UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: May 31
Registrant is making a filing for 15 of its series: Allspring Asset Allocation Fund, Allspring C&B Large Cap Value Fund, Allspring Core Bond Fund, Allspring Emerging Growth Fund, Allspring Growth Balanced Fund, Allspring Index Fund, Allspring Moderate Balanced Fund, Allspring Real Return Fund, Allspring Small Company Growth Fund, Allspring Small Company Value Fund, Allspring Spectrum Aggressive Growth Fund, Allspring Spectrum Conservative Growth Fund, Allspring Spectrum Growth Fund, Allspring Spectrum Income Allocation Fund and Allspring Spectrum Moderate Growth Fund.
Date of reporting period: November 30, 2023
ITEM 1. REPORT TO STOCKHOLDERS
Allspring Funds
second-quarter gross
domestic product
growth—initially
estimated at 2.4%—and
U.S. annual inflation easing steadily to 3.2%
in July, hopes for a soft
economic landing grew. ”
President
Allspring Funds
Notice to Shareholders |
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 total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA, FRM†, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM, David Kowalske, Jr.†† |
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 (EAAFX) | 7-29-1996 | -0.64 | 4.64 | 3.30 | 5.43 | 5.89 | 3.91 | 1.19 | 1.12 |
Class C (EACFX) | 10-3-2002 | 3.56 | 5.21 | 3.35 | 4.56 | 5.21 | 3.35 | 1.94 | 1.87 |
Administrator Class (EAIFX) | 10-3-2002 | – | – | – | 5.59 | 6.46 | 4.28 | 1.12 | 0.95 |
Institutional Class (EAAIX) | 11-30-2012 | – | – | – | 5.76 | 6.24 | 4.28 | 0.87 | 0.80 |
Russell 3000® Index3 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Bloomberg U.S. Aggregate Bond Index4 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Asset Allocation Blended Index5 | – | – | – | – | 8.01 | 6.84 | 5.90 | – | – |
MSCI ACWI ex USA Index (Net)6 | – | – | – | – | 9.26 | 5.06 | 3.41 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.44% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.12% for Class A, 1.87% for Class C, 0.95% for Administrator Class and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios and funds 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 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. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | Source: Allspring Funds Management, LLC. The Asset Allocation Blended Index is composed of 45% of the Russell 3000® Index, 35% of the Bloomberg U.S. Aggregate Bond Index and 20% of the MSCI ACWI ex USA Index (Net). Prior to June 16, 2018, it was comprised of 65% of the MSCI ACWI Index (Net) and 35% of the Bloomberg U.S. Aggregate Bond Index. You cannot invest directly in an index. |
6 | 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. |
† | 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. Kowalske became a portfolio manager of the Fund effective January 16, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Managed Fixed Income Portfolio | 22.16 |
Allspring Disciplined U.S. Core Fund Class R6 | 13.57 |
Allspring Large Company Value Portfolio | 11.61 |
Allspring Disciplined International Developed Markets Portfolio | 8.67 |
Allspring Diversified Large Cap Growth Portfolio | 8.24 |
Allspring Core Bond Portfolio | 6.21 |
iShares Core MSCI EAFE ETF | 3.97 |
Allspring C&B Large Cap Value Portfolio | 3.52 |
Allspring Real Return Portfolio | 3.46 |
Allspring Factor Enhanced International Equity Portfolio | 3.22 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 65 | 49 |
Bond Funds | 35 | 39 |
International Equity Funds | 0 | 20 |
Effective Cash | 0 | (8 ) |
1 | Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective 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 | $1,047.80 | $5.12 | 1.00 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.00 | $5.05 | 1.00 % |
Class C | ||||
Actual | $1,000.00 | $1,044.20 | $8.94 | 1.75 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.25 | $8.82 | 1.75 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,048.60 | $4.40 | 0.86 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.70 | $4.34 | 0.86 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,049.30 | $3.48 | 0.68 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.60 | $3.44 | 0.68 % |
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 Portfolios in which the Fund invests. |
Shares | Value | |||||
Investment companies: 98.91% | ||||||
Affiliated master portfolios: 73.35% | ||||||
Allspring C&B Large Cap Value Portfolio | $44,622,227 | |||||
Allspring Core Bond Portfolio | 78,782,122 | |||||
Allspring Disciplined International Developed Markets Portfolio | 110,064,098 | |||||
Allspring Diversified Large Cap Growth Portfolio | 104,528,203 | |||||
Allspring Emerging Growth Portfolio | 14,174,156 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 16,808,239 | |||||
Allspring Factor Enhanced International Equity Portfolio | 40,844,733 | |||||
Allspring Large Company Value Portfolio | 147,321,496 | |||||
Allspring Managed Fixed Income Portfolio | 281,237,779 | |||||
Allspring Real Return Portfolio | 43,878,892 | |||||
Allspring Small Company Growth Portfolio | 14,266,854 | |||||
Allspring Small Company Value Portfolio | 34,336,446 | |||||
930,865,245 | ||||||
Exchange-traded funds: 9.38% | ||||||
iShares Core MSCI EAFE ETF | 745,144 | 50,334,477 | ||||
iShares iBoxx $ High Yield Corporate Bond ETF | 451,826 | 34,207,747 | ||||
iShares Russell 1000 Growth ETF | 118,494 | 34,465,165 | ||||
119,007,389 | ||||||
Stock funds: 16.18% | ||||||
Allspring Disciplined U.S. Core Fund Class R6♠ | 8,322,888 | 172,200,546 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 670,708 | 16,439,063 | ||||
Allspring Emerging Markets Equity Income Fund Class R6♠ | 1,603,770 | 16,679,202 | ||||
205,318,811 | ||||||
Total investment companies (Cost $1,187,604,222) | 1,255,191,445 | |||||
Total investments in securities (Cost $1,187,604,222) | 98.91 % | 1,255,191,445 | ||||
Other assets and liabilities, net | 1.09 | 13,881,026 | ||||
Total net assets | 100.00 % | $1,269,072,471 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Disciplined U.S. Core Fund Class R6 | $179,645,604 | $692,568 | $(25,446,825 ) | $(1,267,071 ) | $18,576,270 | $172,200,546 |
Allspring Emerging Markets Equity Fund Class R6 | 16,968,005 | 415,858 | (1,420,428 ) | 4,710 | 470,918 | 16,439,063 |
Allspring Emerging Markets Equity Income Fund Class R6 | 16,835,136 | 513,278 | (1,207,944 ) | (1,708 ) | 540,440 | 16,679,202 |
$(1,264,069 ) | $19,587,628 | $205,318,811 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Disciplined U.S. Core Fund Class R6 | 8,322,888 | $0 |
Allspring Emerging Markets Equity Fund Class R6 | 670,708 | 0 |
Allspring Emerging Markets Equity Income Fund Class R6 | 1,603,770 | 258,590 |
$258,590 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring C&B Large Cap Value Portfolio | 17.53 % | 17.11 % | $1,996,466 | $1,747,706 | $389 | $543,560 | $29,805 | $44,622,227 |
Allspring Core Bond Portfolio | 1.74 | 1.66 | (2,496,583 ) | 214,780 | 1,705,411 | 0 | 74,076 | 78,782,122 |
Allspring Disciplined International Developed Markets Portfolio | 85.71 | 85.50 | 596,275 | 3,561,899 | 3,693 | 1,164,849 | 59,560 | 110,064,098 |
Allspring Diversified Large Cap Growth Portfolio | 83.71 | 83.50 | 17,930,402 | (2,380,773 ) | 1,206 | 558,738 | 39,211 | 104,528,203 |
Allspring Emerging Growth Portfolio | 4.37 | 4.73 | (516,561 ) | 76,521 | 106 | 10,401 | 8,546 | 14,174,156 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 16.43 | 15.82 | 860,378 | (414,783 ) | 1,101 | 300,246 | 11,854 | 16,808,239 |
Allspring Factor Enhanced International Equity Portfolio | 9.71 | 9.35 | 6,397,674 | (4,732,611 ) | 2,492 | 233,604 | 42,930 | 40,844,733 |
Allspring Large Company Value Portfolio | 84.18 | 83.90 | 2,996,916 | 5,416,616 | 8,761 | 1,645,569 | 81,746 | 147,321,496 |
Allspring Managed Fixed Income Portfolio | 81.08 | 80.75 | (3,331,459 ) | (3,347,395 ) | 5,636,896 | 0 | 81,475 | 281,237,779 |
Allspring Real Return Portfolio | 21.28 | 18.63 | (1,637,136 ) | 767,007 | 941,114 | 80,049 | 25,994 | 43,878,892 |
Allspring Small Company Growth Portfolio | 2.02 | 2.97 | 791,792 | (413,999 ) | 7 | 33,311 | 9,926 | 14,266,854 |
Allspring Small Company Value Portfolio | 6.72 | 6.66 | 675,759 | 2,091,248 | 28 | 376,082 | 8,070 | 34,336,446 |
$24,263,923 | $2,586,216 | $8,301,204 | $4,946,409 | $473,193 | $930,865,245 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year Euro BUND Index | 241 | 12-7-2023 | $34,764,259 | $34,703,454 | $0 | $(60,805 ) |
TOPIX Index | 277 | 12-7-2023 | 44,000,864 | 44,391,744 | 390,880 | 0 |
E-Mini NASDAQ 100 Index | 177 | 12-15-2023 | 54,793,115 | 56,588,670 | 1,795,555 | 0 |
E-Mini Russell 1000 Growth Index | 222 | 12-15-2023 | 31,482,781 | 32,527,440 | 1,044,659 | 0 |
E-Mini S&P 500 Index | 28 | 12-15-2023 | 6,332,489 | 6,407,450 | 74,961 | 0 |
MSCI EAFE Index | 385 | 12-15-2023 | 40,913,627 | 40,937,050 | 23,423 | 0 |
MSCI Emerging Markets Index | 339 | 12-15-2023 | 16,750,383 | 16,731,345 | 0 | (19,038 ) |
Euro Futures | 277 | 12-18-2023 | 38,033,393 | 37,730,863 | 0 | (302,530 ) |
Japanese Yen Futures | 550 | 12-18-2023 | 47,459,920 | 46,499,062 | 0 | (960,858 ) |
10-Year U.S. Treasury Notes | 816 | 3-19-2024 | 88,767,695 | 89,594,250 | 826,555 | 0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Short | ||||||
2-Year Euro SCHATZ | (1,341 ) | 12-7-2023 | $(153,891,369 ) | $(153,828,294 ) | $63,075 | $0 |
E-Mini Russell 1000 Value Index | (357 ) | 12-15-2023 | (27,844,558 ) | (27,655,005 ) | 189,553 | 0 |
Euro STOXX 50 Index | (938 ) | 12-15-2023 | (42,808,042 ) | (44,832,703 ) | 0 | (2,024,661 ) |
New Zealand Dollar Futures | (316 ) | 12-18-2023 | (18,615,659 ) | (19,467,180 ) | 0 | (851,521 ) |
Swiss Franc Futures | (267 ) | 12-18-2023 | (38,246,808 ) | (38,194,350 ) | 52,458 | 0 |
U.S. Dollar Futures | (309 ) | 12-18-2023 | (31,744,227 ) | (31,959,252 ) | 0 | (215,025 ) |
$4,461,119 | $(4,434,438 ) |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $894,875,459) | $930,865,245 |
Investments in unaffiliated securities, at value (cost $122,657,345) | 119,007,389 |
Investments in affiliated Underlying Funds, at value (cost $170,071,418) | 205,318,811 |
Cash | 1,112,886 |
Cash at broker segregated for futures contracts | 16,338,102 |
Receivable for daily variation margin on open futures contracts | 467,376 |
Receivable for Fund shares sold | 122,028 |
Prepaid expenses and other assets | 104,650 |
Total assets | 1,273,336,487 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 1,986,429 |
Payable for Fund shares redeemed | 1,502,528 |
Shareholder servicing fees payable | 223,686 |
Management fee payable | 200,819 |
Administration fees payable | 195,020 |
Distribution fees payable | 10,129 |
Trustees’ fees and expenses payable | 721 |
Accrued expenses and other liabilities | 144,684 |
Total liabilities | 4,264,016 |
Total net assets | $1,269,072,471 |
Net assets consist of | |
Paid-in capital | $1,211,000,323 |
Total distributable earnings | 58,072,148 |
Total net assets | $1,269,072,471 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $1,079,810,846 |
Shares outstanding–Class A1 | 82,193,426 |
Net asset value per share–Class A | $13.14 |
Maximum offering price per share – Class A2 | $13.94 |
Net assets–Class C | $16,871,381 |
Shares outstanding–Class C1 | 1,275,951 |
Net asset value per share–Class C | $13.22 |
Net assets–Administrator Class | $12,431,292 |
Shares outstanding–Administrator Class1 | 913,930 |
Net asset value per share–Administrator Class | $13.60 |
Net assets–Institutional Class | $159,958,952 |
Shares outstanding–Institutional Class1 | 12,126,328 |
Net asset value per share–Institutional Class | $13.19 |
Investment income | |
Interest allocated from affiliated Master Portfolios | $8,301,204 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $455,888) | 4,946,409 |
Dividends from unaffiliated securities | 2,031,905 |
Affiliated income allocated from affiliated Master Portfolios | 473,193 |
Interest | 387,767 |
Dividends from affiliated Underlying Funds | 258,590 |
Expenses allocated from affiliated Master Portfolios | (2,395,241 ) |
Waivers allocated from affiliated Master Portfolios | 246,370 |
Total investment income | 14,250,197 |
Expenses | |
Management fee | 1,824,336 |
Administration fees | |
Class A | 1,102,300 |
Class C | 17,701 |
Class R | 241 1 |
Administrator Class | 8,365 |
Institutional Class | 106,509 |
Shareholder servicing fees | |
Class A | 1,366,422 |
Class C | 21,874 |
Class R | 279 1 |
Administrator Class | 15,933 |
Distribution fees | |
Class C | 65,451 |
Class R | 267 1 |
Custody and accounting fees | 2 |
Professional fees | 20,556 |
Registration fees | 37,391 |
Shareholder report expenses | 56,023 |
Trustees’ fees and expenses | 10,626 |
Other fees and expenses | 14,076 |
Total expenses | 4,668,352 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (562,679 ) |
Administrator Class | (4,258 ) |
Net expenses | 4,101,415 |
Net investment income | 10,148,782 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Investments allocated from affiliated Master Portfolios | $24,263,923 |
Affiliated Underlying Funds | (1,264,069 ) |
Unaffiliated securities | (297,702 ) |
Foreign currency and foreign currency translations | 17,108 |
Futures contracts | 8,871,890 |
Net realized gains on investments | 31,591,150 |
Net change in unrealized gains (losses) on | |
Investments allocated from affiliated Master Portfolios | 2,586,216 |
Affiliated Underlying Funds | 19,587,628 |
Unaffiliated securities | 3,178,451 |
Futures contracts | (6,453,506 ) |
Net change in unrealized gains (losses) on investments | 18,898,789 |
Net realized and unrealized gains (losses) on investments | 50,489,939 |
Net increase in net assets resulting from operations | $60,638,721 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $10,148,782 | $22,429,903 | ||
Net realized gains (losses) on investments | 31,591,150 | (20,005,630 ) | ||
Net change in unrealized gains (losses) on investments | 18,898,789 | (31,925,204 ) | ||
Net increase (decrease) in net assets resulting from operations | 60,638,721 | (29,500,931 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (59,268,484 ) | ||
Class C | 0 | (417,954 ) | ||
Class R | 0 1 | (104,644 ) | ||
Administrator Class | 0 | (824,492 ) | ||
Institutional Class | 0 | (9,997,099 ) | ||
Tax basis return of capital | ||||
Class A | 0 | (10,824,660 ) | ||
Class C | 0 | (221,191 ) | ||
Class R | 0 1 | (21,404 ) | ||
Administrator Class | 0 | (142,749 ) | ||
Institutional Class | 0 | (1,748,098 ) | ||
Total distributions to shareholders | 0 | (83,570,775 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 445,270 | 5,715,448 | 1,813,537 | 23,018,937 |
Class C | 38,426 | 489,200 | 124,931 | 1,564,255 |
Class R | 335 1 | 4,290 1 | 22,912 | 291,574 |
Administrator Class | 9,975 | 133,645 | 26,450 | 347,283 |
Institutional Class | 457,256 | 5,887,151 | 1,188,690 | 15,093,300 |
12,229,734 | 40,315,349 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 5,117,002 | 63,358,699 |
Class C | 0 | 0 | 49,303 | 621,218 |
Class R | 0 1 | 0 1 | 9,646 | 119,256 |
Administrator Class | 0 | 0 | 68,903 | 881,772 |
Institutional Class | 0 | 0 | 736,589 | 9,131,361 |
0 | 74,112,306 | |||
Payment for shares redeemed | ||||
Class A | (5,781,623 ) | (74,347,642 ) | (13,420,146 ) | (169,645,607 ) |
Class C | (244,999 ) | (3,180,324 ) | (1,018,638 ) | (12,896,313 ) |
Class R | (7,336 )1 | (93,180 )1 | (66,642 ) | (856,905 ) |
Administrator Class | (94,526 ) | (1,255,613 ) | (417,160 ) | (5,415,295 ) |
Institutional Class | (1,627,644 ) | (21,018,853 ) | (4,693,101 ) | (59,574,954 ) |
(99,895,612 ) | (248,389,074 ) |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Shares | Shares | |||
Share conversions | ||||
Class A | 170,297 2 | $2,215,824 2 | 0 | $0 |
Class R | (170,723 )2 | (2,215,824 )2 | 0 | 0 |
0 | 0 | |||
Net decrease in net assets resulting from capital share transactions | (87,665,878 ) | (133,961,419 ) | ||
Total decrease in net assets | (27,027,157 ) | (247,033,125 ) | ||
Net assets | ||||
Beginning of period | 1,296,099,628 | 1,543,132,753 | ||
End of period | $1,269,072,471 | $1,296,099,628 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | Year ended April 30 | |||||
Class A | 2023 | 2022 | 2021 | 20201 | 2020 | 2019 | |
Net asset value, beginning of period | $12.54 | $13.56 | $16.90 | $13.57 | $13.12 | $13.49 | $14.33 |
Net investment income | 0.10 2 | 0.20 2 | 0.18 2 | 0.18 2 | 0.02 | 0.21 2 | 0.15 2 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 3 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.50 | (0.43 ) | (1.20 ) | 3.75 | 0.43 | (0.36 ) | 0.04 |
Total from investment operations | 0.60 | (0.23 ) | (1.02 ) | 3.93 | 0.45 | (0.15 ) | 0.19 |
Distributions to shareholders from | |||||||
Net investment income | 0.00 | (0.30 ) | (0.18 ) | (0.41 ) | 0.00 | (0.06 ) | (0.06 ) |
Net realized gains | 0.00 | (0.37 ) | (2.14 ) | (0.19 ) | 0.00 | (0.16 ) | (0.97 ) |
Tax basis return of capital | 0.00 | (0.12 ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.79 ) | (2.32 ) | (0.60 ) | 0.00 | (0.22 ) | (1.03 ) |
Net asset value, end of period | $13.14 | $12.54 | $13.56 | $16.90 | $13.57 | $13.12 | $13.49 |
Total return4 | 4.78 % | (1.54 )% | (7.42 )% | 29.45 %5 | 3.43 % | (1.26 )% | 1.96 % |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 1.09 %* | 1.11 %* | 1.09 %* | 1.14 %* | 1.21 %* | 1.22 %* | 1.18 %*,6 |
Net expenses | 1.00 %* | 1.04 %* | 1.04 %* | 1.04 %* | 1.05 %* | 1.05 %* | 1.04 %*,6 |
Net investment income | 1.54 %* | 1.60 %* | 1.15 %* | 1.19 %* | 1.22 %* | 1.54 %* | 1.08 %*,6 |
Supplemental data | |||||||
Portfolio turnover rate7 | 51 % | 106 % | 111 % | 137 % | 13 % | 109 % | 189 % |
Net assets, end of period (000s omitted) | $1,079,811 | $1,095,066 | $1,272,420 | $1,542,707 | $1,287,856 | $1,253,699 | $1,472,484 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.35% |
Year ended May 31, 2022 | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.40% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
5 | For year ended May 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. |
6 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
7 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | Year ended April 30 | |||||
Class C | 2023 | 2022 | 2021 | 20201 | 2020 | 2019 | |
Net asset value, beginning of period | $12.66 | $13.34 | $16.60 | $13.01 | $12.58 | $12.99 | $13.87 |
Net investment income | 0.05 2 | 0.11 2 | 0.06 2 | 0.06 2 | 0.01 2 | 0.11 2 | 0.03 2 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.17 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.51 | (0.42 ) | (1.18 ) | 3.54 | 0.42 | (0.36 ) | 0.06 |
Total from investment operations | 0.56 | (0.31 ) | (1.12 ) | 3.77 | 0.43 | (0.25 ) | 0.09 |
Distributions to shareholders from | |||||||
Net realized gains | 0.00 | (0.25 ) | (2.14 ) | (0.18 ) | 0.00 | (0.16 ) | (0.97 ) |
Tax basis return of capital | 0.00 | (0.12 ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.37 ) | (2.14 ) | (0.18 ) | 0.00 | (0.16 ) | (0.97 ) |
Net asset value, end of period | $13.22 | $12.66 | $13.34 | $16.60 | $13.01 | $12.58 | $12.99 |
Total return3 | 4.42 % | (2.34 )% | (8.08 )% | 29.19 %4 | 3.42 % | (2.02 )% | 1.21 % |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 1.84 %* | 1.85 %* | 1.83 %* | 1.89 %* | 1.96 %* | 1.97 %* | 1.92 %*,5 |
Net expenses | 1.75 %* | 1.79 %* | 1.78 %* | 1.79 %* | 1.79 %* | 1.80 %* | 1.78 %*,5 |
Net investment income | 0.80 %* | 0.83 %* | 0.38 %* | 0.43 %* | 0.47 %* | 0.82 %* | 0.23 %*,5 |
Supplemental data | |||||||
Portfolio turnover rate6 | 51 % | 106 % | 111 % | 137 % | 13 % | 109 % | 189 % |
Net assets, end of period (000s omitted) | $16,871 | $18,774 | $31,038 | $52,586 | $118,081 | $120,029 | $237,096 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.35% |
Year ended May 31, 2022 | 0.34% |
Year ended May 31, 2021 | 0.39% |
Year ended May 31, 20201 | 0.44% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 1.29% impact on the total return. |
5 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
6 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | Year ended April 30 | |||||
Administrator Class | 2023 | 2022 | 2021 | 20201 | 2020 | 2019 | |
Net asset value, beginning of period | $12.97 | $13.89 | $17.25 | $13.75 | $13.29 | $13.66 | $14.49 |
Net investment income | 0.11 2 | 0.23 2 | 0.21 2 | 0.21 2 | 0.02 2 | 0.24 2 | 0.16 2 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.12 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 0.52 | (0.31 ) | (1.22 ) | 3.81 | 0.44 | (0.37 ) | 0.06 |
Total from investment operations | 0.63 | (0.08 ) | (1.01 ) | 4.14 | 0.46 | (0.13 ) | 0.22 |
Distributions to shareholders from | |||||||
Net investment income | 0.00 | (0.33 ) | (0.21 ) | (0.45 ) | 0.00 | (0.08 ) | (0.08 ) |
Net realized gains | 0.00 | (0.39 ) | (2.14 ) | (0.19 ) | 0.00 | (0.16 ) | (0.97 ) |
Tax basis return of capital | 0.00 | (0.12 ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.84 ) | (2.35 ) | (0.64 ) | 0.00 | (0.24 ) | (1.05 ) |
Net asset value, end of period | $13.60 | $12.97 | $13.89 | $17.25 | $13.75 | $13.29 | $13.66 |
Total return3 | 4.86 % | (0.39 )%4 | (7.21 )% | 30.62 %5 | 3.46 % | (1.08 )% | 2.18 % |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 1.02 %* | 1.02 %* | 1.01 %* | 1.06 %* | 1.13 %* | 1.14 %* | 1.08 %*,6 |
Net expenses | 0.86 %* | 0.86 %* | 0.86 %* | 0.87 %* | 0.86 %* | 0.86 %* | 0.86 %*,6 |
Net investment income | 1.68 %* | 1.78 %* | 1.32 %* | 1.36 %* | 1.40 %* | 1.74 %* | 1.17 %*,6 |
Supplemental data | |||||||
Portfolio turnover rate7 | 51 % | 106 % | 111 % | 137 % | 13 % | 109 % | 189 % |
Net assets, end of period (000s omitted) | $12,431 | $12,949 | $18,332 | $25,026 | $21,628 | $21,316 | $31,610 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.35% |
Year ended May 31, 2022 | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.44% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | During the year ended May 31, 2023, the Fund received payments from a service provider which had a 1.28% impact on the total return. |
5 | For year ended May 31, 2021, the Fund received a payment from an affiliate which had a 0.90% impact on the total return. |
6 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
7 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | Year ended April 30 | |||||
Institutional Class | 2023 | 2022 | 2021 | 20201 | 2020 | 2019 | |
Net asset value, beginning of period | $12.57 | $13.60 | $16.94 | $13.61 | $13.14 | $13.52 | $14.36 |
Net investment income | 0.12 2 | 0.25 2 | 0.24 2 | 0.24 | 0.02 2 | 0.26 2 | 0.19 2 |
Net realized and unrealized gains (losses) on investments | 0.50 | (0.44 ) | (1.20 ) | 3.74 | 0.45 | (0.38 ) | 0.05 |
Total from investment operations | 0.62 | (0.19 ) | (0.96 ) | 3.98 | 0.47 | (0.12 ) | 0.24 |
Distributions to shareholders from | |||||||
Net investment income | 0.00 | (0.35 ) | (0.24 ) | (0.46 ) | 0.00 | (0.10 ) | (0.11 ) |
Net realized gains | 0.00 | (0.37 ) | (2.14 ) | (0.19 ) | 0.00 | (0.16 ) | 0.97 |
Tax basis return of capital | 0.00 | (0.12 ) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.84 ) | (2.38 ) | (0.65 ) | 0.00 | (0.26 ) | (1.08 ) |
Net asset value, end of period | $13.19 | $12.57 | $13.60 | $16.94 | $13.61 | $13.14 | $13.52 |
Total return3 | 4.93 % | (1.21 )% | (7.10 )% | 29.76 % | 3.58 % | (1.01 )% | 2.39 % |
Ratios to average net assets (annualized) | |||||||
Gross expenses | 0.77 %* | 0.78 %* | 0.76 %* | 0.81 %* | 0.88 %* | 0.89 %* | 0.84 %*,4 |
Net expenses | 0.68 %* | 0.71 %* | 0.71 %* | 0.71 %* | 0.72 %* | 0.72 %* | 0.69 %*,4 |
Net investment income | 1.87 %* | 1.92 %* | 1.48 %* | 1.52 %* | 1.55 %* | 1.88 %* | 1.34 %*,4 |
Supplemental data | |||||||
Portfolio turnover rate5 | 51 % | 106 % | 111 % | 137 % | 13 % | 109 % | 189 % |
Net assets, end of period (000s omitted) | $159,959 | $167,088 | $218,479 | $266,822 | $231,652 | $227,529 | $311,958 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.35% |
Year ended May 31, 2022 | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 20201 | 0.45% |
Year ended April 30, 2020 | 0.45% |
Year ended April 30, 2019 | 0.38% |
1 | For the one month ended May 31, 2020. The Fund changed its fiscal year end from April 30 to May 31, effective May 31, 2020. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | Ratios did not include any expenses from Asset Allocation Trust or its investments in underlying funds. Asset Allocation Trust did not have any net expenses. |
5 | Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Gross unrealized gains | $134,137,948 |
Gross unrealized losses | (80,273,579 ) |
Net unrealized gains | $53,864,369 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Investment companies | $324,326,200 | $0 | $0 | $324,326,200 |
Investments measured at net asset value* | 930,865,245 | |||
324,326,200 | 0 | 0 | 1,255,191,445 | |
Futures contracts | 4,461,119 | 0 | 0 | 4,461,119 |
Total assets | $328,787,319 | $0 | $0 | $1,259,652,564 |
Liabilities | ||||
Futures contracts | $4,434,438 | $0 | $0 | $4,434,438 |
Total liabilities | $4,434,438 | $0 | $0 | $4,434,438 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $930,865,245. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Allspring Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Large Company Value Portfolio | Seeks long-term capital appreciation |
Allspring Managed Fixed Income Portfolio | Seeks consistent fixed-income returns |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Growth Portfolio | Seeks long-term capital appreciation |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300 % |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Class R | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.12 % |
Class C | 1.87 |
Administrator Class | 0.95 |
Institutional Class | 0.80 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$108,235,754 | $522,307,086 | $106,670,343 | $658,697,658 |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | ||||
Futures contracts | $889,630 * | $3,519,031 * | $52,458 * | $4,461,119 |
Liability derivatives | ||||
Futures contracts | $60,805 * | $2,043,699 * | $2,329,934 * | $4,434,438 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statement of Assets and Liabilities. |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | ||||
Futures contracts | $2,110,751 | $10,184,967 | $(3,423,828 ) | $8,871,890 |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | $672,409 | $(6,917,418 ) | $(208,497 ) | $(6,453,506 ) |
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
SAR4312 11-23
2 | |
6 | |
8 | |
9 | |
10 | |
11 | |
12 | |
13 | |
18 | |
22 | |
26 | |
27 | |
28 | |
29 | |
30 | |
33 |
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
2 | |
6 | |
8 | |
9 | |
10 | |
11 | |
12 | |
14 | |
19 | |
23 | |
49 | |
50 | |
51 | |
52 | |
53 | |
57 |
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
2 | |
6 | |
8 | |
9 | |
10 | |
11 | |
12 | |
13 | |
18 | |
22 | |
27 | |
28 | |
29 | |
30 | |
31 | |
34 |
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
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
Investment objective | The Fund seeks total return, consisting of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA†, FRM, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM |
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 (WFGBX) | 10-14-1998 | -0.62 | 4.62 | 5.13 | 5.43 | 5.86 | 5.75 | 1.27 | 1.12 |
Class C (WFGWX) | 10-1-1998 | 3.62 | 5.08 | 5.12 | 4.62 | 5.08 | 5.12 | 2.02 | 1.87 |
Administrator Class (NVGBX) | 11-11-1994 | – | – | – | 5.61 | 6.06 | 5.98 | 1.20 | 0.95 |
Russell 3000® Index3 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Bloomberg U.S. Aggregate Bond Index4 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Growth Balanced Blended Index5 | – | – | – | – | 8.01 | 6.84 | 6.67 | – | – |
