||||||
GO revenue: 0.21% | ||||||
Stafford Municipal School District Series B | 3.08 | 8-15-2041 | 750,000 | 564,068 | ||
State of Texas Series A | 2.04 | 10-1-2032 | 225,000 | 179,593 | ||
743,661 | ||||||
Housing revenue: 0.09% | ||||||
Texas Department of Housing & Community Affairs Series C (GNMA Insured) | 6.25 | 7-1-2053 | 300,000 | 305,587 | ||
Utilities revenue: 0.25% | ||||||
Texas Natural Gas Securitization Finance Corp. | 5.17 | 4-1-2041 | 875,000 | 861,178 | ||
2,599,790 | ||||||
Vermont: 0.03% | ||||||
Housing revenue: 0.03% | ||||||
Vermont Housing Finance Agency | 3.80 | 11-1-2037 | 110,000 | 92,626 | ||
Virginia: 0.08% | ||||||
Education revenue: 0.06% | ||||||
University of Virginia | 6.20 | 9-1-2039 | 215,000 | 231,895 |
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 0.02% | ||||||
Virginia Housing Development Authority Commonwealth Mortgage Bonds 2016-A Series A | 3.10 % | 6-25-2041 | $ | 68,229 | $61,690 | |
293,585 | ||||||
Washington: 0.30% | ||||||
GO revenue: 0.20% | ||||||
King County Public Hospital District No. 2 | 2.70 | 12-1-2035 | 915,000 | 690,480 | ||
Water & sewer revenue: 0.10% | ||||||
County of King Sewer Revenue Series B | 1.86 | 1-1-2033 | 450,000 | 346,546 | ||
1,037,026 | ||||||
West Virginia: 0.11% | ||||||
Tax revenue: 0.11% | ||||||
County of Ohio Special District Excise Tax Revenue | 8.25 | 3-1-2035 | 385,000 | 393,598 | ||
Wisconsin: 0.20% | ||||||
GO revenue: 0.20% | ||||||
State of Wisconsin Series 2 | 2.61 | 5-1-2032 | 240,000 | 200,957 | ||
State of Wisconsin Series 4 | 2.10 | 5-1-2035 | 690,000 | 510,300 | ||
711,257 | ||||||
Total municipal obligations (Cost $29,546,770) | 25,753,029 | |||||
Non-agency mortgage-backed securities: 7.19% | ||||||
CAMB Commercial Mortgage Trust Series 2019-LIFE Class A (U.S. SOFR 1 Month+1.12%)144A± | 6.44 | 12-15-2037 | 945,000 | 939,662 | ||
COMM Mortgage Trust Series 2014-CR17 Class A5 | 3.98 | 5-10-2047 | 1,795,000 | 1,774,696 | ||
COMM Mortgage Trust Series 2014-CR21 Class A3 | 3.53 | 12-10-2047 | 2,389,665 | 2,334,572 | ||
COMM Mortgage Trust Series 2014-UBS5 Class ASB | 3.55 | 9-10-2047 | 76,706 | 76,197 | ||
COMM Mortgage Trust Series 2014-UBS5 Class A4 | 3.84 | 9-10-2047 | 620,000 | 605,438 | ||
DC Commercial Mortgage Trust Series 2023-DC Class A144A | 6.31 | 9-12-2040 | 1,045,000 | 1,047,021 | ||
GS Mortgage Securities Corp. II Series 2023-SHIP Class A144A±± | 4.47 | 9-10-2038 | 635,000 | 608,542 | ||
GS Mortgage Securities Trust Series 2014-GC26 Class A5 | 3.63 | 11-10-2047 | 2,565,000 | 2,488,462 | ||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014- C20 Class A5 | 3.80 | 7-15-2047 | 4,065,000 | 4,002,933 | ||
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022- ACB Class A (30 Day Average U.S. SOFR+1.40%)144A± | 6.72 | 3-15-2039 | 855,000 | 840,510 | ||
JPMBB Commercial Mortgage Securities Trust Series 2014-C19 Class A4 | 4.00 | 4-15-2047 | 171,036 | 169,942 | ||
JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class A4 | 3.49 | 1-15-2048 | 1,338,000 | 1,296,301 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C15 Class ASB | 3.65 | 4-15-2047 | 9,594 | 9,560 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19 Class A4 | 3.53 | 12-15-2047 | 1,790,000 | 1,736,550 | ||
Seasoned Credit Risk Transfer Trust Series 2018-3 Class MA±± | 3.50 | 8-25-2057 | 2,454,964 | 2,273,013 | ||
Seasoned Credit Risk Transfer Trust Series 2019-3 Class M55D | 4.00 | 10-25-2058 | 512,087 | 461,552 | ||
Seasoned Credit Risk Transfer Trust Series 2020-2 Class MT | 2.00 | 11-25-2059 | 865,883 | 670,929 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities(continued) | ||||||
Towd Point Mortgage Trust Series 2018-3 Class A1144A±± | 3.75 % | 5-25-2058 | $ | 875,753 | $832,989 | |
Towd Point Mortgage Trust Series 2019-4 Class A1144A±± | 2.90 | 10-25-2059 | 1,104,081 | 1,018,902 | ||
WFRBS Commercial Mortgage Trust Series 2014-C20 Class A5 | 4.00 | 5-15-2047 | 1,876,047 | 1,848,150 | ||
Total non-agency mortgage-backed securities (Cost $26,048,460) | 25,035,921 | |||||
U.S. Treasury securities: 12.74% | ||||||
U.S. Treasury Bonds | 1.38 | 11-15-2040 | 6,905,000 | 4,226,885 | ||
U.S. Treasury Bonds | 1.88 | 2-15-2041 | 1,460,000 | 971,870 | ||
U.S. Treasury Bonds | 1.88 | 2-15-2051 | 944,000 | 548,884 | ||
U.S. Treasury Bonds | 2.00 | 8-15-2051 | 2,140,000 | 1,281,827 | ||
U.S. Treasury Bonds | 2.25 | 2-15-2052 | 1,785,000 | 1,137,240 | ||
U.S. Treasury Bonds | 2.38 | 2-15-2042 | 2,855,000 | 2,033,518 | ||
U.S. Treasury Bonds | 2.38 | 11-15-2049 | 10,063,000 | 6,653,373 | ||
U.S. Treasury Bonds | 2.38 | 5-15-2051 | 1,185,000 | 778,489 | ||
U.S. Treasury Bonds | 2.88 | 5-15-2052 | 2,968,000 | 2,179,741 | ||
U.S. Treasury Bonds | 3.00 | 8-15-2052 | 789,000 | 595,264 | ||
U.S. Treasury Bonds | 3.63 | 2-15-2053 | 1,925,000 | 1,642,491 | ||
U.S. Treasury Bonds | 3.63 | 5-15-2053 | 1,665,000 | 1,421,234 | ||
U.S. Treasury Bonds | 3.88 | 2-15-2043 | 1,892,000 | 1,687,649 | ||
U.S. Treasury Bonds | 3.88 | 5-15-2043 | 2,805,000 | 2,499,956 | ||
U.S. Treasury Bonds | 4.13 | 8-15-2053 | 564,000 | 527,428 | ||
U.S. Treasury Bonds | 4.38 | 8-15-2043 | 4,050,000 | 3,870,914 | ||
U.S. Treasury Bonds | 4.75 | 11-15-2043 | 2,375,000 | 2,392,812 | ||
U.S. Treasury Notes | 4.13 | 6-15-2026 | 1,445,000 | 1,430,719 | ||
U.S. Treasury Notes | 4.63 | 11-15-2026 | 5,075,000 | 5,096,807 | ||
U.S. Treasury Notes | 5.00 | 10-31-2025 | 3,375,000 | 3,390,293 | ||
Total U.S. Treasury securities (Cost $56,598,713) | 44,367,394 | |||||
Yankee corporate bonds and notes: 6.01% | ||||||
Basic materials: 0.60% | ||||||
Chemicals: 0.10% | ||||||
Nutrien Ltd. | 2.95 | 5-13-2030 | 180,000 | 155,602 | ||
Nutrien Ltd. | 4.90 | 3-27-2028 | 190,000 | 187,655 | ||
343,257 | ||||||
Mining: 0.50% | ||||||
Anglo American Capital PLC144A | 4.75 | 4-10-2027 | 1,000,000 | 972,506 | ||
South32 Treasury Ltd.144A | 4.35 | 4-14-2032 | 900,000 | 777,146 | ||
1,749,652 | ||||||
Consumer, non-cyclical: 0.39% | ||||||
Commercial services: 0.14% | ||||||
Experian Finance PLC144A | 4.25 | 2-1-2029 | 510,000 | 487,459 | ||
Pharmaceuticals: 0.25% | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 3.15 | 10-1-2026 | 975,000 | 888,187 |
Interest rate | Maturity date | Principal | Value | |||
Energy: 0.34% | ||||||
Oil & gas: 0.20% | ||||||
Petroleos Mexicanos | 2.29 % | 2-15-2024 | $ | 13,750 | $13,654 | |
Petroleos Mexicanos | 2.83 | 2-15-2024 | 28,750 | 28,580 | ||
Petroleos Mexicanos | 6.38 | 1-23-2045 | 1,080,000 | 653,403 | ||
695,637 | ||||||
Pipelines: 0.14% | ||||||
Enbridge, Inc. | 6.20 | 11-15-2030 | 460,000 | 478,203 | ||
Financial: 3.64% | ||||||
Banks: 3.64% | ||||||
Bank of Montreal | 5.72 | 9-25-2028 | 460,000 | 465,496 | ||
Bank of Montreal Series H | 4.70 | 9-14-2027 | 110,000 | 107,779 | ||
Bank of Nova Scotia | 1.30 | 9-15-2026 | 1,040,000 | 931,436 | ||
BNP Paribas SA144A | 4.40 | 8-14-2028 | 520,000 | 493,676 | ||
BNP Paribas SA (U.S. SOFR+1.87%)144A±%% | 5.89 | 12-5-2034 | 500,000 | 500,707 | ||
BPCE SA144A | 4.75 | 7-19-2027 | 420,000 | 405,065 | ||
Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity+0.73%)144A± | 1.98 | 12-15-2027 | 1,060,000 | 945,562 | ||
Cooperatieve Rabobank UA (1 Year Treasury Constant Maturity+1.00%)144A± | 1.34 | 6-24-2026 | 530,000 | 494,012 | ||
Credit Suisse Group AG (3 Month LIBOR+1.41%)144A± | 3.87 | 1-12-2029 | 1,500,000 | 1,381,109 | ||
HSBC Holdings PLC (U.S. SOFR+1.41%)± | 2.87 | 11-22-2032 | 270,000 | 215,229 | ||
HSBC Holdings PLC (U.S. SOFR 3 Month+1.80%)± | 4.58 | 6-19-2029 | 1,500,000 | 1,427,905 | ||
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+0.75%)± | 1.54 | 7-20-2027 | 1,050,000 | 945,113 | ||
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+0.83%)± | 2.34 | 1-19-2028 | 300,000 | 272,027 | ||
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+0.97%)± | 2.49 | 10-13-2032 | 260,000 | 209,075 | ||
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant Maturity+2.13%)± | 5.13 | 7-20-2033 | 250,000 | 243,979 | ||
Royal Bank of Canada | 1.40 | 11-2-2026 | 830,000 | 745,431 | ||
Royal Bank of Canada | 4.24 | 8-3-2027 | 200,000 | 193,818 | ||
Sumitomo Mitsui Financial Group, Inc. | 1.90 | 9-17-2028 | 660,000 | 564,324 | ||
Sumitomo Mitsui Financial Group, Inc. | 2.17 | 1-14-2027 | 200,000 | 180,841 | ||
Sumitomo Mitsui Financial Group, Inc. | 5.72 | 9-14-2028 | 290,000 | 293,732 | ||
Toronto-Dominion Bank | 3.20 | 3-10-2032 | 410,000 | 345,980 | ||
Toronto-Dominion Bank | 4.46 | 6-8-2032 | 230,000 | 213,648 | ||
UBS Group AG144A | 4.25 | 3-23-2028 | 750,000 | 705,461 | ||
UBS Group AG (1 Year Treasury Constant Maturity+1.10%)144A± | 2.75 | 2-11-2033 | 200,000 | 156,001 | ||
UBS Group AG (1 Year Treasury Constant Maturity+2.40%)144A± | 4.99 | 8-5-2033 | 250,000 | 230,090 | ||
12,667,496 | ||||||
Industrial: 0.56% | ||||||
Aerospace/defense: 0.18% | ||||||
Embraer Netherlands Finance BV144A | 7.00 | 7-28-2030 | 600,000 | 615,221 |
Interest rate | Maturity date | Principal | Value | |||
Building materials: 0.14% | ||||||
Masonite International Corp.144A | 5.38 % | 2-1-2028 | $ | 510,000 | $484,500 | |
Electronics: 0.24% | ||||||
Sensata Technologies BV144A | 4.00 | 4-15-2029 | 935,000 | 839,178 | ||
Technology: 0.48% | ||||||
Semiconductors: 0.23% | ||||||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 2.65 | 2-15-2032 | 870,000 | 701,420 | ||
NXP BV/NXP Funding LLC/NXP USA, Inc. | 5.00 | 1-15-2033 | 110,000 | 105,027 | ||
806,447 | ||||||
Software: 0.25% | ||||||
Open Text Corp.144A | 3.88 | 2-15-2028 | 350,000 | 318,538 | ||
Open Text Corp.144A | 6.90 | 12-1-2027 | 550,000 | 565,330 | ||
883,868 | ||||||
Total yankee corporate bonds and notes (Cost $22,854,413) | 20,939,105 |
Yield | Shares | |||||
Short-term investments: 0.83% | ||||||
Investment companies: 0.83% | ||||||
Allspring Government Money Market Fund Select Class♠∞## | 5.29 | 2,884,376 | 2,884,376 | |||
Total short-term investments (Cost $2,884,376) | 2,884,376 | |||||
Total investments in securities (Cost $389,351,666) | 99.32 % | 345,923,812 | ||||
Other assets and liabilities, net | 0.68 | 2,372,461 | ||||
Total net assets | 100.00 % | $348,296,273 |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
%% | The security is purchased on a when-issued basis. |
♠ | 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: | |
AGM | Assured Guaranty Municipal |
CDA | Community Development Authority |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General obligation |
LIBOR | London Interbank Offered Rate |
PFA | Public Finance Authority |
REIT | Real estate investment trust |
SBA | Small Business Authority |
SOFR | Secured Overnight Financing Rate |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $3,306,168 | $50,327,728 | $(50,749,520 ) | $0 | $0 | $2,884,376 | 2,884,376 | $100,706 |
Assets | |
Investments in unaffiliated securities, at value (cost $386,467,290) | $343,039,436 |
Investments in affiliated securities, at value (cost $2,884,376) | 2,884,376 |
Cash | 116 |
Receivable for interest | 2,901,197 |
Receivable for investments sold | 855,085 |
Prepaid expenses and other assets | 966 |
Total assets | 349,681,176 |
Liabilities | |
Payable for when-issued transactions | 1,230,388 |
Advisory fee payable | 95,472 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 58,229 |
Total liabilities | 1,384,903 |
Total net assets | $348,296,273 |
Investment income | |
Interest (net of foreign withholding taxes of $120) | $6,968,454 |
Income from affiliated securities | 100,706 |
Total investment income | 7,069,160 |
Expenses | |
Advisory fee | 698,556 |
Custody and accounting fees | 11,214 |
Professional fees | 39,594 |
Interest holder report expenses | 1,693 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 8,431 |
Total expenses | 771,414 |
Less: Fee waivers and/or expense reimbursements | (92,417 ) |
Net expenses | 678,997 |
Net investment income | 6,390,163 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (4,119,718 ) |
Net change in unrealized gains (losses) on investments | (3,982,933 ) |
Net realized and unrealized gains (losses) on investments | (8,102,651 ) |
Net decrease in net assets resulting from operations | $(1,712,488 ) |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $6,390,163 | $12,409,183 | ||
Net realized losses on investments | (4,119,718 ) | (7,265,124 ) | ||
Net change in unrealized gains (losses) on investments | (3,982,933 ) | (12,064,983 ) | ||
Net decrease in net assets resulting from operations | (1,712,488 ) | (6,920,924 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 19,901,751 | 15,013,309 | ||
Withdrawals | (27,596,232 ) | (68,274,062 ) | ||
Net decrease in net assets resulting from capital transactions | (7,694,481 ) | (53,260,753 ) | ||
Total decrease in net assets | (9,406,969 ) | (60,181,677 ) | ||
Net assets | ||||
Beginning of period | 357,703,242 | 417,884,919 | ||
End of period | $348,296,273 | $357,703,242 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | (0.35 )% | (1.46 )% | (8.13 )% | 2.52 % | 7.51 % | 7.22 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.44 % | 0.45 % | 0.44 % | 0.44 % | 0.42 % | 0.41 % |
Net expenses2 | 0.39 % | 0.39 % | 0.39 % | 0.39 % | 0.39 % | 0.39 % |
Net investment income | 3.66 % | 3.30 % | 2.52 % | 2.49 % | 3.10 % | 3.24 % |
Supplemental data | ||||||
Portfolio turnover rate | 15 % | 37 % | 74 % | 31 % | 40 % | 232 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $863,882 |
Gross unrealized losses | (44,290,490 ) |
Net unrealized losses | $(43,426,608 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $68,935,102 | $0 | $68,935,102 |
Asset-backed securities | 0 | 29,167,180 | 0 | 29,167,180 |
Corporate bonds and notes | 0 | 128,841,705 | 0 | 128,841,705 |
Municipal obligations | 0 | 25,753,029 | 0 | 25,753,029 |
Non-agency mortgage-backed securities | 0 | 25,035,921 | 0 | 25,035,921 |
U.S. Treasury securities | 44,367,394 | 0 | 0 | 44,367,394 |