MSCI ACWI ex USA Index (Net)6 | – | – | – | – | 9.26 | 5.06 | 3.41 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.44% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.12% for Class A, 1.87% for Class C and 0.95% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios and funds 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 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. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | Source: Allspring Funds Management, LLC. The Growth Balanced Blended Index is composed of 45% of the Russell 3000® Index, 35% of the Bloomberg U.S. Aggregate Bond Index, and 20% of the MSCI ACWI ex USA Index (Net). Prior to November 30, 2017, the Growth Balanced Blended Index was composed of 35% of the Bloomberg U.S. Aggregate Bond Index, 16.25% of the Russell 1000® Growth Index, 16.25% of the Russell 1000® Value Index, 16.25% of the S&P 500 Index, 9.75% of the MSCI EAFE Index (Net), and 6.50% of the Russell 2000® Index. You cannot invest directly in an index. |
6 | 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. |
† | 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. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Managed Fixed Income Portfolio | 21.59 |
Allspring Disciplined U.S. Core Fund Class R6 | 13.58 |
Allspring Large Company Value Portfolio | 11.58 |
Allspring Disciplined International Developed Markets Portfolio | 8.68 |
Allspring Diversified Large Cap Growth Portfolio | 8.26 |
Allspring Core Bond Portfolio | 6.70 |
iShares Core MSCI EAFE ETF | 3.97 |
Allspring C&B Large Cap Value Portfolio | 3.51 |
Allspring Real Return Portfolio | 3.45 |
Allspring Factor Enhanced International Equity Portfolio | 3.22 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 65 | 69 |
Bond Funds | 35 | 39 |
Effective Cash | 0 | (8 ) |
1 | Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective 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 | $1,048.00 | $5.27 | 1.03 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.85 | $5.20 | 1.03 % |
Class C | ||||
Actual | $1,000.00 | $1,044.00 | $9.10 | 1.78 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.10 | $8.97 | 1.78 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,049.00 | $4.41 | 0.86 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.70 | $4.34 | 0.86 % |
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 Portfolios in which the Fund invests. |
Shares | Value | |||||
Investment companies: 98.80% | ||||||
Affiliated master portfolios: 73.27% | ||||||
Allspring C&B Large Cap Value Portfolio | $6,389,008 | |||||
Allspring Core Bond Portfolio | 12,194,927 | |||||
Allspring Disciplined International Developed Markets Portfolio | 15,791,765 | |||||
Allspring Diversified Large Cap Growth Portfolio | 15,030,139 | |||||
Allspring Emerging Growth Portfolio | 2,036,969 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 2,410,418 | |||||
Allspring Factor Enhanced International Equity Portfolio | 5,860,332 | |||||
Allspring Large Company Value Portfolio | 21,059,941 | |||||
Allspring Managed Fixed Income Portfolio | 39,270,069 | |||||
Allspring Real Return Portfolio | 6,273,294 | |||||
Allspring Small Company Growth Portfolio | 2,044,457 | |||||
Allspring Small Company Value Portfolio | 4,928,020 | |||||
133,289,339 | ||||||
Exchange-traded funds: 9.33% | ||||||
iShares Core MSCI EAFE ETF | 106,935 | 7,223,459 | ||||
iShares iBoxx $ High Yield Corporate Bond ETF | 63,884 | 4,836,658 | ||||
iShares Russell 1000 Growth ETF | 16,915 | 4,919,897 | ||||
16,980,014 | ||||||
Stock funds: 16.20% | ||||||
Allspring Disciplined U.S. Core Fund Class R6♠ | 1,194,136 | 24,706,668 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 96,307 | 2,360,493 | ||||
Allspring Emerging Markets Equity Income Fund Class R6♠ | 230,255 | 2,394,650 | ||||
29,461,811 | ||||||
Total investment companies (Cost $164,598,653) | 179,731,164 | |||||
Total investments in securities (Cost $164,598,653) | 98.80 % | 179,731,164 | ||||
Other assets and liabilities, net | 1.20 | 2,183,322 | ||||
Total net assets | 100.00 % | $181,914,486 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Disciplined U.S. Core Fund Class R6 | $25,463,359 | $136,546 | $(3,354,107 ) | $241,949 | $2,218,921 | $24,706,668 |
Allspring Emerging Markets Equity Fund Class R6 | 2,365,598 | 91,172 | (163,021 ) | (4,081 ) | 70,825 | 2,360,493 |
Allspring Emerging Markets Equity Income Fund Class R6 | 2,354,761 | 106,168 | (142,982 ) | 917 | 75,786 | 2,394,650 |
$238,785 | $2,365,532 | $29,461,811 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Disciplined U.S. Core Fund Class R6 | 1,194,136 | $0 |
Allspring Emerging Markets Equity Fund Class R6 | 96,307 | 0 |
Allspring Emerging Markets Equity Income Fund Class R6 | 230,255 | 36,561 |
$36,561 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring C&B Large Cap Value Portfolio | 2.46 % | 2.45 % | $282,425 | $245,954 | $55 | $76,957 | $4,216 | $6,389,008 |
Allspring Core Bond Portfolio | 0.26 | 0.26 | (382,135 ) | 31,623 | 261,319 | 0 | 11,365 | 12,194,927 |
Allspring Disciplined International Developed Markets Portfolio | 12.11 | 12.27 | 84,046 | 513,775 | 522 | 164,964 | 8,429 | 15,791,765 |
Allspring Diversified Large Cap Growth Portfolio | 11.89 | 12.01 | 2,562,660 | (337,380 ) | 171 | 79,253 | 5,563 | 15,030,139 |
Allspring Emerging Growth Portfolio | 0.60 | 0.68 | (74,206 ) | 11,266 | 15 | 1,496 | 1,217 | 2,036,969 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 2.30 | 2.27 | 123,839 | (61,025 ) | 155 | 42,377 | 1,685 | 2,410,418 |
Allspring Factor Enhanced International Equity Portfolio | 1.37 | 1.34 | 918,228 | (679,270 ) | 352 | 32,823 | 6,095 | 5,860,332 |
Allspring Large Company Value Portfolio | 11.77 | 11.99 | 419,719 | 760,400 | 1,235 | 232,819 | 11,567 | 21,059,941 |
Allspring Managed Fixed Income Portfolio | 11.07 | 11.27 | (461,293 ) | (464,815 ) | 779,091 | 0 | 11,259 | 39,270,069 |
Allspring Real Return Portfolio | 2.98 | 2.66 | (234,550 ) | 110,973 | 133,094 | 11,323 | 3,693 | 6,273,294 |
Allspring Small Company Growth Portfolio | 0.28 | 0.43 | 112,898 | (60,712 ) | 0 | 4,733 | 1,403 | 2,044,457 |
Allspring Small Company Value Portfolio | 0.92 | 0.96 | 94,957 | 277,981 | 0 | 53,103 | 1,138 | 4,928,020 |
$3,446,588 | $348,770 | $1,176,009 | $699,848 | $67,630 | $133,289,339 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year Euro BUND Index | 34 | 12-7-2023 | $4,904,501 | $4,895,923 | $0 | $(8,578 ) |
TOPIX Index | 39 | 12-7-2023 | 6,195,067 | 6,250,101 | 55,034 | 0 |
E-Mini NASDAQ 100 Index | 25 | 12-15-2023 | 7,739,141 | 7,992,750 | 253,609 | 0 |
E-Mini Russell 1000 Growth Index | 31 | 12-15-2023 | 4,396,244 | 4,542,120 | 145,876 | 0 |
E-Mini S&P 500 Index | 4 | 12-15-2023 | 904,641 | 915,350 | 10,709 | 0 |
MSCI EAFE Index | 55 | 12-15-2023 | 5,844,804 | 5,848,150 | 3,346 | 0 |
MSCI Emerging Markets Index | 48 | 12-15-2023 | 2,371,736 | 2,369,040 | 0 | (2,696 ) |
Euro Futures | 40 | 12-18-2023 | 5,492,187 | 5,448,500 | 0 | (43,687 ) |
Japanese Yen Futures | 77 | 12-18-2023 | 6,644,389 | 6,509,869 | 0 | (134,520 ) |
10-Year U.S. Treasury Notes | 116 | 3-19-2024 | 12,618,937 | 12,736,437 | 117,500 | 0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Short | ||||||
2-Year Euro SCHATZ | (188 ) | 12-7-2023 | $(21,574,629 ) | $(21,565,786 ) | $8,843 | $0 |
E-Mini Russell 1000 Value Index | (50 ) | 12-15-2023 | (3,899,798 ) | (3,873,250 ) | 26,548 | 0 |
Euro STOXX 50 Index | (134 ) | 12-15-2023 | (6,115,435 ) | (6,404,672 ) | 0 | (289,237 ) |
New Zealand Dollar Futures | (45 ) | 12-18-2023 | (2,650,964 ) | (2,772,225 ) | 0 | (121,261 ) |
Swiss Franc Futures | (38 ) | 12-18-2023 | (5,443,366 ) | (5,435,900 ) | 7,466 | 0 |
U.S. Dollar Futures | (44 ) | 12-18-2023 | (4,520,214 ) | (4,550,832 ) | 0 | (30,618 ) |
$628,931 | $(630,597 ) |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $122,529,315) | $133,289,339 |
Investments in unaffiliated securities, at value (cost $17,423,693) | 16,980,014 |
Investments in affiliated Underlying Funds, at value (cost $24,645,645) | 29,461,811 |
Cash | 175,688 |
Cash at broker segregated for futures contracts | 2,308,894 |
Receivable for daily variation margin on open futures contracts | 66,018 |
Receivable for Fund shares sold | 45,839 |
Receivable for investments sold | 7,297 |
Prepaid expenses and other assets | 67,369 |
Total assets | 182,402,269 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 281,847 |
Payable for Fund shares redeemed | 61,173 |
Shareholder servicing fees payable | 36,499 |
Administration fees payable | 22,618 |
Management fee payable | 14,122 |
Distribution fee payable | 2,080 |
Trustees’ fees and expenses payable | 963 |
Accrued expenses and other liabilities | 68,481 |
Total liabilities | 487,783 |
Total net assets | $181,914,486 |
Net assets consist of | |
Paid-in capital | $165,150,829 |
Total distributable earnings | 16,763,657 |
Total net assets | $181,914,486 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $60,461,061 |
Shares outstanding–Class A1 | 1,332,403 |
Net asset value per share–Class A | $45.38 |
Maximum offering price per share – Class A2 | $48.15 |
Net assets–Class C | $3,443,719 |
Shares outstanding–Class C1 | 92,502 |
Net asset value per share–Class C | $37.23 |
Net assets–Administrator Class | $118,009,706 |
Shares outstanding–Administrator Class1 | 3,059,605 |
Net asset value per share–Administrator Class | $38.57 |
Investment income | |
Interest allocated from affiliated Master Portfolios | $1,176,009 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $64,761) | 699,848 |
Dividends from unaffiliated securities | 286,038 |
Affiliated income allocated from affiliated Master Portfolios | 67,630 |
Interest | 55,513 |
Dividends from affiliated Underlying Funds | 36,561 |
Expenses allocated from affiliated Master Portfolios | (338,484 ) |
Waivers allocated from affiliated Master Portfolios | 34,793 |
Total investment income | 2,017,908 |
Expenses | |
Management fee | 273,438 |
Administration fees | |
Class A | 62,355 |
Class C | 3,869 |
Administrator Class | 75,798 |
Shareholder servicing fees | |
Class A | 77,305 |
Class C | 4,787 |
Administrator Class | 145,396 |
Distribution fee | |
Class C | 14,361 |
Custody and accounting fees | 4,514 |
Professional fees | 25,288 |
Registration fees | 24,604 |
Shareholder report expenses | 13,343 |
Trustees’ fees and expenses | 12,075 |
Other fees and expenses | 2,314 |
Total expenses | 739,447 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (128,733 ) |
Administrator Class | (60,249 ) |
Net expenses | 550,465 |
Net investment income | 1,467,443 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Investments allocated from affiliated Master Portfolios | $3,446,588 |
Affiliated Underlying Funds | 238,785 |
Unaffiliated securities | (28,766 ) |
Foreign currency and foreign currency translations | 2,393 |
Futures contracts | 1,254,441 |
Net realized gains on investments | 4,913,441 |
Net change in unrealized gains (losses) on | |
Investments allocated from affiliated Master Portfolios | 348,770 |
Affiliated Underlying Funds | 2,365,532 |
Unaffiliated securities | 443,299 |
Futures contracts | (914,207 ) |
Net change in unrealized gains (losses) on investments | 2,243,394 |
Net realized and unrealized gains (losses) on investments | 7,156,835 |
Net increase in net assets resulting from operations | $8,624,278 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,467,443 | $3,147,817 | ||
Net realized gains (losses) on investments | 4,913,441 | (1,057,616 ) | ||
Net change in unrealized gains (losses) on investments | 2,243,394 | (5,272,373 ) | ||
Net increase (decrease) in net assets resulting from operations | 8,624,278 | (3,182,172 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (2,238,971 ) | ||
Class C | 0 | (167,153 ) | ||
Administrator Class | 0 | (5,153,565 ) | ||
Tax basis return of capital | ||||
Class A | 0 | (574,402 ) | ||
Class C | 0 | (41,435 ) | ||
Administrator Class | 0 | (1,016,059 ) | ||
Total distributions to shareholders | 0 | (9,191,585 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 32,686 | 1,453,050 | 46,479 | 2,019,440 |
Class C | 2,872 | 104,734 | 6,286 | 223,738 |
Administrator Class | 132,633 | 5,059,097 | 124,823 | 4,624,730 |
6,616,881 | 6,867,908 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 65,342 | 2,767,810 |
Class C | 0 | 0 | 5,939 | 208,588 |
Administrator Class | 0 | 0 | 170,907 | 6,151,007 |
0 | 9,127,405 | |||
Payment for shares redeemed | ||||
Class A | (155,812 ) | (6,944,560 ) | (208,672 ) | (9,031,494 ) |
Class C | (27,671 ) | (1,010,851 ) | (52,269 ) | (1,900,944 ) |
Administrator Class | (193,321 ) | (7,308,796 ) | (322,117 ) | (11,894,570 ) |
(15,264,207 ) | (22,827,008 ) | |||
Net decrease in net assets resulting from capital share transactions | (8,647,326 ) | (6,831,695 ) | ||
Total decrease in net assets | (23,048 ) | (19,205,452 ) | ||
Net assets | ||||
Beginning of period | 181,937,534 | 201,142,986 | ||
End of period | $181,914,486 | $181,937,534 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $43.30 | $45.95 | $56.39 | $46.33 | $45.15 | $47.12 |
Net investment income | 0.34 1 | 0.69 1 | 0.61 | 0.61 1 | 0.65 1 | 0.72 1 |
Net realized and unrealized gains (losses) on investments | 1.74 | (1.45 ) | (4.08 ) | 12.62 | 1.80 | (0.60 ) |
Total from investment operations | 2.08 | (0.76 ) | (3.47 ) | 13.23 | 2.45 | 0.12 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.86 ) | (0.53 ) | (0.50 ) | (0.47 ) | (1.26 ) |
Net realized gains | 0.00 | (0.69 ) | (6.44 ) | (2.67 ) | (0.80 ) | (0.83 ) |
Tax basis return of capital | 0.00 | (0.34 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.89 ) | (6.97 ) | (3.17 ) | (1.27 ) | (2.09 ) |
Net asset value, end of period | $45.38 | $43.30 | $45.95 | $56.39 | $46.33 | $45.15 |
Total return2 | 4.80 % | (1.52 )% | (7.41 )% | 29.31 % | 5.31 % | 0.53 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.17 % | 1.18 % | 1.15 % | 1.22 % | 1.32 % | 1.33 % |
Net expenses | 1.03 % | 1.05 % | 1.04 % | 1.05 % | 1.04 % | 1.07 % |
Net investment income | 1.52 % | 1.59 % | 1.14 % | 1.18 % | 1.40 % | 1.55 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 52 % | 108 % | 113 % | 140 % | 116 % | 149 % |
Net assets, end of period (000s omitted) | $60,461 | $63,023 | $71,327 | $83,102 | $68,581 | $68,832 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.35% |
Year ended May 31, 2022 | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.47% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $35.66 | $38.14 | $47.98 | $39.81 | $38.95 | $40.86 |
Net investment income | 0.14 1 | 0.30 1 | 0.17 1 | 0.19 1 | 0.26 1 | 0.37 1 |
Net realized and unrealized gains (losses) on investments | 1.43 | (1.20 ) | (3.37 ) | 10.80 | 1.54 | (0.56 ) |
Total from investment operations | 1.57 | (0.90 ) | (3.20 ) | 10.99 | 1.80 | (0.19 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.55 ) | (0.20 ) | (0.15 ) | (0.14 ) | (0.89 ) |
Net realized gains | 0.00 | (0.69 ) | (6.44 ) | (2.67 ) | (0.80 ) | (0.83 ) |
Tax basis return of capital | 0.00 | (0.34 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.58 ) | (6.64 ) | (2.82 ) | (0.94 ) | (1.72 ) |
Net asset value, end of period | $37.23 | $35.66 | $38.14 | $47.98 | $39.81 | $38.95 |
Total return2 | 4.40 % | (2.26 )% | (8.09 )% | 28.35 % | 4.52 % | (0.23 )% |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.92 % | 1.93 % | 1.89 % | 1.97 % | 2.07 % | 2.08 % |
Net expenses | 1.78 % | 1.80 % | 1.78 % | 1.80 % | 1.79 % | 1.82 % |
Net investment income | 0.77 % | 0.83 % | 0.38 % | 0.43 % | 0.64 % | 0.93 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 52 % | 108 % | 113 % | 140 % | 116 % | 149 % |
Net assets, end of period (000s omitted) | $3,444 | $4,183 | $6,001 | $9,588 | $10,108 | $11,434 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.35% |
Year ended May 31, 2022 | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.48% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $36.77 | $39.35 | $49.28 | $40.83 | $39.93 | $42.04 |
Net investment income | 0.32 1 | 0.66 1 | 0.61 1 | 0.68 | 0.84 | 1.05 |
Net realized and unrealized gains (losses) on investments | 1.48 | (1.26 ) | (3.46 ) | 11.03 | 1.41 | (0.90 ) |
Total from investment operations | 1.80 | (0.60 ) | (2.85 ) | 11.71 | 2.25 | 0.15 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.95 ) | (0.64 ) | (0.59 ) | (0.55 ) | (1.43 ) |
Net realized gains | 0.00 | (0.69 ) | (6.44 ) | (2.67 ) | (0.80 ) | (0.83 ) |
Tax basis return of capital | 0.00 | (0.34 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (1.98 ) | (7.08 ) | (3.26 ) | (1.35 ) | (2.26 ) |
Net asset value, end of period | $38.57 | $36.77 | $39.35 | $49.28 | $40.83 | $39.93 |
Total return2 | 4.90 % | (1.34 )% | (7.25 )% | 29.56 % | 5.51 % | 0.70 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.10 % | 1.10 % | 1.07 % | 1.14 % | 1.24 % | 1.25 % |
Net expenses | 0.86 % | 0.86 % | 0.86 % | 0.86 % | 0.86 % | 0.89 % |
Net investment income | 1.69 % | 1.77 % | 1.33 % | 1.37 % | 1.57 % | 1.72 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 52 % | 108 % | 113 % | 140 % | 116 % | 149 % |
Net assets, end of period (000s omitted) | $118,010 | $114,732 | $123,815 | $145,940 | $129,531 | $138,788 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.33% |
Year ended May 31, 2023 | 0.35% |
Year ended May 31, 2022 | 0.34% |
Year ended May 31, 2021 | 0.38% |
Year ended May 31, 2020 | 0.45% |
Year ended May 31, 2019 | 0.47% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Gross unrealized gains | $24,304,366 |
Gross unrealized losses | (9,726,814 ) |
Net unrealized gains | $14,577,552 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Investment companies | $46,441,825 | $0 | $0 | $46,441,825 |
Investments measured at net asset value* | 133,289,339 | |||
46,441,825 | 0 | 0 | 179,731,164 | |
Futures contracts | 628,931 | 0 | 0 | 628,931 |
Total assets | $47,070,756 | $0 | $0 | $180,360,095 |
Liabilities | ||||
Futures contracts | $630,597 | $0 | $0 | $630,597 |
Total liabilities | $630,597 | $0 | $0 | $630,597 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $133,289,339. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Allspring Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Large Company Value Portfolio | Seeks long-term capital appreciation |
Allspring Managed Fixed Income Portfolio | Seeks consistent fixed-income returns |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Growth Portfolio | Seeks long-term capital appreciation |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300 % |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Administrator Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.12 % |
Class C | 1.87 |
Administrator Class | 0.95 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$16,127,746 | $74,979,491 | $15,893,382 | $93,821,492 |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | ||||
Futures contracts | $126,343 * | $495,122 * | $7,466 * | $628,931 |
Liability derivatives | ||||
Futures contracts | $8,578 * | $291,933 * | $330,086 * | $630,597 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statement of Assets and Liabilities. |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | ||||
Futures contracts | $296,226 | $1,437,834 | $(479,619 ) | $1,254,441 |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | $95,488 | $(977,921 ) | $(31,774 ) | $(914,207 ) |
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
SAR0117 11-23
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 to replicate the total returns of the S&P 500 Index, before fees and expenses. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | John R. Campbell, CFA, David Neal, CFA, Robert M. Wicentowski, 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 (WFILX) | 11-4-1998 | 6.82 | 10.64 | 10.61 | 13.34 | 11.27 | 11.95 | 0.63 | 0.44 |
Class C (WFINX) | 4-30-1999 | 11.47 | 11.14 | 10.61 | 12.47 | 10.61 | 11.14 | 1.38 | 1.19 |
Administrator Class (WFIOX) | 2-14-1985 | – | – | – | 13.53 | 11.51 | 12.17 | 0.41 | 0.25 |
S&P 500 Index3 | – | – | – | – | 13.84 | 12.51 | 11.82 | – | – |
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 0.44% for Class A, 1.19% for Class C and 0.25% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of November 30, 20231 | |
Microsoft Corp. | 7.14 |
Apple, Inc. | 7.08 |
Amazon.com, Inc. | 3.36 |
NVIDIA Corp. | 2.93 |
Alphabet, Inc. Class A | 2.00 |
Meta Platforms, Inc. Class A | 1.84 |
Alphabet, Inc. Class C | 1.72 |
Tesla, Inc. | 1.68 |
Berkshire Hathaway, Inc. Class B | 1.67 |
UnitedHealth Group, Inc. | 1.30 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of November 30, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,099.20 | $2.31 | 0.44 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.80 | $2.23 | 0.44 % |
Class C | ||||
Actual | $1,000.00 | $1,095.10 | $6.23 | 1.19 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $6.01 | 1.19 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,100.20 | $1.31 | 0.25 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,023.75 | $1.26 | 0.25 % |
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). |
Shares | Value | |||||
Common stocks: 97.20% | ||||||
Communication services: 8.37% | ||||||
Diversified telecommunication services: 0.71% | ||||||
AT&T, Inc. | 205,958 | $3,412,724 | ||||
Verizon Communications, Inc. | 121,115 | 4,642,338 | ||||
8,055,062 | ||||||
Entertainment: 1.20% | ||||||
Electronic Arts, Inc. | 7,102 | 980,147 | ||||
Live Nation Entertainment, Inc.† | 4,085 | 344,039 | ||||
Netflix, Inc.† | 12,767 | 6,051,175 | ||||
Take-Two Interactive Software, Inc.† | 4,550 | 719,810 | ||||
Walt Disney Co.† | 52,715 | 4,886,153 | ||||
Warner Bros Discovery, Inc.† | 63,900 | 667,755 | ||||
13,649,079 | ||||||
Interactive media & services: 5.58% | ||||||
Alphabet, Inc. Class A† | 170,926 | 22,652,823 | ||||
Alphabet, Inc. Class C† | 145,397 | 19,471,566 | ||||
Match Group, Inc.† | 8,011 | 259,396 | ||||
Meta Platforms, Inc. Class A† | 64,031 | 20,947,742 | ||||
63,331,527 | ||||||
Media: 0.68% | ||||||
Charter Communications, Inc. Class A† | 2,932 | 1,173,181 | ||||
Comcast Corp. Class A | 118,570 | 4,966,897 | ||||
Fox Corp. Class A | 7,308 | 215,878 | ||||
Fox Corp. Class B | 3,801 | 105,136 | ||||
Interpublic Group of Cos., Inc. | 11,090 | 340,907 | ||||
News Corp. Class A | 10,975 | 241,889 | ||||
News Corp. Class B | 3,328 | 76,677 | ||||
Omnicom Group, Inc. | 5,692 | 458,946 | ||||
Paramount Global Class B | 13,892 | 199,628 | ||||
7,779,139 | ||||||
Wireless telecommunication services: 0.20% | ||||||
T-Mobile U.S., Inc. | 14,913 | 2,243,661 | ||||
Consumer discretionary: 10.42% | ||||||
Automobile components: 0.08% | ||||||
Aptiv PLC† | 8,148 | 674,980 | ||||
BorgWarner, Inc. | 6,772 | 228,149 | ||||
903,129 | ||||||
Automobiles: 1.89% | ||||||
Ford Motor Co. | 113,260 | 1,162,048 | ||||
General Motors Co. | 39,639 | 1,252,592 | ||||
Tesla, Inc.† | 79,553 | 19,099,084 | ||||
21,513,724 |
Shares | Value | |||||
Broadline retail: 3.44% | ||||||
Amazon.com, Inc.† | 261,578 | $38,213,930 | ||||
eBay, Inc. | 15,331 | 628,724 | ||||
Etsy, Inc.† | 3,544 | 268,671 | ||||
39,111,325 | ||||||
Distributors: 0.11% | ||||||
Genuine Parts Co. | 4,046 | 537,228 | ||||
LKQ Corp. | 7,708 | 343,237 | ||||
Pool Corp. | 1,125 | 390,735 | ||||
1,271,200 | ||||||
Hotels, restaurants & leisure: 2.08% | ||||||
Airbnb, Inc. Class A† | 12,283 | 1,551,834 | ||||
Booking Holdings, Inc.† | 1,028 | 3,213,220 | ||||
Caesars Entertainment, Inc.† | 6,202 | 277,353 | ||||
Carnival Corp.† | 29,021 | 437,056 | ||||
Chipotle Mexican Grill, Inc.† | 795 | 1,750,789 | ||||
Darden Restaurants, Inc. | 3,482 | 544,829 | ||||
Domino’s Pizza, Inc. | 1,011 | 397,212 | ||||
Expedia Group, Inc.† | 3,971 | 540,771 | ||||
Hilton Worldwide Holdings, Inc. | 7,534 | 1,262,096 | ||||
Las Vegas Sands Corp. | 10,635 | 490,486 | ||||
Marriott International, Inc. Class A | 7,217 | 1,462,886 | ||||
McDonald’s Corp. | 20,995 | 5,917,231 | ||||
MGM Resorts International† | 8,087 | 318,951 | ||||
Norwegian Cruise Line Holdings Ltd.† | 12,256 | 187,149 | ||||
Royal Caribbean Cruises Ltd.† | 6,790 | 729,653 | ||||
Starbucks Corp. | 32,998 | 3,276,701 | ||||
Wynn Resorts Ltd. | 2,790 | 235,532 | ||||
Yum! Brands, Inc. | 8,073 | 1,013,565 | ||||
23,607,314 | ||||||
Household durables: 0.36% | ||||||
D.R. Horton, Inc. | 8,771 | 1,119,794 | ||||
Garmin Ltd. | 4,412 | 539,323 | ||||
Lennar Corp. Class A | 7,275 | 930,618 | ||||
Mohawk Industries, Inc.† | 1,523 | 134,496 | ||||
NVR, Inc.† | 94 | 578,607 | ||||
PulteGroup, Inc. | 6,322 | 558,991 | ||||
Whirlpool Corp. | 1,579 | 171,953 | ||||
4,033,782 | ||||||
Leisure products: 0.02% | ||||||
Hasbro, Inc. | 3,757 | 174,362 | ||||
Specialty retail: 1.92% | ||||||
AutoZone, Inc.† | 523 | 1,364,994 | ||||
Bath & Body Works, Inc. | 6,595 | 215,129 | ||||
Best Buy Co., Inc. | 5,595 | 396,909 |
Shares | Value | |||||
Specialty retail(continued) | ||||||
CarMax, Inc.† | 4,558 | $291,439 | ||||
Home Depot, Inc. | 28,964 | 9,079,924 | ||||
Lowe’s Cos., Inc. | 16,882 | 3,356,648 | ||||
O’Reilly Automotive, Inc.† | 1,740 | 1,709,341 | ||||
Ross Stores, Inc. | 9,814 | 1,279,549 | ||||
TJX Cos., Inc. | 33,109 | 2,917,234 | ||||
Tractor Supply Co. | 3,135 | 636,436 | ||||
Ulta Beauty, Inc.† | 1,435 | 611,296 | ||||
21,858,899 | ||||||
Textiles, apparel & luxury goods: 0.52% | ||||||
lululemon athletica, Inc.† | 3,331 | 1,488,291 | ||||
NIKE, Inc. Class B | 35,294 | 3,891,870 | ||||
Ralph Lauren Corp. | 1,164 | 150,598 | ||||
Tapestry, Inc. | 6,678 | 211,492 | ||||
VF Corp. | 9,523 | 159,320 | ||||
5,901,571 | ||||||
Consumer staples: 6.13% | ||||||
Beverages: 1.50% | ||||||
Brown-Forman Corp. Class B | 5,271 | 309,619 | ||||
Coca-Cola Co. | 112,123 | 6,552,468 | ||||
Constellation Brands, Inc. Class A | 4,647 | 1,117,557 | ||||
Keurig Dr Pepper, Inc. | 28,983 | 914,993 | ||||
Molson Coors Beverage Co. Class B | 5,347 | 329,054 | ||||
Monster Beverage Corp.† | 21,427 | 1,181,699 | ||||
PepsiCo, Inc. | 39,658 | 6,674,045 | ||||
17,079,435 | ||||||
Consumer staples distribution & retail: 1.73% | ||||||
Costco Wholesale Corp. | 12,767 | 7,567,512 | ||||
Dollar General Corp. | 6,319 | 828,547 | ||||
Dollar Tree, Inc.† | 6,032 | 745,495 | ||||
Kroger Co. | 19,024 | 842,192 | ||||
Sysco Corp. | 14,552 | 1,050,218 | ||||
Target Corp. | 13,297 | 1,779,272 | ||||
Walgreens Boots Alliance, Inc. | 20,642 | 411,601 | ||||
Walmart, Inc. | 41,117 | 6,401,506 | ||||
19,626,343 | ||||||
Food products: 0.88% | ||||||
Archer-Daniels-Midland Co. | 15,445 | 1,138,760 | ||||
Bunge Global SA | 4,340 | 476,836 | ||||
Campbell Soup Co. | 5,668 | 227,740 | ||||
Conagra Brands, Inc. | 13,767 | 389,468 | ||||
General Mills, Inc. | 16,859 | 1,073,244 | ||||
Hershey Co. | 4,317 | 811,251 | ||||
Hormel Foods Corp. | 8,341 | 255,151 | ||||
J M Smucker Co. | 3,057 | 335,445 |
Shares | Value | |||||
Food products(continued) | ||||||
Kellanova | 7,594 | $398,989 | ||||
Kraft Heinz Co. | 23,001 | 807,565 | ||||
Lamb Weston Holdings, Inc. | 4,200 | 420,126 | ||||
McCormick & Co., Inc. | 7,234 | 468,980 | ||||
Mondelez International, Inc. Class A | 39,193 | 2,785,054 | ||||
Tyson Foods, Inc. Class A | 8,226 | 385,306 | ||||
9,973,915 | ||||||
Household products: 1.30% | ||||||
Church & Dwight Co., Inc. | 7,088 | 684,914 | ||||
Clorox Co. | 3,567 | 511,330 | ||||
Colgate-Palmolive Co. | 23,816 | 1,875,986 | ||||
Kimberly-Clark Corp. | 9,743 | 1,205,501 | ||||
Procter & Gamble Co. | 67,912 | 10,425,850 | ||||
14,703,581 | ||||||
Personal care products: 0.16% | ||||||
Estee Lauder Cos., Inc. Class A | 6,680 | 852,969 | ||||
Kenvue, Inc. | 49,650 | 1,014,846 | ||||
1,867,815 | ||||||
Tobacco: 0.56% | ||||||
Altria Group, Inc. | 51,125 | 2,149,295 | ||||
Philip Morris International, Inc. | 44,722 | 4,175,246 | ||||
6,324,541 | ||||||
Energy: 3.99% | ||||||
Energy equipment & services: 0.36% | ||||||