Yankee corporate bonds and notes | 0 | 20,939,105 | 0 | 20,939,105 |
Short-term investments | ||||
Investment companies | 2,884,376 | 0 | 0 | 2,884,376 |
Total assets | $47,251,770 | $298,672,042 | $0 | $345,923,812 |
Average daily net assets | Advisory fee |
First $500 million | 0.400 % |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$33,516,339 | $27,539,197 | $14,194,301 | $37,093,590 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
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Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks returns that exceed the rate of inflation over the long-term. |
Manager | Allspring Funds Management, LLC |
Subadvisers for the affiliated master portfolio* | Allspring Global Investments, LLC Allspring Global Investments (UK) Limited† |
Portfolio managers | Kandarp R. Acharya, CFA, FRM††, Rushabh Amin†††, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM, Matthias Scheiber, CFA††† |
Average annual total returns (%) as of November 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (IPBAX) | 2-28-2003 | -3.79 | 2.06 | 1.78 | 0.74 | 3.00 | 2.25 | 1.08 | 0.77 |
Class C (IPBCX) | 2-28-2003 | -1.05 | 2.25 | 1.62 | -0.05 | 2.25 | 1.62 | 1.83 | 1.52 |
Class R6 (IPBJX)3 | 10-31-2016 | – | – | – | 1.13 | 3.42 | 2.61 | 0.71 | 0.40 |
Administrator Class (IPBIX) | 2-28-2003 | – | – | – | 0.99 | 3.22 | 2.47 | 1.03 | 0.60 |
Institutional Class (IPBNX)4 | 10-31-2016 | – | – | – | 1.07 | 3.36 | 2.57 | 0.76 | 0.45 |
Russell 3000® Index5 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Bloomberg U.S. Aggregate Bond Index6 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Real Return Blended Index7 | – | – | – | – | 5.77 | 6.28 | 5.82 | – | – |
Russell 1000® Index8 | – | – | – | – | 13.57 | 12.25 | 11.56 | – | – |
Bloomberg U.S. TIPS Index9 | – | – | – | – | 0.14 | 2.72 | 2.00 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through September 30, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.77% for Class A, 1.52% for Class C, 0.40% for Class R6, 0.60% for Administrator Class and 0.45% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher. |
4 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
† | Allspring Global Investments (UK) Limited became a subadviser effective December 1, 2023. |
†† | Mr. Acharya has announced his intention to retire from Allspring Global Investments, LLC on February 15, 2024 but will continue to serve as a portfolio manager of the Fund until that date. |
††† | Mr. Amin and Mr. Scheiber became portfolio managers of the Fund on December 1, 2023. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
5 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
6 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
7 | Source: Allspring Funds Management, LLC. The Real Return Blended Index is composed 40% of the Russell 1000® Index, 35% of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index and 25% of the Bloomberg U.S. Aggregate Bond Index. You cannot invest directly in an index. |
8 | The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000® Index, which represents approximately 92% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
9 | The Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index is an index of inflation-indexed-linked U.S. Treasury securities. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20231 | |
TIPS, 0.13%, 4-15-2026 | 1.99 |
TIPS, 0.13%, 1-15-2030 | 1.88 |
TIPS, 1.63%, 10-15-2027 | 1.77 |
TIPS, 0.13%, 7-15-2026 | 1.74 |
TIPS, 1.38%, 7-15-2033 | 1.71 |
TIPS, 0.13%, 7-15-2030 | 1.69 |
TIPS, 0.63%, 1-15-2026 | 1.65 |
TIPS, 2.38%, 1-15-2025 | 1.51 |
TIPS, 0.88%, 1-15-2029 | 1.32 |
TIPS, 0.25%, 7-15-2029 | 0.95 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Portfolio allocation as of November 30, 20231 |
1 | Figures represent the portfolio allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1, 2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,001.30 | $3.85 | 0.77 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.15 | $3.89 | 0.77 % |
Class C | ||||
Actual | $1,000.00 | $998.10 | $7.59 | 1.52 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.40 | $7.67 | 1.52 % |
Class R6 | ||||
Actual | $1,000.00 | $1,003.20 | $2.00 | 0.40 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.00 | $2.02 | 0.40 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,002.50 | $3.00 | 0.60 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.00 | $3.03 | 0.60 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,004.00 | $2.25 | 0.45 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.75 | $2.28 | 0.45 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
2 | Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests. |
Value | ||||||
Investment companies: 99.83% | ||||||
Affiliated master portfolio: 99.83% | ||||||
Allspring Real Return Portfolio | $73,613,238 | |||||
Total investment companies (Cost $76,276,139) | 73,613,238 | |||||
Total investments in securities (Cost $76,276,139) | 99.83 % | 73,613,238 | ||||
Other assets and liabilities, net | 0.17 | 126,135 | ||||
Total net assets | 100.00 % | $73,739,373 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Affiliated Income Allocated from affiliated Master Portfolio | Value, end of period | |
Allspring Real Return Portfolio | 37.67 % | 31.25 % | $(2,760,498 ) | $1,551,040 | $1,577,761 | $131,163 | $43,548 | $73,613,238 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $76,276,139) | $73,613,238 |
Receivable for Fund shares sold | 99,937 |
Receivable from manager | 21,767 |
Prepaid expenses and other assets | 74,477 |
Total assets | 73,809,419 |
Liabilities | |
Payable for Fund shares redeemed | 40,265 |
Professional fees payable | 8,402 |
Shareholder report expenses payable | 7,455 |
Administration fees payable | 4,534 |
Shareholder servicing fees payable | 4,197 |
Trustees’ fees and expenses payable | 963 |
Distribution fee payable | 475 |
Accrued expenses and other liabilities | 3,755 |
Total liabilities | 70,046 |
Total net assets | $73,739,373 |
Net assets consist of | |
Paid-in capital | $80,437,753 |
Total distributable loss | (6,698,380 ) |
Total net assets | $73,739,373 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $11,580,167 |
Shares outstanding–Class A1 | 1,231,546 |
Net asset value per share–Class A | $9.40 |
Maximum offering price per share – Class A2 | $9.85 |
Net assets–Class C | $719,132 |
Shares outstanding–Class C1 | 77,995 |
Net asset value per share–Class C | $9.22 |
Net assets–Class R6 | $27,961,702 |
Shares outstanding–Class R61 | 2,937,137 |
Net asset value per share–Class R6 | $9.52 |
Net assets–Administrator Class | $8,865,930 |
Shares outstanding–Administrator Class1 | 921,849 |
Net asset value per share–Administrator Class | $9.62 |
Net assets–Institutional Class | $24,612,442 |
Shares outstanding–Institutional Class1 | 2,586,447 |
Net asset value per share–Institutional Class | $9.52 |
Investment income | |
Interest allocated from affiliated Master Portfolio | $1,577,761 |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $1,872) | 131,163 |
Affiliated income allocated from affiliated Master Portfolio | 43,548 |
Expenses allocated from affiliated Master Portfolio | (164,473 ) |
Waivers allocated from affiliated Master Portfolio | 22,998 |
Total investment income | 1,610,997 |
Expenses | |
Management fee | 18,203 |
Administration fees | |
Class A | 9,289 |
Class C | 809 |
Class R6 | 3,022 |
Administrator Class | 5,431 |
Institutional Class | 11,395 |
Shareholder servicing fees | |
Class A | 15,311 |
Class C | 1,329 |
Administrator Class | 13,152 |
Distribution fee | |
Class C | 3,980 |
Custody and accounting fees | 1,057 |
Professional fees | 21,709 |
Registration fees | 37,352 |
Shareholder report expenses | 12,640 |
Trustees’ fees and expenses | 12,075 |
Other fees and expenses | 3,114 |
Total expenses | 169,868 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (113,008 ) |
Administrator Class | (5,998 ) |
Net expenses | 50,862 |
Net investment income | 1,560,135 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments allocated from affiliated Master Portfolio | (2,760,498 ) |
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | 1,551,040 |
Net realized and unrealized gains (losses) on investments | (1,209,458 ) |
Net increase in net assets resulting from operations | $350,677 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,560,135 | $3,546,810 | ||
Net realized losses on investments | (2,760,498 ) | (569,850 ) | ||
Net change in unrealized gains (losses) on investments | 1,551,040 | (5,808,663 ) | ||
Net increase (decrease) in net assets resulting from operations | 350,677 | (2,831,703 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (272,498 ) | (686,543 ) | ||
Class C | (18,204 ) | (58,742 ) | ||
Class R6 | (495,651 ) | (631,554 ) | ||
Administrator Class | (230,269 ) | (629,068 ) | ||
Institutional Class | (664,419 ) | (1,775,616 ) | ||
Total distributions to shareholders | (1,681,041 ) | (3,781,523 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 110,221 | 1,044,841 | 216,818 | 2,123,638 |
Class C | 2,635 | 24,955 | 20,544 | 198,706 |
Class R6 | 1,595,838 | 15,080,109 | 737,592 | 7,332,284 |
Administrator Class | 115,611 | 1,111,139 | 314,479 | 3,161,931 |
Institutional Class | 151,272 | 1,447,574 | 1,603,544 | 15,812,126 |
18,708,618 | 28,628,685 | |||
Reinvestment of distributions | ||||
Class A | 22,714 | 214,121 | 58,661 | 574,829 |
Class C | 1,965 | 18,204 | 6,058 | 58,298 |
Class R6 | 52,101 | 495,651 | 63,670 | 631,451 |
Administrator Class | 22,815 | 220,356 | 60,525 | 604,578 |
Institutional Class | 69,566 | 664,403 | 179,364 | 1,775,461 |
1,612,735 | 3,644,617 | |||
Payment for shares redeemed | ||||
Class A | (241,067 ) | (2,273,245 ) | (646,932 ) | (6,291,558 ) |
Class C | (73,237 ) | (680,111 ) | (48,172 ) | (457,734 ) |
Class R6 | (336,509 ) | (3,172,219 ) | (539,506 ) | (5,392,372 ) |
Administrator Class | (565,390 ) | (5,451,164 ) | (472,903 ) | (4,663,703 ) |
Institutional Class | (1,394,807 ) | (13,465,295 ) | (2,205,751 ) | (21,830,616 ) |
(25,042,034 ) | (38,635,983 ) | |||
Net decrease in net assets resulting from capital share transactions | (4,720,681 ) | (6,362,681 ) | ||
Total decrease in net assets | (6,051,045 ) | (12,975,907 ) | ||
Net assets | ||||
Beginning of period | 79,790,418 | 92,766,325 | ||
End of period | $73,739,373 | $79,790,418 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.60 | $10.35 | $10.93 | $10.22 | $9.89 | $9.87 |
Net investment income | 0.19 1 | 0.40 1 | 0.56 1 | 0.22 | 0.12 | 0.15 |
Net realized and unrealized gains (losses) on investments | (0.18 ) | (0.72 ) | (0.60 ) | 0.70 | 0.42 | 0.09 |
Total from investment operations | 0.01 | (0.32 ) | (0.04 ) | 0.92 | 0.54 | 0.24 |
Distributions to shareholders from | ||||||
Net investment income | (0.21 ) | (0.43 ) | (0.54 ) | (0.21 ) | (0.21 ) | (0.19 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.21 ) | (0.43 ) | (0.54 ) | (0.21 ) | (0.21 ) | (0.22 ) |
Net asset value, end of period | $9.40 | $9.60 | $10.35 | $10.93 | $10.22 | $9.89 |
Total return2 | 0.13 % | (3.10 )% | (0.52 )% | 9.10 % | 5.48 % | 2.56 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.08 % | 1.09 % | 1.07 % | 1.29 % | 1.43 % | 1.16 % |
Net expenses | 0.77 % | 0.78 % | 0.78 % | 0.78 % | 0.78 % | 0.77 % |
Net investment income | 4.04 % | 4.12 % | 5.13 % | 2.09 % | 1.79 % | 1.95 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 34 % | 22 % | 31 % | 20 % | 24 % | 39 % |
Net assets, end of period (000s omitted) | $11,580 | $12,861 | $17,713 | $13,825 | $13,196 | $17,716 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.39% |
Year ended May 31, 2023 | 0.39% |
Year ended May 31, 2022 | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.41 | $10.16 | $10.74 | $10.06 | $9.73 | $9.73 |
Net investment income | 0.15 1 | 0.32 1 | 0.47 1 | 0.12 1 | 0.11 1 | 0.10 1 |
Net realized and unrealized gains (losses) on investments | (0.17 ) | (0.71 ) | (0.59 ) | 0.71 | 0.35 | 0.07 |
Total from investment operations | (0.02 ) | (0.39 ) | (0.12 ) | 0.83 | 0.46 | 0.17 |
Distributions to shareholders from | ||||||
Net investment income | (0.17 ) | (0.36 ) | (0.46 ) | (0.15 ) | (0.13 ) | (0.14 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.17 ) | (0.36 ) | (0.46 ) | (0.15 ) | (0.13 ) | (0.17 ) |
Net asset value, end of period | $9.22 | $9.41 | $10.16 | $10.74 | $10.06 | $9.73 |
Total return2 | (0.19 )% | (3.89 )% | (1.26 )% | 8.27 % | 4.77 % | 1.79 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.83 % | 1.84 % | 1.81 % | 2.06 % | 2.18 % | 1.91 % |
Net expenses | 1.52 % | 1.53 % | 1.53 % | 1.53 % | 1.53 % | 1.52 % |
Net investment income | 3.33 % | 3.32 % | 4.42 % | 1.17 % | 1.09 % | 1.08 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 34 % | 22 % | 31 % | 20 % | 24 % | 39 % |
Net assets, end of period (000s omitted) | $719 | $1,380 | $1,709 | $1,195 | $1,714 | $2,553 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.39% |
Year ended May 31, 2023 | 0.39% |
Year ended May 31, 2022 | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.72 | $10.47 | $11.05 | $10.33 | $9.99 | $9.96 |
Net investment income | 0.21 1 | 0.46 1 | 0.63 1 | 0.29 | 0.22 | 0.23 1 |
Net realized and unrealized gains (losses) on investments | (0.18 ) | (0.74 ) | (0.63 ) | 0.69 | 0.37 | 0.06 |
Total from investment operations | 0.03 | (0.28 ) | 0.00 | 0.98 | 0.59 | 0.29 |
Distributions to shareholders from | ||||||
Net investment income | (0.23 ) | (0.47 ) | (0.58 ) | (0.26 ) | (0.25 ) | (0.23 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.23 ) | (0.47 ) | (0.58 ) | (0.26 ) | (0.25 ) | (0.26 ) |
Net asset value, end of period | $9.52 | $9.72 | $10.47 | $11.05 | $10.33 | $9.99 |
Total return2 | 0.32 % | (2.68 )% | (0.15 )% | 9.52 % | 5.94 % | 2.99 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.71 % | 0.71 % | 0.68 % | 0.85 % | 1.05 % | 0.82 % |
Net expenses | 0.40 % | 0.40 % | 0.40 % | 0.40 % | 0.40 % | 0.39 % |
Net investment income | 4.38 % | 4.68 % | 5.68 % | 2.70 % | 2.08 % | 2.34 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 34 % | 22 % | 31 % | 20 % | 24 % | 39 % |
Net assets, end of period (000s omitted) | $27,962 | $15,796 | $14,282 | $36,202 | $18,224 | $14,358 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.39% |
Year ended May 31, 2023 | 0.39% |
Year ended May 31, 2022 | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.81 | $10.55 | $11.12 | $10.38 | $10.03 | $9.99 |
Net investment income | 0.20 1 | 0.42 1 | 0.60 1 | 0.25 1 | 0.20 1 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | (0.18 ) | (0.72 ) | (0.63 ) | 0.71 | 0.36 | 0.06 |
Total from investment operations | 0.02 | (0.30 ) | (0.03 ) | 0.96 | 0.56 | 0.27 |
Distributions to shareholders from | ||||||
Net investment income | (0.21 ) | (0.44 ) | (0.54 ) | (0.22 ) | (0.21 ) | (0.20 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.21 ) | (0.44 ) | (0.54 ) | (0.22 ) | (0.21 ) | (0.23 ) |
Net asset value, end of period | $9.62 | $9.81 | $10.55 | $11.12 | $10.38 | $10.03 |
Total return2 | 0.25 % | (2.87 )% | (0.36 )% | 9.31 % | 5.67 % | 2.78 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.02 % | 1.02 % | 0.99 % | 1.23 % | 1.37 % | 1.10 % |
Net expenses | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.60 % | 0.59 % |
Net investment income | 4.23 % | 4.24 % | 5.42 % | 2.26 % | 1.92 % | 2.15 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 34 % | 22 % | 31 % | 20 % | 24 % | 39 % |
Net assets, end of period (000s omitted) | $8,866 | $13,227 | $15,267 | $13,203 | $13,544 | $13,562 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.39% |
Year ended May 31, 2023 | 0.39% |
Year ended May 31, 2022 | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.71 | $10.47 | $11.05 | $10.33 | $9.99 | $9.97 |
Net investment income | 0.21 1 | 0.44 1 | 0.63 1 | 0.26 | 0.21 | 0.22 |
Net realized and unrealized gains (losses) on investments | (0.17 ) | (0.74 ) | (0.64 ) | 0.71 | 0.37 | 0.05 |
Total from investment operations | 0.04 | (0.30 ) | (0.01 ) | 0.97 | 0.58 | 0.27 |
Distributions to shareholders from | ||||||
Net investment income | (0.23 ) | (0.46 ) | (0.57 ) | (0.25 ) | (0.24 ) | (0.22 ) |
Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.03 ) |
Total distributions to shareholders | (0.23 ) | (0.46 ) | (0.57 ) | (0.25 ) | (0.24 ) | (0.25 ) |
Net asset value, end of period | $9.52 | $9.71 | $10.47 | $11.05 | $10.33 | $9.99 |
Total return2 | 0.40 % | (2.83 )% | (0.19 )% | 9.46 % | 5.88 % | 2.84 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.76 % | 0.76 % | 0.74 % | 0.95 % | 1.10 % | 0.84 % |
Net expenses | 0.45 % | 0.45 % | 0.45 % | 0.45 % | 0.45 % | 0.44 % |
Net investment income | 4.38 % | 4.42 % | 5.76 % | 2.37 % | 2.09 % | 2.20 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 34 % | 22 % | 31 % | 20 % | 24 % | 39 % |
Net assets, end of period (000s omitted) | $24,612 | $36,525 | $43,796 | $10,787 | $10,587 | $11,094 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.39% |
Year ended May 31, 2023 | 0.39% |
Year ended May 31, 2022 | 0.39% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 2020 | 0.39% |
Year ended May 31, 2019 | 0.39% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $0 |
Gross unrealized losses | (2,708,024 ) |
Net unrealized losses | $(2,708,024 ) |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term | $73,613,238 |
Average daily net assets | Management fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.15 % |
Class C | 0.15 |
Class R6 | 0.03 |
Administrator Class | 0.10 |
Institutional Class | 0.08 |
EXPENSE RATIO CAPS | |
Class A | 0.77 % |
Class C | 1.52 |
Class R6 | 0.40 |
Administrator Class | 0.60 |
Institutional Class | 0.45 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$5,703,465 | $15,681,873 | $37,765,614 | $11,761,532 |
Shares | Value | |||||
Common stocks: 6.37% | ||||||
Materials: 1.30% | ||||||
Metals & mining: 1.30% | ||||||
Agnico Eagle Mines Ltd. | 2,401 | $128,901 | ||||
Agnico Eagle Mines Ltd.-U.S. Exchange Traded Shares | 3,900 | 209,430 | ||||
Alamos Gold, Inc. Class A | 12,000 | 177,840 | ||||
Anglogold Ashanti PLC | 2,900 | 55,825 | ||||
Artemis Gold, Inc.† | 10,000 | 50,039 | ||||
B2Gold Corp. | 40,000 | 135,009 | ||||
Barrick Gold Corp. | 12,356 | 217,342 | ||||
Centerra Gold, Inc. | 4,500 | 27,558 | ||||
Dundee Precious Metals, Inc. | 9,800 | 72,365 | ||||
Endeavour Mining plc | 7,980 | 187,187 | ||||
Evolution Mining Ltd. | 5,000 | 13,512 | ||||
Franco-Nevada Corp. | 1,300 | 145,601 | ||||
Gold Fields Ltd. ADR | 12,000 | 183,480 | ||||
Kinross Gold Corp. | 28,000 | 165,076 | ||||
Lundin Gold, Inc. | 11,000 | 132,135 | ||||
MAG Silver Corp.† | 3,500 | 41,733 | ||||
Newmont Corp. | 3,000 | 119,371 | ||||
Newmont Corp. | 4,800 | 192,912 | ||||
Northern Star Resources Ltd. | 14,000 | 117,759 | ||||
OceanaGold Corp. | 14,000 | 24,555 | ||||
Osisko Gold Royalties Ltd. | 1,500 | 21,976 | ||||
Osisko Mining, Inc.† | 4,000 | 8,401 | ||||
Pan American Silver Corp. | 479 | 7,505 | ||||
Pan American Silver Corp.-U.S. Exchange Traded Shares | 4,500 | 70,470 | ||||
Royal Gold, Inc. | 1,500 | 182,700 | ||||
SilverCrest Metals, Inc.† | 4,000 | 26,029 | ||||
SSR Mining, Inc.-U.S. Exchange Traded Shares | 4,000 | 47,200 | ||||
Torex Gold Resources, Inc.† | 5,000 | 53,797 | ||||
Triple Flag Precious Metals Corp. | 2,000 | 27,916 | ||||
Wheaton Precious Metals Corp. | 4,600 | 224,924 | ||||
3,068,548 | ||||||
Real estate: 5.07% | ||||||
Health care REITs: 0.32% | ||||||
Welltower, Inc. | 8,385 | 747,104 | ||||
Industrial REITs : 0.76% | ||||||
Prologis, Inc. | 11,261 | 1,294,227 | ||||
Terreno Realty Corp. | 8,552 | 488,404 | ||||
1,782,631 | ||||||
Office REITs : 0.17% | ||||||
Alexandria Real Estate Equities, Inc. | 3,661 | 400,513 | ||||
Residential REITs : 1.12% | ||||||
American Homes 4 Rent Class A | 12,635 | 458,272 | ||||
Apartment Income REIT Corp. | 10,892 | 338,959 |
Shares | Value | |||||
Residential REITs (continued) | ||||||
Camden Property Trust | 3,392 | $306,162 | ||||
Invitation Homes, Inc. | 13,339 | 444,989 | ||||
Mid-America Apartment Communities, Inc. | 2,628 | 327,133 | ||||
Sun Communities, Inc. | 5,912 | 764,658 | ||||
2,640,173 | ||||||
Retail REITs : 0.28% | ||||||
Federal Realty Investment Trust | 3,150 | 301,109 | ||||
Simon Property Group, Inc. | 2,980 | 372,172 | ||||
673,281 | ||||||
Specialized REITs : 2.42% | ||||||
American Tower Corp. | 6,844 | 1,428,890 | ||||
Equinix, Inc. | 1,789 | 1,458,053 | ||||
Extra Space Storage, Inc. | 5,010 | 652,152 | ||||
Four Corners Property Trust, Inc. | 18,984 | 436,442 | ||||
Gaming & Leisure Properties, Inc. | 7,593 | 354,821 | ||||
SBA Communications Corp. | 3,509 | 866,583 | ||||
VICI Properties, Inc. | 16,562 | 495,038 | ||||
5,691,979 | ||||||
Total common stocks (Cost $11,747,712) | 15,004,229 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 7.38% | ||||||
Basic materials: 0.08% | ||||||
Iron/steel: 0.08% | ||||||
Cleveland-Cliffs, Inc.144A | 6.75 % | 3-15-2026 | $ | 195,000 | 195,265 | |
Communications: 0.48% | ||||||
Internet: 0.09% | ||||||
Arches Buyer, Inc.144A | 4.25 | 6-1-2028 | 250,000 | 217,822 | ||
Media: 0.39% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.13 | 5-1-2027 | 300,000 | 285,437 | ||
Gray Television, Inc.144A | 5.88 | 7-15-2026 | 230,000 | 215,050 | ||
Sirius XM Radio, Inc.144A | 5.00 | 8-1-2027 | 437,000 | 415,189 | ||
915,676 | ||||||
Consumer, cyclical: 2.62% | ||||||
Airlines: 0.42% | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50 | 4-20-2026 | 280,833 | 276,469 | ||
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class A | 3.90 | 7-15-2027 | 159,845 | 136,545 | ||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.144A | 5.75 | 1-20-2026 | 327,000 | 260,124 | ||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.144A | 6.50 | 6-20-2027 | 142,500 | 141,715 | ||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.144A | 8.00 | 9-20-2025 | 255,000 | 187,130 | ||
1,001,983 |
Interest rate | Maturity date | Principal | Value | |||
Apparel: 0.13% | ||||||
Hanesbrands, Inc.144A | 4.88 % | 5-15-2026 | $ | 200,000 | $188,458 | |
Michael Kors USA, Inc.144A | 4.25 | 11-1-2024 | 110,000 | 107,666 | ||
296,124 | ||||||
Auto manufacturers: 0.08% | ||||||
Ford Motor Credit Co. LLC | 4.13 | 8-17-2027 | 200,000 | 184,824 | ||
Auto parts & equipment: 0.09% | ||||||
Adient Global Holdings Ltd.144A | 4.88 | 8-15-2026 | 220,000 | 211,805 | ||
Distribution/wholesale: 0.14% | ||||||
G-III Apparel Group Ltd.144A | 7.88 | 8-15-2025 | 330,000 | 328,233 | ||
Entertainment: 0.93% | ||||||
CCM Merger, Inc.144A | 6.38 | 5-1-2026 | 145,000 | 139,213 | ||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op144A | 5.50 | 5-1-2025 | 375,000 | 373,401 | ||
Churchill Downs, Inc.144A | 5.50 | 4-1-2027 | 360,000 | 347,374 | ||
Cinemark USA, Inc.144A | 5.88 | 3-15-2026 | 105,000 | 101,870 | ||
Cinemark USA, Inc.144A | 8.75 | 5-1-2025 | 252,000 | 253,890 | ||
Live Nation Entertainment, Inc.144A | 6.50 | 5-15-2027 | 335,000 | 334,902 | ||
SeaWorld Parks & Entertainment, Inc.144A | 8.75 | 5-1-2025 | 250,000 | 252,866 | ||
Six Flags Theme Parks, Inc.144A | 7.00 | 7-1-2025 | 380,000 | 381,315 | ||
2,184,831 | ||||||
Home builders: 0.23% | ||||||
Tri Pointe Group, Inc./Tri Pointe Homes, Inc. | 5.88 | 6-15-2024 | 535,000 | 530,987 | ||
Housewares: 0.20% | ||||||
Newell Brands, Inc. | 5.20 | 4-1-2026 | 490,000 | 473,021 | ||
Leisure time: 0.23% | ||||||
Carnival Holdings Bermuda Ltd.144A | 10.38 | 5-1-2028 | 180,000 | 195,732 | ||
NCL Corp. Ltd.144A | 8.13 | 1-15-2029 | 45,000 | 45,822 | ||
NCL Corp. Ltd.144A | 8.38 | 2-1-2028 | 295,000 | 305,161 | ||
546,715 | ||||||
Retail: 0.17% | ||||||
Bath & Body Works, Inc.144A | 9.38 | 7-1-2025 | 294,000 | 307,205 | ||
Dave & Buster’s, Inc.144A | 7.63 | 11-1-2025 | 100,000 | 100,277 | ||
407,482 | ||||||
Consumer, non-cyclical: 0.88% | ||||||
Commercial services: 0.64% | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A | 6.63 | 7-15-2026 | 155,000 | 150,611 | ||
CoreCivic, Inc. | 8.25 | 4-15-2026 | 790,000 | 805,725 | ||
Prime Security Services Borrower LLC/Prime Finance, Inc.144A | 5.75 | 4-15-2026 | 320,000 | 316,503 | ||
Sabre Global, Inc.144A | 11.25 | 12-15-2027 | 265,000 | 240,110 | ||
1,512,949 |
Interest rate | Maturity date | Principal | Value | |||
Food: 0.24% | ||||||
B&G Foods, Inc.144A | 8.00 % | 9-15-2028 | $ | 195,000 | $199,291 | |
Performance Food Group, Inc.144A | 6.88 | 5-1-2025 | 355,000 | 355,186 | ||
554,477 | ||||||
Energy: 1.06% | ||||||
Energy-alternate sources: 0.04% | ||||||
TerraForm Power Operating LLC144A | 5.00 | 1-31-2028 | 100,000 | 94,750 | ||
Oil & gas: 0.33% | ||||||
Aethon United BR LP/Aethon United Finance Corp.144A | 8.25 | 2-15-2026 | 145,000 | 145,725 | ||
Antero Resources Corp.144A | 8.38 | 7-15-2026 | 390,000 | 402,658 | ||
Nabors Industries, Inc.144A | 7.38 | 5-15-2027 | 140,000 | 135,362 | ||
Range Resources Corp. | 8.25 | 1-15-2029 | 90,000 | 93,268 | ||
777,013 | ||||||
Oil & gas services: 0.20% | ||||||
Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.88 | 4-1-2027 | 30,000 | 29,726 | ||
Oceaneering International, Inc.144A | 6.00 | 2-1-2028 | 325,000 | 315,113 | ||
USA Compression Partners LP/USA Compression Finance Corp. | 6.88 | 4-1-2026 | 130,000 | 129,266 | ||
474,105 | ||||||
Pipelines: 0.49% | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A | 7.88 | 5-15-2026 | 105,000 | 107,060 | ||
Buckeye Partners LP144A | 4.13 | 3-1-2025 | 35,000 | 34,091 | ||
EQM Midstream Partners LP | 4.00 | 8-1-2024 | 65,000 | 63,636 | ||
Hess Midstream Operations LP144A | 5.63 | 2-15-2026 | 225,000 | 222,188 | ||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | 3-1-2027 | 360,000 | 346,230 | ||
Venture Global LNG, Inc.144A | 8.13 | 6-1-2028 | 380,000 | 376,757 | ||
1,149,962 | ||||||
Financial: 0.96% | ||||||
Diversified financial services: 0.60% | ||||||
Enact Holdings, Inc.144A | 6.50 | 8-15-2025 | 405,000 | 400,034 | ||
Nationstar Mortgage Holdings, Inc.144A | 6.00 | 1-15-2027 | 215,000 | 207,475 | ||
OneMain Finance Corp. | 3.50 | 1-15-2027 | 120,000 | 107,229 | ||
OneMain Finance Corp. | 6.13 | 3-15-2024 | 237,000 | 236,650 | ||
PRA Group, Inc.144A | 7.38 | 9-1-2025 | 145,000 | 139,287 | ||
United Wholesale Mortgage LLC144A | 5.50 | 11-15-2025 | 325,000 | 315,957 | ||
1,406,632 | ||||||
REITS: 0.36% | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.144A | 5.25 | 10-1-2025 | 475,000 | 458,912 | ||
MPT Operating Partnership LP/MPT Finance Corp. | 5.25 | 8-1-2026 | 107,000 | 93,105 | ||
Service Properties Trust | 4.35 | 10-1-2024 | 95,000 | 94,895 | ||
Service Properties Trust | 7.50 | 9-15-2025 | 210,000 | 210,852 | ||
857,764 |
Interest rate | Maturity date | Principal | Value | |||
Industrial: 1.03% | ||||||
Aerospace/defense: 0.28% | ||||||
TransDigm, Inc.144A | 6.25 % | 3-15-2026 | $ | 670,000 | $665,377 | |
Electrical components & equipment: 0.25% | ||||||
WESCO Distribution, Inc.144A | 7.13 | 6-15-2025 | 575,000 | 575,818 | ||
Machinery-diversified: 0.08% | ||||||
TK Elevator U.S. Newco, Inc.144A | 5.25 | 7-15-2027 | 200,000 | 190,018 | ||
Packaging & containers: 0.21% | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC144A | 6.00 | 6-15-2027 | 305,000 | 296,002 | ||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.144A | 5.25 | 4-30-2025 | 200,000 | 194,897 | ||
490,899 | ||||||
Trucking & leasing: 0.21% | ||||||
Fortress Transportation & Infrastructure Investors LLC144A | 6.50 | 10-1-2025 | 505,000 | 501,614 | ||
Utilities: 0.27% | ||||||
Electric: 0.27% | ||||||
NSG Holdings LLC/NSG Holdings, Inc.144A | 7.75 | 12-15-2025 | 231,502 | 231,178 | ||
Vistra Operations Co. LLC144A | 5.63 | 2-15-2027 | 412,000 | 400,757 | ||
631,935 | ||||||
Total corporate bonds and notes (Cost $17,727,322) | 17,378,081 | |||||
Loans: 0.51% | ||||||
Communications: 0.05% | ||||||
Media: 0.05% | ||||||