Baker Hughes Co. Class A | 29,087 | 981,686 | ||||
Halliburton Co. | 25,886 | 958,559 | ||||
Schlumberger NV | 40,943 | 2,130,674 | ||||
4,070,919 | ||||||
Oil, gas & consumable fuels: 3.63% | ||||||
APA Corp. | 8,852 | 318,672 | ||||
Chevron Corp. | 51,115 | 7,340,114 | ||||
ConocoPhillips | 34,499 | 3,987,049 | ||||
Coterra Energy, Inc. | 21,822 | 572,828 | ||||
Devon Energy Corp. | 18,458 | 830,056 | ||||
Diamondback Energy, Inc. | 5,152 | 795,520 | ||||
EOG Resources, Inc. | 16,775 | 2,064,499 | ||||
EQT Corp. | 10,419 | 416,343 | ||||
Exxon Mobil Corp. | 116,561 | 11,975,477 | ||||
Hess Corp. | 7,961 | 1,118,998 | ||||
Kinder Morgan, Inc. | 55,847 | 981,232 | ||||
Marathon Oil Corp. | 17,449 | 443,728 | ||||
Marathon Petroleum Corp. | 11,519 | 1,718,520 | ||||
Occidental Petroleum Corp. | 19,115 | 1,130,652 | ||||
ONEOK, Inc. | 16,781 | 1,155,372 |
Shares | Value | |||||
Oil, gas & consumable fuels(continued) | ||||||
Phillips 66 | 12,828 | $1,653,401 | ||||
Pioneer Natural Resources Co. | 6,717 | 1,555,926 | ||||
Targa Resources Corp. | 6,445 | 582,950 | ||||
Valero Energy Corp. | 10,174 | 1,275,413 | ||||
Williams Cos., Inc. | 35,044 | 1,289,269 | ||||
41,206,019 | ||||||
Financials: 12.59% | ||||||
Banks: 2.99% | ||||||
Bank of America Corp. | 199,169 | 6,072,663 | ||||
Citigroup, Inc. | 55,478 | 2,557,536 | ||||
Citizens Financial Group, Inc. | 13,606 | 371,036 | ||||
Comerica, Inc. | 3,796 | 171,655 | ||||
Fifth Third Bancorp | 19,616 | 567,883 | ||||
Huntington Bancshares, Inc. | 41,712 | 469,677 | ||||
JPMorgan Chase & Co. | 83,722 | 13,067,330 | ||||
KeyCorp | 26,963 | 334,071 | ||||
M&T Bank Corp. | 4,779 | 612,524 | ||||
PNC Financial Services Group, Inc. | 11,473 | 1,536,923 | ||||
Regions Financial Corp. | 27,034 | 450,927 | ||||
Truist Financial Corp. | 38,373 | 1,233,308 | ||||
U.S. Bancorp | 44,855 | 1,709,873 | ||||
Wells Fargo & Co. | 105,407 | 4,700,098 | ||||
Zions Bancorp NA | 4,268 | 152,069 | ||||
34,007,573 | ||||||
Capital markets: 2.80% | ||||||
Ameriprise Financial, Inc. | 2,957 | 1,045,329 | ||||
Bank of New York Mellon Corp. | 22,436 | 1,084,108 | ||||
BlackRock, Inc. | 4,043 | 3,037,223 | ||||
Blackstone, Inc. | 20,447 | 2,297,629 | ||||
Cboe Global Markets, Inc. | 3,040 | 553,858 | ||||
Charles Schwab Corp. | 42,839 | 2,626,888 | ||||
CME Group, Inc. | 10,364 | 2,263,083 | ||||
FactSet Research Systems, Inc. | 1,099 | 498,353 | ||||
Franklin Resources, Inc. | 8,194 | 203,211 | ||||
Goldman Sachs Group, Inc. | 9,498 | 3,243,947 | ||||
Intercontinental Exchange, Inc. | 16,489 | 1,877,108 | ||||
Invesco Ltd. | 12,924 | 184,425 | ||||
MarketAxess Holdings, Inc. | 1,085 | 260,530 | ||||
Moody’s Corp. | 4,546 | 1,659,108 | ||||
Morgan Stanley | 36,757 | 2,916,300 | ||||
MSCI, Inc. Class A | 2,278 | 1,186,496 | ||||
Nasdaq, Inc. | 9,767 | 545,389 | ||||
Northern Trust Corp. | 5,964 | 472,647 | ||||
Raymond James Financial, Inc. | 5,415 | 569,387 | ||||
S&P Global, Inc. | 9,375 | 3,898,406 |
Shares | Value | |||||
Capital markets(continued) | ||||||
State Street Corp. | 9,180 | $668,488 | ||||
T Rowe Price Group, Inc. | 6,462 | 647,040 | ||||
31,738,953 | ||||||
Consumer finance: 0.45% | ||||||
American Express Co. | 16,761 | 2,862,276 | ||||
Capital One Financial Corp. | 10,989 | 1,227,032 | ||||
Discover Financial Services | 7,201 | 669,693 | ||||
Synchrony Financial | 12,048 | 389,873 | ||||
5,148,874 | ||||||
Financial services: 4.19% | ||||||
Berkshire Hathaway, Inc. Class B† | 52,539 | 18,914,040 | ||||
Fidelity National Information Services, Inc. | 17,069 | 1,000,926 | ||||
Fiserv, Inc.† | 17,563 | 2,293,903 | ||||
FleetCor Technologies, Inc.† | 2,131 | 512,506 | ||||
Global Payments, Inc. | 7,490 | 872,136 | ||||
Jack Henry & Associates, Inc. | 2,099 | 333,090 | ||||
Mastercard, Inc. Class A | 23,970 | 9,919,505 | ||||
PayPal Holdings, Inc.† | 31,634 | 1,822,435 | ||||
Visa, Inc. Class A | 46,290 | 11,881,717 | ||||
47,550,258 | ||||||
Insurance: 2.16% | ||||||
Aflac, Inc. | 15,574 | 1,288,125 | ||||
Allstate Corp. | 7,536 | 1,038,988 | ||||
American International Group, Inc. | 20,509 | 1,349,697 | ||||
Aon PLC Class A | 5,844 | 1,919,696 | ||||
Arch Capital Group Ltd.† | 10,745 | 899,249 | ||||
Arthur J Gallagher & Co. | 6,209 | 1,546,041 | ||||
Assurant, Inc. | 1,528 | 256,735 | ||||
Brown & Brown, Inc. | 6,782 | 506,887 | ||||
Chubb Ltd. | 11,833 | 2,714,845 | ||||
Cincinnati Financial Corp. | 4,519 | 464,508 | ||||
Everest Group Ltd. | 1,250 | 513,187 | ||||
Globe Life, Inc. | 2,505 | 308,441 | ||||
Hartford Financial Services Group, Inc. | 8,810 | 688,590 | ||||
Loews Corp. | 5,327 | 374,435 | ||||
Marsh & McLennan Cos., Inc. | 14,230 | 2,837,747 | ||||
MetLife, Inc. | 18,199 | 1,158,002 | ||||
Principal Financial Group, Inc. | 6,407 | 473,029 | ||||
Progressive Corp. | 16,863 | 2,766,038 | ||||
Prudential Financial, Inc. | 10,458 | 1,022,583 | ||||
Travelers Cos., Inc. | 6,596 | 1,191,369 | ||||
W R Berkley Corp. | 5,861 | 425,216 | ||||
Willis Towers Watson PLC | 3,020 | 743,826 | ||||
24,487,234 |
Shares | Value | |||||
Health care: 12.33% | ||||||
Biotechnology: 1.88% | ||||||
AbbVie, Inc. | 50,850 | $7,240,532 | ||||
Amgen, Inc. | 15,410 | 4,155,152 | ||||
Biogen, Inc.† | 4,172 | 976,582 | ||||
Gilead Sciences, Inc. | 35,897 | 2,749,710 | ||||
Incyte Corp.† | 5,358 | 291,154 | ||||
Moderna, Inc.† | 9,539 | 741,180 | ||||
Regeneron Pharmaceuticals, Inc.† | 3,075 | 2,533,216 | ||||
Vertex Pharmaceuticals, Inc.† | 7,436 | 2,638,367 | ||||
21,325,893 | ||||||
Health care equipment & supplies: 2.44% | ||||||
Abbott Laboratories | 49,994 | 5,213,874 | ||||
Align Technology, Inc.† | 2,051 | 438,504 | ||||
Baxter International, Inc. | 14,589 | 526,371 | ||||
Becton Dickinson & Co. | 8,358 | 1,973,992 | ||||
Boston Scientific Corp.† | 42,183 | 2,357,608 | ||||
Cooper Cos., Inc. | 1,426 | 480,448 | ||||
Dentsply Sirona, Inc. | 6,099 | 193,643 | ||||
DexCom, Inc.† | 11,174 | 1,290,821 | ||||
Edwards Lifesciences Corp.† | 17,514 | 1,185,873 | ||||
GE HealthCare Technologies, Inc.† | 11,269 | 771,476 | ||||
Hologic, Inc.† | 7,057 | 503,164 | ||||
IDEXX Laboratories, Inc.† | 2,392 | 1,114,241 | ||||
Insulet Corp.† | 2,011 | 380,260 | ||||
Intuitive Surgical, Inc.† | 10,122 | 3,146,323 | ||||
Medtronic PLC | 38,350 | 3,040,005 | ||||
ResMed, Inc. | 4,233 | 667,671 | ||||
STERIS PLC | 2,842 | 571,071 | ||||
Stryker Corp. | 9,738 | 2,885,662 | ||||
Teleflex, Inc. | 1,354 | 305,584 | ||||
Zimmer Biomet Holdings, Inc. | 6,020 | 700,186 | ||||
27,746,777 | ||||||
Health care providers & services: 2.90% | ||||||
Cardinal Health, Inc. | 7,335 | 785,432 | ||||
Cencora, Inc. | 4,803 | 976,786 | ||||
Centene Corp.† | 15,600 | 1,149,408 | ||||
Cigna Group | 8,527 | 2,241,578 | ||||
CVS Health Corp. | 37,003 | 2,514,354 | ||||
DaVita, Inc.† | 1,551 | 157,364 | ||||
Elevance Health, Inc. | 6,789 | 3,255,258 | ||||
HCA Healthcare, Inc. | 5,798 | 1,452,283 | ||||
Henry Schein, Inc.† | 3,762 | 251,038 | ||||
Humana, Inc. | 3,570 | 1,730,950 | ||||
Laboratory Corp. of America Holdings | 2,553 | 553,771 | ||||
McKesson Corp. | 3,886 | 1,828,596 | ||||
Molina Healthcare, Inc.† | 1,680 | 614,141 | ||||
Quest Diagnostics, Inc. | 3,233 | 443,665 |
Shares | Value | |||||
Health care providers & services(continued) | ||||||
UnitedHealth Group, Inc. | 26,686 | $14,756,557 | ||||
Universal Health Services, Inc. Class B | 1,790 | 246,089 | ||||
32,957,270 | ||||||
Life sciences tools & services: 1.36% | ||||||
Agilent Technologies, Inc. | 8,510 | 1,087,578 | ||||
Bio-Rad Laboratories, Inc. Class A† | 602 | 183,562 | ||||
Bio-Techne Corp. | 4,536 | 285,314 | ||||
Charles River Laboratories International, Inc.† | 1,477 | 291,087 | ||||
Danaher Corp. | 18,932 | 4,227,705 | ||||
Illumina, Inc.† | 4,561 | 464,994 | ||||
IQVIA Holdings, Inc.† | 5,276 | 1,129,592 | ||||
Mettler-Toledo International, Inc.† | 630 | 687,916 | ||||
Revvity, Inc. | 3,576 | 317,906 | ||||
Thermo Fisher Scientific, Inc. | 11,119 | 5,512,356 | ||||
Waters Corp.† | 1,703 | 477,879 | ||||
West Pharmaceutical Services, Inc. | 2,128 | 746,417 | ||||
15,412,306 | ||||||
Pharmaceuticals: 3.75% | ||||||
Bristol-Myers Squibb Co. | 60,186 | 2,971,985 | ||||
Catalent, Inc.† | 5,194 | 201,787 | ||||
Eli Lilly & Co. | 22,973 | 13,577,962 | ||||
Johnson & Johnson | 69,373 | 10,729,228 | ||||
Merck & Co., Inc. | 73,104 | 7,491,698 | ||||
Pfizer, Inc. | 162,656 | 4,956,128 | ||||
Viatris, Inc. | 34,558 | 317,242 | ||||
Zoetis, Inc. | 13,261 | 2,342,821 | ||||
42,588,851 | ||||||
Industrials: 8.05% | ||||||
Aerospace & defense: 1.58% | ||||||
Axon Enterprise, Inc.† | 2,025 | 465,487 | ||||
Boeing Co.† | 16,335 | 3,783,676 | ||||
General Dynamics Corp. | 6,529 | 1,612,467 | ||||
Howmet Aerospace, Inc. | 11,282 | 593,433 | ||||
Huntington Ingalls Industries, Inc. | 1,149 | 272,336 | ||||
L3Harris Technologies, Inc. | 5,449 | 1,039,724 | ||||
Lockheed Martin Corp. | 6,457 | 2,891,251 | ||||
Northrop Grumman Corp. | 4,097 | 1,946,731 | ||||
RTX Corp. | 41,932 | 3,416,619 | ||||
Textron, Inc. | 5,706 | 437,422 | ||||
TransDigm Group, Inc. | 1,590 | 1,530,963 | ||||
17,990,109 | ||||||
Air freight & logistics: 0.50% | ||||||
CH Robinson Worldwide, Inc. | 3,354 | 275,196 | ||||
Expeditors International of Washington, Inc. | 4,261 | 512,769 |
Shares | Value | |||||
Air freight & logistics(continued) | ||||||
FedEx Corp. | 6,666 | $1,725,361 | ||||
United Parcel Service, Inc. Class B | 20,837 | 3,159,097 | ||||
5,672,423 | ||||||
Building products: 0.41% | ||||||
A O Smith Corp. | 3,589 | 270,467 | ||||
Allegion PLC | 2,529 | 268,301 | ||||
Carrier Global Corp. | 24,131 | 1,253,847 | ||||
Johnson Controls International PLC | 19,600 | 1,034,880 | ||||
Masco Corp. | 6,480 | 392,364 | ||||
Trane Technologies PLC | 6,580 | 1,483,198 | ||||
4,703,057 | ||||||
Commercial services & supplies: 0.55% | ||||||
Cintas Corp. | 2,491 | 1,378,146 | ||||
Copart, Inc.† | 25,034 | 1,257,207 | ||||
Republic Services, Inc. | 5,924 | 958,740 | ||||
Rollins, Inc. | 8,089 | 329,546 | ||||
Veralto Corp.† | 6,311 | 487,525 | ||||
Waste Management, Inc. | 10,619 | 1,815,743 | ||||
6,226,907 | ||||||
Construction & engineering: 0.07% | ||||||
Quanta Services, Inc. | 4,183 | 787,701 | ||||
Electrical equipment: 0.59% | ||||||
AMETEK, Inc. | 6,647 | 1,031,814 | ||||
Eaton Corp. PLC | 11,495 | 2,617,297 | ||||
Emerson Electric Co. | 16,465 | 1,463,738 | ||||
Generac Holdings, Inc.† | 1,793 | 209,906 | ||||
Hubbell, Inc. | 1,545 | 463,500 | ||||
Rockwell Automation, Inc. | 3,309 | 911,431 | ||||
6,697,686 | ||||||
Ground transportation: 0.77% | ||||||
CSX Corp. | 57,801 | 1,866,972 | ||||
JB Hunt Transport Services, Inc. | 2,352 | 435,755 | ||||
Norfolk Southern Corp. | 6,540 | 1,426,766 | ||||
Old Dominion Freight Line, Inc. | 2,581 | 1,004,164 | ||||
Union Pacific Corp. | 17,558 | 3,955,291 | ||||
8,688,948 | ||||||
Industrial conglomerates: 0.81% | ||||||
3M Co. | 15,903 | 1,575,510 | ||||
General Electric Co. | 31,355 | 3,819,039 | ||||
Honeywell International, Inc. | 19,128 | 3,747,558 | ||||
9,142,107 |
Shares | Value | |||||
Machinery: 1.65% | ||||||
Caterpillar, Inc. | 14,697 | $3,684,832 | ||||
Cummins, Inc. | 4,081 | 914,797 | ||||
Deere & Co. | 7,855 | 2,862,441 | ||||
Dover Corp. | 4,030 | 568,875 | ||||
Fortive Corp. | 10,142 | 699,595 | ||||
IDEX Corp. | 2,178 | 439,259 | ||||
Illinois Tool Works, Inc. | 7,928 | 1,920,241 | ||||
Ingersoll Rand, Inc. | 11,650 | 832,159 | ||||
Nordson Corp. | 1,560 | 367,130 | ||||
Otis Worldwide Corp. | 11,862 | 1,017,641 | ||||
PACCAR, Inc. | 15,062 | 1,382,993 | ||||
Parker-Hannifin Corp. | 3,696 | 1,601,033 | ||||
Pentair PLC | 4,757 | 307,017 | ||||
Snap-on, Inc. | 1,525 | 418,902 | ||||
Stanley Black & Decker, Inc. | 4,414 | 401,233 | ||||
Westinghouse Air Brake Technologies Corp. | 5,161 | 601,566 | ||||
Xylem, Inc. | 6,938 | 729,392 | ||||
18,749,106 | ||||||
Passenger airlines: 0.16% | ||||||
Alaska Air Group, Inc.† | 3,665 | 138,574 | ||||
American Airlines Group, Inc.† | 18,823 | 233,970 | ||||
Delta Air Lines, Inc. | 18,536 | 684,534 | ||||
Southwest Airlines Co. | 17,160 | 438,781 | ||||
United Airlines Holdings, Inc.† | 9,449 | 372,291 | ||||
1,868,150 | ||||||
Professional services: 0.70% | ||||||
Automatic Data Processing, Inc. | 11,869 | 2,728,920 | ||||
Broadridge Financial Solutions, Inc. | 3,403 | 659,569 | ||||
Ceridian HCM Holding, Inc.† | 4,483 | 308,879 | ||||
Equifax, Inc. | 3,535 | 769,605 | ||||
Jacobs Solutions, Inc. | 3,628 | 461,409 | ||||
Leidos Holdings, Inc. | 3,957 | 424,665 | ||||
Paychex, Inc. | 9,245 | 1,127,613 | ||||
Paycom Software, Inc. | 1,419 | 257,776 | ||||
Robert Half, Inc. | 3,085 | 252,908 | ||||
Verisk Analytics, Inc. | 4,178 | 1,008,695 | ||||
8,000,039 | ||||||
Trading companies & distributors: 0.26% | ||||||
Fastenal Co. | 16,460 | 987,106 | ||||
United Rentals, Inc. | 1,967 | 936,331 | ||||
WW Grainger, Inc. | 1,282 | 1,007,896 | ||||
2,931,333 | ||||||
Information technology: 28.26% | ||||||
Communications equipment: 0.82% | ||||||
Arista Networks, Inc.† | 7,224 | 1,587,185 |
Shares | Value | |||||
Communications equipment(continued) | ||||||
Cisco Systems, Inc. | 117,400 | $5,679,812 | ||||
F5, Inc.† | 1,709 | 292,564 | ||||
Juniper Networks, Inc. | 9,258 | 263,390 | ||||
Motorola Solutions, Inc. | 4,812 | 1,553,650 | ||||
9,376,601 | ||||||
Electronic equipment, instruments & components: 0.54% | ||||||
Amphenol Corp. Class A | 17,183 | 1,563,481 | ||||
CDW Corp. | 3,862 | 814,418 | ||||
Corning, Inc. | 22,116 | 630,085 | ||||
Keysight Technologies, Inc.† | 5,139 | 698,339 | ||||
TE Connectivity Ltd. | 9,044 | 1,184,764 | ||||
Teledyne Technologies, Inc.† | 1,356 | 546,414 | ||||
Trimble, Inc.† | 7,154 | 331,946 | ||||
Zebra Technologies Corp. Class A† | 1,479 | 350,493 | ||||
6,119,940 | ||||||
IT services: 1.21% | ||||||
Accenture PLC Class A | 18,173 | 6,054,153 | ||||
Akamai Technologies, Inc.† | 4,379 | 505,906 | ||||
Cognizant Technology Solutions Corp. Class A | 14,550 | 1,024,029 | ||||
EPAM Systems, Inc.† | 1,670 | 431,177 | ||||
Gartner, Inc.† | 2,271 | 987,522 | ||||
International Business Machines Corp. | 26,245 | 4,161,407 | ||||
VeriSign, Inc.† | 2,585 | 548,537 | ||||
13,712,731 | ||||||
Semiconductors & semiconductor equipment: 7.43% | ||||||
Advanced Micro Devices, Inc.† | 46,546 | 5,639,513 | ||||
Analog Devices, Inc. | 14,446 | 2,649,107 | ||||
Applied Materials, Inc. | 24,193 | 3,623,628 | ||||
Broadcom, Inc. | 12,644 | 11,704,930 | ||||
Enphase Energy, Inc.† | 3,928 | 396,807 | ||||
First Solar, Inc.† | 3,078 | 485,647 | ||||
Intel Corp. | 120,653 | 5,393,189 | ||||
KLA Corp. | 3,939 | 2,145,258 | ||||
Lam Research Corp. | 3,840 | 2,749,133 | ||||
Microchip Technology, Inc. | 15,682 | 1,308,506 | ||||
Micron Technology, Inc. | 31,555 | 2,401,967 | ||||
Monolithic Power Systems, Inc. | 1,376 | 755,039 | ||||
NVIDIA Corp. | 71,159 | 33,281,064 | ||||
NXP Semiconductors NV | 7,427 | 1,515,702 | ||||
ON Semiconductor Corp.† | 12,432 | 886,775 | ||||
Qorvo, Inc.† | 2,821 | 272,226 | ||||
QUALCOMM, Inc. | 32,151 | 4,149,087 | ||||
Skyworks Solutions, Inc. | 4,592 | 445,103 | ||||
SolarEdge Technologies, Inc.† | 1,629 | 129,310 |
Shares | Value | |||||
Semiconductors & semiconductor equipment(continued) | ||||||
Teradyne, Inc. | 4,437 | $409,224 | ||||
Texas Instruments, Inc. | 26,158 | 3,994,588 | ||||
84,335,803 | ||||||
Software: 10.93% | ||||||
Adobe, Inc.† | 13,131 | 8,023,172 | ||||
ANSYS, Inc.† | 2,500 | 733,400 | ||||
Autodesk, Inc.† | 6,157 | 1,344,874 | ||||
Cadence Design Systems, Inc.† | 7,830 | 2,139,704 | ||||
Fair Isaac Corp.† | 716 | 778,722 | ||||
Fortinet, Inc.† | 18,779 | 987,024 | ||||
Gen Digital, Inc. | 16,211 | 357,939 | ||||
Intuit, Inc. | 8,068 | 4,610,539 | ||||
Microsoft Corp. | 214,046 | 81,104,170 | ||||
Oracle Corp. | 45,354 | 5,270,588 | ||||
Palo Alto Networks, Inc.† | 8,811 | 2,600,038 | ||||
PTC, Inc.† | 3,423 | 538,643 | ||||
Roper Technologies, Inc. | 3,074 | 1,654,581 | ||||
Salesforce, Inc.† | 28,060 | 7,068,314 | ||||
ServiceNow, Inc.† | 5,877 | 4,030,094 | ||||
Synopsys, Inc.† | 4,384 | 2,381,520 | ||||
Tyler Technologies, Inc.† | 1,212 | 495,514 | ||||
124,118,836 | ||||||
Technology hardware, storage & peripherals: 7.33% | ||||||
Apple, Inc. | 423,387 | 80,422,361 | ||||
Hewlett Packard Enterprise Co. | 37,208 | 629,187 | ||||
HP, Inc. | 24,996 | 733,383 | ||||
NetApp, Inc. | 6,073 | 555,011 | ||||
Seagate Technology Holdings PLC | 5,557 | 439,559 | ||||
Western Digital Corp.† | 9,217 | 445,273 | ||||
83,224,774 | ||||||
Materials: 2.37% | ||||||
Chemicals: 1.59% | ||||||
Air Products & Chemicals, Inc. | 6,400 | 1,731,520 | ||||
Albemarle Corp. | 3,381 | 410,014 | ||||
Celanese Corp. | 2,883 | 399,757 | ||||
CF Industries Holdings, Inc. | 5,559 | 417,759 | ||||
Corteva, Inc. | 20,448 | 924,250 | ||||
Dow, Inc. | 20,255 | 1,048,196 | ||||
DuPont de Nemours, Inc. | 13,225 | 946,116 | ||||
Eastman Chemical Co. | 3,416 | 286,363 | ||||
Ecolab, Inc. | 7,308 | 1,401,163 | ||||
FMC Corp. | 3,593 | 192,800 | ||||
International Flavors & Fragrances, Inc. | 7,354 | 554,345 | ||||
Linde PLC | 14,057 | 5,816,365 | ||||
LyondellBasell Industries NV Class A | 7,379 | 701,743 | ||||
Mosaic Co. | 9,573 | 343,575 |
Shares | Value | |||||
Chemicals(continued) | ||||||
PPG Industries, Inc. | 6,785 | $963,402 | ||||
Sherwin-Williams Co. | 6,816 | 1,900,301 | ||||
18,037,669 | ||||||
Construction materials: 0.14% | ||||||
Martin Marietta Materials, Inc. | 1,781 | 827,435 | ||||
Vulcan Materials Co. | 3,828 | 817,507 | ||||
1,644,942 | ||||||
Containers & packaging: 0.23% | ||||||
Amcor PLC | 42,391 | 401,867 | ||||
Avery Dennison Corp. | 2,322 | 451,629 | ||||
Ball Corp. | 9,077 | 501,867 | ||||
International Paper Co. | 9,968 | 368,218 | ||||
Packaging Corp. of America | 2,590 | 435,146 | ||||
Sealed Air Corp. | 4,160 | 138,861 | ||||
Westrock Co. | 7,383 | 303,958 | ||||
2,601,546 | ||||||
Metals & mining: 0.41% | ||||||
Freeport-McMoRan, Inc. | 41,302 | 1,541,391 | ||||
Newmont Corp. | 33,201 | 1,334,348 | ||||
Nucor Corp. | 7,166 | 1,218,005 | ||||
Steel Dynamics, Inc. | 4,486 | 534,417 | ||||
4,628,161 | ||||||
Real estate: 2.36% | ||||||
Health care REITs: 0.20% | ||||||
Healthpeak Properties, Inc. | 15,760 | 272,963 | ||||
Ventas, Inc. | 11,592 | 531,377 | ||||
Welltower, Inc. | 15,945 | 1,420,700 | ||||
2,225,040 | ||||||
Hotel & resort REITs: 0.03% | ||||||
Host Hotels & Resorts, Inc. | 20,501 | 358,152 | ||||
Industrial REITs : 0.27% | ||||||
Prologis, Inc. | 26,616 | 3,058,977 | ||||
Office REITs : 0.06% | ||||||
Alexandria Real Estate Equities, Inc. | 4,486 | 490,768 | ||||
Boston Properties, Inc. | 4,158 | 236,715 | ||||
727,483 | ||||||
Real estate management & development: 0.15% | ||||||
CBRE Group, Inc. Class A† | 8,926 | 704,797 | ||||
CoStar Group, Inc.† | 11,764 | 976,883 | ||||
1,681,680 |
Shares | Value | |||||
Residential REITs : 0.28% | ||||||
AvalonBay Communities, Inc. | 4,091 | $707,497 | ||||
Camden Property Trust | 3,076 | 277,640 | ||||
Equity Residential | 9,937 | 564,819 | ||||
Essex Property Trust, Inc. | 1,849 | 394,688 | ||||
Invitation Homes, Inc. | 16,572 | 552,842 | ||||
Mid-America Apartment Communities, Inc. | 3,361 | 418,377 | ||||
UDR, Inc. | 8,733 | 291,682 | ||||
3,207,545 | ||||||
Retail REITs : 0.27% | ||||||
Federal Realty Investment Trust | 2,114 | 202,077 | ||||
Kimco Realty Corp. | 17,858 | 345,017 | ||||
Realty Income Corp. | 20,420 | 1,101,863 | ||||
Regency Centers Corp. | 4,734 | 297,201 | ||||
Simon Property Group, Inc. | 9,426 | 1,177,213 | ||||
3,123,371 | ||||||
Specialized REITs : 1.10% | ||||||
American Tower Corp. | 13,430 | 2,803,916 | ||||
Crown Castle, Inc. | 12,494 | 1,465,296 | ||||
Digital Realty Trust, Inc. | 8,721 | 1,210,300 | ||||
Equinix, Inc. | 2,696 | 2,197,267 | ||||
Extra Space Storage, Inc. | 6,087 | 792,345 | ||||
Iron Mountain, Inc. | 8,408 | 539,373 | ||||
Public Storage | 4,559 | 1,179,687 | ||||
SBA Communications Corp. | 3,122 | 771,009 | ||||
VICI Properties, Inc. | 29,196 | 872,669 | ||||
Weyerhaeuser Co. | 21,052 | 659,980 | ||||
12,491,842 | ||||||
Utilities: 2.33% | ||||||
Electric utilities: 1.53% | ||||||
Alliant Energy Corp. | 7,281 | 368,200 | ||||
American Electric Power Co., Inc. | 14,842 | 1,180,681 | ||||
Constellation Energy Corp. | 9,265 | 1,121,436 | ||||
Duke Energy Corp. | 22,204 | 2,048,985 | ||||
Edison International | 11,042 | 739,703 | ||||
Entergy Corp. | 6,092 | 617,790 | ||||
Evergy, Inc. | 6,618 | 337,783 | ||||
Eversource Energy | 10,057 | 597,486 | ||||
Exelon Corp. | 28,672 | 1,104,159 | ||||
FirstEnergy Corp. | 14,866 | 549,150 | ||||
NextEra Energy, Inc. | 58,302 | 3,411,250 | ||||
NRG Energy, Inc. | 6,601 | 315,792 | ||||
PG&E Corp.† | 60,247 | 1,034,441 | ||||
Pinnacle West Capital Corp. | 3,264 | 244,604 | ||||
PPL Corp. | 21,235 | 554,658 |
Shares | Value | |||||
Electric utilities(continued) | ||||||
Southern Co. | 31,418 | $2,230,050 | ||||
Xcel Energy, Inc. | 15,889 | 966,687 | ||||
17,422,855 | ||||||
Gas utilities: 0.04% | ||||||
Atmos Energy Corp. | 4,277 | 486,765 | ||||
Independent power and renewable electricity producers: 0.03% | ||||||
AES Corp. | 19,292 | 332,015 | ||||
Multi-utilities: 0.66% | ||||||
Ameren Corp. | 7,570 | 587,356 | ||||
CenterPoint Energy, Inc. | 18,184 | 514,062 | ||||
CMS Energy Corp. | 8,404 | 477,011 | ||||
Consolidated Edison, Inc. | 9,937 | 895,423 | ||||
Dominion Energy, Inc. | 24,107 | 1,093,011 | ||||
DTE Energy Co. | 5,940 | 618,414 | ||||
NiSource, Inc. | 11,906 | 305,270 | ||||
Public Service Enterprise Group, Inc. | 14,379 | 897,681 | ||||
Sempra | 18,130 | 1,321,133 | ||||
WEC Energy Group, Inc. | 9,087 | 759,855 | ||||
7,469,216 | ||||||
Water utilities: 0.07% | ||||||
American Water Works Co., Inc. | 5,608 | 739,359 | ||||
Total common stocks (Cost $290,771,279) | 1,103,833,200 |
Yield | ||||||
Short-term investments: 0.90% | ||||||
Investment companies: 0.90% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 10,241,519 | 10,241,519 | |||
Total short-term investments (Cost $10,241,519) | 10,241,519 | |||||
Total investments in securities (Cost $301,012,798) | 98.10 % | 1,114,074,719 | ||||
Other assets and liabilities, net | 1.90 | 21,521,084 | ||||
Total net assets | 100.00 % | $1,135,595,803 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
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 | $9,092,232 | $56,839,696 | $(55,690,409 ) | $0 | $0 | $10,241,519 | 10,241,519 | $469,914 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
E-Mini S&P 500 Index | 137 | 12-15-2023 | $30,505,472 | $31,350,738 | $845,266 | $0 |
Assets | |
Investments in unaffiliated securities, at value (cost $290,771,279) | $1,103,833,200 |
Investments in affiliated securities, at value (cost $10,241,519) | 10,241,519 |
Cash | 13 |
Cash at broker segregated for futures contracts | 1,664,200 |
Receivable for investments sold | 17,748,094 |
Receivable for dividends | 1,879,922 |
Receivable for Fund shares sold | 587,281 |
Receivable for daily variation margin on open futures contracts | 119,875 |
Receivable from manager | 17,342 |
Prepaid expenses and other assets | 394,062 |
Total assets | 1,136,485,508 |
Liabilities | |
Payable for Fund shares redeemed | 230,178 |
Shareholder servicing fee payable | 182,520 |
Administration fees payable | 161,563 |
Payable for investments purchased | 53,734 |
Distribution fee payable | 4,766 |
Trustees’ fees and expenses payable | 814 |
Accrued expenses and other liabilities | 256,130 |
Total liabilities | 889,705 |
Total net assets | $1,135,595,803 |
Net assets consist of | |
Paid-in capital | $166,192,013 |
Total distributable earnings | 969,403,790 |
Total net assets | $1,135,595,803 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $772,635,829 |
Shares outstanding–Class A1 | 16,605,942 |
Net asset value per share–Class A | $46.53 |
Maximum offering price per share – Class A2 | $49.37 |
Net assets–Class C | $7,954,793 |
Shares outstanding–Class C1 | 167,220 |
Net asset value per share–Class C | $47.57 |
Net assets–Administrator Class | $355,005,181 |
Shares outstanding–Administrator Class1 | 7,399,911 |
Net asset value per share–Administrator Class | $47.97 |
Investment income | |
Dividends (net of foreign withholdings taxes of $2,813) | $8,952,413 |
Income from affiliated securities | 469,914 |
Interest | 37,434 |
Total investment income | 9,459,761 |
Expenses | |
Management fee | 825,156 |
Administration fees | |
Class A | 762,828 |
Class C | 8,045 |
Administrator Class | 231,016 |
Shareholder servicing fees | |
Class A | 946,076 |
Class C | 9,971 |
Administrator Class | 168,414 |
Distribution fee | |
Class C | 29,812 |
Custody and accounting fees | 12,667 |
Professional fees | 38,351 |
Registration fees | 27,397 |
Shareholder report expenses | 18,681 |
Trustees’ fees and expenses | 11,926 |
Other fees and expenses | 10,777 |
Total expenses | 3,101,117 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (828,527 ) |
Class A | (108,697 ) |
Class C | (1,019 ) |
Net expenses | 2,162,874 |
Net investment income | 7,296,887 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 107,830,989 |
Futures contracts | 1,299,738 |
Net realized gains on investments | 109,130,727 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (10,671,305 ) |
Futures contracts | 20,805 |
Net change in unrealized gains (losses) on investments | (10,650,500 ) |
Net realized and unrealized gains (losses) on investments | 98,480,227 |
Net increase in net assets resulting from operations | $105,777,114 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $7,296,887 | $14,468,395 | ||
Net realized gains on investments | 109,130,727 | 44,462,228 | ||
Net change in unrealized gains (losses) on investments | (10,650,500 ) | (35,438,355 ) | ||
Net increase in net assets resulting from operations | 105,777,114 | 23,492,268 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (66,804,712 ) | ||
Class C | 0 | (709,270 ) | ||
Administrator Class | 0 | (31,911,691 ) | ||
Total distributions to shareholders | 0 | (99,425,673 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 153,274 | 6,885,253 | 343,612 | 14,395,854 |
Class C | 5,487 | 250,598 | 14,778 | 630,451 |
Administrator Class | 290,135 | 13,422,522 | 630,351 | 27,092,159 |
20,558,373 | 42,118,464 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 1,593,378 | 64,771,802 |
Class C | 0 | 0 | 14,928 | 622,969 |
Administrator Class | 0 | 0 | 714,595 | 29,898,702 |
0 | 95,293,473 | |||
Payment for shares redeemed | ||||
Class A | (729,984 ) | (32,657,287 ) | (1,723,965 ) | (72,102,795 ) |
Class C | (17,362 ) | (798,326 ) | (77,218 ) | (3,317,859 ) |
Administrator Class | (927,310 ) | (42,815,752 ) | (1,224,463 ) | (52,955,693 ) |
(76,271,365 ) | (128,376,347 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (55,712,992 ) | 9,035,590 | ||
Total increase (decrease) in net assets | 50,064,122 | (66,897,815 ) | ||
Net assets | ||||
Beginning of period | 1,085,531,681 | 1,152,429,496 | ||
End of period | $1,135,595,803 | $1,085,531,681 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $42.33 | $45.49 | $50.17 | $41.27 | $49.48 | $63.35 |
Net investment income | 0.28 1 | 0.55 1 | 0.46 | 0.48 | 0.65 | 0.82 |
Net realized and unrealized gains (losses) on investments | 3.92 | 0.36 | (0.33 ) | 14.92 | 5.82 | 0.54 |
Total from investment operations | 4.20 | 0.91 | 0.13 | 15.40 | 6.47 | 1.36 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.53 ) | (0.46 ) | (0.57 ) | (0.67 ) | (0.90 ) |
Net realized gains | 0.00 | (3.54 ) | (4.35 ) | (5.93 ) | (14.01 ) | (14.33 ) |
Total distributions to shareholders | 0.00 | (4.07 ) | (4.81 ) | (6.50 ) | (14.68 ) | (15.23 ) |
Net asset value, end of period | $46.53 | $42.33 | $45.49 | $50.17 | $41.27 | $49.48 |
Total return2 | 9.92 % | 2.45 % | (0.74 )% | 39.71 % | 12.02 % | 3.32 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.62 % | 0.64 % | 0.63 %* | 0.65 %* | 0.67 %* | 0.65 %* |