DirecTV Financing LLC (U.S. SOFR 1 Month+5.00%)± | 10.46 | 8-2-2027 | 121,721 | 119,601 | ||
Consumer, cyclical: 0.25% | ||||||
Airlines: 0.13% | ||||||
Mileage Plus Holdings LLC (U.S. SOFR 3 Month+5.25%)± | 10.80 | 6-21-2027 | 127,500 | 131,277 | ||
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 9.17 | 10-20-2027 | 172,000 | 175,591 | ||
306,868 | ||||||
Entertainment: 0.06% | ||||||
SeaWorld Parks & Entertainment, Inc. (U.S. SOFR 1 Month+3.00%)± | 8.46 | 8-25-2028 | 146,617 | 146,397 | ||
Leisure time: 0.06% | ||||||
Carnival Corp. (U.S. SOFR 1 Month+3.00%)± | 8.32 | 8-8-2027 | 149,625 | 148,627 | ||
Consumer, non-cyclical: 0.06% | ||||||
Commercial services: 0.06% | ||||||
Geo Group, Inc. (U.S. SOFR 1 Month+7.13%)± | 12.47 | 3-23-2027 | 130,542 | 132,540 | ||
Energy: 0.06% | ||||||
Pipelines: 0.06% | ||||||
GIP II Blue Holding LP (U.S. SOFR 1 Month+4.50%)± | 9.96 | 9-29-2028 | 132,501 | 132,629 |
Interest rate | Maturity date | Principal | Value | |||
Financial: 0.04% | ||||||
Insurance: 0.04% | ||||||
Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 8.71 % | 12-23-2026 | $ | 104,320 | $102,796 | |
Utilities: 0.05% | ||||||
Electric: 0.05% | ||||||
Constellation Renewables LLC (U.S. SOFR 3 Month+2.50%)± | 8.15 | 12-15-2027 | 114,242 | 113,892 | ||
Total loans (Cost $1,207,265) | 1,203,350 | |||||
U.S. Treasury securities: 19.81% | ||||||
TIPS | 0.13 | 4-15-2025 | 113,192 | 108,474 | ||
TIPS | 0.13 | 4-15-2026 | 4,975,852 | 4,688,510 | ||
TIPS | 0.13 | 7-15-2026 | 4,359,010 | 4,109,502 | ||
TIPS | 0.13 | 4-15-2027 | 11,511 | 10,661 | ||
TIPS | 0.13 | 1-15-2030 | 5,024,040 | 4,435,743 | ||
TIPS | 0.13 | 7-15-2030 | 4,537,399 | 3,987,594 | ||
TIPS | 0.13 | 1-15-2031 | 496,553 | 430,343 | ||
TIPS | 0.25 | 7-15-2029 | 2,472,514 | 2,229,585 | ||
TIPS | 0.25 | 2-15-2050 | 191,533 | 116,351 | ||
TIPS | 0.63 | 1-15-2026 | 4,060,577 | 3,887,791 | ||
TIPS | 0.88 | 1-15-2029 | 3,315,272 | 3,104,787 | ||
TIPS | 1.00 | 2-15-2048 | 1,429,017 | 1,084,378 | ||
TIPS | 1.00 | 2-15-2049 | 1,486,006 | 1,122,457 | ||
TIPS | 1.38 | 7-15-2033 | 4,311,804 | 4,037,095 | ||
TIPS | 1.38 | 2-15-2044 | 1,426,183 | 1,209,456 | ||
TIPS | 1.50 | 2-15-2053 | 1,237,255 | 1,050,435 | ||
TIPS | 1.63 | 10-15-2027 | 4,275,238 | 4,178,335 | ||
TIPS | 2.13 | 2-15-2040 | 1,366,954 | 1,346,102 | ||
TIPS | 2.13 | 2-15-2041 | 1,890,223 | 1,860,393 | ||
TIPS | 2.38 | 1-15-2025 | 3,592,006 | 3,550,614 | ||
TIPS | 3.88 | 4-15-2029 | 112,327 | 121,506 | ||
Total U.S. Treasury securities (Cost $51,827,923) | 46,670,112 | |||||
Yankee corporate bonds and notes: 1.24% | ||||||
Consumer, cyclical: 0.50% | ||||||
Airlines: 0.22% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | 7-15-2026 | 475,000 | 504,688 | ||
Leisure time: 0.28% | ||||||
Carnival Corp.144A | 7.63 | 3-1-2026 | 200,000 | 201,104 | ||
Royal Caribbean Cruises Ltd.144A | 5.38 | 7-15-2027 | 485,000 | 466,623 | ||
667,727 | ||||||
Consumer, non-cyclical: 0.16% | ||||||
Pharmaceuticals: 0.16% | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 379,000 | 377,770 |
Interest rate | Maturity date | Principal | Value | |||
Energy: 0.24% | ||||||
Pipelines: 0.24% | ||||||
Northriver Midstream Finance LP144A | 5.63 % | 2-15-2026 | $ | 580,000 | $564,050 | |
Financial: 0.10% | ||||||
Diversified financial services: 0.10% | ||||||
Macquarie Airfinance Holdings Ltd.144A | 8.38 | 5-1-2028 | 225,000 | 230,670 | ||
Industrial: 0.04% | ||||||
Aerospace/defense: 0.04% | ||||||
Bombardier, Inc.144A | 7.13 | 6-15-2026 | 101,000 | 100,991 | ||
Utilities: 0.20% | ||||||
Electric: 0.20% | ||||||
Drax Finco PLC144A | 6.63 | 11-1-2025 | 485,000 | 479,229 | ||
Total yankee corporate bonds and notes (Cost $2,938,942) | 2,925,125 |
Yield | Shares | |||||
Short-term investments: 64.11% | ||||||
Investment companies: 64.11% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 | 151,041,184 | 151,041,184 | |||
Total short-term investments (Cost $151,041,184) | 151,041,184 | |||||
Total investments in securities (Cost $236,490,348) | 99.42 % | 234,222,081 | ||||
Other assets and liabilities, net | 0.58 | 1,368,985 | ||||
Total net assets | 100.00 % | $235,591,066 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
♠ | 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 |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
TIPS | Treasury Inflation-Protected Securities |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $2,535,840 | $193,749,400 | $(45,244,056 ) | $0 | $0 | $151,041,184 | 151,041,184 | $134,466 |
Assets | |
Investments in unaffiliated securities, at value (cost $85,449,164) | $83,180,897 |
Investments in affiliated securities, at value (cost $151,041,184) | 151,041,184 |
Cash | 81,918 |
Cash at broker segregated for futures contracts | 335,998 |
Foreign currency, at value (cost $20,832) | 21,339 |
Receivable for dividends and interest | 651,116 |
Receivable for investments sold | 421,886 |
Prepaid expenses and other assets | 1,737 |
Total assets | 235,736,075 |
Liabilities | |
Advisory fee payable | 61,521 |
Payable for investments purchased | 29,700 |
Professional fees payable | 23,952 |
Custody and accounting fees payable | 18,766 |
Interest holder report expenses payable | 10,256 |
Trustees’ fees and expenses payable | 814 |
Total liabilities | 145,009 |
Total net assets | $235,591,066 |
Investment income | |
Interest | $4,579,218 |
Dividends (net of foreign withholdings taxes of $5,760) | 392,543 |
Income from affiliated securities | 134,466 |
Total investment income | 5,106,227 |
Expenses | |
Advisory fee | 430,111 |
Custody and accounting fees | 4,772 |
Professional fees | 35,052 |
Interest holder report expenses | 156 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 5,657 |
Total expenses | 487,674 |
Less: Fee waivers and/or expense reimbursements | (68,315 ) |
Net expenses | 419,359 |
Net investment income | 4,686,868 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (8,802,117 ) |
Foreign currency and foreign currency translations | (623 ) |
Futures contracts | 60,030 |
Net realized losses on investments | (8,742,710 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 4,849,663 |
Foreign currency and foreign currency translations | 892 |
Futures contracts | 35,584 |
Net change in unrealized gains (losses) on investments | 4,886,139 |
Net realized and unrealized gains (losses) on investments | (3,856,571 ) |
Net increase in net assets resulting from operations | $830,297 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $4,686,868 | $9,604,298 | ||
Net realized gains (losses) on investments | (8,742,710 ) | 529,750 | ||
Net change in unrealized gains (losses) on investments | 4,886,139 | (16,005,461 ) | ||
Net increase (decrease) in net assets resulting from operations | 830,297 | (5,871,413 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 58,111,201 | 41,232,899 | ||
Withdrawals | (35,110,960 ) | (55,196,249 ) | ||
Net increase (decrease) in net assets resulting from capital transactions | 23,000,241 | (13,963,350 ) | ||
Total increase (decrease) in net assets | 23,830,538 | (19,834,763 ) | ||
Net assets | ||||
Beginning of period | 211,760,528 | 231,595,291 | ||
End of period | $235,591,066 | $211,760,528 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | 0.35 % | (2.73 )% | (0.14 )% | 9.58 % | 5.92 % | 2.99 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.45 % | 0.49 % | 0.48 % | 0.47 % | 0.45 % | 0.45 % |
Net expenses2 | 0.39 % | 0.39 % | 0.39 % | 0.39 % | 0.39 % | 0.40 % |
Net investment income | 4.36 % | 4.45 % | 5.54 % | 2.57 % | 2.16 % | 2.29 % |
Supplemental data | ||||||
Portfolio turnover rate | 34 % | 22 % | 31 % | 20 % | 24 % | 39 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $4,076,014 |
Gross unrealized losses | (6,167,613 ) |
Net unrealized losses | $(2,091,599 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Materials | $3,068,548 | $0 | $0 | $3,068,548 |
Real estate | 11,935,681 | 0 | 0 | 11,935,681 |
Corporate bonds and notes | 0 | 17,378,081 | 0 | 17,378,081 |
Loans | 0 | 1,203,350 | 0 | 1,203,350 |
U.S. Treasury securities | 46,670,112 | 0 | 0 | 46,670,112 |
Yankee corporate bonds and notes | 0 | 2,925,125 | 0 | 2,925,125 |
Short-term investments | ||||
Investment companies | 151,041,184 | 0 | 0 | 151,041,184 |
Total assets | $212,715,525 | $21,506,556 | $0 | $234,222,081 |
Average daily net assets | Advisory fee |
First $500 million | 0.400 % |
Next $500 million | 0.375 |
Next $2 billion | 0.350 |
Next $2 billion | 0.325 |
Next $5 billion | 0.300 |
Over $10 billion | 0.290 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$16,985,399 | $50,328,087 | $112,469,177 | $44,739,296 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR1753 11-23
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Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser for the affiliated master portfolio* | Peregrine Capital Management, LLC |
Portfolio managers | William A. Grierson, CFA, Paul E. von Kuster, CFA, Allison Lewis, CFA†, Ryan H. Smith, CFA, Samuel D. Smith, CFA |
Average annual total returns (%) as of November 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WFSAX) | 1-30-2004 | -3.73 | 4.33 | 6.35 | 2.14 | 5.58 | 6.99 | 1.35 | 1.28 |
Class C (WSMCX) | 1-30-2004 | 0.33 | 4.80 | 6.36 | 1.33 | 4.80 | 6.36 | 2.10 | 2.03 |
Class R6 (WSCRX)3 | 10-31-2014 | – | – | – | 2.55 | 6.03 | 7.45 | 0.93 | 0.86 |
Administrator Class (NVSCX) | 11-11-1994 | – | – | – | 2.23 | 5.69 | 7.13 | 1.28 | 1.19 |
Institutional Class (WSCGX) | 3-31-2008 | – | – | – | 2.46 | 5.95 | 7.39 | 1.03 | 0.94 |
Russell 3000® Index4 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Russell 2000® Growth Index5 | – | – | – | – | -0.83 | 4.16 | 6.17 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.28% for Class A, 2.03% for Class C, 0.86% for Class R6, 1.19% for Administrator Class and 0.94% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
5 | The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
† | Ms. Lewis became a portfolio manager of the Fund on June 30, 2023. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
PTC, Inc. | 1.72 |
ICON PLC | 1.68 |
e.l.f. Beauty, Inc. | 1.65 |
Element Solutions, Inc. | 1.61 |
International Game Technology PLC | 1.58 |
FTI Consulting, Inc. | 1.57 |
ICF International, Inc. | 1.56 |
SS&C Technologies Holdings, Inc. | 1.38 |
Avantor, Inc. | 1.37 |
ASGN, Inc. | 1.36 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20231 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1, 2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,019.00 | $6.46 | 1.28 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.60 | $6.46 | 1.28 % |
Class C | ||||
Actual | $1,000.00 | $1,014.60 | $10.22 | 2.03 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.85 | $10.23 | 2.03 % |
Class R6 | ||||
Actual | $1,000.00 | $1,021.10 | $4.35 | 0.86 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.70 | $4.34 | 0.86 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,019.40 | $6.01 | 1.19 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $6.01 | 1.19 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,020.40 | $4.75 | 0.94 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.30 | $4.75 | 0.94 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
2 | Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests. |
Value | ||||||
Investment companies: 99.94% | ||||||
Affiliated master portfolio: 99.94% | ||||||
Allspring Small Company Growth Portfolio | $463,365,171 | |||||
Total investment companies (Cost $356,675,551) | 463,365,171 | |||||
Total investments in securities (Cost $356,675,551) | 99.94 % | 463,365,171 | ||||
Other assets and liabilities, net | 0.06 | 291,803 | ||||
Total net assets | 100.00 % | $463,656,974 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Affiliated Income Allocated from affiliated Master Portfolio | Value, end of period | |
Allspring Small Company Growth Portfolio | 97.57 % | 96.41 % | $30,751,634 | $(12,381,926 ) | $1,451,302 | $367 | $478,101 | $463,365,171 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $356,675,551) | $463,365,171 |
Receivable for Fund shares sold | 1,168,349 |
Receivable from manager | 13,867 |
Prepaid expenses and other assets | 73,307 |
Total assets | 464,620,694 |
Liabilities | |
Payable for Fund shares redeemed | 816,605 |
Administration fees payable | 55,439 |
Trustees’ fees and expenses payable | 1,089 |
Distribution fee payable | 740 |
Accrued expenses and other liabilities | 89,847 |
Total liabilities | 963,720 |
Total net assets | $463,656,974 |
Net assets consist of | |
Paid-in capital | $324,880,457 |
Total distributable earnings | 138,776,517 |
Total net assets | $463,656,974 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $40,703,797 |
Shares outstanding–Class A1 | 1,435,425 |
Net asset value per share–Class A | $28.36 |
Maximum offering price per share – Class A2 | $30.09 |
Net assets–Class C | $1,265,496 |
Shares outstanding–Class C1 | 67,599 |
Net asset value per share–Class C | $18.72 |
Net assets–Class R6 | $123,116,413 |
Shares outstanding–Class R61 | 3,588,759 |
Net asset value per share–Class R6 | $34.31 |
Net assets–Administrator Class | $39,489,557 |
Shares outstanding–Administrator Class1 | 1,255,819 |
Net asset value per share–Administrator Class | $31.45 |
Net assets–Institutional Class | $259,081,711 |
Shares outstanding–Institutional Class1 | 7,633,494 |
Net asset value per share–Institutional Class | $33.94 |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $4,391) | $1,451,302 |
Affiliated income allocated from affiliated Master Portfolio | 478,101 |
Interest allocated from affiliated Master Portfolio | 367 |
Expenses allocated from affiliated Master Portfolio | (2,770,161 ) |
Total investment income | (840,391 ) |
Expenses | |
Management fee | 170,935 |
Administration fees | |
Class A | 34,366 |
Class C | 1,816 |
Class R6 | 28,014 |
Administrator Class | 26,587 |
Institutional Class | 273,099 |