Net expenses | 0.44 % | 0.45 % | 0.44 %* | 0.44 %* | 0.44 %* | 0.45 %* |
Net investment income | 1.25 % | 1.30 % | 0.92 %* | 1.08 %* | 1.47 %* | 1.51 %* |
Supplemental data | ||||||
Portfolio turnover rate | 2 % | 2 % | 2 %3 | 4 %3 | 3 %3 | 4 %3 |
Net assets, end of period (000s omitted) | $772,636 | $727,314 | $771,925 | $835,781 | $660,101 | $676,511 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2022 | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
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 was 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 | $43.44 | $46.50 | $51.19 | $41.90 | $50.02 | $63.67 |
Net investment income | 0.11 1 | 0.23 1 | 0.08 1 | 0.16 1 | 0.30 | 0.46 1 |
Net realized and unrealized gains (losses) on investments | 4.02 | 0.40 | (0.37 ) | 15.21 | 5.84 | 0.52 |
Total from investment operations | 4.13 | 0.63 | (0.29 ) | 15.37 | 6.14 | 0.98 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.15 ) | (0.05 ) | (0.15 ) | (0.25 ) | (0.30 ) |
Net realized gains | 0.00 | (3.54 ) | (4.35 ) | (5.93 ) | (14.01 ) | (14.33 ) |
Total distributions to shareholders | 0.00 | (3.69 ) | (4.40 ) | (6.08 ) | (14.26 ) | (14.63 ) |
Net asset value, end of period | $47.57 | $43.44 | $46.50 | $51.19 | $41.90 | $50.02 |
Total return2 | 9.51 % | 1.69 % | (1.48 )% | 38.83 % | 11.17 % | 2.54 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.37 % | 1.38 % | 1.37 %* | 1.40 %* | 1.42 %* | 1.39 %* |
Net expenses | 1.19 % | 1.20 % | 1.20 %* | 1.20 %* | 1.20 %* | 1.20 %* |
Net investment income | 0.50 % | 0.54 % | 0.16 %* | 0.34 %* | 0.72 %* | 0.77 %* |
Supplemental data | ||||||
Portfolio turnover rate | 2 % | 2 % | 2 %3 | 4 %3 | 3 %3 | 4 %3 |
Net assets, end of period (000s omitted) | $7,955 | $7,780 | $10,538 | $12,530 | $16,103 | $19,146 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2022 | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
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 was 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 | $43.60 | $46.73 | $51.41 | $42.15 | $50.24 | $64.04 |
Net investment income | 0.33 1 | 0.65 1 | 0.58 | 0.58 | 0.81 | 1.02 1 |
Net realized and unrealized gains (losses) on investments | 4.04 | 0.37 | (0.36 ) | 15.26 | 5.85 | 0.48 |
Total from investment operations | 4.37 | 1.02 | 0.22 | 15.84 | 6.66 | 1.50 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.61 ) | (0.55 ) | (0.65 ) | (0.74 ) | (0.97 ) |
Net realized gains | 0.00 | (3.54 ) | (4.35 ) | (5.93 ) | (14.01 ) | (14.33 ) |
Total distributions to shareholders | 0.00 | (4.15 ) | (4.90 ) | (6.58 ) | (14.75 ) | (15.30 ) |
Net asset value, end of period | $47.97 | $43.60 | $46.73 | $51.41 | $42.15 | $50.24 |
Total return2 | 10.02 % | 2.65 % | (0.55 )% | 39.97 % | 12.25 % | 3.52 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.39 % | 0.40 % | 0.37 %* | 0.42 %* | 0.44 %* | 0.41 %* |
Net expenses | 0.25 % | 0.25 % | 0.25 %* | 0.25 %* | 0.25 %* | 0.25 %* |
Net investment income | 1.44 % | 1.49 % | 1.11 %* | 1.28 %* | 1.67 %* | 1.72 %* |
Supplemental data | ||||||
Portfolio turnover rate | 2 % | 2 % | 2 %3 | 4 %3 | 3 %3 | 4 %3 |
Net assets, end of period (000s omitted) | $355,005 | $350,438 | $369,967 | $414,276 | $343,609 | $460,934 |
* | Ratios include net expenses allocated from the affiliated Master Portfolio which were as follows: |
Year ended May 31, 2022 | 0.11% |
Year ended May 31, 2021 | 0.11% |
Year ended May 31, 2020 | 0.12% |
Year ended May 31, 2019 | 0.11% |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | Portfolio turnover rate was 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 | $826,094,670 |
Gross unrealized losses | (13,025,724 ) |
Net unrealized gains | $813,068,946 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $95,058,468 | $0 | $0 | $95,058,468 |
Consumer discretionary | 118,375,306 | 0 | 0 | 118,375,306 |
Consumer staples | 69,575,630 | 0 | 0 | 69,575,630 |
Energy | 45,276,938 | 0 | 0 | 45,276,938 |
Financials | 142,932,892 | 0 | 0 | 142,932,892 |
Health care | 140,031,097 | 0 | 0 | 140,031,097 |
Industrials | 91,457,566 | 0 | 0 | 91,457,566 |
Information technology | 320,888,685 | 0 | 0 | 320,888,685 |
Materials | 26,912,318 | 0 | 0 | 26,912,318 |
Real estate | 26,874,090 | 0 | 0 | 26,874,090 |
Utilities | 26,450,210 | 0 | 0 | 26,450,210 |
Short-term investments | ||||
Investment companies | 10,241,519 | 0 | 0 | 10,241,519 |
1,114,074,719 | 0 | 0 | 1,114,074,719 | |
Futures contracts | 845,266 | 0 | 0 | 845,266 |
Total assets | $1,114,919,985 | $0 | $0 | $1,114,919,985 |
Average daily net assets | Management fee |
First $1 billion | 0.150 % |
Next $4 billion | 0.125 |
Next $5 billion | 0.090 |
Over $10 billion | 0.080 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Administrator Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 0.44 % |
Class C | 1.19 |
Administrator Class | 0.25 |
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
SAR3329 11-23
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
Investment objective | The Fund seeks total return, consisting of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA†, FRM, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM |
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 (WFMAX) | 1-30-2004 | -1.92 | 3.01 | 3.69 | 4.06 | 4.24 | 4.31 | 1.32 | 1.14 |
Class C (WFBCX) | 1-30-2004 | 2.28 | 3.46 | 3.68 | 3.28 | 3.46 | 3.68 | 2.07 | 1.89 |
Administrator Class (NVMBX) | 11-11-1994 | – | – | – | 4.31 | 4.50 | 4.57 | 1.25 | 0.90 |
Institutional Class (WFMYX)3 | 7-31-2018 | – | – | – | 4.38 | 4.60 | 4.62 | 1.00 | 0.80 |
Bloomberg U.S. Aggregate Bond Index4 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Russell 3000® Index5 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Moderate Balanced Blended Index6 | – | – | – | – | 6.03 | 5.14 | 4.97 | – | – |
Bloomberg U.S. Short Treasury 9-12 Months Index7 | – | – | – | – | 4.73 | 1.74 | 1.21 | – | – |
Russell 1000® Growth Index8 | – | – | – | – | 26.17 | 16.36 | 14.69 | – | – |
Russell 1000® Value Index9 | – | – | – | – | 1.36 | 7.52 | 8.09 | – | – |
S&P 500 Index10 | – | – | – | – | 13.84 | 12.51 | 11.82 | – | – |
MSCI EAFE Index (Net)11 | – | – | – | – | 12.36 | 5.99 | 3.89 | – | – |
Russell 2000® Index12 | – | – | – | – | -2.57 | 4.78 | 6.13 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.40% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.14% for Class A, 1.89% for Class C, 0.90% for Administrator Class and 0.80% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense caps. All other acquired fund fees and expenses from the affiliated master portfolios and funds 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 Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and includes the higher expenses applicable to the Administrator Class shares. If these expenses had not been included, returns for the Institutional Class shares would be higher. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.–dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The 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. |
† | 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. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
6 | Source: Allspring Funds Management, LLC. The Moderate Balanced Blended Index is composed of 45% of the Bloomberg U.S. Aggregate Bond Index, 15% of the Bloomberg U.S. Short Treasury 9-12 Months Index, 10% of the Russell 1000® Growth Index, 10% of the Russell 1000® Value Index, 10% of the S&P 500 Index, 6% of the MSCI EAFE Index (Net), and 4% of the Russell 2000® Index. You cannot invest directly in an index. |
7 | The Bloomberg U.S. Short Treasury 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index. |
8 | 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. |
9 | 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. |
10 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index. |
11 | The Morgan Stanley Capital International (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. Source: MSCI. MSCI makes no express or implied 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. |
12 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. You cannot invest directly in an index. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Managed Fixed Income Portfolio | 28.80 |
Allspring Conservative Income Fund Class Institutional | 14.63 |
Allspring Core Bond Portfolio | 8.40 |
Allspring Disciplined Large Cap Portfolio | 8.24 |
Allspring Large Company Value Portfolio | 7.48 |
Allspring Diversified Large Cap Growth Portfolio | 5.82 |
Allspring Real Return Portfolio | 4.43 |
Allspring C&B Large Cap Value Portfolio | 3.79 |
Allspring Disciplined International Developed Markets Portfolio | 2.97 |
iShares iBoxx $ High Yield Corporate Bond ETF | 2.72 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 60 | 64 |
Stock Funds | 40 | 44 |
Effective Cash | 0 | (8 ) |
1 | Effective allocation reflects the effect of the tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. Effective 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 ratio2 | |
Class A | ||||
Actual | $1,000.00 | $1,034.20 | $5.24 | 1.03 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.85 | $5.20 | 1.03 % |
Class C | ||||
Actual | $1,000.00 | $1,030.30 | $9.03 | 1.78 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.10 | $8.97 | 1.78 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,035.80 | $4.02 | 0.79 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.05 | $3.99 | 0.79 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,035.80 | $3.51 | 0.69 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.55 | $3.49 | 0.69 % |
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 Portfolios in which the Fund invests. |
Shares | Value | |||||
Investment companies: 98.60% | ||||||
Affiliated master portfolios: 75.71% | ||||||
Allspring C&B Large Cap Value Portfolio | $3,658,907 | |||||
Allspring Core Bond Portfolio | 8,106,262 | |||||
Allspring Disciplined International Developed Markets Portfolio | 2,867,977 | |||||
Allspring Disciplined Large Cap Portfolio | 7,950,516 | |||||
Allspring Diversified Large Cap Growth Portfolio | 5,618,202 | |||||
Allspring Emerging Growth Portfolio | 960,859 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 801,937 | |||||
Allspring Factor Enhanced International Equity Portfolio | 954,439 | |||||
Allspring Large Company Value Portfolio | 7,218,761 | |||||
Allspring Managed Fixed Income Portfolio | 27,788,425 | |||||
Allspring Real Return Portfolio | 4,276,877 | |||||
Allspring Small Company Growth Portfolio | 957,549 | |||||
Allspring Small Company Value Portfolio | 1,904,613 | |||||
73,065,324 | ||||||
Bond funds: 14.63% | ||||||
Allspring Conservative Income Fund Class Institutional♠ | 1,427,130 | 14,114,314 | ||||
Exchange-traded funds: 6.63% | ||||||
iShares Core MSCI EAFE ETF | 28,412 | 1,919,231 | ||||
iShares iBoxx $ High Yield Corporate Bond ETF | 34,631 | 2,621,913 | ||||
iShares Russell 1000 Growth ETF | 6,380 | 1,855,687 | ||||
�� | 6,396,831 | |||||
Stock funds: 1.63% | ||||||
Allspring Emerging Markets Equity Fund Class R6♠ | 31,993 | 784,155 | ||||
Allspring Emerging Markets Equity Income Fund Class R6♠ | 76,208 | 792,560 | ||||
1,576,715 | ||||||
Total investment companies (Cost $91,063,348) | 95,153,184 | |||||
Total investments in securities (Cost $91,063,348) | 98.60 % | 95,153,184 | ||||
Other assets and liabilities, net | 1.40 | 1,347,049 | ||||
Total net assets | 100.00 % | $96,500,233 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Conservative Income Fund Institutional Class | $14,563,862 | $658,765 | $(1,165,627 ) | $(14,566 ) | $71,880 | $14,114,314 |
Allspring Emerging Markets Equity Fund Class R6 | 792,641 | 37,799 | (69,371 ) | 2,769 | 20,317 | 784,155 |
Allspring Emerging Markets Equity Income Fund Class R6 | 784,154 | 37,918 | (55,630 ) | 982 | 25,136 | 792,560 |
$(10,815 ) | $117,333 | $15,691,029 |
Shares, end of period | Dividends from affiliated Underlying Funds | |
Investment companies | ||
Allspring Conservative Income Fund Institutional Class | 1,427,130 | $361,286 |
Allspring Emerging Markets Equity Fund Class R6 | 31,993 | 0 |
Allspring Emerging Markets Equity Income Fund Class R6 | 76,208 | 12,102 |
$373,388 |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring C&B Large Cap Value Portfolio | 1.41 % | 1.40 % | $162,079 | $145,475 | $32 | $44,054 | $2,415 | $3,658,907 |
Allspring Core Bond Portfolio | 0.18 | 0.18 | (254,679 ) | 27,824 | 174,073 | 0 | 7,574 | 8,106,262 |
Allspring Disciplined International Developed Markets Portfolio | 2.18 | 2.23 | 15,171 | 95,343 | 104 | 29,961 | 1,529 | 2,867,977 |
Allspring Disciplined Large Cap Portfolio | 3.75 | 3.77 | 377,649 | 371,263 | 296 | 59,469 | 2,958 | 7,950,516 |
Allspring Diversified Large Cap Growth Portfolio | 4.40 | 4.49 | 964,468 | (139,121 ) | 64 | 29,581 | 2,078 | 5,618,202 |
Allspring Emerging Growth Portfolio | 0.29 | 0.32 | (34,949 ) | 6,008 | 0 | 704 | 576 | 960,859 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 0.77 | 0.76 | 41,235 | (19,122 ) | 52 | 14,084 | 560 | 801,937 |
Allspring Factor Enhanced International Equity Portfolio | 0.22 | 0.22 | 149,451 | (109,982 ) | 106 | 5,267 | 994 | 954,439 |
Allspring Large Company Value Portfolio | 4.05 | 4.11 | 142,705 | 271,051 | 423 | 79,866 | 3,971 | 7,218,761 |
Allspring Managed Fixed Income Portfolio | 7.84 | 7.98 | (326,948 ) | (307,342 ) | 552,423 | 0 | 7,971 | 27,788,425 |
Allspring Real Return Portfolio | 2.03 | 1.82 | (159,658 ) | 77,925 | 91,085 | 7,743 | 2,526 | 4,276,877 |
Allspring Small Company Growth Portfolio | 0.13 | 0.20 | 52,629 | (26,523 ) | 0 | 2,215 | 658 | 957,549 |
Allspring Small Company Value Portfolio | 0.38 | 0.37 | 36,876 | 120,519 | 0 | 20,575 | 441 | 1,904,613 |
$1,166,029 | $513,318 | $818,658 | $293,519 | $34,251 | $73,065,324 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year Euro BUND Index | 18 | 12-7-2023 | $2,596,500 | $2,591,959 | $0 | $(4,541 ) |
TOPIX Index | 21 | 12-7-2023 | 3,335,805 | 3,365,439 | 29,634 | 0 |
E-Mini NASDAQ 100 Index | 13 | 12-15-2023 | 4,024,353 | 4,156,230 | 131,877 | 0 |
E-Mini Russell 1000 Growth Index | 14 | 12-15-2023 | 1,985,401 | 2,051,280 | 65,879 | 0 |
E-Mini S&P 500 Index | 2 | 12-15-2023 | 452,321 | 457,675 | 5,354 | 0 |
MSCI EAFE Index | 9 | 12-15-2023 | 956,422 | 956,970 | 548 | 0 |
MSCI Emerging Markets Index | 16 | 12-15-2023 | 790,579 | 789,680 | 0 | (899 ) |
Euro Futures | 21 | 12-18-2023 | 2,883,398 | 2,860,463 | 0 | (22,935 ) |
Japanese Yen Futures | 40 | 12-18-2023 | 3,451,631 | 3,381,750 | 0 | (69,881 ) |
10-Year U.S. Treasury Notes | 62 | 3-19-2024 | 6,744,604 | 6,807,406 | 62,802 | 0 |
Short | ||||||
2-Year Euro SCHATZ | (98 ) | 12-7-2023 | (11,246,350 ) | (11,241,740 ) | 4,610 | 0 |
E-Mini Russell 1000 Value Index | (23 ) | 12-15-2023 | (1,793,907 ) | (1,781,695 ) | 12,212 | 0 |
Euro STOXX 50 Index | (71 ) | 12-15-2023 | (3,240,267 ) | (3,393,520 ) | 0 | (153,253 ) |
New Zealand Dollar Futures | (24 ) | 12-18-2023 | (1,413,848 ) | (1,478,520 ) | 0 | (64,672 ) |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Short (continued) | ||||||
Swiss Franc Futures | (20 ) | 12-18-2023 | $(2,864,929 ) | $(2,861,000 ) | $3,929 | $0 |
U.S. Dollar Futures | (23 ) | 12-18-2023 | (2,362,839 ) | (2,378,844 ) | 0 | (16,005 ) |
$316,845 | $(332,186 ) |
Assets | |
Investments in affiliated Master Portfolio, at value (cost $68,929,336) | $73,065,324 |
Investments in unaffiliated securities, at value (cost $6,457,648) | 6,396,831 |
Investments in affiliated Underlying Funds, at value (cost $15,676,364) | 15,691,029 |
Cash | 71,803 |
Cash at broker segregated for futures contracts | 1,204,937 |
Receivable for Fund shares sold | 262,140 |
Receivable for dividends | 59,326 |
Receivable for daily variation margin on open futures contracts | 33,920 |
Prepaid expenses and other assets | 71,555 |
Total assets | 96,856,865 |
Liabilities | |
Payable for daily variation margin on open futures contracts | 143,119 |
Payable for Fund shares redeemed | 88,058 |
Payable for investments purchased | 61,436 |
Administration fees payable | 12,234 |
Management fee payable | 3,532 |
Distribution fee payable | 2,216 |
Trustees’ fees and expenses payable | 963 |
Accrued expenses and other liabilities | 45,074 |
Total liabilities | 356,632 |
Total net assets | $96,500,233 |
Net assets consist of | |
Paid-in capital | $91,352,991 |
Total distributable earnings | 5,147,242 |
Total net assets | $96,500,233 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $33,871,199 |
Shares outstanding–Class A1 | 1,750,305 |
Net asset value per share–Class A | $19.35 |
Maximum offering price per share – Class A2 | $20.53 |
Net assets–Class C | $3,643,846 |
Shares outstanding–Class C1 | 195,078 |
Net asset value per share–Class C | $18.68 |
Net assets–Administrator Class | $15,826,826 |
Shares outstanding–Administrator Class1 | 805,460 |
Net asset value per share–Administrator Class | $19.65 |
Net assets–Institutional Class | $43,158,362 |
Shares outstanding–Institutional Class1 | 2,190,233 |
Net asset value per share–Institutional Class | $19.70 |
Investment income | |
Interest allocated from affiliated Master Portfolios | $818,658 |
Dividends from affiliated Underlying Funds | 373,388 |
Dividends allocated from affiliated Master Portfolios (net of foreign withholding taxes of $13,249) | 293,519 |
Dividends from unaffiliated securities | 119,905 |
Affiliated income allocated from affiliated Master Portfolios | 34,251 |
Interest | 28,375 |
Expenses allocated from affiliated Master Portfolios | (173,767 ) |
Waivers allocated from affiliated Master Portfolios | 17,467 |
Total investment income | 1,511,796 |
Expenses | |
Management fee | 145,132 |
Administration fees | |
Class A | 33,970 |
Class C | 4,077 |
Administrator Class | 10,450 |
Institutional Class | 27,907 |
Shareholder servicing fees | |
Class A | 42,126 |
Class C | 5,042 |
Administrator Class | 17,705 |
Distribution fee | |
Class C | 15,124 |
Custody and accounting fees | 4,403 |
Professional fees | 23,539 |
Registration fees | 34,274 |
Shareholder report expenses | 11,381 |
Trustees’ fees and expenses | 12,075 |
Other fees and expenses | 697 |
Total expenses | 387,902 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (106,424 ) |
Administrator Class | (11,278 ) |
Institutional Class | (4,381 ) |
Net expenses | 265,819 |
Net investment income | 1,245,977 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Investments allocated from affiliated Master Portfolios | $1,166,029 |
Affiliated Underlying Funds | (10,815 ) |
Unaffiliated securities | (8,176 ) |
Foreign currency and foreign currency translations | 1,314 |
Futures contracts | 631,180 |
Net realized gains on investments | 1,779,532 |
Net change in unrealized gains (losses) on | |
Investments allocated from affiliated Master Portfolios | 513,318 |
Affiliated Underlying Funds | 117,333 |
Unaffiliated securities | 164,161 |
Foreign currency and foreign currency translations | 4 |
Futures contracts | (472,363 ) |
Net change in unrealized gains (losses) on investments | 322,453 |
Net realized and unrealized gains (losses) on investments | 2,101,985 |
Net increase in net assets resulting from operations | $3,347,962 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,245,977 | $2,142,255 | ||
Net realized gains (losses) on investments | 1,779,532 | (1,441,834 ) | ||
Net change in unrealized gains (losses) on investments | 322,453 | (2,393,835 ) | ||
Net increase (decrease) in net assets resulting from operations | 3,347,962 | (1,693,414 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (1,151,963 ) | ||
Class C | 0 | (139,090 ) | ||
Administrator Class | 0 | (700,211 ) | ||
Institutional Class | 0 | (1,697,536 ) | ||
Total distributions to shareholders | 0 | (3,688,800 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 107,305 | 2,033,030 | 310,013 | 5,806,889 |
Class C | 12,106 | 222,842 | 56,696 | 1,025,542 |
Administrator Class | 28,896 | 558,278 | 66,828 | 1,269,796 |
Institutional Class | 66,834 | 1,291,701 | 241,134 | 4,600,528 |
4,105,851 | 12,702,755 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 60,007 | 1,110,556 |
Class C | 0 | 0 | 7,711 | 139,090 |
Administrator Class | 0 | 0 | 36,951 | 692,619 |
Institutional Class | 0 | 0 | 90,222 | 1,697,536 |
0 | 3,639,801 | |||
Payment for shares redeemed | ||||
Class A | (142,052 ) | (2,687,371 ) | (325,414 ) | (6,089,533 ) |
Class C | (59,408 ) | (1,086,723 ) | (119,276 ) | (2,156,378 ) |
Administrator Class | (86,149 ) | (1,671,068 ) | (465,681 ) | (9,020,334 ) |
Institutional Class | (126,736 ) | (2,451,491 ) | (717,706 ) | (13,648,919 ) |
(7,896,653 ) | (30,915,164 ) | |||
Net decrease in net assets resulting from capital share transactions | (3,790,802 ) | (14,572,608 ) | ||
Total decrease in net assets | (442,840 ) | (19,954,822 ) | ||
Net assets | ||||
Beginning of period | 96,943,073 | 116,897,895 | ||
End of period | $96,500,233 | $96,943,073 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $18.71 | $19.65 | $23.45 | $20.87 | $20.35 | $22.73 |
Net investment income | 0.23 1 | 0.36 1 | 0.23 | 0.25 | 0.30 | 0.36 1 |
Net realized and unrealized gains (losses) on investments | 0.41 | (0.65 ) | (1.64 ) | 3.62 | 0.86 | 0.11 |
Total from investment operations | 0.64 | (0.29 ) | (1.41 ) | 3.87 | 1.16 | 0.47 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.33 ) | (0.20 ) | (0.24 ) | (0.35 ) | (0.42 ) |
Net realized gains | 0.00 | (0.32 ) | (2.19 ) | (1.05 ) | (0.29 ) | (2.43 ) |
Total distributions to shareholders | 0.00 | (0.65 ) | (2.39 ) | (1.29 ) | (0.64 ) | (2.85 ) |
Net asset value, end of period | $19.35 | $18.71 | $19.65 | $23.45 | $20.87 | $20.35 |
Total return2 | 3.42 % | (1.38 )% | (6.93 )% | 18.90 % | 5.65 % | 2.68 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.25 % | 1.27 % | 1.20 % | 1.24 % | 1.30 % | 1.31 % |
Net expenses | 1.03 % | 1.04 % | 1.07 % | 1.09 % | 1.08 % | 1.12 % |
Net investment income | 2.41 % | 1.91 % | 0.99 % | 0.93 % | 1.43 % | 1.65 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 47 % | 96 % | 110 % | 119 % | 119 % | 191 % |
Net assets, end of period (000s omitted) | $33,871 | $33,393 | $34,201 | $39,005 | $31,334 | $30,132 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.32% |
Year ended May 31, 2023 | 0.34% |
Year ended May 31, 2022 | 0.33% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.40% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $18.13 | $19.04 | $22.78 | $20.30 | $19.80 | $22.20 |
Net investment income | 0.15 1 | 0.21 1 | 0.05 1 | 0.04 1 | 0.09 | 0.12 |
Net realized and unrealized gains (losses) on investments | 0.40 | (0.62 ) | (1.58 ) | 3.55 | 0.88 | 0.18 |
Total from investment operations | 0.55 | (0.41 ) | (1.53 ) | 3.59 | 0.97 | 0.30 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.18 ) | (0.02 ) | (0.06 ) | (0.18 ) | (0.27 ) |
Net realized gains | 0.00 | (0.32 ) | (2.19 ) | (1.05 ) | (0.29 ) | (2.43 ) |
Total distributions to shareholders | 0.00 | (0.50 ) | (2.21 ) | (1.11 ) | (0.47 ) | (2.70 ) |
Net asset value, end of period | $18.68 | $18.13 | $19.04 | $22.78 | $20.30 | $19.80 |
Total return2 | 3.03 % | (2.13 )% | (7.60 )% | 18.01 % | 4.89 % | 1.90 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 2.00 % | 2.01 % | 1.94 % | 1.99 % | 2.05 % | 2.06 % |
Net expenses | 1.78 % | 1.79 % | 1.83 % | 1.84 % | 1.84 % | 1.87 % |
Net investment income | 1.66 % | 1.14 % | 0.23 % | 0.19 % | 0.69 % | 0.89 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 47 % | 96 % | 110 % | 119 % | 119 % | 191 % |
Net assets, end of period (000s omitted) | $3,644 | $4,393 | $5,658 | $7,463 | $7,935 | $8,509 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.32% |
Year ended May 31, 2023 | 0.34% |
Year ended May 31, 2022 | 0.33% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.40% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $18.97 | $19.92 | $23.73 | $21.10 | $20.56 | $22.94 |
Net investment income | 0.26 1 | 0.41 1 | 0.27 1 | 0.38 | 0.35 1 | 0.41 1 |
Net realized and unrealized gains (losses) on investments | 0.42 | (0.66 ) | (1.64 ) | 3.59 | 0.88 | 0.12 |
Total from investment operations | 0.68 | (0.25 ) | (1.37 ) | 3.97 | 1.23 | 0.53 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.38 ) | (0.25 ) | (0.29 ) | (0.40 ) | (0.48 ) |
Net realized gains | 0.00 | (0.32 ) | (2.19 ) | (1.05 ) | (0.29 ) | (2.43 ) |
Total distributions to shareholders | 0.00 | (0.70 ) | (2.44 ) | (1.34 ) | (0.69 ) | (2.91 ) |
Net asset value, end of period | $19.65 | $18.97 | $19.92 | $23.73 | $21.10 | $20.56 |
Total return2 | 3.58 % | (1.17 )% | (6.67 )% | 19.19 % | 5.94 % | 2.95 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 1.15 % | 1.14 % | 1.11 % | 1.17 % | 1.22 % | 1.23 % |
Net expenses | 0.79 % | 0.79 % | 0.83 % | 0.84 % | 0.83 % | 0.87 % |
Net investment income | 2.66 % | 2.14 % | 1.19 % | 1.21 % | 1.69 % | 1.88 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 47 % | 96 % | 110 % | 119 % | 119 % | 191 % |
Net assets, end of period (000s omitted) | $15,827 | $16,368 | $24,391 | $72,033 | $78,538 | $78,209 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.32% |
Year ended May 31, 2023 | 0.34% |
Year ended May 31, 2022 | 0.33% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 2019 | 0.41% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $19.02 | $19.97 | $23.78 | $21.14 | $20.60 | $23.24 |
Net investment income | 0.27 2 | 0.43 2 | 0.31 2 | 0.42 | 0.37 2 | 0.37 2 |
Net realized and unrealized gains (losses) on investments | 0.41 | (0.66 ) | (1.66 ) | 3.58 | 0.88 | (0.12 ) |
Total from investment operations | 0.68 | (0.23 ) | (1.35 ) | 4.00 | 1.25 | 0.25 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.40 ) | (0.27 ) | (0.31 ) | (0.42 ) | (0.46 ) |
Net realized gains | 0.00 | (0.32 ) | (2.19 ) | (1.05 ) | (0.29 ) | (2.43 ) |
Total distributions to shareholders | 0.00 | (0.72 ) | (2.46 ) | (1.36 ) | (0.71 ) | (2.89 ) |
Net asset value, end of period | $19.70 | $19.02 | $19.97 | $23.78 | $21.14 | $20.60 |
Total return3 | 3.58 % | (1.04 )% | (6.61 )% | 19.35 % | 6.02 % | 1.72 % |
Ratios to average net assets (annualized)* | ||||||
Gross expenses | 0.93 % | 0.93 % | 0.88 % | 0.91 % | 0.97 % | 0.98 % |
Net expenses | 0.69 % | 0.69 % | 0.72 % | 0.74 % | 0.74 % | 0.75 % |
Net investment income | 2.76 % | 2.25 % | 1.43 % | 1.27 % | 1.78 % | 2.15 % |
Supplemental data | ||||||
Portfolio turnover rate4 | 47 % | 96 % | 110 % | 119 % | 119 % | 191 % |
Net assets, end of period (000s omitted) | $43,158 | $42,789 | $52,647 | $18,028 | $10,504 | $8,871 |
* | Ratios include only the net expenses allocated from the affiliated Master Portfolios and do not include expenses from any other affiliated Underlying Funds. Net expenses allocated from the affiliated Master Portfolios included in the ratios were as follows: |
Six months ended November 30, 2023 (unaudited) | 0.32% |
Year ended May 31, 2023 | 0.34% |
Year ended May 31, 2022 | 0.33% |
Year ended May 31, 2021 | 0.34% |
Year ended May 31, 2020 | 0.37% |
Year ended May 31, 20191 | 0.38% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the affiliated Underlying Funds and unaffiliated securities and included in the portfolio turnover calculation. |
Gross unrealized gains | $9,640,471 |
Gross unrealized losses | (5,791,378 ) |
Net unrealized gains | $3,849,093 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Investment companies | $22,087,860 | $0 | $0 | $22,087,860 |
Investments measured at net asset value* | 73,065,324 | |||
22,087,860 | 0 | 0 | 95,153,184 | |
Futures contracts | 316,845 | 0 | 0 | 316,845 |
Total assets | $22,404,705 | $0 | $0 | $95,470,029 |
Liabilities | ||||
Futures contracts | $332,186 | $0 | $0 | $332,186 |
Total liabilities | $332,186 | $0 | $0 | $332,186 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $73,065,324. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring C&B Large Cap Value Portfolio | Seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined International Developed Markets Portfolio | Seeks long-term capital appreciation |
Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
Allspring Diversified Large Cap Growth Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Large Company Value Portfolio | Seeks long-term capital appreciation |
Allspring Managed Fixed Income Portfolio | Seeks consistent fixed-income returns |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Growth Portfolio | Seeks long-term capital appreciation |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $500 million | 0.300 % |
Next $500 million | 0.280 |
Next $2 billion | 0.260 |
Next $2 billion | 0.240 |
Next $5 billion | 0.230 |
Over $10 billion | 0.220 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.14 % |
Class C | 1.89 |
Administrator Class | 0.90 |
Institutional Class | 0.80 |
Purchases at cost | Sales proceeds | ||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government |
$10,906,962 | $32,769,043 | $10,706,446 | $39,140,721 |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | ||||
Futures contracts | $67,412 * | $245,504 * | $3,929 * | $316,845 |
Liability derivatives | ||||
Futures contracts | $4,541 * | $154,152 * | $173,493 * | $332,186 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statement of Assets and Liabilities. |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | ||||
Futures contracts | $160,255 | $717,782 | $(246,857 ) | $631,180 |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | $50,659 | $(502,558 ) | $(20,464 ) | $(472,363 ) |
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
SAR1854 11-23
2 | |
6 | |
9 | |
10 | |
11 | |
12 | |
13 | |
14 | |
19 | |
23 | |
31 | |
32 | |
33 | |
34 | |
35 | |
39 |
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
2 | |
6 | |
8 | |
9 | |
10 | |
11 | |
12 | |
13 | |
18 | |
22 | |
28 | |
29 | |
30 | |
31 | |
32 | |
35 |
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
2 | |
6 | |
8 | |
9 | |
10 | |
11 | |
12 | |
13 | |
18 | |
22 | |
29 | |
30 | |
31 | |
32 | |
33 | |
36 |
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
Spectrum Aggressive Growth Fund |
Spectrum Conservative Growth Fund |
Spectrum Growth Fund |
Spectrum Income Allocation Fund |
Spectrum Moderate Growth Fund |
2 | |
6 | |
8 | |
10 | |
12 | |
14 | |
16 | |
18 | |
21 | |
25 | |
29 | |
33 | |
37 | |
39 | |
43 | |
48 | |
52 | |
55 | |
58 | |
61 | |
64 | |
74 |
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, each 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 each 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 with no emphasis on income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA†, FRM, Petros N. Bocray, CFA, FRM, Travis L. Keshemberg, CFA, CIPM, FRM, David Kowalske, Jr.†† |
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 (WEAFX)3 | 2-10-2017 | 1.73 | 7.85 | 6.95 | 7.94 | 9.14 | 7.59 | 1.04 | 1.01 |
Class C (WEACX)4 | 10-1-1997 | 6.14 | 8.32 | 7.20 | 7.14 | 8.32 | 7.20 | 1.79 | 1.76 |
Administrator Class 5 | 2-4-2022 | – | – | – | 8.01 | 9.24 | 7.65 | 0.97 | 0.94 |
Institutional Class (WEAYX)6 | 7-31-2018 | – | – | – | 8.26 | 9.48 | 7.77 | 0.72 | 0.69 |
Russell 3000® Index7 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Spectrum Aggressive Growth Blended Index8 | – | – | – | – | 11.67 | 9.80 | 8.87 | – | – |
MSCI ACWI ex USA Index (Net)9 | – | – | – | – | 9.26 | 5.06 | 3.41 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.27% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C, 0.67% for Administrator Class and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares. |
6 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
7 | 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. |
8 | Source: Allspring Funds Management, LLC. The Spectrum Aggressive Growth Blended Index is composed 70% of the Russell 3000® Index and 30% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Equity Blended Index was renamed the Spectrum Aggressive Growth Blended Index. You cannot invest directly in an index. |
† | 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. Kowalske became a portfolio manager of the Fund effective January 16, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
9 | 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. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Disciplined Large Cap Portfolio | 23.74 |
Allspring Factor Enhanced International Equity Portfolio | 19.78 |
iShares Core S&P 500 ETF | 12.94 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 8.90 |
Allspring Special Large Cap Value Fund Class R6 | 3.90 |
Allspring Discovery Large Cap Growth Fund Class R6 | 3.01 |
Allspring Premier Large Company Growth Fund Class R6 | 2.97 |
iShares Core S&P Small-Cap ETF | 2.94 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 2.92 |
Allspring Emerging Markets Equity Fund Class R6 | 2.91 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Large Cap Funds | 60 | 60 |
International Developed Funds | 22 | 22 |
Small Cap Funds | 10 | 10 |
Emerging Markets Funds | 8 | 8 |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks a combination of current income and capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA†, FRM, Petros N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM, David Kowalske, Jr.†† |
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 (WMBGX)3 | 2-10-2017 | -1.92 | 3.03 | 3.10 | 4.06 | 4.26 | 3.71 | 1.13 | 1.09 |
Class C (WMBFX)4 | 9-30-2004 | 2.23 | 3.51 | 3.35 | 3.23 | 3.51 | 3.35 | 1.88 | 1.84 |
Institutional Class (WMBZX)5 | 7-31-2018 | – | – | – | 4.40 | 4.60 | 3.89 | 0.81 | 0.77 |
Bloomberg U.S. Aggregate Bond Index6 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Russell 3000® Index7 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Spectrum Conservative Growth Blended Index8 | – | – | – | – | 5.20 | 4.54 | 4.52 | – | – |
Bloomberg U.S. TIPS Index9 | – | – | – | – | 0.14 | 2.72 | 2.00 | – | – |
ICE BofA U.S. High Yield Constrained Index10 | – | – | – | – | 8.69 | 4.00 | 4.20 | – | – |
MSCI ACWI ex USA Index (Net)11 | – | – | – | – | 9.26 | 5.06 | 3.41 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.35% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
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 | 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. |
† | 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. Kowalske became a portfolio manager of the Fund effective January 16, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
8 | Source: Allspring Funds Management, LLC. Spectrum Conservative Growth Blended Index is composed 41% of the Bloomberg U.S. Aggregate Bond Index, 20% of the Russell 3000® Index, 15% of the Bloomberg U.S. TIPS Index, 15% of ICE BofA U.S. High Yield Constrained Index, and 9% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Moderate Balanced Blended Index, which was composed 60% of the Bloomberg U.S. Aggregate Bond Index, 28% of the Russell 3000® Index, and 12% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Conservative Growth Blended 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. |
10 | The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2024. ICE Data Indices, LLC. All rights reserved. |
11 | 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. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 13.10 |
Allspring Real Return Portfolio | 11.99 |
Allspring Income Plus Fund Institutional Class | 11.29 |
Allspring Core Bond Portfolio | 9.60 |
Allspring Disciplined Large Cap Portfolio | 6.95 |
Allspring High Yield Bond Fund Institutional Class | 6.93 |
Allspring Factor Enhanced International Equity Portfolio | 5.75 |
iShares Core S&P 500 ETF | 5.38 |
Allspring Diversified Income Builder Fund Class R6 | 4.67 |
Allspring Alternative Risk Premia Fund Class R6 | 3.55 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 54 | 57 |
Stock Funds | 28 | 35 |
Inflation Sensitive Funds | 14 | 12 |
Alternative Funds | 4 | 4 |
Effective Cash | 0 | (8 ) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks capital appreciation with a secondary emphasis on current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA†, FRM, Petros N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM, David Kowalske, Jr.†† |
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 (WGAFX)3 | 2-10-2017 | 0.04 | 5.60 | 5.46 | 6.14 | 6.86 | 6.09 | 1.13 | 1.07 |
Class C (WGCFX)4 | 9-30-2004 | 4.32 | 6.08 | 5.73 | 5.32 | 6.08 | 5.73 | 1.88 | 1.82 |
Institutional Class (WGAYX)5 | 7-31-2018 | – | – | – | 6.44 | 7.22 | 6.26 | 0.81 | 0.75 |
Russell 3000® Index6 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Bloomberg U.S. Aggregate Bond Index7 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Spectrum Growth Blended Index8 | – | – | – | – | 8.12 | 6.99 | 6.92 | – | – |
MSCI ACWI ex USA Index (Net)9 | – | – | – | – | 9.26 | 5.06 | 3.41 | – | – |
Bloomberg U.S. TIPS Index10 | – | – | – | – | 0.14 | 2.72 | 2.00 | – | – |
ICE BofA U.S. High Yield Constrained Index11 | – | – | – | – | 8.69 | 4.00 | 4.20 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.33% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
6 | 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. |
7 | 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. |
† | 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. Kowalske became a portfolio manager of the Fund effective January 16, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
8 | Source: Allspring Funds Management, LLC. Spectrum Growth Blended Index is composed 40% of the Russell 3000® Index, 17% of the MSCI ACWI ex USA Index (Net), 15% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Bloomberg U.S. TIPS Index, and 14% of ICE BofA U.S. High Yield Constrained Index. Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 56% of the Russell 3000® Index, 24% of the MSCI ACWI ex USA Index (Net), and 20% of the Bloomberg U.S. Aggregate Bond Index, was renamed the Spectrum Growth Blended Index. You cannot invest directly in an index. |
9 | 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. |
10 | 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. |
11 | The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2024. ICE Data Indices, LLC. All rights reserved. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Disciplined Large Cap Portfolio | 14.68 |
Allspring Factor Enhanced International Equity Portfolio | 11.91 |
Allspring Real Return Portfolio | 11.48 |
Allspring High Yield Bond Fund Institutional Class | 7.45 |
Allspring Diversified Income Builder Fund Class R6 | 5.61 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 5.58 |
iShares Core S&P 500 ETF | 5.08 |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 3.39 |
Allspring Special Large Cap Value Fund Class R6 | 2.46 |
iShares Core U.S. Aggregate Bond ETF | 2.44 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 58 | 63 |
Bond Funds | 24 | 31 |
Inflation Sensitive Funds | 15 | 12 |
Alternative Funds | 3 | 2 |
Effective Cash | 0 | (8 ) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks current income with a secondary emphasis on capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA†, FRM, Petros N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM, David Kowalske, Jr.†† |
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 (WCAFX)3 | 2-10-2017 | -3.86 | 1.03 | 1.40 | 2.01 | 2.23 | 2.01 | 1.14 | 1.06 |
Class C (WCCFX)4 | 9-30-2004 | 0.23 | 1.45 | 1.62 | 1.23 | 1.45 | 1.62 | 1.89 | 1.81 |
Institutional Class (WCYFX)5 | 7-31-2018 | – | – | – | 2.24 | 2.55 | 2.17 | 0.82 | 0.74 |
Bloomberg U.S. Aggregate Bond Index6 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Russell 3000® Index7 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Spectrum Income Allocation Blended Index8 | – | – | – | – | 3.24 | 2.63 | 2.95 | – | – |
ICE BofA U.S. High Yield Constrained Index9 | – | – | – | – | 8.69 | 4.00 | 4.20 | – | – |
Bloomberg U.S. TIPS Index10 | – | – | – | – | 0.14 | 2.72 | 2.00 | – | – |
MSCI ACWI ex USA Index (Net)11 | – | – | – | – | 9.26 | 5.06 | 3.41 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.32% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
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 | 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. |
† | 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. Kowalske became a portfolio manager of the Fund effective January 16, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
8 | Source: Allspring Funds Management, LLC. Spectrum Income Allocation Blended Index is composed 65% of the Bloomberg U.S. Aggregate Bond Index, 15% of ICE BofA U.S. High Yield Constrained Index, 10% of the Bloomberg U.S. TIPS Index, 7% of the Russell 3000® Index, and 3% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Allocation Blended Index, which was composed 80% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Russell 3000® Index, and 6% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Income Allocation Blended Index. You cannot invest directly in an index. |
9 | The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2024. ICE Data Indices, LLC. All rights reserved. |
10 | 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. |
11 | 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. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 24.00 |
Allspring Core Bond Portfolio | 21.17 |
Allspring Real Return Portfolio | 11.56 |
Allspring Income Plus Fund Institutional Class | 9.88 |
Allspring High Yield Bond Fund Institutional Class | 6.37 |
Allspring Diversified Income Builder Fund Class R6 | 4.15 |
Allspring Alternative Risk Premia Fund Class R6 | 3.14 |
Allspring Global Investment Grade Credit Fund Class R6 | 2.96 |
Allspring Disciplined Large Cap Portfolio | 2.96 |
iShares Core S&P 500 ETF | 2.77 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Bond Funds | 77 | 77 |
Stock Funds | 10 | 16 |
Inflation Sensitive Funds | 10 | 12 |
Alternative Funds | 3 | 3 |
Effective Cash | 0 | (8 ) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective allocations are subject to change and may have changed since the date specified. |
Investment objective | The Fund seeks a combination of capital appreciation and current income. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kandarp R. Acharya, CFA†, FRM, Petros N. Bocray, CFA, Travis L. Keshemberg, CFA, CIPM, FRM, David Kowalske, Jr.†† |
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 (WGBAX)3 | 2-10-2017 | -0.66 | 4.60 | 4.49 | 5.40 | 5.84 | 5.11 | 1.11 | 1.10 |
Class C (WGBFX)4 | 10-1-1997 | 3.60 | 5.07 | 4.74 | 4.60 | 5.07 | 4.74 | 1.86 | 1.85 |
Institutional Class (WGBIX)5 | 7-31-2018 | – | – | – | 5.69 | 6.18 | 5.27 | 0.79 | 0.78 |
Russell 3000® Index6 | – | – | – | – | 12.61 | 11.77 | 11.19 | – | – |
Bloomberg U.S. Aggregate Bond Index7 | – | – | – | – | 1.18 | 0.71 | 1.37 | – | – |
Spectrum Moderate Growth Blended Index8 | – | – | – | – | 6.95 | 6.05 | 5.87 | – | – |
Bloomberg U.S. TIPS Index9 | – | – | – | – | 0.14 | 2.72 | 2.00 | – | – |
ICE BofA U.S. High Yield Constrained Index10 | – | – | – | – | 8.69 | 4.00 | 4.20 | – | – |
MSCI ACWI ex USA Index (Net)11 | – | – | – | – | 9.26 | 5.06 | 3.41 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.36% in acquired fund fees and expenses. Net expenses from affiliated master portfolios are included in the acquired fund fees and expense amount. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through September 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.74% for Class A, 1.49% for Class C and 0.42% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), net expenses from affiliated master portfolios, and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher. |
4 | Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for the Class C shares and the predecessor share class are similar. |
5 | Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher. |
6 | 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. |
7 | 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. |
† | 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. Kowalske became a portfolio manager of the Fund effective January 16, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
8 | Source: Allspring Funds Management, LLC. Spectrum Moderate Growth Blended Index is composed 32% of the Russell 3000® Index, 26% of the Bloomberg U.S. Aggregate Bond Index, 14% of the Bloomberg U.S. TIPS Index, 14% of ICE BofA U.S. High Yield Constrained Index, and 14% of the MSCI ACWI ex USA Index (Net). Effective November 2, 2020, the WealthBuilder Growth Balanced Blended Index, which was composed of 42% of the Russell 3000® Index, 40% of the Bloomberg U.S. Aggregate Bond Index, and 18% of the MSCI ACWI ex USA Index (Net), was renamed the Spectrum Moderate Growth Blended 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. |
10 | The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2024. ICE Data Indices, LLC. All rights reserved. |
11 | 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. |
Ten largest holdings (%) as of November 30, 20231 | |
Allspring Disciplined Large Cap Portfolio | 11.94 |
Allspring Real Return Portfolio | 11.23 |
Allspring Factor Enhanced International Equity Portfolio | 9.97 |
Allspring Income Plus Fund Institutional Class | 7.72 |
Allspring High Yield Bond Fund Institutional Class | 6.50 |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 5.83 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 4.97 |
Allspring Diversified Income Builder Fund Class R6 | 4.94 |
Allspring Core Bond Portfolio | 4.38 |
iShares Core S&P 500 ETF | 4.00 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Allocation (%) as of November 30, 2023 | ||
Neutral allocation | Effective allocation1 | |
Stock Funds | 45 | 52 |
Bond Funds | 37 | 41 |
Inflation Sensitive Funds | 14 | 11 |
Alternative Funds | 4 | 4 |
Effective Cash | 0 | (8 ) |
1 | Effective allocation includes the effect of any tactical futures overlay that may be in place. Effective cash, if any, represents the net offset to such future positions. The effective allocation does not reflect futures positions held in dynamic risk hedging strategies. Effective 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 | |
Spectrum Aggressive Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,070.80 | $3.83 | 0.74 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.30 | $3.74 | 0.74 % |
Class C | ||||
Actual | $1,000.00 | $1,066.80 | $7.70 | 1.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.52 | 1.49 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,070.60 | $3.47 | 0.67 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.65 | $3.39 | 0.67 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,071.70 | $2.18 | 0.42 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.90 | $2.12 | 0.42 % |
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 do not reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |
Beginning account value 6-1-2023 | Ending account value 11-30-2023 | Expenses paid during the period1, 2 | Annualized net expense ratio2 | |
Spectrum Conservative Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,032.20 | $3.76 | 0.74 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.30 | $3.74 | 0.74 % |
Class C | ||||
Actual | $1,000.00 | $1,028.30 | $7.56 | 1.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.52 | 1.49 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,033.80 | $2.14 | 0.42 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.90 | $2.12 | 0.42 % |
Spectrum Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,054.10 | $3.80 | 0.74 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.30 | $3.74 | 0.74 % |
Class C | ||||
Actual | $1,000.00 | $1,049.90 | $7.64 | 1.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.52 | 1.49 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,056.00 | $2.16 | 0.42 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.90 | $2.12 | 0.42 % |
Spectrum Income Allocation Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,012.60 | $3.72 | 0.74 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.30 | $3.74 | 0.74 % |
Class C | ||||
Actual | $1,000.00 | $1,008.70 | $7.48 | 1.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.52 | 1.49 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,013.10 | $2.11 | 0.42 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.90 | $2.12 | 0.42 % |
Spectrum Moderate Growth Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,046.60 | $3.79 | 0.74 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,021.30 | $3.74 | 0.74 % |
Class C | ||||
Actual | $1,000.00 | $1,042.60 | $7.61 | 1.49 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.52 | 1.49 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,047.60 | $2.15 | 0.42 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,022.90 | $2.12 | 0.42 % |
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 do not reflect net expenses allocated from the affiliated Master Portfolios in which the Fund invests. |
Shares | Value | |||||
Investment companies: 96.81% | ||||||
Affiliated master portfolios: 61.75% | ||||||
Allspring Disciplined Large Cap Portfolio | $108,988,597 | |||||
Allspring Emerging Growth Portfolio | 9,111,753 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 11,305,520 | |||||
Allspring Factor Enhanced International Equity Portfolio | 90,813,798 | |||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 40,878,967 | |||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 13,421,847 | |||||
Allspring Small Company Value Portfolio | 8,982,617 | |||||
283,503,099 | ||||||
Exchange-traded funds: 22.27% | ||||||
iShares Core MSCI EAFE ETF | 168,466 | 11,379,878 | ||||
iShares Core MSCI Emerging Markets ETF | 181,710 | 9,021,901 | ||||
iShares Core S&P 500 ETF | 129,559 | 59,392,437 | ||||
iShares Core S&P Small-Cap ETF | 140,057 | 13,479,086 | ||||
iShares Russell 1000 Growth ETF | 30,815 | 8,962,851 | ||||
102,236,153 | ||||||
Stock funds: 12.79% | ||||||
Allspring Discovery Large Cap Growth Fund Class R6♠† | 1,382,920 | 13,843,031 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 545,776 | 13,376,976 | ||||
Allspring Premier Large Company Growth Fund Class R6♠† | 1,070,050 | 13,643,138 | ||||
Allspring Special Large Cap Value Fund Class R6♠ | 1,535,131 | 17,884,280 | ||||
58,747,425 | ||||||
Total investment companies (Cost $388,865,389) | 444,486,677 |
Yield | ||||||
Short-term investments: 0.07% | ||||||
Investment companies: 0.07% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 300,000 | 300,000 | |||
Total short-term investments (Cost $300,000) | 300,000 | |||||
Total investments in securities (Cost $389,165,389) | 96.88 % | 444,786,677 | ||||
Other assets and liabilities, net | 3.12 | 14,346,816 | ||||
Total net assets | 100.00 % | $459,133,493 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
† | Non-income-earning security |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Discovery Large Cap Growth Fund Class R6† | $18,356,702 | $76,677 | $(6,531,333 ) | $472,655 | $1,468,330 | $13,843,031 |
Allspring Emerging Markets Equity Fund Class R6 | 13,346,748 | 279,624 | (600,077 ) | (129,027 ) | 479,708 | 13,376,976 |
Allspring Premier Large Company Growth Fund Class R6† | 18,317,214 | 2,397,581 | (6,723,819 ) | (1,221,118 ) | 873,280 | 13,643,138 |
Allspring Special Large Cap Value Fund Class R6 | 17,854,244 | 100,067 | (1,350,482 ) | (128,224 ) | 1,408,675 | 17,884,280 |
Short-term investments | ||||||
Allspring Government Money Market Fund Select Class | 300,000 | 29,026,851 | (29,026,851 ) | 0 | 0 | 300,000 |
$(1,005,714 ) | $4,229,993 | $59,047,425 |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | |
Investment companies | |||
Allspring Discovery Large Cap Growth Fund Class R6† | 1,382,920 | $0 | $0 |
Allspring Emerging Markets Equity Fund Class R6 | 545,776 | 0 | 0 |
Allspring Premier Large Company Growth Fund Class R6† | 1,070,050 | 0 | 2,182,127 |
Allspring Special Large Cap Value Fund Class R6 | 1,535,131 | 0 | 0 |
Short-term investments | |||
Allspring Government Money Market Fund Select Class | 300,000 | 3,495 | 0 |
$3,495 | $2,182,127 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring Disciplined Large Cap Portfolio | 50.69 % | 51.65 % | $5,239,533 | $5,085,574 | $823,122 | $4,101 | $40,991 | $108,988,597 |
Allspring Emerging Growth Portfolio | 2.71 | 3.04 | (327,817 ) | 85,123 | 6,651 | 68 | 5,465 | 9,111,753 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 10.67 | 10.64 | 579,377 | (251,351 ) | 199,569 | 735 | 7,954 | 11,305,520 |
Allspring Factor Enhanced International Equity Portfolio | 20.84 | 20.79 | 14,241,891 | (10,075,956 ) | 510,653 | 5,458 | 94,736 | 90,813,798 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 10.67 | 11.00 | 14,092,554 | (10,358,707 ) | 366,462 | 5,390 | 38,593 | 40,878,967 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 11.27 | 11.25 | 835,400 | (426,812 ) | 96,807 | 1,704 | 15,433 | 13,421,847 |
Allspring Small Company Value Portfolio | 1.70 | 1.74 | 176,512 | 586,287 | 98,303 | 7 | 2,110 | 8,982,617 |
$34,837,450 | $(15,355,842 ) | $2,101,567 | $17,463 | $205,282 | $283,503,099 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
TOPIX Index | 99 | 12-7-2023 | $15,725,940 | $15,865,641 | $139,701 | $0 |
E-Mini Russell 2000 Index | 149 | 12-15-2023 | 13,379,559 | 13,500,890 | 121,331 | 0 |
E-Mini S&P 500 Index | 227 | 12-15-2023 | 51,807,243 | 51,946,113 | 138,870 | 0 |
MSCI EAFE Index | 855 | 12-15-2023 | 90,860,132 | 90,912,150 | 52,018 | 0 |
MSCI Emerging Markets Index | 228 | 12-15-2023 | 11,265,744 | 11,252,940 | 0 | (12,804 ) |
Euro Futures | 100 | 12-18-2023 | 13,730,467 | 13,621,250 | 0 | (109,217 ) |
Japanese Yen Futures | 191 | 12-18-2023 | 16,481,536 | 16,147,856 | 0 | (333,680 ) |
Short | ||||||
Euro STOXX 50 Index | (340 ) | 12-15-2023 | (15,516,774 ) | (16,250,660 ) | 0 | (733,886 ) |
New Zealand Dollar Futures | (114 ) | 12-18-2023 | (6,715,776 ) | (7,022,970 ) | 0 | (307,194 ) |
Swiss Franc Futures | (97 ) | 12-18-2023 | (13,894,908 ) | (13,875,850 ) | 19,058 | 0 |
U.S. Dollar Futures | (112 ) | 12-18-2023 | (11,505,998 ) | (11,583,936 ) | 0 | (77,938 ) |
$470,978 | $(1,574,719 ) |
Shares | Value | |||||
Investment companies: 98.10% | ||||||
Affiliated master portfolios: 53.11% | ||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $31,668,658 | |||||
Allspring Core Bond Portfolio | 23,201,013 | |||||
Allspring Disciplined Large Cap Portfolio | 16,790,935 | |||||
Allspring Emerging Growth Portfolio | 1,449,232 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 1,676,527 | |||||
Allspring Factor Enhanced International Equity Portfolio | 13,899,797 | |||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 6,893,051 | |||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 2,369,090 | |||||
Allspring Real Return Portfolio | 28,974,100 | |||||
Allspring Small Company Value Portfolio | 1,429,410 | |||||
128,351,813 | ||||||
Alternative investment funds: 3.55% | ||||||
Allspring Alternative Risk Premia Fund Class R6♠ | 1,032,871 | 8,583,156 | ||||
Bond funds: 21.19% | ||||||
Allspring Global Investment Grade Credit Fund Class R6♠ | 842,827 | 7,180,883 | ||||
Allspring High Yield Bond Fund Institutional Class♠ | 5,711,800 | 16,735,573 | ||||
Allspring Income Plus Fund Institutional Class♠ | 3,207,279 | 27,293,944 | ||||
51,210,400 | ||||||
Exchange-traded funds: 11.61% | ||||||
iShares Core MSCI EAFE ETF | 28,510 | 1,925,851 | ||||
iShares Core MSCI Emerging Markets ETF | 28,929 | 1,436,325 | ||||
iShares Core S&P 500 ETF | 28,387 | 13,013,169 | ||||
iShares Core S&P Small-Cap ETF | 19,864 | 1,911,711 | ||||
iShares Core U.S. Aggregate Bond ETF | 62,025 | 5,970,526 | ||||
iShares Russell 1000 Growth ETF | 4,932 | 1,434,522 | ||||