Shareholder servicing fees | |
Class A | 42,650 |
Class C | 2,233 |
Administrator Class | 51,129 |
Distribution fee | |
Class C | 6,568 |
Custody and accounting fees | 18 |
Professional fees | 21,208 |
Registration fees | 20,172 |
Shareholder report expenses | 26,292 |
Trustees’ fees and expenses | 12,012 |
Other fees and expenses | 3,561 |
Total expenses | 720,660 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (174,476 ) |
Class A | (1,050 ) |
Administrator Class | (5,164 ) |
Institutional Class | (52,457 ) |
Net expenses | 487,513 |
Net investment loss | (1,327,904 ) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments allocated from affiliated Master Portfolio | 30,751,634 |
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | (12,381,926 ) |
Net realized and unrealized gains (losses) on investments | 18,369,708 |
Net increase in net assets resulting from operations | $17,041,804 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment loss | $(1,327,904 ) | $(3,139,615 ) | ||
Net realized gains on investments | 30,751,634 | 29,634,010 | ||
Net change in unrealized gains (losses) on investments | (12,381,926 ) | (31,050,649 ) | ||
Net increase (decrease) in net assets resulting from operations | 17,041,804 | (4,556,254 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (2,956,608 ) | ||
Class C | 0 | (524,720 ) | ||
Class R6 | 0 | (18,290,276 ) | ||
Administrator Class | 0 | (3,736,177 ) | ||
Institutional Class | 0 | (31,910,643 ) | ||
Total distributions to shareholders | 0 | (57,418,424 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 566,233 | 16,090,197 | 226,653 | 6,618,593 |
Class C | 2,358 | 45,977 | 8,202 | 151,573 |
Class R6 | 621,320 | 22,059,080 | 939,968 | 32,682,134 |
Administrator Class | 60,858 | 1,966,976 | 179,672 | 5,855,715 |
Institutional Class | 2,234,269 | 76,540,918 | 5,808,569 | 199,389,086 |
116,703,148 | 244,697,101 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 94,538 | 2,624,367 |
Class C | 0 | 0 | 27,185 | 501,841 |
Class R6 | 0 | 0 | 535,212 | 17,897,479 |
Administrator Class | 0 | 0 | 121,376 | 3,732,301 |
Institutional Class | 0 | 0 | 460,271 | 15,239,567 |
0 | 39,995,555 | |||
Payment for shares redeemed | ||||
Class A | (165,980 ) | (4,758,176 ) | (637,477 ) | (18,452,346 ) |
Class C | (59,692 ) | (1,130,145 ) | (188,144 ) | (3,694,553 ) |
Class R6 | (3,543,766 ) | (125,855,391 ) | (1,131,878 ) | (39,699,243 ) |
Administrator Class | (111,021 ) | (3,544,640 ) | (242,658 ) | (7,818,670 ) |
Institutional Class | (6,961,266 ) | (236,074,935 ) | (7,571,990 ) | (262,535,497 ) |
(371,363,287 ) | (332,200,309 ) | |||
Net decrease in net assets resulting from capital share transactions | (254,660,139 ) | (47,507,653 ) | ||
Total decrease in net assets | (237,618,335 ) | (109,482,331 ) | ||
Net assets | ||||
Beginning of period | 701,275,309 | 810,757,640 | ||
End of period | $463,656,974 | $701,275,309 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $27.83 | $30.93 | $61.44 | $46.62 | $48.98 | $56.66 |
Net investment loss | (0.09 )1 | (0.23 )1 | (0.47 )1 | (0.47 )1 | (0.34 )1 | (0.36 ) |
Net realized and unrealized gains (losses) on investments | 0.62 | 0.15 | (5.55 ) | 24.27 | 2.49 | (3.22 ) |
Total from investment operations | 0.53 | (0.08 ) | (6.02 ) | 23.80 | 2.15 | (3.58 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (3.02 ) | (24.49 ) | (8.98 ) | (4.51 ) | (4.10 ) |
Net asset value, end of period | $28.36 | $27.83 | $30.93 | $61.44 | $46.62 | $48.98 |
Total return2 | 1.90 % | (0.22 )% | (16.59 )% | 53.84 % | 3.70 % | (6.13 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.34 % | 1.36 % | 1.34 % | 1.33 % | 1.32 % | 1.31 % |
Net expenses | 1.28 % | 1.29 % | 1.29 % | 1.29 % | 1.32 % | 1.31 % |
Net investment loss | (0.66 )% | (0.78 )% | (1.04 )% | (0.85 )% | (0.69 )% | (0.63 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 26 % | 37 % | 61 % | 44 % | 41 % | 54 % |
Net assets, end of period (000s omitted) | $40,704 | $28,813 | $41,795 | $44,249 | $36,534 | $64,182 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.81% |
Year ended May 31, 2023 | 0.82% |
Year ended May 31, 2022 | 0.81% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $18.45 | $21.67 | $50.65 | $39.84 | $42.75 | $50.38 |
Net investment loss | (0.14 )1 | (0.32 )1 | (0.60 )1 | (0.75 )1 | (0.61 )1 | (0.66 )1 |
Net realized and unrealized gains (losses) on investments | 0.41 | 0.12 | (3.89 ) | 20.54 | 2.21 | (2.87 ) |
Total from investment operations | 0.27 | (0.20 ) | (4.49 ) | 19.79 | 1.60 | (3.53 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (3.02 ) | (24.49 ) | (8.98 ) | (4.51 ) | (4.10 ) |
Net asset value, end of period | $18.72 | $18.45 | $21.67 | $50.65 | $39.84 | $42.75 |
Total return2 | 1.46 % | (0.92 )% | (17.25 )% | 52.86 % | 2.92 % | (6.82 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.06 % | 2.09 % | 2.08 % | 2.08 % | 2.07 % | 2.06 % |
Net expenses | 2.03 % | 2.04 % | 2.04 % | 2.04 % | 2.07 % | 2.06 % |
Net investment loss | (1.46 )% | (1.56 )% | (1.71 )% | (1.60 )% | (1.44 )% | (1.38 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 26 % | 37 % | 61 % | 44 % | 41 % | 54 % |
Net assets, end of period (000s omitted) | $1,265 | $2,305 | $6,018 | $9,235 | $9,336 | $13,968 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.81% |
Year ended May 31, 2023 | 0.82% |
Year ended May 31, 2022 | 0.81% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $33.60 | $36.55 | $67.95 | $50.64 | $52.65 | $60.31 |
Net investment loss | (0.05 )1 | (0.12 )1 | (0.26 )1 | (0.17 ) | (0.14 )1 | (0.12 ) |
Net realized and unrealized gains (losses) on investments | 0.76 | 0.19 | (6.65 ) | 26.46 | 2.64 | (3.44 ) |
Total from investment operations | 0.71 | 0.07 | (6.91 ) | 26.29 | 2.50 | (3.56 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (3.02 ) | (24.49 ) | (8.98 ) | (4.51 ) | (4.10 ) |
Net asset value, end of period | $34.31 | $33.60 | $36.55 | $67.95 | $50.64 | $52.65 |
Total return2 | 2.11 % | 0.24 % | (16.24 )% | 54.53 % | 4.12 % | (5.73 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.91 % | 0.92 % | 0.91 % | 0.90 % | 0.90 % | 0.88 % |
Net expenses | 0.86 % | 0.86 % | 0.86 % | 0.86 % | 0.89 % | 0.88 % |
Net investment loss | (0.28 )% | (0.35 )% | (0.48 )% | (0.41 )% | (0.27 )% | (0.20 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 26 % | 37 % | 61 % | 44 % | 41 % | 54 % |
Net assets, end of period (000s omitted) | $123,116 | $218,785 | $225,464 | $407,311 | $462,050 | $564,516 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.81% |
Year ended May 31, 2023 | 0.82% |
Year ended May 31, 2022 | 0.81% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $30.85 | $33.92 | $64.98 | $48.87 | $51.10 | $58.85 |
Net investment loss | (0.09 )1 | (0.22 )1 | (0.47 )1 | (0.44 )1 | (0.29 )1 | (0.29 )1 |
Net realized and unrealized gains (losses) on investments | 0.69 | 0.17 | (6.10 ) | 25.53 | 2.57 | (3.36 ) |
Total from investment operations | 0.60 | (0.05 ) | (6.57 ) | 25.09 | 2.28 | (3.65 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (3.02 ) | (24.49 ) | (8.98 ) | (4.51 ) | (4.10 ) |
Net asset value, end of period | $31.45 | $30.85 | $33.92 | $64.98 | $48.87 | $51.10 |
Total return2 | 1.94 % | (0.11 )% | (16.52 )% | 54.02 % | 3.80 % | (6.02 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.27 % | 1.27 % | 1.26 % | 1.25 % | 1.24 % | 1.23 % |
Net expenses | 1.19 % | 1.19 % | 1.19 % | 1.19 % | 1.20 % | 1.20 % |
Net investment loss | (0.59 )% | (0.68 )% | (0.93 )% | (0.74 )% | (0.57 )% | (0.51 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 26 % | 37 % | 61 % | 44 % | 41 % | 54 % |
Net assets, end of period (000s omitted) | $39,490 | $40,293 | $42,317 | $62,092 | $55,917 | $87,850 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.81% |
Year ended May 31, 2023 | 0.82% |
Year ended May 31, 2022 | 0.81% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $33.26 | $36.24 | $67.62 | $50.47 | $52.51 | $60.20 |
Net investment loss | (0.07 )1 | (0.15 )1 | (0.27 )1 | (0.29 ) | (0.17 )1 | (0.15 ) |
Net realized and unrealized gains (losses) on investments | 0.75 | 0.19 | (6.62 ) | 26.42 | 2.64 | (3.44 ) |
Total from investment operations | 0.68 | 0.04 | (6.89 ) | 26.13 | 2.47 | (3.59 ) |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (3.02 ) | (24.49 ) | (8.98 ) | (4.51 ) | (4.10 ) |
Net asset value, end of period | $33.94 | $33.26 | $36.24 | $67.62 | $50.47 | $52.51 |
Total return2 | 2.04 % | 0.16 % | (16.31 )% | 54.39 % | 4.07 % | (5.77 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.01 % | 1.03 % | 1.01 % | 1.00 % | 1.00 % | 0.98 % |
Net expenses | 0.94 % | 0.94 % | 0.94 % | 0.94 % | 0.95 % | 0.95 % |
Net investment loss | (0.39 )% | (0.43 )% | (0.51 )% | (0.49 )% | (0.32 )% | (0.26 )% |
Supplemental data | ||||||
Portfolio turnover rate3 | 26 % | 37 % | 61 % | 44 % | 41 % | 54 % |
Net assets, end of period (000s omitted) | $259,082 | $411,080 | $495,163 | $819,760 | $793,581 | $1,047,883 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.81% |
Year ended May 31, 2023 | 0.82% |
Year ended May 31, 2022 | 0.81% |
Year ended May 31, 2021 | 0.79% |
Year ended May 31, 2020 | 0.78% |
Year ended May 31, 2019 | 0.78% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $91,282,748 |
Gross unrealized losses | (0 ) |
Net unrealized gains | $91,282,748 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Small Company Growth Portfolio | Seek long-term capital appreciation | $463,365,171 |
Average daily net assets | Management fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.28 % |
Class C | 2.03 |
Class R6 | 0.86 |
Administrator Class | 1.19 |
Institutional Class | 0.94 |
Shares | Value | |||||
Common stocks: 97.82% | ||||||
Communication services: 0.35% | ||||||
Entertainment: 0.35% | ||||||
Lions Gate Entertainment Corp. Class B† | 204,293 | $1,707,889 | ||||
Consumer discretionary: 8.67% | ||||||
Automobile components: 0.45% | ||||||
Fox Factory Holding Corp.† | 34,781 | 2,174,160 | ||||
Broadline retail: 0.84% | ||||||
Ollie’s Bargain Outlet Holdings, Inc.† | 55,032 | 4,032,195 | ||||
Hotels, restaurants & leisure: 2.63% | ||||||
Bowlero Corp. Class A† | 130,969 | 1,346,361 | ||||
International Game Technology PLC | 284,780 | 7,612,169 | ||||
Papa John’s International, Inc. | 56,623 | 3,694,085 | ||||
12,652,615 | ||||||
Household durables: 0.78% | ||||||
Skyline Champion Corp.† | 62,549 | 3,764,824 | ||||
Leisure products: 0.50% | ||||||
Topgolf Callaway Brands Corp.† | 193,530 | 2,372,678 | ||||
Specialty retail: 3.47% | ||||||
Academy Sports & Outdoors, Inc. | 77,491 | 3,941,967 | ||||
Boot Barn Holdings, Inc.† | 39,151 | 2,868,985 | ||||
Burlington Stores, Inc.† | 19,901 | 3,375,011 | ||||
Five Below, Inc.† | 27,445 | 5,172,285 | ||||
Monro, Inc. | 44,964 | 1,300,359 | ||||
16,658,607 | ||||||
Consumer staples: 5.19% | ||||||
Consumer staples distribution & retail : 1.30% | ||||||
Performance Food Group Co.† | 96,089 | 6,250,589 | ||||
Food products: 2.24% | ||||||
Lamb Weston Holdings, Inc. | 54,110 | 5,412,623 | ||||
SunOpta, Inc.† | 386,919 | 1,911,380 | ||||
TreeHouse Foods, Inc.† | 84,641 | 3,445,735 | ||||
10,769,738 | ||||||
Personal care products: 1.65% | ||||||
e.l.f. Beauty, Inc.† | 67,297 | 7,947,103 | ||||
Energy: 1.42% | ||||||
Energy equipment & services: 0.89% | ||||||
ChampionX Corp. | 145,830 | 4,275,736 | ||||
Oil, gas & consumable fuels: 0.53% | ||||||
Callon Petroleum Co.† | 81,022 | 2,533,558 |
Shares | Value | |||||
Financials: 11.17% | ||||||
Banks: 1.06% | ||||||
Triumph Financial, Inc.† | 75,284 | $5,109,525 | ||||
Capital markets: 2.73% | ||||||
Evercore, Inc. Class A | 33,168 | 4,893,938 | ||||
Stifel Financial Corp. | 94,802 | 5,784,818 | ||||
Virtu Financial, Inc. Class A | 135,720 | 2,440,246 | ||||
13,119,002 | ||||||
Financial services: 3.20% | ||||||
Essent Group Ltd. | 89,093 | 4,306,756 | ||||
Flywire Corp.† | 193,318 | 4,504,309 | ||||
Shift4 Payments, Inc. Class A† | 39,144 | 2,576,458 | ||||
WEX, Inc.† | 22,590 | 3,988,942 | ||||
15,376,465 | ||||||
Insurance: 4.18% | ||||||
BRP Group, Inc. Class A† | 278,299 | 4,867,450 | ||||
Palomar Holdings, Inc.† | 66,385 | 3,884,186 | ||||
Ryan Specialty Holdings, Inc.† | 127,818 | 5,863,012 | ||||
Skyward Specialty Insurance Group, Inc.† | 167,659 | 5,482,449 | ||||
20,097,097 | ||||||
Health care: 21.03% | ||||||
Biotechnology: 7.23% | ||||||
ADMA Biologics, Inc.† | 450,750 | 1,667,775 | ||||
Amicus Therapeutics, Inc.† | 324,391 | 3,574,789 | ||||
Blueprint Medicines Corp.† | 49,057 | 3,416,329 | ||||
Cytokinetics, Inc.† | 79,145 | 2,649,775 | ||||
Dynavax Technologies Corp.† | 254,718 | 3,489,637 | ||||
Insmed, Inc.† | 140,427 | 3,513,484 | ||||
Ionis Pharmaceuticals, Inc.† | 52,112 | 2,577,981 | ||||
Myriad Genetics, Inc.† | 145,608 | 2,779,657 | ||||
Neurocrine Biosciences, Inc.† | 32,593 | 3,800,018 | ||||
Sarepta Therapeutics, Inc.† | 18,598 | 1,511,645 | ||||
SpringWorks Therapeutics, Inc.† | 65,752 | 1,998,203 | ||||
Syndax Pharmaceuticals, Inc.† | 90,504 | 1,506,439 | ||||
Ultragenyx Pharmaceutical, Inc.† | 57,631 | 2,238,964 | ||||
34,724,696 | ||||||
Health care equipment & supplies: 5.08% | ||||||
Axonics, Inc.† | 82,195 | 4,602,098 | ||||
CONMED Corp. | 45,368 | 4,866,625 | ||||
Glaukos Corp.† | 52,043 | 3,325,027 | ||||
Haemonetics Corp.† | 49,956 | 4,039,942 | ||||
iRhythm Technologies, Inc.† | 33,755 | 2,878,627 | ||||
Omnicell, Inc.† | 66,230 | 2,209,433 | ||||
TransMedics Group, Inc.† | 33,149 | 2,508,716 | ||||
24,430,468 |
Shares | Value | |||||
Health care providers & services: 2.01% | ||||||
HealthEquity, Inc.† | 53,476 | $3,583,962 | ||||
Privia Health Group, Inc.† | 104,228 | 2,153,350 | ||||
U.S. Physical Therapy, Inc. | 45,850 | 3,898,626 | ||||
9,635,938 | ||||||
Health care technology: 1.95% | ||||||
Evolent Health, Inc. Class A† | 147,212 | 4,092,493 | ||||
Phreesia, Inc.† | 164,256 | 2,531,185 | ||||
Veradigm, Inc.† | 240,360 | 2,759,333 | ||||
9,383,011 | ||||||