iShares U.S. Treasury Bond ETF | 105,536 | 2,367,172 | ||||
28,059,276 | ||||||
Multi-asset funds: 4.67% | ||||||
Allspring Diversified Income Builder Fund Class R6♠ | 2,088,895 | 11,280,035 | ||||
Stock funds: 3.97% | ||||||
Allspring Discovery Large Cap Growth Fund Class R6♠† | 242,764 | 2,430,071 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 77,271 | 1,893,915 | ||||
Allspring Premier Large Company Growth Fund Class R6♠† | 188,789 | 2,407,055 | ||||
Allspring Special Large Cap Value Fund Class R6♠ | 246,895 | 2,876,330 | ||||
9,607,371 | ||||||
Total investment companies (Cost $239,958,126) | 237,092,051 |
Yield | Shares | Value | ||||
Short-term investments: 0.08% | ||||||
Investment companies: 0.08% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 200,000 | $200,000 | |||
Total short-term investments (Cost $200,000) | 200,000 | |||||
Total investments in securities (Cost $240,158,126) | 98.18 % | 237,292,051 | ||||
Other assets and liabilities, net | 1.82 | 4,396,922 | ||||
Total net assets | 100.00 % | $241,688,973 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
† | Non-income-earning security |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Alternative Risk Premia Fund Class R6 | $9,540,449 | $78,037 | $(1,139,691 ) | $(208,498 ) | $312,859 | $8,583,156 |
Allspring Discovery Large Cap Growth Fund Class R6† | 3,107,539 | 63,337 | (1,074,101 ) | 139,301 | 193,995 | 2,430,071 |
Allspring Diversified Income Builder Fund Class R6 | 12,098,756 | 339,029 | (1,486,245 ) | (144,344 ) | 472,839 | 11,280,035 |
Allspring Emerging Markets Equity Fund Class R6 | 2,026,357 | 51,185 | (244,695 ) | (71,704 ) | 132,772 | 1,893,915 |
Allspring Global Investment Grade Credit Fund Class R6 | 7,752,710 | 207,667 | (764,340 ) | (192,154 ) | 177,000 | 7,180,883 |
Allspring High Yield Bond Fund Institutional Class | 18,061,427 | 1,153,757 | (2,710,777 ) | (400,986 ) | 632,152 | 16,735,573 |
Allspring Income Plus Fund Institutional Class | 29,501,895 | 1,443,519 | (3,471,673 ) | (349,524 ) | 169,727 | 27,293,944 |
Allspring Premier Large Company Growth Fund Class R6† | 3,097,321 | 457,557 | (1,118,343 ) | (178,533 ) | 149,053 | 2,407,055 |
Allspring Special Large Cap Value Fund Class R6 | 3,031,770 | 16,624 | (388,976 ) | (35,258 ) | 252,170 | 2,876,330 |
Short-term investments | ||||||
Allspring Government Money Market Fund Select Class | 200,000 | 8,277,060 | (8,277,060 ) | 0 | 0 | 200,000 |
$(1,441,700 ) | $2,492,567 | $80,880,962 |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | |
Investment companies | |||
Allspring Alternative Risk Premia Fund Class R6 | 1,032,871 | $0 | $0 |
Allspring Discovery Large Cap Growth Fund Class R6† | 242,764 | 0 | 0 |
Allspring Diversified Income Builder Fund Class R6 | 2,088,895 | 319,479 | 0 |
Allspring Emerging Markets Equity Fund Class R6 | 77,271 | 0 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 842,827 | 195,189 | 0 |
Allspring High Yield Bond Fund Institutional Class | 5,711,800 | 658,566 | 0 |
Allspring Income Plus Fund Institutional Class | 3,207,279 | 945,770 | 0 |
Allspring Premier Large Company Growth Fund Class R6† | 188,789 | 0 | 343,740 |
Allspring Special Large Cap Value Fund Class R6 | 246,895 | 0 | 0 |
Short-term investments | |||
Allspring Government Money Market Fund Select Class | 200,000 | 1,685 | 0 |
$2,120,689 | $343,740 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 13.57 % | 13.10 % | $(4,051,969 ) | $2,780,936 | $490,950 | $0 | $37,682 | $31,668,658 |
Allspring Core Bond Portfolio | 0.67 | 0.49 | (926,664 ) | (56,767 ) | 627,120 | 0 | 27,021 | 23,201,013 |
Allspring Disciplined Large Cap Portfolio | 8.35 | 7.96 | 823,257 | 818,621 | 643 | 128,711 | 6,405 | 16,790,935 |
Allspring Emerging Growth Portfolio | 0.46 | 0.48 | (53,334 ) | 12,733 | 11 | 1,068 | 881 | 1,449,232 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 1.70 | 1.58 | 85,697 | (36,534 ) | 111 | 30,457 | 1,191 | 1,676,527 |
Allspring Factor Enhanced International Equity Portfolio | 3.44 | 3.18 | 2,177,847 | (1,566,915 ) | 866 | 80,753 | 14,795 | 13,899,797 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 1.81 | 1.86 | 2,339,274 | (1,560,178 ) | 870 | 59,158 | 6,261 | 6,893,051 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 2.14 | 1.98 | 146,674 | (67,196 ) | 307 | 17,337 | 2,750 | 2,369,090 |
Allspring Real Return Portfolio | 9.54 | 12.30 | (1,099,407 ) | 704,014 | 490,843 | 42,910 | 15,673 | 28,974,100 |
Allspring Small Company Value Portfolio | 0.29 | 0.28 | 28,541 | 93,406 | 0 | 15,864 | 341 | 1,429,410 |
$(530,084 ) | $1,122,120 | $1,611,721 | $376,258 | $113,000 | $128,351,813 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year Euro BUND Index | 49 | 12-7-2023 | $7,068,252 | $7,055,889 | $0 | $(12,363 ) |
TOPIX Index | 54 | 12-7-2023 | 8,577,786 | 8,653,986 | 76,200 | 0 |
E-Mini NASDAQ 100 Index | 36 | 12-15-2023 | 11,144,362 | 11,509,560 | 365,198 | 0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long (continued) | ||||||
E-Mini Russell 2000 Index | 26 | 12-15-2023 | $2,334,688 | $2,355,860 | $21,172 | $0 |
E-Mini S&P 500 Index | 34 | 12-15-2023 | 7,747,798 | 7,780,475 | 32,677 | 0 |
Micro E-Mini S&P 500 | 80 | 12-15-2023 | 1,827,447 | 1,830,700 | 3,253 | 0 |
MSCI EAFE Index | 131 | 12-15-2023 | 13,921,260 | 13,929,230 | 7,970 | 0 |
MSCI Emerging Markets Index | 33 | 12-15-2023 | 1,630,568 | 1,628,715 | 0 | (1,853 ) |
Euro Futures | 53 | 12-18-2023 | 7,277,148 | 7,219,263 | 0 | (57,885 ) |
Japanese Yen Futures | 110 | 12-18-2023 | 9,491,984 | 9,299,812 | 0 | (192,172 ) |
10-Year U.S. Treasury Notes | 163 | 3-19-2024 | 17,731,783 | 17,896,891 | 165,108 | 0 |
Short | ||||||
2-Year Euro SCHATZ | (270 ) | 12-7-2023 | (30,984,840 ) | (30,972,140 ) | 12,700 | 0 |
Euro STOXX 50 Index | (179 ) | 12-15-2023 | (8,169,125 ) | (8,555,494 ) | 0 | (386,369 ) |
New Zealand Dollar Futures | (61 ) | 12-18-2023 | (3,593,529 ) | (3,757,905 ) | 0 | (164,376 ) |
Swiss Franc Futures | (51 ) | 12-18-2023 | (7,305,570 ) | (7,295,550 ) | 10,020 | 0 |
U.S. Dollar Futures | (59 ) | 12-18-2023 | (6,061,195 ) | (6,102,252 ) | 0 | (41,057 ) |
$694,298 | $(856,075 ) |
Shares | Value | |||||
Investment companies: 97.27% | ||||||
Affiliated master portfolios: 55.20% | ||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $6,966,791 | |||||
Allspring Core Bond Portfolio | 4,791,585 | |||||
Allspring Disciplined Large Cap Portfolio | 30,218,610 | |||||
Allspring Emerging Growth Portfolio | 2,478,966 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 3,052,099 | |||||
Allspring Factor Enhanced International Equity Portfolio | 24,512,554 | |||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 11,486,464 | |||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 4,043,392 | |||||
Allspring Real Return Portfolio | 23,619,916 | |||||
Allspring Small Company Value Portfolio | 2,433,856 | |||||
113,604,233 | ||||||
Alternative investment funds: 2.36% | ||||||
Allspring Alternative Risk Premia Fund Class R6♠ | 584,627 | 4,858,253 | ||||
Bond funds: 11.45% | ||||||
Allspring Global Investment Grade Credit Fund Class R6♠ | 473,763 | 4,036,458 | ||||
Allspring High Yield Bond Fund Institutional Class♠ | 5,229,630 | 15,322,817 | ||||
Allspring Income Plus Fund Institutional Class♠ | 493,906 | 4,203,136 | ||||
23,562,411 | ||||||
Exchange-traded funds: 14.52% | ||||||
iShares Core MSCI EAFE ETF | 48,429 | 3,271,379 | ||||
iShares Core MSCI Emerging Markets ETF | 53,046 | 2,633,734 | ||||
iShares Core S&P 500 ETF | 22,826 | 10,463,895 | ||||
iShares Core S&P Small-Cap ETF | 40,220 | 3,870,773 | ||||
iShares Core U.S. Aggregate Bond ETF | 52,273 | 5,031,799 | ||||
iShares Russell 1000 Growth ETF | 9,031 | 2,626,757 | ||||
iShares U.S. Treasury Bond ETF | 88,999 | 1,996,247 | ||||
29,894,584 | ||||||
Multi-asset funds: 5.61% | ||||||
Allspring Diversified Income Builder Fund Class R6♠ | 2,138,690 | 11,548,925 | ||||
Stock funds: 8.13% | ||||||
Allspring Discovery Large Cap Growth Fund Class R6♠† | 394,810 | 3,952,052 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 155,870 | 3,820,373 | ||||
Allspring Premier Large Company Growth Fund Class R6♠† | 306,399 | 3,906,584 | ||||
Allspring Special Large Cap Value Fund Class R6♠ | 434,132 | 5,057,637 | ||||
16,736,646 | ||||||
Total investment companies (Cost $191,712,589) | 200,205,052 |
Yield | Shares | Value | ||||
Short-term investments: 0.10% | ||||||
Investment companies: 0.10% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 200,000 | $200,000 | |||
Total short-term investments (Cost $200,000) | 200,000 | |||||
Total investments in securities (Cost $191,912,589) | 97.37 % | 200,405,052 | ||||
Other assets and liabilities, net | 2.63 | 5,410,821 | ||||
Total net assets | 100.00 % | $205,815,873 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
† | Non-income-earning security |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Alternative Risk Premia Fund Class R6 | $5,250,684 | $42,794 | $(491,567 ) | $(49,143 ) | $105,485 | $4,858,253 |
Allspring Discovery Large Cap Growth Fund Class R6† | 5,309,722 | 114,408 | (2,029,306 ) | 209,169 | 348,059 | 3,952,052 |
Allspring Diversified Income Builder Fund Class R6 | 11,972,172 | 336,585 | (1,085,867 ) | (111,001 ) | 437,036 | 11,548,925 |
Allspring Emerging Markets Equity Fund Class R6 | 3,904,640 | 135,493 | (331,998 ) | (81,470 ) | 193,708 | 3,820,373 |
Allspring Global Investment Grade Credit Fund Class R6 | 4,192,441 | 113,949 | (261,996 ) | (79,473 ) | 71,537 | 4,036,458 |
Allspring High Yield Bond Fund Institutional Class | 15,888,667 | 1,452,409 | (2,224,059 ) | (317,866 ) | 523,666 | 15,322,817 |
Allspring Income Plus Fund Institutional Class | 4,368,966 | 375,790 | (514,184 ) | (53,135 ) | 25,699 | 4,203,136 |
Allspring Premier Large Company Growth Fund Class R6† | 5,293,465 | 764,938 | (2,076,215 ) | (357,322 ) | 281,718 | 3,906,584 |
Allspring Special Large Cap Value Fund Class R6 | 5,151,954 | 14,958 | (477,326 ) | (45,374 ) | 413,425 | 5,057,637 |
Short-term investments | ||||||
Allspring Government Money Market Fund Select Class | 200,000 | 11,080,820 | (11,080,820 ) | 0 | 0 | 200,000 |
$(885,615 ) | $2,400,333 | $56,906,235 |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | |
Investment companies | |||
Allspring Alternative Risk Premia Fund Class R6 | 584,627 | $0 | $0 |
Allspring Discovery Large Cap Growth Fund Class R6† | 394,810 | 0 | 0 |
Allspring Diversified Income Builder Fund Class R6 | 2,138,690 | 323,461 | 0 |
Allspring Emerging Markets Equity Fund Class R6 | 155,870 | 0 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 473,763 | 108,949 | 0 |
Allspring High Yield Bond Fund Institutional Class | 5,229,630 | 588,862 | 0 |
Allspring Income Plus Fund Institutional Class | 493,906 | 144,201 | 0 |
Allspring Premier Large Company Growth Fund Class R6† | 306,399 | 0 | 603,234 |
Allspring Special Large Cap Value Fund Class R6 | 434,132 | 0 | 0 |
Short-term investments | |||
Allspring Government Money Market Fund Select Class | 200,000 | 2,697 | 0 |
$1,168,170 | $603,234 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 2.87 % | 2.88 % | $(893,133 ) | $617,706 | $106,281 | $0 | $8,204 | $6,966,791 |
Allspring Core Bond Portfolio | 0.18 | 0.10 | (250,134 ) | (80,925 ) | 168,306 | 0 | 7,213 | 4,791,585 |
Allspring Disciplined Large Cap Portfolio | 14.45 | 14.32 | 1,442,168 | 1,398,444 | 1,131 | 226,919 | 11,289 | 30,218,610 |
Allspring Emerging Growth Portfolio | 0.74 | 0.83 | (88,795 ) | 19,766 | 18 | 1,794 | 1,468 | 2,478,966 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 2.96 | 2.87 | 156,715 | (72,698 ) | 198 | 54,078 | 2,143 | 3,052,099 |
Allspring Factor Enhanced International Equity Portfolio | 5.79 | 5.61 | 3,839,576 | (2,808,938 ) | 1,483 | 137,606 | 25,609 | 24,512,554 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 3.05 | 3.09 | 3,945,207 | (2,647,686 ) | 1,490 | 101,379 | 10,709 | 11,486,464 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 3.40 | 3.39 | 249,487 | (133,966 ) | 509 | 28,918 | 4,621 | 4,043,392 |
Allspring Real Return Portfolio | 8.02 | 10.03 | (891,069 ) | 574,722 | 417,770 | 36,347 | 13,014 | 23,619,916 |
Allspring Small Company Value Portfolio | 0.46 | 0.47 | 47,254 | 144,271 | 0 | 26,426 | 567 | 2,433,856 |
$7,557,276 | $(2,989,304 ) | $697,186 | $613,467 | $84,837 | $113,604,233 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year Euro BUND Index | 39 | 12-7-2023 | $5,625,752 | $5,615,912 | $0 | $(9,840 ) |
TOPIX Index | 45 | 12-7-2023 | 7,148,155 | 7,211,655 | 63,500 | 0 |
E-Mini NASDAQ 100 Index | 29 | 12-15-2023 | 8,977,403 | 9,271,590 | 294,187 | 0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long (continued) | ||||||
E-Mini Russell 2000 Index | 44 | 12-15-2023 | $3,951,011 | $3,986,840 | $35,829 | $0 |
E-Mini S&P 500 Index | 68 | 12-15-2023 | 15,509,053 | 15,560,950 | 51,897 | 0 |
MSCI EAFE Index | 231 | 12-15-2023 | 24,548,176 | 24,562,230 | 14,054 | 0 |
MSCI Emerging Markets Index | 61 | 12-15-2023 | 3,014,081 | 3,010,655 | 0 | (3,426 ) |
Euro Futures | 45 | 12-18-2023 | 6,178,710 | 6,129,563 | 0 | (49,147 ) |
Japanese Yen Futures | 89 | 12-18-2023 | 7,679,878 | 7,524,394 | 0 | (155,484 ) |
10-Year U.S. Treasury Notes | 137 | 3-19-2024 | 14,903,400 | 15,042,172 | 138,772 | 0 |
Short | ||||||
2-Year Euro SCHATZ | (216 ) | 12-7-2023 | (24,787,872 ) | (24,777,712 ) | 10,160 | 0 |
Euro STOXX 50 Index | (152 ) | 12-15-2023 | (6,936,911 ) | (7,265,001 ) | 0 | (328,090 ) |
New Zealand Dollar Futures | (51 ) | 12-18-2023 | (3,004,426 ) | (3,141,855 ) | 0 | (137,429 ) |
Swiss Franc Futures | (43 ) | 12-18-2023 | (6,159,598 ) | (6,151,150 ) | 8,448 | 0 |
U.S. Dollar Futures | (50 ) | 12-18-2023 | (5,136,606 ) | (5,171,400 ) | 0 | (34,794 ) |
$616,847 | $(718,210 ) |
Shares | Value | |||||
Investment companies: 98.61% | ||||||
Affiliated master portfolios: 63.43% | ||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $29,288,823 | |||||
Allspring Core Bond Portfolio | 25,846,705 | |||||
Allspring Disciplined Large Cap Portfolio | 3,610,157 | |||||
Allspring Emerging Growth Portfolio | 242,501 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 241,032 | |||||
Allspring Factor Enhanced International Equity Portfolio | 2,281,140 | |||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 1,192,880 | |||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 359,474 | |||||
Allspring Real Return Portfolio | 14,109,832 | |||||
Allspring Small Company Value Portfolio | 241,671 | |||||
77,414,215 | ||||||
Alternative investment funds: 3.14% | ||||||
Allspring Alternative Risk Premia Fund Class R6♠ | 460,559 | 3,827,242 | ||||
Bond funds: 19.21% | ||||||
Allspring Global Investment Grade Credit Fund Class R6♠ | 424,623 | 3,617,787 | ||||
Allspring High Yield Bond Fund Institutional Class♠ | 2,651,790 | 7,769,745 | ||||
Allspring Income Plus Fund Institutional Class♠ | 1,416,200 | 12,051,859 | ||||
23,439,391 | ||||||
Exchange-traded funds: 7.40% | ||||||
iShares Core MSCI EAFE ETF | 5,338 | 360,582 | ||||
iShares Core MSCI Emerging Markets ETF | 7,271 | 361,005 | ||||
iShares Core S&P 500 ETF | 7,368 | 3,377,638 | ||||
iShares Core S&P Small-Cap ETF | 5,013 | 482,451 | ||||
iShares Core U.S. Aggregate Bond ETF | 31,284 | 3,011,398 | ||||
iShares Russell 1000 Growth ETF | 827 | 240,541 | ||||
iShares U.S. Treasury Bond ETF | 53,590 | 1,202,024 | ||||
9,035,639 | ||||||
Multi-asset funds: 4.15% | ||||||
Allspring Diversified Income Builder Fund Class R6♠ | 938,655 | 5,068,738 | ||||
Stock funds: 1.28% | ||||||
Allspring Discovery Large Cap Growth Fund Class R6♠† | 36,258 | 362,940 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 14,649 | 359,056 | ||||
Allspring Premier Large Company Growth Fund Class R6♠† | 28,333 | 361,243 | ||||
Allspring Special Large Cap Value Fund Class R6♠ | 41,424 | 482,585 | ||||
1,565,824 | ||||||
Total investment companies (Cost $126,131,667) | 120,351,049 |
Yield | Shares | Value | ||||
Short-term investments: 0.16% | ||||||
Investment companies: 0.16% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 200,000 | $200,000 | |||
Total short-term investments (Cost $200,000) | 200,000 | |||||
Total investments in securities (Cost $126,331,667) | 98.77 % | 120,551,049 | ||||
Other assets and liabilities, net | 1.23 | 1,503,198 | ||||
Total net assets | 100.00 % | $122,054,247 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
† | Non-income-earning security |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Alternative Risk Premia Fund Class R6 | $4,436,084 | $185,072 | $(841,165 ) | $(83,892 ) | $131,143 | $3,827,242 |
Allspring Discovery Large Cap Growth Fund Class R6† | 552,243 | 21,482 | (266,701 ) | (3,144 ) | 59,060 | 362,940 |
Allspring Diversified Income Builder Fund Class R6 | 5,796,240 | 162,582 | (1,046,370 ) | (97,053 ) | 253,339 | 5,068,738 |
Allspring Emerging Markets Equity Fund Class R6 | 407,955 | 22,127 | (83,563 ) | (1,134 ) | 13,671 | 359,056 |
Allspring Global Investment Grade Credit Fund Class R6 | 4,166,365 | 116,623 | (656,920 ) | (161,578 ) | 153,297 | 3,617,787 |
Allspring High Yield Bond Fund Institutional Class | 8,836,854 | 501,418 | (1,682,006 ) | (262,904 ) | 376,383 | 7,769,745 |
Allspring Income Plus Fund Institutional Class | 13,771,308 | 567,701 | (2,207,294 ) | (213,984 ) | 134,128 | 12,051,859 |
Allspring Premier Large Company Growth Fund Class R6† | 550,660 | 89,387 | (274,507 ) | (43,178 ) | 38,881 | 361,243 |
Allspring Special Large Cap Value Fund Class R6 | 540,791 | 13,740 | (110,702 ) | (9,961 ) | 48,717 | 482,585 |
Short-term investments | ||||||
Allspring Government Money Market Fund Select Class | 200,000 | 5,527,378 | (5,527,378 ) | 0 | 0 | 200,000 |
$(876,828 ) | $1,208,619 | $34,101,195 |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | |
Investment companies | |||
Allspring Alternative Risk Premia Fund Class R6 | 460,559 | $0 | $0 |
Allspring Discovery Large Cap Growth Fund Class R6† | 36,258 | 0 | 0 |
Allspring Diversified Income Builder Fund Class R6 | 938,655 | 146,761 | 0 |
Allspring Emerging Markets Equity Fund Class R6 | 14,649 | 0 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 424,623 | 99,896 | 0 |
Allspring High Yield Bond Fund Institutional Class | 2,651,790 | 313,915 | 0 |
Allspring Income Plus Fund Institutional Class | 1,416,200 | 422,478 | 0 |
Allspring Premier Large Company Growth Fund Class R6† | 28,333 | 0 | 58,165 |
Allspring Special Large Cap Value Fund Class R6 | 41,424 | 0 | 0 |
Short-term investments | |||
Allspring Government Money Market Fund Select Class | 200,000 | 2,967 | 0 |
$986,017 | $58,165 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring Bloomberg US Aggregate ex- Corporate Portfolio | 13.28 % | 12.11 % | $(3,747,470 ) | $2,541,804 | $463,032 | $0 | $35,327 | $29,288,823 |
Allspring Core Bond Portfolio | 0.71 | 0.54 | (960,995 ) | 10,926 | 649,280 | 0 | 27,967 | 25,846,705 |
Allspring Disciplined Large Cap Portfolio | 1.66 | 1.71 | 160,341 | 177,817 | 124 | 25,199 | 1,247 | 3,610,157 |
Allspring Emerging Growth Portfolio | 0.08 | 0.08 | (9,012 ) | 2,676 | 2 | 183 | 152 | 242,501 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 0.26 | 0.23 | 12,260 | (4,515 ) | 16 | 4,528 | 174 | 241,032 |
Allspring Factor Enhanced International Equity Portfolio | 0.60 | 0.52 | 357,448 | (248,660 ) | 147 | 13,797 | 2,479 | 2,281,140 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 0.29 | 0.32 | 393,003 | (267,439 ) | 136 | 9,259 | 997 | 1,192,880 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 0.35 | 0.30 | 22,221 | (8,474 ) | 48 | 2,693 | 425 | 359,474 |
Allspring Real Return Portfolio | 4.67 | 5.99 | (536,798 ) | 340,969 | 235,330 | 20,609 | 7,583 | 14,109,832 |
Allspring Small Company Value Portfolio | 0.05 | 0.05 | 4,943 | 17,596 | 0 | 2,732 | 59 | 241,671 |
$(4,304,059 ) | $2,562,700 | $1,348,115 | $79,000 | $76,410 | $77,414,215 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year Euro BUND Index | 26 | 12-7-2023 | $3,750,501 | $3,743,941 | $0 | $(6,560 ) |
TOPIX Index | 28 | 12-7-2023 | 4,447,741 | 4,487,252 | 39,511 | 0 |
E-Mini NASDAQ 100 Index | 19 | 12-15-2023 | 5,881,747 | 6,074,490 | 192,743 | 0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long (continued) | ||||||
E-Mini Russell 2000 Index | 3 | 12-15-2023 | $269,387 | $271,830 | $2,443 | $0 |
E-Mini S&P 500 Index | 7 | 12-15-2023 | 1,591,171 | 1,601,863 | 10,692 | 0 |
Micro E-Mini S&P 500 | 12 | 12-15-2023 | 274,117 | 274,605 | 488 | 0 |
MSCI EAFE Index | 21 | 12-15-2023 | 2,231,652 | 2,232,930 | 1,278 | 0 |
MSCI Emerging Markets Index | 4 | 12-15-2023 | 197,645 | 197,420 | 0 | (225 ) |
Euro Futures | 27 | 12-18-2023 | 3,707,226 | 3,677,738 | 0 | (29,488 ) |
Japanese Yen Futures | 59 | 12-18-2023 | 5,091,155 | 4,988,081 | 0 | (103,074 ) |
10-Year U.S. Treasury Notes | 84 | 3-19-2024 | 9,137,851 | 9,222,937 | 85,086 | 0 |
Short | ||||||
2-Year Euro SCHATZ | (146 ) | 12-7-2023 | (16,754,765 ) | (16,747,898 ) | 6,867 | 0 |
E-Mini Russell 2000 Index | (1 ) | 12-15-2023 | (83,276 ) | (90,610 ) | 0 | (7,334 ) |
E-Mini S&P 500 Index | (2 ) | 12-15-2023 | (432,436 ) | (457,675 ) | 0 | (25,239 ) |
Euro STOXX 50 Index | (91 ) | 12-15-2023 | (4,153,019 ) | (4,349,441 ) | 0 | (196,422 ) |
MSCI EAFE Index | (2 ) | 12-15-2023 | (204,150 ) | (212,660 ) | 0 | (8,510 ) |
MSCI Emerging Markets Index | (1 ) | 12-15-2023 | (45,782 ) | (49,355 ) | 0 | (3,573 ) |
New Zealand Dollar Futures | (31 ) | 12-18-2023 | (1,826,220 ) | (1,909,755 ) | 0 | (83,535 ) |
Swiss Franc Futures | (26 ) | 12-18-2023 | (3,724,408 ) | (3,719,300 ) | 5,108 | 0 |
U.S. Dollar Futures | (30 ) | 12-18-2023 | (3,081,964 ) | (3,102,840 ) | 0 | (20,876 ) |
$344,216 | $(484,836 ) |
Shares | Value | |||||
Investment companies: 97.52% | ||||||
Affiliated master portfolios: 52.97% | ||||||
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | $21,198,240 | |||||
Allspring Core Bond Portfolio | 15,954,529 | |||||
Allspring Disciplined Large Cap Portfolio | 43,434,586 | |||||
Allspring Emerging Growth Portfolio | 3,649,861 | |||||
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 4,327,606 | |||||
Allspring Factor Enhanced International Equity Portfolio | 36,263,392 | |||||
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 18,071,313 | |||||
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 5,360,722 | |||||
Allspring Real Return Portfolio | 40,844,187 | |||||
Allspring Small Company Value Portfolio | 3,589,206 | |||||
192,693,642 | ||||||
Alternative investment funds: 3.79% | ||||||
Allspring Alternative Risk Premia Fund Class R6♠ | 1,659,989 | 13,794,509 | ||||
Bond funds: 17.17% | ||||||
Allspring Global Investment Grade Credit Fund Class R6♠ | 1,261,584 | 10,748,693 | ||||
Allspring High Yield Bond Fund Institutional Class♠ | 8,064,934 | 23,630,257 | ||||
Allspring Income Plus Fund Institutional Class♠ | 3,299,557 | 28,079,232 | ||||
62,458,182 | ||||||
Exchange-traded funds: 12.18% | ||||||
iShares Core MSCI EAFE ETF | 69,696 | 4,707,965 | ||||
iShares Core MSCI Emerging Markets ETF | 72,414 | 3,595,355 | ||||
iShares Core S&P 500 ETF | 31,748 | 14,553,918 | ||||
iShares Core S&P Small-Cap ETF | 56,140 | 5,402,914 | ||||
iShares Core U.S. Aggregate Bond ETF | 92,805 | 8,933,409 | ||||
iShares Russell 1000 Growth ETF | 12,302 | 3,578,160 | ||||
iShares U.S. Treasury Bond ETF | 158,050 | 3,545,061 | ||||
44,316,782 | ||||||
Multi-asset funds: 4.94% | ||||||
Allspring Diversified Income Builder Fund Class R6♠ | 3,327,740 | 17,969,796 | ||||
Stock funds: 6.47% | ||||||
Allspring Discovery Large Cap Growth Fund Class R6♠† | 553,351 | 5,539,047 | ||||
Allspring Emerging Markets Equity Fund Class R6♠ | 217,964 | 5,342,290 | ||||
Allspring Premier Large Company Growth Fund Class R6♠† | 429,363 | 5,474,383 | ||||
Allspring Special Large Cap Value Fund Class R6♠ | 617,164 | 7,189,956 | ||||
23,545,676 | ||||||
Total investment companies (Cost $351,387,593) | 354,778,587 |
Yield | Shares | Value | ||||
Short-term investments: 0.07% | ||||||
Investment companies: 0.07% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.29 % | 250,000 | $250,000 | |||
Total short-term investments (Cost $250,000) | 250,000 | |||||
Total investments in securities (Cost $351,637,593) | 97.59 % | 355,028,587 | ||||
Other assets and liabilities, net | 2.41 | 8,772,084 | ||||
Total net assets | 100.00 % | $363,800,671 |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
† | Non-income-earning security |
∞ | The rate represents the 7-day annualized yield at period end. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) on affiliated Underlying Funds | Net change in unrealized gains (losses) on affiliated Underlying Funds | Value, end of period | |
Investment companies | ||||||
Allspring Alternative Risk Premia Fund Class R6 | $15,203,693 | $104,127 | $(1,677,593 ) | $(200,263 ) | $364,545 | $13,794,509 |
Allspring Discovery Large Cap Growth Fund Class R6† | 7,635,012 | 186,899 | (3,077,276 ) | 319,114 | 475,298 | 5,539,047 |
Allspring Diversified Income Builder Fund Class R6 | 18,948,431 | 527,577 | (2,020,161 ) | (201,819 ) | 715,768 | 17,969,796 |
Allspring Emerging Markets Equity Fund Class R6 | 5,591,586 | 158,979 | (570,488 ) | (156,049 ) | 318,262 | 5,342,290 |
Allspring Global Investment Grade Credit Fund Class R6 | 11,397,364 | 304,255 | (930,262 ) | (237,231 ) | 214,567 | 10,748,693 |
Allspring High Yield Bond Fund Institutional Class | 25,009,576 | 1,901,136 | (3,600,543 ) | (546,021 ) | 866,109 | 23,630,257 |
Allspring Income Plus Fund Institutional Class | 29,800,554 | 1,705,108 | (3,239,856 ) | (332,434 ) | 145,860 | 28,079,232 |
Allspring Premier Large Company Growth Fund Class R6† | 7,618,922 | 1,134,287 | (3,181,643 ) | (533,059 ) | 435,876 | 5,474,383 |
Allspring Special Large Cap Value Fund Class R6 | 7,436,131 | 15,239 | (793,321 ) | (72,316 ) | 604,223 | 7,189,956 |
Short-term investments | ||||||
Allspring Government Money Market Fund Select Class | 250,000 | 15,342,219 | (15,342,219 ) | 0 | 0 | 250,000 |
$(1,960,078 ) | $4,140,508 | $118,018,163 |
Shares, end of period | Dividends from affiliated Underlying Funds | Net realized gains on capital gain distributions from affiliated Underlying Funds | |
Investment companies | |||
Allspring Alternative Risk Premia Fund Class R6 | 1,659,989 | $0 | $0 |
Allspring Discovery Large Cap Growth Fund Class R6† | 553,351 | 0 | 0 |
Allspring Diversified Income Builder Fund Class R6 | 3,327,740 | 506,099 | 0 |
Allspring Emerging Markets Equity Fund Class R6 | 217,964 | 0 | 0 |
Allspring Global Investment Grade Credit Fund Class R6 | 1,261,584 | 291,368 | 0 |
Allspring High Yield Bond Fund Institutional Class | 8,064,934 | 919,149 | 0 |
Allspring Income Plus Fund Institutional Class | 3,299,557 | 967,641 | 0 |
Allspring Premier Large Company Growth Fund Class R6† | 429,363 | 0 | 853,663 |
Allspring Special Large Cap Value Fund Class R6 | 617,164 | 0 | 0 |
Short-term investments | |||
Allspring Government Money Market Fund Select Class | 250,000 | 1,958 | 0 |
$2,686,215 | $853,663 |
† | Non-income-earning security |
% of ownership, beginning of period | % of ownership, end of period | Net realized gains (losses) on investments allocated from affiliated Master Portfolios | Net change in unrealized gains (losses) on investments allocated from affiliated Master Portfolios | Interest allocated from affiliated Master Portfolios | Dividends allocated from affiliated Master Portfolios | Affiliated Income Allocated from affiliated Master Portfolios | Value, end of period | |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | 8.92 % | 8.77 % | $(2,711,246 ) | $1,863,727 | $325,903 | $0 | $25,073 | $21,198,240 |
Allspring Core Bond Portfolio | 0.50 | 0.34 | (700,288 ) | (112,004 ) | 472,556 | 0 | 20,320 | 15,954,529 |
Allspring Disciplined Large Cap Portfolio | 21.10 | 20.59 | 2,094,168 | 2,048,657 | 1,642 | 328,655 | 16,362 | 43,434,586 |
Allspring Emerging Growth Portfolio | 1.14 | 1.22 | (132,542 ) | 22,964 | 27 | 2,676 | 2,199 | 3,649,861 |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | 4.30 | 4.07 | 221,534 | (99,687 ) | 284 | 77,623 | 3,059 | 4,327,606 |
Allspring Factor Enhanced International Equity Portfolio | 8.72 | 8.30 | 5,679,471 | (4,131,966 ) | 2,213 | 205,959 | 38,097 | 36,263,392 |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | 4.85 | 4.86 | 6,201,315 | (4,126,615 ) | 2,354 | 159,855 | 16,849 | 18,071,313 |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | 4.72 | 4.49 | 331,194 | (164,610 ) | 685 | 38,799 | 6,182 | 5,360,722 |
Allspring Real Return Portfolio | 13.83 | 17.34 | (1,543,484 ) | 957,801 | 717,204 | 62,399 | 22,432 | 40,844,187 |
Allspring Small Company Value Portfolio | 0.71 | 0.70 | 70,960 | 225,252 | 0 | 39,459 | 847 | 3,589,206 |
$9,511,082 | $(3,516,481 ) | $1,522,868 | $915,425 | $151,420 | $192,693,642 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long | ||||||
10-Year Euro BUND Index | 71 | 12-7-2023 | $10,241,752 | $10,223,839 | $0 | $(17,913 ) |
TOPIX Index | 80 | 12-7-2023 | 12,707,831 | 12,820,720 | 112,889 | 0 |
E-Mini NASDAQ 100 Index | 52 | 12-15-2023 | 16,097,412 | 16,624,920 | 527,508 | 0 |
Description | Number of contracts | Expiration date | Notional cost | Notional value | Unrealized gains | Unrealized losses |
Long (continued) | ||||||
E-Mini Russell 2000 Index | 59 | 12-15-2023 | $5,297,946 | $5,345,990 | $48,044 | $0 |
E-Mini S&P 500 Index | 85 | 12-15-2023 | 19,378,550 | 19,451,188 | 72,638 | 0 |
Micro E-Mini S&P 500 | 219 | 12-15-2023 | 5,002,637 | 5,011,541 | 8,904 | 0 |
MSCI EAFE Index | 342 | 12-15-2023 | 36,344,053 | 36,364,860 | 20,807 | 0 |
MSCI Emerging Markets Index | 87 | 12-15-2023 | 4,298,771 | 4,293,885 | 0 | (4,886 ) |
Euro Futures | 79 | 12-18-2023 | 10,847,069 | 10,760,788 | 0 | (86,281 ) |
Japanese Yen Futures | 162 | 12-18-2023 | 13,979,105 | 13,696,088 | 0 | (283,017 ) |
10-Year U.S. Treasury Notes | 244 | 3-19-2024 | 26,543,281 | 26,790,437 | 247,156 | 0 |
Short | ||||||
2-Year Euro SCHATZ | (395 ) | 12-7-2023 | (45,329,672 ) | (45,311,093 ) | 18,579 | 0 |
Euro STOXX 50 Index | (269 ) | 12-15-2023 | (12,276,507 ) | (12,857,140 ) | 0 | (580,633 ) |
New Zealand Dollar Futures | (91 ) | 12-18-2023 | (5,360,839 ) | (5,606,055 ) | 0 | (245,216 ) |
Swiss Franc Futures | (77 ) | 12-18-2023 | (11,029,978 ) | (11,014,850 ) | 15,128 | 0 |
U.S. Dollar Futures | (89 ) | 12-18-2023 | (9,143,159 ) | (9,205,092 ) | 0 | (61,933 ) |
$1,071,653 | $(1,279,879 ) |
Spectrum Aggressive Growth Fund | Spectrum Conservative Growth Fund | |
Assets | ||
Investments in affiliated Master Portfolios, at value (cost $245,745,440 and $131,547,351, respectively) | $283,503,099 | $128,351,813 |
Investments in unaffiliated Underlying Funds, at value (cost $85,910,142 and $23,182,623, respectively) | 102,236,153 | 28,059,276 |
Investments in affiliated Underlying Funds, at value (cost $57,509,807 and $85,428,152, respectively) | 59,047,425 | 80,880,962 |
Cash | 5,953,164 | 1,229,626 |
Cash at broker segregated for futures contracts | 9,416,847 | 3,675,808 |
Receivable for daily variation margin on open futures contracts | 398,278 | 124,908 |
Receivable for investments sold | 184,360 | 185,882 |
Receivable for Fund shares sold | 18,832 | 60,590 |
Receivable for dividends | 0 | 98,800 |
Prepaid expenses and other assets | 95,741 | 76,072 |
Total assets | 460,853,899 | 242,743,737 |
Liabilities | ||
Payable for Fund shares redeemed | 740,093 | 297,786 |
Payable for daily variation margin on open futures contracts | 493,600 | 352,128 |
Distribution fee payable | 153,882 | 121,878 |
Shareholder servicing fees payable | 91,168 | 46,866 |
Management fee payable | 89,448 | 41,828 |
Administration fees payable | 69,395 | 38,639 |
Trustees’ fees and expenses payable | 1,485 | 963 |
Payable for investments purchased | 0 | 102,290 |
Accrued expenses and other liabilities | 81,335 | 52,386 |
Total liabilities | 1,720,406 | 1,054,764 |
Total net assets | $459,133,493 | $241,688,973 |
Net assets consist of | ||
Paid-in capital | $399,229,088 | $262,115,962 |
Total distributable earnings (loss) | 59,904,405 | (20,426,989 ) |
Total net assets | $459,133,493 | $241,688,973 |
Computation of net asset value and offering price per share | ||
Net assets–Class A | $124,598,658 | $30,550,882 |
Shares outstanding–Class A1 | 6,757,076 | 3,323,518 |
Net asset value per share–Class A | $18.44 | $9.19 |
Maximum offering price per share – Class A2 | $19.56 | $9.75 |
Net assets–Class C | $256,090,125 | $200,155,510 |
Shares outstanding–Class C1 | 14,062,689 | 21,157,693 |
Net asset value per share–Class C | $18.21 | $9.46 |
Net assets–Administrator Class | $73,381,113 | N/A |
Shares outstanding–Administrator Class1 | 3,966,086 | N/A |
Net asset value per share–Administrator Class | $18.50 | N/A |
Net assets–Institutional Class | $5,063,597 | $10,982,581 |
Shares outstanding–Institutional Class1 | 273,045 | 1,192,252 |
Net asset value per share–Institutional Class | $18.54 | $9.21 |
Spectrum Growth Fund | Spectrum Income Allocation Fund | Spectrum Moderate Growth Fund | |
Assets | |||
Investments in affiliated Master Portfolios, at value (cost $108,232,602, $81,884,365 and $189,442,041, respectively) | $113,604,233 | $77,414,215 | $192,693,642 |
Investments in unaffiliated Underlying Funds, at value (cost $25,186,943, $8,258,103 and $38,612,094, respectively) | 29,894,584 | 9,035,639 | 44,316,782 |
Investments in affiliated Underlying Funds, at value (cost $58,493,044, $36,189,199 and $123,583,458, respectively) | 56,906,235 | 34,101,195 | 118,018,163 |
Cash | 1,777,178 | 160,718 | 3,026,370 |
Cash at broker segregated for futures contracts | 4,002,862 | 1,603,887 | 6,602,735 |
Receivable for daily variation margin on open futures contracts | 143,596 | 22,745 | 235,173 |
Receivable for investments sold | 143,137 | 118,623 | 230,544 |
Receivable for Fund shares sold | 7,728 | 210 | 10,860 |
Receivable for dividends | 90,293 | 45,844 | 139,041 |
Prepaid expenses and other assets | 74,687 | 89,025 | 82,873 |
Total assets | 206,644,533 | 122,592,101 | 365,356,183 |
Liabilities | |||
Payable for Fund shares redeemed | 150,330 | 165,165 | 412,927 |
Payable for daily variation margin on open futures contracts | 311,101 | 151,463 | 545,120 |
Distribution fee payable | 107,477 | 62,380 | 189,143 |
Shareholder servicing fees payable | 41,301 | 24,034 | 72,184 |
Management fee payable | 34,213 | 14,917 | 70,838 |
Administration fees payable | 33,184 | 19,696 | 58,472 |
Trustees’ fees and expenses payable | 963 | 963 | 963 |
Payable for investments purchased | 93,493 | 50,055 | 143,964 |
Custody and accounting fees payable | 26,940 | 27,121 | 33,547 |
Accrued expenses and other liabilities | 29,658 | 22,060 | 28,354 |
Total liabilities | 828,660 | 537,854 | 1,555,512 |
Total net assets | $205,815,873 | $122,054,247 | $363,800,671 |
Net assets consist of | |||
Paid-in capital | $199,366,059 | $145,433,383 | $368,654,125 |
Total distributable earnings (loss) | 6,449,814 | (23,379,136 ) | (4,853,454 ) |
Total net assets | $205,815,873 | $122,054,247 | $363,800,671 |
Computation of net asset value and offering price per share | |||
Net assets–Class A | $26,475,202 | $15,681,678 | $44,940,281 |
Shares outstanding–Class A1 | 2,342,630 | 1,856,186 | 4,086,834 |
Net asset value per share–Class A | $11.30 | $8.45 | $11.00 |
Maximum offering price per share – Class A2 | $11.99 | $8.97 | $11.67 |
Net assets–Class C | $178,030,704 | $102,317,413 | $312,009,854 |
Shares outstanding–Class C1 | 15,367,714 | 12,115,675 | 27,716,201 |
Net asset value per share–Class C | $11.58 | $8.45 | $11.26 |
Net assets–Institutional Class | $1,309,967 | $4,055,156 | $6,850,536 |
Shares outstanding–Institutional Class1 | 115,716 | 481,002 | 621,992 |
Net asset value per share–Institutional Class | $11.32 | $8.43 | $11.01 |
Spectrum Aggressive Growth Fund | Spectrum Conservative Growth Fund | |
Investment income | ||
Dividends allocated from affiliated Master Portfolios | $2,101,567 | $376,258 |
Dividends from unaffiliated Underlying Funds | 866,433 | 426,471 |
Affiliated income allocated from affiliated Master Portfolios | 205,282 | 113,000 |
Interest | 85,803 | 73,961 |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $0 and $19, respectively) | 17,463 | 1,611,721 |
Dividends from affiliated Underlying Funds | 3,495 | 2,120,689 |
Expenses allocated from affiliated Master Portfolios | (345,442 ) | (172,324 ) |
Waivers allocated from affiliated Master Portfolios | 57,846 | 29,695 |
Total investment income | 2,992,447 | 4,579,471 |
Expenses | ||
Management fee | 576,656 | 312,444 |
Administration fees | ||
Class A | 125,315 | 31,411 |
Class C | 261,082 | 209,123 |
Administrator Class | 47,367 | N/A |
Institutional Class | 3,342 | 7,398 |
Shareholder servicing fees | ||
Class A | 155,403 | 38,945 |
Class C | 323,671 | 259,088 |
Administrator Class | 90,826 | N/A |
Distribution fee | ||
Class C | 967,412 | 776,152 |
Custody and accounting fees | 16,220 | 15,967 |
Professional fees | 24,958 | 25,362 |
Registration fees | 47,812 | 26,233 |
Shareholder report expenses | 16,441 | 13,974 |
Trustees’ fees and expenses | 11,812 | 12,075 |
Other fees and expenses | 8,241 | 4,489 |
Total expenses | 2,676,558 | 1,732,661 |
Less: Fee waivers and/or expense reimbursements | ||
Fund-level | (26,351 ) | (46,261 ) |
Class A | (2,740 ) | 0 |
Net expenses | 2,647,467 | 1,686,400 |
Net investment income | 344,980 | 2,893,071 |
Spectrum Aggressive Growth Fund | Spectrum Conservative Growth Fund | |
Realized and unrealized gains (losses) on investments | ||
Net realized gains (losses) on | ||
Investments allocated from affiliated Master Portfolios | $34,837,450 | $(530,084 ) |
Affiliated Underlying Funds | (1,005,714 ) | (1,441,700 ) |
Unaffiliated Underlying Funds | (2,880,461 ) | (1,312,448 ) |
Foreign currency and foreign currency translations | (5,056 ) | 8,791 |
Futures contracts | (672,595 ) | 2,055,453 |
Capital gain distributions from affiliated Underlying Funds | 2,182,127 | 343,740 |
Net realized gains (losses) on investments | 32,455,751 | (876,248 ) |
Net change in unrealized gains (losses) on | ||
Investments allocated from affiliated Master Portfolios | (15,355,842 ) | 1,122,120 |
Affiliated Underlying Funds | 4,229,993 | 2,492,567 |
Unaffiliated Underlying Funds | 9,708,247 | 2,797,581 |
Foreign currency and foreign currency translations | (1 ) | (598 ) |
Futures contracts | (966,570 ) | (1,331,599 ) |
Net change in unrealized gains (losses) on investments | (2,384,173 ) | 5,080,071 |
Net realized and unrealized gains (losses) on investments | 30,071,578 | 4,203,823 |
Net increase in net assets resulting from operations | $30,416,558 | $7,096,894 |
Spectrum Growth Fund | Spectrum Income Allocation Fund | Spectrum Moderate Growth Fund | |
Investment income | |||
Dividends allocated from affiliated Master Portfolios | $613,467 | $79,000 | $915,425 |
Dividends from unaffiliated Underlying Funds | 391,483 | 173,401 | 618,654 |
Affiliated income allocated from affiliated Master Portfolios | 84,837 | 76,410 | 151,420 |
Interest | 62,661 | 40,853 | 108,991 |
Interest allocated from affiliated Master Portfolios (net of foreign withholding taxes of $2, $16, and $10, respectively) | 697,186 | 1,348,115 | 1,522,868 |
Dividends from affiliated Underlying Funds | 1,168,170 | 986,017 | 2,686,215 |
Expenses allocated from affiliated Master Portfolios | (156,192 ) | (100,918 ) | (264,301 ) |
Waivers allocated from affiliated Master Portfolios | 25,265 | 17,711 | 43,155 |
Total investment income | 2,886,877 | 2,620,589 | 5,782,427 |
Expenses | |||
Management fee | 259,765 | 161,739 | 464,429 |
Administration fees | |||
Class A | 26,627 | 16,474 | 45,395 |
Class C | 181,433 | 109,225 | 322,427 |
Institutional Class | 926 | 3,086 | 4,360 |
Shareholder servicing fees | |||
Class A | 33,023 | 20,422 | 56,289 |
Class C | 224,913 | 135,185 | 399,502 |
Distribution fee | |||
Class C | 672,625 | 405,049 | 1,197,352 |
Custody and accounting fees | 15,003 | 12,923 | 18,633 |
Professional fees | 23,356 | 23,466 | 24,189 |
Registration fees | 22,218 | 22,655 | 18,399 |
Shareholder report expenses | 13,213 | 12,237 | 16,005 |
Trustees’ fees and expenses | 12,075 | 12,075 | 12,075 |
Other fees and expenses | 3,998 | 3,790 | 6,199 |
Total expenses | 1,489,175 | 938,326 | 2,585,254 |
Less: Fee waivers and/or expense reimbursements | |||
Fund-level | (45,082 ) | (59,567 ) | (19,033 ) |
Class A | (866 ) | (402 ) | 0 |
Institutional Class | (45 ) | 0 | 0 |
Net expenses | 1,443,182 | 878,357 | 2,566,221 |
Net investment income | 1,443,695 | 1,742,232 | 3,216,206 |
Spectrum Growth Fund | Spectrum Income Allocation Fund | Spectrum Moderate Growth Fund | |
Realized and unrealized gains (losses) on investments | |||
Net realized gains (losses) on | |||
Investments allocated from affiliated Master Portfolios | $7,557,276 | $(4,304,059 ) | $9,511,082 |
Affiliated Underlying Funds | (885,615 ) | (876,828 ) | (1,960,078 ) |
Unaffiliated Underlying Funds | (1,021,801 ) | (668,450 ) | (1,993,875 ) |
Foreign currency and foreign currency translations | 7,212 | 2,535 | (29,316 ) |
Futures contracts | 1,683,540 | 998,348 | 2,920,594 |
Capital gain distributions from affiliated Underlying Funds | 603,234 | 58,165 | 853,663 |
Net realized gains (losses) on investments | 7,943,846 | (4,790,289 ) | 9,302,070 |
Net change in unrealized gains (losses) on | |||
Investments allocated from affiliated Master Portfolios | (2,989,304 ) | 2,562,700 | (3,516,481 ) |
Affiliated Underlying Funds | 2,400,333 | 1,208,619 | 4,140,508 |
Unaffiliated Underlying Funds | 2,625,378 | 1,073,226 | 4,303,770 |
Foreign currency and foreign currency translations | (486 ) | 1,839 | 34,282 |
Futures contracts | (1,094,899 ) | (753,756 ) | (1,889,380 ) |
Net change in unrealized gains (losses) on investments | 941,022 | 4,092,628 | 3,072,699 |
Net realized and unrealized gains (losses) on investments | 8,884,868 | (697,661 ) | 12,374,769 |
Net increase in net assets resulting from operations | $10,328,563 | $1,044,571 | $15,590,975 |
Spectrum Aggressive Growth Fund | ||||
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $344,980 | $2,770,153 | ||
Net realized gains (losses) on investments | 32,455,751 | (9,742,439 ) | ||
Net change in unrealized gains (losses) on investments | (2,384,173 ) | 2,121,788 | ||
Net increase (decrease) in net assets resulting from operations | 30,416,558 | (4,850,498 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (5,360,320 ) | ||
Class C | 0 | (10,294,513 ) | ||
Administrator Class | 0 | (3,317,435 ) | ||
Institutional Class | 0 | (249,706 ) | ||
Tax basis return of capital | ||||
Class A | 0 | (583,510 ) | ||
Class C | 0 | (1,329,868 ) | ||
Administrator Class | 0 | (351,709 ) | ||
Institutional Class | 0 | (25,395 ) | ||
Total distributions to shareholders | 0 | (21,512,456 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 151,172 | 2,727,237 | 721,959 | 12,361,279 |
Class C | 116,762 | 2,079,606 | 309,768 | 5,239,508 |
Administrator Class | 51,299 | 931,212 | 95,193 | 1,618,791 |
Institutional Class | 80,210 | 1,460,300 | 158,844 | 2,731,633 |
7,198,355 | 21,951,211 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 352,466 | 5,923,710 |
Class C | 0 | 0 | 692,911 | 11,606,677 |
Administrator Class | 0 | 0 | 215,782 | 3,634,990 |
Institutional Class | 0 | 0 | 16,341 | 275,101 |
0 | 21,440,478 | |||
Payment for shares redeemed | ||||
Class A | (394,185 ) | (7,140,734 ) | (964,265 ) | (16,433,611 ) |
Class C | (965,786 ) | (17,266,418 ) | (2,892,486 ) | (48,988,220 ) |
Administrator Class | (195,287 ) | (3,549,577 ) | (409,693 ) | (7,043,597 ) |
Institutional Class | (86,079 ) | (1,549,714 ) | (213,905 ) | (3,636,097 ) |
(29,506,443 ) | (76,101,525 ) | |||
Net decrease in net assets resulting from capital share transactions | (22,308,088 ) | (32,709,836 ) | ||
Total increase (decrease) in net assets | 8,108,470 | (59,072,790 ) | ||
Net assets | ||||
Beginning of period | 451,025,023 | 510,097,813 | ||
End of period | $459,133,493 | $451,025,023 |
Spectrum Conservative Growth Fund | ||||
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $2,893,071 | $8,213,623 | ||
Net realized losses on investments | (876,248 ) | (11,974,144 ) | ||
Net change in unrealized gains (losses) on investments | 5,080,071 | (8,218,141 ) | ||
Net increase (decrease) in net assets resulting from operations | 7,096,894 | (11,978,662 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (466,377 ) | (2,099,930 ) | ||
Class C | (2,191,866 ) | (12,875,159 ) | ||
Institutional Class | (180,286 ) | (844,294 ) | ||
Total distributions to shareholders | (2,838,529 ) | (15,819,383 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 169,063 | 1,533,025 | 579,071 | 5,351,457 |
Class C | 66,452 | 623,888 | 528,590 | 4,942,351 |
Institutional Class | 210,200 | 1,927,851 | 210,943 | 1,927,887 |
4,084,764 | 12,221,695 | |||
Reinvestment of distributions | ||||
Class A | 50,267 | 451,936 | 231,125 | 2,091,844 |
Class C | 236,410 | 2,183,765 | 1,381,228 | 12,866,079 |
Institutional Class | 20,007 | 180,286 | 93,167 | 844,294 |
2,815,987 | 15,802,217 | |||
Payment for shares redeemed | ||||
Class A | (380,474 ) | (3,460,913 ) | (751,253 ) | (6,888,334 ) |
Class C | (2,096,578 ) | (19,637,181 ) | (4,683,836 ) | (44,241,657 ) |
Institutional Class | (411,265 ) | (3,779,086 ) | (218,887 ) | (2,000,907 ) |
(26,877,180 ) | (53,130,898 ) | |||
Net decrease in net assets resulting from capital share transactions | (19,976,429 ) | (25,106,986 ) | ||
Total decrease in net assets | (15,718,064 ) | (52,905,031 ) | ||
Net assets | ||||
Beginning of period | 257,407,037 | 310,312,068 | ||
End of period | $241,688,973 | $257,407,037 |
Spectrum Growth Fund | ||||
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,443,695 | $5,449,000 | ||
Net realized gains (losses) on investments | 7,943,846 | (5,896,329 ) | ||
Net change in unrealized gains (losses) on investments | 941,022 | (7,856,570 ) | ||
Net increase (decrease) in net assets resulting from operations | 10,328,563 | (8,303,899 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (1,789,005 ) | ||
Class C | 0 | (12,249,697 ) | ||
Institutional Class | 0 | (154,866 ) | ||
Total distributions to shareholders | 0 | (14,193,568 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 126,791 | 1,403,998 | 437,991 | 4,760,622 |
Class C | 168,115 | 1,907,768 | 344,996 | 3,865,363 |
Institutional Class | 118,751 | 1,310,618 | 174,644 | 1,899,496 |
4,622,384 | 10,525,481 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 168,220 | 1,784,634 |
Class C | 0 | 0 | 1,117,113 | 12,232,792 |
Institutional Class | 0 | 0 | 14,625 | 154,866 |
0 | 14,172,292 | |||
Payment for shares redeemed | ||||
Class A | (190,928 ) | (2,106,366 ) | (450,613 ) | (4,944,924 ) |
Class C | (1,233,223 ) | (14,006,497 ) | (2,771,943 ) | (31,050,525 ) |
Institutional Class | (155,583 ) | (1,730,616 ) | (245,195 ) | (2,657,387 ) |
(17,843,479 ) | (38,652,836 ) | |||
Net decrease in net assets resulting from capital share transactions | (13,221,095 ) | (13,955,063 ) | ||
Total decrease in net assets | (2,892,532 ) | (36,452,530 ) | ||
Net assets | ||||
Beginning of period | 208,708,405 | 245,160,935 | ||
End of period | $205,815,873 | $208,708,405 |
Spectrum Income Allocation Fund | ||||
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $1,742,232 | $4,667,481 | ||
Net realized losses on investments | (4,790,289 ) | (7,724,585 ) | ||
Net change in unrealized gains (losses) on investments | 4,092,628 | (3,900,547 ) | ||
Net increase (decrease) in net assets resulting from operations | 1,044,571 | (6,957,651 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (260,052 ) | (864,868 ) | ||
Class C | (1,303,954 ) | (4,811,187 ) | ||
Institutional Class | (79,782 ) | (271,477 ) | ||
Total distributions to shareholders | (1,643,788 ) | (5,947,532 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 56,611 | 474,544 | 361,848 | 3,108,477 |
Class C | 27,233 | 227,370 | 208,362 | 1,804,859 |
Institutional Class | 64,708 | 546,351 | 53,807 | 469,980 |
1,248,265 | 5,383,316 | |||
Reinvestment of distributions | ||||
Class A | 30,941 | 259,697 | 101,327 | 863,269 |
Class C | 154,848 | 1,299,231 | 563,218 | 4,801,488 |
Institutional Class | 9,510 | 79,782 | 31,957 | 271,477 |
1,638,710 | 5,936,234 | |||
Payment for shares redeemed | ||||
Class A | (250,013 ) | (2,111,638 ) | (692,795 ) | (5,923,735 ) |
Class C | (1,736,418 ) | (14,631,503 ) | (3,260,095 ) | (28,066,319 ) |
Institutional Class | (251,275 ) | (2,122,009 ) | (68,847 ) | (596,639 ) |
(18,865,150 ) | (34,586,693 ) | |||
Net decrease in net assets resulting from capital share transactions | (15,978,175 ) | (23,267,143 ) | ||
Total decrease in net assets | (16,577,392 ) | (36,172,326 ) | ||
Net assets | ||||
Beginning of period | 138,631,639 | 174,803,965 | ||
End of period | $122,054,247 | $138,631,639 |
Spectrum Moderate Growth Fund | ||||
Six months ended November 30, 2023 (unaudited) | Year ended May 31, 2023 | |||
Operations | ||||
Net investment income | $3,216,206 | $11,140,399 | ||
Net realized gains (losses) on investments | 9,302,070 | (14,062,461 ) | ||
Net change in unrealized gains (losses) on investments | 3,072,699 | (13,437,976 ) | ||
Net increase (decrease) in net assets resulting from operations | 15,590,975 | (16,360,038 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (2,975,461 ) | ||
Class C | 0 | (21,472,598 ) | ||
Institutional Class | 0 | (475,492 ) | ||
Total distributions to shareholders | 0 | (24,923,551 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 239,445 | 2,545,866 | 695,034 | 7,405,345 |
Class C | 184,205 | 2,026,050 | 508,539 | 5,636,312 |
Institutional Class | 109,278 | 1,180,305 | 367,124 | 3,944,823 |
5,752,221 | 16,986,480 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 283,302 | 2,949,491 |
Class C | 0 | 0 | 1,998,615 | 21,442,402 |
Institutional Class | 0 | 0 | 45,741 | 475,492 |
0 | 24,867,385 | |||
Payment for shares redeemed | ||||
Class A | (430,597 ) | (4,622,650 ) | (712,515 ) | (7,636,466 ) |
Class C | (2,690,984 ) | (29,674,338 ) | (6,098,542 ) | (67,180,571 ) |
Institutional Class | (126,190 ) | (1,364,957 ) | (407,494 ) | (4,406,072 ) |
(35,661,945 ) | (79,223,109 ) | |||
Net decrease in net assets resulting from capital share transactions | (29,909,724 ) | (37,369,244 ) | ||
Total decrease in net assets | (14,318,749 ) | (78,652,833 ) | ||
Net assets | ||||
Beginning of period | 378,119,420 | 456,772,253 | ||
End of period | $363,800,671 | $378,119,420 |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $17.22 | $18.17 | $22.82 | $18.59 | $16.52 | $20.55 |
Net investment income | 0.05 1 | 0.17 1 | 0.25 | 0.14 | 0.19 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | 1.17 | (0.24 ) | (1.74 ) | 6.65 | 2.11 | (0.81 ) |
Total from investment operations | 1.22 | (0.07 ) | (1.49 ) | 6.79 | 2.30 | (0.64 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.20 ) | (0.18 ) | (0.22 ) | (0.19 ) | (0.26 ) |
Net realized gains | 0.00 | (0.60 ) | (2.98 ) | (2.34 ) | (0.04 ) | (3.13 ) |
Tax basis return of capital | 0.00 | (0.08 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.88 ) | (3.16 ) | (2.56 ) | (0.23 ) | (3.39 ) |
Net asset value, end of period | $18.44 | $17.22 | $18.17 | $22.82 | $18.59 | $16.52 |
Total return2 | 7.08 % | (0.20 )% | (8.22 )% | 38.53 % | 13.91 % | (2.35 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.76 % | 0.78 % | 0.76 % | 0.77 % | 0.77 % | 0.76 % |
Net expenses* | 0.74 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 0.55 % | 1.02 % | 0.76 % | 0.63 % | 1.08 % | 0.97 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 15 % | 38 % | 62 % | 82 % | 71 % | 78 % |
Net assets, end of period (000s omitted) | $124,599 | $120,576 | $125,195 | $66,239 | $44,714 | $42,588 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.16% |
Year ended May 31, 2022 | 0.16% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 2019 | 0.18% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $17.07 | $18.00 | $22.63 | $18.45 | $16.39 | $20.33 |
Net investment income (loss) | (0.02 )1 | 0.04 1 | (0.01 ) | (0.03 ) | 0.07 | 0.06 |
Net realized and unrealized gains (losses) on investments | 1.16 | (0.24 ) | (1.63 ) | 6.62 | 2.07 | (0.82 ) |
Total from investment operations | 1.14 | (0.20 ) | (1.64 ) | 6.59 | 2.14 | (0.76 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.05 ) | (0.01 ) | (0.07 ) | (0.04 ) | (0.05 ) |
Net realized gains | 0.00 | (0.60 ) | (2.98 ) | (2.34 ) | (0.04 ) | (3.13 ) |
Tax basis return of capital | 0.00 | (0.08 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.73 ) | (2.99 ) | (2.41 ) | (0.08 ) | (3.18 ) |
Net asset value, end of period | $18.21 | $17.07 | $18.00 | $22.63 | $18.45 | $16.39 |
Total return2 | 6.68 % | (0.96 )% | (8.87 )% | 37.57 % | 13.06 % | (3.16 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.50 % | 1.52 % | 1.50 % | 1.52 % | 1.52 % | 1.51 % |
Net expenses* | 1.49 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income (loss) | (0.19 )% | 0.27 % | (0.03 )% | (0.12 )% | 0.33 % | 0.32 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 15 % | 38 % | 62 % | 82 % | 71 % | 78 % |
Net assets, end of period (000s omitted) | $256,090 | $254,615 | $302,402 | $378,941 | $323,778 | $355,837 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.16% |
Year ended May 31, 2022 | 0.16% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 2019 | 0.18% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | ||
Administrator Class | 2023 | 20221 | |
Net asset value, beginning of period | $17.28 | $18.23 | $20.11 |
Net investment income | 0.06 2 | 0.19 2 | 0.06 |
Net realized and unrealized gains (losses) on investments | 1.16 | (0.25 ) | (1.94 ) |
Total from investment operations | 1.22 | (0.06 ) | (1.88 ) |
Distributions to shareholders from | |||
Net investment income | 0.00 | (0.21 ) | 0.00 |
Net realized gains | 0.00 | (0.60 ) | 0.00 |
Tax basis return of capital | 0.00 | (0.08 ) | 0.00 |
Total distributions to shareholders | 0.00 | (0.89 ) | 0.00 |
Net asset value, end of period | $18.50 | $17.28 | $18.23 |
Total return3 | 7.06 % | (0.10 )% | (9.35 )% |
Ratios to average net assets (annualized) | |||
Gross expenses* | 0.68 % | 0.70 % | 0.67 % |
Net expenses* | 0.67 % | 0.67 % | 0.67 % |
Net investment income | 0.63 % | 1.10 % | 0.98 % |
Supplemental data | |||
Portfolio turnover rate4 | 15 % | 38 % | 62 % |
Net assets, end of period (000s omitted) | $73,381 | $71,010 | $76,706 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.16% |
Year ended May 31, 20221 | 0.15% |
1 | For the period from February 4, 2022 (commencement of class operations) to May 31, 2022 |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $17.30 | $18.24 | $22.87 | $18.62 | $16.55 | $21.08 |
Net investment income | 0.08 2 | 0.23 2 | 0.27 | 0.22 | 0.29 | 0.14 |
Net realized and unrealized gains (losses) on investments | 1.16 | (0.24 ) | (1.69 ) | 6.65 | 2.07 | (1.26 ) |
Total from investment operations | 1.24 | (0.01 ) | (1.42 ) | 6.87 | 2.36 | (1.12 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.25 ) | (0.23 ) | (0.28 ) | (0.25 ) | (0.28 ) |
Net realized gains | 0.00 | (0.60 ) | (2.98 ) | (2.34 ) | (0.04 ) | (3.13 ) |
Tax basis return of capital | 0.00 | (0.08 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.93 ) | (3.21 ) | (2.62 ) | (0.29 ) | (3.41 ) |
Net asset value, end of period | $18.54 | $17.30 | $18.24 | $22.87 | $18.62 | $16.55 |
Total return3 | 7.17 % | 0.18 % | (7.89 )% | 38.96 % | 14.26 % | (4.54 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.43 % | 0.45 % | 0.43 % | 0.43 % | 0.44 % | 0.43 % |
Net expenses* | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % |
Net investment income | 0.88 % | 1.35 % | 1.00 % | 0.96 % | 1.40 % | 1.40 % |