Life sciences tools & services: 4.12% | ||||||
Adaptive Biotechnologies Corp.† | 180,069 | 788,702 | ||||
Avantor, Inc.† | 311,713 | 6,602,081 | ||||
Azenta, Inc.† | 46,456 | 2,618,725 | ||||
BioLife Solutions, Inc.† | 141,866 | 1,754,882 | ||||
ICON PLC† | 30,190 | 8,058,919 | ||||
19,823,309 | ||||||
Pharmaceuticals: 0.64% | ||||||
Axsome Therapeutics, Inc.† | 45,672 | 3,080,576 | ||||
Industrials: 24.58% | ||||||
Aerospace & defense: 0.69% | ||||||
Kratos Defense & Security Solutions, Inc.† | 173,234 | 3,300,108 | ||||
Air freight & logistics: 0.72% | ||||||
GXO Logistics, Inc.† | 61,585 | 3,464,772 | ||||
Building products: 3.53% | ||||||
Advanced Drainage Systems, Inc. | 37,512 | 4,543,078 | ||||
AZEK Co., Inc. Class A† | 106,306 | 3,666,494 | ||||
Masonite International Corp.† | 52,510 | 4,665,514 | ||||
Zurn Elkay Water Solutions Corp. Class C | 138,451 | 4,075,997 | ||||
16,951,083 | ||||||
Commercial services & supplies: 1.66% | ||||||
Montrose Environmental Group, Inc.† | 107,637 | 3,365,809 | ||||
Openlane, Inc.† | 169,777 | 2,482,140 | ||||
RB Global, Inc. | 33,908 | 2,159,261 | ||||
8,007,210 | ||||||
Construction & engineering: 1.74% | ||||||
Dycom Industries, Inc.† | 43,486 | 4,516,891 | ||||
MYR Group, Inc.† | 30,758 | 3,826,910 | ||||
8,343,801 |
Shares | Value | |||||
Electrical equipment: 1.44% | ||||||
Atkore, Inc.† | 34,161 | $4,437,514 | ||||
Generac Holdings, Inc.† | 21,338 | 2,498,040 | ||||
6,935,554 | ||||||
Ground transportation: 1.40% | ||||||
Knight-Swift Transportation Holdings, Inc. | 74,364 | 3,999,296 | ||||
Schneider National, Inc. Class B | 119,149 | 2,744,001 | ||||
6,743,297 | ||||||
Machinery: 3.28% | ||||||
Chart Industries, Inc.† | 30,859 | 4,012,596 | ||||
Flowserve Corp. | 70,632 | 2,702,380 | ||||
SPX Technologies, Inc.† | 65,576 | 5,594,289 | ||||
Wabash National Corp. | 157,488 | 3,452,137 | ||||
15,761,402 | ||||||
Professional services: 8.32% | ||||||
ASGN, Inc.† | 73,150 | 6,527,906 | ||||
FTI Consulting, Inc.† | 34,251 | 7,550,975 | ||||
ICF International, Inc. | 53,402 | 7,473,610 | ||||
KBR, Inc. | 119,342 | 6,166,401 | ||||
SS&C Technologies Holdings, Inc. | 118,288 | 6,654,883 | ||||
Verra Mobility Corp.† | 279,261 | 5,607,561 | ||||
39,981,336 | ||||||
Trading companies & distributors: 1.80% | ||||||
Boise Cascade Co. | 35,701 | 3,902,119 | ||||
Core & Main, Inc. Class A† | 135,149 | 4,734,270 | ||||
8,636,389 | ||||||
Information technology: 20.65% | ||||||
Communications equipment: 1.71% | ||||||
Ciena Corp.† | 119,011 | 5,456,654 | ||||
Lumentum Holdings, Inc.† | 64,043 | 2,741,041 | ||||
8,197,695 | ||||||
Electronic equipment, instruments & components: 1.95% | ||||||
Itron, Inc.† | 53,552 | 3,608,334 | ||||
PAR Technology Corp.† | 73,710 | 2,714,739 | ||||
Rogers Corp.† | 23,625 | 3,057,075 | ||||
9,380,148 | ||||||
Semiconductors & semiconductor equipment: 2.73% | ||||||
FormFactor, Inc.† | 68,938 | 2,590,690 | ||||
Onto Innovation, Inc.† | 27,987 | 3,946,447 | ||||
Synaptics, Inc.† | 31,324 | 3,171,242 | ||||
Teradyne, Inc. | 36,841 | 3,397,845 | ||||
13,106,224 |
Shares | Value | |||||
Software: 13.61% | ||||||
BILL Holdings, Inc.† | 35,586 | $2,329,815 | ||||
Box, Inc. Class A† | 235,891 | 6,173,268 | ||||
Confluent, Inc. Class A† | 165,145 | 3,504,377 | ||||
CyberArk Software Ltd.† | 30,026 | 5,983,281 | ||||
DoubleVerify Holdings, Inc.† | 114,005 | 3,784,966 | ||||
HashiCorp, Inc. Class A† | 137,403 | 2,943,172 | ||||
Jamf Holding Corp.† | 244,180 | 4,021,645 | ||||
JFrog Ltd.† | 175,740 | 4,741,465 | ||||
LiveRamp Holdings, Inc.† | 108,502 | 3,597,926 | ||||
Nutanix, Inc. Class A† | 112,639 | 4,853,615 | ||||
PagerDuty, Inc.† | 166,855 | 3,637,439 | ||||
PTC, Inc.† | 52,594 | 8,276,192 | ||||
Sprout Social, Inc. Class A† | 68,116 | 3,875,800 | ||||
Varonis Systems, Inc.† | 122,457 | 5,129,724 | ||||
Zuora, Inc. Class A† | 279,894 | 2,552,633 | ||||
65,405,318 | ||||||
Technology hardware, storage & peripherals: 0.65% | ||||||
Pure Storage, Inc. Class A† | 94,467 | 3,146,696 | ||||
Materials: 3.22% | ||||||
Chemicals: 2.44% | ||||||
Element Solutions, Inc. | 368,383 | 7,721,308 | ||||
Orion SA | 168,150 | 4,007,014 | ||||
11,728,322 | ||||||
Metals & mining: 0.78% | ||||||
Steel Dynamics, Inc. | 31,390 | 3,739,491 | ||||
Real estate: 1.54% | ||||||
Hotel & resort REITs: 0.84% | ||||||
Ryman Hospitality Properties, Inc. | 40,446 | 4,058,756 | ||||
Real estate management & development: 0.70% | ||||||
DigitalBridge Group, Inc. | 194,461 | 3,356,397 | ||||
Total common stocks (Cost $312,765,656) | 470,163,778 |
Yield | ||||||
Short-term investments: 2.09% | ||||||
Investment companies: 2.09% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 10,036,036 | 10,036,036 | |||
Total short-term investments (Cost $10,036,036) | 10,036,036 | |||||
Total investments in securities (Cost $322,801,692) | 99.91 % | 480,199,814 | ||||
Other assets and liabilities, net | 0.09 | 434,217 | ||||
Total net assets | 100.00 % | $480,634,031 |
† | 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 | $22,796,664 | $95,023,938 | $(107,784,566 ) | $0 | $0 | $10,036,036 | 10,036,036 | $490,087 |
Assets | |
Investments in unaffiliated securities, at value (cost $312,765,656) | $470,163,778 |
Investments in affiliated securities, at value (cost $10,036,036) | 10,036,036 |
Receivable for dividends | 570,472 |
Receivable for investments sold | 291,860 |
Prepaid expenses and other assets | 8,220 |
Total assets | 481,070,366 |
Liabilities | |
Advisory fee payable | 394,858 |
Custody and accounting fees payable | 38,835 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 1,828 |
Total liabilities | 436,335 |
Total net assets | $480,634,031 |
Investment income | |
Dividends (net of foreign withholdings taxes of $4,509) | $1,491,562 |
Income from affiliated securities | 490,087 |
Interest | 376 |
Total investment income | 1,982,025 |
Expenses | |
Advisory fee | 2,778,106 |
Custody and accounting fees | 5,643 |
Professional fees | 26,689 |
Interest holder report expenses | 1,975 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 15,772 |
Total expenses | 2,840,111 |
Net investment loss | (858,086 ) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 31,708,950 |
Net change in unrealized gains (losses) on investments | (12,871,799 ) |
Net realized and unrealized gains (losses) on investments | 18,837,151 |
Net increase in net assets resulting from operations | $17,979,065 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment loss | $(858,086 ) | $(2,242,958 ) | ||
Net realized gains on investments | 31,708,950 | 29,814,098 | ||
Net change in unrealized gains (losses) on investments | (12,871,799 ) | (30,986,997 ) | ||
Net increase (decrease) in net assets resulting from operations | 17,979,065 | (3,415,857 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 45,892,166 | 99,599,958 | ||
Withdrawals | (300,793,746 ) | (207,887,653 ) | ||
Net decrease in net assets resulting from capital transactions | (254,901,580 ) | (108,287,695 ) | ||
Total decrease in net assets | (236,922,515 ) | (111,703,552 ) | ||
Net assets | ||||
Beginning of period | 717,556,546 | 829,260,098 | ||
End of period | $480,634,031 | $717,556,546 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | 2.09 % | 0.24 % | (16.28 )% | 54.64 % | 4.08 % | (5.64 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.81 % | 0.82 % | 0.81 % | 0.79 % | 0.78 % | 0.78 % |
Net expenses2 | 0.81 % | 0.82 % | 0.81 % | 0.79 % | 0.78 % | 0.78 % |
Net investment loss | (0.24 )% | (0.31 )% | (0.42 )% | (0.34 )% | (0.16 )% | (0.09 )% |
Supplemental data | ||||||
Portfolio turnover rate | 26 % | 37 % | 61 % | 44 % | 41 % | 54 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $200,797,453 |
Gross unrealized losses | (46,639,108 ) |
Net unrealized gains | $154,158,345 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $1,707,889 | $0 | $0 | $1,707,889 |
Consumer discretionary | 41,655,079 | 0 | 0 | 41,655,079 |
Consumer staples | 24,967,430 | 0 | 0 | 24,967,430 |
Energy | 6,809,294 | 0 | 0 | 6,809,294 |
Financials | 53,702,089 | 0 | 0 | 53,702,089 |
Health care | 101,077,998 | 0 | 0 | 101,077,998 |
Industrials | 118,124,952 | 0 | 0 | 118,124,952 |
Information technology | 99,236,081 | 0 | 0 | 99,236,081 |
Materials | 15,467,813 | 0 | 0 | 15,467,813 |
Real estate | 7,415,153 | 0 | 0 | 7,415,153 |
Short-term investments | ||||
Investment companies | 10,036,036 | 0 | 0 | 10,036,036 |
Total assets | $480,199,814 | $0 | $0 | $480,199,814 |
Average daily net assets | Advisory fee |
First $500 million | 0.800 % |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR1848 11-23
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Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser for the affiliated master portfolio* | Allspring Global Investments, LLC |
Portfolio managers | Jeff Goverman, Gustaf Little, Garth R. Nisbet, CFA, Craig Pieringer, CFA |
Average annual total returns (%) as of November 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (SCVAX) | 1-31-2002 | -8.48 | 5.15 | 5.66 | -2.90 | 6.40 | 6.28 | 1.31 | 1.15 |
Class C (SCVFX) | 8-30-2002 | -4.58 | 5.65 | 5.67 | -3.58 | 5.65 | 5.67 | 2.06 | 1.90 |
Class R6 (SCVJX)3 | 10-31-2016 | – | – | – | -2.49 | 6.83 | 6.67 | 0.89 | 0.75 |
Administrator Class (SCVIX) | 1-31-2002 | – | – | – | -2.80 | 6.49 | 6.42 | 1.24 | 1.05 |
Institutional Class (SCVNX) | 7-30-2010 | – | – | – | -2.59 | 6.72 | 6.64 | 0.99 | 0.85 |
Russell 3000® Index4 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Russell 2000 ® Value Index5 | – | – | – | – | -4.73 | 4.72 | 5.71 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.15% for Class A, 1.90% for Class C, 0.75% for Class R6, 1.05% for Administrator Class and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolio invests, and extraordinary expenses are excluded from the expense caps. Net expenses from the affiliated master portfolio are included in the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
5 | The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price/book ratios and lower forecasted growth values. You cannot invest directly in an index. |
* | The Fund is a feeder fund in a master-feeder structure that invests substantially all of its assets in a single affiliated master portfolio of the Allspring Master Trust with a substantially identical investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the affiliated master portfolio in which it invests. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Customers Bancorp, Inc. | 1.61 |
Ameris Bancorp | 1.56 |
Atlantic Union Bankshares Corp. | 1.49 |
OFG Bancorp | 1.48 |
Annaly Capital Management, Inc. | 1.41 |
Synovus Financial Corp. | 1.39 |
AGNC Investment Corp. | 1.39 |
Piper Sandler Cos., | 1.37 |
Independent Bank Corp. | 1.34 |
Williams-Sonoma, Inc. | 1.31 |
1 | Each holding represents the Fund’s allocable portion of the affiliated master portfolio security. Figures represent each holding as a percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20231 |
1 | Figures represent the sector allocation of the affiliated master portfolio as a percentage of the long-term investments of the affiliated master portfolio. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1, 2 | Annualized net expense ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,086.40 | $6.00 | 1.15 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.25 | $5.81 | 1.15 % |
Class C | ||||
Actual | $1,000.00 | $1,082.20 | $9.89 | 1.90 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.50 | $9.57 | 1.90 % |
Class R6 | ||||
Actual | $1,000.00 | $1,088.70 | $3.92 | 0.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.25 | $3.79 | 0.75 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,086.70 | $5.48 | 1.05 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.75 | $5.30 | 1.05 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,088.20 | $4.44 | 0.85 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.75 | $4.29 | 0.85 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 183 divided by 366 (to reflect the one-half-year period). |
2 | Amounts reflect net expenses allocated from the affiliated Master Portfolio in which the Fund invests. |
Value | ||||||
Investment companies: 100.08% | ||||||
Affiliated master portfolio: 100.08% | ||||||
Allspring Small Company Value Portfolio | $457,937,008 | |||||
Total investment companies (Cost $371,341,172) | 457,937,008 | |||||
Total investments in securities (Cost $371,341,172) | 100.08 % | 457,937,008 | ||||
Other assets and liabilities, net | (0.08 ) | (351,377 ) | ||||
Total net assets | 100.00 % | $457,585,631 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolio | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | Dividends allocated from affiliated Master Portfolio | Interest allocated from affiliated Master Portfolio | Affiliated Income Allocated from affiliated Master Portfolio | Value, end of period | |
Allspring Small Company Value Portfolio | 88.78 % | 88.78 % | $9,421,441 | $26,727,808 | $5,086,759 | $383 | $109,269 | $457,937,008 |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $371,341,172) | $457,937,008 |
Receivable for Fund shares sold | 201,038 |
Receivable from manager | 33,391 |
Prepaid expenses and other assets | 44,099 |
Total assets | 458,215,536 |
Liabilities | |
Payable for Fund shares redeemed | 334,464 |
Shareholder servicing fees payable | 67,191 |
Administration fees payable | 64,113 |
Trustees’ fees and expenses payable | 1,309 |
Distribution fee payable | 792 |
Accrued expenses and other liabilities | 162,036 |
Total liabilities | 629,905 |
Total net assets | $457,585,631 |
Net assets consist of | |
Paid-in capital | $380,819,628 |
Total distributable earnings | 76,766,003 |
Total net assets | $457,585,631 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $315,321,839 |
Shares outstanding–Class A1 | 9,828,889 |
Net asset value per share–Class A | $32.08 |
Maximum offering price per share – Class A2 | $34.04 |
Net assets–Class C | $1,287,605 |
Shares outstanding–Class C1 | 47,039 |
Net asset value per share–Class C | $27.37 |
Net assets–Class R6 | $18,431,298 |
Shares outstanding–Class R61 | 551,878 |
Net asset value per share–Class R6 | $33.40 |
Net assets–Administrator Class | $18,044,210 |
Shares outstanding–Administrator Class1 | 547,460 |
Net asset value per share–Administrator Class | $32.96 |
Net assets–Institutional Class | $104,500,679 |
Shares outstanding–Institutional Class1 | 3,148,020 |
Net asset value per share–Institutional Class | $33.20 |
Investment income | |
Dividends allocated from affiliated Master Portfolio (net of foreign withholding taxes of $9,212) | $5,086,759 |
Affiliated income allocated from affiliated Master Portfolio | 109,269 |
Interest allocated from affiliated Master Portfolio | 383 |
Expenses allocated from affiliated Master Portfolio | (1,933,889 ) |
Waivers allocated from affiliated Master Portfolio | 195,344 |
Total investment income | 3,457,866 |
Expenses | |
Management fee | 117,447 |
Administration fees | |
Class A | 323,225 |
Class C | 1,389 |
Class R6 | 2,610 |
Administrator Class | 12,173 |
Institutional Class | 72,546 |
Shareholder servicing fees | |
Class A | 400,844 |
Class C | 1,722 |
Administrator Class | 23,353 |
Distribution fee | |
Class C | 5,167 |
Custody and accounting fees | 4,998 |
Professional fees | 23,808 |
Registration fees | 36,155 |
Shareholder report expenses | 28,523 |
Trustees’ fees and expenses | 11,901 |
Other fees and expenses | 25,874 |
Total expenses | 1,091,735 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (302,735 ) |
Class A | (28,293 ) |
Class C | (121 ) |
Administrator Class | (4,255 ) |
Net expenses | 756,331 |
Net investment income | 2,701,535 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments allocated from affiliated Master Portfolio | 9,421,441 |
Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolio | 26,727,808 |
Net realized and unrealized gains (losses) on investments | 36,149,249 |
Net increase in net assets resulting from operations | $38,850,784 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $2,701,535 | $4,259,156 | ||
Net realized gains (losses) on investments | 9,421,441 | (12,161,642 ) | ||
Net change in unrealized gains (losses) on investments | 26,727,808 | (44,270,421 ) | ||
Net increase (decrease) in net assets resulting from operations | 38,850,784 | (52,172,907 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (14,333,053 ) | ||
Class C | 0 | (93,570 ) | ||
Class R6 | 0 | (506,589 ) | ||
Administrator Class | 0 | (798,183 ) | ||
Institutional Class | 0 | (5,228,302 ) | ||
Total distributions to shareholders | 0 | (20,959,697 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 164,144 | 5,221,014 | 398,977 | 12,672,302 |
Class C | 3,820 | 105,116 | 6,555 | 180,325 |
Class R6 | 158,150 | 5,236,791 | 357,751 | 11,911,540 |
Administrator Class | 25,150 | 830,982 | 196,183 | 6,527,787 |
Institutional Class | 260,626 | 8,565,691 | 1,630,016 | 54,246,836 |
19,959,594 | 85,538,790 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 437,444 | 14,076,915 |
Class C | 0 | 0 | 3,383 | 93,570 |
Class R6 | 0 | 0 | 15,179 | 506,589 |
Administrator Class | 0 | 0 | 23,252 | 768,015 |
Institutional Class | 0 | 0 | 156,571 | 5,199,039 |
0 | 20,644,128 | |||
Payment for shares redeemed | ||||
Class A | (648,746 ) | (20,705,780 ) | (1,488,263 ) | (47,166,763 ) |
Class C | (8,454 ) | (232,743 ) | (34,738 ) | (926,078 ) |
Class R6 | (81,200 ) | (2,675,487 ) | (124,227 ) | (4,060,442 ) |
Administrator Class | (62,718 ) | (2,024,774 ) | (311,874 ) | (10,266,220 ) |
Institutional Class | (735,027 ) | (24,345,359 ) | (1,435,391 ) | (47,534,257 ) |
(49,984,143 ) | (109,953,760 ) | |||
Net decrease in net assets resulting from capital share transactions | (30,024,549 ) | (3,770,842 ) | ||
Total increase (decrease) in net assets | 8,826,235 | (76,903,446 ) | ||
Net assets | ||||
Beginning of period | 448,759,396 | 525,662,842 | ||
End of period | $457,585,631 | $448,759,396 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $29.53 | $34.30 | $37.11 | $20.91 | $24.22 | $28.60 |
Net investment income | 0.17 1 | 0.24 1 | 0.12 1 | 0.09 | 0.18 1 | 0.09 |
Net realized and unrealized gains (losses) on investments | 2.38 | (3.66 ) | (0.71 ) | 16.22 | (3.35 ) | (4.31 ) |
Total from investment operations | 2.55 | (3.42 ) | (0.59 ) | 16.31 | (3.17 ) | (4.22 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.08 ) | (0.11 ) | (0.14 ) | (0.16 ) |
Net realized gains | 0.00 | (1.35 ) | (2.14 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.35 ) | (2.22 ) | (0.11 ) | (0.14 ) | (0.16 ) |
Net asset value, end of period | $32.08 | $29.53 | $34.30 | $37.11 | $20.91 | $24.22 |
Total return2 | 8.64 % | (10.31 )% | (1.77 )% | 77.80 % | (13.25 )% | (14.72 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.30 % | 1.32 % | 1.32 % | 1.32 % | 1.32 % | 1.49 % |
Net expenses | 1.15 % | 1.14 % | 1.14 % | 1.14 % | 1.13 % | 1.15 % |
Net investment income | 1.06 % | 0.76 % | 0.33 % | 0.33 % | 0.74 % | 0.38 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 56 % | 87 % | 70 % | 62 % | 78 % | 168 % |
Net assets, end of period (000s omitted) | $315,322 | $304,601 | $376,072 | $414,013 | $262,574 | $11,902 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.74% |
Year ended May 31, 2023 | 0.74% |
Year ended May 31, 2022 | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $25.30 | $29.79 | $32.69 | $18.43 | $21.48 | $25.38 |
Net investment income (loss) | 0.04 1 | 0.00 1,2 | (0.12 )1 | (0.07 )1 | 0.01 1 | (0.08 )1 |
Net realized and unrealized gains (losses) on investments | 2.03 | (3.14 ) | (0.64 ) | 14.33 | (3.00 ) | (3.82 ) |
Total from investment operations | 2.07 | (3.14 ) | (0.76 ) | 14.26 | (2.99 ) | (3.90 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.06 ) | 0.00 |
Net realized gains | 0.00 | (1.35 ) | (2.14 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.35 ) | (2.14 ) | 0.00 | (0.06 ) | 0.00 |
Net asset value, end of period | $27.37 | $25.30 | $29.79 | $32.69 | $18.43 | $21.48 |
Total return3 | 8.22 % | (10.94 )% | (2.56 )% | 76.80 % | (13.98 )% | (15.37 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.05 % | 2.07 % | 2.07 % | 2.06 % | 2.08 % | 2.22 % |
Net expenses | 1.90 % | 1.90 % | 1.90 % | 1.90 % | 1.90 % | 1.90 % |
Net investment income (loss) | 0.30 % | 0.00 % | (0.39 )% | (0.29 )% | 0.02 % | (0.35 )% |
Supplemental data | ||||||
Portfolio turnover rate4 | 56 % | 87 % | 70 % | 62 % | 78 % | 168 % |
Net assets, end of period (000s omitted) | $1,288 | $1,307 | $2,278 | $3,388 | $4,431 | $1,099 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.74% |
Year ended May 31, 2023 | 0.74% |
Year ended May 31, 2022 | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $30.68 | $35.46 | $38.33 | $21.56 | $24.92 | $29.44 |
Net investment income | 0.25 1 | 0.37 1 | 0.33 | 0.20 | 0.31 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | 2.47 | (3.79 ) | (0.80 ) | 16.78 | (3.50 ) | (4.45 ) |
Total from investment operations | 2.72 | (3.42 ) | (0.47 ) | 16.98 | (3.19 ) | (4.24 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.01 ) | (0.26 ) | (0.21 ) | (0.17 ) | (0.28 ) |
Net realized gains | 0.00 | (1.35 ) | (2.14 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.36 ) | (2.40 ) | (0.21 ) | (0.17 ) | (0.28 ) |
Net asset value, end of period | $33.40 | $30.68 | $35.46 | $38.33 | $21.56 | $24.92 |
Total return2 | 8.87 % | (9.95 )% | (1.41 )% | 78.63 % | (12.97 )% | (14.38 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.88 % | 0.89 % | 0.89 % | 0.89 % | 0.90 % | 1.09 % |
Net expenses | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 1.49 % | 1.11 % | 0.71 % | 0.73 % | 1.22 % | 0.77 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 56 % | 87 % | 70 % | 62 % | 78 % | 168 % |
Net assets, end of period (000s omitted) | $18,431 | $14,573 | $8,021 | $9,007 | $6,491 | $731 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.74% |
Year ended May 31, 2023 | 0.74% |
Year ended May 31, 2022 | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $30.33 | $35.15 | $37.98 | $21.40 | $24.80 | $29.23 |
Net investment income | 0.19 1 | 0.28 1 | 0.17 1 | 0.10 1 | 0.21 1 | 0.14 1 |
Net realized and unrealized gains (losses) on investments | 2.44 | (3.75 ) | (0.75 ) | 16.62 | (3.43 ) | (4.43 ) |
Total from investment operations | 2.63 | (3.47 ) | (0.58 ) | 16.72 | (3.22 ) | (4.29 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.11 ) | (0.14 ) | (0.18 ) | (0.14 ) |
Net realized gains | 0.00 | (1.35 ) | (2.14 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.35 ) | (2.25 ) | (0.14 ) | (0.18 ) | (0.14 ) |
Net asset value, end of period | $32.96 | $30.33 | $35.15 | $37.98 | $21.40 | $24.80 |
Total return2 | 8.67 % | (10.20 )% | (1.71 )% | 77.91 % | (13.18 )% | (14.65 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.23 % | 1.24 % | 1.24 % | 1.24 % | 1.32 % | 1.35 % |
Net expenses | 1.05 % | 1.05 % | 1.05 % | 1.05 % | 1.05 % | 1.05 % |
Net investment income | 1.16 % | 0.86 % | 0.45 % | 0.35 % | 0.82 % | 0.49 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 56 % | 87 % | 70 % | 62 % | 78 % | 168 % |
Net assets, end of period (000s omitted) | $18,044 | $17,743 | $23,813 | $32,721 | $15,581 | $13,905 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.74% |
Year ended May 31, 2023 | 0.74% |
Year ended May 31, 2022 | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $30.51 | $35.30 | $38.13 | $21.46 | $24.86 | $29.40 |
Net investment income | 0.22 1 | 0.35 1 | 0.20 1 | 0.15 1 | 0.25 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 2.47 | (3.78 ) | (0.71 ) | 16.70 | (3.43 ) | (4.45 ) |
Total from investment operations | 2.69 | (3.43 ) | (0.51 ) | 16.85 | (3.18 ) | (4.26 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.01 ) | (0.18 ) | (0.18 ) | (0.22 ) | (0.28 ) |
Net realized gains | 0.00 | (1.35 ) | (2.14 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.36 ) | (2.32 ) | (0.18 ) | (0.22 ) | (0.28 ) |
Net asset value, end of period | $33.20 | $30.51 | $35.30 | $38.13 | $21.46 | $24.86 |
Total return2 | 8.82 % | (10.03 )% | (1.53 )% | 78.39 % | (13.03 )% | (14.46 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.98 % | 0.99 % | 0.99 % | 0.99 % | 1.07 % | 1.14 % |
Net expenses | 0.85 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % | 0.85 % |
Net investment income | 1.35 % | 1.06 % | 0.54 % | 0.52 % | 1.04 % | 0.68 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 56 % | 87 % | 70 % | 62 % | 78 % | 168 % |
Net assets, end of period (000s omitted) | $104,501 | $110,536 | $115,479 | $72,123 | $33,600 | $33,116 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.74% |
Year ended May 31, 2023 | 0.74% |
Year ended May 31, 2022 | 0.74% |
Year ended May 31, 2021 | 0.74% |
Year ended May 31, 2020 | 0.74% |
Year ended May 31, 2019 | 0.75% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate is calculated by multiplying the affiliated Master Portfolio’s percentage of the Fund’s total investment in securities at the end of the period by the affiliated Master Portfolio’s portfolio turnover rate. |
Gross unrealized gains | $72,588,944 |
Gross unrealized losses | (0 ) |
Net unrealized gains | $72,588,944 |
Affiliated Master Portfolio | Investment objective | Fair value of affiliated Master Portfolio |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation | $457,937,008 |
Average daily net assets | Management fee |
First $5 billion | 0.050 % |
Next $5 billion | 0.040 |
Over $10 billion | 0.030 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.15 % |
Class C | 1.90 |
Class R6 | 0.75 |
Administrator Class | 1.05 |
Institutional Class | 0.85 |
Shares | Value | |||||
Common stocks: 98.90% | ||||||
Communication services: 0.87% | ||||||
Interactive media & services: 0.87% | ||||||
Cargurus, Inc.† | 206,347 | $4,461,222 | ||||
Consumer discretionary: 13.93% | ||||||
Automobile components: 1.07% | ||||||
Patrick Industries, Inc. | 67,421 | 5,531,219 | ||||
Diversified consumer services: 0.77% | ||||||
Adtalem Global Education, Inc.† | 35,662 | 2,031,664 | ||||
Grand Canyon Education, Inc.† | 14,081 | 1,925,154 | ||||
3,956,818 | ||||||
Hotels, restaurants & leisure: 1.32% | ||||||
Carrols Restaurant Group, Inc. | 169,820 | 1,282,141 | ||||
Wyndham Hotels & Resorts, Inc. | 71,319 | 5,515,811 | ||||
6,797,952 | ||||||
Household durables: 3.72% | ||||||
Cavco Industries, Inc.† | 17,596 | 4,975,797 | ||||
Century Communities, Inc. | 85,362 | 6,158,015 | ||||
Ethan Allen Interiors, Inc. | 65,475 | 1,757,349 | ||||
Meritage Homes Corp. | 44,783 | 6,327,838 | ||||
19,218,999 | ||||||
Leisure products: 1.16% | ||||||
Johnson Outdoors, Inc. Class A | 61,636 | 3,238,356 | ||||
Malibu Boats, Inc. Class A† | 61,918 | 2,739,252 | ||||
5,977,608 | ||||||
Specialty retail: 5.51% | ||||||
American Eagle Outfitters, Inc. | 294,649 | 5,607,170 | ||||
Dick’s Sporting Goods, Inc. | 51,267 | 6,669,837 | ||||
Foot Locker, Inc.† | 187,486 | 5,048,998 | ||||
ODP Corp.† | 25,441 | 1,158,838 | ||||
Shoe Carnival, Inc. | 130,567 | 3,171,472 | ||||
Williams-Sonoma, Inc. | 35,978 | 6,747,314 | ||||
28,403,629 | ||||||
Textiles, apparel & luxury goods: 0.38% | ||||||
Rocky Brands, Inc. | 68,441 | 1,975,892 | ||||
Consumer staples: 2.55% | ||||||
Beverages: 0.49% | ||||||
Coca-Cola Consolidated, Inc. | 3,445 | 2,530,421 | ||||
Consumer staples distribution & retail: 1.09% | ||||||
Grocery Outlet Holding Corp.† | 75,275 | 2,123,508 |
Shares | Value | |||||
Consumer staples distribution & retail(continued) | ||||||
Ingles Markets, Inc. Class A | 14,628 | $1,193,937 | ||||
Sprouts Farmers Market, Inc.† | 53,723 | 2,314,387 | ||||
5,631,832 | ||||||
Food products: 0.82% | ||||||
Cal-Maine Foods, Inc. | 16,376 | 784,738 | ||||
John B Sanfilippo & Son, Inc. | 11,265 | 1,036,831 | ||||
Tootsie Roll Industries, Inc. | 72,238 | 2,390,355 | ||||