Supplemental data | ||||||
Portfolio turnover rate4 | 15 % | 38 % | 62 % | 82 % | 71 % | 78 % |
Net assets, end of period (000s omitted) | $5,064 | $4,824 | $5,794 | $7,962 | $2,281 | $1,172 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.16% |
Year ended May 31, 2022 | 0.16% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.18% |
Year ended May 31, 20191 | 0.18% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.04 | $9.97 | $11.73 | $10.92 | $10.30 | $10.90 |
Net investment income | 0.13 1 | 0.33 1 | 0.28 | 0.14 | 0.15 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | 0.16 | (0.65 ) | (0.85 ) | 1.56 | 0.76 | 0.03 |
Total from investment operations | 0.29 | (0.32 ) | (0.57 ) | 1.70 | 0.91 | 0.22 |
Distributions to shareholders from | ||||||
Net investment income | (0.14 ) | (0.38 ) | (0.29 ) | (0.11 ) | (0.21 ) | (0.18 ) |
Net realized gains | 0.00 | (0.23 ) | (0.90 ) | (0.78 ) | (0.08 ) | (0.64 ) |
Total distributions to shareholders | (0.14 ) | (0.61 ) | (1.19 ) | (0.89 ) | (0.29 ) | (0.82 ) |
Net asset value, end of period | $9.19 | $9.04 | $9.97 | $11.73 | $10.92 | $10.30 |
Total return2 | 3.22 % | (3.11 )% | (5.69 )% | 16.04 % | 8.95 % | 2.40 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.78 % | 0.79 % | 0.78 % | 0.77 % | 0.77 % | 0.76 % |
Net expenses* | 0.74 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 2.93 % | 3.58 % | 2.52 % | 1.07 % | 1.47 % | 1.81 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 40 % | 93 % | 137 % | 152 % | 162 % | 155 % |
Net assets, end of period (000s omitted) | $30,551 | $31,509 | $34,171 | $40,354 | $31,965 | $34,104 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.11% |
Year ended May 31, 2023 | 0.13% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.16% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.30 | $10.23 | $11.98 | $11.14 | $10.50 | $11.10 |
Net investment income | 0.10 1 | 0.27 1 | 0.21 | 0.04 | 0.09 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | 0.16 | (0.67 ) | (0.88 ) | 1.61 | 0.77 | 0.02 |
Total from investment operations | 0.26 | (0.40 ) | (0.67 ) | 1.65 | 0.86 | 0.14 |
Distributions to shareholders from | ||||||
Net investment income | (0.10 ) | (0.30 ) | (0.18 ) | (0.03 ) | (0.14 ) | (0.10 ) |
Net realized gains | 0.00 | (0.23 ) | (0.90 ) | (0.78 ) | (0.08 ) | (0.64 ) |
Total distributions to shareholders | (0.10 ) | (0.53 ) | (1.08 ) | (0.81 ) | (0.22 ) | (0.74 ) |
Net asset value, end of period | $9.46 | $9.30 | $10.23 | $11.98 | $11.14 | $10.50 |
Total return2 | 2.83 % | (3.83 )% | (6.38 )% | 15.17 % | 8.24 % | 1.58 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.53 % | 1.54 % | 1.53 % | 1.52 % | 1.52 % | 1.51 % |
Net expenses* | 1.49 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income | 2.17 % | 2.84 % | 1.80 % | 0.31 % | 0.73 % | 1.13 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 40 % | 93 % | 137 % | 152 % | 162 % | 155 % |
Net assets, end of period (000s omitted) | $200,156 | $213,452 | $263,264 | $336,665 | $339,482 | $393,207 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.11% |
Year ended May 31, 2023 | 0.13% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $9.06 | $10.00 | $11.77 | $10.94 | $10.32 | $11.06 |
Net investment income | 0.15 2 | 0.36 2 | 0.34 | 0.17 | 0.20 | 0.14 |
Net realized and unrealized gains (losses) on investments | 0.15 | (0.66 ) | (0.87 ) | 1.57 | 0.74 | (0.04 ) |
Total from investment operations | 0.30 | (0.30 ) | (0.53 ) | 1.74 | 0.94 | 0.10 |
Distributions to shareholders from | ||||||
Net investment income | (0.15 ) | (0.41 ) | (0.34 ) | (0.13 ) | (0.24 ) | (0.20 ) |
Net realized gains | 0.00 | (0.23 ) | (0.90 ) | (0.78 ) | (0.08 ) | (0.64 ) |
Total distributions to shareholders | (0.15 ) | (0.64 ) | (1.24 ) | (0.91 ) | (0.32 ) | (0.84 ) |
Net asset value, end of period | $9.21 | $9.06 | $10.00 | $11.77 | $10.94 | $10.32 |
Total return3 | 3.38 % | (2.87 )% | (5.36 )% | 16.44 % | 9.26 % | 1.28 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.46 % | 0.46 % | 0.45 % | 0.44 % | 0.44 % | 0.43 % |
Net expenses* | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % |
Net investment income | 3.22 % | 3.89 % | 2.24 % | 1.39 % | 1.80 % | 1.37 % |
Supplemental data | ||||||
Portfolio turnover rate4 | 40 % | 93 % | 137 % | 152 % | 162 % | 155 % |
Net assets, end of period (000s omitted) | $10,983 | $12,445 | $12,877 | $3,114 | $2,678 | $1,817 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.11% |
Year ended May 31, 2023 | 0.13% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.16% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.72 | $11.87 | $14.46 | $12.70 | $11.57 | $13.88 |
Net investment income | 0.11 1 | 0.34 1 | 0.34 1 | 0.13 | 0.15 | 0.14 1 |
Net realized and unrealized gains (losses) on investments | 0.47 | (0.67 ) | (1.00 ) | 3.24 | 1.17 | (0.30 ) |
Total from investment operations | 0.58 | (0.33 ) | (0.66 ) | 3.37 | 1.32 | (0.16 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.41 ) | (0.33 ) | (0.13 ) | (0.18 ) | (0.23 ) |
Net realized gains | 0.00 | (0.41 ) | (1.60 ) | (1.48 ) | (0.01 ) | (1.92 ) |
Total distributions to shareholders | 0.00 | (0.82 ) | (1.93 ) | (1.61 ) | (0.19 ) | (2.15 ) |
Net asset value, end of period | $11.30 | $10.72 | $11.87 | $14.46 | $12.70 | $11.57 |
Total return2 | 5.41 % | (2.53 )% | (5.83 )% | 27.87 % | 11.34 % | (0.38 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.79 % | 0.81 % | 0.80 % | 0.79 % | 0.79 % | 0.78 % |
Net expenses* | 0.74 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 2.03 % | 3.12 % | 2.46 % | 0.90 % | 1.14 % | 1.20 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 27 % | 57 % | 61 % | 100 % | 98 % | 97 % |
Net assets, end of period (000s omitted) | $26,475 | $25,803 | $26,717 | $31,295 | $25,089 | $23,420 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.13% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.14% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.03 | $12.17 | $14.78 | $12.96 | $11.78 | $14.02 |
Net investment income | 0.07 1 | 0.27 1 | 0.24 | 0.02 | 0.06 | 0.08 |
Net realized and unrealized gains (losses) on investments | 0.48 | (0.68 ) | (1.03 ) | 3.30 | 1.20 | (0.33 ) |
Total from investment operations | 0.55 | (0.41 ) | (0.79 ) | 3.32 | 1.26 | (0.25 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.32 ) | (0.22 ) | (0.02 ) | (0.07 ) | (0.07 ) |
Net realized gains | 0.00 | (0.41 ) | (1.60 ) | (1.48 ) | (0.01 ) | (1.92 ) |
Total distributions to shareholders | 0.00 | (0.73 ) | (1.82 ) | (1.50 ) | (0.08 ) | (1.99 ) |
Net asset value, end of period | $11.58 | $11.03 | $12.17 | $14.78 | $12.96 | $11.78 |
Total return2 | 4.99 % | (3.22 )% | (6.53 )% | 26.86 % | 10.67 % | (1.12 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.54 % | 1.56 % | 1.55 % | 1.54 % | 1.53 % | 1.52 % |
Net expenses* | 1.49 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income | 1.29 % | 2.39 % | 1.73 % | 0.15 % | 0.40 % | 0.56 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 27 % | 57 % | 61 % | 100 % | 98 % | 97 % |
Net assets, end of period (000s omitted) | $178,031 | $181,270 | $215,969 | $266,399 | $241,980 | $261,722 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.13% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $10.72 | $11.87 | $14.46 | $12.70 | $11.57 | $14.20 |
Net investment income | 0.13 2 | 0.39 2 | 0.42 | 0.22 | 0.16 | 0.18 |
Net realized and unrealized gains (losses) on investments | 0.47 | (0.68 ) | (1.03 ) | 3.19 | 1.20 | (0.65 ) |
Total from investment operations | 0.60 | (0.29 ) | (0.61 ) | 3.41 | 1.36 | (0.47 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.45 ) | (0.38 ) | (0.17 ) | (0.22 ) | (0.24 ) |
Net realized gains | 0.00 | (0.41 ) | (1.60 ) | (1.48 ) | (0.01 ) | (1.92 ) |
Total distributions to shareholders | 0.00 | (0.86 ) | (1.98 ) | (1.65 ) | (0.23 ) | (2.16 ) |
Net asset value, end of period | $11.32 | $10.72 | $11.87 | $14.46 | $12.70 | $11.57 |
Total return3 | 5.60 % | (2.17 )% | (5.55 )% | 28.25 % | 11.71 % | (2.47 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.47 % | 0.48 % | 0.47 % | 0.46 % | 0.46 % | 0.45 % |
Net expenses* | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % |
Net investment income | 2.34 % | 3.53 % | 2.85 % | 1.24 % | 1.44 % | 1.84 % |
Supplemental data | ||||||
Portfolio turnover rate4 | 27 % | 57 % | 61 % | 100 % | 98 % | 97 % |
Net assets, end of period (000s omitted) | $1,310 | $1,636 | $2,475 | $2,589 | $1,016 | $699 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.14% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.17% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $8.48 | $9.18 | $10.50 | $10.40 | $9.82 | $10.05 |
Net investment income | 0.14 1 | 0.32 1 | 0.23 | 0.11 | 0.16 | 0.18 |
Net realized and unrealized gains (losses) on investments | (0.04 ) | (0.63 ) | (0.83 ) | 0.71 | 0.59 | 0.18 |
Total from investment operations | 0.10 | (0.31 ) | (0.60 ) | 0.82 | 0.75 | 0.36 |
Distributions to shareholders from | ||||||
Net investment income | (0.13 ) | (0.31 ) | (0.25 ) | (0.14 ) | (0.17 ) | (0.19 ) |
Net realized gains | 0.00 | (0.08 ) | (0.47 ) | (0.58 ) | 0.00 | (0.40 ) |
Total distributions to shareholders | (0.13 ) | (0.39 ) | (0.72 ) | (0.72 ) | (0.17 ) | (0.59 ) |
Net asset value, end of period | $8.45 | $8.48 | $9.18 | $10.50 | $10.40 | $9.82 |
Total return2 | 1.26 % | (3.32 )% | (6.28 )% | 8.07 % | 7.72 % | 3.84 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.84 % | 0.83 % | 0.81 % | 0.80 % | 0.80 % | 0.79 % |
Net expenses* | 0.74 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 3.32 % | 3.67 % | 2.26 % | 1.04 % | 1.61 % | 2.15 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 63 % | 148 % | 225 % | 206 % | 197 % | 183 % |
Net assets, end of period (000s omitted) | $15,682 | $17,128 | $20,647 | $24,170 | $21,256 | $16,242 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.13% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.16% |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 2019 | 0.16% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $8.48 | $9.18 | $10.46 | $10.36 | $9.81 | $10.06 |
Net investment income | 0.11 1 | 0.25 1 | 0.15 | 0.03 | 0.09 | 0.14 1 |
Net realized and unrealized gains (losses) on investments | (0.04 ) | (0.62 ) | (0.82 ) | 0.71 | 0.58 | 0.13 |
Total from investment operations | 0.07 | (0.37 ) | (0.67 ) | 0.74 | 0.67 | 0.27 |
Distributions to shareholders from | ||||||
Net investment income | (0.10 ) | (0.25 ) | (0.14 ) | (0.06 ) | (0.12 ) | (0.12 ) |
Net realized gains | 0.00 | (0.08 ) | (0.47 ) | (0.58 ) | 0.00 | (0.40 ) |
Total distributions to shareholders | (0.10 ) | (0.33 ) | (0.61 ) | (0.64 ) | (0.12 ) | (0.52 ) |
Net asset value, end of period | $8.45 | $8.48 | $9.18 | $10.46 | $10.36 | $9.81 |
Total return2 | 0.87 % | (4.07 )% | (6.91 )% | 7.25 % | 6.90 % | 2.89 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.58 % | 1.58 % | 1.56 % | 1.55 % | 1.55 % | 1.54 % |
Net expenses* | 1.49 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income | 2.56 % | 2.92 % | 1.53 % | 0.30 % | 0.89 % | 1.41 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 63 % | 148 % | 225 % | 206 % | 197 % | 183 % |
Net assets, end of period (000s omitted) | $102,317 | $115,932 | $148,281 | $196,035 | $212,465 | $237,153 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.13% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.16% |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 2019 | 0.16% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $8.47 | $9.17 | $10.50 | $10.39 | $9.80 | $10.15 |
Net investment income | 0.15 2 | 0.34 2 | 0.20 2 | 0.19 | 0.21 | 0.15 |
Net realized and unrealized gains (losses) on investments | (0.04 ) | (0.62 ) | (0.77 ) | 0.68 | 0.57 | 0.12 |
Total from investment operations | 0.11 | (0.28 ) | (0.57 ) | 0.87 | 0.78 | 0.27 |
Distributions to shareholders from | ||||||
Net investment income | (0.15 ) | (0.34 ) | (0.29 ) | (0.18 ) | (0.19 ) | (0.22 ) |
Net realized gains | 0.00 | (0.08 ) | (0.47 ) | (0.58 ) | 0.00 | (0.40 ) |
Total distributions to shareholders | (0.15 ) | (0.42 ) | (0.76 ) | (0.76 ) | (0.19 ) | (0.62 ) |
Net asset value, end of period | $8.43 | $8.47 | $9.17 | $10.50 | $10.39 | $9.80 |
Total return3 | 1.31 % | (2.99 )% | (5.93 )% | 8.51 % | 8.07 % | 2.95 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.51 % | 0.51 % | 0.48 % | 0.47 % | 0.47 % | 0.46 % |
Net expenses* | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % | 0.42 % |
Net investment income | 3.57 % | 3.98 % | 1.98 % | 1.33 % | 1.96 % | 1.61 % |
Supplemental data | ||||||
Portfolio turnover rate4 | 63 % | 148 % | 225 % | 206 % | 197 % | 183 % |
Net assets, end of period (000s omitted) | $4,055 | $5,571 | $5,876 | $1,139 | $710 | $434 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.13% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.16% |
Year ended May 31, 2021 | 0.16% |
Year ended May 31, 2020 | 0.15% |
Year ended May 31, 20191 | 0.16% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.51 | $11.63 | $13.92 | $12.64 | $11.64 | $13.27 |
Net investment income | 0.13 1 | 0.36 1 | 0.32 | 0.14 | 0.15 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | 0.36 | (0.71 ) | (0.95 ) | 2.59 | 1.07 | (0.14 ) |
Total from investment operations | 0.49 | (0.35 ) | (0.63 ) | 2.73 | 1.22 | 0.04 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.44 ) | (0.32 ) | (0.15 ) | (0.21 ) | (0.23 ) |
Net realized gains | 0.00 | (0.33 ) | (1.34 ) | (1.30 ) | (0.01 ) | (1.44 ) |
Total distributions to shareholders | 0.00 | (0.77 ) | (1.66 ) | (1.45 ) | (0.22 ) | (1.67 ) |
Net asset value, end of period | $11.00 | $10.51 | $11.63 | $13.92 | $12.64 | $11.64 |
Total return2 | 4.66 % | (2.76 )% | (5.66 )% | 22.56 % | 10.49 % | 1.02 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.75 % | 0.76 % | 0.74 % | 0.75 % | 0.76 % | 0.76 % |
Net expenses* | 0.74 % | 0.75 % | 0.74 % | 0.75 % | 0.75 % | 0.75 % |
Net investment income | 2.37 % | 3.38 % | 2.49 % | 0.96 % | 1.31 % | 1.51 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 31 % | 65 % | 89 % | 120 % | 131 % | 126 % |
Net assets, end of period (000s omitted) | $44,940 | $44,966 | $46,650 | $56,004 | $46,133 | $46,380 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $10.80 | $11.91 | $14.22 | $12.87 | $11.85 | $13.40 |
Net investment income | 0.09 1 | 0.29 1 | 0.24 1 | 0.03 | 0.08 | 0.11 |
Net realized and unrealized gains (losses) on investments | 0.37 | (0.72 ) | (1.00 ) | 2.66 | 1.06 | (0.14 ) |
Total from investment operations | 0.46 | (0.43 ) | (0.76 ) | 2.69 | 1.14 | (0.03 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.35 ) | (0.21 ) | (0.04 ) | (0.11 ) | (0.08 ) |
Net realized gains | 0.00 | (0.33 ) | (1.34 ) | (1.30 ) | (0.01 ) | (1.44 ) |
Total distributions to shareholders | 0.00 | (0.68 ) | (1.55 ) | (1.34 ) | (0.12 ) | (1.52 ) |
Net asset value, end of period | $11.26 | $10.80 | $11.91 | $14.22 | $12.87 | $11.85 |
Total return2 | 4.26 % | (3.46 )% | (6.39 )% | 21.79 % | 9.58 % | 0.31 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 1.50 % | 1.51 % | 1.49 % | 1.50 % | 1.51 % | 1.50 % |
Net expenses* | 1.49 % | 1.50 % | 1.49 % | 1.50 % | 1.50 % | 1.50 % |
Net investment income | 1.62 % | 2.66 % | 1.76 % | 0.21 % | 0.57 % | 0.84 % |
Supplemental data | ||||||
Portfolio turnover rate3 | 31 % | 65 % | 89 % | 120 % | 131 % | 126 % |
Net assets, end of period (000s omitted) | $312,010 | $326,438 | $402,753 | $499,835 | $477,998 | $539,352 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 2019 | 0.17% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Six months ended November 30, 2023 (unaudited) | Year ended May 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $10.51 | $11.63 | $13.93 | $12.64 | $11.65 | $13.52 |
Net investment income | 0.15 2 | 0.40 2 | 0.31 2 | 0.23 | 0.25 | 0.15 |
Net realized and unrealized gains (losses) on investments | 0.35 | (0.71 ) | (0.90 ) | 2.55 | 1.01 | (0.33 ) |
Total from investment operations | 0.50 | (0.31 ) | (0.59 ) | 2.78 | 1.26 | (0.18 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.48 ) | (0.37 ) | (0.19 ) | (0.26 ) | (0.25 ) |
Net realized gains | 0.00 | (0.33 ) | (1.34 ) | (1.30 ) | (0.01 ) | (1.44 ) |
Total distributions to shareholders | 0.00 | (0.81 ) | (1.71 ) | (1.49 ) | (0.27 ) | (1.69 ) |
Net asset value, end of period | $11.01 | $10.51 | $11.63 | $13.93 | $12.64 | $11.65 |
Total return3 | 4.76 % | (2.40 )% | (5.40 )% | 22.99 % | 10.78 % | (0.62 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 0.43 % | 0.43 % | 0.41 % | 0.42 % | 0.43 % | 0.43 % |
Net expenses* | 0.42 % | 0.42 % | 0.41 % | 0.42 % | 0.42 % | 0.42 % |
Net investment income | 2.70 % | 3.73 % | 2.38 % | 1.32 % | 1.63 % | 1.38 % |
Supplemental data | ||||||
Portfolio turnover rate4 | 31 % | 65 % | 89 % | 120 % | 131 % | 126 % |
Net assets, end of period (000s omitted) | $6,851 | $6,715 | $7,369 | $3,443 | $1,945 | $1,067 |
* | Including net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts: |
Six months ended November 30, 2023 (unaudited) | 0.12% |
Year ended May 31, 2023 | 0.14% |
Year ended May 31, 2022 | 0.14% |
Year ended May 31, 2021 | 0.15% |
Year ended May 31, 2020 | 0.16% |
Year ended May 31, 20191 | 0.16% |
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 Fund’s ownership percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchases and sales amounts are aggregated with the direct purchases and sales in the Underlying Funds and included in the portfolio turnover calculation. |
Net investment income | Net realized gains | |
Spectrum Aggressive Growth Fund | Annually | Annually |
Spectrum Conservative Growth Fund | Quarterly | Annually |
Spectrum Growth Fund | Annually | Annually |
Spectrum Income Allocation Fund | Monthly | Annually |
Spectrum Moderate Growth Fund | Annually | Annually |
Tax cost | Gross unrealized gains | Gross unrealized losses | Net unrealized gains (losses) | |
Spectrum Aggressive Growth Fund | $400,789,659 | $70,934,580 | $(28,041,303 ) | $42,893,277 |
Spectrum Conservative Growth Fund | 242,685,631 | 21,395,210 | (26,950,567 ) | (5,555,357 ) |
Spectrum Growth Fund | 195,114,669 | 17,012,123 | (11,823,103 ) | 5,189,020 |
Spectrum Income Allocation Fund | 127,544,184 | 7,069,942 | (14,203,697 ) | (7,133,755 ) |
Spectrum Moderate Growth Fund | 353,419,740 | 21,217,351 | (19,816,730 ) | 1,400,621 |
NO EXPIRATION | ||
Short-term | Long-term | |
Spectrum Aggressive Growth Fund | $10,853,438 | $0 |
Spectrum Conservative Growth Fund | 11,468,639 | 1,157,760 |
Spectrum Growth Fund | 5,785,670 | 0 |
Spectrum Income Allocation Fund | 7,598,403 | 2,937,135 |
Spectrum Moderate Growth Fund | 14,442,031 | 0 |
Spectrum Aggressive Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $160,983,578 | $0 | $0 | $160,983,578 |
Short-term investments | ||||
Investment companies | 300,000 | 0 | 0 | 300,000 |
Investments measured at net asset value* | 283,503,099 | |||
161,283,578 | 0 | 0 | 444,786,677 | |
Futures contracts | 470,978 | 0 | 0 | 470,978 |
Total assets | $161,754,556 | $0 | $0 | $445,257,655 |
Liabilities | ||||
Futures contracts | $1,574,719 | $0 | $0 | $1,574,719 |
Total liabilities | $1,574,719 | $0 | $0 | $1,574,719 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $283,503,099. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Conservative Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $108,740,238 | $0 | $0 | $108,740,238 |
Short-term investments | ||||
Investment companies | 200,000 | 0 | 0 | 200,000 |
Investments measured at net asset value* | 128,351,813 | |||
108,940,238 | 0 | 0 | 237,292,051 | |
Futures contracts | 694,298 | 0 | 0 | 694,298 |
Total assets | $109,634,536 | $0 | $0 | $237,986,349 |
Liabilities | ||||
Futures contracts | $856,075 | $0 | $0 | $856,075 |
Total liabilities | $856,075 | $0 | $0 | $856,075 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $128,351,813. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $86,600,819 | $0 | $0 | $86,600,819 |
Short-term investments | ||||
Investment companies | 200,000 | 0 | 0 | 200,000 |
Investments measured at net asset value* | 113,604,233 | |||
86,800,819 | 0 | 0 | 200,405,052 | |
Futures contracts | 616,847 | 0 | 0 | 616,847 |
Total assets | $87,417,666 | $0 | $0 | $201,021,899 |
Liabilities | ||||
Futures contracts | $718,210 | $0 | $0 | $718,210 |
Total liabilities | $718,210 | $0 | $0 | $718,210 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $113,604,233. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Income Allocation Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $42,936,834 | $0 | $0 | $42,936,834 |
Short-term investments | ||||
Investment companies | 200,000 | 0 | 0 | 200,000 |
Investments measured at net asset value* | 77,414,215 | |||
43,136,834 | 0 | 0 | 120,551,049 | |
Futures contracts | 344,216 | 0 | 0 | 344,216 |
Total assets | $43,481,050 | $0 | $0 | $120,895,265 |
Liabilities | ||||
Futures contracts | $484,836 | $0 | $0 | $484,836 |
Total liabilities | $484,836 | $0 | $0 | $484,836 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $77,414,215. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Spectrum Moderate Growth Fund | Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total |
Assets | ||||
Investments in: | ||||
Investment companies | $162,084,945 | $0 | $0 | $162,084,945 |
Short-term investments | ||||
Investment companies | 250,000 | 0 | 0 | 250,000 |
Investments measured at net asset value* | 192,693,642 | |||
162,334,945 | 0 | 0 | 355,028,587 | |
Futures contracts | 1,071,653 | 0 | 0 | 1,071,653 |
Total assets | $163,406,598 | $0 | $0 | $356,100,240 |
Liabilities | ||||
Futures contracts | $1,279,879 | $0 | $0 | $1,279,879 |
Total liabilities | $1,279,879 | $0 | $0 | $1,279,879 |
* | Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The Fund’s investments in the affiliated Master Portfolios are valued at $192,693,642. Each affiliated Master Portfolio does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments. |
Affiliated Master Portfolio | Investment objective |
Allspring Bloomberg US Aggregate ex-Corporate Portfolio | Seeks to replicate the total return of the Bloomberg U.S. Aggregate ex-Corporate Index, before fees and expenses |
Allspring Core Bond Portfolio | Seeks total return, consisting of income and capital appreciation |
Allspring Disciplined Large Cap Portfolio | Seeks long-term capital appreciation |
Allspring Emerging Growth Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced Emerging Markets Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced International Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio | Seeks long-term capital appreciation |
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio | Seeks long-term capital appreciation |
Allspring Real Return Portfolio | Seeks returns that exceed the rate of inflation over the long-term |
Allspring Small Company Value Portfolio | Seeks long-term capital appreciation |
Average daily net assets | Management fee |
First $1 billion | 0.250 % |
Next $4 billion | 0.225 |
Next $5 billion | 0.190 |
Over $10 billion | 0.180 |
Class-level administration fee | |
Class A | 0.20 % |
Class C | 0.20 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 0.74 % |
Class C | 1.49 |
Administrator Class | 0.67 |
Institutional Class | 0.42 |
Front end sales-charges | Contingent Deferred Sales Charges | |
Class A | Class A | |
Spectrum Aggressive Growth Fund | $1,957 | $60 |
Spectrum Conservative Growth Fund | 225 | 0 |
Spectrum Growth Fund | 645 | 0 |
Spectrum Income Allocation Fund | 160 | 0 |
Spectrum Moderate Growth Fund | 557 | 0 |
Purchases at cost | Sales proceeds | |||
U.S. government | Non-U.S. government | U.S. government | Non-U.S. government | |
Spectrum Aggressive Growth Fund | $0 | $64,696,839 | $0 | $255,533,528 |
Spectrum Conservative Growth Fund | 36,371,243 | 58,619,110 | 63,491,886 | 116,667,609 |
Spectrum Growth Fund | 10,421,342 | 42,499,464 | 22,731,013 | 105,475,381 |
Spectrum Income Allocation Fund | 36,232,565 | 40,187,173 | 56,848,984 | 66,716,074 |
Spectrum Moderate Growth Fund | 28,061,521 | 77,845,810 | 54,121,938 | 182,337,710 |
Long contracts | Short contracts | |
Spectrum Aggressive Growth Fund | $83,123,005 | $50,826,063 |
Spectrum Conservative Growth Fund | 71,161,703 | 67,292,982 |
Spectrum Growth Fund | 61,464,617 | 54,709,047 |
Spectrum Income Allocation Fund | 36,277,729 | 36,228,760 |
Spectrum Moderate Growth Fund | 108,997,450 | 98,929,730 |
Equity risk | Foreign currency risk | Total | |
Asset derivatives | |||
Futures contracts | $451,920 * | $19,058 * | $470,978 |
Liability derivatives | |||
Futures contracts | $746,690 * | $828,029 * | $1,574,719 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statements of Assets and Liabilities. |
Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | |||
Futures contracts | $516,871 | $(1,189,466 ) | $(672,595 ) |
Net change in unrealized gains (losses) on derivatives | |||
Futures contracts | $(883,323 ) | $(83,247 ) | $(966,570 ) |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | ||||
Futures contracts | $177,808 * | $506,470 * | $10,020 * | $694,298 |
Liability derivatives | ||||
Futures contracts | $12,363 * | $388,222 * | $455,490 * | $856,075 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statements of Assets and Liabilities. |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | ||||
Futures contracts | $817,209 | $1,927,424 | $(689,180 ) | $2,055,453 |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | $156,376 | $(1,455,386 ) | $(32,589 ) | $(1,331,599 ) |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | ||||
Futures contracts | $148,932 * | $459,467 * | $8,448 * | $616,847 |
Liability derivatives | ||||
Futures contracts | $9,840 * | $331,516 * | $376,854 * | $718,210 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statements of Assets and Liabilities. |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | ||||
Futures contracts | $655,518 | $1,586,129 | $(558,107 ) | $1,683,540 |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | $132,228 | $(1,194,982 ) | $(32,145 ) | $(1,094,899 ) |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | ||||
Futures contracts | $91,953 * | $247,155 * | $5,108 * | $344,216 |
Liability derivatives | ||||
Futures contracts | $6,560 * | $241,303 * | $236,973 * | $484,836 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statements of Assets and Liabilities. |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | ||||
Futures contracts | $437,570 | $925,782 | $(365,004 ) | $998,348 |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | $81,441 | $(822,626 ) | $(12,571 ) | $(753,756 ) |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Asset derivatives | ||||
Futures contracts | $265,735 * | $790,790 * | $15,128 * | $1,071,653 |
Liability derivatives | ||||
Futures contracts | $17,913 * | $585,519 * | $676,447 * | $1,279,879 |
* | Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of Investments. For futures contracts, only the current day’s variation margin as of November 30, 2023 is reported separately on the Statements of Assets and Liabilities. |
Interest rate risk | Equity risk | Foreign currency risk | Total | |
Net realized gains (losses) on derivatives | ||||
Futures contracts | $1,195,165 | $2,747,247 | $(1,021,818 ) | $2,920,594 |
Net change in unrealized gains (losses) on derivatives | ||||
Futures contracts | $235,951 | $(2,075,980 ) | $(49,351 ) | $(1,889,380 ) |
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
SAR4330 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 Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) | Not applicable. |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: 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 Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: January 25, 2024 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: January 25, 2024 |