4,211,924 | ||||||
Household products: 0.15% | ||||||
Central Garden & Pet Co. Class A† | 21,429 | 777,444 | ||||
Energy: 8.72% | ||||||
Energy equipment & services: 1.99% | ||||||
Helmerich & Payne, Inc. | 137,966 | 4,998,508 | ||||
Patterson-UTI Energy, Inc. | 450,858 | 5,279,547 | ||||
10,278,055 | ||||||
Oil, gas & consumable fuels: 6.73% | ||||||
California Resources Corp. | 41,984 | 2,150,000 | ||||
Callon Petroleum Co.† | 101,010 | 3,158,583 | ||||
Chord Energy Corp. | 36,705 | 5,951,349 | ||||
Diamondback Energy, Inc. | 41,492 | 6,406,780 | ||||
Murphy Oil Corp. | 149,475 | 6,393,046 | ||||
PBF Energy, Inc. Class A | 72,172 | 3,204,437 | ||||
SM Energy Co. | 157,279 | 5,890,098 | ||||
W&T Offshore, Inc. | 468,750 | 1,565,625 | ||||
34,719,918 | ||||||
Financials: 24.95% | ||||||
Banks: 13.99% | ||||||
Ameris Bancorp | 189,419 | 8,065,461 | ||||
Atlantic Union Bankshares Corp. | 252,018 | 7,704,190 | ||||
Axos Financial, Inc.† | 47,185 | 1,805,770 | ||||
Banner Corp. | 97,627 | 4,406,883 | ||||
Customers Bancorp, Inc.† | 183,977 | 8,291,843 | ||||
FB Financial Corp. | 160,295 | 5,379,500 | ||||
Great Southern Bancorp, Inc. | 108,458 | 5,510,751 | ||||
Heritage Financial Corp. | 104,684 | 1,865,469 | ||||
Independent Bank Corp. | 318,464 | 6,885,192 | ||||
OFG Bancorp | 228,074 | 7,654,163 | ||||
Synovus Financial Corp. | 233,497 | 7,189,373 | ||||
Wintrust Financial Corp. | 43,549 | 3,730,843 | ||||
WSFS Financial Corp. | 95,254 | 3,673,947 | ||||
72,163,385 | ||||||
Capital markets: 3.44% | ||||||
Donnelley Financial Solutions, Inc.† | 84,827 | 5,006,490 |
Shares | Value | |||||
Capital markets(continued) | ||||||
Piper Sandler Cos., | 45,649 | $7,063,270 | ||||
Stifel Financial Corp. | 93,121 | 5,682,243 | ||||
17,752,003 | ||||||
Financial services: 2.65% | ||||||
Cass Information Systems, Inc. | 39,902 | 1,649,948 | ||||
Federal Agricultural Mortgage Corp. Class C | 12,534 | 2,078,639 | ||||
Jackson Financial, Inc. Class A | 92,598 | 4,419,702 | ||||
Walker & Dunlop, Inc. | 30,687 | 2,578,322 | ||||
WEX, Inc.† | 16,530 | 2,918,867 | ||||
13,645,478 | ||||||
Insurance: 2.07% | ||||||
Brighthouse Financial, Inc.† | 71,030 | 3,695,691 | ||||
Genworth Financial, Inc. Class A† | 709,105 | 4,176,628 | ||||
Unum Group | 65,426 | 2,813,318 | ||||
10,685,637 | ||||||
Mortgage real estate investment trusts (REITs): 2.80% | ||||||
AGNC Investment Corp. | 810,409 | 7,147,807 | ||||
Annaly Capital Management, Inc. | 402,092 | 7,265,803 | ||||
14,413,610 | ||||||
Health care: 7.78% | ||||||
Biotechnology: 0.74% | ||||||
CRISPR Therapeutics AG† | 57,455 | 3,833,972 | ||||
Health care equipment & supplies: 3.02% | ||||||
Globus Medical, Inc. Class A† | 9,622 | 432,220 | ||||
Haemonetics Corp.† | 6,922 | 559,782 | ||||
Integer Holdings Corp.† | 28,573 | 2,492,137 | ||||
Merit Medical Systems, Inc.† | 55,712 | 3,986,751 | ||||
Semler Scientific, Inc.† | 41,573 | 1,602,223 | ||||
Teleflex, Inc. | 15,118 | 3,411,982 | ||||
UFP Technologies, Inc.† | 18,439 | 3,069,356 | ||||
15,554,451 | ||||||
Health care providers & services: 3.28% | ||||||
Addus HomeCare Corp.† | 36,186 | 3,155,419 | ||||
AMN Healthcare Services, Inc.† | 46,590 | 3,158,802 | ||||
Brookdale Senior Living, Inc.† | 206,558 | 1,094,757 | ||||
Encompass Health Corp. | 27,859 | 1,815,571 | ||||
Ensign Group, Inc. | 37,025 | 3,964,267 | ||||
Option Care Health, Inc.† | 106,728 | 3,175,158 | ||||
Quipt Home Medical Corp.† | 116,593 | 547,987 | ||||
16,911,961 |
Shares | Value | |||||
Pharmaceuticals: 0.74% | ||||||
Perrigo Co. PLC | 75,164 | $2,289,496 | ||||
Prestige Consumer Healthcare, Inc.† | 26,586 | 1,524,707 | ||||
3,814,203 | ||||||
Industrials: 17.33% | ||||||
Building products: 3.26% | ||||||
CSW Industrials, Inc. | 20,597 | 3,652,466 | ||||
Gibraltar Industries, Inc.† | 33,647 | 2,260,742 | ||||
UFP Industries, Inc. | 60,744 | 6,659,364 | ||||
Zurn Elkay Water Solutions Corp. Class C | 144,379 | 4,250,518 | ||||
16,823,090 | ||||||
Commercial services & supplies: 0.56% | ||||||
Brady Corp. Class A | 51,180 | 2,879,899 | ||||
Construction & engineering: 2.12% | ||||||
Comfort Systems USA, Inc. | 18,804 | 3,640,078 | ||||
MYR Group, Inc.† | 26,837 | 3,339,060 | ||||
Sterling Infrastructure, Inc.† | 62,096 | 3,943,717 | ||||
10,922,855 | ||||||
Electrical equipment: 0.85% | ||||||
Atkore, Inc.† | 27,780 | 3,608,622 | ||||
Regal Rexnord Corp. | 6,600 | 790,680 | ||||
4,399,302 | ||||||
Ground transportation: 1.08% | ||||||
ArcBest Corp. | 46,573 | 5,551,036 | ||||
Machinery: 5.12% | ||||||
Allison Transmission Holdings, Inc. | 22,989 | 1,229,452 | ||||
Federal Signal Corp. | 72,283 | 4,983,190 | ||||
Hillenbrand, Inc. | 21,517 | 833,569 | ||||
Kadant, Inc. | 18,296 | 4,768,303 | ||||
Miller Industries, Inc. | 95,245 | 3,785,036 | ||||
Standex International Corp. | 37,027 | 4,954,953 | ||||
Tennant Co. | 26,931 | 2,305,832 | ||||
Timken Co. | 34,077 | 2,467,175 | ||||
Wabash National Corp. | 50,293 | 1,102,423 | ||||
26,429,933 | ||||||
Marine transportation: 0.93% | ||||||
Matson, Inc. | 50,160 | 4,803,823 | ||||
Professional services: 0.96% | ||||||
CBIZ, Inc.† | 77,799 | 4,503,784 | ||||
Genpact Ltd. | 13,802 | 468,716 | ||||
4,972,500 |
Shares | Value | |||||
Trading companies & distributors: 2.45% | ||||||
Air Lease Corp. | 29,603 | $1,148,300 | ||||
Boise Cascade Co. | 59,330 | 6,484,769 | ||||
Hudson Technologies, Inc.† | 204,055 | 2,520,079 | ||||
McGrath RentCorp | 24,282 | 2,469,237 | ||||
12,622,385 | ||||||
Information technology: 8.92% | ||||||
Communications equipment: 0.20% | ||||||
Aviat Networks, Inc.† | 16,806 | 509,390 | ||||
Harmonic, Inc.† | 48,352 | 534,773 | ||||
1,044,163 | ||||||
Electronic equipment, instruments & components: 4.23% | ||||||
Belden, Inc. | 16,490 | 1,095,596 | ||||
ePlus, Inc.† | 71,663 | 4,549,167 | ||||
Insight Enterprises, Inc.† | 23,176 | 3,509,310 | ||||
Napco Security Technologies, Inc. | 125,106 | 3,828,243 | ||||
PC Connection, Inc. | 71,874 | 4,285,847 | ||||
Richardson Electronics Ltd. | 42,930 | 558,949 | ||||
Rogers Corp.† | 12,190 | 1,577,386 | ||||
Sanmina Corp.† | 47,621 | 2,386,288 | ||||
21,790,786 | ||||||
IT services: 2.15% | ||||||
EPAM Systems, Inc.† | 17,658 | 4,559,119 | ||||
Hackett Group, Inc. | 110,993 | 2,476,254 | ||||
Kyndryl Holdings, Inc.† | 224,174 | 4,041,857 | ||||
11,077,230 | ||||||
Semiconductors & semiconductor equipment: 1.83% | ||||||
Cirrus Logic, Inc.† | 33,816 | 2,566,973 | ||||
Diodes, Inc.† | 25,196 | 1,673,518 | ||||
FormFactor, Inc.† | 58,566 | 2,200,910 | ||||
Onto Innovation, Inc.† | 21,413 | 3,019,447 | ||||
9,460,848 | ||||||
Software: 0.51% | ||||||
Mitek Systems, Inc.† | 231,677 | 2,615,634 | ||||
Materials: 6.80% | ||||||
Chemicals: 3.10% | ||||||
AdvanSix, Inc. | 31,154 | 814,054 | ||||
Ashland, Inc. | 13,338 | 1,065,973 | ||||
Cabot Corp. | 53,240 | 4,040,916 | ||||
Core Molding Technologies, Inc.† | 67,429 | 1,213,048 | ||||
Hawkins, Inc. | 85,010 | 5,223,014 | ||||
Koppers Holdings, Inc. | 58,759 | 2,654,144 | ||||
Minerals Technologies, Inc. | 15,902 | 996,101 | ||||
16,007,250 |
Shares | Value | |||||
Construction materials: 2.05% | ||||||
Eagle Materials, Inc. | 29,532 | $5,346,768 | ||||
Knife River Corp.† | 87,879 | 5,244,619 | ||||
10,591,387 | ||||||
Containers & packaging: 0.46% | ||||||
Greif, Inc. Class A | 33,850 | 2,366,115 | ||||
Metals & mining: 1.19% | ||||||
Materion Corp. | 19,285 | 2,181,327 | ||||
Ramaco Resources, Inc. Class A | 142,016 | 2,371,667 | ||||
Worthington Industries, Inc. | 21,927 | 1,572,166 | ||||
6,125,160 | ||||||
Real estate: 6.95% | ||||||
Diversified REITs: 0.37% | ||||||
Armada Hoffler Properties, Inc. | 173,851 | 1,908,884 | ||||
Health care REITs: 0.41% | ||||||
Global Medical REIT, Inc. | 211,667 | 2,123,020 | ||||
Industrial REITs : 1.98% | ||||||
Plymouth Industrial REIT, Inc. | 185,753 | 4,040,128 | ||||
STAG Industrial, Inc. | 172,057 | 6,168,243 | ||||
10,208,371 | ||||||
Office REITs : 0.65% | ||||||
Vornado Realty Trust† | 142,125 | 3,345,623 | ||||
Retail REITs : 2.73% | ||||||
Agree Realty Corp. | 60,187 | 3,563,672 | ||||
Brixmor Property Group, Inc. | 254,133 | 5,468,942 | ||||
Retail Opportunity Investments Corp. | 137,072 | 1,764,117 | ||||
Tanger, Inc. | 131,431 | 3,280,518 | ||||
14,077,249 | ||||||
Specialized REITs : 0.81% | ||||||
PotlatchDeltic Corp. | 90,973 | 4,170,202 | ||||
Utilities: 0.10% | ||||||
Electric utilities: 0.10% | ||||||
IDACORP, Inc. | 5,301 | 511,546 | ||||
Total common stocks (Cost $391,837,508) | 510,075,924 |
Expiration date | Shares | Value | ||||
Warrants: 0.00% | ||||||
Energy: 0.00% | ||||||
Energy equipment & services: 0.00% | ||||||
Parker Drilling Co.† | 9-25-2024 | 8,457 | $169 | |||
Total warrants (Cost $0) | 169 |
Yield | ||||||
Short-term investments: 0.89% | ||||||
Investment companies: 0.89% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 4,605,062 | 4,605,062 | |||
Total short-term investments (Cost $4,605,062) | 4,605,062 | |||||
Total investments in securities (Cost $396,442,570) | 99.79 % | 514,681,155 | ||||
Other assets and liabilities, net | 0.21 | 1,101,693 | ||||
Total net assets | 100.00 % | $515,782,848 |
† | 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 | $4,743,595 | $38,161,191 | $(38,299,724 ) | $0 | $0 | $4,605,062 | 4,605,062 | $122,842 |
Assets | |
Investments in unaffiliated securities, at value (cost $391,837,508) | $510,076,093 |
Investments in affiliated securities, at value (cost $4,605,062) | 4,605,062 |
Cash | 165 |
Receivable for investments sold | 3,063,949 |
Receivable for dividends | 1,008,959 |
Prepaid expenses and other assets | 4,247 |
Total assets | 518,758,475 |
Liabilities | |
Payable for investments purchased | 2,625,280 |
Advisory fee payable | 295,300 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 54,233 |
Total liabilities | 2,975,627 |
Total net assets | $515,782,848 |
Investment income | |
Dividends (net of foreign withholdings taxes of $10,361) | $5,719,304 |
Income from affiliated securities | 122,842 |
Interest | 430 |
Total investment income | 5,842,576 |
Expenses | |
Advisory fee | 2,109,181 |
Custody and accounting fees | 15,616 |
Professional fees | 24,817 |
Interest holder report expenses | 3,314 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 9,189 |
Total expenses | 2,174,043 |
Less: Fee waivers and/or expense reimbursements | (219,610 ) |
Net expenses | 1,954,433 |
Net investment income | 3,888,143 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 10,247,391 |
Net change in unrealized gains (losses) on investments | 30,265,203 |
Net realized and unrealized gains (losses) on investments | 40,512,594 |
Net increase in net assets resulting from operations | $44,400,737 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $3,888,143 | $6,611,825 | ||
Net realized gains (losses) on investments | 10,247,391 | (12,010,456 ) | ||
Net change in unrealized gains (losses) on investments | 30,265,203 | (51,512,308 ) | ||
Net increase (decrease) in net assets resulting from operations | 44,400,737 | (56,910,939 ) | ||
Capital transactions | ||||
Transactions in investors’ beneficial interests | ||||
Contributions | 5,674,023 | 41,481,218 | ||
Withdrawals | (39,740,716 ) | (75,314,113 ) | ||
Net decrease in net assets resulting from capital transactions | (34,066,693 ) | (33,832,895 ) | ||
Total increase (decrease) in net assets | 10,334,044 | (90,743,834 ) | ||
Net assets | ||||
Beginning of period | 505,448,804 | 596,192,638 | ||
End of period | $515,782,848 | $505,448,804 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Total return1 | 8.78 % | (9.95 )% | (1.78 )% | 78.76 % | (13.74 )% | (14.51 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.82 % | 0.83 % | 0.83 % | 0.83 % | 0.82 % | 0.86 % |
Net expenses2 | 0.74 % | 0.74 % | 0.74 % | 0.74 % | 0.74 % | 0.75 % |
Net investment income | 1.47 % | 1.17 % | 0.72 % | 0.71 % | 1.15 % | 0.80 % |
Supplemental data | ||||||
Portfolio turnover rate | 56 % | 87 % | 70 % | 62 % | 78 % | 168 % |
1 | Returns for periods of less than one year are not annualized. |
2 | Net expense ratios reflect voluntary waivers, if any. |
Gross unrealized gains | $136,308,865 |
Gross unrealized losses | (21,549,838 ) |
Net unrealized gains | $114,759,027 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $4,461,222 | $0 | $0 | $4,461,222 |
Consumer discretionary | 71,862,117 | 0 | 0 | 71,862,117 |
Consumer staples | 13,151,621 | 0 | 0 | 13,151,621 |
Energy | 44,997,973 | 0 | 0 | 44,997,973 |
Financials | 128,660,113 | 0 | 0 | 128,660,113 |
Health care | 40,114,587 | 0 | 0 | 40,114,587 |
Industrials | 89,404,823 | 0 | 0 | 89,404,823 |
Information technology | 45,988,661 | 0 | 0 | 45,988,661 |
Materials | 35,089,912 | 0 | 0 | 35,089,912 |
Real estate | 35,833,349 | 0 | 0 | 35,833,349 |
Utilities | 511,546 | 0 | 0 | 511,546 |
Warrants | ||||
Energy | 0 | 169 | 0 | 169 |
Short-term investments | ||||
Investment companies | 4,605,062 | 0 | 0 | 4,605,062 |
Total assets | $514,680,986 | $169 | $0 | $514,681,155 |
Average daily net assets | Advisory fee |
First $500 million | 0.800 % |
Next $500 million | 0.775 |
Next $1 billion | 0.750 |
Next $1 billion | 0.725 |
Next $1 billion | 0.700 |
Over $4 billion | 0.680 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. 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 January 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 | 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; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019# | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR1815 11-23
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for the series of Allspring 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: January 25, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Master Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: January 25, 2024 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: January 25, 2024 |